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Exit and Disposal Activity

9 Months Ended

Jan. 27, 2019

Restructuring and Related Activities [Abstract]

Exit and Disposal Activity

11. Exit and Disposal Activity

On June 12, 2018, our board of directors announced the closure of our upholstery fabrics manufacturing facility in Anderson, South Carolina. This closure was completed during the second quarter of fiscal 2019 and was due to a continued decline in demand for the products manufactured at this facility, reflecting a change in consumer style preferences.

The following summarizes our restructuring credit and related charges totaling $1.6 million that were associated with the above exit and disposal activity:

(dollars in thousands)		Nine months ended January 27, 2019
Inventory markdowns		$	1,564
Other operating costs associated with a closed facility			824
Employee termination benefits			661
Gain on sale of property, plant, and equipment			(1,486	)
		$	1,563

Of this total net charge, a charge of $2.3 million, a charge of $40,000 and a credit of $825,000 were recorded in cost of sales, selling, general, and administrative expenses, and restructuring credit, respectively in the Consolidated Statement of Net Income for the nine-month period ending January 27, 2019.

The following summarizes the activity in the restructuring accrual:

(dollars in thousands)		Nine months ended January 27, 2019
Accrual established in fiscal 2019		$	451
Paid in fiscal 2019			(434	)
Adjustments in fiscal 2019			211
		$	228

The above restructuring accrual pertains to employee termination benefits that were associated with the above exit and disposal activity.

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- Definition

The entire disclosure for restructuring and related activities. Description of 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

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