Note 3 - Restructuring Charges

6 Months Ended

Apr. 01, 2017

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

(3)

Restructuring Charges

On

August

15,

2014,

we purchased substantially all of the assets associated with the prestressed concrete strand (“PC strand”) business of American Spring Wire Corporation (“ASW”) for a final adjusted purchase price of

$33.5

million, net of post-closing adjustments of

$480,000

(the “ASW Acquisition”). ASW manufactured PC strand at facilities located in Houston, Texas and Newnan, Georgia.

Subsequent to the ASW Acquisition, in fiscal

2014,

we incurred employee separation costs for staffing reductions associated with the acquisition. In

February

2015,

we elected to consolidate our PC strand operations with the closure of the Newnan facility, which was completed in

March

2015.

Following is a summary of the restructuring activities and associated costs that were incurred during the

three

- and

six

-month periods ended

April

1,

2017

and

April

2,

2016:

				Severance and									Asset
(In thousands)	Equipment			Other Employee			Facility			Gain on Sale			Impairment
	Relocation Costs			Separation Costs			Closure Costs			of Equipment			Charges			Total
2017
Liability as of October 1, 2016	$	31		$	239		$	-		$	-		$	-		$	270
Restructuring charges		48			-			-			-			-			48
Cash payments		(79	)		(74	)		-			-			-			(153	)
Liability as of December 31, 2016		-			165			-			-			-			165
Restructuring charges		25			-			-			-			-			25
Cash payments		(25	)		(68	)		-			-			-			(93	)
Liability as of April 1, 2017	$	-		$	97		$	-		$	-		$	-		$	97
2016
Liability as of October 3, 2015	$	-		$	735		$	-		$	-		$	-		$	735
Restructuring charges (recoveries)		75			-			30			(180	)		-			(75	)
Cash receipts (payments)		(75	)		(72	)		(30	)		180			-			3
Liability as of January 2, 2016		-			663			-			-			-			663
Restructuring charges		21			-			59			-			20			100
Cash payments		(21	)		(59	)		(39	)		-			-			(119	)
Non-cash charges		-			-			-			-			(20	)		(20	)
Liability as of April 2, 2016	$	-		$	604		$	20		$	-		$	-		$	624

As of

April

1,

2017,

we recorded restructuring liabilities amounting to

$0.1

million in accrued expenses on our consolidated balance sheet. As of

October

1,

2016,

we recorded restructuring liabilities amounting to

$0.3

million on our consolidated balance sheet, including

$0.1

million in accounts payable and

$0.2

million in accrued expenses. We do not currently expect to incur any significant restructuring charges during the remainder of fiscal

2017.