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Acquisitions | 9 Months Ended
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Dec. 31, 2020
Business Combination, Step Acquisition [Abstract] |
Restructuring, Impairment, and Other Activities Disclosure | 2. Disposals As part of its business strategy, the Company is consolidating its manufacturing footprint. The Company previously announced in fiscal 2019 the closure of its Salem, Ohio facility. In fiscal 2020 the Company announced its plans to consolidate its hoist manufacturing facility in Lisbon, Ohio with its Wadesboro, North Carolina and Damascus, Virginia facilities in fiscal 2021. The Salem, Ohio facility consolidation was completed during the first quarter of fiscal 2020 and the Lisbon, Ohio consolidation was completed during the nine months ended December 31, 2020. In total, $191,000 and $1,797,000 during the three and nine months ended December 31, 2020 and $696,000 and $1,451,000 during the three and nine months ended December 31, 2019 are included in Cost of products sold on the Condensed Consolidated Statements of Operations related to the consolidation of the Salem and Lisbon facilities. Costs incurred include accelerated depreciation, accelerated lease costs, severance and other payroll related costs, costs to relocate inventory and machinery and equipment, and a potential payment of a previously recorded tax credit which may need to be refunded to the state. Further, the Company is closing one of its facilities located in France and consolidating these operations into one of its German facilities. No costs were incurred during the three months ended December 31, 2020. During the nine months ending December 31, 2020, $815,000 of costs are included in Cost of products sold, $327,000 in General and administrative expenses, and $94,000 included in Selling expenses on the Condensed Consolidated Statements of Operations related to this consolidation, which primarily are severance and legal costs. The Company sold one of its owned manufacturing facilities in China as a result of its plan to consolidate two of its Hangzhou, China manufacturing facilities into one and reorganize its Asia Pacific operations. The Company received cash in the amount of 45 million RMB (approximately $6,363,000) from the buyer to purchase the facility which resulted in a gain of $2,638,000, of which $2,189,000 is included in Cost of products sold and $449,000 is included in General and administrative expenses on the Condensed Consolidated Statements of Operations during the nine months ended December 31, 2020.

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- Definition The entire disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References No definition available. + Details
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