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Restructuring Activities | 9 Months Ended
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Dec. 31, 2023
Restructuring Activities [Abstract] |
Restructuring Activities | Note 7: Restructuring Activities During the first nine months of fiscal 2024, restructuring and repositioning expenses primarily consisted of equipment transfer costs and severance expenses in the Climate Solutions and Performance Technologies 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 and targeted headcount reductions in Europe and Asia. During the first nine months of fiscal 2023, restructuring and repositioning expenses primarily consisted of severance expenses related to targeted headcount reductions in Europe within the Performance Technologies segment. In addition, the Company incurred equipment transfer costs and closure costs related to a previously-leased facility in the Performance Technologies and Climate Solutions segments, respectively. Restructuring and repositioning expenses were as follows:
|  | Three months ended December 31, |  |  | Nine months ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Employee severance and related benefits |  | $ | 0.7 |  |  | $ | - |  |  | $ | 0.8 |  |  | $ | 1.4 |
Other restructuring and repositioning expenses |  |  | 0.9 |  |  |  | 0.1 |  |  |  | 1.3 |  |  |  | 0.8 |
Total |  | $ | 1.6 |  |  | $ | 0.1 |  |  | $ | 2.1 |  |  | $ | 2.2 |
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:
|  | Three months ended December 31, |
|  | 2023 |  |  | 2022 |
Beginning balance |  | $ | 3.2 |  |  | $ | 12.9 |
Additions |  |  | 0.7 |  |  |  | - |
Payments |  |  | (1.0 | ) |  |  | (1.9 | )
Effect of exchange rate changes |  |  | 0.1 |  |  |  | 1.2 |
Ending balance |  | $ | 3.0 |  |  | $ | 12.2 |
|  | Nine months ended December 31, |
|  | 2023 |  |  | 2022 |
Beginning balance |  | $ | 10.6 |  |  | $ | 20.2 |
Additions |  |  | 0.8 |  |  |  | 1.4 |
Payments |  |  | (5.9 | ) |  |  | (8.6 | )
Disposition of businesses (a) |  |  | (2.5 | ) |  |  | - |
Effect of exchange rate changes |  |  | - |  |  |  | (0.8 | )
Ending balance |  | $ | 3.0 |  |  | $ | 12.2 |
| (a) | The Company sold three automotive businesses based in Germany during the third quarter of fiscal 2024. Prior to the sale, the Company reclassified the severance liability related to these businesses as held for sale on the September 30, 2023 consolidated balance sheet. 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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