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Sensata Technologies Holding N.V.'s SEC Filings

S-1/A
SENSATA TECHNOLOGIES HOLDING PLC filed this Form S-1/A on 03/09/2010
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Table of Contents

Standish, Maine and Grand Blanc, Michigan, and to downsize the facility in Farnborough, United Kingdom. Manufacturing at the Maine, Michigan and United Kingdom sites was moved to the Dominican Republic and other Sensata sites. Restructuring liabilities related to these actions relate primarily to exit and related severance costs and affected 143 employees. The actions described above associated with the First Technology Automotive Plan were completed in 2008, and the Company anticipates remaining payments to be paid through 2014 due primarily to contractual lease obligations.

 

Total cumulative costs incurred to date and expected to be incurred in connection with the First Technology Automotive Plan are $10,776 (severance costs $4,350, facility exit and other costs $6,426). The following table outlines the rollforward of the restructuring liabilities associated with the First Technology Automotive Plan:

 

     Severance     Facility Exit
and Other Costs
    Total  

Balance as of December 31, 2006

   $ 3,067      $ 2,291      $ 5,358   

Purchase accounting adjustments

     1,283        3,468        4,751   

Payments

     (1,069     (1,158     (2,227
                        

Balance as of December 31, 2007

     3,281        4,601        7,882   

Charges

     —          1,111        1,111   

Payments

     (2,898     (1,908     (4,806
                        

Balance as of December 31, 2008

     383        3,804        4,187   

Purchase accounting adjustments

     —          (209     (209

Reversal of charges

     —          (235     (235

Payments

     (320     (828     (1,148
                        

Balance as of December 31, 2009

   $ 63      $ 2,532      $ 2,595   
                        

Employees terminated as of December 31, 2009

     143       

 

Total cumulative costs incurred to date and expected to be incurred in connection with the First Technology Automotive Plan are $10,776 (sensors $5,092, controls $2,476, corporate $3,208). The following table outlines the rollforward of the restructuring liabilities by segment, as well as corporate, associated with the First Technology Automotive Plan.

 

     Sensors     Controls     Corporate     Total  

Balance as of December 31, 2006

   $ 1,870      $ 1,556      $ 1,932      $ 5,358   

Purchase accounting adjustments

     3,491        —          1,260        4,751   

Reclassification of charges

     (599     920        (321     —     

Payments

     (1,545     —          (682     (2,227
                                

Balance as of December 31, 2007

     3,217        2,476        2,189        7,882   

Charges

     330        —          781        1,111   

Payments

     (744     (2,142     (1,920     (4,806
                                

Balance as of December 31, 2008

     2,803        334        1,050        4,187   

Purchase accounting adjustments

     —          —          (209     (209

Reversal of charges

     —          —          (235     (235

Payments

     (273     (271     (604     (1,148
                                

Balance as of December 31, 2009

   $ 2,530      $ 63      $ 2      $ 2,595   
                                

 

The reclassification of charges between segments during 2007 as noted above relates primarily to severance and reflected the Company’s estimate based on the finalized restructuring plan.

 

During the year ended December 31, 2009, the Company revised its accrual related to facility exit and other costs. As a result, the Company reduced goodwill by a corresponding amount of $209 related to the portion of the reserve established through purchase accounting and also recognized a credit of $235 in its consolidated statement of operations.

 

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