Restructuring Activities

12 Months Ended

Mar. 31, 2021

Restructuring Activities [Abstract]

Restructuring Activities

Note 6: Restructuring Activities

During fiscal 2021, restructuring actions consisted primarily of targeted headcount reductions and plant consolidation activities.  The targeted headcount reductions were primarily in Europe within the Automotive segment and in the Americas within the HDE segment.  In addition, the Company eliminated the Vice President, CIS and Chief Operating Officer senior executive position and, as a result, recorded $1.3 million of severance-related expenses.  These headcount reductions support the Company’s objective of reducing operational and SG&A cost structures.

Also during fiscal 2021, the Company transferred production from its manufacturing facility in Zhongshan, China to another CIS segment manufacturing facility in China.  As a result of this plant consolidation, the Company recorded $3.7 million of severance expenses during fiscal 2021.  The Company is also in the process of transferring product lines to its CIS manufacturing facility in Mexico.  These plant consolidation activities support the Company’s objective of achieving operational improvements and organizational efficiencies.

During fiscal 2020 and 2019, restructuring actions consisted primarily of targeted headcount reductions and plant consolidation activities.  The headcount reductions were primarily in Europe within the Automotive segment and in the Americas within the HDE segment.  The plant consolidation activities included transferring product lines to the Company’s CIS manufacturing facility in Mexico.

Restructuring and repositioning expenses were as follows:

	Years ended March 31,
	2021		2020		2019
Employee severance and related benefits	$	11.7	$	10.2	$	8.7
Other restructuring and repositioning expenses		1.7		2.0		0.9
Total	$	13.4	$	12.2	$	9.6

Other restructuring and repositioning expenses primarily consist of equipment transfer and plant consolidation costs.

The Company accrues severance in accordance with its written plans, procedures, and relevant statutory requirements.  Changes in accrued severance were as follows:

	Years ended March 31,
	2021			2020
Beginning balance	$	5.0		$	10.0
Additions		11.7			10.2
Payments		(10.5	)		(15.1	)
Reclassified as held for sale		(2.5	)		-
Effect of exchange rate changes		0.3			(0.1	)
Ending balance	$	4.0		$	5.0

During fiscal 2021, the Company recorded asset impairment charges totaling $166.8 million within its Automotive segment.  See Note 2 for additional information.

During fiscal 2020, the Company recorded asset impairment charges totaling $7.5 million within its Automotive segment to write down property and equipment assets in Austria and Germany to estimated fair value.

Also during fiscal 2020, the Company recorded a $0.6 million impairment charge to reduce the carrying value of the previously-closed CIS Austrian facility to its estimated fair value, less costs to sell.  During fiscal 2019, the Company recorded asset impairment charges of $0.4 million related to this closed facility.