Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | May 15, 2018 | Sep. 30, 2017 | |
Document Information [Line Items] | |||
Entity Registrant Name | AVX Corp | ||
Entity Central Index Key | 859,163 | ||
Trading Symbol | avx | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 168,512,387 | ||
Entity Public Float | $ 847,283,677 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Assets | ||
Cash and cash equivalents | $ 547,415 | $ 578,634 |
Short-term investments in securities | 279,787 | 528,748 |
Accounts receivable - trade, net | 275,259 | 176,730 |
Accounts receivable - affiliates | 9,255 | 10,074 |
Inventories, net | 516,777 | 474,128 |
Income taxes receivable | 2,566 | 34,287 |
Prepaid and other | 70,665 | 33,803 |
Total current assets | 1,701,724 | 1,836,404 |
Property and equipment, net | 418,286 | 239,951 |
Goodwill | 316,298 | 213,051 |
Intangible assets, net | 128,612 | 53,650 |
Deferred income taxes | 75,720 | 124,589 |
Other assets | 32,126 | 9,768 |
Total Assets | 2,672,766 | 2,477,413 |
Liabilities and Stockholders' Equity | ||
Accounts payable - trade | 89,726 | 43,778 |
Accounts payable - affiliates | 26,320 | 36,663 |
Income taxes payable | 8,290 | 3,944 |
Accrued payroll and benefits | 52,044 | 32,980 |
Accrued expenses | 118,183 | 98,702 |
Total current liabilities | 294,563 | 216,067 |
Income taxes payable | 69,645 | |
Pensions | 10,605 | 12,663 |
Deferred income taxes | 12,895 | 957 |
Other liabilities | 41,615 | 31,247 |
Total non-current liabilities | 134,760 | 44,867 |
Total Liabilities | 429,323 | 260,934 |
Commitments and contingencies (Note 13) | ||
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 168,434 shares for 2017 and 2018, respectively | 1,764 | 1,764 |
Additional paid-in capital | 360,077 | 357,203 |
Retained earnings | 1,962,467 | 2,033,285 |
Accumulated other comprehensive (loss) | 21,257 | (67,163) |
Treasury stock, at cost, 8,439 and 7,935 shares for 2017 and 2018, respectively | (102,122) | (108,610) |
Total Stockholders' Equity | 2,243,443 | 2,216,479 |
Total Liabilities and Stockholders' Equity | $ 2,672,766 | $ 2,477,413 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 20,000 | 20,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 300,000 | 300,000 |
Common stock, shares issued (in shares) | 176,369 | 176,369 |
Common stock, shares outstanding (in shares) | 168,434 | 167,930 |
Treasury stock, shares (in shares) | 7,935 | 8,439 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | ||
Net sales | $ 1,562,474 | $ 1,312,661 | $ 1,195,529 | |
Cost of sales | 1,243,612 | 1,027,906 | 906,460 | |
Gross profit | 318,862 | 284,755 | 289,069 | |
Selling, general and administrative expenses | 140,528 | 117,598 | 119,767 | |
Legal and environmental (benefit) charges | (1,500) | 3,600 | 45,318 | |
Profit from operations | 179,834 | 163,557 | 123,984 | |
Other income (loss): | ||||
Interest income | 12,778 | 7,381 | 5,003 | |
Other, net | (299) | 4,011 | 3,165 | |
Income before income taxes | 192,313 | 174,949 | 132,152 | |
Provision for income taxes | 187,403 | 49,164 | 30,617 | |
Net income | $ 4,910 | $ 125,785 | $ 101,535 | |
Income per share: | ||||
Basic (in dollars per share) | $ 0.03 | $ 0.75 | $ 0.61 | |
Diluted (in dollars per share) | 0.03 | 0.75 | 0.60 | |
Dividends declared (per share) (in dollars per share) | $ 0.45 | $ 0.43 | $ 0.42 | |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 168,262 | 167,506 | 167,797 | |
Diluted (in shares) | [1] | 168,925 | 167,837 | 167,961 |
[1] | Common stock equivalents not included in the computation of diluted earnings per share because the impact would have been anti-dilutive were 2,974 shares, 1,381 shares, and 1,733 shares for the fiscal years ended March 31, 2016, 2017, and 2018, respectively. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Net income | $ 4,910 | $ 125,785 | $ 101,535 |
Other comprehensive income, net of income taxes: | |||
Foreign currency translation adjustment | 76,711 | (14,674) | 14,330 |
Foreign currency cash flow hedges adjustment | (490) | 183 | 2 |
Pension liabilities adjustment | 12,199 | (7,527) | 8,209 |
Other post-employment obligations | (777) | (244) | |
Other comprehensive income (loss), net of income taxes | 88,420 | (22,795) | 22,297 |
Comprehensive income | $ 93,330 | $ 102,990 | $ 123,832 |
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 |
Balance (in shares) at Mar. 31, 2015 | 168,191 | |||||
Balance at Mar. 31, 2015 | $ 1,764 | $ (104,608) | $ 352,996 | $ 1,948,476 | $ (66,665) | $ 2,131,963 |
Net income | 101,535 | 101,535 | ||||
Other comprehensive income, net of income taxes | 22,297 | 22,297 | ||||
Dividends | (70,499) | (70,499) | ||||
Stock-based compensation expense | 1,229 | 1,229 | ||||
Stock option activity (in shares) | 62 | |||||
Stock option activity | 805 | (97) | 708 | |||
Tax benefit of stock option exercises | 58 | $ 58 | ||||
Treasury stock purchased (in shares) | (761) | (761) | ||||
Treasury stock purchased | (10,185) | $ (10,185) | ||||
Balance (in shares) at Mar. 31, 2016 | 167,492 | |||||
Balance at Mar. 31, 2016 | $ 1,764 | (113,988) | 354,186 | 1,979,512 | (44,368) | 2,177,106 |
Net income | 125,785 | 125,785 | ||||
Other comprehensive income, net of income taxes | (22,795) | (22,795) | ||||
Dividends | (72,012) | (72,012) | ||||
Stock-based compensation expense | 2,327 | 2,327 | ||||
Stock option activity (in shares) | 794 | |||||
Stock option activity | 10,211 | (93) | 10,118 | |||
Tax benefit of stock option exercises | 782 | $ 782 | ||||
Treasury stock purchased (in shares) | (356) | (356) | ||||
Treasury stock purchased | (4,833) | $ (4,833) | ||||
Balance (in shares) at Mar. 31, 2017 | 167,930 | 167,930 | ||||
Balance at Mar. 31, 2017 | $ 1,764 | (108,610) | 357,203 | 2,033,285 | (67,163) | $ 2,216,479 |
Net income | 4,910 | 4,910 | ||||
Other comprehensive income, net of income taxes | 88,420 | 88,420 | ||||
Dividends | (75,728) | (75,728) | ||||
Stock-based compensation expense | 3,407 | $ 3,407 | ||||
Stock option activity (in shares) | 504 | 433 | ||||
Stock option activity | 6,488 | (10) | $ 6,478 | |||
Treasury stock purchased (in shares) | 0 | |||||
Payments of tax withholding for vested restricted stock units | (523) | $ (523) | ||||
Balance (in shares) at Mar. 31, 2018 | 168,434 | 168,434 | ||||
Balance at Mar. 31, 2018 | $ 1,764 | $ (102,122) | $ 360,077 | $ 1,962,467 | $ 21,257 | $ 2,243,443 |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Dividends paid per share (in dollars per share) | $ 0.45 | $ 0.43 | $ 0.42 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
OPERATING ACTIVITIES: | |||
Net income | $ 4,910 | $ 125,785 | $ 101,535 |
Adjustment to reconcile net income to net cash from operating activities: | |||
Depreciation and amortization | 59,788 | 42,687 | 38,951 |
Stock-based compensation expense | 3,407 | 2,327 | 1,229 |
Deferred income taxes | 43,993 | (2,175) | 26,722 |
Gain (loss) on disposal of property and equipment | 267 | (1,894) | 87 |
Changes in operating assets and liabilities, excluding acquisitions : | |||
Accounts receivable | (26,075) | (18,116) | 20,578 |
Inventories | 20,850 | 6,798 | 55,482 |
Accounts payable and accrued expenses | (32,981) | 33,447 | (77,494) |
Income taxes payable | 72,112 | (39,272) | (591) |
Other assets | 50,037 | 13,219 | 8,429 |
Other liabilities | (811) | 32,205 | (8,487) |
Net cash provided by operating activities | 195,497 | 195,011 | 166,441 |
INVESTING ACTIVITIES: | |||
Purchases of property and equipment | (100,537) | (66,288) | (48,103) |
Purchase of business, net of cash and debt acquired | (290,280) | ||
Purchases of investment securities | (1,724,921) | (1,449,298) | (771,178) |
Redemptions of investment securities | 1,978,157 | 1,500,586 | 803,470 |
Proceeds from property, plant & equipment dispositions | 36 | 11,266 | 1,084 |
Other investing activities | (969) | ||
Net cash used in investing activities | (138,514) | (3,734) | (14,727) |
FINANCING ACTIVITIES: | |||
Dividends paid | (75,728) | (72,012) | (70,499) |
Purchase of treasury stock | (4,833) | (10,185) | |
Proceeds from exercise of stock options | 5,955 | 10,118 | 708 |
Principle payments of debt | (21,106) | ||
Payments of tax withholding for vested restricted stock units | (523) | ||
Excess tax benefit from stock-based payment arrangements | 782 | 58 | |
Net cash used in financing activities | (91,402) | (65,945) | (79,918) |
Effect of exchange rate on cash | 3,200 | (906) | 807 |
Increase (decrease) in cash and cash equivalents | (31,219) | 124,426 | 72,603 |
Cash and cash equivalents at beginning of period | 578,634 | 454,208 | 381,605 |
Cash and cash equivalents at end of period | $ 547,415 | $ 578,634 | $ 454,208 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. General: AVX Corporation is a leading worldwide manufacturer, supplier and reseller of a broad line of electronic components and interconnect, sensing and control devices, and related 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 August 15, 1995, March 31, 2018, 72% 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 no not Cash Equivalents and Investments in Securities: We consider all highly liquid investments purchased with an original maturity of three 90 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 first Property and Equipment: Property and equipment are recorded at cost. Machinery and equipment are depreciated on the double-declining balance and straight-line methods. Buildings are depreciated on the straight-line method. The estimated useful lives used for computing depreciation are as follows: buildings and improvements – 10 31.5 3 10 $33,918, $37,493 $50,813 March 31, 2016, 2017 2018, We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of any such assets may not 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 no March 31, 2016, 2017, 2018. 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 $5,033, $5,194, $9,006 March 31, 2016, 2017, 2018, March 31, 2017 March 31, 2018 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Customer relationships $ 51,000 $ (26,917 ) $ 96,388 $ (30,819 ) Developed technology and other 14,521 (12,153 ) 43,689 (13,816 ) Trade name and trademarks 34,000 (6,800 ) 43,380 (10,210 ) Total 99,521 (45,870 ) 183,457 (54,845 ) The estimated future annual amortization expense for intangible assets is as follows: Fiscal Year ended March 31, Estimated Amortization Expense 2019 $ 13,421 2020 13,375 2021 13,077 2022 12,201 2023 12,040 Thereafter 64,498 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 not, 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 may may 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” The Tax Cuts and Jobs Act (the "Act") was enacted into law in the U.S. on December 22, 2017. 35% 21%, January 1, 2018. March 31, 2018, 27% 2018. $24.7 one December 31, 2017, one 15.5% 8% one December 31, 2017, $75.7 eight 2018. 2018. The Act also puts in place several new tax laws that are generally effective prospectively from January 1, 2018, not In consideration of the Act, the Company has determined that it is no one $13.6 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 We use financial instruments such as forward exchange contracts to hedge a portion, but not 14 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, 605 45 45, not no not 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 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 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% six 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 Special Incentive Programs We may 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 $13,683, $16,493, $17,886 March 31, 2016, 2017, 2018, $14,616, $14,453, $23,892 March 31, 2016, 2017, 2018, 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 12 Treasury Stock: Our Board of Directors has approved stock repurchase authorizations in 2005 2007 10,000 761 March 31, 2016, 356 March 31, 2017, 0 March 31, 2018. March 31, 2018, 7,935 $102,122. 3,067 may 2007 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 New Accounting Standards: In May 2014, 2014 09, five 1 2 3 4 5 December 15, 2017. may 2014 09. no 2014 09 2014 09 first 2019. In February 2016, 2016 02, 1 2 3 1 2 3 December 15, 2018. no 2016 02. In March 2016, 2016 09, December 15, 2016, June 30, 2017 not In January 2017, 2017 04, 2 2 not zero 2 December 15, 2019. June 30, 2017. not In August 2017, 2017 12, December 15, 2018, not first 2019. In February 2018, 2018 02, December 15, 2018, not We have reviewed other newly issued accounting pronouncements and concluded that they are either not no |
Note 2 - Earnings Per Share
Note 2 - Earnings Per Share | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 2. 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, 2016, 2017, 2018: Fiscal Year Ended March 31, 2016 2017 2018 Net income $ 101,535 $ 125,785 $ 4,910 Computation of Basic EPS: Weighted Average Shares Outstanding used in Computing Basic EPS 167,797 167,506 168,262 Basic earnings per share $ 0.61 $ 0.75 $ 0.03 Computation of Diluted EPS: Weighted Average Shares Outstanding used in Computing Basic EPS 167,797 167,506 168,262 Effect of stock options 164 331 663 Weighted Average Shares used in Computing Diluted EPS (1) 167,961 167,837 168,925 Diluted earnings per share $ 0.60 $ 0.75 $ 0.03 ( 1 not 2,974 1,381 1,733 March 31, 2016, 2017, 2018, |
