Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 30, 2017 | Aug. 03, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,018 | |
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 | 168,346,184 | |
Trading Symbol | AVX |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 |
ASSETS | ||
Cash and cash equivalents | $ 633,576 | $ 578,634 |
Short-term investments in securities | 499,240 | 528,748 |
Accounts receivable - trade, net | 183,422 | 176,730 |
Accounts receivable - affiliates | 7,004 | 10,074 |
Inventories | 473,306 | 474,128 |
Income taxes receivable | 24,359 | 34,287 |
Prepaid and other | 34,171 | 33,803 |
Total current assets | 1,855,078 | 1,836,404 |
Property and equipment, net | 255,345 | 239,951 |
Goodwill | 213,051 | 213,051 |
Intangible assets, net | 53,280 | 53,650 |
Deferred income taxes - non-current | 127,452 | 124,589 |
Other assets | 11,625 | 9,768 |
Total Assets | 2,515,831 | 2,477,413 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable - trade | 45,871 | 43,778 |
Accounts payable - affiliates | 33,179 | 36,663 |
Income taxes payable | 6,895 | 3,944 |
Accrued payroll and benefits | 30,970 | 32,980 |
Accrued expenses | 101,079 | 98,702 |
Total current liabilities | 217,994 | 216,067 |
Pensions | 13,186 | 12,663 |
Deferred income taxes - non-current | 57 | 957 |
Other liabilities | 31,901 | 31,247 |
Total Liabilities | 263,138 | 260,934 |
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, 176,369 shares; outstanding, 167,930 and 168,144 shares at March 31, 2017 and June 30, 2017, respectively | 1,764 | 1,764 |
Additional paid-in capital | 357,481 | 357,203 |
Retained earnings | 2,046,274 | 2,033,285 |
Accumulated other comprehensive loss | (46,970) | (67,163) |
Treasury stock, at cost: 8,439 and 8,225 shares at March 31, 2017 and June 30, 2017, respectively | (105,856) | (108,610) |
Total Stockholders' Equity | 2,252,693 | 2,216,479 |
Total Liabilities and Stockholders' Equity | $ 2,515,831 | $ 2,477,413 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2017 | Mar. 31, 2017 |
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 | 168,144,000 | 167,930,000 |
Treasury stock, shares | 8,225,000 | 8,439,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Consolidated Statements of Operations [Abstract] | ||
Net sales | $ 331,354 | $ 314,823 |
Cost of sales | 257,508 | 244,960 |
Gross profit | 73,846 | 69,863 |
Selling, general and administrative expenses | 31,415 | 31,477 |
Litigation settlement charges | 3,600 | |
Profit from operations | 42,431 | 34,786 |
Other income (expense): | ||
Interest income | 2,331 | 1,662 |
Other, net | (418) | 3,403 |
Income before income taxes | 44,344 | 39,851 |
Provision for income taxes | 12,860 | 9,962 |
Net income | $ 31,484 | $ 29,889 |
Income (loss) per share: | ||
Basic | $ 0.19 | $ 0.18 |
Diluted | 0.19 | 0.18 |
Dividends declared per share: | $ 0.110 | $ 0.105 |
Weighted average common shares outstanding: | ||
Basic | 168,071 | 167,455 |
Diluted | 168,632 | 167,639 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Comprehensive Income (Loss) | ||
Net income | $ 31,484 | $ 29,889 |
Other comprehensive income (loss), net of income taxes | ||
Foreign currency translation adjustment | 21,062 | (4,281) |
Foreign currency cash flow hedges adjustment | (687) | 535 |
Pension liability adjustment | (182) | 153 |
Other comprehensive income (loss), net of income taxes | 20,193 | (3,593) |
Comprehensive income | $ 51,677 | $ 26,296 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Operating Activities: | ||
Net income | $ 31,484 | $ 29,889 |
Adjustment to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 10,355 | 9,570 |
Stock-based compensation expense | 847 | 744 |
Deferred income taxes | 1,005 | (591) |
Gain on disposal of property and equipment | (419) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (2,969) | (1,290) |
Inventories | 5,077 | (352) |
Accounts payable and accrued expenses | (1,687) | 3,181 |
Income taxes payable | 840 | 348 |
Other assets | 17,065 | 25,798 |
Other liabilities | 1,514 | (1,141) |
Net cash provided by (used in) operating activities | 63,531 | 65,737 |
Investing Activities: | ||
Purchases of property and equipment | (21,807) | (13,804) |
Purchases of investment securities | (455,013) | (242,467) |
Redemptions of investment securities | 485,286 | 237,031 |
Other investing activities | (969) | |
Proceeds from property and equipment dispositions | 826 | |
Net cash used in investing activities | 7,497 | (18,414) |
Financing Activities: | ||
Dividends paid | (18,495) | (17,580) |
Purchase of treasury stock | (1,586) | |
Proceeds from exercise of stock options | 2,185 | 919 |
Payments of tax withholdings for vested restricted stock units | (450) | |
Net cash used in financing activities | (16,760) | (18,247) |
Effect of exchange rate on cash | 674 | 65 |
Increase (decrease) in cash and cash equivalents | 54,942 | 29,141 |
Cash and cash equivalents at beginning of period | 578,634 | 454,208 |
Cash and cash equivalents at end of period | $ 633,576 | $ 483,349 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Jun. 30, 2017 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | 1. Basis of Presentation: The consolidated financial statements of AVX Corporation and its subsidiaries (“AVX” or the “Company”) include all accounts of the Company and its subsidiaries. All significant intercompany transactions and accounts have been eliminated. We have prepared the accompanying financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. These consolidated financial statements are unaudited and, in the opinion of management, include all adjustments, consisting of normal recurring adjustments and accruals, necessary for the fair statement of the consolidated balance sheets, operating results, comprehensive income, and cash flows for the periods presented. Operating results for the three month period ended June 30, 2017 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2018 due to changes in economic conditions and other factors. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been omitted in accordance with the rules and regulations of the SEC. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2017. Critical Accounting Policies and Estimates We have identified the accounting policies and estimates that are critical to our business operations and understanding our results of operations. Those policies and estimates can be found in Note 1, “Summary of Significant Accounting Policies,” of the Notes to Consolidated Financial Statements and in “Critical Accounting Policies and Estimates,” in “Management's Discussion and Analysis of Financial Condition and Results of Operations” contained in our Annual Report on Form 10-K for the fiscal year ended March 31, 2017. Accordingly, this Quarterly Report on Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended March 31, 2017. During the three month period ended June 30, 2017, there were no significant changes to any critical accounting policies or to the methodology used in determining estimates including those related to investment securities, revenue recognition, inventories, goodwill, intangible assets, property and equipment, income taxes, and contingencies. New Accounting Standards In 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 a nnual reporting periods beginning after December 15, 2016, and interim periods within those annual periods. The standard became effective for this interim reporting period and the impact of this standard becoming effective did not have a material impact on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, “Intangibles – Goodwill and Other.” This guidance simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of goodwill. Instead, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. This ASU also removes the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment, and if it fails that qualitative test to perform Step 2 of the goodwill impairment test. Companies are to apply the standard on a prospective basis. The guidance is effective for public companies that are an SEC filer for fiscal years beginning after December 15, 2019. Early adoption is permitted and management elected to adopt this guidance beginning with the interim period ending June 30, 2017. The adoption of this standard did not 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 | 3 Months Ended |
Jun. 30, 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. Equity awards are the only common stock equivalents currently used in our calculation and are computed using the treasury stock method. The table below represents the basic and diluted earnings per share and sets forth the weighted average number of shares of common stock outstanding and potential common stock equivalents: Three Months Ended June 30, 2016 2017 Net income $ 29,889 $ 31,484 Computation of Basic EPS: Weighted Average Shares Outstanding used in Computing Basic EPS 167,455 168,071 Basic earnings per share $ 0.18 $ 0.19 Computation of Diluted EPS: Weighted Average Shares Outstanding used in Computing Basic EPS 167,455 168,071 Effect of stock options 184 561 Weighted Average Shares used in Computing Diluted EPS (1) 167,639 168,632 Diluted earnings per share $ 0.18 $ 0.19 (1) Common stock equivalents not included in the computation of diluted earnings per share because the impact would have been antidilutive were 2,630 shares and 161 shares for the three months ended June 30, 2016 and 2017, respectively. |
Trade Accounts Receivable
Trade Accounts Receivable | 3 Months Ended |
Jun. 30, 2017 | |
Trade Accounts Receivable [Abstract] | |
Trade Accounts Receivable | 3. Trade Accounts Receivable: March 31, 2017 June 30, 2017 Gross Accounts Receivable - Trade $ 198,491 $ 204,925 Less: Allowances for doubtful accounts 1,285 1,447 Stock rotation and ship from stock and debit 14,853 14,893 Sales returns and discounts 5,623 5,163 Total allowances 21,761 21,503 $ 176,730 $ 183,422 Charges related to allowances for doubtful accounts are charged to selling, general and administrative expenses. Charges related to stock rotation, ship from stock and debit, sales returns, and sales discounts are reported as deductions from revenue. Three Months Ended June 30, 2016 2017 Allowances for doubtful accounts: Beginning Balance $ 423 $ 1,285 Charges 26 164 Applications - (2) Ending Balance $ 449 $ 1,447 Three Months Ended June 30, 2016 2017 Stock rotation and ship from stock and debit: Beginning Balance $ 14,314 $ 14,853 Charges 7,531 6,739 Applications (4,797) (6,699) Ending Balance $ 17,048 $ 14,893 Three Months Ended June 30, 2016 2017 Sales returns and discounts: Beginning Balance $ 6,681 $ 5,623 Charges 3,806 4,065 Applications (2,844) (4,553) Translation and other (13) 28 Ending Balance $ 7,630 $ 5,163 |
Fair Value
Fair Value | 3 Months Ended |
Jun. 30, 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 three month periods ended March 31, 2017 and June 30, 2017, there have been no transfers of assets or liabilities between levels within the fair value hierarchy. Based on Quoted prices Other in active observable Unobservable Fair Value at markets inputs inputs 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 $ - Based on Quoted prices Other in active observable Unobservable Fair Value at markets inputs inputs June 30, 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) $ 6,485 $ 5,324 $ 1,161 $ - Foreign currency derivatives (2) 1,085 - 1,085 - Total $ 7,570 $ 5,324 $ 2,246 $ - Based on Quoted prices Other in active observable Unobservable Fair Value at markets inputs inputs June 30, 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) $ 6,485 $ 5,324 $ 1,161 $ - Foreign currency derivatives (2) 1,769 - 1,769 - Total $ 8,254 $ 5,324 $ 2,930 $ - (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 or accrued expenses in the consolidated balance sheets. Unrealized gains and losses on derivatives classified as cash flow hedges are recorded in other comprehensive income (loss). Realized gains and losses on derivatives classified as cash flow hedges and gains and losses on derivatives not designated as hedges are recorded in other income. Valuation Techniques: The following describes valuation techniques used to appropriately value our assets held in the non-qualified deferred compensation plan and derivatives. Assets held in the non-qualified deferred compensation plan Assets valued using Level 1 and Level 2 i nputs in the table above represent assets from our non-qualified deferred compensation program. The funds in the non-qualified deferred compensation program are valued based on the number of shares in the funds using a price per share traded in an active market. Investments are considered to be impaired when a decline in fair value is judged to be other-than-temporary. If the cost of an investment exceeds its fair value, among other factors, we evaluate general market conditions, the duration and extent to which the fair value is less than cost, and whether or not we expect to recover the security's entire amortized cost. 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 hedge s, to protect against the foreign currency exchange rate risks inherent in our forecasted transactions related to purchase commitments and sales, denominated in various currencies. We also use derivatives not designated as hedging instruments to hedge foreign currency balance sheet exposures. These derivatives are used to offset currency changes in the fair value of the hedged assets and liabilities. Fair values for all of our derivative financial instruments are valued by adjusting the market spot rate by forward points, based on the date of the contract. The spot rates and forward points used are an average rate from an actively traded market. At March 31, 2017 and June 30, 2017, all of our forward contracts are valued using Level 2 measurements. |
