Annual report [Section 13 and 15(d), not S-K Item 405]

Restructuring and Other Charges/(Income)

v3.25.1
Restructuring and Other Charges/(Income)
 12 Months Ended
Mar. 31, 2025
Restructuring and Related Activities [Abstract]  
Restructuring and Other Charges/(Income) Restructuring and Other Charges/(Income)
On April 8, 2024, we enacted certain cost-cutting measures, including a reduction-in-force plan, as well as a facility consolidation, that together affected 68 employees across our US-LAM and Canada reportable segments. Pursuant to the foregoing, we moved certain operations and equipment associated with our rail & transit business from our Denver, Colorado location to San Marcos, Texas, where we have an existing manufacturing presence. These efforts have allowed us to streamline certain operations, reduce our manufacturing footprint, and position us for more profitable growth. We substantially completed the facility consolidation and the sale of our Denver property in fiscal 2025. These actions resulted in income of $(301) in "Restructuring and other charges/(income)," for the year ended March 31, 2025.
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. In fiscal 2024, we 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 fiscal 2023.
Restructuring and other charges/(income) by reportable segment were as follows:
Year Ended March 31, 2025 Year Ended March 31, 2024 Year Ended March 31, 2023
United States and Latin America $ (1,695) $ —  $ — 
Canada 1,394  —  — 
Europe, Middle East and Africa —  984  3,693 
Asia-Pacific —  —  — 
  $ (301) $ 984  $ 3,693