This excerpt taken from the OMI 10-K filed Feb 25, 2005.
In 1998, the company recorded a nonrecurring restructuring charge of $11.2 million as a result of the cancellation of a significant medical/surgical distribution contract. The restructuring plan included reductions in warehouse space and in the number of employees in those facilities that had the highest volume of business under that contract. The company periodically re-evaluates its estimate of the remaining costs to be incurred and, as a result, reduced the accrual by $0.1 million in 2004, $0.1 million in 2003, and $0.5 million in 2002. These adjustments resulted primarily from the reutilization of warehouse space that had previously been vacated under the restructuring plan and the resolution of uncertainties related to potential asset write-offs.
The following table sets forth the activity in the restructuring accrual for the years ended December 31, 2004, 2003 and 2002: