Quarterly report pursuant to Section 13 or 15(d)

Basis of Financial Statement Presentation (Tables)

v3.10.0.1
Basis of Financial Statement Presentation (Tables)
6 Months Ended
Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Contract with customer, asset and liability
et contract liabilities consisted of the following at September 30, 2018 and March 31, 2018 (amounts in thousands):
 
September 30, 2018
 
March 31, 2018
Contract liabilities - current (Accrued expenses)
$
256

 
$
256

Contract liabilities - noncurrent (Other non-current obligations)
384

 
513

Total contract liabilities
$
640

 
$
769

Schedule of assets and liabilities measured at fair value on a recurring basis
Assets and liabilities measured at fair value on a recurring basis as of September 30, 2018 and March 31, 2018 are as follows (amounts in thousands):
 
Carrying Value September 30,
 
Fair Value September 30,
 
Fair Value Measurement Using
 
Carrying Value March 31,
 
Fair Value March 31,
 
Fair Value Measurement Using
 
2018
 
2018
 
Level 1
 
Level 2 (3)
 
Level 3
 
2018
 
2018
 
Level 1
 
Level 2 (3)
 
Level 3
Assets (Liabilities):
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Money markets (1)(2)
$
70,580

 
$
70,580

 
$
70,580

 
$

 
$

 
$
83,891

 
$
83,891

 
$
83,891

 
$

 
$

Total debt
(316,637
)
 
(334,194
)
 

 
(334,194
)
 

 
(324,623
)
 
(343,125
)
 

 
(343,125
)
 

___________________
(1) Included in the line item “Cash and cash equivalents” on the Condensed Consolidated Balance Sheets.
(2) Certificates of Deposit of $27.5 million and $33.9 million that mature in three months of less are included within the balance as of September 30, 2018 and March 31, 2018, respectively.
(3) The valuation approach used to calculate fair value was a discounted cash flow based on the current market rate.
Schedule of components of inventories
Inventories are stated at the lower of cost or net realizable value. The components of inventories are as follows (amounts in thousands):
 
September 30, 2018
 
March 31, 2018
Raw materials and supplies
$
89,198

 
$
88,408

Work in process
66,456

 
65,417

Finished goods
73,865

 
66,907

Subtotal
229,519

 
220,732

Inventory reserves
(16,251
)
 
(16,346
)
Inventories, net
$
213,268

 
$
204,386

 
Schedule of new accounting pronouncements and changes in accounting principles
Adoption of the requirements in ASC 606 impacted our previously reported Condensed Consolidated Balance Sheet as of March 31, 2018, our Condensed Consolidated Statements of Operations and Comprehensive Income for the three and six months ended September 30, 2017, and the Condensed Consolidated Statement of Cash Flows for the six months ended September 30, 2017 as follows (amounts in thousands, except per share data):
Condensed Consolidated Balance Sheet
 
As of March 31, 2018
 
As Previously Reported
 
ASC 606 Adjustments
 
As Adjusted
Assets
 
 
 
 
 
Account receivable, net
$
144,076

 
$
2,485

 
$
146,561

Total current assets
676,468

 
2,485

 
678,953

Other assets
10,431

 
2,169

 
12,600

Total assets
1,218,269

 
4,654

 
1,222,923

Liabilities and Stockholders' Equity
 
 
 
 
 
Accrued expenses
$
122,377

 
$
2,742

 
$
125,119

Total current liabilities
284,916

 
2,742

 
287,658

Deferred income taxes (non-current)
14,571

 
487

 
15,058

Other non-current obligations
151,736

 
513

 
152,249

Total liabilities
755,306

 
3,742

 
759,048

Retained earnings (deficit)
2,675

 
695

 
3,370

Accumulated other comprehensive income (loss)
(3,015
)
 
217

 
(2,798
)
Total stockholders' equity
462,963

 
912

 
463,875

Total liabilities and stockholders' equity
1,218,269

 
4,654

 
1,222,923


Condensed Consolidated Statement of Operations
 
Three Months Ended September 30, 2017
 
As Previously Reported
 
ASC 606 Adjustments
 
As Adjusted
Net sales
$
301,471

 
$
97

 
$
301,568

Operating costs and expenses:
 
 
 
 
 
Cost of sales
216,395

 
269

 
216,664

Research and development
9,662

 
(126
)
 
9,536

Operating income (loss)
31,643

 
(46
)
 
31,597

Income tax expense
2,880

 
(16
)
 
2,864

Net income (loss)
12,849

 
(30
)
 
12,819

 
Six Months Ended September 30, 2017
 
As Previously Reported
 
ASC 606 Adjustments
 
As Adjusted
Net sales
$
575,471

 
$
43

 
$
575,514

Operating costs and expenses:
 
 
 
 
 
Cost of sales
415,958

 
535

 
416,493

Research and development
19,052

 
(269
)
 
18,783

Operating income (loss)
59,427

 
(223
)
 
59,204

Income tax expense
4,030

 
(26
)
 
4,004

Net income (loss)
233,455

 
(197
)
 
233,258

Net income (loss) per diluted share
4.02

 
(0.01
)
 
4.01




Condensed Consolidated Statement of Comprehensive Income
 
Three Months Ended September 30, 2017
 
As Previously Reported
 
ASC 606 Adjustments
 
As Adjusted
Net income (loss)
$
12,849

 
$
(30
)
 
$
12,819

Foreign currency translation gains (losses)
9,068

 
(48
)
 
9,020

Other comprehensive income (loss) 
6,295

 
(48
)
 
6,247

Total comprehensive income (loss)
19,144

 
(78
)
 
19,066

 
Six Months Ended September 30, 2017
 
As Previously Reported
 
ASC 606 Adjustments
 
As Adjusted
Net income (loss)
$
233,455

 
$
(197
)
 
$
233,258

Foreign currency translation gains (losses)
13,206

 
167

 
13,373

Other comprehensive income (loss) 
17,055

 
167

 
17,222

Total comprehensive income (loss)
250,510

 
(30
)
 
250,480




Condensed Consolidated Statement of Cash Flows
 
Six Months Ended September 30, 2017
 
As Previously Reported
 
ASC 606 Adjustments
 
As Adjusted
Operating activities
 
 
 
 
 
Net income (loss)
$
233,455

 
$
(197
)
 
$
233,258

Depreciation and amortization
25,569

 
444

 
26,013

Change in deferred income taxes
(108
)
 
(18
)
 
(126
)
Change in operating assets
21,080

 
(494
)
 
20,586

Change in operating liabilities
(34,558
)
 
(81
)
 
(34,639
)
Other
162

 
28

 
190

Net cash provided by (used in) operating activities
40,067

 
(318
)
 
39,749

Effect of foreign currency fluctuations on cash
1,662

 
318

 
1,980