Annual report pursuant to Section 13 and 15(d)

Restructuring and Other Charges/(Income)

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Restructuring and Other Charges/(Income)
 12 Months Ended
Mar. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Other Charges/(Income) Restructuring and Other Charges/(Income)
On January 31, 2023, our board of directors authorized the Company to withdraw from its operations in the Russian Federation (the “Russia Exit”), through a planned disposition of its Russian subsidiary. As of the end of fiscal 2024, we have completed the Russia Exit with a final sale price of $1,041. In connection with the Russia Exit, we recognized total net charges of $984 in fiscal 2024.
In fiscal 2023, we moved the Russian subsidiary and its related assets and liabilities into an Assets Held-for-Sale asset group. Therefore, according to ASC 205, Presentation of Financial Statements, we marked down the asset group to its fair value less cost to sell. In fiscal 2023, we recorded the following charges:
Charge Financial statement impact Amount
Cash and cash equivalents Cash and cash equivalents; Selling, general and administrative expenses $ 3,939 
Increase in Current Expected Credit Loss, or "CECL," allowance for credit loss Accounts receivable, net; Selling, general and administrative expenses 681 
Increase in inventory valuation reserves Inventories, net; Cost of sales 4,325 
Contract assets Contract assets; Restructuring and other charges/(income) 347 
Prepaid expenses and other current assets Prepaid expenses and other current assets, Income tax receivable; Restructuring and other charges/(income) 1,102 
Property, plant and equipment, net Property, plant and equipment, net; Restructuring and other charges/(income) 298 
Operating lease right-of-use assets Operating lease right-of-use assets; Restructuring and other charges/(income) 567 
Other non-current assets Deferred income taxes, Other non-current assets; Restructuring and other charges/(income) 83 
Current and non-current liabilities, net, including accumulated foreign currency translation losses Current liabilities; Restructuring and other charges/(income) 1,296 
  $ 12,638 
All charges described above were recorded in our EMEA reportable segment, with the exception of $241 of cost of sales from an increase in inventory reserves in our Canada reportable segment. Additionally, we incurred $282 in certain legal and professional fees related to the Russia Exit, of which $209 were recognized in the fourth fiscal quarter of 2023.
During fiscal 2022, we recorded $(103) for severance-related activity in our Canadian segment which was recorded to "Restructuring and other charges/(income)" in our consolidated statements of operations and comprehensive income. Additionally, we recorded $(311) in cash receipts related to receivables existing prior to the sale of our South Africa business, which was completed in fiscal 2021.
Restructuring and other charges/(income) by reportable segment were as follows:
Year Ended March 31, 2024 Year Ended March 31, 2023 Year Ended March 31, 2022
United States and Latin America $ —  $ —  $ (46)
Canada —  —  (186)
Europe, Middle East and Africa 984  3,693  (182)
Asia-Pacific —  —  — 
  $ 984  $ 3,693  $ (414)