RESTRUCTURING RELATED EXPENSES |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RESTRUCTURING RELATED EXPENSES |
RESTRUCTURING RELATED EXPENSES
In April 2015, the Company announced its plan to streamline its operations and refocus its activities on profitable growth opportunities. The planned streamlining is expected to reduce costs, improve efficiencies and renew focus on larger and more profitable Company markets. As part of the plan, the Company eliminated approximately 100 positions worldwide through both severance and attrition. It also ceased operations in Vietnam and abandoned the lease for the building in that market. The Company incurred approximately $3.3 million of non-recurring expenses during the year ended December 31, 2015, which were recorded primarily in selling, general and administrative expenses, of which $2.8 million related to severance and termination benefits and $0.5 million related to other exit costs.
In 2016, the Company decided to exit the Philippines and streamline its operations in Singapore. Total restructuring costs were $0.2 million for the year ended December 31, 2016, which were recorded primarily in selling, general and administrative expenses as well as in cost of goods sold.
In continuing to execute the on-going strategy of focusing on larger and more profitable Company markets and in efforts to reduce costs and improve efficiencies, the Company executed a restructuring plan during the fourth quarter of 2017. As a part of the plan, the Company eliminated 60 positions worldwide through severance. It also ceased operations in the Costa Rica and Nicaragua markets, and closed the Los Angeles office. During the year ended December 31, 2017, the Company incurred approximately $1.5 million of non-recurring expenses that are recorded primarily in selling, general and administrative expenses consisting of severance, the write off of remaining lease costs net of contractual sublease payments, and of other market exit costs. Of the restructuring costs incurred during the year ended December 31, 2017, only $0.8 million of severance and rent costs remained payable at year-end.
The following table summarizes the 2015, 2016, and 2017 restructuring activity:
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