Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Sep. 30, 2013 | Oct. 23, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'EXIDE TECHNOLOGIES | ' |
Entity Central Index Key | '0000813781 | ' |
Current Fiscal Year End Date | '--03-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 79,083,814 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Income Statement [Abstract] | ' | ' | ' | ' | ||
Net sales | $697,802 | $711,692 | $1,380,044 | $1,405,130 | ||
Cost of sales | 601,068 | 608,033 | 1,207,271 | 1,207,216 | ||
Gross profit | 96,734 | 103,659 | 172,773 | 197,914 | ||
Selling and administrative expenses | 88,694 | 95,715 | 180,864 | 189,400 | ||
Restructuring and impairments, net | 2,601 | [1] | 1,108 | [1] | 11,325 | 624 |
Operating income (loss) | 5,439 | 6,836 | -19,416 | 7,890 | ||
Other (income) expense, net | -7,507 | -939 | -2,342 | 297 | ||
Interest expense, net | 30,529 | 17,229 | 51,885 | 31,326 | ||
Loss before reorganization items, net | -17,583 | -9,454 | -68,959 | -23,733 | ||
Reorganization items, net | 19,407 | 426 | 58,946 | 801 | ||
Loss before reorganization items, net | -36,990 | -9,880 | -127,905 | -24,534 | ||
Income tax provision | 2,975 | 3,887 | 3,284 | 95,700 | ||
Net loss | -39,965 | -13,767 | -131,189 | -120,234 | ||
Net income attributable to noncontrolling interests | 210 | 111 | 121 | 140 | ||
Net loss attributable to Exide Technologies | ($40,175) | ($13,878) | ($131,310) | ($120,374) | ||
Loss per share | ' | ' | ' | ' | ||
Basic (in dollars per share) | ($0.51) | ($0.18) | ($1.69) | ($1.56) | ||
Diluted (in dollars per share) | ($0.51) | ($0.18) | ($1.69) | ($1.56) | ||
Weighted average shares | ' | ' | ' | ' | ||
Basic (in shares) | 78,121 | 77,210 | 77,917 | 77,178 | ||
Diluted (in shares) | 78,121 | 77,210 | 77,917 | 77,178 | ||
[1] | See Note 13 for detail by segment. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net loss | ($39,965) | ($13,767) | ($131,189) | ($120,234) |
Other comprehensive (loss) income | ' | ' | ' | ' |
Foreign currency translation adjustment | 20,073 | 11,457 | 19,554 | -13,483 |
Gain (loss) on derivatives qualifying as hedges, net | 0 | 2,643 | 0 | 1,266 |
Change in defined benefit liabilities, net | -484 | -325 | -418 | 281 |
Total comprehensive income (loss) | -20,376 | 8 | -112,053 | -132,170 |
Comprehensive income attributable to noncontrolling interests | 210 | 119 | 121 | 140 |
Comprehensive loss attributable to Exide Technologies | ($20,586) | ($111) | ($112,174) | ($132,310) |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $83,444 | $104,289 |
Accounts receivable, net | 523,675 | 504,795 |
Inventories | 511,124 | 488,221 |
Prepaid expenses and other current assets | 60,684 | 33,316 |
Deferred income taxes | 11,223 | 11,470 |
Total current assets | 1,190,150 | 1,142,091 |
Property, plant and equipment, net | 577,121 | 558,115 |
Other assets: | ' | ' |
Goodwill and intangibles, net | 144,809 | 145,310 |
Deferred income taxes | 119,504 | 107,865 |
Other noncurrent assets | 68,399 | 51,049 |
Total other assets | 332,712 | 304,224 |
Total assets | 2,099,983 | 2,004,430 |
Current liabilities: | ' | ' |
Short-term borrowings | 6,608 | 22,017 |
Current maturities of long-term debt | 286,349 | 60,131 |
Accounts payable | 239,552 | 435,736 |
Accrued expenses | 259,081 | 281,432 |
Deferred income taxes | 8,519 | 8,721 |
Total current liabilities | 800,109 | 808,037 |
Long-term debt | 18,548 | 693,864 |
Noncurrent retirement obligations | 163,744 | 233,404 |
Deferred income taxes | 21,788 | 17,171 |
Other noncurrent liabilities | 80,937 | 98,022 |
Liabilities not subject to compromise | 1,085,126 | 1,850,498 |
Liabilities subject to compromise | 964,225 | 0 |
STOCKHOLDERS' EQUITY | ' | ' |
Preferred stock, $0.01 par value, 1,000 shares authorized, 0 shares issued and outstanding | 0 | 0 |
Common stock, $0.01 par value, 200,000 shares authorized, 79,084 and 79,253 shares issued and outstanding | 791 | 793 |
Additional paid-in capital | 1,140,744 | 1,139,030 |
Accumulated deficit | -1,070,622 | -939,312 |
Accumulated other comprehensive loss | -28,302 | -47,439 |
Total stockholders’ equity attributable to Exide Technologies | 42,611 | 153,072 |
Noncontrolling interests | 8,021 | 860 |
Total stockholders’ equity | 50,632 | 153,932 |
Total liabilities and Debtors' equity | $2,099,983 | $2,004,430 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 79,084,000 | 79,253,000 |
Common stock, shares outstanding | 79,084,000 | 79,253,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | ||
Cash Flows From Operating Activities: | ' | ' | ||
Net loss | ($131,189) | ($120,234) | ||
Adjustments to reconcile net loss to net cash used in operating activities | ' | ' | ||
Depreciation and amortization | 39,927 | 39,442 | ||
Gain on asset sales / impairments, net | -3,586 | -1,081 | ||
Reorganization items, net | 12,301 | 0 | ||
Deferred income taxes | -2,270 | 94,379 | ||
Provision for doubtful accounts | 901 | 570 | ||
Non-cash stock compensation | 1,711 | 2,378 | ||
Amortization of deferred financing costs | 10,599 | 2,125 | ||
Currency remeasurement (gain) loss | -1,334 | [1] | 252 | [1] |
Changes in assets and liabilities | ' | ' | ||
Receivables | -3,912 | -25,552 | ||
Inventories | -9,260 | -70,615 | ||
Other current assets | -29,441 | -6,404 | ||
Payables | -122,145 | 48,439 | ||
Accrued expenses | 24,904 | -3,800 | ||
Other noncurrent liabilities | -859 | -8,126 | ||
Other, net | -9,148 | -2,103 | ||
Net cash used in operating activities | -222,801 | -50,330 | ||
Cash Flows From Investing Activities: | ' | ' | ||
Capital expenditures | -36,268 | -49,621 | ||
Insurance proceeds | 3,571 | 0 | ||
Proceeds from asset sales | 4,085 | 1,084 | ||
Net cash used in investing activities | -28,612 | -48,537 | ||
Cash Flows From Financing Activities: | ' | ' | ||
Cash Flows From Financing Activities: | -12,192 | 20,321 | ||
Increase (decrease) in other debt | -270,915 | 1,928 | ||
Financing fees and other | 28,475 | 0 | ||
Net cash provided by financing activities | 230,248 | 18,393 | ||
Effect of exchange rate changes on cash and cash equivalents | 320 | -613 | ||
Net decrease in cash and cash equivalents | -20,845 | -81,087 | ||
Cash and cash equivalents, beginning of period | 104,289 | 155,368 | ||
Cash and cash equivalents, end of period | 83,444 | ' | ||
Cash paid during the period | ' | ' | ||
Interest | 10,281 | 32,942 | ||
Income taxes (net of refunds) | $6,837 | $3,191 | ||
[1] | The currency remeasurement loss relates primarily to intercompany loans to foreign subsidiaries denominated in Euros, the Australian dollar, and various other foreign currencies. |
Proceedings_Under_Chapter_11_o
Proceedings Under Chapter 11 of The Bankruptcy Code Proceedings Under Chapter 11 of The Bankruptcy Code | 6 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Reorganizations [Abstract] | ' | ||||||||
PROCEEDINGS UNDER CHAPTER 11 OF THE BANKRUPTCY CODE | ' | ||||||||
PROCEEDINGS UNDER CHAPTER 11 OF THE BANKRUPTCY CODE | |||||||||
Reorganization under Chapter 11 of the U.S. Bankruptcy Code | |||||||||
The Consolidated Financial Statements include the accounts of Exide Technologies (referred to together with its subsidiaries, unless the context requires otherwise, as “Exide” or the “Company”) and all of its majority-owned subsidiaries. On June 10, 2013 ("Petition Date"), Exide Technologies (the "Debtor") filed voluntary petitions for reorganization under Chapter 11 of the federal bankruptcy laws ("Bankruptcy Code" or "Chapter 11") in the United States Bankruptcy Court for the District of Delaware ("Bankruptcy Court") under the caption In re Exide Technologies, case number 13-11482. The Debtor is operating the Company's business as debtor-in-possession pursuant to the Bankruptcy Code. The Company's subsidiaries, foreign and domestic, have been excluded from the Chapter 11 proceedings, continue to operate their businesses without supervision from the Bankruptcy Court and are not subject to the requirements of the Bankruptcy Code. | |||||||||
The Company filed for reorganization under Chapter 11 as it offered the most efficient alternative to restructure the Company's balance sheet and access new working capital while continuing to operate in the ordinary course of business. Factors leading to the reorganization included the Company's significant debt burden, impact of economic conditions on the Company's markets, particularly the U.S. and European markets, ongoing competitive pressures, loss of key customers over several years, unplanned production shut down in certain facilities, and higher commodity costs including lead and purchased spent batteries. These factors contributed to higher costs and lower revenues and have resulted in significant operating losses and material adverse reductions in cash flows, severely impacting the Company's financial condition and its ability to make debt payments coming due. Lastly, downgrades of the Company's credit rating and loss of credit insurance used by certain suppliers adversely affected supplier trade credit terms, further impacting the Company's liquidity. | |||||||||
As debtor-in-possession, the Debtor is authorized to continue to operate as an ongoing business, but may not engage in transactions outside the ordinary course of business without the approval of the Bankruptcy Court. | |||||||||
Exide received Bankruptcy Court approval for, among other things, access to a $500.0 million debtor-in-possession financing facility ("DIP Credit Facility") on the terms set forth in the debtor-in-possession credit agreement ("DIP Credit Agreement"), the ability to pay pre-petition and post-petition employee wages, salaries and benefits and to honor customer warranty, sales returns and rebate obligations. | |||||||||
Subsequent to the Petition Date, the Debtor received approval from the Bankruptcy Court to pay or otherwise honor certain pre-petition obligations generally designed to stabilize the Debtors' operations including employee obligations, taxes and from limited available funds, pre-petition claims of certain critical vendors, certain customer programs, limited foreign supplier obligations, adequate protection payments, and certain other pre-petition claims. Additionally, the Debtor has been paying and intends to continue to pay undisputed post-petition obligations in the ordinary course of business. | |||||||||
The DIP Credit Facility is being used to supplement cash flows from operations during the reorganization process including the payment of post-petition ordinary course trade and other payables, the payment of certain permitted pre-petition claims, working capital needs, letter of credit requirements, and other general corporate purposes. The DIP Credit Facility contains certain financial covenants. Failure to maintain compliance with these covenants would result in an event of default which would restrict the availability of funds necessary to maintain the Company's operations and assist in funding the Company's reorganization plans. | |||||||||
The Chapter 11 petitions triggered defaults on substantially all debt obligations of the Debtor and as a result, the Company's senior secured notes and convertible senior subordinated notes have been accelerated and are due and payable. Under Section 362 of the Bankruptcy Code, actions to collect pre-petition indebtedness, as well as most other pending litigation, are stayed. Absent an order of the Bankruptcy Court, substantially all pre-petition liabilities are subject to settlement under a plan of reorganization approved by the Bankruptcy Court. There can be no assurance that a reorganization plan will be proposed by the Debtor or confirmed by the Bankruptcy Court, or that any such plan will be successfully implemented. | |||||||||
Under the Bankruptcy Code, the Debtor may also assume or reject executory contracts, including lease obligations, subject to the approval of the Bankruptcy Court and certain other conditions. Parties affected by these rejections may file claims with the Bankruptcy Court in accordance with the reorganization process. Due to the stage of the Chapter 11 proceedings, the Company cannot currently estimate or anticipate what impact the rejection and subsequent claims of executory contracts may have in the reorganization process. | |||||||||
On August 9, 2013, the Company filed with the Bankruptcy Court schedules and statements of financial affairs setting forth, among other things, the assets and liabilities of the Debtor as shown by the Company's books and records on the petition date, subject to the assumptions contained in certain notes filed in connection therewith. The schedules and statements of financial affairs are subject to further amendment or modification. On September 13, 2013, the Bankruptcy Court entered an order, which, among other things, established October 31, 2013, as the general bar date for filing claims. Claims by certain governmental authorities must be filed on or prior to December 9, 2013. The claims bar date order was supplemented by a further order on October 24, 2013, extending the bar date to January 31, 2014, solely with respect to personal injury claims related to the Company’s secondary lead recycling facility in Vernon, California. As the ultimate number and amount of the allowed claims is not presently known and, because the distribution to holders of allowed claims will likely be addressed by a plan of reorganization, which has not yet been filed, the ultimate distribution with respect to allowed claims is not presently ascertainable. | |||||||||
At this time, it is not possible to predict the ultimate effect of the Chapter 11 reorganization on our business, various creditors and security holders or when it may be possible to emerge from Chapter 11. The Company believes that under any reorganization plan, the Company's common stock would likely be substantially diluted or canceled in its entirety. Further it is also expected that the Company's senior secured notes and convertible senior subordinated notes will suffer substantial impairment. | |||||||||
Basis of Presentation | |||||||||
The Consolidated Financial Statements are presented in accordance with the requirements of Form 10-Q and consequently do not include all of the disclosures normally required by U.S. generally accepted accounting principles (“GAAP”), or those disclosures normally made in the Company’s annual report on Form 10-K. Accordingly, the reader of this Form 10-Q should refer to the Company’s annual report on Form 10-K for the fiscal year ended March 31, 2013 for further information. | |||||||||
The financial information has been prepared in accordance with the Company’s customary accounting practices. In the Company’s opinion, the accompanying Consolidated Financial Statements include all adjustments of a normal recurring nature necessary for a fair statement of the results of operations, comprehensive income (loss), financial position, and cash flows for the periods presented. This includes accounting and disclosures related to any subsequent events occurring from the balance sheet date through the date the financial statements were issued. | |||||||||
Unless otherwise indicated or unless the context otherwise requires, references to "fiscal year" refer to the period ended March 31 of that year (e.g. "fiscal 2014" refers to the period beginning April 1, 2013 and ending March 31, 2014). | |||||||||
The Consolidated Financial Statements have been prepared in accordance with GAAP for entities in Chapter 11 reorganization and on a going concern basis. This contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. Accordingly, the Consolidated Financial Statements do not include any adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. | |||||||||
However, as a result of the Chapter 11 proceedings, the realization of assets and satisfaction of liabilities, without substantial adjustments to amounts and/or changes in ownership, are subject to uncertainty. Given this uncertainty, there is substantial doubt about our ability to continue as a going concern. | |||||||||
The ability of the Company to continue as a going concern is predicated upon, among other things, the confirmation of a reorganization plan, compliance with the provisions of the DIP Credit Facility, the ability of the Company to generate cash flows from operations, and where necessary, obtaining financing sources sufficient to satisfy future obligations. As a result of the Chapter 11 filing, and consideration of various strategic alternatives, including possible assets sales, the Company expects that any reorganization plan will likely result in material changes to the carrying amount of assets and liabilities in the Consolidated Financial Statements. | |||||||||
The accompanying Consolidated Financial Statements do not purport to reflect or provide for the consequences of our Chapter 11 proceedings. In particular, the financial statements do not purport to show (i) as to assets, their realizable value on a liquidation basis or their availability to satisfy liabilities; (ii) as to pre-petition liabilities, the amounts that may be allowed for claims or contingencies, or the status and priority thereof; (iii) as to shareowners' equity accounts, the effect of any changes that may be made in the Company's capitalization; or (iv) as to operations, the effect of any changes that may be made to the Company's business. | |||||||||
The financial statements, for periods subsequent to the Chapter 11 filing, have appropriately distinguished transactions and events that are directly associated with the Chapter 11 reorganization from the ongoing operations of the business. Accordingly, certain revenues, expenses (including professional fees), realized gains and losses and provisions for losses that are realized or incurred in the bankruptcy proceedings are recorded in reorganization items, net on the accompanying Consolidated Financial Statements. In addition, pre-petition obligations that may be impacted by the bankruptcy reorganization process have been classified on the Consolidated Balance Sheet as liabilities subject to compromise. These liabilities are reported at the amounts expected to be allowed by the Bankruptcy Court, even if they may be settled for lesser amounts. | |||||||||
Reorganization items included in the Consolidated Financial Statements include costs directly related to the Chapter 11 proceedings, as follows: | |||||||||
Three Months Ended | Six Months Ended | ||||||||
30-Sep-13 | 30-Sep-13 | ||||||||
(In thousands) | |||||||||
Professional fees | $ | 19,407 | $ | 43,246 | |||||
Write off prior debt financing costs/other | — | 12,301 | |||||||
Other direct costs | — | 3,399 | |||||||
$ | 19,407 | $ | 58,946 | ||||||
The amounts of the various liabilities that are subject to compromise are set forth below. These amounts represent the Company's estimate of known or potential pre-petition claims to be resolved in connection with the Chapter 11 proceedings. Such claims remain subject to future adjustments, which may result from: (i) negotiations; (ii) actions of the Bankruptcy Court; (iii) disputed claims; (iv) rejection of executory contracts and unexpired leases; (v) the determination as to the value of any collateral securing claims; (vi) proofs of claim; or (vii) other events. Such future adjustments may be material. Liabilities subject to compromise include the following: | |||||||||
30-Sep-13 | |||||||||
(In thousands) | |||||||||
Debt | $ | 730,324 | |||||||
Accrued interest | 37,357 | ||||||||
Accounts payable | 83,428 | ||||||||
Retirement obligations | 75,980 | ||||||||
Restructuring reserve | 8,935 | ||||||||
Other accrued liabilities | 28,201 | ||||||||
$ | 964,225 | ||||||||
While operating as a debtor-in-possession under Chapter 11 of the Bankruptcy Code, the Debtor may sell or otherwise dispose of or liquidate assets or settle liabilities, subject to the approval of the Bankruptcy Court or otherwise as permitted in the ordinary course of business, in amounts other than those reflected in the Consolidated Financial Statements. Moreover, a plan of reorganization could materially change the amounts and classifications in the historical Consolidated Financial Statements. |
Debtor_Financial_Statements
Debtor Financial Statements | 6 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||
DEBTOR FINANCIAL STATEMENTS | ' | ||||||||
DEBTOR FINANCIAL STATEMENTS | |||||||||
The financial statements below represent the financial statements of the Debtor only. The financial statements reflect the results of operations, financial position and cash flows of the Debtor, including certain amounts and activities between Debtor and non-Debtor subsidiaries of the Company, which are eliminated in the Consolidated Financial Statements. | |||||||||
Debtors' Statements of Operations | |||||||||
Three Months Ended | Six Months Ended | ||||||||
September 30, 2013 | September 30, 2013 | ||||||||
(In thousands) | |||||||||
Net sales | $ | 296,236 | $ | 583,830 | |||||
Cost of sales | 255,152 | 517,920 | |||||||
Gross profit | 41,084 | 65,910 | |||||||
Selling and administrative expenses | 38,200 | 78,706 | |||||||
Restructuring and impairments, net | 2,298 | 9,931 | |||||||
Operating income (loss) | 586 | (22,727 | ) | ||||||
Other income, net | (5,771 | ) | (28,688 | ) | |||||
Loss in net earnings of subsidiaries | 2,093 | 33,410 | |||||||
Interest expense, net | 26,028 | 44,175 | |||||||
Loss before reorganization items, net | (21,764 | ) | (71,624 | ) | |||||
Reorganization items, net | 18,397 | 57,465 | |||||||
Loss before income taxes | (40,161 | ) | (129,089 | ) | |||||
Income tax provision | 14 | 2,221 | |||||||
Net loss attributable to Debtor | $ | (40,175 | ) | $ | (131,310 | ) | |||
Debtors' Balance Sheet | |||||||||
September 30, 2013 | |||||||||
(In thousands) | |||||||||
ASSETS | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 33,347 | |||||||
Accounts receivable, net | 136,538 | ||||||||
Non-Debtor receivables | 53,610 | ||||||||
Inventories | 207,820 | ||||||||
Prepaid expenses and other current assets | 49,597 | ||||||||
Total current assets | 480,912 | ||||||||
Property, plant and equipment, net | 236,917 | ||||||||
Other assets: | |||||||||
Investments in non-Debtor subsidiaries | 403,645 | ||||||||
Non-Debtor loans | 258,660 | ||||||||
Other noncurrent assets | 108,061 | ||||||||
Total other assets | 770,366 | ||||||||
Total assets | $ | 1,488,195 | |||||||
LIABILITIES AND DEBTORS' EQUITY | |||||||||
Current liabilities: | |||||||||
Current maturities of long-term debt | $ | 284,625 | |||||||
Accounts payable and accrued expenses | 111,457 | ||||||||
Total current liabilities | 396,082 | ||||||||
Other noncurrent liabilities | 85,277 | ||||||||
Liabilities not subject to compromise | 481,359 | ||||||||
Liabilities subject to compromise | 964,225 | ||||||||
DEBTORS' EQUITY | |||||||||
Total Debtors' equity | 42,611 | ||||||||
Total liabilities and Debtors' equity | $ | 1,488,195 | |||||||
Debtors' Statements of Cash Flows | |||||||||
Six Months Ended | |||||||||
September 30, 2013 | |||||||||
(In thousands) | |||||||||
Cash Flows From Operating Activities: | |||||||||
Net cash used in operating activities | $ | (217,406 | ) | ||||||
Cash Flows From Investing Activities: | |||||||||
Capital expenditures | (14,410 | ) | |||||||
Proceeds from asset sales | 12 | ||||||||
Net cash used in investing activities | (14,398 | ) | |||||||
Cash Flows From Financing Activities: | |||||||||
Increase in other debt | 267,207 | ||||||||
Financing fees and other | (28,475 | ) | |||||||
Net cash provided by financing activities | 238,732 | ||||||||
Net increase in cash and cash equivalents | 6,928 | ||||||||
Cash and cash equivalents, beginning of period | 26,419 | ||||||||
Cash and cash equivalents, end of period | $ | 33,347 | |||||||
Stockholders_Equity
Stockholders' Equity | 6 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | ' | ||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||
The stockholders’ equity accounts for both the Company and noncontrolling interests consisted of the following: | |||||||||||||||||||||||||
Common | Additional | Accumulated | Accumulated | Noncontrolling | Total | ||||||||||||||||||||
Stock | Paid-in | Deficit | Other | Interests | Stockholders’ | ||||||||||||||||||||
Capital | Comprehensive | Equity | |||||||||||||||||||||||
Income | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance at March 31, 2013 | $ | 793 | $ | 1,139,030 | $ | (939,312 | ) | $ | (47,439 | ) | $ | 860 | $ | 153,932 | |||||||||||
Net income (loss) | — | — | (131,310 | ) | — | 121 | (131,189 | ) | |||||||||||||||||
Defined benefit plans, net | — | — | — | (418 | ) | — | (418 | ) | |||||||||||||||||
Translation adjustment | — | — | — | 19,554 | — | 19,554 | |||||||||||||||||||
Common stock issuance/other | (2 | ) | 3 | — | 1 | 7,040 | 7,042 | ||||||||||||||||||
Stock compensation | — | 1,711 | — | — | — | 1,711 | |||||||||||||||||||
Balance at September 30, 2013 | $ | 791 | $ | 1,140,744 | $ | (1,070,622 | ) | $ | (28,302 | ) | $ | 8,021 | $ | 50,632 | |||||||||||
The accumulated other comprehensive income loss, net of tax, for both the Company and the noncontrolling interests consisted of the following: | |||||||||||||||||||||||||
Benefit Plans | Currency Translation | Total | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance at March 31, 2013 | $ | (83,662 | ) | $ | 36,223 | $ | (47,439 | ) | |||||||||||||||||
Other comprehensive income before reclassifications | (417 | ) | 19,554 | 19,137 | |||||||||||||||||||||
Balance at September 30, 2013 | $ | (84,079 | ) | $ | 55,777 | $ | (28,302 | ) | |||||||||||||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 6 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | ' | ||||||||||||||||||||||||
GOODWILL AND INTANGIBLES, NET | |||||||||||||||||||||||||
Goodwill and intangible assets consisted of the following: | |||||||||||||||||||||||||
Goodwill | Trademarks | Trademarks | Customer | Technology | Total | ||||||||||||||||||||
(not subject to | and | and | Relationships | ||||||||||||||||||||||
amortization) | Tradenames | Tradenames | |||||||||||||||||||||||
(not subject to | |||||||||||||||||||||||||
amortization) | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
As of September 30, 2013: | |||||||||||||||||||||||||
Gross amount | $ | 880 | $ | 61,132 | $ | 13,905 | $ | 107,252 | $ | 25,843 | $ | 209,012 | |||||||||||||
Accumulated amortization | — | — | (10,341 | ) | (41,824 | ) | (12,038 | ) | (64,203 | ) | |||||||||||||||
$ | 880 | $ | 61,132 | $ | 3,564 | $ | 65,428 | $ | 13,805 | $ | 144,809 | ||||||||||||||
As of March 31, 2013: | |||||||||||||||||||||||||
Gross amount | $ | 1,014 | $ | 60,105 | $ | 13,671 | $ | 104,534 | $ | 25,411 | $ | 204,735 | |||||||||||||
Accumulated amortization | — | — | (9,627 | ) | (38,591 | ) | (11,207 | ) | (59,425 | ) | |||||||||||||||
$ | 1,014 | $ | 60,105 | $ | 4,044 | $ | 65,943 | $ | 14,204 | $ | 145,310 | ||||||||||||||
Amortization of finite-lived intangible assets for the six months ended September 30, 2013 and 2012 was $3.4 million and $3.5 million, respectively. Excluding the impact of any future acquisitions, the Company anticipates annual amortization of intangible assets for each of the next five years will be approximately $6.7 million. Intangible assets have been recorded at the legal entity level and are subject to foreign currency fluctuation. |
Inventories
Inventories | 6 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
INVENTORIES | ' | ||||||||
INVENTORIES | |||||||||
Inventories, valued using the first-in, first-out (“FIFO”) method, consisted of the following: | |||||||||
30-Sep-13 | March 31, 2013 | ||||||||
(In thousands) | |||||||||
Raw materials | $ | 104,125 | $ | 89,925 | |||||
Work-in-process | 134,034 | 106,194 | |||||||
Finished goods | 272,965 | 292,102 | |||||||
$ | 511,124 | $ | 488,221 | ||||||
Other_Noncurrent_Assets
Other Noncurrent Assets | 6 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ||||||||
OTHER NONCURRENT ASSETS | ' | ||||||||
OTHER NONCURRENT ASSETS | |||||||||
Other noncurrent assets consisted of the following: | |||||||||
30-Sep-13 | March 31, 2013 | ||||||||
(In thousands) | |||||||||
Deposits (a) | $ | 4,144 | $ | 3,885 | |||||
Deferred financing costs | 28,575 | 16,080 | |||||||
Investment in affiliates | 517 | 1,877 | |||||||
Capitalized software, net | 3,494 | 3,993 | |||||||
Retirement plans | 22,187 | 17,655 | |||||||
Other | 9,482 | 7,559 | |||||||
$ | 68,399 | $ | 51,049 | ||||||
(a) | Deposits principally represent amounts held by beneficiaries as cash collateral for the Company’s contingent obligations with respect to certain environmental matters, workers' compensation insurance, and operating lease commitments. |
Debt
Debt | 6 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
DEBT | ' | ||||||||
DEBT | |||||||||
At September 30, 2013 and March 31, 2013, short-term borrowings of $6.6 million and $22.0 million, respectively, consisted of borrowings under various operating lines of credit and working capital facilities maintained by certain of the Company’s non-U.S. subsidiaries. | |||||||||
Certain of these borrowings are collateralized by receivables, inventories and/or property. These borrowing facilities are typically for one-year renewable terms and generally bear interest at current local market rates plus up to one percent per annum. The weighted average interest rate on short-term borrowings was approximately 5.5% at September 30, 2013 and March 31, 2013. | |||||||||
Total long-term debt consisted of the following: | |||||||||
30-Sep-13 | March 31, 2013 | ||||||||
(In thousands) | |||||||||
DIP Credit Facility | $ | 284,625 | $ | — | |||||
8 5/8% Senior Secured Notes due 2018 (a) | — | 675,000 | |||||||
Floating Rate Convertible Senior Subordinated Notes due 2013 (a) | — | 55,750 | |||||||
Other, including capital lease obligations and other loans at interest rates generally ranging up to 6.2% due in installments through 2018 | 20,272 | 20,457 | |||||||
304,897 | 751,207 | ||||||||
Fair value adjustments on hedged debt | — | 2,788 | |||||||
Total | 304,897 | 753,995 | |||||||
Less-current maturities | 286,349 | 60,131 | |||||||
Total long-term debt | $ | 18,548 | $ | 693,864 | |||||
(a) The pre-petition debt of the Debtor was reclassified to liabilities subject to compromise. | |||||||||
Total debt, including short-term borrowings, at September 30, 2013 and March 31, 2013 was $311.5 million and $776.0 million, respectively. | |||||||||
