v2.4.1.9
RESTRUCTURING (Notes)
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12 Months Ended |
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RESTRUCTURING [Abstract] |
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Restructuring and Related Costs [Table Text Block] |
NOTE 2 — RESTRUCTURING
In August 2013, the Company announced a restructuring plan focused on its Newborn Screening Group and its Brisbane, Australia office where automated punching systems were designed and manufactured. The Company halted development of the newborn screening assay in 2013. In the first quarter of 2014, management determined that it would close the manufacturing facility in Brisbane, Australia and the facility was closed in the third quarter of 2014. The Company reviewed the requirements for held-for-sale and discontinued operations presentation and determined the manufacturing facility in Brisbane, Australia did not meet the altered definition of a discontinued operation under the amended accounting guidance as it was not a strategic shift with a major effect on the Company's operations and finances. Management has applied this new guidance for the facility in Brisbane, Australia.
The Company has recorded pre-tax restructuring charges primarily consisting of the non-cash impairment of inventory, intangible assets, property and equipment, together with employee separation costs. The Company measured and accrued the liabilities associated with employee separation costs at fair value as of the date the plan was announced and terminations were communicated to employees, which primarily included severance pay and other separation costs such as outplacement services and benefits. As a result of the organizational change, the Company eliminated approximately 5% of its aggregate workforce. In conjunction with the restructuring plan, the Company evaluated its tangible and intangible assets for estimated impairment and recorded non-cash impairment charges of $4.1 million in 2013 and a further impairment of $2.8 million in 2014, including a write-down of goodwill of $1.2 million resulting from the disposal of the manufacturing facility in Brisbane, Australia. The Company determined the fair value of the assets based upon prices for similar assets. The amount of goodwill the Company included in the carrying amount of the disposed manufacturing facility in Brisbane, Australia was based upon the relative fair value of that business compared to the portion of the reporting unit that was retained. See Note 9 — Goodwill and Other Intangible Assets. Pretax loss related to the Brisbane, Australia facility was $2.8 million, $3.9 million and $2.5 million for the years ended December 31, 2014, 2013 and 2012, respectively.
The Company measured and accrued the facilities exit costs at fair value upon the Company's exit in the third quarter of 2014. Facilities exit costs primarily consist of cease-use losses recorded upon vacating the facilities. | | | | | | | | | | | | | 2013 Restructuring Plan | | 2014 | | 2013 | | | | | | Non-cash impairment charges: | | | | | Inventory | | $ | 1,183 |
| | $ | 2,326 |
| Property and equipment | | 494 |
| | 1,110 |
| Intangible Assets | | — |
| | 700 |
| Goodwill | | 1,159 |
| | — |
| Employee separation costs | | 154 |
| | 783 |
| Facility exit costs | | 69 |
| | — |
| Other | | 41 |
| | 50 |
| Total charges | | $ | 3,100 |
| | $ | 4,969 |
| Recorded to cost of revenue | | 1,218 |
| | 2,551 |
| Recorded to restructuring costs | | $ | 1,882 |
| | $ | 2,418 |
| | | | | | Rollforward of Accrued Restructuring | | | | | | | | | | Balance at beginning of year | | $ | 128 |
| | $ | — |
| Total charges | | 3,100 |
| | 4,969 |
| Non-cash impairment charges | | (2,836 | ) | | (4,136 | ) | Employee separation payments | | (286 | ) | | (655 | ) | Facility exit costs | | (69 | ) | | — |
| Foreign exchange and other adjustments | | (37 | ) | | (50 | ) | Balance at end of period | | $ | — |
| | $ | 128 |
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Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets.
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