Quarterly report pursuant to Section 13 or 15(d)

Note 12 - Restructuring and Other Impairment Activities - Schedule of Restructuring Reserve (Details)

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Note 12 - Restructuring and Other Impairment Activities - Schedule of Restructuring Reserve (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Mar. 31, 2022
Mar. 31, 2022
Mar. 31, 2021
Jun. 30, 2021
Gain on sales of property, plant and equipment $ (1,518) [1] $ (1,443) [1] $ 1,200 $ (5,431) [1] $ (1,170) [1]  
Lease exit costs [2] 0 1,406   0 1,406  
Restructuring Charge (1,463) 593   (4,841) 1,639  
Inventory reserves and write-downs 0 [3] 0 [3]   0 [3] 389 [3] $ 400
Total (1,463) 593   (4,841) 2,028  
Employee Severance and Other Charges (Income) [Member]            
Restructuring Charge [4] 55 630   590 780  
Impairments of Long-lived Assets [Member]            
Restructuring Charge [5] $ 0 $ 0   $ 0 $ 623  
[1] In March 2022, we sold a previously closed property to an independent third party for $2.6 million, which resulted in a pre-tax gain of $1.5 million. During the second quarter of fiscal 2022 we also completed the sale of our Atoka, Oklahoma distribution center for $2.8 million, less closing costs, and recognized a pre-tax gain of $2.0 million. In addition, in December 2021, we completed the sale of a property for $5.6 million, which resulted in a pre-tax gain of $1.9 million. During the prior year period, we completed the sale of two previously closed properties to independent third parties. As a result of these sales, the Company recognized a pre-tax gain of $1.2 million. All of these transactions were recorded within the line item Restructuring and other impairment charges, net of gains in the consolidated statements of comprehensive income.
[2] We recorded restructuring charges of $1.4 million during fiscal 2021 which related to lease exit costs within the retail segment as a result of an early termination of a lease and the closing and subsequent exit of a retail design center.
[3] We recorded a non-cash charge of $0.4 million during fiscal 2021 to increase our inventory obsolescence reserve for certain slow moving and discontinued finished goods inventory items based on actual demand and the most current forecasted market conditions at that time. The non-cash inventory charge was recorded in the consolidated statement of comprehensive income within the line item Cost of Sales.
[4] We recorded charges of $0.1 million and $0.6 million during the three and nine months ended March 31, 2022, respectively. These charges primarily related to severance for terminated employees, including those at our previously sold Atoka, Oklahoma distribution center. In recent years, we have executed on many key initiatives to further optimize our manufacturing and logistics, including the closing and sale of our Atoka, Oklahoma distribution center and the consolidation of its workflow into our Old Fort, North Carolina distribution facility. These charges were recorded in the consolidated statement of comprehensive income within the line item Restructuring and other impairment charges, net of gains.
[5] We recorded a non-cash charge of $0.6 million during fiscal 2021 related to the impairment of long-lived assets held at a retail design center location. The asset group used for the impairment analysis was the individual retail design center, which represented the lowest level for which identifiable cash flows were available and largely independent of the cash flows of other groups of assets. We estimated future cash flows based on the design center-level historical results, current trends and operating and cash flow projections. The $0.6 million non-cash charge was recorded in the consolidated statement of comprehensive income within the line item Restructuring and other impairment charges, net of gains.