Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2017 | May 16, 2017 | Sep. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2017 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,017 | ||
Entity Registrant Name | AVX Corp | ||
Entity Central Index Key | 859,163 | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 168,108,862 | ||
Entity Public Float | $ 629,207,803 | ||
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 ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Assets | ||
Cash and cash equivalents | $ 578,634 | $ 454,208 |
Short-term investments in securities | 528,748 | 494,594 |
Accounts receivable - trade, net | 176,730 | 162,453 |
Accounts receivable - affiliates | 10,074 | 6,219 |
Inventories, net | 474,128 | 484,268 |
Income taxes receivable | 34,287 | 51,400 |
Prepaid and other | 33,803 | 33,749 |
Total current assets | 1,836,404 | 1,686,891 |
Long-term investments in securities | 85,577 | |
Property and equipment, net | 239,951 | 217,998 |
Goodwill | 213,051 | 213,051 |
Intangible assets, net | 53,650 | 57,554 |
Deferred income taxes | 124,589 | 130,786 |
Other assets | 9,768 | 17,962 |
Total Assets | 2,477,413 | 2,409,819 |
Liabilities and Stockholders' Equity | ||
Accounts payable - trade | 43,778 | 42,150 |
Accounts payable - affiliates | 36,663 | 36,018 |
Income taxes payable | 3,944 | 3,772 |
Accrued payroll and benefits | 32,980 | 32,408 |
Accrued expenses | 98,702 | 65,954 |
Total current liabilities | 216,067 | 180,302 |
Pensions | 12,663 | 20,585 |
Deferred income taxes | 957 | 7,142 |
Other liabilities | 31,247 | 24,684 |
Total non-current liabilities | 44,867 | 52,411 |
Total Liabilities | 260,934 | 232,713 |
Commitments and contingencies (Note 12) | ||
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 167,492 and 167,930 shares for 2016 and 2017, respectively | 1,764 | 1,764 |
Additional paid-in capital | 357,203 | 354,186 |
Retained earnings | 2,033,285 | 1,979,512 |
Accumulated other comprehensive income (loss) | (67,163) | (44,368) |
Treasury stock, at cost: 8,876 and 8,439 shares for 2016 and 2017, respectively | (108,610) | (113,988) |
Total Stockholders' Equity | 2,216,479 | 2,177,106 |
Total Liabilities and Stockholders' Equity | $ 2,477,413 | $ 2,409,819 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2017 | Mar. 31, 2016 |
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 | 176,369,000 | 176,369,000 |
Common stock, shares outstanding | 167,930,000 | 167,492,000 |
Treasury stock, shares | 8,439,000 | 8,876,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | ||
Consolidated Statements of Operations [Abstract] | ||||
Net sales | $ 1,312,661 | $ 1,195,529 | $ 1,353,228 | |
Cost of sales | 1,027,906 | 906,460 | 1,024,659 | |
Gross profit | 284,755 | 289,069 | 328,569 | |
Selling, general and administrative expenses | 117,598 | 119,767 | 115,820 | |
Legal and environmental charges | 3,600 | 45,318 | ||
Profit from operations | 163,557 | 123,984 | 212,749 | |
Other income: | ||||
Interest income | 7,381 | 5,003 | 4,554 | |
Other, net | 4,011 | 3,165 | 1,296 | |
Income before income taxes | 174,949 | 132,152 | 218,599 | |
Provision for (benefit from) income taxes | 49,164 | 30,617 | (7,272) | |
Net income | $ 125,785 | $ 101,535 | $ 225,871 | |
Income per share: | ||||
Basic | $ 0.75 | $ 0.61 | $ 1.34 | |
Diluted | 0.75 | 0.60 | 1.34 | |
Dividends declared | $ 0.33 | $ 0.42 | $ 0.41 | |
Weighted average common shares outstanding: | ||||
Basic | 167,506 | 167,797 | 168,148 | |
Diluted | [1] | 167,837 | 167,961 | 168,402 |
[1] | Common stock equivalents not included in the computation of diluted earnings per share because the impact would have been anti-dilutive were 2,309 shares, 2,974 shares, and 1,381 shares for the fiscal years ended March 31, 2015, 2016, and 2017, respectively. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net income | $ 125,785 | $ 101,535 | $ 225,871 |
Other comprehensive income (loss), net of income taxes | |||
Foreign currency translation adjustment | (14,674) | 14,330 | (64,734) |
Foreign currency cash flow hedges adjustment | 183 | 2 | (2) |
Pension liability adjustment | (7,527) | 8,209 | (7,494) |
Other post-employment obligation | (777) | (244) | (2,561) |
Other comprehensive income (loss), net of income taxes | (22,795) | 22,297 | (74,791) |
Comprehensive income | $ 102,990 | $ 123,832 | $ 151,080 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Stockholders' Equity at Mar. 31, 2014 | $ 1,764 | $ (103,769) | $ 351,708 | $ 1,789,856 | $ 8,126 | $ 2,047,685 |
Common stock, number of shares at Mar. 31, 2014 | 168,221 | |||||
Net income | 225,871 | 225,871 | ||||
Other comprehensive income (loss), net of income taxes | (74,791) | (74,791) | ||||
Dividends per share | (67,251) | (67,251) | ||||
Stock-based compensation expense | 1,456 | 1,456 | ||||
Stock option activity | 6,318 | (642) | 5,676 | |||
Stock option activity, number of shares | 495 | |||||
Tax benefit of stock option exercises | 474 | 474 | ||||
Treasury stock purchased | (7,157) | $ (7,157) | ||||
Treasury stock purchased, number of shares | (525) | (525) | ||||
Stockholders' Equity at Mar. 31, 2015 | $ 1,764 | (104,608) | 352,996 | 1,948,476 | (66,665) | $ 2,131,963 |
Common stock, number of shares at Mar. 31, 2015 | 168,191 | |||||
Net income | 101,535 | 101,535 | ||||
Other comprehensive income (loss), net of income taxes | 22,297 | 22,297 | ||||
Dividends per share | (70,499) | (70,499) | ||||
Stock-based compensation expense | 1,229 | 1,229 | ||||
Stock option activity | 805 | (97) | 708 | |||
Stock option activity, number of shares | 62 | |||||
Tax benefit of stock option exercises | 58 | 58 | ||||
Treasury stock purchased | (10,185) | $ (10,185) | ||||
Treasury stock purchased, number of shares | (761) | (761) | ||||
Stockholders' Equity at Mar. 31, 2016 | $ 1,764 | (113,988) | 354,186 | 1,979,512 | (44,368) | $ 2,177,106 |
Common stock, number of shares at Mar. 31, 2016 | 167,492 | 167,492 | ||||
Net income | 125,785 | $ 125,785 | ||||
Other comprehensive income (loss), net of income taxes | (22,795) | (22,795) | ||||
Dividends per share | (72,012) | (72,012) | ||||
Stock-based compensation expense | 2,327 | 2,327 | ||||
Stock option activity | 10,211 | (93) | 10,118 | |||
Stock option activity, number of shares | 794 | |||||
Tax benefit of stock option exercises | 782 | 782 | ||||
Treasury stock purchased | (4,833) | $ (4,833) | ||||
Treasury stock purchased, number of shares | (356) | (356) | ||||
Stockholders' Equity at Mar. 31, 2017 | $ 1,764 | $ (108,610) | $ 357,203 | $ 2,033,285 | $ (67,163) | $ 2,216,479 |
Common stock, number of shares at Mar. 31, 2017 | 167,930 | 167,930 |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Consolidated Statement of Stockholders' Equity [Abstract] | |||
Dividends paid per share | $ 0.43 | $ 0.42 | $ 0.41 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
OPERATING ACTIVITIES: | |||
Net income | $ 125,785 | $ 101,535 | $ 225,871 |
Adjustment to reconcile net income to net cash from operating activities: | |||
Depreciation and amortization | 42,687 | 38,951 | 42,214 |
Stock-based compensation expense | 2,327 | 1,229 | 1,456 |
Deferred income taxes | (2,175) | 26,722 | (58,387) |
Gain (loss) on disposal of property, plant & equipment, net of retirements | (1,894) | 87 | 42 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (18,116) | 20,578 | 18,773 |
Inventories | 6,798 | 55,482 | (3,005) |
Accounts payable and accrued expenses | 33,447 | (77,494) | 115,401 |
Income taxes | (39,272) | (591) | 3,336 |
Other assets | 13,219 | 8,429 | (23,939) |
Other liabilities | 32,205 | (8,487) | (124,173) |
Net cash provided by (used in) operating activities | 195,011 | 166,441 | 197,589 |
INVESTING ACTIVITIES: | |||
Purchases of property and equipment | (66,288) | (48,103) | (26,599) |
Purchases of investment securities | (1,449,298) | (771,178) | (1,064,254) |
Redemptions of investment securities | 1,500,586 | 803,470 | 886,656 |
Proceeds from property, plant & equipment dispositions | 11,266 | 1,084 | 88 |
Net cash provided by (used in) investing activities | (3,734) | (14,727) | (204,109) |
FINANCING ACTIVITIES: | |||
Dividends paid | (72,012) | (70,499) | (67,251) |
Purchase of treasury stock | (4,833) | (10,185) | (7,157) |
Proceeds from exercise of stock options | 10,118 | 708 | 5,676 |
Excess tax benefit from stock-based payment arrangements | 782 | 58 | 474 |
Net cash used in financing activities | (65,945) | (79,918) | (68,258) |
Effect of exchange rate changes on cash | (906) | 807 | (4,291) |
Increase (decrease) in cash and cash equivalents | 124,426 | 72,603 | (79,069) |
Cash and cash equivalents at beginning of period | 454,208 | 381,605 | 460,674 |
Cash and cash equivalents at end of period | $ 578,634 | $ 454,208 | $ 381,605 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | See accompanying notes to consolidated financial statements. AVX Corporation and Subsidiaries Notes to Consolidated Financial Statements (in thousands, except per share data) 1. Summary of Significant Accounting Policies: General: AVX Corporation is a leading worldwide manufacturer, supplier and reseller of a broad line of passive electronic components and interconnect products. The consolidated financial statements of AVX Corporation (“AVX” or “the Company”) include all accounts of the Company and its subsidiaries. All significant intercompany transactions and accounts have been eliminated. From January 1990 through August 15, 1995, we were wholly owned by Kyocera Corporation (“Kyocera”). As of March 31, 2017, Kyocera owned approximately 73% of our outstanding shares of common stock. Use of Estimates: The consolidated financial statements are prepared in accordance with generally accepted accounting principles. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported periods. We base our estimates and judgments on historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. There can be no assurance that actual results will not differ from those estimates. On an ongoing basis, we evaluate our accounting policies and disclosure practices. Cash Equivalents and Investments in Securities: We consider all highly liquid investments purchased with an original maturity of three months (90 days) or less to be cash equivalents. Our short-term and long-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. Inventories: We determine the cost of raw materials, work in process, and finished goods inventories by the first-in, first-out (“FIFO”) method. Manufactured inventory costs include material, labor, and manufacturing overhead. Inventories are valued at the lower of cost or market (realizable value) and are valued at market value where there is evidence that the utility of goods will be less than cost and that such write-down should occur in the current period. Accordingly, at the end of each period, we evaluate our inventory and adjust to net realizable value. We review and adjust the carrying value of our inventories based on historical usage, customer forecasts received from marketing and sales personnel, customer backlog, certain date code restrictions, technology changes, demand increases and decreases, market directional shifts, and obsolescence and aging. Property and Equipment: Property and equipment are recorded at cost. Machinery and equipment are generally depreciated on the double ‑declining balance method. Buildings are depreciated on the straight ‑line method. The estimated useful lives used for computing depreciation are as follows: buildings and improvements – 10 to 31.5 years, machinery and equipment – 3 to 10 years. Depreciation expense was $ 37,073 , $ 33,918 and $ 37,493 for the fiscal years ended March 31, 2015, 2016 and 2017, respectively. We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of any such assets may not be recoverable. If the sum of the undiscounted cash flows is less than the carrying value of the related assets, we recognize an impairment loss, measured as the amount by which the carrying value exceeds the fair value of the assets. The cost of maintenance and repairs is charged to expense as incurred. Upon disposal or retirement, the cost and accumulated depreciation of assets are eliminated from the respective accounts. Any gain or loss is reflected in our results of operations. Goodwill and Acquired Intangible Assets: We do not amortize goodwill. We test goodwill for impairment annually or whenever conditions indicate that such impairment could exist. The carrying value of goodwill is evaluated in relation to the operating performance and estimated future discounted cash flows of the related reporting unit. If the sum of the discounted cash flows is less than the carrying value of the related assets, we recognize an impairment loss, measured as the amount by which the carrying value exceeds the fair value of the assets. The estimate of cash flow is based upon, among other things, certain assumptions about expected future operating performance. Our annual goodwill impairment analysis indicated that there was no related impairment for the fiscal years ended March 31, 2015, 2016, or 2017. We have determined that our intangible assets have finite useful lives. Intangible assets are amortized on a straight-line basis over their estimated useful lives. Amortization expense was $ 5,141 , $ 5,033 , and $ 5,194 for the fiscal years ended March 31, 2015, 2016, and 2017, respectively. March 31, 2016 March 31, 2017 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Customer relationships $ 51,000 $ (24,083) $ 51,000 $ (26,917) Developed technology and other 13,231 (11,494) 14,521 (12,153) Trade name and trademarks 34,000 (5,100) 34,000 (6,800) Total $ 98,231 $ (40,677) $ 99,521 $ (45,870) The estimated future annual amortization expense for intangible assets is as follows: Fiscal Year ended March 31, Estimated Amortization Expense 2018 $ 5,178 2019 5,101 2020 5,056 2021 4,902 2022 4,742 Thereafter 28,671 Pension Assumptions: Pension benefit obligations and the related effects on our results of operations are calculated using actuarial models. Two critical assumptions, discount rate and expected rate of return on plan assets, are important elements of plan expense and/or liability measurement. We evaluate these assumptions annually. The discount rate enables us to state expected future cash flows at a present value on the measurement date. To determine the discount rate, we apply the expected cash flows from each individual pension plan to specific yield curves at the plan’s measurement date and determine a level equivalent yield unique to each plan. A lower discount rate increases the present value of benefit obligations and increases pension expense. To determine the expected long-term rate of return on pension plan assets, we consider the current and expected asset allocations, as well as historical and expected returns on various categories of plan assets. Other assumptions involve demographic factors such as retirement, mortality, and turnover. These assumptions are evaluated annually and are updated to reflect our experience. Actual results in any given year will often differ from actuarial assumptions because of economic and other factors. In such cases, the differences between actual results and actuarial assumptions are amortized over future periods. Income Taxes: As part of the process of preparing our consolidated financial statements, we are required to estimate our tax assets and liabilities in each of the jurisdictions in which we operate. This process involves management estimating the actual current tax exposure together with assessing temporary differences resulting from different treatment of items for tax and accounting purposes. These differences result in deferred tax assets and liabilities that are included within our consolidated balance sheets. We assess the likelihood that our deferred tax assets will be recoverable based on all available evidence, both positive and negative. To the extent we believe that recovery is not more likely than not, we establish a valuation allowance. We have recorded valuation allowances due to uncertainties related to our ability to realize some of our deferred tax assets, primarily consisting of certain net operating losses carried forward before they expire. The valuation allowance is based on our estimates of future taxable income over the periods that our deferred tax assets will be recoverable. We continue to evaluate countries where we have a valuation allowance on our deferred tax assets due to historical operating losses and when such positive evidence outweighs negative evidence we will release such valuation allowance as appropriate. We also record a provision for certain international, federal, and state tax contingencies based on the likelihood of obligation, when needed. In the normal course of business, we are subject to challenges from U.S. and non-U.S. tax authorities regarding the amount of taxes due. These challenges may result in adjustments of the timing or amount of taxable income or deductions or the allocation of income among tax jurisdictions. Further, during the ordinary course of business, other changing facts and circumstances may affect our ability to utilize tax benefits as well as the estimated taxes to be paid in future periods. We believe that any potential tax exposures have been sufficiently provided for in the consolidated financial statements. In the event that actual results differ from these estimates, we may need to adjust tax accounts and related payments, which could materially impact our financial condition and results of operations. We account for uncertainty in income taxes recognized in our financial statements. We recognize in our financial statements the impact of a tax position, if that position would “more likely than not” be sustained on audit, based on the technical merits of the position. Accruals for estimated interest and penalties are recorded as a component of interest expense. Foreign Currency Activity: Assets and liabilities of foreign subsidiaries, where functional currencies are their local currencies, are translated into U.S. dollars at the exchange rate in effect at the balance sheet date. Operating accounts are translated at an average rate of exchange for the respective accounting periods. Translation adjustments result from the process of translating foreign currency financial statements into U.S. dollars and are reported separately as a component of accumulated other comprehensive income (loss). Transaction gains and losses reflected in the functional currencies are reported in our results of operations at the time of the transaction. Derivative Financial Instruments: Derivative instruments are reported on the consolidated balance sheets at their fair values. The accounting for changes in fair value depends upon the purpose of the derivative instrument and whether it is designated and qualifies for hedge accounting. For instruments designated as accounting hedges, the effective portion of gains or losses is reported in other comprehensive income (loss) and is reclassified into the statement of operations in the same period during which the hedged transaction affects our results of operations. Any contracts that do not qualify as hedges, for accounting purposes, are marked to market with the resulting gains and losses recognized in other income or expense. We use financial instruments such as forward exchange contracts to hedge a portion, but not all, of our firm commitments denominated in foreign currencies. The purpose of our foreign currency management is to minimize the effect of exchange rate changes on actual cash flows from foreign currency denominated transactions. See Note 13 for further discussion of derivative financial instruments. Revenue Recognition and Accounts Receivable: All products are built to specification and tested by AVX or our suppliers for adherence to such specification before shipment to customers. We ship products to customers based upon firm orders. Shipping and handling costs are included in cost of sales. We recognize revenue when the sales process is complete. This occurs when products are shipped to the customer in accordance with the terms of an agreement of sale, there is a fixed or determinable selling price, title and risk of loss have been transferred, and collectability is reasonably assured. We evaluate gross versus net presentation on revenues from products purchased and resold in accordance with the revenue recognition criteria outlined in FASB ASC 605-45, Principal Agent Considerations. Based on the evaluation with our resale arrangements with Kyocera, including consideration of the primary indicators set forth in ASC 605-45-45, we record revenue related to