Quarterly report pursuant to Section 13 or 15(d)

Note 11 - Restructuring and Other Impairment Activities

Note 11 - Restructuring and Other Impairment Activities
3 Months Ended
Sep. 30, 2020
Notes to Financial Statements  
Restructuring, Impairment, and Other Activities Disclosure [Text Block]


Restructuring and Other Impairment Activities


Restructuring, impairment and other related costs incurred during the three months ended September 30, 2020 and 2019 were as follows (in thousands):



Three months ended

September 30,






Optimization of manufacturing and logistics

  $ -     $ 640  

Gain on sale of Passaic property

    -       (11,497 )

Impairment of long-lived assets (retail)

    623       -  

Total Restructuring and other impairment charges, net of gains

  $ 623     $ (10,857 )

Manufacturing overhead costs(1)

    -       1,052  

Inventory write-downs(1)

    -       3,088  


  $ 623     $ (6,717 )



Manufacturing overhead costs and inventory write-downs are reported within Cost of Sales in the consolidated statements of comprehensive income.


We recorded a non-cash impairment charge of $0.6 million during the first quarter of fiscal 2021 related to the impairment of long-lived assets held at a retail design center location. The asset group used in the impairment analysis, which represented the lowest level for which identifiable cash flows were available and largely independent of the cash flows of other groups of assets, was the individual retail design center. We estimated future cash flows based on design center-level historical results, current trends, and operating and cash flow projections. The impairment charge of $0.6 million was recorded in the consolidated statement of comprehensive income within the line item Restructuring and other impairment charges, net of gains.