Financial Instruments and Inves
Financial Instruments and Investments in Securities | 3 Months Ended |
Jun. 30, 2017 | |
Financial Instruments and Investments in Securities [Abstract] | |
Financial Instruments and Investments in Securities | 5. Financial Instruments and Investments in Securities: At March 31, 2017 and June 30, 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 are recorded as interest income. Investments in held-to-maturity securities, recorded at amortized cost, were as follows: March 31, 2017 Gross Gross Unrealized Unrealized Estimated Cost Gains Losses Fair Value Short-term investments: Corporate bonds $ 10,120 $ - $ (1) $ 10,119 Time deposits 518,628 148 - 518,776 $ 528,748 $ 148 $ (1) $ 528,895 June 30, 2017 Gross Gross Unrealized Unrealized Estimated Cost Gains Losses Fair Value Short-term investments: Corporate bonds $ 10,004 $ - $ (4) $ 10,000 Time deposits 489,236 80 - 489,316 $ 499,240 $ 80 $ (4) $ 499,316 The amortized cost and estimated fair value of held-to-maturity investments at June 30, 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 Estimated Cost Fair Value Due in one year or less $ 499,240 $ 499,316 Due after one year through five years - - Total $ 499,240 $ 499,316 |
Inventories
Inventories | 3 Months Ended |
Jun. 30, 2017 | |
Inventories [Abstract] | |
Inventories | 6. Inventories: March 31, 2017 June 30, 2017 Finished goods $ 92,563 $ 93,786 Work in process 107,392 107,688 Raw materials and supplies 274,173 271,832 $ 474,128 $ 473,306 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 7 . Commitments and Contingencies: We have been identified by the United States Environmental Protection Agency (“EPA”), state governmental agencies or other private parties as a potentially responsible party (“PRP”) under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”), or equivalent state or local laws, for clean-up and response costs associated with certain sites at which remediation is required with respect to prior contamination. Because CERCLA or such state statutes authorize joint and several liability, the EPA or state regulatory authorities could seek to recover all clean-up costs from any one of the PRPs at a site despite the involvement of other PRPs. At certain sites, financially responsible PRPs other than AVX also are, or have been, involved in site investigation and clean-up activities. We believe that liability resulting from these sites will be apportioned between AVX and other PRPs. To resolve our liability at the sites at which we have been named a PRP, we have entered into various administrative orders and consent decrees with federal and state regulatory agencies governing the timing and nature of investigation and remediation. As is customary, the orders and decrees regarding sites where the PRPs are not themselves implementing the chosen remedy contain provisions allowing the EPA to reopen the agreement and seek additional amounts from settling PRPs in the event that certain contingencies occur, such as the discovery of significant new information about site conditions. On 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 $14,492 at June 30, 2017, representing our estimate 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 $ 19,181 and $ 18,509 at March 31, 2017 and June 30, 2017 , respectively, related to various environmental matters and sites, including those discussed above. These reserves are classified in the Consolidated Balance Sheets as $ 3,892 and $ 3,220 in accrued expenses at March 31, 2017 and June 30, 2017, respectively, and $ 15,289 in other non-current liabilities at both March 31, 2017 and June 30, 2017. 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. 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 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 June 30, 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 June 30, 2017, we had total reserves of $74,559 plus accrued interest in accrued expenses 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 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 in progress. 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. |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 3 Months Ended |
Jun. 30, 2017 | |
Comprehensive Income (Loss) [Abstract] | |
Comprehensive Income (Loss) | 8. Comprehensive Income (Loss): Comprehensive income (loss) represents changes in equity during a period except those resulting from investments by and distributions to shareholders. The specific components include net income, pension liability and other post-retirement benefit adjustments, deferred gains and losses resulting from foreign currency translation adjustments and unrealized gains and losses on qualified foreign currency cash flow hedges. Other comprehensive income (loss) includes the following components: Three Months Ended June 30, 2016 2017 Pre-tax Net of Tax Pre-tax Net of Tax Foreign currency translation adjustment $ (4,281) $ (4,281) $ 21,062 $ 21,062 Foreign currency cash flow hedges adjustment 601 535 (720) (687) Pension liability adjustment 206 153 (240) (182) Other comprehensive income (loss) $ (3,474) $ (3,593) $ 20,102 $ 20,193 Amounts reclassified out of accumulated other comprehensive income (loss) into net income include those that pertain to the Company’s pension and postretirement benefit plans and realized gains and losses on derivative instruments designated as cash flow hedges. Please see Note 10 for additional information related to the amortization of prior service cost and the recognized actuarial losses, which amounts are reclassified from accumulated other comprehensive income (loss) into net income and are included in selling, general and administrative expenses in the statement of operations during the three month periods ended June 30, 2016 and 2017. Please see Note 11 for additional information related to realized gains and losses on derivative instruments reclassified from accumulated other comprehensive income (loss) into net income during the three month periods ended June 30, 2016 and 2017. |
