Restructuring and Asset Impairment Charges

6 Months Ended

Sep. 30, 2014

Restructuring and Related Activities [Abstract]

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, 2014. 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 Turkey 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. As a result of the construction of a new U.S. cut rag facility with state of the art machinery and equipment, the Company recorded a $500 asset impairment charge for certain machinery and equipment at the previous facility during the three months ended September 30, 2014.

The following table summarizes the restructuring charges recorded in the Company’s reporting segments during the three months and six months ended September 30, 2014 and 2013, respectively:



	Three Months Ended September 30,						Six Months Ended September 30,
Restructuring and Asset Impairment Charges	2014			2013			2014			2013
Employee separation and other cash charges:
Beginning balance	$	101		$	1,144		$	397		$	668
Period charges:
Severance charges	—			580			—			1,212
Total period charges	—			580			—			1,212
Payments through September 30	(101		)	(676		)	(397		)	(832		)
Ending balance September 30	$	—		$	1,048		$	—		$	1,048
Asset impairment and other non-cash charges	$	500		$	—		$	500		$	1,564
Total restructuring charges for the period	$	500		$	580		$	500		$	2,776



	Three Months Ended September 30,						Six Months Ended September 30,
Employee Separation and Other Cash Charges	2014			2013			2014			2013
Beginning balance:	$	101		$	1,144		$	397		$	668
South America	—			—			—			—
Value added services	—			—			—			—
Other regions	101			1,144			397			668
Period charges:	$	—		$	580		$	—		$	1,212
South America	—			433			—			433
Value added services	—			—			—			—
Other regions	—			147			—			779
Payments through September 30	$	(101	)	$	(676	)	$	(397	)	$	(832	)
South America	—			(433		)	—			(433		)
Value added services	—			—			—			—
Other regions	(101		)	(243		)	(397		)	(399		)
Ending balance September 30	$	—		$	1,048		$	—		$	1,048
South America	—			—			—			—
Value added services	—			—			—			—
Other regions	—			1,048			—			1,048

- 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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