Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Sep. 30, 2014 | Nov. 03, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Document Fiscal Year Focus | '2015 | ' |
Entity Registrant Name | 'AVX Corp | ' |
Entity Central Index Key | '0000859163 | ' |
Current Fiscal Year End Date | '--03-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 167,957,368 |
Entity Current Reporting Status | 'Yes | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Trading Symbol | 'AVX | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $312,181 | $460,674 |
Short-term investments in securities | 512,422 | 413,615 |
Accounts receivable - trade, net | 199,759 | 206,417 |
Accounts receivable - affiliates | 2,202 | 2,028 |
Inventories | 523,228 | 550,518 |
Income taxes receivable | 74,107 | 71,346 |
Deferred income taxes | 75,262 | 31,896 |
Prepaid and other | 38,805 | 32,229 |
Total current assets | 1,737,966 | 1,768,723 |
Long-term investments in securities | 153,742 | 25,000 |
Property and equipment | 1,577,625 | 1,636,796 |
Accumulated depreciation | -1,361,542 | -1,401,071 |
Property and equipment, net | 216,083 | 235,725 |
Goodwill | 213,051 | 213,051 |
Intangible assets, net | 65,161 | 67,735 |
Deferred income taxes - non-current | 16,212 | 65,524 |
Other assets | 9,878 | 9,230 |
Total Assets | 2,412,093 | 2,384,988 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Accounts payable - trade | 51,631 | 49,576 |
Accounts payable - affiliates | 44,105 | 45,058 |
Income taxes payable | 10,876 | 2,956 |
Deferred income taxes | 883 | 952 |
Accrued payroll and benefits | 35,609 | 38,867 |
Accrued expenses | 151,706 | 24,525 |
Total current liabilities | 294,810 | 161,934 |
Pensions | 12,912 | 18,267 |
Deferred income taxes - non-current | 4,935 | 5,453 |
Other liabilities | 30,037 | 151,649 |
Total Liabilities | 342,694 | 337,303 |
Commitments and contingencies (Note 8) | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred stock, par value $.01 per share: Authorized, 20,000 shares; None issued and outstanding | ' | ' |
Common stock, par value $.01 per share: Authorized, 300,000 shares; issued, 176,368 shares; outstanding, 168,221 and 167,957 shares at March 31, 2014 and September 30, 2014, respectively | 1,764 | 1,764 |
Additional paid-in capital | 352,615 | 351,708 |
Retained earnings | 1,843,303 | 1,789,856 |
Accumulated other comprehensive loss | -20,948 | 8,126 |
Treasury stock, at cost:8,148 and 8,411 shares at March 31 and September 30, 2014, respectively | -107,335 | -103,769 |
Total Stockholders' Equity | 2,069,399 | 2,047,685 |
Total Liabilities and Stockholders' Equity | $2,412,093 | $2,384,988 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
Consolidated Balance Sheets [Abstract] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 176,368,000 | 176,368,000 |
Common stock, shares outstanding | 167,957,000 | 168,221,000 |
Treasury stock, shares | 8,411,000 | 8,148,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Consolidated Statements of Operations [Abstract] | ' | ' | ' | ' |
Net sales | $365,405 | $375,785 | $715,994 | $745,163 |
Cost of sales | 277,632 | 304,260 | 543,044 | 605,367 |
Gross profit | 87,773 | 71,525 | 172,950 | 139,796 |
Selling, general and administrative expenses | 27,634 | 30,160 | 57,258 | 59,196 |
Profit from operations | 60,139 | 41,365 | 115,692 | 80,600 |
Other income (expense): | ' | ' | ' | ' |
Interest income | 1,139 | 1,289 | 2,242 | 2,595 |
Other, net | -582 | -892 | -967 | -1,350 |
Income before income taxes | 60,696 | 41,762 | 116,967 | 81,845 |
Provision for income taxes | 16,075 | 12,946 | 31,575 | 25,372 |
Net income | $44,621 | $28,816 | $85,392 | $56,473 |
Income (loss) per share: | ' | ' | ' | ' |
Basic | $0.27 | $0.17 | $0.51 | $0.33 |
Diluted | $0.27 | $0.17 | $0.51 | $0.33 |
Dividends declared per share: | $0.10 | $0.09 | $0.19 | $0.18 |
Weighted average common shares outstanding: | ' | ' | ' | ' |
Basic | 168,031 | 168,587 | 168,093 | 168,617 |
Diluted | 168,294 | 168,737 | 168,343 | 168,824 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Comprehensive Income (Loss) | ' | ' | ' | ' |
Net income | $44,621 | $28,816 | $85,392 | $56,473 |
Other comprehensive income (loss), net of income taxes | ' | ' | ' | ' |
Foreign currency translation adjustment | -25,100 | 10,237 | -28,366 | 9,560 |
Foreign currency cash flow hedges adjustment | -990 | -73 | -892 | 711 |
Pension liability adjustment | 110 | 770 | 184 | 1,864 |
Other comprehensive income (loss), net of income taxes | -25,980 | 10,934 | -29,074 | 12,135 |
Comprehensive income | $18,641 | $39,750 | $56,318 | $68,608 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating Activities: | ' | ' |
Net income | $85,392 | $56,473 |
Adjustment to reconcile net income (loss) to net cash from operating activities: | ' | ' |
Depreciation and amortization | 21,019 | 25,302 |
Stock-based compensation expense | 949 | 797 |
Deferred income taxes | 4,137 | 45,159 |
Loss (Gain) on disposal of property and equipment | ' | 45 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 6,218 | -11,808 |
Inventories | 19,697 | -3,860 |
Accounts payable and accrued expenses | 108,349 | 108,893 |
Income taxes payable | 8,191 | 3,342 |
Other assets | -6,746 | -39,146 |
Other liabilities | -117,258 | -110,550 |
Net cash provided by operating activities | 129,948 | 74,647 |
Investing Activities: | ' | ' |
Purchases of property and equipment | -12,439 | -12,440 |
Purchase of business, net of cash acquired | ' | -1,600 |
Purchases of investment securities | -629,915 | -375,236 |
Redemptions of investment securities | 401,032 | 331,366 |
Proceeds from property and equipment dispositions | 214 | 563 |
Net cash used in investing activities | -241,108 | -57,347 |
Financing Activities: | ' | ' |
Dividends paid | -31,943 | -29,528 |
Purchase of treasury stock | -4,079 | -5,072 |
Proceeds from exercise of stock options | 471 | 3,718 |
Excess tax benefit from stock-based payment arrangements | ' | 170 |
Net cash used in financing activities | -35,551 | -30,712 |
Effect of exchange rate on cash | -1,782 | 715 |
Increase (decrease) in cash and cash equivalents | -148,493 | -12,697 |
Cash and cash equivalents at beginning of period | 460,674 | 486,724 |
Cash and cash equivalents at end of period | $312,181 | $474,027 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Sep. 30, 2014 | |
Basis of Presentation [Abstract] | ' |
Basis of Presentation | ' |
1. Basis of Presentation: | |
The consolidated financial statements of AVX Corporation and its subsidiaries (“AVX” or the “Company”) include all accounts of the Company and its subsidiaries. All significant intercompany transactions and accounts have been eliminated. We have prepared the accompanying financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. These consolidated financial statements are unaudited and, in the opinion of management, include all adjustments, consisting of normal recurring adjustments and accruals, necessary for the fair statement of the consolidated balance sheets, operating results, comprehensive income (loss), and cash flows for the periods presented. Operating results for the three and six month periods ended September 30, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2015 due to changes in economic conditions and other factors. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been omitted in accordance with the rules and regulations of the SEC. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2014. | |
Critical Accounting Policies and Estimates: | |
We have identified the accounting policies and estimates that are critical to our business operations and understanding our results of operations. Those policies and estimates can be found in Note 1, “Summary of Significant Accounting Policies”, of the Notes to Consolidated Financial Statements and in “Critical Accounting Policies and Estimates”, in “Management's Discussion and Analysis of Financial Condition and Results of Operations” contained in our Annual Report on Form 10-K for the fiscal year ended March 31, 2014. Accordingly, this Quarterly Report on Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended March 31, 2014. During the three and six month periods ended September 30, 2014, there were no significant changes to any critical accounting policies or to the methodology used in determining estimates including those related to investment securities, revenue recognition, inventories, goodwill, intangible assets, property and equipment, income taxes, and contingencies. | |
New Accounting Standards | |
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.” This topic provides guidance on whether an unrecognized tax benefit should be presented as a reduction to a deferred tax asset or as a separate liability. This topic is for annual and interim periods beginning after December 15, 2013, with early adoption allowed. Adoption of this guidance did not have a significant impact on the determination or reporting of the Company’s financial results. | |
In April 2014, the FASB issued ASU 2014-08, which changes the criteria for determining which disposals are required to be presented as discontinued operations. The changes require a disposal of a component of an entity or a group of components of an entity to be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on an entity’s operations and financial results when any of the following occurs: (i) the component of an entity or group of components of an entity meets the criteria to be classified as held for sale, (ii) the component of an entity or group of components of an entity is disposed of by sale, or (iii) the component of an entity or group of components of an entity is disposed of other than by sale. The amendments apply on a prospective basis to disposals of components of an entity that occur within annual periods beginning on or after December 15, 2014 and interim periods within those years, with early adoption permitted. The implementation of the amended accounting guidance on January 1, 2015 is not expected to have a material impact on our consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers.” This guidance modifies the financial reporting of revenue and how an entity will determine the measurement of revenue and timing of when it is recognized. The guidance provides for a five-step approach in applying the standard: 1) identifying the contract with the customer, 2) identifying separate performance obligations in the contract, 3) determining the transaction price, 4) allocating the transaction price to separate performance obligations, and 5) recognizing the revenue when the performance obligation has been satisfied. The new guidance requires enhanced disclosures for the nature, amount, timing, and uncertainty of revenue that is being recognized. The guidance is effective for public companies for interim and annual reporting periods beginning after December 15, 2016. Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. Early adoption is not permitted. Management is currently evaluating the impact of this guidance on the Company’s consolidated financial statements. | |