Segment and Geographic Informat
Segment and Geographic Information | 3 Months Ended |
Jun. 30, 2017 | |
Segment and Geographic Information [Abstract] | |
Segment and Geographic Information | 9. Segment and Geographic Information: Our operating segments are based on the types of products from which we generate revenues. We are organized into a p roduct line organization with five main product groups and three reportable segments . Our five main product groups are: Ceramic Components, Tantalum Components, Advanced Components, AVX Interconnect, and Kyocera Electronic Devices. The reportable segments are: Passive Components, Interconnect, and KED Resale. The product groups of Ceramic, Advanced, and Tantalum have been aggregated into the Passive Components reportable segment in accordance with the SEC’s a ggregation 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 AVX I nterconnec t segment consists primarily of automotive, telecom, and memory connectors manufactured b y or for AV X. 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. 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: Three Months Ended June 30, Sales Revenue: 2016 2017 Ceramic Components $ 50,221 $ 51,057 Tantalum Components 77,511 88,953 Advanced Components 83,217 84,928 Total Passive Components 210,949 224,938 AVX Interconnect 30,487 29,685 KCP Resale Connectors 6,827 8,704 KDP and KCD Resale 66,560 68,027 Total KED Resale 73,387 76,731 Total Revenue $ 314,823 $ 331,354 Three Months Ended June 30, 2016 2017 Operating profit: Passive Components $ 45,632 $ 50,230 AVX Interconnect 5,218 3,278 KED Resale 4,484 4,489 Corporate activities (20,548) (15,566) Total $ 34,786 $ 42,431 As of As of March 31, 2017 June 30, 2017 Assets: Passive Components $ 573,519 $ 567,477 AVX Interconnect 56,295 65,967 KED Resale 35,164 34,169 Cash, A/R, and investments in securities 1,294,129 1,323,242 Goodwill - Passive components 202,774 202,774 Goodwill - AVX Interconnect 10,277 10,277 Corporate activities 305,255 311,925 Total $ 2,477,413 $ 2,515,831 The following geographic data is based upon net sales generated by operations located within particular geographic are as. Substantially all of the sales in the Americas region were generated in the United States. Three Months Ended June 30, 2016 2017 Net sales: Americas $ 92,856 $ 99,940 Europe 89,083 92,520 Asia 132,884 138,894 Total $ 314,823 $ 331,354 |
Pension Plans
Pension Plans | 3 Months Ended |
Jun. 30, 2017 | |
Pension Plans [Abstract] | |
Pension Plans | 10. Pension Plans: Net periodic pension cost for our defined benefit plans consisted of the following for the three month periods ended June 30, 2016 and 2017: U.S. Plans International Plans Three Months Ended Three Months Ended June 30, June 30, 2016 2017 2016 2017 Service cost $ 42 $ 33 $ 234 $ 228 Interest cost 364 352 1,253 1,108 Expected return on plan assets (445) (450) (1,589) (1,417) Recognized actuarial loss 456 286 339 321 Net periodic pension cost $ 417 $ 221 $ 237 $ 240 Based on current actuarial computations, during the three months ended June 30, 2017, we made contributions of $ 1,578 to the international plans. We expect to make additional contributions of approximately $ 4,830 to the international plans over the remainder of fiscal 2018. We made no contributions to the U.S. plans during the three months ended June 30, 2017. We do no t anticipate making any contributions to the U.S. plans over the remainder of the fiscal year. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Jun. 30, 2017 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | 11. Derivative Financial Instruments: We are exposed to foreign currency exchange rate fluctuations in the normal course of business. We use derivative instruments (forward contracts) to hedge certain foreign currency exposures as part of our risk management strategy. The objective is to offset gains and losses resulting from these exposures with gains and losses on the forward contracts used to hedge them, thereby reducing volatility of earnings or protecting fair values of assets and liabilities. We do not enter into any trading or speculative positions with regard to derivative instruments. We primarily use forward contracts, with maturities less than four months, designated as cash flow hedges to protect against the foreign currency exchange rate risks inherent in our forecasted transactions related to purchase commitments and sales, denominated in various currencies. These derivative instruments are designated and qualify as cash flow hedges. The effectiveness of the cash flow hedges is determined by comparing the cumulative change in the fair value of the hedge contract with the cumulative change in the fair value of the hedged transaction, both of which are based on forward rates. The effective portion of the gain or loss on these cash flow hedges is initially recorded in accumulated other comprehensive income (loss) as a separate component of stockholders’ equity. Once the hedged transaction is recognized, the gain or loss is recognized in our statement of operations. At March 31, 2017 and June 30, 2017, respectively, the following forward contracts were entered into to hedge against the volatility of foreign currency exchange rates for certain forecasted sales and purchases. March 31, 2017 Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair Caption Value Caption Value Foreign exchange contracts Prepaid and other $ 1,151 Accrued expenses $ 690 June 30, 2017 Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair Caption Value Caption Value Foreign exchange contracts Prepaid and other $ 956 Accrued expenses $ 1,214 Fo r these derivatives designated as cash flow hedging instruments, during the three months ended June 30, 2017, net pre-tax gains of $ 752 were recognized in other comprehensive income. In addition, during the three months ended June 30, 2017, net pre-tax gains of $ 1,045 were reclassified from accumulated other comprehensive income into cost of sales (for hedging purchases), and net pretax losses of $ 422 were reclassified from accumulated other comprehensive income into sales (for hedging sales) in the accompanying