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Restructuring Plans | 6 Months Ended
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Oct. 04, 2020
Restructuring and Related Activities [Abstract] |
Restructuring Plans | Restructuring and other Exit Charges Restructuring Plans As disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2020, the Company committed to restructuring plans aimed at improving operational efficiencies across its lines of business. A substantial portion of these plans are complete with an estimated $5,500 remaining to be incurred by the end of fiscal 2021. Restructuring and exit charges for the second quarter and six months of fiscal 2021 by reportable segments are as follows:
|  | Quarter ended October 4, 2020
|  | Energy Systems |  | Motive Power |  | Specialty |  | Total
Restructuring charges |  | $ | 1,331 |  |  | $ | 172 |  |  | $ | — |  |  | $ | 1,503 |
Exit charges |  | — |  |  | 1,509 |  |  | 107 |  |  | 1,616 |
Restructuring and other exit charges |  | $ | 1,331 |  |  | $ | 1,681 |  |  | $ | 107 |  |  | $ | 3,119 |
|  | Six months ended October 4, 2020
|  | Energy Systems |  | Motive Power |  | Specialty |  | Total
Restructuring charges |  | $ | 1,843 |  |  | $ | 934 |  |  | $ | 129 |  |  | $ | 2,906 |
Exit charges |  | — |  |  | 1,509 |  |  | 91 |  |  | 1,600 |
Restructuring and other exit charges |  | $ | 1,843 |  |  | $ | 2,443 |  |  | $ | 220 |  |  | $ | 4,506 |
A roll-forward of the restructuring reserve is as follows:
Balance as of March 31, 2020 |  | $ | 3,325 |
Accrued |  | 2,906 |
Costs incurred |  | (4,068) |
Foreign currency impact |  | 293 |
Balance as of October 4, 2020 |  | $ | 2,456 |
Exit Charges During fiscal 2021, the Company committed to a plan to close its facility in Vijayawada, India to align with its strategic vision for the new line of business structure and footprint. The Company recorded exit charges of $1,509, primarily relating to asset write-offs. During fiscal 2019, the Company committed to a plan to close its facility in Targovishte, Bulgaria, which produced diesel-electric submarine batteries. Management determined that the future demand for batteries of diesel-electric submarines was not sufficient given the number of competitors in the market. Of the estimated total charges of $30,000 for all these actions, the Company had recorded charges amounting to $20,242 in fiscal 2019, relating to severance and inventory and fixed asset write-offs and an additional $5,123 relating to cash and non-cash charges during fiscal 2020. During the six months of fiscal 2021, in keeping with its strategy of exiting the manufacture of batteries for diesel-electric submarines, the Company continued to execute further actions which resulted in a non-material net impact from the cash and non-cash charges. During the second quarter of fiscal 2020, in keeping with its strategy of exiting the manufacture of batteries for diesel-electric submarines, the Company also sold certain licenses and assets for $2,031 and recorded a net gain of $892, which were reported as other exit charges in our Specialty segment. During the second quarter of fiscal 2020, the Company also wrote off $5,441 of assets at its Kentucky and Tennessee Motive Power plants, as a result of its strategic product mix shift from traditional flooded batteries to maintenance free lead acid and lithium batteries. Richmond, Kentucky Plant Fire In fiscal 2020, a fire broke out in the battery formation area of the Company's Richmond, Kentucky motive power production facility. The Company maintains insurance policies for both property damage and business interruption and are finishing cleanup and repair. The Company is nearing completion of the reconstruction of the facility and estimates that the total claim, including the replacement of inventory and equipment, the cleanup and repairs to the building, as well as the claim for business interruption is approximately $45,000. In fiscal 2020, the Company recorded $17,037 of write-offs for damages caused to its fixed assets and inventories, as well as for cleanup, asset replacement and other ancillary activities directly associated with the fire and received $12,000 in advances related to its initial claims for recovery from its property and casualty insurance carriers. During the six months of fiscal 2021, the Company recorded a further charge of $15,316 for cleanup and received $18,144 in advances from the insurance carriers. Accumulated charges relating to the fire through October 4, 2020 were $32,353 and advances received from the property and casualty insurance carriers were $30,144. The Company also received $10,156 through October 4, 2020, of which $5,156 was recorded in the six months of fiscal 2021 and $5,000 in fiscal 2020, relating to a partial settlement of its claim for business interruption which was recorded as a reduction to cost of goods sold. The Company expects to receive $2,000 in its third quarter of fiscal 2021 which would complete the settlement of its business interruption claim.

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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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