XML 38 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES:
 12 Months Ended
Mar. 31, 2018
Restructuring and Related Activities [Abstract]  
RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES:
RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES:
 
The following table summarizes the restructuring activity included in gains, losses and other items, net in the consolidated statements of operations for the fiscal years ended March 31, 2018, 2017 and 2016 (dollars in thousands):
 
Associate-related
 
Lease
 
 
 
reserves
 
accruals
 
Total
March 31, 2015
$
7,211

 
$
5,228

 
$
12,439

Restructuring charges and adjustments
8,630

 
3,002

 
11,632

Payments
(12,986
)
 
(4,706
)
 
(17,692
)
March 31, 2016
$
2,855

 
$
3,524

 
$
6,379

Restructuring charges and adjustments
3,755

 
2,985

 
6,740

Payments
(4,210
)
 
(2,201
)
 
(6,411
)
March 31, 2017
$
2,400

 
$
4,308

 
$
6,708

Restructuring charges and adjustments
3,832

 
2,564

 
6,396

Payments
(3,481
)
 
(1,580
)
 
(5,061
)
March 31, 2018
$
2,751

 
$
5,292

 
$
8,043


 
Restructuring Plans
 
In fiscal 2018, the Company recorded a total of $6.4 million in restructuring charges and adjustments included in gains, losses and other items, net in the consolidated statement of operations. The expense included severance and other associate-related charges of $3.8 million, and lease accruals and adjustments of $2.6 million.

The associate-related accruals of $3.8 million related to the termination of associates in the United States and Europe. Of the amount accrued, $2.2 million remained accrued as of March 31, 2018. These costs are expected to be paid out in fiscal 2019. The lease accruals and adjustments of $2.6 million result from the Company's exit from certain leased office facilities.

In fiscal 2017, the Company recorded a total of $8.9 million in restructuring charges and adjustments included in gains, losses and other items, net in the consolidated statement of operations. The expense included severance and other associate-related charges of $3.8 million, lease accruals and adjustments of $3.0 million, and leasehold improvement write offs of $2.1 million. The associate-related accruals of $3.8 million were fully paid in fiscal 2018. The lease accruals and adjustments of $3.0 million resulted from the Company’s exit from certain leased office facilities ($1.5 million), and adjustments to estimates related to the fiscal 2015 lease accruals ($1.5 million).

In fiscal 2016, the Company recorded a total of $12.0 million in restructuring charges and adjustments included in gains, losses and other items, net in the consolidated statement of operations. The expense included severance and other associate-related charges of $8.6 million, Europe lease termination charges and accruals of $3.0 million, and leasehold improvement write offs of $0.4 million. The associate-related accruals of $8.6 million related to the termination of associates in the United States, Europe, Brazil and Australia. Of the amount accrued for 2016, $0.2 million remained accrued as of March 31, 2018. These costs are expected to be paid out in fiscal 2019. The Europe lease termination charges and accruals of $3.0 million were fully paid during fiscal 2016.
 
In fiscal 2015, the Company recorded a total of $21.8 million in restructuring charges and adjustments included in gains, losses and other items, net in the consolidated statement of operations.  The expense included severance and other associate-related charges of $13.3 million, lease accruals of $6.5 million, and the write-off of leasehold improvements of $2.0 million. Of the associate-related accruals of $13.3 million, $0.3 million remained accrued as of March 31, 2018. These amounts are expected to be paid out in fiscal 2019.

The fiscal 2015, 2017, and 2018 lease accruals described above relate to three floors, each vacated in a certain fiscal year, of one facility. Of the consolidated fiscal 2015, 2017, and 2018 facility lease restructuring charges of $12.1 million, $5.3 million remained accrued as of March 31, 2018. The Company intends to sublease the facilities to the extent possible. The liabilities will be satisfied over the remainder of the leased properties' terms, which continue through November 2025. Actual sublease receipts may differ from the estimates originally made by the Company. Any future changes in the estimates or in the actual sublease income could require future adjustments to the liabilities, which would impact net earnings (loss) in the period the adjustment is recorded.
 
Gains, Losses and Other Items
 
Gains, losses and other items for each of the years presented are as follows (dollars in thousands): 
 
2018
 
2017
 
2016
Restructuring plan charges and adjustments
$
6,396

 
$
6,740

 
$
11,632

Other restructuring charges
—

 
2,125

 
381

Write-off of accumulated foreign currency translation in Brazil
—

 
1,315

 
—

Gain on disposition of assets
—

 
(2,986
)
 
—

Acquisition-related costs
—

 
1,365

 
—

Other
(23
)
 
(186
)
 
119

 
$
6,373

 
$
8,373

 
$
12,132