Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | May 26, 2020 | Sep. 30, 2018 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-15491 | ||
Entity Registrant Name | KEMET Corp | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 57-0923789 | ||
Entity Address, Address Line One | KEMET Tower, One East Broward Blvd. | ||
Entity Address, City or Town | Fort Lauderdale | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 33301 | ||
City Area Code | 954 | ||
Local Phone Number | 766-2800 | ||
Title of 12(b) Security | Common Stock, par value $0.01 | ||
Trading Symbol | KEM | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,044,995,999 | ||
Entity Common Stock, Shares Outstanding | 58,508,445 | ||
Entity Central Index Key | 0000887730 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --03-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 222,399 | $ 207,918 |
Accounts receivable, net | 144,743 | 154,059 |
Inventories, net | 243,210 | 241,129 |
Prepaid expenses and other current assets | 36,143 | 38,947 |
Total current assets | 646,495 | 642,053 |
Property, plant, and equipment, net | 552,636 | 495,280 |
Goodwill | 41,210 | 40,294 |
Intangible assets, net | 52,713 | 53,749 |
Equity method investments | 16,593 | 12,925 |
Deferred income taxes | 41,224 | 57,024 |
Other assets | 42,226 | 16,770 |
Total assets | 1,393,097 | 1,318,095 |
Current liabilities: | ||
Current portion of long-term debt | 29,111 | 28,430 |
Accounts payable | 103,201 | 153,287 |
Accrued expenses | 167,622 | 93,761 |
Income taxes payable | 2,778 | 2,995 |
Total current liabilities | 302,712 | 278,473 |
Long-term debt | 235,673 | 254,771 |
Other non-current obligations | 193,392 | 136,630 |
Deferred income taxes | 14,058 | 8,806 |
Total liabilities | 745,835 | 678,680 |
Stockholders’ equity: | ||
Preferred stock, par value $0.01, authorized 10,000 shares, none issued | 0 | 0 |
Common stock, par value $0.01, authorized 175,000 shares, issued 58,274 and 57,822 shares at March 31, 2020 and 2019, respectively | 583 | 578 |
Additional paid-in capital | 474,488 | 465,366 |
Retained earnings | 239,773 | 204,195 |
Accumulated other comprehensive income (loss) | (67,582) | (30,724) |
Total stockholders’ equity | 647,262 | 639,415 |
Total liabilities and stockholders’ equity | $ 1,393,097 | $ 1,318,095 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized shares | 10,000 | 10,000 |
Preferred stock, issued shares | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 175,000 | 175,000 |
Common stock, issued shares | 58,274 | 57,822 |
Treasury stock, shares | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | |||
Net sales | $ 1,260,554 | $ 1,382,818 | $ 1,200,181 |
Operating costs and expenses: | |||
Cost of sales | 840,066 | 924,276 | 860,744 |
Selling, general and administrative expenses | 194,766 | 202,642 | 173,620 |
Research and development | 49,264 | 44,612 | 39,114 |
Restructuring charges | 8,882 | 8,779 | 14,843 |
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 19,710 | 1,660 | (992) |
Net (gain) loss on sales and disposals of assets | 800 | (1,000) | (1,200) |
Total operating costs and expenses | 1,112,688 | 1,181,969 | 1,087,329 |
Operating income | 147,866 | 200,849 | 112,852 |
Non-operating (income) expense: | |||
Interest income | 3,325 | 2,035 | 809 |
Interest expense | 11,021 | 21,239 | 32,882 |
Business combination bargain purchase, gain recognized | 0 | 0 | 130,880 |
Gain (Loss) Related to Litigation Settlement | 64,695 | 6,701 | 9,900 |
Other (income) expense, net | (4,356) | 4,513 | 14,692 |
Income before income taxes and equity income (loss) from equity method investments | 79,831 | 170,431 | 187,067 |
Income tax expense (benefit) | 38,526 | (39,460) | 9,132 |
Income before equity income (loss) from equity method investments | 41,305 | 209,891 | 177,935 |
Equity income (loss) from equity method investments | 76 | (3,304) | 76,192 |
Net income | $ 41,381 | $ 206,587 | $ 254,127 |
Net income (loss) per basic share: | |||
Net income (loss) (in dollars per share) | $ 0.71 | $ 3.57 | $ 4.81 |
Net income (loss) per diluted share: | |||
Net income (loss) (in dollars per share) | $ 0.70 | $ 3.50 | $ 4.33 |
Weighted-average shares outstanding: | |||
Basic (in shares) | 58,574 | 57,840 | 52,798 |
Diluted (in shares) | 59,415 | 59,082 | 58,640 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Net income (loss) | $ 41,381 | $ 206,587 | $ 254,127 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (5,181) | 35,271 | |
Other comprehensive income (loss) before reclassifications (4)(5) | (30,627) | (28,959) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax | 560 | (927) | 167 |
Other comprehensive income (loss), net of tax: | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax | (147) | (86) | (255) |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | (33,519) | (588) | (1,753) |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 1,429 | (2,249) | 0 |
Other comprehensive income (loss) | (36,858) | (27,926) | 39,014 |
Total comprehensive income | 4,523 | 178,661 | 293,141 |
Foreign currency translation gains (losses) | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (24,065) | ||
Other comprehensive income (loss) before reclassifications (4)(5) | 5,097 | (19,835) | |
Defined benefit pension plans | |||
Other comprehensive income (loss) before reclassifications (4)(5) | (302) | (1,525) | |
Defined benefit post-retirement plan adjustments | |||
Other comprehensive income (loss) before reclassifications (4)(5) | 2 | 81 | |
Equity interest in investee’s other comprehensive income (loss) | |||
Other comprehensive income (loss) before reclassifications (4)(5) | 0 | (11) | $ 5,584 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
Other comprehensive income (loss) before reclassifications (4)(5) | $ (35,078) | $ (1,286) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings (Deficit) | Accumulated Other Comprehensive Income (Loss) |
Balance (in shares) at Mar. 31, 2017 | 46,689 | ||||
Balance at Mar. 31, 2017 | $ 155,569 | $ 467 | $ 447,671 | $ (250,757) | $ (41,812) |
Increase (Decrease) in Stockholders' Equity | |||||
Net income (loss) | 254,127 | 0 | 0 | 0 | |
Other comprehensive income (loss) | 39,014 | 0 | 0 | 0 | 39,014 |
Issuance of shares, net of tax withholdings | 8,142 | $ 99 | 8,043 | 0 | 0 |
Issuance of restricted shares (in shares) | 9,952 | ||||
Payments of Ordinary Dividends, Common Stock | 0 | ||||
Stock-based compensation | 7,657 | 7,657 | |||
Offering Fees | (634) | ||||
Balance (in shares) at Mar. 31, 2018 | 56,641 | ||||
Balance at Mar. 31, 2018 | 463,875 | $ 566 | 462,737 | 3,370 | (2,798) |
Increase (Decrease) in Stockholders' Equity | |||||
Net income (loss) | 206,587 | 0 | 0 | 0 | |
Other comprehensive income (loss) | (27,926) | 0 | 0 | 0 | (27,926) |
Issuance of shares, net of tax withholdings | (10,225) | $ 12 | (10,237) | 0 | 0 |
Issuance of restricted shares (in shares) | 1,181 | ||||
Payments of Ordinary Dividends, Common Stock | (5,762) | ||||
Stock-based compensation | 12,866 | 12,866 | |||
Balance (in shares) at Mar. 31, 2019 | 57,822 | ||||
Balance at Mar. 31, 2019 | 639,415 | $ 578 | 465,366 | 204,195 | (30,724) |
Increase (Decrease) in Stockholders' Equity | |||||
Net income (loss) | 41,381 | 0 | 0 | 0 | |
Other comprehensive income (loss) | (36,858) | 0 | 0 | 0 | (36,858) |
Issuance of shares, net of tax withholdings | (2,957) | $ 5 | (2,962) | 0 | 0 |
Issuance of restricted shares (in shares) | 452 | ||||
Payments of Ordinary Dividends, Common Stock | (5,803) | ||||
Stock-based compensation | 12,084 | 12,084 | |||
Balance (in shares) at Mar. 31, 2020 | 58,274 | ||||
Balance at Mar. 31, 2020 | $ 647,262 | $ 583 | $ 474,488 | $ 239,773 | $ (67,582) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Cash Flows [Abstract] | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 230,463 | $ 207,918 | $ 286,846 |
Restricted Cash | 8,064 | 0 | 0 |
Operating activities: | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 41,381 | 206,587 | 254,127 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities, net of effect of acquisitions: | |||
Depreciation and amortization | 62,819 | 52,628 | 50,661 |
Stock-based compensation expense | (76) | 3,304 | (76,192) |
Business combination bargain purchase, gain recognized | 0 | 0 | (130,880) |
Non-cash debt and financing costs | 4,173 | 1,872 | 2,467 |
Loss on early extinguishment of debt | 0 | 15,946 | 486 |
Net (gain) loss on sales and disposals of assets | 800 | (1,000) | (1,200) |
Stock-based compensation expense | 12,084 | 12,866 | 7,657 |
Pension and other post-retirement benefits | 6,816 | 4,938 | 4,717 |
Change in deferred income taxes | 24,329 | (49,757) | 564 |
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 19,710 | 1,660 | (992) |
Rent receivable | 0 | 0 | 2,645 |
Other, net | 70 | (285) | (680) |
Changes in assets and liabilities, net of the effect of acquisitions: | |||
Accounts receivable | 5,727 | (8,910) | 30,217 |
Inventories | (3,394) | (42,806) | (13,827) |
Prepaid expenses and other assets | 3,962 | (4,381) | 4,330 |
Accounts payable | (41,442) | 7,650 | (16,053) |
Accrued income taxes | (236) | 1,046 | 1,317 |
Other operating liabilities | 22,933 | (70,627) | 197 |
Net cash provided by (used in) operating activities | 158,856 | 131,731 | 120,761 |
Investing activities: | |||
Capital expenditures | (146,331) | (146,056) | (65,004) |
Contributions to equity method investments | (5,000) | (4,000) | (3,000) |
Proceeds from Equity Method Investment, Distribution | 433 | 776 | 2,745 |
Acquisitions, net of cash received | 1,294 | 0 | (163,985) |
Proceeds from sale of discontinued operations | 3,400 | ||
Proceeds from sale of assets | 0 | 2,268 | 3,638 |
Payments for (Proceeds from) Hedge, Investing Activities | 8,879 | 0 | 0 |
Net cash provided by (used in) investing activities | (143,313) | (147,012) | 102,364 |
Financing activities: | |||
Payments of revolving line of credit | 0 | 0 | (33,881) |
Proceeds from issuance of debt | 0 | 284,924 | 334,978 |
Payment of long-term debt | (26,862) | (344,461) | (365,938) |
Proceeds from Issuance of Unsecured Debt | 43,095 | 13,412 | 0 |
Proceeds from Hedge, Financing Activities | 6,476 | 0 | 0 |
Payment for Debt Extinguishment or Debt Prepayment Cost | 0 | (3,234) | 0 |
Debt issuance costs | 0 | (2,021) | (5,002) |
Cash flow hedge settlement | (6,972) | 0 | 0 |
Finance Lease, Principal Payments | (1,447) | 0 | 0 |
Proceeds from exercise of stock options | 327 | 485 | 5,207 |
Proceeds from exercise of stock warrants | 0 | 0 | 8,838 |
Payments of Ordinary Dividends, Common Stock | (5,803) | (5,762) | 0 |
Net cash provided by (used in) financing activities | 8,814 | (56,657) | (55,798) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 24,357 | (71,938) | 167,327 |
Effect of foreign currency fluctuations on cash | (1,812) | (6,990) | 9,745 |
Cash, cash equivalents, and restricted cash at end of fiscal year | 222,399 | 207,918 | 286,846 |
Supplemental Cash Flow Statement Information: | |||
Interest paid, net of capitalized interest | 6,675 | 18,701 | 44,905 |
Income taxes paid | 9,668 | 10,863 | 7,120 |
Increase Decrease in Capital Expenditures Incurred But Not Yet Paid | $ 6,160 | $ 18,029 | $ 7,980 |
Organization and Significant Ac
Organization and Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Organization and Significant Accounting Policies | Organization and Significant Accounting Policies Nature of Business and Organization KEMET Corporation, which together with its subsidiaries is referred to herein as “KEMET” or the “Company”, is a leading manufacturer of tantalum capacitors, multilayer ceramic capacitors, film capacitors, electrolytic capacitors, paper capacitors and solid aluminum capacitors, and Electro-Magnetic Compatible ("EMC") devices, sensors, and actuators. The Company is headquartered in Fort Lauderdale, Florida and has manufacturing plants and distribution centers located in the United States, Mexico, Europe and Asia. Additionally, the Company has wholly-owned foreign subsidiaries which primarily provide sales support for KEMET’s products in foreign markets. KEMET is organized into three reportable segments: the Solid Capacitor Reportable Segment (“Solid Capacitors”), the Film and Electrolytic Reportable Segment (“Film and Electrolytic”), and the Electro-Magnetic, Sensors, and Actuators Reportable Segment ("MSA"). Each reportable segment is responsible for the operations of certain manufacturing sites as well as related research and development efforts. Basis of Presentation Certain amounts for the Consolidated Statements of Operations for fiscal years 2019 and 2018 have been revised to conform with the fiscal year 2020 presentation. Principles of Consolidation The accompanying Consolidated Financial Statements of the Company include the accounts of its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Investment in entities in which the Company can exercise significant influence, but does not own a majority equity interest or otherwise control, are accounted for using the equity method and are included as equity method investments on the Consolidated Balance Sheets. Cash Equivalents Cash equivalents of $48.3 million and $60.7 million at March 31, 2020 and 2019 , respectively, consist of money market accounts and certificates of deposits with original terms of three months or less. The Company considers all liquid debt instruments with original maturities of three months or less to be cash equivalents. Inventories Inventories are stated at the lower of cost or net realizable value. The Company maintains reserves for excess and slow-moving inventory to reflect a carrying amount for inventory that is stated at the lower of cost or net realizable value. The inventory reserve is an estimate and is adjusted based on slow moving and excess inventory, historical shipments, customer forecasts and backlog, and technology developments. Raw materials and tool crib obsolescence reserves are based on usage over one and two years, respectively, and the Company maintains reserves for raw materials and tool cribs that exceed these ages. Finished goods obsolescence reserves are either based on product age limits determined by market requirements, and/or based on excess quantities that exceed product orders and historical product sales. Inventory costs include material, labor and manufacturing overhead and most inventory costs are determined by the “first-in, first-out” (“FIFO”) method. For tool crib, a component of the Company’s raw material inventory, cost is determined under the average cost method. The Company has consigned inventory at certain customer locations totaling $9.8 million and $9.5 million at March 31, 2020 and 2019 , respectively. Property, Plant and Equipment Property, plant, and equipment are stated at cost. Depreciation is calculated principally using the straight-line method over the estimated useful lives of the respective assets. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful lives of the assets or the terms of the respective leases. Maintenance costs are expensed and expenditures for renewals and improvements are generally capitalized. Upon sale or retirement of property and equipment, the related cost and accumulated depreciation are removed, and any gain or loss is recognized. A long-lived asset classified as held for sale is initially measured and reported at the lower of its carrying amount or fair value less cost to sell. Long-lived assets to be disposed of other than by sale are classified as held and used until the long-lived asset is disposed of. Depreciation expense, including amortization of finance leases, was $63.0 million , $46.7 million and $45.5 million for the fiscal years ended March 31, 2020 , 2019 and 2018 , respectively. The Company evaluates long-lived assets for impairment whenever certain events or changes in circumstances may indicate that the recoverability of the carrying amount of property, plant, and equipment should be assessed, including, among others, a significant decrease in market value, a significant change in the business climate in a particular market, or a current period operating or cash flow loss combined with historical losses or projected future losses. Reviews are regularly performed to determine whether facts and circumstances exist which indicate the carrying amount of assets may not be recoverable. If any impairment indicators are determined to exist, the Company assesses the recoverability of its assets by comparing the projected undiscounted net cash flows associated with the related asset or group of assets over their remaining lives against their respective carrying amounts. If it is determined that the book value of a long-lived asset or asset group is not recoverable, an impairment loss would be calculated equal to the excess of the carrying amount of the long-lived asset over its fair value. The Company must make certain assumptions as to the future cash flows to be generated by the underlying assets. Those assumptions include the amount of volume increases, average selling price decreases, anticipated cost reductions, and the estimated remaining useful life of the equipment. Future changes in assumptions may negatively impact future valuations. Fair market value is based on the discounted cash flows that the assets will generate over their remaining useful lives or other valuation techniques. See Note 9 , “(Gain) loss on write down and disposal of long-lived assets” for further discussion of property, plant and equipment impairment charges. Goodwill and Other Intangible Assets Goodwill and other intangible assets with indefinite useful lives are not amortized. The Company has the option to perform a qualitative assessment of goodwill and intangible assets with indefinite useful lives rather than completing an annual impairment test. The Company must assess whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount for goodwill or that indefinite-lived intangible assets have fair values less than their carrying values. If the Company concludes that this is the case, it must perform the testing discussed described below. Otherwise, the Company does not need to perform any further assessment. If deemed necessary, the Company performs annual impairment tests during the fourth quarter of each fiscal year and when otherwise warranted. The Company evaluates its goodwill on a reporting unit basis, which requires the Company to estimate the fair value of the reporting unit. The impairment test involves a comparison of the fair value of each reporting unit, with the corresponding carrying amounts. If the reporting unit’s carrying amount exceeds its fair value, then an indication exists that the reporting unit’s goodwill and intangible assets with indefinite useful lives may be impaired. The impairment to be recognized is measured by the amount by which the carrying value of the reporting unit’s goodwill being measured exceeds its implied fair value. The implied fair value of goodwill is the excess of the fair value of the reporting unit over the sum of the amounts assigned to identified net assets. As a result, the implied fair value of goodwill is generally the residual amount that results from subtracting the value of net assets, including all tangible assets and identified intangible assets, of the reporting unit’s fair value. The Company determines the fair value of its reporting units using an income-based, discounted cash flow (“DCF”) analysis, and market-based approaches (Guideline Publicly Traded Company Method and Guideline Transaction Method) which examine transactions in the marketplace involving the sale of the stocks of similar publicly owned companies, or the sale of entire companies engaged in operations similar to KEMET. The Company evaluates the value of its other indefinite-lived intangible assets (trademarks) using an income-based, relief from royalty analysis. In addition to the previously described reporting unit valuation techniques, the Company’s goodwill and intangible assets with indefinite useful lives impairment assessment also considers the Company’s aggregate fair value based upon the value of the Company’s outstanding shares of common stock. The impairment reviews of goodwill and intangible assets with indefinite useful lives are subjective and involve the use of estimates and assumptions. Estimates of business enterprise fair value use discounted cash flow and other fair value appraisal models and involve making assumptions for future sales trends, market conditions, growth rates, cost reduction initiatives and cash flows for the next several years. Future changes in assumptions may negatively impact future valuations. Equity Method Investments Investments and ownership interests are accounted for under the equity method of accounting if the Company has the ability to exercise significant influence, but not control, over the entity. Investments accounted for under the equity method are initially recorded at cost, and the difference between the basis of the Company’s investment and the underlying equity in the net assets of the company at the investment date, is amortized over the lives of the related assets that gave rise to the difference. The Company’s share of earnings or losses under the equity method investments and basis difference amortization is reported in the Consolidated Statements of Operations as “Equity income (loss) from equity method investments.” The Company reviews its investments and ownership interests accounted for under the equity method of accounting for impairment whenever events or changes in circumstances indicate a loss in the value of the investment may be other than temporary. Deferred Income Taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the fiscal years in which those temporary differences are expected to be recovered or settled. The largest deferred tax asset consists of net operating loss carryforwards (“NOL”). The measurement of NOLs requires evaluation of prior transactions in the Company's stock, and the application of judgment and interpretation on both the nature of the holder and the underlying transaction resulting in changes to the holders. Based on management's evaluation, there has not been a historical change in control that would have limited the availability of NOLs. The Company periodically evaluates its NOLs and other net deferred tax assets based on an assessment of historical performance, ability to forecast future events, and the likelihood that the Company will realize the benefits through future taxable income. The Company makes certain estimates and judgments in the calculation for the provision for income taxes, in the resulting tax liabilities, and in the recoverability of deferred tax assets. Valuation allowances are recorded to reduce the net deferred tax assets to the amount that is more likely than not to be realized. It is reasonably possible that upon examination, tax authorities could propose adjustments to prior positions based on differences in judgments and interpretations, which could result in a significant increase to the Company's unrecognized tax liability balance if adjustments were to be assessed. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company periodically evaluates its net deferred tax assets based on an assessment of historical performance, ability to forecast future events, and the likelihood that the Company will realize the benefits through future taxable income. Valuation allowances are recorded to reduce the net deferred tax assets to the amount that is more likely than not to be realized. The Company makes certain estimates and judgments in the calculation for the provision for income taxes, in the resulting tax liabilities, and in the recoverability of deferred tax assets. All deferred tax assets are reported as noncurrent in the Consolidated Balance Sheets. Stock-based Compensation Stock-based compensation for stock options is estimated on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes model considers volatility in the price of the Company’s stock, the risk-free interest rate, the estimated life of the equity-based award, the closing market price of the Company’s stock on the grant date and the exercise price. The estimates utilized in the Black-Scholes calculation involve inherent uncertainties and the application of management judgment. The Company's stock options were fully expensed during the fiscal year ended March 31, 2017. Upon adoption of Accounting Standard Update (“ASU”) No. 2016-09, Compensation Stock-Compensation, the Company elected to discontinue estimating forfeitures. Stock-based compensation cost for restricted stock is measured based on the closing fair market value of the Company’s common stock on the date of grant. The Company recognizes stock-based compensation cost for arrangements with cliff vesting as expense ratably on a straight-line basis over the requisite service period. The Company recognizes stock-based compensation cost for arrangements with graded vesting as expense on an accelerated basis over the requisite service period. Concentrations of Credit and Other Risks The Company sells to customers globally. Credit evaluations of its customers’ financial condition are performed periodically, and the Company generally does not require collateral from its customers. There were no customers’ accounts receivable balances exceeding 10% of gross accounts receivable at March 31, 2020 or March 31, 2019 . Consistent with industry practice, the Company utilizes electronics distributors for a large percentage of its sales. Electronics distributors are an effective means to distribute the products to end-users. For fiscal years ended March 31, 2020 , 2019 , and 2018 , net sales to electronics distributors accounted for 40.4% , 42.2% and 39.2% , respectively, of the Company’s total net sales. One distributor, TTI, Inc., accounted for $154.6 million , $184.3 million and $133.5 million of the Company’s net sales in fiscal years ended March 31, 2020 , 2019 , and 2018 , respectively. Foreign Subsidiaries The Company translates the assets and liabilities of its foreign subsidiaries from their respective functional currencies to U.S. dollars at the spot rates as of the balance sheet date. Generally, our foreign subsidiaries use the local currency as their functional currency. Changes in the carrying value of these assets and liabilities attributable to fluctuations in spot rates are recognized as a component of equity in accumulated other comprehensive income ("AOCI"). Results of operations accounts are translated using average exchange rates for the year. Assets and liabilities denominated in a currency that is different from a reporting entity's functional currency must first be remeasured from the applicable currency to the legal entity's functional currency. The effect of this remeasurement process is recognized in the Consolidated Statements of Operations. Comprehensive Income (Loss) Comprehensive income (loss) consists of net income, foreign currency translation gains (losses), post-retirement and defined benefit plan adjustments including those adjustments which result from changes in net prior service credit and actuarial gains (losses), equity interest in investee’s other comprehensive income (loss), gains (losses) on cash flow hedges, and gains (losses) on the excluded component of fair value hedges. Comprehensive income is presented in the Consolidated Statements of Comprehensive Income (Loss). The following summary sets forth the components of accumulated other comprehensive income (loss) contained in the stockholders’ equity section of the Consolidated Balance Sheets (amounts in thousands): Foreign Currency Translation, net of Tax (1) Post-Retirement Benefit Plan Adjustments, net of Tax Defined Benefit Pension Plans, net of Tax (2)(3) Ownership Share of Equity Method Investees’ Other Comprehensive Income (Loss), net of Tax Cash Flow Hedges, net of Tax Excluded Component of Fair Value Hedges, net of Tax Net Accumulated Other Comprehensive Income (Loss) Balance at March 31, 2018 $ 9,715 $ 879 $ (14,831 ) $ 285 $ 1,154 $ — $ (2,798 ) Other comprehensive income (loss) before reclassifications (4)(5) (19,835 ) 81 (1,525 ) (11 ) (1,286 ) (6,383 ) (28,959 ) Amounts reclassified out of AOCI (4,230 ) (167 ) 598 — 698 4,134 1,033 Other comprehensive income (loss) (24,065 ) (86 ) (927 ) (11 ) (588 ) (2,249 ) (27,926 ) Balance at March 31, 2019 (14,350 ) 793 (15,758 ) 274 566 (2,249 ) (30,724 ) Other comprehensive income (loss) before reclassifications (4)(5) 5,097 2 (302 ) — (35,078 ) (346 ) (30,627 ) Amounts reclassified out of AOCI (10,278 ) (149 ) 862 — 1,559 1,775 (6,231 ) Other comprehensive income (loss) (5,181 ) (147 ) 560 — (33,519 ) 1,429 (36,858 ) Balance at March 31, 2020 $ (19,531 ) $ 646 $ (15,198 ) $ 274 $ (32,953 ) $ (820 ) $ (67,582 ) ______________________________________________________________________________ (1) There were no significant tax effects associated with the cumulative currency translation gains and losses as of March 31, 2020 , 2019 , and 2018 . (2) Ending balance is net of a tax benefit of $3.5 million , $2.4 million , and $2.3 million as of March 31, 2020 , 2019 , and 2018 , respectively. (3) Activity for the years ended March 31, 2020 and 2019 are net of a tax expense of $1.1 million and $0.2 million , respectively. (4) Foreign currency translation includes gains of $18.2 million and $5.0 million for fiscal years ended March 31, 2020 and 2019 , respectively, related to a derivative instrument accounted for as a net investment hedge. Refer to Note 13 , Derivatives, for further information. (5) Cash flow hedges, net of tax for fiscal year ended March 31, 2020 includes losses of $24.3 million which were excluded from the assessment of hedge effectiveness. Fair Value Measurement The Company utilizes three levels of inputs to measure the fair value of (a) nonfinancial assets and liabilities that are recognized or disclosed at fair value in the Company’s Consolidated Financial Statements on a recurring basis (at least annually) and (b) all financial assets and liabilities. Nonfinancial assets that are measured at fair value on a nonrecurring basis, such as property, plant, and equipment, goodwill, intangible assets, equity method investments, and other long-lived assets are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment and the carrying amount of the related asset may not be recoverable. See Note 9 , “(Gain) loss on write down and disposal of long-lived assets” for further discussion of property, plant and equipment impairment charges. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The levels of inputs are as follows: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 and 2019 are as follows (amounts in thousands): Carrying Value March 31, Fair Value March 31, Fair Value Measurement Using Carrying Value March 31, Fair Value March 31, Fair Value Measurement Using 2020 2020 Level 1 Level 2 (3) Level 3 2019 2019 Level 1 Level 2 (3) Level 3 Assets (Liabilities): Money markets (1)(2) $ 48,264 $ 48,264 $ 48,264 $ — $ — $ 60,687 $ 60,687 $ 60,687 $ — $ — Derivative assets — — — — — 5,141 5,141 — 5,141 — Derivative liabilities (20,287 ) (20,287 ) — (20,287 ) — — — — — — Total debt (264,784 ) (272,347 ) — (272,347 ) — (283,201 ) (303,170 ) — (303,170 ) — ______________________________________________________________________________ (1) Included in the line item “Cash and cash equivalents” on the Consolidated Balance Sheets. (2) Certificates Deposits of $24.8 million and $32.2 million that mature in three months or less are included within the balance as of March 31, 2020 and 2019 , respectively. (3) Fair value for derivative assets and liabilities was determined by using a third-party matrix-pricing model that uses significant inputs derived from or corroborated by observable market data. Where applicable, these models discount future cash flow amounts using market-based observable inputs, including interest rate yield curves, and forward and spot prices for currencies. Fair value for total debt was determined by using a discounted cash flow based on current market interest rates. Revenue Recognition The Company sells its products to distributors, original equipment manufacturers (“OEM”), and electronic manufacturing services providers (“EMS”) and recognizes revenue under the guidance provided in Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”). Consistent with the terms of ASC 606, the Company records revenue on product sales in the period in which the Company satisfies its performance obligation by transferring control over a product to a customer. The amount of revenue recognized reflects the consideration the Company expects to receive in exchange for transferring products to a customer. The Company has elected the practical expedient under ASC 606-10-32-18 and does not consider the effects of a financing component on the promised amount of consideration because the period between when the Company transfers a product to a customer and when the customer pays for that product is one year or less. As performance obligations are expected to be fulfilled in one year or less, the Company has elected the practical expedient under ASC 606-10-50-14 and has not disclosed information relating to remaining performance obligations. Recognized revenue is net of certain adjustments common in the industry, including but not limited to: • Ship-from-stock and debit (“SFSD”) programs, • Price protection programs, • Product return programs, and • Rebate programs SFSD, the Company's largest sales program, provides authorized distributors with the flexibility to meet marketplace prices by allowing them, upon a pre-approved case-by-case basis, to adjust their purchased inventory cost to correspond with current market demand. KEMET's SFSD program is specific to certain distributors within the Americas and EMEA regions. Requests for SFSD adjustments are considered on an individual basis, require a pre-approved cost adjustment quote from their local KEMET sales representative, and apply only to a specific customer, part, specified special price amount, specified quantity, and are only valid for a specific period of time. To estimate potential SFSD adjustments corresponding with current period sales, KEMET records an allowance based on historical SFSD credits, distributor inventory levels, and certain accounting assumptions, all of which are reviewed quarterly. Under the Company's price protection program, KEMET has agreements with distributors in which the Company provides credits for the difference between the original price paid by those distributors and the Company's then current price. To estimate potential price protection credits corresponding with current period sales, the Company records an allowance based on historical price protection credits and certain accounting assumptions. The Company has a stock return program whereby select distributors have the right to return a certain portion of their purchased inventory to KEMET from the previous fiscal quarter. The Company estimates future returns based on historical return patterns and records a corresponding right of return asset and refund liability as a component of the line items, “Inventories, net” and “Accrued expenses,” respectively, on the Consolidated Balance Sheets. As it relates to quality returns, the Company provides a limited assurance warranty on products that meet certain specifications to select customers. The warranty coverage period is generally limited to one year for United States based customers and a length of time commensurate with regulatory requirements or industry practice outside the United States. A warranty cannot be purchased by the customer separately and, as a result, product warranties are not considered to be separate performance obligations. The Company’s liability under these warranties is generally limited to a replacement of the product or refund of the purchase price of the product. The Company also offers volume-based rebates on a case-by-case basis to certain customers in each of the Company’s sales channels. The Company's sales adjustments are recognized as a reduction in the line item “Net sales” on the Consolidated Statements of Operations, while the associated allowance is included in the line item “Accounts receivable, net” on the Consolidated Balance Sheets. Estimates used in determining sales allowances are subject to various factors. This includes, but is not limited to, changes in economic conditions, pricing changes, product demand, inventory levels in the supply chain, the effects of technological change, and other variables that might result in changes to the Company’s estimates. The Company has elected the practical expedient under ASC 606-10-10-4 and evaluates these sales-related adjustments on a portfolio basis. Disaggregation of Revenue Refer to Note 8 , “ Reportable Segment and Geographic Information” for revenue disaggregated by primary geographical market, sales channel, and major product line. Contract liabilities Contract liabilities consist of advance payments from certain customers for the development of additional production capacity or as upfront deposits for certain contracts. The current and noncurrent portions of these liabilities are included as a component of the line items, “Accrued expenses” and “Other non-current obligations,” respectively, on the Consolidated Balance Sheets. The balance of net contract liabilities consisted of the following at March 31, 2020 and 2019 (amounts in thousands): Contract Liabilities Classification in Balance Sheet March 31, 2020 March 31, 2019 Current Accrued expenses $ 6,035 $ 256 Non-current Other non-current obligations 60,638 13,412 $ 66,673 $ 13,668 Included within the balance for non-current contract liabilities as of March 31, 2020 and 2019 is $56.5 million and $13.4 million , respectively, related to agreements with three different customers (the “Customers”) pursuant to which the Customers agreed to make advances (collectively, the “Advances”) to the Company in an aggregate amount of up to $72.0 million (collectively, the “Customer Capacity Agreements”). The above balances are “Contract liabilities” within “Other non-current obligations” in the Consolidated Balance Sheets. The Company is using these Advances to fund the purchase of production equipment and to make other investments and improvements in its business and operations (the “Investments”) to increase overall capacity to produce various electronic components of the type and part as may be sold by the Company to the Customers from time to time. The Company retains all rights to the production equipment purchased with the funds from the Advances. The Advances from the Customers are being made in quarterly installments (“Installments”) over an expected period of 18 to 24 months from the effective date of the Customer Capacity Agreements. The effective dates of the Customer Capacity Agreements range from September 2018 to February 2019. The Advances will be repaid beginning on the date that production from the Investments is sufficient to meet the Company's obligations under the agreements with the Customers. Repayments will be made on a quarterly basis as determined by calculations that generally consider the number of components purchased by the Customers during the quarter. Repayments based on the calculations will continue until either the Advances are repaid in full, or December 31, 2038 for all three Customers. The Company has a quarterly repayment cap in the agreement with each of the Customers and is not required to make any quarterly repayments to the Customers that in the aggregate exceeds $1.8 million . If the Customers do not purchase a minimum number of components that would require full repayment of the Advances by December 31, 2038, then the Advances shall be deemed repaid in full. Additionally, if the Customers do not purchase a minimum number of components that would require a payment on the Advances for a period of 16 consecutive quarters, the Advances shall be deemed repaid in full. During fiscal year 2020 , the Company had $42.8 million in capital expenditures related to the Customer Capacity Agreements. For the fiscal years ended March 31, 2020 , 2019 and 2018 , the Company recognized revenue of $0.3 million , $0.9 million , and $0.3 million , respectively, related to contract liabilities. Revenue related to contract liabilities is recorded on the Consolidated Statements of Operations in the line item, "Net sales." Allowance for Doubtful Accounts The Company evaluates the collectability of trade receivables through the analysis of customer accounts. When the Company becomes aware that a specific customer has filed for bankruptcy, has begun closing or liquidation proceedings, has become insolvent or is in financial distress, the Company records a specific allowance for the doubtful account to reduce the related receivable to the amount the Company believes is collectible. If circumstances related to specific customers change, the Company’s estimates of the recoverability of receivables could be adjusted. Accounts are written off after all means of collection, including legal action, have been exhausted. Shipping and Handling Costs The Company’s shipping and handling costs are reflected in the line item “Cost of sales,” on the Consolidated Statements of Operations. Shipping and handling costs were $27.5 million , $31.0 million , and $21.4 million in the fiscal years ended March 31, 2020 , 2019 and 2018 , respectively. Advertising Costs The Company expenses advertising costs in the period in which the expenditures are incurred. Advertising costs reflected in the line item "Selling, general and administrative expenses" in our Consolidated Statements of Operations were $3.1 million , $2.5 million , and $2.4 million in fiscal years ended March 31, 2020 , 2019 and 2018 , respectively. Income per Share Basic income per share is computed using the weighted-average number of shares outstanding. Diluted income per share is computed using the weighted-average number of shares outstanding adjusted for the incremental shares attributed to the warrant issued in May 2 |
Mergers (Notes)
Mergers (Notes) | 12 Months Ended |
Mar. 31, 2020 | |
Mergers [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Yageo Merger On November 11, 2019, the Company entered into an agreement and plan of merger (the “Agreement”) pursuant to which Yageo Corporation (“Yageo”) will acquire all of the Company’s outstanding shares of common stock for $27.20 per share, subject to the satisfaction (or waiver of) specified conditions (the “Merger”). The consummation of the Merger is subject to customary closing conditions, including the approval by the Company’s stockholders. Certain further closing conditions in the Agreement include: (a) obtaining antitrust and other regulatory approvals in the United States and certain other jurisdictions (including, among others, China and Taiwan), (b) the absence of any applicable restraining order or injunction prohibiting the Merger, (c) receipt of approval from the Committee on Foreign Investment in the United States (“CFIUS”), (d) obtaining foreign investment approval by the Investment Commission, Ministry of Economic Affairs, Taiwan, (e) the approval of Yageo’s stockholders, if required by applicable law and (f) in the case of Yageo’s obligations to complete the Merger, there not having been any “material adverse effect” (as customarily defined) on the Company. The Agreement contains certain restrictions on the conduct of our business prior to the completion of the Merger or the termination of the Agreement, including, among other things, a restriction prohibiting us from paying any dividends or making certain other distributions. Upon consummation of the Merger, the Company would be a fully owned subsidiary of Yageo. The Agreement is subject to termination if the Merger is not consummated within twelve months, subject to an automatic extension for a period of ninety days, for the purpose of obtaining certain antitrust clearances. The Agreement also contains certain other termination rights and provides that, upon termination of the Agreement under specified circumstances, including Yageo’s decision to terminate the Agreement if there is a change in the recommendation of the Company’s Board of Directors (the “Board”) to adopt the Merger or a termination of the Agreement by the Company to enter into an agreement for a “superior proposal,” the Company will pay Yageo a cash termination fee of $63.8 million . The Agreement additionally provides that, upon termination of the Agreement under specified circumstances, Yageo will pay the Company a cash termination fee of $65.4 million . The Merger with Yageo is proceeding as planned with several key milestones already completed. On February 4, 2020, the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and the review period under the Austrian Cartel Act expired, and the pending Merger was approved by the German Federal Cartel Office. On February 20, 2020 the Company’s stockholders approved the Merger. On March 5, 2020, the Mexican Competition Authority authorized the pending Merger and on April 15, 2020, the Taiwan Fair Trade Commission (“TFTC”) announced its approval of the pending Merger. On April 23, 2020, CFIUS notified KEMET and Yageo that it completed its review of the Merger and determined that there were no unresolved national security concerns with respect to the transaction. On April 29, 2020, the Anti-Monopoly Bureau of China's State Administration for Market Regulation approved the pending Merger. If Yageo fails to obtain approval by Yageo’s stockholders, if such approval is required by applicable law, Yageo will pay the Company a cash termination fee of $49.1 million . If Yageo fails to obtain debt financing upon the satisfaction of all conditions to closing, the Company may, within 30 days of termination, elect to receive a cash termination fee of $63.8 million . The only remaining regulatory approval required for the consummation of the Merger is the approval from the Investment Commission, Ministry of Economic Affairs in Taiwan. The Company currently expects the transaction to close in the summer of 2020. |
