Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Jun. 02, 2014 | Sep. 30, 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 | 'Non-accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 79,078,088 | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Public Float | ' | ' | $29,348,295 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Income Statement [Abstract] | ' | ' | ' |
Net sales | $2,855,433 | $2,971,698 | $3,084,650 |
Cost of sales | 2,470,973 | 2,564,403 | 2,599,822 |
Gross profit | 384,460 | 407,295 | 484,828 |
Selling and administrative expenses | 365,483 | 389,161 | 395,075 |
Restructuring and impairments, net | 27,989 | 71,495 | 10,878 |
Operating income (loss) | -9,012 | -53,361 | 78,875 |
Other (income) expense, net | -5,471 | 2,527 | 5,111 |
Interest expense, net | 114,442 | 65,635 | 71,804 |
Income (loss) before reorganization items, net | -117,983 | -121,523 | 1,960 |
Reorganization items, net | 93,589 | 1,653 | 1,209 |
Income (loss) before income taxes | -211,572 | -123,176 | 751 |
Income tax provision (benefit) | 6,158 | 99,915 | -55,203 |
Net income (loss) | -217,730 | -223,091 | 55,954 |
Net income (loss) attributable to noncontrolling interests | 80 | 308 | -785 |
Net income (loss) attributable to Exide Technologies | ($217,810) | ($223,399) | $56,739 |
Earnings (loss) per share | ' | ' | ' |
Basic (in dollars per share) | ($2.80) | ($2.89) | $0.73 |
Diluted (in dollars per share) | ($2.80) | ($2.89) | $0.69 |
Weighted average shares | ' | ' | ' |
Basic (in shares) | 77,925 | 77,270 | 77,667 |
Diluted (in shares) | 77,925 | 77,270 | 82,081 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income (loss) | ($217,730) | ($223,091) | $55,954 |
Other comprehensive (loss) income: | ' | ' | ' |
Foreign currency translation adjustment | 23,745 | -17,359 | -22,420 |
Gain (loss) on derivatives qualifying as hedges, net | 0 | 127 | -117 |
Change in defined benefit liabilities, net | 12,245 | -13,719 | -43,050 |
Total comprehensive loss | -181,740 | -254,042 | -9,633 |
Comprehensive income (loss) attributable to noncontrolling interests | 80 | 302 | -339 |
Comprehensive loss attributable to Exide Technologies | ($181,820) | ($254,344) | ($9,294) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $103,711 | $104,289 |
Accounts receivable, net | 495,447 | 504,795 |
Inventories | 483,218 | 488,221 |
Prepaid expenses and other current assets | 47,874 | 33,316 |
Deferred income taxes | 16,339 | 11,470 |
Total current assets | 1,146,589 | 1,142,091 |
Property, plant and equipment, net | 576,412 | 558,115 |
Other assets: | ' | ' |
Goodwill and intangibles, net | 142,381 | 145,310 |
Deferred income taxes | 116,736 | 107,865 |
Other noncurrent assets | 50,670 | 51,049 |
Total other assets | 309,787 | 304,224 |
Total assets | 2,032,788 | 2,004,430 |
Current liabilities: | ' | ' |
Short-term borrowings | 4,058 | 22,017 |
Current maturities of long-term debt | 288,386 | 60,131 |
Accounts payable | 268,828 | 435,736 |
Accrued expenses | 263,904 | 281,432 |
Deferred income taxes | 4,435 | 8,721 |
Total current liabilities | 829,611 | 808,037 |
Long-term debt | 15,533 | 693,864 |
Noncurrent retirement obligations | 166,692 | 233,404 |
Deferred income taxes | 25,332 | 17,171 |
Other noncurrent liabilities | 64,493 | 98,022 |
Liabilities not subject to compromise | 1,101,661 | 1,850,498 |
Liabilities subject to compromise | 950,643 | 0 |
STOCKHOLDERS’ EQUITY (DEFICIT) | ' | ' |
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, 79,083 and 79,253 shares issued and outstanding | 791 | 793 |
Additional paid-in capital | 1,139,850 | 1,139,030 |
Accumulated deficit | -1,157,124 | -939,312 |
Accumulated other comprehensive loss | -11,449 | -47,439 |
Total stockholders’ equity (deficit) attributable to Exide Technologies | -27,932 | 153,072 |
Noncontrolling interests | 8,416 | 860 |
Total stockholders’ equity (deficit) | -19,516 | 153,932 |
Total liabilities and stockholders’ equity (deficit) | $2,032,788 | $2,004,430 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 1,000 | 1,000 |
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 | 200,000 |
Common stock, shares issued | 79,083 | 79,253 |
Common stock, shares outstanding | 79,083 | 79,253 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (Deficit) (USD $) | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Defined Benefit Plans | Derivatives Qualifying as Hedges | Cumulative Translation Adjustment | Non- controlling Interest |
In Thousands | ||||||||
Beginning Balance at Mar. 31, 2011 | ' | $775 | $1,127,124 | ($772,652) | ($26,893) | ($10) | $76,443 | $1,102 |
Net income (loss) | 56,739 | ' | ' | 56,739 | ' | ' | ' | -785 |
Defined benefit plans, net of tax | -43,050 | ' | ' | ' | -43,050 | ' | ' | ' |
Translation adjustment | -22,420 | ' | ' | ' | ' | ' | -22,866 | 446 |
Net recognition of unrealized loss on derivatives, net of tax | ' | ' | ' | ' | ' | -117 | ' | ' |
Common stock issuance/other | ' | 8 | 1,141 | ' | ' | ' | ' | -205 |
Stock compensation | ' | ' | 5,152 | ' | ' | ' | ' | ' |
Ending Balance at Mar. 31, 2012 | ' | 783 | 1,133,417 | -715,913 | -69,943 | -127 | 53,577 | 558 |
Net income (loss) | -223,399 | ' | ' | -223,399 | ' | ' | ' | 308 |
Defined benefit plans, net of tax | -13,719 | ' | ' | ' | -13,719 | ' | ' | ' |
Translation adjustment | -17,359 | ' | ' | ' | ' | ' | -17,354 | -5 |
Net recognition of unrealized loss on derivatives, net of tax | ' | ' | ' | ' | ' | 127 | ' | ' |
Common stock issuance/other | ' | 10 | -11 | ' | ' | ' | ' | -1 |
Stock compensation | ' | ' | 5,624 | ' | ' | ' | ' | ' |
Ending Balance at Mar. 31, 2013 | 153,932 | 793 | 1,139,030 | -939,312 | -83,662 | 0 | 36,223 | 860 |
Net income (loss) | -217,810 | ' | ' | -217,810 | ' | ' | ' | 80 |
Defined benefit plans, net of tax | 12,245 | ' | ' | ' | 12,245 | ' | ' | ' |
Translation adjustment | 23,745 | ' | ' | ' | ' | ' | 23,745 | ' |
Common stock issuance/other | ' | -2 | -769 | -2 | ' | ' | ' | 7,476 |
Stock compensation | ' | ' | 1,589 | ' | ' | ' | ' | ' |
Ending Balance at Mar. 31, 2014 | ($19,516) | $791 | $1,139,850 | ($1,157,124) | ($71,417) | $0 | $59,968 | $8,416 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Deficit) (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Defined Benefit Plans | ' | ' | ' |
Tax on defined benefit plans | $788 | $2,436 | $15,472 |
Derivatives Qualifying as Hedges | ' | ' | ' |
Net recognition of unrealized loss on derivatives | ' | $49 | ($49) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |||
Cash Flows From Operating Activities: | ' | ' | ' | |||
Net income (loss) | ($217,730) | ($223,091) | $55,954 | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ' | ' | ' | |||
Depreciation and amortization | 81,280 | 80,187 | 84,353 | |||
Unrealized gain on warrants | 0 | 0 | -68 | |||
Loss on asset sales / impairments, net | 2,946 | 60,152 | 3,773 | |||
Non-cash reorganization items | 12,301 | 0 | 0 | |||
Deferred income taxes | -1,987 | 93,178 | -77,913 | |||
Provision for doubtful accounts | 1,270 | 1,284 | 1,529 | |||
Non-cash stock compensation | 1,589 | 5,624 | 5,152 | |||
Amortization of deferred financing costs | 25,694 | 4,266 | 4,289 | |||
Currency remeasurement (gain) loss | -4,321 | [1] | 2,883 | [1] | 10,036 | [1] |
Changes in assets and liabilities | ' | ' | ' | |||
Receivables | 28,665 | -1,655 | -9,899 | |||
Inventories | 22,057 | -33,644 | 20,025 | |||
Other current assets | -17,285 | -2,144 | 866 | |||
Payables | -110,043 | 57,375 | -9,099 | |||
Accrued expenses | 48,643 | 12,812 | 13,131 | |||
Other noncurrent liabilities | -23,003 | -26,193 | -25,236 | |||
Other, net | -4,687 | -3,017 | 14,875 | |||
Net cash provided by (used in) operating activities | -154,611 | 28,017 | 91,768 | |||
Cash Flows From Investing Activities: | ' | ' | ' | |||
Capital expenditures | -81,769 | -101,501 | -109,836 | |||
Insurance proceeds | 4,432 | 3,290 | 0 | |||
Proceeds from asset sales | 5,176 | 18,965 | 635 | |||
Net cash used in investing activities | -72,161 | -79,246 | -109,201 | |||
Cash Flows From Financing Activities: | ' | ' | ' | |||
Increase (decrease) in short-term borrowings | -16,000 | 2,965 | 12,408 | |||
Increase in other debt | 269,664 | 0 | 5,409 | |||
Financing fees and other | -30,542 | -1,505 | -544 | |||
Net cash provided by financing activities | 223,122 | 1,460 | 17,273 | |||
Effect of exchange rate changes on cash and cash equivalents | 3,072 | -1,310 | -5,835 | |||
Net decrease in cash and cash equivalents | -578 | -51,079 | -5,995 | |||
Cash and cash equivalents, beginning of period | 104,289 | 155,368 | 161,363 | |||
Cash and cash equivalents, end of period | 103,711 | 104,289 | 155,368 | |||
Cash paid during the period: | ' | ' | ' | |||
Interest | 27,912 | 68,872 | 69,194 | |||
Income taxes (net of refunds) | $10,169 | $10,452 | $23,907 | |||
[1] | The currency remeasurement gain relates primarily to intercompany loans to foreign subsidiaries denominated in the Belarus Ruble, the Euro, and the Australian dollar. |
Basis_of_Presentation_and_Summ
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Principles of Consolidation | |
The Consolidated Financial Statements include the accounts of Exide Technologies and all of its majority owned subsidiaries in which it exercises control. Investments in affiliates of less than a 20.0% interest are generally accounted for by the cost method. Investments in 20.0% to 50.0% owned companies are generally accounted for by the equity method. All significant intercompany transactions have been eliminated. | |
In fiscal 2012, the Company was apprised of allegations of intentional misstatement of production and inventory entries at the Company's Portugal recycling facility. As a result of the investigation, the Company determined that intentional misstatements of production and inventories were made, which resulted in overstatements of inventory and understatements of cost of sales over a multi-year period. The Company concluded that the amounts necessary to correct these errors were not material to fiscal 2012 full year results, and the Company concluded that the amounts associated with each of the relevant prior fiscal periods impacted were not material. The Company's financial results for the fiscal year ended March 31, 2012 included a pre-tax out of period adjustment of $4.6 million for the Transportation Europe and ROW segment. | |
Nature of Operations | |
The Company is one of the largest manufacturers and suppliers of lead-acid batteries for transportation and industrial energy applications in the world. The Company manufactures industrial and transportation batteries in the Americas, Europe, India, and Australia. The Company’s transportation batteries include starting, lighting and ignition batteries for cars, trucks, off-road vehicles, agricultural and construction vehicles, motorcycles, recreational vehicles, marine, and other applications. The Company markets its transportation batteries to a broad range of retailers and distributors of replacement batteries and automotive OEM. | |
The Company’s industrial batteries consist of Motive Power batteries, such as those used in forklift trucks and other electric vehicles, and Network Power batteries used for back-up power applications, such as those used for telecommunication systems. | |
The Company has four reportable business segments: Transportation Americas, Transportation Europe and Rest of World (“ROW”), Industrial Energy Americas, and Industrial Energy Europe and ROW. For a discussion of the Company’s segments, see Note 21 to the Consolidated Financial Statements. | |
Major Customers and Concentration of Credit | |
The Company has a number of major end-user customers, retail and OEM, both in the Americas and Europe. No single customer accounted for more than 10.0% of consolidated net sales during any of the fiscal years presented. | |
Foreign Currency Translation | |
The functional currencies of the Company’s foreign subsidiaries are primarily the respective local currencies. Assets and liabilities of the Company’s foreign subsidiaries and affiliates are translated into U.S. Dollars at the year-end exchange rate, and revenues and expenses are translated at average monthly exchange rates. Translation gains and losses are recorded as a component of accumulated other comprehensive income (loss) within stockholders’ equity. Foreign currency gains and losses from certain intercompany transactions are also recorded as a component of accumulated other comprehensive income (loss). All other foreign currency gains and losses are included in other expense (income), net. | |
Cash Equivalents | |
Cash equivalents consist of highly liquid instruments with maturities at the time of acquisition of three months or less. Cash equivalents are stated at cost, which approximates fair value because of the short-term maturity of these instruments. | |
Allowance for Doubtful Accounts | |
The Company maintains allowances for doubtful accounts for estimated probable losses resulting from the inability of the Company’s customers to make required payments. The Company continues to assess the adequacy of the reserves for doubtful accounts based on the financial condition of the Company’s customers and other external factors that may impact collectibility. The majority of the Company’s accounts receivable are due from trade customers. Credit is extended based on an evaluation of the Company’s customers’ financial condition and generally, collateral is not required. Payment terms vary and accounts receivable are stated in the Consolidated Financial Statements at amounts due from customers net of an allowance for doubtful accounts. Accounts outstanding for longer than the payment terms are considered past due. The Company considers a number of factors in determining the allowance for doubtful accounts, including the length of time trade accounts receivable are past due, the customers’ current ability to pay their obligations to the Company, the Company’s previous loss history, and the condition of the general economy and the industry as a whole. The Company writes off accounts receivable when they become uncollectible. The Company’s accounts receivable balance at March 31, 2014 and 2013 reflects an allowance for doubtful accounts of $19.5 million and $20.1 million, respectively. | |
Inventories | |
Inventories, which consist of material, labor and overhead, are stated at the lower of cost or market using the first-in, first-out (“FIFO”) method. The Company writes down its inventory to estimated net realizable value (when below historical cost) based on assumptions of future demand and market conditions. | |
Property, Plant and Equipment | |
Depreciation is provided on a straight-line basis over the estimated useful lives of the assets. The range of original estimated useful lives is: buildings and improvements, 25-40 years; machinery and equipment, 3-14 years. Cost and accumulated depreciation for property retired or disposed of are removed from the accounts, and any gain or loss on disposal is credited or charged to earnings. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, improvements and major renewals are capitalized. | |
Deferred Financing Costs | |
Deferred financing costs are amortized to interest expense over the life of the related debt. | |
Valuation of Long-Lived Assets | |
The Company’s long-lived assets include property, plant and equipment and identified intangible assets. Long-lived assets (other than indefinite lived intangible assets) are depreciated over their estimated useful lives, and are reviewed for impairment whenever changes in circumstances indicate the carrying value may not be recoverable. Recoverability of asset groups to be held and used is measured by a comparison of the carrying amount of long-lived assets to future undiscounted net cash flows expected to be generated by these asset groups. If such asset groups are considered to be impaired, the impairment recognized is the amount by which the carrying amount of the asset group exceeds the fair value of the asset group. Assets held for sale are reported at the lower of the carrying amount or fair value less estimated costs of disposal and are no longer depreciated. Indefinite-lived intangible assets are reviewed for impairment on both an annual basis and whenever changes in circumstances indicate the carrying value may not be recoverable. The fair value of indefinite-lived intangible assets is based upon the Company’s estimates of future cash flows and other factors including discount rates to determine the fair value of the respective assets. If these long-lived assets or their related assumptions change in the future, the Company may be required to record impairment charges. | |
Sales Returns and Allowances | |
The Company provides for an allowance for product returns and/or allowances. Based upon its manufacturing re-work process, the Company believes that the majority of its product returns are not the result of product defects. The Company recognizes the estimated cost of product returns as a reduction of sales in the period in which the related revenue is recognized. The product return estimates are based upon historical trends and claims experience, and include an assessment of the anticipated lag between the date of sale and claim/return date. | |
Income Taxes | |
The Company accounts for income taxes using the liability method in accounting for deferred taxes. If it is more likely than not that some portion, or all, of a deferred tax asset will not be realized, a valuation allowance is recognized. | |
Revenue Recognition | |
The Company records sales when revenue is earned. Shipping terms are generally FOB shipping point and revenue is recognized when product is shipped to the customer. In limited cases, terms are FOB destination and in these cases, revenue is recognized when product is delivered to the customer’s delivery site. | |
Accounting for Shipping and Handling Costs | |
The Company records shipping and handling costs incurred in cost of sales and records shipping and handling costs billed to customers in net sales. | |
Advertising | |
The Company expenses advertising costs as they are incurred. | |
Net Earnings (Loss) Per Share | |
The Company computes basic earnings (loss) per share by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share is computed by dividing net income (loss) by diluted weighted average shares outstanding. 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 Company’s floating rate Convertible Notes, if dilutive. The potential dilutive effect of the assumed conversion of convertible debt is determined using the if-converted method, and considers both the impact of incremented common shares after an assumed conversion, and the related addition to net income (loss) of the after-tax interest recognized during the period on the convertible debt. | |
Use of Estimates in the Preparation of Consolidated Financial Statements | |
The preparation of Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. | |
Recently Issued Accounting Pronouncements | |
In March 2013, the FASB issued ASU No. 2013-05, Foreign Currency Matters (Topic 830): Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. The amendments in this update provide clarification regarding the release of a cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets within a foreign entity. The guidance will be effective for annual reporting periods beginning after December 15, 2014, and interim periods within those annual periods. The guidance will be applied prospectively. We will adopt this standard in our first quarter ending June 30, 2015. We do not expect the standard to have a material impact on our consolidated financial position or results of operations. | |
In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The amendments in this update provide guidance on the presentation of unrecognized tax benefits and will better reflect the manner in which an entity would settle, at the reporting date, any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. The guidance will be effective for annual reporting periods beginning after December 15, 2013, and interim periods within those annual periods. The guidance will be applied prospectively. We will adopt this standard in our first quarter ending June 30, 2014. We do not expect the standard to have a material impact on our consolidated financial position or results of operations. |
Proceedings_Under_Chapter_11_o
Proceedings Under Chapter 11 of The Bankruptcy Code | 12 Months Ended | ||||
Mar. 31, 2014 | |||||
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. 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). | |||||
On June 10, 2013, Exide Technologies filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code, in the United States Bankruptcy Court for the District of Delaware under the caption In re Exide Technologies, case number 13-11482. The Company's subsidiaries, foreign and domestic, have been excluded from the Chapter 11 Case, 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, the adverse 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, the unplanned production shut down of one of the Company's 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 affecting the Company's financial condition and its ability to make debt payments coming due. Downgrades of the Company's credit rating and loss of credit insurance used by certain suppliers adversely affected supplier trade credit terms, further affecting the Company's liquidity. | |||||
Exide is currently operating as a debtor-in-possession under the jurisdiction of the Bankruptcy Court and the applicable provisions of the Bankruptcy Code. In general, as a debtor-in-possession, Exide is authorized to continue to operate as an ongoing business but may not engage in transactions outside the ordinary course of business without the prior 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 Amended and Restated Superpriority 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 Company received approval from the Bankruptcy Court to pay or otherwise honor certain pre-petition obligations generally designed to stabilize the Company's 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 Company has been paying and intends to continue to pay undisputed post-petition obligations in the ordinary course of business. | |||||
The DIP Credit Agreement is 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 petition triggered defaults on substantially all debt obligations of the Company and, as a result, the Company's Senior Secured Notes and Convertible 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 plan will be proposed by the Company or confirmed by the Bankruptcy Court or that any such plan will be successfully implemented. | |||||
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 Company 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 and December 9, 2013 as the bar date for claims by certain governmental authorities. 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 distribution to holders of allowed claims will likely be addressed by a plan of reorganization that has not yet been filed, the amount of 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. Accordingly, the Company urges that caution be exercised with respect to existing and future investments in any of these securities or other Company claims. In addition, the Company's common stock has been delisted from trading on the Nasdaq Stock Market ("NASDAQ"). Further, it is also expected that the Company's Senior Secured Notes and Convertible Notes will suffer substantial impairment. | |||||
The Consolidated Financial Statements have been prepared on a going concern basis, which assumes continuity of operations and realization of assets and satisfaction of liabilities in the ordinary course of business. 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 Agreement, 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. Given this uncertainty there is substantial doubt about our ability to continue as a going concern. | |||||
The Consolidated Financial Statements do not include adjustments, if any, to reflect the possible future effects on the recoverability and classification of recorded assets or the amounts and classifications of liabilities that may result from the outcome of these uncertainties. | |||||
Reorganization Costs: | |||||
Reorganization items included in the Consolidated Financial Statements included costs directly related to the Chapter 11 proceedings, as follows: | |||||
For the Twelve Months Ended | |||||
31-Mar-14 | |||||
(In thousands) | |||||
Professional fees | $ | 77,889 | |||
Write off debt financing costs/other | 12,301 | ||||
Other direct costs | 3,399 | ||||
$ | 93,589 | ||||
Liabilities Subject To Compromise: | |||||
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 will likely be material. Liabilities subject to compromise include the following: | |||||
31-Mar-14 | |||||
(In thousands) | |||||
Debt | $ | 788,376 | |||
Accrued interest | 10,515 | ||||
Accounts payable | 72,275 | ||||
Retirement obligations | 52,864 | ||||
Restructuring reserve | 7,274 | ||||
Other accrued liabilities | 19,339 | ||||
$ | 950,643 | ||||
While operating as a Debtor-in-Possession under Chapter 11 of the Bankruptcy Code, the Debtor may sell, 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 of assets and liabilities in the historical Consolidated Financial Statements. |
Debtors_Financial_Statements
Debtor's Financial Statements | 12 Months Ended | |||
Mar. 31, 2014 | ||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||
DEBTOR FINANCIAL STATEMENTS | ' | |||
DEBTOR'S FINANCIAL STATEMENTS | ||||
The financial statements reflect the results of operations, financial position, and cash flows of the Debtor only, including certain amounts and activities between Debtor and non-Debtor subsidiaries of the Company, which were eliminated in the Consolidated Financial Statements. | ||||
Debtor's Statements of Operations | ||||
For the Twelve Months Ended | ||||
March 31, 2014 | ||||
(In thousands) | ||||
Net sales | $ | 1,125,058 | ||
Cost of sales | 978,061 | |||
Gross profit | 146,997 | |||
Selling and administrative expenses | 153,999 | |||
Restructuring and impairments, net | 16,745 | |||
Operating loss | (23,747 | ) | ||
Other income, net | (25,509 | ) | ||
Loss in net earnings of subsidiaries | 29,770 | |||
Interest expense, net | 97,864 | |||
Loss before reorganization items | (125,872 | ) | ||
Reorganization items | 91,769 | |||
Loss before income taxes | (217,641 | ) | ||
Income tax provision | 169 | |||
Net loss attributable to Debtor | $ | (217,810 | ) | |
Debtor's Balance Sheet | ||||
March 31, 2014 | ||||
(In thousands) | ||||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 17,349 | ||
Accounts receivable, net | 133,384 | |||
Non-Debtor receivables | 40,550 | |||
Inventories | 196,129 | |||
Prepaid expenses and other current assets | 37,594 | |||
Total current assets | 425,006 | |||
Property, plant and equipment, net | 228,297 | |||
Other assets: | ||||
Investments in non-Debtor subsidiaries | 400,048 | |||
Non-Debtor loans | 240,505 | |||
Other noncurrent assets | 84,734 | |||
Total other assets | 725,287 | |||
Total assets | $ | 1,378,590 | ||
LIABILITIES AND DEBTOR'S EQUITY | ||||
Current liabilities: | ||||
Current maturities of long-term debt | $ | 284,625 | ||
Accounts payable and accrued expenses | 110,812 | |||
Total current liabilities | 395,437 | |||
Other noncurrent liabilities | 60,442 | |||
Liabilities not subject to compromise | 455,879 | |||
Liabilities subject to compromise | 950,643 | |||
DEBTOR'S EQUITY | ||||
Total Debtor's equity | (27,932 | ) | ||
Total liabilities and Debtor's equity | $ | 1,378,590 | ||
Debtor's Statements of Cash Flows | ||||
For the Twelve Months Ended | ||||
March 31, 2014 | ||||
(In thousands) | ||||
Cash Flows From Operating Activities: | ||||
Net cash used in operating activities | $ | (216,095 | ) | |
Cash Flows From Investing Activities: | ||||
Capital expenditures | (38,374 | ) | ||
Proceeds from asset sales | 169 | |||
Net cash used in investing activities | (38,205 | ) | ||
Cash Flows From Financing Activities: | ||||
Increase in debt | 275,000 | |||
Financing fees and other | (29,770 | ) | ||
Net cash provided by financing activities | 245,230 | |||
Net decrease in cash and cash equivalents | (9,070 | ) | ||
Cash and cash equivalents, beginning of period | 26,419 | |||
Cash and cash equivalents, end of period | $ | 17,349 | ||
Accounting_for_Derivatives
Accounting for Derivatives | 12 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||
ACCOUNTING FOR DERIVATIVES | ' | |||||||||||||
ACCOUNTING FOR DERIVATIVES | ||||||||||||||
The Company uses derivative contracts to hedge the volatility arising from changes in the fair value of certain assets and liabilities that are subject to market risk, such as interest rates on debt instruments, foreign currency exchange rates, and certain commodities. The Company does not enter into derivative contracts for trading or speculative purposes. | ||||||||||||||
The Company recognizes outstanding derivative instruments as assets or liabilities, based on measurements of their fair values. If a derivative qualifies for hedge accounting, gains or losses in its fair value that offset changes in the fair value of the asset or liability being hedged (“effective” gains or losses) are reported in accumulated other comprehensive (loss) income, and subsequently recorded to earnings only as the related variability on the hedged transaction is recorded in earnings. If a derivative does not qualify for hedge accounting, changes in its fair value are reported in earnings immediately upon occurrence, and the classification of cash flows from these instruments is consistent with that of the transactions being hedged. Derivatives qualify for hedge accounting if they are designated as hedging instruments at their inception, and if they are highly effective in achieving changes in fair value or cash flows that offset the fair value / cash flow changes of the assets or liabilities being hedged. Regardless of a derivative’s accounting designation, changes in its fair value or cash flows that are not offset by fair value / cash flow changes in the asset or liability being hedged are considered ineffective, and are recognized in earnings immediately. | ||||||||||||||
The following tables set forth information on the presentation of these derivative instruments in the Company’s Consolidated Financial Statements: | ||||||||||||||
Balance Sheet | 31-Mar-14 | 31-Mar-13 | ||||||||||||
(In thousands) | ||||||||||||||
Asset Derivatives: | ||||||||||||||
Commodity swaps / forwards | Current assets | $ | — | $ | 141 | |||||||||
Liability Derivatives: | ||||||||||||||
Commodity swaps / forwards | Current liabilities | 1,709 | — | |||||||||||
Foreign exchange forwards | Current liabilities | — | 25 | |||||||||||
For the Twelve Months Ended | ||||||||||||||
31-Mar-14 | March 31, 2013 | March 31, 2012 | ||||||||||||
(In thousands) | ||||||||||||||
Foreign Exchange Forwards | Other income, net | |||||||||||||
(Gain) / loss | $ | (25 | ) | $ | (2,652 | ) | $ | (6,051 | ) | |||||
Commodity Swaps / Forwards | ||||||||||||||
(Gain) / loss | Cost of sales | 1,587 | 1,302 | 3,970 | ||||||||||
Interest Rate Swap | ||||||||||||||
(Gain) / loss | Interest expense, net | (94 | ) | (2,053 | ) | (1,820 | ) |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | ' | |||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | ||||||||||||||||||||||||
Goodwill and intangibles, net consisted of the following: | ||||||||||||||||||||||||
Goodwill | Trademarks | Trademarks | Customer | Technology | Total | |||||||||||||||||||
(not subject to | and | and | Relationships | |||||||||||||||||||||
amortization) | Tradenames | Tradenames | ||||||||||||||||||||||
(not subject to | (subject to | |||||||||||||||||||||||
amortization) | amortization) | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||
Gross amount | $ | 916 | $ | 61,532 | $ | 13,996 | $ | 107,993 | $ | 26,030 | $ | 210,467 | ||||||||||||
Accumulated amortization | — | — | (10,961 | ) | (44,349 | ) | (12,776 | ) | (68,086 | ) | ||||||||||||||
$ | 916 | $ | 61,532 | $ | 3,035 | $ | 63,644 | $ | 13,254 | $ | 142,381 | |||||||||||||
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 intangible assets for fiscal year 2014, 2013, and 2012 was $6.8 million, $6.9 million, and $8.2 million, respectively. Excluding the impact of any future acquisitions (if any), the Company anticipates annual amortization of intangible assets for each of the next five years to be approximately $6.4 million. Intangible assets have been recorded at the legal entity level and are subject to foreign currency fluctuation. |
Inventories
Inventories | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
INVENTORIES | ' | |||||||
INVENTORIES | ||||||||
Inventories, valued using the FIFO method, consist of: | ||||||||
31-Mar-14 | 31-Mar-13 | |||||||
(In thousands) | ||||||||
Raw materials | $ | 94,694 | $ | 89,925 | ||||
Work-in-process | 115,731 | 106,194 | ||||||
Finished goods | 272,793 | 292,102 | ||||||
$ | 483,218 | $ | 488,221 | |||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Property, plant and equipment, net consist of: | ||||||||
31-Mar-14 | 31-Mar-13 | |||||||
(In thousands) | ||||||||
Land | $ | 54,725 | $ | 55,443 | ||||
Buildings and improvements | 255,034 | 253,960 | ||||||
Machinery and equipment | 816,889 | 802,414 | ||||||
Construction in progress | 53,455 | 59,176 | ||||||
1,180,103 | 1,170,993 | |||||||
Accumulated depreciation | (603,691 | ) | (612,878 | ) | ||||
Property, plant and equipment, net | $ | 576,412 | $ | 558,115 | ||||
Depreciation expense was $73.0 million, $71.8 million, and $74.1 million, for fiscal 2014, 2013, and 2012, respectively. |
Other_Noncurrent_Assets
Other Noncurrent Assets | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
OTHER NONCURRENT ASSETS | ' | |||||||
OTHER NONCURRENT ASSETS | ||||||||
Other noncurrent assets consisted of the following: | ||||||||
31-Mar-14 | 31-Mar-13 | |||||||
(In thousands) | ||||||||
Deposits (1) | $ | 4,040 | $ | 3,885 | ||||
Deferred financing costs | 14,773 | 16,080 | ||||||
Investment in affiliates | 549 | 1,877 | ||||||
Capitalized software, net | 3,864 | 3,993 | ||||||
Loan to affiliate | — | 1,005 | ||||||
Retirement plans | 14,941 | 17,655 | ||||||
Other | 12,503 | 6,554 | ||||||
$ | 50,670 | $ | 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
Debt | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
DEBT | ' | |||||||
DEBT | ||||||||
At March 31, 2014 and 2013, short-term borrowings of $4.1 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, which are typically for one-year renewable terms, 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 7.1% and 5.5% at March 31, 2014 and 2013, respectively. | ||||||||
Total long-term debt at March 31, 2014 and 2013 consisted of the following: | ||||||||
31-Mar-14 | 31-Mar-13 | |||||||
(In thousands) | ||||||||
DIP credit facility | $ | 284,625 | $ | — | ||||
8 5/8% senior secured notes due 2018 (1) | — | 675,000 | ||||||
Floating rate convertible senior subordinated notes due 2013 (1) | — | 55,750 | ||||||
Other, including capital lease obligations (see Note 13) and other loans at interest rates averaging approximately 6.2% due in installments through 2019 | 19,294 | 20,457 | ||||||
303,919 | 751,207 | |||||||
Fair value adjustments on hedged debt | — | 2,788 | ||||||
303,919 | 753,995 | |||||||
Current maturities | (288,386 | ) | (60,131 | ) | ||||
Total long-term debt | $ | 15,533 | $ | 693,864 | ||||
-1 | The pre-petition debt of the Debtor was reclassified to liabilities subject to compromise. Refer to Note 1 to the Consolidated Financial Statements for additional information on the Chapter 11 proceedings. | |||||||
Total debt, including short-term borrowings, at March 31, 2014 and 2013 was $308.0 million, excluding amounts included in liabilities subject to compromise, 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 in the quarterly maximum capital expenditure limits of $25.0 million by $2.5 million should the preceding quarter’s EBITDA exceed 110.0% of the DIP budget, with the rolling four quarter maximum capital expenditures increased to $90.0 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 clarified certain terms of the DIP Credit Agreement. The second amendment revised the definition of "Permitted Liens" to permit contractual encumbrances in connection with certain permitted dispositions under the DIP Credit Agreement. The second 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." | ||||||||
Effective May 28, 2014, the Company entered into the third amendment to the DIP Credit Agreement, which, among other things, extended to June 30, 2014 the milestone for the Company to file a plan of reorganization with the Bankruptcy Court. The third amendment increased the quarterly and rolling four quarter capital expenditure limits from $25.0 million and $90.0 million to $36.0 million and $120.0 million, respectively. The third amendment also excluded from the definition of "Capital Expenditure" expenditures made in connection with the replacement, substitution, restoration or repair of assets funded through the receipt of insurance proceeds or other compensation awards paid on account of a casualty loss. Finally, the third amendment increased the European factoring basket to Euro 100.0 million from Euro 75.0 million and expanded the subsidiaries whose receivables can be factored to include subsidiaries domiciled in Belgium, Denmark, Finland, Luxembourg, the Netherlands, Norway, and Sweden. | ||||||||
Effective June 27, 2014, the Company entered into the fourth amendment to the DIP Credit Agreement, which extended to July 31, 2014 the deadline for filing a plan of reorganization and eliminating the milestone related to soliciting acceptance of the plan of reorganization. The fourth amendment also increased to $85.0 million from $75.0 million the letters of credit sublimit. | ||||||||
Also, effective on June 27, 2014, the Company entered into the fifth amendment to the DIP Credit Agreement, which, among other things, extended to August 15, 2014 the date by which the Company is required to deliver annual audited financial statements and the related Compliance Certificate for the fiscal year of the Company ended March 31, 2014. | ||||||||
On July 22, 2014, the Company entered into the sixth amendment to the DIP Credit Agreement, which, among other things, sought to modify the DIP Credit Agreement as follows: | ||||||||
• | eliminate restrictions on capital expenditures, modify the definition of EBITDA and adjust the minimum EBITDA covenant to address lower anticipated future period earnings, and provide other covenant relief; | |||||||
• | extend the maturity date of the loans made under the DIP Credit Agreement to December 31, 2014 ("the Extension Amendment") effective upon the satisfaction of certain conditions, including, among other things, the Company and members of the Unofficial Committee of Senior Secured Noteholders ("UNC") holding a majority in principal amount of the Company's Senior Secured Notes entering into a customary plan support agreement with respect to an Acceptable Plan of Reorganization, as that term is defined in the amended DIP Credit Agreement; and | |||||||
• | provide for $60.0 million in additional term loan financing (the "Upsizing Amendment"), which will be funded pursuant to a commitment letter executed by certain members of the UNC to provide additional term loan financing with net cash proceeds of $60.0 million, subject to satisfaction of certain conditions including approval by the Bankruptcy Court. | |||||||
On July 28, 2014, the Bankruptcy Court entered an order approving the Upsizing Amendment. | ||||||||
On July 25, 2014, Exide entered into the seventh amendment to the DIP Credit Agreement, which eliminated the milestone related to filing a plan of reorganization. | ||||||||
On June 30, 2014, the Company received a non-binding POR Proposal from the UNC, whose members hold a substantial majority of the term loan component of the DIP Credit Facility and pre-petition senior secured notes. The POR Proposal, which is subject to completion of definitive documentation and certain other conditions, provides approximately $485.0 million in new capital, and is currently expected to be comprised of the following: | ||||||||
• | A preferred convertible equity capital commitment of approximately $300.0 million (a portion of which will be in the form of a rights offering backstopped by certain members of the UNC and another portion in the form of a direct investment by certain members of the UNC); | |||||||
• | A $185.0 million bond issuance also backstopped by certain members of the UNC; and | |||||||
• | An asset based loan facility for which commitments would be obtained from potential lenders in conjunction with the plan confirmation process. | |||||||
The maturity date of the loans made under the DIP Credit Agreement is the earliest to occur of: (i) December 31, 2014; (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 flows, 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. | ||||||||
Annual principal payments required under the DIP Credit Agreement and other long-term debt obligations at March 31, 2014 are as follows: | ||||||||
2015 | $ | 288,386 | ||||||
2016 | 2,336 | |||||||
2017 | 2,404 | |||||||
2018 | 2,495 | |||||||
2019 | 2,246 | |||||||
2020 and beyond | 6,052 | |||||||
Total | $ | 303,919 | ||||||
Employee_Benefit_Plans_and_Pos
Employee Benefit Plans and Post-Retirement Health Care and Life Insurance Benefits | 12 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||
EMPLOYEE BENEFIT PLANS AND POSTRETIREMENT HEALTH CARE AND LIFE INSURANCE BENEFITS | ' | |||||||||||||||||
EMPLOYEE BENEFIT PLANS AND POST-RETIREMENT HEALTH CARE AND LIFE INSURANCE BENEFITS | ||||||||||||||||||
In the U.S., the Company has a non-contributory defined benefit pension plan that, while currently frozen, covers substantially all hourly and salaried employees. In Europe and ROW, the Company sponsors several defined benefit plans that cover substantially all employees who are not covered by statutory plans. For defined benefit plans, charges to expense are based upon underlying assumptions established by the Company in consultation with its actuaries. In most cases, the Europe and ROW defined benefit plans are not required to be funded. | ||||||||||||||||||
The Company also has defined contribution plans in North America and Europe and ROW with related expense of $7.2 million, $21.8 million, and $19.3 million, for fiscal 2014, 2013, and 2012, respectively. The decrease in defined contribution plan expense in fiscal 2014 compared to fiscal 2013 is primarily the result of suspending employer contributions to the Company's U.S. defined contribution plan beginning June 1, 2013. | ||||||||||||||||||
The Company provides certain retiree health care and life insurance benefits to a limited number of employees. The Company accrues the estimated cost of providing post-retirement benefits during the employees’ applicable years of service. | ||||||||||||||||||
The following tables set forth the plans’ funded status and the amounts recognized in the Company’s Consolidated Financial Statements at March 31, 2014 and 2013: | ||||||||||||||||||
Pension Benefits: | For the Twelve Months Ended | |||||||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||||||||
(In thousands) | ||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||
Benefit obligation at beginning of period | $ | 697,535 | $ | 686,725 | ||||||||||||||
Service cost | 2,272 | 2,384 | ||||||||||||||||
Interest cost | 28,639 | 29,711 | ||||||||||||||||
Actuarial loss | 7,080 | 31,284 | ||||||||||||||||
Plan participants’ contributions | 164 | 221 | ||||||||||||||||
Benefits paid | (35,021 | ) | (35,392 | ) | ||||||||||||||
Currency translation | 23,760 | (13,586 | ) | |||||||||||||||
Settlements and other | (3,190 | ) | (3,812 | ) | ||||||||||||||
Benefit obligation at end of period | $ | 721,239 | $ | 697,535 | ||||||||||||||
Change in plan assets: | ||||||||||||||||||
Fair value of plan assets at beginning of period | $ | 497,577 | $ | 472,316 | ||||||||||||||
Actual return on plan assets | 35,906 | 47,348 | ||||||||||||||||
Employer contributions | 16,589 | 25,400 | ||||||||||||||||
Plan participants’ contributions | 164 | 221 | ||||||||||||||||
Benefits paid | (35,021 | ) | (35,392 | ) | ||||||||||||||
Currency translation | 14,006 | (8,505 | ) | |||||||||||||||
Settlements and other | (1,642 | ) | (3,811 | ) | ||||||||||||||
Fair value of plan assets at end of period | $ | 527,579 | $ | 497,577 | ||||||||||||||
Reconciliation of funded status: | ||||||||||||||||||
Benefit obligation at end of period | $ | 721,239 | $ | 697,535 | ||||||||||||||
Fair value of plan assets at end of period | 527,579 | 497,577 | ||||||||||||||||
Funded status (under) / over | $ | (193,660 | ) | $ | (199,958 | ) | ||||||||||||
Amounts recognized in statement of financial position: | ||||||||||||||||||
Noncurrent other assets | $ | 14,941 | $ | 17,655 | ||||||||||||||
Accrued expenses | (9,645 | ) | (8,340 | ) | ||||||||||||||
Noncurrent retirement obligations | (198,956 | ) | (209,273 | ) | ||||||||||||||
Net amount recognized at end of period (1) | $ | (193,660 | ) | $ | (199,958 | ) | ||||||||||||
Amounts recognized in accumulated other comprehensive loss: | ||||||||||||||||||
Prior service cost | $ | 792 | $ | 799 | ||||||||||||||
Net actuarial loss | 107,178 | 108,916 | ||||||||||||||||
Net amount recognized in accumulated other comprehensive loss | $ | 107,970 | $ | 109,715 | ||||||||||||||
-1 | Amounts above are before $40.3 million reclassification to liabilities subject to compromise. See Note 1 to the Consolidated Financial Statements. | |||||||||||||||||
Other Post-Retirement Benefits: | For the Twelve Months Ended | |||||||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||||||||
(In thousands) | ||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||
Benefit obligation at beginning of period | $ | 26,025 | $ | 25,153 | ||||||||||||||
Service cost | 749 | 700 | ||||||||||||||||
Interest cost | 977 | 1,046 | ||||||||||||||||
Actuarial loss (gain) | (4,296 | ) | 1,097 | |||||||||||||||
Plan participants’ contributions | 214 | 120 | ||||||||||||||||
Benefits paid | (1,967 | ) | (1,859 | ) | ||||||||||||||
Currency translation | (813 | ) | (232 | ) | ||||||||||||||
Benefit obligation at end of period | $ | 20,889 | $ | 26,025 | ||||||||||||||
Change in plan assets: | ||||||||||||||||||
Fair value of plan assets at beginning of period | $ | — | $ | — | ||||||||||||||
Employer contributions | 1,753 | 1,739 | ||||||||||||||||
Plan participants’ contributions | 214 | 120 | ||||||||||||||||
Benefits paid | (1,967 | ) | (1,859 | ) | ||||||||||||||
Fair value of plan assets at end of period | $ | — | $ | — | ||||||||||||||
Reconciliation of funded status: | ||||||||||||||||||
Benefit obligation at end of period | $ | 20,889 | $ | 26,025 | ||||||||||||||
Fair value of plan assets at end of period | — | — | ||||||||||||||||
Funded status (under) / over | $ | (20,889 | ) | $ | (26,025 | ) | ||||||||||||
Amounts recognized in statement of financial position: | ||||||||||||||||||
Accrued expenses | $ | (1,691 | ) | $ | (1,894 | ) | ||||||||||||
Noncurrent retirement obligations | (19,198 | ) | (24,131 | ) | ||||||||||||||
Net amount recognized at end of period (1) | $ | (20,889 | ) | $ | (26,025 | ) | ||||||||||||
Amounts recognized in accumulated other comprehensive loss: | ||||||||||||||||||
Prior service credit | $ | (2,460 | ) | $ | (2,950 | ) | ||||||||||||
Net actuarial loss | 5,276 | 10,478 | ||||||||||||||||
Net amount recognized in accumulated other comprehensive loss | $ | 2,816 | $ | 7,528 | ||||||||||||||
-1 | Amounts above are before $12.5 million reclassification to liabilities subject to compromise. See Note 1 to the Consolidated Financial Statements. | |||||||||||||||||
Pension | Other Post-Retirement | |||||||||||||||||
Disclosure Assumptions: | Benefits | Benefits | ||||||||||||||||
Weighted-average assumptions for: | 31-Mar-14 | 31-Mar-13 | 31-Mar-14 | 31-Mar-13 | ||||||||||||||
Discount rate | 4.1 | % | 4.2 | % | 4 | % | 4 | % | ||||||||||
Rate of compensation increase | 2.5 | % | 2.5 | % | n/a | n/a | ||||||||||||
Pension | Other Post-Retirement | |||||||||||||||||
Expense Assumptions: | Benefits / Expense | Benefits / Expense | ||||||||||||||||
Weighted-average assumptions for: | FY 2014 | FY 2013 | FY 2012 | FY 2014 | FY 2013 | FY 2012 | ||||||||||||
Discount rate | 4.2 | % | 4.5 | % | 5.4 | % | 4.3 | % | 4.3 | % | 5.1 | % | ||||||
Expected return on plan assets | 6.2 | % | 6.2 | % | 7.1 | % | n/a | n/a | n/a | |||||||||
Rate of compensation increase | 2.5 | % | 2.5 | % | 2.6 | % | n/a | n/a | n/a | |||||||||
For fiscal year 2014 pension benefit expense, the Company assumed an expected weighted average return on plan assets of 6.2%. In developing this rate assumption, the Company evaluated input from third-party pension plan asset managers, including their review of asset class return expectations and long-term inflation assumptions. | ||||||||||||||||||
The changes in plan assets and benefit obligations recognized in other comprehensive (loss) income at March 31, 2014 are as follows: | ||||||||||||||||||
Pension | Post-retirement | |||||||||||||||||
Benefits | Health and Other | |||||||||||||||||
Benefits | ||||||||||||||||||
(In thousands) | ||||||||||||||||||
Accumulated other comprehensive loss: | ||||||||||||||||||
Net (gain) loss arising during the period | $ | 1,545 | $ | (4,296 | ) | |||||||||||||
Net prior service cost during the period | (65 | ) | 490 | |||||||||||||||
Net loss recognized during the period | (4,657 | ) | (673 | ) | ||||||||||||||
Exchange rate gain (loss) recognized during the period | 1,432 | (234 | ) | |||||||||||||||
Total | $ | (1,745 | ) | $ | (4,713 | ) | ||||||||||||
The following amounts are expected to be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost in the next fiscal year are as follows: | ||||||||||||||||||
Pension | Post-retirement | |||||||||||||||||
Benefits | Health and Other | |||||||||||||||||
Benefits | ||||||||||||||||||
(In thousands) | ||||||||||||||||||
Prior service cost/(credit) | $ | 66 | $ | (490 | ) | |||||||||||||
Actuarial loss | 3,015 | 346 | ||||||||||||||||
Total | $ | 3,081 | $ | (144 | ) | |||||||||||||
Net Periodic Benefit Cost | ||||||||||||||||||
The following tables set forth the plans’ expenses recognized in the Company’s Consolidated Financial Statements: | ||||||||||||||||||
Pension Benefits | ||||||||||||||||||
For the Twelve Months Ended | ||||||||||||||||||
31-Mar-14 | 31-Mar-13 | 31-Mar-12 | ||||||||||||||||
(In thousands) | ||||||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||||
Service cost | $ | 2,272 | $ | 2,384 | $ | 2,231 | ||||||||||||
Interest cost | 28,639 | 29,711 | 33,076 | |||||||||||||||
Expected return on plan assets | (30,371 | ) | (29,012 | ) | (31,214 | ) | ||||||||||||
Amortization of: | ||||||||||||||||||
Prior service cost | 65 | 62 | 88 | |||||||||||||||
Actuarial loss | 3,125 | 2,019 | 665 | |||||||||||||||
Net periodic benefit cost | $ | 3,730 | $ | 5,164 | $ | 4,846 | ||||||||||||
The above excludes the impact of settlement and curtailment net (loss) gain of $(0.1) million, $(0.2) million, and $0.05 million in fiscal 2014, 2013, and 2012, respectively. | ||||||||||||||||||
Other Post-Retirement Benefits | ||||||||||||||||||
For the Twelve Months Ended | ||||||||||||||||||
31-Mar-14 | 31-Mar-13 | 31-Mar-12 | ||||||||||||||||
(In thousands) | ||||||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||||
Service cost | $ | 749 | $ | 700 | $ | 516 | ||||||||||||
Interest cost | 977 | 1,046 | 1,123 | |||||||||||||||
Amortization of: | ||||||||||||||||||
Prior service cost | (490 | ) | (490 | ) | (490 | ) | ||||||||||||
Actuarial loss | 673 | 642 | 498 | |||||||||||||||
Net periodic benefit cost | $ | 1,909 | $ | 1,898 | $ | 1,647 | ||||||||||||
The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for the pension plans with accumulated benefit obligations in excess of plan assets were $547.4 million, $541.6 million and $338.8 million, respectively, as of March 31, 2014 and $553.6 million, $548.0 million and $336.0 million, respectively, as of March 31, 2013. | ||||||||||||||||||
The accumulated benefit obligation for the Company’s pension plans was $714.9 million as of March 31, 2014. Expected future benefit payments are as follows: | ||||||||||||||||||
Other Post-Retirement | ||||||||||||||||||
Pension | Gross Expected | |||||||||||||||||
Benefits | Benefit Payments | |||||||||||||||||
Fiscal Year | (In thousands) | |||||||||||||||||
2015 | $ | 43,965 | $ | 1,691 | ||||||||||||||
2016 | 39,706 | 1,666 | ||||||||||||||||
2017 | 40,402 | 1,639 | ||||||||||||||||
2018 | 41,631 | 1,595 | ||||||||||||||||
2019 | 41,709 | 1,537 | ||||||||||||||||
2020 to 2024 | 216,496 | 6,804 | ||||||||||||||||
Pension Plan Investment Strategy | ||||||||||||||||||
The Company’s pension plans are invested in a diversified portfolio of investments consisting primarily of equity and fixed income securities. The target asset allocation for the plan portfolio is based on a combination of financial, demographic, and actuarial considerations, along with the advice of the Company’s investment advisory firm. The plans’ current target allocation is a mix of approximately 40.0% equity investments and 60.0% long duration fixed-income investments. The Company believes this target allocation will be effective in achieving the plans’ long-term investment objectives of: | ||||||||||||||||||
•protecting the plan’s funded status from volatility | ||||||||||||||||||
•optimizing the long-term return on plan assets sufficient to accommodate current and future pension obligations | ||||||||||||||||||
•maintaining an acceptable level of risk for each asset category | ||||||||||||||||||
The Company utilizes a principal investment manager to actively manage the assets of its U.S. plan. Based on its underlying risk parameters, the Company has established investment guidelines for each investment manager within which they have agreed to operate. These guidelines include criteria for identifying eligible and ineligible securities as well as diversification criteria. In addition, investment managers are required to seek approval prior to making investments in certain commodity contracts, illiquid investments, or futures or options strategies, and are prohibited from engaging in certain transactions including the short selling of securities, borrowing money, or engaging in futures or options strategies for purposes of speculation or leverage. | ||||||||||||||||||
The Company’s non-U.S. pension plans are also managed by investment managers who are appointed by the trustees of those plans. The investment strategies of those plans are similar to those of the U.S. plan, but are in some instances influenced by local laws and regulations. | ||||||||||||||||||
The asset allocation for the Company’s pension plans by asset category are as follows: | ||||||||||||||||||
Percentage of Plan Assets at Year End | ||||||||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||||||||
Cash and cash equivalents | 1.2 | % | 1 | % | ||||||||||||||
Equity securities | 35.4 | % | 40 | % | ||||||||||||||
Fixed income securities | 61.7 | % | 57 | % | ||||||||||||||
Other | 1.7 | % | 2 | % | ||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||
Plan Contributions | ||||||||||||||||||
The estimated fiscal 2015 pension plan contributions are $22.4 million and other post-retirement contributions are $1.7 million. Cash contributions to the Company’s pension plans are generally made in accordance with minimum regulatory requirements. | ||||||||||||||||||
The Company expects that cumulative contributions to its pension plans will total approximately $104.2 million from fiscal 2015 to fiscal 2019, and contributions to its other post-retirement benefit plans will total approximately $8.1 million from fiscal 2015 to fiscal 2019. | ||||||||||||||||||
Health Care Cost Trends | ||||||||||||||||||
Assumed health care cost trend rates have a significant effect on the amounts reported for other post-retirement benefits. A one-percentage-point change in assumed health care cost trend rates would have the following effects: | ||||||||||||||||||
One Percentage- | One Percentage- | |||||||||||||||||
Point Increase | Point Decrease | |||||||||||||||||
(In thousands) | ||||||||||||||||||
Effect on total of service and interest cost components | $ | 369 | $ | 282 | ||||||||||||||
Effect on the post-retirement benefit obligation | $ | 2,232 | $ | 1,827 | ||||||||||||||
Stock_Based_Compensation_Plans
Stock Based Compensation Plans | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
STOCK BASED COMPENSATION PLANS | ' | ||||||||
STOCK BASED COMPENSATION PLANS | |||||||||
The Company accounts for stock based compensation by recognizing the cost resulting from all share-based payment transactions in the Consolidated Financial Statements. The Company uses fair value as the basis for measuring the cost of such compensation. The Company generally recognizes compensation expense on a straight-line basis over the period the award is earned by the employee. | |||||||||
The Company’s stock incentive plan provides incentives and awards to employees and directors of the Company. Under the plan, all employees are eligible to receive awards. The plan permits the granting of stock options, restricted stock, restricted stock units, and performance awards. | |||||||||
Under the terms of the plan, stock options are generally subject to a three-year vesting schedule, and generally expire 10 years from the option grant date. Restricted stock and restricted stock units are generally subject to a three to five-year vesting schedule. In addition, as part of their annual compensation, each non-employee member of the Company’s Board of Directors receives restricted stock units. These awards are 100.0% vested one year after the grant date, but are not deliverable until the director has completed his or her service on the board. The vesting schedules for the awards are subject to certain change in control provisions, including full vesting if an employee is terminated within 12 months of a change in control. | |||||||||
Total compensation cost related to stock compensation plans was $1.6 million, $5.6 million, and $5.2 million for fiscal 2014, 2013, and 2012, respectively. As of March 31, 2014, total compensation cost related to non-vested awards not yet recognized in the Company’s Consolidated Financial Statements was $1.0 million, which is expected to be recognized in fiscal 2015. No new awards were granted in fiscal 2014. | |||||||||
Stock Option Awards | |||||||||
The Company did not issue stock options during fiscal 2014, 2013, or 2012. The following table includes information about stock options: | |||||||||
Number of Stock | Weighted Average | Weighted Average | |||||||
Options | Exercise Price | Remaining Contractual | |||||||
(In thousands) | Life (Years) | ||||||||
Shares under option: | |||||||||
Outstanding at March 31, 2011 | 3,100 | $ | 8.02 | 6 | |||||
Forfeited | (228 | ) | 9.01 | ||||||
Outstanding at March 31, 2012 | 2,872 | $ | 7.94 | 5 | |||||
Forfeited | (4 | ) | 6.29 | ||||||
Outstanding at March 31, 2013 | 2,868 | $ | 7.94 | 4 | |||||
Forfeited | (1,223 | ) | 7.96 | ||||||
Outstanding at March 31, 2014 | 1,645 | $ | 7.93 | 3.1 | |||||
Vested and Exercisable at: | |||||||||
31-Mar-14 | 1,645 | $ | 7.93 | 3.1 | |||||
31-Mar-13 | 2,868 | $ | 7.94 | 4 | |||||
31-Mar-12 | 2,786 | $ | 7.99 | 4.9 | |||||
Restricted Stock Awards | |||||||||
During fiscal 2013, and 2012, 0.2 million, and 1.4 million shares of restricted stock and/or restricted stock units were approved to be granted to certain eligible employees. | |||||||||
Restricted stock transactions are as follows: | |||||||||
Number of Shares | Weighted-Average | ||||||||
Fair Value | |||||||||
(In thousands) | |||||||||
Outstanding (non-vested) at March 31, 2013 | 1,503 | $4.24 | |||||||
Vested | (985 | ) | $4.63 | ||||||
Forfeited | (137 | ) | $3.44 | ||||||
Outstanding (non-vested) at March 31, 2014 | 381 | $4.10 | |||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
INCOME TAXES | ' | |||||||||||
INCOME TAXES | ||||||||||||
The provision for income taxes includes federal, state and foreign taxes currently payable and those deferred because of net operating losses and temporary differences between the Consolidated Financial Statements and tax bases of assets and liabilities. The components of income (loss) before income taxes, and the provision (benefit) for income taxes are as follows: | ||||||||||||
For the Twelve Months Ended | ||||||||||||
31-Mar-14 | 31-Mar-13 | 31-Mar-12 | ||||||||||
(In thousands) | ||||||||||||
Income (loss) before income taxes: | ||||||||||||
U.S. | $ | (188,117 | ) | $ | (131,563 | ) | $ | (30,726 | ) | |||
Foreign | (23,455 | ) | 8,387 | 31,477 | ||||||||
$ | (211,572 | ) | $ | (123,176 | ) | $ | 751 | |||||
Income tax provision (benefit): | ||||||||||||
Current | ||||||||||||
U.S. | $ | 2,279 | $ | 440 | $ | (825 | ) | |||||
Foreign | 5,866 | 6,297 | 23,535 | |||||||||
8,145 | 6,737 | 22,710 | ||||||||||
Deferred | ||||||||||||
U.S. | (2,172 | ) | 87,468 | (9,809 | ) | |||||||
Foreign | 185 | 5,710 | (68,104 | ) | ||||||||
(1,987 | ) | 93,178 | (77,913 | ) | ||||||||
Total income tax provision (benefit) | $ | 6,158 | $ | 99,915 | $ | (55,203 | ) | |||||
Major differences between the federal statutory rate and the effective tax rate are as follows: | ||||||||||||
For the Twelve Months Ended | ||||||||||||
31-Mar-14 | 31-Mar-13 | 31-Mar-12 | ||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
Dividend income | — | — | (0.2 | ) | ||||||||
Withholding tax | — | (2.2 | ) | — | ||||||||
Change in tax rate | — | 0.2 | (6.7 | ) | ||||||||
Change in uncertain tax positions | 0.6 | 2.4 | (312.1 | ) | ||||||||
Local income tax provision (benefit) | (0.9 | ) | (1.4 | ) | 527 | |||||||
Change in valuation allowances | (40.6 | ) | (123.3 | ) | (8,109.8 | ) | ||||||
Revaluation of warrants | — | — | (3.2 | ) | ||||||||
Rate differences on foreign subsidiaries | 4.4 | 10.5 | (1,795.2 | ) | ||||||||
Executive compensation | — | — | 72.2 | |||||||||
Thin cap disallowance | (1.0 | ) | (0.7 | ) | 84.1 | |||||||
Spain tax settlement | — | — | 1,787.00 | |||||||||
Sub part F income | — | — | 28 | |||||||||
Other, net | (0.4 | ) | (1.6 | ) | 343.3 | |||||||
Effective tax rate | (2.9 | )% | (81.1 | )% | (7,350.6 | )% | ||||||
The following is a summary of the significant components of the Company’s deferred tax assets and liabilities: | ||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||
Deferred tax assets: | (In thousands) | |||||||||||
Operating loss and tax credit carryforwards | $ | 315,217 | $ | 289,895 | ||||||||
Compensation reserves | 59,984 | 66,709 | ||||||||||
Environmental reserves | 9,014 | 9,235 | ||||||||||
Sales Returns | 8,159 | 8,281 | ||||||||||
Other | 43,157 | 11,837 | ||||||||||
Valuation allowance | (286,931 | ) | (242,735 | ) | ||||||||
$ | 148,600 | $ | 143,222 | |||||||||
Deferred tax liabilities: | ||||||||||||
Property, plant, and equipment | $ | (6,002 | ) | $ | (11,151 | ) | ||||||
Foreign exchange | (917 | ) | (76 | ) | ||||||||
Intangible assets | (38,373 | ) | (38,552 | ) | ||||||||
(45,292 | ) | (49,779 | ) | |||||||||
Net deferred tax assets | $ | 103,308 | $ | 93,443 | ||||||||
The net deferred income tax asset is classified in the consolidated balance sheet as follows: | ||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||
(In thousands) | ||||||||||||
Current asset | $ | 16,339 | $ | 11,470 | ||||||||
Current liability | (4,435 | ) | (8,721 | ) | ||||||||
Noncurrent asset | 116,736 | 107,865 | ||||||||||
Noncurrent liability | (25,332 | ) | (17,171 | ) | ||||||||
$ | 103,308 | $ | 93,443 | |||||||||
As of March 31, 2014, the Company has net operating loss carryforwards (“NOLs”) for U.S. and state income tax purposes of $475.8 million. These loss carryforwards will expire in years 2015 through 2034. The Company determined that a Sec. 382 ownership change occurred during the fiscal year ending March 31, 2007 related to the September 2006 rights offering. IRC Sec. 382 places annual limits on the amount of the Company's U.S. and state NOLs that may be used to offset future taxable income. The Company has calculated its Sec. 382 limitation on U.S. and state losses incurred prior to September 15, 2006 to approximate $5.0 million per year over the next 19 years. | ||||||||||||
At March 31, 2014, certain of the Company's foreign subsidiaries have NOLs for income tax purposes of approximately $970.4 million, of which approximately $86.2 million expire in fiscal years 2015 through 2032. The remaining NOLs are available for carryforward indefinitely. | ||||||||||||
Valuation allowances have been recognized in the U.S. and certain foreign tax jurisdictions to reduce the deferred tax assets for loss carryforwards 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 carryforwards 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 carryforwards on its Consolidated 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. | ||||||||||||
During fiscal 2013, the Company determined that tax benefits from deferred tax assets relating to its United States operations are not more likely than not to be realized, and established a valuation allowance on these deductible temporary differences and loss carryforwards. This determination was based on the results of operations in recent years and its expected profitability in the current and future years. The establishment of the valuation allowance resulted in a non-cash income tax expense of $85.1 million. Also during fiscal 2013, the Company determined that it was not more likely than not that the tax benefits from deferred tax assets relating to some of its India and Portugal operations would be realized and established a valuation allowance on these deductible temporary differences and loss carryforwards. This determination was based on the results of operations in recent years and their expected profitability in the current and future years. Establishment of the valuation allowance resulted in a non-cash income tax charge in India and Portugal aggregating $3.5 million. | ||||||||||||
During fiscal 2012, the Company determined that tax benefits from deferred tax assets relating to its France operations are more likely than not, and reversed the valuation allowance on these deductible temporary differences and loss carryforwards. This determination was based on the results of operations in recent years and its expected profitability in the current and future years. Reversal of the valuation allowance resulted in a non-cash income tax benefit of $73.6 million. Also during fiscal 2012, the Company determined that it was not more likely than not that the tax benefits from deferred tax assets relating to some of its India and Portugal operations would be realized and established a valuation allowance on these deductible temporary differences and loss carryforwards. This determination was based on the results of operations in recent years and their expected profitability in the current and future years. Establishment of the valuation allowance resulted in a non-cash income tax charge in India and Portugal aggregating $4.2 million. | ||||||||||||
During fiscal 2012, the Company recorded a $13.4 million settlement with the Spanish tax authorities regarding its current and certain former Spanish subsidiaries. The settlement permanently closes income tax audits for fiscal years 2003 through 2010. As part of the settlement, the Company agreed to withdraw its appeal of audit results for the periods 2003 through 2006. This withdrawal resulted in the forfeiture of the $13.4 million previously paid during the appeal process. | ||||||||||||
As of March 31, 2014, the Company had not provided for withholding or U.S. Federal income taxes on current or prior year undistributed earnings of certain foreign subsidiaries, since such earnings are expected to be reinvested indefinitely or be substantially offset by available foreign tax credits and operating loss carry forwards. As of March 31, 2014 and 2013, the Company had approximately $26.4 million and $58.8 million, respectively, of undistributed earnings in its foreign subsidiaries. It is not practicable to determine the amount of unrecognized deferred U.S. income tax liability on these unremitted earnings. | ||||||||||||
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, 2011. | ||||||||||||
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. | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows: | ||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||
(In thousands) | ||||||||||||
Beginning of year | $ | 34,962 | $ | 41,523 | ||||||||
Increases for income tax positions taken during current period | — | — | ||||||||||
Increases/(decreases) for currency fluctuation on tax positions | 2,218 | (849 | ) | |||||||||
Decreases for settlements with taxing authorities | — | (4,083 | ) | |||||||||
Decreases for lapse of the applicable statute of limitations | (1,127 | ) | (1,629 | ) | ||||||||
End of year | $ | 36,053 | $ | 34,962 | ||||||||
The amount, if recognized, that would affect the Company's effective tax rate at March 31, 2014 and 2013 is $32.2 million and $30.9 million, respectively. | ||||||||||||
The Company classifies interest and penalties on uncertain tax benefits as income tax expense. At March 31, 2014 and 2013, before any tax benefits, the Company had $1.0 million and $1.2 million, respectively, 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 uncertain tax benefits will occur in the next twelve months. The removal of these uncertain tax benefits would affect the Company's effective tax rate by $0.1 million. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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 in the United States Bankruptcy Court for the District of Delaware (the "Previous Cases" and the "2002 Bankruptcy Court"). The 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. On May 5, 2004, the 2002 Plan went effective. | ||||||||
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 (the "Equity Reserve"). All distributions contemplated by the 2002 Plan have been made with the exception of 0.2 million shares that were being held in the Equity Reserve at the time the 2013 bankruptcy case was filed. | ||||||||
On June 17, 2004, this Court entered an order and final decree closing the 2002 Chapter 11 cases of the subsidiary debtors. Thus, the only case that remained open is that of Exide Technologies (the "Main 2002 Case"). On March 11, 2014, Exide filed a motion to close the Main 2002 Case. On March 28, 2014, the 2002 Bankruptcy Court entered an order closing the Main 2002 Case, and the Main 2002 Case was marked as closed as of April 2, 2014. As a result, the two claims matters that remained pending in the 2002 Main Case will be addressed in the Chapter 11 Case, including the disposition of the Equity Reserve, either in connection with any plan of reorganization or by subsequent motion. | ||||||||
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 executory 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 does not have enforceable rights under the Trademark License under Bankruptcy Code provisions which the Company believes are 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., formerly known as 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 2002 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 2002 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 Louis E. 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. Lead Plaintiffs did not name Mr. Ostermann as a defendant in the Consolidated Amended Complaint. 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 moved to dismiss all claims against them and, on December 19, 2013, Judge Wilson granted defendants' motion to dismiss in its entirety, without prejudice. Judge Wilson gave Lead Plaintiffs leave to file their Consolidated Second Amended Complaint on or before January 30, 2014. On January 30, 2014, Lead Plaintiffs filed their Consolidated Second Amended Complaint, which is nearly identical in every material respect to the Consolidated Amended Complaint. The Consolidated Second Amended Complaint does not specify an amount of damages sought. Defendants deny all allegations against them and intend to vigorously pursue their defense. On February 13, 2014, Defendants filed their Motion to Dismiss the Consolidated Second Amended Complaint. On March 31, 2014, Judge Wilson heard oral argument on Defendants’ Motion to Dismiss and took the motion under advisement. Discovery is currently stayed pursuant to the discovery-stay provisions of the Private Securities Litigation Reform Act of 1995. | ||||||||
The Company's Netherlands subsidiary, Exide Technologies B.V. (“BV”), received notice from the Dutch competition authorities that it was the subject of an investigation of a local trade association’s members in the traction/Motive Power batteries segment. On July 9 and July 16, 2013, the authorities conducted an on-site inspection and requested additional information and documentation, which the Company has provided. In December 2013, the Company submitted to the Dutch Competition Authority (the "ACM") a leniency application for immunity or reduction of fines that might be imposed as a result of the investigation. The Company was recently notified by the ACM of a provisional grant of leniency in respect of certain conduct and that the Company did not receive provisional leniency for certain other conduct. As required under the ACM's leniency program, the Company continues to cooperate with the Dutch authority. The ACM has not issued a statement of charges to the Company or its subsidiaries. Accordingly, the precise scope and time period at issue, as well as the final outcome of the Netherlands investigation, remains uncertain. | ||||||||
In connection with BV’s cooperation with the above-described investigation, the Company discovered activities also in different segments of its Industrial Energy division in Austria, Belgium and Germany that appeared to have occurred in prior years that did not conform to the Company’s internal policies. Upon discovery of these facts, the Company commenced an internal investigation led by independent outside counsel. While a majority of the activities had ceased prior to the initiation of the internal investigation, the Company promptly stopped any remaining ongoing conduct. The Company brought the matter to the attention of the appropriate competition authorities, and, in all affected jurisdictions, the Company has been cooperating with them in further information gathering. As a result of this action, the Company has been granted conditional immunity by regulators in Austria, Germany and Belgium. Additionally, the authority in Austria has decided that the actions would likely have fallen outside any applicable statute of limitations period and the authority has advised that it does not intend to pursue an investigation at this stage. The grants of immunity in Belgium and Germany, which are conditioned on factors that include the Company’s continued cooperation with authorities, should eliminate any governmental fines and penalties that could result if the reported conduct is found to violate applicable law in such jurisdictions. Should immunity be revoked, these investigations could result in significant penalties. | ||||||||
Further, even with the grants of conditional immunity in Austria, Germany, and Belgium, the Company might be subject to disputes with private parties concerning alleged damages that are claimed to be a result of the Company’s prior conduct. While the Company believes it would have defenses to any adverse allegations in private actions and would intend to vigorously defend itself in any such actions, litigation of this type is inherently uncertain, costly, and complex, and the Company cannot be certain that it would prevail. Accordingly, there can be no assurance that the outcome of the Netherlands investigation or any private party disputes would not have a material adverse affect on the business, financial condition, cash flows, and results of operations of the Company, despite the fact the Company has been granted conditional immunity in Austria, Germany, and Belgium, and continues to cooperate with the applicable regulatory authorities. | ||||||||
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 affect 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. In particular, the Company’s Vernon, California recycling facility is currently unable to comply with certain recently enacted regulations, and may not resume operations until the installation of certain equipment is completed in or about December 2014 should the Company decide to proceed. Additionally, proposed legislation in California would require regulatory authorities to make a final determination on the Company's application for a permanent hazardous waste permit by December 31, 2015. If such legislation is enacted, the Company is uncertain whether it would be able to obtain such permit. The ultimate outcome of the environmental matters described in this paragraph is uncertain, and the Company’s failure to timely resume operations at the Vernon plant or obtain a permanent operating permit would have a material adverse affect 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. Following the Company’s Chapter 11 bankruptcy filing, CCAT submitted a Proof of Claim in the Bankruptcy Court. The matter remains pending in the Bankruptcy Court. | ||||||||
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 (RCRA)'s 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. Following the Company’s Chapter 11 bankruptcy filing, CCAT submitted a Proof of Claim in the Bankruptcy Court. The matter remains pending in the Bankruptcy Court. | ||||||||
On March 26, 2014, the Company was served with a Proposition 65 notification of violation and 60 day intent to sue regarding the Vernon, California facility from Shefa LMV LLC (Shefa). Shefa alleges that Exide failed to warn the community regarding chemical exposures, and further alleges that Exide has released chemicals into a source of drinking water. The Company is evaluating the claim. | ||||||||
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 Monitoring District ("SCAQMD") filed a petition seeking the suspension of operations at the Vernon facility for alleged violation of an SCAQMD rule and related furnace control equipment permit conditions until compliance is achieved. The Company contested the SCAQMD's petition. A hearing on the SCAQMD’s petition commenced on December 14, 2013 and continued into calendar 2014. | ||||||||
On April 11, 2014, as a result of the Vernon facility allegedly exceeding the SCAQMD ambient air standard for lead, the SCAQMD filed a second petition seeking an order that Exide “cease and desist” from violating air quality standards, or in the alternative, to comply with other such conditions and increments of progress which the SCAQMD Hearing Board deems appropriate. | ||||||||
On January 10, 2014, the SCAQMD adopted an amended rule that contained new emissions and equipment requirements with varying compliance dates, including an April 10, 2014 deadline that would require the Company to operate the furnaces at the Vernon facility under continuous "negative pressure" ("Rule 1420.1"). In response, the Company initiated two separate related proceedings on February 7, 2014: (i) a Petition for Variance before the SCAQMD Hearing Board, requesting a delay of the negative pressure requirement until December 31, 2014, and (ii) a Writ of Mandamus in Superior Court of Los Angeles County, seeking to invalidate the negative pressure requirement of Rule 1420.1. Additionally, on February 21, 2014, the Company filed a request for a preliminary injunction that would temporarily suspend the April 10, 2014 deadline until such time as the Superior Court could conduct a trial on the Writ of Mandamus. | ||||||||
On April 7, 2014, the Los Angeles County Superior Court denied the Company's preliminary injunction. Additionally, on April 8, 2014, the SCAQMD Hearing Board denied the Company's variance request. As a result of these two decisions, the Company suspended operations at the Vernon facility until such time as the Company can design, engineer, permit, install, and test new equipment needed to achieve the new standard under Rule 1420.1. | ||||||||
On July 10, 2014 the SCAQMD Hearing Board approved a resolution of the Company's pending administrative matters with the SCAQMD through the issuance of the Stipulated OAs. The Stipulated OAs require the Company: (i) to refrain from resuming operations of the Vernon facility furnaces until it installs certain air quality control improvements required to comply with the newly-adopted Rule 1420.1 standards in accordance with SCAQMD issued permits and applicable SCAQMD rules; and (ii) to install those improvements in accordance with an SCAQMD approved dust mitigation plan. Concurrently, in a settlement agreement, the Company agreed to dismiss its Writ of Mandamus legal action. The Company currently estimates the full operation of the furnaces under continuous negative pressure will not occur until after installation of the aforesaid equipment expected to be completed in or about December 2014 should the Company decide to proceed. | ||||||||
