6. RESTRUCTURING COSTS

The Company recorded net restructuring costs of $0.02 million and $30.3 million during the three months ended March 31, 2015 and 2014, respectively. Pursuant to the announcement in January 2014, and certain discrete follow-on actions that were not material, management completed certain actions designed to better align expenses to the Company’s revenue and gross margin profile and position the Company for improved operating performance.  These actions included the elimination of approximately six percent of the global workforce and the reduction or elimination of certain leased facilities. The Company has recorded a cumulative amount of $40.4 million in restructuring costs (net of adjustments related to the assumptions used in the estimate of the related liabilities reserves) as of March 31, 2015 in connection with these actions, and does not expect any remaining charges to be material.

The following table summarizes the changes in the Company’s restructuring reserves during the three months ended March 31, 2015 (in thousands):

As of March 31, 2015, the restructuring reserve was primarily comprised of facilities-related liabilities. The Company calculated the fair value of its facilities-related liabilities based on the discounted future lease payments less sublease assumptions. This fair value measurement is classified as a Level 3 measurement under ASC 820. The key assumptions used in the valuation model include discount rates, cash flow projections, and estimated sublease income. These assumptions involve significant judgment, are based on management’s estimate of current and forecasted market conditions and are sensitive and susceptible to change.