In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40); Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” This update requires management of the Company to evaluate whether there is substantial doubt about the Company’s ability to continue as a going concern. This update is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early adoption is permitted. The implementation of this standard is not expected to have an impact on the Company’s consolidated financial statements upon adoption. | |
We have reviewed other newly issued accounting pronouncements and concluded that they are either not applicable to our business or that no material effect is expected on our consolidated financial statements as a result of adoption. | |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
2. Earnings Per Share: | |||||||||||||
Basic earnings per share are computed by dividing net earnings by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per share are computed by dividing net earnings by the sum of (a) the weighted average number of shares of common stock outstanding during the period and (b) the dilutive effect of potential common stock equivalents during the period. Stock options are the only common stock equivalents currently used in our calculation and are computed using the treasury stock method. | |||||||||||||
The table below represents the basic and diluted earnings per share and sets forth the weighted average number of shares of common stock and potential common stock equivalents: | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2014 | 2013 | 2014 | ||||||||||
Net income | $ | 28,816 | $ | 44,621 | $ | 56,473 | $ | 85,392 | |||||
Computation of Basic EPS: | |||||||||||||
Weighted Average Shares Outstanding | 168,587 | 168,031 | 168,617 | 168,093 | |||||||||
Basic earnings per share | $ | 0.17 | $ | 0.27 | $ | 0.33 | $ | 0.51 | |||||
Computation of Diluted EPS: | |||||||||||||
Weighted Average Shares Outstanding | 168,587 | 168,031 | 168,617 | 168,093 | |||||||||
Effect of stock options | 150 | 263 | 207 | 250 | |||||||||
Weighted Average Shares used in computing Diluted EPS (1) | 168,737 | 168,294 | 168,824 | 168,343 | |||||||||
Diluted earnings per share | $ | 0.17 | $ | 0.27 | $ | 0.33 | $ | 0.51 | |||||
(1) Common stock equivalents not included in the computation of diluted earnings per share because the impact would have been antidilutive were 2,963 shares and 2,199 shares for the three months ended September 30, 2013 and 2014, respectively and 3,102 and 2,329 for the six months ended September 30, 2013 and 2014, respectively. | |||||||||||||
Trade_Accounts_Receivable
Trade Accounts Receivable | 6 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Trade Accounts Receivable [Abstract] | ' | ||||||||||||
Trade Accounts Receivable | ' | ||||||||||||
3. Trade Accounts Receivable: | |||||||||||||
31-Mar-14 | 30-Sep-14 | ||||||||||||
Gross Accounts Receivable - Trade | $ | 230,321 | $ | 224,996 | |||||||||
Less: | |||||||||||||
Allowances for doubtful accounts | 410 | 579 | |||||||||||
Stock rotation and ship from stock and debit | 17,138 | 18,104 | |||||||||||
Sales returns and discounts | 6,356 | 6,554 | |||||||||||
Total allowances | 23,904 | 25,237 | |||||||||||
Net Accounts Receivable - Trade | $ | 206,417 | $ | 199,759 | |||||||||
Charges related to allowances for doubtful accounts are charged to selling, general and administrative expenses. Charges related to stock rotation, ship from stock and debit, sales returns, and sales discounts are reported as deductions from revenue. | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2014 | 2013 | 2014 | ||||||||||
Allowances for doubtful accounts: | |||||||||||||
Beginning Balance | $ | 685 | $ | 410 | $ | 705 | $ | 410 | |||||
Charges | 46 | 185 | 48 | 185 | |||||||||
Applications | -342 | -16 | -364 | -16 | |||||||||
Ending Balance | $ | 389 | $ | 579 | $ | 389 | $ | 579 | |||||
Three Months Ended | Six Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2014 | 2013 | 2014 | ||||||||||
Stock rotation and ship from stock and debit: | |||||||||||||
Beginning Balance | $ | 15,554 | $ | 17,886 | $ | 14,771 | $ | 17,138 | |||||
Charges | 11,017 | 9,443 | 21,166 | 19,051 | |||||||||
Applications | -11,123 | -9,225 | -20,489 | -18,085 | |||||||||
Ending Balance | $ | 15,448 | $ | 18,104 | $ | 15,448 | $ | 18,104 | |||||
Three Months Ended | Six Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2014 | 2013 | 2014 | ||||||||||
Sales returns and discounts: | |||||||||||||
Beginning Balance | $ | 4,968 | $ | 7,307 | $ | 5,486 | $ | 6,356 | |||||
Charges | 5,535 | 4,135 | 8,660 | 9,426 | |||||||||
Applications | -4,493 | -4,835 | -8,143 | -9,166 | |||||||||
Translation and other | 25 | -53 | 32 | -62 | |||||||||
Ending Balance | $ | 6,035 | $ | 6,554 | $ | 6,035 | $ | 6,554 | |||||
Fair_Value
Fair Value | 6 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Fair Value [Abstract] | ' | |||||||||||
Fair Value | ' | |||||||||||
4. Fair Value: | ||||||||||||
Fair Value Hierarchy: | ||||||||||||
The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to value the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: | ||||||||||||
- | Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities. | |||||||||||
- | Level 2: Observable inputs other than those included in Level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. | |||||||||||
- | Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. | |||||||||||
During the three and six month periods ended September 30, 2013 and 2014, there have been no transfers of assets or liabilities between levels within the fair value hierarchy. | ||||||||||||
Based on | ||||||||||||
Quoted prices | Other | |||||||||||
in active | observable | Unobservable | ||||||||||
Fair Value at | markets | inputs | inputs | |||||||||
31-Mar-14 | (Level 1) | (Level 2) | (Level 3) | |||||||||
Assets measured at fair value on a recurring basis: | ||||||||||||
Assets held in the non-qualified deferred | $ | 7,915 | $ | 7,915 | $ | - | $ | - | ||||
compensation program(1) | ||||||||||||
Foreign currency derivatives(2) | 564 | - | 564 | - | ||||||||
Total | $ | 8,479 | $ | 7,915 | $ | 564 | $ | - | ||||
Based on | ||||||||||||
Quoted prices | Other | |||||||||||
in active | observable | Unobservable | ||||||||||
Fair Value at | markets | inputs | inputs | |||||||||
31-Mar-14 | (Level 1) | (Level 2) | (Level 3) | |||||||||
Liabilities measured at fair value on a recurring basis: | ||||||||||||
Obligation related to assets held in the non-qualified deferred compensation program(1) | $ | 7,915 | $ | 7,915 | $ | - | $ | - | ||||
Foreign currency derivatives(2) | 433 | - | 433 | - | ||||||||
Total | $ | 8,348 | $ | 7,915 | $ | 433 | $ | - | ||||
Based on | ||||||||||||
Quoted prices | Other | |||||||||||
in active | observable | Unobservable | ||||||||||
Fair Value at | markets | inputs | inputs | |||||||||
30-Sep-14 | (Level 1) | (Level 2) | (Level 3) | |||||||||
Assets measured at fair value on a recurring basis: | ||||||||||||
Assets held in the non-qualified deferred | $ | 8,623 | $ | 8,623 | $ | - | $ | - | ||||
compensation program(1) | ||||||||||||
Foreign currency derivatives(2) | 2,403 | - | 2,403 | - | ||||||||
Total | $ | 11,026 | $ | 8,623 | $ | 2,403 | $ | - | ||||
Based on | ||||||||||||
Quoted prices | Other | |||||||||||
in active | observable | Unobservable | ||||||||||
Fair Value at | markets | inputs | inputs | |||||||||
30-Sep-14 | (Level 1) | (Level 2) | (Level 3) | |||||||||
Liabilities measured at fair value on a recurring basis: | ||||||||||||
Obligation related to assets held in the non-qualified deferred compensation program(1) | $ | 8,623 | $ | 8,623 | $ | - | $ | - | ||||
Foreign currency derivatives(2) | 3,130 | - | 3,130 | - | ||||||||
Total | $ | 11,753 | $ | 8,623 | $ | 3,130 | $ | - | ||||
(1) The market value of the assets held in the trust for the non-qualified deferred compensation program is included as an asset and as a liability as the trust’s assets are both assets of the Company and also a liability as they are available to general creditors in certain circumstances. | ||||||||||||
(2) Foreign currency derivatives in the form of forward contracts are included in prepaid and other and accrued expenses in the consolidated balance sheets. Unrealized gains and losses on derivatives classified as cash flow hedges are recorded in other comprehensive income (loss). Realized gains and losses on derivatives classified as cash flow hedges are recorded in the consolidated statement of operations as revenues and costs of sales and gains and losses on derivatives not designated as hedges are recorded in other income. | ||||||||||||
Valuation Techniques: | ||||||||||||
The following describes valuation techniques used to appropriately value our assets held in the non-qualified deferred compensation plan and derivatives. | ||||||||||||
Assets held in the non-qualified deferred compensation plan | ||||||||||||
Assets valued using Level 1 inputs in the table above represent assets from our non-qualified deferred compensation program. The funds in the non-qualified deferred compensation program are valued based on the number of shares in the funds using a price per share traded in an active market. | ||||||||||||
Investments are considered to be impaired when a decline in fair value is judged to be other-than-temporary. If the cost of an investment exceeds its fair value, among other factors, we evaluate general market conditions, the duration and extent to which the fair value is less than cost, and whether or not we expect to recover the security's entire amortized cost basis. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded and a new cost basis in the investment is established. | ||||||||||||
Derivatives | ||||||||||||
We primarily use forward contracts, with maturities generally less than four months, designated as cash flow hedges to protect against the foreign currency exchange rate risks inherent in our forecasted transactions related to purchase commitments and sales, denominated in various currencies. We also use derivatives not designated as hedging instruments to hedge foreign currency balance sheet exposures. These derivatives are used to offset currency changes in the fair value of the hedged assets and liabilities. Fair values for all of our derivative financial instruments are valued by adjusting the market spot rate by forward points, based on the date of the contract. The spot rates and forward points used are an average rate from an actively traded market. At March 31, 2014 and September 30, 2014, all of our forward contracts are Level 2 measurements. | ||||||||||||
Financial_Instruments_and_Inve
