Quantum Corporation 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

Jun. 30, 2019

Restructuring and Related Activities [Abstract]

NOTE 7: RESTRUCTURING CHARGES

There were no new restructuring plans initiated during the three months ended June 30, 2019. As of June 30, 2019, the Company had three locations with a restructuring accrual.

In the three months ended June 30, 2018, management approved a plan to eliminate 65 positions in the U.S. and internationally. The purpose of this plan was to improve operational efficiencies and align with management’s strategic vision for the Company. Severance and benefits costs of approximately $3.4 million were incurred under this restructuring plan.

The following table summarizes the activity included in restructuring charges for the period ended June 30, 2019 and 2018 (in thousands):


	Severance and benefits			Facilities			Total
Balance as of March 31, 2019	$	—		$	2,876		$	2,876
Restructuring costs		—			33			33
Adjustments to prior estimates		—			230			230
Cash payments		—			(734	)		(734	)

Balance as of June 30, 2019	$	—		$	2,405		$	2,405


Balance as of March 31, 2018	$	1,430		$	4,389		$	5,819
Restructuring costs		3,353			554			3,907
Adjustments to prior estimates		—			—			—
Cash payments		(4,272	)		(396	)		(4,668	)

Balance as of June 30, 2018	$	511		$	4,547		$	5,058


				Facilities			Total
Estimated timing of future payments
Fiscal 2020				$	2,405		$	2,405
Fiscal 2021 to 2024					—			—

				$	2,405		$	2,405

Facility restructuring accruals will be paid in accordance with the respective facility lease terms and amounts above are net of estimated sublease amounts.