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Restructuring Activities | 12 Months Ended
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Mar. 31, 2022
Restructuring Activities [Abstract] |
Restructuring Activities | Note 6: Restructuring Activities During fiscal 2022, the Company committed to restructuring actions intended to reduce SG&A and operational expenses, particularly within the Automotive segment. During fiscal 2022, the Company recorded $22.1 million of severance expenses, most of which related to the recently-announced restructuring program. The majority of the severance expenses, $19.9 million, were recorded in the Automotive segment and primarily relate to targeted headcount reductions in Europe. In addition, the Company implemented targeted headcount reductions in the CIS, HDE, and BHVAC segments. Also in fiscal 2022, the Company incurred equipment transfer costs within the HDE segment. During fiscal 2021 and 2020, 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 and supported the Company’s objective of reducing operational and SG&A cost structures. 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. Other plant consolidation activities in fiscal 2021 and 2020 included transferring product lines to the Company’s CIS manufacturing facility in Mexico. Restructuring and repositioning expenses were as follows:
|  | Years ended March 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Employee severance and related benefits |  | $ | 22.1 |  |  | $ | 11.7 |  |  | $ | 10.2 |
Other restructuring and repositioning expenses |  |  | 2.0 |  |  |  | 1.7 |  |  |  | 2.0 |
Total |  | $ | 24.1 |  |  | $ | 13.4 |  |  | $ | 12.2 |
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, |
|  | 2022 |  |  | 2021 |
Beginning balance |  | $ | 4.0 |  |  | $ | 5.0 |
Additions |  |  | 22.1 |  |  |  | 11.7 |
Payments |  |  | (5.7 | ) |  |  | (10.5 | )
Reclassified from (to) held for sale |  |  | 0.4 |  |  |  | (2.5 | )
Effect of exchange rate changes |  |  | (0.6 | ) |  |  | 0.3 |
Ending balance |  | $ | 20.2 |  |  | $ | 4.0 |
During fiscal 2022 and 2021, the Company recorded $56.0 million of net asset impairment reversals and $166.8 million of impairment charges, respectively, within its Automotive segment. See Note 2 for additional information. Also during fiscal 2022, the Company recorded an impairment charge of $0.3 million to reduce the carrying value of a previously closed CIS facility to its estimated fair value, less costs to sell. 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 a previously-closed CIS Austrian facility to 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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 + Details
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