Restructuring and Impairments, Net

12 Months Ended

Mar. 31, 2013

Restructuring and Related Activities [Abstract]

The Company continued to implement operational changes to streamline and rationalize its structure in an effort to simplify the organization and eliminate redundant and/or unnecessary costs. As part of these restructuring programs, the nature of the positions eliminated range from plant employees and clerical workers to operational, sales management, and divisional leadership.

During fiscal 2013, the Company recorded restructuring and impairment charges of $71.5 million, representing $8.5 million severance, $2.9 million closure costs and $60.2 million impairments. These restructuring charges primarily represent consolidation efforts in the Company’s workforce of approximately 629 positions. The impairment charges relate to closed facilities and other asset write offs, primarily in the Transportation Americas business.

The following summarizes restructuring reserve activity and asset sale and impairment (gain) loss, net:



	Severance Costs			Closure Costs			Restructuring			Impairments, net		Total Restructuring and Impairments, net
	(In thousands)
Balance at March 31, 2010	$	19,483		$	7,095		$	26,578
Expenses	24,654			8,577			33,231			$	9,055	$	42,286
Payments and Currency Translation	(25,405		)	(11,065		)	(36,470		)
Balance at March 31, 2011	18,732			4,607			23,339
Expenses	7,858			(753		)	7,105			$	3,773	$	10,878
Payments and Currency Translation	(16,189		)	(507		)	(16,696		)
Balance at March 31, 2012	10,401			3,347			13,748
Expenses	8,451			2,892			11,343			$	60,152	$	71,495
Payments and Currency Translation	(12,802		)	(2,663		)	(15,465		)
Balance at March 31, 2013	$	6,050		$	3,576		$	9,626

Remaining expenditures principally represent (i) severance and related benefits payable per employee agreements and/or regulatory requirements, (ii) lease commitments for certain closed facilities, branches and offices, as well as leases for excess and permanently idle equipment payable in accordance with contractual terms, and (iii) certain other closure costs including dismantlement and costs associated with removal obligations incurred in connection with the exit of facilities.

Restructuring and impairments, net by segment:



	For the Fiscal Year Ended
	March 31, 2013		March 31, 2012		March 31, 2011
	(In thousands)
Transportation Americas	$	57,104	$	2,369	$	7,406
Transportation Europe & ROW	8,163		4,115		6,816
Industrial Energy Americas	1,136		652		1,687
Industrial Energy Europe & ROW	4,613		2,301		22,954
Unallocated	479		1,441		3,423
TOTAL	$	71,495	$	10,878	$	42,286

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

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