XML 40 R18.htm IDEA: XBRL DOCUMENT v2.4.1.9
Restructuring Costs Restructuring Costs Disclosure
3 Months Ended
Apr. 30, 2015
Restructuring and Related Activities [Abstract]  
Restructuring and Related Activities Disclosure [Text Block]
RESTRUCTURING COSTS

On March 10, 2015, the Company announced and implemented a restructuring plan to further lower its cost structure. The cost reductions covered all divisions and included the corporate offices, but were heavily weighted to Applied Technology as a result of the significant decline in this business and the expectation of continued end-market weakness for this division. This action was taken in addition to a preemptive restructuring of the Engineered Films Division taken in the fourth quarter of fiscal 2015 to address the expected decline in demand in the energy sector as the result of falling oil prices, as well as the Applied Technology restructuring announced in November 2014.

The Company incurred $477 of restructuring costs for severance benefits in the three-months ended April 30, 2015 of which $55 was unpaid as of April 30, 2015. The Company reported $393 of this expense in cost of sales and the remaining $84 in selling, general, and administrative expenses in the Consolidated Statements of Income and Comprehensive income. Substantially all of these restructuring costs related to the Applied Technology Division. The Company incurred no restructuring costs in the three-month period ended April 30, 2014.

Subsequent to the end of fiscal 2015, the Company announced that Applied Technology's remaining contract manufacturing operations in the St. Louis, Missouri area had been successfully sold and transferred. The exit activities related to this sale and transfer were substantially completed during the first quarter. There were no impairments recorded as a result of the exit activity and a $364 gain on sale was recorded in the three-month period ended April 30, 2015. Receivables for inventory and estimated future royalties pursuant to the sale agreements were $789 and were reflected in "Other current assets" in the Consolidated Balance Sheet at April 30, 2015.