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Impairment, Restructuring and Other Charges | 9 Months Ended
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Mar. 31, 2021
Impairment, Restructuring and Other Charges |
Impairment, Restructuring and Other Charges | 7. Impairment, 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. ​ During the three months ended March 31, 2021, we recognized a total net benefit of ($0.3) million which included a net benefit of ($0.7) million for reimbursements from our insurance carriers for covered legal charges. We also incurred charges of $0.2 million for employee terminations and $0.2 million for facility closure and operational efficiency activities. ​ During the nine months ended March 31, 2021, we incurred a total net expense of $7.9 million which included $7.2 million for exit activities associated with an expired turnkey contract in Mexico. Such exit costs include $2.8 million for employee terminations, $1.1 million for facility closure and other exit costs, direct transaction costs of $2.7 million, and $0.6 million for right-of-use asset impairment for a leased facility. We also incurred costs of $1.6 million for other employee terminations and facility closure costs for operational efficiency activities and $0.3 million for acquisition-related activities. We also recognized a net benefit of ($1.2) million for reimbursements from our insurance carriers for covered legal charges. ​ During the three and nine months ended March 31, 2020, we abandoned a non-core product line in our Healthcare division which resulted in the write-off of assets, including intangible and fixed assets, totaling $3.3 million as we determined that these assets had no value and were permanently impaired. In addition, we continued to recover certain legal costs related to class action litigation and government investigations through insurance reimbursement. We also incurred additional legal fees related to these matters as well as restructuring charges by the divisions as noted in the tables below. This resulted in a net expense of $4.5 million and $1.5 million during the three and nine months ended March 31, 2020, respectively. ​ The following tables summarize impairment, restructuring and other charges (benefit), net for the periods set forth below (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, 2020
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Optoelectronics and | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Healthcare | ​ | Manufacturing | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Security Division |  | Division |  | Division |  | Corporate |  | Total
Impairment charges | ​ | $ | — | ​ | $ | 3,258 | ​ | $ | — | ​ | $ | — | ​ | $ | 3,258
Acquisition-related costs | ​ | ​ | 107 | ​ | ​ | — |  | ​ | 41 | ​ | ​ | 155 | ​ | ​ | 303
Employee termination costs | ​ | ​ | 328 | ​ | ​ | 466 | ​ | ​ | 259 | ​ | ​ | 50 | ​ | ​ | 1,103
Facility closures/consolidation | ​ |  | 30 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 30
Legal costs (recoveries), net | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (146) | ​ |  | (146)
Total expensed | ​ | $ | 465 | ​ | $ | 3,724 | ​ | $ | 300 | ​ | $ | 59 | ​ | $ | 4,548
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Optoelectronics and | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Healthcare | ​ | Manufacturing | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Security Division |  | Division |  | Division |  | Corporate |  | Total
Acquisition-related costs | ​ | $ | 22 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 22
Employee termination costs | ​ | ​ | 213 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 213
Facility closures/consolidation costs (benefit) | ​ | ​ | 166 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 166
Legal costs (recoveries), net | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (686) | ​ |  | (686)
Total expensed (benefit), net | ​ | $ | 401 | ​ | $ | — | ​ | $ | — | ​ | $ | (686) | ​ | $ | (285)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended March 31, 2020
​ |  | ​ | ​ |  | ​ | ​ |  | Optoelectronics and |  | ​ | ​ |  | ​ | ​
​ | ​ | ​ | ​ | ​ | Healthcare | ​ | Manufacturing | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Security Division | ​ | Division | ​ | Division | ​ | Corporate | ​ | Total
Impairment charges | ​ | $ | — | ​ | $ | 3,258 | ​ | $ | — | ​ | $ | — | ​ | $ | 3,258
Acquisition-related costs | ​ |  | 107 | ​ |  | — | ​ |  | 41 | ​ |  | 155 | ​ | ​ | 303
Employee termination costs | ​ | ​ | 734 | ​ | ​ | 466 | ​ | ​ | 277 | ​ | ​ | 119 | ​ | ​ | 1,596
Facility closures/consolidation | ​ |  | 30 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 30
Legal costs (recoveries), net | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (3,667) | ​ |  | (3,667)
Total expensed | ​ | $ | 871 | ​ | $ | 3,724 | ​ | $ | 318 | ​ | $ | (3,393) | ​ | $ | 1,520
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended March 31, 2021
​ |  | ​ | ​ |  | ​ | ​ |  | Optoelectronics and |  | ​ | ​ |  | ​ | ​
​ | ​ | ​ | ​ | ​ | Healthcare | ​ | Manufacturing | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Security Division | ​ | Division | ​ | Division | ​ | Corporate | ​ | Total
Impairment charges | ​ | $ | 552 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 552
Acquisition-related costs | ​ | ​ | 250 | ​ | ​ | 27 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 277
Employee termination costs | ​ |  | 4,010 | ​ |  | — | ​ |  | 146 | ​ |  | — | ​ |  | 4,156
Mexico transaction costs | ​ | ​ | 2,691 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,691
Facility closures/consolidation costs | ​ |  | 1,420 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 1,420
Legal costs (recoveries), net | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (1,184) | ​ |  | (1,184)
Total expensed (benefit), net | ​ | $ | 8,923 | ​ | $ | 27 | ​ | $ | 146 | ​ | $ | (1,184) | ​ | $ | 7,912
​ The accrued liability for restructuring and other charges is included in other accrued expenses and current liabilities in the condensed consolidated balance sheet. The changes in the accrued liability for restructuring and other charges for the nine-month period ended March 31, 2021 were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Facility | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Employee | ​ | Closure/ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Termination | ​ | Consolidation | ​ | Acquisition- | ​ | Legal Costs and | ​ | ​ | ​
​ |  | Costs |  | Cost |  | Related Costs |  | Settlements |  | Total
Balance as of June 30, 2020 | ​ | $ | 545 | ​ | $ | 201 | ​ | $ | — | ​ | $ | 1,882 | ​ | $ | 2,628
Restructuring and other charges (benefit), net | ​ |  | 4,156 | ​ |  | 1,420 | ​ |  | 277 | ​ |  | (1,184) | ​ |  | 4,669
Payments, adjustments and reimbursements, net | ​ |  | (4,570) | ​ |  | (1,501) | ​ |  | (277) | ​ |  | 748 | ​ |  | (5,600)
Balance as of March 31, 2021 | ​ | $ | 131 | ​ | $ | 120 | ​ | $ | — | ​ | $ | 1,446 | ​ | $ | 1,697
​

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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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