RESTRUCTURING AND OTHER RELATED CHARGES

12 Months Ended

Mar. 31, 2016

Restructuring and Related Activities [Abstract]

RESTRUCTURING AND OTHER RELATED CHARGES

The Company initiated a restructuring plan during the third quarter of fiscal year 2016. Under the plan, the Company reduced costs by eliminating approximately 125 positions in the U.S., Mexico, China, and Europe, substantially all of which took place in the fourth quarter of the Company's fiscal year 2016. These actions were designed to better align expenses to the Company’s revenue and gross margin profile and position the Company for improved operating performance.

The Company recorded pre-tax charges of approximately $16.2 million, consisting severance and related benefits. These charges were offset by a reduction in fiscal year 2016 stock-based compensation expense of $1.5 million attributable to stock award forfeitures resulting from the restructuring action. The restructuring plan was substantially complete by the end of the fourth quarter of fiscal year 2016.

The following table summarizes the Company's restructuring activities for the fiscal year 2016:



(in thousands)	Severance and related benefits
Balance at March 31, 2015	$	—
Additions	14,275
Payments	(10,385		)
Adjustments	1,893
Balance at March 31, 2016	$	5,783

The activity in the table above excludes the impact of the stock award forfeitures which were recognized in the functional line items within the Company's condensed consolidated statement of operations in which they were originally recorded.