Financial Instruments and Investments in Securities | 6 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Financial Instruments and Investments in Securities [Abstract] | ' | |||||||||||
Financial Instruments and Investments in Securities | ' | |||||||||||
5. Financial Instruments and Investments in Securities: | ||||||||||||
At March 31, 2014 and September 30, 2014, we classified investments in debt securities and time deposits as held-to-maturity securities. | ||||||||||||
Our long-term and short-term investment securities are accounted for as held-to-maturity securities and are carried at amortized cost. We have the ability and intent to hold these investments until maturity. All income generated from the held-to-maturity securities investments are recorded as interest income. | ||||||||||||
Investments in held-to-maturity securities, recorded at amortized cost, were as follows: | ||||||||||||
31-Mar-14 | ||||||||||||
Gross | Gross | |||||||||||
Unrealized | Unrealized | Estimated | ||||||||||
Cost | Gains | Losses | Fair Value | |||||||||
Short-term investments: | ||||||||||||
Corporate bonds | $ | 40,838 | $ | 75 | $ | - | $ | 40,913 | ||||
Time deposits | 372,777 | 245 | - | 373,022 | ||||||||
Long-term investments: | ||||||||||||
Corporate bonds | 25,000 | 13 | - | 25,013 | ||||||||
$ | 438,615 | $ | 333 | $ | - | $ | 438,948 | |||||
30-Sep-14 | ||||||||||||
Gross | Gross | |||||||||||
Unrealized | Unrealized | Estimated | ||||||||||
Cost | Gains | Losses | Fair Value | |||||||||
Short-term investments: | ||||||||||||
Corporate bonds | $ | 43,998 | $ | 34 | $ | -7 | $ | 44,025 | ||||
Time deposits | 468,424 | 187 | - | 468,611 | ||||||||
Long-term investments: | ||||||||||||
Corporate bonds | 150,242 | 16 | -395 | 149,863 | ||||||||
Time deposits | 3,500 | 9 | - | 3,509 | ||||||||
$ | 666,164 | $ | 246 | $ | -402 | $ | 666,008 | |||||
The amortized cost and estimated fair value of held-to-maturity investments at September 30, 2014, by contractual maturity, are shown below. The estimated fair value of these investments are based on valuation inputs that include benchmark yields, reported trades, broker and dealer quotes, issuer spreads, two-sided markets, benchmark securities bids, offers, and reference data, which are Level 2 inputs in the fair value hierarchy. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without call or prepayment penalties. | ||||||||||||
Held-to-Maturity | ||||||||||||
Amortized | Estimated | |||||||||||
Cost | Fair Value | |||||||||||
Due in one year or less | $ | 512,422 | $ | 512,636 | ||||||||
Due after one year through five years | 153,742 | 153,372 | ||||||||||
Total | $ | 666,164 | $ | 666,008 | ||||||||
Inventories
Inventories | 6 Months Ended | |||||
Sep. 30, 2014 | ||||||
Inventories [Abstract] | ' | |||||
Inventories | ' | |||||
6. Inventories: | ||||||
31-Mar-14 | 30-Sep-14 | |||||
Finished goods | $ | 109,053 | $ | 96,097 | ||
Work in process | 109,315 | 110,205 | ||||
Raw materials and supplies | 332,150 | 316,926 | ||||
$ | 550,518 | $ | 523,228 | |||
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended |
Sep. 30, 2014 | |
Stock-Based Compensation [Abstract] | ' |
Stock-Based Compensation | ' |
7. Stock-Based Compensation: | |
In April 2014, we granted 498 options to employees pursuant to the 2014 Stock Option Plan described in Note 11, “Stock Based Compensation”, of the Notes to Consolidated Financial Statements contained in our Annual Report on Form 10-K for the fiscal year ended March 31, 2014. The weighted average grant date fair value per share and the weighted average exercise price per share for these options are $2.75 and $13.32, respectively. | |
In August 2014, we granted 15 options to employees pursuant to the 2014 Stock Option Plan described in Note 11, “Stock Based Compensation”, of the Notes to Consolidated Financial Statements contained in our Annual Report on Form 10-K for the fiscal year ended March 31, 2014. The weighted average grant date fair value per share and the weighted average exercise price per share for these options are $2.72 and $13.40, respectively. | |
There were 40 stock options exercised during the six months ended September 30, 2014 with a total intrinsic value of $114. | |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies [Abstract] | ' |
Commitments and Contingencies | ' |
8. Commitments and Contingencies: | |
We have been identified by the United States Environmental Protection Agency (“EPA”), state governmental agencies or other private parties as a potentially responsible party (“PRP”) under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) or equivalent state or local laws for clean-up and response costs associated with certain sites at which remediation is required with respect to prior contamination. Because CERCLA or such state statutes authorize joint and several liability, the EPA or state regulatory authorities could seek to recover all clean-up costs from any one of the PRPs at a site despite the involvement of other PRPs. At certain sites, financially responsible PRPs other than AVX also are, or have been, involved in site investigation and clean-up activities. We believe that liability resulting from these sites will be apportioned between AVX and other PRPs. | |
To resolve our liability at the sites at which we have been named a PRP, we have entered into various administrative orders and consent decrees with federal and state regulatory agencies governing the timing and nature of investigation and remediation. As is customary, the orders and decrees regarding sites where the PRPs are not themselves implementing the chosen remedy contain provisions allowing the EPA to reopen the agreement and seek additional amounts from settling PRPs in the event that certain contingencies occur, such as the discovery of significant new information about site conditions. | |
On October 10, 2012, the EPA, the United States, and the Commonwealth of Massachusetts and AVX announced that they had reached a financial settlement with respect to the EPA’s ongoing clean-up of the New Bedford Harbor in the Commonwealth of Massachusetts (the “harbor”). Under the terms of the settlement, AVX was obligated to pay $366,250, plus interest computed from August 1, 2012, in three installments over a two-year period for use by the EPA and the Commonwealth to complete the clean-up of the harbor. On October 18, 2013, we paid the initial settlement installment of $133,350, plus accrued interest of $3,954. On March 26, 2014, we prepaid a second settlement installment of $110,817, plus accrued interest of $822 on the remaining settlement amount through that date. In accordance with the terms of the settlement, we are obligated to pay $122,083, plus interest, on September 21, 2015. We have the option to prepay any portion of the remaining settlement balance at any time prior to the due date. | |
On June 3, 2010, AVX entered into an agreement with the EPA and the City of New Bedford, pursuant to which AVX is required to perform environmental remediation at a site referred to as the “Aerovox Site” (the “Site”), located in New Bedford, Massachusetts. AVX has substantially completed its obligations pursuant to such agreement with the EPA and the City of New Bedford with respect to the satisfaction of AVX’s federal law requirements. Agreements with the state regulatory authorities have yet to be concluded but are likely to include additional groundwater remediation. Based on our estimate of current and ongoing remediation costs, we have a remaining accrual of $11,101 at September 30, 2014, which represents our estimate of the potential liability related to the remaining performance of environmental remediation actions at the Site. The accrual represents the estimate of our cost to remediate; however, until all parties agree and remediation is complete, we cannot be certain there will be no additional cost. | |
We had reserves of approximately $135,336 and $136,566 at March 31, 2014 and September 30, 2014, respectively, related to the various matters discussed above. These reserves are classified in the Consolidated Balance Sheets as $4,353 and $126,666 in accrued expenses at March 31, 2014 and September 30, 2014, respectively, and $130,983 and $9,900 in other non-current liabilities at March 31, 2014 and September 30, 2014, respectively. The amount recorded for identified contingent liabilities is based on estimates. Amounts recorded are reviewed periodically and adjusted to reflect additional legal and technical information that becomes available. Also, uncertainties about the status of laws, regulations, regulatory actions, technology, and information related to individual sites make it difficult to develop an estimate of the reasonably possible aggregate environmental remediation exposure. Accordingly, these costs could differ from our current estimates. | |
On November 27, 2007, a suit was filed in South Carolina State Court by individuals as a class action with respect to property adjacent to our Myrtle Beach, South Carolina factory claiming property values have been negatively impacted by alleged migration of certain pollutants from our property. During the quarter ended June 30, 2014, the parties agreed to seek Court modification of the definition of the plaintiff class. In the event such modification is allowed by the Court, the parties have also agreed to jointly recommend to the Court a settlement of the action. Any settlement will be subject to Court review and approval. Although the final amount of such settlement, if approved by the Court, depends on the number of participating class members, the maximum amount, if all class members participate, would be $1,200. Accordingly, based on our estimate of potential outcomes, we have $1,200 accrued with respect to this case as of September 30, 2014. We can give no assurance, however, that this action will be resolved on the terms indicated above. If it is not so resolved, we intend to continue to defend vigorously the claims asserted. | |
On March 1, 2010, AVX was named as a third party defendant in a case filed in Massachusetts Superior Court captioned DaRosa v. City of New Bedford. This case relates to a former disposal site in the City of New Bedford located at Parker Street. The City asserts that a predecessor company, Aerovox, among others, contributed to that site. We intend to defend vigorously the claims that have been asserted in this lawsuit. We are not able to estimate any amount of loss or range of loss at this time. No accrual for costs has been recorded and the potential impact of this case on our financial position, results of operations, comprehensive income (loss), and cash flows cannot be determined at this time. | |
On October 16, 2014, a case was filed by the City of New Bedford against AVX in Massachusetts Superior Court by the City of New Bedford arising from contamination at the City’s New Bedford Railyard. AVX had previously received formal demand from the City in the amount of approximately $11,000 related to activities by a predecessor company, Aerovox. AVX believes it has meritorious defenses and intends to defend vigorously the case. We are not able to estimate any amount of loss or range of loss at this time. No accrual for costs has been recorded and the potential impact of this demand on our financial position, results of operations, comprehensive income (loss), and cash flows cannot be determined at this time. | |
We also operate on other sites that may have potential future environmental issues as a result of activities at sites during AVX’s long history of manufacturing operations or prior to the start of operations by AVX. Even though we may have rights of indemnity for such environmental matters at certain sites, regulatory agencies in those jurisdictions may require us to address such issues. Once it becomes probable that we will incur costs in connection with remediation of a site and such costs can be reasonably estimated, we establish reserves or adjust our reserves for our projected share of these costs. A separate account receivable is recorded for any indemnified costs. Our environmental reserves are not discounted and do not reflect any possible future insurance recoveries, which are not expected to be significant, but do reflect a reasonable estimate of cost sharing at multiple party sites or indemnification of our liability by a third party | |
On April 25, 2013, AVX was named as a defendant in a patent infringement case filed in the United States District Court for the District of Delaware captioned Greatbatch, Inc. v AVX Corporation. This case alleges that certain AVX products infringe on one or more of six Greatbatch patents. We intend to defend vigorously the claims that have been asserted in this lawsuit. We are not able to estimate any amount of loss or range of loss at this time. No accrual for costs has been recorded and the potential impact of this case on our financial position, results of operations, comprehensive income (loss) and cash flows cannot be determined at this time. | |
During the quarter ended September 30, 2014, a subsidiary of AVX, American Technical Ceramics (“ATC), was named as a defendant in a patent infringement case filed in the United States District Court for the District of Delaware captioned Presidio Components, Inc. v. American Technical Ceramics Corp. This case alleges that certain products of ATC’s infringe on a Presidio patent. We intend to defend vigorously the claims that have been asserted in this lawsuit. We are not able to estimate any amount of loss or range of loss at this time. No accrual for costs has been recorded and the potential impact of this case on our financial position, results of operations, comprehensive income (loss) and cash flows cannot be determined at this time. | |
During the quarter ended September 30, 2014, AVX was named as a co-defendant in a series of cases filed in the United States and Canada alleging violations of United States, Canadian, and state antitrust laws asserting that AVX and numerous other companies are participants in alleged price-fixing in the capacitor market. The cases in the United States have been consolidated into the Northern District of California. The Canadian cases have been filed in the provinces of Quebec, Ontario and Vancouver. These cases are at the very initial stages. We intend to defend vigorously the claims that have been asserted in these lawsuits. In light of the foregoing, we are not able to estimate any amount of loss or range of loss. No accrual for costs has been recorded and the potential impact of these cases on our financial position, results of operations, comprehensive income (loss) and cash flows cannot be determined at this time. | |
We are involved in disputes, warranty, and legal proceedings arising in the normal course of business. While we cannot predict the outcome of these disputes and proceedings, management believes, based upon a review with legal counsel, that none of these proceedings will have a material impact on our financial position, results of operations, comprehensive income (loss), or cash flows. | |
Comprehensive_Income_Loss
Comprehensive Income (Loss) | 6 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Comprehensive Income (Loss) [Abstract] | ' | |||||||||||
Comprehensive Income (Loss) | ' | |||||||||||
9. Comprehensive Income (Loss): | ||||||||||||
Comprehensive income (loss) represents changes in equity during a period except those resulting from investments by and distributions to shareholders. The specific components include net income, pension liability and other post-retirement benefit adjustments, deferred gains and losses resulting from foreign currency translation adjustments and unrealized gains and losses on qualified foreign currency cash flow hedges. | ||||||||||||
Other comprehensive income (loss) includes the following components: | ||||||||||||
Three Months Ended | ||||||||||||
September 30, | ||||||||||||
2013 | 2014 | |||||||||||
Pre-tax | Net of Tax | Pre-tax | Net of Tax | |||||||||
Foreign currency translation adjustment | $ | 10,237 | $ | 10,237 | $ | -25,100 | $ | -25,100 | ||||
Foreign currency cash flow hedges adjustment | -66 | -73 | -1,203 | -990 | ||||||||
Pension liability adjustment | 1,069 | 770 | 145 | 110 | ||||||||
Other comprehensive income (loss) | $ | 11,240 | $ | 10,934 | $ | -26,158 | $ | -25,980 | ||||
Six Months Ended | ||||||||||||
September 30, | ||||||||||||
2013 | 2014 | |||||||||||
Pre-tax | Net of Tax | Pre-tax | Net of Tax | |||||||||
Foreign currency translation adjustment | $ | 9,560 | $ | 9,560 | $ | -28,366 | $ | -28,366 | ||||
Foreign currency cash flow hedges adjustment | 922 | 711 | -1,068 | -892 | ||||||||
Pension liability adjustment | 2,589 | 1,864 | 243 | 184 | ||||||||
Other comprehensive income (loss) | $ | 13,071 | $ | 12,135 | $ | -29,191 | $ | -29,074 | ||||
Amounts reclassified out of accumulated other comprehensive income (loss) into net income include those that pertain to the Company’s pension and postretirement benefit plans and realized gains and losses on derivative instruments designated as cash flow hedges. Please see Note 11 for additional information related to the amortization of prior service cost and the recognized actuarial losses, which amounts are reclassified from accumulated other comprehensive income (loss) into net income and are included in selling, general and administrative expenses in the statement of operations during the three and six month periods ended September 30, 2013 and 2014. Please see Note 12 for additional information related to realized gains and losses on derivative instruments reclassified from accumulated other comprehensive income (loss) into net income during the three and six month periods ended September 30, 2013 and 2014. | ||||||||||||
Segment_and_Geographic_Informa
Segment and Geographic Information | 6 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Segment and Geographic Information [Abstract] | ' | ||||||||||||
Segment and Geographic Information | ' | ||||||||||||
10. Segment and Geographic Information: | |||||||||||||
We have three reportable segments: Passive Components, KED Resale, and Interconnect. The Passive Components segment consists primarily of surface mount and leaded ceramic capacitors, RF thick and thin film components, surface mount and leaded tantalum capacitors, surface mount and leaded film capacitors, ceramic and film power capacitors, super capacitors, EMI filters (bolt in and surface mount), thick and thin film packages of multiple passive integrated components, varistors, thermistors, inductors, and resistive products. The KED Resale segment consists primarily of ceramic capacitors, frequency control devices, SAW devices, sensor products, RF modules, actuators, acoustic devices, and connectors produced by Kyocera and resold by AVX. The Interconnect segment consists primarily of automotive, telecom, and memory connectors manufactured by AVX Interconnect. Sales and operating results from these reportable segments are shown in the tables below. In addition, we have a corporate administration group consisting of finance and administrative activities and a separate research and development group. | |||||||||||||
We evaluate performance of our segments based upon sales and operating profit. There are no intersegment revenues. We allocate the costs of shared resources between segments based on each segment’s usage of the shared resources. Cash, accounts receivable, investments in securities, and certain other assets, which are centrally managed, are not readily allocable to operating segments. | |||||||||||||
The tables below present information about reported segments: | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
Sales Revenue: | 2013 | 2014 | 2013 | 2014 | |||||||||
Ceramic Components | $ | 47,635 | $ | 54,302 | $ | 94,586 | $ | 106,994 | |||||
Tantalum Components | 103,265 | 94,476 | 199,182 | 189,934 | |||||||||
Advanced Components | 88,213 | 92,375 | 178,106 | 181,555 | |||||||||
Total Passive Components | 239,113 | 241,153 | 471,874 | 478,483 | |||||||||
KDP and KCD Resale | 84,854 | 64,769 | 174,901 | 123,332 | |||||||||
KCP Resale | 17,835 | 23,708 | 31,103 | 41,169 | |||||||||
Total KED Resale | 102,689 | 88,477 | 206,004 | 164,501 | |||||||||
AVX Interconnect | 33,983 | 35,775 | 67,285 | 73,010 | |||||||||
Total Revenue | $ | 375,785 | $ | 365,405 | $ | 745,163 | $ | 715,994 | |||||
Three Months Ended | Six Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2014 | 2013 | 2014 | ||||||||||
Operating profit (loss): | |||||||||||||
Passive Components | $ | 39,598 | $ | 57,861 | $ | 78,231 | $ | 113,670 | |||||
KED Resale | 7,000 | 6,370 | 11,308 | 10,642 | |||||||||
Interconnect | 6,715 | 7,698 | 13,223 | 16,224 | |||||||||
Corporate activities | -11,948 | -11,790 | -22,162 | -24,844 | |||||||||
Total | $ | 41,365 | $ | 60,139 | $ | 80,600 | $ | 115,692 | |||||
As of | As of | ||||||||||||
31-Mar-14 | 30-Sep-14 | ||||||||||||
Assets: | |||||||||||||
Passive Components | $ | 744,821 | $ | 706,464 | |||||||||
KED Resale | 43,872 | 28,845 | |||||||||||
Interconnect | 51,012 | 54,884 | |||||||||||
Cash, A/R, and investments in securities | 1,107,734 | 1,187,652 | |||||||||||
Goodwill - Passive components | 202,774 | 202,774 | |||||||||||
Goodwill - Interconnect | 10,277 | 10,277 | |||||||||||
Corporate activities | 224,498 | 221,197 | |||||||||||
Total | $ | 2,384,988 | $ | 2,412,093 | |||||||||
The following geographic data is based upon net sales generated by operations located within particular geographic areas. Substantially all of the sales in the Americas region were generated in the United States. | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2014 | 2013 | 2014 | ||||||||||
Net sales: | |||||||||||||
Americas | $ | 105,111 | $ | 108,616 | $ | 206,500 | $ | 206,391 | |||||
Europe | 90,818 | 101,143 | 184,952 | 205,791 | |||||||||
