RESTRUCTURING AND OTHER RELATED CHARGES

9 Months Ended

Dec. 31, 2015

Restructuring and Related Activities [Abstract]

The Company initiated a restructuring plan during the third quarter of fiscal year 2016. Under the plan, the Company reduced costs by eliminating 125 positions in the U.S., Mexico, China, and Europe, all of which will take effect in the fourth quarter of the Company's fiscal year 2016. These actions were designed to better align expenses to the Company’s revenue and gross margin profile and position the Company for improved operating performance.

The Company expects to incur pre-tax charges of approximately $12.6 million, consisting of $8.4 million for severance and related benefits recorded during the third quarter of fiscal year 2016, and 5.8 million for benefits related to a one-time enhancement of our existing early retirement program to be recognized in the fourth quarter of fiscal year 2016. These charges are expected to be offset by a reduction in fiscal year 2016 stock-based compensation expense of $1.6 million attributable to stock award forfeitures resulting from the restructuring action. The Company anticipates the restructuring plan will be substantially complete by the end of the fourth quarter of fiscal year 2016.

The following table summarizes the Company's restructuring activities for the nine months ended December 31, 2015:



(in thousands)	Involuntary termination benefits
Balance at March 31, 2015	$	—
Charges included in operating expense	8,433
Cash payments during the period	—
Balance at December 31, 2015	$	8,433

The activity in the table above excludes the impact of the stock award forfeitures which were recognized in the functional line items within the Company's condensed consolidated statement of operations in which they were originally recorded.