Annual report pursuant to Section 13 and 15(d)

Assets Dispositions

Assets Dispositions
12 Months Ended
Mar. 31, 2021
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]  
Assets Dispositions

Note 3 – Assets Dispositions:

In March 2019, the Company's Board of Directors approved a plan to sell Energy Steel.  Energy Steel met all of the criteria to classify its assets and liabilities as held for sale at March 31, 2019.  As part of the required assessment under the held for sale guidance, the Company determined that the approximate fair value less costs to sell the operations was less than its carrying value and, as a result, an impairment loss totaling $6,449 was recorded in fiscal 2019.  (See Note 6 to the Consolidated Financial Statements for further discussion.)

In fiscal 2020 the Company completed the sale of Energy Steel.  Under the terms of the stock purchase agreement, the Company received proceeds of $602, subject to certain adjustments, including a customary working capital adjustment.  The Company recognized a loss on the disposal of $181.  In addition, in fiscal 2020 the Company incurred a bad debt charge of $98 and an inventory write down of $338 related to the bankruptcy of Westinghouse Electric Company.  All of these items are included in the line item "Other expense" in the Consolidated Statement of Operations for fiscal 2020.