Acquisitions
Acquisitions | 12 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisition Novasentis Inc. ("Novasentis") On July 1, 2019, the Company acquired the remaining 72.1% interest in Novasentis for a purchase price of $2.7 million . Prior to July 2019, the Company owned 27.9% of Novasentis, a leading developer of film-based haptic actuators, and accounted for its investment using the equity method of accounting. |
Debt
Debt | 12 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt A summary of debt is as follows (amounts in thousands): March 31, 2020 2019 TOKIN Term Loan Facility (1) $ 258,678 $ 276,808 Other, net (2) 6,106 6,393 Total debt 264,784 283,201 Current maturities (29,111 ) (28,430 ) Total long-term debt $ 235,673 $ 254,771 ______________________________________________________________________________ (1) Amount shown is net of discount, bank issuance costs and other indirect issuance costs of $7.4 million and $8.7 million as of March 31, 2020 and 2019 , respectively. (2) Amounts shown are net of discounts of $0.4 million and $0.6 million as of March 31, 2020 and 2019 , respectively. The line item “Interest expense” on the Consolidated Statements of Operations for the fiscal years 2020 , 2019 and 2018 , respectively, is as follows (amounts in thousands): Fiscal Years Ended March 31, 2020 2019 2018 Contractual interest expense $ 6,935 $ 19,471 $ 30,323 Capitalized interest (240 ) (232 ) (141 ) Amortization of debt issuance costs 428 334 511 Amortization of debt (premium) discount 3,749 1,481 1,843 Imputed interest on acquisition related obligations (4 ) 57 113 Interest expense on capital leases 153 128 233 Total interest expense $ 11,021 $ 21,239 $ 32,882 TOKIN Term Loan Facility On October 29, 2018, the Company entered into a JPY 33.0 billion Term Loan Agreement (the “TOKIN Term Loan Facility”) by and among TOKIN, the lenders party thereto (the “Lenders”) and Sumitomo Mitsui Trust Bank, Limited in its capacity as agent (the “Agent”), arranger and Lender. Funding for the Term Loan facility occurred on November 7, 2018. The proceeds, which were net of an arrangement fee withheld from the funding amount, were JPY 32.1 billion , or approximately $283.9 million using the exchange rate as of November 7, 2018. Net of the arrangement fee, bank issuance costs, and other indirect issuance costs, the Company's net proceeds from the TOKIN Term Loan Facility were $281.8 million . The proceeds from the TOKIN Term Loan Facility were used by TOKIN to make intercompany loans (the “Intercompany Loans”) to KEMET Corporation. The proceeds, along with other cash on hand, were used to prepay in full KEMET Corporation’s prior term loan of $323.4 million and a prepayment premium of 1.0% , or $3.2 million . The TOKIN Term Loan Facility consists of (i) a JPY 16.5 billion (approximately $146.0 million using the exchange rate as of November 7, 2018) Term Loan A tranche (the “Term Loan A”) and (ii) a JPY 16.5 billion (approximately $146.0 million using the exchange rate as of November 7, 2018) Term Loan B tranche (the “Term Loan B” and, together with the Term Loan A, collectively, the “Term Loans”). Principal payments under Term Loan A are required semi-annually, in the amount of JPY 1.4 billion (approximately $12.7 million using the exchange rate as of March 31, 2020 ), while the principal of Term Loan B is due in one payment at maturity. At each reporting period, the carrying value of the loan is translated from Japanese Yen to U.S. Dollars using the spot exchange rate as of the end of the reporting period. Interest payments are due semi-annually on the Term Loans, with the interest rate based on a margin over the six-month Japanese TIBOR. The applicable margin for Term Loan A is 2.00% and for Term Loan B is 2.25% . Japanese TIBOR at March 31, 2020 was 0.13% . The effective interest rate for the TOKIN Term Loan Facility was 3.0% for the year ended March 31, 2020 . The Term Loans mature on September 30, 2024. KEMET Corporation and certain subsidiaries of TOKIN provided guarantees of the obligations under the Term Loans, which are secured by certain assets, properties and equity interests of TOKIN and its material subsidiaries. As of March 31, 2020 , properties and equipment with a net book value of $51.4 million were securing the Term Loans. The Term Loans contain customary covenants applicable to both KEMET Corporation and to TOKIN, including maintenance of a consolidated net leverage ratio, the absence of two consecutive years of consolidated operating losses and the maintenance of certain required levels of consolidated net assets. The TOKIN Term Loan Facility also contains customary events of default. The Company may prepay the Term Loans at any time, subject to certain notice requirements and reimbursement of loan breakage costs. Revolving Line of Credit On September 30, 2010, KEC and KEMET Electronic Marketing Services, Singapore (“KEMS”) entered into a Loan and Security Agreement (the “Revolver Agreement”), with Bank of America, N.A, as the administrative agent and the initial lender. The Revolver Agreement provided a $50.0 million revolving line of credit (the “Revolver”), which was bifurcated into a U.S. facility and a Singapore facility. A portion of the U.S. facility and the Singapore facility can be used to issue letters of credit. On December 19, 2014, the Revolver Agreement was amended, which increased the facility to $60.0 million , bifurcated into a U.S. facility and a Singapore facility. The amendment contained an accordion feature permitting the U.S. Borrowers to increase commitments under the facility by an aggregate principal amount up to $15.0 million (for a total facility of $75.0 million ), subject to terms and documentation acceptable to the Agent and/or the Lenders. In addition, KEMET Foil Manufacturing, LLC (“KFM”), KBP, and The Forest Electric Company were included as Borrowers under the U.S. facility. On April 28, 2017, the Revolver Agreement was amended to increase the facility to $75.0 million , provided KEC with lower applicable interest rate margins, and extended the expiration date to April 28, 2022 . In connection with the closing of the TOKIN Term Loan Facility on October 29, 2018, the Company entered into Amendment No. 10 to the Loan and Security Agreement, Waiver and Consent (the “Revolver Amendment”), by and among KEMET, KEC, the other borrowers named therein, the financial institutions party thereto as lenders and Bank of America, N.A., a national banking association, as agent for the lenders. The Revolver Amendment provides the Company with, among other things, increased flexibility for certain restricted payments (including dividends), and released certain pledges that allowed the Company to obtain the TOKIN Term Loan Facility to pay down the Term Loan Credit Agreement. The principal features of the Revolver Agreement as amended are reflected in the description below. The size of the U.S. facility and Singapore facility can fluctuate as long as the Singapore facility does not exceed $30.0 million and the total facility does not exceed $60.0 million . Borrowings under the U.S. and Singapore facilities are subject to a borrowing base consisting of: • In the case of the U.S. facility, (A) 85% of KEC’s accounts receivable that satisfy certain eligibility criteria plus (B) the lesser of (i) $6.0 million and (ii) (a) on or prior to agent’s receipt of an updated inventory appraisal and agent’s approval thereof, 40% of the value of Eligible Inventory (as defined in the agreement) and (b) upon agent’s receipt of an updated inventory appraisal, 85% of the net orderly liquidation value of the Eligible Inventory (as defined in the agreement) plus (C) the lesser of $5.1 million and 80% of the net orderly liquidation percentage of the appraised value of equipment that satisfies certain eligibility criteria, as reduced on the first day of each fiscal quarter occurring after April 30, 2014 in an amount equal to one-twentieth (1/20) of such appraised value less (D) certain reserves, including certain reserves imposed by the administrative agent in its permitted discretion; and • In the case of the Singapore facility, (A) 85% of KEMET Singapore’s accounts receivable that satisfy certain eligibility criteria as further specified in the Revolver Agreement less (B) certain reserves, including certain reserves imposed by the administrative agent in its permitted discretion. Interest is payable on borrowings monthly at a rate equal to the London Interbank Offer Rate (“LIBOR”) or the base rate, plus an applicable margin, as selected by the Borrower. Depending upon the fixed charge coverage ratio of KEMET Corporation and its subsidiaries on a consolidated basis as of the latest test date, the applicable margin under the U.S. facility varies between 2.00% and 2.50% for LIBOR advances and 1.00% and 1.50% for base rate advances, and under the Singapore facility varies between 2.25% and 2.75% for LIBOR advances and 1.25% and 1.75% for base rate advances. The base rate is subject to a floor that is 100 basis points above LIBOR. An unused line fee is payable monthly in an amount equal to a per annum rate equal to (a) 0.50% , if the average daily balance of revolver loans and stated amount of letters of credit was 50% or less of the revolver commitments during the preceding calendar month, or (b) 0.375% , if the average daily balance of revolver loans and stated amount of letters of credit was more than 50% of the Revolver commitment during the preceding calendar month. A customary fee is also payable to the administrative agent on a quarterly basis. KEC’s ability to draw funds under the U.S. facility and KEMET Singapore’s ability to draw funds under the Singapore facility are conditioned upon, among other matters: • the absence of the existence of a Material Adverse Effect (as defined in the Revolver Agreement); • the absence of the existence of a default or an event of default under the Revolver Agreement; and • the representations and warranties made by KEC and KEMS in the Revolver Agreement continuing to be correct in all material respects. KEMET Corporation and KEC’s 100% owned domestic subsidiaries (“Guarantor Subsidiaries”) guarantee the U.S. facility obligations and the U.S. facility obligations are secured by a lien on substantially all of the assets of KEC and the Guarantor Subsidiaries. The collection accounts of the Borrowers and Guarantor Subsidiaries are subject to a daily sweep into a concentration account and the concentration account will become subject to full cash dominion in favor of the administrative agent (i) upon an event of default, (ii) if for five consecutive business days, aggregate availability of all facilities has been less than the greater of (A) 10% of the aggregate revolver commitments at such time and (B) $7.5 million , or (iii) if for five consecutive business days, availability of the U.S. facility has been less than $3.8 million (each such event, a “Cash Dominion Trigger Event”). KEC and the Guarantor Subsidiaries guarantee the Singapore facility obligations. In addition to the assets that secure the U.S. facility, the Singapore obligations are also secured by a pledge of 100% of the stock of KEMET Singapore and a security interest in substantially all of KEM's assets. KEMET Singapore’s bank accounts are maintained at Bank of America and upon a Cash Dominion Trigger Event will become subject to full cash dominion in favor of the administrative agent. A fixed charge coverage ratio of at least 1.0 :1.0 must be maintained as of the last day of each fiscal quarter ending immediately prior to or during any period in which any of the following occurs and is continuing until none of the following occurs for a period of at least forty-five consecutive days: (i) an event of default, (ii) aggregate availability of all facilities has been less than the greater of (A) 10% of the aggregate revolver commitments at such time and (B) $7.5 million , or (iii) availability of the U.S. facility has been less than $3.8 million . The fixed charge coverage ratio tests the EBITDA and fixed charges of KEMET Corporation and its subsidiaries on a consolidated basis. In addition, the Revolver Agreement, as amended, includes various covenants that, subject to exceptions, limit the ability of KEMET Corporation and its direct and indirect subsidiaries to, among other things: incur additional indebtedness; create liens on assets; engage in mergers, consolidations, liquidations and dissolutions; sell assets (including pursuant to sale leaseback transactions); pay dividends and distributions on or repurchase capital stock; make investments (including acquisitions), loans, or advances; prepay certain junior indebtedness; engage in certain transactions with affiliates; enter into restrictive agreements; amend material agreements governing certain junior indebtedness; and change its lines of business. The Revolver Agreement includes certain customary representations and warranties, affirmative covenants and events of default. There were no borrowings under the revolving line of credit as of March 31, 2020 and 2019 . The Company’s available borrowing capacity under the Revolver Agreement was $34.3 million as of March 31, 2020 . Other Debt In January 2017, KEMET Electronics Portugal, S.A., (“KEP”) a wholly owned subsidiary, entered into a program with the Portuguese government where KEP is eligible to receive interest free loans from the Portuguese government if KEP purchases fixed assets for certain projects approved by the Portuguese government. In January 2017, KEP received the first part of an interest free loan in the amount of EUR 2.2 million (or $2.5 million ). In July 2017, KEP received the second part of the loan in the amount of EUR 0.3 million (or $0.3 million ). The loan has a maturity date of February 1, 2025 and is being repaid through semi-annual payments of EUR 0.2 million (or $0.2 million ) on August 1 and February 1 of each year In February 2019, KEP received a second interest free loan from the Portuguese government in the amount of EUR 0.9 million (or $1.1 million ). The loan has a maturity date of September 1, 2026 and will be repaid through semi-annual payments on March 1 and September 1 of each year beginning on March 1, 2021. The repayments will be in the amount of EUR 0.1 million (or $0.1 million ). Since the KEP debt is non-interest bearing, we have recorded debt discounts on the loans. These discounts are being amortized over the life of the loans through interest expense. If certain conditions are met by KEP, such as increased headcount at its facility in Evora, Portugal, increased revenue, and increased gross value added, a portion of these loans could be forgiven. TOKIN has a short term borrowing pursuant to an agreement with The 77 Bank Limited, located in Japan, in the amount of 350 million yen (or $3.2 million ), at an interest rate of 0.53% (Japanese TIBOR + 40 basis points). The loan is due in September 2020 and the loan agreement automatically renews for successive one year periods if both parties choose not to terminate or modify it. The following table highlights the Company’s annual cash maturities of debt (amounts in thousands): Annual Maturities of Debt Fiscal Years Ended March 31, 2021 2022 2023 2024 2025 Thereafter TOKIN Term Loan Facility $ 25,340 $ 25,340 $ 25,340 $ 25,340 $ 164,709 $ — Other 3,771 631 631 631 631 254 $ 29,111 $ 25,971 $ 25,971 $ 25,971 $ 165,340 $ 254 |
Restructuring
Restructuring | 12 Months Ended |
Mar. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring The Company has implemented restructuring plans which include programs to increase competitiveness by removing excess capacity, relocating production to lower cost locations, and eliminating unnecessary costs throughout the Company. Significant restructuring plans, which include personnel reduction costs that occurred during fiscal year ended March 31, 2020 are summarized below: • The Solid Capacitors reportable segment streamlined its vertical integration strategy by relocating its tantalum powder facility equipment from Carson City, Nevada to its existing Matamoros, Mexico plant. Production in Carson City, Nevada ceased as of December 31, 2019 and the relocation of the tantalum powder facility equipment to Matamoros, Mexico was substantially complete as of March 31, 2020. • The Film and Electrolytic reportable segment streamlined its manufacturing operations by relocating axial electrolytic production from its plant in Granna, Sweden to its existing Evora, Portugal plant to consolidate axial electrolytic production in an effort to further improve gross margins, net income, and cash flow. The axial electrolytic equipment relocation was complete as of July 2019 and the equipment is fully operational in Evora as of September 2019. • TOKIN Japan took a reduction in force to optimize business operations by reducing fixed costs in order to improve profitability. The reduction in force is expected to be completed by September 2020. Significant restructuring plans that occurred during the fiscal year ended March 31, 2020 are summarized in the table below (amounts in thousands): Total expected to be incurred Incurred during year ended March 31, 2020 Cumulative incurred to date Restructuring Plan Segment Personnel Reduction Costs Relocation & Exit Costs Personnel Reduction Costs Relocation & Exit Costs Personnel Reduction Costs Relocation & Exit Costs Tantalum powder facility relocation (1) Solid Capacitors 1,107 2,606 1,107 (777 ) 1,107 2,580 Axial electrolytic production relocation from Granna to Evora Film and Electrolytic 732 4,313 732 2,018 732 4,313 TOKIN Japan fixed cost reduction (2) MSA and Corporate 5,729 — 5,021 — 5,021 — All Other Corporate, Film and Electrolytic 1,505 432 758 23 1,198 432 ______________________________________________________________________________ (1) The credit to relocation and exit costs during the fiscal year ended March 31, 2020 was due to the recovery of costs related to the sale of tantalum that was recovered (“tantalum reclaim”) as part of the plant exit activities. (2) Personnel reduction costs of 5.0 million for the fiscal year ended March 31, 2020 are comprised of $3.5 million and $1.5 million in the MSA segment and corporate respectively. A summary of the expenses aggregated on the Consolidated Statements of Operations line item “Restructuring charges” in the fiscal years ended March 31, 2020 , 2019 and 2018 , is as follows (amounts in thousands): Fiscal Years Ended March 31, 2020 2019 2018 Personnel reduction costs $ 7,618 $ 2,823 $ 12,587 Relocation and exit costs 1,264 5,956 2,256 Restructuring charges $ 8,882 $ 8,779 $ 14,843 Fiscal Year Ended March 31, 2020 The Company incurred $8.9 million in restructuring charges in the fiscal year ended March 31, 2020 , including $7.6 million in personnel reduction costs and $1.3 million in relocation and exit costs. The personnel reduction costs of $7.6 million were primarily due to $5.0 million in severance charges due to headcount reductions at TOKIN Japan as part of a fixed cost reduction plan, $1.1 million in severance charges resulting from the closing of the tantalum powder facility in Carson City, Nevada, $0.7 million in severance charges resulting from the closing of the Granna, Sweden manufacturing plant as axial electrolytic production was moved to the plant in Evora, Portugal, and $0.5 million in severance charges related to personnel reductions resulting from a reorganization of Film and Electrolytic's management structure. The relocation and exit costs of $1.3 million were primarily related to $2.0 million in costs resulting from the relocation of axial electrolytic production equipment from the Company's plant in Granna, Sweden to its plant in Evora, Portugal. This expense was partially offset by a $0.8 million credit related to tantalum reclaim at the tantalum powder facility in Carson City, Nevada. Fiscal Year Ended March 31, 2019 The Company incurred $8.8 million in restructuring charges in the fiscal year ended March 31, 2019 , including $2.8 million in personnel reduction costs and $6.0 million in relocation and exit costs. The personnel reduction costs of $2.8 million were primarily due to $0.9 million in costs related to headcount reductions in the TOKIN legacy group across various internal and operational functions, $0.3 million in severance charges related to personnel reductions in the Film and Electrolytic reportable segment resulting from a reorganization of the segment's management structure, and $1.6 million in severance charges related to headcount reductions in the Tantalum product line due to a decline in MnO2 sales. The relocation and exit costs of $6.0 million were primarily due to $3.4 million in costs related to the Company's relocation of its tantalum powder equipment from Carson City, Nevada to its plant in Matamoros, Mexico and $2.3 million in costs related to the relocation of axial electrolytic production equipment from Granna, Sweden to its plant in Evora, Portugal. Fiscal Year Ended March 31, 2018 The Company incurred $14.8 million in restructuring charges in the fiscal year ended March 31, 2018 , including $12.6 million related to personnel reduction costs and $2.3 million of relocation and exit costs. The personnel reduction costs of $12.6 million were due to $5.2 million in costs related to a voluntary reduction in force in the Film and Electrolytic reportable segment's Italian operations; $4.4 million related to a headcount reduction in the TOKIN legacy group across various internal and operational functions; $2.7 million in severance charges across various overhead functions in the Simpsonville, South Carolina office as these functions were relocated to the Company's new corporate headquarters in Fort Lauderdale, Florida; and $0.2 million in headcount reductions related to a European sales reorganization. The relocation and exit costs of $2.3 million included $0.9 million in lease termination penalties related to the relocation of global marketing, finance and accounting, and information technology functions to the Company's Fort Lauderdale office, $0.8 million in expenses related to the relocation of the K-Salt operations to the existing Matamoros, Mexico plant, $0.4 million in exit costs related to the shut-down of KFM operations, and $0.1 million related to the transfer of certain tantalum production from Simpsonville, South Carolina to Victoria, Mexico. A reconciliation of the beginning and ending liability balances for restructuring charges included in the line items “Accrued expenses” and “Other non-current obligations” on the Consolidated Balance Sheets were as follows (amounts in thousands): Personnel Reductions Relocation and Exit Costs Balance at March 31, 2017 $ 999 $ 406 TOKIN opening balance — 312 Costs charged to expense (1) 12,384 2,256 Costs paid or settled (3,901 ) (2,662 ) Change in foreign exchange 147 18 Balance at March 31, 2018 9,629 330 Costs charged to expense 2,823 5,956 Costs paid or settled (10,329 ) (5,957 ) Change in foreign exchange (258 ) (13 ) Balance at March 31, 2019 1,865 316 Costs charged to expense 7,618 1,264 Costs paid or settled (7,976 ) (1,264 ) Change in foreign exchange 3 7 Balance at March 31, 2020 $ 1,510 $ 323 ______________________________________________________________________________ (1) Personnel reduction costs charged to expense include $0.2 million |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The changes in the carrying amount of goodwill by reportable segment for the years ended March 31, 2020 and 2019 were as follows (amounts in thousands): Solid Capacitors Film and Electrolytic MSA Corporate Total Balance at March 31, 2018 $ 35,584 $ — $ — $ 4,710 $ 40,294 Acquisitions — — — — — Balance at March 31, 2019 35,584 — — 4,710 40,294 Acquisitions (1) — 916 — — 916 Balance at March 31, 2020 $ 35,584 $ 916 $ — $ 4,710 $ 41,210 ______________________________________________________________________________ (1) During the fiscal year 2020, the Company recorded goodwill of $0.9 million in association with the Novasentis acquisition. Refer to Note 3 , “Acquisition” for more details on the Novasentis acquisition. The following table highlights the Company’s intangible assets (amounts in thousands): March 31, 2020 March 31, 2019 Carrying Amount Accumulated Amortization Net Amount Carrying Amount Accumulated Amortization Net Amount Indefinite Lived Intangible Assets: Trademarks $ 15,315 $ — $ 15,315 $ 15,151 $ — $ 15,151 In-process research and development (1) 3,000 — 3,000 — — $ — Total indefinite lived intangibles 18,315 — 18,315 15,151 — 15,151 Amortizing Intangibles: Patents and acquired technology (10 - 18 years) 26,662 (13,466 ) 13,196 26,662 (12,046 ) 14,616 Customer relationships (10 - 21 years) 38,028 (16,826 ) 21,202 37,850 (13,868 ) 23,982 Other 203 (203 ) — 214 (214 ) — Total amortizing intangibles 64,893 (30,495 ) 34,398 64,726 (26,128 ) 38,598 Total intangible assets $ 83,208 $ (30,495 ) $ 52,713 $ 79,877 $ (26,128 ) $ 53,749 ______________________________________________________________________________ (1) In-process research and development relates to haptic actuator products under development and expected to be commercialized in the future. In-process research and development was capitalized upon the acquisition of Novasentis. Refer to Note 3 , “Acquisition” for more details on the Novasentis acquisition. For fiscal years ended March 31, 2020 , 2019 , and 2018 , amortization related to intangibles was $4.5 million , $4.5 million , and $4.3 million , respectively, consisting of amortization related to patents and acquired technology of $1.4 million each year, and amortization related to customer relationships of $3.1 million , $3.1 million , and $2.9 million , respectively. The weighted-average useful life as of March 31, 2020 and 2019 for patents and acquired technology was 15.8 years and for customer relationships was 12.2 years . The weighted-average period prior to the next renewal for patents was 1.5 years and 2.5 years as of March 31, 2020 and 2019 , respectively. Estimated amortization of intangible assets for each of the next five fiscal years is $4.5 million , and thereafter, amortization will total $11.9 million . Estimated amortization of patents and acquired technology for each of the next five fiscal years is $1.4 million , and thereafter, amortization will total $6.1 million . Estimated amortization of customer relationships for each of the next five fiscal years is $3.1 million , and thereafter, amortization will total $5.8 million . For fiscal year 2020 , the Company completed its impairment analysis on goodwill and intangible assets with indefinite useful lives as of January 1, 2020 |
Equity Method Investments
Equity Method Investments | 12 Months Ended |
Mar. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Equity Method Investments The following table provides a reconciliation of equity method investments to the Company's Consolidated Balance Sheets (amounts in thousands): March 31, 2020 2019 Nippon Yttrium Co., Ltd ("NYC") $ 8,617 $ 8,215 NT Sales Co., Ltd ("NTS") 1,509 1,218 KEMET Jianghai Electronics Components Co., Ltd (“KEMET Jianghai”) 6,467 2,515 Novasentis — 977 $ 16,593 $ 12,925 TOKIN's Joint Ventures - NYC and NTS NYC was established in 1966 by TOKIN and Mitsui Mining and Smelting Co., Ltd (“Mitsui”). NYC was established to commercialize yttrium oxides and the Company owns 30% of NYC's stock. The carrying amount of the Company's equity investment in NYC was $8.6 million and $8.2 million as of March 31, 2020 and 2019 , respectively. NTS was established in 2004 by TOKIN. However subsequent to its formation, TOKIN sold 67% of its stock. NTS provides world-class electronic devices by utilizing global procurement networks and the Company owns 33% of NTS' stock. During the year ended March 31, 2020 , a significant portion of NTS' sales were TOKIN’s products. The carrying amount of the Company's equity investment in NTS was $1.5 million and $1.2 million as of March 31, 2020 and 2019 , respectively. Summarized transactions between TOKIN and NTS are as follows (amounts in thousands): Fiscal Year Ended March 31, 2020 2019 2018 KEMET's sales to NTS $ 49,841 $ 49,740 $ 52,883 NTS' sales to KEMET 1,112 2,501 1,616 KEMET JIANGHAI Joint Venture On January 29, 2018, KEC entered into a joint venture agreement (the “Agreement”) with Jianghai (Nantong) Film Capacitor Co., Ltd (“Jianghai Film”), a subsidiary of Nantong Jianghai Capacitor Co., Ltd (“Jianghai”) for the formation of KEMET Jianghai Electronic Components Co. Ltd., a limited liability company located in Nantong, China. KEMET Jianghai was officially formed on May 16, 2018 to manufacture axial electrolytic capacitors and (H)EV Film DC brick capacitors, for distribution through the KEMET and Jianghai Film sales channels. During fiscal year 2019 the Company signed an amendment to the Agreement with Jianghai Film to expand the scope of KEMET Jianghai to also produce solid aluminum capacitors and aluminum electrolytic capacitors. The Company's ownership percentage is 50.0% and the Company and Jianghai Film are equally represented on the joint venture’s board of directors. The Company accounts for its investment using the equity method due to its ability to influence the joint venture's decisions. As of March 31, 2020 , and 2019 , the carrying amount of the Company's equity investment in KEMET Jianghai was $6.5 million and $2.5 million , respectively. Summarized transactions between KEMET and KEMET Jianghai were as follows (amounts in thousands): Fiscal Year Ended March 31, 2020 2019 KEMET Jianghai sales to KEMET $ 2,131 $ 56 Investment in Novasentis During fiscal year 2018, KEMET invested in Novasentis, a leading developer of film-based haptic actuators and accounted for its investment using the equity method of accounting. In July 2019, the Company purchased the remaining ownership interests in Novasentis and it became a wholly owned subsidiary. Refer to Note 3 , “Acquisition” for further information. The carrying amount of the Company's equity investment in Novasentis was $1.0 million as of March 31, 2019 . |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | Segment and Geographic Information The Company is organized into three reportable segments: Solid Capacitors, Film and Electrolytic, and MSA based primarily on product lines. The reportable segments are responsible for their respective manufacturing sites as well as their research and development efforts. The Company does not allocate corporate indirect selling, general and administrative (“SG&A”) or shared R&D expenses to the segments. Solid Capacitors Solid Capacitors operates in nine manufacturing sites in the United States, Mexico and Asia, and operates innovation centers in the United States and Japan. Solid Capacitors primarily produces tantalum (polymer, aluminum, and MnO2) and ceramic capacitors which are sold globally. Solid Capacitors also produces tantalum powder used in the production of tantalum capacitors. Film and Electrolytic Film and Electrolytic operates in eight manufacturing sites throughout Europe and Asia, and maintains product innovation centers in Italy and Portugal. Film and Electrolytic primarily produces film, paper, and wet aluminum electrolytic capacitors, which are sold globally. In addition, the Film and Electrolytic reportable segment designs and produces electromagnetic interference filters. MSA MSA operates in four manufacturing sites throughout Asia and operates a product innovation center in Japan. MSA primarily produces electro-magnetic compatible materials and devices, piezo materials and actuators, and various types of sensors, which are sold globally. In the following tables, revenue is disaggregated by primary geographical market, sales channel, and major product lines. The tables also include reconciliations of the disaggregated revenue with the reportable segments for the fiscal years ended 2020 , 2019 and 2018 (amounts in thousands): Fiscal Year Ended March 31, 2020 Solid Capacitors Film and Electrolytic MSA Total Primary geographical markets Asia and the Pacific Rim ("APAC") $ 411,359 $ 45,696 $ 52,106 $ 509,161 Europe, the Middle East, and Africa ("EMEA") 173,772 99,820 2,885 276,477 North and South America ("Americas") 258,329 29,180 9,420 296,929 Japan and Korea ("JPKO") 42,603 1,107 134,277 177,987 $ 886,063 $ 175,803 $ 198,688 $ 1,260,554 Sales channel OEM $ 296,520 $ 70,700 $ 185,409 $ 552,629 Distributor 419,170 79,549 9,817 508,536 EMS 170,373 25,554 3,462 199,389 $ 886,063 $ 175,803 $ 198,688 $ 1,260,554 Major product lines Tantalum $ 495,695 $ — $ — $ 495,695 Ceramics 390,368 — — 390,368 Film and Electrolytic — 175,803 — 175,803 MSA — — 198,688 198,688 $ 886,063 $ 175,803 $ 198,688 $ 1,260,554 Fiscal Year Ended March 31, 2019 Solid Capacitors Film and Electrolytic MSA Total Primary geographical markets Asia and the Pacific Rim $ 411,183 $ 51,923 $ 70,234 $ 533,340 Europe, the Middle East, and Africa 189,992 122,956 2,587 315,535 North and South America 297,167 30,462 10,213 337,842 Japan and Korea 37,496 899 157,706 196,101 $ 935,838 $ 206,240 $ 240,740 $ 1,382,818 Sales channel OEM $ 290,058 $ 81,704 $ 226,544 $ 598,306 Distributor 475,190 100,113 9,315 584,618 EMS 170,590 24,423 4,881 199,894 $ 935,838 $ 206,240 $ 240,740 $ 1,382,818 Major product lines Tantalum $ 563,255 $ — $ — $ 563,255 Ceramics 372,583 — — 372,583 Film and Electrolytic — 206,240 — 206,240 MSA — — 240,740 240,740 $ 935,838 $ 206,240 $ 240,740 $ 1,382,818 Fiscal Year Ended March 31, 2018 Solid Capacitors Film and Electrolytic MSA Total Primary geographical markets Asia and the Pacific Rim $ 350,791 $ 58,922 $ 70,274 $ 479,987 Europe, the Middle East, and Africa 156,169 119,649 2,080 277,898 North and South America 227,582 22,634 8,889 259,105 Japan and Korea 36,698 772 145,721 183,191 $ 771,240 $ 201,977 $ 226,964 $ 1,200,181 Sales channel OEM $ 262,097 $ 86,049 $ 215,349 $ 563,495 Distributor 366,569 92,708 11,047 470,324 EMS 142,574 23,220 568 166,362 $ 771,240 $ 201,977 $ 226,964 $ 1,200,181 Major product lines Tantalum $ 495,114 $ — $ — $ 495,114 Ceramics 276,126 — — 276,126 Film and Electrolytic — 201,977 — 201,977 MSA — — 226,964 226,964 $ 771,240 $ 201,977 $ 226,964 $ 1,200,181 The following highlights net sales by geographic location (amounts in thousands): Fiscal Years Ended March 31, (1) 2020 2019 2018 United States $ 246,821 $ 292,980 $ 233,133 Hong Kong 195,898 188,102 169,073 China 181,319 173,148 163,016 Japan 157,539 178,502 170,282 Germany 99,166 124,805 105,548 Europe (2) 84,504 76,149 64,248 Taiwan 58,364 88,853 78,728 Mexico 49,346 44,267 23,915 Asia Pacific (2) 46,455 47,233 36,647 Netherlands 39,329 44,065 39,684 United Kingdom 29,070 42,472 37,038 Malaysia 23,750 33,748 28,165 Singapore 23,047 19,417 17,267 Hungary 12,050 12,245 13,254 Italy 12,031 15,551 17,905 Other Countries (2) 1,865 1,281 2,278 Total Non-United States 1,013,733 1,089,838 967,048 $ 1,260,554 $ 1,382,818 $ 1,200,181 ______________________________________________________________________________ (1) Revenues are attributed to countries or regions based on the location of the customer. Net Sales to one customer, TTI, Inc., exceeded 10% of total net sales as follows: $154.6 million , $184.3 million and $133.5 million in fiscal years 2020 , 2019 and 2018 , respectively. (2) No country included in this caption exceeded 3% of consolidated net sales for fiscal years 2020 , 2019 and 2018 . The following tables summarize information for operating income (loss), depreciation and amortization, restructuring charges, gain (loss) on write down and disposal of long-lived assets, and capital expenditures by reportable segment for the fiscal years ended 2020 , 2019 and 2018 and total assets by reportable segment for the fiscal years ended 2020 and 2019 (amounts in thousands): Fiscal Years Ended March 31, 2020 2019 2018 Operating income (loss): Solid Capacitors $ 345,245 $ 348,150 $ 234,473 Film and Electrolytic (14,209 ) 8,183 3,622 MSA 13,101 22,546 15,694 Corporate (196,271 ) (178,030 ) (140,937 ) $ 147,866 $ 200,849 $ 112,852 Depreciation and amortization expense: Solid Capacitors $ 33,462 $ 28,795 $ 27,329 Film and Electrolytic 10,142 9,763 10,918 MSA 7,379 5,226 4,407 Corporate 11,836 8,844 8,007 $ 62,819 $ 52,628 $ 50,661 Restructuring charges: Solid Capacitors $ 517 $ 4,922 $ 983 Film and Electrolytic 3,458 2,717 5,788 MSA 3,516 452 3,343 Corporate 1,391 688 4,729 $ 8,882 $ 8,779 $ 14,843 (Gain) loss on write down and disposal of long-lived assets Solid Capacitors $ 1,538 $ 235 $ 689 Film and Electrolytic 7,780 (93 ) (3,356 ) MSA — — 1,272 Corporate 10,392 1,518 403 $ 19,710 $ 1,660 $ (992 ) Capital expenditures: Solid Capacitors $ 102,600 $ 80,700 $ 31,249 Film and Electrolytic 9,900 16,000 12,651 MSA 10,600 13,400 8,481 Corporate 23,231 35,956 12,623 $ 146,331 $ 146,056 $ 65,004 March 31, 2020 2019 Total assets: Solid Capacitors $ 888,046 $ 794,402 Film and Electrolytic 207,601 219,711 MSA 220,107 234,419 Corporate 77,343 69,563 $ 1,393,097 $ 1,318,095 The following geographic information includes Property, plant and equipment, net, based on physical location (amounts in thousands): March 31, 2020 2019 United States $ 68,992 $ 57,095 Mexico 176,417 121,147 Japan 89,080 89,602 Thailand 82,905 82,389 China 51,120 45,815 Portugal 33,092 31,872 Italy 25,373 35,197 Macedonia 12,135 12,906 Bulgaria 6,014 5,480 Sweden 562 4,800 Other (1) 6,946 8,977 Total Non-United States 483,644 438,185 $ 552,636 $ 495,280 ______________________________________________________________________________ (1) No country included in this caption exceeded 1% of consolidated Property, plant and equipment net for fiscal years 2020 and 2019 . |
Discontinued Operations
Discontinued Operations | 12 Months Ended | |||||||||||
Mar. 31, 2020 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
Discontinued Operations | <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Discontinued Operations</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Film and Electrolytic business group (&#8220;Film and Electrolytic&#8221;) completed the sale of its machinery division in April 2014, which resulted in a gain of </font><font style="font-family:inherit;font-size:10pt;">$5.6 million</font><font style="font-family:inherit;font-size:10pt;"> on the sale of the business (after income tax expense) offset by a loss from machinery operations of </font><font style="font-family:inherit;font-size:10pt;">$0.3 million</font><font style="font-family:inherit;font-size:10pt;"> during the fiscal year ended March&#160;31, 2015 resulting in net income from discontinued operations of </font><font style="font-family:inherit;font-size:10pt;">$5.4 million</font><font style="font-family:inherit;font-size:10pt;">. </font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net sales and net operating loss from the Company&#8217;s discontinued operation for years ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2020</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;"> were as follows (in thousands):</font></div><div style="line-height:174%;padding-bottom:10px;padding-top:10px;text-align:left;text-indent:48px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:75.6335282651072%;border-collapse:collapse;text-align:left;"><tr><td colspan="12" rowspan="1"></td></tr><tr><td style="width:53%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:1pt;"><font style="font-family:inherit;font-size:1pt;font-weight:bold;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fiscal Years Ended March&#160;31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:1pt;"><font style="font-family:inherit;font-size:1pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net sales</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating income (loss)</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> |
Impairment Charges
Impairment Charges | 12 Months Ended |
Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Impairment Charges | (Gain) Loss on Write Down and Disposal of Long-Lived Assets As described in Note 1 , “ Organization and Significant Accounting Policies ,” the Company considers whether events or changes in circumstances have occurred that indicate that the carrying amount of long-lived assets may not be recoverable. During fiscal year 2020 , KEMET recorded a net loss on the write down and disposal of long-lived assets of $19.7 million , which was comprised of $18.9 million in impairment charges and $0.8 million in net losses on the sale and disposal of long-lived assets, which are recorded on the Consolidated Statements of Operations line item, “(Gain) loss on write down and disposal of long-lived assets.” The impairment charges of $18.9 million primarily consisted of (i) an $8.9 million impairment of previously capitalized IT application development costs related to a hosted arrangement that was abandoned; (ii) a $6.1 million impairment of buildings and equipment related to the Film and Electrolytic plant in Italy, which is operating significantly under capacity; (iii) a $1.4 million impairment related to under-utilized Solid Capacitors' equipment at the Thailand plant; (iv) a $0.9 million impairment of the Film and Electrolytic building in Sweden due to the relocation of operations to Portugal; and (v) a $0.8 million impairment related to an idle facility in Japan. In determining impairment write downs, the fair value of buildings are generally determined with the use of third-party appraisers. The fair value of equipment is generally determined using a combination of discounted cash flows expected to be generated from the equipment and judgment on the in-place value of specialty equipment that may not be economically feasible to relocate. During fiscal year 2019 , KEMET recorded a net loss on the write down and disposal of long-lived assets of $1.7 million , which was comprised of $0.7 million in impairment charges and $1.0 million in net losses on the sale and disposal of long-lived assets. The impairment charges were primarily related to the write down of idle land and machinery of $0.5 million and $0.2 million , respectively, at TOKIN. The $1.0 million net loss on the sale and disposal of long-lived assets primarily consisted of the disposal of furniture and fixtures resulting from the Company relocation of its corporate headquarters to Fort Lauderdale, Florida and the disposal of old machinery that was no longer being used. During fiscal year 2018 , the Company recorded a net gain on the write down and disposal of long-lived assets of $1.0 million , which was comprised of $1.2 million in net gains on the sale and disposal of long-lived assets offset by $0.2 million in impairment charges. The net gains on the sale and disposal of long-lived assets were primarily related to the sale of equipment, land, and buildings from KFM, which was shut down in fiscal year 2017. On March 13, 2018, the Company sold KFM's land and buildings to a third party for a gross sales price of $3.6 million . The net proceeds realized by the Company were approximately $3.4 million after payment of $0.2 million in closing costs. The Company realized a gain on the sale of the land and buildings of approximately $1.9 million during the year ended March 31, 2018 as a result of the sale. In addition, the Company sold KFM's equipment for a $1.4 million gain. These gains were partially offset by MSA's loss on disposals of assets of $1.3 million primarily related to equipment and buildings used for discontinued products and Solid Capacitors' loss of approximately $0.6 million related to the relocation of its K-Salt operations from a leased facility to its existing Matamoros, Mexico facility. |
Pension and Other Post-retireme