statement of operations. Derivatives not designated a s cash flow hedging instruments consist primarily of forwards used to hedge foreign currency balance sheet exposures. These hedging instruments are used to offset foreign currency changes in the fair values of the underlying assets and liabilities. The gains and losses on these foreign currency forward contracts are recognized in other income in the same period as the remeasurement gains and losses of the related foreign currency denominated assets and liabilities and thus naturally offset these gains and losses. At March 31, 2017 and June 30, 2017, we had the following forward contracts that were entered into to hedge against these exposures. March 31, 2017 Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair Caption Value Caption Value Foreign exchange contracts Prepaid and other $ 341 Accrued expenses $ 196 June 30, 2017 Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair Caption Value Caption Value Foreign exchange contracts Prepaid and other $ 129 Accrued expenses $ 555 For these derivatives not designated a s cash flow hedging instruments during the three months ended June 30, 2017, losses of $ 483 on hedging contracts were recognized in other income, along with the approximately $ 562 in exchange gains that were recognized in other income in the accompanying statement of operations. At March 31, 2017 and June 30, 2017, we had outstanding foreign exchange contracts with notional amounts totaling $ 193,156 and $ 227,338 , respectively, denominated primarily in Euros, Czech Korunas, British Pounds, and Japanese Yen. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events: On August 2, 2017 , the Board of Directors of the Company declared a $ 0.11 dividend per share of common stock with respect to the quarter ended June 30, 2017. The dividend will be paid to stockholders of record on August 16, 2017 and will be disbursed on September 1, 2017 . On July 19, 2017 , A VX Cor poration announced it signed a Sale and Purchase Agreement to acquire the Transportation, Sensing and Control (“TS&C”) division from TT Electronics, PLC , a United Kingdom (U.K.) Company , for approximately $155.5 million in cash. The annual sales of the division are approximately $300.0 million. The transaction is subject to customary closing co nditions, including regulatory filings and a pproval s in various jurisdictions, as may be required. The transaction is expected to close during the Company's third fiscal quarter ending December 31, 2017 . For additional information about this transaction, see the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on July 19, 2017, and Exhibit 10.2 of this Form 10-Q . |
Basis of Presentation (Policy)
Basis of Presentation (Policy) | 3 Months Ended |
Jun. 30, 2017 | |
Basis of Presentation [Abstract] | |
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 a nnual reporting periods beginning after December 15, 2016, and interim periods within those annual periods. The standard became effective for this interim reporting period and the impact of this standard becoming effective did not have a material impact on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, “Intangibles – Goodwill and Other.” This guidance simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of goodwill. Instead, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. This ASU also removes the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment, and if it fails that qualitative test to perform Step 2 of the goodwill impairment test. Companies are to apply the standard on a prospective basis. The guidance is effective for public companies that are an SEC filer for fiscal years beginning after December 15, 2019. Early adoption is permitted and management elected to adopt this guidance beginning with the interim period ending June 30, 2017. The adoption of this standard did not 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 (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Basic and diluted weighted average number of shares of common stock and potential common stock equivalents | Three Months Ended June 30, 2016 2017 Net income $ 29,889 $ 31,484 Computation of Basic EPS: Weighted Average Shares Outstanding used in Computing Basic EPS 167,455 168,071 Basic earnings per share $ 0.18 $ 0.19 Computation of Diluted EPS: Weighted Average Shares Outstanding used in Computing Basic EPS 167,455 168,071 Effect of stock options 184 561 Weighted Average Shares used in Computing Diluted EPS (1) 167,639 168,632 Diluted earnings per share $ 0.18 $ 0.19 (1) Common stock equivalents not included in the computation of diluted earnings per share because the impact would have been antidilutive were 2,630 shares and 161 shares for the three months ended June 30, 2016 and 2017, respectively. |
Trade Accounts Receivable (Tabl
Trade Accounts Receivable (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Trade Accounts Receivable | March 31, 2017 June 30, 2017 Gross Accounts Receivable - Trade $ 198,491 $ 204,925 Less: Allowances for doubtful accounts 1,285 1,447 Stock rotation and ship from stock and debit 14,853 14,893 Sales returns and discounts 5,623 5,163 Total allowances 21,761 21,503 $ 176,730 $ 183,422 |
Allowances for Doubtful Accounts [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowances | Three Months Ended June 30, 2016 2017 Allowances for doubtful accounts: Beginning Balance $ 423 $ 1,285 Charges 26 164 Applications - (2) Ending Balance $ 449 $ 1,447 |
Stock Rotation And Ship From Stock And Debit [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowances | Three Months Ended June 30, 2016 2017 Stock rotation and ship from stock and debit: Beginning Balance $ 14,314 $ 14,853 Charges 7,531 6,739 Applications (4,797) (6,699) Ending Balance $ 17,048 $ 14,893 |
Sales Returns And Discounts [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowances | Three Months Ended June 30, 2016 2017 Sales returns and discounts: Beginning Balance $ 6,681 $ 5,623 Charges 3,806 4,065 Applications (2,844) (4,553) Translation and other (13) 28 Ending Balance $ 7,630 $ 5,163 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Jun. 30, 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, 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 $ - Based on Quoted prices Other in active observable Unobservable Fair Value at markets inputs inputs June 30, 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) $ 6,485 $ 5,324 $ 1,161 $ - Foreign currency derivatives (2) 1,085 - 1,085 - Total $ 7,570 $ 5,324 $ 2,246 $ - Based on Quoted prices Other in active observable Unobservable Fair Value at markets inputs inputs June 30, 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) $ 6,485 $ 5,324 $ 1,161 $ - Foreign currency derivatives (2) 1,769 - 1,769 - Total $ 8,254 $ 5,324 $ 2,930 $ - (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 or accrued expenses in the consolidated balance sheets. Unrealized gains and losses on derivatives classified as cash flow hedges are recorded in other comprehensive income (loss). Realized gains and losses on derivatives classified as cash flow hedges and gains and losses on derivatives not designated as hedges are recorded in other income. |