On January 16, 2014, the Company and unnamed individuals (“DOE Defendants”), were named as defendants in a civil lawsuit brought by the SCAQMD in the case captioned as People of the State of California, ex rel South Coast Air Quality Management District, a Public Entity v. Exide Technologies, Inc., and DOE Defendants 1 through 50. The SCAQMD alleges that the Company and the DOE Defendants failed to comply with several of the SCAQMD's rules related to operation of equipment or lead and arsenic emissions at the Company's Vernon, California lead recycling facility. The SCAQMD is seeking penalties in an amount not less than $40.0 million. The Company denies the allegations in the lawsuit and intends to vigorously defend itself against such allegations. The matter is just entering the discovery stage and the SCAQMD is amending its complaint to add additional factual allegations and causes of action, but seeks the same magnitude of penalties. | ||||||||
On May 22, 2014, the Federal Environmental Protection Agency (“EPA”) served a Finding and Notice of Violation (“Federal NOV”) on Exide, alleging that Exide violated air quality standards for lead at various times in 2013 and 2014; the alleged violations are duplicative of those cited by the South Coast Air Quality Management District in its penalty action. EPA seeks civil penalties for these alleged violations. An initial conference was convened with the EPA on June 30, 2014 and discussions continue regarding a resolution to the notice. | ||||||||
On September 24, 2013, the Company received a Notice of Enforcement issued by the Texas Commission on Environmental Quality (“TCEQ”) for alleged violations related to its Frisco, Texas recycling facility’s compliance with Industrial Solid Waste and Municipal Hazardous waste requirements. The Company reasonably believes the proceeding may result in monetary sanctions to be paid to TCEQ in excess of $0.1 million. | ||||||||
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 March 31, 2014 and 2013, the amount of such liabilities on the Company’s Consolidated Balance Sheets was approximately $25.5 million and $25.9 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 affect on the Company’s financial condition, cash flows, or results of operations. | ||||||||
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. | ||||||||
Guarantees | ||||||||
At March 31, 2014, the Company had outstanding letters of credit with a face value of $64.7 million and surety bonds with a face value of $56.0 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 March 31, 2014, pursuant to the terms of the agreement, was $53.8 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. March 31, 2014, bank guarantees with an aggregate face value of $12.6 million were outstanding. | ||||||||
Sales Returns and Allowances | ||||||||
The Company provides for an allowance for product returns and/or allowances. Based upon product examination in the manufacturing re-work process, the Company believes that the majority of its product returns are not the result of product defects. The Company recognizes the estimated cost of product returns as a reduction of net sales in the period in which the related revenue is recognized. The product return estimates are based upon historical trends and claims experience, and include assessment of the anticipated lag between the date of sale and claim/return date. | ||||||||
Changes in the Company’s sales returns and allowances liability (in thousands) are as follows: | ||||||||
(In thousands) | ||||||||
Balance at March 31, 2012 | $ | 36,811 | ||||||
Accrual for sales returns and allowances | 31,390 | |||||||
Settlements made (in cash or credit) and currency translation | (32,882 | ) | ||||||
Balance at March 31, 2013 | $ | 35,319 | ||||||
Accrual for sales returns and allowances | 42,400 | |||||||
Settlements made (in cash or credit) and currency translation | (44,946 | ) | ||||||
Balance at March 31, 2014 | $ | 32,773 | ||||||
Leases | ||||||||
Future minimum lease payments under operating and capital leases that have initial or remaining non-cancelable lease terms in excess of one year at March 31, 2014, are: | ||||||||
Fiscal Year | Operating | Capital | ||||||
(In thousands) | ||||||||
2015 | $ | 21,819 | $ | 2,567 | ||||
2016 | 14,678 | 775 | ||||||
2017 | 9,247 | 777 | ||||||
2018 | 6,432 | 798 | ||||||
2019 | 3,805 | 568 | ||||||
Thereafter | 4,138 | 657 | ||||||
Total minimum payments | $ | 60,119 | 6,142 | |||||
Less—interest on capital leases | 71 | |||||||
Total principal payable on capital leases (included in long-term debt) | $ | 6,071 | ||||||
Under the Bankruptcy Code, the Debtors may assume or reject executory contracts including lease obligations, therefore, the commitments shown above may not reflect actual cash outlays in the future. | ||||||||
Rent expense amounted to $46.2 million, $50.6 million, and $50.5 million, for the fiscal years ended March 31, 2014, 2013, and 2012, respectively. |
Restructuring_and_Impairments_
Restructuring and Impairments, Net | 12 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||
RESTRUCTURING AND IMPAIRMENTS, NET | ' | |||||||||||||||||||
RESTRUCTURING AND IMPAIRMENTS, NET | ||||||||||||||||||||
The Company 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. As part of these restructuring programs, the nature of the positions eliminated range from plant employees and clerical workers to operational, sales management, and divisional leadership. | ||||||||||||||||||||
During fiscal 2014, the Company recorded restructuring charges of $25.0 million, representing $17.4 million severance and $7.6 million closure costs. These restructuring charges primarily represent consolidation efforts in the Company’s workforce of approximately 218 positions. The impairments relate to closed facilities and other asset write offs of $2.9 million. | ||||||||||||||||||||
The following summarizes restructuring reserve activity and gain on asset sales/impairments, net: | ||||||||||||||||||||
Severance | Closure Costs | Total | Gain on Asset Sales/Impairments, net | Total | ||||||||||||||||
Costs | Restructuring | Restructuring / | ||||||||||||||||||
Impairments, net | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Balance at March 31, 2011 | $ | 18,732 | $ | 4,607 | $ | 23,339 | ||||||||||||||
Expenses | 7,858 | (753 | ) | 7,105 | $ | 3,773 | $ | 10,878 | ||||||||||||
Payments and currency translation | (16,189 | ) | (507 | ) | (16,696 | ) | ||||||||||||||
Balance at March 31, 2012 | 10,401 | 3,347 | 13,748 | |||||||||||||||||
Expenses | 8,451 | 2,892 | 11,343 | $ | 60,152 | $ | 71,495 | |||||||||||||
Payments and currency translation | (12,802 | ) | (2,663 | ) | (15,465 | ) | ||||||||||||||
Balance at March 31, 2013 | 6,050 | 3,576 | 9,626 | |||||||||||||||||
Expenses | 17,428 | 7,615 | 25,043 | $ | 2,946 | $ | 27,989 | |||||||||||||
Payments and currency translation | (15,557 | ) | (4,477 | ) | (20,034 | ) | ||||||||||||||
$ | 7,921 | $ | 6,714 | $ | 14,635 | |||||||||||||||
Reclassified to liabilities subject to compromise | (7,274 | ) | ||||||||||||||||||
Balance at March 31, 2014 | $ | 7,361 | ||||||||||||||||||
Remaining expenditures principally represent (i) severance and related benefits payable per employee agreements and/or regulatory requirements, (ii) lease commitments for certain closed facilities, branches and offices, as well as leases for excess and permanently idle 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. | ||||||||||||||||||||
Restructuring and impairments, net by operating segment: | ||||||||||||||||||||
For the Twelve Months Ended | ||||||||||||||||||||
31-Mar-14 | 31-Mar-13 | 31-Mar-12 | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Transportation Americas | $ | 16,451 | $ | 57,104 | $ | 2,369 | ||||||||||||||
Transportation Europe & ROW | 4,421 | 8,163 | 4,115 | |||||||||||||||||
Industrial Energy Americas | 417 | 1,136 | 652 | |||||||||||||||||
Industrial Energy Europe & ROW | 6,321 | 4,613 | 2,301 | |||||||||||||||||
Unallocated | 379 | 479 | 1,441 | |||||||||||||||||
Total | $ | 27,989 | $ | 71,495 | $ | 10,878 | ||||||||||||||
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
(LOSS) EARNINGS PER SHARE | ' | |||||||||||
The Company computes basic earnings (loss) per share by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share is computed by dividing net income (loss) by diluted weighted average shares outstanding. | ||||||||||||
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). Basic and diluted earnings (loss) per share are summarized as follows: | ||||||||||||
For the Twelve Months Ended | ||||||||||||
31-Mar-14 | 31-Mar-13 | 31-Mar-12 | ||||||||||
(In thousands, except per share amounts) | ||||||||||||
Net income (loss) attributable to Exide Technologies | $ | (217,810 | ) | $ | (223,399 | ) | $ | 56,739 | ||||
Basic weighted average shares outstanding | 77,925 | 77,270 | 77,667 | |||||||||
Effect of dilutive securities: | ||||||||||||
Senior Subordinated Notes | — | — | 3,697 | |||||||||
Employee stock options | — | — | 292 | |||||||||
Employee restricted stock awards (non-vested) | — | — | 425 | |||||||||
— | — | 4,414 | ||||||||||
Diluted weighted average shares outstanding | 77,925 | 77,270 | 82,081 | |||||||||
Basic earnings (loss) per share | $ | (2.80 | ) | $ | (2.89 | ) | $ | 0.73 | ||||
Diluted earnings (loss) per share | $ | (2.80 | ) | $ | (2.89 | ) | $ | 0.69 | ||||
Due to a net loss for fiscal years 2014 and 2013 certain potentially dilutive shares were excluded from the diluted earnings (loss) per share calculation because their effect would be antidilutive: | ||||||||||||
March 31, 2014 | March 31, 2013 | |||||||||||
(In thousands) | ||||||||||||
Shares associated with convertible debt (assumed conversion) | 3,697 | 3,697 | ||||||||||
Employee stock options | 1,646 | 2,872 | ||||||||||
Restricted stock awards (non-vested) | 388 | 1,502 | ||||||||||
Total shares excluded | 5,731 | 8,071 | ||||||||||
For the fiscal year ended March 31, 2014, 2013, and 2012 approximately 1.6 million, 2.9 million, and 1.8 million stock options, respectively, were excluded from the diluted earnings (loss) per share calculation because their exercise prices were greater than the average market price of the related common stock for the period, and their inclusion would be antidilutive. The remaining options were included in the treasury stock method calculation, and the resulting incremental shares were included in the calculation of diluted earnings (loss) per share. |
Interest_Expense_Net
Interest Expense, Net | 12 Months Ended |
Mar. 31, 2014 | |
Interest Expense [Abstract] | ' |
INTEREST EXPENSE, NET | ' |
INTEREST EXPENSE, NET | |
Interest income of $1.0 million, $1.0 million, and $1.5 million, is included in interest expense, net for the fiscal years ended March 31, 2014, 2013, and 2012, respectively. |
Other_Income_Expense_Net
Other (Income) Expense, Net | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Other (Income) Expense, Net [Abstract] | ' | |||||||||||
OTHER EXPENSE (INCOME), NET | ' | |||||||||||
OTHER (INCOME) EXPENSE, NET | ||||||||||||
Other (income) expense, net consist of: | ||||||||||||
For the Twelve Months Ended | ||||||||||||
31-Mar-14 | 31-Mar-13 | 31-Mar-12 | ||||||||||
(In thousands) | ||||||||||||
Currency remeasurement loss (gain) (1) | $ | (4,321 | ) | $ | 2,883 | $ | 10,036 | |||||
Gain on interest rate swap settlements | — | — | (4,578 | ) | ||||||||
Other | (1,150 | ) | (356 | ) | (347 | ) | ||||||
Total other (income) expense, net | $ | (5,471 | ) | $ | 2,527 | $ | 5,111 | |||||
-1 | The currency remeasurement gain relates primarily to intercompany loans to foreign subsidiaries denominated in the Belarus Ruble, the Euro, and the Australian dollar. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||
The Company used available market information and appropriate 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, DIP Credit Facility, 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: | ||||||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||||||
Carrying Value | Estimated Fair | Carrying Value | Estimated Fair | |||||||||||||
Value | Value | |||||||||||||||
(In thousands) | ||||||||||||||||
Asset (Liability): | ||||||||||||||||
Senior secured notes (1) | $ | (734,474 | ) | $ | (560,955 | ) | $ | (675,000 | ) | $ | (580,500 | ) | ||||
Convertible senior subordinated notes (1) | (51,900 | ) | (12,988 | ) | (55,750 | ) | (52,864 | ) | ||||||||
Foreign currency forwards (2) | — | — | (25 | ) | (25 | ) | ||||||||||
Commodity swap / forward (2) | (1,709 | ) | (1,709 | ) | 141 | 141 | ||||||||||
-1 | Classified as liabilities subject to compromise | |||||||||||||||
-2 | 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. | |||||||||||||||
The following table represents the Company's financial instruments that were measured at fair value at March 31, 2014 and 2013 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, 2014: | ||||||||||||||||
Asset (Liability): | ||||||||||||||||
Commodity swap / forward | $ | (1,709 | ) | $ | — | $ | (1,709 | ) | $ | — | ||||||
March 31, 2013: | ||||||||||||||||
Asset (Liability): | ||||||||||||||||
Foreign currency forward | (25 | ) | — | (25 | ) | — | ||||||||||
Commodity swap | 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. | ||||||||||||||||
The following table summarizes the investments that comprise the assets of the Company’s pension plans (see Note 10), all of which 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) | ||||||||||||||||
31-Mar-14 | ||||||||||||||||
Cash and cash equivalents | $ | 6,235 | $ | 6,235 | $ | — | $ | — | ||||||||
Equity funds - U.S.-based companies | 142,803 | — | 142,803 | — | ||||||||||||
Equity funds - international-based companies | 43,840 | — | 43,840 | — | ||||||||||||
Fixed income funds | 325,648 | — | 325,648 | — | ||||||||||||
Other | 9,053 | — | 9,053 | — | ||||||||||||
Total pension assets | $ | 527,579 | $ | 6,235 | $ | 521,344 | $ | — | ||||||||
March 31, 2013 | ||||||||||||||||
Cash and cash equivalents | $ | 11,536 | $ | 11,536 | $ | — | $ | — | ||||||||
Equity funds - U.S.-based companies | 87,466 | — | 87,466 | — | ||||||||||||
Equity funds - international-based companies | 113,655 | — | 113,655 | — | ||||||||||||
Fixed income funds | 282,582 | — | 282,582 | — | ||||||||||||
Other | 2,338 | — | 2,338 | — | ||||||||||||
Total pension assets | $ | 497,577 | $ | 11,536 | $ | 486,041 | $ | — | ||||||||
Cash and cash equivalents consist primarily of excess cash balances in the plans’ investment accounts, and are classified as Level 1. The fair value of the plans’ investment funds are based on net asset value, which is based on quoted market prices of the underlying assets owned by the fund (reduced by its liabilities). |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTION | ' |
RELATED PARTY TRANSACTIONS | |
Robert M. Caruso, the Company's President and Chief Executive Officer, and Edgar W. Mosley Jr., the Company's Chief Restructuring Officer, are employed by Alvarez & Marsal North America, LLC ("Alvarez & Marsal" or "A&M") as Managing Director and Senior Director, respectively. A&M has been retained by the Company in connection with our Chapter 11 restructuring. Mr. Caruso, who has been associated with A&M since 2006, remains a Managing Director of A&M while serving as the Company's President and Chief Executive Officer. Mr. Mosley has been with A&M since 2008, and remains a Senior Director of A&M while serving as the Company's Chief Restructuring Officer. In addition, Mr. Caruso holds a minority equity interest in A&M's parent company which indirectly entitles him to a share of A&M's profits. | |
Pursuant to an Agreement dated June 9, 2013, as amended by a Letter Agreement dated July 25, 2013 between the Company and A&M (the "Services Agreement"), the Company retained A&M in connection with it's 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 A&M 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 A&M independently pursuant to their arrangements with A&M. The Services Agreement also provides for payment of a one-time success fee to A&M as a result of our emergence from Chapter 11. The amount of the success fee could be up to $1.8 million, at the discretion of the Board of Directors and subject to approval by the U.S. Bankruptcy Court. Fees and expenses the Company incurred under the Services Agreement amounted to $22.6 million for the twelve months ended March 31, 2014. | |
The Company understands 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 A&M 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 A&M. 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. |
Supplemental_Information
Supplemental Information | 12 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Supplemental Information | ' | |||||||||||||||
SUPPLEMENTAL INFORMATION | ||||||||||||||||
The accumulated other comprehensive (loss) income consisted of the following: | ||||||||||||||||
Defined | Derivatives | Cumulative | Total | |||||||||||||
Benefit Plans (1) | Qualifying | Translation | ||||||||||||||
as Hedges (2) | Adjustment | |||||||||||||||
(In thousands) | ||||||||||||||||
As of March 31, 2011 | $ | (26,893 | ) | $ | (10 | ) | $ | 76,443 | $ | 49,540 | ||||||
Other comprehensive (loss) income before reclassifications | (42,342 | ) | (4,018 | ) | (22,866 | ) | (69,226 | ) | ||||||||
Amounts reclassified from AOCI | (708 | ) | 3,901 | — | 3,193 | |||||||||||
Net change in other comprehensive (loss) income | (43,050 | ) | (117 | ) | (22,866 | ) | (66,033 | ) | ||||||||
As of March 31, 2012 | $ | (69,943 | ) | $ | (127 | ) | $ | 53,577 | $ | (16,493 | ) | |||||
Other comprehensive (loss) income before reclassifications | (11,332 | ) | (3,276 | ) | (17,354 | ) | (31,962 | ) | ||||||||
Amounts reclassified from AOCI | (2,387 | ) | 3,403 | — | 1,016 | |||||||||||
Net change in other comprehensive (loss) income | (13,719 | ) | 127 | (17,354 | ) | (30,946 | ) | |||||||||
As of March 31, 2013 | $ | (83,662 | ) | $ | — | $ | 36,223 | $ | (47,439 | ) | ||||||
Other comprehensive (loss) income before reclassifications | 15,602 | — | 23,745 | 39,347 | ||||||||||||
Amounts reclassified from AOCI | (3,357 | ) | — | — | (3,357 | ) | ||||||||||
Net change in other comprehensive (loss) income | 12,245 | — | 23,745 | 35,990 | ||||||||||||
As of March 31, 2014 | $ | (71,417 | ) | $ | — | $ | 59,968 | $ | (11,449 | ) | ||||||
-1 | See Note 10 for additional information on employee benefit plans. | |||||||||||||||
-2 | See Note 4 for additional information on derivatives. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
SEGMENT INFORMATION | ' | |||||||||||
SEGMENT INFORMATION | ||||||||||||
The Company reports its results in four business segments: Transportation Americas, Transportation Europe and 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 OE 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 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: | ||||||||||||
For the Twelve Months Ended | ||||||||||||
31-Mar-14 | 31-Mar-13 | 31-Mar-12 | ||||||||||
(In thousands) | ||||||||||||
Net sales | ||||||||||||
Transportation Americas | $ | 760,412 | $ | 879,831 | $ | 907,838 | ||||||
Transportation Europe & ROW | 930,036 | 926,978 | 1,014,292 | |||||||||
Industrial Energy Americas | 365,633 | 368,386 | 339,328 | |||||||||
Industrial Energy Europe & ROW | 799,352 | 796,503 | 823,192 | |||||||||
$ | 2,855,433 | $ | 2,971,698 | $ | 3,084,650 | |||||||
Operating income (loss) by segment | ||||||||||||
Transportation Americas | $ | (7,739 | ) | $ | (23,158 | ) | $ | 9,513 | ||||
Transportation Europe & ROW | 19,561 | 20,335 | 55,928 | |||||||||
Industrial Energy Americas | 25,185 | 28,266 | 41,657 | |||||||||
Industrial Energy Europe & ROW | 16,004 | 21,787 | 14,435 | |||||||||
Unallocated corporate | (34,034 | ) | (29,096 | ) | (31,780 | ) | ||||||
18,977 | 18,134 | 89,753 | ||||||||||
Restructuring and impairments, net | (27,989 | ) | (71,495 | ) | (10,878 | ) | ||||||
$ | (9,012 | ) | $ | (53,361 | ) | $ | 78,875 | |||||
Depreciation & Amortization | ||||||||||||
Transportation Americas | $ | 25,476 | $ | 28,465 | $ | 28,215 | ||||||
Transportation Europe & ROW | 21,513 | 19,052 | 18,590 | |||||||||
Industrial Energy Americas | 11,514 | 10,963 | 11,701 | |||||||||
Industrial Energy Europe & ROW | 18,024 | 17,386 | 21,039 | |||||||||
Unallocated corporate | 4,753 | 4,321 | 4,808 | |||||||||
$ | 81,280 | $ | 80,187 | $ | 84,353 | |||||||
Capital expenditures | ||||||||||||
Transportation Americas | $ | 27,709 | $ | 32,105 | $ | 38,872 | ||||||
Transportation Europe & ROW | 33,242 | 36,323 | 40,195 | |||||||||
Industrial Energy Americas | 4,128 | 9,313 | 7,392 | |||||||||
Industrial Energy Europe & ROW | 12,896 | 16,120 | 15,915 | |||||||||
Unallocated corporate | 3,794 | 7,640 | 7,462 | |||||||||
$ | 81,769 | $ | 101,501 | $ | 109,836 | |||||||
Geographic information is as follows: | ||||||||||||
Revenues from External Customers | ||||||||||||
For the Twelve Months Ended | ||||||||||||
31-Mar-14 | 31-Mar-13 | 31-Mar-12 | ||||||||||
(In thousands) | ||||||||||||
United States | $ | 1,126,045 | $ | 1,248,217 | $ | 1,247,166 | ||||||
France | 190,112 | 190,730 | 200,456 | |||||||||
Germany | 393,314 | 382,521 | 434,051 | |||||||||
Italy | 236,416 | 217,403 | 229,271 | |||||||||
Spain | 263,583 | 238,235 | 252,801 | |||||||||
Poland | 114,388 | 105,813 | 107,519 | |||||||||
Other | 531,575 | 588,779 | 613,386 | |||||||||
Total | $ | 2,855,433 | $ | 2,971,698 | $ | 3,084,650 | ||||||
Long-Lived Assets | ||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||
(In thousands) | ||||||||||||
United States | $ | 228,861 | $ | 235,665 | ||||||||
France | 16,603 | 15,807 | ||||||||||
Germany | 63,820 | 62,203 | ||||||||||
Italy | 63,091 | 55,505 | ||||||||||
Spain | 94,895 | 86,267 | ||||||||||
Poland | 57,927 | 48,734 | ||||||||||
Other | 51,215 | 53,934 | ||||||||||
Total | $ | 576,412 | $ | 558,115 | ||||||||
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA (Unaudited) | ' | |||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA (Unaudited) | ||||||||||||||||
The following is a summary of the Company’s quarterly consolidated results of operations: | ||||||||||||||||
Three Months Ended | ||||||||||||||||
30-Jun-13 | 30-Sep-13 | 31-Dec-13 | 31-Mar-14 | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Net sales | $ | 682,242 | $ | 697,802 | $ | 759,666 | $ | 715,723 | ||||||||
Gross profit | 76,039 | 96,734 | 110,024 | 101,663 | ||||||||||||
Operating income (loss) | (24,854 | ) | 5,439 | 12,027 | (1,624 | ) | ||||||||||
Loss before income taxes | (90,913 | ) | (36,990 | ) | (33,133 | ) | (50,536 | ) | ||||||||
Net loss attributable to Exide Technologies | (91,133 | ) | (40,175 | ) | (34,692 | ) | (51,810 | ) | ||||||||
Loss per share: | ||||||||||||||||
Basic | $ | (1.17 | ) | $ | (0.51 | ) | $ | (0.44 | ) | $ | (0.66 | ) | ||||
Diluted | $ | (1.17 | ) | $ | (0.51 | ) | $ | (0.44 | ) | $ | (0.66 | ) | ||||
Three Months Ended | ||||||||||||||||
30-Jun-12 | 30-Sep-12 | 31-Dec-12 | 31-Mar-13 | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Net sales | $ | 693,438 | $ | 711,692 | $ | 804,879 | $ | 761,689 | ||||||||
Gross profit | 94,255 | 103,659 | 120,070 | 89,310 | ||||||||||||
Operating income (loss) | 1,054 | 6,836 | 4,726 | (65,974 | ) | |||||||||||
Loss before income taxes | (14,656 | ) | (9,880 | ) | (11,639 | ) | (87,001 | ) | ||||||||
Net loss attributable to Exide Technologies | (106,498 | ) | (13,878 | ) | (15,443 | ) | (87,580 | ) | ||||||||
Loss per share: | ||||||||||||||||
Basic | $ | (1.38 | ) | $ | (0.18 | ) | $ | (0.20 | ) | $ | (1.13 | ) | ||||
Diluted | $ | (1.38 | ) | $ | (0.18 | ) | $ | (0.20 | ) | $ | (1.13 | ) | ||||
The three months ended March 31, 2014 included a $2.5 million out of period correction to increase cost of sales, decrease inventory, and increase net loss related to errors in the first three quarters of fiscal 2014 of $0.5 million, $0.4 million, and $1.6 million, respectively. There is no impact to cash flows. None of the out of period amounts are material to any of the related quarters. | ||||||||||||||||
The Company recorded $55.1 million of restructuring and impairment in the fourth quarter of fiscal 2013. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||
Valuation and Qualifying Accounts - Schedule II | ' | ||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||
Schedule II | |||||||||||||||||
Balance at | Additions / | Deductions/ | Currency | Balance | |||||||||||||
Beginning | Adjustments | Charge- | Translation | at end | |||||||||||||
of period | Charged to | offs | of period | ||||||||||||||
Expense | |||||||||||||||||
(In thousands) | |||||||||||||||||
Allowance for Doubtful Accounts | |||||||||||||||||
For the Twelve Months Ended: | |||||||||||||||||
31-Mar-12 | $ | 29,227 | 1,529 | (9,039 | ) | (1,378 | ) | $ | 20,339 | ||||||||
31-Mar-13 | $ | 20,339 | 1,284 | (928 | ) | (592 | ) | $ | 20,103 | ||||||||
31-Mar-14 | $ | 20,103 | 1,270 | (2,324 | ) | 440 | $ | 19,489 | |||||||||
Valuation Allowance on Deferred Tax Assets | |||||||||||||||||
For the Twelve Months Ended: | |||||||||||||||||
31-Mar-12 | $ | 239,509 | 4,736 | (125,983 | ) | (14,723 | ) | $ | 103,539 | ||||||||
31-Mar-13 | $ | 103,539 | 141,655 | (1,793 | ) | (666 | ) | $ | 242,735 | ||||||||
31-Mar-14 | $ | 242,735 | 60,588 | (17,671 | ) | 1,279 | $ | 286,931 | |||||||||
Basis_of_Presentation_and_Summ1
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation | ' |
Principles of Consolidation | |
The Consolidated Financial Statements include the accounts of Exide Technologies and all of its majority owned subsidiaries in which it exercises control. Investments in affiliates of less than a 20.0% interest are generally accounted for by the cost method. Investments in 20.0% to 50.0% owned companies are generally accounted for by the equity method. All significant intercompany transactions have been eliminated. | |
Major Customers and Concentration of Credit | ' |
Major Customers and Concentration of Credit | |
The Company has a number of major end-user customers, retail and OEM, both in the Americas and Europe. No single customer accounted for more than 10.0% of consolidated net sales during any of the fiscal years presented. | |
Foreign Currency Translation | ' |
Foreign Currency Translation | |
The functional currencies of the Company’s foreign subsidiaries are primarily the respective local currencies. Assets and liabilities of the Company’s foreign subsidiaries and affiliates are translated into U.S. Dollars at the year-end exchange rate, and revenues and expenses are translated at average monthly exchange rates. Translation gains and losses are recorded as a component of accumulated other comprehensive income (loss) within stockholders’ equity. Foreign currency gains and losses from certain intercompany transactions are also recorded as a component of accumulated other comprehensive income (loss). All other foreign currency gains and losses are included in other expense (income), net. | |
Cash Equivalents | ' |
Cash Equivalents | |
Cash equivalents consist of highly liquid instruments with maturities at the time of acquisition of three months or less. Cash equivalents are stated at cost, which approximates fair value because of the short-term maturity of these instruments. | |
Allowance for Doubtful Accounts | ' |
Allowance for Doubtful Accounts | |
The Company maintains allowances for doubtful accounts for estimated probable losses resulting from the inability of the Company’s customers to make required payments. The Company continues to assess the adequacy of the reserves for doubtful accounts based on the financial condition of the Company’s customers and other external factors that may impact collectibility. The majority of the Company’s accounts receivable are due from trade customers. Credit is extended based on an evaluation of the Company’s customers’ financial condition and generally, collateral is not required. Payment terms vary and accounts receivable are stated in the Consolidated Financial Statements at amounts due from customers net of an allowance for doubtful accounts. Accounts outstanding for longer than the payment terms are considered past due. The Company considers a number of factors in determining the allowance for doubtful accounts, including the length of time trade accounts receivable are past due, the customers’ current ability to pay their obligations to the Company, the Company’s previous loss history, and the condition of the general economy and the industry as a whole. The Company writes off accounts receivable when they become uncollectible. The Company’s accounts receivable balance at March 31, 2014 and 2013 reflects an allowance for doubtful accounts of $19.5 million and $20.1 million, respectively. | |
Inventories | ' |
Inventories | |
Inventories, which consist of material, labor and overhead, are stated at the lower of cost or market using the first-in, first-out (“FIFO”) method. The Company writes down its inventory to estimated net realizable value (when below historical cost) based on assumptions of future demand and market conditions. | |
Property, Plant and Equipment | ' |
Property, Plant and Equipment | |
Depreciation is provided on a straight-line basis over the estimated useful lives of the assets. The range of original estimated useful lives is: buildings and improvements, 25-40 years; machinery and equipment, 3-14 years. Cost and accumulated depreciation for property retired or disposed of are removed from the accounts, and any gain or loss on disposal is credited or charged to earnings. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, improvements and major renewals are capitalized. | |
Deferred Financing Costs | ' |
Deferred Financing Costs | |
Deferred financing costs are amortized to interest expense over the life of the related debt. | |
Valuation of Long-Lived Assets | ' |
Valuation of Long-Lived Assets | |
The Company’s long-lived assets include property, plant and equipment and identified intangible assets. Long-lived assets (other than indefinite lived intangible assets) are depreciated over their estimated useful lives, and are reviewed for impairment whenever changes in circumstances indicate the carrying value may not be recoverable. Recoverability of asset groups to be held and used is measured by a comparison of the carrying amount of long-lived assets to future undiscounted net cash flows expected to be generated by these asset groups. If such asset groups are considered to be impaired, the impairment recognized is the amount by which the carrying amount of the asset group exceeds the fair value of the asset group. Assets held for sale are reported at the lower of the carrying amount or fair value less estimated costs of disposal and are no longer depreciated. Indefinite-lived intangible assets are reviewed for impairment on both an annual basis and whenever changes in circumstances indicate the carrying value may not be recoverable. The fair value of indefinite-lived intangible assets is based upon the Company’s estimates of future cash flows and other factors including discount rates to determine the fair value of the respective assets. If these long-lived assets or their related assumptions change in the future, the Company may be required to record impairment charges. | |
Sales Returns and Allowances | ' |
Sales Returns and Allowances | |
The Company provides for an allowance for product returns and/or allowances. Based upon its manufacturing re-work process, the Company believes that the majority of its product returns are not the result of product defects. The Company recognizes the estimated cost of product returns as a reduction of sales in the period in which the related revenue is recognized. The product return estimates are based upon historical trends and claims experience, and include an assessment of the anticipated lag between the date of sale and claim/return date. | |
Income Taxes | ' |
Income Taxes | |
The Company accounts for income taxes using the liability method in accounting for deferred taxes. If it is more likely than not that some portion, or all, of a deferred tax asset will not be realized, a valuation allowance is recognized. | |
Revenue Recognition | ' |
Revenue Recognition | |
The Company records sales when revenue is earned. Shipping terms are generally FOB shipping point and revenue is recognized when product is shipped to the customer. In limited cases, terms are FOB destination and in these cases, revenue is recognized when product is delivered to the customer’s delivery site. | |
Accounting for Shipping and Handling Costs | ' |
Accounting for Shipping and Handling Costs | |
The Company records shipping and handling costs incurred in cost of sales and records shipping and handling costs billed to customers in net sales. | |
Advertising | ' |
Advertising | |
The Company expenses advertising costs as they are incurred. | |
Net Earnings (Loss) per share | ' |
Net Earnings (Loss) Per Share | |
The Company computes basic earnings (loss) per share by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share is computed by dividing net income (loss) by diluted weighted average shares outstanding. 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 Company’s floating rate Convertible Notes, if dilutive. The potential dilutive effect of the assumed conversion of convertible debt is determined using the if-converted method, and considers both the impact of incremented common shares after an assumed conversion, and the related addition to net income (loss) of the after-tax interest recognized during the period on the convertible debt. | |
Use of Estimates in the Preparation of Financial Statements | ' |
Use of Estimates in the Preparation of Consolidated Financial Statements | |
The preparation of Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. |
Proceedings_Under_Chapter_11_o1
Proceedings Under Chapter 11 of The Bankruptcy Code (Tables) | 12 Months Ended | ||||
Mar. 31, 2014 | |||||
Reorganizations [Abstract] | ' | ||||
Reorganization Items, Consolidated Financial Statements | ' | ||||
Reorganization items included in the Consolidated Financial Statements included costs directly related to the Chapter 11 proceedings, as follows: | |||||
For the Twelve Months Ended | |||||
31-Mar-14 | |||||
(In thousands) | |||||
Professional fees | $ | 77,889 | |||
Write off debt financing costs/other | 12,301 | ||||
Other direct costs | 3,399 | ||||
$ | 93,589 | ||||
Liabilities Subject to Comprise | ' | ||||
Liabilities subject to compromise include the following: | |||||
31-Mar-14 | |||||
(In thousands) | |||||
Debt | $ | 788,376 | |||
Accrued interest | 10,515 | ||||
Accounts payable | 72,275 | ||||
Retirement obligations | 52,864 | ||||
Restructuring reserve | 7,274 | ||||
Other accrued liabilities | 19,339 | ||||
$ | 950,643 | ||||
Debtors_Financial_Statements_T
Debtor's Financial Statements (Tables) | 12 Months Ended | |||
Mar. 31, 2014 | ||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||
Schedule of Condensed Income Statement | ' | |||
Debtor's Statements of Operations | ||||
For the Twelve Months Ended | ||||
March 31, 2014 | ||||
(In thousands) | ||||
Net sales | $ | 1,125,058 | ||
Cost of sales | 978,061 | |||
Gross profit | 146,997 | |||
Selling and administrative expenses | 153,999 | |||
Restructuring and impairments, net | 16,745 | |||
Operating loss | (23,747 | ) | ||
Other income, net | (25,509 | ) | ||
Loss in net earnings of subsidiaries | 29,770 | |||
Interest expense, net | 97,864 | |||
Loss before reorganization items | (125,872 | ) | ||
Reorganization items | 91,769 | |||
Loss before income taxes | (217,641 | ) | ||
Income tax provision | 169 | |||
Net loss attributable to Debtor | $ | (217,810 | ) | |
Schedule of Condensed Balance Sheet | ' | |||
Debtor's Balance Sheet | ||||
March 31, 2014 | ||||
(In thousands) | ||||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 17,349 | ||
Accounts receivable, net | 133,384 | |||
Non-Debtor receivables | 40,550 | |||
Inventories | 196,129 | |||
Prepaid expenses and other current assets | 37,594 | |||
Total current assets | 425,006 | |||
Property, plant and equipment, net | 228,297 | |||
Other assets: | ||||
Investments in non-Debtor subsidiaries | 400,048 | |||
Non-Debtor loans | 240,505 | |||
Other noncurrent assets | 84,734 | |||
Total other assets | 725,287 | |||
Total assets | $ | 1,378,590 | ||
LIABILITIES AND DEBTOR'S EQUITY | ||||
Current liabilities: | ||||
Current maturities of long-term debt | $ | 284,625 | ||
Accounts payable and accrued expenses | 110,812 | |||
Total current liabilities | 395,437 | |||
Other noncurrent liabilities | 60,442 | |||
Liabilities not subject to compromise | 455,879 | |||
Liabilities subject to compromise | 950,643 | |||
DEBTOR'S EQUITY | ||||
Total Debtor's equity | (27,932 | ) | ||
Total liabilities and Debtor's equity | $ | 1,378,590 | ||
Schedule of Condensed Cash Flow Statement | ' | |||
Debtor's Statements of Cash Flows | ||||
For the Twelve Months Ended | ||||
March 31, 2014 | ||||
(In thousands) | ||||
Cash Flows From Operating Activities: | ||||
Net cash used in operating activities | $ | (216,095 | ) | |
Cash Flows From Investing Activities: | ||||
Capital expenditures | (38,374 | ) | ||
Proceeds from asset sales | 169 | |||
Net cash used in investing activities | (38,205 | ) | ||
Cash Flows From Financing Activities: | ||||
Increase in debt | 275,000 | |||
Financing fees and other | (29,770 | ) | ||
Net cash provided by financing activities | 245,230 | |||
Net decrease in cash and cash equivalents | (9,070 | ) | ||
Cash and cash equivalents, beginning of period | 26,419 | |||
Cash and cash equivalents, end of period | $ | 17,349 | ||
Accounting_for_Derivatives_Tab
Accounting for Derivatives (Tables) | 12 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||
Presentation of derivative instruments, balance sheet | ' | |||||||||||||
The following tables set forth information on the presentation of these derivative instruments in the Company’s Consolidated Financial Statements: | ||||||||||||||
Balance Sheet | 31-Mar-14 | 31-Mar-13 | ||||||||||||
(In thousands) | ||||||||||||||
Asset Derivatives: | ||||||||||||||
Commodity swaps / forwards | Current assets | $ | — | $ | 141 | |||||||||
Liability Derivatives: | ||||||||||||||
Commodity swaps / forwards | Current liabilities | 1,709 | — | |||||||||||
Foreign exchange forwards | Current liabilities | — | 25 | |||||||||||
Presentation of derivative instruments, statement of operations | ' | |||||||||||||
For the Twelve Months Ended | ||||||||||||||
31-Mar-14 | March 31, 2013 | March 31, 2012 | ||||||||||||
(In thousands) | ||||||||||||||
Foreign Exchange Forwards | Other income, net | |||||||||||||
(Gain) / loss | $ | (25 | ) | $ | (2,652 | ) | $ | (6,051 | ) | |||||
Commodity Swaps / Forwards | ||||||||||||||
(Gain) / loss | Cost of sales | 1,587 | 1,302 | 3,970 | ||||||||||
Interest Rate Swap | ||||||||||||||
(Gain) / loss | Interest expense, net | (94 | ) | (2,053 | ) | (1,820 | ) |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Summary of goodwill and intangible assets | ' | |||||||||||||||||||||||
Goodwill and intangibles, net consisted of the following: | ||||||||||||||||||||||||
Goodwill | Trademarks | Trademarks | Customer | Technology | Total | |||||||||||||||||||
(not subject to | and | and | Relationships | |||||||||||||||||||||
amortization) | Tradenames | Tradenames | ||||||||||||||||||||||
(not subject to | (subject to | |||||||||||||||||||||||
amortization) | amortization) | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||
Gross amount | $ | 916 | $ | 61,532 | $ | 13,996 | $ | 107,993 | $ | 26,030 | $ | 210,467 | ||||||||||||
Accumulated amortization | — | — | (10,961 | ) | (44,349 | ) | (12,776 | ) | (68,086 | ) | ||||||||||||||
$ | 916 | $ | 61,532 | $ | 3,035 | $ | 63,644 | $ | 13,254 | $ | 142,381 | |||||||||||||
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) | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Components of Inventories, valued using the first-in, first-out (FIFO) method | ' | |||||||
Inventories, valued using the FIFO method, consist of: | ||||||||
31-Mar-14 | 31-Mar-13 | |||||||
(In thousands) | ||||||||
Raw materials | $ | 94,694 | $ | 89,925 | ||||
Work-in-process | 115,731 | 106,194 | ||||||
Finished goods | 272,793 | 292,102 | ||||||
$ | 483,218 | $ | 488,221 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Property, plant and equipment, net consist of: | ||||||||
31-Mar-14 | 31-Mar-13 | |||||||
(In thousands) | ||||||||
Land | $ | 54,725 | $ | 55,443 | ||||
Buildings and improvements | 255,034 | 253,960 | ||||||
Machinery and equipment | 816,889 | 802,414 | ||||||
Construction in progress | 53,455 | 59,176 | ||||||
1,180,103 | 1,170,993 | |||||||
Accumulated depreciation | (603,691 | ) | (612,878 | ) | ||||
Property, plant and equipment, net | $ | 576,412 | $ | 558,115 | ||||
Other_Noncurrent_Assets_Tables
Other Noncurrent Assets (Tables) | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Other noncurrent assets | ' | |||||||
Other noncurrent assets consisted of the following: | ||||||||
31-Mar-14 | 31-Mar-13 | |||||||
(In thousands) | ||||||||
Deposits (1) | $ | 4,040 | $ | 3,885 | ||||
Deferred financing costs | 14,773 | 16,080 | ||||||
Investment in affiliates | 549 | 1,877 | ||||||
Capitalized software, net | 3,864 | 3,993 | ||||||
Loan to affiliate | — | 1,005 | ||||||
Retirement plans | 14,941 | 17,655 | ||||||
Other | 12,503 | 6,554 | ||||||
$ | 50,670 | $ | 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_Tables
Debt (Tables) | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Total long-term debt | ' | |||||||
Total long-term debt at March 31, 2014 and 2013 consisted of the following: | ||||||||
31-Mar-14 | 31-Mar-13 | |||||||
(In thousands) | ||||||||
DIP credit facility | $ | 284,625 | $ | — | ||||
8 5/8% senior secured notes due 2018 (1) | — | 675,000 | ||||||
Floating rate convertible senior subordinated notes due 2013 (1) | — | 55,750 | ||||||
Other, including capital lease obligations (see Note 13) and other loans at interest rates averaging approximately 6.2% due in installments through 2019 | 19,294 | 20,457 | ||||||
303,919 | 751,207 | |||||||
Fair value adjustments on hedged debt | — | 2,788 | ||||||
303,919 | 753,995 | |||||||
Current maturities | (288,386 | ) | (60,131 | ) | ||||
Total long-term debt | $ | 15,533 | $ | 693,864 | ||||
-1 | The pre-petition debt of the Debtor was reclassified to liabilities subject to compromise. Refer to Note 1 to the Consolidated Financial Statements for additional information on the Chapter 11 proceedings. | |||||||
Annual principal payments required under long-term debt obligations | ' | |||||||
Annual principal payments required under the DIP Credit Agreement and other long-term debt obligations at March 31, 2014 are as follows: | ||||||||
2015 | $ | 288,386 | ||||||
2016 | 2,336 | |||||||
2017 | 2,404 | |||||||
2018 | 2,495 | |||||||
2019 | 2,246 | |||||||
2020 and beyond | 6,052 | |||||||
Total | $ | 303,919 | ||||||
Employee_Benefit_Plans_and_Pos1
Employee Benefit Plans and Post-Retirement Health Care and Life Insurance Benefits (Tables) | 12 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||||
Schedule of assumptions used | ' | |||||||||||||||||
Pension | Other Post-Retirement | |||||||||||||||||
Expense Assumptions: | Benefits / Expense | Benefits / Expense | ||||||||||||||||
Weighted-average assumptions for: | FY 2014 | FY 2013 | FY 2012 | FY 2014 | FY 2013 | FY 2012 | ||||||||||||
Discount rate | 4.2 | % | 4.5 | % | 5.4 | % | 4.3 | % | 4.3 | % | 5.1 | % | ||||||
Expected return on plan assets | 6.2 | % | 6.2 | % | 7.1 | % | n/a | n/a | n/a | |||||||||
Rate of compensation increase | 2.5 | % | 2.5 | % | 2.6 | % | n/a | n/a | n/a | |||||||||
Schedule of amounts in accumulated other comprehensive income that have not yet been recognized | ' | |||||||||||||||||
The changes in plan assets and benefit obligations recognized in other comprehensive (loss) income at March 31, 2014 are as follows: | ||||||||||||||||||
Pension | Post-retirement | |||||||||||||||||
Benefits | Health and Other | |||||||||||||||||
Benefits | ||||||||||||||||||
(In thousands) | ||||||||||||||||||
Accumulated other comprehensive loss: | ||||||||||||||||||
Net (gain) loss arising during the period | $ | 1,545 | $ | (4,296 | ) | |||||||||||||
Net prior service cost during the period | (65 | ) | 490 | |||||||||||||||
Net loss recognized during the period | (4,657 | ) | (673 | ) | ||||||||||||||
Exchange rate gain (loss) recognized during the period | 1,432 | (234 | ) | |||||||||||||||
Total | $ | (1,745 | ) | $ | (4,713 | ) | ||||||||||||
Schedule of amounts in accumulated other comprehensive income expected to be recognized over the next fiscal year | ' | |||||||||||||||||
The following amounts are expected to be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost in the next fiscal year are as follows: | ||||||||||||||||||
Pension | Post-retirement | |||||||||||||||||
Benefits | Health and Other | |||||||||||||||||
Benefits | ||||||||||||||||||
(In thousands) | ||||||||||||||||||
Prior service cost/(credit) | $ | 66 | $ | (490 | ) | |||||||||||||
Actuarial loss | 3,015 | 346 | ||||||||||||||||
Total | $ | 3,081 | $ | (144 | ) | |||||||||||||
Schedule of expected future benefit payments | ' | |||||||||||||||||
Expected future benefit payments are as follows: | ||||||||||||||||||
Other Post-Retirement | ||||||||||||||||||
Pension | Gross Expected | |||||||||||||||||
Benefits | Benefit Payments | |||||||||||||||||
Fiscal Year | (In thousands) | |||||||||||||||||
2015 | $ | 43,965 | $ | 1,691 | ||||||||||||||
2016 | 39,706 | 1,666 | ||||||||||||||||
2017 | 40,402 | 1,639 | ||||||||||||||||
2018 | 41,631 | 1,595 | ||||||||||||||||
2019 | 41,709 | 1,537 | ||||||||||||||||
2020 to 2024 | 216,496 | 6,804 | ||||||||||||||||
Schedule of asset allocation for pension plans | ' | |||||||||||||||||
The following table summarizes the investments that comprise the assets of the Company’s pension plans (see Note 10), all of which 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) | ||||||||||||||||||
31-Mar-14 | ||||||||||||||||||
Cash and cash equivalents | $ | 6,235 | $ | 6,235 | $ | — | $ | — | ||||||||||
Equity funds - U.S.-based companies | 142,803 | — | 142,803 | — | ||||||||||||||
Equity funds - international-based companies | 43,840 | — | 43,840 | — | ||||||||||||||
Fixed income funds | 325,648 | — | 325,648 | — | ||||||||||||||
Other | 9,053 | — | 9,053 | — | ||||||||||||||
Total pension assets | $ | 527,579 | $ | 6,235 | $ | 521,344 | $ | — | ||||||||||
March 31, 2013 | ||||||||||||||||||
Cash and cash equivalents | $ | 11,536 | $ | 11,536 | $ | — | $ | — | ||||||||||
Equity funds - U.S.-based companies | 87,466 | — | 87,466 | — | ||||||||||||||
Equity funds - international-based companies | 113,655 | — | 113,655 | — | ||||||||||||||
Fixed income funds | 282,582 | — | 282,582 | — | ||||||||||||||
Other | 2,338 | — | 2,338 | — | ||||||||||||||
Total pension assets | $ | 497,577 | $ | 11,536 | $ | 486,041 | $ | — | ||||||||||
Pension Benefits | ' | |||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||||
Schedule of the plans' funded status and the amounts recognized in the consolidated financial statements | ' | |||||||||||||||||
The following tables set forth the plans’ funded status and the amounts recognized in the Company’s Consolidated Financial Statements at March 31, 2014 and 2013: | ||||||||||||||||||
Pension Benefits: | For the Twelve Months Ended | |||||||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||||||||
(In thousands) | ||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||
Benefit obligation at beginning of period | $ | 697,535 | $ | 686,725 | ||||||||||||||
Service cost | 2,272 | 2,384 | ||||||||||||||||
Interest cost | 28,639 | 29,711 | ||||||||||||||||
Actuarial loss | 7,080 | 31,284 | ||||||||||||||||
Plan participants’ contributions | 164 | 221 | ||||||||||||||||
Benefits paid | (35,021 | ) | (35,392 | ) | ||||||||||||||
Currency translation | 23,760 | (13,586 | ) | |||||||||||||||
Settlements and other | (3,190 | ) | (3,812 | ) | ||||||||||||||
Benefit obligation at end of period | $ | 721,239 | $ | 697,535 | ||||||||||||||
Change in plan assets: | ||||||||||||||||||
Fair value of plan assets at beginning of period | $ | 497,577 | $ | 472,316 | ||||||||||||||
Actual return on plan assets | 35,906 | 47,348 | ||||||||||||||||
Employer contributions | 16,589 | 25,400 | ||||||||||||||||
Plan participants’ contributions | 164 | 221 | ||||||||||||||||
Benefits paid | (35,021 | ) | (35,392 | ) | ||||||||||||||
Currency translation | 14,006 | (8,505 | ) | |||||||||||||||
Settlements and other | (1,642 | ) | (3,811 | ) | ||||||||||||||
Fair value of plan assets at end of period | $ | 527,579 | $ | 497,577 | ||||||||||||||
Reconciliation of funded status: | ||||||||||||||||||
Benefit obligation at end of period | $ | 721,239 | $ | 697,535 | ||||||||||||||
Fair value of plan assets at end of period | 527,579 | 497,577 | ||||||||||||||||
Funded status (under) / over | $ | (193,660 | ) | $ | (199,958 | ) | ||||||||||||
Amounts recognized in statement of financial position: | ||||||||||||||||||
Noncurrent other assets | $ | 14,941 | $ | 17,655 | ||||||||||||||
Accrued expenses | (9,645 | ) | (8,340 | ) | ||||||||||||||
Noncurrent retirement obligations | (198,956 | ) | (209,273 | ) | ||||||||||||||
Net amount recognized at end of period (1) | $ | (193,660 | ) | $ | (199,958 | ) | ||||||||||||
Amounts recognized in accumulated other comprehensive loss: | ||||||||||||||||||
Prior service cost | $ | 792 | $ | 799 | ||||||||||||||
Net actuarial loss | 107,178 | 108,916 | ||||||||||||||||
Net amount recognized in accumulated other comprehensive loss | $ | 107,970 | $ | 109,715 | ||||||||||||||
Schedule of the plans' expenses | ' | |||||||||||||||||
The following tables set forth the plans’ expenses recognized in the Company’s Consolidated Financial Statements: | ||||||||||||||||||
Pension Benefits | ||||||||||||||||||
For the Twelve Months Ended | ||||||||||||||||||
31-Mar-14 | 31-Mar-13 | 31-Mar-12 | ||||||||||||||||
(In thousands) | ||||||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||||
Service cost | $ | 2,272 | $ | 2,384 | $ | 2,231 | ||||||||||||
Interest cost | 28,639 | 29,711 | 33,076 | |||||||||||||||
Expected return on plan assets | (30,371 | ) | (29,012 | ) | (31,214 | ) | ||||||||||||
Amortization of: | ||||||||||||||||||
Prior service cost | 65 | 62 | 88 | |||||||||||||||
Actuarial loss | 3,125 | 2,019 | 665 | |||||||||||||||
Net periodic benefit cost | $ | 3,730 | $ | 5,164 | $ | 4,846 | ||||||||||||
Schedule of asset allocation for pension plans | ' | |||||||||||||||||
The asset allocation for the Company’s pension plans by asset category are as follows: | ||||||||||||||||||
Percentage of Plan Assets at Year End | ||||||||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||||||||
Cash and cash equivalents | 1.2 | % | 1 | % | ||||||||||||||
Equity securities | 35.4 | % | 40 | % | ||||||||||||||
Fixed income securities | 61.7 | % | 57 | % | ||||||||||||||
Other | 1.7 | % | 2 | % | ||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||
Other Post-Retirement Benefits | ' | |||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||||
Schedule of the plans' funded status and the amounts recognized in the consolidated financial statements | ' | |||||||||||||||||
Other Post-Retirement Benefits: | For the Twelve Months Ended | |||||||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||||||||
(In thousands) | ||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||
Benefit obligation at beginning of period | $ | 26,025 | $ | 25,153 | ||||||||||||||
Service cost | 749 | 700 | ||||||||||||||||
Interest cost | 977 | 1,046 | ||||||||||||||||
Actuarial loss (gain) | (4,296 | ) | 1,097 | |||||||||||||||
Plan participants’ contributions | 214 | 120 | ||||||||||||||||
Benefits paid | (1,967 | ) | (1,859 | ) | ||||||||||||||
Currency translation | (813 | ) | (232 | ) | ||||||||||||||
Benefit obligation at end of period | $ | 20,889 | $ | 26,025 | ||||||||||||||
Change in plan assets: | ||||||||||||||||||
Fair value of plan assets at beginning of period | $ | — | $ | — | ||||||||||||||
Employer contributions | 1,753 | 1,739 | ||||||||||||||||
Plan participants’ contributions | 214 | 120 | ||||||||||||||||
Benefits paid | (1,967 | ) | (1,859 | ) | ||||||||||||||
Fair value of plan assets at end of period | $ | — | $ | — | ||||||||||||||
Reconciliation of funded status: | ||||||||||||||||||
Benefit obligation at end of period | $ | 20,889 | $ | 26,025 | ||||||||||||||
Fair value of plan assets at end of period | — | — | ||||||||||||||||
Funded status (under) / over | $ | (20,889 | ) | $ | (26,025 | ) | ||||||||||||
Amounts recognized in statement of financial position: | ||||||||||||||||||
Accrued expenses | $ | (1,691 | ) | $ | (1,894 | ) | ||||||||||||
Noncurrent retirement obligations | (19,198 | ) | (24,131 | ) | ||||||||||||||
Net amount recognized at end of period (1) | $ | (20,889 | ) | $ | (26,025 | ) | ||||||||||||
Amounts recognized in accumulated other comprehensive loss: | ||||||||||||||||||
Prior service credit | $ | (2,460 | ) | $ | (2,950 | ) | ||||||||||||
Net actuarial loss | 5,276 | 10,478 | ||||||||||||||||
Net amount recognized in accumulated other comprehensive loss | $ | 2,816 | $ | 7,528 | ||||||||||||||
-1 | Amounts above are before $12.5 million reclassification to liabilities subject to compromise. See Note 1 to the Consolidated Financial Statements. | |||||||||||||||||
Schedule of the plans' expenses | ' | |||||||||||||||||
Other Post-Retirement Benefits | ||||||||||||||||||
For the Twelve Months Ended | ||||||||||||||||||
31-Mar-14 | 31-Mar-13 | 31-Mar-12 | ||||||||||||||||
(In thousands) | ||||||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||||
Service cost | $ | 749 | $ | 700 | $ | 516 | ||||||||||||
Interest cost | 977 | 1,046 | 1,123 | |||||||||||||||
Amortization of: | ||||||||||||||||||
Prior service cost | (490 | ) | (490 | ) | (490 | ) | ||||||||||||
Actuarial loss | 673 | 642 | 498 | |||||||||||||||
Net periodic benefit cost | $ | 1,909 | $ | 1,898 | $ | 1,647 | ||||||||||||
Schedule of effect of a one-percentage-point change in assumed health care cost trend rates | ' | |||||||||||||||||
A one-percentage-point change in assumed health care cost trend rates would have the following effects: | ||||||||||||||||||
One Percentage- | One Percentage- | |||||||||||||||||
Point Increase | Point Decrease | |||||||||||||||||
(In thousands) | ||||||||||||||||||
Effect on total of service and interest cost components | $ | 369 | $ | 282 | ||||||||||||||
Effect on the post-retirement benefit obligation | $ | 2,232 | $ | 1,827 | ||||||||||||||
Stock_Based_Compensation_Plans1
Stock Based Compensation Plans (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Stock option activity | ' | ||||||||
The Company did not issue stock options during fiscal 2014, 2013, or 2012. The following table includes information about stock options: | |||||||||
Number of Stock | Weighted Average | Weighted Average | |||||||
Options | Exercise Price | Remaining Contractual | |||||||
(In thousands) | Life (Years) | ||||||||
Shares under option: | |||||||||
Outstanding at March 31, 2011 | 3,100 | $ | 8.02 | 6 | |||||
Forfeited | (228 | ) | 9.01 | ||||||
Outstanding at March 31, 2012 | 2,872 | $ | 7.94 | 5 | |||||
Forfeited | (4 | ) | 6.29 | ||||||
Outstanding at March 31, 2013 | 2,868 | $ | 7.94 | 4 | |||||
Forfeited | (1,223 | ) | 7.96 | ||||||
Outstanding at March 31, 2014 | 1,645 | $ | 7.93 | 3.1 | |||||
Vested and Exercisable at: | |||||||||
31-Mar-14 | 1,645 | $ | 7.93 | 3.1 | |||||
31-Mar-13 | 2,868 | $ | 7.94 | 4 | |||||
31-Mar-12 | 2,786 | $ | 7.99 | 4.9 | |||||
Restricted stock transactions | ' | ||||||||
Restricted stock transactions are as follows: | |||||||||
Number of Shares | Weighted-Average | ||||||||
Fair Value | |||||||||
(In thousands) | |||||||||
Outstanding (non-vested) at March 31, 2013 | 1,503 | $4.24 | |||||||
Vested | (985 | ) | $4.63 | ||||||
Forfeited | (137 | ) | $3.44 | ||||||
Outstanding (non-vested) at March 31, 2014 | 381 | $4.10 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of components of income (loss) before income taxes and minority interest, and the (benefit) provision for income taxes | ' | |||||||||||
The components of income (loss) before income taxes, and the provision (benefit) for income taxes are as follows: | ||||||||||||
For the Twelve Months Ended | ||||||||||||
31-Mar-14 | 31-Mar-13 | 31-Mar-12 | ||||||||||
(In thousands) | ||||||||||||
Income (loss) before income taxes: | ||||||||||||
U.S. | $ | (188,117 | ) | $ | (131,563 | ) | $ | (30,726 | ) | |||
Foreign | (23,455 | ) | 8,387 | 31,477 | ||||||||
$ | (211,572 | ) | $ | (123,176 | ) | $ | 751 | |||||
Income tax provision (benefit): | ||||||||||||
Current | ||||||||||||
U.S. | $ | 2,279 | $ | 440 | $ | (825 | ) | |||||
Foreign | 5,866 | 6,297 | 23,535 | |||||||||
8,145 | 6,737 | 22,710 | ||||||||||
Deferred | ||||||||||||
U.S. | (2,172 | ) | 87,468 | (9,809 | ) | |||||||
Foreign | 185 | 5,710 | (68,104 | ) | ||||||||
(1,987 | ) | 93,178 | (77,913 | ) | ||||||||
Total income tax provision (benefit) | $ | 6,158 | $ | 99,915 | $ | (55,203 | ) | |||||
Schedule of major differences between the federal statutory rate and the effective tax rate | ' | |||||||||||
Major differences between the federal statutory rate and the effective tax rate are as follows: | ||||||||||||
For the Twelve Months Ended | ||||||||||||
31-Mar-14 | 31-Mar-13 | 31-Mar-12 | ||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
Dividend income | — | — | (0.2 | ) | ||||||||
Withholding tax | — | (2.2 | ) | — | ||||||||
Change in tax rate | — | 0.2 | (6.7 | ) | ||||||||
Change in uncertain tax positions | 0.6 | 2.4 | (312.1 | ) | ||||||||
Local income tax provision (benefit) | (0.9 | ) | (1.4 | ) | 527 | |||||||
Change in valuation allowances | (40.6 | ) | (123.3 | ) | (8,109.8 | ) | ||||||
Revaluation of warrants | — | — | (3.2 | ) | ||||||||
Rate differences on foreign subsidiaries | 4.4 | 10.5 | (1,795.2 | ) | ||||||||
Executive compensation | — | — | 72.2 | |||||||||
Thin cap disallowance | (1.0 | ) | (0.7 | ) | 84.1 | |||||||
Spain tax settlement | — | — | 1,787.00 | |||||||||
Sub part F income | — | — | 28 | |||||||||
Other, net | (0.4 | ) | (1.6 | ) | 343.3 | |||||||
Effective tax rate | (2.9 | )% | (81.1 | )% | (7,350.6 | )% | ||||||
Summary of significant components of deferred tax assets and liabilities, and classification in the consolidated balance sheet | ' | |||||||||||
The following is a summary of the significant components of the Company’s deferred tax assets and liabilities: | ||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||
Deferred tax assets: | (In thousands) | |||||||||||
Operating loss and tax credit carryforwards | $ | 315,217 | $ | 289,895 | ||||||||
Compensation reserves | 59,984 | 66,709 | ||||||||||
Environmental reserves | 9,014 | 9,235 | ||||||||||
Sales Returns | 8,159 | 8,281 | ||||||||||
Other | 43,157 | 11,837 | ||||||||||
Valuation allowance | (286,931 | ) | (242,735 | ) | ||||||||
$ | 148,600 | $ | 143,222 | |||||||||
Deferred tax liabilities: | ||||||||||||
Property, plant, and equipment | $ | (6,002 | ) | $ | (11,151 | ) | ||||||
Foreign exchange | (917 | ) | (76 | ) | ||||||||
Intangible assets | (38,373 | ) | (38,552 | ) | ||||||||
(45,292 | ) | (49,779 | ) | |||||||||
Net deferred tax assets | $ | 103,308 | $ | 93,443 | ||||||||
The net deferred income tax asset is classified in the consolidated balance sheet as follows: | ||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||
(In thousands) | ||||||||||||
Current asset | $ | 16,339 | $ | 11,470 | ||||||||
Current liability | (4,435 | ) | (8,721 | ) | ||||||||
Noncurrent asset | 116,736 | 107,865 | ||||||||||
Noncurrent liability | (25,332 | ) | (17,171 | ) | ||||||||
$ | 103,308 | $ | 93,443 | |||||||||
Reconciliation of the beginning and ending amount of unrecognized tax benefit | ' | |||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows: | ||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||
(In thousands) | ||||||||||||
Beginning of year | $ | 34,962 | $ | 41,523 | ||||||||
Increases for income tax positions taken during current period | — | — | ||||||||||
Increases/(decreases) for currency fluctuation on tax positions | 2,218 | (849 | ) | |||||||||
Decreases for settlements with taxing authorities | — | (4,083 | ) | |||||||||
Decreases for lapse of the applicable statute of limitations | (1,127 | ) | (1,629 | ) | ||||||||
End of year | $ | 36,053 | $ | 34,962 | ||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Changes in the Company's sales returns and allowances liability | ' | |||||||
Changes in the Company’s sales returns and allowances liability (in thousands) are as follows: | ||||||||
(In thousands) | ||||||||
Balance at March 31, 2012 | $ | 36,811 | ||||||
Accrual for sales returns and allowances | 31,390 | |||||||
Settlements made (in cash or credit) and currency translation | (32,882 | ) | ||||||
Balance at March 31, 2013 | $ | 35,319 | ||||||
Accrual for sales returns and allowances | 42,400 | |||||||
Settlements made (in cash or credit) and currency translation | (44,946 | ) | ||||||
Balance at March 31, 2014 | $ | 32,773 | ||||||
Future minimum lease payments under operating and capital leases that have initial or remaining noncancelable lease terms | ' | |||||||
Future minimum lease payments under operating and capital leases that have initial or remaining non-cancelable lease terms in excess of one year at March 31, 2014, are: | ||||||||
Fiscal Year | Operating | Capital | ||||||
(In thousands) | ||||||||
2015 | $ | 21,819 | $ | 2,567 | ||||
2016 | 14,678 | 775 | ||||||
2017 | 9,247 | 777 | ||||||
2018 | 6,432 | 798 | ||||||
2019 | 3,805 | 568 | ||||||
Thereafter | 4,138 | 657 | ||||||
Total minimum payments | $ | 60,119 | 6,142 | |||||
Less—interest on capital leases | 71 | |||||||
Total principal payable on capital leases (included in long-term debt) | $ | 6,071 | ||||||
Restructuring_and_Impairments_1
Restructuring and Impairments, Net (Tables) | 12 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||
Summarized restructuring reserve and asset impairment activity | ' | |||||||||||||||||||
The following summarizes restructuring reserve activity and gain on asset sales/impairments, net: | ||||||||||||||||||||
Severance | Closure Costs | Total | Gain on Asset Sales/Impairments, net | Total | ||||||||||||||||
Costs | Restructuring | Restructuring / | ||||||||||||||||||
Impairments, net | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Balance at March 31, 2011 | $ | 18,732 | $ | 4,607 | $ | 23,339 | ||||||||||||||
Expenses | 7,858 | (753 | ) | 7,105 | $ | 3,773 | $ | 10,878 | ||||||||||||
Payments and currency translation | (16,189 | ) | (507 | ) | (16,696 | ) | ||||||||||||||
Balance at March 31, 2012 | 10,401 | 3,347 | 13,748 | |||||||||||||||||
Expenses | 8,451 | 2,892 | 11,343 | $ | 60,152 | $ | 71,495 | |||||||||||||
Payments and currency translation | (12,802 | ) | (2,663 | ) | (15,465 | ) | ||||||||||||||
Balance at March 31, 2013 | 6,050 | 3,576 | 9,626 | |||||||||||||||||
Expenses | 17,428 | 7,615 | 25,043 | $ | 2,946 | $ | 27,989 | |||||||||||||
Payments and currency translation | (15,557 | ) | (4,477 | ) | (20,034 | ) | ||||||||||||||
$ | 7,921 | $ | 6,714 | $ | 14,635 | |||||||||||||||
Reclassified to liabilities subject to compromise | (7,274 | ) | ||||||||||||||||||
Balance at March 31, 2014 | $ | 7,361 | ||||||||||||||||||
Summarized restructuring and asset impairment expenses by segment | ' | |||||||||||||||||||
Restructuring and impairments, net by operating segment: | ||||||||||||||||||||
For the Twelve Months Ended | ||||||||||||||||||||
31-Mar-14 | 31-Mar-13 | 31-Mar-12 | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Transportation Americas | $ | 16,451 | $ | 57,104 | $ | 2,369 | ||||||||||||||
Transportation Europe & ROW | 4,421 | 8,163 | 4,115 | |||||||||||||||||
Industrial Energy Americas | 417 | 1,136 | 652 | |||||||||||||||||
Industrial Energy Europe & ROW | 6,321 | 4,613 | 2,301 | |||||||||||||||||
Unallocated | 379 | 479 | 1,441 | |||||||||||||||||
Total | $ | 27,989 | $ | 71,495 | $ | 10,878 | ||||||||||||||
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Basic and diluted (loss) earnings per share | ' | |||||||||||
Basic and diluted earnings (loss) per share are summarized as follows: | ||||||||||||
For the Twelve Months Ended | ||||||||||||
31-Mar-14 | 31-Mar-13 | 31-Mar-12 | ||||||||||
(In thousands, except per share amounts) | ||||||||||||
Net income (loss) attributable to Exide Technologies | $ | (217,810 | ) | $ | (223,399 | ) | $ | 56,739 | ||||
Basic weighted average shares outstanding | 77,925 | 77,270 | 77,667 | |||||||||
Effect of dilutive securities: | ||||||||||||
Senior Subordinated Notes | — | — | 3,697 | |||||||||
Employee stock options | — | — | 292 | |||||||||
Employee restricted stock awards (non-vested) | — | — | 425 | |||||||||
— | — | 4,414 | ||||||||||
Diluted weighted average shares outstanding | 77,925 | 77,270 | 82,081 | |||||||||
Basic earnings (loss) per share | $ | (2.80 | ) | $ | (2.89 | ) | $ | 0.73 | ||||
Diluted earnings (loss) per share | $ | (2.80 | ) | $ | (2.89 | ) | $ | 0.69 | ||||
Dilutive shares excluded from diluted loss per share calculation | ' | |||||||||||
Due to a net loss for fiscal years 2014 and 2013 certain potentially dilutive shares were excluded from the diluted earnings (loss) per share calculation because their effect would be antidilutive: | ||||||||||||
March 31, 2014 | March 31, 2013 | |||||||||||
(In thousands) | ||||||||||||
Shares associated with convertible debt (assumed conversion) | 3,697 | 3,697 | ||||||||||
Employee stock options | 1,646 | 2,872 | ||||||||||
Restricted stock awards (non-vested) | 388 | 1,502 | ||||||||||
Total shares excluded | 5,731 | 8,071 | ||||||||||
Other_Income_Expense_Net_Table
Other (Income) Expense, Net (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Other (Income) Expense, Net [Abstract] | ' | |||||||||||
Components of other (income) expense, net | ' | |||||||||||
Other (income) expense, net consist of: | ||||||||||||
For the Twelve Months Ended | ||||||||||||
31-Mar-14 | 31-Mar-13 | 31-Mar-12 | ||||||||||
(In thousands) | ||||||||||||
Currency remeasurement loss (gain) (1) | $ | (4,321 | ) | $ | 2,883 | $ | 10,036 | |||||
Gain on interest rate swap settlements | — | — | (4,578 | ) | ||||||||
Other | (1,150 | ) | (356 | ) | (347 | ) | ||||||
Total other (income) expense, net | $ | (5,471 | ) | $ | 2,527 | $ | 5,111 | |||||
-1 | The currency remeasurement gain relates primarily to intercompany loans to foreign subsidiaries denominated in the Belarus Ruble, the Euro, and the Australian dollar. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
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: | ||||||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||||||
Carrying Value | Estimated Fair | Carrying Value | Estimated Fair | |||||||||||||
Value | Value | |||||||||||||||
(In thousands) | ||||||||||||||||
Asset (Liability): | ||||||||||||||||
Senior secured notes (1) | $ | (734,474 | ) | $ | (560,955 | ) | $ | (675,000 | ) | $ | (580,500 | ) | ||||
Convertible senior subordinated notes (1) | (51,900 | ) | (12,988 | ) | (55,750 | ) | (52,864 | ) | ||||||||
Foreign currency forwards (2) | — | — | (25 | ) | (25 | ) | ||||||||||
Commodity swap / forward (2) | (1,709 | ) | (1,709 | ) | 141 | 141 | ||||||||||
-1 | Classified as liabilities subject to compromise | |||||||||||||||
-2 | 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 were measured at fair value at March 31, 2014 and 2013 and the basis for that measu | ||||||||||||||||
Summary of investments that comprise the assets of the pension plans | ' | |||||||||||||||
The following table summarizes the investments that comprise the assets of the Company’s pension plans (see Note 10), all of which 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) | ||||||||||||||||
31-Mar-14 | ||||||||||||||||
Cash and cash equivalents | $ | 6,235 | $ | 6,235 | $ | — | $ | — | ||||||||
Equity funds - U.S.-based companies | 142,803 | — | 142,803 | — | ||||||||||||
Equity funds - international-based companies | 43,840 | — | 43,840 | — | ||||||||||||
Fixed income funds | 325,648 | — | 325,648 | — | ||||||||||||
Other | 9,053 | — | 9,053 | — | ||||||||||||
Total pension assets | $ | 527,579 | $ | 6,235 | $ | 521,344 | $ | — | ||||||||
March 31, 2013 | ||||||||||||||||
Cash and cash equivalents | $ | 11,536 | $ | 11,536 | $ | — | $ | — | ||||||||
Equity funds - U.S.-based companies | 87,466 | — | 87,466 | — | ||||||||||||
Equity funds - international-based companies | 113,655 | — | 113,655 | — | ||||||||||||
Fixed income funds | 282,582 | — | 282,582 | — | ||||||||||||
Other | 2,338 | — | 2,338 | — | ||||||||||||
Total pension assets | $ | 497,577 | $ | 11,536 | $ | 486,041 | $ | — | ||||||||
Supplemental_Information_Table
Supplemental Information (Tables) | 12 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||
The accumulated other comprehensive (loss) income consisted of the following: | ||||||||||||||||
Defined | Derivatives | Cumulative | Total | |||||||||||||
Benefit Plans (1) | Qualifying | Translation | ||||||||||||||
as Hedges (2) | Adjustment | |||||||||||||||
(In thousands) | ||||||||||||||||
As of March 31, 2011 | $ | (26,893 | ) | $ | (10 | ) | $ | 76,443 | $ | 49,540 | ||||||
Other comprehensive (loss) income before reclassifications | (42,342 | ) | (4,018 | ) | (22,866 | ) | (69,226 | ) | ||||||||
Amounts reclassified from AOCI | (708 | ) | 3,901 | — | 3,193 | |||||||||||
Net change in other comprehensive (loss) income | (43,050 | ) | (117 | ) | (22,866 | ) | (66,033 | ) | ||||||||
As of March 31, 2012 | $ | (69,943 | ) | $ | (127 | ) | $ | 53,577 | $ | (16,493 | ) | |||||
Other comprehensive (loss) income before reclassifications | (11,332 | ) | (3,276 | ) | (17,354 | ) | (31,962 | ) | ||||||||
Amounts reclassified from AOCI | (2,387 | ) | 3,403 | — | 1,016 | |||||||||||
Net change in other comprehensive (loss) income | (13,719 | ) | 127 | (17,354 | ) | (30,946 | ) | |||||||||
As of March 31, 2013 | $ | (83,662 | ) | $ | — | $ | 36,223 | $ | (47,439 | ) | ||||||
Other comprehensive (loss) income before reclassifications | 15,602 | — | 23,745 | 39,347 | ||||||||||||
Amounts reclassified from AOCI | (3,357 | ) | — | — | (3,357 | ) | ||||||||||
Net change in other comprehensive (loss) income | 12,245 | — | 23,745 | 35,990 | ||||||||||||
As of March 31, 2014 | $ | (71,417 | ) | $ | — | $ | 59,968 | $ | (11,449 | ) | ||||||
-1 | See Note 10 for additional information on employee benefit plans. | |||||||||||||||
-2 | See Note 4 for additional information on derivatives. |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Financial information concerning the Company's reportable segments | ' | |||||||||||
Selected financial information concerning the Company’s reportable segments is as follows: | ||||||||||||
For the Twelve Months Ended | ||||||||||||
31-Mar-14 | 31-Mar-13 | 31-Mar-12 | ||||||||||
(In thousands) | ||||||||||||
Net sales | ||||||||||||
Transportation Americas | $ | 760,412 | $ | 879,831 | $ | 907,838 | ||||||
Transportation Europe & ROW | 930,036 | 926,978 | 1,014,292 | |||||||||
Industrial Energy Americas | 365,633 | 368,386 | 339,328 | |||||||||
Industrial Energy Europe & ROW | 799,352 | 796,503 | 823,192 | |||||||||
$ | 2,855,433 | $ | 2,971,698 | $ | 3,084,650 | |||||||
Operating income (loss) by segment | ||||||||||||
Transportation Americas | $ | (7,739 | ) | $ | (23,158 | ) | $ | 9,513 | ||||
Transportation Europe & ROW | 19,561 | 20,335 | 55,928 | |||||||||
Industrial Energy Americas | 25,185 | 28,266 | 41,657 | |||||||||
Industrial Energy Europe & ROW | 16,004 | 21,787 | 14,435 | |||||||||
Unallocated corporate | (34,034 | ) | (29,096 | ) | (31,780 | ) | ||||||
18,977 | 18,134 | 89,753 | ||||||||||
Restructuring and impairments, net | (27,989 | ) | (71,495 | ) | (10,878 | ) | ||||||
$ | (9,012 | ) | $ | (53,361 | ) | $ | 78,875 | |||||
Depreciation & Amortization | ||||||||||||
Transportation Americas | $ | 25,476 | $ | 28,465 | $ | 28,215 | ||||||
Transportation Europe & ROW | 21,513 | 19,052 | 18,590 | |||||||||
Industrial Energy Americas | 11,514 | 10,963 | 11,701 | |||||||||
Industrial Energy Europe & ROW | 18,024 | 17,386 | 21,039 | |||||||||
Unallocated corporate | 4,753 | 4,321 | 4,808 | |||||||||
$ | 81,280 | $ | 80,187 | $ | 84,353 | |||||||
Capital expenditures | ||||||||||||
Transportation Americas | $ | 27,709 | $ | 32,105 | $ | 38,872 | ||||||
Transportation Europe & ROW | 33,242 | 36,323 | 40,195 | |||||||||
Industrial Energy Americas | 4,128 | 9,313 | 7,392 | |||||||||
Industrial Energy Europe & ROW | 12,896 | 16,120 | 15,915 | |||||||||
Unallocated corporate | 3,794 | 7,640 | 7,462 | |||||||||
$ | 81,769 | $ | 101,501 | $ | 109,836 | |||||||
Revenue from external customers by country | ' | |||||||||||
Geographic information is as follows: | ||||||||||||
Revenues from External Customers | ||||||||||||
For the Twelve Months Ended | ||||||||||||
31-Mar-14 | 31-Mar-13 | 31-Mar-12 | ||||||||||
(In thousands) | ||||||||||||
United States | $ | 1,126,045 | $ | 1,248,217 | $ | 1,247,166 | ||||||
France | 190,112 | 190,730 | 200,456 | |||||||||
Germany | 393,314 | 382,521 | 434,051 | |||||||||
Italy | 236,416 | 217,403 | 229,271 | |||||||||
Spain | 263,583 | 238,235 | 252,801 | |||||||||
Poland | 114,388 | 105,813 | 107,519 | |||||||||
Other | 531,575 | 588,779 | 613,386 | |||||||||
Total | $ | 2,855,433 | $ | 2,971,698 | $ | 3,084,650 | ||||||
Long-lived assets by customer | ' | |||||||||||
Long-Lived Assets | ||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||
(In thousands) | ||||||||||||
United States | $ | 228,861 | $ | 235,665 | ||||||||
France | 16,603 | 15,807 | ||||||||||
Germany | 63,820 | 62,203 | ||||||||||
Italy | 63,091 | 55,505 | ||||||||||
Spain | 94,895 | 86,267 | ||||||||||
Poland | 57,927 | 48,734 | ||||||||||
Other | 51,215 | 53,934 | ||||||||||
Total | $ | 576,412 | $ | 558,115 | ||||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Summary of quarterly consolidated results of operations | ' | |||||||||||||||
The following is a summary of the Company’s quarterly consolidated results of operations: | ||||||||||||||||
Three Months Ended | ||||||||||||||||
30-Jun-13 | 30-Sep-13 | 31-Dec-13 | 31-Mar-14 | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Net sales | $ | 682,242 | $ | 697,802 | $ | 759,666 | $ | 715,723 | ||||||||
Gross profit | 76,039 | 96,734 | 110,024 | 101,663 | ||||||||||||
Operating income (loss) | (24,854 | ) | 5,439 | 12,027 | (1,624 | ) | ||||||||||
Loss before income taxes | (90,913 | ) | (36,990 | ) | (33,133 | ) | (50,536 | ) | ||||||||
Net loss attributable to Exide Technologies | (91,133 | ) | (40,175 | ) | (34,692 | ) | (51,810 | ) | ||||||||
Loss per share: | ||||||||||||||||
Basic | $ | (1.17 | ) | $ | (0.51 | ) | $ | (0.44 | ) | $ | (0.66 | ) | ||||
Diluted | $ | (1.17 | ) | $ | (0.51 | ) | $ | (0.44 | ) | $ | (0.66 | ) | ||||
Three Months Ended | ||||||||||||||||
30-Jun-12 | 30-Sep-12 | 31-Dec-12 | 31-Mar-13 | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Net sales | $ | 693,438 | $ | 711,692 | $ | 804,879 | $ | 761,689 | ||||||||
Gross profit | 94,255 | 103,659 | 120,070 | 89,310 | ||||||||||||
Operating income (loss) | 1,054 | 6,836 | 4,726 | (65,974 | ) | |||||||||||
Loss before income taxes | (14,656 | ) | (9,880 | ) | (11,639 | ) | (87,001 | ) | ||||||||
Net loss attributable to Exide Technologies | (106,498 | ) | (13,878 | ) | (15,443 | ) | (87,580 | ) | ||||||||
Loss per share: | ||||||||||||||||
Basic | $ | (1.38 | ) | $ | (0.18 | ) | $ | (0.20 | ) | $ | (1.13 | ) | ||||
Diluted | $ | (1.38 | ) | $ | (0.18 | ) | $ | (0.20 | ) | $ | (1.13 | ) |
Basis_of_Presentation_and_Summ2
Basis of Presentation and Summary of Significant Accounting Policies (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2012 |
In Millions, unless otherwise specified | Building and Building Improvements | Building and Building Improvements | Machinery and Equipment | Machinery and Equipment | Transportation Europe and R.O.W Segment | ||
Minimum | Maximum | Minimum | Maximum | ||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Pre-tax out of period adjustment | ' | ' | ' | ' | ' | ' | $4.60 |
Allowance for doubtful accounts | $19.50 | $20.10 | ' | ' | ' | ' | ' |
Property plant and equipment useful Life | ' | ' | '25 years | '40 years | '3 years | '14 years | ' |
Proceedings_Under_Chapter_11_o2
Proceedings Under Chapter 11 of The Bankruptcy Code (Reorganization Items) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Reorganizations [Abstract] | ' | ' | ' |
Professional fees | $77,889 | ' | ' |
Write off debt financing costs/other | 12,301 | ' | ' |
Other direct costs | 3,399 | ' | ' |
Reorganization Items | $93,589 | $1,653 | $1,209 |
Proceedings_Under_Chapter_11_o3
Proceedings Under Chapter 11 of The Bankruptcy Code (Liabilities Subject to Compromise) (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Reorganizations [Abstract] | ' | ' |
Debt | $788,376 | ' |
Accrued interest | 10,515 | ' |
Accounts payable | 72,275 | ' |
Retirement obligations | 52,864 | ' |
Restructuring reserve | 7,274 | ' |
Other accrued liabilities | 19,339 | ' |
Liabilities Subject to Compromise | $950,643 | $0 |
Proceedings_Under_Chapter_11_o4
Proceedings Under Chapter 11 of The Bankruptcy Code (Narrative) (Details) (USD $) | Mar. 31, 2014 | Jul. 24, 2013 |
In Millions, unless otherwise specified | ||
Reorganizations [Abstract] | ' | ' |
DIP, amount arranged | $500 | $90 |
Debtors_Financial_Statements_S
Debtor's Financial Statements (Statements of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 24 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $715,723 | $759,666 | $697,802 | $682,242 | $761,689 | $804,879 | $711,692 | $693,438 | $2,855,433 | $2,971,698 | $3,084,650 | ' |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,470,973 | 2,564,403 | 2,599,822 | ' |
Gross profit | 101,663 | 110,024 | 96,734 | 76,039 | 89,310 | 120,070 | 103,659 | 94,255 | 384,460 | 407,295 | 484,828 | ' |
Selling and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 365,483 | 389,161 | 395,075 | ' |
Restructuring and impairments, net | ' | ' | ' | ' | ' | ' | ' | ' | 27,989 | 71,495 | 10,878 | 10,878 |
Operating income (loss) | -1,624 | 12,027 | 5,439 | -24,854 | -65,974 | 4,726 | 6,836 | 1,054 | -9,012 | -53,361 | 78,875 | ' |
Other (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -5,471 | 2,527 | 5,111 | ' |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 114,442 | 65,635 | 71,804 | ' |
Reorganization items, net | ' | ' | ' | ' | ' | ' | ' | ' | 93,589 | 1,653 | 1,209 | ' |
Income (loss) before income taxes | -50,536 | -33,133 | -36,990 | -90,913 | -87,001 | -11,639 | -9,880 | -14,656 | -211,572 | -123,176 | 751 | ' |
Income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | 6,158 | 99,915 | -55,203 | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -217,730 | -223,091 | 55,954 | ' |
Parent Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,125,058 | ' | ' | ' |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 978,061 | ' | ' | ' |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 146,997 | ' | ' | ' |
Selling and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 153,999 | ' | ' | ' |
Restructuring and impairments, net | ' | ' | ' | ' | ' | ' | ' | ' | 16,745 | ' | ' | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -23,747 | ' | ' | ' |
Other (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -25,509 | ' | ' | ' |
Loss in net earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 29,770 | ' | ' | ' |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 97,864 | ' | ' | ' |
Loss before reorganization items | ' | ' | ' | ' | ' | ' | ' | ' | -125,872 | ' | ' | ' |
Reorganization items, net | ' | ' | ' | ' | ' | ' | ' | ' | 91,769 | ' | ' | ' |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -217,641 | ' | ' | ' |
Income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | 169 | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ($217,810) | ' | ' | ' |
Debtors_Financial_Statements_B
Debtor's Financial Statements (Balance Sheets) (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $103,711 | $104,289 | $155,368 | $161,363 |
Accounts receivable, net | 495,447 | 504,795 | ' | ' |
Inventories | 483,218 | 488,221 | ' | ' |
Prepaid expenses and other current assets | 47,874 | 33,316 | ' | ' |
Total current assets | 1,146,589 | 1,142,091 | ' | ' |
Property, plant and equipment, net | 576,412 | 558,115 | ' | ' |
Other noncurrent assets | 50,670 | 51,049 | ' | ' |
Total assets | 2,032,788 | 2,004,430 | ' | ' |
Current maturities of long-term debt | 268,828 | 435,736 | ' | ' |
Accounts payable and accrued expenses | 263,904 | 281,432 | ' | ' |
Total current liabilities | 829,611 | 808,037 | ' | ' |
Other noncurrent liabilities | 64,493 | 98,022 | ' | ' |
Liabilities not subject to compromise | 1,101,661 | 1,850,498 | ' | ' |
Liabilities subject to compromise | 950,643 | 0 | ' | ' |
Total Debtor's equity | -19,516 | 153,932 | ' | ' |
Total liabilities and stockholders’ equity (deficit) | 2,032,788 | 2,004,430 | ' | ' |
Parent Company | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 17,349 | 26,419 | ' | ' |
Accounts receivable, net | 133,384 | ' | ' | ' |
Non-Debtor receivables | 40,550 | ' | ' | ' |
Inventories | 196,129 | ' | ' | ' |
Prepaid expenses and other current assets | 37,594 | ' | ' | ' |
Total current assets | 425,006 | ' | ' | ' |
