Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 30, 2018 | Aug. 02, 2018 | |
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) | 168,734,806 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2018 | Mar. 31, 2018 |
Assets | ||
Cash and cash equivalents | $ 457,935,000 | $ 547,415,000 |
Short-term investments in securities | 388,217,000 | 279,787,000 |
Accounts receivable - trade, net | 268,575,000 | 275,259,000 |
Accounts receivable - affiliates | 2,802,000 | 9,255,000 |
Inventories, net | 513,909,000 | 516,777,000 |
Income taxes receivable | 3,211,000 | 2,566,000 |
Prepaid and other | 73,417,000 | 70,665,000 |
Total current assets | 1,708,066,000 | 1,701,724,000 |
Property and equipment, net | 424,808,000 | 418,286,000 |
Goodwill | 322,358,000 | 316,298,000 |
Intangible assets, net | 129,341,000 | 128,612,000 |
Deferred income taxes | 72,214,000 | 75,720,000 |
Other assets | 33,711,000 | 32,126,000 |
Total Assets | 2,690,498,000 | 2,672,766,000 |
Liabilities and Stockholders' Equity | ||
Accounts payable - trade | 96,662,000 | 89,726,000 |
Accounts payable - affiliates | 384,000 | 26,320,000 |
Income taxes payable | 24,460,000 | 8,290,000 |
Accrued payroll and benefits | 46,641,000 | 52,044,000 |
Accrued expenses | 145,961,000 | 118,183,000 |
Total current liabilities | 314,108,000 | 294,563,000 |
Income taxes payable | 69,645,000 | 69,645,000 |
Pensions | 10,132,000 | 10,605,000 |
Deferred income taxes | 14,066,000 | 12,895,000 |
Other liabilities | 41,828,000 | 41,615,000 |
Total Liabilities | 449,779,000 | 429,323,000 |
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, 168,434 and 168,529 shares at March 31, 2018 and June 30, 2018, respectively | 1,764,000 | 1,764,000 |
Additional paid-in capital | 358,775,000 | 360,077,000 |
Retained earnings | 1,998,964,000 | 1,962,467,000 |
Accumulated other comprehensive income (loss) | (17,791,000) | 21,257,000 |
Treasury stock, at cost, 7,935 and 7,839 shares at March 31, 2018 and June 30, 2018, respectively | (100,993,000) | (102,122,000) |
Total Stockholders' Equity | 2,240,719,000 | 2,243,443,000 |
Total Liabilities and Stockholders' Equity | $ 2,690,498,000 | $ 2,672,766,000 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
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) | 168,529 | 168,434 |
Treasury stock, shares (in shares) | 7,839 | 7,935 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Net sales | $ 454,116 | $ 331,354 | |
Cost of sales | 345,783 | 257,508 | |
Gross profit | 108,333 | 73,846 | |
Selling, general and administrative expenses | 40,316 | 31,415 | |
Profit from operations | 68,017 | 42,431 | |
Other income (loss): | |||
Interest income | 3,483 | 2,331 | |
Other, net | (730) | (418) | |
Income before income taxes | 70,770 | 44,344 | |
Provision for income taxes | 14,807 | 12,860 | |
Net income | $ 55,963 | $ 31,484 | |
Income per share: | |||
Basic (in dollars per share) | $ 0.33 | $ 0.19 | |
Diluted (in dollars per share) | 0.33 | 0.19 | |
Dividends declared (per share) (in dollars per share) | $ 0.115 | $ 0.11 | |
Weighted average common shares outstanding: | |||
Basic (in shares) | 168,492 | 168,071 | |
Diluted (in shares) | [1] | 168,964 | 168,632 |
[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 (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Net income | $ 55,963 | $ 31,484 |
Other comprehensive income (loss), net of income taxes | ||
Foreign currency translation adjustment | (41,741) | 21,062 |
Foreign currency cash flow hedges adjustment | 63 | (687) |
Pension liability adjustment | 2,630 | (182) |
Other comprehensive income (loss), net of income taxes | (39,048) | 20,193 |
Comprehensive income | $ 16,915 | $ 51,677 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Operating Activities: | ||
Net income | $ 55,963 | $ 31,484 |
Adjustment to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 20,289 | 10,355 |
Stock-based compensation expense | 838 | 847 |
Deferred income taxes | (1,250) | 1,005 |
Loss on disposal of property and equipment | 33 | |
Equity income from equity-method investments | 44 | |
Changes in operating assets and liabilities, excluding acquisitions: | ||
Accounts receivable | 22,579 | (2,969) |
Inventories | (1,373) | 5,077 |
Accounts payable and accrued expenses | (8,479) | (1,687) |
Income taxes payable | 14,107 | 840 |
Other assets | (10,488) | 17,065 |
Other liabilities | 5,364 | 1,514 |
Net cash provided by operating activities | 97,627 | 63,531 |
Investing Activities: | ||
Purchases of property and equipment | (38,020) | (21,807) |
Purchase of business, net of cash and debt acquired | (12,909) | |
Purchases of investment securities | (380,803) | (455,013) |
Redemptions of investment securities | 270,947 | 485,286 |
Other investing activities | (958) | (969) |
Net cash provided by (used in) investing activities | (161,743) | 7,497 |
Financing Activities: | ||
Dividends paid | (19,381) | (18,495) |
Purchase of treasury stock | (811) | |
Net change of equity awards | (199) | 2,185 |
Principle payments of debt | (1,892) | |
Payments of tax withholdings for vested restricted stock units | (720) | (450) |
Net cash used in financing activities | (23,003) | (16,760) |
Effect of exchange rate on cash | (2,361) | 674 |
Increase (decrease) in cash and cash equivalents | (89,480) | 54,942 |
Cash and cash equivalents at beginning of period | 547,415 | 578,634 |