Asia | 179,856 | 155,646 | 353,711 | 303,812 | |||||||||
Total | $ | 375,785 | $ | 365,405 | $ | 745,163 | $ | 715,994 | |||||
Pension_Plans
Pension Plans | 6 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Pension Plans [Abstract] | ' | |||||||||||
Pension Plans | ' | |||||||||||
11. Pension Plans: | ||||||||||||
Net periodic pension cost for our defined benefit plans consisted of the following for the three and six months ended September 30, 2013 and 2014: | ||||||||||||
U.S. Plans | International Plans | |||||||||||
Three Months Ended | Three Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||
Service cost | $ | 116 | $ | 49 | $ | 216 | $ | 256 | ||||
Interest cost | 390 | 397 | 1,618 | 1,755 | ||||||||
Expected return on plan assets | -545 | -552 | -1,673 | -2,057 | ||||||||
Amortization of prior service cost | - | - | 4 | - | ||||||||
Recognized actuarial loss | 284 | 201 | 635 | 491 | ||||||||
Net periodic pension cost | $ | 245 | $ | 95 | $ | 800 | $ | 445 | ||||
U.S. Plans | International Plans | |||||||||||
Six Months Ended | Six Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||
Service cost | $ | 232 | $ | 98 | $ | 431 | $ | 515 | ||||
Interest cost | 780 | 794 | 3,219 | 3,527 | ||||||||
Expected return on plan assets | -1,090 | -1,104 | -3,329 | -4,131 | ||||||||
Amortization of prior service cost | - | - | 8 | - | ||||||||
Recognized actuarial loss | 568 | 402 | 1,263 | 987 | ||||||||
Net periodic pension cost | $ | 490 | $ | 190 | $ | 1,592 | $ | 898 | ||||
Based on current actuarial computations, during the six months ended September 30, 2014, we made contributions of $2,119 to the international plans. We expect to make additional contributions of approximately $1,981 to the international plans over the remainder of fiscal 2015. Based on current actuarial computations, we made a contribution of $2,116 to the U.S. plans during the six months ended September 30, 2014. We do not anticipate making any additional contributions to the U.S. plans for the remainder of the fiscal year. | ||||||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 6 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Derivative Financial Instruments [Abstract] | ' | |||||||
Derivative Financial Instruments | ' | |||||||
12. Derivative Financial Instruments: | ||||||||
We are exposed to foreign currency exchange rate fluctuations in the normal course of business. We use derivative instruments (forward contracts) to hedge certain foreign currency exposures as part of our risk management strategy. The objective is to offset gains and losses resulting from these exposures with gains and losses on the forward contracts used to hedge them, thereby reducing volatility of earnings or protecting fair values of assets and liabilities. We do not enter into any trading or speculative positions with regard to derivative instruments. | ||||||||
We primarily use forward contracts, with maturities less than four months, designated as cash flow hedges to protect against the foreign currency exchange rate risks inherent in our forecasted transactions related to purchase commitments and sales, denominated in various currencies. These derivative instruments are designated and qualify as cash flow hedges. | ||||||||
The effectiveness of the cash flow hedges is determined by comparing the cumulative change in the fair value of the hedge contract with the cumulative change in the fair value of the hedged transaction, both of which are based on forward rates. The effective portion of the gain or loss on these cash flow hedges is initially recorded in accumulated other comprehensive income (loss) as a separate component of stockholders’ equity. Once the hedged transaction is recognized, the gain or loss is recognized in our statement of operations. At March 31, 2014 and September 30, 2014, respectively, the following forward contracts were entered into to hedge against the volatility of foreign currency exchange rates for certain forecasted sales and purchases. | ||||||||
31-Mar-14 | ||||||||
Fair Value of Derivative Instruments | ||||||||
Asset Derivatives | Liability Derivatives | |||||||
Balance | Balance | |||||||
Sheet | Fair | Sheet | Fair | |||||
Caption | Value | Caption | Value | |||||
Foreign exchange contracts | Prepaid and other | $ | 548 | Accrued expenses | $ | 332 | ||
30-Sep-14 | ||||||||
Fair Value of Derivative Instruments | ||||||||
Asset Derivatives | Liability Derivatives | |||||||
Balance | Balance | |||||||
Sheet | Fair | Sheet | Fair | |||||
Caption | Value | Caption | Value | |||||
Foreign exchange contracts | Prepaid and other | $ | 2,176 | Accrued expenses | $ | 3,027 | ||
For these derivatives designated as hedging instruments, during the three and six months ended September 30, 2014, net pre-tax gains (losses) of $(1,424) and $(953), respectively, were recognized in other comprehensive income (loss). In addition, during the three and six months ended September 30, 2014, net pre-tax gains (losses) of $(1,772) and $(1,431), respectively, were reclassified from accumulated other comprehensive income into cost of sales (for hedging purchases), and net pretax gains (losses) of $1,537 and $1,524, respectively, were reclassified from accumulated other comprehensive income into sales (for hedging sales) in the accompanying statement of operations. | ||||||||
Derivatives not designated as hedging instruments consist primarily of forwards used to hedge foreign currency balance sheet exposures representing hedging instruments used to offset foreign currency changes in the fair values of the underlying assets and liabilities. The gains and losses on these foreign currency forward contracts are recognized in other income in the same period as the remeasurement gains and losses of the related foreign currency denominated assets and liabilities and thus naturally offset these gains and losses. At March 31, 2014 and September 30, 2014, we had the following forward contracts that were entered into to hedge against these exposures. | ||||||||
31-Mar-14 | ||||||||
Fair Value of Derivative Instruments | ||||||||
Asset Derivatives | Liability Derivatives | |||||||
Balance | Balance | |||||||
Sheet | Fair | Sheet | Fair | |||||
Caption | Value | Caption | Value | |||||
Foreign exchange contracts | Prepaid and other | $ | 16 | Accrued expenses | $ | 101 | ||
30-Sep-14 | ||||||||
Fair Value of Derivative Instruments | ||||||||
Asset Derivatives | Liability Derivatives | |||||||
Balance | Balance | |||||||
Sheet | Fair | Sheet | Fair | |||||
Caption | Value | Caption | Value | |||||
Foreign exchange contracts | Prepaid and other | $ | 227 | Accrued expenses | $ | 103 | ||
For these derivatives not designated as hedging instruments during the three and six months ended September 30, 2014, losses of $(146)and $(906) respectively, on hedging contracts were recognized in other income, which partially offset the approximately $(386) and $(186) in exchange losses that were recognized in other income in the accompanying statement of operations. | ||||||||
At March 31, 2014 and September 30, 2014, we had outstanding foreign exchange contracts with notional amounts totaling $202,865 and $190,743, respectively, denominated primarily in euros, Czech korunas, British pounds, and Japanese yen. | ||||||||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
13. Subsequent Events: | |
On October 22, 2014, the Board of Directors of the Company declared a $0.105 dividend per share of common stock with respect to the quarter ended September 30, 2014. The dividend will be paid to stockholders of record on November 7, 2014 and will be disbursed on November 21, 2014. | |
Basis_of_Presentation_Policy
Basis of Presentation (Policy) | 6 Months Ended |
Sep. 30, 2014 | |
Basis of Presentation [Abstract] | ' |
New Accounting Standards | ' |
New Accounting Standards | |
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.” This topic provides guidance on whether an unrecognized tax benefit should be presented as a reduction to a deferred tax asset or as a separate liability. This topic is for annual and interim periods beginning after December 15, 2013, with early adoption allowed. Adoption of this guidance did not have a significant impact on the determination or reporting of the Company’s financial results. | |
In April 2014, the FASB issued ASU 2014-08, which changes the criteria for determining which disposals are required to be presented as discontinued operations. The changes require a disposal of a component of an entity or a group of components of an entity to be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on an entity’s operations and financial results when any of the following occurs: (i) the component of an entity or group of components of an entity meets the criteria to be classified as held for sale, (ii) the component of an entity or group of components of an entity is disposed of by sale, or (iii) the component of an entity or group of components of an entity is disposed of other than by sale. The amendments apply on a prospective basis to disposals of components of an entity that occur within annual periods beginning on or after December 15, 2014 and interim periods within those years, with early adoption permitted. The implementation of the amended accounting guidance on January 1, 2015 is not expected to have a material impact on our consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers.” This guidance modifies the financial reporting of revenue and how an entity will determine the measurement of revenue and timing of when it is recognized. The guidance provides for a five-step approach in applying the standard: 1) identifying the contract with the customer, 2) identifying separate performance obligations in the contract, 3) determining the transaction price, 4) allocating the transaction price to separate performance obligations, and 5) recognizing the revenue when the performance obligation has been satisfied. The new guidance requires enhanced disclosures for the nature, amount, timing, and uncertainty of revenue that is being recognized. The guidance is effective for public companies for interim and annual reporting periods beginning after December 15, 2016. Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. Early adoption is not permitted. Management is currently evaluating the impact of this guidance on the Company’s consolidated financial statements. | |
In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40); Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” This update requires management of the Company to evaluate whether there is substantial doubt about the Company’s ability to continue as a going concern. This update is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early adoption is permitted. The implementation of this standard is not expected to have an impact on the Company’s consolidated financial statements upon adoption. | |
We have reviewed other newly issued accounting pronouncements and concluded that they are either not applicable to our business or that no material effect is expected on our consolidated financial statements as a result of adoption. | |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Basic and diluted weighted average number of shares of common stock and potential common stock equivalents | ' | ||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2014 | 2013 | 2014 | ||||||||||
Net income | $ | 28,816 | $ | 44,621 | $ | 56,473 | $ | 85,392 | |||||
Computation of Basic EPS: | |||||||||||||
Weighted Average Shares Outstanding | 168,587 | 168,031 | 168,617 | 168,093 | |||||||||
Basic earnings per share | $ | 0.17 | $ | 0.27 | $ | 0.33 | $ | 0.51 | |||||
Computation of Diluted EPS: | |||||||||||||
Weighted Average Shares Outstanding | 168,587 | 168,031 | 168,617 | 168,093 | |||||||||
Effect of stock options | 150 | 263 | 207 | 250 | |||||||||
Weighted Average Shares used in computing Diluted EPS (1) | 168,737 | 168,294 | 168,824 | 168,343 | |||||||||
Diluted earnings per share | $ | 0.17 | $ | 0.27 | $ | 0.33 | $ | 0.51 | |||||
(1) Common stock equivalents not included in the computation of diluted earnings per share because the impact would have been antidilutive were 2,963 shares and 2,199 shares for the three months ended September 30, 2013 and 2014, respectively and 3,102 and 2,329 for the six months ended September 30, 2013 and 2014, respectively. | |||||||||||||
Trade_Accounts_Receivable_Tabl
Trade Accounts Receivable (Tables) | 6 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ||||||||||||
Trade Accounts Receivable | ' | ||||||||||||
31-Mar-14 | 30-Sep-14 | ||||||||||||
Gross Accounts Receivable - Trade | $ | 230,321 | $ | 224,996 | |||||||||
Less: | |||||||||||||
Allowances for doubtful accounts | 410 | 579 | |||||||||||
Stock rotation and ship from stock and debit | 17,138 | 18,104 | |||||||||||
Sales returns and discounts | 6,356 | 6,554 | |||||||||||
Total allowances | 23,904 | 25,237 | |||||||||||
Net Accounts Receivable - Trade | $ | 206,417 | $ | 199,759 | |||||||||
Allowances for Doubtful Accounts [Member] | ' | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ||||||||||||
Allowances | ' | ||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2014 | 2013 | 2014 | ||||||||||
Allowances for doubtful accounts: | |||||||||||||
Beginning Balance | $ | 685 | $ | 410 | $ | 705 | $ | 410 | |||||
Charges | 46 | 185 | 48 | 185 | |||||||||
Applications | -342 | -16 | -364 | -16 | |||||||||
Ending Balance | $ | 389 | $ | 579 | $ | 389 | $ | 579 | |||||
Stock Rotation And Ship From Stock And Debit [Member] | ' | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ||||||||||||
Allowances | ' | ||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2014 | 2013 | 2014 | ||||||||||
Stock rotation and ship from stock and debit: | |||||||||||||
Beginning Balance | $ | 15,554 | $ | 17,886 | $ | 14,771 | $ | 17,138 | |||||
Charges | 11,017 | 9,443 | 21,166 | 19,051 | |||||||||
Applications | -11,123 | -9,225 | -20,489 | -18,085 | |||||||||
Ending Balance | $ | 15,448 | $ | 18,104 | $ | 15,448 | $ | 18,104 | |||||
Sales Returns And Discounts [Member] | ' | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ||||||||||||
Allowances | ' | ||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2014 | 2013 | 2014 | ||||||||||
Sales returns and discounts: | |||||||||||||
Beginning Balance | $ | 4,968 | $ | 7,307 | $ | 5,486 | $ | 6,356 | |||||
Charges | 5,535 | 4,135 | 8,660 | 9,426 | |||||||||
Applications | -4,493 | -4,835 | -8,143 | -9,166 | |||||||||
Translation and other | 25 | -53 | 32 | -62 | |||||||||
Ending Balance | $ | 6,035 | $ | 6,554 | $ | 6,035 | $ | 6,554 | |||||
Fair_Value_Tables
Fair Value (Tables) | 6 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Fair Value [Abstract] | ' | |||||||||||
Assets and liabilities measured at fair value on a recurring basis | ' | |||||||||||
Based on | ||||||||||||
Quoted prices | Other | |||||||||||
in active | observable | Unobservable | ||||||||||
Fair Value at | markets | inputs | inputs | |||||||||
31-Mar-14 | (Level 1) | (Level 2) | (Level 3) | |||||||||
Assets measured at fair value on a recurring basis: | ||||||||||||
Assets held in the non-qualified deferred | $ | 7,915 | $ | 7,915 | $ | - | $ | - | ||||
compensation program(1) | ||||||||||||
Foreign currency derivatives(2) | 564 | - | 564 | - | ||||||||
Total | $ | 8,479 | $ | 7,915 | $ | 564 | $ | - | ||||
Based on | ||||||||||||
Quoted prices | Other | |||||||||||
in active | observable | Unobservable | ||||||||||
Fair Value at | markets | inputs | inputs | |||||||||
31-Mar-14 | (Level 1) | (Level 2) | (Level 3) | |||||||||
Liabilities measured at fair value on a recurring basis: | ||||||||||||
Obligation related to assets held in the non-qualified deferred compensation program(1) | $ | 7,915 | $ | 7,915 | $ | - | $ | - | ||||
Foreign currency derivatives(2) | 433 | - | 433 | - | ||||||||
Total | $ | 8,348 | $ | 7,915 | $ | 433 | $ | - | ||||
Based on | ||||||||||||
Quoted prices | Other | |||||||||||
in active | observable | Unobservable | ||||||||||
Fair Value at | markets | inputs | inputs | |||||||||
30-Sep-14 | (Level 1) | (Level 2) | (Level 3) | |||||||||
Assets measured at fair value on a recurring basis: | ||||||||||||
Assets held in the non-qualified deferred | $ | 8,623 | $ | 8,623 | $ | - | $ | - | ||||
compensation program(1) | ||||||||||||
Foreign currency derivatives(2) | 2,403 | - | 2,403 | - | ||||||||
Total | $ | 11,026 | $ | 8,623 | $ | 2,403 | $ | - | ||||
Based on | ||||||||||||
Quoted prices | Other | |||||||||||
in active | observable | Unobservable | ||||||||||
Fair Value at | markets | inputs | inputs | |||||||||
30-Sep-14 | (Level 1) | (Level 2) | (Level 3) | |||||||||
Liabilities measured at fair value on a recurring basis: | ||||||||||||
Obligation related to assets held in the non-qualified deferred compensation program(1) | $ | 8,623 | $ | 8,623 | $ | - | $ | - | ||||
Foreign currency derivatives(2) | 3,130 | - | 3,130 | - | ||||||||
Total | $ | 11,753 | $ | 8,623 | $ | 3,130 | $ | - | ||||
(1) The market value of the assets held in the trust for the non-qualified deferred compensation program is included as an asset and as a liability as the trust’s assets are both assets of the Company and also a liability as they are available to general creditors in certain circumstances. | ||||||||||||
(2) Foreign currency derivatives in the form of forward contracts are included in prepaid and other and accrued expenses in the consolidated balance sheets. Unrealized gains and losses on derivatives classified as cash flow hedges are recorded in other comprehensive income (loss). Realized gains and losses on derivatives classified as cash flow hedges are recorded in the consolidated statement of operations as revenues and costs of sales and gains and losses on derivatives not designated as hedges are recorded in other income. | ||||||||||||
Financial_Instruments_and_Inve1
Financial Instruments and Investments in Securities (Tables) | 6 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Financial Instruments and Investments in Securities [Abstract] | ' | |||||||||||
Investments in held-to-maturity securities, recorded at amortized cost | ' | |||||||||||
31-Mar-14 | ||||||||||||
Gross | Gross | |||||||||||
Unrealized | Unrealized | Estimated | ||||||||||
Cost | Gains | Losses | Fair Value | |||||||||
Short-term investments: | ||||||||||||
Corporate bonds | $ | 40,838 | $ | 75 | $ | - | $ | 40,913 | ||||
Time deposits | 372,777 | 245 | - | 373,022 | ||||||||
Long-term investments: | ||||||||||||
Corporate bonds | 25,000 | 13 | - | 25,013 | ||||||||
$ | 438,615 | $ | 333 | $ | - | $ | 438,948 | |||||
30-Sep-14 | ||||||||||||
Gross | Gross | |||||||||||
Unrealized | Unrealized | Estimated | ||||||||||
Cost | Gains | Losses | Fair Value | |||||||||
Short-term investments: | ||||||||||||
Corporate bonds | $ | 43,998 | $ | 34 | $ | -7 | $ | 44,025 | ||||
Time deposits | 468,424 | 187 | - | 468,611 | ||||||||
Long-term investments: | ||||||||||||
Corporate bonds | 150,242 | 16 | -395 | 149,863 | ||||||||
Time deposits | 3,500 | 9 | - | 3,509 | ||||||||
$ | 666,164 | $ | 246 | $ | -402 | $ | 666,008 | |||||
Amortized cost and estimated fair value of held-to-maturity investments, by contractual maturity | ' | |||||||||||
Held-to-Maturity | ||||||||||||
Amortized | Estimated | |||||||||||
Cost | Fair Value | |||||||||||
Due in one year or less | $ | 512,422 | $ | 512,636 | ||||||||
Due after one year through five years | 153,742 | 153,372 | ||||||||||
Total | $ | 666,164 | $ | 666,008 | ||||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | |||||
Sep. 30, 2014 | ||||||
Inventories [Abstract] | ' | |||||
Inventories | ' | |||||
31-Mar-14 | 30-Sep-14 | |||||
Finished goods | $ | 109,053 | $ | 96,097 | ||
Work in process | 109,315 | 110,205 | ||||
Raw materials and supplies | 332,150 | 316,926 | ||||
$ | 550,518 | $ | 523,228 | |||
Comprehensive_Income_Loss_Tabl
Comprehensive Income (Loss) (Tables) | 6 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Comprehensive Income (Loss) [Abstract] | ' | |||||||||||
Comprehensive income (loss) | ' | |||||||||||
Three Months Ended | ||||||||||||
September 30, | ||||||||||||
2013 | 2014 | |||||||||||
Pre-tax | Net of Tax | Pre-tax | Net of Tax | |||||||||
Foreign currency translation adjustment | $ | 10,237 | $ | 10,237 | $ | -25,100 | $ | -25,100 | ||||
Foreign currency cash flow hedges adjustment | -66 | -73 | -1,203 | -990 | ||||||||
Pension liability adjustment | 1,069 | 770 | 145 | 110 | ||||||||
Other comprehensive income (loss) | $ | 11,240 | $ | 10,934 | $ | -26,158 | $ | -25,980 | ||||
Six Months Ended | ||||||||||||
September 30, | ||||||||||||
2013 | 2014 | |||||||||||
Pre-tax | Net of Tax | Pre-tax | Net of Tax | |||||||||
Foreign currency translation adjustment | $ | 9,560 | $ | 9,560 | $ | -28,366 | $ | -28,366 | ||||
Foreign currency cash flow hedges adjustment | 922 | 711 | -1,068 | -892 | ||||||||
Pension liability adjustment | 2,589 | 1,864 | 243 | 184 | ||||||||
Other comprehensive income (loss) | $ | 13,071 | $ | 12,135 | $ | -29,191 | $ | -29,074 | ||||
Segment_and_Geographic_Informa1
Segment and Geographic Information (Tables) | 6 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Segment and Geographic Information [Abstract] | ' | ||||||||||||
Information about reported segments | ' | ||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
Sales Revenue: | 2013 | 2014 | 2013 | 2014 | |||||||||
Ceramic Components | $ | 47,635 | $ | 54,302 | $ | 94,586 | $ | 106,994 | |||||
Tantalum Components | 103,265 | 94,476 | 199,182 | 189,934 | |||||||||
Advanced Components | 88,213 | 92,375 | 178,106 | 181,555 | |||||||||
Total Passive Components | 239,113 | 241,153 | 471,874 | 478,483 | |||||||||
KDP and KCD Resale | 84,854 | 64,769 | 174,901 | 123,332 | |||||||||
KCP Resale | 17,835 | 23,708 | 31,103 | 41,169 | |||||||||