products purchased and resold on a gross basis. Estimates used in determining sales allowance programs described below are subject to the volatilities of the marketplace. This includes, but is not limited to, changes in economic conditions, pricing changes, product demand, inventory levels in the supply chain, the effects of technological change, and other variables that might result in changes to our estimates. Accordingly, there can be no assurance that actual results will not differ from those estimates. Accounts Receivable We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. The allowance is determined through an analysis of the aging of accounts receivable and assessments of risk that are based on historical trends and an evaluation of the impact of current and projected economic conditions. We evaluate the past-due status of trade receivables based on contractual terms of sale. If the financial condition of our customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. Returns Sales revenue and cost of sales reported in the statement of operations are reduced to reflect estimated returns. We record an estimated sales allowance for returns at the time of sale based on historical trends, current pricing and volume information, other market specific information, and input from sales, marketing, and other key management personnel. The amount accrued reflects the return of value of the customer’s inventory. These procedures require the exercise of significant judgments. We believe that these procedures enable us to make reliable estimates of future returns. Our actual results have historically approximated our estimates. When the product is returned and verified, the customer is given credit against their accounts receivable. Distribution Programs A portion of our sales to independent electronic component distributor customers are subject to various distributor sales programs. We report provisions for distributor allowances in connection with such sales programs as a reduction in revenue and report distributor allowances in the balance sheet as a reduction in accounts receivable. For the distribution programs described below, we do not track the individual units that are recorded against specific products sold from distributor inventories, which would allow us to directly compare revenue reduction for credits recorded during any period with credits ultimately awarded in respect of products sold during that period. Nevertheless, we believe that we have an adequate basis to assess the reasonableness and reliability of our estimates for each program. Distributor Stock Rotation Program Stock rotation is a program whereby distributor customers are allowed to return for credit qualified inventory, semi-annually, equal to a certain percentage, primarily limited to 5% of the previous six months net sales. We record an estimated sales allowance for stock rotation at the time of sale based on a percentage of distributor sales using historical trends, current pricing and volume information, other market specific information, and input from sales, marketing, and other key management personnel. These procedures require the exercise of significant judgments. We believe that these procedures enable us to make reliable estimates of future returns under the stock rotation program. Our actual results have historically approximated our estimates. When the product is returned and verified, the distributor is given credit against their accounts receivable. Distributor Ship-from-Stock and Debit Program Ship-from-Stock and Debit (“ship and debit”) is a program designed to assist distributor customers in meeting competitive prices in the marketplace on sales to their end customers. Ship and debit programs require a request from the distributor for a pricing adjustment for a specific part for a sale to the distributor’s end customer from the distributor’s stock. Ship and debit authorizations may cover current and future distributor activity for a specific part for sale to their customer. At the time we record sales to the distributors, we provide an allowance for the estimated future distributor activity related to such sales since it is probable that such sales to distributors will result in ship and debit activity. We record an estimated sales allowance based on sales during the period, credits issued to distributors, distributor inventory levels, historical trends, market conditions, pricing trends we see in our direct sales activity with original equipment manufacturers and other customers, and input from sales, marketing, and other key management personnel. These procedures require the exercise of significant judgments. We believe that these procedures enable us to make reliable estimates of future credits under the ship and debit program. Our actual results have historically approximated our estimates. At the time the distributor ships the part from stock, the distributor debits us for the authorized pricing adjustment. Special Incentive Programs We may offer special incentive discounts based on amount of product ordered or shipped. At the time we record sales under these agreements, we provide an allowance for the discounts on the sales for which the customer is eligible. The customer then debits us for the authorized discount amount. Research, Development, and Engineering: Research, development, and engineering expenditures are expensed when incurred. Research and development expenses are included in selling, general, and administrative expenses and were $ 11,951, $ 13,683 , and $ 16,493 for the fiscal years ended March 31, 2015, 2016, and 2017, respectively. Engineering expenses are included in cost of sales and were $13,439 , $14,616 , and $14,453 for the fiscal years ended March 31, 2015, 2016, and 2017, respectively. Stock ‑Based Compensation: We recognize compensation cost resulting from all share-based payment transactions in the financial statements. The amount of compensation cost is measured based on the grant-date fair value for the share-based payment issued. Our policy is to grant stock options with an exercise price equal to our stock price on the date of grant. Compensation cost is recognized over the vesting period of the award. We use the Black-Scholes-Merton option-pricing model to determine the fair value of stock options at the grant date. We use the closing fair market value of the Company’s common stock on the grant date to determine the fair value of restricted stock units (“RSU”) at the grant date. See Note 11 for assumptions used. Treasury Stock: Our Board of Directors has approved stock repurchase authorizations in 2005 and 2007 whereby up to 10,000 shares of common stock can be purchased from time to time at the discretion of management. Accordingly, 525 shares were purchased during the fiscal year ended March 31, 2015, 761 shares were purchased during the fiscal year ended March 31, 2016, and 356 shares were purchased during the fiscal year ended March 31, 2017. As of March 31, 2017, we had in treasury 8,439 common shares at a cost of $ 108,610 . There are 3,067 shares that may yet be purchased under the 2007 authorization. Commitments and Contingencies: Liabilities for loss contingencies are recorded when analysis indicates that it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. When a range of loss can be estimated, we accrue the most likely amount. In the event that no amount in the range of probable loss is considered most likely, the minimum loss in the range is accrued. Amounts recorded are reviewed periodically and adjusted to reflect additional legal and technical information that becomes available. Legal advisory costs are expensed as incurred. New Accounting Standards: In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers.” This guidance modifies 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, 2017. Early adoption is permitted for periods beginning after December 15, 2016. Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. We are currently in the assessment phase of implementing this standard. We have reviewed, and are continuing to review, our global customer contracts to identify performance obligations and the associated transaction price and timing of revenue recognition in accordance with ASU 2014-09. As we continue our analysis of the impact on our consolidated financial statements and related disclosures, we will evaluate and determine the appropriate adoption methodology. We have not yet quantified and accordingly, are not able to make a reasonable estimate of the impact of the new revenue standard on our consolidated financial statements at this time. In February 2016, FASB issued ASU 2016-02, “Leases.” This guidance changes the inclusion of certain right-of-use assets and the associated lease liabilities to be included in a statement of financial position. The classification criteria maintains the distinction between finance leases and operating leases. Regarding financial leases, lessees are required to 1) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position, 2) recognize interest on the lease liability separate from the amortization of the right-of-use asset in the statement of comprehensive income, and 3) classify repayments of the principal portion of the lease liability within financing activities and payments of interest on the lease liability and variable lease payments within operating activities in the statement of cash flows. Regarding operating leases, lessees are required to 1) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position, 2) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis, and 3) classify all cash payments within operating activities in the statement of cash flows. This guidance is effective for public companies for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. Based on work performed to date, including a review of the language and structure in our current lease and rental agreements, management does not anticipate the adoption of ASU 2016-02 to have a material impact on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Compensation – Stock Compensation.” The standard is intended to simplify several areas of accounting for share-based compensation arrangements, including the income tax impact, classification on the statement of cash flows and forfeitures. The guidance is effective for public companies for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods. Management does not expect the adoption of ASU 2016-09 to have a material impact on our consolidated financial statements. 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 future adoption. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Mar. 31, 2017 | |
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 and unvested service-based RSU awards make up the common stock equivalents and are computed using the treasury stock method. The table below represents the basic and diluted earnings per share, calculated using the weighted average number of shares of common stock and potential common stock equivalents outstanding for the years ended March 31, 2015, 2016, and 2017: Fiscal Year Ended March 31, 2015 2016 2017 Net income $ 225,871 $ 101,535 $ 125,785 Computation of Basic EPS: Weighted Average Shares Outstanding used in Computing Basic EPS 168,148 167,797 167,506 Basic earnings per share $ 1.34 $ 0.61 $ 0.75 Computation of Diluted EPS: Weighted Average Shares Outstanding used in Computing Basic EPS 168,148 167,797 167,506 Effect of stock options 254 164 331 Weighted Average Shares used in Computing Diluted EPS (1) 168,402 167,961 167,837 Diluted earnings per share $ 1.34 $ 0.60 $ 0.75 (1) Common stock equivalents not included in the computation of diluted earnings per share because the impact would have been anti-dilutive were 2,309 shares, 2,974 shares, and 1,381 shares for the fiscal years ended March 31, 2015, 2016, and 2017, respectively. |
Comprehensive Income
Comprehensive Income | 12 Months Ended |
Mar. 31, 2017 | |
Comprehensive Income [Abstract] | |
Comprehensive Income | 3. Comprehensive Income: Comprehensive income (loss) includes the following components: Fiscal Year Ended March 31, 2015 2016 2017 Pre-tax Net of Tax Pre-tax Net of Tax Pre-tax Net of Tax Foreign currency translation adjustment $ (64,734) $ (64,734) $ 14,330 $ 14,330 $ (14,674) $ (14,674) Foreign currency cash flow hedges adjustment 10 (2) 29 2 205 183 Pension liability adjustment (9,930) (7,494) 11,077 8,209 (10,155) (7,527) Other post-employment obligations (2,561) (2,561) (244) (244) (777) (777) Other comprehensive income (loss) $ (77,215) $ (74,791) $ 25,192 $ 22,297 $ (25,401) $ (22,795) The accumulated balance of comprehensive income (loss) is as follows: As of March 31, 2016 2017 Foreign currency translation adjustment $ 344 $ (14,330) Foreign currency cash flow hedges adjustment 184 367 Pension liability adjustment (42,091) (49,618) Other post-employment obligations (2,805) (3,582) Accumulated other comprehensive income (loss) $ (44,368) $ (67,163) |
Fair Value
Fair Value | 12 Months Ended |
Mar. 31, 2017 | |
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 fiscal years ended March 31, 2015, 2016, and 2017, there have been no transfers of assets between the levels within the fair value hierarchy. Based on Quoted prices Other in active observable Unobservable Fair Value at markets inputs inputs March 31, 2016 (Level 1) (Level 2) (Level 3) Assets measured at fair value on a recurring basis: Assets held in the non-qualified deferred compensation program (1) $ 4,961 $ 3,710 $ 1,251 $ - Foreign currency derivatives (2) 1,409 - 1,409 - Total $ 6,370 $ 3,710 $ 2,660 $ - Based on Quoted prices Other in active observable Unobservable Fair Value at markets inputs inputs March 31, 2016 (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) $ 4,961 $ 3,710 $ 1,251 $ - Foreign currency derivatives (2) 1,350 - 1,350 - Total $ 6,311 $ 3,710 $ 2,601 $ - Based on Quoted prices Other in active observable Unobservable Fair Value at markets inputs inputs March 31, 2017 (Level 1) (Level 2) (Level 3) Assets measured at fair value on a recurring basis: Assets held in the non-qualified deferred compensation program (1) $ 6,082 $ 4,810 $ 1,272 $ - Foreign currency derivatives (2) 1,492 - 1,492 - Total $ 7,574 $ 4,810 $ 2,764 $ - Based on Quoted prices Other in active observable Unobservable Fair Value at markets inputs inputs March 31, 2017 (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) $ 6,082 $ 4,810 $ 1,272 $ - Foreign currency derivatives (2) 886 - 886 - Total $ 6,968 $ 4,810 $ 2,158 $ - (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 assets in the March 31, 2016 and 2017 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 and gains and losses on derivatives not designated as hedges are recorded in other income. Valuation Techniques: The following describes valuation techniques used to 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 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, our intent and ability to hold the investment, and whether or not we expect to recover the security’s entire amortized cost. 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 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, 2016 and 2017, all of our forward contracts have been designated as Level 2 measurements. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Mar. 31, 2017 | |
Accounts Receivable [Abstract] | |
Accounts Receivable | 5. Accounts Receivable: Fiscal Year Ended March 31, 2016 2017 Trade $ 183,871 $ 198,491 Less: Allowances for doubtful accounts 423 1,285 Ship from stock and debit and stock rotation 14,314 14,853 Sales returns and discounts 6,681 5,623 Total allowances 21,418 21,761 $ 162,453 $ 176,730 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. Fiscal Year Ended March 31, 2015 2016 2017 Allowances for doubtful accounts: Beginning Balance $ 410 $ 659 $ 423 Charges 704 112 785 Applications (455) (348) 77 Ending Balance $ 659 $ 423 $ 1,285 Fiscal Year Ended March 31, 2015 2016 2017 Ship from stock and debit and stock rotation: Beginning Balance $ 17,138 $ 16,378 $ 14,314 Charges 33,634 29,432 25,470 Applications (34,394) (31,496) (24,931) Translation and other - - - Ending Balance $ 16,378 $ 14,314 $ 14,853 Fiscal Year Ended March 31, 2015 2016 2017 Sales returns and discounts: Beginning Balance $ 6,356 $ 6,186 $ 6,681 Charges 20,524 21,736 13,831 Applications (20,468) (21,271) (14,841) Translation and other (226) 30 (48) Ending Balance $ 6,186 $ 6,681 $ 5,623 |
Inventories
Inventories | 12 Months Ended |
Mar. 31, 2017 | |
Inventories [Abstract] | |
Inventories | 6. Inventories: Fiscal Year Ended March 31, 2016 2017 Finished goods $ 85,617 $ 92,563 Work in process 101,436 107,392 Raw materials and supplies 297,215 274,173 $ 484,268 $ 474,128 |
Property And Equipment
Property And Equipment | 12 Months Ended |
Mar. 31, 2017 | |
Property And Equipment [Abstract] | |
Property And Equipment | 7 . Property and Equipment: Fiscal Year Ended March 31, 2016 2017 Land $ 34,358 $ 32,839 Buildings and improvements 313,812 307,098 Machinery and equipment 1,144,246 1,150,999 Construction in progress 20,835 38,315 1,513,251 1,529,251 Accumulated depreciation (1,295,253) (1,289,300) $ 217,998 $ 239,951 |
Financial Instruments and Inves
Financial Instruments and Investments in Securities | 12 Months Ended |
Mar. 31, 2017 | |
Financial Instruments and Investments in Securities [Abstract] | |
Financial Instruments and Investments in Securities | 8. Financial Instruments and Investments in Securities: Our financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, securities investments, and trade accounts receivable. We place our cash and cash equivalents with high credit quality institutions. At times, such investments may be in excess of the Federal Deposit Insurance Corporation insurance limit. Concentrations of credit risk with respect to trade accounts receivable are limited due to the large number of entities comprising our customer base and their dispersion across many different industries and countries. As of March 31, 2017, we believe that our credit risk exposure is not significant. At March 31, 2016 and 2017 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 is recorded as interest income. Investments in held-to-maturity securities, recorded at amortized cost, were as follows: As of March 31, 2016 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Short-term investments: Corporate bonds $ - $ - $ - $ - Time deposits 494,594 296 - 494,890 Long-term investments: Corporate bonds 85,577 39 (28) 85,588 $ 580,171 $ 335 $ (28) $ 580,478 As of March 31, 2017 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Short-term investments: Corporate bonds $ 10,120 $ - $ (1) $ 10,119 Time deposits 518,628 148 - 518,776 Long-term investments: Corporate bonds - - - - $ 528,748 $ 148 $ (1) $ 528,895 The amortized cost and estimated fair value of held-to-maturity investments at March 31, 2017, 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 Cost Estimated Fair Value Due in one year or less $ 528,748 $ 528,895 Due after one year through five years - - Total $ 528,748 $ 528,895 |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | 9. I ncome Taxes: For financial reporting purposes, income before income taxes includes the following components: Fiscal Year Ended March 31, 2015 2016 2017 Domestic $ 114,333 $ 39,713 $ 75,659 Foreign 104,266 92,439 99,290 $ 218,599 $ 132,152 $ 174,949 The provision for (benefit from) income taxes consisted of: Fiscal Year Ended March 31, 2015 2016 2017 Current: Federal/State $ 27,620 $ (11,117) $ 33,220 Foreign 22,189 15,028 18,494 49,809 3,911 51,714 Deferred: Federal/State (5,684) 23,903 1,725 Foreign (51,397) 2,803 (4,275) (57,081) 26,706 (2,550) $ (7,272) $ 30,617 $ 49,164 Deferred taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. As of March 31, 2016 2017 Non-current: Assets Liabilities Assets Liabilities Sales and receivable allowances $ 8,692 $ 11 $ 9,112 $ 22 Inventory reserves 16,430 380 13,532 1,256 Depreciation and amortization 9,351 6,254 8,486 4,790 Pension obligations 15,551 8,797 8,643 2,826 Accrued expenses 31,316 264 35,157 875 Other, net 4,069 60 2,417 373 Net operating loss and tax credit carry forwards 80,035 - 70,360 - Sub total 165,444 15,766 147,707 10,142 Less: valuation allowances (26,034) - (13,933) - Total Non-current $ 139,410 $ 15,766 $ 133,774 $ 10,142 As of March 31, 2016 2017 Assets, net of valuation allowances $ 139,410 $ 133,774 Liabilities (15,766) (10,142) Net deferred income tax assets $ 123,644 $ 123,632 As of March 31, 2015 2016 2017 Valuation allowance beginning balance $ 98,801 $ 27,207 $ 26,034 Charged to income tax provision (1,910) 413 (1,128) Additions - - - Releases (50,111) (2,730) (7,413) Translation