Restructuring and Other Charges

3 Months Ended

Apr. 04, 2015

Restructuring and Related Activities [Abstract]

Cadence has initiated various restructuring plans in an effort to better align its resources with its business strategy. These restructuring plans have primarily been comprised of severance payments and termination benefits related to headcount reductions, estimated lease losses related to facilities vacated under the restructuring plans and charges related to assets abandoned as part of the restructuring plans. During the three months ended April 4, 2015, Cadence initiated a restructuring plan, or the 2015 Restructuring Plan, and recorded restructuring and other charges of approximately $4.6 million related to severance payments and termination benefits. As of April 4, 2015, total liabilities related to the 2015 Restructuring Plan were $4.1 million. Cadence expects to make cash payments for severance and related benefits for the 2015 Restructuring Plan through the second quarter of fiscal 2016.

The following table presents activity relating to Cadence’s restructuring plans during the three months ended April 4, 2015:



	Severance and Benefits			Excess Facilities			Other		Total
	(In thousands)
Balance, January 3, 2015	$	4,462		$	1,267		$	481	$	6,210
Restructuring and other charges (credits):
2015 Restructuring Plan	4,612			—			—		4,612
Prior restructuring plans	(337		)	84			—		(253		)
Cash payments	(3,742		)	(207		)	—		(3,949		)
Effect of foreign currency translation	(13		)	(72		)	—		(85		)
Balance, April 4, 2015	$	4,982		$	1,072		$	481	$	6,535

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



	As of
	April 4, 2015
	(In thousands)
Accounts payable and accrued liabilities	$	6,008
Other long-term liabilities	527
Total liabilities	$	6,535

- 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.

+ References+ Details