Memorex 2012 Annual Report Download - page 67
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The components of our restructuring and other expense and other certain expenses related to restructuring plans
included in our Consolidated Statements of Operations were as follows:
Years Ended December 31,
2012 2011 2010
(In millions)
Restructuring
Severance and related ............................................. $16.9 $ 7.0 $13.0
Lease termination costs ............................................ 0.6 3.3 1.7
Other .......................................................... 2.2 1.1 —
Gain on sale of fixed assets held for sale ............................... (0.7) — —
Total restructuring .............................................. 19.0 11.4 14.7
Other
Contingent consideration fair value adjustment (Note 4) .................... (8.6) — —
Intangible asset abandonment (Note 6) ................................ 1.9 — —
Acquisition and integration related costs ................................ 3.7 2.6 —
Pension settlement/curtailment (Note 9) ................................ 2.4 2.5 2.8
Asset disposals .................................................. — 7.0 —
Asset impairments ................................................ — — 31.2
Other .......................................................... 2.7 (2.0) 2.4
Total ........................................................ $21.1 $21.5 $51.1
2012 Global Process Improvement Restructuring Program
On October 22, 2012, the Board of Directors approved the Global Process Improvement Restructuring Program (GPI
Program) related to the realignment of our business structure and the reduction of our operating expenses in excess of 25
percent over time. This program addresses product line rationalization and infrastructure, and is anticipated to include a
reduction of approximately 20 percent of our global workforce. These actions are being implemented beginning in 2013.
During 2012, we recorded restructuring charges of $14.9 million associated with this program. These charges were
primarily associated with severance related activity and were included in restructuring and other in our Consolidated
Statements of Operations.
Activity related to the 2012 GPI Program accruals was as follows:
Severance
and Related
Lease
Termination
Costs Other Total
(In millions)
Accrued balance at December 31, 2011 .................... $ — $— $ — $ —
Charges ........................................... 13.9 0.1 0.9 14.9
Usage ............................................. (0.1) — (0.1) (0.2)
Currency impacts ..................................... — — — —
Accrued balance at December 31, 2012 .................... $13.8 $0.1 $ 0.8 $14.7
2011 Corporate Strategy Restructuring Program
On January 31, 2011, the Board of Directors approved the 2011 Corporate Strategy Restructuring Program (2011
Corporate Program) to rationalize certain product lines, increase efficiency and gain greater focus in support of our go-forward
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