| Restructuring, Impairment, and Other Activities Disclosure [Text Block] |
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(10)
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Restructuring and Other Impairment Activities
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Restructuring and other impairment charges, net of gains, were as follows (in thousands):
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Fiscal Year Ended
June 30,
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2023
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2022
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Gain on sale-leaseback transaction(1)
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$ |
(4,222 |
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$ |
- |
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Gain on sales of property, plant and equipment(2)
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(311 |
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(5,431 |
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Severance and other charges
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813 |
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970 |
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Total Restructuring and other impairment charges, net of gains
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$ |
(3,720 |
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$ |
(4,461 |
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(1)
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In August 2022, we sold and subsequently leased back a retail design center and recognized a net gain of $4.2 million for the year ended June 30, 2023. The remaining deferred liability of $2.8 million as of June 30, 2023 will be recognized over the remaining life of the lease. Refer to Note 6, Leases, for further discussion on the sale-leaseback transaction.
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(2)
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In April 2023, we sold a previously closed property to an independent third party for $1.8 million, which resulted in a pre-tax gain of $0.3 million. During the prior year period, we completed the sale of three previously closed properties to independent third parties for $11.0 million, less closing costs, in three separate transactions. As a result of these property sales, the Company recognized a pre-tax gain of $5.4 million.
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The Company’s restructuring and other impairment activities are summarized in the table below (in thousands):
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Fiscal 2023 Activity
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Balance
June 30, 2022
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New Charges (Income)
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Non-Cash
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(Payments) Receipts
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Balance
June 30, 2023
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Lease exit costs
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$ |
185 |
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$ |
- |
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$ |
- |
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$ |
(185 |
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$ |
- |
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Sale of property, plant and equipment
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- |
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(311 |
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1,398 |
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1,809 |
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100 |
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Sale-leaseback transaction
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- |
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(4,222 |
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1,043 |
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8,103 |
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2,838 |
(1) |
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Severance and other charges
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268 |
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813 |
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- |
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(860 |
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221 |
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Total Restructuring and other impairment activities
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$ |
453 |
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$ |
(3,720 |
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$ |
2,441 |
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$ |
8,867 |
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$ |
3,159 |
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(1)
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The remaining balance of $2.8 million on the sale-leaseback transaction will be amortized to Restructuring and other impairment charges, net of gains over the term of the related lease. As of June 30, 2023, $2.6 million of the remaining balance of $2.8 million is reported within Other current liabilities (short-term) and $0.2 million in Other long-term liabilities (long-term).
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