Restructuring and Impairments, Net

9 Months Ended

Dec. 31, 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 nine months ended December 31, 2014, the Company recorded restructuring charges of $4.4 million, representing $2.2 million severance and $2.2 million closure costs. These restructuring charges primarily represent consolidation efforts in the Company’s workforce of approximately 42 positions. The impairments relate to closed facilities and other asset write offs of $13.5 million.

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



	Severance Costs			Closure Costs			Total Restructuring			Loss on Asset Sales / Impairments, net		Total Restructuring / Impairments, net
	(In thousands)
As of March 31, 2014	$	7,921		$	6,714		$	14,635
Expenses	2,208			2,211			4,419			$	13,491	$	17,910
Payments and currency translation	(8,246		)	(2,378		)	(10,624		)
Reclassified to liabilities subject to compromise	(241		)	(5,353		)	(5,594		)
As of December 31, 2014	$	1,642		$	1,194		$	2,836

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						Nine Months Ended
	December 31, 2014			December 31, 2013			December 31, 2014		December 31, 2013
	(In thousands)						(In thousands)
Transportation Americas	$	635		$	(1,306	)	$	14,497	$	7,973
Transportation Europe & ROW	60			3,160			230		877
Industrial Energy Americas	256			77			364		233
Industrial Energy Europe & ROW	(673		)	1,258			2,814		4,917
Unallocated corporate	—			140			5		653
Total	$	278		$	3,329		$	17,910	$	14,653

- 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+ Details