XML 64 R15.htm IDEA: XBRL DOCUMENT

Restructuring and Related Charges

12 Months Ended

Dec. 31, 2012

Restructuring and Related Activities Disclosure [Text Block]

Restructuring and Related Charges

In 2010, we completed a major restructuring plan that ceased all production at our Stanleytown, Virginia manufacturing facility; however, we continued to use a portion of this facility for warehousing and distribution. In 2011, we evaluated our overall warehousing and distribution requirements for our Stanley Furniture product line and concluded only a portion of the leased warehouse space in Stanleytown, Virginia would be required. Therefore, a restructuring charge against future lease obligations of $499,000 was taken in 2011 for the portion of the Stanleytown warehouse facility no longer in use as of December 31, 2011.

In the second quarter of 2012, we further reduced our required warehouse space at our Stanleytown, Virginia leased facility and recorded an additional restructuring charge against future lease obligations of $418,000 for the additional space no longer being utilized. As of December 31, 2012, we are utilizing approximately 50% of the leased facility in Stanleytown, Virginia.

The following table summarizes restructuring and related expenses for the years ended December 31, 2012, 2011 and 2010 (in thousands):


	2012	2011	2010
Accelerated depreciation, asset write-down and equipment relocation		$ 232	$ 7,160
Gain on sale of Martinsville facility		(674)
Lease obligation	$ 418	499
Severance and other termination cost	17	17	1,370
Inventory write-down			682
Other cost	39	342	1,237

Total restructuring and related charges	$ 474	$ 416	$10,449

All of the above expenses are in cost of sales in the consolidated statement of income.

Restructuring accrual activity for the years ended December 31, 2012 and 2011 follows (in thousands):


	Severance and other termination costs	Other cost	Lease Obligations	Total
Accrual January 1, 2011	$ 1,239	$ 730		$ 1,969
Charges (credits) to expense	64	(447)	499	116
Cash Payments	(1,246)	(233)		(1,479)
Accrual December 31, 2011	57	50	499	606

Charges (credits) to expense	17	(40)	418	395
Cash payments	(74)	(10)	(185)	(269)
Accrual December 31, 2012	$	$	$ 732	$ 732

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References+ Details