and other (19,573) 1,144 (3,560) Valuation allowance ending balance $ 27,207 $ 26,034 $ 13,933 Reconciliation between the U.S. Federal statutory income tax rate and our effective rate for income tax is as follows: Fiscal Year Ended March 31, 2015 2016 2017 U.S. Federal statutory rate 35.0% 35.0% 35.0% Increase (decrease) in tax rate resulting from: State income taxes, net of federal benefit 0.6 0.4 0.5 Effect of foreign operations (6.0) (8.7) (8.3) Change in valuation allowance (22.4) 0.5 (5.0) Deemed dividends from subsidiaries 1.8 2.9 6.3 Deduction for domestic production activities (1.3) - (1.7) Utilization of foreign tax credits (1.2) (2.4) (3.9) Branch accounting restructuring (6.5) - - Change in uncertain tax positions (0.6) (2.6) (0.8) Adjustment made by taxing authorities - - 3.3 Adjustment of prior year balances - - 1.7 Other, net (2.7) (1.9) 1.0 Effective tax rate -3.3% 23.2% 28.1% At March 31, 2017, certain of our foreign subsidiaries in Brazil, France, Germany, Israel, China, and Japan had tax net operating loss carry forwards totaling approximately $ 194,400 of which most had no expiration date. There is a greater likelihood of not realizing the future tax benefits of these net operating losses and other deductible temporary differences in Brazil, Israel, and China since these losses and other deductible temporary differences must be used to offset future taxable income of those subsidiaries, which cannot be assured, and are not available to offset taxable income of other subsidiaries located in those countries. Accordingly, we have recorded valuation allowances related to the net deferred tax assets in these jurisdictions. Valuation allowances decreased $ (71,583) , $ (1,173), and $ (12,101) during the years ended March 31, 2015, 2016, and 2017, respectively, as a result of changes in the net operating losses of the subsidiaries or as a result of changes in foreign currency exchange rates in the countries mentioned above. The decrease in valuation allowance during the year ended March 31, 2017 was also due to the reversal of valuation allowances of $ 5,530 related to the future utilization of NOLs totaling $ 15,878 at a Japanese subsidiary. The related tax benefits upon utilization of the Japanese NOLs expire eight years after they are generated, and they are not subject to annual utilization limitations. The realization of tax benefits due to the utilization of these NOLs could take an extended period of time to realize and are dependent upon the Japanese subsidiary’s continuing profitability, and some could expire prior to utilization. The decrease in valuation allowance during the year ended March 31, 2015 was also due to the reversal of valuation allowances of $49,969 related to the future utilization of NOLs totaling $149,922 at a French subsidiary. The related tax benefits upon utilization of the French NOLs do not expire; however, they are subject to annual utilization limitations. The realization of tax benefits due to the utilization of these NOLs could take an extended period of time to realize and are dependent upon the French subsidiary’s continuing profitability. Currently, we expect that cash and profits generated by our foreign subsidiaries will continue to be reinvested indefinitely. We do not provide for U.S. taxes on the undistributed earnings of foreign subsidiaries which are considered to be reinvested indefinitely. Total undistributed earnings which would be subject to U.S. income tax if remitted were approximately $993,000 and $1,035,000 as of March 31, 2016 and 2017, respectively. The amount of U.S. taxes on such undistributed earnings as of March 31, 2016 and 2017 would have been $ 176,491 and $ 201,802 respectively. Income taxes paid totaled $ 56,389, $ 22,919 and $ 55,642 during the years ended March 31, 2015, 2016 and 2017, respectively. We do not expect that the balances with respect to our uncertain tax positions will significantly increase or decrease within the next 12 months. For our more significant locations, we are subject to income tax examinations for the tax years 2013 and forward in the United States, 2013 and forward in Germany, 2011 and forward in Hong Kong, and 2011 and forward in the United Kingdom. A reconciliation of the beginning and ending balance for liabilities associated with uncertain tax positions is as follows: Balance at March 31, 2014 $ 8,083 Additions for tax positions of prior years 564 Additions for tax positions in current period 257 Reductions for tax positions of prior years (55) Reductions due to expiration of statutory periods (1,687) Reductions due to settlements with taxing authorities (386) Balance at March 31, 2015 $ 6,776 Additions for tax positions of prior years 10 Additions for tax positions in current period 228 Reductions for tax positions of prior years (30) Reductions due to expiration of statutory periods (3,585) Balance at March 31, 2016 $ 3,399 Reductions for tax positions of prior years (89) Reductions due to expiration of statutory periods (895) Reductions due to settlements with taxing authorities (478) Balance at March 31, 2017 $ 1,937 We recognize interest and penalties related to uncertain tax positions in interest expense. As of March 31, 2016 and 2017, we had accrued interest related to uncertain tax positions of $ 535 and $ 340, respectively. During the year ended March 31, 2016 and 2017, we recognized a $(708) reduction in interest expense and a $ (195) reduction in interest expense, respectively, due to the expirations of statutory periods. The amount of unrecognized tax benefits recorded on our balance sheet that, if recognized, would affect the effective tax rate is approximately $ 3,399 and $ 1,937 at March 31, 2016 and 2017, respectively. This amount excludes the accrual for estimated interest discussed above. |
Employee Retirement Plans
Employee Retirement Plans | 12 Months Ended |
Mar. 31, 2017 | |
Employee Retirement Plans [Abstract] | |
Employee Retirement Plans | 10. Employee Retirement Plans: Pension Plans: We sponsor various defined benefit pension plans covering certain employees. Pension benefits provided to certain U.S. employees covered under collective bargaining agreements are based on a flat benefit formula. Effective December 31, 1995, we froze benefit accruals under our domestic non ‑contributory defined benefit pension plan for a significant portion of the employees covered under collective bargaining agreements. Our pension plans for certain international employees provide for benefits based on a percentage of final pay. Our funding policy is to contribute amounts sufficient to meet minimum funding requirements as set forth in employee benefit and tax laws. We recognize the overfunded or underfunded status of our defined benefit postretirement plans as an asset or liability in our statement of financial position and recognize changes in that funded status in the year in which the changes occur through comprehensive income. The adjustment to our pension liability due to the change in the funded status of our plans resulted in a decrease in recorded net pension liabilities by $ 13,884 during the fiscal year ended March 31, 2016, and an increase in recorded net pension liabilities by $ 1,069 during the fiscal year ended March 31, 2017. The change in the benefit obligation and plan assets of the U.S. and international defined benefit plans for 2016 and 2017 were as follows: Fiscal Year Ended March 31, U.S. Plans International Plans 2016 2017 2016 2017 Change in benefit obligation: Benefit obligation at beginning of year $ 45,243 $ 42,980 $ 176,939 $ 156,617 Service cost 197 168 988 902 Interest cost 1,539 1,457 5,173 4,310 Plan participants' contributions - - 24 7 Actuarial loss (gain) (1,213) (2,443) (15,668) 32,882 Benefits paid (2,786) (3,537) (7,114) (6,029) Benefit obligation acquired during the year - - 683 - Foreign currency exchange rate changes - - (4,408) (18,768) Benefit obligation at end of year $ 42,980 $ 38,625 $ 156,617 $ 169,921 Change in plan assets: Fair value of plan assets at beginning of year $ 37,716 $ 34,125 $ 161,520 $ 156,410 Actual return (loss) on assets (1,598) 3,100 (1,170) 24,432 Employer contributions 793 3,001 7,868 6,934 Plan participants' contributions - - 24 7 Benefits paid (2,786) (3,537) (7,114) (6,029) Foreign currency exchange rate changes - - (4,718) (20,028) Fair value of plan assets at end of year 34,125 36,689 156,410 161,726 Funded status $ (8,855) $ (1,936) $ (207) $ (8,195) The combined accumulated benefit obligation at March 31, 2016 and 2017 was $ 199,597 and $ 208,546 respectively. At March 31, 2017, the accumulated benefit obligation exceeded the fair value of the assets for all of the U.S. defined benefit plans and all but one of the international defined benefit plans. Our assumptions used in determining the pension assets and liabilities were as follows: As of March 31, 2016 2017 Assumptions: Discount rates 0.5 -3.5% 0.1 -3.8% Increase in compensation 3.4% - The following table shows changes in accumulated comprehensive income, excluding the effect of income taxes, related to amounts recognized in other comprehensive income during fiscal 2016 and 2017 and amounts reclassified to the statement of operations as a component of net periodic pension cost during fiscal 2016 and 2017. Fiscal Year Ended March 31, U.S. Plans International Plans 2016 2017 2016 2017 Beginning balance $ 16,993 $ 17,909 $ 49,620 $ 38,189 Net loss (gain) incurred during the year 2,498 (3,762) (7,934) 14,248 Amortization of net actuarial gain (loss) (1,582) (1,824) (2,157) (1,241) Amortization of prior service cost - - 257 - Foreign currency exchange rate changes - - (1,597) (4,995) $ 17,909 $ 12,323 $ 38,189 $ 46,201 Amounts that have not yet been recognized as components of net periodic pension cost as a component of accumulated comprehensive income (loss) at March 31, 2016 and 2017 are as follows: Fiscal Year Ended March 31, U.S. Plans International Plans 2016 (1) 2017 (2) 2016 (1) 2017 (2) Unrecognized net actuarial loss $ 11,474 $ 7,895 $ 30,104 $ 36,549 Unamortized prior service cost - - - - $ 11,474 $ 7,895 $ 30,104 $ 36,549 (1) Amounts in the above table as of March 31, 2016 are net of $ 6,435 and $ 8,088 tax benefit for the U.S. and International Plans, respectively. (2) Amounts in the above table as of March 31, 2017 are net of $ 4,428 and $ 9,652 tax benefit for the U.S. and International Plans, respectively. The March 31, 2017 balance of unrecognized net actuarial losses expected to be amortized in fiscal 2018 is $ 1,551 for the U.S. Plans and $ 1,780 for the International Plans, respectively. Net pension cost related to these pension plans includes the following components: Fiscal Year Ended March 31, 2015 2016 2017 Service cost $ 1,175 $ 1,177 $ 1,102 Interest cost 8,361 6,939 5,997 Expected return on plan assets (10,137) (8,677) (7,579) Amortization of prior service cost - - - Recognized actuarial loss 2,689 3,740 3,142 Net periodic pension cost $ 2,088 $ 3,179 $ 2,662 Our assumptions used in determining the net periodic pension expense were as follows: As of March 31, 2015 2016 2017 Assumptions: Discount rates 1.0 -4.5% 0.5 -3.6% 0.1 -3.6% Increase in compensation 3.9% 3.4% 3.4% Expected long-term rate of return on plan assets 1.4 -7.3% 1.4 -7.3% 1.4 -4.2% The pension expense is calculated based upon a number of actuarial assumptions established annually for each plan year, detailed in the table above, including discount rate, rate of increase in future compensation levels, and expected long-term rate of return on plan assets. To determine the discount rate, we apply the expected cash flows from each individual pension plan to specific yield curves at the plan’s measurement date and determine a level equivalent yield that may be unique to each plan. On that basis, the range of discount rates remained constant from March 31, 2016 to March 31, 2017. The fair value of pension assets at March 31, 2016 and 2017 was determined using: Based on Quoted prices Other in active observable Unobservable Fair Value at markets inputs inputs March 31, 2016 (Level 1) (Level 2) (Level 3) Assets measured at fair value on a recurring basis: U.S. Defined Benefit Plan Assets: Cash $ 159 $ 159 $ - $ - Pooled Separate Accounts 26,552 - 26,552 - Guaranteed Deposit Account 7,414 - 7,414 - International Defined Benefit Plan Assets: Cash 381 381 - - Depository Account 7,810 7,810 - - Pooled Separate Accounts 148,219 - 148,219 - Total $ 190,535 $ 8,350 $ 182,185 $ - Based on Quoted prices Other in active observable Unobservable Fair Value at markets inputs inputs March 31, 2017 (Level 1) (Level 2) (Level 3) Assets measured at fair value on a recurring basis: U.S. Defined Benefit Plan Assets: Cash $ 166 $ 166 $ - $ - Pooled Separate Accounts 29,046 - 29,046 - Guaranteed Deposit Account 7,477 - 7,477 - International Defined Benefit Plan Assets: Cash 608 608 - - Depository Account 7,897 7,897 - - Pooled Separate Accounts 153,222 - 153,222 - Total $ 198,416 $ 8,671 $ 189,745 $ - Assets valued using Level 1 inputs in the table above are cash and an interest-bearing depository account. Assets valued using Level 2 inputs in the table above are investments held in pooled separate accounts and a guaranteed deposit account. See discussion in the “Valuation of Investments” section below. Valuation of Investments Our investments are held in a Depository Account, Pooled Separate Accounts, and a Guaranteed Deposit Account. Assets held in the Depository Account are cash and cash equivalents. Investments held in the Pooled Separate Accounts are based on the fair value of the underlying securities within the fund, which represent the net asset value, a practical expedient to fair value, of the units held by the pension plan at year-end. Those assets held in the Guaranteed Deposit Account are valued at the contract value of the account, which approximates fair value. The contract value represents contributions plus accumulated interest at the contract rate, less benefits paid to participants, contract administration fees, and other direct expenses. The expected long-term rate of return on plan assets assumption is based upon actual historical returns and future expectations for returns for each asset class. These expected results were adjusted for payment of reasonable expenses from plan assets. Our long-term strategy is for target allocation of 50 % equity and 50 % fixed income for our U.S. defined benefit plans and 45% equity and 55% fixed income for our international defined benefit plans. Our pension plans’ weighted average asset allocations at March 31, 2016 and 2017, by asset category are as follows: As of March 31, 2016 As of March 31, 2017 Asset Category U.S. Plans International Plans U.S. Plans International Plans Equity securities 57% 45% 59% 38% Debt securities 21% 50% 20% 57% Other 22% 5% 21% 5% Total 100% 100% 100% 100% We make contributions to our defined benefit plans as required under various pension funding regulations. We expect to make contributions of approximately $ 6,200 to the international plans in fiscal 2018 based on current actuarial computations. Estimated future benefit payments are as follows: Fiscal Year ended March 31, U.S. Plans International Plans 2018 $ 2,132 $ 5,794 2019 2,202 5,893 2020 2,292 5,991 2021 2,381 6,093 2022 2,439 6,198 2023-2027 12,979 32,483 Savings Plans: We sponsor retirement savings plans, which allow eligible employees to defer part of their annual compensation. Certain contributions by us are discretionary and are determined by our Board of Directors each year. Our contributions to the savings plans in the United States for the fiscal years ended March 31, 2015, 2016 and 2017 were approximately $ 4,000 , $ 4,222 , and $ 4,367, respectively. We also sponsor a nonqualified deferred compensation program, which permits certain employees to annually elect to defer a portion of their compensation until retirement. A portion of the deferral is subject to a matching contribution by us. The employees select among various investment alternatives, which are the same as are available under the retirement savings plans, with the investments held in a separate trust. The value of the participants’ balances fluctuate based on the performance of the investments. The market value of the trust at March 31, 2016 and 2017 of $ 4,961 and $ 6,082 , respectively, is included as an asset and a liability in our accompanying balance sheet because the trust’s assets are both assets of the Company and a liability as they are available to general creditors in certain circumstances. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Mar. 31, 2017 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 11. Stock-Based Compensation: Under the 2014 RSU Plan, we may grant restricted stock units of up to an aggregate of 3,000 units. Each unit converts to one share of the Company’s stock at the time of vesting. The fair value of RSU awards is determined at the closing market price of the Company’s common stock at the date of grant. There were no awards granted from this plan for the year ended March 31, 2016 . Restricted stock activity during the year ended March 31, 2017 is as follows: Number of Shares Weighted-Average Grant Date Fair Value per Share Non-vested at April 1, 2016 Granted 266 13.36 Vested - - Cancelled and forfeited 7 13.36 Non-vested at March 31, 2017 259 13.36 Performance-based awards vest one year after the grant date. Service-based awards vest as to one-third annually with the requisite service periods beginning on the grant date. Awards are amortized over their respective grade-vesting periods. The total unrecognized compensation costs related to unvested stock awards expected to be recognized over the vesting period, approximately three years, was $661 at March 31, 2017. We have four fixed stock option plans. Under the 2004 Stock Option Plan, as amended, we may grant options to employees for the purchase of up to an aggregate of 10,000 shares of common stock. Under the 2004 Non ‑Employee Directors’ Stock Option Plan, as amended, we may grant options for the purchase of up to an aggregate of 1,000 shares of common stock. No awards were made under these two plans after August 1, 2013. Under the 2014 Stock Option Plan, we can grant options to employees for the purchase of up to an aggregate of 10,000 shares of common stock. Under the 2014 Non-Employee Directors’ Stock Option Plan, as amended, we can grant options to our directors for the purchase of up to an aggregate of 1,000 shares of common stock. Under all plans, the exercise price of each option shall not be less than the market price of our stock on the date of grant and an option’s maximum term is 10 years. Options granted under the 2004 Stock Option Plan and the 2014 Stock Option Plan vest as to 25% annually and options granted under the 2004 Non ‑Employee Directors’ Stock Option Plan and the 2014 Non-Employee Director’s Stock Option Plan vest as to one -third annually. Requisite service periods related to all plans begin on the grant date. As of March 31, 2017, there were 13,915 shares of common stock available for future issuance under all of the plans, consisting of options available to be granted and options currently outstanding. Activity under our stock option plans is summarized as follows: Number of Shares Average Price (a) Average Life (years) (b) Aggregate Intrinsic Value Outstanding at March 31, 2016 3,942 $ 13.63 - - Options granted - - - - Options exercised (794) 12.75 - $ 2,149 Options cancelled/forfeited (429) 15.13 - 485 Outstanding at March 31, 2017 2,719 $ 13.65 4.32 $ 7,952 Exercisable at March 31, 2017 2,111 $ 13.63 3.39 $ 6,339 (a) Weighted-average exercise price (b) Weighted-average contractual life remaining The total aggregate intrinsic value of options exercised is $ 1,376 , $ 170 , and $ 2,149 for fiscal years ended March 31, 2015, 2016, and 2017, respectively. Unvested share activity under our stock option plans for the year ended March 31, 2017 is summarized as follows: Number of Shares Weighted Average Grant-Date Fair Value Unvested balance at March 31, 2016 1,057 $ 2.49 Options granted - - Options cancelled/forfeited (41) 2.53 Options vested (408) 2.44 Unvested balance at March 31, 2017 608 $ 2.52 The total unrecognized compensation costs related to unvested option awards expected to be recognized over the vesting period, approximately four years, was $ 844 and $ 984 as of March 31, 2016 and 2017, respectively. The total aggregate fair value of options vested is $ 1,894 , $ 951 , and $ 994 for fiscal years ended March 31, 2015, 2016, and 2017, respectively. The weighted average estimated fair value of our stock options granted at grant date market prices was $ 2.75 , $ 2.49 , and $ 2.52 per option during fiscal years ended March 31, 2015, 2016, and 2017, respectively. The consolidated statement of operations includes $1,512 , net of $ 815 of tax benefit, in stock-based compensation expense for fiscal 2017. Our weighted average fair value is estimated at the date of grant using a Black-Scholes-Merton option-pricing model. We estimated volatility by considering our historical stock volatility. We calculated the dividend yield based on historical dividends paid. We have estimated forfeitures in determining the weighted average fair value calculation. The forfeiture rate used for the fiscal year ended March 31, 2017 was 8.0 %. No stock options were granted during fiscal 2017. The following are significant weighted average assumptions used for estimating the fair value of options issued under our stock option plans: 2015 2016 2017 Grants Grants Grants Expected life (years) 6 6 - Interest rate 2.0% 1.5% - Volatility 27% 24% - Dividend yield 2.9% 2.9% - |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies : We are a lessee under long ‑term operating leases primarily for office space, warehouse, plant and equipment. Future minimum lease commitments under non ‑cancelable operating leases as of March 31, 2017, were as follows: Fiscal Year ended March 31, 2018 $ 4,647 2019 4,021 2020 3,653 2021 3,201 2022 3,129 Thereafter - Rental expense for operating leases was $ 6,759 , $ 6,352 , and $ 5,919 for the fiscal years ended March 31, 2015, 2016, and 2017, respectively. Occasionally we enter into delivery contracts with selected suppliers for certain metals used in our production processes. The delivery contracts represent routine purchase orders for delivery within three months and payment is due upon receipt. As of March 31, 2017, we had no significant outstanding purchase commitments. 