Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 30, 2019 | Aug. 02, 2019 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000859163 | |
Entity Shell Company | false | |
Entity Registrant Name | AVX Corp | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Entity File Number | 1-7201 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 33-0379007 | |
Entity Address, Address Line One | 1 AVX Boulevard | |
Entity Address, City or Town | Fountain Inn | |
Entity Address, State or Province | SC | |
Entity Address, Postal Zip Code | 29644 | |
City Area Code | 864 | |
Local Phone Number | 967-2150 | |
Title of 12(b) Security | Common Stock, $.01 par value per share | |
Trading Symbol | AVX | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 169,092,718 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 307,471 | $ 378,456 |
Short-term investments in securities | 482,821 | 434,754 |
Accounts receivable - trade, net | 243,417 | 256,991 |
Accounts receivable - affiliates | 500 | 500 |
Inventories, net | 666,248 | 631,688 |
Income taxes receivable | 4,692 | 4,788 |
Prepaid and other | 73,407 | 76,550 |
Total current assets | 1,778,556 | 1,783,727 |
Property and equipment, net | 478,044 | 455,757 |
Goodwill | 317,080 | 316,675 |
Intangible assets, net | 115,400 | 118,944 |
Deferred income taxes | 80,905 | 75,938 |
Other assets | 78,590 | 62,237 |
Total Assets | 2,848,575 | 2,813,278 |
Liabilities and Stockholders' Equity | ||
Accounts payable - trade | 88,020 | 95,498 |
Accounts payable - affiliates | 920 | 1,133 |
Income taxes payable | 13,302 | 24,993 |
Accrued payroll and benefits | 53,429 | 55,068 |
Accrued expenses | 137,810 | 136,493 |
Total current liabilities | 293,481 | 313,185 |
Income taxes payable | 47,588 | 47,588 |
Pensions | 10,059 | 9,543 |
Deferred income taxes | 13,816 | 14,235 |
Other liabilities | 56,472 | 44,547 |
Total Liabilities | 421,416 | 429,098 |
Stockholders' Equity: | ||
Preferred stock, par value $.01 per share: Authorized, 20,000 shares; None issued and outstanding | 0 | 0 |
Common stock, par value $.01 per share: Authorized, 300,000 shares; issued, 176,369 shares; outstanding, 168,826 and 169,081 shares at March 31, 2019 and June 30, 2019, respectively | 1,764 | 1,764 |
Additional paid-in capital | 359,831 | 362,498 |
Retained earnings | 2,191,817 | 2,156,584 |
Accumulated other comprehensive loss | (32,371) | (39,494) |
Treasury stock, at cost: 7,543 and 7,287 shares at March 31, 2019 and June 30, 2019, respectively | (93,882) | (97,172) |
Total Stockholders' Equity | 2,427,159 | 2,384,180 |
Total Liabilities and Stockholders' Equity | $ 2,848,575 | $ 2,813,278 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Jun. 30, 2019 | Mar. 31, 2019 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 20,000 | 20,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 300,000 | 300,000 |
Common stock, shares issued (in shares) | 176,369 | 176,369 |
Common stock, shares outstanding (in shares) | 169,081 | 168,826 |
Teasury stock, shares (in shares) | 7,287 | 7,543 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | ||
Net sales | $ 401,769 | $ 454,116 | |
Cost of sales | 301,124 | 345,783 | |
Gross profit | 100,645 | 108,333 | |
Selling, general and administrative expenses | 41,932 | 40,316 | |
Profit from operations | 58,713 | 68,017 | |
Other income (loss): | |||
Interest income | 4,867 | 3,483 | |
Other, net | (371) | (730) | |
Income before income taxes | 63,209 | 70,770 | |
Provision for income taxes | 8,532 | 14,807 | |
Net income | $ 54,677 | $ 55,963 | |
Income per share: | |||
Basic (in dollars per share) | $ 0.32 | $ 0.33 | |
Diluted (in dollars per share) | 0.32 | 0.33 | |
Dividends declared (per share) (in dollars per share) | $ 0.115 | $ 0.115 | |
Weighted average common shares outstanding: | |||
Basic (in shares) | 169,021 | 168,492 | |
Diluted (in shares) | [1] | 169,478 | 168,964 |
[1] | Common stock equivalents not included in the computation of diluted earnings per share because the impact would have been anti-dilutive were 55 shares and 56 shares for the three month periods ended June 30, 2018 and 2019, respectively. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Net income | $ 54,677 | $ 55,963 |
Other comprehensive income (loss), net of income taxes | ||
Foreign currency translation adjustment | 6,438 | (41,741) |
Foreign currency cash flow hedges adjustment | (187) | 63 |
