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Restructuring | 6 Months Ended
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Oct. 31, 2020
Restructuring And Related Activities [Abstract] |
Restructuring |
Note 3. | Restructuring
The Company continually monitors market factors and industry trends and takes necessary actions to reduce overall costs and improve operational profitability. In the three and six months ended October 31, 2020, the Company initiated certain restructuring actions in response to the adverse impacts from the COVID-19 pandemic. These actions included plant consolidations and workforce reductions in the Automotive, Industrial and Interface segments. In the three months ended October 31, 2020, the Company recognized $4.2 million of restructuring costs. These charges consist of $2.7 million recorded in cost of products sold and $1.5 million recorded in selling and administrative expenses. In the six months ended October 31, 2020, the Company recognized $7.6 million of restructuring costs. These charges consist of $4.6 million recorded in cost of products sold and $3.0 million recorded in selling and administrative expenses. Employee termination benefits are accrued upon the commitment to a termination plan and when the benefit arrangement is communicated to affected employees, or when liabilities are determined to be probable and estimable. Asset impairment charges relate to the impairment of right-of-use lease assets and equipment. Contract termination costs are recorded when notification of termination is given to the other party. The following is a rollforward of the Company's restructuring activity for the six months ended October 31, 2020:
|  |  |  |  |  |  |  |  |  | Utilization |  |  |  |  |
(Dollars in Millions) |  | Accrual as of May 2, 2020 |  |  | YTD Charges |  |  | Cash |  |  | Non-cash |  |  | Accrual as of October 31, 2020 |
Employee Termination Benefits |  | $ | 0.2 |  |  | $ | 6.3 |  |  | $ | (4.3 | ) |  | $ | — |  |  | $ | 2.2 |
Asset Impairment Charges |  |  | — |  |  |  | 0.7 |  |  |  | — |  |  |  | (0.7 | ) |  |  | — |
Contract Termination Costs |  |  | — |  |  |  | 0.6 |  |  |  | — |  |  |  | — |  |  |  | 0.6 |
Total |  | $ | 0.2 |  |  | $ | 7.6 |  |  | $ | (4.3 | ) |  | $ | (0.7 | ) |  | $ | 2.8 |
The table below presents restructuring costs by reportable segment:
|  | Three Months Ended |  |  | Six Months Ended |
(Dollars in Millions) |  | October 31, 2020 |  |  | October 26, 2019 |  |  | October 31, 2020 |  |  | October 26, 2019 |
Automotive |  | $ | 3.9 |  |  | $ | 0.2 |  |  | $ | 5.9 |  |  | $ | 0.2 |
Industrial |  |  | 0.3 |  |  |  | 0.2 |  |  |  | 0.9 |  |  |  | 0.2 |
Interface |  |  | — |  |  |  | — |  |  |  | 0.7 |  |  |  | — |
Medical |  |  | — |  |  |  | 0.1 |  |  |  | — |  |  |  | 0.1 |
Eliminations/Corporate |  |  | — |  |  |  | — |  |  |  | 0.1 |  |  |  | — |
Total Restructuring Costs |  | $ | 4.2 |  |  | $ | 0.5 |  |  | $ | 7.6 |  |  | $ | 0.5 |
Estimates of restructuring costs are based on information available at the time such charges are recorded. Due to the inherent uncertainty involved in estimating restructuring costs, actual amounts paid for such activities may differ from amounts initially recorded. Accordingly, the Company may record revisions of previous estimates by adjusting previously established accruals. The Company expects to incur additional restructuring costs of approximately $0.7 million during the current fiscal year related to the initiated restructuring programs and may take additional restructuring actions in future periods based upon market conditions and industry trends.

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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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