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Restructuring Activities | 12 Months Ended
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Mar. 31, 2019
Restructuring Activities [Abstract] |
Restructuring Activities |
Note 6: | Restructuring Activities
During fiscal 2019, restructuring and repositioning expenses primarily resulted from targeted headcount reductions in Europe and the Americas within the VTS segment. These headcount reductions support the Company’s objective to reduce operational and SG&A cost structures at certain locations. In addition, the Company is in process of transferring product lines associated with the merger of its North American coils business into the CIS segment, in order to accelerate operational improvements and organizational efficiencies. During fiscal 2018, the Company ceased production at its Gailtal, Austria manufacturing facility, primarily to reduce excess capacity and lower manufacturing costs in Europe. As a result of this facility closure, the Company recorded $8.3 million of restructuring expenses within the CIS segment. These restructuring expenses primarily related to employee severance and related benefits. Fiscal 2018 restructuring activities also included plant consolidation activities, targeted headcount reductions, and certain product line transfers in Europe within the VTS segment. In addition, the Company recorded restructuring expenses associated with the discontinuance of its geothermal product line within the BHVAC segment. During fiscal 2017, the Company completed a voluntary retirement program for certain U.S. salaried employees and implemented targeted headcount reductions at several locations, both in support of its objective to reduce operational and SG&A cost structures. Also during fiscal 2017, the Company completed the transfer of production from its Washington, Iowa manufacturing facility, which was closed and sold, to other VTS segment manufacturing facilities in North America. Restructuring and repositioning expenses were as follows:
|  | Years ended March 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Employee severance and related benefits |  | $ | 8.7 |  |  | $ | 13.0 |  |  | $ | 5.3 |
Other restructuring and repositioning expenses |  |  | 0.9 |  |  |  | 3.0 |  |  |  | 5.6 |
Total |  | $ | 9.6 |  |  | $ | 16.0 |  |  | $ | 10.9 |
Other restructuring and repositioning expenses primarily consist of equipment transfer and plant consolidation costs. The Company accrues severance in accordance with its written plans, procedures, and relevant statutory requirements. Changes in accrued severance were as follows:
|  | Years ended March 31, |
|  | 2019 |  |  | 2018 |
Beginning balance |  | $ | 11.0 |  |  | $ | 6.5 |
Additions |  |  | 8.7 |  |  |  | 13.0 |
Payments |  |  | (9.1 | ) |  |  | (9.4 | )
Effect of exchange rate changes |  |  | (0.6 | ) |  |  | 0.9 |
Ending balance |  | $ | 10.0 |  |  | $ | 11.0 |
During fiscal 2018, the Company recorded a $1.3 million asset impairment charge as a result of the closure of the CIS Austrian facility. During fiscal 2019, the Company recorded an additional $0.4 million asset impairment charge related to this closed facility to reduce its carrying value to its current estimated fair value, less costs to sell. During fiscal 2017, the Company sold three previously-closed manufacturing facilities within its VTS segment for cash proceeds totaling $5.4 million. As a result of the facility sales, the Company recorded net gains totaling $2.0 million.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
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