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 and 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 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 are not concluded yet but are likely to include additional groundwater and soil remediation. We have a remaining accrual of $15,093 at March 31, 2017, representing our estimate, including a $3,600 charge in the current fiscal year, of the potential liability related to the remaining performance of environmental remediation actions at the Site and neighboring properties using certain assumptions regarding the plan of remediation. Since additional sampling and analysis may cause the state regulatory authority, the Massachusetts Department of Environmental Protection, to require a more extensive and costly plan of remediation, until all parties agree and remediation is complete, we cannot be certain there will be no additional cost relating to the Site. We had total reserves of approximately $ 16,809 and $ 19,181 at March 31, 2016 and 2017, respectively, related to various environmental matters and sites, including those discussed above. These reserves are classified in the Consolidated Balance Sheets as $ 7,409 and $ 3,892 in accrued expenses at March 31, 2016 and March 31, 2017, respectively, and $ 9,400 and $ 15,289 in other non-current liabilities at March 31, 2016 and March 31, 2017, respectively. The amounts recorded for identified environmental liabilities are based on estimates. Periodically we review amounts recorded and adjust them to reflect additional legal and technical information that becomes available. 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 April 19, 2016, the Canadian Ministry of the Environment and Climate Change (the “MoE”) issued a Director’s Order naming AVX Corporation, and others, as responsible parties with respect to a location in Hamilton, Ontario that was at one time the site of operations of Aerovox Canada, a former subsidiary of Aerovox Corporation, a predecessor of AVX. This Director’s Order follows a draft order issued on November 4, 2015. AVX has taken the position that any liability of Aerovox Canada for such site under the laws of Canada cannot be imposed on AVX. At present, it is unclear whether the MoE will seek to enforce such Canadian order against AVX, and whether, in the event it does so, AVX will have any liability under applicable law. AVX intends to contest any such course of action that may be taken by the MoE. We also operate, or did at one time, 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 alleged that certain AVX products infringe on one or more of six Greatbatch patents. On January 26, 2016, the jury returned a verdict in favor of the plaintiff in the first phase of a segmented trial and found damages to Greatbatch in the amount of $37,500 . AVX is reviewing this initial verdict, consulting with its legal advisors on what action AVX may take in response, and continuing to litigate the rest of the case. On September 2, 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 of the District of Delaware captioned Presidio Components, Inc. v. American Technical Ceramics Corp. This case alleged that certain ATC products infringe on a Presidio patent. On April 18, 2016, the jury returned a verdict in favor of the plaintiff and found damages to Presidio in the amount of $2,168 . On August 17, 2016, the court issued a permanent injunction prohibiting ATC from manufacturing or selling the related products after November 16, 2016 and awarded Presidio damages related to ATC’s sale of such products from February 21, 2016 through November 16, 2016. Subsequently, on October 21, 2016, the Federal Circuit Court granted AVX’s request for a stay of the permanent injunction whereby AVX was allowed to continue to sell the disputed product until March 17, 2017 to anyone who was a customer prior to June 17, 2016. Any sales subsequent to November 16, 2016 pursuant to the stay of the permanent injunction are subject to court mandated intellectual property damages for each product sold. Accordingly, in addition to the $2,168 jury verdict award above, we recorded during fiscal year 2017 an estimated reserve for damages on all pre- and post-verdict sales of product subject to that litigation in the event that the verdict withstands future challenges. As of March 31, 2017, we have reserved $34,891 related to the pre- and post-verdict sales of such product. On September 1, 2016, we filed an appeal with the Federal Circuit to appeal this verdict. As of March 31, 2017, we had total reserves of $74,559 with respect to the two intellectual property cases discussed above. The amounts recorded are based on estimated outcomes. Amounts recorded are reviewed periodically and adjusted to reflect additional information that becomes available. Accordingly, these costs could differ from our current estimates. During calendar year 2014, AVX was named as a co-defendant in a series of cases filed in the United States and in the Canadian provinces of Quebec, Ontario, British Columbia, Saskatchewan and Manitoba alleging violations of United States, state and Canadian antitrust laws and asserting that AVX and numerous other companies were participants in alleged price-fixing in the capacitor market. The cases in the United States were consolidated into the Northern District of California on October 2, 2014. Some plaintiffs have broken off from the United States class action and filed actions on their own. These cases are still at their initial stages. AVX believes it has meritorious defenses and intends to vigorously defend the cases. We are involved in other disputes, warranty, and legal proceedings arising in the normal course of business. While we cannot predict the outcome of these other disputes and proceedings, we believe, based upon a review with legal counsel, that none of these disputes or proceedings will have a material impact on our financial position, results of operations, comprehensive income (loss), or cash flows. However, we cannot be certain of the eventual outcome in these or other matters that may arise and their potential impact on our financial position, results of operations, comprehensive income (loss), or cash flows. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Mar. 31, 2017 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | 13. 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 results of operations. At March 31, 2016 and 2017, respectively, we had the following forward contracts that were entered into to hedge against the volatility of foreign currency exchange rates for certain forecasted sales and purchases. March 31, 2016 Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives Balance Sheet Caption Fair Value Balance Sheet Caption Fair Value Foreign exchange contracts Prepaid and other $ 1,125 Accrued expenses $ 869 March 31, 2017 Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives Balance Sheet Caption Fair Value Balance Sheet Caption Fair Value Foreign exchange contracts Prepaid and other $ 1,151 Accrued expenses $ 690 For these derivatives designated as hedging instruments, during fiscal 2015, 2016, and 2017, net pre-tax gains (losses) of $ (2,133) , $ 40 , and $ 1,095 , respectively, were recognized in other comprehensive income (loss). In addition, during fiscal 2015, 2016, and 2017, net pretax gains (losses) of $ (11,040) , $ (773) , and $ 3,355 , respectively, were reclassified from accumulated other comprehensive income (loss) into cost of sales (for hedging purchases), and net pre-tax gains of $8,725 , $ 807 and $ 1,710 , respectively, were reclassified from accumulated other comprehensive income (loss) 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 and expense in the same period as the remeasurement gain and loss of the related foreign currency denominated assets and liabilities and thus naturally offset these gains and losses. At March 31, 2016 and 2017, we had the following forward contracts that were entered into to hedge against these exposures. March 31, 2016 Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives Balance Sheet Caption Fair Value Balance Sheet Caption Fair Value Foreign exchange contracts Prepaid and other $ 284 Accrued expenses $ 481 March 31, 2017 Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives Balance Sheet Caption Fair Value Balance Sheet Caption Fair Value Foreign exchange contracts Prepaid and other $ 341 Accrued expenses $ 196 For these derivatives not designated as hedging instruments during fiscal 2015, 2016, and 2017, gains/(losses) of $ (4,392) , $ (818) , and $ 460 , respectively, were recognized in other expense, which partially offset the $ 4,035 , $ 1,231 and $ ($2,059) in exchange gains/(losses), respectively, that were recognized in other income in the accompanying statement of operations. At March 31, 2016 and 2017, we had outstanding foreign exchange contracts with notional amounts totaling $ 204,372 and $ 193,156 , respectively, denominated primarily in Euros, Czech Korunas, British Pounds, and Japanese Yen. |
Transactions With Affiliate
Transactions With Affiliate | 12 Months Ended |
Mar. 31, 2017 | |
Transactions With Affiliate [Abstract] | |
Transactions With Affiliate | 14. Transactions With Affiliate: Our business includes certain transactions with our majority shareholder, Kyocera, that are governed by agreements between the parties that define the sales terms, including pricing for the products. The nature and amounts of transactions with Kyocera are included in the table below. Fiscal Year Ended March 31, 2015 2016 2017 Sales: Product and equipment sales to affiliates $ 28,723 $ 22,230 $ 30,303 Purchases: Purchases of resale inventories, raw materials, supplies, equipment, and services 272,679 233,637 303,793 Other: Dividends paid 48,720 51,156 52,983 Kyocera notified AVX pursuant to the Products Supply and Distribution Agreement in December 2016 of its intent, effective January 1, 2018, to market its manufactured passive and interconnect products globally using Kyocera’s sales force rather than continuing to have AVX resell such products in the Americas, Europe and Asia. Sales of Kyocera resale products by AVX were $318,928 and related operating profit was $17,076 for the fiscal year ended March 31, 2017. AVX notified Kyocera pursuant to the Products Supply and Distribution Agreement in February 2017 of its intent, effective April 1, 2018, to market its manufactured products in Japan using AVX’s sales force rather than continuing to have Kyocera resell such products in this territory. Sales of AVX resale products by Kyocera were $25,908 for the fiscal year ended March 31, 2017. Kyocera notified AVX in February 2014 of its intent, effective April 1, 2015, to market its connector products in Asia using Kyocera’s sales force rather than continuing to have AVX resell such products in Asia. Sales of Kyocera connector products in Asia were $47,513 and $ 1,148 with operating profit of $1,944 , and $363 for the fiscal years ended March 31, 2015 and 2016, respectively. |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Mar. 31, 2017 | |
Segment and Geographic Information [Abstract] | |
Segment and Geographic Information | 15. Segment and Geographic Information: Our operating segments are based on the types of products from which we generate revenues. We are organized by product lines with five main product groups and three reportable segments: Passive Components, KED Resale, and Interconnect. The product groups of Ceramic, Advanced, and Tantalum have been aggregated into the Passive Components reportable segment in accordance with the aggregation criteria and quantitative thresholds. The aggregation criteria consist of similar economic characteristics, products and services, production processes, customer classes, and distribution channels. 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 manufactured by us or purchased from other manufacturers for resale. 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 AVX Interconnect automotive, telecommunications, and memory connectors manufactured by AVX Interconnect or purchased from other manufacturers for resale. 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, legal, EHS, and administrative activities. 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: Fiscal Year Ended March 31, Sales revenue (in thousands) 2015 2016 2017 Ceramic Components $ 202,719 $ 176,502 $ 188,568 Tantalum Components 355,974 311,888 314,723 Advanced Components 359,315 333,693 372,279 Total Passive Components 918,008 822,083 875,570 Interconnect 134,610 111,609 118,163 KCP Resale Connectors 70,741 23,751 30,027 KDP and KCD Resale 229,869 238,086 288,901 Total KED Resale 300,610 261,837 318,928 Total Revenue $ 1,353,228 $ 1,195,529 $ 1,312,661 Fiscal Year Ended March 31, 2015 2016 2017 Operating profit (loss): Passive components $ 217,706 $ 198,268 $ 190,007 Interconnect 28,072 19,954 16,437 KED Resale 21,010 16,764 17,076 Corporate activities (54,039) (111,002) (59,963) Total $ 212,749 $ 123,984 $ 163,557 Fiscal Year Ended March 31, 2015 2016 2017 Depreciation and amortization: Passive components $ 29,394 $ 28,460 $ 27,543 Interconnect 5,921 5,300 5,093 KED Resale 104 83 16 Corporate activities 6,795 5,108 10,035 Total $ 42,214 $ 38,951 $ 42,687 As of March 31, 2016 2017 Assets: Passive components $ 618,642 $ 573,519 Interconnect 49,646 56,295 KED Resale 30,179 35,164 Cash, A/R and S/T and L/T investments 1,203,051 1,294,129 Goodwill - Passive components 202,774 202,774 Goodwill - Interconnect 10,277 10,277 Corporate activities 295,250 305,255 Total $ 2,409,819 $ 2,477,413 Fiscal Year Ended March 31, 2015 2016 2017 Capital expenditures: Passive components $ 21,452 $ 36,400 $ 50,982 Interconnect 4,899 9,237 14,054 KED Resale 4 29 1 Corporate activities 244 2,437 1,251 Total $ 26,599 $ 48,103 $ 66,288 During the fiscal years ended March 31, 2017 and March 31, 2016, no customers accounted for more than 10% of our sales. As of March 31, 2017 and March 31, 2016, one customer represented 12% and 13% , respectively, of our accounts receivable balance. The following geographic data is based upon net sales generated by operations located within that geographic area and the physical location of long-lived assets. Substantially all of the sales in the Americas region were generated in the United States. Fiscal Year Ended March 31, 2015 2016 2017 Net sales: Americas $ 402,209 $ 358,372 $ 381,695 Europe 388,747 339,768 352,064 Asia 562,272 497,389 578,902 Total $ 1,353,228 $ 1,195,529 $ 1,312,661 Property, plant and equipment, net: Americas $ 81,787 $ 91,674 $ 110,235 Europe 68,442 77,619 77,981 Asia 49,613 48,705 51,735 Total $ 199,842 $ 217,998 $ 239,951 |
Summary of Quarterly Financial
Summary of Quarterly Financial Information (Unaudited) | 12 Months Ended |
Mar. 31, 2017 | |
Summary of Quarterly Financial Information (Unaudited) [Abstract] | |
Summary of Quarterly Financial Information (Unaudited) | 16. Summary of Quarterly Financial Information (Unaudited): Quarterly financial information for the fiscal years ended March 31, 2016 and 2017 is as follows: First Quarter Second Quarter 2016 2017 2016 2017 Net sales $ 300,516 $ 314,823 $ 304,361 $ 327,461 Gross profit 77,174 69,863 71,776 61,799 Net income 35,629 29,889 27,867 26,520 Basic earnings per share 0.21 0.18 0.17 0.16 Diluted earnings per share 0.21 0.18 0.17 0.16 Third Quarter Fourth Quarter 2016 2017 2016 2017 Net sales $ 287,047 $ 340,799 $ 303,605 $ 329,578 Gross profit 66,043 79,391 74,076 73,702 Net income 5,374 35,519 32,665 33,857 Basic earnings per share 0.03 0.21 0.19 0.20 Diluted earnings per share 0.03 0.21 0.19 0.20 |
Subsequent Event
Subsequent Event | 12 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events We have evaluated events for the period between the balance sheet date and the issuance of the consolidated financial statements and determined that there were no subsequent events or transactions requiring recognition or disclosure in the consolidated financial statements . |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
General | General: AVX Corporation is a leading worldwide manufacturer, supplier and reseller of a broad line of passive electronic components and interconnect products. The consolidated financial statements of AVX Corporation (“AVX” or “the Company”) include all accounts of the Company and its subsidiaries. All significant intercompany transactions and accounts have been eliminated. From January 1990 through August 15, 1995, we were wholly owned by Kyocera Corporation (“Kyocera”). As of March 31, 2017, Kyocera owned approximately 73% of our outstanding shares of common stock. |
Use of Estimates | Use of Estimates: The consolidated financial statements are prepared in accordance with generally accepted accounting principles. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported periods. We base our estimates and judgments on historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. There can be no assurance that actual results will not differ from those estimates. On an ongoing basis, we evaluate our accounting policies and disclosure practices. |
Cash Equivalents | We consider all highly liquid investments purchased with an original maturity of three months (90 days) or less to be cash equivalents. |
Investments in Securities | Our short-term and long-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. |
Inventories | Inventories: We determine the cost of raw materials, work in process, and finished goods inventories by the first-in, first-out (“FIFO”) method. Manufactured inventory costs include material, labor, and manufacturing overhead. Inventories are valued at the lower of cost or market (realizable value) and are valued at market value where there is evidence that the utility of goods will be less than cost and that such write-down should occur in the current period. Accordingly, at the end of each period, we evaluate our inventory and adjust to net realizable value. We review and adjust the carrying value of our inventories based on historical usage, customer forecasts received from marketing and sales personnel, customer backlog, certain date code restrictions, technology changes, demand increases and decreases, market directional shifts, and obsolescence and aging. |
Property and Equipment | Property and Equipment: Property and equipment are recorded at cost. Machinery and equipment are generally depreciated on the double ‑declining balance method. Buildings are depreciated on the straight ‑line method. The estimated useful lives used for computing depreciation are as follows: buildings and improvements – 10 to 31.5 years, machinery and equipment – 3 to 10 years. Depreciation expense was $ 37,073 , $ 33,918 and $ 37,493 for the fiscal years ended March 31, 2015, 2016 and 2017, respectively. We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of any such assets may not be recoverable. If the sum of the undiscounted cash flows is less than the carrying value of the related assets, we recognize an impairment loss, measured as the amount by which the carrying value exceeds the fair value of the assets. The cost of maintenance and repairs is charged to expense as incurred. Upon disposal or retirement, the cost and accumulated depreciation of assets are eliminated from the respective accounts. Any gain or loss is reflected in our results of operations. |
