Annual report pursuant to Section 13 and 15(d)

Supplemental Balance Sheets and Statements of Operations Detail

v3.19.1
Supplemental Balance Sheets and Statements of Operations Detail
12 Months Ended
Mar. 31, 2019
Disclosure Text Block Supplement [Abstract]  
Supplemental Balance Sheets and Statements of Operations Detail
Supplemental Balance Sheets and Statements of Operations Detail
 
 
March 31,
(amounts in thousands)
 
2019
 
2018
Accounts receivable:
 
 
 
 
Trade
 
$
176,715

 
$
166,459

Allowance for doubtful accounts reserve
 
(1,206
)
 
(1,210
)
Ship-from-stock and debit (“SFSD”) reserve
 
(18,862
)
 
(17,362
)
Returns reserves (1)
 
(964
)
 
(131
)
Rebates reserves
 
(967
)
 
(446
)
Price protection reserves
 
(657
)
 
(420
)
Other
 

 
(329
)
Accounts receivable, net (1)
 
$
154,059

 
$
146,561


_______________________________________________________________________________
(1) Fiscal year ended March 31, 2018 adjusted due to the adoption of ASC 606.
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, 2016
$
22,978

Reduction in sales
87,739

Actual adjustments applied
(90,365
)
Other
62

Balance at March 31, 2017
20,414

Reduction in sales
94,660

Actual adjustments applied (1)
(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

_______________________________________________________________________________
(1) Adjusted due to the adoption of ASC 606.
 
 
March 31,
(amounts in thousands)
 
2019
 
2018
Inventories:
 
 
 
 
Raw materials and supplies
 
$
97,119

 
$
88,408

Work in process
 
71,374

 
65,417

Finished goods
 
88,175

 
66,907

Inventory gross
 
256,668

 
220,732

Inventory reserves
 
(15,539
)
 
(16,346
)
Inventory, net
 
$
241,129

 
$
204,386


The following table presents the annual activities included in the inventory reserves (amounts in thousands):
Balance at March 31, 2016
$
16,101

Costs charged to expense
6,163

Write-offs
(6,125
)
Other
(198
)
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

_______________________________________________________________________________
(1) Includes $1.9 million in inventory reserves from TOKIN.
 
 
Useful life
(years)
 
March 31,
(amounts in thousands, except years)
 
2019
 
2018
Property, plant and equipment:
 
 
 
 
 
 
Land and land improvements
 
20
 
$
62,232

 
$
66,150

Buildings
 
20 - 40
 
199,319

 
186,207

Machinery and equipment
 
10
 
916,737

 
895,914

Furniture and fixtures
 
4 - 10
 
82,306

 
72,811

Construction in progress
 
 
 
105,857

 
46,391

Other
 
 
 
9,280

 
4,457

Total property and equipment
 
 
 
1,375,731

 
1,271,930

Accumulated depreciation
 
 
 
(880,451
)
 
(866,614
)
Property, plant and equipment, net
 
 
 
$
495,280

 
$
405,316



 
 
March 31,
(amounts in thousands)
 
2019
 
2018
Accrued expenses:
 
 

 
 

Salaries, wages, and related employee costs
 
$
61,880

 
$
62,778

Interest
 
211

 
396

Restructuring
 
1,869

 
8,719

Vacation
 
10,364

 
10,364

Anti-trust fines and settlements
 
9,517

 
33,696

Stock Returns (1)
 
2,539

 
2,485

Property, sales, and other taxes
 
1,854

 
1,571

Other (1)
 
5,527

 
5,110

Total accrued expenses (1)
 
$
93,761

 
$
125,119


_______________________________________________________________________________
(1) March 31, 2018 adjusted due to the adoption of ASC 606.
 
 
March 31,
(amounts in thousands)
 
2019
 
2018
Other non-current obligations:
 
 
 
 
Pension plans
 
$
82,717

 
$
83,495

Employee separation liability
 
7,640

 
8,539

Deferred compensation
 
2,285

 
2,057

Customer deposits
 
3,689

 
3,800

Anti-trust fines and settlements
 
13,168

 
35,263

Uncertain tax positions
 
2,415

 
5,704

Deferred rent
 
5,366

 
3,840

Government subsidies
 
1,247

 
4,739

Deferred interest income-customer capacity agreements
 
2,142

 

Restructuring
 
312

 
1,240

Other (1)
 
4,379

 
3,572

Total other non-current obligations (1)
 
$
125,360

 
$
152,249


_______________________________________________________________________________
(1) March 31, 208 adjusted due to the adoption of ASC 606.
 
 
Fiscal Years Ended March 31,
(amounts in thousands)
 
2019
 
2018
 
2017
Other (income) expense, net:
 
 
 
 
 
 
Net foreign exchange (gains) losses
 
$
(7,230
)
 
$
13,145

 
$
(3,758
)
Legal fines related to anti-trust class actions
 
6,701

 
9,900

 

Post retirement and pension plan non-service costs
 
366

 
210

 
1,256

Insurance proceeds
 

 

 
(423
)
Loss on early extinguishment of debt
 
15,946

 
486

 

Grant (income)
 
(4,559
)
 
(787
)
 

Other
 
(10
)
 
1,638

 
(946
)
Total other (income) expense, net
 
$
11,214

 
$
24,592

 
$
(3,871
)