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Exit Costs Related to Idle Facility
9 Months Ended
May 31, 2017
Exit Costs Related to Idle Facility  
Exit Costs Related to Idle Facility

 

Note 15 — Exit Costs Related to Idle Facility

 

In the nine-month period ended May 31, 2017, the Company recognized $50 in expenses, to raze and exit its Randolph, MA facility, which had been idle regarding production for several years; no expense was recognized in the quarter ended May 31, 2017. The Company began marketing the site for sale and reclassified the net book value of the facility to assets held for sale in the second quarter of fiscal 2016, and recognized $662 and $871 in expenses associated with the project during the quarter and nine-month period ended May 31, 2016, respectively. These actions were taken as part of the Company’s on-going facility consolidation and rationalization initiative. The Company has updated its initial estimate and currently anticipates future expenses associated with completing the project will not be material, and expects work to be completed during fiscal 2017, with the sale of the property to follow. The Company recognized $935 in total expenses in fiscal 2016 (during the second, third and fourth quarters) bringing the project to near completion. See Note 16 to the condensed consolidated financial statements for additional information on assets held for sale.