Quarterly report pursuant to Section 13 or 15(d)

Severance Costs

v2.4.0.8
Severance Costs
 9 Months Ended
Mar. 31, 2014
Restructuring and Related Activities [Abstract]  
Severance Costs
Note 17 - Employee Severance Costs
The Company is required to record charges for one-time employee severance benefits and other associated costs as incurred. In July 2012, the Company incurred severance costs payable in connection with the termination of the employment of certain employees pursuant to the terms of their employment agreements. On March 31, 2014, the Company sold its interests in Palm Valley and Dingo to Central. Pursuant to the Sale Deed, the Company incurred severance costs payable in connection with the termination of certain MPA employees. For the nine months ended March 31, 2014, the Company expensed total employee-related severance costs of $1.5 million, all of which were charged to loss from discontinued operations, net of tax, in the unaudited condensed consolidated statement of operations. The Company does not expect any additional benefits or other associated costs related to the terminations of employment as discussed above.
The liability related to these severance costs is included in the unaudited condensed consolidated balance sheets under accrued and other liabilities. A reconciliation of the beginning and ending liability balance for charges to general and administrative expense and cash payments for the nine months ended March 31, 2014, is as follows:
 
Severance - Termination Benefits
 
Severance - Discontinued Operations
 
Total Severance Liability
 
(In thousands)
Fiscal year opening balance
$
418

 
$
—

 
$
418

Charges to loss from discontinued operations, net of tax
—

 
1,475

 
1,475

Cash payments
(250
)
 
—

 
(250
)
Balance at March 31, 2014
$
168

 
$
1,475

 
$
1,643