Note 16 - Plant Restructuring

12 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

1

6

. Plant Restructuring

During

2020,

the Company recorded a restructuring charge of

$7.0

million related to the closing of plants in the Midwest and Northwest of which

5.3

million was for accelerated amortization of right-of-use operating lease assets,

$2.4

million was mostly related to equipment moves and

$1.2

million was related to severance. The Company also recorded a credit of

$1.9

million for the reduced lease liability of previously impaired leases.

During

2019,

the Company recorded a restructuring charge of

$11.7

million. Of this amount,

$2.3

relates to the partial closure of a plant in the Midwest (

$1.8

million is equipment moves and

$0.5

is severance),

$1.3

million related to the sale of a plant in the Northeast (

$0.8

million is equipment moves and

$0.5

million is severance), and

$0.3

million for the partial sale of a plant in the Northwest (

$0.2

million is severance,

$0.1

million is mostly equipment moves). In addition, the company recorded a charge for an impairment of long-term assets of

$7.8

million.

These charges are included under Plant Restructuring in the Consolidated Statements of Net Earnings. Severance Payable and Other Costs Payable are included in Other Accrued Expenses on the Consolidated Balance Sheets.

The following table summarizes the severance and other cost recorded and the accruals established during

2019

and

2020:

				Other
	Severance			Cost
	Payable			Payable			Total
Balance March 31, 2018	$	-		$	-		$	-
Charge to expense		1,508			10,149			11,657
Cash payments/write offs		(1,283	)		(10,148	)		(11,431	)
Balance March 31, 2019		225			1			226
Charge to expense		1,229			5,817			7,046
Cash payments/write offs		(1,252	)		(5,818	)		(7,070	)
Balance March 31, 2020	$	202		$	-		$	202