Cash and cash equivalents at end of period | $ 457,935 | $ 633,576 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. The consolidated financial statements of AVX Corporation and its subsidiaries (“AVX” or the “Company”) include all accounts of the Company and its subsidiaries. All significant intercompany transactions and accounts have been eliminated. We have prepared the accompanying financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. These consolidated financial statements are unaudited and, in the opinion of management, include all adjustments, consisting of normal recurring adjustments and accruals, necessary for the fair statement of the consolidated balance sheets, operating results, comprehensive income, and cash flows for the periods presented. Operating results for the three June 30, 2018 not may March 31, 2019 10 March 31, 2018. Summary of Significant Accounting Policies We have identified the accounting policies and estimates that are critical to our business operations and understanding our results of operations. Those policies and estimates can be found in Note 1, 10 March 31, 2018. 10 10 March 31, 2018. three June 30, 2018, no 3 Revenue Recognition : All products are built to specification and tested by AVX or our suppliers for adherence to such specification before shipment to customers. We ship products to customers based upon firm orders. Shipping and handling costs are treated as fulfillment costs and as such are included in cost of sales. The Company applies this accounting policy election consistently to its sales. We recognize revenue as performance obligations are satisfied, which is when the customer takes control of the products as they are shipped to or received by the customer in accordance with the terms of the agreement of sale. There are general product warranties within our contracts, as the Company warrants that products will function as expected in accordance with the specifications per the contract. These warranties cannot be purchased by the customer separately and accordingly these warranties are not Payment terms for the Company’s sales are generally less than 90 twelve 606 twelve not We evaluate gross versus net presentation on revenues from products purchased and resold in accordance with the revenue recognition criteria outlined in ASC 606. 606, The Company pays commissions to sales representatives on a per-sale basis and applies the practical expedient available within ASC 340. The Company recognizes the estimated variable consideration to be received as revenue and records a related reduction to accounts receivable or as an accrued expense for the consideration not not no not 606, not Returns Sales revenue and cost of sales reported in the statement of operations are reduced to reflect estimated returns. We record an estimated right of return liability 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 liability accrued reflects the variable consideration not 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 on the balance sheet as either a reduction in accounts receivable or right-of-return liabilities. 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. The pricing adjustment is deemed variable consideration. Ship and debit authorizations may Relevant New Accounting Standards In 2014, 2014 09, April 1, 2018, no 3 In February 2016, 2016 02, 1 2 3 1 2 3 December 15, 2018. no 2016 02. In August 2017, 2017 12, December 15, 2018, |
Note 2 - Acquisitions
Note 2 - Acquisitions | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. s : We used the acquisition method of accounting to record the below transactions in accordance with FASB Accounting Standards Codification Topic 805, not On October 2, 2017, $162,038, The results of operations for S&C since the acquisition date are included in the accompanying consolidated statement of operations. 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 The unaudited pro forma combined financial information is provided for the three June 30, 2017 2018 April 1, 2017. three June 30, 2017 $415,126 $97,750 three June 30, 2018. On January 31, 2018, $128,242 Assets Acquired and Liabilities Assumed Allocation of Purchase Price Accounts receivable $ 14,419 Accounts payable (10,140 ) Other current assets and liabilities, net 3,613 Working capital 7,892 Debt (21,105 ) Property and equipment 13,769 Intangible assets 64,800 Other non-current assets and liabilities, net (12,739 ) Total identified assets and liabilities 52,617 Purchase price 128,242 Goodwill $ 75,625 The results of operations for AVX Antenna since the acquisition date are included in the accompanying consolidated statement of operations. We recorded approximately $64,800 $75,625 thirteen $31,941 three June 30, 2018. On April 30, 2018, $12,305, $3,189 $7,815 six $2,097 three June 30, 2018. |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Revenue Recognition: We adopted ASC 606 April 1, 2018 not no no April 1, 2018. We identified a change in how we record right-of-return liabilities which impacts Current Assets and Current Liabilities. The change is primarily due to how ASC 606 Three Months Ended June 30, 2018 Balances without Increase Due to As reported ASC 606 Adoption Adoption Accounts Receivable - trade, net $ 268,575 $ 254,708 $ 13,867 Accrued Expenses $ 145,961 $ 132,094 $ 13,867 Reference Note 5, Reference Note 11, |
Note 4 - Earnings Per Share
Note 4 - Earnings Per Share | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 4. Earnings p er Share: Basic earnings per share are computed by dividing net earnings by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per share are computed by dividing net earnings by the sum of (a) the weighted average number of shares of common stock outstanding during the period and (b) the dilutive effect of potential common stock equivalents during the period. Stock options and unvested service-based RSU awards make up the common stock equivalents and are computed using the treasury stock method. The table below represents the basic and diluted earnings per share and sets forth the weighted average number of shares of common stock outstanding and potential common stock equivalents for the three June 30, 2017 2018. Three Months Ended June 30, 2017 2018 Net income $ 31,484 $ 55,963 Computation of Basic EPS: Weighted Average Shares Outstanding used in Computing Basic EPS 168,071 168,492 Basic earnings per share $ 0.19 $ 0.33 Computation of Diluted EPS: Weighted Average Shares Outstanding used in Computing Basic EPS 168,071 168,492 Effect of stock awards 561 472 Weighted Average Shares used in Computing Diluted EPS (1) 168,632 168,964 Diluted earnings per share $ 0.19 $ 0.33 ( 1 Common stock equivalents not 161 55 three June 30, 2017 2018, |
