Memorex 2010 Annual Report Download - page 60

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We recorded $5.3 million for severance and related expenses under our TDK Recording Media and 2007 cost
reduction restructuring programs, which began in 2007. We also recorded $1.8 million of lease termination costs related to
these programs in 2008.
During 2008 we recorded $0.3 million of severance and related expenses and $2.3 million of lease termination costs
related to other programs which are substantially complete.
Other
We recorded pension settlement and curtailment losses of $2.8 million, $11.7 million and $5.7 million in 2010, 2009
and 2008, respectively, within restructuring and other expense in the Consolidated Statements of Operations, mainly as a
result of the downsizing associated with our restructuring activities. See Note 9 to the Consolidated Financial Statements
for further information regarding pension settlements and curtailments.
We incurred net asset impairment charges of $31.2 million (as noted above), $2.7 million and $5.0 million in 2010,
2009 and 2008, respectively, related mainly to the abandonment of certain manufacturing and R&D assets as a result of
our restructuring activities.
During 2010, other expenses of $2.4 million included costs associated with the announced retirement of our former
Vice Chairman and Chief Executive Officer, Mr. Russomanno, including a severance related charge of $1.4 million and a
charge of $0.8 million related to the accelerated vesting of his unvested options and restricted stock.
We recorded a $2.3 million TDK post-closing purchase price adjustment in 2008 associated with the finalization of
certain acquisition-related working capital amounts as negotiated with TDK. See Note 4 herein for further information.
2010 Activity
The following table summarizes 2010 restructuring and other activity by restructuring program:
2011
Manufacturing
Redesign
Program
2011
Corporate
Strategy
Program
2008
Corporate
Redesign
Program Other Total
(In millions)
Restructuring
Severance and severance related . . . . . . . . . . . . . $ 3.2 $3.4 $ 6.4 $ — $13.0
Lease termination costs. . . . . . . . . . . . . . . . . . . . — — 1.7 — 1.7
Total restructuring . . . . . . . . . . . . . . . . . . . . . . 3.2 3.4 8.1 — 14.7
Other
Pension settlement/curtailment . . . . . . . . . . . . . . . — 0.3 2.5 — 2.8
Asset impairments . . . . . . . . . . . . . . . . . . . . . . . 31.2 — — — 31.2
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 0.2 2.2 2.4
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $34.4 $3.7 $10.8 $2.2 $51.1
57
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)