Financial Instruments and Inv23
Financial Instruments and Investments in Securities (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Financial Instruments and Investments in Securities [Abstract] | |
Investments in held-to-maturity securities, recorded at amortized cost | March 31, 2017 Gross Gross Unrealized Unrealized Estimated Cost Gains Losses Fair Value Short-term investments: Corporate bonds $ 10,120 $ - $ (1) $ 10,119 Time deposits 518,628 148 - 518,776 $ 528,748 $ 148 $ (1) $ 528,895 June 30, 2017 Gross Gross Unrealized Unrealized Estimated Cost Gains Losses Fair Value Short-term investments: Corporate bonds $ 10,004 $ - $ (4) $ 10,000 Time deposits 489,236 80 - 489,316 $ 499,240 $ 80 $ (4) $ 499,316 |
Amortized cost and estimated fair value of held-to-maturity investments, by contractual maturity | Held-to-Maturity Amortized Estimated Cost Fair Value Due in one year or less $ 499,240 $ 499,316 Due after one year through five years - - Total $ 499,240 $ 499,316 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Inventories [Abstract] | |
Inventories | March 31, 2017 June 30, 2017 Finished goods $ 92,563 $ 93,786 Work in process 107,392 107,688 Raw materials and supplies 274,173 271,832 $ 474,128 $ 473,306 |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Comprehensive Income (Loss) [Abstract] | |
Comprehensive income (loss) | Three Months Ended June 30, 2016 2017 Pre-tax Net of Tax Pre-tax Net of Tax Foreign currency translation adjustment $ (4,281) $ (4,281) $ 21,062 $ 21,062 Foreign currency cash flow hedges adjustment 601 535 (720) (687) Pension liability adjustment 206 153 (240) (182) Other comprehensive income (loss) $ (3,474) $ (3,593) $ 20,102 $ 20,193 |
Segment and Geographic Inform26
Segment and Geographic Information (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Segment and Geographic Information [Abstract] | |
Information about reported segments | Three Months Ended June 30, Sales Revenue: 2016 2017 Ceramic Components $ 50,221 $ 51,057 Tantalum Components 77,511 88,953 Advanced Components 83,217 84,928 Total Passive Components 210,949 224,938 AVX Interconnect 30,487 29,685 KCP Resale Connectors 6,827 8,704 KDP and KCD Resale 66,560 68,027 Total KED Resale 73,387 76,731 Total Revenue $ 314,823 $ 331,354 Three Months Ended June 30, 2016 2017 Operating profit: Passive Components $ 45,632 $ 50,230 AVX Interconnect 5,218 3,278 KED Resale 4,484 4,489 Corporate activities (20,548) (15,566) Total $ 34,786 $ 42,431 As of As of March 31, 2017 June 30, 2017 Assets: Passive Components $ 573,519 $ 567,477 AVX Interconnect 56,295 65,967 KED Resale 35,164 34,169 Cash, A/R, and investments in securities 1,294,129 1,323,242 Goodwill - Passive components 202,774 202,774 Goodwill - AVX Interconnect 10,277 10,277 Corporate activities 305,255 311,925 Total $ 2,477,413 $ 2,515,831 |
Net sales generated by operations located within particular geographic areas | Three Months Ended June 30, 2016 2017 Net sales: Americas $ 92,856 $ 99,940 Europe 89,083 92,520 Asia 132,884 138,894 Total $ 314,823 $ 331,354 |
Pension Plans (Tables)
Pension Plans (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Pension Plans [Abstract] | |
Net periodic cost for defined benefit plans | U.S. Plans International Plans Three Months Ended Three Months Ended June 30, June 30, 2016 2017 2016 2017 Service cost $ 42 $ 33 $ 234 $ 228 Interest cost 364 352 1,253 1,108 Expected return on plan assets (445) (450) (1,589) (1,417) Recognized actuarial loss 456 286 339 321 Net periodic pension cost $ 417 $ 221 $ 237 $ 240 |
Derivative Financial Instrume28
Derivative Financial Instruments (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Designated as Hedging Instrument [Member] | |
Derivatives, Fair Value [Line Items] | |
Fair value of derivative instruments | March 31, 2017 Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair Caption Value Caption Value Foreign exchange contracts Prepaid and other $ 1,151 Accrued expenses $ 690 June 30, 2017 Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair Caption Value Caption Value Foreign exchange contracts Prepaid and other $ 956 Accrued expenses $ 1,214 |
Not Designated as Hedging Instrument [Member] | |
Derivatives, Fair Value [Line Items] | |
Fair value of derivative instruments | March 31, 2017 Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair Caption Value Caption Value Foreign exchange contracts Prepaid and other $ 341 Accrued expenses $ 196 June 30, 2017 Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair Caption Value Caption Value Foreign exchange contracts Prepaid and other $ 129 Accrued expenses $ 555 |
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 | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||
Net income | $ 31,484 | $ 29,889 |
Weighted Average Shares Outstanding used in computing Basic EPS | 168,071 | 167,455 |
Basic earnings per share | $ 0.19 | $ 0.18 |
Effect of stock options | 561 | 184 |
Weighted Average Shares used in computing Diluted EPS | 168,632 | 167,639 |
Diluted income per share | $ 0.19 | $ 0.18 |
Antidilutive Securities excluded from computation of diluted EPS | 161 | 2,630 |
Trade Accounts Receivable (Trad
Trade Accounts Receivable (Trade Accounts Receivable) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Mar. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross Accounts Receivable - Trade | $ 204,925 | $ 198,491 | ||
Allowances | 21,503 | 21,761 | ||
Net Accounts Receivable - Trade | 183,422 | 176,730 | ||
Allowances for Doubtful Accounts [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowances | 1,447 | 1,285 | $ 449 | $ 423 |
Stock Rotation And Ship From Stock And Debit [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowances | 14,893 | 14,853 | 17,048 | 14,314 |
