Note 3 - Restructuring

9 Months Ended

Jul. 02, 2022

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

(3) Restructuring

On March 16, 2020, we purchased substantially all of the assets of Strand-Tech Manufacturing, Inc. (“STM”) for an adjusted purchase price of $19.4 million, reflecting certain post-closing adjustments (the “STM Acquisition”). STM was a leading manufacturer of prestressed concrete strand (“PC strand”) for concrete construction applications. We acquired, among other assets, STM’s accounts receivable, inventories, production equipment and facility located in Summerville, South Carolina, and assumed certain of its accounts payable and accrued liabilities.

In connection with the STM acquisition, we elected to consolidate our PC strand operations through the closure of the Summerville facility and the redeployment of its equipment to our other three PC strand production facilities located in Gallatin, Tennessee; Houston, Texas; and Sanderson, Florida. Operations at the Summerville facility ceased during the third quarter of fiscal 2020, and the facility was sold during the second quarter of the current year.

Following is a summary of the restructuring activity during the three- and nine-month periods ended July 2, 2022 and July 3, 2021:

(In thousands)	Employee			Equipment			Facility			Asset			Gain on Sale
	Separation Costs			Relocation Costs			Closure Costs			Impairments			of Property			Total
2022
Liability as of October 2, 2021	$	-		$	-		$	10		$	-		$	-		$	10
Restructuring charges		-			-			47			-			-			47
Cash payments		-			-			(53	)		-			-			(53	)
Non-cash charges		-			-			-			-			-			-
Liability as of January 1, 2022		-			-			4			-			-			4
Restructuring charges (recoveries)		-			-			257			-			(622	)		(365	)
Cash payments		-			-			(261	)		-			-			(261	)
Non-cash charges		-			-			-			-			622			622
Liability as of April 2, 2022		-			-			-			-			-			-
Restructuring charges		-			-			-			-			-			-
Cash payments		-			-			-			-			-			-
Non-cash charges		-			-			-			-			-			-
Liability as of July 2, 2022	$	-		$	-		$	-		$	-		$	-		$	-
2021
Liability as of October 3, 2020	$	-		$	20		$	151		$	-		$	-		$	171
Restructuring charges		13			88			552			4			-			657
Cash payments		(13	)		(95	)		(669	)		-			-			(777	)
Non-cash charges		-			-			-			(4	)		-			(4	)
Liability as of January 2, 2021		-			13			34			-			-			47
Restructuring charges		-			286			259			-			-			545
Cash payments		-			(299	)		(266	)		-			-			(565	)
Non-cash charges		-			-			-			-			-			-
Liability as of April 3, 2021		-			-			27			-			-			27
Restructuring charges		-			35			176			1,387			-			1,598
Cash payments		-			(35	)		(183	)		-			-			(218	)
Non-cash charges		-			-			-			(1,387	)		-			(1,387	)
Liability as of July 3, 2021	$	-		$	-		$	20		$	-		$	-		$	20