Goodwill and Acquired Intangible Assets | Goodwill and Acquired Intangible Assets: We do not amortize goodwill. We test goodwill for impairment annually or whenever conditions indicate that such impairment could exist. The carrying value of goodwill is evaluated in relation to the operating performance and estimated future discounted cash flows of the related reporting unit. If the sum of the discounted cash flows is less than the carrying value of the related assets, we recognize an impairment loss, measured as the amount by which the carrying value exceeds the fair value of the assets. The estimate of cash flow is based upon, among other things, certain assumptions about expected future operating performance. Our annual goodwill impairment analysis indicated that there was no related impairment for the fiscal years ended March 31, 2015, 2016, or 2017. We have determined that our intangible assets have finite useful lives. Intangible assets are amortized on a straight-line basis over their estimated useful lives. Amortization expense was $ 5,141 , $ 5,033 , and $ 5,194 for the fiscal years ended March 31, 2015, 2016, and 2017, respectively. March 31, 2016 March 31, 2017 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Customer relationships $ 51,000 $ (24,083) $ 51,000 $ (26,917) Developed technology and other 13,231 (11,494) 14,521 (12,153) Trade name and trademarks 34,000 (5,100) 34,000 (6,800) Total $ 98,231 $ (40,677) $ 99,521 $ (45,870) The estimated future annual amortization expense for intangible assets is as follows: Fiscal Year ended March 31, Estimated Amortization Expense 2018 $ 5,178 2019 5,101 2020 5,056 2021 4,902 2022 4,742 Thereafter 28,671 |
Pension Assumptions | Pension Assumptions: Pension benefit obligations and the related effects on our results of operations are calculated using actuarial models. Two critical assumptions, discount rate and expected rate of return on plan assets, are important elements of plan expense and/or liability measurement. We evaluate these assumptions annually. The discount rate enables us to state expected future cash flows at a present value on the measurement date. To determine the discount rate, we apply the expected cash flows from each individual pension plan to specific yield curves at the plan’s measurement date and determine a level equivalent yield unique to each plan. A lower discount rate increases the present value of benefit obligations and increases pension expense. To determine the expected long-term rate of return on pension plan assets, we consider the current and expected asset allocations, as well as historical and expected returns on various categories of plan assets. Other assumptions involve demographic factors such as retirement, mortality, and turnover. These assumptions are evaluated annually and are updated to reflect our experience. Actual results in any given year will often differ from actuarial assumptions because of economic and other factors. In such cases, the differences between actual results and actuarial assumptions are amortized over future periods. |
Income Taxes | Income Taxes: As part of the process of preparing our consolidated financial statements, we are required to estimate our tax assets and liabilities in each of the jurisdictions in which we operate. This process involves management estimating the actual current tax exposure together with assessing temporary differences resulting from different treatment of items for tax and accounting purposes. These differences result in deferred tax assets and liabilities that are included within our consolidated balance sheets. We assess the likelihood that our deferred tax assets will be recoverable based on all available evidence, both positive and negative. To the extent we believe that recovery is not more likely than not, we establish a valuation allowance. We have recorded valuation allowances due to uncertainties related to our ability to realize some of our deferred tax assets, primarily consisting of certain net operating losses carried forward before they expire. The valuation allowance is based on our estimates of future taxable income over the periods that our deferred tax assets will be recoverable. We continue to evaluate countries where we have a valuation allowance on our deferred tax assets due to historical operating losses and when such positive evidence outweighs negative evidence we will release such valuation allowance as appropriate. We also record a provision for certain international, federal, and state tax contingencies based on the likelihood of obligation, when needed. In the normal course of business, we are subject to challenges from U.S. and non-U.S. tax authorities regarding the amount of taxes due. These challenges may result in adjustments of the timing or amount of taxable income or deductions or the allocation of income among tax jurisdictions. Further, during the ordinary course of business, other changing facts and circumstances may affect our ability to utilize tax benefits as well as the estimated taxes to be paid in future periods. We believe that any potential tax exposures have been sufficiently provided for in the consolidated financial statements. In the event that actual results differ from these estimates, we may need to adjust tax accounts and related payments, which could materially impact our financial condition and results of operations. We account for uncertainty in income taxes recognized in our financial statements. We recognize in our financial statements the impact of a tax position, if that position would “more likely than not” be sustained on audit, based on the technical merits of the position. Accruals for estimated interest and penalties are recorded as a component of interest expense. |
Foreign Currency Activity | Foreign Currency Activity: Assets and liabilities of foreign subsidiaries, where functional currencies are their local currencies, are translated into U.S. dollars at the exchange rate in effect at the balance sheet date. Operating accounts are translated at an average rate of exchange for the respective accounting periods. Translation adjustments result from the process of translating foreign currency financial statements into U.S. dollars and are reported separately as a component of accumulated other comprehensive income (loss). Transaction gains and losses reflected in the functional currencies are reported in our results of operations at the time of the transaction. |
Derivative Financial Instruments | Derivative Financial Instruments: Derivative instruments are reported on the consolidated balance sheets at their fair values. The accounting for changes in fair value depends upon the purpose of the derivative instrument and whether it is designated and qualifies for hedge accounting. For instruments designated as accounting hedges, the effective portion of gains or losses is reported in other comprehensive income (loss) and is reclassified into the statement of operations in the same period during which the hedged transaction affects our results of operations. Any contracts that do not qualify as hedges, for accounting purposes, are marked to market with the resulting gains and losses recognized in other income or expense. We use financial instruments such as forward exchange contracts to hedge a portion, but not all, of our firm commitments denominated in foreign currencies. The purpose of our foreign currency management is to minimize the effect of exchange rate changes on actual cash flows from foreign currency denominated transactions. See Note 13 for further discussion of derivative financial instruments. |
Revenue Recognition | All products are built to specification and tested by AVX or our suppliers for adherence to such specification before shipment to customers. We ship products to customers based upon firm orders. Shipping and handling costs are included in cost of sales. We recognize revenue when the sales process is complete. This occurs when products are shipped to the customer in accordance with the terms of an agreement of sale, there is a fixed or determinable selling price, title and risk of loss have been transferred, and collectability is reasonably assured. We evaluate gross versus net presentation on revenues from products purchased and resold in accordance with the revenue recognition criteria outlined in FASB ASC 605-45, Principal Agent Considerations. Based on the evaluation with our resale arrangements with Kyocera, including consideration of the primary indicators set forth in ASC 605-45-45, we record revenue related to products purchased and resold on a gross basis. Estimates used in determining sales allowance programs described below are subject to the volatilities of the marketplace. This includes, but is not limited to, changes in economic conditions, pricing changes, product demand, inventory levels in the supply chain, the effects of technological change, and other variables that might result in changes to our estimates. Accordingly, there can be no assurance that actual results will not differ from those estimates. |
Accounts Receivable | Accounts Receivable We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. The allowance is determined through an analysis of the aging of accounts receivable and assessments of risk that are based on historical trends and an evaluation of the impact of current and projected economic conditions. We evaluate the past-due status of trade receivables based on contractual terms of sale. If the financial condition of our customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. Returns Sales revenue and cost of sales reported in the statement of operations are reduced to reflect estimated returns. We record an estimated sales allowance for returns at the time of sale based on historical trends, current pricing and volume information, other market specific information, and input from sales, marketing, and other key management personnel. The amount accrued reflects the return of value of the customer’s inventory. These procedures require the exercise of significant judgments. We believe that these procedures enable us to make reliable estimates of future returns. Our actual results have historically approximated our estimates. When the product is returned and verified, the customer is given credit against their accounts receivable. Distribution Programs A portion of our sales to independent electronic component distributor customers are subject to various distributor sales programs. We report provisions for distributor allowances in connection with such sales programs as a reduction in revenue and report distributor allowances in the balance sheet as a reduction in accounts receivable. For the distribution programs described below, we do not track the individual units that are recorded against specific products sold from distributor inventories, which would allow us to directly compare revenue reduction for credits recorded during any period with credits ultimately awarded in respect of products sold during that period. Nevertheless, we believe that we have an adequate basis to assess the reasonableness and reliability of our estimates for each program. Distributor Stock Rotation Program Stock rotation is a program whereby distributor customers are allowed to return for credit qualified inventory, semi-annually, equal to a certain percentage, primarily limited to 5% of the previous six months net sales. We record an estimated sales allowance for stock rotation at the time of sale based on a percentage of distributor sales using historical trends, current pricing and volume information, other market specific information, and input from sales, marketing, and other key management personnel. These procedures require the exercise of significant judgments. We believe that these procedures enable us to make reliable estimates of future returns under the stock rotation program. Our actual results have historically approximated our estimates. When the product is returned and verified, the distributor is given credit against their accounts receivable. Distributor Ship-from-Stock and Debit Program Ship-from-Stock and Debit (“ship and debit”) is a program designed to assist distributor customers in meeting competitive prices in the marketplace on sales to their end customers. Ship and debit programs require a request from the distributor for a pricing adjustment for a specific part for a sale to the distributor’s end customer from the distributor’s stock. Ship and debit authorizations may cover current and future distributor activity for a specific part for sale to their customer. At the time we record sales to the distributors, we provide an allowance for the estimated future distributor activity related to such sales since it is probable that such sales to distributors will result in ship and debit activity. We record an estimated sales allowance based on sales during the period, credits issued to distributors, distributor inventory levels, historical trends, market conditions, pricing trends we see in our direct sales activity with original equipment manufacturers and other customers, and input from sales, marketing, and other key management personnel. These procedures require the exercise of significant judgments. We believe that these procedures enable us to make reliable estimates of future credits under the ship and debit program. Our actual results have historically approximated our estimates. At the time the distributor ships the part from stock, the distributor debits us for the authorized pricing adjustment. Special Incentive Programs We may offer special incentive discounts based on amount of product ordered or shipped. At the time we record sales under these agreements, we provide an allowance for the discounts on the sales for which the customer is eligible. The customer then debits us for the authorized discount amount. |
Research, Development, and Engineering | Research, Development, and Engineering: Research, development, and engineering expenditures are expensed when incurred. Research and development expenses are included in selling, general, and administrative expenses and were $ 11,951, $ 13,683 , and $ 16,493 for the fiscal years ended March 31, 2015, 2016, and 2017, respectively. Engineering expenses are included in cost of sales and were $13,439 , $14,616 , and $14,453 for the fiscal years ended March 31, 2015, 2016, and 2017, respectively. |
Stock-Based Compensation | Stock ‑Based Compensation: We recognize compensation cost resulting from all share-based payment transactions in the financial statements. The amount of compensation cost is measured based on the grant-date fair value for the share-based payment issued. Our policy is to grant stock options with an exercise price equal to our stock price on the date of grant. Compensation cost is recognized over the vesting period of the award. We use the Black-Scholes-Merton option-pricing model to determine the fair value of stock options at the grant date. We use the closing fair market value of the Company’s common stock on the grant date to determine the fair value of restricted stock units (“RSU”) at the grant date. See Note 11 for assumptions used. |
Treasury Stock | Treasury Stock: Our Board of Directors has approved stock repurchase authorizations in 2005 and 2007 whereby up to 10,000 shares of common stock can be purchased from time to time at the discretion of management. Accordingly, 525 shares were purchased during the fiscal year ended March 31, 2015, 761 shares were purchased during the fiscal year ended March 31, 2016, and 356 shares were purchased during the fiscal year ended March 31, 2017. As of March 31, 2017, we had in treasury 8,439 common shares at a cost of $ 108,610 . There are 3,067 shares that may yet be purchased under the 2007 authorization. |
Commitments and Contingencies | Commitments and Contingencies: Liabilities for loss contingencies are recorded when analysis indicates that it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. When a range of loss can be estimated, we accrue the most likely amount. In the event that no amount in the range of probable loss is considered most likely, the minimum loss in the range is accrued. Amounts recorded are reviewed periodically and adjusted to reflect additional legal and technical information that becomes available. Legal advisory costs are expensed as incurred. |
New Accounting Standards | New Accounting Standards: In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers.” This guidance modifies 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, 2017. Early adoption is permitted for periods beginning after December 15, 2016. Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. We are currently in the assessment phase of implementing this standard. We have reviewed, and are continuing to review, our global customer contracts to identify performance obligations and the associated transaction price and timing of revenue recognition in accordance with ASU 2014-09. As we continue our analysis of the impact on our consolidated financial statements and related disclosures, we will evaluate and determine the appropriate adoption methodology. We have not yet quantified and accordingly, are not able to make a reasonable estimate of the impact of the new revenue standard on our consolidated financial statements at this time. In February 2016, FASB issued ASU 2016-02, “Leases.” This guidance changes the inclusion of certain right-of-use assets and the associated lease liabilities to be included in a statement of financial position. The classification criteria maintains the distinction between finance leases and operating leases. Regarding financial leases, lessees are required to 1) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position, 2) recognize interest on the lease liability separate from the amortization of the right-of-use asset in the statement of comprehensive income, and 3) classify repayments of the principal portion of the lease liability within financing activities and payments of interest on the lease liability and variable lease payments within operating activities in the statement of cash flows. Regarding operating leases, lessees are required to 1) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position, 2) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis, and 3) classify all cash payments within operating activities in the statement of cash flows. This guidance is effective for public companies for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. Based on work performed to date, including a review of the language and structure in our current lease and rental agreements, management does not anticipate the adoption of ASU 2016-02 to have a material impact on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Compensation – Stock Compensation.” The standard is intended to simplify several areas of accounting for share-based compensation arrangements, including the income tax impact, classification on the statement of cash flows and forfeitures. The guidance is effective for public companies for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods. Management does not expect the adoption of ASU 2016-09 to have a material impact on our consolidated financial statements. 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 future adoption. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule of Finite-Lived Intangible Assets | March 31, 2016 March 31, 2017 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Customer relationships $ 51,000 $ (24,083) $ 51,000 $ (26,917) Developed technology and other 13,231 (11,494) 14,521 (12,153) Trade name and trademarks 34,000 (5,100) 34,000 (6,800) Total $ 98,231 $ (40,677) $ 99,521 $ (45,870) |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Fiscal Year ended March 31, Estimated Amortization Expense 2018 $ 5,178 2019 5,101 2020 5,056 2021 4,902 2022 4,742 Thereafter 28,671 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Basic and diluted weighted average number of shares of common stock and potential common stock equivalents | Fiscal Year Ended March 31, 2015 2016 2017 Net income $ 225,871 $ 101,535 $ 125,785 Computation of Basic EPS: Weighted Average Shares Outstanding used in Computing Basic EPS 168,148 167,797 167,506 Basic earnings per share $ 1.34 $ 0.61 $ 0.75 Computation of Diluted EPS: Weighted Average Shares Outstanding used in Computing Basic EPS 168,148 167,797 167,506 Effect of stock options 254 164 331 Weighted Average Shares used in Computing Diluted EPS (1) 168,402 167,961 167,837 Diluted earnings per share $ 1.34 $ 0.60 $ 0.75 (1) Common stock equivalents not included in the computation of diluted earnings per share because the impact would have been anti-dilutive were 2,309 shares, 2,974 shares, and 1,381 shares for the fiscal years ended March 31, 2015, 2016, and 2017, respectively. |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Comprehensive Income [Abstract] | |
