Restructuring Charges, Net
 12 Months Ended
Dec. 31, 2013
Restructuring Charges, Net [Abstract]  
Restructuring Charges, Net

10. RESTRUCTURING CHARGES

 

During January 2011 and 2012, the Company implemented cost reduction initiatives, including closing brokerage operations in selected underperforming markets and a workforce reduction in sales support and administration functions. The associated restructuring charges include employee severance pay and related expenses, non-cancelable lease obligations and other exit costs. For the years ended December 31, 2013 and 2012, restructuring charges were comprised of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

2013

 

 

2012

 

 

(In thousands)

Employee severance and related expenses

 

$
54 

 

 

$
1,611 

Lease obligations and other exit costs

 

 
(21)

 

 

 
75 

Non-cash charges

 

 

 -

 

 

 
(80)

  Total

 

$
33 

 

 

$
1,606 

 

 

The activity accrued restructuring charges for the year ended December 31, 2013 was as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of  December 31,

 

 

 

 

 

 

 

 

 

 

Non-cash

 

 

 

Balance as of  December 31,

 

 

 

Total Charges to date as of December 31,

 

 

 

2012

 

 

Charges

 

 

Payments

 

 

Adjustment

 

 

 

2013

 

 

 

2013

 

 

(In thousands)

2012  Restructuring Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee severance and related expenses

 

$
27 

 

 

$
54 

 

 

$
(81)

 

 

$

 -

 

 

$

 -

 

 

$
1,585 

Lease obligation and other exit costs

 

 
44 

 

 

 

 -

 

 

 
(24)

 

 

 

 -

 

 

 
20 

 

 

 
75 

 

 

 
71 

 

 

 
54 

 

 

 
(105)

 

 

 

 -

 

 

 
20 

 

 

 
1,660 

2011  Restructuring Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee severance and related expenses

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 
1,452 

Lease obligation and other exit costs

 

 
150 

 

 

 
(21)

 

 

 
(81)

 

 

 

 -

 

 

 
48 

 

 

 
808 

Non-cash charges

 

 

 -

 

 

 

 

 

 

 

 -

 

 

 

 

 

 

 

 -

 

 

 
59 

 

 

 
150 

 

 

 
(21)

 

 

 
(81)

 

 

 

 -

 

 

 
48 

 

 

 
2,319 

  Total

 

$
221 

 

 

$
33 

 

 

$
(186)

 

 

$

 -

 

 

$
68 

 

 

$
3,979 

 

The activity accrued restructuring charges for the year ended December 31, 2012 was as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31,

 

 

 

 

 

 

 

 

 

 

Non-cash

 

 

 

Balance as of December 31,

 

 

Total Charges to date as of December 31,

 

 

 

 

 

 

2011

 

 

Charges

 

 

Payments

 

 

Adjustment

 

 

2012

 

 

2012

 

 

 

 

 

 

(In thousands)

 

 

 

 

2012  Restructuring Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee severance and related expenses

 

$

 -

 

 

$
1,595 

 

 

$
(1,488)

 

 

$
(80)

 

 

$
27 

 

 

$
1,531 

 

 

 

 

Lease obligation and other exit costs

 

 

 -

 

 

 
90 

 

 

 
(109)

 

 

 
63 

 

 

 
44 

 

 

 
75 

 

 

 

 

 

 

 

 -

 

 

 
1,685 

 

 

 
(1,597)

 

 

 
(17)

 

 

 
71 

 

 

 
1,606 

 

 

 

 

2011  Restructuring Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee severance and related expenses

 

 
39 

 

 

 
1 

 

 

 
(40)

 

 

 

 -

 

 

 

 -

 

 

 
1,450 

 

 

 

 

Lease obligation and other exit costs

 

 
377 

 

 

 

 -

 

 

 
(224)

 

 

 
(3)

 

 

 
150 

 

 

 
830 

 

 

 

 

Non-cash adjustments

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 
59 

 

 

 

 

 

 

 
416 

 

 

 
1 

 

 

 
(264)

 

 

 
(3)

 

 

 
150 

 

 

 
2,339 

 

 

 

 

  Total

 

$
416 

 

 

$
1,686 

 

 

$
(1,861)

 

 

$
(20)

 

 

$
221 

 

 

$
3,945 

 

 

 

 

 

Accrued restructuring charges as of December 31, 2013 and 2012 relates primarily to non-cancelable lease obligations and related facility costs which the Company expects to pay over the remaining terms of the obligations, which extend to 2016. Accrued restructuring charges were included in the Company’s consolidated balance sheet as follows:

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

2013

 

 

2012

 

 

(In thousands)

Accrued restructuring charges (current liabilities)

 

$
44 

 

 

$
221 

Other long-term liabilities

 

 
24 

 

 

 

 -

     Total accrued restructuring charges

 

$
68 

 

 

$
221