Note 3 - Comprehensive Income
Note 3 - Comprehensive Income | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 3. Comprehensive income (loss) includes the following components: Fiscal Year Ended March 31, 2016 2017 2018 Pre-tax Net of Tax Pre-tax Net of Tax Pre-tax Net of Tax Foreign currency translation adjustment $ 14,330 $ 14,330 $ (14,674 ) $ (14,674 ) $ 76,711 $ 76,711 Foreign currency cash flow hedges adjustment 29 2 205 183 (626 ) (490 ) Pension liability adjustment 11,077 8,209 (10,155 ) (7,527 ) 16,063 12,199 Other post-employment obligations (244 ) (244 ) (777 ) (777 ) - - Other comprehensive income (loss) $ 25,192 $ 22,297 $ (25,401 ) $ (22,795 ) $ 92,148 $ 88,420 The accumulated balance of comprehensive income (loss) is as follows: As of March 31, 2017 2018 Foreign currency translation adjustment $ (14,330 ) $ 62,381 Foreign currency cash flow hedges adjustment 367 (123 ) Pension liability adjustment (49,618 ) (37,419 ) Other post-employment obligations (3,582 ) (3,582 ) Accumulated other comprehensive income (loss) $ (67,163 ) $ 21,257 |
Note 4 - Fair Value
Note 4 - Fair Value | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. Fair Value: Fair Value Hierarchy: The fair value framework requires the categorization of assets and liabilities into three 1 3 three ■ Level 1 ■ Level 2 1. ■ Level 3 During the fiscal years ended March 31, 2016, 2017, 2018, no 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 March 31, 2018 (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) $ 6,649 $ 5,959 $ 690 $ - Foreign currency derivatives (2) 257 - 257 - Total $ 6,906 $ 5,959 $ 947 $ - Based on Quoted prices Other in active observable Unobservable Fair Value at markets inputs inputs March 31, 2018 (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) $ 6,649 $ 5,959 $ 690 $ - Foreign currency derivatives (2) 514 - 514 - Total $ 7,163 $ 5,959 $ 1,204 $ - ( 1 ( 2 March 31, 2017 2018 not 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 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 Derivatives We primarily use forward contracts, with maturities generally less than four not March 31, 2017 2018, 2 |
Note 5 - Accounts Receivable
Note 5 - Accounts Receivable | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5. Fiscal Year Ended March 31, 2017 2018 Gross Accounts Receivable - Trade $ 198,491 $ 300,016 Less: Allowances for doubtful accounts 1,285 1,893 Stock rotation and ship from stock and debit 14,853 15,989 Sales returns and discounts 5,623 6,875 Total allowances 21,761 24,757 $ 176,730 $ 275,259 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, 2016 2017 2018 Allowances for doubtful accounts: Beginning Balance $ 659 $ 423 $ 1,285 Charges 112 785 209 Applications (348 ) 77 (1,524 ) Translation, Acquisition and other - - 1,923 Ending Balance $ 423 $ 1,285 $ 1,893 Fiscal Year Ended March 31, 2016 2017 2018 Stock rotation and ship from stock debit: Beginning Balance $ 16,378 $ 14,314 $ 14,853 Charges 29,432 25,470 30,523 Applications (31,496 ) (24,931 ) (29,387 ) Ending Balance $ 14,314 $ 14,853 $ 15,989 Fiscal Year Ended March 31, 2016 2017 2018 Sales returns and discounts: Beginning Balance $ 6,186 $ 6,681 $ 5,623 Charges 21,736 13,831 24,150 Applications (21,271 ) (14,841 ) (23,399 ) Translation, Acquisition and other 30 (48 ) 501 Ending Balance $ 6,681 $ 5,623 $ 6,875 |
Note 6 - Inventories
Note 6 - Inventories | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6. Inventories: Fiscal Year Ended March 31, 2017 2018 Finished goods $ 92,563 $ 93,467 Work in process 107,392 133,556 Raw materials 274,173 289,754 $ 474,128 $ 516,777 |
Note 7 - Property and Equipment
Note 7 - Property and Equipment | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7. Fiscal Year Ended March 31, 2017 2018 Land $ 32,839 $ 43,209 Buildings and improvements 307,098 393,247 Machinery and equipment 1,150,999 1,470,460 Construction in progress 38,315 73,572 1,529,251 1,980,488 Accumulated depreciation (1,289,300 ) (1,562,202 ) $ 239,951 $ 418,286 |
Note 8 - Financial Instruments
Note 8 - Financial Instruments and Investments in Securities | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 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 March 31, 2018, not At March 31, 2017 2018 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, 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 $ 528,748 $ 148 $ (1 ) $ 528,895 As of March 31, 2018 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Short-term investments: Commercial Paper $ 10,597 $ (1 ) $ - $ 10,596 Time deposits 269,190 203 - 269,393 $ 279,787 $ 202 $ - $ 279,989 The amortized cost and estimated fair value of held-to-maturity investments at March 31, 2018, two 2 may may Held-to-Maturity Amortized Cost Estimated Fair Value Due in one year or less $ 279,787 $ 279,989 Due after one year through five years - - Total $ 279,787 $ 279,989 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9. For financial reporting purposes, income before income taxes includes the following components: Fiscal Year Ended March 31, 2016 2017 2018 Domestic $ 39,713 $ 75,659 $ 85,263 Foreign 92,439 99,290 107,050 Total $ 132,152 $ 174,949 $ 192,313 The provision for income taxes consisted of: Fiscal Year Ended March 31, 2016 2017 2018 Current: Federal/State $ (11,117 ) $ 33,220 $ 123,527 Foreign 15,028 18,494 19,883 Total 3,911 51,714 143,410 Deferred: Federal/State 23,903 1,725 25,822 Foreign 2,803 (4,275 ) 18,171 Total 26,706 (2,550 ) 43,993 $ 30,617 $ 49,164 $ 187,403 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, 2017 2018 Non-current: Assets Liabilities Assets Liabilities Sales and receivable allowances $ 9,090 $ - $ 5,711 $ - Inventory reserves 12,276 - 7,645 - Depreciation and amortization 3,696 - - (22,336 ) Pension obligations 5,817 - 550 - Accrued expenses 34,282 - 30,089 - Other, net 2,044 - - (21,692 ) Net operating loss and tax credit carry forwards 70,360 - 77,108 - Sub total 137,565 - 121,103 (44,028 ) Less: valuation allowances (13,933 ) - (14,250 ) - Total Non-current $ 123,632 $ - $ 106,853 $ (44,028 ) As of March 31, 2017 2018 Assets, net of valuation allowances $ 123,632 $ 106,853 Liabilities - (44,028 ) Net deferred income tax assets $ 123,632 $ 62,825 As of March 31, Balance Sheet Presentation 2017 2018 Noncurrent assets $ 124,589 $ 75,720 Noncurrent liabilities (957 ) (12,895 ) Net deferred income tax assets $ 123,632 $ 62,825 As of March 31, 2016 2017 2018 Valuation allowance beginning balance $ 27,207 $ 26,034 $ 13,933 Charged to income tax provision 413 (1,128 ) (2,879 ) Additions - - 2,975 Releases (2,730 ) (7,413 ) - Translation and other 1,144 (3,560 ) 221 Valuation allowance ending balance $ 26,034 $ 13,933 $ 14,250 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, 2016 2017 2018 U.S. Federal statutory rate 35.0% 35.0% 31.5% Increase (decrease) in tax rate resulting from: State income taxes, net of federal benefit 0.4 0.5 0.8 Effect of foreign operations (8.7) (8.3) (7.1) Change in valuation allowance 0.5 (5.0) - Deemed dividends from subsidiaries 2.9 6.3 7.3 Deduction for domestic production activities - (1.7) (1.2) Utilization of foreign tax credits (2.4) (3.9) (4.0) US and Foreign Tax Reform - - 66.7 Change in uncertain tax positions (2.6) (0.8) 0.2 Adjustment made by taxing authorities - 3.3 - Adjustment of prior year balances - 1.7 1.4 Other, net (1.9) 1.0 1.8 Effective tax rate 23.2% 28.1% 97.4% At March 31, 2018, $206,212 no not not 1,173 12,101 $317 March 31, 2016, 2017, 2018, The decrease in valuation allowance during the year ended March 31, 2017 $5,530 $15,878 eight not Income taxes paid totaled $22,919, $55,642 $66,354 March 31, 2016, 2017 2018, We do not 12 2014 2014 2012 2012 A reconciliation of the beginning and ending balance for liabilities associated with uncertain tax positions is as follows: 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 Additions for tax positions of prior years 948 Additions for tax positions in current period 642 Reductions due to expiration of statutory periods (317 ) Balance at March 31, 2018 $ 3,210 We recognize interest and penalties related to uncertain tax positions in interest expense. As of March 31, 2017 2018, $340 $470, March 31, 2017 2018, 195 $71 The amount of unrecognized tax benefits recorded on our balance sheet that, if recognized, would affect the effective tax rate is approximately $1,937 $3,210 March 31, 2017 2018, |
Note 10 - Acquisitions
Note 10 - Acquisitions | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 10. On October 2, 2017, $162,038, We have used the acquisition method of accounting to record the transaction in accordance with FASB Accounting Standards Codification Topic 805, not As of March 31, 2018, Assets Acquired and Liabilities Assumed Allocation of Purchase Price Accounts receivable $ 61,483 Inventory 42,443 Accounts payable and accrued liabilities (67,343 ) Other current assets and liabilities, net 9,250 Working capital 45,833 Property and equipment 85,794 Intangible assets 18,168 Other non-current assets and liabilities, net (13,806 ) Total identified assets and liabilities 135,989 Purchase price 162,038 Goodwill $ 26,049 We recorded approximately $18,168 $26,049 six March 31, 2018 $9,691. The unaudited pro forma combined financial information is provided for the twelve 2018 April 1, 2016. twelve March 31, 2017 2018 $1,633,626 $1,736,425, $193,326 2018. On January 31, 2018, $128,242 The Company has used the acquisition method of accounting to record the transaction in accordance with FASB Accounting Standards Codification Topic 805, not As of March 31, 2018, Assets Acquired and Liabilities Assumed Allocation of Purchase Price Accounts receivable $ 16,350 Accounts payable (10,141 ) Other current assets and liabilities, net 2,868 Working capital 9,077 Debt (21,105 ) Property and equipment 13,760 Intangible assets 64,800 Other non-current assets and liabilities, net (13,763 ) Total identified assets and liabilities 52,769 Purchase price 128,242 Goodwill $ 75,473 We recorded approximately $64,800 $75,473 thirteen $12,740 2018. Our estimates of fair value and resulting purchase price allocations related to our fiscal 2018 may |
Note 11 - Employee Retirement P
Note 11 - Employee Retirement Plans | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 1 1 . 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 recognize the overfunded or underfunded status of our defined benefit post-retirement 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 an increase in recorded net pension liabilities by $1,069 March 31, 2017, $21,016 March 31, 2018. The change in the benefit obligation and plan assets of the U.S. and international defined benefit plans for 2017 2018 Fiscal Year Ended March 31, U.S. Plans International Plans 2017 2018 2017 2018 Change in benefit obligation: Benefit obligation at beginning of year $ 42,980 $ 38,625 $ 156,617 $ 169,921 Service cost 168 131 902 959 Interest cost 1,457 1,408 4,310 4,383 Plan participants' contributions - - 7 - Actuarial loss (gain) (2,443 ) (633 ) 32,882 (11,077 ) Benefits paid (3,537 ) (3,297 ) (6,029 ) (8,420 ) Foreign currency exchange rate changes - - (18,768 ) 22,732 Benefit obligation at end of year $ 38,625 $ 36,234 $ 169,921 $ 178,498 Change in plan assets: Fair value of plan assets at beginning of year $ 34,125 $ 36,689 $ 156,410 $ 161,726 Actual return (loss) on assets 3,100 2,355 24,432 8,121 Employer contributions 3,001 261 6,934 7,761 Plan participants' contributions - - 7 - Benefits paid (3,537 ) (3,298 ) (6,029 ) (7,702 ) Foreign currency exchange rate changes - - (20,028 ) 21,756 Fair value of plan assets at end of year 36,689 36,007 161,726 191,662 Funded status $ (1,936 ) $ (227 ) $ (8,195 ) $ 13,164 The combined accumulated benefit obligation at March 31, 2017 2018 $208,546 $214,732 At March 31, 2018, one Our assumptions used in determining the pension assets and liabilities were as follows: As of March 31, 2017 2018 Assumptions: Discount rates 0.1 - 3.8% 0.3 - 3.8% Increase in compensation - - 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 2017 2018 2017 2018. Fiscal Year Ended March 31, U.S. Plans International Plans 2017 2018 2017 2018 Beginning balance $ 17,909 $ 12,323 $ 38,189 $ 46,201 Net loss (gain) incurred during the year (3,762 ) (1,187 ) 14,248 (13,766 ) Amortization of net actuarial loss (1,824 ) (1,143 ) (1,241 ) (1,974 ) Foreign currency exchange rate changes - - (4,995 ) 6,420 Ending Balance $ 12,323 $ 9,993 $ 46,201 $ 36,881 Amounts that have not March 31, 2017 2018 Fiscal Year Ended March 31, U.S. Plans International Plans 2017 (1) 2018 (2) 2017 (1) 2018 (2) Unrecognized net actuarial loss $ 7,895 $ 7,792 $ 36,549 $ 29,487 Unamortized prior service cost - - - - Total $ 7,895 $ 7,792 $ 36,549 $ 29,487 ( 1 March 31, 2017 $4,428 $9,652 ( 2 March 31, 2018 $2,201 $7,394 The March 31, 2018 2018 $917 $1,317 Net pension cost related to these pension plans includes the following components: Fiscal Year Ended March 31, 2016 2017 2018 Service cost $ 1,177 $ 1,102 $ 1,038 Interest cost 6,939 5,997 5,516 Expected return on plan assets (8,677 ) (7,579 ) (7,231 ) Recognized actuarial loss 3,740 3,142 3,130 Net periodic pension cost $ 3,179 $ 2,662 $ 2,453 Our assumptions used in determining the net periodic pension expense were as follows: As of March 31, 2016 2017 2018 Assumptions: Discount rates 0.5% - 3.6% 0.1% - 3.6% 0.3 - 3.8% Increase in compensation 3.4% 3.4% 0.0% Expected long-term rate of return on plan assets 1.4% - 7.3% 1.4% - 4.2% 1.4 - 3.3% 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 March 31, 2017 March 31, 2018. The fair value of pension assets at March 31, 2017 2018 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 Interest 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 $ - Based on Quoted prices Other in active observable Unobservable Fair Value at markets inputs inputs March 31, 2018 (Level 1) (Level 2) (Level 3) Assets measured at fair value on a recurring basis: U.S. Defined Benefit Plan Assets: Cash $ 170 $ 170 $ - $ - Pooled Separate Accounts 28,071 - 28,071 - Guaranteed Interest Account 7,766 - 7,766 - International Defined Benefit Plan Assets: Cash 480 480 - - Depository Account 8,664 8,664 - - Pooled Separate Accounts 182,518 - 182,518 - Total $ 227,669 $ 9,314 $ 218,355 $ - Assets valued using Level 1 Assets valued using Level 2 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% 50% 45% 55% Our pension plans’ weighted average asset allocations at March 31, 2017 2018, As of March 31, 2017 As of March 31, 2018 Asset Category U.S. Plans International Plans U.S. Plans International Plans Equity securities 59% 38% 57% 33% Debt securities 20% 57% 22% 62% Other 21% 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 $6,571 2019 Estimated future benefit payments are as follows: Fiscal Year ended March 31, U.S. Plans International Plans 2019 $ 2,235 $ 7,545 2020 2,287 7,684 2021 2,361 7,832 2022 2,413 7,975 2023 2,468 8,122 2024-2028 12,706 42,895 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, 2016, 2017 2018 $4,222, $4,367, $4,421, 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, 2017 2018 $6,082 $6,649, |
Note 12 - Stock-based Compensat
Note 12 - Stock-based Compensation | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 1 2 . Stock-Based Compensation: Under the 2014 may 3,000 one March 31, 2017 2018, 266 292 2018 March 31, 2018 Number of Shares Weighted-Average Grant Date Fair Value per Share Non-vested at March 31, 2017 259 13.36 Granted 292 16.93 Vested (101 ) 13.36 Cancelled and forfeited (92 ) 13.36 Non-vested at March 31, 2018 358 16.27 Performance-based awards vest one one third three $1,132 March 31, 2018. We have four 2004 may 10,000 2004 may 1,000 No two August 1, 2013. 2014 10,000 2014 1,000 not 10 2004 2014 25% 2004 2014 one third March 31, 2018, 12,574 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, 2017 2,719 $ 13.65 - - Options granted - - - - Options exercised (433 ) 13.38 - $ 1,724 Options cancelled/forfeited (392 ) 17.67 - 55 Outstanding at March 31, 2018 1,894 $ 12.90 4.12 $ 6,912 Exercisable at March 31, 2018 1,601 $ 12.66 3.64 $ 6,224 (a) Weighted-average exercise price (b) Weighted-average contractual life remaining The total aggregate intrinsic value of options exercised is $170, $2,149, $1,724 March 31, 2016, 2017, 2018, Unvested share activity under our stock option plans for the year ended March 31, 2018 Number of Shares Weighted Average Grant- Date Fair Value Unvested balance at March 31, 2017 608 $ 2.52 Options granted - - Options cancelled/forfeited (14 ) 2.58 Options vested (301 ) 2.47 Unvested balance at March 31, 2018 293 $ 2.57 The total unrecognized compensation costs related to unvested option awards expected to be recognized over the vesting period, approximately four $984 $59 March 31, 2017 2018, $951, $994, $747 March 31, 2016, 2017, 2018, The weighted average estimated fair value of our stock options granted at grant date market prices was $2.49, $2.52, $2.57 March 31, 2016, 2017, 2018, $2,224, $1,183 2018. 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, 2018 0%. No 2018. |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 1 3 . 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, 2018, Fiscal Year ended March 31, 2018 2019 $ 6,803 2020 4,844 2021 3,398 2022 2,340 2023 1,943 Thereafter 2,277 Rental expense for operating leases was $6,352, $5,919, $7,374 March 31, 2016, 2017, 2018, 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 March 31, 2018, no 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 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 On June 3, 2010, may $14,150 March 31, 2018, no We had total reserves of approximately $19,181 $18,618 March 31, 2017 March 31, 2018, $3,892 $3,329 March 31, 2017 March 31, 2018, $15,289 March 31, 2017 March 31, 2018. On April 19, 2016, one November 4, 2015. may We also operate, or did at one may may may not not not third We are not not may no not On April 25, 2013, Greatbatch, Inc. v. AVX Corporation one six January 26, 2016, first second $37,500, 2016. March 30, 2018. March 31, 2018 $1,500 2019. On September 2, 2014, Presidio Components, Inc. v. American Technical Ceramics Corp. April 18, 2016, August 17, 2016, November 16, 2016. October 21, 2016, March 17, 2017 June 17, 2016. November 16, 2016 December, 2017, As of March 31, 2018, $76,502 two During calendar year 2014, October 2, 2014. not not 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 may |
Note 14 - Derivative Financial
Note 14 - Derivative Financial Instruments | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 1 4 . 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 We primarily use forward contracts, with maturities less than four 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 2018, 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 March 31, 2018 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 $ 212 Accrued expenses $ 377 For these derivatives designated as cash flow hedging instruments, during fiscal 2016, 2017, 2018, $40, $1,095, 5 2016, 2017, 2018, 773 $3,355, $1,807, $807, $1,710 2,264 Derivatives not March 31, 2017 2018, 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 March 31, 2018 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 $ 45 Accrued expenses $ 137 For these derivatives not 2016, 2017, 2018, 818 $460, 791 $1,231, 2,059 2,289 At March 31, 2017 2018, $193,156 $156,238, |
Note 15 - Transactions With Aff
Note 15 - Transactions With Affiliate | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 1 5 . 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, 2016 2017 2018 Sales: Product and equipment sales to affiliates $ 22,230 $ 30,303 $ 26,069 Purchases: Purchases of resale inventories, raw materials, supplies, equipment, and services 233,637 303,793 256,660 Other: Dividends paid 51,156 52,983 54,810 Kyocera notified AVX pursuant to the Products Supply and Distribution Agreement in December 2016 January 1, 2018, $296,316 $18,177 March 31, 2018. AVX notified Kyocera pursuant to the Products Supply and Distribution Agreement in February 2017 April 1, 2018, $21,892 March 31, 2018. |
Note 16 - Segment and Geographi
Note 16 - Segment and Geographic Information | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 1 6 . 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 three We evaluate performance of our segments based upon sales and operating profit. There are no not The tables below present information about reported segments: Fiscal Year Ended March 31, Sales revenue (in thousands) 2016 2017 2018 Ceramic Components $ 176,502 $ 188,568 $ 226,204 Tantalum Components 311,888 314,723 366,194 Advanced Components 333,693 372,279 346,459 Total Electronic Components 822,083 875,570 938,857 Interconnect, Sensing and Control Devices 111,609 118,163 327,301 KCP Resale Connectors 23,751 30,027 36,090 KDP and KCD Resale 238,086 288,901 260,226 Total KED Resale 261,837 318,928 296,316 Total Revenue $ 1,195,529 $ 1,312,661 $ 1,562,474 Fiscal Year Ended March 31, 2016 2017 2018 Operating profit (loss): Electronic Components $ 198,268 $ 190,007 $ 204,624 Interconnect, Sensing and Control Devices 19,954 16,437 17,802 KED Resale 16,764 17,076 18,177 Corporate activities (111,002 ) (59,963 ) (60,769 ) Total $ 123,984 $ 163,557 $ 179,834 Fiscal Year Ended March 31, 2016 2017 2018 Depreciation and amortization: Electronic Components $ 28,460 $ 27,543 $ 32,024 Interconnect, Sensing and Control Devices 5,300 5,093 17,088 KED Resale 83 16 22 Corporate activities 5,108 10,035 10,654 Total $ 38,951 $ 42,687 $ 59,788 As of March 31, 2017 2018 Assets: Electronic Components $ 573,519 $ 613,385 Interconnect, Sensing and Control Devices 56,295 241,959 KED Resale 35,164 18,629 Cash, A/R, and investments in securities 1,294,129 1,111,716 Goodwill - Electronic Components 202,774 278,247 Goodwill - Interconnect, Sensing and Control Devices 10,277 38,051 Corporate activities 305,255 370,779 Total $ 2,477,413 $ 2,672,766 Fiscal Year Ended March 31, 2016 2017 2018 Capital expenditures: Electronic Components $ 36,400 $ 50,982 $ 61,581 Interconnect, Sensing and Control Devices 9,237 14,054 38,040 KED Resale 29 1 - Corporate activities 2,437 1,251 916 Total $ 48,103 $ 66,288 $ 100,537 During the fiscal years ended March 31, 2018 March 31, 2017, no 10% March 31, 2018, no 10% March 31, 2017, one 12% 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, 2016 2017 2018 Net sales: Americas $ 358,372 $ 381,695 $ 399,963 Europe 339,768 352,064 581,255 Asia 497,389 578,902 581,256 Total $ 1,195,529 $ 1,312,661 $ 1,562,474 Property, plant and equipment, net: Americas $ 91,674 $ 110,235 $ 134,656 Europe 77,619 77,981 191,727 Asia 48,705 51,735 91,903 Total $ 217,998 $ 239,951 $ 418,286 |
Note 17 - Summary of Quarterly
Note 17 - Summary of Quarterly Financial Information (Unaudited) | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 1 7 . Summary of Quarterly Financial Information (Unaudited): Quarterly financial information for the fiscal years ended March 31, 2017 2018 First Quarter Second Quarter 2017 2018 2017 2018 Net sales $ 314,823 $ 331,354 $ 327,461 $ 352,693 Gross profit 69,863 73,846 61,799 77,273 Net income 29,889 31,484 26,520 34,818 Basic earnings per share 0.18 0.19 0.16 0.21 Diluted earnings per share 0.18 0.19 0.16 0.21 Third Quarter Fourth Quarter 2017 2018 2017 2018 Net sales $ 340,799 $ 431,795 $ 329,578 $ 446,632 Gross profit 79,391 82,103 73,702 85,640 Net income (loss) 35,519 (93,212 ) 33,857 31,820 Basic earnings (loss) per share 0.21 (0.55 ) 0.20 0.19 Diluted earnings (loss) per share 0.21 (0.55 ) 0.20 0.19 |
Note 18 - Subsequent Events
Note 18 - Subsequent Events | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 1 8 . Subsequent Events On April 30, 2018, $12,500, 50% 8 April 30, 2018, 10.19 15, 10 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | General: AVX Corporation is a leading worldwide manufacturer, supplier and reseller of a broad line of electronic components and interconnect, sensing and control devices, and related 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 August 15, 1995, March 31, 2018, 72% |
Use of Estimates, Policy [Policy Text Block] | 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 no not |
Cash Equivalents and Investment in Securities, Policy [Policy Text Block] | Cash Equivalents and Investments in Securities: We consider all highly liquid investments purchased with an original maturity of three 90 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. |
Inventory, Policy [Policy Text Block] | Inventories: We determine the cost of raw materials, work in process, and finished goods inventories by the first first |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment: Property and equipment are recorded at cost. Machinery and equipment are depreciated on the double-declining balance and straight-line methods. Buildings are depreciated on the straight-line method. The estimated useful lives used for computing depreciation are as follows: buildings and improvements – 10 31.5 3 10 $33,918, $37,493 $50,813 March 31, 2016, 2017 2018, We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of any such assets may not 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 Intangible Assets, Policy [Policy Text Block] | Goodwill and Acquired Intangible Assets: We do not no March 31, 2016, 2017, 2018. 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 $5,033, $5,194, $9,006 March 31, 2016, 2017, 2018, March 31, 2017 March 31, 2018 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Customer relationships $ 51,000 $ (26,917 ) $ 96,388 $ (30,819 ) Developed technology and other 14,521 (12,153 ) 43,689 (13,816 ) Trade name and trademarks 34,000 (6,800 ) 43,380 (10,210 ) Total 99,521 (45,870 ) 183,457 (54,845 ) The estimated future annual amortization expense for intangible assets is as follows: Fiscal Year ended March 31, Estimated Amortization Expense 2019 $ 13,421 2020 13,375 2021 13,077 2022 12,201 2023 12,040 Thereafter 64,498 |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | 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 Tax, Policy [Policy Text Block] | 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 not, 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 may may 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” The Tax Cuts and Jobs Act (the "Act") was enacted into law in the U.S. on December 22, 2017. 35% 21%, January 1, 2018. March 31, 2018, 27% 2018. $24.7 one December 31, 2017, one 15.5% 8% one December 31, 2017, $75.7 eight 2018. 2018. The Act also puts in place several new tax laws that are generally effective prospectively from January 1, 2018, not In consideration of the Act, the Company has determined that it is no one $13.6 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | 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. |