Property, plant and equipment, net | 228,297 | ' | ' | ' |
Investments in non-Debtor subsidiaries | 400,048 | ' | ' | ' |
Non-Debtor loans | 240,505 | ' | ' | ' |
Other noncurrent assets | 84,734 | ' | ' | ' |
Total other assets | 725,287 | ' | ' | ' |
Total assets | 1,378,590 | ' | ' | ' |
Current maturities of long-term debt | 284,625 | ' | ' | ' |
Accounts payable and accrued expenses | 110,812 | ' | ' | ' |
Total current liabilities | 395,437 | ' | ' | ' |
Other noncurrent liabilities | 60,442 | ' | ' | ' |
Liabilities not subject to compromise | 455,879 | ' | ' | ' |
Liabilities subject to compromise | 950,643 | ' | ' | ' |
Total Debtor's equity | -27,932 | ' | ' | ' |
Total liabilities and stockholders’ equity (deficit) | $1,378,590 | ' | ' | ' |
Debtors_Financial_Statements_C
Debtor's Financial Statements (Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash used in operating activities | ($154,611) | $28,017 | $91,768 |
Capital expenditures | -81,769 | -101,501 | -109,836 |
Proceeds from asset sales | -5,176 | -18,965 | -635 |
Net cash used in investing activities | -72,161 | -79,246 | -109,201 |
Increase in other debt | 269,664 | 0 | 5,409 |
Financing fees and other | -30,542 | -1,505 | -544 |
Net cash provided by financing activities | 223,122 | 1,460 | 17,273 |
Net decrease in cash and cash equivalents | -578 | -51,079 | -5,995 |
Cash and cash equivalents, beginning of period | 104,289 | 155,368 | 161,363 |
Cash and cash equivalents, end of period | 103,711 | 104,289 | 155,368 |
Parent Company | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash used in operating activities | -216,095 | ' | ' |
Capital expenditures | -38,374 | ' | ' |
Proceeds from asset sales | -169 | ' | ' |
Net cash used in investing activities | -38,205 | ' | ' |
Increase in other debt | 275,000 | ' | ' |
Financing fees and other | -29,770 | ' | ' |
Net cash provided by financing activities | 245,230 | ' | ' |
Net decrease in cash and cash equivalents | -9,070 | ' | ' |
Cash and cash equivalents, beginning of period | 26,419 | ' | ' |
Cash and cash equivalents, end of period | $17,349 | ' | ' |
Accounting_for_Derivatives_Det
Accounting for Derivatives (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 24 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Commodity Swaps / Forwards | Commodity Swaps / Forwards | Commodity Swaps / Forwards | Commodity Swaps / Forwards | Commodity Swaps / Forwards | Commodity Swaps / Forwards | Commodity Swaps / Forwards | Foreign Exchange Forwards | Foreign Exchange Forwards | Foreign Exchange Forwards | Foreign Exchange Forwards | Foreign Exchange Forwards | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | |
Cost of sales | Cost of sales | Cost of sales | Current assets | Current assets | Current liabilities | Current liabilities | Other income, net | Other income, net | Other income, net | Current liabilities | Current liabilities | Interest expense, net | Interest expense, net | Interest expense, net | |
Derivative instruments in the Company's Condensed Consolidated Financial Statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset Derivatives: | ' | ' | ' | $0 | $141 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability Derivatives: | ' | ' | ' | ' | ' | 1,709 | 0 | ' | ' | ' | 0 | 25 | ' | ' | ' |
Loss (gain) on Derivatives | ($1,587) | ($1,302) | ($3,970) | ' | ' | ' | ' | $25 | $2,652 | $6,051 | ' | ' | ($94) | ($2,053) | ($1,820) |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary of Goodwill and intangible assets | ' | ' |
Gross amount, Total | $210,467 | $204,735 |
Accumulated amortization, Total | -68,086 | -59,425 |
Intangibles, Net | 6,400 | ' |
Goodwill and intangible assets, Net Total | 142,381 | 145,310 |
Goodwill (not subject to amortization) | ' | ' |
Summary of Goodwill and intangible assets | ' | ' |
Goodwill, Gross amount | 916 | 1,014 |
Intangibles, Accumulated amortization | 0 | 0 |
Goodwill, Net | 916 | 1,014 |
Trademarks and Tradenames (not subject to amortization) | ' | ' |
Summary of Goodwill and intangible assets | ' | ' |
Intangibles, Gross amount | 61,532 | 60,105 |
Intangibles, Accumulated amortization | 0 | 0 |
Intangibles, Net | 61,532 | 60,105 |
Trademarks and Tradenames (subject to amortization) | ' | ' |
Summary of Goodwill and intangible assets | ' | ' |
Intangibles, Gross amount | 13,996 | 13,671 |
Intangibles, Accumulated amortization | -10,961 | -9,627 |
Intangibles, Net | 3,035 | 4,044 |
Customer Relationships | ' | ' |
Summary of Goodwill and intangible assets | ' | ' |
Intangibles, Gross amount | 107,993 | 104,534 |
Intangibles, Accumulated amortization | -44,349 | -38,591 |
Intangibles, Net | 63,644 | 65,943 |
Technology | ' | ' |
Summary of Goodwill and intangible assets | ' | ' |
Intangibles, Gross amount | 26,030 | 25,411 |
Intangibles, Accumulated amortization | -12,776 | -11,207 |
Intangibles, Net | $13,254 | $14,204 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Amortization of intangible assets | $6.80 | $6.90 | $8.20 |
Anticipated amortization of intangible assets | 6.4 | ' | ' |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' | ' |
2014 | 6.4 | ' | ' |
2015 | 6.4 | ' | ' |
2016 | 6.4 | ' | ' |
2017 | 6.4 | ' | ' |
2018 | $6.40 | ' | ' |
Inventories_Details
Inventories (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Components of Inventories, valued using the first-in, first-out (FIFO) method | ' | ' |
Raw materials | $94,694 | $89,925 |
Work-in-process | 115,731 | 106,194 |
Finished goods | 272,793 | 292,102 |
Inventory Net | $483,218 | $488,221 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $1,180,103 | $1,170,993 |
Accumulated depreciation | -603,691 | -612,878 |
Property, plant and equipment, net | 576,412 | 558,115 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 54,725 | 55,443 |
Buildings and improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 255,034 | 253,960 |
Machinery and equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 816,889 | 802,414 |
Construction in progress | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $53,455 | $59,176 |
Property_Plant_and_Equipment_D1
Property, Plant and Equipment (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Depreciation | $73 | $71.80 | $74.10 |
Other_Noncurrent_Assets_Detail
Other Noncurrent Assets (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Other noncurrent assets | ' | ' | ||
Deposits | $4,040 | [1] | $3,885 | [1] |
Deferred financing costs | 14,773 | 16,080 | ||
Investment in affiliates | 549 | 1,877 | ||
Capitalized software, net | 3,864 | 3,993 | ||
Loan to affiliate | 0 | 1,005 | ||
Retirement plans | 14,941 | 17,655 | ||
Other | 12,503 | 6,554 | ||
Other noncurrent assets, total | $50,670 | $51,049 | ||
[1] | Deposits principally represent amounts held by beneficiaries as cash collateral for the Company’s contingent obligations with respect to certain environmental matters, workers' compensation insurance, and operating lease commitments. |
Debt_Details_Textual
Debt (Details Textual) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||||
Jul. 24, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jul. 24, 2013 | Jul. 24, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 27, 2014 | Jul. 22, 2014 | Jul. 22, 2014 | Jun. 27, 2014 | 28-May-14 | Jun. 27, 2014 | Jun. 30, 2014 | |
USD ($) | USD ($) | USD ($) | Revolving Credit Facility | Revolving Credit Facility | Term Loan | Bridge Loan | Bridge Loan | Bridge Loan | Revolving Credit Facility, Denominated in US Dollars | Revolving Credit Facility, Denominated in US Dollars and Euros | Scenario, Forecast | Scenario, Forecast | Scenario, Forecast | Scenario, Forecast | Scenario, Forecast | Scenario, Forecast | Scenario, Forecast | Scenario, Forecast | |
USD ($) | London Interbank Offered Rate (LIBOR) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | Term Loan | Commitment Letter | Bridge Loan | Bridge Loan | Letters of Credit | Bonds | ||||
USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | ||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term borrowings | ' | $4,058,000 | $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 | ' | 7.10% | 5.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt | ' | 308,000,000 | 776,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
DIP, amount arranged | 90,000,000 | 500,000,000 | ' | 225,000,000 | ' | 275,000,000 | 25,000,000 | 25,000,000 | 75,000,000 | 110,000,000 | 115,000,000 | ' | ' | ' | 60,000,000 | ' | 100,000,000 | 85,000,000 | 185,000,000 |
DIP, increases to amount arranged | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 485,000,000 | 120,000,000 | 60,000,000 | ' | 36,000,000 | ' | 75,000,000 | ' |
DIP, preferred convertible equity capital commitment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000,000 | ' | ' | ' | ' | ' | ' | ' |
DIP, EBITDA exceeding the DIP budget | 110.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
DIP amount arranged, basis spread | ' | ' | ' | ' | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
DIP amount arranged, stated percentage | ' | ' | ' | ' | ' | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage pledge of equity interests | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trading EBITDA | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Longterm_Debt_Details
Debt (Long-term Debt) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Debt Instrument [Line Items] | ' | ' | ||
DIP credit facility | $284,625 | $0 | ||
Other, including capital lease obligations (see Note 13) and other loans at interest rates averaging approximately 6.2% due in installments through 2019 | 19,294 | 20,457 | ||
Long-term Debt | 303,919 | 751,207 | ||
Fair value adjustments on hedged debt | 0 | 2,788 | ||
Fair value adjustments on hedged debt | 303,919 | 753,995 | ||
Current maturities | -288,386 | -60,131 | ||
Total long-term debt | 15,533 | 693,864 | ||
Stated percentage rate range, maximum | 6.20% | 6.20% | ||
8 5/8% senior secured notes due 2018 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
8 5/8% senior secured notes due 2018 | 0 | [1] | 675,000 | [1] |
Interest rate, stated percentage | 8.63% | 8.63% | ||
Floating rate convertible senior subordinated notes due 2013 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Floating rate convertible senior subordinated notes due 2013 | $0 | [1] | $55,750 | [1] |
[1] | The pre-petition debt of the Debtor was reclassified to liabilities subject to compromise. Refer to Note 1 to the Consolidated Financial Statements for additional information on the Chapter 11 proceedings. |
Debt_Annual_Principal_Payments
Debt (Annual Principal Payments) (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2015 | $288,386 | ' |
2016 | 2,336 | ' |
2017 | 2,404 | ' |
2018 | 2,495 | ' |
2019 | 2,246 | ' |
2020 and beyond | 6,052 | ' |
Fair value adjustments on hedged debt | $303,919 | $753,995 |
Employee_Benefit_Plans_and_Pos2
Employee Benefit Plans and Post-Retirement Health Care and Life Insurance Benefits (Narrative) (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Employee Benefits (Textual) [Abstract] | ' | ' | ' |
Reclassification to liabilities subject to compromise | $52,864,000 | ' | ' |
Defined contribution plan expenses | 7,200,000 | 21,800,000 | 19,300,000 |
Equity investments | ' | ' | ' |
Employee Benefits (Textual) [Abstract] | ' | ' | ' |
Current target allocation percentage | 40.00% | ' | ' |
Long duration fixed-income investments | ' | ' | ' |
Employee Benefits (Textual) [Abstract] | ' | ' | ' |
Current target allocation percentage | 60.00% | ' | ' |
Pension Benefits | ' | ' | ' |
Employee Benefits (Textual) [Abstract] | ' | ' | ' |
Reclassification to liabilities subject to compromise | 40,300,000 | ' | ' |
Settlement and curtailment net gains | -100,000 | -200,000 | 50,000 |
Expense to be amortized from accumulated other comprehensive (income) loss into net periodic benefit cost in fiscal 2014 | 3,081,000 | ' | ' |
Pension plans with accumulated benefit obligations in excess of plan assets, projected benefit obligation | 547,400,000 | 553,600,000 | ' |
Pension plans with accumulated benefit obligations in excess of plan assets, accumulated benefit obligation | 541,600,000 | 548,000,000 | ' |
Pension plans with accumulated benefit obligations in excess of plan assets, fair value of plan assets | 338,800,000 | 336,000,000 | ' |
Accumulated benefit obligation | 714,900,000 | ' | ' |
Estimated fiscal 2014 contributions | 22,400,000 | ' | ' |
Cumulative contributions to pension plans from fiscal 2014 to fiscal 2018 | 104,200,000 | ' | ' |
Other Post-Retirement Benefits | ' | ' | ' |
Employee Benefits (Textual) [Abstract] | ' | ' | ' |
Reclassification to liabilities subject to compromise | 12,500,000 | ' | ' |
Expense to be amortized from accumulated other comprehensive (income) loss into net periodic benefit cost in fiscal 2014 | -144,000 | ' | ' |
Estimated fiscal 2014 contributions | 1,700,000 | ' | ' |
Cumulative contributions to pension plans from fiscal 2014 to fiscal 2018 | $8,100,000 | ' | ' |
Employee_Benefit_Plans_and_Pos3
Employee Benefit Plans and Post-Retirement Health Care and Life Insurance Benefits (Plans' Funded Status and Recognition) (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | ||
Amounts recognized in statement of financial position: | ' | ' | ' | ||
Noncurrent other assets | $14,941 | $17,655 | ' | ||
Noncurrent retirement obligations | -166,692 | -233,404 | ' | ||
Other Post-Retirement Benefits | ' | ' | ' | ||
Change in benefit obligation: | ' | ' | ' | ||
Benefit obligation at beginning of period | 26,025 | 25,153 | ' | ||
Service cost | 749 | 700 | 516 | ||
Interest cost | 977 | 1,046 | 1,123 | ||
Actuarial loss | -4,296 | 1,097 | ' | ||
Plan participants’ contributions | 214 | 120 | ' | ||
Benefits paid | -1,967 | -1,859 | ' | ||
Currency translation | -813 | -232 | ' | ||
Benefit obligation at end of period | 20,889 | 26,025 | 25,153 | ||
Change in plan assets: | ' | ' | ' | ||
Fair value of plan assets at beginning of period | 0 | 0 | ' | ||
Employer contributions | 1,753 | 1,739 | ' | ||
Plan participants’ contributions | 214 | 120 | ' | ||
Benefits paid | -1,967 | -1,859 | ' | ||
Fair value of plan assets at end of period | 0 | 0 | 0 | ||
Reconciliation of funded status: | ' | ' | ' | ||
Benefit obligation at end of period | 20,889 | 26,025 | 25,153 | ||
Fair value of plan assets at end of period | 0 | 0 | 0 | ||
Funded status (under) / over | -20,889 | -26,025 | ' | ||
Amounts recognized in statement of financial position: | ' | ' | ' | ||
Accrued expenses | -1,691 | -1,894 | ' | ||
Noncurrent retirement obligations | -19,198 | -24,131 | ' | ||
Net amount recognized at end of period | -20,889 | [1] | -26,025 | [1] | ' |
Amounts recognized in accumulated other comprehensive loss: | ' | ' | ' | ||
Prior service cost | -2,460 | -2,950 | ' | ||
Net actuarial loss | 5,276 | 10,478 | ' | ||
Net amount recognized in accumulated other comprehensive loss | 2,816 | 7,528 | ' | ||
Pension Benefits | ' | ' | ' | ||
Change in benefit obligation: | ' | ' | ' | ||
Benefit obligation at beginning of period | 697,535 | 686,725 | ' | ||
Service cost | 2,272 | 2,384 | 2,231 | ||
Interest cost | 28,639 | 29,711 | 33,076 | ||
Actuarial loss | 7,080 | 31,284 | ' | ||
Plan participants’ contributions | 164 | 221 | ' | ||
Benefits paid | -35,021 | -35,392 | ' | ||
Currency translation | 23,760 | -13,586 | ' | ||
Settlements and other | -3,190 | -3,812 | ' | ||
Benefit obligation at end of period | 721,239 | 697,535 | 686,725 | ||
Change in plan assets: | ' | ' | ' | ||
Fair value of plan assets at beginning of period | 497,577 | 472,316 | ' | ||
Actual return on plan assets | 35,906 | 47,348 | ' | ||
Employer contributions | 16,589 | 25,400 | ' | ||
Plan participants’ contributions | 164 | 221 | ' | ||
Benefits paid | -35,021 | -35,392 | ' | ||
Currency translation | 14,006 | -8,505 | ' | ||
Settlements and other | -1,642 | -3,811 | ' | ||
Fair value of plan assets at end of period | 527,579 | 497,577 | 472,316 | ||
Reconciliation of funded status: | ' | ' | ' | ||
Benefit obligation at end of period | 721,239 | 697,535 | 686,725 | ||
Fair value of plan assets at end of period | 527,579 | 497,577 | 472,316 | ||
Funded status (under) / over | -193,660 | -199,958 | ' | ||
Amounts recognized in statement of financial position: | ' | ' | ' | ||
Noncurrent other assets | 14,941 | 17,655 | ' | ||
Accrued expenses | -9,645 | -8,340 | ' | ||
Noncurrent retirement obligations | -198,956 | -209,273 | ' | ||
Net amount recognized at end of period | -193,660 | [2] | -199,958 | [2] | ' |
Amounts recognized in accumulated other comprehensive loss: | ' | ' | ' | ||
Prior service cost | 792 | 799 | ' | ||
Net actuarial loss | 107,178 | 108,916 | ' | ||
Net amount recognized in accumulated other comprehensive loss | $107,970 | $109,715 | ' | ||
[1] | Amounts above are before $12.5 million reclassification to liabilities subject to compromise. See Note 1 to the Consolidated Financial Statements. | ||||
[2] | Amounts above are before $40.3 million reclassification to liabilities subject to compromise. See Note 1 to the Consolidated Financial Statements. |
Employee_Benefit_Plans_and_Pos4
Employee Benefit Plans and Post-Retirement Health Care and Life Insurance Benefits (Assumptions Used) (Details) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.10% | 4.20% | ' |
Rate of compensation increase | 2.50% | 2.50% | ' |
Discount rate | 4.20% | 4.50% | 5.40% |
Expected return on plan assets | 6.20% | 6.20% | 7.10% |
Rate of compensation increase | 2.50% | 2.50% | 2.60% |
Other Post-Retirement Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.00% | 4.00% | ' |
Discount rate | 4.30% | 4.30% | 5.10% |
Employee_Benefit_Plans_and_Pos5
Employee Benefit Plans and Post-Retirement Health Care and Life Insurance Benefits (Accumulated Other Comprehensive Income) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Pension Benefits | ' |
Amounts in accumulated other comprehensive income that have not yet been recognized | ' |
Accumulated other comprehensive loss: | $1,545 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Arising During Period, before Tax | -65 |
Net (gain) loss arising during the period | -4,657 |
Net loss recognized during the period | 1,432 |
Exchange rate gain (loss) recognized during the period | -1,745 |
Amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost in next fiscal year | ' |
Prior service cost/(credit) | 66 |
Actuarial loss | 3,015 |
Total | 3,081 |
Other Post-Retirement Benefits | ' |
Amounts in accumulated other comprehensive income that have not yet been recognized | ' |
Accumulated other comprehensive loss: | -4,296 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Arising During Period, before Tax | 490 |
Net (gain) loss arising during the period | -673 |
Net loss recognized during the period | -234 |
Exchange rate gain (loss) recognized during the period | -4,713 |
Amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost in next fiscal year | ' |
Prior service cost/(credit) | -490 |
Actuarial loss | 346 |
Total | ($144) |
Employee_Benefit_Plans_and_Pos6
Employee Benefit Plans and Post-Retirement Health Care and Life Insurance Benefits (Plans' Expenses and Expected Future Benefit Payments) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Pension Benefits | ' | ' | ' |
Components of the Company's net periodic pension and other post-retirement benefit costs | ' | ' | ' |
Service cost | $2,272 | $2,384 | $2,231 |
Interest cost | 28,639 | 29,711 | 33,076 |
Expected return on plan assets | -30,371 | -29,012 | -31,214 |
Amortization of: | ' | ' | ' |
Prior service cost | 65 | 62 | 88 |
Actuarial loss | 3,125 | 2,019 | 665 |
Net periodic benefit cost | 3,730 | 5,164 | 4,846 |
Expected future benefit payments | ' | ' | ' |
2015 | 43,965 | ' | ' |
2016 | 39,706 | ' | ' |
2017 | 40,402 | ' | ' |
2018 | 41,631 | ' | ' |
2019 | 41,709 | ' | ' |
2020 to 2024 | 216,496 | ' | ' |
Other Post-Retirement Benefits | ' | ' | ' |
Components of the Company's net periodic pension and other post-retirement benefit costs | ' | ' | ' |
Service cost | 749 | 700 | 516 |
Interest cost | 977 | 1,046 | 1,123 |
Amortization of: | ' | ' | ' |
Prior service cost | -490 | -490 | -490 |
Actuarial loss | 673 | 642 | 498 |
Net periodic benefit cost | 1,909 | 1,898 | 1,647 |
Expected future benefit payments | ' | ' | ' |
2015 | 1,691 | ' | ' |
2016 | 1,666 | ' | ' |
2017 | 1,639 | ' | ' |
2018 | 1,595 | ' | ' |
2019 | 1,537 | ' | ' |
2020 to 2024 | $6,804 | ' | ' |
Employee_Benefit_Plans_and_Pos7
Employee Benefit Plans and Post-Retirement Health Care and Life Insurance Benefits (Asset Allocation) (Details) (Pension Benefits) | Mar. 31, 2014 | Mar. 31, 2013 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Asset allocation percentage | 100.00% | 100.00% |
Cash and cash equivalents | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Asset allocation percentage | 1.20% | 1.00% |
Equity securities | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Asset allocation percentage | 35.40% | 40.00% |
Fixed income securities | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Asset allocation percentage | 61.70% | 57.00% |
Other | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Asset allocation percentage | 1.70% | 2.00% |
Employee_Benefit_Plans_and_Pos8
Employee Benefit Plans and Post-Retirement Health Care and Life Insurance Benefits (Health Care Cost Trends) (Details) (Other Post-Retirement Benefits, USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Other Post-Retirement Benefits | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
One Percentage-Point Increase, effect on total of service and interest cost components | $369 |
One Percentage-Point Decrease, effect on total of service and interest cost components | 282 |
One Percentage-Point Increase, effect on the postretirement benefit obligation | 2,232 |
One Percentage-Point Decrease, effect on the postretirement benefit obligation | $1,827 |
Stock_Based_Compensation_Plans2
Stock Based Compensation Plans (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of months from change in control during which if employee is terminated, full vesting occurs | '12 months | ' | ' |
Compensation cost | $1.60 | $5.60 | $5.20 |
Total compensation cost related to non-vested awards not yet recognized | $1 | ' | ' |
Stock options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '3 years | ' | ' |
Expiration term | '10 years | ' | ' |
Restricted stock | Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '3 years | ' | ' |
Restricted stock | Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '5 years | ' | ' |
Restricted Stock Units (RSUs) | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '1 year | ' | ' |
Vesting percentage | 100.00% | ' | ' |
Restricted Stock Units (RSUs) | Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '3 years | ' | ' |
Restricted Stock Units (RSUs) | Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '5 years | ' | ' |
Stock_Based_Compensation_Plans3
Stock Based Compensation Plans (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' |
Number of shares outstanding, beginning balance | 2,868 | 2,872 | 3,100 | ' |
Forfeited (shares) | -1,223 | -4 | -228 | ' |
Number of shares outstanding, ending balance | 1,645 | 2,868 | 2,872 | 3,100 |
Vested and exercisable (shares) | 1,645 | 2,868 | 2,786 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' |
Weighted average exercise price, beginning balance (per share) | $7.94 | $7.94 | $8.02 | ' |
Forfeited (per share) | $7.96 | $6.29 | $9.01 | ' |
Weighted average exercise price, ending balance (per share) | $7.93 | $7.94 | $7.94 | $8.02 |
Vested and Exercisable (per share) | $7.93 | $7.94 | $7.99 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' | ' |
Weighted average remaining contractual life | '3 years 1 month 6 days | '4 years | '5 years | '6 years |
Vested and exercisable (period) | '3 years 1 month 6 days | '4 years | '4 years 10 months 24 days | ' |
Stock_Based_Compensation_Plans4
Stock Based Compensation Plans (Restricted Stock) (Details) (Restricted stock, USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Restricted stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,503,000 | ' | ' |
Granted (shares) | ' | 200,000 | 1,400,000 |
Vested (shares) | -985,000 | ' | ' |
Forfeited (shares) | -137,000 | ' | ' |
Number of shares outstanding, ending balance | 381,000 | 1,503,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Weighted average exercise price, beginning balance (per share) | $4.24 | ' | ' |
Vested (per share) | $4.63 | ' | ' |
Forfeited (per share) | $3.44 | ' | ' |
Weighted average exercise price, ending balance (per share) | $4.10 | $4.24 | ' |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | 24 Months Ended | 12 Months Ended | 24 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2012 | Mar. 31, 2013 |
U.S. and state | Foreign | Foreign | Foreign | Foreign | Foreign | Domestic Tax Authority | |||
France | India and Portugal | India and Portugal | Spain | United States | |||||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net operating loss carry-forwards | ' | ' | $475.80 | $970.40 | ' | ' | ' | ' | ' |
IRS Sec. 382 limitation on annual amount of NOLs that may be used to offset taxable income | 5 | ' | ' | ' | ' | ' | ' | ' | ' |
IRS Sec. 382 limitation on annual amount of NOLs that may be used to offset taxable income, period over which amounts will be used | '19 years | ' | ' | ' | ' | ' | ' | ' | ' |
Net operating loss carry-forwards, subject to expiration | ' | ' | ' | 86.2 | ' | ' | ' | ' | ' |
Establishment (reversal) of valuation allowance | ' | ' | ' | ' | 73.6 | 3.5 | 4.2 | ' | 85.1 |
Settlement with Spanish tax authorities | ' | ' | ' | ' | ' | ' | ' | 13.4 | ' |
Undistributed earnings in foreign subsidiaries | 26.4 | 58.8 | ' | ' | ' | ' | ' | ' | ' |
Amount of unrecognized tax benefits, if recognized, would affect effective tax rate | 32.2 | 30.9 | ' | ' | ' | ' | ' | ' | ' |
Accrued interest and penalties on unrecognized tax benefits | 1 | 1.2 | ' | ' | ' | ' | ' | ' | ' |
Removal of uncertain tax benefits in next twelve months that would affect effective tax rate | $0.10 | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Components_of_Inc
Income Taxes (Components of Income (Loss) Before Income Taxes and Minority Interest, and the (Benefit) Provision for Income Taxes) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Income (loss) before income taxes: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before income taxes and minority interest, U.S. | ' | ' | ' | ' | ' | ' | ' | ' | ($188,117) | ($131,563) | ($30,726) |
Income (loss) before income taxes and minority interest, Foreign | ' | ' | ' | ' | ' | ' | ' | ' | -23,455 | 8,387 | 31,477 |
Income (loss) before income taxes | -50,536 | -33,133 | -36,990 | -90,913 | -87,001 | -11,639 | -9,880 | -14,656 | -211,572 | -123,176 | 751 |
Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax (benefit) provision, Current, U.S. | ' | ' | ' | ' | ' | ' | ' | ' | 2,279 | 440 | -825 |
Income tax (benefit) provision, Current, Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 5,866 | 6,297 | 23,535 |
Income tax (benefit) provision, Current | ' | ' | ' | ' | ' | ' | ' | ' | 8,145 | 6,737 | 22,710 |
Deferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax (benefit) provision, Deferred, U.S. | ' | ' | ' | ' | ' | ' | ' | ' | -2,172 | 87,468 | -9,809 |
Income tax (benefit) provision, Deferred, Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 185 | 5,710 | -68,104 |
Income tax (benefit) provision, Deferred | ' | ' | ' | ' | ' | ' | ' | ' | -1,987 | 93,178 | -77,913 |
Total income tax provision (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | $6,158 | $99,915 | ($55,203) |
Income_Taxes_Major_Differences
Income Taxes (Major Differences Between the Federal Statutory Rate and the Effective Tax Rate) (Details) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Dividend income | 0.00% | 0.00% | -0.20% |
Withholding tax | 0.00% | -2.20% | 0.00% |
Change in tax rate | 0.00% | 0.20% | -6.70% |
Change in uncertain tax positions | 0.60% | 2.40% | -312.10% |
Local income tax provision (benefit) | -0.90% | -1.40% | 527.00% |
Change in valuation allowances | -40.60% | -123.30% | -8109.80% |
Revaluation of warrants | 0.00% | 0.00% | -3.20% |
Rate differences on foreign subsidiaries | 4.40% | 10.50% | -1795.20% |
Executive compensation | 0.00% | 0.00% | 72.20% |
Thin cap disallowance | -1.00% | -0.70% | 84.10% |
Spain tax settlement | 0.00% | 0.00% | 1787.00% |
Sub part F income | 0.00% | 0.00% | 28.00% |
Other, net | -0.40% | -1.60% | 343.30% |
Effective tax rate | -2.90% | -81.10% | -7350.60% |
Income_Taxes_Summary_of_Deferr
Income Taxes (Summary of Deferred Tax Assets and Liabilities, and Classification in the Consolidated Balance Sheet) (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Operating loss and tax credit carryforwards | $315,217 | $289,895 |
Compensation reserves | 59,984 | 66,709 |
Environmental reserves | 9,014 | 9,235 |
Sales Returns | 8,159 | 8,281 |
Other | 43,157 | 11,837 |
Valuation allowance | -286,931 | -242,735 |
Deferred tax assets, net | 148,600 | 143,222 |
Deferred tax liabilities: | ' | ' |
Property, plant, and equipment | -6,002 | -11,151 |
Foreign exchange | -917 | -76 |
Intangible assets | -38,373 | -38,552 |
Deferred tax liabilities | -45,292 | -49,779 |
Net deferred tax assets | 103,308 | 93,443 |
Classification of deferred tax assets, net | ' | ' |
Current asset | 16,339 | 11,470 |
Deferred Tax Liabilities, Net, Current | -4,435 | -8,721 |
Noncurrent asset | 116,736 | 107,865 |
Noncurrent liability | ($25,332) | ($17,171) |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefit) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Reconciliation of the beginning and ending amount of unrecognized tax benefit: | ' | ' |
Beginning of year | $34,962 | $41,523 |
Increases for income tax positions taken during current period | 0 | 0 |
Increases/(decreases) for currency fluctuation on tax positions | 2,218 | -849 |
Decreases for settlements with taxing authorities | 0 | -4,083 |
Decreases for lapse of the applicable statute of limitations | -1,127 | -1,629 |
End of year | $36,053 | $34,962 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Sales Returns and Allowances Liability) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Changes in the Company's sales returns and allowances liability | ' | ' |
Balance | $35,319 | $36,811 |
Accrual for sales returns and allowances | 42,400 | 31,390 |
Settlements made (in cash or credit) and currency translation | -44,946 | -32,882 |
Balance | $32,773 | $35,319 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Leases) (Details) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
2014 | $21,819 |
2015 | 14,678 |
2016 | 9,247 |
2017 | 6,432 |
2018 | 3,805 |
Thereafter | 4,138 |
Total minimum payments | 60,119 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
2014 | 2,567 |
2015 | 775 |
2016 | 777 |
2017 | 798 |
2018 | 568 |
Thereafter | 657 |
Total minimum payments | 6,142 |
Less—interest on capital leases | 71 |
Total principal payable on capital leases (included in long-term debt) | $6,071 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Fund | |||
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% | ' | ' |
Stock held in Equity Reserve | 0.2 | ' | ' |
Number of federally defined superfund sites | 50 | ' | ' |
Penalties sought | $40 | ' | ' |
Intended to disclose environmental remediation cost liability | 25.5 | 25.9 | ' |
Onsite and offsite environmental remediation costs | 25.5 | 25.9 | ' |
Maximum repayment period of letters of credit | '1 year | ' | ' |
Bank guarantees outstanding | 12.6 | ' | ' |
Rent expense | 46.2 | 50.6 | 50.5 |
Outstanding letters of credit, face value | 64.7 | ' | ' |
Surety Bond | ' | ' | ' |
Commitments and Contingencies (Textual) [Abstract] | ' | ' | ' |
Surety bonds face value | 56 | ' | ' |
Collateralized agreements | 53.8 | ' | ' |
Minimum | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Remediation and site closure estimate | 13 | ' | ' |
Cost estimates for remediation | 6 | ' | ' |
Maximum | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Remediation and site closure estimate | 20 | ' | ' |
Cost estimates for remediation | $8.50 | ' | ' |
Restructuring_and_Impairments_2
Restructuring and Impairments, Net (Restructuring Reserve Activity) (Details) (USD $) | 12 Months Ended | 24 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2012 |
Summarized restructuring reserve and asset impairment activity | ' | ' | ' | ' |
Restructuring Reserve, Beginning Balance | $9,626 | $13,748 | $23,339 | ' |
Expenses | 25,043 | 11,343 | 7,105 | ' |
Payments and currency translation | -20,034 | -15,465 | -16,696 | ' |
Restructuring Reserve, Subtotal | 14,635 | ' | ' | ' |
Reclassified to liabilities subject to compromise | -7,274 | ' | ' | ' |
Restructuring Reserve, Ending Balance | 7,361 | 9,626 | 13,748 | 13,748 |
Gain on Asset Sales/Impairments, net | 2,946 | 60,152 | 3,773 | ' |
Total Restructuring / Impairments, net | 27,989 | 71,495 | 10,878 | 10,878 |
Severance Costs | ' | ' | ' | ' |
Summarized restructuring reserve and asset impairment activity | ' | ' | ' | ' |
Restructuring Reserve, Beginning Balance | 6,050 | 10,401 | 18,732 | ' |
Expenses | 17,428 | 8,451 | 7,858 | ' |
Payments and currency translation | -15,557 | -12,802 | -16,189 | ' |
Restructuring Reserve, Ending Balance | 7,921 | 6,050 | 10,401 | 10,401 |
Closure Costs | ' | ' | ' | ' |
Summarized restructuring reserve and asset impairment activity | ' | ' | ' | ' |
Restructuring Reserve, Beginning Balance | 3,576 | 3,347 | 4,607 | ' |
Expenses | 7,615 | 2,892 | -753 | ' |
Payments and currency translation | -4,477 | -2,663 | -507 | ' |
Restructuring Reserve, Ending Balance | $6,714 | $3,576 | $3,347 | $3,347 |
Restructuring_and_Impairments_3
Restructuring and Impairments, Net (Restructuring and Impairments by Segment) (Details) (USD $) | 12 Months Ended | 24 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and impairments, net | $27,989 | $71,495 | $10,878 | $10,878 |
Transportation Americas | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and impairments, net | 16,451 | 57,104 | ' | 2,369 |
Transportation Europe & ROW | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and impairments, net | 4,421 | 8,163 | ' | 4,115 |
Industrial Energy Americas | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and impairments, net | 417 | 1,136 | ' | 652 |
Industrial Energy Europe & ROW | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and impairments, net | 6,321 | 4,613 | ' | 2,301 |
Unallocated | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and impairments, net | $379 | $479 | ' | $1,441 |
Restructuring_and_Impairments_4
Restructuring and Impairments, Net (Details Textual) (USD $) | 12 Months Ended | 24 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2012 |
Position | ||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and impairments, net | $27,989 | $71,495 | $10,878 | $10,878 |
Restructuring charges | 25,043 | 11,343 | 7,105 | ' |
Loss on asset sales / impairments, net | 2,946 | 60,152 | 3,773 | ' |
Number of positions eliminated | 218 | ' | ' | ' |
Severance Costs | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 17,428 | 8,451 | 7,858 | ' |
Closure Costs | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | $7,615 | $2,892 | ($753) | ' |
Earnings_Loss_Per_Share_Detail
Earnings (Loss) Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss attributable to Exide Technologies | ($51,810) | ($34,692) | ($40,175) | ($91,133) | ($87,580) | ($15,443) | ($13,878) | ($106,498) | ($217,810) | ($223,399) | $56,739 |
Basic weighted average shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 77,925 | 77,270 | 77,667 |
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Floating Rate Convertible Senior Subordinated Notes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 3,697 |
Adjustment to basic weighted average shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 4,414 |
Diluted weighted average shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 77,925 | 77,270 | 82,081 |
Basic earnings per share | ($0.66) | ($0.44) | ($0.51) | ($1.17) | ($1.13) | ($0.20) | ($0.18) | ($1.38) | ($2.80) | ($2.89) | $0.73 |
Diluted earnings per share | ($0.66) | ($0.44) | ($0.51) | ($1.17) | ($1.13) | ($0.20) | ($0.18) | ($1.38) | ($2.80) | ($2.89) | $0.69 |
Total shares excluded | ' | ' | ' | ' | ' | ' | ' | ' | 5,731 | 8,071 | ' |
Shares associated with convertible debt (assumed conversion) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total shares excluded | ' | ' | ' | ' | ' | ' | ' | ' | 3,697 | 3,697 | ' |
Employee stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental common shares | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 292 |
Total shares excluded | ' | ' | ' | ' | ' | ' | ' | ' | 1,646 | 2,872 | 1,800 |
Restricted stock awards (non-vested) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental common shares | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 425 |
Total shares excluded | ' | ' | ' | ' | ' | ' | ' | ' | 388 | 1,502 | ' |
Interest_Expense_Net_Details
Interest Expense, Net (Details) (Interest expense, net, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Interest expense, net | ' | ' | ' |
Income Statement Location [Line Items] | ' | ' | ' |
Interest income | $1 | $1 | $1.50 |
Other_Income_Expense_Net_Detai
Other (Income) Expense, Net (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |||
Components of other expense, net | ' | ' | ' | |||
Currency remeasurement (gain) loss | ($4,321) | [1] | $2,883 | [1] | $10,036 | [1] |
Gain on interest rate swap settlements | 0 | 0 | -4,578 | |||
Other | -1,150 | -356 | -347 | |||
Total other (income) expense, net | ($5,471) | $2,527 | $5,111 | |||
[1] | The currency remeasurement gain relates primarily to intercompany loans to foreign subsidiaries denominated in the Belarus Ruble, the Euro, and the Australian dollar. |
Fair_Value_Measurements_Carryi
Fair Value Measurements (Carrying Values and Estimated Fair Values of Financial Instruments) (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Long-term Debt | ($303,919) | ($751,207) | ||
Senior Secured Notes due 2018 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Long-term Debt | -734,474 | [1] | -675,000 | [1] |
Long-term Debt, Fair Value | -560,955 | [1] | -580,500 | [1] |
Convertible Senior Subordinated Notes due 2013 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Long-term Debt | -51,900 | [1] | -55,750 | [1] |
Long-term Debt, Fair Value | -12,988 | [1] | -52,864 | [1] |
Foreign currency forwards | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Long-term Debt | 0 | [2] | -25 | [2] |
Long-term Debt, Fair Value | 0 | [2] | -25 | [2] |
Commodity Swaps / Forwards | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Long-term Debt | -1,709 | [2] | 141 | [2] |
Long-term Debt, Fair Value | ($1,709) | [2] | $141 | [2] |
[1] | Classified as liabilities subject to compromise | |||
[2] | 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. |
Fair_Value_Measurements_Financ
Fair Value Measurements (Financial Instruments Measured at Fair Value on a Recurring Basis) (Details) (Fair Value, Measurements, Recurring, USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Commodity swap / forward | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Asset (Liability): | ($1,709) | ($25) |
Commodity Swaps / Forwards | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Asset (Liability): | ' | 141 |
Quoted Price in Active Markets for Identical Assets (Level 1) | Commodity swap / forward | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Asset (Liability): | 0 | 0 |
Quoted Price in Active Markets for Identical Assets (Level 1) | Commodity Swaps / Forwards | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Asset (Liability): | ' | 0 |
Significant Other Observable Inputs (Level 2) | Commodity swap / forward | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Asset (Liability): | -1,709 | -25 |
Significant Other Observable Inputs (Level 2) | Commodity Swaps / Forwards | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Asset (Liability): | ' | 141 |
Significant Unobservable Inputs (Level 3) | Commodity swap / forward | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Asset (Liability): | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Commodity Swaps / Forwards | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Asset (Liability): | ' | $0 |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets of Pension Plans Measured at Fair Value on a Recurring Basis) (Details) (Fair Value, Measurements, Recurring, USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of plan assets at end of period | $527,579 | $497,577 |
Cash and cash equivalents | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of plan assets at end of period | 6,235 | 11,536 |
Equity funds - U.S.-based companies | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of plan assets at end of period | 142,803 | 87,466 |
Equity funds - international-based companies | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of plan assets at end of period | 43,840 | 113,655 |
Fixed income funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of plan assets at end of period | 325,648 | 282,582 |
Other | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of plan assets at end of period | 9,053 | 2,338 |
Quoted Price in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of plan assets at end of period | 6,235 | 11,536 |
Quoted Price in Active Markets for Identical Assets (Level 1) | Cash and cash equivalents | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of plan assets at end of period | 6,235 | 11,536 |
Quoted Price in Active Markets for Identical Assets (Level 1) | Equity funds - U.S.-based companies | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of plan assets at end of period | 0 | 0 |
Quoted Price in Active Markets for Identical Assets (Level 1) | Equity funds - international-based companies | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of plan assets at end of period | 0 | 0 |
Quoted Price in Active Markets for Identical Assets (Level 1) | Fixed income funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of plan assets at end of period | 0 | 0 |
Quoted Price in Active Markets for Identical Assets (Level 1) | Other | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of plan assets at end of period | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of plan assets at end of period | 521,344 | 486,041 |
Significant Other Observable Inputs (Level 2) | Cash and cash equivalents | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of plan assets at end of period | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Equity funds - U.S.-based companies | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of plan assets at end of period | 142,803 | 87,466 |
Significant Other Observable Inputs (Level 2) | Equity funds - international-based companies | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of plan assets at end of period | 43,840 | 113,655 |
Significant Other Observable Inputs (Level 2) | Fixed income funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of plan assets at end of period | 325,648 | 282,582 |
Significant Other Observable Inputs (Level 2) | Other | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of plan assets at end of period | 9,053 | 2,338 |
Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of plan assets at end of period | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Cash and cash equivalents | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of plan assets at end of period | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Equity funds - U.S.-based companies | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of plan assets at end of period | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Equity funds - international-based companies | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of plan assets at end of period | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fixed income funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of plan assets at end of period | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Other | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of plan assets at end of period | $0 | $0 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (Services Agreement, Management, USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Services Agreement | Management | ' |
Related Party Transaction [Line Items] | ' |
Maximum success fee | $1.80 |
Expenses from transactions with related party | $22.60 |
Supplemental_Information_Detai
Supplemental Information (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | |||
Beginning balance | ($47,439) | ($16,493) | $49,540 | |||
Other comprehensive (loss) income before reclassifications | 39,347 | -31,962 | -69,226 | |||
Amounts reclassified from AOCI | -3,357 | 1,016 | 3,193 | |||
Net change in other comprehensive (loss) income | 35,990 | -30,946 | -66,033 | |||
Ending balance | -11,449 | -47,439 | -16,493 | |||
Defined Benefit Plans | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | |||
Beginning balance | -83,662 | [1] | -69,943 | [1] | -26,893 | [1] |
Other comprehensive (loss) income before reclassifications | 15,602 | [1] | -11,332 | [1] | -42,342 | [1] |
Amounts reclassified from AOCI | -3,357 | [1] | -2,387 | [1] | -708 | [1] |
Net change in other comprehensive (loss) income | 12,245 | [1] | -13,719 | [1] | -43,050 | [1] |
Ending balance | -71,417 | [1] | -83,662 | [1] | -69,943 | [1] |
Derivatives Qualifying as Hedges | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | |||
Beginning balance | 0 | [2] | -127 | [2] | -10 | [2] |
Other comprehensive (loss) income before reclassifications | 0 | [2] | -3,276 | [2] | -4,018 | [2] |
Amounts reclassified from AOCI | 0 | [2] | 3,403 | [2] | 3,901 | [2] |
Net change in other comprehensive (loss) income | 0 | [2] | 127 | [2] | -117 | [2] |
Ending balance | 0 | [2] | 0 | [2] | -127 | [2] |
Cumulative Translation Adjustment | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | |||
Beginning balance | 36,223 | 53,577 | 76,443 | |||
Other comprehensive (loss) income before reclassifications | 23,745 | -17,354 | -22,866 | |||
Amounts reclassified from AOCI | 0 | 0 | 0 | |||
Net change in other comprehensive (loss) income | 23,745 | -17,354 | -22,866 | |||
Ending balance | $59,968 | $36,223 | $53,577 | |||
[1] | See Note 10 for additional information on employee benefit plans | |||||
[2] | See Note 4 for additional information on derivatives. |
Segment_Information_Financial_
Segment Information (Financial Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 24 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2012 |
Segment | ||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of segments | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $715,723 | $759,666 | $697,802 | $682,242 | $761,689 | $804,879 | $711,692 | $693,438 | $2,855,433 | $2,971,698 | $3,084,650 | ' |
Operating income (loss) by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income by segment | ' | ' | ' | ' | ' | ' | ' | ' | 18,977 | 18,134 | 89,753 | ' |
Restructuring and impairments, net | ' | ' | ' | ' | ' | ' | ' | ' | -27,989 | -71,495 | -10,878 | -10,878 |
Operating income (loss) | -1,624 | 12,027 | 5,439 | -24,854 | -65,974 | 4,726 | 6,836 | 1,054 | -9,012 | -53,361 | 78,875 | ' |
Depreciation & Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 81,280 | 80,187 | 84,353 | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 81,769 | 101,501 | 109,836 | ' |
Transportation Americas | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 760,412 | 879,831 | 907,838 | ' |
Operating income (loss) by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income by segment | ' | ' | ' | ' | ' | ' | ' | ' | -7,739 | -23,158 | 9,513 | ' |
Restructuring and impairments, net | ' | ' | ' | ' | ' | ' | ' | ' | -16,451 | -57,104 | ' | -2,369 |
Depreciation & Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 25,476 | 28,465 | 28,215 | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 27,709 | 32,105 | 38,872 | ' |
Transportation Europe & ROW | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 930,036 | 926,978 | 1,014,292 | ' |
Operating income (loss) by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income by segment | ' | ' | ' | ' | ' | ' | ' | ' | 19,561 | 20,335 | 55,928 | ' |
Restructuring and impairments, net | ' | ' | ' | ' | ' | ' | ' | ' | -4,421 | -8,163 | ' | -4,115 |
Depreciation & Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 21,513 | 19,052 | 18,590 | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 33,242 | 36,323 | 40,195 | ' |
Industrial Energy Americas | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 365,633 | 368,386 | 339,328 | ' |
Operating income (loss) by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income by segment | ' | ' | ' | ' | ' | ' | ' | ' | 25,185 | 28,266 | 41,657 | ' |
Restructuring and impairments, net | ' | ' | ' | ' | ' | ' | ' | ' | -417 | -1,136 | ' | -652 |
Depreciation & Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 11,514 | 10,963 | 11,701 | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 4,128 | 9,313 | 7,392 | ' |
Industrial Energy Europe & ROW | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 799,352 | 796,503 | 823,192 | ' |
Operating income (loss) by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income by segment | ' | ' | ' | ' | ' | ' | ' | ' | 16,004 | 21,787 | 14,435 | ' |
Restructuring and impairments, net | ' | ' | ' | ' | ' | ' | ' | ' | -6,321 | -4,613 | ' | -2,301 |
Depreciation & Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 18,024 | 17,386 | 21,039 | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 12,896 | 16,120 | 15,915 | ' |
Unallocated corporate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income by segment | ' | ' | ' | ' | ' | ' | ' | ' | -34,034 | -29,096 | -31,780 | ' |
Restructuring and impairments, net | ' | ' | ' | ' | ' | ' | ' | ' | -379 | -479 | ' | -1,441 |
Depreciation & Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 4,753 | 4,321 | 4,808 | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | $3,794 | $7,640 | $7,462 | ' |
Segment_Information_Geographic
Segment Information (Geographic Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers | $715,723 | $759,666 | $697,802 | $682,242 | $761,689 | $804,879 | $711,692 | $693,438 | $2,855,433 | $2,971,698 | $3,084,650 |
Long-Lived Assets | 576,412 | ' | ' | ' | 558,115 | ' | ' | ' | 576,412 | 558,115 | ' |
United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers | ' | ' | ' | ' | ' | ' | ' | ' | 1,126,045 | 1,248,217 | 1,247,166 |
Long-Lived Assets | 228,861 | ' | ' | ' | 235,665 | ' | ' | ' | 228,861 | 235,665 | ' |
France | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers | ' | ' | ' | ' | ' | ' | ' | ' | 190,112 | 190,730 | 200,456 |
Long-Lived Assets | 16,603 | ' | ' | ' | 15,807 | ' | ' | ' | 16,603 | 15,807 | ' |
Germany | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers | ' | ' | ' | ' | ' | ' | ' | ' | 393,314 | 382,521 | 434,051 |
Long-Lived Assets | 63,820 | ' | ' | ' | 62,203 | ' | ' | ' | 63,820 | 62,203 | ' |
Italy | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers | ' | ' | ' | ' | ' | ' | ' | ' | 236,416 | 217,403 | 229,271 |
Long-Lived Assets | 63,091 | ' | ' | ' | 55,505 | ' | ' | ' | 63,091 | 55,505 | ' |
Spain | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers | ' | ' | ' | ' | ' | ' | ' | ' | 263,583 | 238,235 | 252,801 |
Long-Lived Assets | 94,895 | ' | ' | ' | 86,267 | ' | ' | ' | 94,895 | 86,267 | ' |
Poland | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers | ' | ' | ' | ' | ' | ' | ' | ' | 114,388 | 105,813 | 107,519 |
Long-Lived Assets | 57,927 | ' | ' | ' | 48,734 | ' | ' | ' | 57,927 | 48,734 | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers | ' | ' | ' | ' | ' | ' | ' | ' | 531,575 | 588,779 | 613,386 |
Long-Lived Assets | $51,215 | ' | ' | ' | $53,934 | ' | ' | ' | $51,215 | $53,934 | ' |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Net sales | $715,723,000 | $759,666,000 | $697,802,000 | $682,242,000 | $761,689,000 | $804,879,000 | $711,692,000 | $693,438,000 | $2,855,433,000 | $2,971,698,000 | $3,084,650,000 |
Gross profit | 101,663,000 | 110,024,000 | 96,734,000 | 76,039,000 | 89,310,000 | 120,070,000 | 103,659,000 | 94,255,000 | 384,460,000 | 407,295,000 | 484,828,000 |
Operating income (loss) | -1,624,000 | 12,027,000 | 5,439,000 | -24,854,000 | -65,974,000 | 4,726,000 | 6,836,000 | 1,054,000 | -9,012,000 | -53,361,000 | 78,875,000 |
Loss before income taxes | -50,536,000 | -33,133,000 | -36,990,000 | -90,913,000 | -87,001,000 | -11,639,000 | -9,880,000 | -14,656,000 | -211,572,000 | -123,176,000 | 751,000 |
Net loss attributable to Exide Technologies | -51,810,000 | -34,692,000 | -40,175,000 | -91,133,000 | -87,580,000 | -15,443,000 | -13,878,000 | -106,498,000 | -217,810,000 | -223,399,000 | 56,739,000 |
Basic (in dollars per share) | ($0.66) | ($0.44) | ($0.51) | ($1.17) | ($1.13) | ($0.20) | ($0.18) | ($1.38) | ($2.80) | ($2.89) | $0.73 |
Diluted (in dollars per share) | ($0.66) | ($0.44) | ($0.51) | ($1.17) | ($1.13) | ($0.20) | ($0.18) | ($1.38) | ($2.80) | ($2.89) | $0.69 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,470,973,000 | 2,564,403,000 | 2,599,822,000 |
Restructuring and impairment | ' | ' | ' | ' | 55,100,000 | ' | ' | ' | ' | ' | ' |
Restatement Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of sales | $2,500,000 | $1,600,000 | $400,000 | $500,000 | ' | ' | ' | ' | ' | ' | ' |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance | $32,773 | $35,319 | $36,811 |
Allowance for Doubtful Accounts | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance | 20,103 | 20,339 | 29,227 |
Additions / Adjustments Charged to Expense | 1,270 | 1,284 | 1,529 |
Deductions/ Charge- offs | -2,324 | -928 | -9,039 |
Currency Translation | 440 | -592 | -1,378 |
Balance | 19,489 | 20,103 | 20,339 |
Valuation Allowance on Deferred Tax Assets | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance | 242,735 | 103,539 | 239,509 |
Additions / Adjustments Charged to Expense | 60,588 | 141,655 | 4,736 |
Deductions/ Charge- offs | -17,671 | -1,793 | -125,983 |
Currency Translation | 1,279 | -666 | -14,723 |
Balance | $286,931 | $242,735 | $103,539 |