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Restructuring and other Exit Charges | 9 Months Ended
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Jan. 02, 2022
Restructuring and Related Activities [Abstract] |
Restructuring and other Exit Charges | Restructuring and other Exit Charges Restructuring Programs As disclosed in the 2021 Annual Report, 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 $1,901 remaining to be incurred by the end of fiscal 2022, mainly related to plans started in fiscal 2021 and 2022. Restructuring and exit charges for the third quarter and nine months of fiscal 2022 by reportable segments are as follows:
|  | Quarter ended January 2, 2022
|  | Energy Systems |  | Motive Power |  | Specialty |  | Total
Restructuring charges |  | $ | 682 |  |  | $ | 261 |  |  | $ | 36 |  |  | $ | 979 |
Exit charges |  | — |  |  | 1,418 |  |  | 75 |  |  | 1,493 |
Restructuring and other exit charges |  | $ | 682 |  |  | $ | 1,679 |  |  | $ | 111 |  |  | $ | 2,472 |
|  | Nine months ended January 2, 2022
|  | Energy Systems |  | Motive Power |  | Specialty |  | Total
Restructuring charges |  | $ | 1,701 |  |  | $ | 1,542 |  |  | $ | 75 |  |  | $ | 3,318 |
Exit charges |  | (370) |  |  | 11,346 |  |  | (1,133) |  |  | 9,843 |
Restructuring and other exit charges |  | $ | 1,331 |  |  | $ | 12,888 |  |  | $ | (1,058) |  |  | $ | 13,161 |
A roll-forward of the restructuring reserve, excluding exit charges, is as follows:
Balance as of March 31, 2021 |  | $ | 2,595 |
Accrued |  | 3,318 |
Costs incurred |  | (4,689) |
Foreign currency impact |  | 34 |
Balance as of January 2, 2022 |  | $ | 1,258 |
Exit Charges Fiscal 2021 Programs Hagen, Germany In fiscal 2021, the Company's Board of Directors approved a plan to close substantially all of its facility in Hagen, Germany, which produces flooded motive power batteries for forklifts. Management determined that future demand for the motive power batteries produced at this facility was not sufficient, given the conversion from flooded to maintenance free batteries by customers, the existing number of competitors in the market, as well as the near term decline in demand and increased uncertainty from the pandemic. The Company plans to retain the facility with limited sales, service and administrative functions along with related personnel for the foreseeable future. The Company currently estimates that the total charges for these actions will amount to approximately $60,000, the majority of which has been recorded as of January 2, 2022. Cash charges for employee severance related payments, cleanup related to the facility, contractual releases and legal expenses are estimated to be $40,000 and non-cash charges from inventory and equipment write-offs are estimated to be $20,000. These actions resulted in the reduction of approximately 200 employees. During fiscal 2021, the Company recorded cash charges relating to severance of $23,331 and non-cash charges of $7,946 primarily relating to fixed asset write-offs. During the nine months of fiscal 2022, the Company recorded cash charges primarily relating to severance of $7,915 and non-cash charges of $3,801 primarily relating to fixed asset write-offs. The Company also recorded a non-cash write off relating to inventories of $960, which was reported in cost of goods sold. Targovishte, Bulgaria 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 $26,000 for this plan, 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 fiscal 2021, in keeping with its strategy of exiting the manufacture of batteries for diesel-electric submarines, the Company completed further actions which resulted in $220 relating to cash and non-cash charges. During the nine months of fiscal 2022, the Company sold this facility for $1,489. A net gain of $1,208 was recorded as a credit to exit charges in the Consolidated Condensed Statement of Income. Vijayawada, India 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. Fiscal 2022 Program Zamudio, Spain During the first quarter of fiscal 2022, the Company closed a minor assembling plant in Zamudio, Spain and sold the same for $1,779. A net gain of $740 was recorded as a credit to exit charges in the Consolidated Condensed Statement of Income. Richmond, Kentucky Plant Fire During fiscal 2021, the Company settled its claims with its insurance carrier relating to the fire that broke out in the battery formation area of the Company's Richmond, Kentucky motive power production facility in fiscal 2020. During the nine months of fiscal 2021, the Company recorded a charge of $16,577 as receivable for cleanup and received $18,408 from the insurance carrier. In addition to the property damage claim, the Company also received $7,500 in business interruption claims that was credited to cost of goods sold.

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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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