Derivatives, Policy [Policy Text Block] | 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 We use financial instruments such as forward exchange contracts to hedge a portion, but not 14 |
Revenue Recognition and Accounts Receivable, Policy [Policy Text Block] | 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, 605 45 45, not no not 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 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 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% six 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 Special Incentive Programs We may |
Research and Development Expense, Policy [Policy Text Block] | 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 $13,683, $16,493, $17,886 March 31, 2016, 2017, 2018, $14,616, $14,453, $23,892 March 31, 2016, 2017, 2018, |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | 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 12 |
Treasury Stock, Policy [Policy Text Block] | Treasury Stock: Our Board of Directors has approved stock repurchase authorizations in 2005 2007 10,000 761 March 31, 2016, 356 March 31, 2017, 0 March 31, 2018. March 31, 2018, 7,935 $102,122. 3,067 may 2007 |
Commitments and Contingencies, Policy [Policy Text Block] | 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 |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards: In May 2014, 2014 09, five 1 2 3 4 5 December 15, 2017. may 2014 09. no 2014 09 2014 09 first 2019. In February 2016, 2016 02, 1 2 3 1 2 3 December 15, 2018. no 2016 02. In March 2016, 2016 09, December 15, 2016, June 30, 2017 not In January 2017, 2017 04, 2 2 not zero 2 December 15, 2019. June 30, 2017. not In August 2017, 2017 12, December 15, 2018, not first 2019. In February 2018, 2018 02, December 15, 2018, not We have reviewed other newly issued accounting pronouncements and concluded that they are either not no |
Note 1 - Summary of Significa28
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2017 March 31, 2018 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Customer relationships $ 51,000 $ (26,917 ) $ 96,388 $ (30,819 ) Developed technology and other 14,521 (12,153 ) 43,689 (13,816 ) Trade name and trademarks 34,000 (6,800 ) 43,380 (10,210 ) Total 99,521 (45,870 ) 183,457 (54,845 ) |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Fiscal Year ended March 31, Estimated Amortization Expense 2019 $ 13,421 2020 13,375 2021 13,077 2022 12,201 2023 12,040 Thereafter 64,498 |
Note 2 - Earnings Per Share (Ta
Note 2 - Earnings Per Share (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Fiscal Year Ended March 31, 2016 2017 2018 Net income $ 101,535 $ 125,785 $ 4,910 Computation of Basic EPS: Weighted Average Shares Outstanding used in Computing Basic EPS 167,797 167,506 168,262 Basic earnings per share $ 0.61 $ 0.75 $ 0.03 Computation of Diluted EPS: Weighted Average Shares Outstanding used in Computing Basic EPS 167,797 167,506 168,262 Effect of stock options 164 331 663 Weighted Average Shares used in Computing Diluted EPS (1) 167,961 167,837 168,925 Diluted earnings per share $ 0.60 $ 0.75 $ 0.03 |
Note 3 - Comprehensive Income (
Note 3 - Comprehensive Income (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | Fiscal Year Ended March 31, 2016 2017 2018 Pre-tax Net of Tax Pre-tax Net of Tax Pre-tax Net of Tax Foreign currency translation adjustment $ 14,330 $ 14,330 $ (14,674 ) $ (14,674 ) $ 76,711 $ 76,711 Foreign currency cash flow hedges adjustment 29 2 205 183 (626 ) (490 ) Pension liability adjustment 11,077 8,209 (10,155 ) (7,527 ) 16,063 12,199 Other post-employment obligations (244 ) (244 ) (777 ) (777 ) - - Other comprehensive income (loss) $ 25,192 $ 22,297 $ (25,401 ) $ (22,795 ) $ 92,148 $ 88,420 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | As of March 31, 2017 2018 Foreign currency translation adjustment $ (14,330 ) $ 62,381 Foreign currency cash flow hedges adjustment 367 (123 ) Pension liability adjustment (49,618 ) (37,419 ) Other post-employment obligations (3,582 ) (3,582 ) Accumulated other comprehensive income (loss) $ (67,163 ) $ 21,257 |
Note 4 - Fair Value (Tables)
Note 4 - Fair Value (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | 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 March 31, 2018 (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) $ 6,649 $ 5,959 $ 690 $ - Foreign currency derivatives (2) 257 - 257 - Total $ 6,906 $ 5,959 $ 947 $ - Based on Quoted prices Other in active observable Unobservable Fair Value at markets inputs inputs March 31, 2018 (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) $ 6,649 $ 5,959 $ 690 $ - Foreign currency derivatives (2) 514 - 514 - Total $ 7,163 $ 5,959 $ 1,204 $ - |
Note 5 - Accounts Receivable (T
Note 5 - Accounts Receivable (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Fiscal Year Ended March 31, 2017 2018 Gross Accounts Receivable - Trade $ 198,491 $ 300,016 Less: Allowances for doubtful accounts 1,285 1,893 Stock rotation and ship from stock and debit 14,853 15,989 Sales returns and discounts 5,623 6,875 Total allowances 21,761 24,757 $ 176,730 $ 275,259 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Fiscal Year Ended March 31, 2016 2017 2018 Allowances for doubtful accounts: Beginning Balance $ 659 $ 423 $ 1,285 Charges 112 785 209 Applications (348 ) 77 (1,524 ) Translation, Acquisition and other - - 1,923 Ending Balance $ 423 $ 1,285 $ 1,893 Fiscal Year Ended March 31, 2016 2017 2018 Stock rotation and ship from stock debit: Beginning Balance $ 16,378 $ 14,314 $ 14,853 Charges 29,432 25,470 30,523 Applications (31,496 ) (24,931 ) (29,387 ) Ending Balance $ 14,314 $ 14,853 $ 15,989 Fiscal Year Ended March 31, 2016 2017 2018 Sales returns and discounts: Beginning Balance $ 6,186 $ 6,681 $ 5,623 Charges 21,736 13,831 24,150 Applications (21,271 ) (14,841 ) (23,399 ) Translation, Acquisition and other 30 (48 ) 501 Ending Balance $ 6,681 $ 5,623 $ 6,875 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Fiscal Year Ended March 31, 2017 2018 Finished goods $ 92,563 $ 93,467 Work in process 107,392 133,556 Raw materials 274,173 289,754 $ 474,128 $ 516,777 |
Note 7 - Property and Equipme34
Note 7 - Property and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Fiscal Year Ended March 31, 2017 2018 Land $ 32,839 $ 43,209 Buildings and improvements 307,098 393,247 Machinery and equipment 1,150,999 1,470,460 Construction in progress 38,315 73,572 1,529,251 1,980,488 Accumulated depreciation (1,289,300 ) (1,562,202 ) $ 239,951 $ 418,286 |
Note 8 - Financial Instrument35
Note 8 - Financial Instruments and Investments in Securities (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Debt Securities, Held-to-maturity [Table Text Block] | 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 $ 528,748 $ 148 $ (1 ) $ 528,895 As of March 31, 2018 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Short-term investments: Commercial Paper $ 10,597 $ (1 ) $ - $ 10,596 Time deposits 269,190 203 - 269,393 $ 279,787 $ 202 $ - $ 279,989 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Held-to-Maturity Amortized Cost Estimated Fair Value Due in one year or less $ 279,787 $ 279,989 Due after one year through five years - - Total $ 279,787 $ 279,989 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Fiscal Year Ended March 31, 2016 2017 2018 Domestic $ 39,713 $ 75,659 $ 85,263 Foreign 92,439 99,290 107,050 Total $ 132,152 $ 174,949 $ 192,313 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Fiscal Year Ended March 31, 2016 2017 2018 Current: Federal/State $ (11,117 ) $ 33,220 $ 123,527 Foreign 15,028 18,494 19,883 Total 3,911 51,714 143,410 Deferred: Federal/State 23,903 1,725 25,822 Foreign 2,803 (4,275 ) 18,171 Total 26,706 (2,550 ) 43,993 $ 30,617 $ 49,164 $ 187,403 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of March 31, 2017 2018 Non-current: Assets Liabilities Assets Liabilities Sales and receivable allowances $ 9,090 $ - $ 5,711 $ - Inventory reserves 12,276 - 7,645 - Depreciation and amortization 3,696 - - (22,336 ) Pension obligations 5,817 - 550 - Accrued expenses 34,282 - 30,089 - Other, net 2,044 - - (21,692 ) Net operating loss and tax credit carry forwards 70,360 - 77,108 - Sub total 137,565 - 121,103 (44,028 ) Less: valuation allowances (13,933 ) - (14,250 ) - Total Non-current $ 123,632 $ - $ 106,853 $ (44,028 ) As of March 31, 2017 2018 Assets, net of valuation allowances $ 123,632 $ 106,853 Liabilities - (44,028 ) Net deferred income tax assets $ 123,632 $ 62,825 As of March 31, Balance Sheet Presentation 2017 2018 Noncurrent assets $ 124,589 $ 75,720 Noncurrent liabilities (957 ) (12,895 ) Net deferred income tax assets $ 123,632 $ 62,825 As of March 31, 2016 2017 2018 Valuation allowance beginning balance $ 27,207 $ 26,034 $ 13,933 Charged to income tax provision 413 (1,128 ) (2,879 ) Additions - - 2,975 Releases (2,730 ) (7,413 ) - Translation and other 1,144 (3,560 ) 221 Valuation allowance ending balance $ 26,034 $ 13,933 $ 14,250 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Fiscal Year Ended March 31, 2016 2017 2018 U.S. Federal statutory rate 35.0% 35.0% 31.5% Increase (decrease) in tax rate resulting from: State income taxes, net of federal benefit 0.4 0.5 0.8 Effect of foreign operations (8.7) (8.3) (7.1) Change in valuation allowance 0.5 (5.0) - Deemed dividends from subsidiaries 2.9 6.3 7.3 Deduction for domestic production activities - (1.7) (1.2) Utilization of foreign tax credits (2.4) (3.9) (4.0) US and Foreign Tax Reform - - 66.7 Change in uncertain tax positions (2.6) (0.8) 0.2 Adjustment made by taxing authorities - 3.3 - Adjustment of prior year balances - 1.7 1.4 Other, net (1.9) 1.0 1.8 Effective tax rate 23.2% 28.1% 97.4% |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 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 Additions for tax positions of prior years 948 Additions for tax positions in current period 642 Reductions due to expiration of statutory periods (317 ) Balance at March 31, 2018 $ 3,210 |
Note 10 - Acquisitions (Tables)
Note 10 - Acquisitions (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Assets Acquired and Liabilities Assumed Allocation of Purchase Price Accounts receivable $ 61,483 Inventory 42,443 Accounts payable and accrued liabilities (67,343 ) Other current assets and liabilities, net 9,250 Working capital 45,833 Property and equipment 85,794 Intangible assets 18,168 Other non-current assets and liabilities, net (13,806 ) Total identified assets and liabilities 135,989 Purchase price 162,038 Goodwill $ 26,049 Assets Acquired and Liabilities Assumed Allocation of Purchase Price Accounts receivable $ 16,350 Accounts payable (10,141 ) Other current assets and liabilities, net 2,868 Working capital 9,077 Debt (21,105 ) Property and equipment 13,760 Intangible assets 64,800 Other non-current assets and liabilities, net (13,763 ) Total identified assets and liabilities 52,769 Purchase price 128,242 Goodwill $ 75,473 |
Note 11 - Employee Retirement38
Note 11 - Employee Retirement Plans (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | Fiscal Year Ended March 31, U.S. Plans International Plans 2017 2018 2017 2018 Change in benefit obligation: Benefit obligation at beginning of year $ 42,980 $ 38,625 $ 156,617 $ 169,921 Service cost 168 131 902 959 Interest cost 1,457 1,408 4,310 4,383 Plan participants' contributions - - 7 - Actuarial loss (gain) (2,443 ) (633 ) 32,882 (11,077 ) Benefits paid (3,537 ) (3,297 ) (6,029 ) (8,420 ) Foreign currency exchange rate changes - - (18,768 ) 22,732 Benefit obligation at end of year $ 38,625 $ 36,234 $ 169,921 $ 178,498 Change in plan assets: Fair value of plan assets at beginning of year $ 34,125 $ 36,689 $ 156,410 $ 161,726 Actual return (loss) on assets 3,100 2,355 24,432 8,121 Employer contributions 3,001 261 6,934 7,761 Plan participants' contributions - - 7 - Benefits paid (3,537 ) (3,298 ) (6,029 ) (7,702 ) Foreign currency exchange rate changes - - (20,028 ) 21,756 Fair value of plan assets at end of year 36,689 36,007 161,726 191,662 Funded status $ (1,936 ) $ (227 ) $ (8,195 ) $ 13,164 |
Schedule of Assumptions Used [Table Text Block] | As of March 31, 2017 2018 Assumptions: Discount rates 0.1 - 3.8% 0.3 - 3.8% Increase in compensation - - |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Fiscal Year Ended March 31, U.S. Plans International Plans 2017 2018 2017 2018 Beginning balance $ 17,909 $ 12,323 $ 38,189 $ 46,201 Net loss (gain) incurred during the year (3,762 ) (1,187 ) 14,248 (13,766 ) Amortization of net actuarial loss (1,824 ) (1,143 ) (1,241 ) (1,974 ) Foreign currency exchange rate changes - - (4,995 ) 6,420 Ending Balance $ 12,323 $ 9,993 $ 46,201 $ 36,881 |
Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block] | Fiscal Year Ended March 31, U.S. Plans International Plans 2017 (1) 2018 (2) 2017 (1) 2018 (2) Unrecognized net actuarial loss $ 7,895 $ 7,792 $ 36,549 $ 29,487 Unamortized prior service cost - - - - Total $ 7,895 $ 7,792 $ 36,549 $ 29,487 |
Schedule of Net Benefit Costs [Table Text Block] | Fiscal Year Ended March 31, 2016 2017 2018 Service cost $ 1,177 $ 1,102 $ 1,038 Interest cost 6,939 5,997 5,516 Expected return on plan assets (8,677 ) (7,579 ) (7,231 ) Recognized actuarial loss 3,740 3,142 3,130 Net periodic pension cost $ 3,179 $ 2,662 $ 2,453 |
Schedule of Assumptions Used For Benefit Costs [Table Text Block] | As of March 31, 2016 2017 2018 Assumptions: Discount rates 0.5% - 3.6% 0.1% - 3.6% 0.3 - 3.8% Increase in compensation 3.4% 3.4% 0.0% Expected long-term rate of return on plan assets 1.4% - 7.3% 1.4% - 4.2% 1.4 - 3.3% |
Schedule of Fair Value Hierarchy of Plan Assets [Table Text Block] | 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 Interest 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 $ - Based on Quoted prices Other in active observable Unobservable Fair Value at markets inputs inputs March 31, 2018 (Level 1) (Level 2) (Level 3) Assets measured at fair value on a recurring basis: U.S. Defined Benefit Plan Assets: Cash $ 170 $ 170 $ - $ - Pooled Separate Accounts 28,071 - 28,071 - Guaranteed Interest Account 7,766 - 7,766 - International Defined Benefit Plan Assets: Cash 480 480 - - Depository Account 8,664 8,664 - - Pooled Separate Accounts 182,518 - 182,518 - Total $ 227,669 $ 9,314 $ 218,355 $ - |
Schedule of Allocation of Plan Assets [Table Text Block] | As of March 31, 2017 As of March 31, 2018 Asset Category U.S. Plans International Plans U.S. Plans International Plans Equity securities 59% 38% 57% 33% Debt securities 20% 57% 22% 62% Other 21% 5% 21% 5% Total 100% 100% 100% 100% |
Schedule of Expected Benefit Payments [Table Text Block] | Fiscal Year ended March 31, U.S. Plans International Plans 2019 $ 2,235 $ 7,545 2020 2,287 7,684 2021 2,361 7,832 2022 2,413 7,975 2023 2,468 8,122 2024-2028 12,706 42,895 |
Note 12 - Stock-based Compens39
Note 12 - Stock-based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | March 31, 2018 Number of Shares Weighted-Average Grant Date Fair Value per Share Non-vested at March 31, 2017 259 13.36 Granted 292 16.93 Vested (101 ) 13.36 Cancelled and forfeited (92 ) 13.36 Non-vested at March 31, 2018 358 16.27 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | Number of Shares Average Price (a) Average Life (years) (b) Aggregate Intrinsic Value Outstanding at March 31, 2017 2,719 $ 13.65 - - Options granted - - - - Options exercised (433 ) 13.38 - $ 1,724 Options cancelled/forfeited (392 ) 17.67 - 55 Outstanding at March 31, 2018 1,894 $ 12.90 4.12 $ 6,912 Exercisable at March 31, 2018 1,601 $ 12.66 3.64 $ 6,224 |
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] | Number of Shares Weighted Average Grant- Date Fair Value Unvested balance at March 31, 2017 608 $ 2.52 Options granted - - Options cancelled/forfeited (14 ) 2.58 Options vested (301 ) 2.47 Unvested balance at March 31, 2018 293 $ 2.57 |
Note 13 - Commitments and Con40
Note 13 - Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Fiscal Year ended March 31, 2018 2019 $ 6,803 2020 4,844 2021 3,398 2022 2,340 2023 1,943 Thereafter 2,277 |
Note 14 - Derivative Financia41
Note 14 - Derivative Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | 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 March 31, 2018 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 $ 212 Accrued expenses $ 377 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 March 31, 2018 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 $ 45 Accrued expenses $ 137 |
Note 15 - Transactions With A42
Note 15 - Transactions With Affiliate (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Fiscal Year Ended March 31, 2016 2017 2018 Sales: Product and equipment sales to affiliates $ 22,230 $ 30,303 $ 26,069 Purchases: Purchases of resale inventories, raw materials, supplies, equipment, and services 233,637 303,793 256,660 Other: Dividends paid 51,156 52,983 54,810 |
Note 16 - Segment and Geograp43
Note 16 - Segment and Geographic Information (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Fiscal Year Ended March 31, Sales revenue (in thousands) 2016 2017 2018 Ceramic Components $ 176,502 $ 188,568 $ 226,204 Tantalum Components 311,888 314,723 366,194 Advanced Components 333,693 372,279 346,459 Total Electronic Components 822,083 875,570 938,857 Interconnect, Sensing and Control Devices 111,609 118,163 327,301 KCP Resale Connectors 23,751 30,027 36,090 KDP and KCD Resale 238,086 288,901 260,226 Total KED Resale 261,837 318,928 296,316 Total Revenue $ 1,195,529 $ 1,312,661 $ 1,562,474 Fiscal Year Ended March 31, 2016 2017 2018 Operating profit (loss): Electronic Components $ 198,268 $ 190,007 $ 204,624 Interconnect, Sensing and Control Devices 19,954 16,437 17,802 KED Resale 16,764 17,076 18,177 Corporate activities (111,002 ) (59,963 ) (60,769 ) Total $ 123,984 $ 163,557 $ 179,834 Fiscal Year Ended March 31, 2016 2017 2018 Depreciation and amortization: Electronic Components $ 28,460 $ 27,543 $ 32,024 Interconnect, Sensing and Control Devices 5,300 5,093 17,088 KED Resale 83 16 22 Corporate activities 5,108 10,035 10,654 Total $ 38,951 $ 42,687 $ 59,788 As of March 31, 2017 2018 Assets: Electronic Components $ 573,519 $ 613,385 Interconnect, Sensing and Control Devices 56,295 241,959 KED Resale 35,164 18,629 Cash, A/R, and investments in securities 1,294,129 1,111,716 Goodwill - Electronic Components 202,774 278,247 Goodwill - Interconnect, Sensing and Control Devices 10,277 38,051 Corporate activities 305,255 370,779 Total $ 2,477,413 $ 2,672,766 Fiscal Year Ended March 31, 2016 2017 2018 Capital expenditures: Electronic Components $ 36,400 $ 50,982 $ 61,581 Interconnect, Sensing and Control Devices 9,237 14,054 38,040 KED Resale 29 1 - Corporate activities 2,437 1,251 916 Total $ 48,103 $ 66,288 $ 100,537 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Fiscal Year Ended March 31, 2016 2017 2018 Net sales: Americas $ 358,372 $ 381,695 $ 399,963 Europe 339,768 352,064 581,255 Asia 497,389 578,902 581,256 Total $ 1,195,529 $ 1,312,661 $ 1,562,474 Property, plant and equipment, net: Americas $ 91,674 $ 110,235 $ 134,656 Europe 77,619 77,981 191,727 Asia 48,705 51,735 91,903 Total $ 217,998 $ 239,951 $ 418,286 |
Note 17 - Summary of Quarterl44
Note 17 - Summary of Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | First Quarter Second Quarter 2017 2018 2017 2018 Net sales $ 314,823 $ 331,354 $ 327,461 $ 352,693 Gross profit 69,863 73,846 61,799 77,273 Net income 29,889 31,484 26,520 34,818 Basic earnings per share 0.18 0.19 0.16 0.21 Diluted earnings per share 0.18 0.19 0.16 0.21 Third Quarter Fourth Quarter 2017 2018 2017 2018 Net sales $ 340,799 $ 431,795 $ 329,578 $ 446,632 Gross profit 79,391 82,103 73,702 85,640 Net income (loss) 35,519 (93,212 ) 33,857 31,820 Basic earnings (loss) per share 0.21 (0.55 ) 0.20 0.19 Diluted earnings (loss) per share 0.21 (0.55 ) 0.20 0.19 |
Note 1 - Summary of Significa45
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Depreciation, Total | $ 50,813 | $ 37,493 | $ 33,918 |
Amortization of Intangible Assets, Total | $ 9,006 | $ 5,194 | $ 5,033 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 31.50% | 35.00% | 35.00% |
Increase (Decrease) in Net Deferred Tax Assets and Liabilities | $ (24,700) | ||
Tax Adjustments, Settlements, and Unusual Provisions | 75,700 | ||
Estimated Foreign Withholding Taxes | $ 13,600 | ||
Stock Rotation Program, Percentage of Previous Six Months Net Sales | 5.00% | ||
Research and Development Expense, Total | $ 17,886 | $ 16,493 | $ 13,683 |
Engineering Expenses | $ 23,892 | $ 14,453 | $ 14,616 |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 10,000 | ||
Treasury Stock, Shares, Acquired | 0 | 356 | 761 |
Treasury Stock, Shares, Ending Balance | 7,935 | 8,439 | |
Treasury Stock, Value, Ending Balance | $ 102,122 | $ 108,610 | |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 3,067 | ||
Building and Building Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Building and Building Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 31 years 182 days | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Kyocera Corporation [Member] | |||
Ownership Percentage in Entity | 72.00% |
Note 1 - Summary of Significa46
Note 1 - Summary of Significant Accounting Policies - Schedule of Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Amortized intangible assets, gross carrying amount | $ 183,457 | $ 99,521 |
Amortized intangible assets, accumulated amortization | (54,845) | (45,870) |
Customer Relationships [Member] | ||
Amortized intangible assets, gross carrying amount | 96,388 | 51,000 |
Amortized intangible assets, accumulated amortization | (30,819) | (26,917) |
Development Technology and Other [Member] | ||
Amortized intangible assets, gross carrying amount | 43,689 | 14,521 |
Amortized intangible assets, accumulated amortization | (13,816) | (12,153) |
Trademarks and Trade Names [Member] | ||
Amortized intangible assets, gross carrying amount | 43,380 | 34,000 |
Amortized intangible assets, accumulated amortization | $ (10,210) | $ (6,800) |
Note 1 - Summary of Significa47
Note 1 - Summary of Significant Accounting Policies - Schedule of Finite-lived Intangible Assets, Future Amortization Expense (Details) $ in Thousands | Mar. 31, 2018USD ($) |
2,019 | $ 13,421 |
2,020 | 13,375 |
2,021 | 13,077 |
2,022 | 12,201 |
2,023 | 12,040 |
Thereafter | $ 64,498 |
Note 2 - Earnings Per Share (De
Note 2 - Earnings Per Share (Details Textual) - shares shares in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Common Stock Equivalents [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,733 | 1,381 | 2,974 |
Note 2 - Earnings Per Share - B
Note 2 - 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, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | ||
Net income | $ 33,857 | $ (93,212) | $ 34,818 | $ 31,484 | $ 31,820 | $ 35,519 | $ 26,520 | $ 29,889 | $ 4,910 | $ 125,785 | $ 101,535 | |
Computation of Basic EPS: | ||||||||||||
Weighted Average Shares Outstanding used in Computing Basic EPS (in shares) | 168,262 | 167,506 | 167,797 | |||||||||
Basic earnings per share (in dollars per share) | $ 0.20 | $ (0.55) | $ 0.21 | $ 0.19 | $ 0.19 | $ 0.21 | $ 0.16 | $ 0.18 | $ 0.03 | $ 0.75 | $ 0.61 | |
Computation of Diluted EPS: | ||||||||||||
Weighted Average Shares Outstanding used in Computing Basic EPS (in shares) | 168,262 | 167,506 | 167,797 | |||||||||
Effect of stock options (in shares) | 663 | 331 | 164 | |||||||||
Weighted Average Shares used in Computing Diluted EPS (1) (in shares) | [1] | 168,925 | 167,837 | 167,961 | ||||||||
Diluted earnings per share (in dollars per share) | $ 0.20 | $ (0.55) | $ 0.21 | $ 0.19 | $ 0.19 | $ 0.21 | $ 0.16 | $ 0.18 | $ 0.03 | $ 0.75 | $ 0.60 | |
[1] | Common stock equivalents not included in the computation of diluted earnings per share because the impact would have been anti-dilutive were 2,974 shares, 1,381 shares, and 1,733 shares for the fiscal years ended March 31, 2016, 2017, and 2018, respectively. |
Note 3 - Comprehensive Income -
Note 3 - Comprehensive Income - Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Foreign currency translation adjustment, pre-tax | $ 76,711 | $ (14,674) | $ 14,330 |
Foreign currency translation adjustment, net of tax | 76,711 | (14,674) | 14,330 |
Foreign currency cash flow hedges adjustment, pre-tax | (626) | 205 | 29 |
Foreign currency cash flow hedges adjustment, net of tax | (490) | 183 | 2 |
Pension liability adjustment, pre-tax | 16,063 | (10,155) | 11,077 |
Pension liability adjustment, net of tax | 12,199 | (7,527) | 8,209 |
Other post-employment obligations, pre-tax | (777) | (244) | |
Other post-employment obligations | (777) | (244) | |
Other comprehensive income (loss), pre-tax | 92,148 | (25,401) | 25,192 |
Other comprehensive income (loss), net of tax | $ 88,420 | $ (22,795) | $ 22,297 |
Note 3 - Comprehensive Income51
Note 3 - Comprehensive Income - Components of Accumulated Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Foreign currency translation adjustment | $ 62,381 | $ (14,330) |
Foreign currency cash flow hedges adjustment | (123) | 367 |
Pension liability adjustment | (37,419) | (49,618) |
Other post-employment obligations | (3,582) | (3,582) |
Accumulated other comprehensive income (loss) | $ 21,257 | $ (67,163) |
Note 4 - Fair Value - Assets an
Note 4 - Fair Value - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 | |
Assets held in the non-qualified deferred compensation program | [1] | $ 6,649 | $ 6,082 |
Foreign currency derivatives | [2] | 257 | 1,492 |
Assets measured at fair value, Total | 6,906 | 7,574 | |
Obligation related to assets held in the non-qualified deferred compensation program | [1] | 6,649 | 6,082 |
Foreign currency derivatives liabilities | [2] | 514 | 886 |
Liabilities measured at fair value, Total | 7,163 | 6,968 | |
Fair Value, Inputs, Level 1 [Member] | |||
Assets held in the non-qualified deferred compensation program | [1] | 5,959 | 4,810 |