Sales Returns And Discounts [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowances | $ 5,163 | $ 5,623 | $ 7,630 | $ 6,681 |
Trade Accounts Receivable (Allo
Trade Accounts Receivable (Allowances) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | $ 21,761 | |
Ending Balance | 21,503 | |
Allowances for Doubtful Accounts [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 1,285 | $ 423 |
Charges | 164 | 26 |
Applications | (2) | |
Ending Balance | 1,447 | 449 |
Stock Rotation And Ship From Stock And Debit [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 14,853 | 14,314 |
Charges | 6,739 | 7,531 |
Applications | (6,699) | (4,797) |
Ending Balance | 14,893 | 17,048 |
Sales Returns And Discounts [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 5,623 | 6,681 |
Charges | 4,065 | 3,806 |
Applications | (4,553) | (2,844) |
Translation and other | 28 | (13) |
Ending Balance | $ 5,163 | $ 7,630 |
Fair Value (Measurement Inputs)
Fair Value (Measurement Inputs) (Details) - Recurring Basis [Member] - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in the non-qualified deferred compensation program | $ 6,485 | $ 6,082 |
Foreign currency derivatives | 1,085 | 1,492 |
Assets measured at fair value, Total | 7,570 | 7,574 |
Obligation related to assets held in the non-qualified deferred compensation program | 6,485 | 6,082 |
Foreign currency derivatives | 1,769 | 886 |
Liabilities measured at fair value, Total | 8,254 | 6,968 |
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 | 5,324 | 4,810 |
Foreign currency derivatives | ||
Assets measured at fair value, Total | 5,324 | 4,810 |
Obligation related to assets held in the non-qualified deferred compensation program | 5,324 | 4,810 |
Foreign currency derivatives | ||
Liabilities measured at fair value, Total | 5,324 | 4,810 |
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 | 1,161 | 1,272 |
Foreign currency derivatives | 1,085 | 1,492 |
Assets measured at fair value, Total | 2,246 | 2,764 |
Obligation related to assets held in the non-qualified deferred compensation program | 1,161 | 1,272 |
Foreign currency derivatives | 1,769 | 886 |
Liabilities measured at fair value, Total | 2,930 | 2,158 |
Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in the non-qualified deferred compensation program | ||
Foreign currency derivatives | ||
Assets measured at fair value, Total | ||
Obligation related to assets held in the non-qualified deferred compensation program | ||
Foreign currency derivatives | ||
Liabilities measured at fair value, Total |
Financial Instruments and Inv33
Financial Instruments and Investments in Securities (Investments in held-to-maturity securities, recorded at amortized cost) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Cost | $ 499,240 | $ 528,748 |
Gross Unrealized Gains | 80 | 148 |
Gross Unrealized Losses | (4) | (1) |
Estimated Fair Value | 499,316 | 528,895 |
Short-Term Investments [Member] | Corporate Bonds [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Short-term investments, Cost | 10,004 | 10,120 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | (4) | (1) |
Estimated Fair Value | 10,000 | 10,119 |
Short-Term Investments [Member] | Time Deposits [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Short-term investments, Cost | 489,236 | 518,628 |
Gross Unrealized Gains | 80 | 148 |
Gross Unrealized Losses | ||
Estimated Fair Value | $ 489,316 | $ 518,776 |
Financial Instruments and Inv34
Financial Instruments and Investments in Securities (Amortized cost and estimated fair value of held-to-maturity investments by contractual maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 |
Financial Instruments and Investments in Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 499,240 | |
Due after one year through five years, Amortized Cost | ||
Total, Amortized Cost | 499,240 | |
Due in one year or less, Estimated Fair Value | 499,316 | |
Due after one year through five years, Estimated Fair Value | ||
Held-to-maturity Securities, Fair Value, Total | $ 499,316 | $ 528,895 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 |
Inventories [Abstract] | ||
Finished goods | $ 93,786 | $ 92,563 |
Work in process | 107,688 | 107,392 |
Raw materials and supplies | 271,832 | 274,173 |
Total Inventory | $ 473,306 | $ 474,128 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017USD ($)claimitem | Mar. 31, 2017USD ($) | |
Loss Contingencies [Line Items] | ||
Environmental reserves classified as other non-current liabilities | $ 15,289 | $ 15,289 |
Accrual for Environmental Loss Contingencies | 14,492 | |
Greatbatch, Inc. v AVX Corporation [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Damages Awarded, Value | 37,500 | |
Presidio Components, Inc. v. American Technical Ceramics Corp. [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Damages Awarded, Value | $ 2,168 | |
Greatbatch, Inc. v AVX Corporation And Presidio Components v. American Technical Ceramics Corp. [Member] | ||
Loss Contingencies [Line Items] | ||
Intellectual property cases | claim | 2 | |
Unfavorable Regulatory Action - Environmental Matters [Member] | ||
Loss Contingencies [Line Items] | ||
Environmental reserves classified as accrued expenses | $ 3,220 | 3,892 |
Loss Contingency Accrual, at Carrying Value | 18,509 | $ 19,181 |
Unfavorable Regulatory Action - Patent Infringement Matters [Member] | Presidio Components, Inc. v. American Technical Ceramics Corp. [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency Accrual, at Carrying Value | 34,891 | |
Unfavorable Regulatory Action - Patent Infringement Matters [Member] | Greatbatch, Inc. v AVX Corporation And Presidio Components v. American Technical Ceramics Corp. [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency Accrual, at Carrying Value | $ 74,559 | |
Maximum [Member] | Unfavorable Regulatory Action - Patent Infringement Matters [Member] | Greatbatch, Inc. v AVX Corporation [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Patents Allegedly Infringed, Number | item | 6 | |
Minimum [Member] | Unfavorable Regulatory Action - Patent Infringement Matters [Member] | Greatbatch, Inc. v AVX Corporation [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Patents Allegedly Infringed, Number | item | 1 |
Comprehensive Income (Loss) (De
Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Comprehensive Income (Loss) [Abstract] | ||
Foreign currency translation adjustment, Pre-tax | $ 21,062 | $ (4,281) |
Foreign currency cash flow hedges adjustment, Pre-tax | (720) | 601 |
Pension liability adjustment, Pre-tax | (240) | 206 |