Total KED Resale | 102,689 | 88,477 | 206,004 | 164,501 | |||||||||
AVX Interconnect | 33,983 | 35,775 | 67,285 | 73,010 | |||||||||
Total Revenue | $ | 375,785 | $ | 365,405 | $ | 745,163 | $ | 715,994 | |||||
Three Months Ended | Six Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2014 | 2013 | 2014 | ||||||||||
Operating profit (loss): | |||||||||||||
Passive Components | $ | 39,598 | $ | 57,861 | $ | 78,231 | $ | 113,670 | |||||
KED Resale | 7,000 | 6,370 | 11,308 | 10,642 | |||||||||
Interconnect | 6,715 | 7,698 | 13,223 | 16,224 | |||||||||
Corporate activities | -11,948 | -11,790 | -22,162 | -24,844 | |||||||||
Total | $ | 41,365 | $ | 60,139 | $ | 80,600 | $ | 115,692 | |||||
As of | As of | ||||||||||||
31-Mar-14 | 30-Sep-14 | ||||||||||||
Assets: | |||||||||||||
Passive Components | $ | 744,821 | $ | 706,464 | |||||||||
KED Resale | 43,872 | 28,845 | |||||||||||
Interconnect | 51,012 | 54,884 | |||||||||||
Cash, A/R, and investments in securities | 1,107,734 | 1,187,652 | |||||||||||
Goodwill - Passive components | 202,774 | 202,774 | |||||||||||
Goodwill - Interconnect | 10,277 | 10,277 | |||||||||||
Corporate activities | 224,498 | 221,197 | |||||||||||
Total | $ | 2,384,988 | $ | 2,412,093 | |||||||||
Net sales generated by operations located within particular geographic areas | ' | ||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2014 | 2013 | 2014 | ||||||||||
Net sales: | |||||||||||||
Americas | $ | 105,111 | $ | 108,616 | $ | 206,500 | $ | 206,391 | |||||
Europe | 90,818 | 101,143 | 184,952 | 205,791 | |||||||||
Asia | 179,856 | 155,646 | 353,711 | 303,812 | |||||||||
Total | $ | 375,785 | $ | 365,405 | $ | 745,163 | $ | 715,994 | |||||
Pension_Plans_Tables
Pension Plans (Tables) | 6 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Pension Plans [Abstract] | ' | |||||||||||
Net periodic cost for defined benefit plans | ' | |||||||||||
U.S. Plans | International Plans | |||||||||||
Three Months Ended | Three Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||
Service cost | $ | 116 | $ | 49 | $ | 216 | $ | 256 | ||||
Interest cost | 390 | 397 | 1,618 | 1,755 | ||||||||
Expected return on plan assets | -545 | -552 | -1,673 | -2,057 | ||||||||
Amortization of prior service cost | - | - | 4 | - | ||||||||
Recognized actuarial loss | 284 | 201 | 635 | 491 | ||||||||
Net periodic pension cost | $ | 245 | $ | 95 | $ | 800 | $ | 445 | ||||
U.S. Plans | International Plans | |||||||||||
Six Months Ended | Six Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||
Service cost | $ | 232 | $ | 98 | $ | 431 | $ | 515 | ||||
Interest cost | 780 | 794 | 3,219 | 3,527 | ||||||||
Expected return on plan assets | -1,090 | -1,104 | -3,329 | -4,131 | ||||||||
Amortization of prior service cost | - | - | 8 | - | ||||||||
Recognized actuarial loss | 568 | 402 | 1,263 | 987 | ||||||||
Net periodic pension cost | $ | 490 | $ | 190 | $ | 1,592 | $ | 898 | ||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 6 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Designated as Hedging Instrument [Member] | ' | |||||||
Derivatives, Fair Value [Line Items] | ' | |||||||
Fair value of derivative instruments | ' | |||||||
31-Mar-14 | ||||||||
Fair Value of Derivative Instruments | ||||||||
Asset Derivatives | Liability Derivatives | |||||||
Balance | Balance | |||||||
Sheet | Fair | Sheet | Fair | |||||
Caption | Value | Caption | Value | |||||
Foreign exchange contracts | Prepaid and other | $ | 548 | Accrued expenses | $ | 332 | ||
30-Sep-14 | ||||||||
Fair Value of Derivative Instruments | ||||||||
Asset Derivatives | Liability Derivatives | |||||||
Balance | Balance | |||||||
Sheet | Fair | Sheet | Fair | |||||
Caption | Value | Caption | Value | |||||
Foreign exchange contracts | Prepaid and other | $ | 2,176 | Accrued expenses | $ | 3,027 | ||
Not Designated as Hedging Instrument [Member] | ' | |||||||
Derivatives, Fair Value [Line Items] | ' | |||||||
Fair value of derivative instruments | ' | |||||||
31-Mar-14 | ||||||||
Fair Value of Derivative Instruments | ||||||||
Asset Derivatives | Liability Derivatives | |||||||
Balance | Balance | |||||||
Sheet | Fair | Sheet | Fair | |||||
Caption | Value | Caption | Value | |||||
Foreign exchange contracts | Prepaid and other | $ | 16 | Accrued expenses | $ | 101 | ||
30-Sep-14 | ||||||||
Fair Value of Derivative Instruments | ||||||||
Asset Derivatives | Liability Derivatives | |||||||
Balance | Balance | |||||||
Sheet | Fair | Sheet | Fair | |||||
Caption | Value | Caption | Value | |||||
Foreign exchange contracts | Prepaid and other | $ | 227 | Accrued expenses | $ | 103 | ||
Earnings_Per_Share_Basic_and_d
Earnings Per Share (Basic and diluted weighted average number of shares of common stock and potential common stock equivalents) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ||||
Net income (loss) | $44,621 | $28,816 | $85,392 | $56,473 | ||||
Weighted Average Shares Outstanding used in computing Basic EPS | 168,031 | 168,587 | 168,093 | 168,617 | ||||
Basic earnings (loss) per share | $0.27 | $0.17 | $0.51 | $0.33 | ||||
Effect of stock options | 263 | [1] | 150 | [1] | 250 | [1] | 207 | [1] |
Weighted Average Shares used in computing Diluted EPS | 168,294 | 168,737 | 168,343 | 168,824 | ||||
Diluted income (loss) per share | $0.27 | $0.17 | $0.51 | $0.33 | ||||
Antidilutive Securities excluded from computation of diluted EPS | 2,199 | 2,963 | 2,329 | 3,102 | ||||
[1] | Common stock equivalents not included in the computation of diluted earnings per share because the impact would have been antidilutive were 2,963 shares and 2,199 shares for the three months ended September 30, 2013 and 2014, respectively and 3,102 and 2,329 for the six months ended September 30, 2013 and 2014, respectively. |
Trade_Accounts_Receivable_Trad
Trade Accounts Receivable (Trade Accounts Receivable) (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Gross Accounts Receivable - Trade | $224,996 | ' | $230,321 | ' | ' | ' |
Allowances | 25,237 | ' | 23,904 | ' | ' | ' |
Net Accounts Receivable - Trade | 199,759 | ' | 206,417 | ' | ' | ' |
Allowances for Doubtful Accounts [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Allowances | 579 | 410 | 410 | 389 | 685 | 705 |
Stock Rotation And Ship From Stock And Debit [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Allowances | 18,104 | 17,886 | 17,138 | 15,448 | 15,554 | 14,771 |
Sales Returns And Discounts [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Allowances | $6,554 | $7,307 | $6,356 | $6,035 | $4,968 | $5,486 |
Trade_Accounts_Receivable_Allo
Trade Accounts Receivable (Allowances) (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Allowances for Doubtful Accounts [Member] | Allowances for Doubtful Accounts [Member] | Allowances for Doubtful Accounts [Member] | Allowances for Doubtful Accounts [Member] | Stock Rotation And Ship From Stock And Debit [Member] | Stock Rotation And Ship From Stock And Debit [Member] | Stock Rotation And Ship From Stock And Debit [Member] | Stock Rotation And Ship From Stock And Debit [Member] | Sales Returns And Discounts [Member] | Sales Returns And Discounts [Member] | Sales Returns And Discounts [Member] | Sales Returns And Discounts [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | $25,237 | $23,904 | $410 | $685 | $410 | $705 | $17,886 | $15,554 | $17,138 | $14,771 | $7,307 | $4,968 | $6,356 | $5,486 |
Charges | ' | ' | 185 | 46 | 185 | 48 | 9,443 | 11,017 | 19,051 | 21,166 | 4,135 | 5,535 | 9,426 | 8,660 |
Applications | ' | ' | -16 | -342 | -16 | -364 | -9,225 | -11,123 | -18,085 | -20,489 | -4,835 | -4,493 | -9,166 | -8,143 |
Translation and other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -53 | 25 | -62 | 32 |
Ending Balance | $25,237 | $23,904 | $579 | $389 | $579 | $389 | $18,104 | $15,448 | $18,104 | $15,448 | $6,554 | $6,035 | $6,554 | $6,035 |
Fair_Value_Measurement_Inputs_
Fair Value (Measurement Inputs) (Details) (Recurring Basis [Member], USD $) | Sep. 30, 2014 | Mar. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Assets held in the non-qualified deferred compensation program | $8,623 | [1] | $7,915 | [1] |
Foreign currency derivatives | 2,403 | [2] | 564 | [2] |
Assets measured at fair value, Total | 11,026 | 8,479 | ||
Obligation related to assets held in the non-qualified deferred compensation program | 8,623 | [1] | 7,915 | [1] |
Foreign currency derivatives | 3,130 | [2] | 433 | [2] |
Liabilities measured at fair value, Total | 11,753 | 8,348 | ||
Quoted Prices In Active Markets (Level 1) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Assets held in the non-qualified deferred compensation program | 8,623 | [1] | 7,915 | [1] |
Foreign currency derivatives | ' | [2] | ' | [2] |
Assets measured at fair value, Total | 8,623 | 7,915 | ||
Obligation related to assets held in the non-qualified deferred compensation program | 8,623 | [1] | 7,915 | [1] |
Foreign currency derivatives | ' | [2] | ' | [2] |
Liabilities measured at fair value, Total | 8,623 | 7,915 | ||
Other Observable Inputs (Level 2) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Assets held in the non-qualified deferred compensation program | ' | [1] | ' | [1] |
Foreign currency derivatives | 2,403 | [2] | 564 | [2] |
Assets measured at fair value, Total | 2,403 | 564 | ||
Obligation related to assets held in the non-qualified deferred compensation program | ' | [1] | ' | [1] |
Foreign currency derivatives | 3,130 | [2] | 433 | [2] |
Liabilities measured at fair value, Total | 3,130 | 433 | ||
Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Assets held in the non-qualified deferred compensation program | ' | [1] | ' | [1] |
Foreign currency derivatives | ' | [2] | ' | [2] |
Assets measured at fair value, Total | ' | ' | ||
Obligation related to assets held in the non-qualified deferred compensation program | ' | [1] | ' | [1] |
Foreign currency derivatives | ' | [2] | ' | [2] |
Liabilities measured at fair value, Total | ' | ' | ||
[1] | The market value of the assets held in the trust for the non-qualified deferred compensation program is included as an asset and as a liability as the trustbs assets are both assets of the Company and also a liability as they are available to general creditors in certain circumstances. | |||
[2] | Foreign currency derivatives in the form of forward contracts are included in prepaid and other and accrued expenses in the consolidated balance sheets. Unrealized gains and losses on derivatives classified as cash flow hedges are recorded in other comprehensive income (loss). Realized gains |
Financial_Instruments_and_Inve2
Financial Instruments and Investments in Securities (Investments in held-to-maturity securities, recorded at amortized cost) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Mar. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Cost | $666,164 | $438,615 |
Gross Unrealized Gains | 246 | 333 |
Gross Unrealized Losses | -402 | ' |
