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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

Airpax Plan

 

In July 2007, the Company acquired Airpax from William Blair. In 2007, the Company announced plans (the “Airpax Plan”) to close the facility in Frederick, Maryland and to relocate certain manufacturing lines to existing Sensata and Airpax facilities in Cambridge, Maryland; Shanghai, China and Mexico, and to terminate certain employees at the Cambridge, Maryland facility. In 2008, the Company announced plans to close the Airpax facility in Shanghai, China. Restructuring liabilities related to these actions relate primarily to exit and related severance costs and affected 331 employees. The actions described above associated with the Airpax Plan were completed in 2009, and the Company anticipates remaining payments to be paid through 2010.

 

Total cumulative costs incurred to date and expected to be incurred in connection with the Airpax Plan, excluding the impact of changes in foreign currency exchange rates, are $6,494 (severance costs $5,073, facility exit and other costs $1,421). The following table outlines the rollforward of the restructuring liabilities associated with the Airpax Plan:

 

     Severance     Facility Exit
and Other Costs
    Total  

Balance as of December 31, 2006

   $ —        $ —        $ —     

Purchase accounting adjustments

     8,942        2,092        11,034   

Payments

     —          —          —     
                        

Balance as of December 31, 2007

     8,942        2,092        11,034   

Purchase accounting adjustments

     (3,681     (158     (3,839

Payments

     (4,298     (839     (5,137

Impact of changes in foreign currency exchange rates

     (227     (9     (236
                        

Balance as of December 31, 2008

     736        1,086        1,822   

Purchase accounting adjustments

     (188     (513     (701

Payments

     (375     (47     (422
                        

Balance as of December 31, 2009

   $ 173      $ 526      $ 699   
                        

Employees terminated as of December 31, 2009

     331       

 

Total cumulative costs incurred to date and expected to be incurred in connection with the Airpax Plan, excluding the impact of changes in foreign currency exchange rates, are $6,494 (controls $5,026, corporate $1,468). The following table outlines the rollforward of the restructuring liabilities by segment, as well as corporate, associated with the Airpax Plan:

 

     Controls     Corporate     Total  

Balance as of December 31, 2006

   $ —        $ —        $ —     

Purchase accounting adjustments

     9,801        1,233        11,034   

Payments

     —          —          —     
                        

Balance as of December 31, 2007

     9,801        1,233        11,034   

Purchase accounting adjustments

     (4,129     290        (3,839

Payments

     (3,797     (1,340     (5,137

Impact of changes in foreign currency exchange rates

     (236     —          (236
                        

Balance as of December 31, 2008

     1,639        183        1,822   

Purchase accounting adjustments

     (646     (55     (701

Payments

     (297     (125     (422
                        

Balance as of December 31, 2009

   $ 696      $ 3      $ 699   
                        

 

During the year ended December 31, 2008, the Company reversed a portion of its previously established restructuring reserves through goodwill because certain aspects of the Airpax Plan were not finalized prior to the one-year anniversary of the Airpax Acquisition. Charges resulting from further restructuring activities have been included as a component of the 2008 Plan.

 

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