In connection with the Chapter 11 Case, the Bankruptcy Court has approved the DIP Credit Facility on the terms set forth in the DIP Credit Agreement. The DIP Credit Agreement provides for senior secured super-priority Debtor-in-Possession financing facilities in an aggregate amount of up to $500.0 million, consisting of a $225.0 million senior secured asset-based revolving credit facility (the "ABL revolving credit facility"), subject to a borrowing base, and a $275.0 million "last out" term loan facility. Effective July 12, 2013, the DIP Credit Agreement was amended and restated to provide a $25.0 million swingline facility sub-limit, as well as the creation of two separate tranches in the $225.0 million revolver facility: (i) a $110.0 million facility under which only advances denominated in U.S. Dollars can be drawn; and (ii) a $115.0 million facility under which advances denominated in U.S. Dollars or Euros can be drawn. | |||||||||
Effective July 24, 2013, the DIP Credit Agreement was amended to permit an increase the quarterly maximum capital expenditure limits of $25.0 million by $2.5 million should the preceding quarter’s EBITDA exceed 110% of the DIP budget, with the rolling four quarter maximum capital expenditures increased to $90 million for the four quarters ending after March 31, 2014. Effective October 9, 2013, a second amendment provided additional flexibility to the Company with regard to certain non-core asset transactions, and further clarifies certain terms of the Amended DIP Credit Agreement. The amendment revised the definition of "Permitted Liens" to permit contractual encumbrances in connection with certain permitted dispositions under the Amended DIP Credit Agreement. The amendment further changed the definition of "Total Adjusted Operating Cash Flow" to exclude the effect of Frisco Escrow Account receipts from "Total Adjusted Operating Cash Flow." | |||||||||
The maturity date of the loans made under the DIP Credit Agreement is the earliest to occur: (i) the date occurring 16 months following the closing date; (ii) the effective date of the Debtor plan of reorganization; and (iii) the acceleration of such loans. The revolving loans bear interest at the rate of LIBOR plus 3.25% and the term loan bears interest at a rate of 9.0%. The obligations of the Borrowers under the DIP Credit Agreement are unconditionally guaranteed by certain material foreign subsidiaries. In addition, the U.S. Borrower unconditionally guarantees the obligations of the Foreign Borrower. Subject to certain exceptions, the obligations of the Borrowers and the guarantors under the DIP Credit Agreement and the other loan documents are secured by first priority liens on specified assets of the Borrowers and the foreign guarantors and 100.0% pledge of the equity interests of certain of the Borrowers' direct and indirect subsidiaries. The DIP Credit Agreement requires the Borrowers to comply with financial covenants as defined by the agreement relating to minimum liquidity, maximum capital expenditures, cumulative total adjusted operating cash flow, minimum cumulative EBITDA and minimum twelve-month trailing EBITDA. | |||||||||
Events of default under the DIP Credit Agreement include, among others, failure to pay any principal, interest or other amount due under the applicable credit agreement, breach of specific covenants and a change of control of the Company. Upon an event of default, the requisite lenders may declare the outstanding obligations under the DIP Credit Agreement to be immediately due and payable and exercise other rights and remedies provided for thereunder. |
Interest_Expense_Net
Interest Expense, Net | 6 Months Ended |
Sep. 30, 2013 | |
Interest Expense [Abstract] | ' |
INTEREST EXPENSE, NET | ' |
INTEREST EXPENSE, NET | |
Interest income is netted against interest expense. Such interest income amounted to $0.1 million for the three months ended September 30, 2013 compared to $0.2 million for the three months ended September 30, 2012 and $0.4 million for the six months ended September 30, 2013 compared to $0.5 million for the six months ended September 30, 2012. |
Other_Income_Expense_Net
Other (Income) Expense, Net | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Other (Income) Expense, Net [Abstract] | ' | ||||||||||||||||
OTHER (INCOME) EXPENSE, NET | ' | ||||||||||||||||
OTHER (INCOME) EXPENSE, NET | |||||||||||||||||
Other (income) expense net consisted of: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
Currency remeasurement (gain) loss (a) | $ | (6,944 | ) | $ | (939 | ) | $ | (1,334 | ) | $ | 252 | ||||||
Other | (563 | ) | — | (1,008 | ) | 45 | |||||||||||
$ | (7,507 | ) | $ | (939 | ) | $ | (2,342 | ) | $ | 297 | |||||||
(a) | The currency remeasurement loss relates primarily to intercompany loans to foreign subsidiaries denominated in Euros, the Australian dollar, and various other foreign currencies. |
Employee_Benefits
Employee Benefits | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
EMPLOYEE BENEFITS | ' | ||||||||||||||||
EMPLOYEE BENEFITS | |||||||||||||||||
The components of the Company’s net periodic pension and other post-retirement benefit costs are as follows: | |||||||||||||||||
Pension Benefits | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||
Service cost | $ | 557 | $ | 598 | $ | 1,113 | $ | 1,173 | |||||||||
Interest cost | 7,096 | 7,386 | 14,171 | 14,689 | |||||||||||||
Expected return on plan assets | (7,536 | ) | (7,250 | ) | (15,060 | ) | (14,369 | ) | |||||||||
Amortization of: | |||||||||||||||||
Prior service cost | 16 | 15 | 32 | 30 | |||||||||||||
Actuarial loss | 779 | 505 | 1,559 | 1,004 | |||||||||||||
Net periodic benefit cost | $ | 912 | $ | 1,254 | $ | 1,815 | $ | 2,527 | |||||||||
Other Post-Retirement Benefits | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
30-Sep-13 | 30-Sep-12 | September 30, 2013 | September 30, 2012 | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||
Service cost | $ | 191 | $ | 176 | $ | 384 | $ | 346 | |||||||||
Interest cost | 247 | 262 | 495 | 521 | |||||||||||||
Amortization of: | |||||||||||||||||
Prior service cost | (123 | ) | (122 | ) | (245 | ) | (245 | ) | |||||||||
Actuarial loss | 169 | 161 | 339 | 320 | |||||||||||||
Net periodic benefit cost | $ | 484 | $ | 477 | $ | 973 | $ | 942 | |||||||||
The fiscal 2014 pension plan and other post-retirement plan contributions are estimated to be $14.8 million and $1.9 million, respectively. The Company has funded $8.7 million during the six months ended September 30, 2013. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES | |
Claims Reconciliation | |
On April 15, 2002, the “2002 Petition Date”, Exide Technologies, together with certain of its subsidiaries (the “2002 Debtors”), filed voluntary petitions for reorganization under Chapter 11 of the federal bankruptcy laws (“Bankruptcy Code” or “Chapter 11”) in the United States Bankruptcy Court for the District of Delaware (the "Previous Cases" and the "2002 Bankruptcy Court"). The 2002 Debtors, along with the Official Committee of Unsecured Creditors in the Previous Cases, filed a Joint Plan of Reorganization (the “2002 Plan”) with the Bankruptcy Court on February 27, 2004 and, on April 21, 2004, the Bankruptcy Court confirmed the 2002 Plan. | |
Under the 2002 Plan, holders of general unsecured claims were eligible to receive collectively 2.5 million shares of common stock and warrants to purchase up to approximately 6.7 million shares of common stock at $29.84 per share. Approximately 13.4% of such common stock and warrants were initially reserved for distribution for disputed claims. | |
As general unsecured claims have been allowed in the Previous Cases, the Company has distributed approximately one share of common stock per $383.00 in allowed claim amount. These rates were established based upon the assumption that the common stock allocated to holders of general unsecured claims on the effective date, including the reserve established for disputed claims, would be fully distributed so that the recovery rates for all allowed unsecured claims would comply with the 2002 Plan without the need for any redistribution or supplemental issuance of securities. | |
Currently, there is one claim remaining open in the Previous Cases that has not been settled, adjudicated or otherwise resolved. In addition, there is a pending adversary proceeding in which a settlement agreement to allow a general unsecured, non-priority claim has been approved by the 2002 Bankruptcy Court, but is awaiting final approval from a state court to become effective. In the event that the general unsecured claims made against the 2002 Debtors in the Previous Cases were settled, adjudicated or otherwise resolved on a final basis for an aggregate amount so that all of the shares of common stock held in reserve were not distributed, the 2002 Plan required such shares to be redistributed on a pro rata basis to the holders of such allowed general unsecured claims. Because of the filing of In re Exide Technologies, Case No. 13-11482, it is not certain whether any more shares of common stock will be distributed to the few remaining unsecured creditors who have not yet received a distribution in the Previous Cases or whether surplus shares, if any, of common stock, held in the distribution reserve will be distributed to the holders of allowed general unsecured claims in the Previous Cases. | |
Private Party Lawsuits and other Legal Proceedings | |
In 2003, the Company served notices in the U.S. Bankruptcy Court for the District of Delaware to reject certain contracts with EnerSys, which the Company contended were executory, including a 1991 Trademark and Trade Name License Agreement (the “Trademark License”), pursuant to which the Company had licensed to EnerSys use of the “Exide” trademark on certain industrial battery products in the United States and 80 foreign countries. EnerSys objected to the rejection of certain of those contracts, including the Trademark License. In 2006, the Bankruptcy Court granted the Company's request to reject certain of the contracts, including the Trademark License. EnerSys appealed those rulings. On June 1, 2010, the Third Circuit Court of Appeals reversed the Bankruptcy Court ruling, and remanded to the lower courts, holding that certain of the contracts, including the Trademark License, were not executory contracts and, therefore, were not subject to rejection. On August 27, 2010, acting on the Third Circuit's mandate, the Bankruptcy Court vacated its prior orders and denied the Company's motion to reject the contracts on the grounds that the agreements are not executory. On September 20, 2010, the Company filed a complaint in the Bankruptcy Court seeking a declaratory judgment that EnerSys did not have enforceable rights under the Trademark License under Bankruptcy Code provisions which the Company believed were relevant to non-executory contracts. EnerSys filed a motion to dismiss that complaint, which the Bankruptcy Court granted on January 8, 2013. | |
On June 7, 2013, EnerSys Delaware Inc., f/k/a EnerSys, Inc. filed suit against the Company in the Court of Chancery for the State of Delaware seeking an accounting and restitution for alleged benefits received by the Company and alleged losses incurred by EnerSys allegedly as the result of the granting by the Bankruptcy Court in 2006 of an Order which allowed the Company to reject the Trademark License and use the licensed "Exide" trademark for Industrial battery products and the Bankruptcy Court's subsequent August 2010 Order - vacating the 2006 Order and denying the Company's request to reject the Trademark License. On June 10, 2013, the Company filed a voluntary petition for reorganization pursuant to Chapter 11 of the U.S. Bankruptcy Code in the District of Delaware, and the suit filed by EnerSys Delaware Inc. was automatically stayed pursuant to Section 362(a)(1) of the Bankruptcy Code. | |
On April 15, 2013, David M. Loritz filed a purported class action lawsuit against the Company, James R. Bolch, Phillip A. Damaska, R. Paul Hirt, Jr., and Michael Ostermann alleging violations of certain federal securities laws. On May 3, 2013, Trevor Knopf filed a nearly identical complaint against the same named defendants in the same court. These cases were filed in the United States District Court for the Central District of California purportedly on behalf of purchasers of the Company's stock between February 9, 2012 and April 3, 2013. On June 4, 2013, James Cassella and Sandra Weitsman filed a substantially similar action in the same court, purportedly on behalf of those who purchased the Company's stock between June 1, 2011 and April 24, 2013, against the Company, Messrs. Bolch, Damaska, Hirt and Lou Martinez. On July 9, 2013, Judge Stephen V. Wilson consolidated these cases under the Loritz v. Exide Technologies, Inc. caption, lead docket number 2:13-02607-SVW-E, and appointed Sandra Weitsman and James Cassella Lead Plaintiffs of the putative class of former Exide stockholders. Judge Wilson ordered Lead Plaintiffs to file their consolidated amended complaint on or before August 23, 2013. On July 17, 2013, Lead Plaintiffs voluntarily dismissed their claims against the Company, without prejudice to re-file at a future date. Lead Plaintiffs have indicated that they intend to pursue their claims against the individual defendants during the pendency of Exide's bankruptcy and may seek to reinstate their claims against the Company when it emerges from bankruptcy. | |
On September 6, 2013, pursuant to an order extending the previous deadline, Lead Plaintiffs filed their Consolidated Amended Complaint, naming as defendants Messrs. James R. Bolch, Phillip A. Damaska, R. Paul Hirt, Jr., Louis E. Martinez, John P. Reilly, Herbert F. Aspbury, Michael R. D’Appolonia, David S. Ferguson, John O’Higgins and Dominic J. Pilleggi. In the Consolidated Amended Complaint Lead Plaintiffs purport to state claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of purchasers of the Company’s stock during the period June 1, 2011 and May 24, 2013. In addition, Lead Plaintiffs purport to state claims under Sections 10(b) and 20(a) of the Securities Exchange Act and Sections 11 and 15 of the Securities Act of 1933 on behalf of purchasers of the Company’s senior secured notes during the period August 8, 2011 through May 24, 2013. Lead Plaintiffs allege that certain public statements made by the Company and its officers during these periods were materially false and misleading. The Consolidated Amended Complaint does not specify an amount of damages sought. Defendants deny all allegations against them and intend to vigorously pursue their defense. Defendants have moved to dismiss all claims against them and briefing on their motion is expected to be complete before December 31, 2013. Discovery is currently stayed pursuant to the discovery-stay provisions of the Private Securities Litigation Reform Act of 1995. | |
Environmental Matters | |
As a result of its multinational manufacturing, distribution and, recycling operations, the Company is subject to numerous federal, state, and local environmental, occupational health, and safety laws and regulations, as well as similar laws and regulations in other countries in which the Company operates (collectively, “EH&S laws”). | |
