Restructuring Charges

12 Months Ended

Mar. 03, 2013

Restructuring Charges [Abstract]

Restructuring Charges

9. RESTRUCTURING CHARGES

     During the 2013 fiscal year, the Company recorded restructuring charges of $2,730, related to the closure of the Company's Nelco Technology (Zhuhai FTZ) Ltd. business unit located in Zhuhai, China. The charges include a non-cash asset impairment charge of $3,620 and are net of the recapture of a non-cash cumulative currency translation adjustment of $1,465. The reclassification of the non-cash cumulative currency translation adjustment is included in exchange rate changes in the Consolidated Statements of Comprehensive Income. The Company has a building with a carrying value of $1,890 which is held for sale at its Nelco Technology (Zhuhai FTZ) Ltd. business unit. The Company ceased depreciating this building during the 2013 fiscal year second quarter and expects to sell the building in the 2014 fiscal year second or third quarter. The Company paid $209 of such charges during the 2013 fiscal year and expects to record no significant additional charges in connection with such closure.

     In the 2012 fiscal year fourth quarter, the Company recorded a pre-tax charge of $1,250 related to the closing of the Company's Park Advanced Composite Materials, Inc. business unit located in Waterbury, Connecticut. The charge for closing the business unit included a non-cash asset impairment charge of $928. As a result of the closing, the Company recorded $820 of additional pre-tax charges during the 2013 fiscal year. The Company paid $1,091 of such charges during the 2013 fiscal year. The Company does not expect to record significant additional charges resulting from such closing.

     As of February 26, 2012, the Company had remaining obligations and potential liabilities in the aggregate amount of $1,187 related to the closure of the Neltec Europe SAS printed circuit materials business unit and recorded an additional pre-tax charge of $153 in the 2013 fiscal year fourth quarter. The Company paid $1,133 of these obligations in the 2013 fiscal year and expects to settle the remaining $207 during the 2014 fiscal year.

     During the 2004 fiscal year, the Company recorded charges related to the realignment of its North American volume printed circuit materials operations. The charges were for employment termination benefits of $1,258, which were fully paid in the 2004 fiscal year, and lease and other obligations of $7,292. All costs other than the lease obligations were settled prior to the 2007 fiscal year. The future lease obligations are payable through September 2013. During the 2013 fiscal year, the Company applied $448 of lease payments against such lease obligations. There is no remaining accrual related to the lease and other obligations as of March 3, 2013.