CompUSA 2013 Annual Report Download - page 58

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Long-term debt consists of (in millions):
The aggregate maturities of long-term debt outstanding at December 31, 2013 are as follows (in millions):
The Company’s Technology Products segment incurred special charges of approximately $22.4 million during 2013.
These charges
included approximately $5.5 million for lease termination costs (present value of contractual gross lease payments net of estimated sublease
rental income, or settlement amount) and $2.0 million for fixed asset write offs related to the closing of underperforming retail stores, $5.9
million in workforce reductions and other exit costs related to the implementation of a shared services center for our European subsidiaries,
$2.9 million of one-
time impairment charges related to intangible assets of the CompUSA brand in Puerto Rico, $2.2 million of workforce
reduction charges for senior management changes in our North American operations, $1.8 million related to start up costs of the European
shared services center, $0.5 million in recruitment costs of the European shared services center
, $1.0 million for reserve adjustments related
to the facility closing and exit from the PC manufacturing business and $0.6 million of additional legal and professional fees
related to the
previously disclosed completed investigation and settlement with a former officer and director.
The Company expects to expend cash of $7
to $9 million in the future to complete the implementation of the European shared services center. Expected impacts on future costs, when
the shared service center is fully implemented, are expected to be a reduction in our cost structure in the $9 to $11 million range.
The balance of the workforce reduction costs and retail store closing liabilities are included in the Consolidated Balance Sheet within
accrued expenses and other current liabilities and other non-current liabilities.
The following table details the associated liabilities incurred related to this plan (in millions):
The Company’
s Industrial Products segment incurred special charges of approximately $0.1 million of personnel costs and benefited from
an adjustment to lease termination costs of approximately $0.3 million related to the planned closing and relocation of one of our smaller
distribution centers to a new, significantly larger, distribution and call center in the second quarter of 2012. The balance of the restructuring
reserves is included in the Consolidated Balance Sheet within accrued expenses and other current liabilities and other liabilities. The
Company anticipates incurring minimal additional costs related to this facility closing and relocation.
54
Table of Contents
December 31,
2013
2012
Warehouse capitalized equipment lease
$
4.1
$
5.9
Other capitalized equipment lease
1.3
2.3
Subtotal
5.4
8.2
Less: current portion
2.5
2.8
$
2.9
$
5.4
2014
2015
2016
2017
2018
Maturities
$
2.5
$
2.2
$
0.6
$
0.1
$
-
7.
SPECIAL CHARGES (GAINS), NET
Workforce
Reductions
and
Personnel
Costs
Other Exit
Costs
Total
Balance January 1, 2013
$
4.3
$
-
$
4.3
Charged to expense
7.6
6.8
14.4
Paid or otherwise settled
(4.9
)
(1.7
)
(6.6
)
Balance December 31, 2013
$
7.0
$
5.1
$
12.1