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RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES
 12 Months Ended
Mar. 31, 2023
Restructuring and Related Activities [Abstract]  
RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES:
 
Restructuring activities result in various costs, including asset write-offs, right of use ("ROU") asset group impairments, exit charges including severance, contract termination fees, and decommissioning and other costs.

A reconciliation of the beginning and ending restructuring liabilities is shown below for the twelve months ended March 31, 2023, 2022 and 2021. The restructuring charges and adjustments are included in gains, losses and other items, net in the consolidated statements of operations. The reserve balances are included in other accrued expenses and other liabilities in the consolidated balance sheets (dollars in thousands).
Employee-related
reserves		Lease
accruals		Total
Balances at March 31, 2020450 6,243 6,693 
Restructuring charges and adjustments1,663 62 1,725 
Payments(1,288)(2,387)(3,675)
Balances at March 31, 2021$825 $3,918 $4,743 
Restructuring charges and adjustments— (19)(19)
Payments(778)(872)(1,650)
Balances at March 31, 2022$47 $3,027 $3,074 
Restructuring charges and adjustments7,792 2,946 10,738 
Payments(7,080)(1,100)(8,180)
Balances at March 31, 2023$759 $4,873 $5,632 
 
Employee-related Restructuring Plans
 
During the twelve months ended March 31, 2023, the Company recorded a total of $7.8 million in employee-related restructuring charges and adjustments. The expense included severance and other employee-related charges primarily in the United States. Of the $7.8 million employee-related charges, $0.8 million remained accrued as of March 31, 2023 and are expected to be paid out during fiscal 2024.
In fiscal 2021, the Company recorded a total of $1.7 million in employee-related restructuring charges and adjustments. The expense included severance and other employee-related charges in the United States and Europe. Of the associate-related charges of $1.7 million, final amounts were paid out during fiscal 2023.

Lease-related Impairments and Restructuring Plans

In fiscal 2023, the Company initiated a restructuring plan to lower its operating expenses by reducing its global real estate footprint. As part of this plan, we exited a total of eight leased office spaces. Of that, five were in the United States: one located in Boston, one located in Philadelphia, one located in Phoenix, and two floors of leased office space in San Francisco. The three remaining spaces were in Europe: one located in the Netherlands, one floor of leased office space in London, England, and one floor of leased office space in Paris, France.

Based on a comparison of undiscounted cash flows to the ROU asset group of each exited lease, the Company determined that each of the ROU asset groups were impaired, driven largely by the difference between the existing lease terms and rates on the Company’s leases and the expected sublease terms and rates available in the market. This resulted in an impairment charge of $24.6 million which reflects the excess of the ROU asset group book value over its fair value, which was determined based on estimates of future discounted cash flows and is classified as Level 3 in the fair value hierarchy. The lease impairment charges included impairments of the operating lease ROU assets of $20.5 million, and the associated furniture, equipment, and leasehold improvements of $4.1 million. Additionally, the Company recorded $2.9 million in lease-related restructuring charges and adjustments that covered other obligations related to the leased office space in San Francisco and Phoenix. Of the $2.9 million lease-related charges, $2.7 million remained accrued as of March 31, 2023 and will be satisfied over the remainder of the San Francisco and Phoenix properties' lease terms, which continues through April 2029.

In fiscal 2017, the Company made the strategic decision to exit and sub-lease a certain leased office facility under a staggered-exit plan. The full exit was completed in fiscal 2019. We intend to continue subleasing the facility to the extent possible. The liability will be satisfied over the remainder of the leased property's term, which continues through November 2025. Any future changes in the estimates or in the actual sublease income may require future adjustments to the liabilities, which would impact net earnings (loss) in the period the adjustment is recorded. Through March 31, 2023, the Company has recorded a total of $7.3 million of restructuring charges and adjustments related to this lease. Of the amount accrued for this facility lease, $2.1 million remained accrued at March 31, 2023.

Gains, Losses and Other Items, net
 
The following table summarizes the activity included in gains, losses and other items, net in the consolidated statements of operations for each of the periods presented (dollars in thousands): 
Year ended March 31,
202320222021
Employee-related restructuring plan charges and adjustments$7,792 $(19)$1,725 
Lease-related restructuring plan charges and adjustments2,946 — — 
Early contract terminations— 1,042 — 
ROU asset group impairments24,599 — — 
Other(21)456 990 
$35,316 $1,479 $2,715