Asset Impairment and Restructuring Charges

9 Months Ended

Jul. 31, 2012

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities Disclosure [Text Block]

Asset Impairment and Restructuring Charges

During the third quarter of fiscal 2012, the Company entered into negotiations to sell its Mansfield Blanking facility, which ceased operations in December 2011. As a result, the Company recorded an asset impairment charge of $1,552 to reduce the Mansfield real property to an estimated fair value of $1,400 based on an independent assessment that considered recent sales of similar properties and a submitted offer to acquire the real property. In addition, during the third quarter of fiscal 2012, the Company recorded an impairment charge of $392 to reduce the value of long lived assets to their estimated fair value. The fair value of machinery and equipment, as determined using level 3 inputs, was zero as the items were worn equipment for which the Company had no further use and they have limited use and limited value in the used equipment market.

Impairment recoveries of $1,202 were recorded during the first nine months of fiscal 2012 for cash received upon sales of assets from the Company's Mansfield Blanking facility of $690, which was impaired in fiscal 2010, and from the Company's Liverpool Stamping Facility of $507, which was impaired in fiscal 2009, with the remaining $5 of recoveries coming from other assets impaired in prior periods. Impairment recoveries of $230 were recorded during the first nine months of fiscal 2011 for cash received upon sales of assets from the Company's Liverpool Stamping facility.

During the third quarter of fiscal 2011, the Company recorded a restructuring charge of $352 based on a negotiated settlement with approximately 90 employees for severance and health insurance related to the previously announced planned closure of the Company's plant in Mansfield, Ohio. During the third quarter of fiscal 2012, the Company reduced the restructuring charges by $30 as a result of certain employees not meeting the requirements for obtaining severance payments.

An analysis of restructuring charges and related reserves of the Company for fiscal 2012 is as follows:



	Restructuring Reserves at October 31, 2011		Restructuring Charges	Cash Payments			Restructuring Reserves at July 31, 2012
Restructuring - Severance and benefits	$	279	$(30)	$	(249	)	$	—

- 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.

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