XML 39 R17.htm IDEA: XBRL DOCUMENT v2.4.1.9
Restructuring Charges
9 Months Ended
Jan. 31, 2015
Restructuring and Related Activities [Abstract]  
Restructuring Charges
Restructuring Charges
 
In the third quarter of fiscal 2012, the Company announced a restructuring initiative (“2012 Restructuring Plan”) that committed to the closing of two of the Company’s manufacturing plants located in Hardy County, West Virginia and Hazard, Kentucky, offering its previously idled plant in Tahlequah, Oklahoma for sale, and realigning its retirement program, including freezing the Company’s defined benefit pension plans.  Operations ceased at the Hazard plant in April 2012 and at the Hardy County plant in May 2012. The idled plant in Tahlequah, Oklahoma was sold in October 2012 and the closed plant in Hazard, Kentucky was sold in March 2014.  The 2012 Restructuring Plan was adopted to reduce costs and increase the Company’s capacity utilization rates. 
 
During fiscal 2014, 2013 and fiscal 2012, the Company recognized aggregate pre-tax restructuring charges of $17.1 million related to the 2012 Restructuring Plan.  During the nine months ended January 31, 2015, the Company recognized pre-tax restructuring charges of $6 thousand related to the 2012 Restructuring Plan.  In addition, the Company recognized recurring operating costs for the sole remaining closed facility of $52 thousand for the nine months ended January 31, 2015, which are expected to continue until the plant is sold. 
 
As of January 31, 2015, the Company had one manufacturing plant located in Hardy County, West Virginia classified as held for sale, which was closed in connection with the 2012 Restructuring Plan.  As of January 31, 2015, the Company believed that the remaining $1.0 million net book value of the property classified as held for sale is fully recoverable.  Therefore, this asset is included in Other Assets on the Company’s balance sheet at January 31, 2015. See Note O "Subsequent Events" for additional information relating to the sale of the closed plant located in Hardy County, West Virginia in February 2015.