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Note 16 - Plant Restructuring | 12 Months Ended
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Mar. 31, 2020
Notes to Financial Statements |
Restructuring and Related Activities Disclosure [Text Block] | 1 6 . Plant Restructuring During 2020, the Company recorded a restructuring charge of $7.0 million related to the closing of plants in the Midwest and Northwest of which 5.3 million was for accelerated amortization of right-of-use operating lease assets, $2.4 million was mostly related to equipment moves and $1.2 million was related to severance. The Company also recorded a credit of $1.9 million for the reduced lease liability of previously impaired leases. During 2019, the Company recorded a restructuring charge of $11.7 million. Of this amount, $2.3 relates to the partial closure of a plant in the Midwest ( $1.8 million is equipment moves and $0.5 is severance), $1.3 million related to the sale of a plant in the Northeast ( $0.8 million is equipment moves and $0.5 million is severance), and $0.3 million for the partial sale of a plant in the Northwest ( $0.2 million is severance, $0.1 million is mostly equipment moves). In addition, the company recorded a charge for an impairment of long-term assets of $7.8 million. These charges are included under Plant Restructuring in the Consolidated Statements of Net Earnings. Severance Payable and Other Costs Payable are included in Other Accrued Expenses on the Consolidated Balance Sheets. The following table summarizes the severance and other cost recorded and the accruals established during 2019 and 2020:
|  |  |  |  |  | Other |  |  |  |  |
|  | Severance |  |  | Cost |  |  |  |  |
|  | Payable |  |  | Payable |  |  | Total |
Balance March 31, 2018 |  | $ | - |  |  | $ | - |  |  | $ | - |
Charge to expense |  |  | 1,508 |  |  |  | 10,149 |  |  |  | 11,657 |
Cash payments/write offs |  |  | (1,283 | ) |  |  | (10,148 | ) |  |  | (11,431 | )
Balance March 31, 2019 |  |  | 225 |  |  |  | 1 |  |  |  | 226 |
Charge to expense |  |  | 1,229 |  |  |  | 5,817 |  |  |  | 7,046 |
Cash payments/write offs |  |  | (1,252 | ) |  |  | (5,818 | ) |  |  | (7,070 | )
Balance March 31, 2020 |  | $ | 202 |  |  | $ | - |  |  | $ | 202 |

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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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