The Company is exposed to liabilities under such EH&S laws arising from its past handling, release, storage, and disposal of materials now designated as hazardous substances and hazardous wastes. The Company previously has received notification from the EPA, equivalent state and local agencies or others alleging or indicating that the Company is or may be responsible for performing and/or investigating environmental remediation, or seeking the repayment of the costs spent by governmental entities or others performing investigations and/or remediation at certain U.S. sites under the Comprehensive Environmental Response, Compensation and Liability Act or similar state laws. | |
The Company monitors and responds to inquiries from the EPA, equivalent state and local agencies and others at approximately 50 federally defined Superfund or state equivalent sites. While the ultimate outcome of the environmental matters described in this paragraph is uncertain due to several factors, including the number of other parties that may also be responsible, the scope of investigation performed at such sites and the remediation alternatives pursued by such federal and equivalent state and local agencies, the Company presently believes any liability for these matters, individually and in the aggregate, will not have a material adverse effect on the Company’s financial condition, cash flows or results of operations. | |
The Company is also involved in the assessment and remediation of various other properties, including certain currently and formerly owned or operating facilities. Such assessment and remedial work is being conducted pursuant to applicable EH&S laws with varying degrees of involvement by appropriate regulatory authorities. In addition, certain environmental matters concerning the Company are pending in various courts or with certain environmental regulatory agencies with respect to these currently or formerly owned or operating locations. While the ultimate outcome of the environmental matters described in this paragraph is uncertain, the Company presently believes the resolution of these known environmental matters, individually and in the aggregate, will not have a material adverse effect on the Company’s financial condition, cash flows or results of operations. | |
The Company has established liabilities for on-site and off-site environmental remediation costs where such costs are probable and reasonably estimable and believes that such liabilities are adequate. As of September 30, 2013 and March 31, 2013, the amount of such liabilities on the Company’s Consolidated Balance Sheets was approximately $25.5 million and $25.4 million, respectively. Because environmental liabilities are not accrued until a liability is determined to be probable and reasonably estimable, not all potential future environmental liabilities have been included in the Company’s environmental liabilities. Therefore, changes in estimates or future findings could have a material adverse effect on the Company’s financial condition, cash flows, or results of operations. | |
On April 12, 2013, the Company was served with a notification of violation and 60 day intent to sue regarding the Company's Vernon, California facility from the California Communities Against Toxics (CCAT). CCAT alleges the Company violated the warning requirement of the State of California's Proposition 65, the Safe Drinking Water and Toxic Enforcement Act, regarding alleged community exposure to the chemical, 1,3-butadiene. | |
On May 28, 2013, the Company was served with a Notice of Intent to Sue by CCAT pursuant to the federal Resource Conservation and Recovery Act's ("RCRA") citizens suit provision at 42 USC Section 6972, alleging that the Company has created an imminent and substantial endangerment to health and the environment in and around the Company's Vernon, California facility. | |
On April 25, 2013, Zach Hernandez filed a purported class action lawsuit in the California Superior Court for the County of Los Angeles against the Company and Does 1-100 seeking damages and medical monitoring for an alleged class consisting of all Los Angeles County residents who allegedly have sustained physical or neurological injury or toxic exposure allegedly as the result of the release of allegedly hazardous waste or chemicals from the Company's facility located in Vernon, California. On June 10, 2013, the Company filed a voluntary petition for reorganization pursuant to Chapter 11 of the U.S. Bankruptcy Code in the District of Delaware, and the case is stayed. | |
On October 18, 2013, the South Coast Air Quality Management District (SCAQMD) filed a petition seeking the suspension of operations at the Vernon facility until further air emission reduction efforts are implemented. The Company is contesting the SCAQMD's petition and a hearing is tentatively scheduled to begin in mid-December 2013 and then continue in 2014. If the Company is unable to prevail and is subsequently forced to suspend operations at the Vernon facility, the Company will need to find alternative sources of lead to ensure adequate supply of this critical raw material component in its products while it evaluates appropriate measures to meet the SCAQMD's demand. If the Company is unable to find such sources of lead, if it procures such sources of lead at significantly higher cost, or further risk reduction efforts which could require significant capital expenditures, such circumstances could result in a material adverse effect on the Company's results of operations and cash flows. | |
The sites that currently have the largest reserves include the following: | |
Tampa, Florida | |
The Tampa site is a former secondary lead recycling plant, lead oxide production facility, and sheet lead-rolling mill that operated from 1943 to 1989. Under a RCRA Part B Closure Permit and a Consent Decree with the State of Florida, Exide is required to investigate and remediate certain historic environmental impacts to the site. Cost estimates for remediation (closure and post-closure) are expected to range from $13.0 million to $20.0 million depending on final State of Florida requirements. The remediation activities are expected to occur over the course of several years. | |
Columbus, Georgia | |
The Columbus site is a former secondary lead recycling plant that was taken out of service in 1999, but remains part of a larger facility that includes an operating lead-acid battery manufacturing facility. Groundwater remediation activities began in 1988. Costs for supplemental investigations, remediation and site closure are currently estimated at $6.0 million to $8.5 million. | |
Asset Sale Contract | |
In June 2012, the Company announced an agreement to sell approximately 180 acres of undeveloped land surrounding the Company’s Frisco, Texas recycling facility. The Company believes the sale, which is subject to certain pre-closing actions, will provide cash proceeds, after deducting closure related costs, of approximately $25.0 million to $30.0 million. The buyer has fully funded an escrow account with the purchase price, a portion of which is currently available to the Company for certain demolition and remediation activities related to the parcel of property being sold. At the request of regulators and others, the Company will allow interested parties to provide input on pre-closure remedial activities, which may include one or more notice and comment periods. Accordingly, the Company currently believes that the cash proceeds will be received in fiscal 2015. Under the Company's indenture for the senior secured notes, these proceeds were required to be invested in future U.S. capital expenditures or toward the repurchase of any senior secured notes outstanding. Under the DIP Credit Agreement, these proceeds will be used to repay outstanding borrowings under the ABL revolving credit facility. In connection with resolution of objections by the City of Frisco and the Texas Commission on Environmental Quality to the Company's efforts to obtain final approval of the DIP Credit Agreement, the Company agreed to set aside $5.0 million of the purchase price into a separate account to fund any required remedial activities related to the parcel of the Frisco property retained by the Company. Any unused funds following completion of remediation of the retained property will be returned to the Company. The Company believes the transaction will have a net favorable impact on pre-tax results, which the Company currently expects to record upon finalizing the closing activities and receiving the cash proceeds net of any amounts held in escrow as described above. | |
Guarantees | |
At September 30, 2013, the Company had outstanding letters of credit with a face value of $54.8 million and surety bonds with a face value of $56.8 million. The majority of the letters of credit and surety bonds have been issued as collateral or financial assurance with respect to certain liabilities that the Company has recorded, including but not limited to environmental remediation obligations and self-insured workers’ compensation reserves. Failure of the Company to satisfy its obligations with respect to the primary obligations secured by the letters of credit or surety bonds could entitle the beneficiary of the related letter of credit or surety bond to demand payments pursuant to such instruments. The letters of credit generally have terms up to one year. Collateral held by the surety in the form of letters of credit at September 30, 2013, pursuant to the terms of the various surety agreements, was $54.5 million. | |
Certain of the Company’s European and Asia Pacific subsidiaries have bank guarantees outstanding as collateral or financial assurance in connection with environmental obligations, income tax claims and customer contract requirements. At September 30, 2013, bank guarantees with an aggregate face value of $17.8 million were outstanding. |
Income_Taxes
Income Taxes | 6 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
The effective tax rate for the six months ended September 30, 2013 and 2012 is (2.6)% and (390.1)%, respectively. The effective tax rate for the six months ended September 30, 2013 includes the recognition of taxes on income and losses in almost all of the Company's jurisdictions with the exception of the United States, Spain and the United Kingdom, on which full valuation allowances are recorded. | |
Valuation allowances have been recognized in the U.S. and certain foreign tax jurisdictions to reduce the deferred tax assets for loss carry-forwards and deductible temporary differences for which it is more likely than not that the tax benefits associated with those assets will not be realized. In other jurisdictions (primarily France and Germany), the Company's net deferred tax assets include loss carry-forwards and deductible temporary differences which management believes are realizable through future taxable income. Each quarter, the Company reviews the need to report the future realization of tax benefits of deductible temporary differences or loss carry-forwards on its financial statements. All available evidence is considered to determine whether a valuation allowance should be established against these future tax benefits or previously established valuation allowances should be released. This review is performed on a jurisdiction by jurisdiction basis. As global market conditions and the Company's financial results in certain jurisdictions change, the continued release and establishment of related valuation allowances may occur. | |
The Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The Company is no longer subject to U.S. federal income tax examinations by tax authorities for years ended before March 31, 2010. | |
With respect to state and local jurisdictions and countries outside of the United States, with limited exceptions, the Company and its subsidiaries are no longer subject to income tax audits for years ended before March 31, 2007. Although the outcome of tax audits is always uncertain, the Company believes that adequate amounts of tax, interest and penalties have been provided for any adjustments that could result from these years. | |
The Company's unrecognized tax benefits increased from $35.0 million to $36.6 million during the six months ended September 30, 2013 due to the effects of foreign currency translation. The amount, if recognized, that would affect the Company's effective tax rate at September 30, 2013 is $31.1 million. | |
The Company classifies interest and penalties on uncertain tax benefits as income tax expense. At both September 30, 2013 and March 31, 2013, before any tax benefits, the Company had $1.2 million of accrued interest and penalties on unrecognized tax benefits. | |
During the next twelve months, the Company does not expect the resolution of any tax audits which could potentially reduce unrecognized tax benefits by a material amount. However, expiration of the statute of limitations for a tax year in which the Company has recorded an uncertain tax benefit will occur in the next twelve months. The removal of this uncertain tax benefit would affect the Company's forecasted annual effective tax rate by $0.9 million. |
Restructuring_and_Impairments_
Restructuring and Impairments, Net | 6 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||||||
RESTRUCTURING AND IMPAIRMENTS, NET | ' | ||||||||||||||||||||
RESTRUCTURING AND IMPAIRMENTS, NET | |||||||||||||||||||||
During the six months ended September 30, 2013, the Company has continued to implement operational changes to streamline and rationalize its structure in an effort to simplify the organization and eliminate redundant and/or unnecessary costs. | |||||||||||||||||||||
Summarized restructuring reserve activity and impairment expense are as follows: | |||||||||||||||||||||
Severance | Closure Costs | Total | Gain on Asset Sales / Impairments, net | Total | |||||||||||||||||
Costs | Restructuring | Restructuring / | |||||||||||||||||||
Impairments, net | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance at March 31, 2013 | $ | 6,050 | $ | 3,576 | $ | 9,626 | |||||||||||||||
Expenses | 8,143 | 6,768 | 14,911 | $ | (3,586 | ) | $ | 11,325 | |||||||||||||
Payments and currency translation | (7,162 | ) | (2,045 | ) | (9,207 | ) | |||||||||||||||
7,031 | 8,299 | 15,330 | |||||||||||||||||||
Reclassify to Liabilities Subject to Compromise | (8,935 | ) | |||||||||||||||||||
Balance at September 30, 2013 | $ | 6,395 | |||||||||||||||||||
Remaining restructuring expenditures principally represent: (i) severance and related benefits payable per employment agreements and/or regulatory requirements; (ii) lease and contractual commitments for certain closed facilities, branches and offices, as well as leases for excess and permanently idled equipment payable in accordance with contractual terms; and (iii) certain other closure costs including dismantlement and costs associated with removal obligations incurred in connection with the exit of facilities. | |||||||||||||||||||||
Summarized restructuring and impairments, by segment, are as follows: | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
30-Sep-13 | 30-Sep-12 | September 30, 2013 | September 30, 2012 | ||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||
Transportation Americas | $ | 1,941 | $ | 138 | $ | 9,280 | $ | 138 | |||||||||||||
Transportation Europe & ROW | (2,207 | ) | 241 | (2,284 | ) | 155 | |||||||||||||||
Industrial Energy Americas | 63 | 360 | 156 | 408 | |||||||||||||||||
Industrial Energy Europe & ROW | 2,589 | 369 | 3,659 | (37 | ) | ||||||||||||||||
Unallocated corporate | 215 | — | 514 | (40 | ) | ||||||||||||||||
$ | 2,601 | $ | 1,108 | $ | 11,325 | $ | 624 | ||||||||||||||
Loss_Per_Share
Loss Per Share | 6 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Earnings Per Share [Abstract] | ' | ||||||
EARNINGS (LOSS) PER SHARE | ' | ||||||
LOSS PER SHARE | |||||||
The Company computes basic loss per share by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per share is computed by dividing net loss, after adding back the after-tax amount of interest recognized in the period associated with the Company’s Floating Rate Convertible Senior Subordinated Notes, by diluted weighted average shares outstanding, if dilutive. For the three and six months ended September 30, 2013 and 2012, market rates were below the level at which interest payments for these notes are required. | |||||||
Potentially dilutive shares include the assumed exercise of stock options and the assumed vesting of restricted stock and stock unit awards (using the treasury stock method) as well as the assumed conversion of the convertible debt, if dilutive (using the if-converted method). | |||||||
Due to a net loss for the three and six months ended September 30, 2013 and 2012, certain potentially dilutive shares were excluded from the diluted loss per share calculation because their effect would be antidilutive. Potentially dilutive shares consisted of the following: | |||||||
September 30, 2013 | September 30, 2012 | ||||||
(In thousands) | |||||||
Shares associated with convertible debt (assumed conversion) | 3,697 | 3,697 | |||||
Employee stock options | 1,651 | 2,872 | |||||
Restricted stock awards (non-vested) | 469 | 1,799 | |||||
Total shares excluded | 5,817 | 8,368 | |||||
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||
The Company uses available market information and other methodologies believed to be appropriate to estimate the fair value of its financial instruments. Considerable judgment is required in interpreting market data to develop these estimates. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. Certain of these financial instruments are with major financial institutions and expose the Company to market and credit risks and may at times be concentrated with certain counterparties or groups of counterparties. The creditworthiness of counterparties is continually reviewed, and full performance is currently anticipated. | |||||||||||||||||
The Company’s cash and cash equivalents, accounts receivable, accounts payable, and short-term borrowings all have carrying amounts that are a reasonable estimate of their fair values. The carrying values and estimated fair values of the Company’s long-term obligations and other financial instruments are as follows: | |||||||||||||||||
30-Sep-13 | March 31, 2013 | ||||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
(Liability) Asset: | |||||||||||||||||
Senior Secured Notes (a) | $ | (675,000 | ) | $ | (488,531 | ) | $ | (675,000 | ) | $ | (580,500 | ) | |||||
Convertible Senior Subordinated Notes (a) | (51,900 | ) | (8,434 | ) | (55,750 | ) | (52,864 | ) | |||||||||
Foreign Currency Forwards (b) | — | — | 25 | 25 | |||||||||||||
Commodity Swaps (b) | — | — | 141 | 141 | |||||||||||||
(a) | Classified as liabilities subject to compromise | ||||||||||||||||
(b) | These financial instruments are required to be measured at fair value, and are based on inputs as described in the three-tier hierarchy that prioritizes inputs used in measuring fair value as of the reported date: | ||||||||||||||||
• | Level 1 | – | Observable inputs such as quoted prices in active markets for identical assets and liabilities; | ||||||||||||||
• | Level 2 | – | Inputs other than quoted prices in active markets that are observable either directly or indirectly; and | ||||||||||||||
• | Level 3 | – | Inputs from valuation techniques in which one or more key value drivers are not observable, and must be based on the reporting entity’s own assumptions. | ||||||||||||||
At September 30, 2013, the Company had no financial instruments to be measured at fair value. The following table represents the Company’s financial instruments that are measured at fair value on a recurring basis, and the basis for that measurement: | |||||||||||||||||
Total | Quoted Price in | Significant | Significant | ||||||||||||||
Fair Value | Active Markets | Other | Unobservable | ||||||||||||||
Measurement | for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
(In thousands) | |||||||||||||||||
March 31, 2013: | |||||||||||||||||
(Liability) Asset: | |||||||||||||||||
Foreign currency forwards | $ | 25 | $ | — | $ | 25 | $ | — | |||||||||
Commodity Swaps | 141 | — | 141 | — | |||||||||||||
The Company uses a market approach to determine the fair values of all of its derivative instruments subject to recurring fair value measurements. The fair value of each financial instrument was determined based upon observable forward prices for the related underlying financial index or commodity price, and each has been classified as Level 2 based on the nature of the underlying markets in which those derivatives are traded. |
Segment_Information
Segment Information | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
SEGMENT INFORMATION | ' | ||||||||||||||||
SEGMENT INFORMATION | |||||||||||||||||
The Company reports its results in four business segments: Transportation Americas; Transportation Europe and Rest of World (“ROW”); Industrial Energy Americas; and Industrial Energy Europe and ROW. The Company is a global producer and recycler of lead-acid batteries. The Company’s four business segments provide a comprehensive range of stored electrical energy products and services for transportation and industrial applications. | |||||||||||||||||
Transportation markets include original-equipment and aftermarket batteries for cars, trucks, off-road vehicles, agricultural and construction vehicles, motorcycles, recreational vehicles, marine, and other applications. Industrial markets include batteries for motive power and network power applications. Motive power batteries are used in the materials handling industry for electric forklift trucks, and in other industries, including floor cleaning machinery, powered wheelchairs, railroad locomotives, mining and the electric road vehicles market. Network power batteries are used for backup power for use with telecommunications systems, computer installations, hospitals, air traffic control, security systems, utility, railway and military applications. | |||||||||||||||||
The Company’s four reportable segments are determined based upon the nature of the markets served and the geographic regions in which they operate. The Company’s chief operating decision-maker monitors and manages the financial performance of these four business groups. Costs of certain shared services and other corporate costs are not allocated or charged to the business groups. | |||||||||||||||||
Selected financial information concerning the Company’s reportable segments is as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | ||||||||||||||
(In thousands) | |||||||||||||||||
Net sales | |||||||||||||||||
Transportation Americas | $ | 185,233 | $ | 213,038 | $ | 375,445 | $ | 428,179 | |||||||||
Transportation Europe & ROW | 219,732 | 211,120 | 406,169 | 405,263 | |||||||||||||
Industrial Energy Americas | 104,741 | 98,862 | 206,358 | 185,550 | |||||||||||||
Industrial Energy Europe & ROW | 188,096 | 188,672 | 392,072 | 386,138 | |||||||||||||
$ | 697,802 | $ | 711,692 | $ | 1,380,044 | $ | 1,405,130 | ||||||||||
Operating income (loss) | |||||||||||||||||
Transportation Americas | $ | (5,119 | ) | $ | (5,593 | ) | $ | (21,064 | ) | $ | (15,011 | ) | |||||
Transportation Europe & ROW | 4,498 | 4,976 | (29 | ) | 8,998 | ||||||||||||
Industrial Energy Americas | 13,074 | 7,105 | 17,700 | 13,517 | |||||||||||||
Industrial Energy Europe & ROW | 4,172 | 8,599 | 10,250 | 14,788 | |||||||||||||
Unallocated corporate expenses | (8,585 | ) | (7,143 | ) | (14,948 | ) | (13,778 | ) | |||||||||
8,040 | 7,944 | (8,091 | ) | 8,514 | |||||||||||||
Less: restructuring and impairments, net (a) | 2,601 | 1,108 | 11,325 | 624 | |||||||||||||
Total operating income (loss) | $ | 5,439 | $ | 6,836 | $ | (19,416 | ) | $ | 7,890 | ||||||||
Depreciation and Amortization | |||||||||||||||||
Transportation Americas | $ | 6,180 | $ | 6,860 | $ | 13,160 | $ | 13,923 | |||||||||
Transportation Europe & ROW | 4,978 | 4,492 | 10,201 | 9,299 | |||||||||||||
Industrial Energy Americas | 2,884 | 2,590 | 5,863 | 5,271 | |||||||||||||
Industrial Energy Europe & ROW | 4,186 | 4,329 | 8,531 | 8,788 | |||||||||||||
Unallocated corporate expenses | 1,208 | 1,260 | 2,172 | 2,161 | |||||||||||||
$ | 19,436 | $ | 19,531 | $ | 39,927 | $ | 39,442 | ||||||||||
Capital expenditures | |||||||||||||||||
Transportation Americas | $ | 7,599 | $ | 11,059 | $ | 12,985 | $ | 20,021 | |||||||||
Transportation Europe & ROW | 5,239 | 7,869 | 15,996 | 15,984 | |||||||||||||
Industrial Energy Americas | 406 | 3,014 | 1,392 | 5,988 | |||||||||||||
Industrial Energy Europe & ROW | 2,014 | 3,011 | 3,598 | 4,640 | |||||||||||||
Unallocated corporate expenses | 1,478 | 582 | 2,297 | 2,988 | |||||||||||||
$ | 16,736 | $ | 25,535 | $ | 36,268 | $ | 49,621 | ||||||||||
(a) | See Note 13 for detail by segment. |
Related_Party_Transactions_Not
Related Party Transactions (Notes) | 6 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
RELATED PARTY TRANSACTIONS | |
Robert M. Caruso, our President and Chief Executive Officer, and Ed Mosley, our Vice President and Chief Restructuring Officer are employed by Alvarez & Marsal North America, LLC (“Alvarez & Marsal” or “A&M”) as Managing Director and Senior Director, respectively. Alvarez & Marsal has been retained by the Company in connection with our Chapter 11 restructuring. Mr. Caruso, who has been associated with Alvarez & Marsal since 2006, remains a Managing Director of Alvarez & Marsal while serving as our President and Chief Executive Officer. Mr. Mosley has been with Alvarez & Marsal since 2008, and remains a Senior Director of Alvarez & Marsal while serving as our Chief Restructuring Officer. In addition, Mr. Caruso holds a minority equity interest in Alvarez & Marsal’s parent company which indirectly entitles him to a share of Alvarez & Marsal’s profits. | |
Pursuant to an Agreement dated June 9, 2013, as amended by a Letter Agreement dated July 25, 2013 between the Company and Alvarez & Marsal (the “Services Agreement”), we have retained Alvarez & Marsal in connection with our Chapter 11 restructuring. Under the Services Agreement, the Company is charged monthly fees for the services of Mr. Caruso and Mr. Mosley and hourly fees for the services of other temporary personnel of Alvarez & Marsal and its affiliates who are providing services to the Company (in an officer capacity or otherwise) and such temporary personnel (including Mr. Caruso and Mr. Mosley) are compensated by Alvarez & Marsal independently pursuant to their arrangements with Alvarez & Marsal. The Services Agreement also provides for payment of a one-time success fee to Alvarez & Marsal as a result of our emergence from Chapter 11. The amount of the success fee could be up to $1.75 million, at the discretion of the Board of Directors and subject to approval by the U.S. Bankruptcy Court. Fees and expenses we incurred under the Services Agreement amounted to $7.8 million for the three months ended September 30, 2013 and $11.5 million for the six months ended September 30, 2013. | |
We understand from Mr. Caruso and Mr. Mosley that they do not and will not, as applicable, directly receive a portion of the fees paid by the Company to Alvarez & Marsal in respect of their hourly fees, the overall fee, the success fee or any other fees relating to any other aspect of the Company’s engagement of Alvarez & Marsal. However, Mr. Caruso and Mr. Mosley may be entitled to discretionary bonuses at the end of each A&M fiscal year which may, similar to other professional services firms, take into account revenues and expenses related to matters on which they have worked or managed. A&M has disclosed that the ultimate amount of Messrs. Caruso’s and Mosley’s compensation, which has not yet been determined, will depend on a number of factors related to, among other things, their performance as employees, their contribution to the revenue generating activities (including but not limited to the engagement for the Company) and A&M’s overall financial results. |
Proceedings_Under_Chapter_11_o1
Proceedings Under Chapter 11 of The Bankruptcy Code (Tables) | 6 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Reorganizations [Abstract] | ' | ||||||||
Reorganization Items, Consolidated Financial Statements | ' | ||||||||
Reorganization items included in the Consolidated Financial Statements include costs directly related to the Chapter 11 proceedings, as follows: | |||||||||
Three Months Ended | Six Months Ended | ||||||||
30-Sep-13 | 30-Sep-13 | ||||||||
(In thousands) | |||||||||
Professional fees | $ | 19,407 | $ | 43,246 | |||||
Write off prior debt financing costs/other | — | 12,301 | |||||||
Other direct costs | — | 3,399 | |||||||
$ | 19,407 | $ | 58,946 | ||||||
Liabilities Subject to Comprise | ' | ||||||||
Liabilities subject to compromise include the following: | |||||||||
30-Sep-13 | |||||||||
(In thousands) | |||||||||
Debt | $ | 730,324 | |||||||
Accrued interest | 37,357 | ||||||||
Accounts payable | 83,428 | ||||||||
Retirement obligations | 75,980 | ||||||||
Restructuring reserve | 8,935 | ||||||||
Other accrued liabilities | 28,201 | ||||||||
$ | 964,225 | ||||||||
Debtor_Financial_Statements_Ta
Debtor Financial Statements (Tables) | 6 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||
Schedule of Condensed Income Statement | ' | ||||||||
Debtors' Statements of Operations | |||||||||
Three Months Ended | Six Months Ended | ||||||||
September 30, 2013 | September 30, 2013 | ||||||||
(In thousands) | |||||||||
Net sales | $ | 296,236 | $ | 583,830 | |||||
Cost of sales | 255,152 | 517,920 | |||||||
Gross profit | 41,084 | 65,910 | |||||||
Selling and administrative expenses | 38,200 | 78,706 | |||||||
Restructuring and impairments, net | 2,298 | 9,931 | |||||||
Operating income (loss) | 586 | (22,727 | ) | ||||||
Other income, net | (5,771 | ) | (28,688 | ) | |||||
Loss in net earnings of subsidiaries | 2,093 | 33,410 | |||||||
Interest expense, net | 26,028 | 44,175 | |||||||
Loss before reorganization items, net | (21,764 | ) | (71,624 | ) | |||||
Reorganization items, net | 18,397 | 57,465 | |||||||
Loss before income taxes | (40,161 | ) | (129,089 | ) | |||||
Income tax provision | 14 | 2,221 | |||||||
Net loss attributable to Debtor | $ | (40,175 | ) | $ | (131,310 | ) | |||
Schedule of Condensed Balance Sheet | ' | ||||||||
Debtors' Balance Sheet | |||||||||
September 30, 2013 | |||||||||
(In thousands) | |||||||||
ASSETS | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 33,347 | |||||||
Accounts receivable, net | 136,538 | ||||||||
Non-Debtor receivables | 53,610 | ||||||||
Inventories | 207,820 | ||||||||
Prepaid expenses and other current assets | 49,597 | ||||||||
Total current assets | 480,912 | ||||||||
Property, plant and equipment, net | 236,917 | ||||||||
Other assets: | |||||||||
Investments in non-Debtor subsidiaries | 403,645 | ||||||||
Non-Debtor loans | 258,660 | ||||||||
Other noncurrent assets | 108,061 | ||||||||
Total other assets | 770,366 | ||||||||
Total assets | $ | 1,488,195 | |||||||
LIABILITIES AND DEBTORS' EQUITY | |||||||||
Current liabilities: | |||||||||
Current maturities of long-term debt | $ | 284,625 | |||||||
Accounts payable and accrued expenses | 111,457 | ||||||||
Total current liabilities | 396,082 | ||||||||
Other noncurrent liabilities | 85,277 | ||||||||
Liabilities not subject to compromise | 481,359 | ||||||||
Liabilities subject to compromise | 964,225 | ||||||||
DEBTORS' EQUITY | |||||||||
Total Debtors' equity | 42,611 | ||||||||
Total liabilities and Debtors' equity | $ | 1,488,195 | |||||||
Schedule of Condensed Cash Flow Statement | ' | ||||||||
Six Months Ended | |||||||||
September 30, 2013 | |||||||||
(In thousands) | |||||||||
Cash Flows From Operating Activities: | |||||||||
Net cash used in operating activities | $ | (217,406 | ) | ||||||
Cash Flows From Investing Activities: | |||||||||
Capital expenditures | (14,410 | ) | |||||||
Proceeds from asset sales | 12 | ||||||||
Net cash used in investing activities | (14,398 | ) | |||||||
Cash Flows From Financing Activities: | |||||||||
Increase in other debt | 267,207 | ||||||||
Financing fees and other | (28,475 | ) | |||||||
Net cash provided by financing activities | 238,732 | ||||||||
Net increase in cash and cash equivalents | 6,928 | ||||||||
Cash and cash equivalents, beginning of period | 26,419 | ||||||||
Cash and cash equivalents, end of period | $ | 33,347 | |||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Components of Stockholder's equity | ' | ||||||||||||||||||||||||
The stockholders’ equity accounts for both the Company and noncontrolling interests consisted of the following: | |||||||||||||||||||||||||
Common | Additional | Accumulated | Accumulated | Noncontrolling | Total | ||||||||||||||||||||
Stock | Paid-in | Deficit | Other | Interests | Stockholders’ | ||||||||||||||||||||
Capital | Comprehensive | Equity | |||||||||||||||||||||||
Income | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance at March 31, 2013 | $ | 793 | $ | 1,139,030 | $ | (939,312 | ) | $ | (47,439 | ) | $ | 860 | $ | 153,932 | |||||||||||
Net income (loss) | — | — | (131,310 | ) | — | 121 | (131,189 | ) | |||||||||||||||||
Defined benefit plans, net | — | — | — | (418 | ) | — | (418 | ) | |||||||||||||||||
Translation adjustment | — | — | — | 19,554 | — | 19,554 | |||||||||||||||||||
Common stock issuance/other | (2 | ) | 3 | — | 1 | 7,040 | 7,042 | ||||||||||||||||||
Stock compensation | — | 1,711 | — | — | — | 1,711 | |||||||||||||||||||
Balance at September 30, 2013 | $ | 791 | $ | 1,140,744 | $ | (1,070,622 | ) | $ | (28,302 | ) | $ | 8,021 | $ | 50,632 | |||||||||||
Accumulated other comprehensive income (loss) | ' | ||||||||||||||||||||||||
The accumulated other comprehensive income loss, net of tax, for both the Company and the noncontrolling interests consisted of the following: | |||||||||||||||||||||||||
Benefit Plans | Currency Translation | Total | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance at March 31, 2013 | $ | (83,662 | ) | $ | 36,223 | $ | (47,439 | ) | |||||||||||||||||
Other comprehensive income before reclassifications | (417 | ) | 19,554 | 19,137 | |||||||||||||||||||||
Balance at September 30, 2013 | $ | (84,079 | ) | $ | 55,777 | $ | (28,302 | ) | |||||||||||||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Summary of Goodwill and intangible assets | ' | ||||||||||||||||||||||||
Goodwill and intangible assets consisted of the following: | |||||||||||||||||||||||||
Goodwill | Trademarks | Trademarks | Customer | Technology | Total | ||||||||||||||||||||
(not subject to | and | and | Relationships | ||||||||||||||||||||||
amortization) | Tradenames | Tradenames | |||||||||||||||||||||||
(not subject to | |||||||||||||||||||||||||
amortization) | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
As of September 30, 2013: | |||||||||||||||||||||||||
Gross amount | $ | 880 | $ | 61,132 | $ | 13,905 | $ | 107,252 | $ | 25,843 | $ | 209,012 | |||||||||||||
Accumulated amortization | — | — | (10,341 | ) | (41,824 | ) | (12,038 | ) | (64,203 | ) | |||||||||||||||
$ | 880 | $ | 61,132 | $ | 3,564 | $ | 65,428 | $ | 13,805 | $ | 144,809 | ||||||||||||||
As of March 31, 2013: | |||||||||||||||||||||||||
Gross amount | $ | 1,014 | $ | 60,105 | $ | 13,671 | $ | 104,534 | $ | 25,411 | $ | 204,735 | |||||||||||||
Accumulated amortization | — | — | (9,627 | ) | (38,591 | ) | (11,207 | ) | (59,425 | ) | |||||||||||||||
$ | 1,014 | $ | 60,105 | $ | 4,044 | $ | 65,943 | $ | 14,204 | $ | 145,310 | ||||||||||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Components of Inventories, valued using the first-in, first-out (FIFO) method | ' | ||||||||
Inventories, valued using the first-in, first-out (“FIFO”) method, consisted of the following: | |||||||||
30-Sep-13 | March 31, 2013 | ||||||||
(In thousands) | |||||||||
Raw materials | $ | 104,125 | $ | 89,925 | |||||
Work-in-process | 134,034 | 106,194 | |||||||
Finished goods | 272,965 | 292,102 | |||||||
$ | 511,124 | $ | 488,221 | ||||||
Other_Noncurrent_Assets_Tables
Other Noncurrent Assets (Tables) | 6 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ||||||||
Other noncurrent assets | ' | ||||||||
Other noncurrent assets consisted of the following: | |||||||||
30-Sep-13 | March 31, 2013 | ||||||||
(In thousands) | |||||||||
Deposits (a) | $ | 4,144 | $ | 3,885 | |||||
Deferred financing costs | 28,575 | 16,080 | |||||||
Investment in affiliates | 517 | 1,877 | |||||||
Capitalized software, net | 3,494 | 3,993 | |||||||
Retirement plans | 22,187 | 17,655 | |||||||
Other | 9,482 | 7,559 | |||||||
$ | 68,399 | $ | 51,049 | ||||||
(a) | Deposits principally represent amounts held by beneficiaries as cash collateral for the Company’s contingent obligations with respect to certain environmental matters, workers' compensation insurance, and operating lease commitments. |
Debt_Tables
Debt (Tables) | 6 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Total long-term debt | ' | ||||||||
Total long-term debt consisted of the following: | |||||||||
30-Sep-13 | March 31, 2013 | ||||||||
(In thousands) | |||||||||
DIP Credit Facility | $ | 284,625 | $ | — | |||||
8 5/8% Senior Secured Notes due 2018 (a) | — | 675,000 | |||||||
Floating Rate Convertible Senior Subordinated Notes due 2013 (a) | — | 55,750 | |||||||
Other, including capital lease obligations and other loans at interest rates generally ranging up to 6.2% due in installments through 2018 | 20,272 | 20,457 | |||||||
304,897 | 751,207 | ||||||||
Fair value adjustments on hedged debt | — | 2,788 | |||||||
Total | 304,897 | 753,995 | |||||||
Less-current maturities | 286,349 | 60,131 | |||||||
Total long-term debt | $ | 18,548 | $ | 693,864 | |||||
(a) The pre-petition debt of the Debtor was reclassified to liabilities subject to compromise. | |||||||||
Total debt, including short-term borrowings, at September 30, 2013 and March 31, 2013 was $311.5 million and $776.0 million, respectively. |
Other_Income_Expense_Net_Table
Other (Income) Expense, Net (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Other (Income) Expense, Net [Abstract] | ' | ||||||||||||||||
Components of other (income) expense, net | ' | ||||||||||||||||
Other (income) expense net consisted of: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
Currency remeasurement (gain) loss (a) | $ | (6,944 | ) | $ | (939 | ) | $ | (1,334 | ) | $ | 252 | ||||||
Other | (563 | ) | — | (1,008 | ) | 45 | |||||||||||
$ | (7,507 | ) | $ | (939 | ) | $ | (2,342 | ) | $ | 297 | |||||||
(a) | The currency remeasurement loss relates primarily to intercompany loans to foreign subsidiaries denominated in Euros, the Australian dollar, and various other foreign currencies. |
Employee_Benefits_Tables
Employee Benefits (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Components of the Company's net periodic pension and other post-retirement benefit costs | ' | ||||||||||||||||
The components of the Company’s net periodic pension and other post-retirement benefit costs are as follows: | |||||||||||||||||
Pension Benefits | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||
Service cost | $ | 557 | $ | 598 | $ | 1,113 | $ | 1,173 | |||||||||
Interest cost | 7,096 | 7,386 | 14,171 | 14,689 | |||||||||||||
Expected return on plan assets | (7,536 | ) | (7,250 | ) | (15,060 | ) | (14,369 | ) | |||||||||
Amortization of: | |||||||||||||||||
Prior service cost | 16 | 15 | 32 | 30 | |||||||||||||
Actuarial loss | 779 | 505 | 1,559 | 1,004 | |||||||||||||
Net periodic benefit cost | $ | 912 | $ | 1,254 | $ | 1,815 | $ | 2,527 | |||||||||
Other Post-Retirement Benefits | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
30-Sep-13 | 30-Sep-12 | September 30, 2013 | September 30, 2012 | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||
Service cost | $ | 191 | $ | 176 | $ | 384 | $ | 346 | |||||||||
Interest cost | 247 | 262 | 495 | 521 | |||||||||||||
Amortization of: | |||||||||||||||||
Prior service cost | (123 | ) | (122 | ) | (245 | ) | (245 | ) | |||||||||
Actuarial loss | 169 | 161 | 339 | 320 | |||||||||||||
Net periodic benefit cost | $ | 484 | $ | 477 | $ | 973 | $ | 942 | |||||||||
Restructuring_and_Impairments_1
Restructuring and Impairments, Net (Tables) | 6 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||||||
Summarized restructuring reserve and asset impairment activity | ' | ||||||||||||||||||||
Summarized restructuring reserve activity and impairment expense are as follows: | |||||||||||||||||||||
Severance | Closure Costs | Total | Gain on Asset Sales / Impairments, net | Total | |||||||||||||||||
Costs | Restructuring | Restructuring / | |||||||||||||||||||
Impairments, net | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance at March 31, 2013 | $ | 6,050 | $ | 3,576 | $ | 9,626 | |||||||||||||||
Expenses | 8,143 | 6,768 | 14,911 | $ | (3,586 | ) | $ | 11,325 | |||||||||||||
Payments and currency translation | (7,162 | ) | (2,045 | ) | (9,207 | ) | |||||||||||||||
7,031 | 8,299 | 15,330 | |||||||||||||||||||
Reclassify to Liabilities Subject to Compromise | (8,935 | ) | |||||||||||||||||||
Balance at September 30, 2013 | $ | 6,395 | |||||||||||||||||||
Summarized restructuring and asset impairment expenses by segment | ' | ||||||||||||||||||||
Summarized restructuring and impairments, by segment, are as follows: | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
30-Sep-13 | 30-Sep-12 | September 30, 2013 | September 30, 2012 | ||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||
Transportation Americas | $ | 1,941 | $ | 138 | $ | 9,280 | $ | 138 | |||||||||||||
Transportation Europe & ROW | (2,207 | ) | 241 | (2,284 | ) | 155 | |||||||||||||||
Industrial Energy Americas | 63 | 360 | 156 | 408 | |||||||||||||||||
Industrial Energy Europe & ROW | 2,589 | 369 | 3,659 | (37 | ) | ||||||||||||||||
Unallocated corporate | 215 | — | 514 | (40 | ) | ||||||||||||||||
$ | 2,601 | $ | 1,108 | $ | 11,325 | $ | 624 | ||||||||||||||
Loss_Per_Share_Tables
Loss Per Share (Tables) | 6 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Earnings Per Share [Abstract] | ' | ||||||
Dilutive shares excluded from diluted loss per share calculation | ' | ||||||
Due to a net loss for the three and six months ended September 30, 2013 and 2012, certain potentially dilutive shares were excluded from the diluted loss per share calculation because their effect would be antidilutive. Potentially dilutive shares consisted of the following: | |||||||
September 30, 2013 | September 30, 2012 | ||||||
(In thousands) | |||||||
Shares associated with convertible debt (assumed conversion) | 3,697 | 3,697 | |||||
Employee stock options | 1,651 | 2,872 | |||||
Restricted stock awards (non-vested) | 469 | 1,799 | |||||
Total shares excluded | 5,817 | 8,368 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Carrying values and estimated fair values of the Company's long-term obligations and other financial instruments | ' | ||||||||||||||||
The carrying values and estimated fair values of the Company’s long-term obligations and other financial instruments are as follows: | |||||||||||||||||
30-Sep-13 | March 31, 2013 | ||||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
(Liability) Asset: | |||||||||||||||||
Senior Secured Notes (a) | $ | (675,000 | ) | $ | (488,531 | ) | $ | (675,000 | ) | $ | (580,500 | ) | |||||
Convertible Senior Subordinated Notes (a) | (51,900 | ) | (8,434 | ) | (55,750 | ) | (52,864 | ) | |||||||||
Foreign Currency Forwards (b) | — | — | 25 | 25 | |||||||||||||
Commodity Swaps (b) | — | — | 141 | 141 | |||||||||||||
(a) | Classified as liabilities subject to compromise | ||||||||||||||||
(b) | These financial instruments are required to be measured at fair value, and are based on inputs as described in the three-tier hierarchy that prioritizes inputs used in measuring fair value as of the reported date: | ||||||||||||||||
• | Level 1 | – | Observable inputs such as quoted prices in active markets for identical assets and liabilities; | ||||||||||||||
• | Level 2 | – | Inputs other than quoted prices in active markets that are observable either directly or indirectly; and | ||||||||||||||
• | Level 3 | – | Inputs from valuation techniques in which one or more key value drivers are not observable, and must be based on the reporting entity’s own assumptions. | ||||||||||||||
Financial instruments that are measured at fair value on a recurring basis | ' | ||||||||||||||||
The following table represents the Company’s financial instruments that are measured at fair value on a recurring basis, and the basis for that measurement: | |||||||||||||||||
Total | Quoted Price in | Significant | Significant | ||||||||||||||
Fair Value | Active Markets | Other | Unobservable | ||||||||||||||
Measurement | for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
(In thousands) | |||||||||||||||||
March 31, 2013: | |||||||||||||||||
(Liability) Asset: | |||||||||||||||||
Foreign currency forwards | $ | 25 | $ | — | $ | 25 | $ | — | |||||||||
Commodity Swaps | 141 | — | 141 | — | |||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Financial information concerning the Company's reportable segments | ' | ||||||||||||||||
Selected financial information concerning the Company’s reportable segments is as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | ||||||||||||||
(In thousands) | |||||||||||||||||
Net sales | |||||||||||||||||
Transportation Americas | $ | 185,233 | $ | 213,038 | $ | 375,445 | $ | 428,179 | |||||||||
Transportation Europe & ROW | 219,732 | 211,120 | 406,169 | 405,263 | |||||||||||||
Industrial Energy Americas | 104,741 | 98,862 | 206,358 | 185,550 | |||||||||||||
Industrial Energy Europe & ROW | 188,096 | 188,672 | 392,072 | 386,138 | |||||||||||||
$ | 697,802 | $ | 711,692 | $ | 1,380,044 | $ | 1,405,130 | ||||||||||
Operating income (loss) | |||||||||||||||||
Transportation Americas | $ | (5,119 | ) | $ | (5,593 | ) | $ | (21,064 | ) | $ | (15,011 | ) | |||||
Transportation Europe & ROW | 4,498 | 4,976 | (29 | ) | 8,998 | ||||||||||||
Industrial Energy Americas | 13,074 | 7,105 | 17,700 | 13,517 | |||||||||||||
Industrial Energy Europe & ROW | 4,172 | 8,599 | 10,250 | 14,788 | |||||||||||||
Unallocated corporate expenses | (8,585 | ) | (7,143 | ) | (14,948 | ) | (13,778 | ) | |||||||||
8,040 | 7,944 | (8,091 | ) | 8,514 | |||||||||||||
Less: restructuring and impairments, net (a) | 2,601 | 1,108 | 11,325 | 624 | |||||||||||||
Total operating income (loss) | $ | 5,439 | $ | 6,836 | $ | (19,416 | ) | $ | 7,890 | ||||||||
Depreciation and Amortization | |||||||||||||||||
Transportation Americas | $ | 6,180 | $ | 6,860 | $ | 13,160 | $ | 13,923 | |||||||||
Transportation Europe & ROW | 4,978 | 4,492 | 10,201 | 9,299 | |||||||||||||
Industrial Energy Americas | 2,884 | 2,590 | 5,863 | 5,271 | |||||||||||||
Industrial Energy Europe & ROW | 4,186 | 4,329 | 8,531 | 8,788 | |||||||||||||
Unallocated corporate expenses | 1,208 | 1,260 | 2,172 | 2,161 | |||||||||||||
$ | 19,436 | $ | 19,531 | $ | 39,927 | $ | 39,442 | ||||||||||
Capital expenditures | |||||||||||||||||
Transportation Americas | $ | 7,599 | $ | 11,059 | $ | 12,985 | $ | 20,021 | |||||||||
Transportation Europe & ROW | 5,239 | 7,869 | 15,996 | 15,984 | |||||||||||||
Industrial Energy Americas | 406 | 3,014 | 1,392 | 5,988 | |||||||||||||
Industrial Energy Europe & ROW | 2,014 | 3,011 | 3,598 | 4,640 | |||||||||||||
Unallocated corporate expenses | 1,478 | 582 | 2,297 | 2,988 | |||||||||||||
$ | 16,736 | $ | 25,535 | $ | 36,268 | $ | 49,621 | ||||||||||
(a) | See Note 13 for detail by segment. |
Proceedings_Under_Chapter_11_o2
Proceedings Under Chapter 11 of The Bankruptcy Code - Reorganization Items (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Reorganizations [Abstract] | ' | ' | ' | ' |
Professional fees | $19,407 | ' | $43,246 | ' |
Write off prior debt financing costs/other | 0 | ' | 12,301 | ' |
Other direct costs | 0 | ' | 3,399 | ' |
Reorganization Items | $19,407 | $426 | $58,946 | $801 |
Proceedings_Under_Chapter_11_o3
Proceedings Under Chapter 11 of The Bankruptcy Code - Liabilities Subject to Compromise (Details) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Reorganizations [Abstract] | ' | ' |
Debt | $730,324 | ' |
Accrued interest | 37,357 | ' |
Accounts payable | 83,428 | ' |
Retirement obligations | 75,980 | ' |
Restructuring reserve | 8,935 | ' |
Other accrued liabilities | 28,201 | ' |
Liabilities Subject to Compromise | $964,225 | $0 |
Proceedings_Under_Chapter_11_o4
Proceedings Under Chapter 11 of The Bankruptcy Code - Narrative (Details) (USD $) | Sep. 30, 2013 | Jun. 11, 2013 |
In Millions, unless otherwise specified | ||
Reorganizations [Abstract] | ' | ' |
DIP, amount arranged | $500 | $500 |
Debtor_Financial_Statements_De
Debtor Financial Statements - Debtor Statements of Operations (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Net sales | $697,802 | $711,692 | $1,380,044 | $1,405,130 | ||
Cost of sales | 601,068 | 608,033 | 1,207,271 | 1,207,216 | ||
Gross profit | 96,734 | 103,659 | 172,773 | 197,914 | ||
Selling and administrative expenses | 88,694 | 95,715 | 180,864 | 189,400 | ||
Restructuring and impairments, net | 2,601 | [1] | 1,108 | [1] | 11,325 | 624 |
Operating income (loss) | 5,439 | 6,836 | -19,416 | 7,890 | ||
Other (income) expense, net | -7,507 | -939 | -2,342 | 297 | ||
Interest expense, net | 30,529 | 17,229 | 51,885 | 31,326 | ||
Loss before reorganization items, net | -17,583 | -9,454 | -68,959 | -23,733 | ||
Reorganization items, net | 19,407 | 426 | 58,946 | 801 | ||
Loss before reorganization items, net | -36,990 | -9,880 | -127,905 | -24,534 | ||
Income tax provision | 2,975 | 3,887 | 3,284 | 95,700 | ||
Net loss attributable to Exide Technologies | -40,175 | -13,878 | -131,310 | -120,374 | ||
Parent Company [Member] | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Net sales | 296,236 | ' | 583,830 | ' | ||
Cost of sales | 255,152 | ' | 517,920 | ' | ||
Gross profit | 41,084 | ' | 65,910 | ' | ||
Selling and administrative expenses | 38,200 | ' | 78,706 | ' | ||
Restructuring and impairments, net | 2,298 | ' | 9,931 | ' | ||
Operating income (loss) | 586 | ' | -22,727 | ' | ||
Other (income) expense, net | -5,771 | ' | -28,688 | ' | ||
Loss in net earnings of subsidiaries | 2,093 | ' | 33,410 | ' | ||
Interest expense, net | 26,028 | ' | 44,175 | ' | ||
Loss before reorganization items, net | -21,764 | ' | -71,624 | ' | ||
Reorganization items, net | 18,397 | ' | 57,465 | ' | ||
Loss before reorganization items, net | -40,161 | ' | -129,089 | ' | ||
Income tax provision | 14 | ' | 2,221 | ' | ||
Net loss attributable to Exide Technologies | ($40,175) | ' | ($131,310) | ' | ||
[1] | See Note 13 for detail by segment. |
Debtor_Financial_Statements_De1
Debtor Financial Statements - Debtor Balance Sheets (Details) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2012 | Mar. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $83,444 | $104,289 | $74,281 | $155,368 |
Accounts receivable, net | 523,675 | 504,795 | ' | ' |
Inventories | 511,124 | 488,221 | ' | ' |
Total current assets | 60,684 | 33,316 | ' | ' |
Total current assets | 1,190,150 | 1,142,091 | ' | ' |
Property, plant and equipment, net | 577,121 | 558,115 | ' | ' |
Other noncurrent assets, total | 68,399 | 51,049 | ' | ' |
Total assets | 2,099,983 | 2,004,430 | ' | ' |
Current maturities of long-term debt | 239,552 | 435,736 | ' | ' |
Accounts payable and accrued expenses | 259,081 | 281,432 | ' | ' |
Total current liabilities | 800,109 | 808,037 | ' | ' |
Liabilities | 80,937 | 98,022 | ' | ' |
Liabilities not subject to compromise | 1,085,126 | 1,850,498 | ' | ' |
Liabilities subject to compromise | 964,225 | 0 | ' | ' |
Total Debtors' equity | 50,632 | 153,932 | ' | ' |
Total liabilities and Debtors' equity | 2,099,983 | 2,004,430 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 33,347 | 26,419 | ' | ' |
Accounts receivable, net | 136,538 | ' | ' | ' |
Inventories | 53,610 | ' | ' | ' |
Inventories | 207,820 | ' | ' | ' |
Total current assets | 49,597 | ' | ' | ' |
Total current assets | 480,912 | ' | ' | ' |
Property, plant and equipment, net | 236,917 | ' | ' | ' |
Investments in non-Debtor subsidiaries | 403,645 | ' | ' | ' |
Non-Debtor loans | 258,660 | ' | ' | ' |
Other noncurrent assets, total | 108,061 | ' | ' | ' |
Total other assets | 770,366 | ' | ' | ' |
Total assets | 1,488,195 | ' | ' | ' |
Current maturities of long-term debt | 284,625 | ' | ' | ' |
Accounts payable and accrued expenses | 111,457 | ' | ' | ' |
Total current liabilities | 396,082 | ' | ' | ' |
Liabilities | 85,277 | ' | ' | ' |
Liabilities not subject to compromise | 481,359 | ' | ' | ' |
Liabilities subject to compromise | 964,225 | ' | ' | ' |
Total Debtors' equity | 42,611 | ' | ' | ' |
Total liabilities and Debtors' equity | $1,488,195 | ' | ' | ' |
Debtor_Financial_Statements_De2
Debtor Financial Statements - Debtor Cash Flows (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash used in operating activities | ($222,801) | ($50,330) |
Capital expenditures | -36,268 | -49,621 |
Proceeds from asset sales | 4,085 | 1,084 |
Net cash used in investing activities | -28,612 | -48,537 |
Increase in other debt | 270,915 | -1,928 |
Financing fees and other | -28,475 | 0 |
Net cash provided by financing activities | 230,248 | 18,393 |
Net increase in cash and cash equivalents | -20,845 | -81,087 |
Cash and cash equivalents, beginning of period | 104,289 | 155,368 |
Cash and cash equivalents, end of period | 83,444 | ' |
Parent Company [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash used in operating activities | -217,406 | ' |
Capital expenditures | 14,410 | ' |
Proceeds from asset sales | 0 | ' |
Net cash used in investing activities | 14,398 | ' |
Increase in other debt | -267,207 | ' |
Financing fees and other | 28,475 | ' |
Net cash provided by financing activities | 238,732 | ' |
Net increase in cash and cash equivalents | 6,928 | ' |
Cash and cash equivalents, beginning of period | 26,419 | ' |
Cash and cash equivalents, end of period | $33,347 | ' |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Components of Stockholder's equity | ' | ' | ' | ' |
Beginning Balance | ' | ' | $153,932 | ' |
Net loss | -39,965 | -13,767 | -131,189 | -120,234 |
Defined benefit plans, net | -484 | -325 | -418 | 281 |
Translation adjustment | ' | ' | 19,554 | ' |
Common stock issuance/other | ' | ' | 7,042 | ' |
Stock compensation | ' | ' | 1,711 | ' |
Ending Balance | 50,632 | ' | 50,632 | ' |
Common Stock [Member] | ' | ' | ' | ' |
Components of Stockholder's equity | ' | ' | ' | ' |
Beginning Balance | ' | ' | 793 | ' |
Common stock issuance/other | ' | ' | -2 | ' |
Ending Balance | 791 | ' | 791 | ' |
Additional Paid-in Capital [Member] | ' | ' | ' | ' |
Components of Stockholder's equity | ' | ' | ' | ' |
Beginning Balance | ' | ' | 1,139,030 | ' |
Common stock issuance/other | ' | ' | 3 | ' |
Stock compensation | ' | ' | 1,711 | ' |
Ending Balance | 1,140,744 | ' | 1,140,744 | ' |
Accumulated Deficit [Member] | ' | ' | ' | ' |
Components of Stockholder's equity | ' | ' | ' | ' |
Beginning Balance | ' | ' | -939,312 | ' |
Net loss | ' | ' | -131,310 | ' |
Common stock issuance/other | ' | ' | 0 | ' |
Ending Balance | -1,070,622 | ' | -1,070,622 | ' |
Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Components of Stockholder's equity | ' | ' | ' | ' |
Beginning Balance | ' | ' | -47,439 | ' |
Defined benefit plans, net | ' | ' | -418 | ' |
Translation adjustment | ' | ' | 19,554 | ' |
Common stock issuance/other | ' | ' | 1 | ' |
Ending Balance | -28,302 | ' | -28,302 | ' |
Noncontrolling Interests [Member] | ' | ' | ' | ' |
Components of Stockholder's equity | ' | ' | ' | ' |
Beginning Balance | ' | ' | 860 | ' |
Net loss | ' | ' | 121 | ' |
Common stock issuance/other | ' | ' | 7,040 | ' |
Ending Balance | $8,021 | ' | $8,021 | ' |
Stockholders_Equity_AOCI_Detai
Stockholders' Equity (AOCI) (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Accumulated Comprehensive Income [Roll Forward] | ' |
Beginning Balance | ($47,439) |
Other comprehensive income before reclassifications | 19,137 |
Ending Balance | -28,302 |
Accumulated Defined Benefit Plans Adjustment [Member] | ' |
Accumulated Comprehensive Income [Roll Forward] | ' |
Beginning Balance | -83,662 |
Other comprehensive income before reclassifications | -417 |
Ending Balance | -84,079 |
Accumulated Translation Adjustment [Member] | ' |
Accumulated Comprehensive Income [Roll Forward] | ' |
Beginning Balance | 36,223 |
Other comprehensive income before reclassifications | 19,554 |
Ending Balance | $55,777 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary of Goodwill and intangible assets | ' | ' |
Gross amount, Total | $209,012 | $204,735 |
Accumulated amortization, Total | -64,203 | -59,425 |
Intangibles, Net | 6,700 | ' |
Goodwill and intangible assets, Net Total | 144,809 | 145,310 |
Goodwill (not subject to amortization) [Member] | ' | ' |
Summary of Goodwill and intangible assets | ' | ' |
Goodwill, Gross amount | 880 | 1,014 |
Goodwill, Net | 880 | 1,014 |
Trademarks and Tradenames (not subject to amortization) [Member] | ' | ' |
Summary of Goodwill and intangible assets | ' | ' |
Intangibles, Gross amount | 61,132 | 60,105 |
Intangibles, Net | 61,132 | 60,105 |
Trademarks and Tradenames Subject to Amortization [Member] | ' | ' |
Summary of Goodwill and intangible assets | ' | ' |
Intangibles, Gross amount | 13,905 | 13,671 |
Intangibles, Accumulated amortization | -10,341 | -9,627 |
Intangibles, Net | 3,564 | 4,044 |
Customer Relationships [Member] | ' | ' |
Summary of Goodwill and intangible assets | ' | ' |
Intangibles, Gross amount | 107,252 | 104,534 |
Intangibles, Accumulated amortization | -41,824 | -38,591 |
Intangibles, Net | 65,428 | 65,943 |
Technology [Member] | ' | ' |
Summary of Goodwill and intangible assets | ' | ' |
Intangibles, Gross amount | 25,843 | 25,411 |
Intangibles, Accumulated amortization | -12,038 | -11,207 |
Intangibles, Net | $13,805 | $14,204 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets (Details Textual) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Amortization of intangible assets | $3.40 | $3.50 |
Anticipated amortization of intangible assets | $6.70 | ' |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Components of Inventories, valued using the first-in, first-out (FIFO) method | ' | ' |
Raw materials | $104,125 | $89,925 |
Work-in-process | 134,034 | 106,194 |
Finished goods | 272,965 | 292,102 |
Inventory Net | $511,124 | $488,221 |
Other_Noncurrent_Assets_Detail
Other Noncurrent Assets (Details) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Other noncurrent assets | ' | ' | ||
Deposits | $4,144 | [1] | $3,885 | [1] |
Deferred financing costs | 28,575 | 16,080 | ||
Investment in affiliates | 517 | 1,877 | ||
Capitalized software, net | 3,494 | 3,993 | ||
Retirement plans | 22,187 | 17,655 | ||
Other | 9,482 | 7,559 | ||
Other noncurrent assets, total | $68,399 | $51,049 | ||
[1] | Deposits principally represent amounts held by beneficiaries as cash collateral for the Company’s contingent obligations with respect to certain environmental matters, workers' compensation insurance, and operating lease commitments. |
Debt_Details
Debt (Details) (USD $) | 6 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Mar. 31, 2013 | ||
Total long-term debt | ' | ' | ||
DIP Credit Agreement | $284,625 | $0 | ||
Other, including capital lease obligations and other loans at interest rates generally ranging up to 6.2% due in installments through 2018 | 20,272 | 20,457 | ||
Total debt | 304,897 | 751,207 | ||
Fair value adjustments on hedged debt | 0 | 2,788 | ||
Total | 304,897 | 753,995 | ||
Less-current maturities | -286,349 | -60,131 | ||
Long term debt | 18,548 | 693,864 | ||
Stated interest rate | 6.20% | ' | ||
Basis spread on variable rate | 1.00% | ' | ||
8 5/8% Senior Secured Notes due 2018 [Member] | ' | ' | ||
Total long-term debt | ' | ' | ||
8 5/8% Senior Secured Notes due 2018 | 0 | [1] | 675,000 | [1] |
Stated percentage | 8.63% | ' | ||
Floating Rate Convertible Senior Subordinated Notes due September 2013 [Member] | ' | ' | ||
Total long-term debt | ' | ' | ||
Floating Rate Convertible Senior Subordinated Notes due September 2013 | $0 | [1] | $55,750 | [1] |
[1] | (a) The pre-petition debt of the Debtor was reclassified to liabilities subject to compromise. |
Debt_Narrative_Details
Debt - Narrative (Details) (USD $) | 1 Months Ended | 6 Months Ended | 1 Months Ended | |||||||||
Jun. 30, 2013 | Sep. 30, 2013 | Jun. 11, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 12, 2013 | Jul. 12, 2013 | Jul. 12, 2013 | Jul. 12, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | |
Revolving Credit Facility [Member] | Term Loan [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Revolving Credit Facility [Member] | Revolving Credit Facility, Denominated in US Dollars [Member] | Revolving Credit Facility, Denominated in US Dollars and Euros [Member] | Bridge Loan [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term borrowings | ' | $6,608,000 | ' | $22,017,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Renewable period of borrowing facilities | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate description on borrowings | ' | 'interest at current local market rates plus up to one percent per annum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate on short-term borrowings | ' | 5.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt | ' | 311,500,000 | ' | 776,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
DIP, amount arranged | ' | $500,000,000 | $500,000,000 | ' | $225,000,000 | $275,000,000 | $225,000,000 | $110,000,000 | $115,000,000 | $25,000,000 | ' | ' |
