XML 15 R10.htm IDEA: XBRL DOCUMENT v2.4.0.8
Asset Impairment and Recoveries
9 Months Ended
Jul. 31, 2013
Restructuring and Related Activities [Abstract]  
Restructuring and Related Activities Disclosure [Text Block]
Asset Impairment and Recoveries

Impairment recoveries of $117 were recorded during the first nine months of fiscal 2013 for cash received upon sales of assets from the Company's Mansfield Blanking facility, which was impaired in fiscal 2010.

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 recovery of $1,202 was recorded during the first nine months of fiscal 2012. The recoveries recorded in the first nine months of fiscal 2012 were for cash received upon sales of assets from the Company's Mansfield Blanking facility of $689, which was impaired in fiscal 2010, and the Company's Liverpool Stamping facility of $508, which was impaired in fiscal 2009, with the remaining $5 of recoveries coming from other assets impaired in prior periods. In addition, during the third quarter of fiscal 2012, the Company reduced a restructuring charge by $30 as a result of certain employees not meeting the requirements for obtaining severance payments associated with the restructuring charge of $352 that the Company recorded in the third quarter of fiscal 2011, relating to 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.