Foreign currency derivatives | [2] | ||
Assets measured at fair value, Total | 5,959 | 4,810 | |
Obligation related to assets held in the non-qualified deferred compensation program | [1] | 5,959 | 4,810 |
Foreign currency derivatives liabilities | [2] | ||
Liabilities measured at fair value, Total | 5,959 | 4,810 | |
Fair Value, Inputs, Level 2 [Member] | |||
Assets held in the non-qualified deferred compensation program | [1] | 690 | 1,272 |
Foreign currency derivatives | [2] | 257 | 1,492 |
Assets measured at fair value, Total | 947 | 2,764 | |
Obligation related to assets held in the non-qualified deferred compensation program | [1] | 690 | 1,272 |
Foreign currency derivatives liabilities | [2] | 514 | 886 |
Liabilities measured at fair value, Total | 1,204 | 2,158 | |
Fair Value, Inputs, Level 3 [Member] | |||
Assets held in the non-qualified deferred compensation program | [1] | ||
Foreign currency derivatives | [2] | ||
Assets measured at fair value, Total | |||
Obligation related to assets held in the non-qualified deferred compensation program | [1] | ||
Foreign currency derivatives liabilities | [2] | ||
Liabilities measured at fair value, Total | |||
[1] | The market value of the assets held in the trust for the non-qualified deferred compensation program is included as an asset and as a liability as the 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 and liabilities in the March 31, 2017 and 2018 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. |
Note 5 - Accounts Receivable -
Note 5 - Accounts Receivable - Schedule of Trade Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 |
Gross Accounts Receivable - Trade | $ 300,016 | $ 198,491 | ||
Allowances | 24,757 | 21,761 | ||
Net Accounts Receivable - Trade | 275,259 | 176,730 | ||
Allowances for Doubtful Accounts [Member] | ||||
Allowances | 1,893 | 1,285 | $ 423 | $ 659 |
Allowance for Stock Rotation and Ship from Stock and Debit [Member] | ||||
Allowances | 15,989 | 14,853 | 14,314 | 16,378 |
Allowance and Reserve for Sales Returns and Discounts [Member] | ||||
Allowances | $ 6,875 | $ 5,623 | $ 6,681 | $ 6,186 |
Note 5 - Accounts Receivable 54
Note 5 - Accounts Receivable - Charges Related to Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Beginning Balance | $ 21,761 | ||
Ending Balance | 24,757 | $ 21,761 | |
Allowances for Doubtful Accounts [Member] | |||
Beginning Balance | 1,285 | 423 | $ 659 |
Charges | 209 | 785 | 112 |
Applications | (1,524) | 77 | (348) |
Translation, Acquisition and other | 1,923 | ||
Ending Balance | 1,893 | 1,285 | 423 |
Allowance for Stock Rotation and Ship from Stock and Debit [Member] | |||
Beginning Balance | 14,853 | 14,314 | 16,378 |
Charges | 30,523 | 25,470 | 29,432 |
Applications | (29,387) | (24,931) | (31,496) |
Ending Balance | 15,989 | 14,853 | 14,314 |
Allowance and Reserve for Sales Returns and Discounts [Member] | |||
Beginning Balance | 5,623 | 6,681 | 6,186 |
Charges | 24,150 | 13,831 | 21,736 |
Applications | (23,399) | (14,841) | (21,271) |
Translation, Acquisition and other | 501 | (48) | 30 |
Ending Balance | $ 6,875 | $ 5,623 | $ 6,681 |
Note 6 - Inventories - Schedule
Note 6 - Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Finished goods | $ 93,467 | $ 92,563 |
Work in process | 133,556 | 107,392 |
Raw materials | 289,754 | 274,173 |
Total Inventory | $ 516,777 | $ 474,128 |
Note 7 - Property and Equipme56
Note 7 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Property and equipment, gross | $ 1,980,488 | $ 1,529,251 | |
Accumulated depreciation | (1,562,202) | (1,289,300) | |
Property and equipment, net | 418,286 | 239,951 | $ 217,998 |
Land [Member] | |||
Property and equipment, gross | 43,209 | 32,839 | |
Building and Building Improvements [Member] | |||
Property and equipment, gross | 393,247 | 307,098 | |
Machinery and Equipment [Member] | |||
Property and equipment, gross | 1,470,460 | 1,150,999 | |
Construction in Progress [Member] | |||
Property and equipment, gross | $ 73,572 | $ 38,315 |
Note 8 - Financial Instrument57
Note 8 - Financial Instruments and Investments in Securities - Investments in Held-to-Maturity Securities, Recorded at Amortized Cost (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Cost | $ 279,787 | |
Estimated Fair Value | 279,989 | |
Short-term Investments [Member] | ||
Cost | 279,787 | $ 528,748 |
Gross Unrealized Gains | 202 | 148 |
Gross Unrealized Losses | (1) | |
Estimated Fair Value | 279,989 | 528,895 |
Gross Unrealized Gains | (202) | (148) |
Short-term Investments [Member] | Corporate Bonds [Member] | ||
Cost | 10,120 | |
Gross Unrealized Gains | ||
Gross Unrealized Losses | (1) | |
Estimated Fair Value | 10,119 | |
Gross Unrealized Gains | ||
Short-term Investments [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Cost | 10,597 | |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | ||
Estimated Fair Value | 10,596 | |
Gross Unrealized Gains | (1) | |
Short-term Investments [Member] | Time Deposits [Member] | ||
Cost | 269,190 | 518,628 |
Gross Unrealized Gains | 203 | 148 |
Gross Unrealized Losses | ||
Estimated Fair Value | 269,393 | 518,776 |
Gross Unrealized Gains | $ (203) | $ (148) |
Note 8 - Financial Instrument58
Note 8 - Financial Instruments and Investments in Securities - Contractual Maturity (Details) $ in Thousands | Mar. 31, 2018USD ($) |
Due in one year or less, amortized cost | $ 279,787 |
Due in one year or less, estimated fair value | 279,989 |
Due after one year through five years, amortized cost | |
Due after one year through five years, estimated fair value | |
Total, amortized cost | 279,787 |
Held-to-maturity securities, fair value, total | $ 279,989 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Operating Loss Carryforwards, Total | $ 206,212 | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 317 | $ (12,101) | $ (1,173) |
Income Taxes Paid | 66,354 | 55,642 | $ 22,919 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 470 | 340 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 71 | (195) | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 3,210 | 1,937 | |
Japanese Subsidiary [Member] | |||
Operating Loss Carryforwards, Total | 15,878 | ||
Deferred Tax Assets, Valuation Allowance Reversal, Operating Loss Carryforwards | $ 5,530 | ||
Operating Loss Carryforwards, Expiration Period | 8 years |
Note 9 - Income Taxes - Schedul
Note 9 - Income Taxes - Schedule of Income Before Taxes, Foreign and Domestic (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Domestic | $ 85,263 | $ 75,659 | $ 39,713 |
Foreign | 107,050 | 99,290 | 92,439 |
Income before income taxes | $ 192,313 | $ 174,949 | $ 132,152 |
Note 9 - Income Taxes - Sched61
Note 9 - Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Federal/State | $ 123,527 | $ 33,220 | $ (11,117) |
Foreign | 19,883 | 18,494 | 15,028 |
Total | 143,410 | 51,714 | 3,911 |
Federal/State | 25,822 | 1,725 | 23,903 |
Foreign | 18,171 | (4,275) | 2,803 |
Total | 43,993 | (2,550) | 26,706 |
$ 187,403 | $ 49,164 | $ 30,617 |
Note 9 - Income Taxes - Sched62
Note 9 - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Sales and receivable allowances | $ 5,711 | $ 9,090 | |
Sales and receivable allowances | |||
Inventory reserves | 7,645 | 12,276 | |
Inventory reserves | |||
Depreciation and amortization | 3,696 | ||
Depreciation and amortization | (22,336) | ||
Pension obligations | 550 | 5,817 | |
Pension obligations | |||
Accrued expenses | 30,089 | 34,282 | |
Accrued expenses | |||
Other, net | 2,044 | ||
Other, net | (21,692) | ||
Net operating loss and tax credit carry forwards | 77,108 | 70,360 | |
Sub total | 121,103 | 137,565 | |
Sub total | (44,028) | ||
Less: valuation allowances | (14,250) | (13,933) | |
Total Non-current | 106,853 | 123,632 | |
Assets, net of valuation allowances | 106,853 | 123,632 | |
Liabilities | (44,028) | ||
Net deferred income tax assets | 62,825 | 123,632 | |
Noncurrent assets | 75,720 | 124,589 | |
Noncurrent liabilities | (12,895) | (957) | |
Valuation allowance beginning balance | 13,933 | 26,034 | $ 27,207 |
Charged to income tax provision | (2,879) | (1,128) | 413 |
Additions | 2,975 | ||
Releases | (7,413) | (2,730) | |
Translation and other | 221 | (3,560) | 1,144 |
Valuation allowance ending balance | $ 14,250 | $ 13,933 | $ 26,034 |
Note 9 - Income Taxes - Sched63
Note 9 - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
U.S. Federal statutory rate | 31.50% | 35.00% | 35.00% |
State income taxes, net of federal benefit | 0.80% | 0.50% | 0.40% |
Effect of foreign operations | (7.10%) | (8.30%) | (8.70%) |
Change in valuation allowance | (5.00%) | 0.50% | |
Deemed dividends from subsidiaries | 7.30% | 6.30% | 2.90% |
Deduction for domestic production activities | (1.20%) | (1.70%) | |
Utilization of foreign tax credits | (4.00%) | (3.90%) | (2.40%) |
US and Foreign Tax Reform | 66.70% | ||
Change in uncertain tax positions | 0.20% | (0.80%) | (2.60%) |
Adjustment made by taxing authorities | 3.30% | ||
Adjustment of prior year balances | 1.40% | 1.70% | |
Other, net | 1.80% | 1.00% | (1.90%) |
Effective tax rate | 97.40% | 28.10% | 23.20% |
Note 9 - Income Taxes - Sched64
Note 9 - Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Balance | $ 1,937 | $ 3,399 | $ 6,776 |
Additions for tax positions of prior years | 948 | 10 | |
Additions for tax positions in current period | 642 | 228 | |
Reductions for tax positions of prior years | (89) | (30) | |
Reductions due to expiration of statutory periods | (317) | (895) | (3,585) |
Reductions due to settlements with taxing authorities | (478) | ||
Balance | $ 3,210 | $ 1,937 | $ 3,399 |
Note 10 - Acquisitions (Details
Note 10 - Acquisitions (Details Textual) - USD ($) $ in Thousands | Jan. 31, 2018 | Oct. 02, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 290,280 | ||||||||||||
Goodwill, Ending Balance | $ 316,298 | $ 213,051 | 316,298 | 213,051 | |||||||||
Business Acquisition, Pro Forma Revenue | 1,736,425 | 1,633,626 | |||||||||||
Revenues, Total | 329,578 | $ 431,795 | $ 352,693 | $ 331,354 | $ 446,632 | $ 340,799 | $ 327,461 | $ 314,823 | 1,562,474 | $ 1,312,661 | $ 1,195,529 | ||
AB Electronics Sensing and Control Business [Member] | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 162,038 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 18,168 | ||||||||||||
Goodwill, Ending Balance | $ 26,049 | ||||||||||||
Goodwill, Purchase Accounting Adjustments | $ 9,691 | ||||||||||||
Revenues, Total | 193,326 | ||||||||||||
AB Electronics Sensing and Control Business [Member] | Customer Relationships [Member] | |||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years | ||||||||||||
AB Electronics Sensing and Control Business [Member] | Trade Names [Member] | |||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 1 year | ||||||||||||
AB Electronics Sensing and Control Business [Member] | Technology-Based Intangible Assets [Member] | |||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 11 years | ||||||||||||
AVX Antenna [Member] | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 128,242 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 64,800 | ||||||||||||
Goodwill, Ending Balance | $ 75,473 | ||||||||||||
Revenues, Total | $ 12,740 | ||||||||||||
AVX Antenna [Member] | Customer Relationships [Member] | |||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 13 years | ||||||||||||
AVX Antenna [Member] | Trade Names [Member] | |||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||||||||||||
AVX Antenna [Member] | Technology-Based Intangible Assets [Member] | |||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years |
Note 10 - Acquisitions - Assets
Note 10 - Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jan. 31, 2018 | Oct. 02, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 290,280 | ||||
Goodwill | $ 316,298 | $ 213,051 | |||
AB Electronics Sensing and Control Business [Member] | |||||
Accounts receivable | $ 61,483 | ||||
Inventory | 42,443 | ||||
Accounts payable and accrued liabilities | (67,343) | ||||
Other current assets and liabilities, net | 9,250 | ||||
Working capital | 45,833 | ||||
Property and equipment | 85,794 | ||||
Intangible assets | 18,168 | ||||
Other non-current assets and liabilities, net | (13,806) | ||||
Total identified assets and liabilities | 135,989 | ||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 162,038 | ||||
Goodwill | $ 26,049 | ||||
AVX Antenna [Member] | |||||
Accounts receivable | $ 16,350 | ||||
Other current assets and liabilities, net | 2,868 | ||||
Working capital | 9,077 | ||||
Property and equipment | 13,760 | ||||
Intangible assets | 64,800 | ||||
Other non-current assets and liabilities, net | (13,763) | ||||
Total identified assets and liabilities | 52,769 | ||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 128,242 | ||||
Goodwill | 75,473 | ||||
Accounts payable | (10,141) | ||||
Debt | (21,105) | ||||
Purchase price | $ 128,242 |
Note 11 - Employee Retirement67
Note 11 - Employee Retirement Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Defined Benefit Plans, Change in Liabilities | $ (21,016) | $ 1,069 | |
Defined Benefit Plan, Accumulated Benefit Obligation | 214,732 | 208,546 | |
Defined Contribution Plan, Employer Contribution, Amount | 4,421 | 4,367 | $ 4,222 |
