XML 89 R11.htm IDEA: XBRL DOCUMENT
v3.20.1

Assets Dispositions | 12 Months Ended
--- | ---
Mar. 31, 2020
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] |
Assets Dispositions | Note 3 – Assets Dispositions: In March 2019, the Company's Board of Directors approved a plan to sell Energy Steel. Energy Steel met all of the criteria to classify its assets and liabilities as held for sale at March 31, 2019 and as a result its assets and liabilities are separately presented in the Consolidated Balance Sheet at March 31, 2019 in the captions "Assets held for sale" and "Liabilities held for sale". The disposal of Energy Steel did not represent a strategic shift that will have a major effect on the Company’s operations and financial results and was, therefore, not classified as discontinued operations in accordance with ASU 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operation And Disclosures of Disposals Of Components Of An Entity." As part of the required assessment under the held for sale guidance, the Company determined that the approximate fair value less costs to sell the operations was less than its carrying value and, as a result, an impairment loss totaling $6,449 was recorded in fiscal 2019. (See Note 6 to the Consolidated Financial Statements for further discussion.) On June 24, 2019, the Company completed the sale of Energy Steel to Hayward Tyler, a division of Avingtrans PLC, a global leader in performance-critical pumps and motors for the energy sector. Under the terms of the stock purchase agreement, the Company received proceeds of $602, subject to certain adjustments, including a customary working capital adjustment. The purchase price was finalized within 90 days of the sale and no adjustments to the purchase price were required. In addition, $202 of Energy Steel’s net accounts receivable was retained by the Company. The Company recognized a loss on the disposal of $181 in fiscal 2020. During fiscal 2020, the Company incurred a bad debt charge of $98 and an inventory write down of $338 related to the bankruptcy of Westinghouse Electric Company. All of these items are included in the line item “Other expense” in the Consolidated Statement of Operations for fiscal 2020. As of June 24, 2019, all of the Energy Steel assets and liabilities were legally transferred, and therefore, are not included in the Company’s Consolidated Balance Sheet at March 31, 2020. The following table reconciles the major classes of assets and liabilities classified as held for sale in the Consolidated Balance Sheet at March 31, 2019:
|  | March 31, 2019 |
Major classes of assets included as held for sale |  |  |  |
Cash |  | $ | 552 |
Trade accounts receivable, net of allowances |  |  | 1,921 |
Unbilled revenue |  |  | 302 |
Inventories |  |  | 1,809 |
Prepaid expenses and other current assets |  |  | 130 |
Income taxes receivable |  |  | 10 |
Deferred tax asset |  |  | 126 |
Total major classes of assets included as held for sale |  | $ | 4,850 |
Major classes of liabilities included as held for sale |  |  |  |
Accounts payable |  | $ | 520 |
Accrued compensation |  |  | 326 |
Accrued expenses and other current liabilities |  |  | 746 |
Customer deposits |  |  | 1,933 |
Total major classes of liabilities included as held for sale |  | $ | 3,525 |

X
- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_DisposalGroupClassificationAxis=us-gaap_DisposalGroupHeldforsaleNotDiscontinuedOperationsMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |