Restructuring and Other Charges

9 Months Ended

Sep. 27, 2014

Restructuring and Related Activities [Abstract]

Cadence has initiated various restructuring plans in an effort to operate more efficiently. These restructuring plans were primarily comprised of severance payments and termination benefits related to headcount reductions and estimated lease losses related to facilities vacated under the restructuring plans. During the three months ended September 27, 2014, Cadence initiated a restructuring plan, or the 2014 Restructuring Plan, and recorded restructuring and other charges of approximately $11.0 million related to severance payments and termination benefits and impairment of certain property, plant and equipment. As of September 27, 2014, total liabilities related to the 2014 Restructuring Plan were $7.4 million. Cash payments for severance and related benefits for the 2014 Restructuring Plan will be made through the first quarter of fiscal 2016.

The remaining accrual for Cadence’s restructuring plans is recorded in the condensed consolidated balance sheet as follows:



	As of
	September 27, 2014
	(In thousands)
Accounts payable and accrued liabilities	$	9,144
Other long-term liabilities	2,523
Total accrued	$	11,667

The following table presents activity relating to Cadence’s restructuring plans during the nine months ended September 27, 2014:



	Severance and Benefits			Excess Facilities			Impairment of Property plant and equipment			Total
	(In thousands)
Balance, December 28, 2013	$	10,672		$	3,552		$	—		$	14,224
Restructuring and other charges, net	8,402			440			2,555			11,397
Non-cash charges	—			—			(2,555		)	(2,555		)
Cash payments	(10,276		)	(828		)	—			(11,104		)
Effect of foreign currency translation	(116		)	(179		)	—			(295		)
Balance, September 27, 2014	$	8,682		$	2,985		$	—		$	11,667

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

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