Comprehensive income (loss) | Fiscal Year Ended March 31, 2015 2016 2017 Pre-tax Net of Tax Pre-tax Net of Tax Pre-tax Net of Tax Foreign currency translation adjustment $ (64,734) $ (64,734) $ 14,330 $ 14,330 $ (14,674) $ (14,674) Foreign currency cash flow hedges adjustment 10 (2) 29 2 205 183 Pension liability adjustment (9,930) (7,494) 11,077 8,209 (10,155) (7,527) Other post-employment obligations (2,561) (2,561) (244) (244) (777) (777) Other comprehensive income (loss) $ (77,215) $ (74,791) $ 25,192 $ 22,297 $ (25,401) $ (22,795) |
Accumulated comprehensive income (loss) | As of March 31, 2016 2017 Foreign currency translation adjustment $ 344 $ (14,330) Foreign currency cash flow hedges adjustment 184 367 Pension liability adjustment (42,091) (49,618) Other post-employment obligations (2,805) (3,582) Accumulated other comprehensive income (loss) $ (44,368) $ (67,163) |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2016 (Level 1) (Level 2) (Level 3) Assets measured at fair value on a recurring basis: Assets held in the non-qualified deferred compensation program (1) $ 4,961 $ 3,710 $ 1,251 $ - Foreign currency derivatives (2) 1,409 - 1,409 - Total $ 6,370 $ 3,710 $ 2,660 $ - Based on Quoted prices Other in active observable Unobservable Fair Value at markets inputs inputs March 31, 2016 (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) $ 4,961 $ 3,710 $ 1,251 $ - Foreign currency derivatives (2) 1,350 - 1,350 - Total $ 6,311 $ 3,710 $ 2,601 $ - Based on Quoted prices Other in active observable Unobservable Fair Value at markets inputs inputs March 31, 2017 (Level 1) (Level 2) (Level 3) Assets measured at fair value on a recurring basis: Assets held in the non-qualified deferred compensation program (1) $ 6,082 $ 4,810 $ 1,272 $ - Foreign currency derivatives (2) 1,492 - 1,492 - Total $ 7,574 $ 4,810 $ 2,764 $ - Based on Quoted prices Other in active observable Unobservable Fair Value at markets inputs inputs March 31, 2017 (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) $ 6,082 $ 4,810 $ 1,272 $ - Foreign currency derivatives (2) 886 - 886 - Total $ 6,968 $ 4,810 $ 2,158 $ - (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 assets in the March 31, 2016 and 2017 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 and gains and losses on derivatives not designated as hedges are recorded in other income. |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Trade Accounts Receivable | Fiscal Year Ended March 31, 2016 2017 Trade $ 183,871 $ 198,491 Less: Allowances for doubtful accounts 423 1,285 Ship from stock and debit and stock rotation 14,314 14,853 Sales returns and discounts 6,681 5,623 Total allowances 21,418 21,761 $ 162,453 $ 176,730 |
Allowances for Doubtful Accounts [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowances | Fiscal Year Ended March 31, 2015 2016 2017 Allowances for doubtful accounts: Beginning Balance $ 410 $ 659 $ 423 Charges 704 112 785 Applications (455) (348) 77 Ending Balance $ 659 $ 423 $ 1,285 |
Ship From Stock And Debit And Stock Rotation [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowances | Fiscal Year Ended March 31, 2015 2016 2017 Ship from stock and debit and stock rotation: Beginning Balance $ 17,138 $ 16,378 $ 14,314 Charges 33,634 29,432 25,470 Applications (34,394) (31,496) (24,931) Translation and other - - - Ending Balance $ 16,378 $ 14,314 $ 14,853 |
Sales Returns And Discounts [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowances | Fiscal Year Ended March 31, 2015 2016 2017 Sales returns and discounts: Beginning Balance $ 6,356 $ 6,186 $ 6,681 Charges 20,524 21,736 13,831 Applications (20,468) (21,271) (14,841) Translation and other (226) 30 (48) Ending Balance $ 6,186 $ 6,681 $ 5,623 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Inventories [Abstract] | |
Inventories | Fiscal Year Ended March 31, 2016 2017 Finished goods $ 85,617 $ 92,563 Work in process 101,436 107,392 Raw materials and supplies 297,215 274,173 $ 484,268 $ 474,128 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Property And Equipment [Abstract] | |
Property and Equipment | Fiscal Year Ended March 31, 2016 2017 Land $ 34,358 $ 32,839 Buildings and improvements 313,812 307,098 Machinery and equipment 1,144,246 1,150,999 Construction in progress 20,835 38,315 1,513,251 1,529,251 Accumulated depreciation (1,295,253) (1,289,300) $ 217,998 $ 239,951 |
Financial Instruments and Inv34
Financial Instruments and Investments in Securities (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Financial Instruments and Investments in Securities [Abstract] | |
Investments in held-to-maturity securities, recorded at amortized cost | As of March 31, 2016 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Short-term investments: Corporate bonds $ - $ - $ - $ - Time deposits 494,594 296 - 494,890 Long-term investments: Corporate bonds 85,577 39 (28) 85,588 $ 580,171 $ 335 $ (28) $ 580,478 As of March 31, 2017 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Short-term investments: Corporate bonds $ 10,120 $ - $ (1) $ 10,119 Time deposits 518,628 148 - 518,776 Long-term investments: Corporate bonds - - - - $ 528,748 $ 148 $ (1) $ 528,895 |
Amortized cost and estimated fair value of held-to-maturity investments, by contractual maturity | Held-to-Maturity Amortized Cost Estimated Fair Value Due in one year or less $ 528,748 $ 528,895 Due after one year through five years - - Total $ 528,748 $ 528,895 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Income Taxes [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Fiscal Year Ended March 31, 2015 2016 2017 Domestic $ 114,333 $ 39,713 $ 75,659 Foreign 104,266 92,439 99,290 $ 218,599 $ 132,152 $ 174,949 |
Schedule of Components of Income Tax Expense (Benefit) | Fiscal Year Ended March 31, 2015 2016 2017 Current: Federal/State $ 27,620 $ (11,117) $ 33,220 Foreign 22,189 15,028 18,494 49,809 3,911 51,714 Deferred: Federal/State (5,684) 23,903 1,725 Foreign (51,397) 2,803 (4,275) (57,081) 26,706 (2,550) $ (7,272) $ 30,617 $ 49,164 |
Schedule of Deferred Tax Assets and Liabilities | As of March 31, 2016 2017 Non-current: Assets Liabilities Assets Liabilities Sales and receivable allowances $ 8,692 $ 11 $ 9,112 $ 22 Inventory reserves 16,430 380 13,532 1,256 Depreciation and amortization 9,351 6,254 8,486 4,790 Pension obligations 15,551 8,797 8,643 2,826 Accrued expenses 31,316 264 35,157 875 Other, net 4,069 60 2,417 373 Net operating loss and tax credit carry forwards 80,035 - 70,360 - Sub total 165,444 15,766 147,707 10,142 Less: valuation allowances (26,034) - (13,933) - Total Non-current $ 139,410 $ 15,766 $ 133,774 $ 10,142 As of March 31, 2016 2017 Assets, net of valuation allowances $ 139,410 $ 133,774 Liabilities (15,766) (10,142) Net deferred income tax assets $ 123,644 $ 123,632 As of March 31, 2015 2016 2017 Valuation allowance beginning balance $ 98,801 $ 27,207 $ 26,034 Charged to income tax provision (1,910) 413 (1,128) Additions - - - Releases (50,111) (2,730) (7,413) Translation and other (19,573) 1,144 (3,560) Valuation allowance ending balance $ 27,207 $ 26,034 $ 13,933 |
Schedule of Effective Income Tax Rate Reconciliation | Fiscal Year Ended March 31, 2015 2016 2017 U.S. Federal statutory rate 35.0% 35.0% 35.0% Increase (decrease) in tax rate resulting from: State income taxes, net of federal benefit 0.6 0.4 0.5 Effect of foreign operations (6.0) (8.7) (8.3) Change in valuation allowance (22.4) 0.5 (5.0) Deemed dividends from subsidiaries 1.8 2.9 6.3 Deduction for domestic production activities (1.3) - (1.7) Utilization of foreign tax credits (1.2) (2.4) (3.9) Branch accounting restructuring (6.5) - - Change in uncertain tax positions (0.6) (2.6) (0.8) Adjustment made by taxing authorities - - 3.3 Adjustment of prior year balances - - 1.7 Other, net (2.7) (1.9) 1.0 Effective tax rate -3.3% 23.2% 28.1% |
Schedule of Unrecognized Tax Benefits Roll Forward | Balance at March 31, 2014 $ 8,083 Additions for tax positions of prior years 564 Additions for tax positions in current period 257 Reductions for tax positions of prior years (55) Reductions due to expiration of statutory periods (1,687) Reductions due to settlements with taxing authorities (386) Balance at March 31, 2015 $ 6,776 Additions for tax positions of prior years 10 Additions for tax positions in current period 228 Reductions for tax positions of prior years (30) Reductions due to expiration of statutory periods (3,585) Balance at March 31, 2016 $ 3,399 Reductions for tax positions of prior years (89) Reductions due to expiration of statutory periods (895) Reductions due to settlements with taxing authorities (478) Balance at March 31, 2017 $ 1,937 |
Employee Retirement Plans (Tabl
Employee Retirement Plans (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Employee Retirement Plans [Abstract] | |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | Fiscal Year Ended March 31, U.S. Plans International Plans 2016 2017 2016 2017 Change in benefit obligation: Benefit obligation at beginning of year $ 45,243 $ 42,980 $ 176,939 $ 156,617 Service cost 197 168 988 902 Interest cost 1,539 1,457 5,173 4,310 Plan participants' contributions - - 24 7 Actuarial loss (gain) (1,213) (2,443) (15,668) 32,882 Benefits paid (2,786) (3,537) (7,114) (6,029) Benefit obligation acquired during the year - - 683 - Foreign currency exchange rate changes - - (4,408) (18,768) Benefit obligation at end of year $ 42,980 $ 38,625 $ 156,617 $ 169,921 Change in plan assets: Fair value of plan assets at beginning of year $ 37,716 $ 34,125 $ 161,520 $ 156,410 Actual return (loss) on assets (1,598) 3,100 (1,170) 24,432 Employer contributions 793 3,001 7,868 6,934 Plan participants' contributions - - 24 7 Benefits paid (2,786) (3,537) (7,114) (6,029) Foreign currency exchange rate changes - - (4,718) (20,028) Fair value of plan assets at end of year 34,125 36,689 156,410 161,726 Funded status $ (8,855) $ (1,936) $ (207) $ (8,195) |
Schedule of Assumptions Used for Benefit Obligation | As of March 31, 2016 2017 Assumptions: Discount rates 0.5 -3.5% 0.1 -3.8% Increase in compensation 3.4% - |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Fiscal Year Ended March 31, U.S. Plans International Plans 2016 2017 2016 2017 Beginning balance $ 16,993 $ 17,909 $ 49,620 $ 38,189 Net loss (gain) incurred during the year 2,498 (3,762) (7,934) 14,248 Amortization of net actuarial gain (loss) (1,582) (1,824) (2,157) (1,241) Amortization of prior service cost - - 257 - Foreign currency exchange rate changes - - (1,597) (4,995) $ 17,909 $ 12,323 $ 38,189 $ 46,201 |
Schedule of Net Periodic Benefit Cost Not yet Recognized | Fiscal Year Ended March 31, U.S. Plans International Plans 2016 (1) 2017 (2) 2016 (1) 2017 (2) Unrecognized net actuarial loss $ 11,474 $ 7,895 $ 30,104 $ 36,549 Unamortized prior service cost - - - - $ 11,474 $ 7,895 $ 30,104 $ 36,549 (1) Amounts in the above table as of March 31, 2016 are net of $ 6,435 and $ 8,088 tax benefit for the U.S. and International Plans, respectively. (2) Amounts in the above table as of March 31, 2017 are net of $ 4,428 and $ 9,652 tax benefit for the U.S. and International Plans, respectively. |
Schedule of Net Benefit Costs | Fiscal Year Ended March 31, 2015 2016 2017 Service cost $ 1,175 $ 1,177 $ 1,102 Interest cost 8,361 6,939 5,997 Expected return on plan assets (10,137) (8,677) (7,579) Amortization of prior service cost - - - Recognized actuarial loss 2,689 3,740 3,142 Net periodic pension cost $ 2,088 $ 3,179 $ 2,662 |
Schedule of Assumptions Used for Benefit Costs | As of March 31, 2015 2016 2017 Assumptions: Discount rates 1.0 -4.5% 0.5 -3.6% 0.1 -3.6% Increase in compensation 3.9% 3.4% 3.4% Expected long-term rate of return on plan assets 1.4 -7.3% 1.4 -7.3% 1.4 -4.2% |
Schedule of Fair Value Hierarchy of Plan Assets | Based on Quoted prices Other in active observable Unobservable Fair Value at markets inputs inputs March 31, 2016 (Level 1) (Level 2) (Level 3) Assets measured at fair value on a recurring basis: U.S. Defined Benefit Plan Assets: Cash $ 159 $ 159 $ - $ - Pooled Separate Accounts 26,552 - 26,552 - Guaranteed Deposit Account 7,414 - 7,414 - International Defined Benefit Plan Assets: Cash 381 381 - - Depository Account 7,810 7,810 - - Pooled Separate Accounts 148,219 - 148,219 - Total $ 190,535 $ 8,350 $ 182,185 $ - Based on Quoted prices Other in active observable Unobservable Fair Value at markets inputs inputs March 31, 2017 (Level 1) (Level 2) (Level 3) Assets measured at fair value on a recurring basis: U.S. Defined Benefit Plan Assets: Cash $ 166 $ 166 $ - $ - Pooled Separate Accounts 29,046 - 29,046 - Guaranteed Deposit Account 7,477 - 7,477 - International Defined Benefit Plan Assets: Cash 608 608 - - Depository Account 7,897 7,897 - - Pooled Separate Accounts 153,222 - 153,222 - Total $ 198,416 $ 8,671 $ 189,745 $ - |
Schedule of Allocation of Plan Assets | As of March 31, 2016 As of March 31, 2017 Asset Category U.S. Plans International Plans U.S. Plans International Plans Equity securities 57% 45% 59% 38% Debt securities 21% 50% 20% 57% Other 22% 5% 21% 5% Total 100% 100% 100% 100% |
Schedule of Expected Benefit Payments | Fiscal Year ended March 31, U.S. Plans International Plans 2018 $ 2,132 $ 5,794 2019 2,202 5,893 2020 2,292 5,991 2021 2,381 6,093 2022 2,439 6,198 2023-2027 12,979 32,483 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Stock-Based Compensation [Abstract] | |
Schedule of Nonvested Restricted Stock Units Activity | Number of Shares Weighted-Average Grant Date Fair Value per Share Non-vested at April 1, 2016 Granted 266 13.36 Vested - - Cancelled and forfeited 7 13.36 Non-vested at March 31, 2017 259 13.36 |
Schedule of Stock Option Activity | Number of Shares Average Price (a) Average Life (years) (b) Aggregate Intrinsic Value Outstanding at March 31, 2016 3,942 $ 13.63 - - Options granted - - - - Options exercised (794) 12.75 - $ 2,149 Options cancelled/forfeited (429) 15.13 - 485 Outstanding at March 31, 2017 2,719 $ 13.65 4.32 $ 7,952 Exercisable at March 31, 2017 2,111 $ 13.63 3.39 $ 6,339 (a) Weighted-average exercise price (b) Weighted-average contractual life remaining |
Schedule of Unvested Stock Option Activity | Number of Shares Weighted Average Grant-Date Fair Value Unvested balance at March 31, 2016 1,057 $ 2.49 Options granted - - Options cancelled/forfeited (41) 2.53 Options vested (408) 2.44 Unvested balance at March 31, 2017 608 $ 2.52 |
Schedule of Stock Option Valuation Assumptions | 2015 2016 2017 Grants Grants Grants Expected life (years) 6 6 - Interest rate 2.0% 1.5% - Volatility 27% 24% - Dividend yield 2.9% 2.9% - |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Fiscal Year ended March 31, 2018 $ 4,647 2019 4,021 2020 3,653 2021 3,201 2022 3,129 Thereafter - |
Derivative Financial Instrume39
Derivative Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Designated as Hedging Instrument [Member] | |
Derivatives, Fair Value [Line Items] | |
Fair value of derivative instruments | March 31, 2016 Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives Balance Sheet Caption Fair Value Balance Sheet Caption Fair Value Foreign exchange contracts Prepaid and other $ 1,125 Accrued expenses $ 869 March 31, 2017 Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives Balance Sheet Caption Fair Value Balance Sheet Caption Fair Value Foreign exchange contracts Prepaid and other $ 1,151 Accrued expenses $ 690 |
Not Designated as Hedging Instrument [Member] | |
Derivatives, Fair Value [Line Items] | |
Fair value of derivative instruments | March 31, 2016 Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives Balance Sheet Caption Fair Value Balance Sheet Caption Fair Value Foreign exchange contracts Prepaid and other $ 284 Accrued expenses $ 481 March 31, 2017 Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives Balance Sheet Caption Fair Value Balance Sheet Caption Fair Value Foreign exchange contracts Prepaid and other $ 341 Accrued expenses $ 196 |
Transactions with Affiliate (Ta
Transactions with Affiliate (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Transactions With Affiliate [Abstract] | |
Schedule of related party transactions | Fiscal Year Ended March 31, 2015 2016 2017 Sales: Product and equipment sales to affiliates $ 28,723 $ 22,230 $ 30,303 Purchases: Purchases of resale inventories, raw materials, supplies, equipment, and services 272,679 233,637 303,793 Other: Dividends paid 48,720 51,156 52,983 |
Segment and Geographic Inform41
Segment and Geographic Information (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Segment and Geographic Information [Abstract] | |
Information about reported segments | Fiscal Year Ended March 31, Sales revenue (in thousands) 2015 2016 2017 Ceramic Components $ 202,719 $ 176,502 $ 188,568 Tantalum Components 355,974 311,888 314,723 Advanced Components 359,315 333,693 372,279 Total Passive Components 918,008 822,083 875,570 Interconnect 134,610 111,609 118,163 KCP Resale Connectors 70,741 23,751 30,027 KDP and KCD Resale 229,869 238,086 288,901 Total KED Resale 300,610 261,837 318,928 Total Revenue $ 1,353,228 $ 1,195,529 $ 1,312,661 Fiscal Year Ended March 31, 2015 2016 2017 Operating profit (loss): Passive components $ 217,706 $ 198,268 $ 190,007 Interconnect 28,072 19,954 16,437 KED Resale 21,010 16,764 17,076 Corporate activities (54,039) (111,002) (59,963) Total $ 212,749 $ 123,984 $ 163,557 Fiscal Year Ended March 31, 2015 2016 2017 Depreciation and amortization: Passive components $ 29,394 $ 28,460 $ 27,543 Interconnect 5,921 5,300 5,093 KED Resale 104 83 16 Corporate activities 6,795 5,108 10,035 Total $ 42,214 $ 38,951 $ 42,687 As of March 31, 2016 2017 Assets: Passive components $ 618,642 $ 573,519 Interconnect 49,646 56,295 KED Resale 30,179 35,164 Cash, A/R and S/T and L/T investments 1,203,051 1,294,129 Goodwill - Passive components 202,774 202,774 Goodwill - Interconnect 10,277 10,277 Corporate activities 295,250 305,255 Total $ 2,409,819 $ 2,477,413 Fiscal Year Ended March 31, 2015 2016 2017 Capital expenditures: Passive components $ 21,452 $ 36,400 $ 50,982 Interconnect 4,899 9,237 14,054 KED Resale 4 29 1 Corporate activities 244 2,437 1,251 Total $ 26,599 $ 48,103 $ 66,288 |
Net sales and property, plant, and equipment by operations located within particular geographic areas | Fiscal Year Ended March 31, 2015 2016 2017 Net sales: Americas $ 402,209 $ 358,372 $ 381,695 Europe 388,747 339,768 352,064 Asia 562,272 497,389 578,902 Total $ 1,353,228 $ 1,195,529 $ 1,312,661 Property, plant and equipment, net: Americas $ 81,787 $ 91,674 $ 110,235 Europe 68,442 77,619 77,981 Asia 49,613 48,705 51,735 Total $ 199,842 $ 217,998 $ 239,951 |
Summary of Quarterly Financia42
Summary of Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Summary of Quarterly Financial Information (Unaudited) [Abstract] | |
Quarterly Financial Information | First Quarter Second Quarter 2016 2017 2016 2017 Net sales $ 300,516 $ 314,823 $ 304,361 $ 327,461 Gross profit 77,174 69,863 71,776 61,799 Net income 35,629 29,889 27,867 26,520 Basic earnings per share 0.21 0.18 0.17 0.16 Diluted earnings per share 0.21 0.18 0.17 0.16 Third Quarter Fourth Quarter 2016 2017 2016 2017 Net sales $ 287,047 $ 340,799 $ 303,605 $ 329,578 Gross profit 66,043 79,391 74,076 73,702 Net income 5,374 35,519 32,665 33,857 Basic earnings per share 0.03 0.21 0.19 0.20 Diluted earnings per share 0.03 0.21 0.19 0.20 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Percentage of previous six months net sales, allowed to be returned for credit qualified inventory | 5.00% | ||
Research and development expenses | $ 16,493 | $ 13,683 | $ 11,951 |
Engineering expense | 14,453 | 14,616 | 13,439 |
Amortization expense | 5,194 | 5,033 | 5,141 |
Depreciation expense | $ 37,493 | $ 33,918 | $ 37,073 |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 10,000 | ||
Treasury Stock, Shares, Acquired | 356 | 761 | 525 |
Treasury stock, shares | 8,439 | 8,876 | |
Treasury Stock, Value | $ 108,610 | $ 113,988 | |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 3,067 | ||