Estimated Fair Value | 666,008 | 438,948 |
Short-Term Investments [Member] | Corporate Bonds [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Short-term investments, Cost | 43,998 | 40,838 |
Gross Unrealized Gains | 34 | 75 |
Gross Unrealized Losses | -7 | ' |
Estimated Fair Value | 44,025 | 40,913 |
Short-Term Investments [Member] | Time Deposits [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Short-term investments, Cost | 468,424 | 372,777 |
Gross Unrealized Gains | 187 | 245 |
Gross Unrealized Losses | ' | ' |
Estimated Fair Value | 468,611 | 373,022 |
Long-Term Investments [Member] | Corporate Bonds [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Long-term investment, Cost | 150,242 | 25,000 |
Gross Unrealized Gains | 16 | 13 |
Gross Unrealized Losses | -395 | ' |
Estimated Fair Value | $149,863 | $25,013 |
Financial_Instruments_and_Inve3
Financial Instruments and Investments in Securities (Amortized cost and estimated fair value of held-to-maturity investments by contractual maturity) (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financial Instruments and Investments in Securities [Abstract] | ' | ' |
Due in one year or less, Amortized Cost | $512,422 | ' |
Due after one year through five years, Amortized Cost | 153,742 | ' |
Total, Amortized Cost | 666,164 | ' |
Due in one year or less, Estimated Fair Value | 512,636 | ' |
Due after one year through five years, Estimated Fair Value | 153,372 | ' |
Held-to-maturity Securities, Fair Value, Total | $666,008 | $438,948 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Finished goods | $96,097 | $109,053 |
Work in process | 110,205 | 109,315 |
Raw materials and supplies | 316,926 | 332,150 |
Total Inventory | $523,228 | $550,518 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 6 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total intrinsic value of stock options exercised during period | ' | ' | 114 |
Stock options exercised during period | ' | ' | 40 |
2014 Stock Option Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Granted options | ' | 498 | 15 |
Weighted average grant date fair value per share | $2.72 | $2.75 | ' |
Weighted average exercise price per share | $13.40 | $13.32 | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 0 Months Ended | 6 Months Ended | 0 Months Ended | |||||
Mar. 26, 2014 | Oct. 18, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Oct. 16, 2015 | |
Myrtle Beach, South Carolina [Member] | Unfavorable Regulatory Action [Member] | Unfavorable Regulatory Action [Member] | Unilateral Administrative Order [Member] | Subsequent Event [Member] | ||||
item | ||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Site Contingency, Timing of Disbursements | ' | ' | ' | ' | ' | ' | '2 years | ' |
Site Contingency, Number of Disbursements | ' | ' | ' | ' | ' | ' | 3 | ' |
Payments for Legal Settlements | $110,817,000 | $133,350,000 | ' | ' | ' | ' | ' | ' |
Environmental reserves | ' | ' | ' | ' | 136,566,000,000 | 135,336,000,000 | ' | ' |
Environmental reserves classified as accrued expenses | ' | ' | ' | ' | 126,666,000,000 | 4,353,000,000 | ' | ' |
Environmental reserves classified as other non-current liabilities | ' | ' | ' | ' | 9,900,000,000 | 130,983,000,000 | ' | ' |
Accrual for Environmental Loss Contingencies | ' | ' | 11,101,000 | 1,200,000 | ' | ' | 366,250,000,000 | ' |
Contractual Obligation, Due in Second Year | ' | ' | 122,083,000 | ' | ' | ' | ' | ' |
Loss Contingency, Damages Sought, Value | ' | ' | ' | ' | ' | ' | ' | 11,000,000 |
Litigation Settlement Interest | $822,000 | $3,954,000 | ' | ' | ' | ' | ' | ' |
Comprehensive_Income_Loss_Deta
Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Foreign currency translation adjustment, Pre-tax | ($25,100) | $10,237 | ($28,366) | $9,560 |
Foreign currency cash flow hedges adjustment, Pre-tax | -1,203 | -66 | -1,068 | 922 |
Pension liability adjustment, Pre-tax | 145 | 1,069 | 243 | 2,589 |
Other comprehensive income (loss), Pre-tax | -26,158 | 11,240 | -29,191 | 13,071 |
Foreign currency translation adjustment, Net of tax | -25,100 | 10,237 | -28,366 | 9,560 |
Foreign currency cash flow hedges adjustment, Net of tax | -990 | -73 | -892 | 711 |
Pension liability adjustment, Net of tax | 110 | 770 | 184 | 1,864 |
Other comprehensive income (loss), net of income taxes | ($25,980) | $10,934 | ($29,074) | $12,135 |
Segment_and_Geographic_Informa2
Segment and Geographic Information (Information about reporting segments, net sales) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales | $365,405 | $375,785 | $715,994 | $745,163 |
Passive Components [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales | 241,153 | 239,113 | 478,483 | 471,874 |
Ceramic Components [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales | 54,302 | 47,635 | 106,994 | 94,586 |
Tantalum Components [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales | 94,476 | 103,265 | 189,934 | 199,182 |
Advanced Components [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales | 92,375 | 88,213 | 181,555 | 178,106 |
KED Resale [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales | 88,477 | 102,689 | 164,501 | 206,004 |
KDP And KCD Resale [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales | 64,769 | 84,854 | 123,332 | 174,901 |
KCP Resale [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales | 23,708 | 17,835 | 41,169 | 31,103 |
Interconnect [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Sales | $35,775 | $33,983 | $73,010 | $67,285 |
Segment_and_Geographic_Informa3
Segment and Geographic Information (Information about reporting segments, operating profit) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating profit (loss) | $60,139 | $41,365 | $115,692 | $80,600 |
Passive Components [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating profit (loss) | 57,861 | 39,598 | 113,670 | 78,231 |
KED Resale [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating profit (loss) | 6,370 | 7,000 | 10,642 | 11,308 |
Interconnect [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating profit (loss) | 7,698 | 6,715 | 16,224 | 13,223 |
Corporate Administration [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating profit (loss) | ($11,790) | ($11,948) | ($24,844) | ($22,162) |
Segment_and_Geographic_Informa4
Segment and Geographic Information (Information about reporting segments, assets) (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Assets | $2,412,093 | $2,384,988 |
Passive Components [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 706,464 | 744,821 |
Cash A/R And Investments In Securities [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 1,187,652 | 1,107,734 |
KED Resale [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 28,845 | 43,872 |
Goodwill - Passive Components [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 202,774 | 202,774 |
Interconnect [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 54,884 | 51,012 |
Goodwill - Interconnect [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 10,277 | 10,277 |
Corporate Administration [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | $221,197 | $224,498 |
Segment_and_Geographic_Informa5
Segment and Geographic Information (Net sales generated by operations located within particular geographic areas) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net sales | $365,405 | $375,785 | $715,994 | $745,163 |
Americas [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net sales | 108,616 | 105,111 | 206,391 | 206,500 |
Europe [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net sales | 101,143 | 90,818 | 205,791 | 184,952 |
Asia [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net sales | $155,646 | $179,856 | $303,812 | $353,711 |
Pension_Plans_Narrative_Detail
Pension Plans (Narrative) (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
International Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Contributions made | $2,119 |
Expected additional contributions | 1,981 |
United States Postretirement Benefit Plan of US Entity, Defined Benefit [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Contributions made | $2,116,000 |
Pension_Plans_Net_periodic_pen
Pension Plans (Net periodic pension cost for defined benefit plans) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
U.S. Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $49 | $116 | $98 | $232 |
Interest cost | 397 | 390 | 794 | 780 |
Expected return on plan assets | -552 | -545 | -1,104 | -1,090 |
Amortization of prior service cost | ' | ' | ' | ' |
Recognized actuarial loss | 201 | 284 | 402 | 568 |
Net periodic pension cost | 95 | 245 | 190 | 490 |
International Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 256 | 216 | 515 | 431 |
Interest cost | 1,755 | 1,618 | 3,527 | 3,219 |
Expected return on plan assets | -2,057 | -1,673 | -4,131 | -3,329 |
Amortization of prior service cost | ' | 4 | ' | 8 |
Recognized actuarial loss | 491 | 635 | 987 | 1,263 |
Net periodic pension cost | $445 | $800 | $898 | $1,592 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 |
Foreign Exchange Contract [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Net pre-tax gains (losses) recognized in OCI | ($1,424) | ($953) | ' |
Gain on Derivative Instruments, Pretax | 1,537 | 1,524 | ' |
Loss On Derivative Instruments Pretax | 1,772 | 1,431 | ' |
Hedging contract gains (losses) recognized in other income (expense) | -146 | -906 | ' |
Exchange gains (losses) recognized in other income (expense) | -386 | -186 | ' |
Outstanding foreign exchange contracts | $190,743 | $190,743 | $202,865 |
Foreign Exchange Forward [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative contract maximum maturity term | ' | '4 months | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Fair value of Derivative Instruments) (Details) (Foreign Exchange Contract [Member], USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Designated as Hedging Instrument [Member] | Prepaid And Other [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives, Fair Value | $2,176 | $548 |
Designated as Hedging Instrument [Member] | Accrued Expenses [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives, Fair Value | 3,027 | 332 |
Not Designated as Hedging Instrument [Member] | Prepaid And Other [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives, Fair Value | 227 | 16 |
Not Designated as Hedging Instrument [Member] | Accrued Expenses [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives, Fair Value | $103 | $101 |
Subsequent_Events_Narrative_De
Subsequent Events (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Oct. 23, 2014 | |
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Dividends declared, dividend per share | $0.10 | $0.09 | $0.19 | $0.18 | $0.11 |
Dividends payable, date declared | 22-Oct-14 | ' | ' | ' | ' |
Dividends payable, date of record | 7-Nov-14 | ' | ' | ' | ' |
Dividends payable, date to be paid | 21-Nov-14 | ' | ' | ' | ' |