Note 5 - Trade Accounts Receiva
Note 5 - Trade Accounts Receivable | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5 . Trade Accounts Receivable and Contract Liabilities: March 31, 2018 June 30, 2018 Gross Accounts Receivable - Trade $ 300,016 $ 280,327 Less: Allowances for doubtful accounts 1,893 1,294 Stock rotation 7,109 - Ship from stock and debit 9,663 9,869 Sales returns 5,374 - Discounts 718 589 Total allowances 24,757 11,752 Accounts Receivable - Trade, net 275,259 268,575 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. Please refer to Note 3, Three Months Ended June 30, 2017 2018 Allowances for doubtful accounts: Beginning balance $ 1,285 $ 1,893 Charges 164 91 Applications (2 ) (690 ) Ending balance $ 1,447 $ 1,294 Three Months Ended June 30, 2017 2018 Stock rotation and ship from stock and debit: Beginning balance $ 14,853 $ 15,989 Charges 6,739 6,392 Applications (6,699 ) (6,186 ) Stock rotation reclassified to liability - (6,326 ) Ending balance $ 14,893 $ 9,869 Three Months Ended June 30, 2017 2018 Sales returns and discounts: Beginning balance $ 5,623 $ 6,875 Charges 4,065 86 Applications (4,553 ) (215 ) Sales returns reclassified to liability - (6,157 ) Translation, acquisition and other 28 - Ending balance $ 5,163 $ 589 |
Note 6 - Fair Value
Note 6 - Fair Value | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 6 . 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 three March 31, 2018 June 30, 2018, no 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 $ - Based on Quoted prices Other in active observable Unobservable Fair Value at markets inputs inputs June 30, 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) $ 6,730 $ 6,031 $ 699 $ - Foreign currency derivatives(2) 1,421 - 1,421 - Total $ 8,151 $ 6,031 $ 2,120 $ - Based on Quoted prices Other in active observable Unobservable Fair Value at markets inputs inputs June 30, 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) $ 6,730 $ 6,031 $ 699 $ - Foreign currency derivatives(2) 1,215 - 1,215 - Total $ 7,945 $ 6,031 $ 1,914 $ - ( 1 ( 2 not Valuation Techniques: The following describes valuation techniques used to appropriately value our assets held in the non-qualified deferred compensation plan and derivatives. Assets held in the non-qualified deferred compensation plan Assets valued using Level 1 2 Investments are considered to be impaired when a decline in fair value is judged to be other-than-temporary. If the cost of an investment exceeds its fair value, among other factors, we evaluate general market conditions, the duration and extent to which the fair value is less than cost, and whether or not Derivatives We primarily use forward contracts, with maturities generally less than four not March 31, 2018 June 30, 2018, 2 |
Note 7 - Financial Instruments
Note 7 - Financial Instruments and Investments in Securities | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 7 . Financial Instruments and Investments in Securities: At March 31, 2018 June 30, 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 are recorded as interest income. Investments in held-to-maturity securities, recorded at amortized cost, were as follows: March 31, 2018 Gross Gross Unrealized Unrealized Estimated Cost Gains Losses Fair Value Short-term investments: Commercial Paper $ 10,597 $ - $ (1 ) $ 10,596 Time deposits 269,190 203 - 269,393 $ 279,787 $ 203 $ (1 ) $ 279,989 June 30, 2018 Gross Gross Unrealized Unrealized Estimated Cost Gains Losses Fair Value Short-term investments: Commercial paper $ 34,862 $ 4 $ - $ 34,866 Time deposits 353,355 244 (42 ) 353,557 $ 388,217 $ 248 $ (42 ) $ 388,423 The amortized cost and estimated fair value of held-to-maturity investments at June 30, 2018, two 2 may may Held-to-Maturity Amortized Estimated Cost Fair Value Due in one year or less $ 388,217 $ 388,423 Due after one year through five years - - Total $ 388,217 $ 388,423 |
Note 8 - Inventories
Note 8 - Inventories | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 8 . Inventories: March 31, 2018 June 30, 2018 Finished goods $ 93,467 $ 76,419 Work in process 133,556 143,044 Raw materials 289,754 294,446 Total Inventories, net $ 516,777 $ 513,909 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9 . Commitments and Contingencies: We have been identified by the United States Environmental Protection Agency (“EPA”), state governmental agencies or other private parties as a potentially responsible party (“PRP”) under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”), or equivalent non-U.S., 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 non-U.S., state or local 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 $1,683 June 30, 2018, no We had total reserves of approximately $18,618 $18,750 March 31, 2018 June 30, 2018, $3,329 $3,461 March 31, 2018 June 30, 2018, $15,289 March 31, 2018 June 30, 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. 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 June 30, 2018, $73,392 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 10 - Comprehensive Income
Note 10 - Comprehensive Income (Loss) | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 10 . Comprehensive Income (Loss): Comprehensive income (loss) represents changes in equity during a period except those resulting from investments by and distributions to shareholders. The specific components include net income, pension liability and other post-retirement benefit adjustments, deferred gains and losses resulting from foreign currency translation adjustments and unrealized gains and losses on qualified foreign currency cash flow hedges. Other comprehensive income (loss) includes the following components: Three Months Ended June 30, 2017 2018 Pre-tax Net of Tax Pre-tax Net of Tax Foreign currency translation adjustment $ 21,062 $ 21,062 $ (41,741 ) $ (41,741 ) Foreign currency cash flow hedges adjustment (720 ) (687 ) 77 63 Pension liability adjustment (240 ) (182 ) 3,307 2,630 Other comprehensive income (loss) $ 20,102 $ 20,193 $ (38,357 ) $ (39,048 ) Amounts reclassified out of accumulated other comprehensive income (loss) into net income (loss) include those that pertain to the Company’s pension and postretirement benefit plans and realized gains and losses on derivative instruments designated as cash flow hedges. Please see Note 12 three June 30, 2017 2018. 13 three June 30, 2017 2018. |
