back next

FLEETWOOD ENTERPRISES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(7) Property, Plant and Equipment, net

Property, plant and equipment is stated at cost, net of accumulated depreciation, and consists of the following as of April 30, 2006 and April 24, 2005:

  2006   2005
  (Amounts in thousands)
Land   $ 19,084       $ 21,970    
Buildings and improvements   320,412     324,290  
Machinery and equipment   166,086     163,284  
    505,582     509,544  
Less accumulated depreciation   (288,124   (277,419
  $ 217,458   $ 232,125  

Idle facilities included closed plants and certain other properties that are not in current use by the Company. There were 22 idle plant facilities at the end of fiscal 2006 and 26 at the end of fiscal 2005. Of the current 22 idle facilities, four were designated as held for sale and have a net book value of $5.5 million, with the remaining facilities being held for future use. During fiscal 2006, one facility was deactivated, one was reactivated and four idle facilities were sold.

The carrying value of idle facilities was $21.3 million at April 30, 2006, and $26.0 million at April 24, 2005, net of accumulated depreciation of $24.7 million and $28.3 million, respectively. In the opinion of management, the carrying values of idle facilities are not in excess of net realizable value.

backnext