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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

During the year ended December 31, 2009, the Company revised its accrual related to severance and facility exit and other costs established through purchase accounting. As a result, the Company reduced goodwill by a corresponding amount of $701.

 

2008 Plan

 

During fiscal years 2008 and 2009, in response to global economic conditions, the Company announced various actions to reduce the workforce in several business centers and manufacturing facilities throughout the world, and to move certain manufacturing operations to low-cost countries (the “2008 Plan”). During the year ended December 31, 2008, the Company recognized charges totaling $23,013, of which $16,211 relates to severance, $1,300 relates to a pension enhancement provided to certain eligible employees under a voluntary retirement program (refer to Note 13 for further discussion), $3,588 relates to pension curtailment and settlement charges and $1,914 relates to facility exit and other costs. During the year ended December 31, 2009, the Company recognized charges totaling $18,321, of which $12,930 relates to severance, $4,828 relates to pension curtailment, settlement and other related charges and $563 relates to facility exit and other costs. The total cost of these actions is expected to be $41,634, excluding the impact of changes in foreign currency exchange rates, and affect 1,979 employees. The Company anticipates the actions described above associated with the 2008 Plan to be completed during 2010 and the remaining payments to be paid through 2014 due primarily to contractual lease obligations.

 

Total cumulative costs incurred to date in connection with the 2008 Plan, excluding the impact of changes in foreign currency exchange rates, are $41,334 (severance costs $29,141, pension-related costs $9,716, facility exit and other costs $2,477). The following table outlines the rollforward of the restructuring liabilities, excluding the costs related to pension, associated with the 2008 Plan:

 

     Severance     Facility Exit
and Other Costs
    Total  

Balance as of December 31, 2007

   $ —        $ —        $ —     

Charges

     16,211        1,914        18,125   

Payments

     (4,589     (80     (4,669

Impact of changes in foreign currency exchange rates

     (95     (70     (165
                        

Balance as of December 31, 2008

     11,527        1,764        13,291   

Charges

     12,930        563        13,493   

Payments

     (21,343     (2,133     (23,476

Impact of changes in foreign currency exchange rates

     (150     (85     (235
                        

Balance as of December 31, 2009

   $ 2,964      $ 109      $ 3,073   
                        

Employees terminated as of December 31, 2009

     1,914       

 

Total cumulative costs incurred to date in connection with the 2008 Plan, excluding the impact of changes in foreign currency exchange rates, are $41,334 (sensors $1,801, controls $4,578, corporate $34,955). The following table outlines the rollforward of the restructuring liabilities, excluding the costs related to pension, by segment, as well as corporate, associated with the 2008 Plan.

 

     Sensors     Controls     Corporate     Total  

Balance as of December 31, 2007

   $ —        $ —        $ —        $ —     

Charges

     1,760        4,091        12,274        18,125   

Payments

     (686     (1,130     (2,853     (4,669

Impact of changes in foreign currency exchange rates

     (105     (60     —          (165
                                

Balance as of December 31, 2008

     969        2,901        9,421        13,291   

Charges

     11        465        13,017        13,493   

Payments

     (871     (3,048     (19,557     (23,476

Impact of changes in foreign currency exchange rates

     22        (203     (54     (235
                                

Balance as of December 31, 2009

   $ 131      $ 115      $ 2,827      $ 3,073   
                                

 

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