Note 11 - Segment and Geographi
Note 11 - Segment and Geographic Information | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 1 1 . Segment and Geographic Information: Our operating segments are based on the types of products from which we generate revenues. We are organized into a product line organization with four two four We evaluate performance of our segments based upon sales and operating profit. There are no not The tables below present information about reported segments: Three Months Ended June 30, Sales Revenue: 2017 2018 Ceramic Components $ 51,057 $ 78,836 Tantalum Components 88,953 101,032 Advanced Components 161,659 139,344 Total Electronic Components 301,669 319,212 Interconnect, Sensing and Control Devices 29,685 134,904 Total Revenue $ 331,354 $ 454,116 Three Months Ended June 30, 2017 2018 Operating profit: Electronic Components $ 54,719 $ 86,410 Interconnect, Sensing and Control Devices 3,278 (2,750 ) Corporate activities (15,566 ) (15,643 ) Total $ 42,431 $ 68,017 As of As of March 31, 2018 June 30, 2018 Assets: Electronic Components $ 632,014 $ 755,644 Interconnect, Sensing and Control Devices 241,959 250,659 Cash, A/R, and investments in securities 1,111,716 1,117,529 Goodwill - Electronic Components 278,247 288,676 Goodwill - Interconnect, Sensing and Control Devices 38,051 33,682 Corporate activities 370,779 244,308 Total $ 2,672,766 $ 2,690,498 The following geographic data is based upon net sales generated by operations located within particular geographic areas. Substantially all of the sales in the Americas region were generated in the United States. Three Months Ended June 30, 2017 2018 Net sales: Americas $ 99,940 $ 114,567 Europe 92,520 198,404 Asia 138,894 141,145 Total $ 331,354 $ 454,116 |
Note 12 - Pension Plans
Note 12 - Pension Plans | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 1 2 . Pension Plans: Net periodic pension cost for our defined benefit plans consisted of the following for the three June 30, 2017 2018: U.S. Plans International Plans Three Months Ended Three Months Ended June 30, June 30, 2017 2018 2017 2018 Service cost $ 33 $ - $ 228 $ 215 Interest cost 352 327 1,108 1,045 Expected return on plan assets (450 ) (393 ) (1,417 ) (1,471 ) Recognized actuarial loss 286 221 321 257 Net periodic pension cost $ 221 $ 155 $ 240 $ 46 Based on current actuarial computations, during the three June 30, 2018, $1,750 $5,500 2019. no three June 30, 2018. $1,065 2019. |
Note 13 - Derivative Financial
Note 13 - Derivative Financial Instruments | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 1 3 . 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, 2018 June 30, 2018, March 31, 2018 Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair Caption Value Caption Value Foreign exchange contracts Prepaid and other $ 212 Accrued expenses $ 377 June 30, 2018 Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair Caption Value Caption Value Foreign exchange contracts Prepaid and other $ 671 Accrued expenses $ 759 For these derivatives designated as cash flow hedging instruments, during the three June 30, 2018, $833 three June 30, 2018, $2,045 $1,370 Derivatives not March 31, 2018 June 30, 2018, March 31, 2018 Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair Caption Value Caption Value Foreign exchange contracts Prepaid and other $ 45 Accrued expenses $ 137 June 30, 2018 Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair Caption Value Caption Value Foreign exchange contracts Prepaid and other $ 750 Accrued expenses $ 456 For these derivatives not three June 30, 2018, $539 $1,067 At March 31, 2018 June 30, 2018, $156,238 $171,725, |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 1 4 . Subsequent Events: On July 18, 2018 $0.115 June 30, 2018. August 1, 2018 August 15, 2018 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Summary of Significant Accounting Policies We have identified the accounting policies and estimates that are critical to our business operations and understanding our results of operations. Those policies and estimates can be found in Note 1, 10 March 31, 2018. 10 10 March 31, 2018. three June 30, 2018, no 3 |
Revenue Recognition and Accounts Receivable, Policy [Policy Text Block] | Revenue Recognition : All products are built to specification and tested by AVX or our suppliers for adherence to such specification before shipment to customers. We ship products to customers based upon firm orders. Shipping and handling costs are treated as fulfillment costs and as such are included in cost of sales. The Company applies this accounting policy election consistently to its sales. We recognize revenue as performance obligations are satisfied, which is when the customer takes control of the products as they are shipped to or received by the customer in accordance with the terms of the agreement of sale. There are general product warranties within our contracts, as the Company warrants that products will function as expected in accordance with the specifications per the contract. These warranties cannot be purchased by the customer separately and accordingly these warranties are not Payment terms for the Company’s sales are generally less than 90 twelve 606 twelve not We evaluate gross versus net presentation on revenues from products purchased and resold in accordance with the revenue recognition criteria outlined in ASC 606. 606, The Company pays commissions to sales representatives on a per-sale basis and applies the practical expedient available within ASC 340. The Company recognizes the estimated variable consideration to be received as revenue and records a related reduction to accounts receivable or as an accrued expense for the consideration not not no not 606, not Returns Sales revenue and cost of sales reported in the statement of operations are reduced to reflect estimated returns. We record an estimated right of return liability 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 liability accrued reflects the variable consideration not 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 on the balance sheet as either a reduction in accounts receivable or right-of-return liabilities. 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. The pricing adjustment is deemed variable consideration. Ship and debit authorizations may |
