RESTRUCTURING AND IMPAIRMENT CHARGES


•	2016

On August 8, 2016, we announced plans to relocate our global headquarters from Rogers, Connecticut to Chandler, Arizona. The move will build upon our presence in Arizona, where we have major business and manufacturing operations. The decision supports our long-term strategy and is an integral part of our plans for growth and expansion. The new corporate headquarters location will be home to approximately 70 employees who support areas such as human resources, information technology, finance and supply chain, among others. The Rogers, Connecticut location will continue to have manufacturing, research and development and support services. In 2016, we recorded $0.7 million of expense related to this project.

The fair value of the total severance benefits to be paid is $1.2 million, of which $0.6 million was expensed in 2016. The remainder will be expensed ratably over the required service period for the affected employees.


•	2015

There were no restructuring or impairment charges in 2015.


•	2014

In the fourth quarter of 2014, we recognized a $0.2 million charge related to the impairment of the investment in BrightVolt, Inc. As this investment does not specifically relate to any of our operating segments, we have allocated this impairment charge on a basis similar to other Corporate allocations.

In the fourth quarter of 2014, certain eligible participants in the defined benefit pension plans were given a lump sum payout offer. The payout of this program resulted in a settlement charge of $5.2 million.

The following table summarizes changes in the severance accrual from September 30, 2016 through December 31, 2016:



(Dollars in thousands)	Severance related to headquarters relocation
Balance at September 30, 2016	$	88
Provisions	471
Payments	(89		)
Balance at December 31, 2016	$	470

The following table summarizes the restructuring and impairment charges related to these activities recorded in our operating results in 2016 and 2014.



(Dollars in thousands)	2016		2014
Elastomeric Material Solutions
Pension settlement charge	$	—	$	1,332
Severance and other related costs	176		—
Allocated Solicore impairment	—		42
Advanced Connectivity Solutions
Pension settlement charge	—		1,954
Severance and other related costs	375		—
Allocated Solicore impairment	—		62
Power Electronics Solutions
Pension settlement charge	—		1,921
Severance and other related costs	183		—
Allocated Solicore impairment	—		61
Other
Pension settlement charge	—		17
Severance and other related costs	—		—
Allocated Solicore impairment	—		1
Total Charges for Restructuring and Impairment	$	734	$	5,390