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Impairment and Restructuring Charges | 9 Months Ended
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Dec. 31, 2012
Impairment and Restructuring Charges [Abstract] |
Impairment and Restructuring Charges | Note 6: 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 $24.1 of asset impairment charges, $6.6 of employee severance costs and $0.7 of repositioning expenses that primarily relate to equipment transfer costs. Restructuring and repositioning expenses relative to the Europe segment restructuring program were as follows:
|  | Three months ended December 31, |  |  | Nine months ended December 31, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Employee severance and related benefits |  | $ | 1.0 |  |  | $ | - |  |  | $ | 6.6 |  |  | $ | - |
Repositioning costs |  |  | 0.4 |  |  |  | - |  |  |  | 0.7 |  |  |  | - |
Total restructuring and repositioning expenses |  | $ | 1.4 |  |  | $ | - |  |  | $ | 7.3 |  |  | $ | - |
Changes in accrued severance were as follows:
|  | Three months ended December 31, 2012 |  |  | Nine months ended December 31, 2012 |
Beginning balance |  | $ | 4.7 |  |  | $ | - |
Additions |  |  | 1.0 |  |  |  | 6.6 |
Payments |  |  | (0.9 | ) |  |  | (1.9 | )
Effect of exchange rate changes |  |  | 0.2 |  |  |  | 0.3 |
Balance, December 31, 2012 |  | $ | 5.0 |  |  | $ | 5.0 |
During the three and nine months ended December 31, 2012, the Company recorded asset impairment charges of $8.3 and $25.1, respectively. During the three and nine months ended December 31, 2011, the Company recorded a loss on disposal of assets of $2.2. The fiscal 2013 charges primarily relate to facilities held for sale in the Europe and North America segments to reduce their carrying value to estimated fair value, less cost to sell. At December 31, 2012 and March 31, 2012, assets held for sale of $12.5 and $2.5, respectively, were included in other noncurrent assets. These consist of facilities that the Company is 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 cost 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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