Restructuring and Asset Impairment Charges

6 Months Ended

Sep. 30, 2013

Restructuring and Related Activities [Abstract]

Restructuring and Asset Impairment Charges

RESTRUCTURING AND ASSET IMPAIRMENT CHARGES

The Company previously implemented several strategic initiatives in response to shifts in supply and demand balances and changing business models of its customers. These initiatives were substantially complete at March 31, 2013. The Company continues to focus on improving factory efficiencies and other core components of its business. As part of this focus, the Company agreed to a joint processing venture in one of its foreign locations during the three months ended June 30, 2013. As a result, the Company recorded pretax charges of $1,893 in connection with the reduction in workforce including the effect on the Company's defined benefit pension plans of $1,261. An asset impairment charge of $303 was recorded for certain processing equipment in connection with the new venture. During the three months ended September 30, 2013, employee separation charges of $580 were incurred as the Company continues to respond to changes in its business.

         The following table summarizes the restructuring charges recorded in the Company’s reporting segments during the three months and six months ended September 30, 2013 and 2012, respectively:

	Three Months Ended September 30,						Six Months Ended September 30,
Restructuring and Asset Impairment Charges	2013			2012			2013			2012
Employee separation and other cash charges:
Beginning balance	$	1,144		$	1,405		$	668		$	1,960
Period charges:
Severance charges	580			—			1,212			—
Total period charges	580			—			1,212			—
Payments through September 30	(676		)	(229		)	(832		)	(784		)
Ending balance September 30	$	1,048		$	1,176		$	1,048		$	1,176
Asset impairment and other non-cash charges	$	—		$	—		$	1,564		$	—
Total restructuring charges for the period	$	580		$	—		$	2,776		$	—

	Three Months Ended September 30,						Six Months Ended September 30,
Employee Separation and Other Cash Charges	2013			2012			2013			2012
Beginning balance:	$	1,144		$	1,405		$	668		$	1,960
South America	—			165			—			183
Value added services	—			—			—			—
Other regions	1,144			1,240			668			1,777
Period charges:	$	580		$	—		$	1,212		$	—
South America	433			—			433			—
Value added services	—			—			—			—
Other regions	147			—			779			—
Payments through September 30	$	(676	)	$	(229	)	$	(832	)	$	(784	)
South America	(433		)	(19		)	(433		)	(37		)
Value added services	—			—			—			—
Other regions	(243		)	(210		)	(399		)	(747		)
Ending balance September 30	$	1,048		$	1,176		$	1,048		$	1,176
South America	—			146			—			146
Value added services	—			—			—			—
Other regions	1,048			1,030			1,048			1,030