Non-current deferred tax liabilities | $ 957 | $ 7,142 | |
Kyocera Corporation [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Ownership Percentage in Entity | 73.00% | ||
Maximum [Member] | Buildings and Improvements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Property, Plant and Equipment, Useful Life | 31 years 6 months | ||
Maximum [Member] | Machinery and Equipment [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Minimum [Member] | Buildings and Improvements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Minimum [Member] | Machinery and Equipment [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years |
Summary of Significant Accoun44
Summary of Significant Accounting Policies (Schedule of Finite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Amortized intangible assets, gross carrying amount | $ 99,521 | $ 98,231 |
Amortized intangible assets, accumulated amortization | (45,870) | (40,677) |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortized intangible assets, gross carrying amount | 51,000 | 51,000 |
Amortized intangible assets, accumulated amortization | (26,917) | (24,083) |
Developed technology and other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortized intangible assets, gross carrying amount | 14,521 | 13,231 |
Amortized intangible assets, accumulated amortization | (12,153) | (11,494) |
Trade Name And Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortized intangible assets, gross carrying amount | 34,000 | 34,000 |
Amortized intangible assets, accumulated amortization | $ (6,800) | $ (5,100) |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) $ in Thousands | Mar. 31, 2017USD ($) |
Summary of Significant Accounting Policies [Abstract] | |
2,018 | $ 5,178 |
2,019 | 5,101 |
2,020 | 5,056 |
2,021 | 4,902 |
2,022 | 4,742 |
Thereafter | $ 28,671 |
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 ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | ||
Earnings Per Share [Abstract] | ||||||||||||
Net income | $ 33,857 | $ 35,519 | $ 26,520 | $ 29,889 | $ 32,665 | $ 5,374 | $ 27,867 | $ 35,629 | $ 125,785 | $ 101,535 | $ 225,871 | |
Weighted Average Shares Outstanding used in computing Basic EPS | 167,506 | 167,797 | 168,148 | |||||||||
Basic earnings per share | $ 0.20 | $ 0.21 | $ 0.16 | $ 0.18 | $ 0.19 | $ 0.03 | $ 0.17 | $ 0.21 | $ 0.75 | $ 0.61 | $ 1.34 | |
Effect of stock options | 331 | 164 | 254 | |||||||||
Weighted Average Shares Outstanding used in computing Diluted EPS | [1] | 167,837 | 167,961 | 168,402 | ||||||||
Diluted earnings per share | $ 0.20 | $ 0.21 | $ 0.16 | $ 0.18 | $ 0.19 | $ 0.03 | $ 0.17 | $ 0.21 | $ 0.75 | $ 0.60 | $ 1.34 | |
Common stock equivalents, not included in the computation of diluted EPS | 1,381 | 2,974 | 2,309 | |||||||||
[1] | Common stock equivalents not included in the computation of diluted earnings per share because the impact would have been anti-dilutive were 2,309 shares, 2,974 shares, and 1,381 shares for the fiscal years ended March 31, 2015, 2016, and 2017, respectively. |
Comprehensive Income (Comprehen
Comprehensive Income (Comprehensive income (loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Comprehensive Income [Abstract] | |||
Foreign currency translation adjustment, Pre-tax | $ (14,674) | $ 14,330 | $ (64,734) |
Foreign currency cash flow hedges adjustment, Pre-tax | 205 | 29 | 10 |
Pension liability adjustment, Pre-tax | (10,155) | 11,077 | (9,930) |
Other Post-employment obligations, Pre-tax | (777) | (244) | (2,561) |
Other comprehensive income (loss), Pre-tax | (25,401) | 25,192 | (77,215) |
Foreign currency translation adjustment, Net of tax | (14,674) | 14,330 | (64,734) |
Foreign currency cash flow hedges adjustment, Net of tax | 183 | 2 | (2) |
Pension liability adjustment, Net of tax | (7,527) | 8,209 | (7,494) |
Other post-employment obligation | (777) | (244) | (2,561) |
Other comprehensive income (loss), net of income taxes | $ (22,795) | $ 22,297 | $ (74,791) |
Comprehensive Income (Accumulat
Comprehensive Income (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Comprehensive Income [Abstract] | ||
Foreign currency translation adjustment | $ (14,330) | $ 344 |
Foreign currency cash flow hedges adjustment | 367 | 184 |
Pension liability adjustment | (49,618) | (42,091) |
Other post-employment obligations | (3,582) | (2,805) |
Accumulated other comprehensive income (loss) | $ (67,163) | $ (44,368) |
Fair Value (Assets And Liabilit
Fair Value (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets held in the non-qualified deferred compensation program | [1] | $ 6,082 | $ 4,961 |
Foreign currency derivatives | [2] | 1,492 | 1,409 |
Assets measured at fair value, Total | 7,574 | 6,370 | |
Obligation related to assets held in the non-qualified deferred compensation program | [1] | 6,082 | 4,961 |
Foreign currency derivatives | [2] | 886 | 1,350 |
Liabilities measured at fair value, Total | 6,968 | 6,311 | |
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 | [1] | 4,810 | 3,710 |
Assets measured at fair value, Total | 4,810 | 3,710 | |
Obligation related to assets held in the non-qualified deferred compensation program | [1] | 4,810 | 3,710 |
Liabilities measured at fair value, Total | 4,810 | 3,710 | |
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] | 1,272 | 1,251 |
Foreign currency derivatives | [2] | 1,492 | 1,409 |
Assets measured at fair value, Total | 2,764 | 2,660 | |
Obligation related to assets held in the non-qualified deferred compensation program | [1] | 1,272 | 1,251 |
Foreign currency derivatives | [2] | 886 | 1,350 |
Liabilities measured at fair value, Total | $ 2,158 | $ 2,601 | |
[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 assets in the March 31, 2016 and 2017 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 and gains and losses on derivatives not designated as hedges are recorded in other income. |
Accounts Receivable (Trade Acco
Accounts Receivable (Trade Accounts Receivable) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross Accounts Receivable - Trade | $ 198,491 | $ 183,871 | ||
Allowances | 21,761 | 21,418 | ||
Net Accounts Receivable - Trade | 176,730 | 162,453 | ||
Allowances for Doubtful Accounts [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowances | 1,285 | 423 | $ 659 | $ 410 |
Ship From Stock And Debit And Stock Rotation [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowances | 14,853 | 14,314 | 16,378 | 17,138 |
Sales Returns And Discounts [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowances | $ 5,623 | $ 6,681 | $ 6,186 | $ 6,356 |
Accounts Receivable (Allowances
Accounts Receivable (Allowances) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning Balance | $ 21,418 | ||
Ending Balance | 21,761 | $ 21,418 | |
Allowances for Doubtful Accounts [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning Balance | 423 | 659 | $ 410 |
Charges | 785 | 112 | 704 |
Applications | 77 | (348) | (455) |
Ending Balance | 1,285 | 423 | 659 |
Ship From Stock And Debit And Stock Rotation [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning Balance | 14,314 | 16,378 | 17,138 |
Charges | 25,470 | 29,432 | 33,634 |
Applications | (24,931) | (31,496) | (34,394) |
Ending Balance | 14,853 | 14,314 | 16,378 |
Sales Returns And Discounts [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning Balance | 6,681 | 6,186 | 6,356 |
Charges | 13,831 | 21,736 | 20,524 |
Applications | (14,841) | (21,271) | (20,468) |
Translation and other | (48) | 30 | (226) |
Ending Balance | $ 5,623 | $ 6,681 | $ 6,186 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Inventories [Abstract] | ||
Finished goods | $ 92,563 | $ 85,617 |
Work in process | 107,392 | 101,436 |
Raw materials and supplies | 274,173 | 297,215 |
Total inventory | $ 474,128 | $ 484,268 |
Property And Equipment (Details
Property And Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Property And Equipment [Abstract] | ||
Land | $ 32,839 | $ 34,358 |
Buildings and improvements | 307,098 | 313,812 |
Machinery and equipment | 1,150,999 | 1,144,246 |
Construction in progress | 38,315 | 20,835 |
Property and equipment | 1,529,251 | 1,513,251 |
Accumulated depreciation | (1,289,300) | (1,295,253) |
Property and equipment, net | $ 239,951 | $ 217,998 |
Financial Instruments and Inv54
Financial Instruments and Investments in Securities (Investments in held-to-maturity securities, recorded at amortized cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Schedule of Held-to-maturity Securities [Line Items] | ||
Cost | $ 528,748 | $ 580,171 |
Gross Unrealized Gains | 148 | 335 |
Gross Unrealized Losses | (1) | (28) |
Estimated Fair Value | 528,895 | 580,478 |
Short-Term Investments [Member] | Corporate Bonds [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Short-term investments, Cost | 10,120 | |
Gross Unrealized Losses | (1) | |
Estimated Fair Value | 10,119 | |
Short-Term Investments [Member] | Time Deposits [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Short-term investments, Cost | 518,628 | 494,594 |
Gross Unrealized Gains | 148 | 296 |
Estimated Fair Value | $ 518,776 | 494,890 |
Long-Term Investments [Member] | Corporate Bonds [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Long-term investment, Cost | 85,577 | |
Gross Unrealized Gains | 39 | |
Gross Unrealized Losses | (28) | |
Estimated Fair Value | $ 85,588 |
Financial Instruments and Inv55
Financial Instruments and Investments in Securities (Amortized cost and estimated fair value of held-to-maturity investments, by contractual maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Financial Instruments and Investments in Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 528,748 | |
Total, Amortized Cost | 528,748 | |
Due in one year or less, Estimated Fair Value | 528,895 | |
Held-to-maturity Securities, Fair Value, Total | $ 528,895 | $ 580,478 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (12,101) | $ (1,173) | $ (71,583) |
Releases | (7,413) | (2,730) | (50,111) |
Operating Loss Carryforwards | 194,400 | ||
Undistributed Earnings of Foreign Subsidiaries | 1,035,000 | 993,000 | |
Amount of U.S. taxes not recognized on undistributed foreign earnings | 201,802 | 176,491 | |
Income Taxes Paid | 55,642 | 22,919 | 56,389 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 340 | 535 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | (195) | (708) | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 1,937 | $ 3,399 | |
Japanese Subsidiary [Member] | |||
Releases | 5,530 | ||
Operating Loss Carryforwards | $ 15,878 | ||
French Subsidiary [Member] | |||
Releases | 49,969 | ||
Operating Loss Carryforwards | $ 149,922 |
Income Taxes (Schedule of Incom
Income Taxes (Schedule of Income before Income Taxes, Foreign and Domestic) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Taxes [Abstract] | |||
Domestic | $ 75,659 | $ 39,713 | $ 114,333 |
Foreign | 99,290 | 92,439 | 104,266 |
Income before income taxes | $ 174,949 | $ 132,152 | $ 218,599 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Taxes [Abstract] | |||
Current Federal and State Tax Expense | $ 33,220 | $ (11,117) | $ 27,620 |
Current Foreign Tax Expense | 18,494 | 15,028 | 22,189 |
Current Income Tax Expense | 51,714 | 3,911 | 49,809 |
Deferred Federal and State Income Tax Benefit | 1,725 | 23,903 | (5,684) |
Deferred Foreign Income Tax Expense | (4,275) | 2,803 | (51,397) |
Deferred Income Tax Benefit | (2,550) | 26,706 | (57,081) |
Income Tax Expense (Benefit), Total | $ 49,164 | $ 30,617 | $ (7,272) |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Income Taxes [Abstract] | ||
Non-current deferred tax asset, Sales and receivable allowances | $ 9,112 | $ 8,692 |
Non-current deferred tax asset, Inventory reserves | 13,532 | 16,430 |
Non-current deferred tax asset, Depreciation and amortization | 8,486 | 9,351 |
Non-current deferred tax asset, Pension obligations | 8,643 | 15,551 |
Non-current deferred tax asset, Accrued expenses | 35,157 | 31,316 |
Non-current deferred tax asset, Other, net | 2,417 | 4,069 |
Non-current deferred tax asset, Net operating loss and tax credit carry forwards | 70,360 | 80,035 |
Non-current deferred tax asset, Subtotal | 147,707 | 165,444 |
Valuation allowances, non-current | (13,933) | (26,034) |
Non-current deferred tax assets, Total | 133,774 | 139,410 |
Non-current deferred tax liability, Sales and receivable allowances | 22 | 11 |
Non-current deferred tax liability, Inventory reserves | 1,256 | 380 |
Non-current deferred tax liability, Depreciation and amortization | 4,790 | 6,254 |
Non-current deferred tax liability, Pension obligations | 2,826 | 8,797 |
Non-current deferred tax liability, Accrued expenses | 875 | 264 |
Non-current deferred tax liability, Other, net | 373 | 60 |
Non-current deferred tax liability, Subtotal | $ 10,142 | $ 15,766 |
Income Taxes (Summary Of Gross
Income Taxes (Summary Of Gross Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Income Taxes [Abstract] | ||
Assets, net of valuation allowances | $ 133,774 | $ 139,410 |
Liabilities | (10,142) | (15,766) |
Net deferred income tax assets | $ 123,632 | $ 123,644 |
Income Taxes (Valuation Allowan
Income Taxes (Valuation Allowance) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Taxes [Abstract] | |||
Valuation allowance beginning balance | $ 26,034 | $ 27,207 | $ 98,801 |
Charged to costs and expenses | (1,128) | 413 | (1,910) |
Releases | (7,413) | (2,730) | (50,111) |
Translation and other | (3,560) | 1,144 | (19,573) |
Valuation allowance ending balance | $ 13,933 | $ 26,034 | $ 27,207 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Taxes [Abstract] | |||
U.S. Federal statutory rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal benefit | 0.50% | 0.40% | 0.60% |
Effect of foreign operations | (8.30%) | (8.70%) | (6.00%) |
Change in valuation allowance | (5.00%) | 0.50% | (22.40%) |
Deemed dividends from subsidiaries | 6.30% | 2.90% | 1.80% |
Deduction for domestic production activities | (1.70%) | (1.30%) | |
Utilization of foreign tax credits | (3.90%) | (2.40%) | (1.20%) |
Branch accounting restructuring | (6.50%) | ||
Change in uncertain tax positions | (0.80%) | (2.60%) | (0.60%) |
Adjustment made by taxing authorities | 3.30% | ||
Adjustment of prior year balances | 1.70% | ||
Other, net | 1.00% | (1.90%) | (2.70%) |
Effective tax rate | 28.10% | 23.20% | (3.30%) |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits Roll Forward) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Taxes [Abstract] | |||
Unrecognized Tax Benefits, Beginning Balance | $ 3,399 | $ 6,776 | $ 8,083 |
Additions for tax positions of prior years | 10 | 564 | |
Additions for tax positions in current period | 228 | (257) | |
Reductions for tax positions of prior years | (89) | (30) | (55) |
Reductions due to expiration of statutory periods | (895) | (3,585) | (1,687) |
Reductions due to settlements with taxing authorities | (478) | (386) | |
Unrecognized Tax Benefits, Ending Balance | $ 1,937 | $ 3,399 | $ 6,776 |
Employee Retirement Plans (Narr
Employee Retirement Plans (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Change in recorded pension liabilities due to the change in funded status | $ (1,069) | $ 13,884 | ||
Accumulated benefit obligation | 208,546 | 199,597 | ||
Contributions to defined contribution savings plans | 4,367 | 4,222 | $ 4,000 | |
Assets Held In The Non Qualified Deferred Compensation Program Fair Value Disclosure | [1] | 6,082 | $ 4,961 | |
U.S. Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Unrecognized net actuarial losses expected to be amortized in fiscal 2018 | $ 1,551 | |||
U.S. Plans [Member] | Equity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target plan asset allocations | 50.00% | |||
U.S. Plans [Member] | Fixed Income Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target plan asset allocations | 50.00% | |||
International Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Unrecognized net actuarial losses expected to be amortized in fiscal 2018 | $ 1,780 | |||
Expected contributions to defined benefit plans in the next fiscal year | $ 6,200 | |||
International Plans [Member] | Equity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target plan asset allocations | 45.00% | |||
International Plans [Member] | Fixed Income Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target plan asset allocations | 55.00% | |||
[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. |
Employee Retirement Plans (Sche
Employee Retirement Plans (Schedule of Benefit Obligations in Excess of Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Change in benefit obligation: | |||
Service cost | $ 1,102 | $ 1,177 | $ 1,175 |
Interest cost | 5,997 | 6,939 | 8,361 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 190,535 | ||
Fair value of plan assets at end of year | 198,416 | 190,535 | |
U.S. Plans [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 42,980 | 45,243 | |
Service cost | 168 | 197 | |
Interest cost | 1,457 | 1,539 | |
Actuarial loss (gain) | (2,443) | (1,213) | |
Benefits paid | (3,537) | (2,786) | |
Benefit obligation at end of year | 38,625 | 42,980 | 45,243 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 34,125 | 37,716 | |
Actual return (loss) on assets | 3,100 | (1,598) | |
Employer contributions | 3,001 | 793 | |
Benefits paid | (3,537) | (2,786) | |
Fair value of plan assets at end of year | 36,689 | 34,125 | 37,716 |
Funded status | (1,936) | (8,855) | |
International Plans [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 156,617 | 176,939 | |
Service cost | 902 | 988 | |
Interest cost | 4,310 | 5,173 | |
Plan participants' contributions | 7 | 24 | |
Actuarial loss (gain) | 32,882 | (15,668) | |
Benefits paid | (6,029) | (7,114) | |
Benefit obligations acquired during the year | 683 | ||
Foreign currency exchange rate changes | (18,768) | (4,408) | |
Benefit obligation at end of year | 169,921 | 156,617 | 176,939 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 156,410 | 161,520 | |
Actual return (loss) on assets | 24,432 | (1,170) | |
Employer contributions | 6,934 | 7,868 | |
Plan participants' contributions | 7 | 24 | |
Benefits paid | (6,029) | (7,114) | |
Foreign currency exchange rate changes | (20,028) | (4,718) | |
Fair value of plan assets at end of year | 161,726 | 156,410 | $ 161,520 |
Funded status | $ (8,195) | $ (207) |
Employee Retirement Plans (Sc66
Employee Retirement Plans (Schedule of Assumptions Used for Benefit Obligation) (Details) | Mar. 31, 2017 | Mar. 31, 2016 |
Employee Retirement Plans [Abstract] | ||
Minimum discount rate | 0.10% | 0.50% |
Maximum discount rate | 3.80% | 3.50% |
Increase in compensation | 3.40% |
Employee Retirement Plans (Sc67
Employee Retirement Plans (Schedule of Amounts Recognized in Other Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
U.S. Plans [Member] | ||
Beginning balance | $ 17,909 | $ 16,993 |
Net loss (gain) incurred during the year | (3,762) | 2,498 |
Amortization of net actuarial gain (loss) | (1,824) | (1,582) |
Ending balance | 12,323 | 17,909 |
International Plans [Member] | ||
Beginning balance | 38,189 | 49,620 |
Net loss (gain) incurred during the year | 14,248 | (7,934) |
Amortization of net actuarial gain (loss) | (1,241) | (2,157) |
Amortization of prior service cost | 257 | |
Foreign currency exchange rate changes | (4,995) | (1,597) |
Ending balance | $ 46,201 | $ 38,189 |
Employee Retirement Plans (Sc68
Employee Retirement Plans (Schedule of Net Periodic Benefit Cost Not yet Recognized) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | |||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax, Total | $ 49,618 | $ 42,091 | ||
U.S. Plans [Member] | ||||
Unrecognized net actuarial loss | 7,895 | [1] | 11,474 | [2] |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax, Total | 7,895 | [1] | 11,474 | [2] |
Tax benefit recognized in accumulated other comprehensive income (loss) | 4,428 | 6,435 | ||
International Plans [Member] | ||||
Unrecognized net actuarial loss | 36,549 | [1] | 30,104 | [2] |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax, Total | 36,549 | [1] | 30,104 | [2] |
Tax benefit recognized in accumulated other comprehensive income (loss) | $ 9,652 | $ 8,088 | ||
[1] | Amounts in the above table as of March 31, 2017 are net of $4,428 and $9,652 tax benefit for the U.S. and International Plans, respectively. | |||
[2] | Amounts in the above table as of March 31, 2016 are net of $6,435 and $8,088 tax benefit for the U.S. and International Plans, respectively. |
Employee Retirement Plans (Sc69
Employee Retirement Plans (Schedule of Net Benefit Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Employee Retirement Plans [Abstract] | |||
Service cost | $ 1,102 | $ 1,177 | $ 1,175 |
