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Assets Held for Sale
9 Months Ended
Sep. 25, 2011
ASSETS HELD FOR SALE [Abstract] 
Property, Plant and Equipment Disclosure [Text Block]
ASSETS HELD FOR SALE
In May 2011, we entered into an agreement to sell our Owings Mills, Maryland manufacturing facility for $15 million. We classify assets as held for sale when they meet the criteria set forth in FASB ASC Topic 360, Property, Plant, and Equipment. Based on the execution of the purchase and sale agreement during our second fiscal quarter, this facility met the criteria and we had reclassified this property from held and used to held for sale. Accordingly, we recorded an impairment of approximately $12.3 million to adjust the carrying value of this property to fair value less estimated costs to sell during the thirteen weeks ended June 26, 2011.
On August 31, 2011, we sold the property and received net proceeds of approximately $14 million. Cash and cash equivalents on our accompanying consolidated balance sheet includes these net proceeds. The indentures governing our senior secured and senior subordinated notes generally require us to use these proceeds by August 30, 2012 to purchase or improve assets useful in our business or to purchase a business that is related, complimentary or ancillary to our existing business. We are leasing back the property through March 2012 to complete the decommissioning of the facility.
In September 2011, we entered into an agreement to sell our Belen, New Mexico manufacturing facility. We had ceased operations at the facility in 2009. Based on the execution of the purchase and sale agreement, this facility met the criteria to be classified as held for sale and is included in assets held for sale on our accompanying consolidated balance sheet as of September 25, 2011. We recorded an impairment of approximately $550 thousand to adjust the carrying value of this property to approximately $2 million, representing fair value less estimated costs to sell, during the thirteen weeks ended September 25, 2011. On September 30, 2011, in our fourth fiscal quarter, we sold the facility and received net proceeds of approximately $2 million.