| Restructuring and Related Costs |
Additionally, in the fourth fiscal quarter, 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 |
|
Restructuring and other charges/(income) by reportable segment were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended March 31, 2023 |
|
Year Ended March 31, 2022 |
|
Year Ended March 31, 2021 |
| United States and Latin America |
$ |
— |
|
|
$ |
(46) |
|
|
$ |
3,563 |
|
| Canada |
— |
|
|
(186) |
|
|
2,591 |
|
| Europe, Middle East and Africa |
3,693 |
|
|
(182) |
|
|
2,459 |
|
| Asia-Pacific |
— |
|
|
— |
|
|
10 |
|
| |
$ |
3,693 |
|
|
$ |
(414) |
|
|
$ |
8,623 |
|
Restructuring activity related to severance activity described above recorded in "Accrued liabilities" on the consolidated balance sheets is summarized as follows:
|
|
|
|
|
|
|
|
|
| Beginning balance, April 1, 2021 |
|
$ |
657 |
|
| Costs incurred |
|
(103) |
|
| Less cash payments |
|
(554) |
|
| Beginning balance, April 1, 2022 |
|
$ |
— |
|
| Costs incurred |
|
— |
|
| Less cash payments |
|
— |
|
| Ending balance, March 31, 2023 |
|
$ |
— |
|
|