14. RESTRUCTURING CHARGES

The Company initiated certain restructuring activities during fiscal years 2014 and 2013 intended to improve its operational efficiencies by reducing excess workforce and capacity and realign the corporate cost structure. There were no material restructuring activities during fiscal year 2015. Restructuring charges are recorded based upon employee termination dates, site closure and consolidation plans generally in conjunction with an overall corporate initiative to drive cost reduction and realign the Company's global footprint.

Fiscal Year 2014

During the fiscal year ended March 31, 2014, the Company recognized restructuring charges of approximately $75.3 million. The costs associated with these restructuring activities include employee severance, other personnel costs, non-cash impairment charges on equipment no longer in use and to be disposed of, and other exit related costs due to facility closures or rationalizations. Pre-tax restructuring charges comprised $73.4 million of cash charges predominantly related to employee severance and $1.9 million of non-cash charges related to impairment of long-lived assets. Employee severance costs were associated with the terminations of 6,758 identified employees. The identified employee terminations by reportable geographic region amounted to approximately 5,073, 1,482 and 203 for Asia, the Americas and Europe, respectively.

The components of the restructuring charges by geographic region incurred in fiscal year 2014 are as follows:

	First Quarter		Fourth Quarter		Total
	(In thousands)
Americas:
Severance	$	11,331	$	11,290	$	22,621
Other exit costs		2,248		—		2,248

Total restructuring charges		13,579		11,290		24,869

Asia:
Severance		16,205		13,214		29,419
Long-lived asset impairment		1,900		—		1,900
Other exit costs		3,157		—		3,157

Total restructuring charges		21,262		13,214		34,476

Europe:
Severance		4,631		10,047		14,678
Other exit costs		1,288		—		1,288

Total restructuring charges		5,919		10,047		15,966

Total
Severance		32,167		34,551		66,718
Long-lived asset impairment		1,900		—		1,900
Other exit costs		6,693		—		6,693

Total restructuring charges	$	40,760	$	34,551	$	75,311

During the fiscal year ended March 31, 2014, the Company recognized approximately $66.7 million of severance costs related to employee terminations of which approximately $50.2 million was recognized in cost of sales.

During the fiscal year ended March 31, 2014, the Company recognized approximately $1.9 million for the write-down of property and equipment, and was classified as a component of cost of sales. The property and equipment were sold as of March 31, 2014.

During the fiscal year ended March 31, 2014, the Company recognized approximately $6.7 million of other exit costs, which primarily were comprised of $3.8 million related to personnel costs and $2.9 million of contractual obligations that resulted from facility closures. The majority of these costs were classified as a component of cost of sales.

Fiscal Year 2013

During the fiscal year ended March 31, 2013, the Company recognized restructuring charges of approximately $227.4 million, of which $110.1 million was associated with the terminations of 9,138 identified employees. The identified employee terminations by reportable geographic region amounted to approximately 4,467, 2,282, and 2,389 for Asia, the Americas and Europe, respectively. The costs associated with these restructuring activities include employee severance, other personnel costs, non-cash impairment charges on facilities and equipment that are not recoverable through future cash flows or are no longer in use and are to be disposed of, and other exit related costs due to facility closures or rationalizations. Pre-tax restructuring charges comprised $123.0 million of cash charges predominantly related to employee severance costs and $104.4 million of non-cash charges primarily related to asset impairment and other exit charges. The activities associated with these charges were completed by the first quarter of fiscal year 2014.

The components of the restructuring charges by geographic region incurred in fiscal year 2013 are as follows:

	Third Quarter		Fourth Quarter		Total
	(In thousands)
Americas:
Severance	$	863	$	13,156	$	14,019
Long-lived asset impairment		—		6,302		6,302
Other exit costs		322		6,533		6,855

Total restructuring charges		1,185		25,991		27,176

Asia:
Severance		8,572		18,076		26,648
Long-lived asset impairment		46,250		5,268		51,518
Other exit costs		28,818		1,443		30,261

Total restructuring charges		83,640		24,787		108,427

Europe:
Severance		6,142		63,301		69,443
Long-lived asset impairment		9,851		1,782		11,633
Other exit costs		1,873		8,882		10,755

Total restructuring charges		17,866		73,965		91,831

Total
Severance		15,577		94,533		110,110
Long-lived asset impairment		56,101		13,352		69,453
Other exit costs		31,013		16,858		47,871

Total restructuring charges	$	102,691	$	124,743	$	227,434

During the fiscal year ended March 31, 2013, the Company recognized approximately $110.1 million of severance costs related to employee terminations. Approximately $98.5 million of this was classified as a component of cost of sales for fiscal year 2013.

During the fiscal year ended March 31, 2013, the Company recognized approximately $69.5 million for the write-down of property and equipment and other manufacturing assets. The majority of this amount was classified as a component of cost of sales.

During the fiscal year ended March 31, 2013, the Company recognized approximately $47.9 million of other exit costs, which primarily were comprised of $22.8 million for the write-down of certain customer specific assets that were determined to be unrecoverable based on a specific product exit and resulting declining customer volumes. Additionally, for fiscal year 2013, other exit costs include $24.7 million of customer disengagement costs primarily related to inventory that resulted from a product exit as well as contractual obligations from facility closures.

The following table summarizes the provisions, respective payments, and remaining accrued balance as of March 31, 2015 for charges incurred in fiscal years 2015, 2014, 2013 and prior periods:

	Severance			Long-Lived Asset Impairment			Other Exit Costs			Total
	(In thousands)
Balance as of March 31, 2012	$	4,620		$	—		$	8,067		$	12,687
Provision for charges incurred in fiscal year 2013		110,110			69,453			47,871			227,434
Cash payments for charges incurred in fiscal year 2013		(28,586	)		—			(3,832	)		(32,418	)
Cash payments for charges incurred in fiscal year 2010 and prior		(2,455	)		—			(2,902	)		(5,357	)
Non-cash charges incurred in fiscal year 2013		—			(69,453	)		(34,993	)		(104,446	)

Balance as of March 31, 2013		83,689			—			14,211			97,900
Provision for charges incurred in fiscal year 2014		66,718			1,900			6,693			75,311
Cash payments for charges incurred in fiscal year 2014		(40,273	)		—			(4,296	)		(44,569	)
Cash payments for charges incurred in fiscal year 2013		(71,470	)		—			(8,755	)		(80,225	)
Cash payments for charges incurred in fiscal year 2010 and prior		(2,171	)		—			(1,950	)		(4,121	)
Non-cash charges incurred in fiscal year 2014		—			(1,900	)		—			(1,900	)

Balance as of March 31, 2014		36,493			—			5,903			42,396
Cash payments for charges incurred in fiscal year 2014		(18,558	)		—			(2,212	)		(20,770	)
Cash payments for charges incurred in fiscal year 2013		(4,560	)		—			(1,685	)		(6,245	)
Cash payments for charges incurred in fiscal year 2010 and prior		(12	)		—			(312	)		(324	)

Balance as of March 31, 2015		13,363			—			1,694			15,057
Less: Current portion (classified as other current liabilities)		3,078			—			390			3,468

Accrued restructuring costs, net of current portion (classified as other liabilities)	$	10,285		$	—		$	1,304		$	11,589