Pension and Other Post-retirement Benefit Plans | 12 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Pension and Other Post-retirement Benefit Plans | Pension and Other Post-retirement Benefit Plans The Company sponsors twelve defined benefit pension plans: six in Europe, one in Singapore, two in Mexico, two in Japan, and one in Thailand. The Company funds the pension liabilities in accordance with laws and regulations applicable to those plans. In addition, the Company maintains two frozen post-retirement benefit plans: health care and life insurance benefits for certain retired United States employees who reached retirement age while working for the Company. The health care plan is contributory, with participants’ contributions adjusted annually. The life insurance plan is non-contributory. A summary of the changes in benefit obligations and plan assets at March 31, 2020 and 2019 is as follows (amounts in thousands): Pension Other Benefits 2020 2019 2020 2019 Change in Benefit Obligation Benefit obligation at beginning of the year $ 148,440 $ 161,673 $ 312 $ 367 Service cost 4,562 4,716 — — Interest cost 1,830 1,815 9 11 Plan participants’ contributions — — 553 641 Plan amendments 792 — — — Actuarial (gain) loss (1,860 ) 1,146 (2 ) (81 ) Foreign currency exchange rate change (1,684 ) (8,402 ) — — Gross benefits paid (5,153 ) (1,097 ) (594 ) (626 ) Curtailments and settlements (6,086 ) (11,411 ) — — Other events (13 ) — — — Benefit obligation at end of year $ 140,828 $ 148,440 $ 278 $ 312 Change in Plan Assets Fair value of plan assets at beginning of year $ 63,902 $ 71,491 $ — $ — Actual return on plan assets (543 ) 1,165 — — Foreign currency exchange rate changes 487 (3,161 ) — — Employer contributions 10,208 7,882 41 (15 ) Settlements (7,700 ) (12,379 ) — — Plan participants’ contributions — — 553 641 Gross benefits paid (5,153 ) (1,096 ) (594 ) (626 ) Fair value of plan assets at end of year $ 61,201 $ 63,902 $ — $ — Funded status at end of year Fair value of plan assets $ 61,201 $ 63,902 $ — $ — Benefit obligations (140,828 ) (148,440 ) (278 ) (312 ) Amount recognized at end of year $ (79,627 ) $ (84,538 ) $ (278 ) $ (312 ) The Company expects to contribute $4.4 million to the pension plans in fiscal year 2021 , which includes direct contributions to be made for funded plans and benefit payments to be made for unfunded plans. Amounts recognized in the Consolidated Balance Sheets at March 31, 2020 and 2019 consist of the following (amounts in thousands): Pension Other Benefits 2020 2019 2020 2019 Noncurrent asset $ 2,317 $ 670 $ — $ — Current liability (2,663 ) (2,753 ) (47 ) (50 ) Noncurrent liability (79,281 ) (82,455 ) (231 ) (262 ) Net liability recognized, end of year $ (79,627 ) $ (84,538 ) $ (278 ) $ (312 ) Amounts recognized in accumulated other comprehensive income (loss) at March 31, 2020 and 2019 consist of the following (amounts in thousands): Pension Other Benefits 2020 2019 2020 2019 Net actuarial loss (gain) $ 16,673 $ 16,864 $ (646 ) $ (793 ) Prior service cost 2,034 1,325 — — Accumulated other comprehensive (income) loss $ 18,707 $ 18,189 $ (646 ) $ (793 ) Although not reflected in the table above, the tax effect on the pension balances was $3.5 million and $2.4 million as of March 31, 2020 and 2019 , respectively. The components of net periodic benefit (income) costs for the fiscal years ended March 31, 2020 , 2019 and 2018 are as follows (amounts in thousands): Pension Other Benefits 2020 2019 2018 2020 2019 2018 Net service cost $ 4,562 $ 4,716 $ 4,585 $ — $ — $ — Interest cost 1,830 1,815 1,750 9 11 12 Expected return on plan assets (1) (1,913 ) (2,037 ) (1,956 ) — — — Amortization: Actuarial (gain) loss (2) 444 396 393 (148 ) (167 ) (191 ) Prior service cost 83 87 87 — — — Recurring activity 5,006 4,977 4,859 (139 ) (156 ) (179 ) One time expense (income) (3) 1,949 115 (71 ) — — — Net periodic benefit cost (credit) $ 6,955 $ 5,092 $ 4,788 $ (139 ) $ (156 ) $ (179 ) ______________________________________________________________________________ (1) The Company has elected to use the actual fair value of plan assets as the market-related value of assets in the determination of the expected return on plan assets. (2) Actuarial gains and losses are amortized using a corridor approach. The total unrecognized amount of cumulative actuarial gain or loss in excess of 10% of the greater of the market value of assets or the projected benefit obligation is amortized over the average remaining service of active employees/lifetime of plan participants for plans with no active participants. (3) The one time expense of $1.9 million in fiscal year 2020 relates to curtailment and settlement on the two defined benefit pension plans in Mexico, driven by headcount reductions in excess of ten percent. All of the amounts in the table above, other than net service cost, were recorded in the line item “Other (income) expense, net” in the Consolidated Statements of Operations. The estimated amounts related to pensions that will be amortized from accumulated other comprehensive income into net periodic benefit costs in fiscal year 2021 are actuarial losses of $0.2 million , and prior service costs of $0.2 million . The estimated amounts related to other benefits that will be amortized from accumulated other comprehensive income into net periodic benefit costs in fiscal year 2021 are actuarial gains of $0.1 million . The asset allocation for the Company’s defined benefit pension plans at March 31, 2020 and the target allocation for 2020 , by asset category, are as follows: Asset Category Target Allocation (%) Plan Assets at March 31, 2020 (%) Insurance (1) 1 1 International equities 34 31 International bonds 61 62 Other 4 6 Total 100 100 ______________________________________________________________________________ (1) Comprised of assets held by the defined benefit pension plan in Germany. The Company’s investment strategy for its defined benefit pension plans is to maximize long-term rate of return on plan assets within an acceptable level of risk to minimize the cost of providing pension benefits. The investment policy establishes a target allocation range for each asset class and the fund is managed within those ranges. The plans use a number of investment approaches including insurance products, equity and fixed income funds in which the underlying securities are marketable in order to achieve this target allocation. Certain plans invest solely in insurance products. The Company continuously monitors the performance of the overall pension asset portfolio, asset allocation policies, and the performance of individual pension asset managers and makes adjustments and changes, as required. The Company does not manage any assets internally, does not have any passive investments in index funds, and does not directly utilize futures, options, or other derivative instruments or hedging strategies with regard to the pension plans; however, the investment mandate of some pension asset managers allows the use of the foregoing as components of their portfolio management strategies. The expected rate of return was determined by modeling the expected long-term rates of return for broad categories of investments held by the plan against a number of various potential economic scenarios. Other changes in plan assets and benefit obligations recognized in Accumulated other comprehensive income (loss) are as follows (amounts in thousands): Pension Other Benefits 2020 2019 2018 2020 2019 2018 Current year actuarial (gain) loss $ 588 $ 1,684 $ (184 ) $ (2 ) $ (81 ) $ 64 Amortization of actuarial gain (loss) (779 ) (511 ) (322 ) 148 167 191 Current year prior service cost 792 — — — — — Amortization of prior service cost (83 ) (87 ) (87 ) — — — Total recognized in other comprehensive income $ 518 $ 1,086 $ (593 ) $ 146 $ 86 $ 255 Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 7,473 $ 6,178 $ 4,195 $ 7 $ (70 ) $ 76 Each of these changes has been factored into the following benefit payments schedule for the next ten fiscal years. The Company expects to have benefit payments in the future as follows (amounts in thousands): Expected benefit payments 2021 2022 2023 2024 2025 2026 - 2030 Pension benefits $ 6,438 $ 7,893 $ 7,353 $ 9,154 $ 9,866 $ 52,682 Other benefits 48 43 38 33 28 85 Total $ 6,486 $ 7,936 $ 7,391 $ 9,187 $ 9,894 $ 52,767 The following weighted-average assumptions were used to determine the projected benefit obligation at the measurement date and the net periodic cost for the pension and post-retirement plan (amounts in thousands except percentages): Pension Other Benefits 2020 2019 2020 2019 Projected benefit obligation: Discount rate 1.2 % 1.2 % 2.5 % 3.3 % Rate of compensation increase 3.5 % 3.5 % — % — % Health care cost trend on covered charges 6.25% 6.5% Net periodic benefit cost: Discount rate 1.2 % 1.3 % 3.3 % 3.5 % Rate of compensation increase 3.5 % 3.5 % — % — % Expected return on plan assets 2.9 % 3.0 % — % — % Health care cost trend on covered charges 6.5% 7.0% The measurement date used to determine pension and post-retirement benefits is March 31. The Company evaluated input from its third-party actuary to determine the appropriate discount rate. The determination of the discount rate is based on various factors such as the rate on bonds, term of the expected payouts, and long-term inflation factors. The following table sets forth by level, within the fair value hierarchy as described in Note 1, the pension plan’s assets, required to be carried at fair value on a recurring basis as of March 31, 2020 and March 31, 2019 (amounts in thousands): Fair Value March 31, 2020 Fair Value Measurement Using Fair Value March 31, 2019 Fair Value Measurement Using Level 1 Level 2 (1) Level 3 (2) Level 1 Level 2 Level 3 Cash and cash equivalents $ 96 $ 96 $ — $ — $ 319 $ 319 $ — $ — Equity securities: International equities 18,895 — 18,895 — 19,965 — 19,965 — Fixed income securities: International bonds 37,799 — 37,799 — 39,030 — 39,030 — Insurance contracts 629 — — 629 642 — — 642 Diversified growth funds 3,782 — 3,782 — 3,946 — 3,946 — $ 61,201 $ 96 $ 60,476 $ 629 $ 63,902 $ 319 $ 62,941 $ 642 ______________________________________________________________________________ (1) Level 2 plan assets consist of pooled investment funds which are unquoted and have no restriction on redemption. Fair value was determined using daily, weekly, or monthly trading activity which derives the unit price of the pooled fund. (2) Level 3 plan assets are invested in reinsurance contracts whose value is the sum of the actuarial reserve and the profit participation of each contract. The actuarial reserve is the sum of discounted cash flows associated with future benefits and premiums. The table below sets forth a summary of changes in the fair value of the defined benefit pension plan’s Level 3 assets for the fiscal years ended March 31, 2019 and March 31, 2020 (amounts in thousands): Balance at March 31, 2018 $ 697 Actual return on plan assets 20 Employer contributions 233 Benefits paid (247 ) Foreign currency exchange rate change (61 ) Balance at March 31, 2019 $ 642 Actual return on plan assets 18 Employer contributions 226 Benefits paid (241 ) Foreign currency exchange rate change (16 ) Balance at March 31, 2020 $ 629 The Company also sponsors a deferred compensation plan for highly compensated employees. The plan is non-qualified and allows certain employees to contribute to the plan. Company matches, net of gains (losses) related to the deferred compensation plan, were $47 thousand in fiscal year 2020 , $51 thousand in fiscal year 2019 , and $206 thousand in fiscal year 2018 . Total benefits accrued under this plan were $0.4 million and $2.3 million at March 31, 2020 and March 31, 2019 , respectively. In addition, the Company has a defined contribution retirement plan (the “Savings Plan”) in which all United States employees who meet certain eligibility requirements may participate. A participant may direct the Company to contribute amounts, based on a percentage of the participant’s compensation, to the Savings Plan through the execution of salary reduction agreements. In addition, the participants may elect to make after-tax contributions. The Company matches contributions to the Savings Plan up to 6% of the employee’s salary. The Company made matching contributions of $3.2 million , $2.8 million and $2.2 million in fiscal years 2020 , 2019 , and 2018 , respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company’s stock-based compensation plans are broad-based, long-term retention programs intended to attract and retain talented employees and align stockholder and employee interests. The major components of stock-based compensation expense are as follows (amounts in thousands): Fiscal year ended March 31, 2020 Fiscal year ended March 31, 2019 Fiscal year ended March 31, 2018 RSUs LTIPs RSUs LTIPs RSUs LTIPs Cost of sales $ 2,185 $ 1,658 $ 1,502 $ 1,254 $ 865 $ 654 Selling, general and administrative expenses 4,831 2,972 7,338 2,413 4,195 1,695 Research and development 146 292 88 271 46 202 $ 7,162 $ 4,922 $ 8,928 $ 3,938 $ 5,106 $ 2,551 As of March 31, 2020 , the KEMET Corporation Omnibus Incentive Plan (the “Incentive Plan”), which amended and restated the KEMET Corporation 2014 Amendment and Restatement of the KEMET Corporation 2011 Omnibus Equity Incentive Plan, approved by the Company’s stockholders on August 2, 2017, is the only plan the Company has to issue equity-based awards to executives and key employees. Upon adoption of the Incentive Plan, no further awards were permitted to be granted under the Company’s prior plans, including the 1992 Key Employee Stock Option Plan, the 1995 Executive Stock Option Plan, and the 2004 Long-Term Equity Incentive Plan (collectively, the “Prior Plans”). The Incentive Plan has authorized, in the aggregate, the grant of up to 12.2 million shares of the Company’s Common Stock, comprised of 11.4 million shares under the Incentive Plan and 0.8 million shares remaining from the Prior Plans and authorizes the Company to provide equity-based compensation in the form of: • stock options, including incentive stock options, entitling the optionee to favorable tax treatment under Section 422 of the Code; • stock appreciation rights; • restricted stock and restricted stock units ("RSUs"); • other share-based awards; and • performance awards. Options issued under these plans vest within one to three years and expire ten years from the grant date. There have been no new option grants since fiscal year 2014, and all options were fully vested as of March 31, 2017. If available, the Company issues shares of Common Stock from treasury stock upon exercise of stock options and vesting of restricted stock units. The Company has no plans to purchase additional shares in conjunction with its employee stock option plans in the near future. Employee stock option activity for fiscal year 2020 is as follows: Options (in thousands) Weighted- Average Exercise Price Outstanding at April 1, 2019 155 $ 6.37 Exercised (59 ) 5.46 Expired (4 ) 4.47 Outstanding and exercisable at March 31, 2020 92 7.04 Remaining weighted average contractual life of options outstanding and exercisable (years) 2.28 Amounts included in the following table are in thousands, except weighted average fair value and weighted average exercise price: Fiscal Years Ended 2020 2019 2018 Intrinsic value Stock options exercised 963 1,296 6,914 Options outstanding and currently exercisable 1,574 1,644 2,713 All option plans provide that options to purchase shares be supported by the Company’s authorized but unissued common stock or treasury stock. All restricted stock and performance awards are also supported by the Company’s authorized but unissued common stock or treasury stock. The prices of the options granted pursuant to these plans are not less than 100% of the value of the shares on the date of the grant. Restricted Stock Units (“RSU’s”) and Long-term Incentive Plans (“LTIP”) The Company grants RSUs to members of the Board of Directors (“Board”), the Chief Executive Officer and a limited group of executives. In fiscal year 2020 , RSUs granted to the Board vested immediately and time-based RSUs granted to certain officers under the key manager stock program vest over 3 years . Once vested and settled, RSUs are converted into stock. For members of the Board and key members of management, such stock cannot be sold until 90 days after termination of service with the Company, or until the individual achieves the targeted ownership under the Company’s stock ownership guidelines, and then only to the extent that such ownership exceeds the target. As of March 31, 2020 , and 2019 , unrecognized compensation costs related to the non-vested restricted stock share-based compensation arrangements granted were $7.3 million and $8.0 million , respectively. The expense is being recognized over the respective vesting periods. Historically the Board of the Company has approved annual LTIPs which cover two -year periods and are primarily based upon the achievement of an adjusted EBITDA range for the two-year period. At the time of the award, the individual plans entitle the participants to receive cash or RSUs, or a combination of both as determined by the Company's Board. The Company assesses the likelihood of meeting the Adjusted EBITDA financial metric on a quarterly basis and adjusts compensation expense to match expectations. The 2017/2018 LTIP, 2018/2019 LTIP, 2019/2020 LTIP and 2020/2021 LTIP also awarded time-based RSUs which vest over the course of three years from the grant date and are not subject to a performance metric. Any related liability (for the cash portion of the LTIP) is reflected in the line item “Accrued expenses” on the Consolidated Balance Sheets and any RSU commitment is reflected in the line item “Additional paid-in capital” on the Consolidated Balance Sheets. As of March 31, 2020 , and 2019 , unrecognized compensation costs related to the cash portion of LTIP arrangements granted were $1.9 million and $2.4 million , respectively. As of March 31, 2020 , and 2019 , unrecognized compensation costs related to the stock portion of LTIP arrangements granted were $3.9 million and $4.1 million , respectively. The expense is being recognized over the respective vesting periods. The following is the performance-based vesting schedule of RSUs under each respective LTIP, subject to the respective participant’s continued employment with KEMET (shares in thousands): 2020/2021 (1) 2019/2020 (1) 2018/2019 (2) 2017/2018 (2) Performance-based award vesting fiscal year 2021 — 99 — — Potential performance-based award vesting fiscal year 2022 49 98 — — Potential performance-based award vesting fiscal year 2023 49 — — — ______________________________________________________________________________ (1) Estimated shares to vest based upon current performance expectations. The final number of shares depends on the achievement of performance metrics. (2) The performance portion of the 2018/2019 and 2017/2018 LTIP are payable in cash. The following is the time-based vesting schedule of RSUs under each respective LTIP, subject to the respective participant’s continued employment with KEMET (shares in thousands): 2020/2021 2019/2020 2018/2019 2017/2018 Time-based award vested fiscal year 2020 — 53 58 156 Time-based award vesting fiscal year 2021 63 50 55 — Time-based award vesting fiscal year 2022 63 51 — — Time-based award vesting fiscal year 2023 65 — — — RSU activity, including performance-based and time-based LTIP activity, for fiscal year 2020 is as follows (amounts in thousands except fair value): Shares Weighted- average Fair Value on Grant Date Non-vested RSUs at April 1, 2019 1,415 $ 15.19 Granted 626 21.89 Vested (1) (640 ) 12.08 Forfeited (59 ) 18.49 Non-vested RSUs at March 31, 2020 1,342 $ 19.66 ______________________________________________________________________________ (1) 37,377 in RSUs were settled for $0.4 million in cash. In the Operating activities section of the Consolidated Statements of Cash Flows, stock-based compensation expense is treated as an adjustment to net income for fiscal years 2020 , 2019 and 2018 . |
Derivatives
Derivatives | 12 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives Certain of the Company’s foreign operations expose the Company to fluctuations in currency exchange rates. These fluctuations may impact the value of the Company’s cash payments, assets, and liabilities in terms of the Company’s functional currency. The Company enters into derivative financial instruments to protect the value of certain obligations and its net investment in its TOKIN subsidiary in terms of its functional currency, the U.S. dollar. The Company’s primary exposure to foreign currency exchange rate risk relates to (i) intercompany financings with TOKIN, (ii) its net investment in TOKIN, and (iii) certain operating expenses at the Company’s Mexican facilities. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company does not utilize derivatives for speculative or other purposes other than currency risk management. The use of derivative financial instruments carries certain risks, including the risk that any counterparty to a contractual arrangement may not be able to perform under the agreement. To mitigate this risk, the Company only enters into derivative financial instruments with a counterparty that is a major financial institution with a high credit rating. The Company does not anticipate that the counterparty will fail to meet its obligations. Each derivative instrument that qualifies for hedge accounting is expected to be highly effective at reducing the risk associated with the exposure being hedged, and the Company monitors each instrument for effectiveness on a quarterly basis. The Company formally documents all relationships between hedging instruments and hedged items, as well as risk management objectives and strategies for undertaking various hedge transactions. Changes in fair value of all its derivative instruments are reported in earnings or in AOCI, depending on whether the derivative is designated as part of a hedge transaction, and if so, the type of hedge transaction. The Company records all derivative financial instruments on its Consolidated Balance Sheets at fair value. Certain of the derivative instruments are subject to master netting agreements and are presented in the Consolidated Balance Sheets on a net basis. If the Company were to account for the asset and liability balances of those derivative contracts on a gross basis, the amounts presented in the Consolidated Balance Sheets would be adjusted from the current net presentation to the gross amounts as detailed in the table below. The balance sheet classifications and fair value of derivative instruments designated as hedges as of March 31, 2020 and 2019 are as follows (amounts in thousands): Fair Value of Derivative Instruments March 31, 2020 March 31, 2019 Balance Sheet Location As Presented Offset Gross As Presented Offset Gross Derivative assets Cross-currency swaps Other assets $ — $ 10,366 $ 10,366 $ 3,485 $ — $ 3,485 Foreign exchange contracts Prepaid and other current assets — — — 564 645 1,209 Derivative liabilities Cross-currency swaps Other non-current obligations 4,318 10,366 14,684 — — — Foreign exchange contracts Accrued expenses 13,992 — 13,992 — 645 645 Foreign exchange contracts Other non-current obligations 1,977 — 1,977 — — — Fair Value Hedging Strategy The Company entered into two cross-currency swaps designated as fair value hedges on November 7, 2018 to hedge the foreign currency risk on certain intercompany financings. These agreements were contracts to exchange floating-rate payments in one currency with floating-rate payments in another currency. Changes in the fair value of these cross-currency swaps due to changes in foreign currency exchange rates were recognized in earnings upon the recognition of the change in the fair value of the hedged intercompany financings. The notional value of these contracts were JPY 31.6 billion or $279.7 million at March 31, 2019. The Company terminated these contracts with the counterparty on May 28, 2019 and received proceeds of $6.5 million for the combined fair value of these contracts at the time of termination. Hedges of Net Investments in Foreign Operations Strategy The Company entered into a cross-currency swap designated as a net investment hedge on November 7, 2018 to hedge the JPY currency exposure of the Company’s net investment in TOKIN. This agreement is a contract to exchange fixed-rate payments in one currency for fixed-rate payments in another currency. Changes in the fair value of this swap are recorded in equity as a component of AOCI in the same manner as foreign currency translation adjustments. In assessing the effectiveness of this hedge, the Company uses a method based on changes in spot rates to measure the impact of the foreign currency exchange rate fluctuations on both its foreign subsidiary net investment and the related swap. Under this method, changes in the fair value of the hedging instrument other than those due to changes in the spot rate are initially recorded in AOCI as a translation adjustment, and then are amortized into other (income) expense, net in the Consolidated Statement of Operations using a systematic and rational method over the instrument’s term. Changes in the fair value associated with the effective portion (i.e. those changes due to the spot rate) are recorded in AOCI as a translation adjustment and are released and recognized in earnings only upon the sale or liquidation of the hedged net investment. The terms of this cross-currency swap are as follows: • An amortizing cross-currency swap with an initial notional value of JPY 33.0 billion . The notional amount is amortized by approximately JPY 1.4 billion every six months and matures on September 30, 2024. Interest payments are made by the Company in JPY on March 31 and September 30 of each year based on the JPY notional value and a fixed rate of 2.61% . The Company receives interest in USD on March 31 and September 30 of each year based on the USD equivalent of the JPY notional value and a fixed rate of 6.25% . The notional value of this contract was JPY 28.9 billion or $255.4 million at March 31, 2020 and JPY 31.6 billion or $279.7 million at March 31, 2019 . Cash Flow Hedging Strategy Foreign Exchange Contracts Certain operating expenses at the Company’s Mexican facilities are paid in Mexican Pesos. In order to hedge a portion of these forecasted cash flows, the Company purchases foreign exchange contracts, with terms generally less than 15 months, to buy Mexican Pesos for periods and amounts consistent with underlying cash flow exposures. These contracts are designated as cash flow hedges at inception. Unrealized gains and losses associated with the change in fair value of the foreign exchange contracts are recorded in AOCI. Changes in the derivatives’ fair values are deferred and recorded as a component of AOCI until the underlying transaction is settled and recorded to the Consolidated Statement of Operations. When the hedged item affects income, gains or losses are reclassified from AOCI to the Consolidated Statement of Operations as Cost of Sales for foreign exchange contracts to purchase such foreign currency. The notional value of outstanding Peso contracts was $106.6 million and $74.3 million as of March 31, 2020 and 2019 , respectively. Cross-Currency Swaps On May 28, 2019, the Company entered into two cross-currency swaps designated as cash flow hedges to hedge the foreign currency risk on certain intercompany financings. These agreements are contracts to exchange floating-rate payments in one currency with fixed-rate payments in another currency. The Company uses these cross-currency swaps to hedge the changes in cash flows on these intercompany financings due to changes in foreign currency exchange rates. For this hedging program, the Company records the remeasurement gain/loss on the intercompany financings due to changes in foreign currency exchange rates each period. Changes in the fair value of these cross-currency swaps are initially recorded in AOCI each period with an immediate reclassification into earnings for the change in fair value attributable to the fluctuations in foreign currency exchanges. The Company excludes the change in the fair value of these cross-currency swaps due to changes in interest rates from the assessment of hedge effectiveness. Changes in fair value of the swaps associated with changes in interest rates are initially recorded as a component of AOCI and recognized into “Other (income) expense, net” in the Consolidated Statement of Operations using a systematic and rational method over the instrument’s term. The terms of the two cross-currency swaps designated as cash flow hedges are as follows: • An amortizing cross-currency swap with an initial notional value of JPY 15.1 billion . The notional value is amortized by approximately JPY 1.4 billion every six months and matures on September 30, 2024. The Company receives interest in JPY on March 31 and September 30 of each year based on the JPY notional value and JPY LIBOR plus 2.00% . Interest payments are made in USD on March 31 and September 30 of each year based on the USD equivalent of the JPY notional value and a fixed rate of 4.88% . • A non-amortizing cross-currency swap with a notional value of JPY 16.5 billion maturing on September 30, 2024. The Company receives interest in JPY on March 31 and September 30 of each year based on the JPY notional value and JPY LIBOR plus 2.25% . Interest payments are made in USD on March 31 and September 30 of each year based on the USD equivalent of the JPY notional value and a fixed rate of 5.26% . The notional value of these contracts was JPY 28.9 billion , or $263.8 million as of March 31, 2020 . Hedging Strategy Impact on Statements of Operations The following tables present gain and loss activity for the fiscal years ended March 31, 2020 , 2019 , and 2018 for derivative instruments designated as hedges (amounts in thousands): Fiscal Year Ended March 31, 2020 Gain (Loss) Derivative Instrument Hedge Designation Location of Gain (Loss) Recognized in Statements of Operations Recognized in AOCI Reclassified from AOCI to Income Recorded Directly to Income Cross-currency swaps (1) Fair Value Other income (expense), net $ (346 ) $ (1,622 ) $ 3,337 Cross-currency swaps (2) Net Investment Other income (expense), net 18,152 10,278 — Cross-currency swaps (3) Cash Flow Other income (expense), net (21,656 ) (4,670 ) — Foreign exchange contracts (4) Cash Flow Cost of sales (13,422 ) 3,111 — Fiscal Year Ended March 31, 2019 Gain (Loss) Derivative Instrument Hedge Designation Location of Gain (Loss) Recognized in Statements of Operations Recognized in AOCI Reclassified from AOCI to Income Recorded Directly to Income Cross-currency swaps (1) Fair Value Other income (expense), net $ (6,383 ) $ (4,134 ) $ 6,034 Cross-currency swaps (2) Net Investment Other income (expense), net 5,009 4,230 — Foreign exchange contracts (4) Cash Flow Cost of sales (1,286 ) (698 ) — Fiscal Year Ended March 31, 2018 Gain (Loss) Derivative Instrument Hedge Designation Location of Gain (Loss) Recognized in Statements of Operations Recognized in AOCI Reclassified from AOCI to Income Recorded Directly to Income Cross-currency swaps (1) Fair Value Other income (expense), net $ — $ — $ — Cross-currency swaps (2) Net Investment Other income (expense), net — — — Foreign exchange contracts (4) Cash Flow Cost of sales 667 2,420 — ______________________________________________________________________________ (1) Amounts recognized in AOCI represent the change in the fair value of the derivative instruments related to the excluded components. Amounts reclassified from AOCI to income represent amortization of excluded components based upon the instruments' periodic coupons. Amounts recorded directly to income represent the change in the fair value of the derivative instruments related to the effective portion of the qualifying hedge. (2) Amounts recognized in AOCI represent the total change in the fair value of the derivative instrument. Amounts recorded to AOCI are recorded within foreign currency translation. Amounts reclassified from AOCI to income represent amortization of excluded components based on the instrument's periodic coupon. (3) Amounts recognized in AOCI represent the total change in the fair value of the derivative instruments. Amounts reclassified from AOCI to income represent the change in the fair value of the derivative instruments related of the effective portion of the qualifying hedges, as well as amortization of the excluded components based upon the instruments' periodic coupons. For the fiscal year ended March 31, 2020 , the amount reclassified to income from AOCI includes $2.6 million in gains related to the effective portion of the hedges and $7.3 million in losses related to amortization of the excluded components. (4) Amounts recognized in AOCI represent the total change in the fair value of the derivative instruments. Amounts reclassified from AOCI to income represent the change in the fair value of the derivative instruments pertaining to the settlement of the qualifying hedged item (effective portion). The following tables present the total amount of each income and expense line item presented in the Consolidated Statements of Operations in which the results of fair value and cash flow hedges are recorded and the effects of those hedging strategies on income (amounts in thousands): Cost of sales Fiscal Year Ended March 31, 2020 2019 2018 Total income (expense) in Statements of Operations $ (840,066 ) $ (924,276 ) $ (860,744 ) Cash flow hedging impact Foreign exchange contracts: Gain (loss) reclassified from AOCI to income (1) 3,111 (698 ) 2,420 Other income (expense), net Fiscal Year Ended March 31, 2020 2019 2018 Total income (expense) in Statements of Operations $ 4,356 $ (4,513 ) $ (14,692 ) Fair value hedging impact Cross-currency swaps: Gain (loss) on hedged item (3,337 ) (6,034 ) — Gain (loss) on derivative instrument (2) 1,715 1,900 — Cash flow hedging impact Cross-currency swaps: Gain (loss) reclassified from AOCI to income (3) (4,670 ) — — ______________________________________________________________________________ (1) Net losses of $11.0 million are expected to be reclassified from AOCI into income within the next 12 months. (2) Amounts recognized in income include the change in the fair value of the derivative instruments related to the effective portion of the qualifying hedges and amortization of the excluded components. (3) Net losses of $7.9 million are expected to be reclassified from AOCI into income within the next 12 months. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income before income taxes and equity income (loss) from equity method investments are as follows (amounts in thousands): Fiscal Years Ended March 31, 2020 2019 2018 Domestic (U.S.) $ 31,937 $ 95,639 $ 141,582 Foreign (Outside U.S.) 47,894 74,792 45,485 Total $ 79,831 $ 170,431 $ 187,067 The provision for income tax expense (benefit) is as follows (amounts in thousands): Fiscal Years Ended March 31, 2020 2019 2018 Current: Federal $ 3,387 $ 170 $ 223 State and local 522 161 50 Foreign 10,288 9,966 8,295 Total current income tax expense 14,197 10,297 8,568 Deferred: Federal 16,486 (43,804 ) (807 ) State and local 871 (773 ) (96 ) Foreign 6,972 (5,180 ) 1,467 Deferred tax expense (benefit) 24,329 (49,757 ) 564 Provision for income tax expense (benefit) $ 38,526 $ (39,460 ) $ 9,132 Differences between the provision for income taxes on earnings from continuing operations and the amount computed using the U.S. Federal statutory income tax rate are as follows (amounts in thousands): Fiscal Years Ended March 31, 2020 2019 2018 Amount computed using the statutory rate (1) 21.0 % 21.0 % 31.6 % Change in U.S. valuation allowance 0.2 (39.8 ) (35.7 ) Effect of prior year adjustments 6.1 1.4 (0.7 ) IRC section 162(m) limitation (2) 1.1 2.7 — Taxable foreign source income 6.0 2.1 11.8 Other current year adjustments 2.1 — 0.3 Non-taxable gain from bargain purchase — — (22.0 ) Deduction related to APA settlement — (1.4 ) — Tax-deductible equity compensation (1.3 ) (2.5 ) (3.0 ) Differences due to U.S. tax law changes (3) 0.2 — 26.9 State income taxes, net of federal taxes (4) 1.2 (0.4 ) (1.8 ) Change in U.S. tax exposure reserves 3.0 — — Change in foreign operations tax exposure reserves 1.0 0.1 0.5 Foreign tax rate differential 5.4 3.8 (0.2 ) Change in foreign tax law 0.1 (1.2 ) 0.1 Change in foreign operations valuation allowance (0.4 ) (24.1 ) (3.6 ) Nondeductible expenses related to antitrust litigation — 8.4 0.3 Other effect of foreign operations 2.6 6.7 0.4 Provision for income tax expense (benefit) 48.3 % (23.2 )% 4.9 % ______________________________________________________________________________ (1) The statutory income tax rate for the fiscal year ended March 31, 2017 was 35%. The Tax Cuts and Jobs Act (“TCJA”) enacted on December 22, 2017 reduced the U.S. federal corporate tax rate from 35% to 21%, effective January 1, 2018. Based on the fiscal year of the Company ending on March 31, the statutory income tax rate for the fiscal year ended March 31, 2018 is a blended rate of 31.6% based on the number of days in the fiscal year before January 1, 2018 and the number of days in the fiscal year after December 31, 2017. The statutory income tax rate for the fiscal years ended March 31, 2020 and 2019 is 21%. (2) Fiscal year ended March 31, 2019 includes $1.5 million related to the expansion of the Sec. 162(m) limitation due to TCJA tax law changes. (3) Fiscal year ended March 31, 2018 is due to tax law changes consisting of $4.8 million related to foreign earnings and $45.6 million related to TCJA tax rate adjustment. (4) Fiscal year ended March 31, 2018 consists mainly of $3.7 million related to the revaluation of state net operating loss carryforwards as a result of the change in the federal tax rate due to the TCJA. The components of deferred tax assets and liabilities are as follows (amounts in thousands): March 31, 2020 2019 Deferred tax assets: Net operating loss carry forwards $ 60,170 $ 78,903 Sales allowances and inventory reserves 10,370 11,076 Medical and employee benefits 29,890 35,283 Depreciation and differences in basis 3,193 5,337 Leased assets 573 201 Accrued restructuring 310 469 Anti-trust fines and settlements 11,883 910 Tax credits 4,934 3,644 Stock-based compensation 4,607 5,589 Other 2,641 970 Total deferred tax assets before valuation allowance 128,571 142,382 Less valuation allowance (64,477 ) (58,658 ) Total deferred tax assets 64,094 83,724 Deferred tax liabilities: Unremitted earnings of subsidiaries (23,972 ) (21,959 ) Amortization of intangibles and debt discounts (11,369 ) (11,996 ) Non-amortized intangibles (1,587 ) (1,551 ) Total deferred tax liabilities (36,928 ) (35,506 ) Net deferred tax assets (liabilities) $ 27,166 $ 48,218 The change in net deferred income tax asset (liability) for fiscal year 2020 is presented below (amounts in thousands): Balance at March 31, 2019 $ 48,218 Deferred income tax resulting from business combination 399 Deferred income taxes related to continuing operations (24,329 ) Deferred income taxes related to other comprehensive income 4,030 Foreign currency translation (1,152 ) Balance at March 31, 2020 $ 27,166 The following table presents the annual activities included in the deferred tax valuation allowance (amounts in thousands): Valuation Allowance for Deferred Tax Assets Balance at March 31, 2017 $ 163,898 Charge (benefit) to costs and expenses 8,647 Deductions (1,144 ) Balance at March 31, 2018 171,401 Charge (benefit) to costs and expenses (112,080 ) Deductions (663 ) Balance at March 31, 2019 58,658 Additions, Business Combination 6,547 Charge (benefit) to costs and expenses (658 ) Deductions (70 ) Balance at March 31, 2020 $ 64,477 In fiscal year 2020 , the valuation allowance increased $5.8 million , primarily related to the acquisition of Novasentis. In fiscal year 2019 , the valuation allowance decreased $112.7 million , of which $44.9 million related to a valuation allowance decrease for the foreign group and $67.8 million related to a valuation allowance decrease for the U.S. group. The $44.9 million decrease in valuation allowance related to the foreign group primarily was comprised of a $35.5 million decrease related to changes in temporary differences and utilization of net operating loss carryforwards and a $5.5 million release in valuation allowance. The $67.8 million decrease in the valuation allowance related to the U.S. group primarily was comprised of a $26.9 million utilization of net operating loss carryforwards and a $44.2 million release in valuation allowance based on changes in judgment about the realizability of deferred tax assets in future years. As of March 31, 2020 , and 2019 , the Company’s deferred tax assets were reduced by a valuation allowance of $64.5 million and $58.7 million , respectively. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Company will realize the benefits of these deductible differences, net of the existing valuation allowances as of March 31, 2020 . For a portion of the U.S. federal and some state jurisdictions there is a greater likelihood of not realizing the future tax benefits of deferred tax assets, and, accordingly, the Company has recorded valuation allowances of $23.5 million related to the net deferred tax assets in these jurisdictions. For the foreign jurisdictions, a valuation allowance of $41.0 million has been recorded where the Company does not expect to fully realize the deferred tax assets in the future. The amount of deferred tax assets considered realizable could be reduced in the future if estimates of future taxable income during the carryforward period change. As of March 31, 2020 , the Company has gross U.S. federal net operating loss carryforwards of $82.4 million , of which $75.3 million will expire between fiscal years 2026 and 2037, and the remaining $7.1 million can be carried forward indefinitely. Certain of the Company's U.S. federal net operating loss carryforwards are subject to annual limitation due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended (the “Code”) and similar state provisions. Such annual limitation could result in the expiration of the net operating loss carryforwards before utilization. The Company has state net operating losses of $545.0 million , of which $1.6 million will expire in one year if unused. The remaining state net operating losses are available to offset future state taxable income, if any, through 2040. Foreign subsidiaries, primarily in Japan, Italy, Thailand, Hong Kong, United Kingdom, and Sweden, had net operating loss carryforwards totaling $114.4 million of which none will expire within one year if unused. At March 31, 2020 , the U.S. consolidated group of companies had the following tax credit carryforwards available (amounts in thousands): Tax Credits ($) Fiscal Year of Expiration U.S. research credits $ 2,877 2022-2025 Texas franchise tax credits 1,902 2026 Federal business tax credits 33 2028 Foreign local tax credits 122 various The Company conducts business in Macedonia and Thailand through subsidiaries that qualify for a tax holiday. The tax holiday for Macedonia will terminate on July 27, 2021. For calendar years 2018 , 2019 , and 2020 , the statutory rate of 10% for Macedonia was reduced to zero . The tax holiday for Thailand's SC BOI income will terminate on June 15, 2020, and the tax holiday for Thailand's TA BOI income terminated on June 28, 2019. For the 2020 fiscal year, the statutory rate of 20% was applied to income that was earned outside the tax holiday and for the remaining income, the statutory rate was reduced to zero . Prior to the TCJA, earnings of a foreign subsidiary were taxed when remitted to the U.S. With the Tax Cuts and Jobs Act of 2017, the Company is permitted a 100% exemption from U.S. tax on foreign earnings remitted to the U.S. and the U.S group recognized no deferred tax liability at March 31, 2020 and 2019 relating to unremitted foreign earnings. The Company asserts that no foreign earnings subject to a withholding tax will be remitted to the U.S. At March 31, 2020 , the Company had $19.4 million of unrecognized tax benefits. A reconciliation of gross unrecognized tax benefits (excluding interest and penalties) is as follows (amounts in thousands): Fiscal Years Ended March 31, 2020 2019 2018 Beginning of fiscal year $ 18,877 $ 8,680 $ 7,390 Additions from business combinations — — 1,270 Additions for tax positions of the current year 490 2,027 1,078 Additions for tax positions of prior years 2,286 11,735 — Reductions for tax positions of prior years (1,831 ) (633 ) (1,058 ) Lapse in statute of limitations (16 ) (9 ) — Settlements (439 ) (2,923 ) — End of fiscal year $ 19,367 $ 18,877 $ 8,680 At March 31, 2020 , $17.4 million of the $19.4 million of unrecognized income tax benefits would affect the Company’s effective income tax rate, if recognized. The remainder of $2.0 million primarily results from positions which if sustained would be fully offset by a change in valuation allowance. It is reasonably possible that the total unrecognized tax benefit could decrease by $5.8 million in fiscal year 2021 if the advanced pricing arrangement for one of the Company’s foreign subsidiaries is agreed to by the foreign tax authority and certain U.S. taxable foreign source income is recognized. The Company records potential interest and penalty expenses related to unrecognized income tax benefits in income tax expense. The Company had $0.5 million of aggregate accrued interest and penalties at both March 31, 2020 and 2019 . To the extent interest and penalties are not assessed with respect to uncertain tax positions, amounts accrued will be reduced and reflected as a reduction of the overall income tax provision. The Company files income tax returns in the U.S. and multiple foreign jurisdictions, including various state and local jurisdictions. The U.S. Internal Revenue Service concluded its examinations of the Company’s U.S. federal tax returns for all tax years through 2003. Because of net operating losses, the Company’s U.S. federal returns for 2003 and later years will remain subject to examination until the losses are utilized. The Company is subject to income tax examinations in various foreign and U.S. state jurisdictions for the years 2014 and forward. Tax Cuts and Jobs Act The TCJA was enacted on December 22, 2017. The Act reduced the US federal corporate tax rate from 35% to 21%, required companies to pay a one-time transition tax on prior earnings of certain foreign subsidiaries that were previously tax deferred, and created new taxes on certain foreign-sourced earnings. Certain provisions of the Act did not impact the Company until fiscal year 2019. These provisions include, but are not limited to, the base erosion anti-abuse tax (“BEAT”), the provision designed to tax global intangible low-taxed income (“GILTI”), the foreign-derived intangible income (“FDII”) provision, the expansion of the IRC Sec. 162(m) limitation, and the provision designed to limit interest expense deductions. In fiscal year 2019, the Company completed its accounting for the enactment-date income tax effects of the Act. The one-time transition tax was based on the Company’s total post-1986 earnings and profits which were previously deferred from U.S. income taxes under U.S. law. In previous periods, the Company recorded provisional amounts for its one-time transition tax liability for each of its foreign subsidiaries. Upon further analysis of the Act and notices and regulations issued and proposed under Internal Revenue Code (“IRC”) Section 965 by the U.S. Department of Treasury and the Internal Revenue Service, the Company finalized its calculations of the transition tax liability. The final net taxable income the Company reported on its 2018 federal income tax return, after allowable deductions under IRC Section 965(c), was $40.1 million . The transition tax component of income tax expense was offset by the utilization of available U.S. federal net operating loss carryforwards, resulting in no net cash tax liability. The Company's policy is to account for GILTI as a period cost in the year the tax is incurred and, therefore, does not record any deferred taxes related to GILTI. For fiscal year 2020, the Company had no taxable income from GILTI. In addition, other provisions such as BEAT, FDII, and 163(j) are relevant to the Company but had no income tax impact for fiscal year 2020. CARES Act On March 27, 2020, Congress enacted The Coronavirus Aid, Relief, and Economic Security Act (“the CARES Act”) in response to the COVID-19 pandemic. The CARES Act provides $2 trillion of economic support and stimulus through a variety of provisions for individuals and businesses. Corporate and employer-focused provisions include, but are not limited to, the following: (i) payroll tax deferral; (ii) employee retention credit; (iii) modifications to net operating losses; (iv) modification to the limitation on business interest under Section 163(j); (v) Qualified Improvement Property technical correction; (vi) acceleration of previously generated corporate AMT credits; and (vii) modifications to the charitable contribution limitation. The Company analyzed the provisions of the CARES Act and concluded that there are no significant income tax impacts to KEMET as of March 31, 2020. |
