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Impairment and Restructuring Charges | 6 Months Ended
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Sep. 30, 2012
Restructuring, Plant Closures and Other Related Costs [Abstract] |
Restructuring, Plant Closures and Other Related Costs | Note 11: Impairment and Restructuring Charges During the first quarter of fiscal 2013, the Company announced its intention to restructure its Europe segment. The Company expects actions will include exiting certain non-core product lines based on its global product strategy, reducing manufacturing costs, implementing headcount reductions, and disposing of or selling certain assets. The restructuring is designed to align the cost structure of the segment with the segment's strategic focus on the commercial vehicle, off-highway and engine product markets, while improving gross margin and return on average capital employed. Since the commencement of the Europe segment restructuring, the Company has recorded $15,756 of asset impairment charges, $5,616 of employee severance costs and $261 of repositioning expenses. The Company currently anticipates incurring additional restructuring and repositioning costs of approximately $10,000, with the majority of these costs being incurred through fiscal 2014. Total future cash expenditures of approximately $15,000 are anticipated to be incurred related to this restructuring plan. Restructuring and repositioning expenses relative to the Europe segment restructuring program were as follows:
|  | Three months ended September 30 |  |  | Six months ended September 30 |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Employee severance and related benefits |  | $ | 1,114 |  |  | $ | - |  |  | $ | 5,616 |  |  | $ | - |
Repositioning costs |  |  | 203 |  |  |  | - |  |  |  | 261 |  |  |  | - |
Total restructuring and repositioning expenses |  | $ | 1,317 |  |  | $ | - |  |  | $ | 5,877 |  |  | $ | - |
Changes in accrued severance were as follows:
|  | Three months ended September 30, 2012 |  |  | Six months ended September 30, 2012 |
Beginning balance |  | $ | 4,344 |  |  | $ | - |
Additions |  |  | 1,114 |  |  |  | 5,616 |
Payments |  |  | (815 | ) |  |  | (966 | )
Effect of exchange rate changes |  |  | 98 |  |  |  | 91 |
Balance, September 30, 2012 |  | $ | 4,741 |  |  | $ | 4,741 |
The Company recorded asset impairment charges of $16,748 during the quarter ended September 30, 2012 to reduce the carrying value of certain facilities held for sale in the North America and Europe segments to their estimated fair value, less costs to sell. Assets held for sale of $6,646 and $2,450 at September 30, 2012 and March 31, 2012, respectively, included in other noncurrent assets, consist of facilities that the Company is currently marketing for sale. Upon designation as held for sale, the carrying value of the asset was measured at the lower of its carrying value or its estimated fair value, less costs to sell.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section P -Subsection 3, 4 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 146 -Paragraph 20 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 5.P.4) -URI http://asc.fasb.org/extlink&oid=6394695&loc=d3e140904-122747 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.P.3) -URI http://asc.fasb.org/extlink&oid=6394695&loc=d3e140864-122747 + Details
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