Annual report pursuant to Section 13 and 15(d)

Restructuring (Tables)

v3.20.1
Restructuring (Tables)
12 Months Ended
Mar. 31, 2020
Restructuring and Related Activities [Abstract]  
Restructuring and related costs restructuring plans that occurred during the fiscal year ended March 31, 2020 are summarized in the table below (amounts in thousands):
 
 
Total expected to be incurred
 
Incurred during year ended March 31, 2020
 
Cumulative incurred to date
Restructuring Plan
Segment
Personnel Reduction Costs
Relocation & Exit Costs
 
Personnel Reduction Costs
Relocation & Exit Costs
 
Personnel Reduction Costs
Relocation & Exit Costs
Tantalum powder facility relocation (1)
Solid Capacitors
1,107

2,606

 
1,107

(777
)
 
1,107

2,580

Axial electrolytic production relocation from Granna to Evora
Film and Electrolytic
732

4,313

 
732

2,018

 
732

4,313

TOKIN Japan fixed cost reduction (2)
MSA and Corporate
5,729


 
5,021


 
5,021


All Other
Corporate, Film and Electrolytic
1,505

432

 
758

23

 
1,198

432

______________________________________________________________________________
(1) The credit to relocation and exit costs during the fiscal year ended March 31, 2020 was due to the recovery of costs related to the sale of tantalum that was recovered (“tantalum reclaim”) as part of the plant exit activities.
(2) Personnel reduction costs of 5.0 million for the fiscal year ended March 31, 2020 are comprised of $3.5 million and $1.5 million in the MSA segment and corporate respectively.
A summary of the expenses aggregated on the Consolidated Statements of Operations line item “Restructuring charges” in the fiscal years ended March 31, 2020, 2019 and 2018, is as follows (amounts in thousands):
 
 
Fiscal Years Ended March 31,
 
 
2020
 
2019
 
2018
Personnel reduction costs
 
$
7,618

 
$
2,823

 
$
12,587

Relocation and exit costs
 
1,264

 
5,956

 
2,256

Restructuring charges
 
$
8,882

 
$
8,779

 
$
14,843


Schedule of reconciliation of the beginning and ending liability balances for restructuring charges included in the line items "Accrued expenses" and "Other non-current obligations" on the Condensed Consolidated Balance Sheets
A reconciliation of the beginning and ending liability balances for restructuring charges included in the line items “Accrued expenses” and “Other non-current obligations” on the Consolidated Balance Sheets were as follows (amounts in thousands):
 
 
Personnel
Reductions
 
Relocation and Exit Costs
Balance at March 31, 2017
 
$
999

 
$
406

TOKIN opening balance
 

 
312

Costs charged to expense (1)
 
12,384

 
2,256

Costs paid or settled
 
(3,901
)
 
(2,662
)
Change in foreign exchange
 
147

 
18

Balance at March 31, 2018
 
9,629

 
330

Costs charged to expense
 
2,823

 
5,956

Costs paid or settled
 
(10,329
)
 
(5,957
)
Change in foreign exchange
 
(258
)
 
(13
)
Balance at March 31, 2019
 
1,865

 
316

Costs charged to expense 
 
7,618

 
1,264

Costs paid or settled
 
(7,976
)
 
(1,264
)
Change in foreign exchange
 
3

 
7

Balance at March 31, 2020
 
$
1,510

 
$
323

______________________________________________________________________________
(1) Personnel reduction costs charged to expense include $0.2 million of relocation costs expensed as incurred, and therefore not included in accrued expenses for the fiscal year ended March 31, 2018.