Restructuring and Impairments, Net

6 Months Ended

Sep. 30, 2013

Restructuring and Related Activities [Abstract]

During the six months ended September 30, 2013, the Company has continued to implement operational changes to streamline and rationalize its structure in an effort to simplify the organization and eliminate redundant and/or unnecessary costs.

Summarized restructuring reserve activity and impairment expense are as follows:



	Severance Costs			Closure Costs			Total Restructuring			Gain on Asset Sales / Impairments, net			Total Restructuring / Impairments, net
	(In thousands)
Balance at March 31, 2013	$	6,050		$	3,576		$	9,626
Expenses	8,143			6,768			14,911			$	(3,586	)	$	11,325
Payments and currency translation	(7,162		)	(2,045		)	(9,207		)
	7,031			8,299			15,330
Reclassify to Liabilities Subject to Compromise							(8,935		)
Balance at September 30, 2013							$	6,395

Remaining restructuring expenditures principally represent: (i) severance and related benefits payable per employment agreements and/or regulatory requirements; (ii) lease and contractual commitments for certain closed facilities, branches and offices, as well as leases for excess and permanently idled equipment payable in accordance with contractual terms; and (iii) certain other closure costs including dismantlement and costs associated with removal obligations incurred in connection with the exit of facilities.

Summarized restructuring and impairments, by segment, are as follows:



	Three Months Ended					Six Months Ended
	September 30, 2013			September 30, 2012		September 30, 2013			September 30, 2012
	(In thousands)					(In thousands)
Transportation Americas	$	1,941		$	138	$	9,280		$	138
Transportation Europe & ROW	(2,207		)	241		(2,284		)	155
Industrial Energy Americas	63			360		156			408
Industrial Energy Europe & ROW	2,589			369		3,659			(37		)
Unallocated corporate	215			—		514			(40		)
	$	2,601		$	1,108	$	11,325		$	624

- 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.

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