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Property, Plant and Equipment, Net
12 Months Ended
Jun. 30, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment, Net
6.
PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net consisted of the following:

 

 

Fiscal Year Ended June 30,

 

 

2024

 

 

2023

 

Land

 

$

11,381

 

 

$

11,453

 

Buildings and improvements

 

 

57,030

 

 

 

55,354

 

Machinery and equipment

 

 

325,174

 

 

 

335,912

 

Computer hardware and software

 

 

54,139

 

 

 

54,192

 

Furniture and fixtures

 

 

20,943

 

 

 

20,722

 

Leasehold improvements

 

 

39,255

 

 

 

49,394

 

Construction in progress

 

 

12,783

 

 

 

10,816

 

 

 

520,705

 

 

 

537,843

 

Less: Accumulated depreciation

 

 

258,975

 

 

 

241,518

 

 

$

261,730

 

 

$

296,325

 

 

Depreciation expense for the fiscal years ended June 30, 2024, 2023 and 2022 was $34,332, $35,893 and $31,235, respectively.

During the fiscal year ended June 30, 2024, the Company completed an interim impairment test of the ParmCrisps® asset group. The Company determined that the carrying amount of the ParmCrisps® asset group exceeded its estimated fair value. The Company recognized a non-cash impairment charge of $5,875 to reduce the carrying amount of ParmCrisps® machinery and equipment to its estimated fair value. The fair value of machinery and equipment was determined based on an orderly liquidation value. Impairment charges were recorded within intangibles and long-lived asset impairment on the consolidated statements of operations.

During the fiscal year ended June 30, 2024, the Company recognized a non-cash impairment charge of $20,666 related to its Bell, CA production facility in the North America reportable segment to reduce the carrying amount of such long-lived assets to their estimated fair value. Impairment charges were recorded within intangibles and long-lived asset impairment on the consolidated statement of operations. The impairment charge was recognized due to consolidation of the Company's manufacturing footprint.

The Company recognized impairment charges of $244 and $584 during the fiscal years 2024 and 2023, respectively, relating to a facility in the North America reportable segment that was held for sale. During the fiscal year ended June 30, 2024, the Company completed the sale of such facility for total cash proceeds of $1,182, net of brokerage and other fees, resulting in a loss of $68, which was included as a component of other expense (income), net on the consolidated statement of operations. The facility had a net carrying value of nil and $1,250 as of June 30, 2024 and June 30, 2023, respectively.

During the fiscal year ended June 30, 2024, the Company recognized a non-cash impairment charge of $2,763, related to write-down of projects machinery and equipment in the International reportable segment related to the multi-year growth, transformation and restructuring program (the “Hain Reimagined Program”). See Note 18, Transformation Program.

During fiscal year 2022, the Company completed the sale of undeveloped land plots in Boulder, Colorado in the U.S. for total cash proceeds of $10,005, net of brokerage and other fees, resulting in a gain in the amount of $8,656, which is included as a component of other expense (income), net on the consolidated statement of operations. The Company also recognized a non-cash impairment charge of $303 during the fiscal year ended June 30, 2022 relating to a facility in the International reportable segment.