Avid 2014 Annual Report Download - page 51

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45
divestiture of certain of our consumer-focused product lines, a rationalization of the business operations and a reduction in force.
Actions under the plan included the elimination of approximately 280 positions in June 2012, the abandonment of one of the
Company’s facilities in Burlington, Massachusetts and the partial abandonment of facilities in Mountain View and Daly City,
California, in September 2012, and the partial abandonment of the facility in Pinewood, UK, in December 2012. During 2012,
we recorded restructuring charges of $13.9 million related to severance costs and $8.6 million for the closure or partial closure of
facilities, which included non-cash amounts of $1.4 million for fixed asset write-offs and $1.0 million for deferred rent liability
write-offs during 2012.
During 2013, we recorded $0.1 million in additional severance costs and revisions totaling $1.8 million resulting from sublease
assumption changes and other costs related to the abandoned facilities under the 2012 Plan. We substantially completed all
actions under the 2012 Plan prior to December 31, 2012.
In June 2014, we signed an agreement for surrender of the partially abandoned property at Pinewood, UK. As a result, we
recorded a recovery of $0.2 million, as we were released from all obligations related to the surrendered property.
Prior Years’ Restructuring Plans
During 2012, the Company recorded restructuring recoveries of $0.3 million as a result of revised severance estimates under the
2011 Plan, revisions totaling $0.7 million as a result of sublease assumption changes for the partial abandonment of a facility in
Daly City, California, under the 2010 Plan, and revisions totaling $1.8 million as a result of sublease assumption changes for the
partial abandonment of a facility in Daly City, California, under the 2008 Plan.
The remaining accrual balance of $0.6 million at December 31, 2014 was related to the closure of part of our Dublin, Ireland
facility under the 2008 Plan. No further actions are anticipated under the prior years’ restructuring plans.
Interest and Other Income (Expense), Net
Interest and other income (expense), net, generally consists of interest income and interest expense.
Interest and Other Income (Expense) for the Years Ended December 31, 2014 and 2013
(dollars in thousands)
2014 Change 2013
Income
(Expense) $ % Income
(Expense)
Interest income $ 126 $ (429) (77.3)% $ 555
Interest expense (1,771)(197) 12.5% (1,574)
Other income (expense), net (1,138)(1,481) (431.8)% 343
Total interest and other income (expense), net $ (2,783) $ (2,107) 311.7% $ (676)
Interest and Other Income (Expense) for the Years Ended December 31, 2013 and 2012
(dollars in thousands)
2013 Change 2012
Income
(Expense) $ % Income
(Expense)
Interest income $ 555 $ 345 164.3% $ 210
Interest expense (1,574)(26) 1.7% (1,548)
Other income (expense), net 343 1,046 (148.8)% (703)
Total interest and other income (expense), net $ (676) $ 1,365 (66.9)% $ (2,041)