Quarterly report pursuant to Section 13 or 15(d)

Equity Method Investments

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Equity Method Investments
9 Months Ended
Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]  
Investment in NEC TOKIN
The following table provides a reconciliation of equity method investments to the Company's Condensed Consolidated Balance Sheets (amounts in thousands):
 
 
December 31, 2019
 
March 31, 2019
Nippon Yttrium Co., Ltd ("NYC")
 
$
8,384

 
$
8,215

NT Sales Co., Ltd ("NTS")
 
1,426

 
1,218

Novasentis
 

 
977

KEMET Jianghai Electronics Components Co., Ltd (“KEMET Jianghai”)
 
6,831

 
2,515

 
 
$
16,641

 
$
12,925


Under the equity method, the Company's share of profits and losses and impairment charges on investments in affiliates are included in “Equity income (loss) from equity method investments” in the Condensed Consolidated Statements of Operations.
TOKIN's Joint Ventures - NYC and NTS    
NYC was established in 1966 by TOKIN (previously Tohoku Metal Industries Co., Ltd.) and Mitsui Mining and Smelting Co., Ltd. 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 $8.4 million and $8.2 million as of December 31, 2019 and March 31, 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 quarter ended December 31, 2019, a significant portion of NTS' sales were TOKIN’s products. The carrying amount of the Company's equity investment in NTS was $1.4 million and $1.2 million as of December 31, 2019 and March 31, 2019, respectively.
Summarized transactions between KEMET and NTS were as follows (amounts in thousands):
 
 
Three Months Ended December 31,
 
Nine Months Ended December 31,
 
 
2019
 
2018
 
2019
 
2018
KEMET's sales to NTS
 
$
12,944

 
$
12,805

 
$
37,524

 
$
37,402

NTS' sales to KEMET
 
312

 
495

 
919

 
1,266

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.
KEMET Jianghai Joint Venture
On January 29, 2018, KEC entered into a joint venture 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 joint venture 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's initial capital contribution to KEMET Jianghai was made during the second quarter of fiscal year 2019, and the Company accounts for its investment using the equity method due to the related nature of operations and its ability to influence the joint venture's decisions. As of December 31, 2019 and March 31, 2019, the carrying amount of the Company's equity investment in KEMET Jianghai was $6.8 million and $2.5 million, respectively.
Summarized transactions between KEMET and KEMET Jianghai were as follows (amounts in thousands):
 
 
Three Months Ended December 31,
 
Nine Months Ended December 31,
 
 
2019
 
2018
 
2019
 
2018
KEMET Jianghai sales to KEMET
 
$
1,028

 
$

 
$
1,599

 
$