Annual report pursuant to Section 13 and 15(d)

Organization and Significant Accounting Policies (Tables)

v3.19.1
Organization and Significant Accounting Policies (Tables)
12 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]  
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)(2)
 
Post-Retirement Benefit
Plan
Adjustments, net of Tax
 
Defined
Benefit
Pension
Plans, net of Tax (3)(4)
 
Ownership Share of Equity Method Investees’ Other Comprehensive Income (Loss), net of Tax
 
Foreign Exchange Contracts, net of Tax
 
Excluded Component of Fair Value Hedges, net of Tax
 
Net
Accumulated
Other
Comprehensive
Income (Loss)
Balance at March 31, 2017
 
$
(25,556
)
 
$
1,134

 
$
(14,998
)
 
$
(5,299
)
 
$
2,907

 
$

 
$
(41,812
)
Other comprehensive income (loss) before reclassifications
 
35,271

 
(64
)
 
409

 
5,584

 
667

 

 
41,867

Amounts reclassified out of AOCI
 

 
(191
)
 
(242
)
 

 
(2,420
)
 

 
(2,853
)
Other comprehensive income (loss)
 
35,271

 
(255
)
 
167

 
5,584

 
(1,753
)
 

 
39,014

Balance at March 31, 2018
 
9,715

 
879

 
(14,831
)
 
285

 
1,154

 

 
(2,798
)
Other comprehensive income (loss) before reclassifications (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
)
_______________________________________________________________________________
(1) There were no significant tax effects associated with the cumulative currency translation gains and losses as of March 31, 2019, 2018, and 2017.
(2) Other comprehensive income (loss) before reclassifications for the year ended March 31, 2018 and the balance at March 31, 2018 adjusted due to the adoption of ASC 606.
(3) Ending balance is net of a tax benefit of $2.4 million, $2.3 million, and $2.7 million as of March 31, 2019, 2018, and 2017, respectively.
(4) Activity for the years ended March 31, 2019 and 2018 are net of a tax expense of $0.2 million and $0.4 million, respectively.
Schedule of assets measured at fair value on a recurring basis
Assets and liabilities are measured at fair value on a recurring basis as of March 31, 2019 and 2018 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
 
2019
 
2019
 
Level 1
 
Level 2 (3)
 
Level 3
 
2018
 
2018
 
Level 1
 
Level 2 (3)
 
Level 3
Assets (Liabilities):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Money markets (1)(2)
$
60,687

 
$
60,687

 
$
60,687

 
$

 
$

 
$
83,891

 
$
83,891

 
$
83,891

 
$

 
$

Derivative assets
5,141

 
5,141

 

 
5,141

 

 
1,154

 
1,154

 

 
1,154

 

Derivative liabilities

 

 

 

 

 

 

 

 

 

Total debt
(294,471
)
 
(303,170
)
 

 
(303,170
)
 

 
(324,623
)
 
(343,125
)
 

 
(343,125
)
 

_______________________________________________________________________________
(1) Included in the line item “Cash and cash equivalents” on the Consolidated Balance Sheets.
(2) Certificates Deposits of $32.2 million and $33.9 million that mature in three months or less are included within the balance as of March 31, 2019 and 2018, respectively.
(3)
Summary of NEC TOKIN option valuation activity using significant unobservable inputs (Level 3)