New Accounting Pronouncements, Policy [Policy Text Block] | Relevant New Accounting Standards In 2014, 2014 09, April 1, 2018, no 3 In February 2016, 2016 02, 1 2 3 1 2 3 December 15, 2018. no 2016 02. In August 2017, 2017 12, December 15, 2018, |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 3 Months Ended |
Jun. 30, 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 $ 14,419 Accounts payable (10,140 ) Other current assets and liabilities, net 3,613 Working capital 7,892 Debt (21,105 ) Property and equipment 13,769 Intangible assets 64,800 Other non-current assets and liabilities, net (12,739 ) Total identified assets and liabilities 52,617 Purchase price 128,242 Goodwill $ 75,625 |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Three Months Ended June 30, 2018 Balances without Increase Due to As reported ASC 606 Adoption Adoption Accounts Receivable - trade, net $ 268,575 $ 254,708 $ 13,867 Accrued Expenses $ 145,961 $ 132,094 $ 13,867 |
Note 4 - Earnings Per Share (Ta
Note 4 - Earnings Per Share (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, 2017 2018 Net income $ 31,484 $ 55,963 Computation of Basic EPS: Weighted Average Shares Outstanding used in Computing Basic EPS 168,071 168,492 Basic earnings per share $ 0.19 $ 0.33 Computation of Diluted EPS: Weighted Average Shares Outstanding used in Computing Basic EPS 168,071 168,492 Effect of stock awards 561 472 Weighted Average Shares used in Computing Diluted EPS (1) 168,632 168,964 Diluted earnings per share $ 0.19 $ 0.33 |
Note 5 - Trade Accounts Recei25
Note 5 - Trade Accounts Receivable (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2018 June 30, 2018 Gross Accounts Receivable - Trade $ 300,016 $ 280,327 Less: Allowances for doubtful accounts 1,893 1,294 Stock rotation 7,109 - Ship from stock and debit 9,663 9,869 Sales returns 5,374 - Discounts 718 589 Total allowances 24,757 11,752 Accounts Receivable - Trade, net 275,259 268,575 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Three Months Ended June 30, 2017 2018 Allowances for doubtful accounts: Beginning balance $ 1,285 $ 1,893 Charges 164 91 Applications (2 ) (690 ) Ending balance $ 1,447 $ 1,294 Three Months Ended June 30, 2017 2018 Stock rotation and ship from stock and debit: Beginning balance $ 14,853 $ 15,989 Charges 6,739 6,392 Applications (6,699 ) (6,186 ) Stock rotation reclassified to liability - (6,326 ) Ending balance $ 14,893 $ 9,869 Three Months Ended June 30, 2017 2018 Sales returns and discounts: Beginning balance $ 5,623 $ 6,875 Charges 4,065 86 Applications (4,553 ) (215 ) Sales returns reclassified to liability - (6,157 ) Translation, acquisition and other 28 - Ending balance $ 5,163 $ 589 |
Note 6 - Fair Value (Tables)
Note 6 - Fair Value (Tables) | 3 Months Ended |
Jun. 30, 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, 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 $ - Based on Quoted prices Other in active observable Unobservable Fair Value at markets inputs inputs June 30, 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) $ 6,730 $ 6,031 $ 699 $ - Foreign currency derivatives(2) 1,421 - 1,421 - Total $ 8,151 $ 6,031 $ 2,120 $ - Based on Quoted prices Other in active observable Unobservable Fair Value at markets inputs inputs June 30, 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) $ 6,730 $ 6,031 $ 699 $ - Foreign currency derivatives(2) 1,215 - 1,215 - Total $ 7,945 $ 6,031 $ 1,914 $ - |
Note 7 - Financial Instrument27
Note 7 - Financial Instruments and Investments in Securities (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Debt Securities, Held-to-maturity [Table Text Block] | March 31, 2018 Gross Gross Unrealized Unrealized Estimated Cost Gains Losses Fair Value Short-term investments: Commercial Paper $ 10,597 $ - $ (1 ) $ 10,596 Time deposits 269,190 203 - 269,393 $ 279,787 $ 203 $ (1 ) $ 279,989 June 30, 2018 Gross Gross Unrealized Unrealized Estimated Cost Gains Losses Fair Value Short-term investments: Commercial paper $ 34,862 $ 4 $ - $ 34,866 Time deposits 353,355 244 (42 ) 353,557 $ 388,217 $ 248 $ (42 ) $ 388,423 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Held-to-Maturity Amortized Estimated Cost Fair Value Due in one year or less $ 388,217 $ 388,423 Due after one year through five years - - Total $ 388,217 $ 388,423 |
Note 8 - Inventories (Tables)
Note 8 - Inventories (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2018 June 30, 2018 Finished goods $ 93,467 $ 76,419 Work in process 133,556 143,044 Raw materials 289,754 294,446 Total Inventories, net $ 516,777 $ 513,909 |
Note 10 - Comprehensive Incom29
Note 10 - Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | Three Months Ended June 30, 2017 2018 Pre-tax Net of Tax Pre-tax Net of Tax Foreign currency translation adjustment $ 21,062 $ 21,062 $ (41,741 ) $ (41,741 ) Foreign currency cash flow hedges adjustment (720 ) (687 ) 77 63 Pension liability adjustment (240 ) (182 ) 3,307 2,630 Other comprehensive income (loss) $ 20,102 $ 20,193 $ (38,357 ) $ (39,048 ) |
Note 11 - Segment and Geograp30
