Avid 2015 Annual Report Download - page 95

Download and view the complete annual report

Please find page 95 of the 2015 Avid annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 113

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113

89
No further actions are anticipated under the 2012 restructuring plans.
Prior Years’ Restructuring Plans
The remaining accrual balance of $0.3 million at December 31, 2015 was related to the closure of part of the Company’s Dublin,
Ireland facility under the 2008 Plan. No further actions are anticipated under the prior years’ restructuring plans.
Restructuring Summary
The following table sets forth the activity in the restructuring accruals for the years ended December 31, 2015, 2014 and 2013 (in
thousands):
Employee-
Related
Facilities-
Related
& Other Total
Accrual balance at January 1, 2013 $ 4,298 $ 11,433 $ 15,731
New restructuring charges – operating expenses 3,539 — 3,539
Revisions of estimated liabilities 50 1,781 1,831
Accretion — 612 612
Cash payments (5,469)(7,736) (13,205)
Foreign exchange impact on ending balance (19) 12 (7)
Accrual balance at December 31, 2013 2,399 6,102 8,501
New restructuring charges – operating expenses — — —
Revisions of estimated liabilities — (165) (165)
Accretion — 565 565
Cash payments (2,340)(4,172) (6,512)
Foreign exchange impact on ending balance (1)(45) (46)
Accrual balance at December 31, 2014 58 2,285 2,343
New restructuring charges – operating expenses 5,766 — 5,766
Revisions of estimated liabilities — 539 539
Accretion — 226 226
Cash payments (315)(1,301) (1,616)
Foreign exchange impact on ending balance — (78) (78)
Accrual balance at December 31, 2015 $ 5,509 $ 1,671 $ 7,180
The employee-related accruals at December 31, 2015 and 2014 represent severance costs to former employees that will be paid out
within twelve months, and are, therefore, included in the caption “accrued expenses and other current liabilities” in the Company’s
consolidated balance sheets.
The facilities-related and other accruals at December 31, 2015 and 2014 represent contractual lease payments, net of estimated
sublease income, on space vacated as part of the Company’s restructuring actions. The leases, and payments against the amounts
accrued, extend through 2021 unless the Company is able to negotiate earlier terminations. Of the total facilities-related accruals, $1.0
million was included in the caption “accrued expenses and other current liabilities” and $0.6 million was included in the caption
“other long-term liabilities” in the Company’s consolidated balance sheet at December 31, 2015. At December 31, 2014, $1.0 million
was included in the caption “accrued expenses and other current liabilities” and $1.3 million was included in the caption “other long-
term liabilities.”