Restructuring and Other Similar Charges

12 Months Ended

Mar. 31, 2020

Restructuring and Related Activities [Abstract]

Restructuring and Other Similar Charges During fiscal 2020, the Company continued to execute various restructuring actions. These initiatives were implemented to drive efficiencies and reduce operating costs while also modifying the Company's footprint to reflect changes in the markets it serves, the impact of acquisitions on the Company's overall manufacturing capacity and the refinement of its overall product portfolio. These restructuring actions primarily resulted in workforce reductions, lease termination costs and other facility rationalization costs. Management expects to continue executing similar initiatives to optimize its operating margin and manufacturing footprint. As the Company continues to evaluate the impact of COVID-19 and the resulting economic slowdown, the Company may also execute additional restructuring actions. As such, the Company expects further expenses related to workforce reductions, potential impairment or accelerated depreciation of assets, lease termination costs and other facility rationalization costs. The Company's restructuring plans are preliminary and the full extent of related expenses are not yet estimable.

The following table summarizes the Company's restructuring and other similar costs incurred during the years ended March 31, 2020, 2019 and 2018 by classification of operating segment (in millions):


	Year Ended March 31, 2020
	Process & Motion Control		Water Management		Corporate		Consolidated
Employee termination benefits	$	12.7	$	0.5	$	0.1	$	13.3

Contract termination and other associated costs	1.6		0.5		0.1		2.2
Total restructuring and other similar costs	$	14.3	$	1.0	$	0.2	$	15.5

	Year Ended March 31, 2019
	Process & Motion Control		Water Management		Corporate		Consolidated
Employee termination benefits	$	5.6	$	0.9	$	0.6	$	7.1
Asset impairment charges (1)	0.3		—		—		0.3
Contract termination and other associated costs	2.0		0.3		2.4		4.7
Total restructuring and other similar costs	$	7.9	$	1.2	$	3.0	$	12.1

	Year Ended March 31, 2018
	Process & Motion Control		Water Management		Corporate		Consolidated
Employee termination benefits	$	4.6	$	0.6	$	—	$	5.2
Asset impairment charges (1)	0.8		—		—		0.8
Contract termination and other associated costs	7.9		0.2		—		8.1
Total restructuring and other similar costs	$	13.3	$	0.8	$	—	$	14.1

	Restructuring Costs To-date (Period from April 1, 2011 to March 31, 2020)
	Process & Motion Control		Water Management		Corporate		Consolidated
Employee termination benefits	$	67.2	$	8.6	$	2.7	$	78.5
Asset impairment charges	3.6		—		—		3.6
Contract termination and other associated costs	21.3		4.9		2.5		28.7
Total restructuring and other similar costs	$	92.1	$	13.5	$	5.2	$	110.8

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(1) In connection with the ongoing supply chain optimization and footprint repositioning initiatives, the Company has taken several actions to consolidate existing manufacturing facilities and rationalize its product offerings. These actions require the Company to assess whether the carrying amount of impacted long-lived assets will be recoverable as well as whether the remaining useful lives require adjustment. The impairment charges associated with these assets recognized during fiscal 2019 and 2018 were determined utilizing independent appraisals of the assets and were classified as Level 3 inputs within the Fair Value hierarchy. Refer to Note 13, Fair Value Measurements for additional information.

The following table summarizes the activity in the Company's accrual for restructuring and other similar costs for the fiscal years ended March 31, 2020 and 2019 (in millions):


	Employee termination benefits		Asset impairment charges		Contract termination and other associated costs		Total




Accrued Restructuring Costs, March 31, 2018 (2)	$	2.3	$	—	$	0.3	$	2.6
Charges	7.1		0.3		4.7		12.1
Cash payments	(7.0)		—		(3.1)		(10.1)
Non-cash charges	—		(0.3)		—		(0.3)
Accrued Restructuring Costs, March 31, 2019 (2)	$	2.4	$	—	$	1.9	$	4.3
Charges	13.3		—		2.2		15.5
Cash payments	(7.4)		—		(2.6)		(10.0)

Accrued Restructuring Costs, March 31, 2020 (2)	$	8.3	$	—	$	1.5	$	9.8

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(2) The restructuring accrual is included in Other current liabilities on the consolidated balance sheets.