Pension liability adjustment | 872 | 2,630 |
Other comprehensive income (loss), net of income taxes | 7,123 | (39,048) |
Comprehensive income | $ 61,800 | $ 16,915 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Mar. 31, 2018 | 168,434 | |||||
Balance at Mar. 31, 2018 | $ 1,764 | $ (102,122) | $ 360,077 | $ 1,962,467 | $ 21,257 | $ 2,243,443 |
Net income | 0 | 0 | 0 | 55,963 | 0 | 55,963 |
Other comprehensive loss, net of income taxes | 0 | 0 | 0 | 0 | (39,048) | (39,048) |
Dividends | 0 | 0 | 0 | (19,466) | 0 | (19,466) |
Stock-based compensation expense | $ 0 | 0 | 838 | 0 | 0 | 838 |
Stock option activity (in shares) | 95 | |||||
Stock option activity | $ 0 | 1,940 | (1,396) | 0 | 0 | 544 |
Tax expense on stock option exercises | 0 | 0 | (24) | 0 | 0 | (24) |
Payment of tax withholding for vested restricted stock units | 0 | 0 | (720) | 0 | 0 | (720) |
Treasury stock purchased | $ 0 | (811) | 0 | 0 | 0 | (811) |
Balance (in shares) at Jun. 30, 2018 | 168,529 | |||||
Balance at Jun. 30, 2018 | $ 1,764 | (100,993) | 358,775 | 1,998,964 | (17,791) | $ 2,240,719 |
Balance (in shares) at Mar. 31, 2019 | 168,826 | 168,826 | ||||
Balance at Mar. 31, 2019 | $ 1,764 | (97,172) | 362,498 | 2,156,584 | (39,494) | $ 2,384,180 |
Net income | 0 | 0 | 0 | 54,677 | 0 | 54,677 |
Other comprehensive loss, net of income taxes | 0 | 0 | 0 | 0 | 7,123 | 7,123 |
Dividends | 0 | 0 | 0 | (19,444) | 0 | (19,444) |
Stock-based compensation expense | $ 0 | 0 | 996 | 0 | 0 | 996 |
Stock option activity (in shares) | 255 | |||||
Stock option activity | $ 0 | 3,290 | (2,494) | 0 | 0 | 796 |
Payment of tax withholding for vested restricted stock units | 0 | 0 | (1,304) | 0 | 0 | (1,304) |
Tax benefit of stock option exercises | $ 0 | 0 | 135 | 0 | 0 | $ 135 |
Balance (in shares) at Jun. 30, 2019 | 169,081 | 169,081 | ||||
Balance at Jun. 30, 2019 | $ 1,764 | $ (93,882) | $ 359,831 | $ 2,191,817 | $ (32,371) | $ 2,427,159 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Dividends paid per share (in dollars per share) | $ 0.115 | $ 0.115 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating Activities: | ||
Net income | $ 54,677 | $ 55,963 |
Adjustment to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 22,185 | 20,289 |
Stock-based compensation expense | 996 | 838 |
Deferred income taxes | (3,190) | (1,250) |
Loss on disposal of property and equipment | 620 | 33 |
Loss from equity-method investments | 195 | 44 |
Changes in operating assets and liabilities, excluding acquisitions: | ||
Accounts receivable | 13,238 | 22,579 |
Inventories | (32,718) | (1,373) |
Accounts payable and accrued expenses | (17,671) | (8,479) |
Income taxes payable | (12,426) | 14,107 |
Other assets | (7,582) | (10,488) |
Other liabilities | 13,781 | 5,364 |
Net cash provided by operating activities | 32,105 | 97,627 |
Investing Activities: | ||
Purchases of property and equipment | (34,350) | (38,020) |
Purchase of business, net of cash and debt acquired | 0 | (12,909) |
Purchases of investment securities | (472,171) | (380,803) |
Redemptions of investment securities | 424,269 | 270,947 |
Other investing activities | 0 | (958) |
Net cash used in investing activities | (82,252) | (161,743) |
Financing Activities: | ||
Dividends paid | (19,444) | (19,381) |
Purchase of treasury stock | 0 | (811) |
Net change of equity awards | (373) | (199) |
Principle payments of debt | 0 | (1,892) |
Payments of tax withholdings for vested restricted stock units | (1,304) | (720) |
Net cash used in financing activities | (21,121) | (23,003) |
Effect of exchange rate on cash | 283 | (2,361) |
Decrease in cash and cash equivalents | (70,985) | (89,480) |
Cash, cash equivalents, and restricted cash at beginning of period | 400,625 | 547,415 |
Cash, cash equivalents, and restricted cash at end of period | 329,640 | 457,935 |
Reconciliation of cash, cash equivalents, and restricted cash to the Balance Sheet | ||
Cash and cash equivalents | 307,471 | 457,935 |
Restricted cash | 22,169 | 0 |