Assets Held in Non-qualified Deferred Compensation Program, Fair Value Disclosure | 6,649 | 6,082 | |
UNITED STATES | |||
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | $ (917) | ||
UNITED STATES | Equity Funds [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 50.00% | ||
UNITED STATES | Fixed Income Funds [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 50.00% | ||
UNITED STATES | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
AOCI Tax, Attributable to Parent | $ (2,201) | (4,428) | |
Foreign Plan [Member] | |||
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | (1,317) | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 6,571 | ||
Foreign Plan [Member] | Equity Funds [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 45.00% | ||
Foreign Plan [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 55.00% | ||
Foreign Plan [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
AOCI Tax, Attributable to Parent | $ (7,394) | $ (9,652) |
Note 11 - Employee Retirement68
Note 11 - Employee Retirement Plans - Change in Benefit Obligation and Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Service cost | $ 1,038 | $ 1,102 | $ 1,177 |
Interest cost | 5,516 | 5,997 | 6,939 |
Fair value of plan assets at beginning of year | 198,416 | ||
Fair value of plan assets at end of year | 227,669 | 198,416 | |
UNITED STATES | |||
Benefit obligation at beginning of year | 38,625 | 42,980 | |
Service cost | 131 | 168 | |
Interest cost | 1,408 | 1,457 | |
Plan participants' contributions | |||
Actuarial loss (gain) | (633) | (2,443) | |
Benefits paid | (3,297) | (3,537) | |
Foreign currency exchange rate changes | |||
Benefit obligation at end of year | 36,234 | 38,625 | 42,980 |
Fair value of plan assets at beginning of year | 36,689 | 34,125 | |
Actual return (loss) on assets | 2,355 | 3,100 | |
Employer contributions | 261 | 3,001 | |
Plan participants' contributions | |||
Benefits paid | (3,298) | (3,537) | |
Foreign currency exchange rate changes | |||
Fair value of plan assets at end of year | 36,007 | 36,689 | 34,125 |
Funded status | (227) | (1,936) | |
Foreign Plan [Member] | |||
Benefit obligation at beginning of year | 169,921 | 156,617 | |
Service cost | 959 | 902 | |
Interest cost | 4,383 | 4,310 | |
Plan participants' contributions | 7 | ||
Actuarial loss (gain) | (11,077) | 32,882 | |
Benefits paid | (8,420) | (6,029) | |
Foreign currency exchange rate changes | 22,732 | (18,768) | |
Benefit obligation at end of year | 178,498 | 169,921 | 156,617 |
Fair value of plan assets at beginning of year | 161,726 | 156,410 | |
Actual return (loss) on assets | 8,121 | 24,432 | |
Employer contributions | 7,761 | 6,934 | |
Plan participants' contributions | 7 | ||
Benefits paid | (7,702) | (6,029) | |
Foreign currency exchange rate changes | 21,756 | (20,028) | |
Fair value of plan assets at end of year | 191,662 | 161,726 | $ 156,410 |
Funded status | $ 13,164 | $ (8,195) |
Note 11 - Employee Retirement69
Note 11 - Employee Retirement Plans - Schedule of Assumptions Used for Benefit Obligation (Details) | Mar. 31, 2018 | Mar. 31, 2017 |
Increase in compensation | ||
Minimum [Member] | ||
Discount rates | 0.30% | 0.10% |
Maximum [Member] | ||
Discount rates | 3.80% | 3.80% |
Note 11 - Employee Retirement70
Note 11 - Employee Retirement Plans - Amounts Recognized in Other Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
UNITED STATES | ||
Beginning balance | $ 12,323 | $ 17,909 |
Net loss (gain) incurred during the year | (1,187) | (3,762) |
Amortization of net actuarial loss | (1,143) | (1,824) |
Foreign currency exchange rate changes | ||
Ending Balance | 9,993 | 12,323 |
Foreign Plan [Member] | ||
Beginning balance | 46,201 | 38,189 |
Net loss (gain) incurred during the year | (13,766) | 14,248 |
Amortization of net actuarial loss | (1,974) | (1,241) |
Foreign currency exchange rate changes | 6,420 | (4,995) |
Ending Balance | $ 36,881 | $ 46,201 |
Note 11 - Employee Retirement71
Note 11 - Employee Retirement Plans - Net Periodic Benefit Cost Not Yet Recognized (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 | ||
Total | $ 37,419 | $ 49,618 | ||
UNITED STATES | ||||
Unrecognized net actuarial loss | 7,792 | [1] | 7,895 | [2] |
Unamortized prior service cost | [1] | [2] | ||
Total | 7,792 | [1] | 7,895 | [2] |
Foreign Plan [Member] | ||||
Unrecognized net actuarial loss | 29,487 | [1] | 36,549 | [2] |
Unamortized prior service cost | [1] | [2] | ||
Total | $ 29,487 | [1] | $ 36,549 | [2] |
[1] | Amounts in the above table as of March 31, 2018 are net of $2,201 and $7,394 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 $9,652 tax benefit for the U.S. and International Plans, respectively. |
Note 11 - Employee Retirement72
Note 11 - Employee Retirement Plans - Net Benefit Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Service cost | $ 1,038 | $ 1,102 | $ 1,177 |
Interest cost | 5,516 | 5,997 | 6,939 |
Expected return on plan assets | (7,231) | (7,579) | (8,677) |
Recognized actuarial loss | 3,130 | 3,142 | 3,740 |
Net periodic pension cost | $ 2,453 | $ 2,662 | $ 3,179 |
Note 11 - Employee Retirement73
Note 11 - Employee Retirement Plans - Assumptions Used For Benefit Costs (Details) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Discount rates | |||
Increase in compensation | 0.00% | 3.40% | 3.40% |
Expected long-term rate of return on plan assets | |||
Minimum [Member] | |||
Discount rates | 0.30% | 0.10% | 0.50% |
Increase in compensation | |||
Expected long-term rate of return on plan assets | 1.40% | 1.40% | 1.40% |
Maximum [Member] | |||
Discount rates | 3.80% | 3.60% | 3.60% |
Increase in compensation | |||
Expected long-term rate of return on plan assets | 3.30% | 4.20% | 7.30% |
Note 11 - Employee Retirement74
Note 11 - Employee Retirement Plans - Fair Value of Pension Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Fair value of plan assets | $ 227,669 | $ 198,416 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair value of plan assets | 9,314 | 8,671 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair value of plan assets | 218,355 | 189,745 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair value of plan assets | |||
UNITED STATES | |||
Fair value of plan assets | 36,007 | 36,689 | $ 34,125 |
UNITED STATES | Defined Benefit Plan, Cash [Member] | |||
Fair value of plan assets | 170 | 166 | |
UNITED STATES | Defined Benefit Plan, Cash [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value of plan assets | 170 | 166 | |
UNITED STATES | Defined Benefit Plan, Cash [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value of plan assets | |||
UNITED STATES | Defined Benefit Plan, Cash [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value of plan assets | |||
UNITED STATES | Pooled Separate Accounts [Member] | |||
Fair value of plan assets | 28,071 | 29,046 | |
UNITED STATES | Pooled Separate Accounts [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value of plan assets | |||
UNITED STATES | Pooled Separate Accounts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value of plan assets | 28,071 | 29,046 | |
UNITED STATES | Pooled Separate Accounts [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value of plan assets | |||
UNITED STATES | Guaranteed Deposit Account [Member] | |||
Fair value of plan assets | 7,766 | 7,477 | |
UNITED STATES | Guaranteed Deposit Account [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value of plan assets | |||
UNITED STATES | Guaranteed Deposit Account [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value of plan assets | 7,766 | 7,477 | |
UNITED STATES | Guaranteed Deposit Account [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value of plan assets | |||
Foreign Plan [Member] | |||
Fair value of plan assets | 191,662 | 161,726 | $ 156,410 |
Foreign Plan [Member] | Defined Benefit Plan, Cash [Member] | |||
Fair value of plan assets | 480 | 608 | |
Foreign Plan [Member] | Defined Benefit Plan, Cash [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value of plan assets | 480 | 608 | |
Foreign Plan [Member] | Defined Benefit Plan, Cash [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value of plan assets | |||
Foreign Plan [Member] | Defined Benefit Plan, Cash [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value of plan assets | |||
Foreign Plan [Member] | Pooled Separate Accounts [Member] | |||
Fair value of plan assets | 182,518 | 153,222 | |
Foreign Plan [Member] | Pooled Separate Accounts [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value of plan assets | |||
Foreign Plan [Member] | Pooled Separate Accounts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value of plan assets | 182,518 | 153,222 | |
Foreign Plan [Member] | Pooled Separate Accounts [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value of plan assets | |||
Foreign Plan [Member] | Depository Account [Member] | |||
Fair value of plan assets | 8,664 | 7,897 | |
Foreign Plan [Member] | Depository Account [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value of plan assets | 8,664 | 7,897 | |
Foreign Plan [Member] | Depository Account [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value of plan assets | |||
Foreign Plan [Member] | Depository Account [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value of plan assets |
Note 11 - Employee Retirement75
Note 11 - Employee Retirement Plans - Allocation of Plan Assets (Details) | Mar. 31, 2018 | Mar. 31, 2017 |
UNITED STATES | ||
Actual plan asset allocations | 100.00% | 100.00% |
Foreign Plan [Member] | ||
Actual plan asset allocations | 100.00% | 100.00% |
Defined Benefit Plan, Equity Securities [Member] | UNITED STATES | ||
Actual plan asset allocations | 57.00% | 59.00% |
Defined Benefit Plan, Equity Securities [Member] | Foreign Plan [Member] | ||
Actual plan asset allocations | 33.00% | 38.00% |
Corporate Debt Securities [Member] | UNITED STATES | ||
Actual plan asset allocations | 22.00% | 20.00% |
Corporate Debt Securities [Member] | Foreign Plan [Member] | ||
Actual plan asset allocations | 62.00% | 57.00% |
Other Plan Assets [Member] | UNITED STATES | ||
Actual plan asset allocations | 21.00% | 21.00% |
Other Plan Assets [Member] | Foreign Plan [Member] | ||
Actual plan asset allocations | 5.00% | 5.00% |
Note 11 - Employee Retirement76
Note 11 - Employee Retirement Plans - Estimated Future Benefit Payments (Details) $ in Thousands | Mar. 31, 2018USD ($) |
UNITED STATES | |
2,019 | $ 2,235 |
2,020 | 2,287 |
2,021 | 2,361 |
2,022 | 2,413 |
2,023 | 2,468 |
2024-2028 | 12,706 |
Foreign Plan [Member] | |
2,019 | 7,545 |
2,020 | 7,684 |
2,021 | 7,832 |
2,022 | 7,975 |
2,023 | 8,122 |
2024-2028 | $ 42,895 |
Note 12 - Stock-based Compens77
Note 12 - Stock-based Compensation (Details Textual) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018USD ($)$ / sharesshares | Mar. 31, 2017USD ($)$ / sharesshares | Mar. 31, 2016USD ($)$ / shares | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ | $ 1,132 | ||
Number of Stock Option Plans | 4 | ||
Common Stock, Capital Shares Reserved for Future Issuance | 12,574 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ | $ 1,724 | $ 2,149 | $ 170 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ | 59 | 984 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ | $ 747 | $ 994 | $ 951 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Estimated Grant Date Fair Value | $ / shares | $ 2.57 | $ 2.52 | $ 2.49 |
Allocated Share-based Compensation Expense, Net of Tax | $ | $ 2,224 | ||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ | $ 1,183 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Forfeiture Rate | 0.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 292 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||
Service-based Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.333% | ||
Employee Stock Option [Member] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 years | ||
2014 RSU Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,000 | ||
2014 RSU Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 292 | 266 | |
2004 Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 10,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||
2004 Non-Employee Directors Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.00% | ||
2014 Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 10,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||
2014 Non-Employee Directors Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.00% |
Note 12 - Stock-based Compens78
Note 12 - Stock-based Compensation - Nonvested Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands | 12 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Non-vested, number of shares (in shares) | shares | 259 |
Non-vested, weighted-average grant date fair value per share (in dollars per share) | $ / shares | $ 13.36 |
Granted, number of shares (in shares) | shares | 292 |
Granted, weighted-average grant date fair value per share (in dollars per share) | $ / shares | $ 16.93 |
Vested, number of shares (in shares) | shares | (101) |
Vested, weighted-average grant date fair value per share (in dollars per share) | $ / shares | $ 13.36 |
