Brinks Home Security Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Restructuring Charges

Restructuring Charges

3 Months Ended

Mar. 31, 2014

(8) Restructuring Charges

In connection with the Security Networks Acquisition, management approved a restructuring plan to transition Security Networks’ operations in West Palm Beach and Kissimmee, Florida to Dallas, Texas (the “2013 Restructuring Plan”). The 2013 Restructuring Plan provides certain employees with a severance package that entitles them to benefits upon completion of the transition in 2014. Severance costs related to the 2013 Restructuring Plan are recognized ratably over the future service period. During the three months ended March 31, 2014, the Company recorded $547,000 of restructuring charges related to employee termination benefits.

There were no restructuring charges recorded for the three months ended March 31, 2013.

The following table provides the activity and balance of the Company’s restructuring plan (amounts in thousands):

	December 31, 2013		Additions	Payments		March 31, 2014

2013 Restructuring Plan
Severance and retention	$	1,570	547	(504	)	1,613

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

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