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IMPAIRMENT, RESTRUCTURING AND OTHER CHARGES | 12 Months Ended
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Jun. 30, 2019
IMPAIRMENT, RESTRUCTURING AND OTHER CHARGES |
IMPAIRMENT, RESTRUCTURING AND OTHER CHARGES | 6. IMPAIRMENT, RESTRUCTURING AND OTHER CHARGES Impairment During fiscal 2019, there were no impairment charges. During fiscal 2018, we impaired (i) a product line in our Security division that became redundant as a result of the ETD acquisition, (ii) two product lines in our Healthcare division, and (iii) certain trademarks in our Optoelectronics and Manufacturing division that are no longer used. As a result, $7.8 million of assets, including intangible and fixed assets, were written off as we determined that these assets had no value and were permanently impaired. During fiscal 2017 we determined that certain idle assets related to our turnkey screening program in Mexico were permanently impaired. These costs included costs related to civil works for five sites that were relocated during the fourth quarter of fiscal 2017, whereby these civil works were determined to have no value; and civil works and equipment for other sites that were partially completed prior to the customer informing us that these sites would not be needed. The carrying value of these assets when they were impaired was $17.5 million. Also, during the year, two product lines in our Security division were abandoned, one of which was determined to be redundant with a similar product acquired as part of our acquisition of AS&E. As a result, $9.4 million of assets, including inventory and the intangible assets and fixed assets related to these products lines, were determined to be permanently impaired. Restructuring and Other Charges We endeavor to align our global capacity and infrastructure with demand by our customers as well as fully integrate acquisitions and thereby improve operational efficiency. Acquisition and integration costs. During fiscal 2019, we incurred $1.3 million in costs for professional fees relating to acquisitions. Facility consolidation / employee termination. During fiscal 2019, we incurred $2.0 million in costs associated with the consolidation of facilities in our Healthcare and Optoelectronics and Manufacturing divisions. Additionally, we incurred employee termination costs within our Security, Healthcare, and Optoelectronics and Manufacturing divisions of $0.1 million, $1.6 million, and $0.7 million, respectively, as part of operational efficiency initiatives. Legal fees and settlement costs. During fiscal 2019, legal fees and settlement costs resulted in a net recovery of $1.9 million as a result of insurance reimbursements of certain legal costs . The following table summarizes restructuring and other charges for the periods set forth below (in thousands):
|  | 2017
|  |  |  |  |  |  |  | Optoelectronics |  |  |  |  |  |
|  |  |  |  |  |  |  | and |  |  |  |  |  |
|  | Security |  | Healthcare |  | Manufacturing |  |  |  |  |  |
|  | Division |  | Division |  | Division |  | Corporate |  | Total
Acquisition-related costs |  | $ | 810 |  | $ | — |  | $ | — |  | $ | 4,877 |  | $ | 5,687
Employee termination costs |  |  | 8,256 |  |  | 1,760 |  |  | 631 |  |  | — |  |  | 10,647
Facility closures/consolidation |  |  | 967 |  |  | 1,095 |  |  | 444 |  |  | — |  |  | 2,506
Other charges (reversals) |  |  | 7 |  |  | 374 |  |  | (70) |  |  | 500 |  |  | 811
Total expense |  | $ | 10,040 |  | $ | 3,229 |  | $ | 1,005 |  | $ | 5,377 |  | $ | 19,651
|  |  | 2018