Interest cost | 5,997 | 6,939 | 8,361 |
Expected return on plan assets | (7,579) | (8,677) | (10,137) |
Recognized actuarial loss | 3,142 | 3,740 | 2,689 |
Net periodic pension cost | $ 2,662 | $ 3,179 | $ 2,088 |
Employee Retirement Plans (Sc70
Employee Retirement Plans (Schedule of Assumptions Used for Benefit Costs) (Details) | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Employee Retirement Plans [Abstract] | |||
Minimum discount rates | 0.10% | 0.50% | 1.00% |
Maximum discount rates | 3.60% | 3.60% | 4.50% |
Increase in compensation | 3.40% | 3.40% | 3.90% |
Minimum expected long-term rate of return on plan assets | 1.40% | 1.40% | 1.40% |
Maximum expected long-term rate of return on plan assets | 4.20% | 7.30% | 7.30% |
Employee Retirement Plans (Sc71
Employee Retirement Plans (Schedule of Fair Value Hierarchy of Plan Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 |
Fair value of plan assets | $ 198,416 | $ 190,535 | |
Quoted Prices In Active Markets (Level 1) [Member] | |||
Fair value of plan assets | 8,671 | 8,350 | |
Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets | 189,745 | 182,185 | |
U.S. Plans [Member] | |||
Fair value of plan assets | 36,689 | 34,125 | $ 37,716 |
International Plans [Member] | |||
Fair value of plan assets | 161,726 | 156,410 | $ 161,520 |
Cash [Member] | U.S. Plans [Member] | |||
Fair value of plan assets | 166 | 159 | |
Cash [Member] | U.S. Plans [Member] | Quoted Prices In Active Markets (Level 1) [Member] | |||
Fair value of plan assets | 166 | 159 | |
Cash [Member] | International Plans [Member] | |||
Fair value of plan assets | 608 | 381 | |
Cash [Member] | International Plans [Member] | Quoted Prices In Active Markets (Level 1) [Member] | |||
Fair value of plan assets | 608 | 381 | |
Pooled Separate Accounts [Member] | U.S. Plans [Member] | |||
Fair value of plan assets | 29,046 | 26,552 | |
Pooled Separate Accounts [Member] | U.S. Plans [Member] | Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets | 29,046 | 26,552 | |
Pooled Separate Accounts [Member] | International Plans [Member] | |||
Fair value of plan assets | 153,222 | 148,219 | |
Pooled Separate Accounts [Member] | International Plans [Member] | Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets | 153,222 | 148,219 | |
Guaranteed Deposit Account [Member] | U.S. Plans [Member] | |||
Fair value of plan assets | 7,477 | 7,414 | |
Guaranteed Deposit Account [Member] | U.S. Plans [Member] | Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets | 7,477 | 7,414 | |
Depository Account [Member] | International Plans [Member] | |||
Fair value of plan assets | 7,897 | 7,810 | |
Depository Account [Member] | International Plans [Member] | Quoted Prices In Active Markets (Level 1) [Member] | |||
Fair value of plan assets | $ 7,897 | $ 7,810 |
Employee Retirement Plans (Sc72
Employee Retirement Plans (Schedule of Allocation of Plan Assets) (Details) | Mar. 31, 2017 | Mar. 31, 2016 |
U.S. Plans [Member] | ||
Actual plan asset allocations | 100.00% | 100.00% |
U.S. Plans [Member] | Equity Securities [Member] | ||
Actual plan asset allocations | 59.00% | 57.00% |
U.S. Plans [Member] | Debt Securities [Member] | ||
Actual plan asset allocations | 20.00% | 21.00% |
U.S. Plans [Member] | Other Plan Assets [Member] | ||
Actual plan asset allocations | 21.00% | 22.00% |
International Plans [Member] | ||
Actual plan asset allocations | 100.00% | 100.00% |
International Plans [Member] | Equity Securities [Member] | ||
Actual plan asset allocations | 38.00% | 45.00% |
International Plans [Member] | Debt Securities [Member] | ||
Actual plan asset allocations | 57.00% | 50.00% |
International Plans [Member] | Other Plan Assets [Member] | ||
Actual plan asset allocations | 5.00% | 5.00% |
Employee Retirement Plans (Sc73
Employee Retirement Plans (Schedule of Expected Benefit Payments) (Details) $ in Thousands | Mar. 31, 2017USD ($) |
U.S. Plans [Member] | |
2,018 | $ 2,132 |
2,019 | 2,202 |
2,020 | 2,292 |
2,021 | 2,381 |
2,022 | 2,439 |
2023-2027 | 12,979 |
International Plans [Member] | |
2,018 | 5,794 |
2,019 | 5,893 |
2,020 | 5,991 |
2,021 | 6,093 |
2,022 | 6,198 |
2023-2027 | $ 32,483 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017USD ($)$ / sharesitemshares | Mar. 31, 2016USD ($)$ / shares | Mar. 31, 2015USD ($)$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Granted | shares | 266,000 | ||
Shares available for future issuance | shares | 13,915,000 | ||
Aggregate intrinsic value of options exercised | $ | $ 2,149 | $ 170 | $ 1,376 |
Unrecognized compensation costs related to unvested awards | $ | $ 984 | 844 | |
Vesting period over which unrecognized compensation costs are expected to be recognized | 4 years | ||
Aggregate fair value of options vested | $ | $ 994 | $ 951 | $ 1,894 |
Weighted average grant date fair value per share | $ / shares | $ 2.52 | $ 2.49 | $ 2.75 |
Stock-based compensation expense, net of tax | $ | $ 1,512 | ||
Tax benefit of stock compensation expense | $ | $ 815 | ||
Forfeiture rate | 8.00% | ||
Number of fixed sotck option plans | item | 4 | ||
Expected life (years) | 6 years | 6 years | |
Performance-based Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation costs related to unvested awards | $ | $ 661 | ||
Vesting period | 1 year | ||
Annual vesting percentage | 33.30% | ||
1995 Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Annual vesting percentage | 25.00% | ||
2004 Non-Employee Directors Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | shares | 1,000,000 | ||
2004 Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | shares | 10,000,000 | ||
Annual vesting percentage | 25.00% | ||
2014 Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Annual vesting percentage | 25.00% | ||
2014 Non-Employee Directors Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | shares | 1,000,000 | ||
2014 RSU Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | shares | 3,000,000 | ||
2004 Non Employee Directors’ Stock Option Plan and the 2014 Non-Employee Director’s Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Annual vesting percentage | 33.00% | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life (years) | 10 years |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Nonvested Restricted Stock Units Activity) (Details) shares in Thousands | 12 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Stock-Based Compensation [Abstract] | |
Number of Shares, Non-vested at beginning of year | shares | |
Number of Shares, Granted | shares | 266 |
Number of Shares, Cancelled and forfeited | shares | 7 |
Number of Shares, Non-vested at end of year | shares | 259 |
Weighted-Average Grant Date Fair Value per Share, Non-vested at beginning of year | $ / shares | |
Weighted-Average Grant Date Fair Value per Share, Granted | $ / shares | 13.36 |
Weighted-Average Grant Date Fair Value per Share, Cancelled and forfeited | $ / shares | 13.36 |
Weighted-Average Grant Date Fair Value per Share, Non-vested at end of year | $ / shares | $ 13.36 |
Stock Based Compensation (Sched
Stock Based Compensation (Schedule of Stock Option Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | ||
Stock-Based Compensation [Abstract] | ||||
Number of options outstanding at beginning of year | 3,942 | |||
Number of options exercised | (794) | |||
Number of options cancelled/forfeited | (429) | |||
Number of options outstanding at end of year | 2,719 | 3,942 | ||
Number of options exercisable at end of year | 2,111 | |||
Weighted average exercise price of options outstanding at beginning of year | [1] | $ 13.63 | ||
Weighted average exercise price of options exercised | [1] | 12.75 | ||
Weighted average exercise price of options cancelled/forfeited | [1] | 15.13 | ||
Weighted average exercise price of options outstanding at end of year | [1] | 13.65 | $ 13.63 | |
Weighted average exercise price of options exercisable at end of year | [1] | $ 13.63 | ||
Average life (years) of options outstanding | [2] | 4 years 3 months 26 days | ||
Average life (years) of options exercisable | [2] | 3 years 4 months 21 days | ||
Aggregate intrinsic value of options exercised | $ 2,149 | $ 170 | $ 1,376 | |
Aggregate instrinsic value of options cancelled/forfeited | 485 | |||
Aggregate intrinsic value of options outstanding | 7,952 | |||
Aggregate intrinsic value of options exercisable | $ 6,339 | |||
[1] | Weighted-average exercise price | |||
[2] | Weighted-average contractual life remaining |
Stock Based Compensation (Sch77
Stock Based Compensation (Schedule of Unvested Stock Option Activity) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Stock-Based Compensation [Abstract] | |||
Number of Shares, Unvested balance at beginning of year | 1,057 | ||
Number of Shares, Options cancelled/forfeited | (41) | ||
Number of Shares, Options vested | (408) | ||
Number of Shares, Unvested balance at end of year | 608 | 1,057 | |
Weighted Average Grant-Date Fair Value, Unvested balance at beginning of year | $ 2.49 | ||
Weighted Average Grant-Date Fair Value, Options granted | 2.52 | $ 2.49 | $ 2.75 |
Weighted Average Grant-Date Fair Value, Options cancelled/forfeited | 2.53 | ||
Weighted Average Grant-Date Fair Value, Options vested | 2.44 | ||
Weighted Average Grant-Date Fair Value, Unvested balance at end of year | $ 2.52 | $ 2.49 |
Stock Based Compensation (Sch78
Stock Based Compensation (Schedule of Stock Option Valuation Assumptions) (Details) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Stock-Based Compensation [Abstract] | ||
Expected life (years) | 6 years | 6 years |
Interest rate | 1.50% | 2.00% |
Volatility | 24.00% | 27.00% |
Dividend yield | 2.90% | 2.90% |
Commitments and Contingencies79
Commitments and Contingencies (Narrative) (Details) | 12 Months Ended | ||
Mar. 31, 2017USD ($)claimitem | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | |
Loss Contingencies [Line Items] | |||
Operating Leases, Rent Expense, Net | $ 5,919,000 | $ 6,352,000 | $ 6,759,000 |
Outstanding purchase commitments | 0 | ||
Environmental charges | 3,600,000 | 45,318,000 | |
Unfavorable Regulatory Action [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency Accrual, at Carrying Value | 74,559,000 | ||
Aerovox Site (the “Site”) [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency Accrual, at Carrying Value | 19,181,000 | 16,809,000 | |
Site Contingency, Accrual, Present Value | 15,093,000 | ||
Environmental reserves, period increase | 3,600,000 | ||
Environmental reserves classified as accrued expenses | 3,892,000 | 7,409,000 | |
Environmental reserves classified as other non-current liabilities | 15,289,000 | $ 9,400,000 | |
Greatbatch, Inc. v AVX Corporation [Member] | Unfavorable Regulatory Action [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Damages Awarded, Value | $ 37,500,000 | ||
Presidio Components, Inc. v. American Technical Ceramics Corp. [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Claims Settled, Number | claim | 2 | ||
Presidio Components, Inc. v. American Technical Ceramics Corp. [Member] | Unfavorable Regulatory Action [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency Accrual, at Carrying Value | $ 34,891,000 | ||
Loss Contingency, Damages Awarded, Value | $ 2,168,000 | ||
Maximum [Member] | Greatbatch, Inc. v AVX Corporation [Member] | Unfavorable Regulatory Action [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Patents Allegedly Infringed, Number | item | 6 | ||
Minimum [Member] | Greatbatch, Inc. v AVX Corporation [Member] | Unfavorable Regulatory Action [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Patents Allegedly Infringed, Number | item | 1 |
Commitments and Contingencies80
Commitments and Contingencies (Schedule of Future Minimum Rental Payments for Operating Leases) (Details) $ in Thousands | Mar. 31, 2017USD ($) |
Leases [Abstract] | |
2,018 | $ 4,647 |
2,019 | 4,021 |
2,020 | 3,653 |
2,021 | 3,201 |
2,022 | $ 3,129 |
Derivative Financial Instrume81
Derivative Financial Instruments (Narrative) (Details) - Foreign Exchange Contract [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative contract maximum maturity term | 4 months | ||
Net pre-tax gains (losses) recognized in OCI | $ 1,095 | $ 40 | $ (2,133) |
Hedging contract gains (losses) recognized in other income (expense) | 460 | (818) | (4,392) |
Exchange losses recognized in other income | (2,059) | 1,231 | 4,035 |
Outstanding foreign exchange contracts | 193,156 | 204,372 | |
Cost of sales [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net pre-tax gains (losses) reclassified from AOCI into income | 3,355 | (773) | (11,040) |
Sales [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net pre-tax gains (losses) reclassified from AOCI into income | $ 1,710 | $ 807 | $ 8,725 |
Derivative Financial Instrume82
Derivative Financial Instruments (Fair value of Derivative Instruments) (Details) - Foreign Exchange Contract [Member] - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Designated as Hedging Instrument [Member] | Prepaid And Other [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 1,151 | $ 1,125 |
Designated as Hedging Instrument [Member] | Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 690 | 869 |
Not Designated as Hedging Instrument [Member] | Prepaid And Other [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 341 | 284 |
Not Designated as Hedging Instrument [Member] | Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | $ 196 | $ 481 |
Transactions with Affiliate (De
Transactions with Affiliate (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Sales (product and equipment sales to affiliates) | $ 30,303 | $ 22,230 | $ 28,723 | ||||||||
Purchases (puchases of resale inventories, raw materials, supplies, equipment, and services) | 303,793 | 233,637 | 272,679 | ||||||||
Other (dividends paid) | 52,983 | 51,156 | 48,720 | ||||||||
Net sales | $ 329,578 | $ 340,799 | $ 327,461 | $ 314,823 | $ 303,605 | $ 287,047 | $ 304,361 | $ 300,516 | 1,312,661 | 1,195,529 | 1,353,228 |
Gross profit | $ 73,702 | $ 79,391 | $ 61,799 | $ 69,863 | $ 74,076 | $ 66,043 | $ 71,776 | $ 77,174 | 284,755 | 289,069 | 328,569 |
Kyocera [Member] | |||||||||||
Net sales | 318,928 | 1,148 | 47,513 | ||||||||
Gross profit | 17,076 | $ 363 | $ 1,944 | ||||||||
Kyocera: Japan [Member] | |||||||||||
Net sales | $ 25,908 |
Segment and Geographic Inform84
Segment and Geographic Information (Narrative) (Details) - segment | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment and Geographic Information [Abstract] | ||
Number of Reportable Segments | 3 | |
Concentration Risk, Percentage | 10.00% | |
Accounts Receivable Balance Major Customer Percentage | 12.00% | 13.00% |
Segment and Geographic Inform85
Segment and Geographic Information (Information about reporting segments, net sales) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 329,578 | $ 340,799 | $ 327,461 | $ 314,823 | $ 303,605 | $ 287,047 | $ 304,361 | $ 300,516 | $ 1,312,661 | $ 1,195,529 | $ 1,353,228 |
Passive Components [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 875,570 | 822,083 | 918,008 | ||||||||
Ceramic Components [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 188,568 | 176,502 | 202,719 | ||||||||
Tantalum Components [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 314,723 | 311,888 | 355,974 | ||||||||
Advanced Components [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 372,279 | 333,693 | 359,315 | ||||||||
KED Resale [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 318,928 | 261,837 | 300,610 | ||||||||
KDP And KCD Resale [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 288,901 | 238,086 | 229,869 | ||||||||
KCP Resale Connectors [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 30,027 | 23,751 | 70,741 | ||||||||
Interconnect [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 118,163 | $ 111,609 | $ 134,610 |
Segment and Geographic Inform86
Segment and Geographic Information (Information about reporting segments, operating profit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Operating profit (loss) | $ 163,557 | $ 123,984 | $ 212,749 |
Passive Components [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating profit (loss) | 190,007 | 198,268 | 217,706 |
KED Resale [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating profit (loss) | 17,076 | 16,764 | 21,010 |
Interconnect [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating profit (loss) | 16,437 | 19,954 | 28,072 |
Corporate Activities [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating profit (loss) | $ (59,963) | $ (111,002) | $ (54,039) |
Segment and Geographic Inform87
Segment and Geographic Information (Information about reporting segments, depreciation and amortization) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 42,687 | $ 38,951 | $ 42,214 |
Passive Components [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 27,543 | 28,460 | 29,394 |
KED Resale [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 16 | 83 | 104 |
Interconnect [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 5,093 | 5,300 | 5,921 |
Corporate Activities [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 10,035 | $ 5,108 | $ 6,795 |
Segment and Geographic Inform88
Segment and Geographic Information (Information about reporting segments, assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Assets | $ 2,477,413 | $ 2,409,819 |
Passive Components [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 573,519 | 618,642 |
KED Resale [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 35,164 | 30,179 |
Cash, A/R and S/T and L/T investments [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,294,129 | 1,203,051 |
Interconnect [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 56,295 | 49,646 |
Goodwill - Passive Components [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 202,774 | 202,774 |
Goodwill - Interconnect [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 10,277 | 10,277 |
Corporate Activities [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 305,255 | $ 295,250 |
Segment and Geographic Inform89
Segment and Geographic Information (Information about reporting segments, capital expenditures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 66,288 | $ 48,103 | $ 26,599 |
Passive Components [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 50,982 | 36,400 | 21,452 |
KED Resale [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 1 | 29 | 4 |
Interconnect [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 14,054 | 9,237 | 4,899 |
Corporate Activities [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 1,251 | $ 2,437 | $ 244 |
Segment and Geographic Inform90
Segment and Geographic Information (Net sales generated by operations located within particular geographic areas) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 329,578 | $ 340,799 | $ 327,461 | $ 314,823 | $ 303,605 | $ 287,047 | $ 304,361 | $ 300,516 | $ 1,312,661 | $ 1,195,529 | $ 1,353,228 |
Americas [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 381,695 | 358,372 | 402,209 | ||||||||
Europe [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 352,064 | 339,768 | 388,747 | ||||||||
Asia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 578,902 | $ 497,389 | $ 562,272 |
Segment and Geographic Inform91
Segment and Geographic Information (Property, plant, and equipment located within particular geographic areas) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property, plant, and equipment, net | $ 239,951 | $ 217,998 | $ 199,842 |
Americas [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property, plant, and equipment, net | 110,235 | 91,674 | 81,787 |
Europe [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property, plant, and equipment, net | 77,981 | 77,619 | 68,442 |
Asia [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property, plant, and equipment, net | $ 51,735 | $ 48,705 | $ 49,613 |
Summary of Quarterly Financia92
Summary of Quarterly Financial Information (Unaudited) (Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Summary of Quarterly Financial Information (Unaudited) [Abstract] | |||||||||||
Net sales | $ 329,578 | $ 340,799 | $ 327,461 | $ 314,823 | $ 303,605 | $ 287,047 | $ 304,361 | $ 300,516 | $ 1,312,661 | $ 1,195,529 | $ 1,353,228 |
Gross profit | 73,702 | 79,391 | 61,799 | 69,863 | 74,076 | 66,043 | 71,776 | 77,174 | 284,755 | 289,069 | 328,569 |
Net income | $ 33,857 | $ 35,519 | $ 26,520 | $ 29,889 | $ 32,665 | $ 5,374 | $ 27,867 | $ 35,629 | $ 125,785 | $ 101,535 | $ 225,871 |
Basic earnings per share | $ 0.20 | $ 0.21 | $ 0.16 | $ 0.18 | $ 0.19 | $ 0.03 | $ 0.17 | $ 0.21 | $ 0.75 | $ 0.61 | $ 1.34 |
Diluted earnings per share | $ 0.20 | $ 0.21 | $ 0.16 | $ 0.18 | $ 0.19 | $ 0.03 | $ 0.17 | $ 0.21 | $ 0.75 | $ 0.60 | $ 1.34 |