DIP amount arranged, maturity period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '16 months | ' |
DIP amount arranged, basis spread | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% |
DIP amount arranged, stated percentage | ' | ' | ' | ' | ' | 9.00% | ' | ' | ' | ' | ' | ' |
Percentage pledge of equity interests | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trailing EBITDA | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest_Expense_Net_Details
Interest Expense, Net (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest Expense, Net (Textual) [Abstract] | ' | ' | ' | ' |
Interest income included in interest expense, net | $0.10 | $0.20 | $0.40 | $0.50 |
Other_Income_Expense_Net_Detai
Other (Income) Expense Net, (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Components of other expense, net | ' | ' | ' | ' | ||||
Currency remeasurement (gain) loss | ($6,944) | [1] | ($939) | [1] | ($1,334) | [1] | $252 | [1] |
Other | -563 | 0 | -1,008 | 45 | ||||
Other expense, net | ($7,507) | ($939) | ($2,342) | $297 | ||||
[1] | The currency remeasurement loss relates primarily to intercompany loans to foreign subsidiaries denominated in Euros, the Australian dollar, and various other foreign currencies. |
Employee_Benefits_Details
Employee Benefits (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Pension Benefits [Member] | ' | ' | ' | ' |
Components of the Company's net periodic pension and other post-retirement benefit costs | ' | ' | ' | ' |
Service cost | $557 | $598 | $1,113 | $1,173 |
Interest cost | 7,096 | 7,386 | 14,171 | 14,689 |
Expected return on plan assets | -7,536 | -7,250 | -15,060 | -14,369 |
Amortization of: | ' | ' | ' | ' |
Prior service cost | 16 | 15 | 32 | 30 |
Actuarial loss | 779 | 505 | 1,559 | 1,004 |
Net periodic benefit cost | 912 | 1,254 | 1,815 | 2,527 |
Other Post-Retirement Benefits [Member] | ' | ' | ' | ' |
Components of the Company's net periodic pension and other post-retirement benefit costs | ' | ' | ' | ' |
Service cost | 191 | 176 | 384 | 346 |
Interest cost | 247 | 262 | 495 | 521 |
Amortization of: | ' | ' | ' | ' |
Prior service cost | -123 | -122 | -245 | -245 |
Actuarial loss | 169 | 161 | 339 | 320 |
Net periodic benefit cost | $484 | $477 | $973 | $942 |
Employee_Benefits_Details_Text
Employee Benefits (Details Textual) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Employee Benefits (Textual) [Abstract] | ' |
Aggregate payments | $8.70 |
Pension Benefits [Member] | ' |
Employee Benefits (Textual) [Abstract] | ' |
Estimated fiscal 2013 other post-retirement contributions | 14.8 |
Other Post-Retirement Benefits [Member] | ' |
Employee Benefits (Textual) [Abstract] | ' |
Estimated fiscal 2013 other post-retirement contributions | $1.90 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 6 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2012 | Apr. 13, 2013 | Sep. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2012 |
Company | acre | Alleged Community Exposure to Chemical, one, three-Butadiene [Member] | Obligation to Fund Remedial Activities [Member] | Minimum [Member] | Maximum [Member] | ||
Commitments and Contingencies (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' |
General unsecured claims eligible to receive common stock | 2.5 | ' | ' | ' | ' | ' | ' |
Purchase of warrants | 6.7 | ' | ' | ' | ' | ' | ' |
Common stock, price per share | $29.84 | ' | ' | ' | ' | ' | ' |
Percentage of common stock and warrants, reserved for disputed claims | 13.40% | ' | ' | ' | ' | ' | ' |
Common stock claim amount distributed, per share | $383 | ' | ' | ' | ' | ' | ' |
Company licensed to certain industrial battery products in foreign countries | 80 | ' | ' | ' | ' | ' | ' |
Number of federally defined Superfund sites | 50 | ' | ' | ' | ' | ' | ' |
Intended to disclose environmental remediation cost liability | $25.50 | $25.40 | ' | ' | ' | ' | ' |
Notification of Violation to Sue, Period | ' | ' | ' | '60 days | ' | ' | ' |
Expected cost for remediation, Minimum to Tampa, Florida | 13 | ' | ' | ' | ' | ' | ' |
Expected cost for remediation, Maximum to Tampa, Florida | 20 | ' | ' | ' | ' | ' | ' |
Costs for supplemental investigations, remediation and site closure, Minimum to Columbus, Georgia | 6 | ' | ' | ' | ' | ' | ' |
Costs for supplemental investigations, remediation and site closure, Maximum to Columbus, Georgia | 8.5 | ' | ' | ' | ' | ' | ' |
Agreement to sell acres of underdeveloped land | ' | ' | 180 | ' | ' | ' | ' |
Asset sale contract, expected proceeds from sale | ' | ' | ' | ' | ' | 25 | 30 |
Escrow deposit | ' | ' | ' | ' | 5 | ' | ' |
Outstanding letters of credit, face value | 54.8 | ' | ' | ' | ' | ' | ' |
Surety bonds, face value | 56.8 | ' | ' | ' | ' | ' | ' |
Collateral held by the sureties in the form of letters of credit | 54.5 | ' | ' | ' | ' | ' | ' |
Bank guarantees outstanding | $17.80 | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 6 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 |
Income Tax Contingency [Line Items] | ' | ' | ' |
Effective income tax rate | -2.60% | -390.10% | ' |
Unrecognized tax benefits that would impact effective tax rate | $31.10 | ' | ' |
Income tax penalties and interest accrued | 1.2 | ' | 1.2 |
Removal of uncertain tax benefit would affect forecasted annual effective tax | 0.9 | ' | ' |
Minimum [Member] | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Unrecognized tax benefits | 35 | ' | ' |
Maximum [Member] | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Unrecognized tax benefits | $36.60 | ' | ' |
Restructuring_and_Impairments_2
Restructuring and Impairments, Net (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Summarized restructuring reserve and asset impairment activity | ' | ' | ' | ' | ||
Restructuring Reserve, Beginning Balance | ' | ' | $9,626 | ' | ||
Expenses | ' | ' | 14,911 | ' | ||
Payments and Currency Translation | ' | ' | -9,207 | ' | ||
Restructuring reserve before reclassification to liabilities subject to compromise | 15,330 | ' | 15,330 | ' | ||
Reclass to Liabilities Subject to Compromise | ' | ' | -8,935 | ' | ||
Restructuring Reserve, Ending Balance | 6,395 | ' | 6,395 | ' | ||
Impairments | ' | ' | -3,586 | ' | ||
Total Restructuring/Impairments,net | 2,601 | [1] | 1,108 | [1] | 11,325 | 624 |
Severance Costs [Member] | ' | ' | ' | ' | ||
Summarized restructuring reserve and asset impairment activity | ' | ' | ' | ' | ||
Restructuring Reserve, Beginning Balance | ' | ' | 6,050 | ' | ||
Expenses | ' | ' | 8,143 | ' | ||
Payments and Currency Translation | ' | ' | -7,162 | ' | ||
Restructuring Reserve, Ending Balance | 7,031 | ' | 7,031 | ' | ||
Closure Costs [Member] | ' | ' | ' | ' | ||
Summarized restructuring reserve and asset impairment activity | ' | ' | ' | ' | ||
Restructuring Reserve, Beginning Balance | ' | ' | 3,576 | ' | ||
Expenses | ' | ' | 6,768 | ' | ||
Payments and Currency Translation | ' | ' | -2,045 | ' | ||
Restructuring Reserve, Ending Balance | $8,299 | ' | $8,299 | ' | ||
[1] | See Note 13 for detail by segment. |
Restructuring_and_Impairments_3
Restructuring and Impairments, Net (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Summarized restructuring and asset impairment expenses by segment | ' | ' | ' | ' | ||
Total Restructuring/Impairments,net | $2,601 | [1] | $1,108 | [1] | $11,325 | $624 |
Transportation Americas [Member] | ' | ' | ' | ' | ||
Summarized restructuring and asset impairment expenses by segment | ' | ' | ' | ' | ||
Total Restructuring/Impairments,net | 1,941 | 138 | 9,280 | 138 | ||
Transportation Europe and ROW [Member] | ' | ' | ' | ' | ||
Summarized restructuring and asset impairment expenses by segment | ' | ' | ' | ' | ||
Total Restructuring/Impairments,net | -2,207 | 241 | -2,284 | 155 | ||
Industrial Energy Americas [Member] | ' | ' | ' | ' | ||
Summarized restructuring and asset impairment expenses by segment | ' | ' | ' | ' | ||
Total Restructuring/Impairments,net | 63 | 360 | 156 | 408 | ||
Industrial Energy Europe and ROW [Member] | ' | ' | ' | ' | ||
Summarized restructuring and asset impairment expenses by segment | ' | ' | ' | ' | ||
Total Restructuring/Impairments,net | 2,589 | 369 | 3,659 | -37 | ||
Unallocated Corporate [Member] | ' | ' | ' | ' | ||
Summarized restructuring and asset impairment expenses by segment | ' | ' | ' | ' | ||
Total Restructuring/Impairments,net | $215 | $0 | $514 | ($40) | ||
[1] | See Note 13 for detail by segment. |
Loss_Per_Share_Details
Loss Per Share (Details) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Total shares excluded | 5,817 | 8,368 |
Shares associated with convertible debt (assumed conversion) [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Total shares excluded | 3,697 | 3,697 |
Employee stock options [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Total shares excluded | 1,651 | 2,872 |
Restricted stock awards [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Total shares excluded | 469 | 1,799 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Foreign Currency Forwards [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Derivative Assets | $0 | $25 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Commodity swaps [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Derivative Assets | 0 | 141 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Senior Secured Notes Due 2018 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Long-term Debt, Fair Value | -675,000 | -675,000 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Convertible Senior Subordinated Notes due 2013 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Long-term Debt, Fair Value | -51,900 | -55,750 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Foreign Currency Forwards [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Derivative Assets | 0 | 25 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Commodity swaps [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Derivative Assets | 0 | 141 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Senior Secured Notes Due 2018 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Long-term Debt, Fair Value | -488,531 | -580,500 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Convertible Senior Subordinated Notes due 2013 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Long-term Debt, Fair Value | ($8,434) | ($52,864) |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (Recurring [Member], USD $) | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |
Foreign exchange forwards [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Derivative Assets | ' |
Commodity Swaps [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Derivative Assets | ' |
Fair Value, Inputs, Level 1 [Member] | Foreign exchange forwards [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Derivative Assets | 0 |
Fair Value, Inputs, Level 1 [Member] | Commodity Swaps [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Derivative Assets | 0 |
Fair Value, Inputs, Level 2 [Member] | Foreign exchange forwards [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Derivative Assets | 25 |
Fair Value, Inputs, Level 2 [Member] | Commodity Swaps [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Derivative Assets | 141 |
Fair Value, Inputs, Level 3 [Member] | Foreign exchange forwards [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Derivative Assets | 0 |
Fair Value, Inputs, Level 3 [Member] | Commodity Swaps [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Derivative Assets | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Foreign exchange forwards [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Derivative Assets | 25 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Commodity Swaps [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Derivative Assets | $141 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Net sales | ' | ' | ' | ' | ||
Net sales | $697,802 | $711,692 | $1,380,044 | $1,405,130 | ||
Operating income | ' | ' | ' | ' | ||
Operating income | 8,040 | 7,944 | -8,091 | 8,514 | ||
Restructuring and impairments, net | 2,601 | [1] | 1,108 | [1] | 11,325 | 624 |
Total Operating Income | 5,439 | 6,836 | -19,416 | 7,890 | ||
Depreciation & Amortization | ' | ' | ' | ' | ||
Depreciation and amortization | 19,436 | 19,531 | 39,927 | 39,442 | ||
Capital expenditures | ' | ' | ' | ' | ||
Capital expenditures | 16,736 | 25,535 | 36,268 | 49,621 | ||
Transportation Americas [Member] | ' | ' | ' | ' | ||
Net sales | ' | ' | ' | ' | ||
Net sales | 185,233 | 213,038 | 375,445 | 428,179 | ||
Operating income | ' | ' | ' | ' | ||
Operating income | -5,119 | -5,593 | -21,064 | -15,011 | ||
Restructuring and impairments, net | 1,941 | 138 | 9,280 | 138 | ||
Depreciation & Amortization | ' | ' | ' | ' | ||
Depreciation and amortization | 6,180 | 6,860 | 13,160 | 13,923 | ||
Capital expenditures | ' | ' | ' | ' | ||
Capital expenditures | 7,599 | 11,059 | 12,985 | 20,021 | ||
Transportation Europe and ROW [Member] | ' | ' | ' | ' | ||
Net sales | ' | ' | ' | ' | ||
Net sales | 219,732 | 211,120 | 406,169 | 405,263 | ||
Operating income | ' | ' | ' | ' | ||
Operating income | 4,498 | 4,976 | -29 | 8,998 | ||
Restructuring and impairments, net | -2,207 | 241 | -2,284 | 155 | ||
Depreciation & Amortization | ' | ' | ' | ' | ||
Depreciation and amortization | 4,978 | 4,492 | 10,201 | 9,299 | ||
Capital expenditures | ' | ' | ' | ' | ||
Capital expenditures | 5,239 | 7,869 | 15,996 | 15,984 | ||
Industrial Energy Americas [Member] | ' | ' | ' | ' | ||
Net sales | ' | ' | ' | ' | ||
Net sales | 104,741 | 98,862 | 206,358 | 185,550 | ||
Operating income | ' | ' | ' | ' | ||
Operating income | 13,074 | 7,105 | 17,700 | 13,517 | ||
Restructuring and impairments, net | 63 | 360 | 156 | 408 | ||
Depreciation & Amortization | ' | ' | ' | ' | ||
Depreciation and amortization | 2,884 | 2,590 | 5,863 | 5,271 | ||
Capital expenditures | ' | ' | ' | ' | ||
Capital expenditures | 406 | 3,014 | 1,392 | 5,988 | ||
Industrial Energy Europe and ROW [Member] | ' | ' | ' | ' | ||
Net sales | ' | ' | ' | ' | ||
Net sales | 188,096 | 188,672 | 392,072 | 386,138 | ||
Operating income | ' | ' | ' | ' | ||
Operating income | 4,172 | 8,599 | 10,250 | 14,788 | ||
Restructuring and impairments, net | 2,589 | 369 | 3,659 | -37 | ||
Depreciation & Amortization | ' | ' | ' | ' | ||
Depreciation and amortization | 4,186 | 4,329 | 8,531 | 8,788 | ||
Capital expenditures | ' | ' | ' | ' | ||
Capital expenditures | 2,014 | 3,011 | 3,598 | 4,640 | ||
Unallocated corporate expenses [Member] | ' | ' | ' | ' | ||
Operating income | ' | ' | ' | ' | ||
Operating income | -8,585 | -7,143 | -14,948 | -13,778 | ||
Restructuring and impairments, net | 215 | 0 | 514 | -40 | ||
Depreciation & Amortization | ' | ' | ' | ' | ||
Depreciation and amortization | 1,208 | 1,260 | 2,172 | 2,161 | ||
Capital expenditures | ' | ' | ' | ' | ||
Capital expenditures | $1,478 | $582 | $2,297 | $2,988 | ||
[1] | See Note 13 for detail by segment. |
Related_Party_Transactions_Det
Related Party Transactions (Details) (Services Agreement [Member], Management [Member], USD $) | 3 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Services Agreement [Member] | Management [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Maximum success fee | ' | $1.75 |
Expenses from transactions with related party | $7.80 | $11.50 |