v2.4.1.9
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RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES:
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12 Months Ended |
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| RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES: |
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| RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES: |
2.RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES:
The following table summarizes the restructuring activity included in gains, losses and other items, net in the consolidated statements of operations for the years ended March 31, 2015, 2014 and 2013 (dollars in thousands):
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Reserves included in other accrued expenses and
other liabilities:
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Associate-related
reserves
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Lease
accruals
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Total
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March 31, 2012
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$
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9,597
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$
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11,049
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$
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20,646
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Restructuring charges and adjustments
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2,577
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58
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2,635
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Payments
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(8,485
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)
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(2,086
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)
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(10,571
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)
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March 31, 2013
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$
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3,689
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$
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9,021
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$
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12,710
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Restructuring charges and adjustments
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13,916
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3,796
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17,712
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Payments
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(11,063
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)
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(2,600
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)
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(13,663
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)
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March 31, 2014
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$
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6,542
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$
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10,217
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$
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16,759
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Restructuring charges and adjustments
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13,757
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8,061
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21,818
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Payments
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(13,088
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)
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(4,628
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)
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(17,716
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)
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March 31, 2015
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$
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7,211
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$
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13,650
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$
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20,861
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Restructuring Plans
In fiscal 2015, the Company recorded a total of $23.8 million in restructuring charges and adjustments included in gains, losses and other items, net in the consolidated statement of operations. The expense included severance and other associate-related charges of $13.8 million, lease accruals of $8.1 million, and the write-off of leasehold improvements of $2.0 million.
The associate-related accruals of $13.8 million relate to the termination of associates in the United States, Europe, Australia, and China and include an increase of $0.7 million to the fiscal 2014 restructuring plan. Of the amount accrued for 2015, $7.2 million remained accrued as of March 31, 2015. These costs are expected to be paid out in fiscal 2016.
The lease accruals of $8.1 million were evaluated under the accounting standards which govern exit costs and include increases of $0.6 million and $0.7 million to the fiscal 2014 and fiscal 2008 restructuring plans, respectively. These accounting standards require the Company to make an accrual for the liability for lease costs that will continue to be incurred without economic benefit to the Company upon the date that the Company ceases using the leased properties. The Company has ceased using certain leased office facilities. The Company intends to attempt to sublease the facilities to the extent possible. The Company established a liability for the fair value of the remaining lease payments, partially offset by the estimated sublease payments to be received over the course of the leases. The fair value of these liabilities is based on a net present value model using a credit-adjusted risk-free rate. The liability will be paid out over the remainder of the leased properties’ terms, which continue through November 2021. Actual sublease terms may differ from the estimates originally made by the Company. Any future changes in the estimates or in the actual sublease income could require future adjustments to the liabilities, which would impact net earnings (loss) in the period the adjustment is recorded. Of the amount accrued for 2015, $4.9 million remained accrued as of March 31, 2015.
In fiscal 2014, the Company recorded a total of $17.7 million in restructuring charges and adjustments included in gains, losses and other items, net in the consolidated statement of operations. The expense includes severance and other associate-related charges of $13.9 million and lease accruals of $3.8 million. The associate-related accruals of $13.9 million relate to the termination of associates in the United States, Australia, China, and Europe. These costs were paid out by the end of fiscal 2015.
The lease accruals of $3.8 million were evaluated under the accounting standards which govern exit costs. The liability will be paid out over the remainder of the leased property’s term, which continues through November 2021. Any future changes in the estimates or in the actual sublease income could require future adjustments to the liability for this lease, which would impact net income in the period the adjustment is recorded. The remaining amount accrued at March 31, 2015 is $3.4 million.
In fiscal 2013, the Company recorded a total of $2.6 million in restructuring charges and adjustments included in gains, losses and other items, net in the consolidated statement of operations. The expense included severance and other associate-related payments of $2.6 million and lease accruals of $0.1 million. The associate-related accruals of $2.6 million relate to the termination of associates in the United States, Australia, and Europe. All of these costs were paid out by the end of fiscal 2015.
As part of its restructuring plans in fiscal years prior to fiscal 2013, the Company recorded lease accruals included in gains, losses and other items, net in the consolidated statement of operations. The lease accruals were evaluated under the accounting standards which govern exit costs. These liabilities will be paid out over the remainder of the leased properties’ terms, of which the longest continues through November 2021. Any future changes in the estimates or in the actual sublease income could require future adjustments to the liability for these leases, which would impact net income in the period the adjustment is recorded. The remaining amount accrued at March 31, 2015 is $5.4 million.
Gains, Losses and Other Items
Gains, losses and other items for each of the years presented are as follows (dollars in thousands):
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2015
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2014
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2013
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Restructuring plan charges and adjustments
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$
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23,794
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$
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17,712
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$
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2,635
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Legal contingencies
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—
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4,202
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—
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LiveRamp acquisition-related costs (see note 3)
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820
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—
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—
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Other
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19
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—
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(884
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)
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$
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24,633
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$
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21,914
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$
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1,751
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| X |
- 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.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 5.P.3)
-URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140864-122747
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 5
-Section P
-Subsection 3, 4
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 5.P.4)
-URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140904-122747
+ Details
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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