Cash, cash equivalents, and restricted cash at end of period | $ 329,640 | $ 457,935 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. The consolidated financial statements of AVX Corporation and its subsidiaries (“AVX” or the “Company”) include all accounts of the Company and its subsidiaries. All significant intercompany transactions and accounts have been eliminated. We have prepared the accompanying financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. These consolidated financial statements are unaudited and, in the opinion of management, include all adjustments, consisting of normal recurring adjustments and accruals, necessary for the fair statement of the consolidated balance sheets, operating results, comprehensive income, statements of stockholders’ equity and cash flows for the periods presented. Operating results for the three June 30, 2019 not may March 31, 2020 10 March 31, 2019. Summary of Significant Accounting Policies We have identified the accounting policies and estimates that are critical to our business operations and understanding our results of operations. Those policies and estimates can be found in Note 1, “Summary of Significant Accounting Policies,” of the Notes to Consolidated Financial Statements and in “Critical Accounting Policies and Estimates,” in “Management's Discussion and Analysis of Financial Condition and Results of Operations” contained in our Annual Report on Form 10 -K for the fiscal year ended March 31, 2019. Accordingly, this Quarterly Report on Form 10 -Q should be read in conjunction with our Annual Report on Form 10 -K for the fiscal year ended March 31, 2019. During the three month period ended June 30, 2019, there were no significant changes to any critical accounting policies or to the methodology used in determining estimates including those related to investment securities, inventories, goodwill, intangible assets, property and equipment, and contingencies other than those discussed below. During the three month period ended June 30, 2019, goodwill increased by due to foreign currency translation. Reclassifications Certain amounts in the prior year consolidated financial statements have been reclassified to the current year presentation. The impact of the reclassifications made to prior year amounts is not material and did not affect net loss. Relevant New Accounting Standards In 2016, the FASB issued ASU 2016 - 02, “Leases”. This guidance changes the requirements for inclusion of certain right-of-use assets and the associated liabilities to be included in a statement of financial position. The Company adopted this guidance effective April 1, 2019, using the modified retrospective method and utilized the optional transition method under which the Company will continue to apply the legacy guidance in Accounting Standards Codification (“ASC”) 840, including its disclosure requirements, in the comparative period presented. In addition, the Company elected the package of practical expedients permitted under the transition guidance which permits the following: a) carrying forward the historical lease classification, b) not separating lease components from non-lease components within the Company’s facility lease contracts, c) not presenting comparative periods but rather recording a cumulative catch-up during fiscal 2020, and d) electing, by asset class, not to record on the balance sheet a lease whose term is twelve months or less including reasonably certain renewal options. As a result of the adoption of ASU 2016 - 02 for the fiscal year beginning April 1, 2019, the Company recorded initial operating lease right-of-use assets and operating lease liabilities related of and respectively. Right-of-use assets are included in “Other assets” on the Company’s Balance Sheet as of June 30, 2019. Lease liabilities are classified as current and non-current, and are included in “Accrued expenses” and “Other liabilities”, respectively, on the Company’s Balance Sheet as of June 30, 2019. Please refer to Note 2 for additional information. In June 2016, the FASB issued ASU 2016 - 13, “Financial Instruments – Credit Losses: Measurements of Credit Losses on Financial Instruments.” This standard requires the measurement and recognition of expected credit losses held at amortized cost. This new standard replaces the use of forward-looking information to estimate credit losses and requires credit losses for available for sale debt securities to be recorded through an allowance for credit losses rather than a reduction in the amortized cost basis. This update is effective for public companies for annual reporting periods beginning after December 15, 2019. Management is currently evaluating the impact of ASU 2016 - 13 on our consolidated financial statements. In August 2017, the FASB issued ASU 2017 - 12, “Derivatives and Hedging.” The standard aims to align the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results for cash flow and fair value hedge accounting with risk management activities. The guidance is effective for public companies for annual reporting periods beginning after December 15, 2018, and interim periods within those annual periods. Additionally, in October 2018, the FASB issued ASU 2018 - 16, “Derivatives and Hedging (Topic 815 ): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes”, which permits use of the OIS rate based on the SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815. This update is effective for public companies for annual reporting periods beginning after December 15, 2018, and interim periods within those annual periods. For entities that have not yet adopted ASU 2017 - 12, the concurrent adoption of ASU 2018 - 16 is required. The Company concurrently adopted ASU 2017 - 12 and ASU 2018 - 16 effective April 1, 2019. The adoption of these standards has not had a material impact on our consolidated financial statements. In February 2018, the FASB issued ASU 2018 - 02, "Income Statement - Reporting Comprehensive Income." This standard allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted for any interim and annual financial statements that have not yet been issued. The Company adopted ASU 2018 - 02 effective April 1, 2019 and elected to not reclassify the income tax effects of the Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings. The adoption of this standard has not had a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018 - 13, “Fair Value Measurement – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement”. This standard removes, adds and modifies certain disclosure requirements in the existing framework. ASU 2018 - 13 removes the following disclosure requirements: (i) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and (ii) the entity’s valuation processes for Level 3 fair value measurements. ASU 2018 - 13 adds the following disclosure requirements: (i) provide information about the measurement uncertainty of Level 3 fair value measurements as of the reporting date rather than a point in the future, (ii) disclose changes in unrealized gains and losses related to Level 3 measurements for the period included in other comprehensive income, and (iii) disclose for Level 3 measurements the range and weighted average of the significant unobservable inputs and the way it is calculated. ASU 2018 - 13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. We are currently evaluating the potential impact on our consolidated financial statements and disclosures. In August 2018, the FASB issued ASU 2018 - 14, “Compensation – Retirement Benefits – Defined Benefit Plans – General.” This standard removes certain disclosures that are not considered cost beneficial, clarifies certain required disclosures and added additional disclosures. The standard is effective for fiscal years beginning after December 15, 2020, and early adoption is permitted. The amendments in ASU 2018 - 14 would need to be applied on a retrospective basis. We are currently assessing the impact the new guidance will have on our disclosures. In August 2018, the FASB issued ASU 2018 - 15, “Customer’s Accounting For Implementation Costs Incurred In A Cloud Computing Arrangement That Is A Service Contract”. This guidance reduces the complexity for the accounting for costs of implementing a cloud computing service arrangement and aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). This update is effective for public companies for annual reporting periods beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The Company early adopted this standard effective April 1, 2019, utilizing the prospective approach to all implementation costs incurred after the date of adoption. The adoption of ASU 2018 - 15 has not had a material impact on our consolidated financial statements. We have reviewed other newly issued accounting pronouncements and concluded that they are either not applicable to our business or that no material effect is expected on our consolidated financial statements as a result of future adoption. |
Note 2 - Leases
