XML 30 R14.htm IDEA: XBRL DOCUMENT
v3.21.1

Restructuring Activities | 12 Months Ended
--- | ---
Mar. 31, 2021
Restructuring Activities [Abstract] |
Restructuring Activities | Note 6: Restructuring Activities During fiscal 2021, restructuring actions consisted primarily of targeted headcount reductions and plant consolidation activities. The targeted headcount reductions were primarily in Europe within the Automotive segment and in the Americas within the HDE segment. In addition, the Company eliminated the Vice President, CIS and Chief Operating Officer senior executive position and, as a result, recorded $1.3 million of severance-related expenses. These headcount reductions support the Company’s objective of reducing operational and SG&A cost structures. Also during fiscal 2021, the Company transferred production from its manufacturing facility in Zhongshan, China to another CIS segment manufacturing facility in China. As a result of this plant consolidation, the Company recorded $3.7 million of severance expenses during fiscal 2021. The Company is also in the process of transferring product lines to its CIS manufacturing facility in Mexico. These plant consolidation activities support the Company’s objective of achieving operational improvements and organizational efficiencies. During fiscal 2020 and 2019, restructuring actions consisted primarily of targeted headcount reductions and plant consolidation activities. The headcount reductions were primarily in Europe within the Automotive segment and in the Americas within the HDE segment. The plant consolidation activities included transferring product lines to the Company’s CIS manufacturing facility in Mexico. Restructuring and repositioning expenses were as follows:
|  | Years ended March 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Employee severance and related benefits |  | $ | 11.7 |  |  | $ | 10.2 |  |  | $ | 8.7 |
Other restructuring and repositioning expenses |  |  | 1.7 |  |  |  | 2.0 |  |  |  | 0.9 |
Total |  | $ | 13.4 |  |  | $ | 12.2 |  |  | $ | 9.6 |
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, |
|  | 2021 |  |  | 2020 |
Beginning balance |  | $ | 5.0 |  |  | $ | 10.0 |
Additions |  |  | 11.7 |  |  |  | 10.2 |
Payments |  |  | (10.5 | ) |  |  | (15.1 | )
Reclassified as held for sale |  |  | (2.5 | ) |  |  | - |
Effect of exchange rate changes |  |  | 0.3 |  |  |  | (0.1 | )
Ending balance |  | $ | 4.0 |  |  | $ | 5.0 |
During fiscal 2021, the Company recorded asset impairment charges totaling $166.8 million within its Automotive segment. See Note 2 for additional information. During fiscal 2020, the Company recorded asset impairment charges totaling $7.5 million within its Automotive segment to write down property and equipment assets in Austria and Germany to estimated fair value. Also during fiscal 2020, the Company recorded a $0.6 million impairment charge to reduce the carrying value of the previously-closed CIS Austrian facility to its estimated fair value, less costs to sell. During fiscal 2019, the Company recorded asset impairment charges of $0.4 million related to this closed facility.

X
- References No definition available. + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration