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Restructuring
3 Months Ended
Mar. 31, 2012
Restructuring

(8) Restructuring

 

The Company announced restructuring initiatives to improve manufacturing efficiency and cost position by ceasing manufacturing operations at its Sarasota, Florida (Control Devices reportable segment) and Mitcheldean, United Kingdom (Electronics reportable segment) locations in 2007. During 2008 and 2009, in response to the depressed conditions in the North American and European commercial and automotive vehicle markets, the Company continued and expanded the restructuring initiatives in the Control Devices and Electronics reportable segments. While the initiatives were completed in 2009 in regards to the Control Devices reportable segment, in 2010 the Company continued restructuring initiatives within the Electronics reportable segment and recorded amounts related to its cancelled lease in Mitcheldean, United Kingdom. During the first quarter of 2012, the Company continued negotiations in regards to this lease and recorded additional amounts to reflect the expected costs to be paid under the currently proposed settlement agreement.

 

In connection with the restructuring initiative, the Company recorded restructuring charges during the three months ended March 31, 2012 and 2011 of $25 and $0, respectively, as part of selling, general and administrative expense. At March 31, 2012 and December 31, 2011, the only remaining restructuring related accrual relates to the cancelled lease in Mitcheldean, United Kingdom, for which the Company has accrued $2,004 and $1,920, respectively, on the condensed consolidated balance sheets. At March 31, 2012 and December 31, 2011, the amounts recorded as a component of other long-term liabilities on the condensed consolidated balance sheets were $365 and $467, respectively.