|  |  |  |  |  |  |  | Optoelectronics |  |  |  |  |  |
|  |  |  |  |  |  |  | and |  |  |  |  |  |
|  | Security |  | Healthcare |  | Manufacturing |  |  |  |  |  |
|  | Division |  | Division |  | Division |  | Corporate |  | Total
Acquisition-related costs |  | $ | — |  | $ | — |  | $ | — |  | $ | 1,541 |  | $ | 1,541
Employee termination costs |  |  | 1,485 |  |  | 16 |  |  | 610 |  |  | — |  |  | 2,111
Facility closures/consolidation |  |  | 213 |  |  | 263 |  |  | 26 |  |  | — |  |  | 502
Legal and accrued settlement costs |  |  | — |  |  | 19,364 |  |  | — |  |  | 3,650 |  |  | 23,014
Total expensed |  | $ | 1,698 |  | $ | 19,643 |  | $ | 636 |  | $ | 5,191 |  | $ | 27,168
|  | 2019
|  |  |  |  |  |  |  | Optoelectronics |  |  |  |  |  |
|  |  |  |  |  |  |  | and |  |  |  |  |  |
|  | Security |  | Healthcare |  | Manufacturing |  |  |  |  |  |
|  | Division |  | Division |  | Division |  | Corporate |  | Total
Acquisition-related costs |  | $ | — |  | $ | — |  | $ | 287 |  | $ | 1,021 |  | $ | 1,308
Employee termination costs |  |  | 132 |  |  | 1,629 |  |  | 687 |  |  | — |  |  | 2,448
Facility closures/consolidation |  |  | — |  |  | 1,918 |  |  | 84 |  |  | — |  |  | 2,002
Legal and accrued settlement costs, net |  |  | — |  |  | — |  |  | — |  |  | (1,931) |  |  | (1,931)
Total expensed |  | $ | 132 |  | $ | 3,547 |  | $ | 1,058 |  | $ | (910) |  | $ | 3,827
The changes in the accrual for restructuring and other charges for fiscal 2018 and 2019 were as follows (in thousands):
|  |  |  |  |  |  |  |  |  |  | Legal |  |  |
|  |  |  |  |  |  |  | Facility |  | Settlements |  |  |
|  | Acquisition- |  | Employee |  | Closure/ |  | and |  |  |
|  | related |  | Termination |  | Consolidation |  | Related |  |  |
|  | Costs |  | Costs |  | Cost |  | Costs |  | Total
Balance as of June 30, 2017 |  | $ | — |  | $ | 175 |  | $ | 291 |  | $ | — |  | $ | 466
Restructuring and other charges |  |  | 1,541 |  |  | 2,111 |  |  | 502 |  |  | 23,014 |  |  | 27,168
Payments and other adjustments |  |  | (1,541) |  |  | (1,449) |  |  | (394) |  |  | (8,949) |  |  | (12,333)
Balance as of June 30, 2018 |  | $ | — |  | $ | 837 |  | $ | 399 |  | $ | 14,065 |  | $ | 15,301
Restructuring and other charges, net |  |  | 1,308 |  |  | 2,448 |  |  | 2,002 |  |  | (1,931) |  |  | 3,827
Payments and other adjustments |  |  | (1,308) |  |  | (2,853) |  |  | (2,401) |  |  | (5,803) |  |  | (12,365)
Balance as of June 30, 2019 |  | $ | — |  | $ | 432 |  | $ | — |  | $ | 6,331 |  | $ | 6,763
The following table summarizes the impairment, restructuring and other charges for fiscal 2017, 2018 and 2019 (in thousands):
|  | 2017 |  | 2018 |  | 2019
Impairment of assets |  | $ | 27,047 |  | $ | 7,795 |  | $ | —
Facility closure / consolidations |  |  | 2,506 |  |  | 502 |  |  | 2,002
Employee termination costs |  |  | 10,647 |  |  | 2,111 |  |  | 2,448
Legal fees, settlements and related costs, net |  |  | — |  |  | 23,014 |  |  | (1,931)
Acquisition-related costs |  |  | 5,687 |  |  | 1,541 |  |  | 1,308
Other |  |  | 811 |  |  | — |  |  | —
Total impairment, restructuring and other charges |  | $ | 46,698 |  | $ | 34,963 |  | $ | 3,827

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- Definition The entire disclosure for impairment, restructuring and related activities. Description of impairment costs and restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References No definition available. + Details
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- References No definition available. + Details
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