Restructuring, Plant Closures and Other Related Costs

9 Months Ended

Dec. 31, 2011

Restructuring, Plant Closures and Other Related Costs [Abstract]

Restructuring, Plant Closures and Other Related Costs

Note 11: Restructuring, Plant Closures and Other Related Costs

During fiscal 2008, the Company announced the closure of three U.S. manufacturing plants in Camdenton, Missouri; Pemberville, Ohio; and Logansport, Indiana, along with the Tübingen, Germany facility.  During the third quarter of fiscal 2010, the Company announced the closure of its Harrodsburg, Kentucky manufacturing facility.  These measures were aimed at realigning the Company's manufacturing operations, improving profitability and strengthening global competitiveness.  The Tübingen, Germany and the Pemberville, Ohio facility closures were completed during fiscal 2010.  The Harrodsburg, Kentucky and Logansport, Indiana facility closures were completed in the first quarter and second quarter of fiscal 2011, respectively.  The Camdenton, Missouri closure is anticipated to be completed in early fiscal 2013.

Since the commencement of these plant closures and previous workforce reductions, the Company has incurred $33,275 of termination charges and $22,189 of other closure costs, in the aggregate.  Further additional costs of approximately $250 are anticipated to be incurred through early fiscal 2013, consisting of equipment moving costs and miscellaneous facility closing costs.  Total additional cash expenditures of approximately $1,200 are anticipated to be incurred related to these closures.

Changes in the accrued restructuring liability for the three and nine months ended December 31, 2011 and 2010 were comprised of the following, related to the above-described restructuring activities:

	Three months ended December 31
	2011			2010
Termination Benefits:
Balance, October 1	$	1,064		$	2,516
Additions		-			9
Adjustments		24			(37	)
Effect of exchange rate changes		-			(10	)
Payments		(130	)		(579	)
Balance, December 31	$	958		$	1,899

	Nine months ended December 31
	2011			2010
Termination Benefits:
Balance, April 1	$	1,301		$	4,740
Additions		-			103
Adjustments		(98	)		(90	)
Effect of exchange rate changes		(2	)		(12	)
Payments		(243	)		(2,842	)
Balance, December 31	$	958		$	1,899

The following is the summary of restructuring and other repositioning costs recorded relative to the above-described programs during the three and nine months ended December 31, 2011 and 2010:

	Three months ended December 31					Nine months ended December 31
	2011		2010			2011			2010
Restructuring expense (income):
Employee severance and related benefits	$	24	$	(28	)	$	(98	)	$	13
Other repositioning costs:
Postretirement curtailment gain		-		-			-			(2,075	)
Miscellaneous other closure costs		475		565			622			3,557
Total other repositioning costs		475		565			622			1,482
Total restructuring and other repositioning expense	$	499	$	537		$	524		$	1,495

For the three and nine months ended December 31, 2011, total restructuring and other repositioning expense of $499 and $524, respectively, was recorded in the consolidated statements of operations as a component of cost of sales.  The total restructuring and other repositioning expense of $537 and $1,495 was recorded in the consolidated statements of operations for the three and nine months ended December 31, 2010, respectively, as follows: $565 and $1,482 were recorded as a component of cost of sales and $28 was recorded as restructuring income and $13 was recorded as restructuring expense within selling, general and administrative expense.  The Company accrues severance in accordance with its written plans, procedures and relevant statutory requirements.  Restructuring income relates to reversals of severance liabilities due to employee terminations prior to completion of required retention periods.