Restructuring And Related Activities

12 Months Ended

Mar. 31, 2013

Restructuring And Related Activities [Abstract]

Restructuring And Related Activities Disclosure Text Block

15. Plant Restructuring

During 2013, the Company implemented a product rationalization program and recorded a restructuring charge of $3,497,000 for related equipment costs (contra fixed assets), lease impairment costs (net of realizable value), and certain inventory costs. This charge is included under Plant Restructuring in the Consolidated Statements of Net Earnings.

During 2012, there were no material adjustments to Plant Restructuring.

During fiscal 2011, the Company implemented workforce reductions at its plants in Buhl, Idaho and Mayville, Wisconsin and certain other locations that resulted in a restructuring charge of $1,354,000 primarily for severance costs. This charge is included under Plant Restructuring in the Consolidated Statements of Net Earnings. Under the Alliance Agreement, GMOL shares in the cost of these restructurings, plus future depreciation and lease costs. GMOL's portion of these restructuring costs was paid to the Company during 2011. The Company deferred a portion of this payment to match the depreciation and lease costs that will be incurred in the future. As of March 31, 2013, this deferral totaled $4,154,000 comprised of $1,211,000 included in other accrued expenses and $2,943,000 included in other long-term liabilities on the Consolidated Balance Sheets.

The following table summarizes the restructuring and related asset impairment charges recorded and the accruals established during 2011, 2012 and 2013:

				Long-Lived
				Asset		Other
		Severance		Charges		Costs		Total
		(In thousands)

Balance March 31, 2010	$	0	$	250	$	794	$	1,044
First-quarter charge to expense		0		0		1		1
Second-quarter charge to expense		1,210		0		0		1,210
Third-quarter charge to expense		109		0		0		109
Cash payments/write offs		(889)		(250)		(283)		(1,422)
Fourth-quarter charge to expense		26		0		8		34
Balance March 31, 2011		456		0		520		976
First-quarter charge to expense		54		0		0		54
Second-quarter (credit) charge to expense		(19)		0		4		(15)
Cash payments/write offs		(454)		0		(524)		(978)
Balance March 31, 2012		37		0		0		37
Third-quarter charge to expense		0		1,107		1,403		2,510
Fourth-quarter charge to expense		0		109		878		987
Cash payments/write offs		(17)		(42)		(1,974)		(2,033)
Balance March 31, 2013	$	20	$	1,174	$	307	$	1,501

The other costs at March 31, 2013 relate to inventory that is expected to be disposed of in fiscal 2014.

- 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.

+ References+ Details