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Other Income and Expense
 9 Months Ended
Nov. 29, 2013
Other Income And Expenses [Abstract]  
Other Income and Expense

Note 7 – Other Income and Expense

Other Operating (Income) Expense – Net

 

     Three Months Ended     Nine Months Ended  
(In thousands)    November 29,
2013		     November 23,
2012		     November 29,
2013		     November 23,
2012		  

Clinton Cards secured debt (recovery) impairment

    $ (1,804 )    $ —        $ (4,232 )    $ 10,043   

Termination of certain agency agreements

      —          —          —          2,125   

Loss on asset disposal

      672        240        559        394   

Miscellaneous

      (1,236 )      (2,217 )      (2,974 )      (3,545 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Other operating (income) expense – net

    $ (2,368 )    $ (1,977 )    $ (6,647 )    $ 9,017   
  

 

 

    

 

 

    

 

 

    

 

 

  

The Corporation recorded a loss of $10.0 million during the nine months ended November 23, 2012, related to the senior secured debt of Clinton Cards. During the three and nine month periods ended November 29, 2013 the impairment of the secured debt of Clinton Cards was adjusted based on current estimated recovery information provided by the Administrators, resulting in a gain of $1.8 million and $4.2 million, respectively. See Note 4 for further information.

In May 2012, the Corporation recorded expenses totaling $2.1 million related to the termination of certain agency agreements associated with its licensing business.

 

Other Non-Operating Expense (Income) – Net

 

     Three Months Ended     Nine Months Ended  
(In thousands)    November 29,
2013		     November 23,
2012		     November 29,
2013		     November 23,
2012		  

Impairment of investment in Schurman

    $ 1,935      $ —        $ 1,935      $ —     

Gain related to Party City investment

      —          (1,141 )      (3,262 )      (4,293 ) 

Foreign exchange gain

      (454 )      (552 )      (1,729 )      (948 ) 

Rental income

      (408 )      (450 )      (1,294 )      (1,496 ) 

Miscellaneous

      (26 )      (1 )      (1 )      (178 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Other non-operating expense (income) – net

    $ 1,047      $ (2,144 )    $ (4,351 )    $ (6,915 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

During the quarter ended November 29, 2013, the Corporation recognized an impairment loss of $1.9 million associated with its investment in Schurman. See Note 1 for further information.

In July 2013, the Corporation recognized a gain totaling $3.3 million related to a cash distribution from Party City. See Note 1 for further information. During the three and nine month periods ended November 29, 2012, the Corporation realized a gain of $1.1 million and $4.3 million, respectively, from the sale of a portion of its investment in Party City.