16. Restructuring Charges
In the quarter ended September 30, 2009, we initiated plans to restructure our European manufacturing and assembly operations to align them to current market conditions. The plans primarily involved the termination of employees and centralization of certain positions. Costs related to termination of employees represented severance payments and benefits. The restructuring charges recorded in conjunction with the plans represented severance costs and have been included under “Restructuring charges” on our consolidated statements of operations.
During fiscal 2011 we incurred restructuring-related charges of approximately $759,000. The charges were comprised of asset impairments and exit costs for facility consolidations of $659,000 and employee severance costs of approximately $100,000. No restructuring charges occurred in fiscal 2012.
The restructuring accrual as of March 31, 2012 and 2011 was included under “Accrued expenses and other liabilities” on our consolidated balance sheets.
The following table summarizes the significant activity within, and components of, our restructuring obligations as of fiscal 2012, 2011 and 2010 (in thousands):
| Severance and Related Benefits | Lease Commitment Accrual | Total | |||||||
| Charges | $ | 1,614 | $ | - | $ | 1,614 | |||
| Cash payments | (349) | - | (349) | ||||||
| Currency translation adjustment | (60) | - | (60) | ||||||
| Balance at March 31, 2010 | 1,205 | - | 1,205 | ||||||
| Charges (1) | 100 | 442 | 542 | ||||||
| Cash payments | (1,198) | (63) | (1,261) | ||||||
| Currency translation adjustment | (1) | - | (1) | ||||||
| Balance at March 31, 2011 | 106 | 379 | 485 | ||||||
| Charges | (30) | - | (30) | ||||||
| Cash payments | - | (252) | (252) | ||||||
| Currency translation adjustment | (4) | - | (4) | ||||||
| Balance at March 31, 2012 | $ | 72 | $ | 127 | $ | 199 | |||
| (1) Excludes $217,000 related to impairment of assets due to the consolidation of facilities. | |||||||||
We anticipate that the remaining restructuring obligations of $199,000 as of March 31, 2012 will be paid by December 31, 2013.