Annual report pursuant to Section 13 and 15(d)

Organization and Significant Accounting Policies (Tables)

v3.20.1
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.