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Subsequent events
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9 Months Ended |
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Sep. 29, 2012
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| Subsequent Events [Abstract] | |
| Subsequent Events [Text Block] |
Subsequent Events
On October 18, 2012, the Company announced that it intends to implement a restructuring plan (the “Plan”) to reduce operating expenses and better position the Company competitively. During the fourth quarter of 2012, the Plan involves a workforce reduction of approximately 13% of the Company’s global workforce who have been notified or will be notified regarding the termination of their employment during the remainder of the fourth quarter of 2012 as well as site consolidations.
The Company currently estimates that it will record restructuring expense in the fourth quarter of 2012 of approximately $71 million, substantially all of which is related to severance and costs of continuation of certain employee benefits. Of the total fourth quarter of 2012 restructuring expense, approximately $45 million will be cash expenditures in the fourth quarter of 2012, and $26 million will be future cash expenditures in the first quarter of 2013.
The Company expects to take additional restructuring actions in the first half of 2013. The Company cannot currently estimate the amount or range of the charges associated with the Plan for the first half of 2013. However, the restructuring charge may be material.
The Company expects that the restructuring plan will be materially completed in the first half of 2013.
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