Cancelled and forfeited, number of shares (in shares) | shares | (92) |
Cancelled and forfeited, weighted-average grant date fair value per share (in dollars per share) | $ / shares | $ 13.36 |
Non-vested, number of shares (in shares) | shares | 358 |
Non-vested, weighted-average grant date fair value per share (in dollars per share) | $ / shares | $ 16.27 |
Note 12 - Stock-based Compens79
Note 12 - Stock-based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | ||
Outstanding, number of shares (in shares) | 2,719 | |||
Outstanding, average price (in dollars per share) | [1] | $ 13.65 | ||
Options granted, number of shares (in shares) | 0 | |||
Options granted, average price (in dollars per share) | [1] | |||
Options exercised, number of shares (in shares) | (433) | |||
Options exercised, average price (in dollars per share) | [1] | $ 13.38 | ||
Options exercised, aggregate intrinsic value | $ 1,724 | $ 2,149 | $ 170 | |
Options cancelled/forfeited, number of shares (in shares) | (392) | |||
Options cancelled/forfeited, average price (in dollars per share) | [1] | $ 17.67 | ||
Options cancelled/forfeited, aggregate intrinsic value | $ 55 | |||
Outstanding, number of shares (in shares) | 1,894 | 2,719 | ||
Outstanding, average price (in dollars per share) | [1] | $ 12.90 | $ 13.65 | |
Outstanding, average life (Year) | [2] | 4 years 43 days | ||
Outstanding, aggregate intrinsic value | $ 6,912 | |||
Exercisable, number of shares (in shares) | 1,601 | |||
Exercisable, average price (in dollars per share) | [1] | $ 12.66 | ||
Exercisable, average life (Year) | [2] | 3 years 233 days | ||
Exercisable, aggregate intrinsic value | $ 6,224 | |||
[1] | Weighted-average exercise price | |||
[2] | Weighted-average contractual life remaining |
Note 12 - Stock-based Compens80
Note 12 - Stock-based Compensation - Unvested Stock Options (Details) shares in Thousands | 12 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Unvested balance, number of shares (in shares) | shares | 608 |
Unvested balance, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 2.52 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 0 |
Options granted, weighted-average grant date fair value (in dollars per share) | $ / shares | |
Options cancelled/forfeited, number of shares (in shares) | shares | (14) |
Options cancelled/forfeited, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 2.58 |
Options vested, number of shares (in shares) | shares | (301) |
Options vested, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 2.47 |
Unvested balance, number of shares (in shares) | shares | 293 |
Unvested balance, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 2.57 |
Note 13 - Commitments and Con81
Note 13 - Commitments and Contingencies (Details Textual) $ in Thousands | Apr. 25, 2013 | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) |
Operating Leases, Rent Expense, Net, Total | $ 7,374 | $ 5,919 | $ 6,352 | |
Accrual for Environmental Loss Contingencies, Ending Balance | 14,150 | |||
Greatbatch, Inc. v AVX Corporation [Member] | ||||
Loss Contingency, Damages Awarded, Value | $ 37,500 | |||
Loss Contingency Accrual, Adjustment | $ 1,500 | |||
Greatbatch, Inc. v AVX Corporation And Presidio Components v. American Technical Ceramics Corp. [Member] | ||||
Loss Contingency, Pending Claims, Number, Ending Balance | 2 | |||
Unfavorable Regulatory Action - Environmental Matters [Member] | ||||
Loss Contingency Accrual, Ending Balance | $ 18,618 | 19,181 | ||
Loss Contingency, Accrual, Current | 3,329 | 3,892 | ||
Loss Contingency, Accrual, Noncurrent | 15,289 | $ 15,289 | ||
Unfavorable Regulatory Action - Patent Infringement Matters [Member] | Greatbatch, Inc. v AVX Corporation [Member] | Minimum [Member] | ||||
Loss Contingency, Patents Allegedly Infringed, Number | 1 | |||
Unfavorable Regulatory Action - Patent Infringement Matters [Member] | Greatbatch, Inc. v AVX Corporation [Member] | Maximum [Member] | ||||
Loss Contingency, Patents Allegedly Infringed, Number | 6 | |||
Unfavorable Regulatory Action - Patent Infringement Matters [Member] | Greatbatch, Inc. v AVX Corporation And Presidio Components v. American Technical Ceramics Corp. [Member] | ||||
Loss Contingency Accrual, Ending Balance | $ 76,502 |
Note 13 - Commitments and Con82
Note 13 - Commitments and Contingencies - Future Minimum Rental Payments for Operating Leases (Details) $ in Thousands | Mar. 31, 2018USD ($) |
2,019 | $ 6,803 |
2,020 | 4,844 |
2,021 | 3,398 |
2,022 | 2,340 |
2,023 | 1,943 |
Thereafter | $ 2,277 |
Note 14 - Derivative Financia83
Note 14 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Other Expense [Member] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Total | $ (791) | $ 460 | $ (818) |
Other Income [Member] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Total | $ (2,289) | (2,059) | 1,231 |
Foreign Exchange Forward [Member] | |||
Derivative Contract Maximum Maturity Term | 120 days | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ 5 | 1,095 | 40 |
Foreign Exchange Forward [Member] | Cost of Sales [Member] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | 1,807 | 3,355 | (773) |
Foreign Exchange Forward [Member] | Sales [Member] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | (2,264) | 1,710 | $ 807 |
Foreign Exchange Contract [Member] | |||
Derivative, Notional Amount | $ 156,238 | $ 193,156 |
Note 14 - Derivative Financia84
Note 14 - Derivative Financial Instruments - Fair value of Derivative Instruments (Details) - Foreign Exchange Contract [Member] - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Prepaid Expenses and Other Current Assets [Member] | Designated as Hedging Instrument [Member] | ||
Asset derivatives, fair value | $ 212 | $ 1,151 |
Prepaid Expenses and Other Current Assets [Member] | Not Designated as Hedging Instrument [Member] | ||
Asset derivatives, fair value | 45 | 341 |
Accrued Expenses [Member] | Designated as Hedging Instrument [Member] | ||
Liability derivatives, fair value | 377 | 690 |
Accrued Expenses [Member] | Not Designated as Hedging Instrument [Member] | ||
Liability derivatives, fair value | $ 137 | $ 196 |
Note 15 - Transactions With A85
Note 15 - Transactions With Affiliate (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues, Total | $ 329,578 | $ 431,795 | $ 352,693 | $ 331,354 | $ 446,632 | $ 340,799 | $ 327,461 | $ 314,823 | $ 1,562,474 | $ 1,312,661 | $ 1,195,529 |
Gross Profit, Total | $ 73,702 | $ 82,103 | $ 77,273 | $ 73,846 | $ 85,640 | $ 79,391 | $ 61,799 | $ 69,863 | 318,862 | $ 284,755 | $ 289,069 |
Kyocera Resale Products [Member] | |||||||||||
Revenues, Total | 296,316 | ||||||||||
Gross Profit, Total | 18,177 | ||||||||||
AVX Resale Products [Member] | Kyocera Corporation [Member] | |||||||||||
Revenues, Total | $ 21,892 |
Note 15 - Transactions With A86
Note 15 - Transactions With Affiliate - Schedule of Related Party Transactions (Details) - Kyocera Corporation [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Purchases of resale inventories, raw materials, supplies, equipment, and services | $ 256,660 | $ 303,793 | $ 233,637 |
Dividends paid | 54,810 | 52,983 | 51,156 |
Product and Equipment Sales to Affiliates [Member] | |||
Revenue from Related Parties | $ 26,069 | $ 30,303 | $ 22,230 |
Note 16 - Segment and Geograp87
Note 16 - Segment and Geographic Information (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | |
Number of Reportable Segments | 3 | ||||||||||
Revenues, Total | $ 329,578 | $ 431,795 | $ 352,693 | $ 331,354 | $ 446,632 | $ 340,799 | $ 327,461 | $ 314,823 | $ 1,562,474 | $ 1,312,661 | $ 1,195,529 |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||||||||||
Number of Major Customers | 0 | 0 | 0 | 0 | |||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||||||||
Number of Major Customers | 0 | 1 | 0 | 1 | |||||||
Concentration Risk, Percentage | 12.00% | ||||||||||
Intersegment Eliminations [Member] | |||||||||||
Revenues, Total | $ 0 |
Note 16 - Segment and Geograp88
Note 16 - Segment and Geographic Information - Reportable Segment Revenue, Profit and Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Net sales | $ 329,578 | $ 431,795 | $ 352,693 | $ 331,354 | $ 446,632 | $ 340,799 | $ 327,461 | $ 314,823 | $ 1,562,474 | $ 1,312,661 | $ 1,195,529 |
Operating profit (loss) | 179,834 | 163,557 | 123,984 | ||||||||
Depreciation and amortization | 59,788 | 42,687 | 38,951 | ||||||||
Total Assets | 2,672,766 | 2,477,413 | 2,672,766 | 2,477,413 | |||||||
Goodwill | 316,298 | 213,051 | 316,298 | 213,051 | |||||||
Capital expenditures | 100,537 | 66,288 | 48,103 | ||||||||
Corporate, Non-Segment [Member] | |||||||||||
Operating profit (loss) | (60,769) | (59,963) | (111,002) | ||||||||
Depreciation and amortization | 10,654 | 10,035 | 5,108 | ||||||||
Total Assets | 330,779 | 305,255 | 330,779 | 305,255 | |||||||
Capital expenditures | 916 | 1,251 | 2,437 | ||||||||
Segment Reconciling Items [Member] | |||||||||||
Cash, A/R, and investments in securities | 1,111,716 | 1,294,129 | 1,111,716 | 1,294,129 | |||||||
Electronic Components [Member] | Operating Segments [Member] | |||||||||||
Net sales | 938,857 | 875,570 | 822,083 | ||||||||
Operating profit (loss) | 204,624 | 190,007 | 198,268 | ||||||||
Depreciation and amortization | 32,024 | 27,543 | 28,460 | ||||||||
Total Assets | 613,385 | 573,519 | 613,385 | 573,519 | |||||||
Capital expenditures | 61,581 | 50,982 | 36,400 | ||||||||
Electronic Components [Member] | Segment Reconciling Items [Member] | |||||||||||
Goodwill | 278,247 | 202,774 | 278,247 | 202,774 | |||||||
Interconnect, Sensing and Control Devices [Member] | Operating Segments [Member] | |||||||||||
Net sales | 327,301 | 118,163 | 111,609 | ||||||||
Operating profit (loss) | 17,802 | 16,437 | 19,954 | ||||||||
Depreciation and amortization | 17,088 | 5,093 | 5,300 | ||||||||
Total Assets | 241,959 | 56,295 | 241,959 | 56,295 | |||||||
Capital expenditures | 38,040 | 14,054 | 9,237 | ||||||||
Interconnect, Sensing and Control Devices [Member] | Segment Reconciling Items [Member] | |||||||||||
Goodwill | 38,051 | 10,277 | 38,051 | 10,277 | |||||||
KED Resale [Member] | Operating Segments [Member] | |||||||||||
Net sales | 296,316 | 318,928 | 261,837 | ||||||||
Operating profit (loss) | 18,177 | 17,076 | 16,764 | ||||||||
Depreciation and amortization | 22 | 16 | 83 | ||||||||
Total Assets | $ 18,629 | $ 35,164 | 18,629 | 35,164 | |||||||
Capital expenditures | 1 | 29 | |||||||||
Ceramic Components [Member] | Electronic Components [Member] | Operating Segments [Member] | |||||||||||
Net sales | 226,204 | 188,568 | 176,502 | ||||||||
Tantalum Components [Member] | Electronic Components [Member] | Operating Segments [Member] | |||||||||||
Net sales | 366,194 | 314,723 | 311,888 | ||||||||
Advanced Components [Member] | Electronic Components [Member] | Operating Segments [Member] | |||||||||||
Net sales | 346,459 | 372,279 | 333,693 | ||||||||
KCP Resale [Member] | KED Resale [Member] | Operating Segments [Member] | |||||||||||
Net sales | 36,090 | 30,027 | 23,751 | ||||||||
KDP And KCD Resale [Member] | KED Resale [Member] | Operating Segments [Member] | |||||||||||
Net sales | $ 260,226 | $ 288,901 | $ 238,086 |
Note 16 - Segment and Geograp89
Note 16 - Segment and Geographic Information - Schedule of Geographical Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Net sales | $ 329,578 | $ 431,795 | $ 352,693 | $ 331,354 | $ 446,632 | $ 340,799 | $ 327,461 | $ 314,823 | $ 1,562,474 | $ 1,312,661 | $ 1,195,529 |
Property, plant and equipment, net | 418,286 | 239,951 | 418,286 | 239,951 | 217,998 | ||||||
Americas [Member] | |||||||||||
Net sales | 399,963 | 381,695 | 358,372 | ||||||||
Property, plant and equipment, net | 134,656 | 110,235 | 134,656 | 110,235 | 91,674 | ||||||
Europe [Member] | |||||||||||
Net sales | 581,255 | 352,064 | 339,768 | ||||||||
Property, plant and equipment, net | 191,727 | 77,981 | 191,727 | 77,981 | 77,619 | ||||||
Asia [Member] | |||||||||||
Net sales | 581,256 | 578,902 | 497,389 | ||||||||
Property, plant and equipment, net | $ 91,903 | $ 51,735 | $ 91,903 | $ 51,735 | $ 48,705 |
Note 17 - Summary of Quarterl90
Note 17 - Summary of Quarterly Financial Information (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Net sales | $ 329,578 | $ 431,795 | $ 352,693 | $ 331,354 | $ 446,632 | $ 340,799 | $ 327,461 | $ 314,823 | $ 1,562,474 | $ 1,312,661 | $ 1,195,529 |
Gross profit | 73,702 | 82,103 | 77,273 | 73,846 | 85,640 | 79,391 | 61,799 | 69,863 | 318,862 | 284,755 | 289,069 |
Net income | $ 33,857 | $ (93,212) | $ 34,818 | $ 31,484 | $ 31,820 | $ 35,519 | $ 26,520 | $ 29,889 | $ 4,910 | $ 125,785 | $ 101,535 |
Basic (in dollars per share) | $ 0.20 | $ (0.55) | $ 0.21 | $ 0.19 | $ 0.19 | $ 0.21 | $ 0.16 | $ 0.18 | $ 0.03 | $ 0.75 | $ 0.61 |
Diluted (in dollars per share) | $ 0.20 | $ (0.55) | $ 0.21 | $ 0.19 | $ 0.19 | $ 0.21 | $ 0.16 | $ 0.18 | $ 0.03 | $ 0.75 | $ 0.60 |
Note 18 - Subsequent Events (De
Note 18 - Subsequent Events (Details Textual) - Kumatec [Member] - Subsequent Event [Member] € in Millions | Apr. 30, 2018EUR (€) |
Business Combination, Consideration Transferred, Total | € 12.5 |
KUMATEC Hydrogen GmbH Co. KG [Member] | |
Business Combination, Equity Investment Acquired, Percentage of Interest | 50.00% |