Leases
Leases | 12 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases The Company’s operating leases are primarily for sales and administrative offices and manufacturing facilities. These operating leases have lease periods expiring between 2020 and 2061 . The Company’s finance leases are primarily for vehicles and certain network equipment. These leases expire between 2020 and 2029 . Many leases require the Company to pay certain executory costs (taxes, insurance, and maintenance) and contain renewal and purchase options. The Company does not assume renewals in the determination of the lease term unless renewals are deemed to be reasonably assured at lease commencement. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease expense for the fiscal year ended March 31, 2020 are as follows (amounts in thousands): Fiscal Year Ended March 31, 2020 Operating lease expense Operating lease cost $ 12,033 Variable lease cost and other, net (1) 1,205 Short-term lease cost 31 Sublease income (79 ) Finance lease expense Amortization of right-of-use assets 1,323 Interest 152 Total lease expense $ 14,665 ______________________________________________________________________________ (1) Predominantly includes common area maintenance and parking expenses. Supplemental balance sheet information related to operating and finance leases as of March 31, 2020 is as follows (amounts in thousands, except lease term and discount rate): Balance Sheet Location March 31, 2020 Lease assets Operating lease ROU assets Other assets $ 29,732 Finance lease ROU assets (1) Property, plant and equipment, net of accumulated depreciation 3,008 $ 32,740 Lease liabilities Current operating lease liabilities Accrued expenses $ 7,715 Current finance lease liabilities Accrued expenses 1,245 Non-current operating lease liabilities Other non-current obligations 22,338 Non-current finance lease liabilities Other non-current obligations 1,770 $ 33,068 Weighted average remaining lease term (years) Operating leases 6.11 Finance leases 2.98 Weighted average discount rate Operating leases 4.77 % Finance leases 5.51 % ______________________________________________________________________________ (1) Finance lease ROU assets are shown net of accumulated depreciation of 3.2 million . Supplemental cash flow information related to leases for the fiscal year ended March 31, 2020 is as follows (amounts in thousands): Fiscal Year Ended March 31, 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for operating leases $ 12,126 Operating cash flows used for finance leases 148 Financing cash flows used for finance leases 1,447 $ 13,721 Lease liabilities arising from obtaining ROU assets Operating leases $ 4,731 Finance leases 2,061 $ 6,792 A maturity analysis of the future undiscounted cash flows associated with the Company's operating and finance lease liabilities as of March 31, 2020 were as follows (amounts in thousands): Operating Lease Liabilities Finance Lease Liabilities 2021 $ 8,921 $ 1,376 2022 6,203 945 2023 4,711 597 2024 3,906 171 2025 2,652 31 Thereafter 9,318 75 Total undiscounted cash flows $ 35,711 $ 3,195 Less imputed interest (5,658 ) (180 ) Present value of lease liabilities $ 30,053 $ 3,015 Annual rental expenses for operating leases included in results of operations were $13.3 million and $10.7 million in fiscal years 2019 and 2018 , respectively. |
Leases | Leases The Company’s operating leases are primarily for sales and administrative offices and manufacturing facilities. These operating leases have lease periods expiring between 2020 and 2061 . The Company’s finance leases are primarily for vehicles and certain network equipment. These leases expire between 2020 and 2029 . Many leases require the Company to pay certain executory costs (taxes, insurance, and maintenance) and contain renewal and purchase options. The Company does not assume renewals in the determination of the lease term unless renewals are deemed to be reasonably assured at lease commencement. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease expense for the fiscal year ended March 31, 2020 are as follows (amounts in thousands): Fiscal Year Ended March 31, 2020 Operating lease expense Operating lease cost $ 12,033 Variable lease cost and other, net (1) 1,205 Short-term lease cost 31 Sublease income (79 ) Finance lease expense Amortization of right-of-use assets 1,323 Interest 152 Total lease expense $ 14,665 ______________________________________________________________________________ (1) Predominantly includes common area maintenance and parking expenses. Supplemental balance sheet information related to operating and finance leases as of March 31, 2020 is as follows (amounts in thousands, except lease term and discount rate): Balance Sheet Location March 31, 2020 Lease assets Operating lease ROU assets Other assets $ 29,732 Finance lease ROU assets (1) Property, plant and equipment, net of accumulated depreciation 3,008 $ 32,740 Lease liabilities Current operating lease liabilities Accrued expenses $ 7,715 Current finance lease liabilities Accrued expenses 1,245 Non-current operating lease liabilities Other non-current obligations 22,338 Non-current finance lease liabilities Other non-current obligations 1,770 $ 33,068 Weighted average remaining lease term (years) Operating leases 6.11 Finance leases 2.98 Weighted average discount rate Operating leases 4.77 % Finance leases 5.51 % ______________________________________________________________________________ (1) Finance lease ROU assets are shown net of accumulated depreciation of 3.2 million . Supplemental cash flow information related to leases for the fiscal year ended March 31, 2020 is as follows (amounts in thousands): Fiscal Year Ended March 31, 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for operating leases $ 12,126 Operating cash flows used for finance leases 148 Financing cash flows used for finance leases 1,447 $ 13,721 Lease liabilities arising from obtaining ROU assets Operating leases $ 4,731 Finance leases 2,061 $ 6,792 A maturity analysis of the future undiscounted cash flows associated with the Company's operating and finance lease liabilities as of March 31, 2020 were as follows (amounts in thousands): Operating Lease Liabilities Finance Lease Liabilities 2021 $ 8,921 $ 1,376 2022 6,203 945 2023 4,711 597 2024 3,906 171 2025 2,652 31 Thereafter 9,318 75 Total undiscounted cash flows $ 35,711 $ 3,195 Less imputed interest (5,658 ) (180 ) Present value of lease liabilities $ 30,053 $ 3,015 |
Supplemental Balance Sheets and
Supplemental Balance Sheets and Statements of Operations Detail | 12 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Balance Sheets and Statements of Operations Detail | Supplemental Balance Sheets and Statements of Operations Detail March 31, (amounts in thousands) 2020 2019 Accounts receivable: Trade $ 169,685 $ 176,715 Allowance for doubtful accounts (1,366 ) (1,206 ) Ship-from-stock and debit (“SFSD”) allowance (21,896 ) (18,862 ) Returns allowance (761 ) (964 ) Rebates allowance (676 ) (967 ) Price protection allowance (243 ) (657 ) Accounts receivable, net $ 144,743 $ 154,059 The Company has agreements with distributors and certain other customers that, under certain conditions, allow for returns of overstocked inventory, provide protection against price reductions initiated by the Company, and grant other sales allowances. Allowances for these commitments are included in the Consolidated Balance Sheets as reductions in trade accounts receivable. The Company adjusts sales based on historical experience. The following table presents the annual activities included in the allowance for these commitments (amounts in thousands): Balance at March 31, 2017 $ 20,414 Reduction in sales 94,660 Actual adjustments applied (95,444 ) Other 268 Balance at March 31, 2018 19,898 Reduction in sales 99,538 Actual adjustments applied (96,775 ) Other (5 ) Balance at March 31, 2019 22,656 Reduction in sales 117,708 Actual adjustments applied (115,582 ) Other 160 Balance at March 31, 2020 $ 24,942 March 31, (amounts in thousands) 2020 2019 Inventories: Raw materials and supplies $ 93,464 $ 97,119 Work in process 85,122 71,374 Finished goods 82,311 88,175 Inventory gross 260,897 256,668 Inventory reserves (17,687 ) (15,539 ) Inventory, net $ 243,210 $ 241,129 The following table presents the annual activities included in the inventory reserves (amounts in thousands): Balance at March 31, 2017 $ 15,941 Costs charged to expense 4,994 Write-offs (6,954 ) Other (1) 2,365 Balance at March 31, 2018 16,346 Costs charged to expense 6,019 Write-offs (6,826 ) Other — Balance at March 31, 2019 15,539 Costs charged to expense 12,623 Write-offs (10,867 ) Other 392 Balance at March 31, 2020 $ 17,687 ______________________________________________________________________________ (1) Includes $1.9 million in inventory reserves from TOKIN. Useful life (years) March 31, (amounts in thousands, except years) 2020 2019 Property, plant and equipment: Land and land improvements 20 $ 56,340 $ 62,232 Buildings 20 - 40 210,192 199,319 Machinery and equipment 10 977,806 916,737 Furniture and fixtures 4 - 10 109,770 82,306 Construction in progress 104,842 105,857 Other 10,541 9,280 Total property and equipment 1,469,491 1,375,731 Accumulated depreciation (916,855 ) (880,451 ) Property, plant and equipment, net $ 552,636 $ 495,280 March 31, (amounts in thousands) 2020 2019 Accrued expenses: Salaries, wages, and related employee costs $ 39,605 $ 61,880 Derivatives 13,992 — Interest 47 211 Restructuring 1,744 1,869 Vacation 9,668 10,364 Lease obligations 8,960 947 Antitrust settlements and regulatory costs 75,086 9,517 Contract liabilities 6,035 256 Stock Returns 3,690 2,539 Property, sales, and other taxes 2,342 1,854 Other 6,453 4,324 Total accrued expenses $ 167,622 $ 93,761 March 31, (amounts in thousands) 2020 2019 Other non-current obligations: Pension plans $ 79,512 $ 82,717 Lease obligations 24,108 986 Employee separation liability 7,044 7,640 Deferred compensation 353 2,285 Contract liabilities 60,638 13,412 Customer deposits 3,742 3,689 Derivatives 6,295 — Antitrust settlements and regulatory costs — 13,168 Uncertain tax positions 6,306 2,415 Deferred rent — 5,366 Government subsidies 1,677 1,247 Restructuring 89 312 Other 3,628 3,393 Total other non-current obligations $ 193,392 $ 136,630 Fiscal Years Ended March 31, (amounts in thousands) 2020 2019 2018 Other (income) expense, net: Net foreign exchange (gains) losses $ (6,762 ) $ (7,230 ) $ 13,145 Post retirement and pension plan non-service costs 439 366 210 Curtailment on pension plans 1,949 — — Loss on early extinguishment of debt — 15,946 486 R&D grant reimbursements and grant income (1,595 ) (4,559 ) (787 ) Other 1,613 (10 ) 1,638 Total other (income) expense, net $ (4,356 ) $ 4,513 $ 14,692 |
Income_Loss Per Share
Income/Loss Per Share | 12 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Income/Loss Per Share | Basic earnings per share calculation is based on the weighted-average number of common shares outstanding. Diluted earnings per share calculation is based on the weighted-average number of common shares outstanding adjusted by the number of additional shares that would have been outstanding had the potentially dilutive common shares been issued. Potentially dilutive shares of common stock include stock options and RSUs. The following table presents the basic and diluted weighted-average number of shares of common stock (amounts in thousands, except per share data): Fiscal Years Ended March 31, 2020 2019 2018 Numerator Net income $ 41,381 $ 206,587 $ 254,127 Denominator: Weighted-average common shares outstanding: Basic 58,574 57,840 52,798 Assumed conversion of employee stock grants 841 1,242 2,291 Assumed conversion of warrants — — 3,551 Diluted 59,415 59,082 58,640 Net income per basic share $ 0.71 $ 3.57 $ 4.81 Net income per diluted share $ 0.70 $ 3.50 $ 4.33 Common stock equivalents that could potentially dilute net income per basic share in the future, but were not included in the computation of diluted earnings per share because the impact would have been anti-dilutive, were as follows (amounts in thousands): Fiscal Years Ended March 31, 2020 2019 2018 Assumed conversion of employee stock grants 87 — 71 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Update We or our subsidiaries may at any one time be parties to lawsuits arising out of our respective operations, including workers’ compensation or workplace safety cases, some of which involve claims of substantial damages. Although there can be no assurance, based upon information known to us, we do not believe that any liability which might result from an adverse determination of such lawsuits would have a material adverse effect on our financial condition or results of operations. As previously reported, KEMET and KEC, along with more than 20 other capacitor manufacturers and subsidiaries were named as defendants in a purported antitrust class action complaint, In re: Capacitors Antitrust Litigation , No. 3:14-cv-03264-JD, filed on December 4, 2014 with the United States District Court, Northern District of California (the “U.S. Class Action Complaint”). The complaint alleged a violation of Section 1 of the Sherman Act, for which it sought injunctive and equitable relief and money damages. On November 8, 2019 KEMET and KEC entered into a settlement agreement (the “Settlement Agreement”) with the plaintiffs in the U.S. Class Action Complaint by which, in consideration for the release of KEMET, KEC, and their affiliates from all claims relating in any way to the conduct alleged in the U.S. Class Action Complaint and from claims which could have been asserted in the U.S. Class Action Complaint to the extent they relate to the sale of capacitors in the United States, KEMET agreed to pay an aggregate of $62.0 million to the settlement class of plaintiffs. The Settlement Agreement is subject to court approval. Pursuant to the terms of the Settlement Agreement, KEMET paid $10.0 million into an escrow account on December 6, 2019. The remaining amount will be paid by KEMET within 12 months of the date of the Settlement Agreement. Under the terms of the Settlement Agreement KEMET and KEC did not admit to any violation of any statute or law or any liability or wrongdoing. In addition, as previously reported, KEMET and KEC, along with certain other capacitor manufacturers and subsidiaries (including TOKIN, as described below), were named as defendants in several additional suits that were filed in Canada (collectively, the “Canadian Complaints”): Badamshin v. Panasonic Corporation, et al. , filed August 6, 2014 in the Superior Court, Province of Quebec, District of Montreal; Herard v. Panasonic Corporation, et al. , filed August 6, 2014 in the Superior Court, Province of Quebec, District of Montreal; Cygnus Electronics Corporation v. Panasonic Corporation, et al. , filed August 6, 2014 in the Superior Court of Justice, Province of Ontario; LeClaire v. Panasonic Corporation, et al. , filed August 6, 2014 in the Superior Court, Province of Quebec, District of Montreal; Taylor v Panasonic Corporation, et al. , filed August 11, 2014 in the Superior Court of Justice, Province of Ontario; Ramsay v. Panasonic Corporation, et al. , filed August 14, 2014 in the Supreme Court, Province of British Columbia; Martin v. Panasonic Corporation, et al. , filed September 25, 2014 in the Superior Court, Province of Quebec, District of Montreal; Parikh v. Panasonic Corporation, et al. , filed October 3, 2014 in the Superior Court of Justice, Province of Ontario; Fraser v. Panasonic Corporation, et al. , filed October 3, 2014 in the Court of Queen’s Bench, Province of Saskatchewan; Pickering v. Panasonic Corporation, et al. , filed October 6, 2014 in the Supreme Court, Province of British Columbia; McPherson v Panasonic Corporation et al. , filed on November 6, 2014 in the Court of Queen’s Bench, Province of Manitoba; and Allott v AVX Corporation, et al. , filed on May 13, 2016 in the Superior Court of Justice, Province of Ontario. The Canadian Complaints generally allege the same unlawful acts as in the U.S. Class Action Complaint, assert claims under Canada’s Competition Act as well as various civil and common law causes of action, and seek injunctive and equitable relief and money damages. On December 6, 2018 the claims against KEMET and KEC in Leclaire were dismissed. In addition, Parikh and Taylor have been stayed in favor of Cygnus, and Badamshin , Martin and Herard have been stayed in favor of LeClaire . Further, on November 18, 2018, the Ontario Supreme Court of Justice temporarily stayed Cygnus pending the outcome of a matter on appeal concerning class certification, and the Ramsay plaintiffs voluntarily suspended that proceeding until class certification for Cygnus has been determined. TOKIN-Specific Legal Proceedings As previously reported, on September 2, 2015, the United States Department of Justice announced a plea agreement with TOKIN in which TOKIN agreed to plead guilty to a one-count felony charge of unreasonable restraint of interstate and foreign trade and commerce in violation of Section 1 of the Sherman Act, and to pay a criminal fine of $13.8 million . The plea agreement was approved by the United States District Court, Northern District of California, on January 21, 2016. The fine is payable over 5 years in six installments of $2.3 million each, plus accrued interest. TOKIN has paid the first five installments, with the final payment due January 21, 2021. As previously reported, on December 21, 2015, the Taiwan Fair Trade Commission (“TFTC”) notified TOKIN of its decision to impose an administrative fine on TOKIN of NTD 609.1 million (approximately $20.2 million ) for violation of the Taiwan Fair Trade Act. TOKIN filed its appeal of the TFTC's decision with the Taipei High Administrative Court on January 15, 2016. On August 23, 2018, the Taipei High Administrative Court issued its judgment dismissing TFTC's fine decision, against which TFTC submitted its petition for appeal to the Taiwan Administrative Supreme Court. On December 31, 2019, the Taiwan Administrative Supreme Court granted judgment in favor of the TFTC appeal, but directed the TFTC to recalculate the fine, in part by excluding the revenues of TOKIN’s subsidiaries which had been included in the calculations of the original fine. The TFTC’s revised fine determination is expected during the summer 2020. On March 17, 2020, the TFTC refunded to TOKIN the NTD 243.6 million (approximately $8.1 million ) which TOKIN had paid under the original fine; subject to any rights of appeal, TOKIN remains liable for full payment of the revised fine. The Company has recorded this refund of $8.1 million as restricted cash, which is a component of “Prepaid expenses and other current assets” in the Consolidated Balance Sheets as of March 31, 2020 . As previously reported, on March 21, 2018, the European Commission announced a decision by which TOKIN was fined EUR 8.8 million (approximately $10.3 million ) directly and EUR 5.0 million (approximately $5.9 million ) jointly and severally with NEC Corporation, for violation of the competition laws of the European Union. Payment of the fines were made on June 28, 2018. On June 4, 2018, TOKIN filed an appeal with the General Court of the European Union, seeking annulment and/or reduction of the fines. As previously reported, on November 30, 2018, the Korean Fair Trade Commission (“KFTC”) notified TOKIN of its decision to impose an administrative fine on TOKIN of KRW 8.1 billion (approximately $7.2 million ) for violation of South Korea's Monopoly Regulation and Fair Trade Law. TOKIN filed its appeal of the KFTC's decision with the Seoul High Court on December 28, 2018. Payment of the fine is not stayed during appeal; TOKIN paid the full fine amount on February 1, 2019. On December 11, 2019, the Seoul High Court issued its judgment, dismissing TOKIN’s appeal. On December 31, 2019, TOKIN submitted its petition for appeal of the High Court’s decision to the Supreme Court of Korea. As noted above, TOKIN, along with KEMET and certain of its other subsidiaries, were named as defendants in the Canadian Complaints. On May 30, 2018, TOKIN entered into a definitive settlement agreement with the plaintiffs in the Canadian Complaints Pursuant to the terms of the settlement agreement, in consideration of the release of TOKIN and its subsidiaries (including TOKIN America, Inc.) from claims asserted in the Canadian Complaints, TOKIN paid CAD 2.9 million (approximately $2.2 million ) to a settlement class of purchasers of aluminum and tantalum electrolytic capacitors and purchasers of products containing such capacitors. The settlement payment was made on June 27, 2018. On January 20, 2020, the Supreme Court of British Columbia approved the settlement agreement, completing all required approvals. As previously reported, on July 2, 2018, TOKIN and TOKIN America Inc. were named as two of 20 defendants in a purported U.S. class action antitrust lawsuit, In re: Inductors Antitrust Litigation , No. 5:18-cv-00198-EJD-NC, filed in the United States District Court, Northern District of California, regarding the sale of inductors brought on behalf of direct product purchasers and indirect product purchasers. The complaint alleged violations of Sections 1 and 3 of the Sherman Act, for which it sought injunctive and equitable relief and money damages. On September 24, 2019, the Court granted the defendants’ motion to dismiss the lawsuit; the plaintiffs were granted leave to amend the complaint. On November 20, 2019, the plaintiffs filed their amended complaint, in which TOKIN and TOKIN America Inc. remained as two of 21 named defendants. On January 15, 2020, TOKIN and TOKIN America filed a motion to dismiss the amended complaint; the plaintiffs’ motion in opposition was filed on March 16. As of March 31, 2020 , the Company's accrual for antitrust and civil litigation claims totaled $77.4 million |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Mar. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | Quarterly Results of Operations (Unaudited) The following table sets forth certain quarterly information for fiscal years 2020 and 2019 . This information, in the opinion of the Company’s management, reflects all adjustments (consisting only of normal recurring adjustments) necessary to present fairly this information when read in conjunction with the Consolidated Financial Statements and notes thereto included elsewhere herein (amounts in thousands except per share data): Fiscal Year 2020 Quarters Ended Jun-30 Sep-30 Dec-31 Mar-31 Net sales $ 345,242 $ 327,397 $ 294,741 $ 293,174 Gross margin 121,628 113,670 93,181 92,009 Operating income (1) 58,400 49,090 28,648 11,728 Net income (loss) (2) $ 40,340 $ (15,260 ) $ 16,602 $ (301 ) Net income (loss) per basic share $ 0.69 $ (0.26 ) $ 0.28 $ (0.01 ) Net income (loss) per diluted share $ 0.68 $ (0.26 ) $ 0.28 $ (0.01 ) Fiscal Year 2019 Quarters Ended Jun-30 Sep-30 Dec-31 Mar-31 Net sales $ 327,616 $ 349,233 $ 350,175 $ 355,794 Gross margin 94,821 113,565 123,750 126,406 Operating income (1) 35,176 50,000 61,616 54,057 Net income (3) $ 35,220 $ 37,141 $ 40,806 $ 93,420 Net income per basic share $ 0.61 $ 0.64 $ 0.70 $ 1.60 Net income per diluted share $ 0.60 $ 0.63 $ 0.69 $ 1.58 ______________________________________________________________________________ (1) Operating income (loss) as a percentage of net sales fluctuates from quarter to quarter due to a number of factors, including net sales fluctuations, foreign currency exchange, tax law changes, changes in valuation allowances on deferred tax assets, restructuring charges, product mix, the timing and expense of moving product lines to lower-cost locations, the write-down and impairment of long lived assets, the net gain/loss on sales and disposals of assets, and the relative mix of sales among distributors, original equipment manufacturers, and electronic manufacturing service providers. (2) The quarter ended September 30, 2019 included a $62.0 million expense related to a legal settlement. Refer to Note 17 , Commitments and Contingencies for further information. (3) The quarter ended March 31, 2019 included a tax benefit of $50.1 million |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
Organization and Significant _2
Organization and Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Nature of Business and Organization | Nature of Business and Organization KEMET Corporation, which together with its subsidiaries is referred to herein as “KEMET” or the “Company”, is a leading manufacturer of tantalum capacitors, multilayer ceramic capacitors, film capacitors, electrolytic capacitors, paper capacitors and solid aluminum capacitors, and Electro-Magnetic Compatible ("EMC") devices, sensors, and actuators. The Company is headquartered in Fort Lauderdale, Florida and has manufacturing plants and distribution centers located in the United States, Mexico, Europe and Asia. Additionally, the Company has wholly-owned foreign subsidiaries which primarily provide sales support for KEMET’s products in foreign markets. KEMET is organized into three reportable segments: the Solid Capacitor Reportable Segment (“Solid Capacitors”), the Film and Electrolytic Reportable Segment (“Film and Electrolytic”), and the Electro-Magnetic, Sensors, and Actuators Reportable Segment ("MSA"). Each reportable segment is responsible for the operations of certain manufacturing sites as well as related research and development efforts. |
Basis of Presentation | Basis of Presentation Certain amounts for the Consolidated Statements of Operations for fiscal years 2019 and 2018 have been revised to conform with the fiscal year 2020 presentation. |
Principles of Consolidation | Principles of Consolidation The accompanying Consolidated Financial Statements of the Company include the accounts of its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Investment in entities in which the Company can exercise significant influence, but does not own a majority equity interest or otherwise control, are accounted for using the equity method and are included as equity method investments on the Consolidated Balance Sheets. |
Cash Equivalents | Cash Equivalents Cash equivalents of $48.3 million and $60.7 million at March 31, 2020 and 2019 , respectively, consist of money market accounts and certificates of deposits with original terms of three months or less. The Company considers all liquid debt instruments with original maturities of three months or less to be cash equivalents. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. The Company maintains reserves for excess and slow-moving inventory to reflect a carrying amount for inventory that is stated at the lower of cost or net realizable value. The inventory reserve is an estimate and is adjusted based on slow moving and excess inventory, historical shipments, customer forecasts and backlog, and technology developments. Raw materials and tool crib obsolescence reserves are based on usage over one and two years, respectively, and the Company maintains reserves for raw materials and tool cribs that exceed these ages. Finished goods obsolescence reserves are either based on product age limits determined by market requirements, and/or based on excess quantities that exceed product orders and historical product sales. Inventory costs include material, labor and manufacturing overhead and most inventory costs are determined by the “first-in, first-out” (“FIFO”) method. For tool crib, a component of the Company’s raw material inventory, cost is determined under the average cost method. The Company has consigned inventory at certain customer locations totaling $9.8 million and $9.5 million at March 31, 2020 and 2019 , respectively. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant, and equipment are stated at cost. Depreciation is calculated principally using the straight-line method over the estimated useful lives of the respective assets. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful lives of the assets or the terms of the respective leases. Maintenance costs are expensed and expenditures for renewals and improvements are generally capitalized. Upon sale or retirement of property and equipment, the related cost and accumulated depreciation are removed, and any gain or loss is recognized. A long-lived asset classified as held for sale is initially measured and reported at the lower of its carrying amount or fair value less cost to sell. Long-lived assets to be disposed of other than by sale are classified as held and used until the long-lived asset is disposed of. Depreciation expense, including amortization of finance leases, was $63.0 million , $46.7 million and $45.5 million for the fiscal years ended March 31, 2020 , 2019 and 2018 , respectively. The Company evaluates long-lived assets for impairment whenever certain events or changes in circumstances may indicate that the recoverability of the carrying amount of property, plant, and equipment should be assessed, including, among others, a significant decrease in market value, a significant change in the business climate in a particular market, or a current period operating or cash flow loss combined with historical losses or projected future losses. Reviews are regularly performed to determine whether facts and circumstances exist which indicate the carrying amount of assets may not be recoverable. If any impairment indicators are determined to exist, the Company assesses the recoverability of its assets by comparing the projected undiscounted net cash flows associated with the related asset or group of assets over their remaining lives against their respective carrying amounts. If it is determined that the book value of a long-lived asset or asset group is not recoverable, an impairment loss would be calculated equal to the excess of the carrying amount of the long-lived asset over its fair value. The Company must make certain assumptions as to the future cash flows to be generated by the underlying assets. Those assumptions include the amount of volume increases, average selling price decreases, anticipated cost reductions, and the estimated remaining useful life of the equipment. Future changes in assumptions may negatively impact future valuations. Fair market value is based on the discounted cash flows that the assets will generate over their remaining useful lives or other valuation techniques. See Note 9 , “(Gain) loss on write down and disposal of long-lived assets” for further discussion of property, plant and equipment impairment charges. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill and other intangible assets with indefinite useful lives are not amortized. The Company has the option to perform a qualitative assessment of goodwill and intangible assets with indefinite useful lives rather than completing an annual impairment test. The Company must assess whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount for goodwill or that indefinite-lived intangible assets have fair values less than their carrying values. If the Company concludes that this is the case, it must perform the testing discussed described below. Otherwise, the Company does not need to perform any further assessment. If deemed necessary, the Company performs annual impairment tests during the fourth quarter of each fiscal year and when otherwise warranted. The Company evaluates its goodwill on a reporting unit basis, which requires the Company to estimate the fair value of the reporting unit. The impairment test involves a comparison of the fair value of each reporting unit, with the corresponding carrying amounts. If the reporting unit’s carrying amount exceeds its fair value, then an indication exists that the reporting unit’s goodwill and intangible assets with indefinite useful lives may be impaired. The impairment to be recognized is measured by the amount by which the carrying value of the reporting unit’s goodwill being measured exceeds its implied fair value. The implied fair value of goodwill is the excess of the fair value of the reporting unit over the sum of the amounts assigned to identified net assets. As a result, the implied fair value of goodwill is generally the residual amount that results from subtracting the value of net assets, including all tangible assets and identified intangible assets, of the reporting unit’s fair value. The Company determines the fair value of its reporting units using an income-based, discounted cash flow (“DCF”) analysis, and market-based approaches (Guideline Publicly Traded Company Method and Guideline Transaction Method) which examine transactions in the marketplace involving the sale of the stocks of similar publicly owned companies, or the sale of entire companies engaged in operations similar to KEMET. The Company evaluates the value of its other indefinite-lived intangible assets (trademarks) using an income-based, relief from royalty analysis. In addition to the previously described reporting unit valuation techniques, the Company’s goodwill and intangible assets with indefinite useful lives impairment assessment also considers the Company’s aggregate fair value based upon the value of the Company’s outstanding shares of common stock. The impairment reviews of goodwill and intangible assets with indefinite useful lives are subjective and involve the use of estimates and assumptions. Estimates of business enterprise fair value use discounted cash flow and other fair value appraisal models and involve making assumptions for future sales trends, market conditions, growth rates, cost reduction initiatives and cash flows for the next several years. Future changes in assumptions may negatively impact future valuations. |
Equity Method Investment | Equity Method Investments Investments and ownership interests are accounted for under the equity method of accounting if the Company has the ability to exercise significant influence, but not control, over the entity. Investments accounted for under the equity method are initially recorded at cost, and the difference between the basis of the Company’s investment and the underlying equity in the net assets of the company at the investment date, is amortized over the lives of the related assets that gave rise to the difference. The Company’s share of earnings or losses under the equity method investments and basis difference amortization is reported in the Consolidated Statements of Operations as “Equity income (loss) from equity method investments.” The Company reviews its investments and ownership interests accounted for under the equity method of accounting for impairment whenever events or changes in circumstances indicate a loss in the value of the investment may be other than temporary. |
Deferred Income Taxes | Deferred Income Taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the fiscal years in which those temporary differences are expected to be recovered or settled. The largest deferred tax asset consists of net operating loss carryforwards (“NOL”). The measurement of NOLs requires evaluation of prior transactions in the Company's stock, and the application of judgment and interpretation on both the nature of the holder and the underlying transaction resulting in changes to the holders. Based on management's evaluation, there has not been a historical change in control that would have limited the availability of NOLs. The Company periodically evaluates its NOLs and other net deferred tax assets based on an assessment of historical performance, ability to forecast future events, and the likelihood that the Company will realize the benefits through future taxable income. The Company makes certain estimates and judgments in the calculation for the provision for income taxes, in the resulting tax liabilities, and in the recoverability of deferred tax assets. Valuation allowances are recorded to reduce the net deferred tax assets to the amount that is more likely than not to be realized. It is reasonably possible that upon examination, tax authorities could propose adjustments to prior positions based on differences in judgments and interpretations, which could result in a significant increase to the Company's unrecognized tax liability balance if adjustments were to be assessed. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company periodically evaluates its net deferred tax assets based on an assessment of historical performance, ability to forecast future events, and the likelihood that the Company will realize the benefits through future taxable income. Valuation allowances are recorded to reduce the net deferred tax assets to the amount that is more likely than not to be realized. The Company makes certain estimates and judgments in the calculation for the provision for income taxes, in the resulting tax liabilities, and in the recoverability of deferred tax assets. All deferred tax assets are reported as noncurrent in the Consolidated Balance Sheets. |
Stock-based Compensation | Stock-based Compensation Stock-based compensation for stock options is estimated on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes model considers volatility in the price of the Company’s stock, the risk-free interest rate, the estimated life of the equity-based award, the closing market price of the Company’s stock on the grant date and the exercise price. The estimates utilized in the Black-Scholes calculation involve inherent uncertainties and the application of management judgment. The Company's stock options were fully expensed during the fiscal year ended March 31, 2017. Upon adoption of Accounting Standard Update (“ASU”) No. 2016-09, Compensation Stock-Compensation, the Company elected to discontinue estimating forfeitures. Stock-based compensation cost for restricted stock is measured based on the closing fair market value of the Company’s common stock on the date of grant. The Company recognizes stock-based compensation cost for arrangements with cliff vesting as expense ratably on a straight-line basis over the requisite service period. The Company recognizes stock-based compensation cost for arrangements with graded vesting as expense on an accelerated basis over the requisite service period. |
Concentrations of Credit and Other Risks | Concentrations of Credit and Other Risks The Company sells to customers globally. Credit evaluations of its customers’ financial condition are performed periodically, and the Company generally does not require collateral from its customers. There were no customers’ accounts receivable balances exceeding 10% of gross accounts receivable at March 31, 2020 or March 31, 2019 . Consistent with industry practice, the Company utilizes electronics distributors for a large percentage of its sales. Electronics distributors are an effective means to distribute the products to end-users. For fiscal years ended March 31, 2020 , 2019 , and 2018 , net sales to electronics distributors accounted for 40.4% , 42.2% and 39.2% , respectively, of the Company’s total net sales. One distributor, TTI, Inc., accounted for $154.6 million , $184.3 million and $133.5 million of the Company’s net sales in fiscal years ended March 31, 2020 , 2019 , and 2018 , respectively. |
Foreign Subsidiaries | Foreign Subsidiaries The Company translates the assets and liabilities of its foreign subsidiaries from their respective functional currencies to U.S. dollars at the spot rates as of the balance sheet date. Generally, our foreign subsidiaries use the local currency as their functional currency. Changes in the carrying value of these assets and liabilities attributable to fluctuations in spot rates are recognized as a component of equity in accumulated other comprehensive income ("AOCI"). Results of operations accounts are translated using average exchange rates for the year. Assets and liabilities denominated in a currency that is different from a reporting entity's functional currency must first be remeasured from the applicable currency to the legal entity's functional currency. The effect of this remeasurement process is recognized in the Consolidated Statements of Operations. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) consists of net income, foreign currency translation gains (losses), post-retirement and defined benefit plan adjustments including those adjustments which result from changes in net prior service credit and actuarial gains (losses), equity interest in investee’s other comprehensive income (loss), gains (losses) on cash flow hedges, and gains (losses) on the excluded component of fair value hedges. Comprehensive income is presented in the Consolidated Statements of Comprehensive Income (Loss). |
Fair Value Measurement | Fair Value Measurement The Company utilizes three levels of inputs to measure the fair value of (a) nonfinancial assets and liabilities that are recognized or disclosed at fair value in the Company’s Consolidated Financial Statements on a recurring basis (at least annually) and (b) all financial assets and liabilities. Nonfinancial assets that are measured at fair value on a nonrecurring basis, such as property, plant, and equipment, goodwill, intangible assets, equity method investments, and other long-lived assets are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment and the carrying amount of the related asset may not be recoverable. See Note 9 , “(Gain) loss on write down and disposal of long-lived assets” for further discussion of property, plant and equipment impairment charges. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The levels of inputs are as follows: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