Other comprehensive income (loss), Pre-tax | 20,102 | (3,474) |
Foreign currency translation adjustment, Net of tax | 21,062 | (4,281) |
Foreign currency cash flow hedges adjustment, Net of tax | (687) | 535 |
Pension liability adjustment, Net of tax | (182) | 153 |
Other comprehensive income (loss), net of income taxes | $ 20,193 | $ (3,593) |
Segment and Geographic Inform38
Segment and Geographic Information (Information about reporting segments, net sales) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | ||
Net Sales | $ 331,354 | $ 314,823 |
Passive Components [Member] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 224,938 | 210,949 |
Ceramic Components [Member] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 51,057 | 50,221 |
Tantalum Components [Member] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 88,953 | 77,511 |
Advanced Components [Member] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 84,928 | 83,217 |
KED Resale [Member] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 76,731 | 73,387 |
KDP And KCD Resale [Member] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 68,027 | 66,560 |
KCP Resale [Member] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 8,704 | 6,827 |
Interconnect [Member] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | $ 29,685 | $ 30,487 |
Segment and Geographic Inform39
Segment and Geographic Information (Information about reporting segments, operating profit) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | ||
Operating profit (loss) | $ 42,431 | $ 34,786 |
Passive Components [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating profit (loss) | 50,230 | 45,632 |
KED Resale [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating profit (loss) | 4,489 | 4,484 |
Interconnect [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating profit (loss) | 3,278 | 5,218 |
Corporate Administration [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating profit (loss) | $ (15,566) | $ (20,548) |
Segment and Geographic Inform40
Segment and Geographic Information (Information about reporting segments, assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 |
Segment Reporting Information [Line Items] | ||
Assets | $ 2,515,831 | $ 2,477,413 |
Passive Components [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 567,477 | 573,519 |
Cash A/R And Investments In Securities [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,323,242 | 1,294,129 |
KED Resale [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 34,169 | 35,164 |
Goodwill - Passive Components [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 202,774 | 202,774 |
Interconnect [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 65,967 | 56,295 |
Goodwill - Interconnect [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 10,277 | 10,277 |
Corporate Administration [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 311,925 | $ 305,255 |
Segment and Geographic Inform41
Segment and Geographic Information (Net sales generated by operations located within particular geographic areas) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $ 331,354 | $ 314,823 |
Americas [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 99,940 | 92,856 |
Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 92,520 | 89,083 |
Asia [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $ 138,894 | $ 132,884 |
Pension Plans (Narrative) (Deta
Pension Plans (Narrative) (Details) | 3 Months Ended |
Jun. 30, 2017USD ($) | |
U.S. Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Contributions made | $ 0 |
Expected additional contributions | 0 |
International Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Contributions made | 1,578,000 |
Expected additional contributions | $ 4,830,000 |
Pension Plans (Net periodic pen
Pension Plans (Net periodic pension cost for defined benefit plans) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 33 | $ 42 |
Interest cost | 352 | 364 |
Expected return on plan assets | (450) | (445) |
Recognized actuarial loss | 286 | 456 |
Net periodic pension cost | 221 | 417 |
International Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 228 | 234 |
Interest cost | 1,108 | 1,253 |
Expected return on plan assets | (1,417) | (1,589) |
Recognized actuarial loss | 321 | 339 |
Net periodic pension cost | $ 240 | $ 237 |
Derivative Financial Instrume44
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Mar. 31, 2017 | |
Foreign Exchange Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net pre-tax gains (losses) recognized in OCI | $ 752 | |
Gain on Derivative Instruments, Pretax | 1,045 | |
Loss On Derivative Instruments Pretax | 422 | |
Hedging contract gains (losses) recognized in other income (expense) | 483 | |
Exchange gains (losses) recognized in other income (expense) | 562 | |
Outstanding foreign exchange contracts | $ 227,338 | $ 193,156 |
Foreign Exchange Forward [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative contract maximum maturity term | 4 months |
Derivative Financial Instrume45
Derivative Financial Instruments (Fair value of Derivative Instruments) (Details) - Foreign Exchange Contract [Member] - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 |
Designated as Hedging Instrument [Member] | Prepaid And Other [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 956 | $ 1,151 |
Designated as Hedging Instrument [Member] | Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 1,214 | 690 |
Not Designated as Hedging Instrument [Member] | Prepaid And Other [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 129 | 341 |
Not Designated as Hedging Instrument [Member] | Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | $ 555 | $ 196 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Aug. 02, 2017 | Jul. 19, 2017 | Jun. 30, 2017 | Jun. 30, 2016 |
Subsequent Event [Line Items] | ||||
Dividends declared, dividend per share | $ 0.110 | $ 0.105 | ||
Dividends payable, date declared | Aug. 2, 2017 | |||
Dividends payable, date of record | Aug. 16, 2017 | |||
Dividends payable, date to be paid | Sep. 1, 2017 | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends declared, dividend per share | $ 0.11 | |||
Subsequent Event [Member] | Transportation, Sensing and Control (“TS&C”) [Member] | ||||
Subsequent Event [Line Items] | ||||
Business Acquisition, Date of Acquisition Agreement | Jul. 19, 2017 | |||
Payments to Acquire Businesses, Gross | $ 155.5 | |||
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | $ 300 |