Restructuring and Impairments, Net

6 Months Ended

Sep. 30, 2014

Restructuring and Related Activities [Abstract]

The Company 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. As part of these restructuring programs, the nature of the positions eliminated range from plant employees and clerical workers to operational, sales management, and divisional leadership.

During the six months ended September 30, 2014, the Company recorded restructuring charges of $4.9 million, representing $2.3 million severance and $2.6 million closure costs. These restructuring charges primarily represent consolidation efforts in the Company’s workforce of approximately 34 positions. The impairments related to closed facilities and other asset write offs of $12.8 million.

The following summarizes restructuring reserve activity and gain on asset sales/impairments, net:



	Severance Costs			Closure Costs			Total Restructuring			(Gain) / Loss on Asset Sales / Impairments, net		Total Restructuring / Impairments, net
	(In thousands)
As of March 31, 2014	$	7,921		$	6,714		$	14,635
Expenses	2,274			2,594			4,868			$	12,764	$	17,632
Payments and currency translation	(5,737		)	(1,709		)	(7,446		)
	$	4,458		$	7,599		12,057
Reclassify to liabilities subject to compromise							(6,103		)
As of September 30, 2014							$	5,954

Remaining expenditures principally represent (i) severance and related benefits payable per employee agreements and/or regulatory requirements, (ii) lease commitments for certain closed facilities, branches and offices, as well as leases for excess and permanently idle 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.

Restructuring and impairments, net by operating segment:



	Three Months Ended					Six Months Ended
	September 30, 2014		September 30, 2013			September 30, 2014		September 30, 2013
	(In thousands)					(In thousands)
Transportation Americas	$	13,654	$	1,941		$	13,862	$	9,280
Transportation Europe & ROW	580		(2,207		)	171		(2,284		)
Industrial Energy Americas	57		63			109		156
Industrial Energy Europe & ROW	654		2,589			3,485		3,659
Unallocated corporate	5		215			5		514
Total	$	14,950	$	2,601		$	17,632	$	11,325

- 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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