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Restructuring
6 Months Ended
Jun. 30, 2013
Restructuring  
Restructuring

17.                               Restructuring

 

The Company has completed a management reorganization in order to streamline our management ranks and refocus our approach to delivering solutions to customers.  This resulted in severances, relocations, retirements and changed responsibilities across our management ranks resulting in approximately $7.4 million of one-time charges during 2012 and the first two quarters of 2013.

 

We incurred restructuring expense of $0.2 and $0.3 million during the three and six months ended June 30, 2013, respectively, the majority of which related to severances, recruiting and other related expenses. In addition, we recorded $0.4 million for the cancellation of outstanding stock options for certain terminated employees, which was recorded as reduction to Payable to Parent in the Consolidated Balance Sheets. The restructuring expense impact was recorded under the Corporate and Unallocated segment. As of December 31, 2012, we had $4.8 million of restructuring liability. For the six months ended June 30, 2013, $2.9 million in restructuring charges was paid and the remaining $2.1 million is a liability which is expected to be paid out by the end of the fourth quarter of 2013 and is included in the Other accrued expenses in the Consolidated Balance Sheets.