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Note 17 - Restructuring
 9 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Restructuring and Related Activities Disclosure [Text Block]

17. Restructuring

 

The Company accounts for charges resulting from operational restructuring actions in accordance with ASC Topic 420, Exit or Disposal Cost Obligations (“ASC 420”) and ASC Topic 712, Compensation—Nonretirement Postemployment Benefits (“ASC 712”). In accounting for these obligations, the Company is required to make assumptions related to the amounts of employee severance, benefits, and related costs and the time period over which leased facilities will remain vacant, sublease terms, sublease rates and discount rates. Estimates and assumptions are based on the best information available at the time the obligation arises. These estimates are reviewed and revised as facts and circumstances dictate; changes in these estimates could have a material effect on the amount accrued on the condensed consolidated balance sheet.

 

On  January 24, 2023, the Company approved a plan to reduce its global workforce by approximately 5%, effective as of such date. The purpose of the workforce reduction was to reduce operating expenses to better align with the Company’s current revenues. In fiscal 2022, the Company recorded restructuring charges of $1.0 million as a result of this reduction in force, which was comprised of severance pay. All amounts related to these restructuring activities are expected to be paid by  March 31, 2024.

 

The following table presents restructuring charges and cash payments during the nine months ended  December 31, 2023 and year ended March 31, 2023 (in thousands):

 

  

Severance pay

 
  

and benefits

 

Accrued restructuring balance at April 1, 2023

 $717 

Charges to operations

  (14)

Cash payments

  (600)

Accrued restructuring balance at December 31, 2023

 $103 

 

  

Severance pay

 
  

and benefits

 

Accrued restructuring balance at April 1, 2022

 $— 

Charges to operations

  1,048 

Cash payments

  (331)

Accrued restructuring balance at March 31, 2023

 $717 



All restructuring charges discussed above are included within restructuring in the Company’s condensed consolidated statements of operations. The Company includes accrued restructuring within accounts payable and accrued expenses in the condensed consolidated balance sheets.  The Company's restructuring charges relate primarily to the Grid business segment operations in the United States.