Revenue Recognition | Revenue Recognition The Company sells its products to distributors, original equipment manufacturers (“OEM”), and electronic manufacturing services providers (“EMS”) and recognizes revenue under the guidance provided in Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”). Consistent with the terms of ASC 606, the Company records revenue on product sales in the period in which the Company satisfies its performance obligation by transferring control over a product to a customer. The amount of revenue recognized reflects the consideration the Company expects to receive in exchange for transferring products to a customer. The Company has elected the practical expedient under ASC 606-10-32-18 and does not consider the effects of a financing component on the promised amount of consideration because the period between when the Company transfers a product to a customer and when the customer pays for that product is one year or less. As performance obligations are expected to be fulfilled in one year or less, the Company has elected the practical expedient under ASC 606-10-50-14 and has not disclosed information relating to remaining performance obligations. Recognized revenue is net of certain adjustments common in the industry, including but not limited to: • Ship-from-stock and debit (“SFSD”) programs, • Price protection programs, • Product return programs, and • Rebate programs SFSD, the Company's largest sales program, provides authorized distributors with the flexibility to meet marketplace prices by allowing them, upon a pre-approved case-by-case basis, to adjust their purchased inventory cost to correspond with current market demand. KEMET's SFSD program is specific to certain distributors within the Americas and EMEA regions. Requests for SFSD adjustments are considered on an individual basis, require a pre-approved cost adjustment quote from their local KEMET sales representative, and apply only to a specific customer, part, specified special price amount, specified quantity, and are only valid for a specific period of time. To estimate potential SFSD adjustments corresponding with current period sales, KEMET records an allowance based on historical SFSD credits, distributor inventory levels, and certain accounting assumptions, all of which are reviewed quarterly. Under the Company's price protection program, KEMET has agreements with distributors in which the Company provides credits for the difference between the original price paid by those distributors and the Company's then current price. To estimate potential price protection credits corresponding with current period sales, the Company records an allowance based on historical price protection credits and certain accounting assumptions. The Company has a stock return program whereby select distributors have the right to return a certain portion of their purchased inventory to KEMET from the previous fiscal quarter. The Company estimates future returns based on historical return patterns and records a corresponding right of return asset and refund liability as a component of the line items, “Inventories, net” and “Accrued expenses,” respectively, on the Consolidated Balance Sheets. As it relates to quality returns, the Company provides a limited assurance warranty on products that meet certain specifications to select customers. The warranty coverage period is generally limited to one year for United States based customers and a length of time commensurate with regulatory requirements or industry practice outside the United States. A warranty cannot be purchased by the customer separately and, as a result, product warranties are not considered to be separate performance obligations. The Company’s liability under these warranties is generally limited to a replacement of the product or refund of the purchase price of the product. The Company also offers volume-based rebates on a case-by-case basis to certain customers in each of the Company’s sales channels. The Company's sales adjustments are recognized as a reduction in the line item “Net sales” on the Consolidated Statements of Operations, while the associated allowance is included in the line item “Accounts receivable, net” on the Consolidated Balance Sheets. Estimates used in determining sales allowances are subject to various factors. This includes, but is not limited to, changes in economic conditions, pricing changes, product demand, inventory levels in the supply chain, the effects of technological change, and other variables that might result in changes to the Company’s estimates. The Company has elected the practical expedient under ASC 606-10-10-4 and evaluates these sales-related adjustments on a portfolio basis. Disaggregation of Revenue Refer to Note 8 , “ Reportable Segment and Geographic Information” for revenue disaggregated by primary geographical market, sales channel, and major product line. Contract liabilities Contract liabilities consist of advance payments from certain customers for the development of additional production capacity or as upfront deposits for certain contracts. The current and noncurrent portions of these liabilities are included as a component of the line items, “Accrued expenses” and “Other non-current obligations,” respectively, on the Consolidated Balance Sheets. The balance of net contract liabilities consisted of the following at March 31, 2020 and 2019 (amounts in thousands): Contract Liabilities Classification in Balance Sheet March 31, 2020 March 31, 2019 Current Accrued expenses $ 6,035 $ 256 Non-current Other non-current obligations 60,638 13,412 $ 66,673 $ 13,668 Included within the balance for non-current contract liabilities as of March 31, 2020 and 2019 is $56.5 million and $13.4 million , respectively, related to agreements with three different customers (the “Customers”) pursuant to which the Customers agreed to make advances (collectively, the “Advances”) to the Company in an aggregate amount of up to $72.0 million (collectively, the “Customer Capacity Agreements”). The above balances are “Contract liabilities” within “Other non-current obligations” in the Consolidated Balance Sheets. The Company is using these Advances to fund the purchase of production equipment and to make other investments and improvements in its business and operations (the “Investments”) to increase overall capacity to produce various electronic components of the type and part as may be sold by the Company to the Customers from time to time. The Company retains all rights to the production equipment purchased with the funds from the Advances. The Advances from the Customers are being made in quarterly installments (“Installments”) over an expected period of 18 to 24 months from the effective date of the Customer Capacity Agreements. The effective dates of the Customer Capacity Agreements range from September 2018 to February 2019. The Advances will be repaid beginning on the date that production from the Investments is sufficient to meet the Company's obligations under the agreements with the Customers. Repayments will be made on a quarterly basis as determined by calculations that generally consider the number of components purchased by the Customers during the quarter. Repayments based on the calculations will continue until either the Advances are repaid in full, or December 31, 2038 for all three Customers. The Company has a quarterly repayment cap in the agreement with each of the Customers and is not required to make any quarterly repayments to the Customers that in the aggregate exceeds $1.8 million . If the Customers do not purchase a minimum number of components that would require full repayment of the Advances by December 31, 2038, then the Advances shall be deemed repaid in full. Additionally, if the Customers do not purchase a minimum number of components that would require a payment on the Advances for a period of 16 consecutive quarters, the Advances shall be deemed repaid in full. During fiscal year 2020 , the Company had $42.8 million in capital expenditures related to the Customer Capacity Agreements. For the fiscal years ended March 31, 2020 , 2019 and 2018 , the Company recognized revenue of $0.3 million , $0.9 million , and $0.3 million , respectively, related to contract liabilities. Revenue related to contract liabilities is recorded on the Consolidated Statements of Operations in the line item, "Net sales." |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company evaluates the collectability of trade receivables through the analysis of customer accounts. When the Company becomes aware that a specific customer has filed for bankruptcy, has begun closing or liquidation proceedings, has become insolvent or is in financial distress, the Company records a specific allowance for the doubtful account to reduce the related receivable to the amount the Company believes is collectible. If circumstances related to specific customers change, the Company’s estimates of the recoverability of receivables could be adjusted. Accounts are written off after all means of collection, including legal action, have been exhausted. |
Shipping and Handling Costs | Shipping and Handling Costs The Company’s shipping and handling costs are reflected in the line item “Cost of sales,” on the Consolidated Statements of Operations. Shipping and handling costs were $27.5 million , $31.0 million , and $21.4 million in the fiscal years ended March 31, 2020 , 2019 and 2018 , respectively. |
Advertising Costs | Advertising Costs The Company expenses advertising costs in the period in which the expenditures are incurred. Advertising costs reflected in the line item "Selling, general and administrative expenses" in our Consolidated Statements of Operations were $3.1 million , $2.5 million , and $2.4 million in fiscal years ended March 31, 2020 , 2019 and 2018 , respectively. |
Income (Loss) per Share | Income per Share |
Grants from Governmental Agencies | Grant Income The Company from time to time enters into contracts to perform projects in which governmental agencies agree to reimburse the Company for certain expenses incurred on the projects. The Company recognizes revenue from government grants when it is probable that the Company will comply with the conditions attached to the grant agreement and the grant proceeds will be received. Additionally, from time to time the Company receives interest free loans from governmental agencies in consideration of the Company making investments in operations in certain locations. As the loans are interest free, the Company records deferred grant income for the difference between the gross loan proceeds and the present value of the debt at the time the loan is issued. The deferred grant income is amortized over the life of the loans. During the fiscal years ended March 31, 2020 , 2019 , and 2018 , the Company recognized $1.6 million , $4.6 million , and $0.8 million respectively, as grant income within other (income) expense, net. |
Derivative Financial Instruments | Derivative Financial Instruments The Company, when deemed appropriate, uses derivatives as a risk management tool to mitigate the potential impact of certain market risks. The primary market risk managed by the Company through the use of derivative financial instruments is foreign currency exchange risk. All derivatives are carried at fair value in our Consolidated Balance Sheets. See Note 13 , " Derivatives," for further discussion of derivative financial instruments. |
Leases | Leases ASC 842 requires the recognition of right-of-use (“ROU”) assets and lease liabilities for operating leases on the Consolidated Balance Sheets. The Company adopted ASC 842 using a modified retrospective transition approach by applying the new standard to all leases existing at the date of initial application and not restating comparative periods. The Company elected the package of practical expedients permitted under the transition guidance, which allowed the Company to not reassess whether arrangements contained leases, not reassess lease classifications, and not reassess initial direct costs. The adoption of ASC 842 did not impact beginning retained earnings, or the prior year Consolidated Statements of Operations and Cash Flows. An initial right-of-use asset of $36.3 million was recognized as a non-cash asset addition upon adoption of the new lease accounting standard effective April 1, 2019. Under ASC 842, the Company determines if an arrangement contains a lease at inception based on whether or not the Company has the right to control the asset during the contract period and other facts and circumstances. The Company has elected to not allocate the contract consideration for operating lease contracts with lease and non-lease components, and instead to account for the lease and non-lease components as a single lease component. Operating lease ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease, both of which are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The operating lease ROU asset also includes any lease prepayments, net of lease incentives. Leases with a lease term of 12 months or less at inception are not recorded on the Consolidated Balance Sheets and are expensed on a straight-line basis over the lease term in the Consolidated Statements of Operations. The lease term is determined by assuming the exercise of renewal options that are reasonably certain. As most of the Company's leases do not provide an implicit interest rate, the Company uses its local incremental borrowing rate at the lease commencement date to determine the present value of lease payments. ROU assets and the short-term and long-term lease liabilities from operating leases are included in “Other assets,” “Accrued expenses,” and “Other non-current obligations,” respectively, in the Consolidated Balance Sheet. The Company's accounting for finance leases (formerly referred to as capital leases prior to the adoption of ASC 842) remains substantially unchanged. Finance leases are not material to the Company's Consolidated Financial Statements. Refer to Note 14 , Leases , for additional information regarding the Company's leases and related transition adjustments. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make a number of estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements. In addition, they affect the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include impairment of property and equipment, intangibles and goodwill, allowances for doubtful accounts, price protection and customers’ returns, deferred income taxes, and assets and obligations related to employee benefits. Actual results could differ from these estimates and assumptions. |
Impact of Recently Issued Accounting Standards | On April 1, 2019, the Company early adopted ASU No. 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. This ASU amends the definition of a hosting arrangement and requires a customer in a hosting arrangement that is a service contract to capitalize certain implementation costs as if the arrangement was an internal-use software project. Under this ASU, a customer will apply ASC 350-40 to determine whether to capitalize implementation costs of the cloud computing arrangement that is a service contract or expense them as incurred. The Company early adopted this ASU in the first quarter of fiscal year 2020 and applied the ASU prospectively to implementation costs incurred after April 1, 2019. The adoption of this ASU did not have a material impact on our Consolidated Financial Statements. On April 1, 2019, the Company adopted Topic 842, as amended, which superseded the lease accounting guidance under Topic 840, and generally requires lessees to recognize operating and financing lease liabilities and corresponding ROU assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing, and uncertainty of cash flows arising from leasing arrangements. The Company adopted the new guidance using the modified retrospective transition approach by applying the standard to all leases existing as of the date of the initial application and not restating comparative periods. The most significant impact was the recognition of ROU assets and lease liabilities for operating leases, while our accounting for finance leases remained substantially unchanged. For information regarding the impact of Topic 842 adoption, see “ Significant Accounting Policies - Leases” above and Note 14 , " Leases. " Recent Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) to provide temporary optional expedients and exceptions to the contract modifications, hedge relationships, and other transactions affected by reference rate reform if certain criteria are met. This ASU, which was effective upon issuance and may be applied through December 31, 2022, is applicable to all contracts and hedging relationships that reference the London Interbank Offered Rate or any other reference rate expected to be discontinued. The Company is currently evaluating the impact of this ASU on our Consolidated Financial Statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes. The guidance will be effective for the Company in the first quarter of fiscal year 2022 on a prospective basis, and early adoption is permitted. The Company is currently evaluating the impact of this ASU on our Consolidated Financial Statements. |
Organization and Significant _3
Organization and Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Contract with Customer, Asset and Liability | The balance of net contract liabilities consisted of the following at March 31, 2020 and 2019 (amounts in thousands): Contract Liabilities Classification in Balance Sheet March 31, 2020 March 31, 2019 Current Accrued expenses $ 6,035 $ 256 Non-current Other non-current obligations 60,638 13,412 $ 66,673 $ 13,668 |
Summary of components of accumulated other comprehensive income (loss) | The following summary sets forth the components of accumulated other comprehensive income (loss) contained in the stockholders’ equity section of the Consolidated Balance Sheets (amounts in thousands): Foreign Currency Translation, net of Tax (1) Post-Retirement Benefit Plan Adjustments, net of Tax Defined Benefit Pension Plans, net of Tax (2)(3) Ownership Share of Equity Method Investees’ Other Comprehensive Income (Loss), net of Tax Cash Flow Hedges, net of Tax Excluded Component of Fair Value Hedges, net of Tax Net Accumulated Other Comprehensive Income (Loss) Balance at March 31, 2018 $ 9,715 $ 879 $ (14,831 ) $ 285 $ 1,154 $ — $ (2,798 ) Other comprehensive income (loss) before reclassifications (4)(5) (19,835 ) 81 (1,525 ) (11 ) (1,286 ) (6,383 ) (28,959 ) Amounts reclassified out of AOCI (4,230 ) (167 ) 598 — 698 4,134 1,033 Other comprehensive income (loss) (24,065 ) (86 ) (927 ) (11 ) (588 ) (2,249 ) (27,926 ) Balance at March 31, 2019 (14,350 ) 793 (15,758 ) 274 566 (2,249 ) (30,724 ) Other comprehensive income (loss) before reclassifications (4)(5) 5,097 2 (302 ) — (35,078 ) (346 ) (30,627 ) Amounts reclassified out of AOCI (10,278 ) (149 ) 862 — 1,559 1,775 (6,231 ) Other comprehensive income (loss) (5,181 ) (147 ) 560 — (33,519 ) 1,429 (36,858 ) Balance at March 31, 2020 $ (19,531 ) $ 646 $ (15,198 ) $ 274 $ (32,953 ) $ (820 ) $ (67,582 ) ______________________________________________________________________________ (1) There were no significant tax effects associated with the cumulative currency translation gains and losses as of March 31, 2020 , 2019 , and 2018 . (2) Ending balance is net of a tax benefit of $3.5 million , $2.4 million , and $2.3 million as of March 31, 2020 , 2019 , and 2018 , respectively. (3) Activity for the years ended March 31, 2020 and 2019 are net of a tax expense of $1.1 million and $0.2 million , respectively. (4) Foreign currency translation includes gains of $18.2 million and $5.0 million for fiscal years ended March 31, 2020 and 2019 , respectively, related to a derivative instrument accounted for as a net investment hedge. Refer to Note 13 , Derivatives, for further information. (5) Cash flow hedges, net of tax for fiscal year ended March 31, 2020 includes losses of $24.3 million which were excluded from the assessment of hedge effectiveness. |
Schedule of assets measured at fair value on a recurring basis | Assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 and 2019 are as follows (amounts in thousands): Carrying Value March 31, Fair Value March 31, Fair Value Measurement Using Carrying Value March 31, Fair Value March 31, Fair Value Measurement Using 2020 2020 Level 1 Level 2 (3) Level 3 2019 2019 Level 1 Level 2 (3) Level 3 Assets (Liabilities): Money markets (1)(2) $ 48,264 $ 48,264 $ 48,264 $ — $ — $ 60,687 $ 60,687 $ 60,687 $ — $ — Derivative assets — — — — — 5,141 5,141 — 5,141 — Derivative liabilities (20,287 ) (20,287 ) — (20,287 ) — — — — — — Total debt (264,784 ) (272,347 ) — (272,347 ) — (283,201 ) (303,170 ) — (303,170 ) — ______________________________________________________________________________ (1) Included in the line item “Cash and cash equivalents” on the Consolidated Balance Sheets. (2) Certificates Deposits of $24.8 million and $32.2 million that mature in three months or less are included within the balance as of March 31, 2020 and 2019 , respectively. (3) Fair value for derivative assets and liabilities was determined by using a third-party matrix-pricing model that uses significant inputs derived from or corroborated by observable market data. Where applicable, these models discount future cash flow amounts using market-based observable inputs, including interest rate yield curves, and forward and spot prices for currencies. Fair value for total debt was determined by using a discounted cash flow based on current market interest rates. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Summary of debt | A summary of debt is as follows (amounts in thousands): March 31, 2020 2019 TOKIN Term Loan Facility (1) $ 258,678 $ 276,808 Other, net (2) 6,106 6,393 Total debt 264,784 283,201 Current maturities (29,111 ) (28,430 ) Total long-term debt $ 235,673 $ 254,771 ______________________________________________________________________________ (1) Amount shown is net of discount, bank issuance costs and other indirect issuance costs of $7.4 million and $8.7 million as of March 31, 2020 and 2019 , respectively. (2) Amounts shown are net of discounts of $0.4 million and $0.6 million as of March 31, 2020 and 2019 , respectively. |
Schedule of cash and non-cash components of interest expense | The line item “Interest expense” on the Consolidated Statements of Operations for the fiscal years 2020 , 2019 and 2018 , respectively, is as follows (amounts in thousands): Fiscal Years Ended March 31, 2020 2019 2018 Contractual interest expense $ 6,935 $ 19,471 $ 30,323 Capitalized interest (240 ) (232 ) (141 ) Amortization of debt issuance costs 428 334 511 Amortization of debt (premium) discount 3,749 1,481 1,843 Imputed interest on acquisition related obligations (4 ) 57 113 Interest expense on capital leases 153 128 233 Total interest expense $ 11,021 $ 21,239 $ 32,882 |
Schedule of the Company's annual maturities of debt | The following table highlights the Company’s annual cash maturities of debt (amounts in thousands): Annual Maturities of Debt Fiscal Years Ended March 31, 2021 2022 2023 2024 2025 Thereafter TOKIN Term Loan Facility $ 25,340 $ 25,340 $ 25,340 $ 25,340 $ 164,709 $ — Other 3,771 631 631 631 631 254 $ 29,111 $ 25,971 $ 25,971 $ 25,971 $ 165,340 $ 254 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and related costs | restructuring plans that occurred during the fiscal year ended March 31, 2020 are summarized in the table below (amounts in thousands): Total expected to be incurred Incurred during year ended March 31, 2020 Cumulative incurred to date Restructuring Plan Segment Personnel Reduction Costs Relocation & Exit Costs Personnel Reduction Costs Relocation & Exit Costs Personnel Reduction Costs Relocation & Exit Costs Tantalum powder facility relocation (1) Solid Capacitors 1,107 2,606 1,107 (777 ) 1,107 2,580 Axial electrolytic production relocation from Granna to Evora Film and Electrolytic 732 4,313 732 2,018 732 4,313 TOKIN Japan fixed cost reduction (2) MSA and Corporate 5,729 — 5,021 — 5,021 — All Other Corporate, Film and Electrolytic 1,505 432 758 23 1,198 432 ______________________________________________________________________________ (1) The credit to relocation and exit costs during the fiscal year ended March 31, 2020 was due to the recovery of costs related to the sale of tantalum that was recovered (“tantalum reclaim”) as part of the plant exit activities. (2) Personnel reduction costs of 5.0 million for the fiscal year ended March 31, 2020 are comprised of $3.5 million and $1.5 million A summary of the expenses aggregated on the Consolidated Statements of Operations line item “Restructuring charges” in the fiscal years ended March 31, 2020 , 2019 and 2018 , is as follows (amounts in thousands): Fiscal Years Ended March 31, 2020 2019 2018 Personnel reduction costs $ 7,618 $ 2,823 $ 12,587 Relocation and exit costs 1,264 5,956 2,256 Restructuring charges $ 8,882 $ 8,779 $ 14,843 |
Schedule of reconciliation of the beginning and ending liability balances for restructuring charges included in the line items "Accrued expenses" and "Other non-current obligations" on the Condensed Consolidated Balance Sheets | A reconciliation of the beginning and ending liability balances for restructuring charges included in the line items “Accrued expenses” and “Other non-current obligations” on the Consolidated Balance Sheets were as follows (amounts in thousands): Personnel Reductions Relocation and Exit Costs Balance at March 31, 2017 $ 999 $ 406 TOKIN opening balance — 312 Costs charged to expense (1) 12,384 2,256 Costs paid or settled (3,901 ) (2,662 ) Change in foreign exchange 147 18 Balance at March 31, 2018 9,629 330 Costs charged to expense 2,823 5,956 Costs paid or settled (10,329 ) (5,957 ) Change in foreign exchange (258 ) (13 ) Balance at March 31, 2019 1,865 316 Costs charged to expense 7,618 1,264 Costs paid or settled (7,976 ) (1,264 ) Change in foreign exchange 3 7 Balance at March 31, 2020 $ 1,510 $ 323 ______________________________________________________________________________ (1) Personnel reduction costs charged to expense include $0.2 million |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of the Company's intangible assets | The following table highlights the Company’s intangible assets (amounts in thousands): March 31, 2020 March 31, 2019 Carrying Amount Accumulated Amortization Net Amount Carrying Amount Accumulated Amortization Net Amount Indefinite Lived Intangible Assets: Trademarks $ 15,315 $ — $ 15,315 $ 15,151 $ — $ 15,151 In-process research and development (1) 3,000 — 3,000 — — $ — Total indefinite lived intangibles 18,315 — 18,315 15,151 — 15,151 Amortizing Intangibles: Patents and acquired technology (10 - 18 years) 26,662 (13,466 ) 13,196 26,662 (12,046 ) 14,616 Customer relationships (10 - 21 years) 38,028 (16,826 ) 21,202 37,850 (13,868 ) 23,982 Other 203 (203 ) — 214 (214 ) — Total amortizing intangibles 64,893 (30,495 ) 34,398 64,726 (26,128 ) 38,598 Total intangible assets $ 83,208 $ (30,495 ) $ 52,713 $ 79,877 $ (26,128 ) $ 53,749 ______________________________________________________________________________ (1) In-process research and development relates to haptic actuator products under development and expected to be commercialized in the future. In-process research and development was capitalized upon the acquisition of Novasentis. Refer to Note 3 |
Summary of changes in carrying amount of goodwill | The changes in the carrying amount of goodwill by reportable segment for the years ended March 31, 2020 and 2019 were as follows (amounts in thousands): Solid Capacitors Film and Electrolytic MSA Corporate Total Balance at March 31, 2018 $ 35,584 $ — $ — $ 4,710 $ 40,294 Acquisitions — — — — — Balance at March 31, 2019 35,584 — — 4,710 40,294 Acquisitions (1) — 916 — — 916 Balance at March 31, 2020 $ 35,584 $ 916 $ — $ 4,710 $ 41,210 ______________________________________________________________________________ (1) During the fiscal year 2020, the Company recorded goodwill of $0.9 million in association with the Novasentis acquisition. Refer to Note 3 , “Acquisition” for more details on the Novasentis acquisition. For fiscal years ended March 31, 2020 , 2019 , and 2018 , amortization related to intangibles was $4.5 million , $4.5 million , and $4.3 million , respectively, consisting of amortization related to patents and acquired technology of $1.4 million each year, and amortization related to customer relationships of $3.1 million , $3.1 million , and $2.9 million , respectively. The weighted-average useful life as of March 31, 2020 and 2019 for patents and acquired technology was 15.8 years and for customer relationships was 12.2 years . The weighted-average period prior to the next renewal for patents was 1.5 years and 2.5 years as of March 31, 2020 and 2019 , respectively. Estimated amortization of intangible assets for each of the next five fiscal years is $4.5 million , and thereafter, amortization will total $11.9 million . Estimated amortization of patents and acquired technology for each of the next five fiscal years is $1.4 million , and thereafter, amortization will total $6.1 million . Estimated amortization of customer relationships for each of the next five fiscal years is $3.1 million , and thereafter, amortization will total $5.8 million . For fiscal year 2020 , the Company completed its impairment analysis on goodwill and intangible assets with indefinite useful lives as of January 1, 2020 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | The following table provides a reconciliation of equity method investments to the Company's Consolidated Balance Sheets (amounts in thousands): March 31, 2020 2019 Nippon Yttrium Co., Ltd ("NYC") $ 8,617 $ 8,215 NT Sales Co., Ltd ("NTS") 1,509 1,218 KEMET Jianghai Electronics Components Co., Ltd (“KEMET Jianghai”) 6,467 2,515 Novasentis — 977 $ 16,593 $ 12,925 |
Schedule of Related Party Transactions | Summarized transactions between TOKIN and NTS are as follows (amounts in thousands): Fiscal Year Ended March 31, 2020 2019 2018 KEMET's sales to NTS $ 49,841 $ 49,740 $ 52,883 NTS' sales to KEMET 1,112 2,501 1,616 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting [Abstract] | ||
Summary of the profit or loss and total assets for each reportable segment | (amounts in thousands): Fiscal Year Ended March 31, 2020 Solid Capacitors Film and Electrolytic MSA Total Primary geographical markets Asia and the Pacific Rim ("APAC") $ 411,359 $ 45,696 $ 52,106 $ 509,161 Europe, the Middle East, and Africa ("EMEA") 173,772 99,820 2,885 276,477 North and South America ("Americas") 258,329 29,180 9,420 296,929 Japan and Korea ("JPKO") 42,603 1,107 134,277 177,987 $ 886,063 $ 175,803 $ 198,688 $ 1,260,554 Sales channel OEM $ 296,520 $ 70,700 $ 185,409 $ 552,629 Distributor 419,170 79,549 9,817 508,536 EMS 170,373 25,554 3,462 199,389 $ 886,063 $ 175,803 $ 198,688 $ 1,260,554 Major product lines Tantalum $ 495,695 $ — $ — $ 495,695 Ceramics 390,368 — — 390,368 Film and Electrolytic — 175,803 — 175,803 MSA — — 198,688 198,688 $ 886,063 $ 175,803 $ 198,688 $ 1,260,554 Fiscal Year Ended March 31, 2019 Solid Capacitors Film and Electrolytic MSA Total Primary geographical markets Asia and the Pacific Rim $ 411,183 $ 51,923 $ 70,234 $ 533,340 Europe, the Middle East, and Africa 189,992 122,956 2,587 315,535 North and South America 297,167 30,462 10,213 337,842 Japan and Korea 37,496 899 157,706 196,101 $ 935,838 $ 206,240 $ 240,740 $ 1,382,818 Sales channel OEM $ 290,058 $ 81,704 $ 226,544 $ 598,306 Distributor 475,190 100,113 9,315 584,618 EMS 170,590 24,423 4,881 199,894 $ 935,838 $ 206,240 $ 240,740 $ 1,382,818 Major product lines Tantalum $ 563,255 $ — $ — $ 563,255 Ceramics 372,583 — — 372,583 Film and Electrolytic — 206,240 — 206,240 MSA — — 240,740 240,740 $ 935,838 $ 206,240 $ 240,740 $ 1,382,818 Fiscal Year Ended March 31, 2018 Solid Capacitors Film and Electrolytic MSA Total Primary geographical markets Asia and the Pacific Rim $ 350,791 $ 58,922 $ 70,274 $ 479,987 Europe, the Middle East, and Africa 156,169 119,649 2,080 277,898 North and South America 227,582 22,634 8,889 259,105 Japan and Korea 36,698 772 145,721 183,191 $ 771,240 $ 201,977 $ 226,964 $ 1,200,181 Sales channel OEM $ 262,097 $ 86,049 $ 215,349 $ 563,495 Distributor 366,569 92,708 11,047 470,324 EMS 142,574 23,220 568 166,362 $ 771,240 $ 201,977 $ 226,964 $ 1,200,181 Major product lines Tantalum $ 495,114 $ — $ — $ 495,114 Ceramics 276,126 — — 276,126 Film and Electrolytic — 201,977 — 201,977 MSA — — 226,964 226,964 $ 771,240 $ 201,977 $ 226,964 $ 1,200,181 The following highlights net sales by geographic location (amounts in thousands): Fiscal Years Ended March 31, (1) 2020 2019 2018 United States $ 246,821 $ 292,980 $ 233,133 Hong Kong 195,898 188,102 169,073 China 181,319 173,148 163,016 Japan 157,539 178,502 170,282 Germany 99,166 124,805 105,548 Europe (2) 84,504 76,149 64,248 Taiwan 58,364 88,853 78,728 Mexico 49,346 44,267 23,915 Asia Pacific (2) 46,455 47,233 36,647 Netherlands 39,329 44,065 39,684 United Kingdom 29,070 42,472 37,038 Malaysia 23,750 33,748 28,165 Singapore 23,047 19,417 17,267 Hungary 12,050 12,245 13,254 Italy 12,031 15,551 17,905 Other Countries (2) 1,865 1,281 2,278 Total Non-United States 1,013,733 1,089,838 967,048 $ 1,260,554 $ 1,382,818 $ 1,200,181 ______________________________________________________________________________ (1) Revenues are attributed to countries or regions based on the location of the customer. Net Sales to one customer, TTI, Inc., exceeded 10% of total net sales as follows: $154.6 million , $184.3 million and $133.5 million in fiscal years 2020 , 2019 and 2018 , respectively. (2) No country included in this caption exceeded 3% of consolidated net sales for fiscal years 2020 , 2019 and 2018 . The following tables summarize information for operating income (loss), depreciation and amortization, restructuring charges, gain (loss) on write down and disposal of long-lived assets, and capital expenditures by reportable segment for the fiscal years ended 2020 , 2019 and 2018 and total assets by reportable segment for the fiscal years ended 2020 and 2019 (amounts in thousands): Fiscal Years Ended March 31, 2020 2019 2018 Operating income (loss): Solid Capacitors $ 345,245 $ 348,150 $ 234,473 Film and Electrolytic (14,209 ) 8,183 3,622 MSA 13,101 22,546 15,694 Corporate (196,271 ) (178,030 ) (140,937 ) $ 147,866 $ 200,849 $ 112,852 Depreciation and amortization expense: Solid Capacitors $ 33,462 $ 28,795 $ 27,329 Film and Electrolytic 10,142 9,763 10,918 MSA 7,379 5,226 4,407 Corporate 11,836 8,844 8,007 $ 62,819 $ 52,628 $ 50,661 Restructuring charges: Solid Capacitors $ 517 $ 4,922 $ 983 Film and Electrolytic 3,458 2,717 5,788 MSA 3,516 452 3,343 Corporate 1,391 688 4,729 $ 8,882 $ 8,779 $ 14,843 (Gain) loss on write down and disposal of long-lived assets Solid Capacitors $ 1,538 $ 235 $ 689 Film and Electrolytic 7,780 (93 ) (3,356 ) MSA — — 1,272 Corporate 10,392 1,518 403 $ 19,710 $ 1,660 $ (992 ) Capital expenditures: Solid Capacitors $ 102,600 $ 80,700 $ 31,249 Film and Electrolytic 9,900 16,000 12,651 MSA 10,600 13,400 8,481 Corporate 23,231 35,956 12,623 $ 146,331 $ 146,056 $ 65,004 March 31, 2020 2019 Total assets: Solid Capacitors $ 888,046 $ 794,402 Film and Electrolytic 207,601 219,711 MSA 220,107 234,419 Corporate 77,343 69,563 $ 1,393,097 $ 1,318,095 | |
Schedule of net sales by geographical location | The following highlights net sales by geographic location (amounts in thousands): Fiscal Years Ended March 31, (1) 2020 2019 2018 United States $ 246,821 $ 292,980 $ 233,133 Hong Kong 195,898 188,102 169,073 China 181,319 173,148 163,016 Japan 157,539 178,502 170,282 Germany 99,166 124,805 105,548 Europe (2) 84,504 76,149 64,248 Taiwan 58,364 88,853 78,728 Mexico 49,346 44,267 23,915 Asia Pacific (2) 46,455 47,233 36,647 Netherlands 39,329 44,065 39,684 United Kingdom 29,070 42,472 37,038 Malaysia 23,750 33,748 28,165 Singapore 23,047 19,417 17,267 Hungary 12,050 12,245 13,254 Italy 12,031 15,551 17,905 Other Countries (2) 1,865 1,281 2,278 Total Non-United States 1,013,733 1,089,838 967,048 $ 1,260,554 $ 1,382,818 $ 1,200,181 ______________________________________________________________________________ (1) Revenues are attributed to countries or regions based on the location of the customer. Net Sales to one customer, TTI, Inc., exceeded 10% of total net sales as follows: $154.6 million , $184.3 million and $133.5 million in fiscal years 2020 , 2019 and 2018 , respectively. (2) No country included in this caption exceeded 3% of consolidated net sales for fiscal years 2020 , 2019 and 2018 . | |
Schedule of property, plant and equipment, net, based on physical location | he following geographic information includes Property, plant and equipment, net, based on physical location (amounts in thousands): March 31, 2020 2019 United States $ 68,992 $ 57,095 Mexico 176,417 121,147 Japan 89,080 89,602 Thailand 82,905 82,389 China 51,120 45,815 Portugal 33,092 31,872 Italy 25,373 35,197 Macedonia 12,135 12,906 Bulgaria 6,014 5,480 Sweden 562 4,800 Other (1) 6,946 8,977 Total Non-United States 483,644 438,185 $ 552,636 $ 495,280 |
Discontinued Operations Discont
Discontinued Operations Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2020 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
Net sales and net operating (loss) from the Company's discontinued operation | <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net sales and net operating loss from the Company&#8217;s discontinued operation for years ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2020</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;"> were as follows (in thousands):</font></div><div style="line-height:174%;padding-bottom:10px;padding-top:10px;text-align:left;text-indent:48px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:75.6335282651072%;border-collapse:collapse;text-align:left;"><tr><td colspan="12" rowspan="1"></td></tr><tr><td style="width:53%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:1pt;"><font style="font-family:inherit;font-size:1pt;font-weight:bold;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fiscal Years Ended March&#160;31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:1pt;"><font style="font-family:inherit;font-size:1pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net sales</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td 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Pension and Other Post-retire_2
Pension and Other Post-retirement Benefit Plans (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Summary of the changes in benefit obligations and plan assets | A summary of the changes in benefit obligations and plan assets at March 31, 2020 and 2019 is as follows (amounts in thousands): Pension Other Benefits 2020 2019 2020 2019 Change in Benefit Obligation Benefit obligation at beginning of the year $ 148,440 $ 161,673 $ 312 $ 367 Service cost 4,562 4,716 — — Interest cost 1,830 1,815 9 11 Plan participants’ contributions — — 553 641 Plan amendments 792 — — — Actuarial (gain) loss (1,860 ) 1,146 (2 ) (81 ) Foreign currency exchange rate change (1,684 ) (8,402 ) — — Gross benefits paid (5,153 ) (1,097 ) (594 ) (626 ) Curtailments and settlements (6,086 ) (11,411 ) — — Other events (13 ) — — — Benefit obligation at end of year $ 140,828 $ 148,440 $ 278 $ 312 Change in Plan Assets Fair value of plan assets at beginning of year $ 63,902 $ 71,491 $ — $ — Actual return on plan assets (543 ) 1,165 — — Foreign currency exchange rate changes 487 (3,161 ) — — Employer contributions 10,208 7,882 41 (15 ) Settlements (7,700 ) (12,379 ) — — Plan participants’ contributions — — 553 641 Gross benefits paid (5,153 ) (1,096 ) (594 ) (626 ) Fair value of plan assets at end of year $ 61,201 $ 63,902 $ — $ — Funded status at end of year Fair value of plan assets $ 61,201 $ 63,902 $ — $ — Benefit obligations (140,828 ) (148,440 ) (278 ) (312 ) Amount recognized at end of year $ (79,627 ) $ (84,538 ) $ (278 ) $ (312 ) |
Schedule of amounts recognized in the Consolidated Balance Sheets | Amounts recognized in the Consolidated Balance Sheets at March 31, 2020 and 2019 consist of the following (amounts in thousands): Pension Other Benefits 2020 2019 2020 2019 Noncurrent asset $ 2,317 $ 670 $ — $ — Current liability (2,663 ) (2,753 ) (47 ) (50 ) Noncurrent liability (79,281 ) (82,455 ) (231 ) (262 ) Net liability recognized, end of year $ (79,627 ) $ (84,538 ) $ (278 ) $ (312 ) |
Schedule of amounts recognized in Accumulated other comprehensive income (loss) | Amounts recognized in accumulated other comprehensive income (loss) at March 31, 2020 and 2019 consist of the following (amounts in thousands): Pension Other Benefits 2020 2019 2020 2019 Net actuarial loss (gain) $ 16,673 $ 16,864 $ (646 ) $ (793 ) Prior service cost 2,034 1,325 — — Accumulated other comprehensive (income) loss $ 18,707 $ 18,189 $ (646 ) $ (793 ) |
Schedule of components of benefit costs (credit) | The components of net periodic benefit (income) costs for the fiscal years ended March 31, 2020 , 2019 and 2018 are as follows (amounts in thousands): Pension Other Benefits 2020 2019 2018 2020 2019 2018 Net service cost $ 4,562 $ 4,716 $ 4,585 $ — $ — $ — Interest cost 1,830 1,815 1,750 9 11 12 Expected return on plan assets (1) (1,913 ) (2,037 ) (1,956 ) — — — Amortization: Actuarial (gain) loss (2) 444 396 393 (148 ) (167 ) (191 ) Prior service cost 83 87 87 — — — Recurring activity 5,006 4,977 4,859 (139 ) (156 ) (179 ) One time expense (income) (3) 1,949 115 (71 ) — — — Net periodic benefit cost (credit) $ 6,955 $ 5,092 $ 4,788 $ (139 ) $ (156 ) $ (179 ) ______________________________________________________________________________ (1) The Company has elected to use the actual fair value of plan assets as the market-related value of assets in the determination of the expected return on plan assets. (2) Actuarial gains and losses are amortized using a corridor approach. The total unrecognized amount of cumulative actuarial gain or loss in excess of 10% of the greater of the market value of assets or the projected benefit obligation is amortized over the average remaining service of active employees/lifetime of plan participants for plans with no active participants. (3) The one time expense of $1.9 million in fiscal year 2020 relates to curtailment and settlement on the two defined benefit pension plans in Mexico, driven by headcount reductions in excess of ten percent. |
Schedule of asset allocation for the Company's defined benefit pension plans and the target allocation by asset category | The asset allocation for the Company’s defined benefit pension plans at March 31, 2020 and the target allocation for 2020 , by asset category, are as follows: Asset Category Target Allocation (%) Plan Assets at March 31, 2020 (%) Insurance (1) 1 1 International equities 34 31 International bonds 61 62 Other 4 6 Total 100 100 ______________________________________________________________________________ (1) Comprised of assets held by the defined benefit pension plan in Germany. |
Schedule of other changes in plan assets and benefit obligations recognized in Accumulated other comprehensive income (loss) | Other changes in plan assets and benefit obligations recognized in Accumulated other comprehensive income (loss) are as follows (amounts in thousands): Pension Other Benefits 2020 2019 2018 2020 2019 2018 Current year actuarial (gain) loss $ 588 $ 1,684 $ (184 ) $ (2 ) $ (81 ) $ 64 Amortization of actuarial gain (loss) (779 ) (511 ) (322 ) 148 167 191 Current year prior service cost 792 — — — — — Amortization of prior service cost (83 ) (87 ) (87 ) — — — Total recognized in other comprehensive income $ 518 $ 1,086 $ (593 ) $ 146 $ 86 $ 255 Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 7,473 $ 6,178 $ 4,195 $ 7 $ (70 ) $ 76 |
Schedule of expected future benefit payments | The Company expects to have benefit payments in the future as follows (amounts in thousands): Expected benefit payments 2021 2022 2023 2024 2025 2026 - 2030 Pension benefits $ 6,438 $ 7,893 $ 7,353 $ 9,154 $ 9,866 $ 52,682 Other benefits 48 43 38 33 28 85 Total $ 6,486 $ 7,936 $ 7,391 $ 9,187 $ 9,894 $ 52,767 |
Schedule of weighted-average assumptions used to determine the projected benefit obligation at the measurement date and the net periodic cost for the pension and post-retirement plan | The following weighted-average assumptions were used to determine the projected benefit obligation at the measurement date and the net periodic cost for the pension and post-retirement plan (amounts in thousands except percentages): Pension Other Benefits 2020 2019 2020 2019 Projected benefit obligation: Discount rate 1.2 % 1.2 % 2.5 % 3.3 % Rate of compensation increase 3.5 % 3.5 % — % — % Health care cost trend on covered charges 6.25% 6.5% Net periodic benefit cost: Discount rate 1.2 % 1.3 % 3.3 % 3.5 % Rate of compensation increase 3.5 % 3.5 % — % — % Expected return on plan assets 2.9 % 3.0 % — % — % Health care cost trend on covered charges 6.5% 7.0% |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | The following table sets forth by level, within the fair value hierarchy as described in Note 1, the pension plan’s assets, required to be carried at fair value on a recurring basis as of March 31, 2020 and March 31, 2019 (amounts in thousands): Fair Value March 31, 2020 Fair Value Measurement Using Fair Value March 31, 2019 Fair Value Measurement Using Level 1 Level 2 (1) Level 3 (2) Level 1 Level 2 Level 3 Cash and cash equivalents $ 96 $ 96 $ — $ — $ 319 $ 319 $ — $ — Equity securities: International equities 18,895 — 18,895 — 19,965 — 19,965 — Fixed income securities: International bonds 37,799 — 37,799 — 39,030 — 39,030 — Insurance contracts 629 — — 629 642 — — 642 Diversified growth funds 3,782 — 3,782 — 3,946 — 3,946 — $ 61,201 $ 96 $ 60,476 $ 629 $ 63,902 $ 319 $ 62,941 $ 642 ______________________________________________________________________________ (1) Level 2 plan assets consist of pooled investment funds which are unquoted and have no restriction on redemption. Fair value was determined using daily, weekly, or monthly trading activity which derives the unit price of the pooled fund. (2) Level 3 plan assets are invested in reinsurance contracts whose value is the sum of the actuarial reserve and the profit participation of each contract. The actuarial reserve is the sum of discounted cash flows associated with future benefits and premiums. |
Summary of changes in the fair value of the defined benefit pension plan's Level 3 assets | The table below sets forth a summary of changes in the fair value of the defined benefit pension plan’s Level 3 assets for the fiscal years ended March 31, 2019 and March 31, 2020 (amounts in thousands): Balance at March 31, 2018 $ 697 Actual return on plan assets 20 Employer contributions 233 Benefits paid (247 ) Foreign currency exchange rate change (61 ) Balance at March 31, 2019 $ 642 Actual return on plan assets 18 Employer contributions 226 Benefits paid (241 ) Foreign currency exchange rate change (16 ) Balance at March 31, 2020 $ 629 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement, Performance Shares, Activity [Table Text Block] | The following is the performance-based vesting schedule of RSUs under each respective LTIP, subject to the respective participant’s continued employment with KEMET (shares in thousands): 2020/2021 (1) 2019/2020 (1) 2018/2019 (2) 2017/2018 (2) Performance-based award vesting fiscal year 2021 — 99 — — Potential performance-based award vesting fiscal year 2022 49 98 — — Potential performance-based award vesting fiscal year 2023 49 — — — ______________________________________________________________________________ (1) Estimated shares to vest based upon current performance expectations. The final number of shares depends on the achievement of performance metrics. (2) The performance portion of the 2018/2019 and 2017/2018 LTIP are payable in cash. |
Share-based Compensation Arrangements by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block] | The following is the time-based vesting schedule of RSUs under each respective LTIP, subject to the respective participant’s continued employment with KEMET (shares in thousands): 2020/2021 2019/2020 2018/2019 2017/2018 Time-based award vested fiscal year 2020 — 53 58 156 Time-based award vesting fiscal year 2021 63 50 55 — Time-based award vesting fiscal year 2022 63 51 — — Time-based award vesting fiscal year 2023 65 — — — |
Schedule of major components of stock-based compensation expense | The major components of stock-based compensation expense are as follows (amounts in thousands): Fiscal year ended March 31, 2020 Fiscal year ended March 31, 2019 Fiscal year ended March 31, 2018 RSUs LTIPs RSUs LTIPs RSUs LTIPs Cost of sales $ 2,185 $ 1,658 $ 1,502 $ 1,254 $ 865 $ 654 Selling, general and administrative expenses 4,831 2,972 7,338 2,413 4,195 1,695 Research and development 146 292 88 271 46 202 $ 7,162 $ 4,922 $ 8,928 $ 3,938 $ 5,106 $ 2,551 |
Schedule of employee stock option activity | Employee stock option activity for fiscal year 2020 is as follows: Options (in thousands) Weighted- Average Exercise Price Outstanding at April 1, 2019 155 $ 6.37 Exercised (59 ) 5.46 Expired (4 ) 4.47 Outstanding and exercisable at March 31, 2020 92 7.04 Remaining weighted average contractual life of options outstanding and exercisable (years) 2.28 |
Summary of the weighted average assumptions used in the Black-Scholes valuation model to value stock option grants | Amounts included in the following table are in thousands, except weighted average fair value and weighted average exercise price: Fiscal Years Ended 2020 2019 2018 Intrinsic value Stock options exercised 963 1,296 6,914 Options outstanding and currently exercisable 1,574 1,644 2,713 |