Note 11 - Segment and Geographic Information (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended June 30, Sales Revenue: 2017 2018 Ceramic Components $ 51,057 $ 78,836 Tantalum Components 88,953 101,032 Advanced Components 161,659 139,344 Total Electronic Components 301,669 319,212 Interconnect, Sensing and Control Devices 29,685 134,904 Total Revenue $ 331,354 $ 454,116 Three Months Ended June 30, 2017 2018 Operating profit: Electronic Components $ 54,719 $ 86,410 Interconnect, Sensing and Control Devices 3,278 (2,750 ) Corporate activities (15,566 ) (15,643 ) Total $ 42,431 $ 68,017 As of As of March 31, 2018 June 30, 2018 Assets: Electronic Components $ 632,014 $ 755,644 Interconnect, Sensing and Control Devices 241,959 250,659 Cash, A/R, and investments in securities 1,111,716 1,117,529 Goodwill - Electronic Components 278,247 288,676 Goodwill - Interconnect, Sensing and Control Devices 38,051 33,682 Corporate activities 370,779 244,308 Total $ 2,672,766 $ 2,690,498 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Three Months Ended June 30, 2017 2018 Net sales: Americas $ 99,940 $ 114,567 Europe 92,520 198,404 Asia 138,894 141,145 Total $ 331,354 $ 454,116 |
Note 12 - Pension Plans (Tables
Note 12 - Pension Plans (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | U.S. Plans International Plans Three Months Ended Three Months Ended June 30, June 30, 2017 2018 2017 2018 Service cost $ 33 $ - $ 228 $ 215 Interest cost 352 327 1,108 1,045 Expected return on plan assets (450 ) (393 ) (1,417 ) (1,471 ) Recognized actuarial loss 286 221 321 257 Net periodic pension cost $ 221 $ 155 $ 240 $ 46 |
Note 13 - Derivative Financia32
Note 13 - Derivative Financial Instruments (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | March 31, 2018 Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair Caption Value Caption Value Foreign exchange contracts Prepaid and other $ 212 Accrued expenses $ 377 June 30, 2018 Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair Caption Value Caption Value Foreign exchange contracts Prepaid and other $ 671 Accrued expenses $ 759 March 31, 2018 Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair Caption Value Caption Value Foreign exchange contracts Prepaid and other $ 45 Accrued expenses $ 137 June 30, 2018 Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair Caption Value Caption Value Foreign exchange contracts Prepaid and other $ 750 Accrued expenses $ 456 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) | 3 Months Ended |
Jun. 30, 2018 | |
Stock Rotation Program, Percentage of Previous Six Months Net Sales | 5.00% |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) - USD ($) $ in Thousands | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 02, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 12,909 | |||||
Goodwill, Ending Balance | 322,358 | $ 316,298 | ||||
Business Acquisition, Pro Forma Revenue | 415,126 | |||||
Revenue from Contract with Customer, Including Assessed Tax | 454,116 | $ 331,354 | ||||
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 | |||||
Revenue from Contract with Customer, Including Assessed Tax | 97,750 | |||||
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] | Existing Technology [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 | $ 75,625 | |||||
Revenue from Contract with Customer, Including Assessed Tax | 31,941 | |||||
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] | Existing Technology [Member] | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |||||
Kumatec [Member] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 12,305 | |||||
Goodwill, Ending Balance | $ 7,815 | |||||
Revenue from Contract with Customer, Including Assessed Tax | $ 2,097 | |||||
Kumatec [Member] | KUMATEC Hydrogen GmbH Co. KG [Member] | ||||||
Business Combination, Equity Investment Acquired, Percentage of Interest | 3189.00% | |||||
Kumatec [Member] | Customer Relationships [Member] | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years | |||||
Kumatec [Member] | Trade Names [Member] | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years | |||||
Kumatec [Member] | Existing Technology [Member] | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years |
Note 2 - Acquisitions - Assets
Note 2 - Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jan. 31, 2018 | Oct. 02, 2017 | Jun. 30, 2018 | Mar. 31, 2018 |
Goodwill | $ 322,358 | $ 316,298 | ||
AVX Antenna [Member] | ||||
Accounts receivable | $ 14,419 | |||
Other current assets and liabilities, net | 3,613 | |||
Working capital | 7,892 | |||
Property and equipment | 13,769 | |||
Intangible assets | 64,800 | |||
Other non-current assets and liabilities, net | (12,739) | |||
Total identified assets and liabilities | 52,617 | |||
Purchase price | 128,242 | |||
Goodwill | 75,625 | |||
Accounts payable | (10,140) | |||
Debt | $ (21,105) | |||
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 | |||
Purchase price | 162,038 | |||
Goodwill | $ 26,049 |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Summary of Consolidated Balance Sheet Under Revenue Recognition Guidance (Details) - USD ($) | Jun. 30, 2018 | Mar. 31, 2018 |
Accounts receivable - trade, net | $ 268,575,000 | $ 275,259,000 |
Accrued expenses | 145,961,000 | $ 118,183,000 |
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||
Accounts receivable - trade, net | 254,708,000 | |
Accrued expenses | 132,094,000 | |
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||
Accounts receivable - trade, net | 13,867,000 | |
Accrued expenses | $ 13,867,000 |
Note 4 - Earnings Per Share (De
Note 4 - Earnings Per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Common Stock Equivalents [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 55 | 161 |
Note 4 - Earnings Per Share - B
Note 4 - Earnings Per Share - Basic and Diluted Weighted Average Number of Shares of Common Stock and Potential Common Stock Equivalents (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Net income | $ 55,963 | $ 31,484 | |
Computation of Basic EPS: | |||
Weighted Average Shares Outstanding used in Computing Basic EPS (in shares) | 168,492 | 168,071 | |
Basic earnings per share (in dollars per share) | $ 0.33 | $ 0.19 | |
Computation of Diluted EPS: | |||
