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Restructuring Activities | 12 Months Ended
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Mar. 31, 2024
Restructuring Activities [Abstract] |
Restructuring Activities | Note 6: Restructuring Activities During fiscal 2024, restructuring and repositioning expenses primarily consisted of severance expenses. During fiscal 2024, the Company recorded $12.9 million of severance expenses, of which $11.5 million were recorded in the Performance Technologies segment and primarily relate to the pending closure of a technical service center in Europe. In addition, the Company incurred equipment transfer costs within the Climate Solutions and Performance Technology segments. These restructuring activities are part of the Company’s transformational initiatives supported by 80/20 principles and include product line transfers intended to achieve production efficiency improvements in its manufacturing facilities. During fiscal 2023, restructuring and repositioning expenses primarily consisted of severance-related expenses for targeted headcount reductions in each the Climate Solutions and Performance Technologies segments and supported the Company’s objective of reducing operational and SG&A cost structures. In addition, the Performance Technologies and Climate Solutions segments incurred equipment transfer costs in Europe and closure costs related to a previously-leased facility in the U.S., respectively. During fiscal 2022, the Company committed to restructuring actions to reduce SG&A and operational expenses, particularly within the Performance Technologies segment. During fiscal 2022, the Company recorded $22.1 million of severance expenses, of which $20.3 million were recorded in the Performance Technologies segment and primarily related to targeted headcount reductions in Europe. In addition, the Company implemented targeted headcount reductions in the Climate Solutions segment. Also in fiscal 2022, the Company incurred equipment transfer costs within the Performance Technologies segment. Restructuring and repositioning expenses were as follows:
|  | Years ended March 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Employee severance and related benefits |  | $ | 12.9 |  |  | $ | 3.5 |  |  | $ | 22.1 |
Other restructuring and repositioning expenses |  |  | 2.1 |  |  |  | 1.5 |  |  |  | 2.0 |
Total |  | $ | 15.0 |  |  | $ | 5.0 |  |  | $ | 24.1 |
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, |
|  | 2024 |  |  | 2023 |
Beginning balance |  | $ | 10.6 |  |  | $ | 20.2 |
Additions |  |  | 12.9 |  |  |  | 3.5 |
Payments |  |  | (7.8 | ) |  |  | (12.4 | )
Disposition (a) |  |  | (2.5 | ) |  |  | - |
Effect of exchange rate changes |  |  | (0.2 | ) |  |  | (0.7 | )
Ending balance |  | $ | 13.0 |  |  | $ | 10.6 |
(a) | The Company sold three automotive businesses based in Germany during the third quarter of fiscal 2024. See Note 2 for additional information regarding the sale.

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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 -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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