Schedule of restricted stock activity | RSU activity, including performance-based and time-based LTIP activity, for fiscal year 2020 is as follows (amounts in thousands except fair value): Shares Weighted- average Fair Value on Grant Date Non-vested RSUs at April 1, 2019 1,415 $ 15.19 Granted 626 21.89 Vested (1) (640 ) 12.08 Forfeited (59 ) 18.49 Non-vested RSUs at March 31, 2020 1,342 $ 19.66 ______________________________________________________________________________ (1) 37,377 in RSUs were settled for $0.4 million in cash. |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Gain (Loss) for Derivative Instruments Designated as Hedges [Table Text Block] | Hedging Strategy Impact on Statements of Operations The following tables present gain and loss activity for the fiscal years ended March 31, 2020 , 2019 , and 2018 for derivative instruments designated as hedges (amounts in thousands): Fiscal Year Ended March 31, 2020 Gain (Loss) Derivative Instrument Hedge Designation Location of Gain (Loss) Recognized in Statements of Operations Recognized in AOCI Reclassified from AOCI to Income Recorded Directly to Income Cross-currency swaps (1) Fair Value Other income (expense), net $ (346 ) $ (1,622 ) $ 3,337 Cross-currency swaps (2) Net Investment Other income (expense), net 18,152 10,278 — Cross-currency swaps (3) Cash Flow Other income (expense), net (21,656 ) (4,670 ) — Foreign exchange contracts (4) Cash Flow Cost of sales (13,422 ) 3,111 — Fiscal Year Ended March 31, 2019 Gain (Loss) Derivative Instrument Hedge Designation Location of Gain (Loss) Recognized in Statements of Operations Recognized in AOCI Reclassified from AOCI to Income Recorded Directly to Income Cross-currency swaps (1) Fair Value Other income (expense), net $ (6,383 ) $ (4,134 ) $ 6,034 Cross-currency swaps (2) Net Investment Other income (expense), net 5,009 4,230 — Foreign exchange contracts (4) Cash Flow Cost of sales (1,286 ) (698 ) — Fiscal Year Ended March 31, 2018 Gain (Loss) Derivative Instrument Hedge Designation Location of Gain (Loss) Recognized in Statements of Operations Recognized in AOCI Reclassified from AOCI to Income Recorded Directly to Income Cross-currency swaps (1) Fair Value Other income (expense), net $ — $ — $ — Cross-currency swaps (2) Net Investment Other income (expense), net — — — Foreign exchange contracts (4) Cash Flow Cost of sales 667 2,420 — ______________________________________________________________________________ (1) Amounts recognized in AOCI represent the change in the fair value of the derivative instruments related to the excluded components. Amounts reclassified from AOCI to income represent amortization of excluded components based upon the instruments' periodic coupons. Amounts recorded directly to income represent the change in the fair value of the derivative instruments related to the effective portion of the qualifying hedge. (2) Amounts recognized in AOCI represent the total change in the fair value of the derivative instrument. Amounts recorded to AOCI are recorded within foreign currency translation. Amounts reclassified from AOCI to income represent amortization of excluded components based on the instrument's periodic coupon. (3) Amounts recognized in AOCI represent the total change in the fair value of the derivative instruments. Amounts reclassified from AOCI to income represent the change in the fair value of the derivative instruments related of the effective portion of the qualifying hedges, as well as amortization of the excluded components based upon the instruments' periodic coupons. For the fiscal year ended March 31, 2020 , the amount reclassified to income from AOCI includes $2.6 million in gains related to the effective portion of the hedges and $7.3 million in losses related to amortization of the excluded components. (4) Amounts recognized in AOCI represent the total change in the fair value of the derivative instruments. Amounts reclassified from AOCI to income represent the change in the fair value of the derivative instruments pertaining to the settlement of the qualifying hedged item (effective portion). |
Schedule of Fair Value and Cash Flow Hedges Included in Earnings [Table Text Block] | The following tables present the total amount of each income and expense line item presented in the Consolidated Statements of Operations in which the results of fair value and cash flow hedges are recorded and the effects of those hedging strategies on income (amounts in thousands): Cost of sales Fiscal Year Ended March 31, 2020 2019 2018 Total income (expense) in Statements of Operations $ (840,066 ) $ (924,276 ) $ (860,744 ) Cash flow hedging impact Foreign exchange contracts: Gain (loss) reclassified from AOCI to income (1) 3,111 (698 ) 2,420 Other income (expense), net Fiscal Year Ended March 31, 2020 2019 2018 Total income (expense) in Statements of Operations $ 4,356 $ (4,513 ) $ (14,692 ) Fair value hedging impact Cross-currency swaps: Gain (loss) on hedged item (3,337 ) (6,034 ) — Gain (loss) on derivative instrument (2) 1,715 1,900 — Cash flow hedging impact Cross-currency swaps: Gain (loss) reclassified from AOCI to income (3) (4,670 ) — — ______________________________________________________________________________ (1) Net losses of $11.0 million are expected to be reclassified from AOCI into income within the next 12 months. (2) Amounts recognized in income include the change in the fair value of the derivative instruments related to the effective portion of the qualifying hedges and amortization of the excluded components. (3) |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The balance sheet classifications and fair value of derivative instruments designated as hedges as of March 31, 2020 and 2019 are as follows (amounts in thousands): Fair Value of Derivative Instruments March 31, 2020 March 31, 2019 Balance Sheet Location As Presented Offset Gross As Presented Offset Gross Derivative assets Cross-currency swaps Other assets $ — $ 10,366 $ 10,366 $ 3,485 $ — $ 3,485 Foreign exchange contracts Prepaid and other current assets — — — 564 645 1,209 Derivative liabilities Cross-currency swaps Other non-current obligations 4,318 10,366 14,684 — — — Foreign exchange contracts Accrued expenses 13,992 — 13,992 — 645 645 Foreign exchange contracts Other non-current obligations 1,977 — 1,977 — — — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of components of income (loss) before income taxes and equity loss from NEC TOKIN | The components of income before income taxes and equity income (loss) from equity method investments are as follows (amounts in thousands): Fiscal Years Ended March 31, 2020 2019 2018 Domestic (U.S.) $ 31,937 $ 95,639 $ 141,582 Foreign (Outside U.S.) 47,894 74,792 45,485 Total $ 79,831 $ 170,431 $ 187,067 |
Schedule of the provision (benefit) for income tax expense | The provision for income tax expense (benefit) is as follows (amounts in thousands): Fiscal Years Ended March 31, 2020 2019 2018 Current: Federal $ 3,387 $ 170 $ 223 State and local 522 161 50 Foreign 10,288 9,966 8,295 Total current income tax expense 14,197 10,297 8,568 Deferred: Federal 16,486 (43,804 ) (807 ) State and local 871 (773 ) (96 ) Foreign 6,972 (5,180 ) 1,467 Deferred tax expense (benefit) 24,329 (49,757 ) 564 Provision for income tax expense (benefit) $ 38,526 $ (39,460 ) $ 9,132 |
Schedule of reconciliation of the statutory federal income tax rate to the effective income tax rate | Differences between the provision for income taxes on earnings from continuing operations and the amount computed using the U.S. Federal statutory income tax rate are as follows (amounts in thousands): Fiscal Years Ended March 31, 2020 2019 2018 Amount computed using the statutory rate (1) 21.0 % 21.0 % 31.6 % Change in U.S. valuation allowance 0.2 (39.8 ) (35.7 ) Effect of prior year adjustments 6.1 1.4 (0.7 ) IRC section 162(m) limitation (2) 1.1 2.7 — Taxable foreign source income 6.0 2.1 11.8 Other current year adjustments 2.1 — 0.3 Non-taxable gain from bargain purchase — — (22.0 ) Deduction related to APA settlement — (1.4 ) — Tax-deductible equity compensation (1.3 ) (2.5 ) (3.0 ) Differences due to U.S. tax law changes (3) 0.2 — 26.9 State income taxes, net of federal taxes (4) 1.2 (0.4 ) (1.8 ) Change in U.S. tax exposure reserves 3.0 — — Change in foreign operations tax exposure reserves 1.0 0.1 0.5 Foreign tax rate differential 5.4 3.8 (0.2 ) Change in foreign tax law 0.1 (1.2 ) 0.1 Change in foreign operations valuation allowance (0.4 ) (24.1 ) (3.6 ) Nondeductible expenses related to antitrust litigation — 8.4 0.3 Other effect of foreign operations 2.6 6.7 0.4 Provision for income tax expense (benefit) 48.3 % (23.2 )% 4.9 % ______________________________________________________________________________ (1) The statutory income tax rate for the fiscal year ended March 31, 2017 was 35%. The Tax Cuts and Jobs Act (“TCJA”) enacted on December 22, 2017 reduced the U.S. federal corporate tax rate from 35% to 21%, effective January 1, 2018. Based on the fiscal year of the Company ending on March 31, the statutory income tax rate for the fiscal year ended March 31, 2018 is a blended rate of 31.6% based on the number of days in the fiscal year before January 1, 2018 and the number of days in the fiscal year after December 31, 2017. The statutory income tax rate for the fiscal years ended March 31, 2020 and 2019 is 21%. (2) Fiscal year ended March 31, 2019 includes $1.5 million related to the expansion of the Sec. 162(m) limitation due to TCJA tax law changes. (3) Fiscal year ended March 31, 2018 is due to tax law changes consisting of $4.8 million related to foreign earnings and $45.6 million related to TCJA tax rate adjustment. (4) Fiscal year ended March 31, 2018 consists mainly of $3.7 million related to the revaluation of state net operating loss carryforwards as a result of the change in the federal tax rate due to the TCJA. |
Schedule of the components of deferred tax assets and liabilities | The components of deferred tax assets and liabilities are as follows (amounts in thousands): March 31, 2020 2019 Deferred tax assets: Net operating loss carry forwards $ 60,170 $ 78,903 Sales allowances and inventory reserves 10,370 11,076 Medical and employee benefits 29,890 35,283 Depreciation and differences in basis 3,193 5,337 Leased assets 573 201 Accrued restructuring 310 469 Anti-trust fines and settlements 11,883 910 Tax credits 4,934 3,644 Stock-based compensation 4,607 5,589 Other 2,641 970 Total deferred tax assets before valuation allowance 128,571 142,382 Less valuation allowance (64,477 ) (58,658 ) Total deferred tax assets 64,094 83,724 Deferred tax liabilities: Unremitted earnings of subsidiaries (23,972 ) (21,959 ) Amortization of intangibles and debt discounts (11,369 ) (11,996 ) Non-amortized intangibles (1,587 ) (1,551 ) Total deferred tax liabilities (36,928 ) (35,506 ) Net deferred tax assets (liabilities) $ 27,166 $ 48,218 The change in net deferred income tax asset (liability) for fiscal year 2020 is presented below (amounts in thousands): Balance at March 31, 2019 $ 48,218 Deferred income tax resulting from business combination 399 Deferred income taxes related to continuing operations (24,329 ) Deferred income taxes related to other comprehensive income 4,030 Foreign currency translation (1,152 ) Balance at March 31, 2020 $ 27,166 |
Schedule of annual activities included in the deferred tax valuation allowance | The following table presents the annual activities included in the deferred tax valuation allowance (amounts in thousands): Valuation Allowance for Deferred Tax Assets Balance at March 31, 2017 $ 163,898 Charge (benefit) to costs and expenses 8,647 Deductions (1,144 ) Balance at March 31, 2018 171,401 Charge (benefit) to costs and expenses (112,080 ) Deductions (663 ) Balance at March 31, 2019 58,658 Additions, Business Combination 6,547 Charge (benefit) to costs and expenses (658 ) Deductions (70 ) Balance at March 31, 2020 $ 64,477 |
Schedule of tax credit carryforwards available | At March 31, 2020 , the U.S. consolidated group of companies had the following tax credit carryforwards available (amounts in thousands): Tax Credits ($) Fiscal Year of Expiration U.S. research credits $ 2,877 2022-2025 Texas franchise tax credits 1,902 2026 Federal business tax credits 33 2028 Foreign local tax credits 122 various |
Schedule of reconciliation of gross unrecognized tax benefits (excluding interest and penalties) | At March 31, 2020 , the Company had $19.4 million of unrecognized tax benefits. A reconciliation of gross unrecognized tax benefits (excluding interest and penalties) is as follows (amounts in thousands): Fiscal Years Ended March 31, 2020 2019 2018 Beginning of fiscal year $ 18,877 $ 8,680 $ 7,390 Additions from business combinations — — 1,270 Additions for tax positions of the current year 490 2,027 1,078 Additions for tax positions of prior years 2,286 11,735 — Reductions for tax positions of prior years (1,831 ) (633 ) (1,058 ) Lapse in statute of limitations (16 ) (9 ) — Settlements (439 ) (2,923 ) — End of fiscal year $ 19,367 $ 18,877 $ 8,680 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | Leases The Company’s operating leases are primarily for sales and administrative offices and manufacturing facilities. These operating leases have lease periods expiring between 2020 and 2061 . The Company’s finance leases are primarily for vehicles and certain network equipment. These leases expire between 2020 and 2029 . Many leases require the Company to pay certain executory costs (taxes, insurance, and maintenance) and contain renewal and purchase options. The Company does not assume renewals in the determination of the lease term unless renewals are deemed to be reasonably assured at lease commencement. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease expense for the fiscal year ended March 31, 2020 are as follows (amounts in thousands): Fiscal Year Ended March 31, 2020 Operating lease expense Operating lease cost $ 12,033 Variable lease cost and other, net (1) 1,205 Short-term lease cost 31 Sublease income (79 ) Finance lease expense Amortization of right-of-use assets 1,323 Interest 152 Total lease expense $ 14,665 ______________________________________________________________________________ (1) Predominantly includes common area maintenance and parking expenses. Supplemental balance sheet information related to operating and finance leases as of March 31, 2020 is as follows (amounts in thousands, except lease term and discount rate): Balance Sheet Location March 31, 2020 Lease assets Operating lease ROU assets Other assets $ 29,732 Finance lease ROU assets (1) Property, plant and equipment, net of accumulated depreciation 3,008 $ 32,740 Lease liabilities Current operating lease liabilities Accrued expenses $ 7,715 Current finance lease liabilities Accrued expenses 1,245 Non-current operating lease liabilities Other non-current obligations 22,338 Non-current finance lease liabilities Other non-current obligations 1,770 $ 33,068 Weighted average remaining lease term (years) Operating leases 6.11 Finance leases 2.98 Weighted average discount rate Operating leases 4.77 % Finance leases 5.51 % ______________________________________________________________________________ (1) Finance lease ROU assets are shown net of accumulated depreciation of 3.2 million . Supplemental cash flow information related to leases for the fiscal year ended March 31, 2020 is as follows (amounts in thousands): Fiscal Year Ended March 31, 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for operating leases $ 12,126 Operating cash flows used for finance leases 148 Financing cash flows used for finance leases 1,447 $ 13,721 Lease liabilities arising from obtaining ROU assets Operating leases $ 4,731 Finance leases 2,061 $ 6,792 A maturity analysis of the future undiscounted cash flows associated with the Company's operating and finance lease liabilities as of March 31, 2020 were as follows (amounts in thousands): Operating Lease Liabilities Finance Lease Liabilities 2021 $ 8,921 $ 1,376 2022 6,203 945 2023 4,711 597 2024 3,906 171 2025 2,652 31 Thereafter 9,318 75 Total undiscounted cash flows $ 35,711 $ 3,195 Less imputed interest (5,658 ) (180 ) Present value of lease liabilities $ 30,053 $ 3,015 Annual rental expenses for operating leases included in results of operations were $13.3 million and $10.7 million in fiscal years 2019 and 2018 , respectively. |
Lessee, Finance Leases [Text Block] | Leases The Company’s operating leases are primarily for sales and administrative offices and manufacturing facilities. These operating leases have lease periods expiring between 2020 and 2061 . The Company’s finance leases are primarily for vehicles and certain network equipment. These leases expire between 2020 and 2029 . Many leases require the Company to pay certain executory costs (taxes, insurance, and maintenance) and contain renewal and purchase options. The Company does not assume renewals in the determination of the lease term unless renewals are deemed to be reasonably assured at lease commencement. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease expense for the fiscal year ended March 31, 2020 are as follows (amounts in thousands): Fiscal Year Ended March 31, 2020 Operating lease expense Operating lease cost $ 12,033 Variable lease cost and other, net (1) 1,205 Short-term lease cost 31 Sublease income (79 ) Finance lease expense Amortization of right-of-use assets 1,323 Interest 152 Total lease expense $ 14,665 ______________________________________________________________________________ (1) Predominantly includes common area maintenance and parking expenses. Supplemental balance sheet information related to operating and finance leases as of March 31, 2020 is as follows (amounts in thousands, except lease term and discount rate): Balance Sheet Location March 31, 2020 Lease assets Operating lease ROU assets Other assets $ 29,732 Finance lease ROU assets (1) Property, plant and equipment, net of accumulated depreciation 3,008 $ 32,740 Lease liabilities Current operating lease liabilities Accrued expenses $ 7,715 Current finance lease liabilities Accrued expenses 1,245 Non-current operating lease liabilities Other non-current obligations 22,338 Non-current finance lease liabilities Other non-current obligations 1,770 $ 33,068 Weighted average remaining lease term (years) Operating leases 6.11 Finance leases 2.98 Weighted average discount rate Operating leases 4.77 % Finance leases 5.51 % ______________________________________________________________________________ (1) Finance lease ROU assets are shown net of accumulated depreciation of 3.2 million . Supplemental cash flow information related to leases for the fiscal year ended March 31, 2020 is as follows (amounts in thousands): Fiscal Year Ended March 31, 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for operating leases $ 12,126 Operating cash flows used for finance leases 148 Financing cash flows used for finance leases 1,447 $ 13,721 Lease liabilities arising from obtaining ROU assets Operating leases $ 4,731 Finance leases 2,061 $ 6,792 A maturity analysis of the future undiscounted cash flows associated with the Company's operating and finance lease liabilities as of March 31, 2020 were as follows (amounts in thousands): Operating Lease Liabilities Finance Lease Liabilities 2021 $ 8,921 $ 1,376 2022 6,203 945 2023 4,711 597 2024 3,906 171 2025 2,652 31 Thereafter 9,318 75 Total undiscounted cash flows $ 35,711 $ 3,195 Less imputed interest (5,658 ) (180 ) Present value of lease liabilities $ 30,053 $ 3,015 |
Lease, Cost | Supplemental cash flow information related to leases for the fiscal year ended March 31, 2020 is as follows (amounts in thousands): Fiscal Year Ended March 31, 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for operating leases $ 12,126 Operating cash flows used for finance leases 148 Financing cash flows used for finance leases 1,447 $ 13,721 Lease liabilities arising from obtaining ROU assets Operating leases $ 4,731 Finance leases 2,061 $ 6,792 The components of lease expense for the fiscal year ended March 31, 2020 are as follows (amounts in thousands): Fiscal Year Ended March 31, 2020 Operating lease expense Operating lease cost $ 12,033 Variable lease cost and other, net (1) 1,205 Short-term lease cost 31 Sublease income (79 ) Finance lease expense Amortization of right-of-use assets 1,323 Interest 152 Total lease expense $ 14,665 ______________________________________________________________________________ (1) Predominantly includes common area maintenance and parking expenses. |
Assets And Liabilities, Lessee | Supplemental balance sheet information related to operating and finance leases as of March 31, 2020 is as follows (amounts in thousands, except lease term and discount rate): Balance Sheet Location March 31, 2020 Lease assets Operating lease ROU assets Other assets $ 29,732 Finance lease ROU assets (1) Property, plant and equipment, net of accumulated depreciation 3,008 $ 32,740 Lease liabilities Current operating lease liabilities Accrued expenses $ 7,715 Current finance lease liabilities Accrued expenses 1,245 Non-current operating lease liabilities Other non-current obligations 22,338 Non-current finance lease liabilities Other non-current obligations 1,770 $ 33,068 Weighted average remaining lease term (years) Operating leases 6.11 Finance leases 2.98 Weighted average discount rate Operating leases 4.77 % Finance leases 5.51 % ______________________________________________________________________________ (1) Finance lease ROU assets are shown net of accumulated depreciation of 3.2 million . |
Lessee, Operating Lease, Liability, Maturity | A maturity analysis of the future undiscounted cash flows associated with the Company's operating and finance lease liabilities as of March 31, 2020 were as follows (amounts in thousands): Operating Lease Liabilities Finance Lease Liabilities 2021 $ 8,921 $ 1,376 2022 6,203 945 2023 4,711 597 2024 3,906 171 2025 2,652 31 Thereafter 9,318 75 Total undiscounted cash flows $ 35,711 $ 3,195 Less imputed interest (5,658 ) (180 ) Present value of lease liabilities $ 30,053 $ 3,015 |
Supplemental Balance Sheets a_2
Supplemental Balance Sheets and Statements of Operations Detail (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of accounts receivable | March 31, (amounts in thousands) 2020 2019 Accounts receivable: Trade $ 169,685 $ 176,715 Allowance for doubtful accounts (1,366 ) (1,206 ) Ship-from-stock and debit (“SFSD”) allowance (21,896 ) (18,862 ) Returns allowance (761 ) (964 ) Rebates allowance (676 ) (967 ) Price protection allowance (243 ) (657 ) Accounts receivable, net $ 144,743 $ 154,059 |
Schedule of activity in allowances for accounts receivables | The following table presents the annual activities included in the allowance for these commitments (amounts in thousands): Balance at March 31, 2017 $ 20,414 Reduction in sales 94,660 Actual adjustments applied (95,444 ) Other 268 Balance at March 31, 2018 19,898 Reduction in sales 99,538 Actual adjustments applied (96,775 ) Other (5 ) Balance at March 31, 2019 22,656 Reduction in sales 117,708 Actual adjustments applied (115,582 ) Other 160 Balance at March 31, 2020 $ 24,942 |
Schedule of components of inventories | March 31, (amounts in thousands) 2020 2019 Inventories: Raw materials and supplies $ 93,464 $ 97,119 Work in process 85,122 71,374 Finished goods 82,311 88,175 Inventory gross 260,897 256,668 Inventory reserves (17,687 ) (15,539 ) Inventory, net $ 243,210 $ 241,129 |
Schedule of the annual activities included in the allowance for commitments | The following table presents the annual activities included in the inventory reserves (amounts in thousands): Balance at March 31, 2017 $ 15,941 Costs charged to expense 4,994 Write-offs (6,954 ) Other (1) 2,365 Balance at March 31, 2018 16,346 Costs charged to expense 6,019 Write-offs (6,826 ) Other — Balance at March 31, 2019 15,539 Costs charged to expense 12,623 Write-offs (10,867 ) Other 392 Balance at March 31, 2020 $ 17,687 |
Schedule of Property, plant and equipment | Useful life (years) March 31, (amounts in thousands, except years) 2020 2019 Property, plant and equipment: Land and land improvements 20 $ 56,340 $ 62,232 Buildings 20 - 40 210,192 199,319 Machinery and equipment 10 977,806 916,737 Furniture and fixtures 4 - 10 109,770 82,306 Construction in progress 104,842 105,857 Other 10,541 9,280 Total property and equipment 1,469,491 1,375,731 Accumulated depreciation (916,855 ) (880,451 ) Property, plant and equipment, net $ 552,636 $ 495,280 |
Schedule of accrued expenses | March 31, (amounts in thousands) 2020 2019 Accrued expenses: Salaries, wages, and related employee costs $ 39,605 $ 61,880 Derivatives 13,992 — Interest 47 211 Restructuring 1,744 1,869 Vacation 9,668 10,364 Lease obligations 8,960 947 Antitrust settlements and regulatory costs 75,086 9,517 Contract liabilities 6,035 256 Stock Returns 3,690 2,539 Property, sales, and other taxes 2,342 1,854 Other 6,453 4,324 Total accrued expenses $ 167,622 $ 93,761 |
Schedule of other non-current obligations | March 31, (amounts in thousands) 2020 2019 Other non-current obligations: Pension plans $ 79,512 $ 82,717 Lease obligations 24,108 986 Employee separation liability 7,044 7,640 Deferred compensation 353 2,285 Contract liabilities 60,638 13,412 Customer deposits 3,742 3,689 Derivatives 6,295 — Antitrust settlements and regulatory costs — 13,168 Uncertain tax positions 6,306 2,415 Deferred rent — 5,366 Government subsidies 1,677 1,247 Restructuring 89 312 Other 3,628 3,393 Total other non-current obligations $ 193,392 $ 136,630 |
Schedule of other (income) expense, net | Fiscal Years Ended March 31, (amounts in thousands) 2020 2019 2018 Other (income) expense, net: Net foreign exchange (gains) losses $ (6,762 ) $ (7,230 ) $ 13,145 Post retirement and pension plan non-service costs 439 366 210 Curtailment on pension plans 1,949 — — Loss on early extinguishment of debt — 15,946 486 R&D grant reimbursements and grant income (1,595 ) (4,559 ) (787 ) Other 1,613 (10 ) 1,638 Total other (income) expense, net $ (4,356 ) $ 4,513 $ 14,692 |
Income_Loss Per Share (Tables)
Income/Loss Per Share (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of the basic and diluted weighted-average number of shares of common stock | The following table presents the basic and diluted weighted-average number of shares of common stock (amounts in thousands, except per share data): Fiscal Years Ended March 31, 2020 2019 2018 Numerator Net income $ 41,381 $ 206,587 $ 254,127 Denominator: Weighted-average common shares outstanding: Basic 58,574 57,840 52,798 Assumed conversion of employee stock grants 841 1,242 2,291 Assumed conversion of warrants — — 3,551 Diluted 59,415 59,082 58,640 Net income per basic share $ 0.71 $ 3.57 $ 4.81 Net income per diluted share $ 0.70 $ 3.50 $ 4.33 |
Schedule of common stock equivalents that could potentially dilute net income per basic share in the future, but were not included in the computation of diluted earnings per share because the impact would have been antidilutive | Common stock equivalents that could potentially dilute net income per basic share in the future, but were not included in the computation of diluted earnings per share because the impact would have been anti-dilutive, were as follows (amounts in thousands): Fiscal Years Ended March 31, 2020 2019 2018 Assumed conversion of employee stock grants 87 — 71 |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Unaudited) (Table) | 12 Months Ended |
Mar. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly information | The following table sets forth certain quarterly information for fiscal years 2020 and 2019 . This information, in the opinion of the Company’s management, reflects all adjustments (consisting only of normal recurring adjustments) necessary to present fairly this information when read in conjunction with the Consolidated Financial Statements and notes thereto included elsewhere herein (amounts in thousands except per share data): Fiscal Year 2020 Quarters Ended Jun-30 Sep-30 Dec-31 Mar-31 Net sales $ 345,242 $ 327,397 $ 294,741 $ 293,174 Gross margin 121,628 113,670 93,181 92,009 Operating income (1) 58,400 49,090 28,648 11,728 Net income (loss) (2) $ 40,340 $ (15,260 ) $ 16,602 $ (301 ) Net income (loss) per basic share $ 0.69 $ (0.26 ) $ 0.28 $ (0.01 ) Net income (loss) per diluted share $ 0.68 $ (0.26 ) $ 0.28 $ (0.01 ) Fiscal Year 2019 Quarters Ended Jun-30 Sep-30 Dec-31 Mar-31 Net sales $ 327,616 $ 349,233 $ 350,175 $ 355,794 Gross margin 94,821 113,565 123,750 126,406 Operating income (1) 35,176 50,000 61,616 54,057 Net income (3) $ 35,220 $ 37,141 $ 40,806 $ 93,420 Net income per basic share $ 0.61 $ 0.64 $ 0.70 $ 1.60 Net income per diluted share $ 0.60 $ 0.63 $ 0.69 $ 1.58 ______________________________________________________________________________ (1) |
Organization and Significant _4
Organization and Significant Accounting Policies - Nature of Business and Organization (Details) | 12 Months Ended |
Mar. 31, 2020business_group | |
Accounting Policies [Abstract] | |
Number of business groups | 3 |
Organization and Significant _5
Organization and Significant Accounting Policies - Cash Equivalents (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Accounting Policies [Abstract] | ||
Money market accounts | $ 48,264 | $ 60,687 |
Organization and Significant _6
Organization and Significant Accounting Policies Organization and Significant Accounting Policies - Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Mar. 31, 2019 |
Accounting Policies [Abstract] | ||
Inventory consigned at customer locations | $ 9.8 | $ 9.5 |
Organization and Significant _7
Organization and Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Accounting Policies [Abstract] | |||
Depreciation | $ 63 | $ 46.7 | $ 45.5 |
Organization and Significant _8
Organization and Significant Accounting Policies - Concentrations of Credit and Other Risk (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | |
Concentration Risk [Line Items] | |||||||||||
Net sales | $ 293,174 | $ 294,741 | $ 327,397 | $ 345,242 | $ 355,794 | $ 350,175 | $ 349,233 | $ 327,616 | $ 1,260,554 | $ 1,382,818 | $ 1,200,181 |
Accounts receivable | Credit risk | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Number of Customers, Concentration Risk, Receivables | 0 | 0 | 0 | 0 | |||||||
Concentration risk, percentage | 10.00% | 10.00% | |||||||||
Revenue from Contract with Customer, Product and Service Benchmark [Member] | Electronics distributor risk | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration risk, percentage | 40.40% | 42.20% | 39.20% | ||||||||
Revenue from Contract with Customer, Product and Service Benchmark [Member] | Electronics distributor risk | TTI, Inc. | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Number of Customers, Concentration Risk | 1 | ||||||||||
Net sales | $ 154,600 | $ 184,300 | $ 133,500 |
Organization and Significant _9
Organization and Significant Accounting Policies - OCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance | $ 639,415 | $ 463,875 | $ 155,569 |
Other comprehensive income (loss) before reclassifications (4)(5) | (30,627) | (28,959) | |
Amounts reclassified out of AOCI | 6,231 | (1,033) | |
Other comprehensive income (loss) | (36,858) | (27,926) | |
Balance | 647,262 | 639,415 | 463,875 |
Foreign currency translation gains (losses) | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance | (14,350) | 9,715 | |
Other comprehensive income (loss) before reclassifications (4)(5) | 5,097 | (19,835) | |
Amounts reclassified out of AOCI | (10,278) | (4,230) | |
Other comprehensive income (loss) | (5,181) | (24,065) | |
Balance | (19,531) | (14,350) | 9,715 |
Defined benefit post-retirement plan adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance | 793 | 879 | |
Other comprehensive income (loss) before reclassifications (4)(5) | 2 | 81 | |
Amounts reclassified out of AOCI | (149) | (167) | |
Other comprehensive income (loss) | (147) | (86) | |
Balance | 646 | 793 | 879 |
Defined benefit pension plans | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance | (15,758) | (14,831) | |
Other comprehensive income (loss) before reclassifications (4)(5) | (302) | (1,525) | |
Amounts reclassified out of AOCI | 862 | 598 | |
Other comprehensive income (loss) | 560 | (927) | |
Balance | (15,198) | (15,758) | (14,831) |
Other Comprehensive Income (Loss), Tax | 3,500 | 2,400 | 2,300 |
Defined Benefit Pension Plans, tax benefit | 1,100 | 200 | |
Equity interest in investee's other comprehensive loss | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance | 274 | 285 | |
Other comprehensive income (loss) before reclassifications (4)(5) | 0 | (11) | 5,584 |
Amounts reclassified out of AOCI | 0 | 0 | |
Other comprehensive income (loss) | 0 | (11) | |
Balance | 274 | 274 | 285 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance | 566 | 1,154 | |
Other comprehensive income (loss) before reclassifications (4)(5) | (35,078) | (1,286) | |
Amounts reclassified out of AOCI | 1,559 | 698 | |
Other comprehensive income (loss) | (33,519) | (588) | |
Balance | (32,953) | 566 | 1,154 |
Accumulated Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, net [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance | (2,249) | 0 | |
Other comprehensive income (loss) before reclassifications (4)(5) | (346) | (6,383) | |
Amounts reclassified out of AOCI | (1,775) | (4,134) | |
Other comprehensive income (loss) | 1,429 | (2,249) | |
Balance | (820) | (2,249) | 0 |
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance | (30,724) | (2,798) | (41,812) |
Balance | (67,582) | (30,724) | (2,798) |
Cash Flow Hedging [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments, after Tax | (24,300) | ||
Currency Swap [Member] | Other Operating Income (Expense) [Member] | Net Investment Hedging [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 18,152 | $ 5,009 | $ 0 |
Currency Swap [Member] | Other Operating Income (Expense) [Member] | Cash Flow Hedging [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ (21,656) |
Organization and Significant_10
Organization and Significant Accounting Policies - Fair Value Measurement (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Certificates of Deposit, at Carrying Value | $ 24,800 | $ 32,200 |
Money markets | 48,264 | 60,687 |
Debt, Long-term and Short-term, Combined Amount | 264,784 | 283,201 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money markets | 48,264 | 60,687 |
Debt, Long-term and Short-term, Combined Amount | 272,347 | 303,170 |
Level 1 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money markets | 48,264 | 60,687 |
Derivative Instruments in Hedges, Assets, at Fair Value | 0 | 0 |
Derivative Instruments in Hedges, Liabilities, at Fair Value | 0 | 0 |
Debt, Long-term and Short-term, Combined Amount | 0 | 0 |
Level 2 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money markets | 0 | 0 |
Derivative Instruments in Hedges, Assets, at Fair Value | 0 | |
Derivative Instruments in Hedges, Liabilities, at Fair Value | (20,287) | 0 |
Debt, Long-term and Short-term, Combined Amount | 272,347 | 303,170 |
Level 3 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money markets | 0 | 0 |
Derivative Instruments in Hedges, Assets, at Fair Value | 0 | 0 |
Derivative Instruments in Hedges, Liabilities, at Fair Value | 0 | 0 |
Debt, Long-term and Short-term, Combined Amount | $ 0 | 0 |
Foreign Exchange Forward [Member] | Prepaid Expenses and Other Current Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Instruments in Hedges, Assets, at Fair Value | $ 5,141 |
Organization and Significant_11
Organization and Significant Accounting Policies - Revenue Recognition (Details) | 12 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Product warranty period | 1 year |
Organization and Significant_12
Organization and Significant Accounting Policies Organization and Significant Accounting Polices - Contract Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Separate Account, Liability [Line Items] | |||
Contract liabilities | $ 6,035 | $ 256 | |
Contract liabilities | 60,638 | 13,412 | |
Contract with Customer, Liability | 66,673 | 13,668 | |
Payments to Acquire Property, Plant, and Equipment | 146,331 | 146,056 | $ 65,004 |
Contract with Customer, Liability, Revenue Recognized | 300 | 900 | $ 300 |
Advanced Payment from Customer [Member] | |||
Separate Account, Liability [Line Items] | |||
Contract liabilities | 56,500 | $ 13,400 | |
Payments to Acquire Property, Plant, and Equipment | 42,800 | ||
Advanced Payment from Customer [Member] | Advanced Payment from Customer [Member] | |||
Separate Account, Liability [Line Items] | |||
Contract with Customer, Liability | 72,000 | ||
Maximum [Member] | Advanced Payment from Customer [Member] | |||
Separate Account, Liability [Line Items] | |||
Contract with Customer, Liability | $ 1,800 |
Organization and Significant_13
Organization and Significant Accounting Policies - Shipping and Handling (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue from External Customer [Line Items] | |||
Cost of sales | $ 840,066 | $ 924,276 | $ 860,744 |
Shipping and Handling | |||
Revenue from External Customer [Line Items] | |||
Cost of sales | $ 27,500 | $ 31,000 | $ 21,400 |
Organization and Significant_14
Organization and Significant Accounting Policies Organization and Significant Accounting Policies - Advertising (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Advertising [Abstract] | |||
Advertising Expense | $ 3.1 | $ 2.5 | $ 2.4 |
Organization and Significant_15
Organization and Significant Accounting Policies - Grants from Governmental Agencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Accounting Policies [Abstract] | |||
Revenue from grants | $ 1,595 | $ 4,559 | $ 787 |
Mergers (Details)
Mergers (Details) $ / shares in Units, $ in Millions | Nov. 11, 2019USD ($)$ / shares |
KEMET Corporation [Member] | |
Business Acquisition [Line Items] | |
Business Acquisition, Share Price | $ / shares | $ 27.20 |
Yageo [Member] | KEMET Corporation, Failure to Obtain Regulatory Approval [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Proposed Merger Agreement, Potential Termination Fee Receivable | $ 65.4 |
Yageo [Member] | KEMET Corporation, Failure to Obtain Shareholder Approval [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Proposed Merger Agreement, Potential Termination Fee Receivable | 49.1 |
Yageo [Member] | KEMET Corporation, Failure to Obtain Financing [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Proposed Merger Agreement, Potential Termination Fee Receivable | 63.8 |
KEMET Corporation [Member] | KEMET Corporation [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Proposed Merger Agreement, Potential Termination Fee | $ 63.8 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - Novasentis - USD ($) $ in Millions | 1 Months Ended | |
Jul. 31, 2019 | Jul. 01, 2019 | |
Acquisitions | ||
Interest acquired | 72.10% | |
Business Combination, Consideration Transferred | $ 2.7 | |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 27.90% |
Debt - Debt Summary (Details)
Debt - Debt Summary (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 | Nov. 07, 2018 |
Debt Instrument [Line Items] | |||
Total debt | $ 264,784 | $ 283,201 | |
Current maturities | (29,111) | (28,430) | |
Total long-term debt | 235,673 | 254,771 | |
Term Loan Credit Agreement | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 323,400 | ||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 8,700 | ||
Term Loan Facility | |||
Debt Instrument [Line Items] | |||
Long-term debt | 258,678 | 276,808 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 7,400 | ||
Other, net | |||
Debt Instrument [Line Items] | |||
Long-term debt | 6,106 | 6,393 | |
Debt Instrument, Unamortized Discount | $ 400 | $ 600 |
Debt - Interest Income and Expe
Debt - Interest Income and Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Interest expense | |||
Contractual interest expense | $ 6,935 | $ 19,471 | $ 30,323 |
Capitalized interest | (240) | (232) | (141) |
Amortization of debt issuance costs | 428 | 334 | 511 |
Amortization of debt (premium) discount | 3,749 | 1,481 | 1,843 |
Imputed interest on acquisition related obligations | (4) | 57 | 113 |
Interest expense on capital leases | 153 | 128 | 233 |
Total interest expense | $ 11,021 | $ 21,239 | $ 32,882 |
Debt - Term Loan Credit Agreeme
Debt - Term Loan Credit Agreement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Debt Instrument [Line Items] | |||
Loss on early extinguishment of debt | $ 0 | $ 15,946 | $ 486 |
Interest payable | $ 47 | $ 211 |
Debt Debt - TOKIN Term Loan Fac
Debt Debt - TOKIN Term Loan Facility (Details) $ in Thousands, ¥ in Millions | Nov. 07, 2018USD ($) | Nov. 07, 2018JPY (¥) | Mar. 31, 2020USD ($) | Mar. 31, 2020JPY (¥) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Nov. 07, 2018JPY (¥) |
Debt Instrument [Line Items] | |||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ 0 | $ 3,234 | $ 0 | ||||
Interest | 47 | 211 | |||||
Term Loan Facility | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 258,678 | $ 276,808 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 3.00% | ||||||
Term Loan Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 323,400 | ||||||
Debt, Prepayment Premium, Percent | 1.00% | 1.00% | |||||
Term Loan A Tranche | Term Loan Facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | 2.00% | |||||
Term Loan B Tranche | Term Loan Facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.25% | 2.25% | |||||
Term Loan B Tranche | Term Loan Facility | TIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.13% | 0.13% | |||||
United States of America, Dollars | Term Loan Facility | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from Issuance of Secured Debt | $ 283,900 | ||||||
Net proceeds | 281,800 | ||||||
United States of America, Dollars | Term Loan A Tranche | Term Loan Facility | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | 146,000 | ||||||
Debt Instrument, Periodic Payment, Principal | ¥ | ¥ 12.7 | ||||||
United States of America, Dollars | Term Loan B Tranche | Term Loan Facility | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 146,000 | ||||||
Japan, Yen | Term Loan Facility | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | ¥ | ¥ 33,000 | ||||||
Proceeds from Issuance of Secured Debt | ¥ | ¥ 32,100 | ||||||
Japan, Yen | Term Loan A Tranche | Term Loan Facility | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | ¥ | 16,500 | ||||||
Debt Instrument, Periodic Payment, Principal | ¥ | ¥ 1,400 | ||||||
Japan, Yen | Term Loan B Tranche | Term Loan Facility | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | ¥ | ¥ 16,500 | ||||||
Property, Plant and Equipment | Term Loan Facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Collateral Amount | $ 51,400 |
Debt Debt - Customer Advances (
Debt Debt - Customer Advances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Debt Instrument [Line Items] | |||
Capital expenditures | $ (146,331) | $ (146,056) | $ (65,004) |
Restricted Cash | $ 8,064 | $ 0 | $ 0 |
Debt - Revolving Line of Credit
Debt - Revolving Line of Credit, Narrative (Details) - USD ($) | 12 Months Ended | |||
Mar. 31, 2020 | May 02, 2016 | Dec. 19, 2014 | Sep. 30, 2010 | |
Revolving line of credit | ||||
Debt Instrument [Line Items] | ||||
Credit facility, remaining borrowing capacity | $ 34,300,000 | |||
Revolving Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 75,000,000 | $ 50,000,000 | ||
Current borrowing capacity | $ 75,000,000 | 60,000,000 | ||
Credit facility, remaining borrowing capacity | 15,000,000 | |||
Number of days considered | 5 days | |||
Availability under credit facility (as a percent) | 10.00% | |||
Availability under credit facility | $ 7,500,000 | |||
Fixed charge coverage ratio | 1 | |||
Consecutive period of non occurrence of any condition to maintain fixed charge coverage ratio | 45 days | |||
Required aggregate revolver commitments to maintain fixed charge coverage ratio (as a percent) | 10.00% | |||
Required aggregate revolver commitments to maintain fixed charge coverage ratio | $ 7,500,000 | |||
Revolving Line of Credit | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||
Revolving Line of Credit | Greater than 33.3% and less than 66.6% | ||||
Debt Instrument [Line Items] | ||||
Unused line fee (as a percent) | 0.50% | |||
Revolving Line of Credit | Greater than 33.3% and less than 66.6% | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Average daily balance as percentage of total revolving commitment | 50.00% | |||
Revolving Line of Credit | Greater than or equal to 66.6% | ||||
Debt Instrument [Line Items] | ||||
Unused line fee (as a percent) | 0.375% | |||
Revolving Line of Credit | Greater than or equal to 66.6% | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Average daily balance as percentage of total revolving commitment | 50.00% | |||
Revolving Line of Credit | KEMET Singapore | ||||
Debt Instrument [Line Items] | ||||
Percentage of assets pledged as collateral | 100.00% | |||
Foreign Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 30,000,000 | |||
Foreign Line of Credit | LIBOR | Minimum | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||
Foreign Line of Credit | LIBOR | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||
Foreign Line of Credit | Base Rate | Minimum | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||
Foreign Line of Credit | Base Rate | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||
Foreign Line of Credit | KEMET Singapore | ||||
Debt Instrument [Line Items] | ||||
Borrowing base component one, percentage of borrower's accounts receivable that satisfy certain eligibility criteria | 85.00% | |||
Domestic Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Number of days considered | 5 days | |||
Availability under credit facility | $ 3,800,000 | |||
Required aggregate revolver commitments to maintain fixed charge coverage ratio | $ 3,800,000 | |||
Domestic Line of Credit | LIBOR | Minimum | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||
Domestic Line of Credit | LIBOR | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||
Domestic Line of Credit | Base Rate | Minimum | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||
Domestic Line of Credit | Base Rate | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||
Domestic Line of Credit | KEMET Electronics Corporation | ||||
Debt Instrument [Line Items] | ||||
Borrowing base component one, percentage of borrower's accounts receivable that satisfy certain eligibility criteria | 85.00% | |||
Borrowing base component two, fixed amount for determining second component for borrowing base | $ 6,000,000 | |||
Borrowing base component two, percentage of net book value of inventory of borrower that satisfies certain eligibility criteria | 40.00% | |||
Borrowing base component three, percentage of net orderly liquidation percentage of the appraised value of inventory that satisfies certain eligibility criteria | 85.00% | |||
Borrowing base component three, fixed amount for determining second component for borrowing base | $ 5,100,000 | |||
Borrowing base component three, percentage of net orderly liquidation percentage of the appraised value of equipment that satisfies certain eligibility criteria | 80.00% |
Debt - Revolving Line of Cred_2
Debt - Revolving Line of Credit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Debt Instrument [Line Items] | |||
Repayments of line of credit | $ 0 | $ 0 | $ 33,881 |
Debt - Other (Details)
Debt - Other (Details) € in Millions, ¥ in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 66 Months Ended | 96 Months Ended | |||||||
Feb. 28, 2019EUR (€) | Feb. 28, 2019USD ($) | Sep. 30, 2017USD ($)Rate | Sep. 30, 2017JPY (¥)Rate | Jul. 31, 2017EUR (€) | Jul. 31, 2017USD ($) | Mar. 31, 2018EUR (€) | Mar. 31, 2018USD ($) | Sep. 01, 2026USD ($) | Feb. 01, 2025EUR (€) | Feb. 01, 2025USD ($) | |
Debt Instrument [Line Items] | |||||||||||
Second part of loan | € 0.3 | $ 0.3 | |||||||||
Other Debt Obligations | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds from issuance of debt | € 2.2 | $ 2.5 | |||||||||
Other Debt Obligations | TOKIN | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds from issuance of debt | $ 3.2 | ¥ 350 | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.40% | 0.40% | |||||||||
Stated interest rate (as a percent) | 0.53% | 0.53% | |||||||||
Other Debt Obligations | Forecast | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayments of other debt | € 0.2 | $ 0.2 | |||||||||
Portuguese Government Loan 2 | Other Debt Obligations | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds from issuance of debt | € 0.9 | $ 1.1 | |||||||||
Portuguese Government Loan 2 | Other Debt Obligations | Forecast | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayments of other debt | $ | $ 0.1 |
Debt - Annual Cash Maturities (
Debt - Annual Cash Maturities (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Annual maturities of debt | |
2020 | $ 29,111 |
2021 | 25,971 |
2022 | 25,971 |
2023 | 25,971 |
2024 | 165,340 |
Thereafter | 254 |
Term Loan Facility | |
Annual maturities of debt | |
2020 | 25,340 |
2021 | 25,340 |
2022 | 25,340 |
2023 | 25,340 |
2024 | 164,709 |
Thereafter | 0 |
Other Debt Obligations | |
Annual maturities of debt | |
2020 | 3,771 |
2021 | 631 |
2022 | 631 |
2023 | 631 |
2024 | 631 |
Thereafter | $ 254 |
Restructuring - Summary of Rest
Restructuring - Summary of Restructuring Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 8,882 | $ 8,779 | $ 14,843 |
Personnel Reduction Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 7,618 | 2,823 | 12,587 |
Manufacturing Relocation [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 1,264 | 5,956 | 2,256 |
Electro-magnetic, Sensors & Actuators [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 3,516 | 452 | 3,343 |
Solid Capacitors | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 517 | 4,922 | 983 |
Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 1,391 | 688 | 4,729 |
Other Restructuring [Member] | Personnel Reduction Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total expected to be incurred | 1,505 | ||
Restructuring and Related Cost, Incurred Cost | 758 | ||
Cumulative incurred to date | 1,198 | ||
Restructuring charges | 300 | ||
Other Restructuring [Member] | Relocation & Exit Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total expected to be incurred | 432 | ||
Restructuring and Related Cost, Incurred Cost | 23 | ||
Cumulative incurred to date | 432 | ||
Film and Electrolytic | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 3,458 | 2,717 | $ 5,788 |
Film and Electrolytic | Personnel Reduction Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 500 | 300 | |
TOKIN | Personnel Reduction Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 5,000 | ||
NEVADA | Solid Capacitors | Personnel Reduction Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total expected to be incurred | 1,107 | ||
Restructuring and Related Cost, Incurred Cost | 1,107 | ||
Cumulative incurred to date | 1,107 | ||
NEVADA | Solid Capacitors | Relocation & Exit Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total expected to be incurred | 2,606 | ||
Restructuring and Related Cost, Incurred Cost | (777) | ||
Cumulative incurred to date | 2,580 | ||
NEVADA | Solid Capacitors | Manufacturing Relocation [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 800 | 3,400 | |
Granna, Sweden [Member] | Film and Electrolytic | Personnel Reduction Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total expected to be incurred | 732 | ||
Restructuring and Related Cost, Incurred Cost | 732 | ||
Cumulative incurred to date | 732 | ||
Restructuring charges | 700 | ||
Granna, Sweden [Member] | Film and Electrolytic | Relocation & Exit Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total expected to be incurred | 4,313 | ||
Restructuring and Related Cost, Incurred Cost | 2,018 | ||
Cumulative incurred to date | 4,313 | ||
Granna, Sweden [Member] | Film and Electrolytic | Manufacturing Relocation [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 2,000 | 2,300 | |
JAPAN | Personnel Reduction Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 5,000 | ||
JAPAN | Electro-magnetic, Sensors & Actuators [Member] | Personnel Reduction Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total expected to be incurred | 5,729 | ||
Restructuring and Related Cost, Incurred Cost | 5,021 | ||
Cumulative incurred to date | 5,021 | ||
JAPAN | TOKIN | Electro-magnetic, Sensors & Actuators [Member] | Personnel Reduction Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 3,500 | ||
JAPAN | TOKIN | Corporate | Personnel Reduction Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | $ 1,500 | ||
MnO2 product line headcount reduction | Solid Capacitors | Personnel Reduction Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | $ 1,600 |
Restructuring - Summary of Aggr
Restructuring - Summary of Aggregated Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 8,882 | $ 8,779 | $ 14,843 |
Manufacturing and sales office relocation costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 1,264 | 5,956 | 2,256 |
Personnel Reduction Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 7,618 | $ 2,823 | $ 12,587 |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 8,882 | $ 8,779 | $ 14,843 |
Personnel Reduction Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 7,618 | 2,823 | 12,587 |
Restructuring Reserve, Accrual Adjustment | 0 | ||
Manufacturing and sales office relocation costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 1,264 | 5,956 | 2,256 |
Restructuring Reserve, Accrual Adjustment | 312 | ||
Employee Relocation | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 200 | ||
Solid Capacitors | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 517 | 4,922 | 983 |
Tantalum [Member] | Personnel Reduction Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 1,100 | ||
Film and Electrolytic | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 3,458 | 2,717 | 5,788 |
Workforce reductions and administrative overhead | 5,200 | ||
Film and Electrolytic | Personnel Reduction Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 500 | 300 | |
NEVADA | Solid Capacitors | Personnel Reduction Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 1,107 | ||
Cumulative incurred to date | 1,107 | ||
NEVADA | Solid Capacitors | Manufacturing and sales office relocation costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 800 | 3,400 | |
NEVADA | Solid Capacitors | Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | (777) | ||
Cumulative incurred to date | 2,580 | ||
TOKIN | Personnel Reduction Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 900 | 4,400 | |
Matamoros Mexico [Member] | K-Salt [Member] | Manufacturing and sales office relocation costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 800 | ||
TENNESSEE | Employee Relocation | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 400 | ||
Victoria Mexico [Member] | Solid Capacitors | Manufacturing and sales office relocation costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Accrual Adjustment | 100 | ||
Europe | |||
Restructuring Cost and Reserve [Line Items] | |||
Workforce reductions and administrative overhead | 200 | ||
FLORIDA | Personnel Reduction Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 2,700 | ||
FLORIDA | Manufacturing and sales office relocation costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 900 | ||
Granna, Sweden [Member] | Film and Electrolytic | Personnel Reduction Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 700 | ||
Restructuring and Related Cost, Incurred Cost | 732 | ||
Cumulative incurred to date | 732 | ||
Granna, Sweden [Member] | Film and Electrolytic | Manufacturing and sales office relocation costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 2,000 | $ 2,300 | |
Granna, Sweden [Member] | Film and Electrolytic | Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 2,018 | ||
Cumulative incurred to date | $ 4,313 | ||
Customer Relationships | |||
Restructuring Cost and Reserve [Line Items] | |||
Useful life | 12 years 2 months 12 days | 12 years 3 months 12 days | |
TOKIN | Personnel Reduction Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 5,000 | ||
MnO2 product line headcount reduction | Solid Capacitors | Personnel Reduction Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | $ 1,600 |
Restructuring - Rollforward (De
Restructuring - Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Reconciliation of restructuring liability | |||
Costs charged to expense (1) | $ 8,882 | $ 8,779 | $ 14,843 |
Personnel reduction costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Accrual Adjustment | 0 | ||
Reconciliation of restructuring liability | |||
Balance at the beginning of the period | 1,865 | 9,629 | 999 |
Costs charged to expense (1) | 7,618 | 2,823 | 12,587 |
Costs paid or settled | (7,976) | (10,329) | (3,901) |
Change in foreign exchange | 3 | (258) | 147 |
Balance at the end of the period | 1,510 | 1,865 | 9,629 |
Personnel reduction costs | |||
Reconciliation of restructuring liability | |||
Costs charged to expense (1) | 12,384 | ||
Manufacturing and sales office relocation costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Accrual Adjustment | 312 | ||
Reconciliation of restructuring liability | |||
Balance at the beginning of the period | 316 | 330 | 406 |
Costs charged to expense (1) | 1,264 | 5,956 | 2,256 |
Costs paid or settled | (1,264) | (5,957) | (2,662) |
Change in foreign exchange | 7 | (13) | 18 |
Balance at the end of the period | 323 | 316 | 330 |
Employee Relocation | |||
Reconciliation of restructuring liability | |||
Costs charged to expense (1) | 200 | ||
Film and Electrolytic | |||
Reconciliation of restructuring liability | |||
Costs charged to expense (1) | 3,458 | 2,717 | $ 5,788 |
Film and Electrolytic | Personnel reduction costs | |||
Reconciliation of restructuring liability | |||
Costs charged to expense (1) | $ 500 | $ 300 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets Schedule of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Goodwill [Line Items] | |||
Goodwill | $ 41,210 | $ 40,294 | $ 40,294 |
Goodwill, Acquired During Period | 916 | 0 | |
Solid Capacitors | |||
Goodwill [Line Items] | |||
Goodwill | 35,584 | 35,584 | 35,584 |
Goodwill, Acquired During Period | 0 | 0 | |
Film and Electrolytic | |||
Goodwill [Line Items] | |||
Goodwill | 916 | 0 | 0 |
Goodwill, Acquired During Period | 916 | 0 | |
Electro-magnetic, Sensors & Actuators [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 0 | 0 | 0 |
Goodwill, Acquired During Period | 0 | 0 | |
Corporate | |||
Goodwill [Line Items] | |||
Goodwill | 4,710 | 4,710 | $ 4,710 |
Goodwill, Acquired During Period | 0 | $ 0 | |
Novasentis | Film and Electrolytic | |||
Goodwill [Line Items] | |||
Goodwill | $ 900 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Amortizing Intangibles: | |||
Finite-Lived Trademarks, Gross | $ 15,315 | $ 15,151 | |
Goodwill | 41,210 | 40,294 | $ 40,294 |
Trademarks | 15,315 | 15,151 | |
Indefinite-lived Intangible Assets (Excluding Goodwill) | 18,315 | 15,151 | |
Carrying Amount | 64,893 | 64,726 | |
Accumulated Amortization | (30,495) | (26,128) | |
Total amortization | 34,398 | 38,598 | |
Amortization of Intangible Assets | 4,500 | 4,500 | 4,300 |
Intangible Assets, Net (Including Goodwill) | 52,713 | 53,749 | |
Intangible assets | 83,208 | 79,877 | |
Patents [Member] | |||
Amortizing Intangibles: | |||
Finite-Lived Patents, Gross | 26,662 | 26,662 | |
Accumulated Amortization | (13,466) | (12,046) | |
Total amortization | 13,196 | 14,616 | |
Amortization of Intangible Assets | $ 1,400 | $ 1,400 | 1,400 |
Patents [Member] | Minimum | |||
Amortizing Intangibles: | |||
Useful life | 10 years | 10 years | |
Patents [Member] | Maximum [Member] | |||
Amortizing Intangibles: | |||
Useful life | 18 years | 18 years | |
Customer Relationships | |||
Amortizing Intangibles: | |||
Useful life | 12 years 2 months 12 days | 12 years 3 months 12 days | |
Accumulated Amortization | $ (16,826) | $ (13,868) | |
Total amortization | 21,202 | 23,982 | |
Finite-Lived Customer Relationships, Gross | 38,028 | 37,850 | |
Amortization of Intangible Assets | $ 3,100 | $ 3,100 | $ 2,900 |
Customer Relationships | Minimum | |||
Amortizing Intangibles: | |||
Useful life | 10 years | 10 years | |
Customer Relationships | Maximum [Member] | |||
Amortizing Intangibles: | |||
Useful life | 21 years | 21 years | |
Other Intangible Assets [Member] | |||
Amortizing Intangibles: | |||
Accumulated Amortization | $ (203) | $ (214) | |
Total amortization | 0 | 0 | |
Other Finite-Lived Intangible Assets, Gross | $ 203 | $ 214 | |
Purchased technology, customer relationships and patents | Weighted Average [Member] | |||
Amortizing Intangibles: | |||
Useful life | 15 years 9 months 18 days | 15 years 9 months 6 days | |
Unclassified Indefinite-lived Intangible Assets [Member] | |||
Amortizing Intangibles: | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 3,000 | $ 0 | |
KEMET Jianghai Electronics Components Co., Ltd (“KEMET Jianghai”) | |||
Amortizing Intangibles: | |||
NTS' sales to KEMET | $ 2,131 | $ 56 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Amortizing Intangibles: | |||
Amortization charges | $ 4.5 | $ 4.5 | $ 4.3 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 4.5 | ||
Amortization expense, year four | 4.5 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 11.9 | ||
Patents [Member] | |||
Amortizing Intangibles: | |||
Amortization charges | 1.4 | 1.4 | 1.4 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 1.4 | ||
Amortization expense, year four | 1.4 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 6.1 | ||
Customer Relationships | |||
Amortizing Intangibles: | |||
Amortization charges | $ 3.1 | $ 3.1 | $ 2.9 |
Useful life | 12 years 2 months 12 days | 12 years 3 months 12 days | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | $ 3.1 | ||
Amortization expense, year four | 3.1 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 5.8 | ||
Purchased technology, customer relationships and patents | Weighted Average [Member] | |||
Amortizing Intangibles: | |||
Useful life | 15 years 9 months 18 days | 15 years 9 months 6 days | |
Finite-Lived Intangible Asset, Weighted Average Period before Next Renewal or Extension | 1 year 6 months | 2 years 6 months |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets Goodwill and Intangible Assets - Phantom (Details) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Amortizing Intangibles: | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | $ 4.5 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 4.5 | |
Amortization expense, year four | 4.5 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 4.5 | |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 11.9 | |
Patents [Member] | ||
Amortizing Intangibles: | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 1.4 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 1.4 | |
Amortization expense, year four | 1.4 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 1.4 | |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 6.1 | |
Patents [Member] | Minimum | ||
Amortizing Intangibles: | ||
Useful life | 10 years | 10 years |
Patents [Member] | Maximum [Member] | ||
Amortizing Intangibles: | ||
Useful life | 18 years | 18 years |
Customer Relationships [Member] | ||
Amortizing Intangibles: | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | $ 3.1 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 3.1 | |
Amortization expense, year four | 3.1 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 3.1 | |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 5.8 | |
Useful life | 12 years 2 months 12 days | 12 years 3 months 12 days |
Customer Relationships [Member] | Minimum | ||
Amortizing Intangibles: | ||
Useful life | 10 years | 10 years |
Customer Relationships [Member] | Maximum [Member] | ||
Amortizing Intangibles: | ||
Useful life | 21 years | 21 years |
Equity Method Investments - Rec
Equity Method Investments - Reconciliation (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 16,593 | $ 12,925 |
Nippon Yttrium Co., Ltd (NYC) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | 8,617 | 8,215 |
NT Sales Co., Ltd (NTS) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | 1,509 | 1,218 |
KEMET Jianghai Electronics Components Co., Ltd (“KEMET Jianghai”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | 6,467 | 2,515 |
Novasentis | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 0 | $ 977 |
Equity Method Investments - TOK
Equity Method Investments - TOKIN's Joint Ventures (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 16,593 | $ 12,925 |
Nippon Yttrium Co., Ltd (NYC) | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 30.00% | |
Equity method investments | $ 8,617 | 8,215 |
NT Sales Co., Ltd (NTS) | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 33.00% | |
Equity method investments | $ 1,509 | $ 1,218 |
TOKIN | NT Sales Co., Ltd (NTS) | Disposed of by Sale | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 67.00% |
Equity Method Investments Equit
Equity Method Investments Equity Method Investments - TOKIN and NTS (Details) - NT Sales Co., Ltd (NTS) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||
KEMET's sales to NTS | $ 49,841 | $ 49,740 | $ 52,883 |
NTS' sales to KEMET | $ 1,112 | $ 2,501 | $ 1,616 |
Equity Method Investments - KEM
Equity Method Investments - KEMET JIANGHAI Joint Venture (Details) | Mar. 31, 2020 |
KEMET Jianghai Electronics Components Co., Ltd (“KEMET Jianghai”) | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage | 50.00% |
Segment and Geographic Inform_3
Segment and Geographic Information - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2020USD ($)manufacturing_site | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2020USD ($)business_groupmanufacturing_site | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | |
Segment Reporting [Abstract] | |||||||||||
Number of business groups | business_group | 3 | ||||||||||
Segment and geographic information | |||||||||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | $ 19,710 | $ 1,660 | $ (992) | ||||||||
Assets | $ 1,393,097 | $ 1,318,095 | 1,393,097 | 1,318,095 | |||||||
Operating income (loss) | 11,728 | $ 28,648 | $ 49,090 | $ 58,400 | 54,057 | $ 61,616 | $ 50,000 | $ 35,176 | 147,866 | 200,849 | 112,852 |
Depreciation and amortization | 62,819 | 52,628 | 50,661 | ||||||||
Solid Capacitors | |||||||||||
Segment and geographic information | |||||||||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 1,538 | 235 | 689 | ||||||||
Assets | $ 888,046 | 794,402 | $ 888,046 | 794,402 | |||||||
Number of manufacturing sites | manufacturing_site | 9 | 9 | |||||||||
Operating income (loss) | $ 345,245 | 348,150 | 234,473 | ||||||||
Depreciation and amortization | 33,462 | 28,795 | 27,329 | ||||||||
Film and Electrolytic | |||||||||||
Segment and geographic information | |||||||||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 7,780 | (93) | (3,356) | ||||||||
Assets | $ 207,601 | 219,711 | $ 207,601 | 219,711 | |||||||
Number of manufacturing sites | manufacturing_site | 8 | 8 | |||||||||
Operating income (loss) | $ (14,209) | 8,183 | 3,622 | ||||||||
Depreciation and amortization | 10,142 | 9,763 | 10,918 | ||||||||
Electro-magnetic, Sensors & Actuators [Member] | |||||||||||
Segment and geographic information | |||||||||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 0 | 0 | 1,272 | ||||||||
Assets | $ 220,107 | 234,419 | $ 220,107 | 234,419 | |||||||
Number of manufacturing sites | manufacturing_site | 4 | 4 | |||||||||
Operating income (loss) | $ 13,101 | 22,546 | 15,694 | ||||||||
Depreciation and amortization | 7,379 | 5,226 | 4,407 | ||||||||
Corporate | |||||||||||
Segment and geographic information | |||||||||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 10,392 | 1,518 | 403 | ||||||||
Assets | $ 77,343 | $ 69,563 | 77,343 | 69,563 | |||||||
Operating income (loss) | (196,271) | (178,030) | (140,937) | ||||||||
Depreciation and amortization | $ 11,836 | $ 8,844 | $ 8,007 |
Segment and Geographic Inform_4
Segment and Geographic Information Segment and Geographic Information - Summarized Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Segment and geographic information | |||||||||||
Assets | $ 1,393,097 | $ 1,318,095 | $ 1,393,097 | $ 1,318,095 | |||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | (800) | 1,000 | $ 1,200 | ||||||||
Asset Impairment Charges | 18,900 | 700 | 200 | ||||||||
Restructuring charges | 8,882 | 8,779 | 14,843 | ||||||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 19,710 | 1,660 | (992) | ||||||||
Operating income (loss) | 11,728 | $ 28,648 | $ 49,090 | $ 58,400 | 54,057 | $ 61,616 | $ 50,000 | $ 35,176 | 147,866 | 200,849 | 112,852 |
Depreciation and amortization | 62,819 | 52,628 | 50,661 | ||||||||
Additions to Other Assets, Amount | 146,331 | 146,056 | 65,004 | ||||||||
Solid Capacitors | |||||||||||
Segment and geographic information | |||||||||||
Assets | 888,046 | 794,402 | 888,046 | 794,402 | |||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | (600) | ||||||||||
Restructuring charges | 517 | 4,922 | 983 | ||||||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 1,538 | 235 | 689 | ||||||||
Operating income (loss) | 345,245 | 348,150 | 234,473 | ||||||||
Depreciation and amortization | 33,462 | 28,795 | 27,329 | ||||||||
Additions to Other Assets, Amount | 102,600 | 80,700 | 31,249 | ||||||||
Film and Electrolytic | |||||||||||
Segment and geographic information | |||||||||||
Assets | 207,601 | 219,711 | 207,601 | 219,711 | |||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | (3,600) | ||||||||||
Restructuring charges | 3,458 | 2,717 | 5,788 | ||||||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 7,780 | (93) | (3,356) | ||||||||
Operating income (loss) | (14,209) | 8,183 | 3,622 | ||||||||
Depreciation and amortization | 10,142 | 9,763 | 10,918 | ||||||||
Additions to Other Assets, Amount | 9,900 | 16,000 | 12,651 | ||||||||
Electro-magnetic, Sensors & Actuators [Member] | |||||||||||
Segment and geographic information | |||||||||||
Assets | 220,107 | 234,419 | 220,107 | 234,419 | |||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | (1,300) | ||||||||||
Restructuring charges | 3,516 | 452 | 3,343 | ||||||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 0 | 0 | 1,272 | ||||||||
Operating income (loss) | 13,101 | 22,546 | 15,694 | ||||||||
Depreciation and amortization | 7,379 | 5,226 | 4,407 | ||||||||
Additions to Other Assets, Amount | 10,600 | 13,400 | 8,481 | ||||||||
Corporate | |||||||||||
Segment and geographic information | |||||||||||
Assets | $ 77,343 | $ 69,563 | 77,343 | 69,563 | |||||||
Asset Impairment Charges | 8,900 | ||||||||||
Restructuring charges | 1,391 | 688 | 4,729 | ||||||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 10,392 | 1,518 | 403 | ||||||||
Operating income (loss) | (196,271) | (178,030) | (140,937) | ||||||||
Depreciation and amortization | 11,836 | 8,844 | 8,007 | ||||||||
Additions to Other Assets, Amount | $ 23,231 | $ 35,956 | $ 12,623 |
Segment and Geographic Inform_5
Segment and Geographic Information - Net Sales by Country (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | |
Net sales and property, plant and equipment, goodwill, intangible assets | |||||||||||
Net sales | $ 293,174 | $ 294,741 | $ 327,397 | $ 345,242 | $ 355,794 | $ 350,175 | $ 349,233 | $ 327,616 | $ 1,260,554 | $ 1,382,818 | $ 1,200,181 |
Property, plant, and equipment, net | 552,636 | 495,280 | 552,636 | 495,280 | |||||||
Solid Capacitors | |||||||||||
Net sales and property, plant and equipment, goodwill, intangible assets | |||||||||||
Net sales | 886,063 | 935,838 | 771,240 | ||||||||
Film and Electrolytic | |||||||||||
Net sales and property, plant and equipment, goodwill, intangible assets | |||||||||||
Net sales | $ 175,803 | $ 206,240 | $ 201,977 | ||||||||
Net sales | Sales risk | |||||||||||
Net sales and property, plant and equipment, goodwill, intangible assets | |||||||||||
Number of customers | 1 | 1 | 1 | ||||||||
Concentration Risk, Geographic | 0 | 0 | 0 | ||||||||
Net sales | $ 154,600 | $ 184,300 | $ 133,500 | ||||||||
Net sales | Geographic risk | |||||||||||
Net sales and property, plant and equipment, goodwill, intangible assets | |||||||||||
Threshold for Disclosure Percentage | 3.00% | 3.00% | 3.00% | ||||||||
Property, Plant and Equipment | Geographic risk | |||||||||||
Net sales and property, plant and equipment, goodwill, intangible assets | |||||||||||
Threshold for Disclosure Percentage | 1.00% | ||||||||||
United States | |||||||||||
Net sales and property, plant and equipment, goodwill, intangible assets | |||||||||||
Net sales | $ 246,821 | $ 292,980 | $ 233,133 | ||||||||
Property, plant, and equipment, net | 68,992 | 57,095 | 68,992 | 57,095 | |||||||
Japan | |||||||||||
Net sales and property, plant and equipment, goodwill, intangible assets | |||||||||||
Net sales | 157,539 | 178,502 | 170,282 | ||||||||
Property, plant, and equipment, net | 89,080 | 89,602 | 89,080 | 89,602 | |||||||
THAILAND | |||||||||||
Net sales and property, plant and equipment, goodwill, intangible assets | |||||||||||
Property, plant, and equipment, net | 82,905 | 82,389 | 82,905 | 82,389 | |||||||
China | |||||||||||
Net sales and property, plant and equipment, goodwill, intangible assets | |||||||||||
Net sales | 181,319 | 173,148 | 163,016 | ||||||||
Property, plant, and equipment, net | 51,120 | 45,815 | 51,120 | 45,815 | |||||||
Italy | |||||||||||
Net sales and property, plant and equipment, goodwill, intangible assets | |||||||||||
Net sales | 12,031 | 15,551 | 17,905 | ||||||||
Property, plant, and equipment, net | 25,373 | 35,197 | 25,373 | 35,197 | |||||||
Hungary | |||||||||||
Net sales and property, plant and equipment, goodwill, intangible assets | |||||||||||
Net sales | 12,050 | 12,245 | 13,254 | ||||||||
Mexico | |||||||||||
Net sales and property, plant and equipment, goodwill, intangible assets | |||||||||||
Net sales | 49,346 | 44,267 | 23,915 | ||||||||
Property, plant, and equipment, net | 176,417 | 121,147 | 176,417 | 121,147 | |||||||
Other | |||||||||||
Net sales and property, plant and equipment, goodwill, intangible assets | |||||||||||
Net sales | 1,865 | 1,281 | 2,278 | ||||||||
Property, plant, and equipment, net | 6,946 | 8,977 | 6,946 | 8,977 | |||||||
Portugal | |||||||||||
Net sales and property, plant and equipment, goodwill, intangible assets | |||||||||||
Property, plant, and equipment, net | 33,092 | 31,872 | 33,092 | 31,872 | |||||||
Macedonia | |||||||||||
Net sales and property, plant and equipment, goodwill, intangible assets | |||||||||||
Property, plant, and equipment, net | 12,135 | 12,906 | 12,135 | 12,906 | |||||||
BULGARIA | |||||||||||
Net sales and property, plant and equipment, goodwill, intangible assets | |||||||||||
Property, plant, and equipment, net | 6,014 | 5,480 | 6,014 | 5,480 | |||||||
Sweden | |||||||||||
Net sales and property, plant and equipment, goodwill, intangible assets | |||||||||||
Property, plant, and equipment, net | 562 | 4,800 | 562 | 4,800 | |||||||
Total Non-United States | |||||||||||
Net sales and property, plant and equipment, goodwill, intangible assets | |||||||||||
Net sales | 1,013,733 | 1,089,838 | 967,048 | ||||||||
Property, plant, and equipment, net | $ 483,644 | $ 438,185 | 483,644 | 438,185 | |||||||
Hong Kong | |||||||||||
Net sales and property, plant and equipment, goodwill, intangible assets | |||||||||||
Net sales | 195,898 | 188,102 | 169,073 | ||||||||
Germany | |||||||||||
Net sales and property, plant and equipment, goodwill, intangible assets | |||||||||||
Net sales | 99,166 | 124,805 | 105,548 | ||||||||
Europe | |||||||||||
Net sales and property, plant and equipment, goodwill, intangible assets | |||||||||||
Net sales | 84,504 | 76,149 | 64,248 | ||||||||
Taiwan | |||||||||||
Net sales and property, plant and equipment, goodwill, intangible assets | |||||||||||
Net sales | 58,364 | 88,853 | 78,728 | ||||||||
Asia [Member] | |||||||||||
Net sales and property, plant and equipment, goodwill, intangible assets | |||||||||||
Net sales | 46,455 | 47,233 | 36,647 | ||||||||
United Kingdom | |||||||||||
Net sales and property, plant and equipment, goodwill, intangible assets | |||||||||||
Net sales | 29,070 | 42,472 | 37,038 | ||||||||
Netherlands | |||||||||||
Net sales and property, plant and equipment, goodwill, intangible assets | |||||||||||
Net sales | 39,329 | 44,065 | 39,684 | ||||||||
Malaysia | |||||||||||
Net sales and property, plant and equipment, goodwill, intangible assets | |||||||||||
Net sales | 23,750 | 33,748 | 28,165 | ||||||||
Singapore | |||||||||||
Net sales and property, plant and equipment, goodwill, intangible assets | |||||||||||
Net sales | $ 23,047 | $ 19,417 | $ 17,267 | ||||||||
Minimum | Net sales | Sales risk | |||||||||||
Net sales and property, plant and equipment, goodwill, intangible assets | |||||||||||
Concentration risk, percentage | 10.00% | 10.00% | 10.00% |
Segment and Geographic Inform_6
Segment and Geographic Information Segment and Geographic Information - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Segment and geographic information | |||||||||||
Net sales | $ 293,174 | $ 294,741 | $ 327,397 | $ 345,242 | $ 355,794 | $ 350,175 | $ 349,233 | $ 327,616 | $ 1,260,554 | $ 1,382,818 | $ 1,200,181 |
Solid Capacitors | |||||||||||
Segment and geographic information | |||||||||||
Net sales | 886,063 | 935,838 | 771,240 | ||||||||
Film and Electrolytic [Member] | |||||||||||
Segment and geographic information | |||||||||||
Net sales | 175,803 | 206,240 | 201,977 | ||||||||
Electro-magnetic, Sensors & Actuators [Member] | |||||||||||
Segment and geographic information | |||||||||||
Net sales | 198,688 | 240,740 | 226,964 | ||||||||
EMEA [Member] | |||||||||||
Segment and geographic information | |||||||||||
Net sales | 276,477 | 315,535 | 277,898 | ||||||||
EMEA [Member] | Solid Capacitors | |||||||||||
Segment and geographic information | |||||||||||
Net sales | 173,772 | 189,992 | 156,169 | ||||||||
EMEA [Member] | Film and Electrolytic [Member] | |||||||||||
Segment and geographic information | |||||||||||
Net sales | 99,820 | 122,956 | 119,649 | ||||||||
EMEA [Member] | Electro-magnetic, Sensors & Actuators [Member] | |||||||||||
Segment and geographic information | |||||||||||
Net sales | 2,885 | 2,587 | 2,080 | ||||||||
Americas [Member] | |||||||||||
Segment and geographic information | |||||||||||
Net sales | 296,929 | 337,842 | 259,105 | ||||||||
Americas [Member] | Solid Capacitors | |||||||||||
Segment and geographic information | |||||||||||
Net sales | 258,329 | 297,167 | 227,582 | ||||||||
Americas [Member] | Film and Electrolytic [Member] | |||||||||||
Segment and geographic information | |||||||||||
Net sales | 29,180 | 30,462 | 22,634 | ||||||||
Americas [Member] | Electro-magnetic, Sensors & Actuators [Member] | |||||||||||
Segment and geographic information | |||||||||||
Net sales | 9,420 | 10,213 | 8,889 | ||||||||
JPKO [Member] | |||||||||||
Segment and geographic information | |||||||||||
Net sales | 177,987 | 196,101 | 183,191 | ||||||||
JPKO [Member] | Solid Capacitors | |||||||||||
Segment and geographic information | |||||||||||
Net sales | 42,603 | 37,496 | 36,698 | ||||||||
JPKO [Member] | Film and Electrolytic [Member] | |||||||||||
Segment and geographic information | |||||||||||
Net sales | 1,107 | 899 | 772 | ||||||||
JPKO [Member] | Electro-magnetic, Sensors & Actuators [Member] | |||||||||||
Segment and geographic information | |||||||||||
Net sales | 134,277 | 157,706 | 145,721 | ||||||||
Asia Pacific [Member] | |||||||||||
Segment and geographic information | |||||||||||
Net sales | 509,161 | 533,340 | 479,987 | ||||||||
Asia Pacific [Member] | Solid Capacitors | |||||||||||
Segment and geographic information | |||||||||||
Net sales | 411,359 | 411,183 | 350,791 | ||||||||
Asia Pacific [Member] | Film and Electrolytic [Member] | |||||||||||
Segment and geographic information | |||||||||||
Net sales | 45,696 | 51,923 | 58,922 | ||||||||
Asia Pacific [Member] | Electro-magnetic, Sensors & Actuators [Member] | |||||||||||
Segment and geographic information | |||||||||||
Net sales | 52,106 | 70,234 | 70,274 | ||||||||
OEM | |||||||||||
Segment and geographic information | |||||||||||
Net sales | 552,629 | 598,306 | 563,495 | ||||||||
OEM | Solid Capacitors | |||||||||||
Segment and geographic information | |||||||||||
Net sales | 296,520 | 290,058 | 262,097 | ||||||||
OEM | Film and Electrolytic [Member] | |||||||||||
Segment and geographic information | |||||||||||
Net sales | 70,700 | 81,704 | 86,049 | ||||||||
OEM | Electro-magnetic, Sensors & Actuators [Member] | |||||||||||
Segment and geographic information | |||||||||||
Net sales | 185,409 | 226,544 | 215,349 | ||||||||
Distributor | |||||||||||
Segment and geographic information | |||||||||||
Net sales | 508,536 | 584,618 | 470,324 | ||||||||
Distributor | Solid Capacitors | |||||||||||
Segment and geographic information | |||||||||||
Net sales | 419,170 | 475,190 | 366,569 | ||||||||
Distributor | Film and Electrolytic [Member] | |||||||||||
Segment and geographic information | |||||||||||
Net sales | 79,549 | 100,113 | 92,708 | ||||||||
Distributor | Electro-magnetic, Sensors & Actuators [Member] | |||||||||||
Segment and geographic information | |||||||||||
Net sales | 9,817 | 9,315 | 11,047 | ||||||||
EMS | |||||||||||
Segment and geographic information | |||||||||||
Net sales | 199,389 | 199,894 | 166,362 | ||||||||
EMS | Solid Capacitors | |||||||||||
Segment and geographic information | |||||||||||
Net sales | 170,373 | 170,590 | 142,574 | ||||||||
EMS | Film and Electrolytic [Member] | |||||||||||
Segment and geographic information | |||||||||||
Net sales | 25,554 | 24,423 | 23,220 | ||||||||
EMS | Electro-magnetic, Sensors & Actuators [Member] | |||||||||||
Segment and geographic information | |||||||||||
Net sales | 3,462 | 4,881 | 568 | ||||||||
Tantalum | Solid Capacitors | |||||||||||
Segment and geographic information | |||||||||||
Net sales | 495,695 | 563,255 | 495,114 | ||||||||
Ceramics | Solid Capacitors | |||||||||||
Segment and geographic information | |||||||||||
Net sales | $ 390,368 | $ 372,583 | $ 276,126 |
Discontinued Operations Disco_2
Discontinued Operations Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Net sales and net operating (loss) from discontinued operations | |||
Net sales | $ 5,600 | ||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | 300 | ||
Machinery Division [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Revenue | $ 0 | 0 | $ 0 |
Net sales and net operating (loss) from discontinued operations | |||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | $ 0 | $ 0 | $ 0 |
(Gain) Loss on Write-Down and D
(Gain) Loss on Write-Down and Disposal of Long-Lived Assets Impairment Charges - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ (800) | $ 1,000 | $ 1,200 |
Proceeds from sale of discontinued operations | 3,400 | ||
Gain (Loss) on Sale of Properties | 1,900 | ||
Cost of sales | 840,066 | 924,276 | 860,744 |
Asset Impairment Charges | 18,900 | 700 | 200 |
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 19,710 | 1,660 | (992) |
Corporate | |||
Property, Plant and Equipment [Line Items] | |||
Asset Impairment Charges | 8,900 | ||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 10,392 | 1,518 | 403 |
Solid Capacitors | |||
Property, Plant and Equipment [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | (600) | ||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 1,538 | 235 | 689 |
Film and Electrolytic | |||
Property, Plant and Equipment [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | (3,600) | ||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 7,780 | (93) | (3,356) |
KFM [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | (1,400) | ||
Electro-magnetic, Sensors & Actuators [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | (1,300) | ||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 0 | 0 | 1,272 |
Machinery and equipment | Solid Capacitors | |||
Property, Plant and Equipment [Line Items] | |||
Asset Impairment Charges | 1,400 | ||
Machinery and equipment | Film and Electrolytic | |||
Property, Plant and Equipment [Line Items] | |||
Asset Impairment Charges | 6,100 | ||
Buildings | Corporate | |||
Property, Plant and Equipment [Line Items] | |||
Asset Impairment Charges | 800 | ||
Buildings | Film and Electrolytic | |||
Property, Plant and Equipment [Line Items] | |||
Asset Impairment Charges | $ 900 | ||
TOKIN | Land | |||
Property, Plant and Equipment [Line Items] | |||
Asset Impairment Charges | 500 | ||
TOKIN | Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Asset Impairment Charges | $ 200 | ||
Real Estate | |||
Property, Plant and Equipment [Line Items] | |||
Cost of sales | $ 200 |
Pension and Other Post-retire_3
Pension and Other Post-retirement Benefit Plans - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020USD ($)plan | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Number of Fiscal Years | 10 years | ||
Number of defined benefit plans | plan | 12 | ||
Gains net of the employer matches related to the deferred compensation plan | $ 47 | $ 51 | $ 206 |
Total benefits accrued | 400 | 2,300 | |
Matched contribution of the entity | 3,200 | 2,800 | 2,200 |
Defined Benefit Plan Accumulated Other Comprehensive Income (Loss) Tax | $ 3,500 | 2,400 | |
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company matched contribution (as a percent) | 6.00% | ||
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Other Income | $ (1,949) | (115) | 71 |
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | 200 | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 4,400 | ||
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year | 200 | ||
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Other Income | 0 | $ 0 | $ 0 |
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | $ 100 | ||
Number of defined benefit plans | plan | 2 | ||
Europe | Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of defined benefit plans | plan | 6 | ||
Singapore | Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of defined benefit plans | plan | 1 | ||
Mexico | Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of defined benefit plans | plan | 2 | ||
Japan | Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of defined benefit plans | plan | 2 | ||
THAILAND | Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of defined benefit plans | plan | 1 |
Pension and Other Post-retire_4
Pension and Other Post-retirement Benefit Plans - Summary of Change in Benefit Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | |
Funded status at end of year | |||||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 6,486 | ||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 7,936 | ||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 7,391 | ||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 9,187 | ||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 9,894 | ||||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 52,767 | ||||
Pension | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | $ (588) | $ (1,684) | $ 184 | ||
Change in Benefit Obligation | |||||
Benefit obligation at beginning of the year | 148,440 | 161,673 | |||
Service cost | 4,562 | 4,716 | 4,585 | ||
Interest cost | 1,830 | 1,815 | 1,750 | ||
Plan participants’ contributions | 0 | 0 | |||
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 792 | 0 | |||
Actuarial (gain) loss | (1,860) | 1,146 | |||
Foreign currency exchange rate change | (1,684) | (8,402) | |||
Gross benefits paid | (5,153) | (1,097) | |||
Curtailments and settlements | (6,086) | (11,411) | |||
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Other Change | (13) | 0 | |||
Benefit obligation at end of year | 140,828 | 148,440 | 161,673 | ||
Change in Plan Assets | |||||
Fair value of plan assets at beginning of year | 63,902 | 71,491 | |||
Actual return on plan assets | (543) | 1,165 | |||
Foreign currency exchange rate changes | 487 | (3,161) | |||
Employer contributions | (10,208) | (7,882) | |||
Settlements | (7,700) | (12,379) | |||
Plan participants’ contributions | 0 | 0 | |||
Gross benefits paid | 5,153 | 1,096 | |||
Fair value of plan assets at end of year | 61,201 | 63,902 | 71,491 | ||
Funded status at end of year | |||||
Fair value of plan assets | 63,902 | 63,902 | 71,491 | 61,201 | $ 63,902 |
Benefit obligations | (148,440) | (148,440) | (161,673) | (140,828) | (148,440) |
Amount recognized at end of year | (79,627) | (84,538) | |||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 6,438 | ||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 7,893 | ||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 7,353 | ||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 9,154 | ||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 9,866 | ||||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 52,682 | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | (779) | (511) | (322) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 792 | 0 | 0 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 83 | 87 | 87 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Tax, after Reclassification Adjustment, Attributable to Parent | 518 | 1,086 | (593) | ||
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax | 7,473 | 6,178 | 4,195 | ||
Other Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 2 | 81 | (64) | ||
Change in Benefit Obligation | |||||
Benefit obligation at beginning of the year | 312 | 367 | |||
Service cost | 0 | 0 | 0 | ||
Interest cost | 9 | 11 | 12 | ||
Plan participants’ contributions | 553 | 641 | |||
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 0 | 0 | |||
Actuarial (gain) loss | (2) | (81) | |||
Foreign currency exchange rate change | 0 | 0 | |||
Gross benefits paid | (594) | (626) | |||
Curtailments and settlements | 0 | 0 | |||
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Other Change | 0 | 0 | |||
Benefit obligation at end of year | 278 | 312 | 367 | ||
Change in Plan Assets | |||||
Fair value of plan assets at beginning of year | 0 | 0 | |||
Actual return on plan assets | 0 | 0 | |||
Foreign currency exchange rate changes | 0 | 0 | |||
Employer contributions | (41) | (15) | |||
Settlements | 0 | 0 | |||
Plan participants’ contributions | 553 | 641 | |||
Gross benefits paid | 594 | 626 | |||
Fair value of plan assets at end of year | 0 | 0 | 0 | ||
Funded status at end of year | |||||
Fair value of plan assets | 0 | 0 | 0 | 0 | 0 |
Benefit obligations | (312) | (312) | (367) | (278) | (312) |
Amount recognized at end of year | (278) | $ (312) | |||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 48 | ||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 43 | ||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 38 | ||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 33 | ||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 28 | ||||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 85 | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 148 | 167 | 191 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 0 | 0 | 0 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 0 | 0 | 0 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Tax, after Reclassification Adjustment, Attributable to Parent | 146 | 86 | 255 | ||
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax | $ 7 | $ (70) | $ 76 |
Pension and Other Post-retire_5
Pension and Other Post-retirement Benefit Plans - Amounts in Financial Statements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets for Plan Benefits, Defined Benefit Plan | $ 2,317 | $ 670 | |
Amounts recognized in the Consolidated Balance Sheets | |||
Current liability | (2,663) | (2,753) | |
Noncurrent liability | (79,281) | (82,455) | |
Net liability recognized, end of year | (79,627) | (84,538) | |
Accumulated other comprehensive income (loss) | |||
Net actuarial loss (gain) | 16,673 | 16,864 | |
Prior service cost | 2,034 | 1,325 | |
Accumulated other comprehensive (income) loss | 18,707 | 18,189 | |
Components of benefit costs (credit) | |||
Net service cost | 4,562 | 4,716 | $ 4,585 |
Interest cost | 1,830 | 1,815 | 1,750 |
Expected return on plan assets (1) | (1,913) | (2,037) | (1,956) |
Amortization: | |||
Actuarial (gain) loss (2) | 444 | 396 | 393 |
Prior service cost | 83 | 87 | 87 |
Recurring activity | 5,006 | 4,977 | 4,859 |
One time expense (income) (3) | 1,949 | 115 | (71) |
Net periodic benefit cost (credit) | 6,955 | 5,092 | 4,788 |
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets for Plan Benefits, Defined Benefit Plan | 0 | 0 | |
Amounts recognized in the Consolidated Balance Sheets | |||
Current liability | (47) | (50) | |
Noncurrent liability | (231) | (262) | |
Net liability recognized, end of year | (278) | (312) | |
Accumulated other comprehensive income (loss) | |||
Net actuarial loss (gain) | (646) | (793) | |
Prior service cost | 0 | 0 | |
Accumulated other comprehensive (income) loss | (646) | (793) | |
Components of benefit costs (credit) | |||
Net service cost | 0 | 0 | 0 |
Interest cost | 9 | 11 | 12 |
Expected return on plan assets (1) | 0 | 0 | 0 |
Amortization: | |||
Actuarial (gain) loss (2) | (148) | (167) | (191) |
Prior service cost | 0 | 0 | 0 |
Recurring activity | (139) | (156) | (179) |
One time expense (income) (3) | 0 | 0 | 0 |
Net periodic benefit cost (credit) | $ (139) | $ (156) | $ (179) |
Pension and Other Post-retire_6
Pension and Other Post-retirement Benefit Plans - Weighted Average Assumptions (Details) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Pension | ||
Projected benefit obligation: | ||
Discount rate | 1.20% | 1.20% |
Rate of compensation increase | 3.50% | 3.50% |
Net periodic benefit cost: | ||
Discount rate | 1.20% | 1.30% |
Rate of compensation increase | 3.50% | 3.50% |
Expected return on plan assets | 2.90% | 3.00% |
Other Benefits | ||
Projected benefit obligation: | ||
Discount rate | 2.50% | 3.30% |
Rate of compensation increase | 0.00% | 0.00% |
Net periodic benefit cost: | ||
Discount rate | 3.30% | 3.50% |
Rate of compensation increase | 0.00% | 0.00% |
Expected return on plan assets | 0.00% | 0.00% |
Pension and Other Post-retire_7
Pension and Other Post-retirement Benefit Plans - Fair Value (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 100.00% | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | ||
Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 1.00% | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 1.00% | ||
Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 6.00% | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 4.00% | ||
International Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 31.00% | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 34.00% | ||
International Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 62.00% | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 61.00% | ||
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 61,201 | $ 63,902 | $ 71,491 |
Actual return on plan assets | (543) | 1,165 | |
Employer contributions | 10,208 | 7,882 | |
Settlements | (7,700) | (12,379) | |
Benefits paid | (5,153) | (1,096) | |
Foreign currency exchange rate change | 487 | (3,161) | |
Pension | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 96 | 319 | |
Pension | International equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 18,895 | 19,965 | |
Pension | International bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 37,799 | 39,030 | |
Pension | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 629 | 642 | |
Pension | Mutual Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,782 | 3,946 | |
Pension | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 96 | 319 | |
Pension | Level 1 | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 96 | 319 | |
Pension | Level 1 | International equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension | Level 1 | International bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension | Level 1 | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 60,476 | 62,941 | |
Pension | Level 2 | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension | Level 2 | International equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 18,895 | 19,965 | |
Pension | Level 2 | International bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 37,799 | 39,030 | |
Pension | Level 2 | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension | Level 2 | Mutual Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,782 | 3,946 | |
Pension | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 629 | 642 | $ 697 |
Actual return on plan assets | 18 | 20 | |
Employer contributions | 226 | 233 | |
Benefits paid | (241) | (247) | |
Foreign currency exchange rate change | (16) | (61) | |
Pension | Level 3 | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension | Level 3 | International equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension | Level 3 | International bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension | Level 3 | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 629 | $ 642 |
Pension and Other Post-retire_8
Pension and Other Post-retirement Benefit Plans - Phantom (Details) - Other Benefits | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Health Care Cost Trend Rate on Covered Charges | 7.00% | 7.00% |
Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Ultimate Health Care Cost Trend Rate | 5.00% | 5.00% |
Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Health Care Cost Trend Rate on Covered Charges | 7.00% | 7.50% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | 5.00% |
Pension and Other Post-retire_9
Pension and Other Post-retirement Benefit Plans - Summary of Changes in the Fair Value of the Defined Benefit Pension Plan (Details) - Pension - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | $ 63,902 | $ 71,491 |
Actual return on plan assets | (543) | 1,165 |
Employer contributions | 10,208 | 7,882 |
Benefits paid | (5,153) | (1,096) |
Foreign currency exchange rate changes | 487 | (3,161) |
Fair value of plan assets at end of year | 61,201 | 63,902 |
Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 642 | 697 |
Actual return on plan assets | 18 | 20 |
Employer contributions | 226 | 233 |
Benefits paid | (241) | (247) |
Foreign currency exchange rate changes | (16) | (61) |
Fair value of plan assets at end of year | $ 629 | $ 642 |
Stock-Based Compensation - Expe
Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
LTIPs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 4,922 | $ 3,938 | $ 2,551 |
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 7,162 | 8,928 | 5,106 |
Cost of sales | LTIPs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 1,658 | 1,254 | 654 |
Cost of sales | RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 2,185 | 1,502 | 865 |
Selling, general and administrative expenses | LTIPs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 2,972 | 2,413 | 1,695 |
Selling, general and administrative expenses | RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 4,831 | 7,338 | 4,195 |
Research and development | LTIPs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 292 | 271 | 202 |
Research and development | RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 146 | $ 88 | $ 46 |
Stock-Based Compensation - Empl
Stock-Based Compensation - Employee Stock Options Narrative (Details) - Stock Options - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized for grant | 12,200 | ||
Expiration period | 10 years | ||
Options (in thousands) | |||
Options outstanding, beginning balance (in shares) | 155 | ||
Options exercised (in shares) | 59 | ||
Options expired (in shares) | 4 | ||
Options outstanding, ending balance (in shares) | 92 | 155 | |
Weighted- Average Exercise Price | |||
Options outstanding weighted average exercise price (in dollars per share) | $ 7.04 | $ 6.37 | |
Options exercised weighted average exercise price (in dollars per share) | 5.46 | ||
Options expired weighted average exercise price (in dollars per share) | $ 4.47 | ||
Remaining weighted average contractual life of options outstanding and exercisable (years) | 2 years 3 months 10 days | ||
Weighted average grant-date fair value of non-vested shares (in dollars per share) | $ 0 | $ 0 | |
Weighted average grant-date fair value of shares | |||
Vested (in dollars per share) | 0 | ||
Granted (in dollars per share) | $ 0 | ||
Total estimated fair value of shares vested | $ 0 | $ 0 | $ 0 |
Stock options exercised | 963 | 1,296 | 6,914 |
Options outstanding and currently exercisable | 1,574 | $ 1,644 | $ 2,713 |
Options currently exercisable | 1,574 | ||
Total unrecognized compensation cost, non-vested options | $ 0 | ||
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
2011 Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized for grant | 11,400 | ||
Prior Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized for grant | 800 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Grants Valuation (Details) | 12 Months Ended |
Mar. 31, 2020 | |
Minimum | Stock Options | |
Assumptions: | |
Purchase price of common stock percent | 100.00% |
Stock-Based Compensation - Long
Stock-Based Compensation - Long-Term Incentive Plans Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Mar. 31, 2019 |
RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation not yet recognized | $ 7.3 | $ 8 |
LTIPs | RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation not yet recognized | 3.9 | 4.1 |
LTIPs | Cash Award | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation not yet recognized | $ 1.9 | $ 2.4 |
Stock-Based Compensation Stock-
Stock-Based Compensation Stock-Based Compensation - Performance Vesting Stock Options (Details) shares in Thousands | Mar. 31, 2020shares |
2020/2021 | Awards Vesting in 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of exercisable options (in shares) | 0 |
2020/2021 | Awards Vesting in 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of exercisable options (in shares) | 49 |
2019/2020 | Awards Vesting in 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of exercisable options (in shares) | 99 |
2019/2020 | Awards Vesting in 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of exercisable options (in shares) | 98 |
2018/2019 | Awards Vesting in 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of exercisable options (in shares) | 0 |
Stock-Based Compensation - Lo_2
Stock-Based Compensation - Long-term Incentive Plans (Details) shares in Thousands | Mar. 31, 2020shares |
2020/2021 | Awards Vesting in 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards vested and expected to vest (in shares) | 0 |
2020/2021 | Awards Vesting in 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards vested and expected to vest (in shares) | 63 |
2020/2021 | Awards Vesting in 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards vested and expected to vest (in shares) | 63 |
2020/2021 | Awards Vesting in 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards vested and expected to vest (in shares) | 65 |
2019/2020 | Awards Vesting in 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards vested and expected to vest (in shares) | 53 |
2019/2020 | Awards Vesting in 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards vested and expected to vest (in shares) | 50 |
2019/2020 | Awards Vesting in 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards vested and expected to vest (in shares) | 51 |
2018/2019 | Awards Vesting in 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards vested and expected to vest (in shares) | 58 |
2018/2019 | Awards Vesting in 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards vested and expected to vest (in shares) | 55 |
2018/2019 | Awards Vesting in 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards vested and expected to vest (in shares) | 0 |
2017/2018 | Awards Vesting in 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards vested and expected to vest (in shares) | 156 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
RSUs | |||
Shares | |||
Non-vested restricted stock at the beginning of the period (in shares) | 1,415,000 | ||
Granted (in shares) | 626,000 | ||
Vested (in shares) | (640,000) | ||
Share-based Payment Arrangement, Expense | $ 7,162 | $ 8,928 | $ 5,106 |
Forfeited (in shares) | (59,000) | ||
Non-vested restricted stock at the end of the period (in shares) | 1,342,000 | 1,415,000 | |
Weighted-average Fair Value on Grant Date | |||
Non-vested restricted stock at the beginning of the period (in dollars per share) | $ 15.19 | ||
Granted (in dollars per share) | 21.89 | ||
Vested (in dollars per share) | 12.08 | ||
Forfeited (in dollars per share) | 18.49 | ||
Non-vested restricted stock at the end of the period (in dollars per share) | $ 19.66 | $ 15.19 | |
Compensation not yet recognized | $ 7,300 | $ 8,000 | |
Restricted Stock Units Settled with Cash | |||
Shares | |||
Vested (in shares) | (37,377) | ||
Share-based Payment Arrangement, Expense | $ 400 | ||
Director | RSUs | |||
Weighted-average Fair Value on Grant Date | |||
Vesting period | 0 years | ||
Officer | RSUs | |||
Weighted-average Fair Value on Grant Date | |||
Vesting period | 3 years | ||
Chief executive officer | RSUs | |||
Weighted-average Fair Value on Grant Date | |||
Period of restriction for sale of shares | 90 days | ||
LTIPs | |||
Shares | |||
Share-based Payment Arrangement, Expense | $ 4,922 | 3,938 | $ 2,551 |
Weighted-average Fair Value on Grant Date | |||
Terms of award | P2Y | ||
LTIPs | RSUs | |||
Weighted-average Fair Value on Grant Date | |||
Compensation not yet recognized | $ 3,900 | $ 4,100 | |
2020/2021 | Awards Vesting in 2020 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 0 | ||
2020/2021 | Awards Vesting in 2021 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 63,000 | ||
2019/2020 | Awards Vesting in 2020 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 53,000 | ||
2019/2020 | Awards Vesting in 2021 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 50,000 | ||
2018/2019 | Awards Vesting in 2020 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 58,000 | ||
2018/2019 | Awards Vesting in 2021 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 55,000 | ||
2017/2018 | Awards Vesting in 2020 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 156,000 |
Derivatives Hedging Foreign Cur
Derivatives Hedging Foreign Currencies (Details) $ in Thousands, ¥ in Billions | 12 Months Ended | ||||||
Mar. 31, 2020USD ($) | Mar. 31, 2020JPY (¥) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2020JPY (¥) | May 28, 2019JPY (¥) | Nov. 07, 2018USD ($) | |
Derivatives, Fair Value [Line Items] | |||||||
Proceeds from Hedge, Financing Activities | $ 6,476 | $ 0 | $ 0 | ||||
Currency Swap [Member] | Other Noncurrent Assets [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative asset, as presented | (10,366) | (3,485) | |||||
Derivative asset, offset | (10,366) | 0 | |||||
Derivative Asset | 0 | 3,485 | |||||
Currency Swap [Member] | Other Noncurrent Liabilities [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative liability, as presented | 0 | ||||||
Derivative liability, offset | (10,366) | 0 | |||||
Derivative Liability | 4,318 | 0 | |||||
Foreign Exchange Forward [Member] | Prepaid Expenses and Other Current Assets | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative asset, as presented | 0 | (1,209) | |||||
Derivative asset, offset | 0 | 645 | |||||
Derivative Asset | 0 | 564 | |||||
Foreign Exchange Forward [Member] | Other Noncurrent Liabilities [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative liability, as presented | 1,977 | 0 | |||||
Derivative liability, offset | 0 | 0 | |||||
Derivative Liability | 1,977 | 0 | |||||
Foreign Exchange Forward [Member] | Accrued Expenses | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative liability, as presented | 13,992 | 645 | |||||
Derivatives | 13,992 | 0 | |||||
Derivative liability, offset | 0 | (645) | |||||
Mexico, Pesos | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | 106,600 | $ 74,300 | |||||
Net Investment Hedging [Member] | Currency Swap [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | $ 255,400 | ¥ 28.9 | |||||
Derivative, Basis Spread on Variable Rate | 6.25% | 6.25% | |||||
Net Investment Hedging [Member] | Japan, Yen | Currency Swap Two [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | $ 33,000,000 | ||||||
Net Investment Hedging [Member] | Japan, Yen | Currency Swap [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | $ 31,600,000 | ||||||
Amortization | $ 1,400,000 | ||||||
Derivative, Basis Spread on Variable Rate | 2.61% | 2.61% | |||||
Net Investment Hedging [Member] | United States of America, Dollars | Currency Swap [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | $ 279,700 | ||||||
Cash Flow Hedging [Member] | Currency Swap One [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | ¥ | ¥ 15.1 | ||||||
Cash Flow Hedging [Member] | Currency Swap Two [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | ¥ | ¥ 16.5 | ||||||
Cash Flow Hedging [Member] | Currency Swap [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Amortization | ¥ | ¥ 1.4 | ||||||
Fair Value Hedging [Member] | Currency Swap [Member] | Other Noncurrent Liabilities [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative liability, as presented | 14,684 | ||||||
Fair Value Hedging [Member] | Japan, Yen | Currency Swap [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | 31,600,000 | ||||||
Fair Value Hedging [Member] | United States of America, Dollars | Currency Swap [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | $ 279,700 |
Income Taxes - Provision (Benef
Income Taxes - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Components of Income (loss) before income taxes | |||
Domestic (U.S.) | $ 31,937 | $ 95,639 | $ 141,582 |
Foreign (Outside U.S.) | 47,894 | 74,792 | 45,485 |
Income before income taxes and equity income (loss) from equity method investments | 79,831 | 170,431 | 187,067 |
Current: | |||
Federal | 3,387 | 170 | 223 |
State and local | 522 | 161 | 50 |
Foreign | 10,288 | 9,966 | 8,295 |
Total current income tax expense | 14,197 | 10,297 | 8,568 |
Deferred: | |||
Federal | 16,486 | (43,804) | (807) |
State and local | 871 | (773) | (96) |
Foreign | 6,972 | (5,180) | 1,467 |
Deferred tax expense (benefit) | 24,329 | (49,757) | 564 |
Provision for income tax expense (benefit) | $ 38,526 | $ (39,460) | $ 9,132 |
Derivatives Gain (Loss) on Deri
Derivatives Gain (Loss) on Derivative Instruments Designated as Hedges (Details) $ in Thousands, ¥ in Billions | 12 Months Ended | |||||
Mar. 31, 2020USD ($) | Mar. 31, 2020JPY (¥) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2020JPY (¥) | May 28, 2019JPY (¥) | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Proceeds from Hedge, Financing Activities | $ 6,476 | $ 0 | $ 0 | |||
Cost of sales | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | 3,111 | (698) | 2,420 | |||
Currency Swap [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 2,600 | |||||
Currency Swap [Member] | Cash Flow Hedging [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amortization | ¥ | ¥ 1.4 | |||||
Currency Swap [Member] | Net Investment Hedging [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, Notional Amount | $ 255,400 | ¥ 28.9 | ||||
Derivative, Basis Spread on Variable Rate | 6.25% | 6.25% | ||||
Currency Swap [Member] | Other Operating Income (Expense) [Member] | Cash Flow Hedging [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ (21,656) | |||||
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | (4,670) | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | |||||
Currency Swap [Member] | Other Operating Income (Expense) [Member] | Fair Value Hedging [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (346) | (6,383) | 0 | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1,622) | (4,134) | 0 | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 3,337 | 6,034 | 0 | |||
Currency Swap [Member] | Other Operating Income (Expense) [Member] | Net Investment Hedging [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 18,152 | 5,009 | 0 | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 10,278 | 4,230 | 0 | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 0 | 0 | 0 | |||
Currency Swap One [Member] | Cash Flow Hedging [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, Notional Amount | ¥ | ¥ 15.1 | |||||
Derivative, Fixed Interest Rate, Payments | 4.88% | 4.88% | ||||
Foreign Exchange Forward [Member] | Cost of sales | Cash Flow Hedging [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ (13,422) | (1,286) | 667 | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 3,111 | (698) | 2,420 | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 0 | $ 0 | $ 0 | |||
Currency Swap Two [Member] | Cash Flow Hedging [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, Notional Amount | ¥ | ¥ 16.5 | |||||
Derivative, Fixed Interest Rate, Payments | 5.26% | 5.26% | ||||
JPY LIBOR [Member] | Currency Swap One [Member] | Cash Flow Hedging [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, Basis Spread on Variable Rate | 2.00% | 2.00% | ||||
JPY LIBOR [Member] | Currency Swap Two [Member] | Cash Flow Hedging [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, Basis Spread on Variable Rate | 2.25% | 2.25% |
Income Taxes - Provision (Ben_2
Income Taxes - Provision (Benefit) For Income Taxes Differences (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Contingency [Line Items] | |||
Change in U.S. valuation allowance | 0.20% | (39.80%) | (35.70%) |
Effect of prior year adjustments | 6.10% | 1.40% | (0.70%) |
Effective Income Tax Rate Amount Reconciliation, Differences Due To Tax Law, Section 162(M) Limitations | 1.10% | 2.70% | 0.00% |
Effective Income Tax Rate Reconciliation, Foreign Income, Amount | 6.00% | 2.10% | 11.80% |
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent | 2.10% | 0.00% | 0.30% |
Taxable foreign source income | 5.40% | 3.80% | (0.20%) |
Non-taxable gain from bargain purchase | 0.00% | 0.00% | (22.00%) |
Effective Income Tax Rate Reconciliation, Tax Settlement, Foreign, Percent | 0.00% | (1.40%) | 0.00% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Percent | (1.30%) | (2.50%) | (3.00%) |
Differences due to tax law changes | 0.002 | 0 | 0.269 |
State income taxes, net of federal taxes (4) | 1.20% | (0.40%) | (1.80%) |
Effective Income Tax Rate Reconciliation, Tax Contingency, Domestic, Percent | 3.00% | 0.00% | 0.00% |
Change in foreign tax law | 0.10% | (1.20%) | 0.10% |
Change in foreign operations valuation allowance | (0.40%) | (24.10%) | (3.60%) |
Foreign earnings | $ 4.8 | ||
Change in foreign operations tax exposure reserves | 1.00% | 0.10% | 0.50% |
Tax rate adjustment | $ 45.6 | ||
Statutory tax rate, percent | 21.00% | 21.00% | 31.60% |
Effective Income Tax Rate Reconciliation, Percent | 48.30% | (23.20%) | 4.90% |
Foreign Tax Authority [Member] | |||
Income Tax Contingency [Line Items] | |||
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent | 2.60% | 6.70% | 0.40% |
Operating loss carryforwards | $ 114.4 | ||
Domestic Tax Authority [Member] | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards | 82.4 | ||
Differences due to tax law, section 162(m) limitations | $ 1.5 | ||
State and Local Jurisdiction | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards | 545 | ||
State and Local Jurisdiction | United States | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards | $ 3.7 | ||
Capacitors Antitrust Litigation | |||
Income Tax Contingency [Line Items] | |||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Percent | 0.00% | 8.40% | 0.30% |
Derivatives Schedule of Fair Va
Derivatives Schedule of Fair Value and Cash Flow Hedges Including in Earnings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative [Line Items] | |||
Other Nonoperating Income (Expense) | $ 4,356 | $ (4,513) | $ (14,692) |
Cost of Goods Sold (Deprecated 2018-01-31) | (840,066) | (924,276) | (860,744) |
Currency Swap [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 2,600 | ||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | (7,900) | ||
Forward Contracts [Member] | |||
Derivative [Line Items] | |||
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net | (7,300) | ||
Foreign Exchange Forward [Member] | |||
Derivative [Line Items] | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 11,000 | ||
Other Operating Income (Expense) [Member] | |||
Derivative [Line Items] | |||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (3,337) | (6,034) | 0 |
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 1,715 | 1,900 | 0 |
Cost of sales | |||
Derivative [Line Items] | |||
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | 3,111 | (698) | 2,420 |
Cash Flow Hedging [Member] | Other Operating Income (Expense) [Member] | Currency Swap [Member] | |||
Derivative [Line Items] | |||
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | (4,670) | ||
Cash Flow Hedging [Member] | Cost of sales | Foreign Exchange Forward [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 3,111 | $ (698) | $ 2,420 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Deferred tax assets: | ||
Net operating loss carry forwards | $ 60,170 | $ 78,903 |
Sales allowances and inventory reserves | 10,370 | 11,076 |
Medical and employee benefits | 29,890 | 35,283 |
Depreciation and differences in basis | 3,193 | 5,337 |
Deferred Tax Assets, Leased Assets | 573 | 201 |
Accrued restructuring | 310 | 469 |
Anti-trust fines and settlements | 11,883 | 910 |
Tax credits | 4,934 | 3,644 |
Stock-based compensation | 4,607 | 5,589 |
Other | 2,641 | 970 |
Total deferred tax assets before valuation allowance | 128,571 | 142,382 |
Less valuation allowance | (64,477) | (58,658) |
Total deferred tax assets | 64,094 | 83,724 |
Deferred tax liabilities: | ||
Unremitted earnings of subsidiaries | (23,972) | (21,959) |
Amortization of intangibles and debt discounts | (11,369) | (11,996) |
Non-amortized intangibles | (1,587) | (1,551) |
Total deferred tax liabilities | (36,928) | (35,506) |
Net deferred tax assets (liabilities) | $ 27,166 | $ 48,218 |
Income Taxes - Valuation Allowa
Income Taxes - Valuation Allowance for Deferred Tax Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Valuation Allowance [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | $ 64,477 | $ 58,658 | |
Deferred Tax Assets, Valuation Allowance | 5,800 | 112,700 | |
Change in U.S. valuation allowance | 67,800 | ||
Change in net deferred income tax asset (liability) | |||
Deferred Other Tax Expense (Benefit) | 399 | ||
Deferred income taxes related to continuing operations | (24,329) | ||
Deferred income taxes related to other comprehensive income | 4,030 | ||
Foreign currency translation | (1,152) | ||
Balance at the end of the period | 27,166 | 48,218 | |
Valuation Allowance for Deferred Tax Assets | |||
Valuation Allowance [Line Items] | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Business Acquired | 6,547 | ||
Annual activities included in the deferred tax valuation allowance | |||
Balance at the beginning of the period | 58,658 | 171,401 | $ 163,898 |
Charge (benefit) to costs and expenses | (658) | (112,080) | 8,647 |
Deductions | (70) | (663) | (1,144) |
Balance at the end of the period | 64,477 | 58,658 | $ 171,401 |
Foreign Tax Authority [Member] | |||
Valuation Allowance [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | 41,000 | ||
Deferred Tax Assets, Valuation Allowance | 44,900 | ||
Domestic Tax Authority [Member] | |||
Valuation Allowance [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | $ 23,500 | ||
Changes In Temporary Differences And Net Operating Utilizations Of Deferred Tax Assets [Member] | Foreign Tax Authority [Member] | |||
Valuation Allowance [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | (35,500) | ||
Release Of Valuation Allowance Of Deferred Tax Assets [Member] | Foreign Tax Authority [Member] | |||
Valuation Allowance [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | (5,500) | ||
Release Of Valuation Allowance Of Deferred Tax Assets [Member] | Domestic Tax Authority [Member] | |||
Valuation Allowance [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | (44,200) | ||
Operating Loss Carryforwards Of Deferred Tax Assets [Member] | Domestic Tax Authority [Member] | |||
Valuation Allowance [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | $ (26,900) |
Income Taxes - NOL and Tax Cred
Income Taxes - NOL and Tax Credits (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2020USD ($) | |
U.S. research credits | |
Tax credit carryforwards | |
Tax Credits | $ 2,877 |
Texas franchise tax credits | |
Tax credit carryforwards | |
Tax Credits | $ 1,902 |
Fiscal Year of Expiration | Dec. 31, 2026 |
Domestic Tax Authority [Member] | Investment Tax Credit Carryforward [Member] | |
Tax credit carryforwards | |
Tax Credits | $ 33 |
Fiscal Year of Expiration | Dec. 31, 2028 |
Foreign Tax Authority [Member] | Investment Tax Credit Carryforward [Member] | |
Tax credit carryforwards | |
Tax Credits | $ 122 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 500 | $ 500 | |
Reconciliation of gross unrecognized tax benefits (excluding interest and penalties) | |||
Beginning of fiscal year | 18,877 | 8,680 | $ 7,390 |
Additions from business combinations | 0 | 0 | 1,270 |
Additions for tax positions of the current year | 490 | 2,027 | 1,078 |
Additions for tax positions of prior years | 2,286 | 11,735 | 0 |
Reductions for tax positions of prior years | (1,831) | (633) | (1,058) |
Lapse in statute of limitations | (16) | (9) | 0 |
Settlements | (439) | (2,923) | 0 |
End of fiscal year | $ 19,367 | $ 18,877 | $ 8,680 |
Income Taxes Income Taxes - Nar
Income Taxes Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance, deferred tax asset, increase (decrease), amount | $ 5,800,000 | $ 112,700,000 | ||
Change in U.S. valuation allowance | 67,800,000 | |||
Deferred tax assets, valuation allowance | $ 64,477,000 | $ 58,658,000 | ||
Statutory tax rate, percent | 21.00% | 21.00% | 31.60% | |
Deferred tax liabilities, unremitted foreign earnings | $ 0 | |||
Unrecognized tax benefits | 19,367,000 | $ 18,877,000 | $ 8,680,000 | $ 7,390,000 |
Unrecognized tax benefits that would impact effective tax rate | 17,400,000 | |||
Amount of unrecorded benefit | 5,800,000 | |||
Income tax penalties and interest accrued | 500,000 | 500,000 | ||
Net foreign taxable income reported on prior year federal income tax return | 40,100,000 | |||
Income tax expense (benefit) | $ 38,526,000 | $ (39,460,000) | $ 9,132,000 | |
Macedonia | ||||
Operating Loss Carryforwards [Line Items] | ||||
Statutory tax rate, percent | 0.00% | 10.00% | 10.00% | |
THAILAND | ||||
Operating Loss Carryforwards [Line Items] | ||||
Statutory tax rate, percent | 0.00% | 20.00% | ||
Valuation Allowance for Deferred Tax Assets | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowances and reserves | $ 64,477,000 | $ 58,658,000 | $ 171,401,000 | $ 163,898,000 |
Foreign Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance, deferred tax asset, increase (decrease), amount | 44,900,000 | |||
Operating loss carryforwards | 114,400,000 | |||
Operating loss carryforwards subject to expiration within one year | 0 | |||
Deferred tax assets, valuation allowance | 41,000,000 | |||
Foreign Tax Authority | Changes in Temporary Differences and Net Operating Utilizations of Deferred Tax Assets | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance, deferred tax asset, increase (decrease), amount | (35,500,000) | |||
Foreign Tax Authority | Release of Valuation Allowance of Deferred Tax Assets | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance, deferred tax asset, increase (decrease), amount | (5,500,000) | |||
Domestic Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 82,400,000 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 75,300,000 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 7,100,000 | |||
Deferred tax assets, valuation allowance | 23,500,000 | |||
Domestic Tax Authority | Release of Valuation Allowance of Deferred Tax Assets | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance, deferred tax asset, increase (decrease), amount | (44,200,000) | |||
Domestic Tax Authority | Operating Loss Carryforwards of Deferred Tax Assets | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance, deferred tax asset, increase (decrease), amount | $ (26,900,000) | |||
State and Local Jurisdiction | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 545,000,000 | |||
Operating loss carryforwards subject to expiration within one year | $ 1,600,000 | |||
Operating loss carryforwards, expiration period | 1 year | |||
Investment Tax Credit Carryforward [Member] | Domestic Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Fiscal Year of Expiration | Dec. 31, 2028 | |||
Texas franchise tax credits | ||||
Operating Loss Carryforwards [Line Items] | ||||
Fiscal Year of Expiration | Dec. 31, 2026 | |||
Minimum | U.S. research credits | ||||
Operating Loss Carryforwards [Line Items] | ||||
Fiscal Year of Expiration | Dec. 31, 2022 | |||
Maximum [Member] | U.S. research credits | ||||
Operating Loss Carryforwards [Line Items] | ||||
Fiscal Year of Expiration | Dec. 31, 2025 |
Leases - Schedule of Lease Cos
Leases - Schedule of Lease Cost (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2020USD ($) | |
Leases [Abstract] | |
Operating lease expense | $ 12,033 |
Variable lease expense and other, net | 1,205 |
Short-term lease expense | 31 |
Sublease Income | (79) |
Amortization of right-of-use assets | 1,323 |
Interest | 152 |
Total lease expense | $ 14,665 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Balance Sheet Information (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Lease assets | |
Operating lease ROU assets | $ 29,732 |
Operating lease ROU assets, balance sheet location | us-gaap:OtherAssetsNoncurrent |
Finance lease ROU assets | $ 3,008 |
Finance lease ROU assets, balance sheet location | us-gaap:PropertyPlantAndEquipmentNet |
Total lease ROU asset | $ 32,740 |
Lease liabilities | |
Current operating lease liabilities, balance sheet location | us-gaap:AccruedLiabilitiesCurrent |
Current finance lease liabilities, balance sheet location | us-gaap:AccruedLiabilitiesCurrent |
Non-current operating lease liabilities, balance sheet location | us-gaap:OtherLiabilitiesNoncurrent |
Non-current operating lease liabilities, balance sheet location | us-gaap:OtherLiabilitiesNoncurrent |
Total lease liability | $ 33,068 |
Weighted average remaining lease term | |
Operating leases | 6 years 1 month 9 days |
Finance leases | 2 years 11 months 23 days |
Weighted average discount rate | |
Operating leases | 4.77% |
Finance leases | 5.51% |
Finance lease ROU asset accumulated depreciation | $ (3,200) |
Accrued Expenses | |
Lease liabilities | |
Current operating lease liabilities | 7,715 |
Current finance lease liabilities | 1,245 |
Other Noncurrent Liabilities [Member] | |
Lease liabilities | |
Non-current operating lease liabilities | 22,338 |
Non-current operating lease liabilities | $ 1,770 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Leases [Abstract] | |||
Operating cash flows used for operating leases | $ 12,126 | ||
Operating cash flows used for finance leases | 148 | ||
Financing cash flows used for finance leases | 1,447 | $ 0 | $ 0 |
Cash paid for amounts included in the measurement of lease liabilities | 13,721 | ||
Operating leases | 4,731 | ||
Finance leases | 2,061 | ||
Lease liabilities arising from obtaining ROU assets | $ 6,792 |
Leases - Schedule of Lease Matu
Leases - Schedule of Lease Maturities (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Operating Lease Liabilities | |
2020 (three months ending March 31, 2020) | $ 8,921 |
2021 | 6,203 |
2022 | 4,711 |
2023 | 3,906 |
2024 | 2,652 |
Thereafter | 9,318 |
Total undiscounted cash flows | 35,711 |
Less imputed interest | (5,658) |
Present value of lease liabilities | 30,053 |
Finance Lease, Liability, Payment, Due [Abstract] | |
2020 (three months ending March 31, 2020) | 1,376 |
2021 | 945 |
2022 | 597 |
2023 | 171 |
2024 | 31 |
Thereafter | 75 |
Total undiscounted cash flows | 3,195 |
Less imputed interest | (180) |
Present value of lease liabilities | $ 3,015 |
Leases Narrative (Details)
Leases Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Leases [Abstract] | ||
Operating Leases, Rent Expense | $ 13.3 | $ 10.7 |
Supplemental Balance Sheets a_3
Supplemental Balance Sheets and Statements of Operations - Trade Accounts Allowances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Accounts receivable: | |||
Trade | $ 169,685 | $ 176,715 | |
Allowance for doubtful accounts | (1,366) | (1,206) | |
Ship-from-stock and debit (“SFSD”) allowance | (21,896) | (18,862) | |
Returns allowance | (761) | (964) | |
Rebates allowance | (676) | (967) | |
Price protection allowance | (243) | (657) | |
Accounts receivable | 144,743 | 154,059 | |
Allowance for commitments related to accounts receivables | |||
Changes in allowance for accounts receivable and inventory reserve | |||
Balance at the beginning of the period | 22,656 | 19,898 | $ 20,414 |
Costs charged to expense | 117,708 | 99,538 | 94,660 |
Actual adjustments applied | (115,582) | (96,775) | (95,444) |
Other | 160 | (5) | 268 |
Balance at the end of the period | $ 24,942 | $ 22,656 | $ 19,898 |
Supplemental Balance Sheets a_4
Supplemental Balance Sheets and Statements of Operations Detail Supplemental Balance Sheets and Statements of Operations - Inventory and Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Inventory [Line Items] | |||
Raw materials and supplies | $ 93,464 | $ 97,119 | |
Work in process | 85,122 | 71,374 | |
Finished goods | 82,311 | 88,175 | |
Inventory gross | 260,897 | 256,668 | |
Inventory reserves | (17,687) | (15,539) | |
Inventory, net | 243,210 | 241,129 | |
Inventory Valuation Reserve | |||
Inventory [Line Items] | |||
Balance at the beginning of the period | 15,539 | 16,346 | $ 15,941 |
Charge (benefit) to costs and expenses | 12,623 | 6,019 | 4,994 |
Deductions | (10,867) | (6,826) | (6,954) |
Other | 392 | 0 | 2,365 |
Balance at the end of the period | 17,687 | $ 15,539 | $ 16,346 |
Inventory Valuation Reserve | TOKIN | |||
Inventory [Line Items] | |||
Balance at the end of the period | $ 1,900 |
Supplemental Balance Sheets a_5
Supplemental Balance Sheets and Statements of Operations - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 1,469,491 | $ 1,375,731 |
Accumulated depreciation | (916,855) | (880,451) |
Property, plant and equipment | 552,636 | 495,280 |
Land and land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 56,340 | 62,232 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 210,192 | 199,319 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 977,806 | 916,737 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 109,770 | 82,306 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 104,842 | 105,857 |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 10,541 | $ 9,280 |
Supplemental Balance Sheets a_6
Supplemental Balance Sheets and Statements of Operations - Other Expenses and Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Accrued expenses: | |||
Salaries, wages, and related employee costs | $ 39,605 | $ 61,880 | |
Interest | 47 | 211 | |
Restructuring | 1,744 | 1,869 | |
Vacation | 9,668 | 10,364 | |
Lease obligations | 8,960 | 947 | |
Antitrust settlements and regulatory costs | 75,086 | 9,517 | |
Contract liabilities | 6,035 | 256 | |
Stock Returns | 3,690 | 2,539 | |
Property, sales, and other taxes | 2,342 | 1,854 | |
Other | 6,453 | 4,324 | |
Total accrued expenses | 167,622 | 93,761 | |
Other non-current obligations: | |||
Pension plans | 79,512 | 82,717 | |
Lease obligations | 24,108 | 986 | |
Employee separation liability | 7,044 | 7,640 | |
Deferred compensation | 353 | 2,285 | |
Contract liabilities | 60,638 | 13,412 | |
Customer deposits | 3,742 | 3,689 | |
Derivatives | 6,295 | 0 | |
Antitrust settlements and regulatory costs | 0 | 13,168 | |
Uncertain tax positions | 6,306 | 2,415 | |
Deferred rent | 0 | 5,366 | |
Government subsidies | 1,677 | 1,247 | |
Restructuring | 89 | 312 | |
Other | 3,628 | 3,393 | |
Total other non-current obligations | 193,392 | 136,630 | |
Other (income) expense, net: | |||
Net foreign exchange (gains) losses | (6,762) | (7,230) | $ 13,145 |
Post retirement and pension plan non-service costs | 439 | 366 | 210 |
Curtailment on pension plans | 1,949 | 0 | 0 |
Loss on early extinguishment of debt | 0 | 15,946 | 486 |
R&D grant reimbursements and grant income | (1,595) | (4,559) | (787) |
Other | (1,613) | 10 | (1,638) |
Total other (income) expense, net | $ (4,356) | $ 4,513 | $ 14,692 |
Supplemental Balance Sheets a_7
Supplemental Balance Sheets and Statements of Operations Detail Supplemental Balance Sheets and Statements of Operations - Property, Plant and Equipment Useful Life (Details) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Land and land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 20 years | 20 years |
Buildings | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 20 years | 20 years |
Buildings | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 40 years | 40 years |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | 10 years |
Furniture and fixtures | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 4 years | 4 years |
Furniture and fixtures | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | 10 years |
Income_Loss Per Share - Common
Income/Loss Per Share - Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Numerator | |||||||||||
Net income (loss) | $ (301) | $ 16,602 | $ (15,260) | $ 40,340 | $ 93,420 | $ 40,806 | $ 37,141 | $ 35,220 | $ 41,381 | $ 206,587 | $ 254,127 |
Weighted-average common shares outstanding: | |||||||||||
Basic (in shares) | 58,574 | 57,840 | 52,798 | ||||||||
Assumed conversion of employee stock options (in shares) | 841 | 1,242 | 2,291 | ||||||||
Assumed conversion of Platinum Warrant (in shares) | 0 | 0 | 3,551 | ||||||||
Diluted | 59,415 | 59,082 | 58,640 | ||||||||
Net income (loss) per basic share: | |||||||||||
Net income (loss) (in dollars per share) | $ (0.01) | $ 0.28 | $ (0.26) | $ 0.69 | $ 1.60 | $ 0.70 | $ 0.64 | $ 0.61 | $ 0.71 | $ 3.57 | $ 4.81 |
Net income (loss) per diluted share: | |||||||||||
Net income (loss) (in dollars per share) | $ (0.01) | $ 0.28 | $ (0.26) | $ 0.68 | $ 1.58 | $ 0.69 | $ 0.63 | $ 0.60 | $ 0.70 | $ 3.50 | $ 4.33 |
Income_Loss Per Share - Commo_2
Income/Loss Per Share - Common Stock Conversion (Details) - shares shares in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Assumed conversion of employee stock grants | |||
Common stock equivalents that could potentially dilute net income per basic share in the future, but were not included in the computation of diluted earnings per share because the impact would have been antidilutive | |||
Common stock equivalents | 87 | 0 | 71 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) € in Millions, $ in Millions, $ in Millions, $ in Millions, ₩ in Billions | Nov. 30, 2018USD ($) | Nov. 30, 2018KRW (₩) | Jun. 27, 2018USD ($) | Jun. 27, 2018CAD ($) | Mar. 21, 2018EUR (€) | Mar. 21, 2018USD ($) | Sep. 02, 2015 | Dec. 31, 2019USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2020TWD ($) |
Loss Contingencies [Line Items] | ||||||||||
Document Period End Date | Mar. 31, 2020 | Mar. 31, 2020 | ||||||||
Taiwan | Minimum | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Damages sought, value | $ 20.2 | $ 609.1 | ||||||||
U.S. Class Action Complaint [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Litigation settlement, amount | $ 62 | |||||||||
TOKIN | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Loss contingency accrual | 77.4 | |||||||||
TOKIN | Settled Litigation | UNITED STATES | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Litigation settlement, amount | $ 13.8 | |||||||||
Payment period | 5 years | |||||||||
Fine, number of payments | 6 | 6 | ||||||||
Litigation Settlement, Amount Awarded to Other Party Yearly Installment | $ 2.3 | |||||||||
Fine, Number of Payments Paid | 5 | 5 | ||||||||
TOKIN | Settled Litigation | CANADA | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Damages paid, value | $ 2.2 | $ 2.9 | ||||||||
TOKIN | Pending Litigation [Member] | Taiwan | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Litigation Settlement, Amount Awarded from Other Party | $ 8.1 | $ 243.6 | ||||||||
TOKIN | Competition Laws of the European Union | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Litigation settlement, amount | € 8.8 | $ 10.3 | ||||||||
TOKIN | Monopoly and Fair Trade Laws [Member] | KOREA, REPUBLIC OF | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Litigation settlement, amount | $ 7.2 | ₩ 8.1 | ||||||||
NEC TOKIN Corporation | Competition Laws of the European Union | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Litigation settlement, amount | € 5 | $ 5.9 | ||||||||
30 days from date of settlement [Member] | U.S. Class Action Complaint [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Litigation settlement, amount | $ 10 |
Quarterly Results of Operatio_3
Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Deferred Tax Assets, Valuation Allowance | $ 5,800 | $ 112,700 | |||||||||
Net sales | $ 293,174 | $ 294,741 | $ 327,397 | $ 345,242 | $ 355,794 | $ 350,175 | $ 349,233 | $ 327,616 | 1,260,554 | 1,382,818 | $ 1,200,181 |
Gross Profit | 92,009 | 93,181 | 113,670 | 121,628 | 126,406 | 123,750 | 113,565 | 94,821 | |||
Operating income (loss) | 11,728 | 28,648 | 49,090 | 58,400 | 54,057 | 61,616 | 50,000 | 35,176 | 147,866 | 200,849 | 112,852 |
Net income (loss) | $ (301) | 16,602 | $ (15,260) | $ 40,340 | $ 93,420 | $ 40,806 | $ 37,141 | $ 35,220 | 41,381 | 206,587 | 254,127 |
U.S. Class Action Complaint [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Litigation Settlement, Amount Awarded to Other Party | $ 62,000 | ||||||||||
USA and Japan [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Deferred Tax Assets, Valuation Allowance | (50,100) | ||||||||||
UNITED STATES | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | $ 246,821 | $ 292,980 | $ 233,133 |
Uncategorized Items - fy2020q4f
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 109,774,000 |