11. Restructuring and Business Realignment

On October 29, 2007, the Company announced a restructuring initiative to improve manufacturing efficiency and cost position by ceasing manufacturing operations at its Mitcheldean, United Kingdom (Electronics reportable segment) location. In 2010, the Company continued restructuring initiatives within the Electronics reportable segment and recorded amounts related to its terminated property lease in Mitcheldean, United Kingdom. During the third quarter of 2012, the Company finalized a settlement agreement to modify the terms of and the obligation associated with the property consistent with previous estimates.

In connection with the Electronics segment restructuring initiative, the Company recorded lease related restructuring charges during the years ended December 31, 2015, 2014 and 2013 of $183, $494 and $469, respectively, as part of selling, general and administrative expense. At December 31, 2015 and 2014, the only remaining restructuring related accrual relates to the terminated property lease in Mitcheldean, United Kingdom, for which the Company has accrued $458 and $733, respectively, on the consolidated balance sheets of which $313 and $402, respectively, is a component of other long-term liabilities.

The expenses for the restructuring activities that relate to the Electronics reportable segment include the following:



		2015		2014		2013
Accrued balance at January 1	$	733	$	780	$	765
Charge to expense		183		494		469
Foreign currency translation		3		(45)		24
Cash payments		(461)		(496)		(478)
Accrued balance at December 31	$	458	$	733	$	780

The Company regularly evaluates the performance of its businesses and cost structures, including personnel, and makes necessary changes thereto in order to optimize its results. The Company also evaluates the required skill sets of its personnel and periodically makes strategic changes. As a consequence of these actions, the Company incurs severance related costs which are referred to as business realignment charges.

The Electronics segment incurred business realignment charges of $317 for the year ended December 31, 2015, of which $215 was recorded in design and development (“D&D”) costs and $102 in selling, general and administrative (“SG&A”) expenses. The unallocated corporate segment incurred business realignment charges of $309 for the year ended December 31, 2015, all of which was recorded in SG&A expenses. There were no business realignment charges related to the Electronics or unallocated corporate segments during the years ended December 31, 2014 or 2013.

In response to a change in customer demand, the PST segment incurred and paid business realignment charges of $403 for the years ended December 31, 2015, of which $172 was recorded in cost of goods sold, $117 in SG&A expenses and $114 in D&D costs. Business realignment charges were $1,578 for the year ended December 31, 2014, of which $847 was recorded in cost of goods sold, $559 in SG&A expenses and $172 in D&D costs. There were no business realignment charges related to the PST segment during the year ended December 31, 2013.

There were no significant restructuring or business realignment expenses related to the Control Devices reportable segment during the years ended December 31, 2015, 2014 or 2013.