Weighted Average Shares Outstanding used in Computing Basic EPS (in shares) | 168,492 | 168,071 | |
Effect of stock awards (in shares) | 472 | 561 | |
Weighted Average Shares used in Computing Diluted EPS (1) (in shares) | [1] | 168,964 | 168,632 |
Diluted earnings per share (in dollars per share) | $ 0.33 | $ 0.19 | |
[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 5 - Trade Accounts Recei39
Note 5 - Trade Accounts Receivable - Schedule of Trade Receivables (Details) - USD ($) | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Mar. 31, 2017 |
Gross Accounts Receivable - Trade | $ 280,327,000 | $ 300,016,000 | ||
Allowances | 11,752,000 | 24,757,000 | ||
Accounts Receivable - Trade, net | 268,575,000 | 275,259,000 | ||
Allowances for Doubtful Accounts [Member] | ||||
Allowances | 1,294,000 | 1,893,000 | $ 1,447,000 | $ 1,285,000 |
Allowance for Stock Rotation [Member] | ||||
Allowances | 7,109,000 | |||
Allowance for Ship from Stock and Debit [Member] | ||||
Allowances | 9,869,000 | 9,663,000 | ||
Allowance for Sales Returns [Member] | ||||
Allowances | 5,374,000 | |||
Allowance for Discounts [Member] | ||||
Allowances | $ 589 | $ 718 |
Note 5 - Trade Accounts Recei40
Note 5 - Trade Accounts Receivable - Charges Related to Allowance for Doubtful Accounts (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Beginning balance | $ 24,757,000 | |
Ending balance | 11,752,000 | |
Allowances for Doubtful Accounts [Member] | ||
Beginning balance | 1,893,000 | $ 1,285,000 |
Charges | 91,000 | 164,000 |
Applications | (690,000) | (2,000) |
Ending balance | 1,294,000 | 1,447,000 |
Allowance for Stock Rotation and Ship from Stock and Debit [Member] | ||
Beginning balance | 15,989,000 | 14,853,000 |
Charges | 6,392,000 | 6,739,000 |
Applications | (6,186,000) | (6,699,000) |
Stock rotation reclassified to liability | (6,326,000) | |
Ending balance | 9,869,000 | 14,893,000 |
Allowance and Reserve for Sales Returns and Discounts [Member] | ||
Beginning balance | 6,875,000 | 5,623,000 |
Charges | 86,000 | 4,065,000 |
Applications | (215,000) | (4,553,000) |
Stock rotation reclassified to liability | (6,157,000) | |
Translation, acquisition and other | 28,000 | |
Ending balance | $ 589,000 | $ 5,163,000 |
Note 6 - Fair Value - Assets an
Note 6 - Fair Value - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 | |
Assets held in the non-qualified deferred compensation program | [1] | $ 6,730 | $ 6,649 |
Foreign currency derivatives | [2] | 1,421 | 257 |
Assets measured at fair value, Total | 8,151 | 6,906 | |
Obligation related to assets held in the non-qualified deferred compensation program | [1] | 6,730 | 6,649 |
Foreign currency derivatives liabilities | [2] | 1,215 | 514 |
Liabilities measured at fair value, Total | 7,945 | 7,163 | |
Fair Value, Inputs, Level 1 [Member] | |||
Assets held in the non-qualified deferred compensation program | [1] | 6,031 | 5,959 |
Foreign currency derivatives | [2] | ||
Assets measured at fair value, Total | 6,031 | 5,959 | |
Obligation related to assets held in the non-qualified deferred compensation program | [1] | 6,031 | 5,959 |
Foreign currency derivatives liabilities | [2] | ||
Liabilities measured at fair value, Total | 6,031 | 5,959 | |
Fair Value, Inputs, Level 2 [Member] | |||
Assets held in the non-qualified deferred compensation program | [1] | 699 | 690 |
Foreign currency derivatives | [2] | 1,421 | 257 |
Assets measured at fair value, Total | 2,120 | 947 | |
Obligation related to assets held in the non-qualified deferred compensation program | [1] | 699 | 690 |
Foreign currency derivatives liabilities | [2] | 1,215 | 514 |
Liabilities measured at fair value, Total | 1,914 | 1,204 | |
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 or accrued expenses in the consolidated balance sheets. Unrealized gains and losses on derivatives designated as cash flow hedges are recorded in other comprehensive income (loss). Realized gains and losses on derivatives designated as cash flow hedges and gains and losses on derivatives not designated as hedges are recorded in other income. |
Note 7 - Financial Instrument42
Note 7 - Financial Instruments and Investments in Securities - Investments in Held-to-maturity Securities, Recorded at Amortized Cost (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Cost | $ 388,217 | |
Estimated Fair Value | 388,423 | |
Short-term Investments [Member] | ||
Cost | 388,217 | $ 279,787 |
Gross Unrealized Gains | 248 | 203 |
Gross Unrealized Losses | (42) | (1) |
Estimated Fair Value | 388,423 | 279,989 |
Short-term Investments [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Cost | 34,862 | 10,597 |
Gross Unrealized Gains | 4 | |
Gross Unrealized Losses | (1) | |
Estimated Fair Value | 34,866 | 10,596 |
Short-term Investments [Member] | Time Deposits [Member] | ||
Cost | 353,355 | 269,190 |
Gross Unrealized Gains | 244 | 203 |
Gross Unrealized Losses | (42) | |
Estimated Fair Value | $ 353,557 | $ 269,393 |
Note 7 - Financial Instrument43
Note 7 - Financial Instruments and Investments in Securities - Contractual Maturity (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Due in one year or less, amortized cost | $ 388,217 |
Due in one year or less, estimated fair value | 388,423 |
Due after one year through five years, amortized cost | |
Due after one year through five years, estimated fair value | |
Total, amortized cost | 388,217 |
Held-to-maturity securities, fair value, total | $ 388,423 |
Note 8 - Inventories - Schedule
Note 8 - Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Finished goods | $ 76,419 | $ 93,467 |
Work in process | 143,044 | 133,556 |
Raw materials | 294,446 | 289,754 |
Total Inventories, net | $ 513,909 | $ 516,777 |
Note 9 - Commitments and Cont45
Note 9 - Commitments and Contingencies (Details Textual) $ in Thousands | Apr. 25, 2013 | Mar. 31, 2016USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) |
Accrual for Environmental Loss Contingencies, Ending Balance | $ 1,683 | |||
Greatbatch, Inc. v AVX Corporation [Member] | ||||
Loss Contingency, Damages Awarded, Value | $ 37,500 | |||
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 | $ 18,750 | $ 18,618 | ||
Loss Contingency, Accrual, Current | 3,461 | 3,329 | ||
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 | $ 73,392 |
Note 10 - Comprehensive Incom46
Note 10 - Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Foreign currency translation adjustment, pre-tax | $ (41,741) | $ 21,062 |
Foreign currency translation adjustment, net of tax | (41,741) | 21,062 |
Foreign currency cash flow hedges adjustment, pre-tax | 77 | (720) |
Foreign currency cash flow hedges adjustment, net of tax | 63 | (687) |
Pension liability adjustment, pre-tax | 3,307 | (240) |
Pension liability adjustment, net of tax | 2,630 | (182) |
Other comprehensive income (loss), pre-tax | (38,357) | 20,102 |
Other comprehensive income (loss), net of tax | $ (39,048) | $ 20,193 |
Note 11 - Segment and Geograp47
Note 11 - Segment and Geographic Information (Details Textual) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | |
Number of Reportable Segments | 2 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 454,116 | $ 331,354 |
Intersegment Eliminations [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 0 |
Note 11 - Segment and Geograp48
Note 11 - Segment and Geographic Information - Reportable Segment Revenue, Profit and Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | |
Net sales | $ 454,116 | $ 331,354 | |
Operating profit (loss) | 68,017 | 42,431 | |
Total Assets | 2,690,498 | $ 2,672,766 | |
Goodwill | 322,358 | 316,298 | |
Operating Segments [Member] | Electronic Components [Member] | |||
Net sales | 319,212 | 301,669 | |
Operating profit (loss) | 86,410 | 54,719 | |
Total Assets | 755,644 | 632,014 | |
Operating Segments [Member] | Electronic Components [Member] | Ceramic Components [Member] | |||
Net sales | 78,836 | 51,057 | |
Operating Segments [Member] | Electronic Components [Member] | Tantalum Components [Member] | |||
Net sales | 101,032 | 88,953 | |
Operating Segments [Member] | Electronic Components [Member] | Advanced Components [Member] | |||
Net sales | 139,344 | 161,659 | |
Operating Segments [Member] | Interconnect, Sensing and Control Devices [Member] | |||
Net sales | 134,904 | 29,685 | |
Operating profit (loss) | (2,750) | 3,278 | |
Total Assets | 250,659 | 241,959 | |
Segment Reconciling Items [Member] | |||
Cash, A/R, and investments in securities | 1,117,529 | 1,111,716 | |
Segment Reconciling Items [Member] | Electronic Components [Member] | |||
Goodwill | 288,676 | 278,247 | |
Segment Reconciling Items [Member] | Interconnect, Sensing and Control Devices [Member] | |||
Goodwill | 33,682 | 38,051 | |
Corporate, Non-Segment [Member] | |||
Operating profit (loss) | (15,643) | $ (15,566) | |
Total Assets | $ 244,308 | $ 370,779 |
Note 11 - Segment and Geograp49
Note 11 - Segment and Geographic Information - Schedule of Geographical Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Net sales | $ 454,116 | $ 331,354 |
Americas [Member] | ||
Net sales | 114,567 | 99,940 |
Europe [Member] | ||
Net sales | 198,404 | 92,520 |
Asia [Member] | ||
Net sales | $ 141,145 | $ 138,894 |
Note 12 - Pension Plans (Detail
Note 12 - Pension Plans (Details Textual) $ in Thousands | 3 Months Ended |
Jun. 30, 2018USD ($) | |
Foreign Plan [Member] | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 1,750 |
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 5,500 |
UNITED STATES | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 0 |
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 1,065 |
Note 12 - Pension Plans - Net B
Note 12 - Pension Plans - Net Benefit Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
UNITED STATES | ||
Service cost | $ 33 | |
Interest cost | 327 | 352 |
Expected return on plan assets | (393) | (450) |
Recognized actuarial loss | 221 | 286 |
Net periodic pension cost | 155 | 221 |
Foreign Plan [Member] | ||
Service cost | 215 | 228 |
Interest cost | 1,045 | 1,108 |
Expected return on plan assets | (1,471) | (1,417) |
Recognized actuarial loss | 257 | 321 |
Net periodic pension cost | $ 46 | $ 240 |
Note 13 - Derivative Financia52
Note 13 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Mar. 31, 2018 | |
Other Expense [Member] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Total | $ 539 | |
Other Income [Member] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Total | $ 1,067 | |
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 | $ (833) | |
Foreign Exchange Forward [Member] | Cost of Sales [Member] | ||
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | (2,045) | |
Foreign Exchange Forward [Member] | Sales [Member] | ||
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | 1,370 | |
Foreign Exchange Contract [Member] | ||
Derivative, Notional Amount | $ 171,725 | $ 156,238 |
Note 13 - Derivative Financia53
Note 13 - Derivative Financial Instruments - Fair Value of Derivative Instruments (Details) - Foreign Exchange Contract [Member] - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Prepaid Expenses and Other Current Assets [Member] | Designated as Hedging Instrument [Member] | ||
Asset derivatives, fair value | $ 671 | $ 212 |
Prepaid Expenses and Other Current Assets [Member] | Not Designated as Hedging Instrument [Member] | ||
Asset derivatives, fair value | 750 | 45 |
Accrued Expenses [Member] | Designated as Hedging Instrument [Member] | ||
Liability derivatives, fair value | 759 | 377 |
Accrued Expenses [Member] | Not Designated as Hedging Instrument [Member] | ||
Liability derivatives, fair value | $ 456 | $ 137 |
Note 14 - Subsequent Events (De
Note 14 - Subsequent Events (Details Textual) - $ / shares | Jul. 18, 2018 | Jun. 30, 2018 | Jun. 30, 2017 |
Common Stock, Dividends, Per Share, Declared | $ 0.115 | $ 0.11 | |
Subsequent Event [Member] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.115 | ||
Dividends Payable, Date Declared | Jul. 18, 2018 | ||
Dividends Payable, Date of Record | Aug. 1, 2018 | ||
Dividends Payable, Date to be Paid | Aug. 15, 2018 |