Seagate 2014 Annual Report Download - page 84
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SEAGATETECHNOLOGYPLC
NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS—(Continued)
oftheplantheCompanyhasrecorded$48millioninrestructuringcharges.Duringfiscalyear2015,therewerenocashpaymentsorothersettlementsunderthe
AMKPlanandnorestructuringchargesrelatedtotheplanduringfiscalyear2015.PaymentsundertheAMKplanareexpectedtocontinuethroughfiscalyear
2016.
OtherRestructuringandExitCosts.ThroughJuly3,2015,theCompanyhasrecordedotherrestructuringchargesofapproximately$126million,netof
adjustments,relatedtothepreviouslyannouncedclosuresofitsPittsburgh,PennsylvaniaandMilpitas,Californiafacilities,andalsohasrecordedcertainexitcosts
aggregatingto$267millionrelatedtoitsacquisitionofMaxtor.Theseplansarecurrentlyexpectedtoresultintotalchargesofapproximately$400million.During
fiscalyear2015,theCompanyincurredrestructuringchargesof$1millioninpost-employmentbenefitsand$2millioninotherexitcostsprimarilyrelatedtothe
closuresofitsPittsburgh,PennsylvaniaandMilpitas,Californiafacilitiesandtoothersmallerrestructuringplans.Inaddition,theCompanyrecordedcash
paymentsandothersettlementsof$9millionrelatedtotheseplansduringfiscalyear2015.RestructuringactivityrelatingtotheMilpitas,Californiafacilitywas
completedduringthefiscalyearendedJune28,2013.PaymentoftheseexitcostsrelatingtothePittsburgh,Pennsylvaniafacilityandothersmallerrestructuring
plansareexpectedtocontinuethroughtheendoffiscalyear2023.
ThefollowingtablesummarizestheCompany'srestructuringactivitiesunderalltheCompany'sactiverestructuringplansforfiscalyears2015,2014and
2013:
Oftheaccruedrestructuringbalanceofapproximately$19millionatJuly3,2015,$15millionisincludedinAccruedexpensesand$4millionisincludedin
Othernon-currentliabilitiesintheCompany'sConsolidatedBalanceSheet.Oftheaccruedrestructuringbalanceofapproximately$14millionatJune27,2014,
$7millionisincludedinAccruedexpensesand$7millionisincludedinOthernon-currentliabilitiesintheCompany'sConsolidatedBalanceSheet.
81
(Dollarsinmillions)
Post-
Employment
Benefits
Operating
Leases
Other
Exit
Costs Total
AllRestructuringActivities
AccrualbalancesatJune29,2012 $ 3 $ 22 $ — $ 25
Restructuringcharges 1 1 1 3
Cashpayments (2) (7) (1) (10)
Adjustments — (1) — (1)
AccrualbalancesatJune28,2013 2 15 — 17
Restructuringcharges 18 3 2 23
Cashpayments (20) (5) (2) (27)
Adjustments 2 (1) — 1
AccrualbalancesatJune27,2014 2 12 — 14
Restructuringcharges 23 3 4 30
Cashpayments (17) (6) (4) (27)
Adjustments 3 (1) — 2
AccrualbalancesatJuly3,2015 $ 11 $ 8 $ — $ 19