Note 2 - Leases | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 2. As discussed in Note 1, April 1, 2019. not not 1 2 3 The Company’s operating leases consist of automobiles, machinery and equipment, and real estate, including office, storage and parking spaces. The duration of these leases range from 1 to 6 years. The Company has no 12 2020 When available, we use the rate implicit in the lease to discount lease payments to present value; however, most of our leases do not The following table presents our lease balances: Classification on the Balance Sheet As of June 30, 2019 Assets Operating lease assets Other assets $ 17,054 Liabilities Current Operating lease liabilities Accrued expenses $ 5,057 Noncurrent Operating lease liabilities Other liabilities 11,727 Total lease liabilities $ 16,784 The following table presents our lease costs for operating leases: Three months ended June 30, 2019 Operating lease cost $ 1,148 Short-term lease cost 533 Variable lease cost 444 Total lease cost $ 2,125 The Company paid $2,251 for its operating leases in the fiscal quarter ended June 30, 2019, June 30, 2019. The following table reconciles the undiscounted cash flows for each of the first five June 30, 2019: Fiscal Year Ending 2020 $ 4,529 2021 4,955 2022 3,495 2023 2,040 2024 1,392 Thereafter 1,502 Total operating lease payments $ 17,913 Less imputed interest 1,129 Total operating lease liabilities $ 16,784 As of April 1, 2019, Fiscal Year Ending 2020 $ 6,642 2021 4,742 2022 3,218 2023 2,372 2024 445 Thereafter 1,856 Total operating lease payments $ 19,275 |
Note 3 - Earnings Per Share
Note 3 - Earnings Per Share | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 3. Basic earnings per share are computed by dividing net earnings by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per share are computed by dividing net earnings by the sum of (a) the weighted average number of shares of common stock outstanding during the period and (b) the dilutive effect of potential common stock equivalents during the period. Stock options and unvested service-based RSU awards make up the common stock equivalents and are computed using the treasury stock method. The table below represents the basic and diluted earnings per share and sets forth the weighted average number of shares of common stock outstanding and potential common stock equivalents for the three June 30, 2018 2019. Three Months Ended June 30, 2018 2019 Net income $ 55,963 $ 54,677 Computation of Basic EPS: Weighted Average Shares Outstanding used in Computing Basic EPS 168,492 169,021 Basic earnings per share $ 0.33 $ 0.32 Computation of Diluted EPS: Weighted Average Shares Outstanding used in Computing Basic EPS 168,492 169,021 Effect of stock awards 472 457 Weighted Average Shares used in Computing Diluted EPS (1) 168,964 169,478 Diluted earnings per share $ 0.33 $ 0.32 ( 1 Common stock equivalents not three June 30, 2018 2019, |
Note 4 - Trade Accounts Receiva
Note 4 - Trade Accounts Receivable and Contract Liabilities | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 4. March 31, 2019 June 30, 2019 Gross Accounts Receivable - trade $ 273,053 $ 259,417 Less: Allowances for doubtful accounts 1,276 1,167 Stock rotation and ship from stock and debt 14,140 14,350 Sales returns and discounts 646 483 Total allowances 16,062 16,000 Accounts Receivable - trade, net 256,991 243,417 Charges related to allowances for doubtful accounts are charged to selling, general and administrative expenses. Charges related to stock rotation, ship from stock and debit, sales returns, and sales discounts are reported as deductions from revenue. Please refer to Note 10, Three Months Ended June 30, 2018 2019 Allowances for doubtful accounts: Beginning balance $ 1,893 $ 1,276 Charges 91 26 Applications (690 ) (137 ) Translation, acquisition and other - 2 Ending balance $ 1,294 $ 1,167 Three Months Ended June 30, 2018 2019 Stock rotation and ship stock and debit: Beginning balance $ 15,989 $ 14,140 Charges 6,392 5,298 Applications (6,186 ) (5,088 ) Stock rotation reclassified to liability (6,326 ) - Ending balance $ 9,869 $ 14,350 Three Months Ended June 30, 2018 2019 Sales returns and discounts: Beginning balance $ 6,875 $ 646 Charges 86 1,588 Applications (215 ) (1,719 ) Sales returns reclassified to liability (6,157 ) - Translation, acquisition and other - (32 ) Ending balance $ 589 $ 483 Three Months Ended June 30, 2018 2019 Contract liabilities: Beginning balance $ - $ 15,753 Increase due to adoption of ASC 606 12,483 - Charges 6,221 2,870 Applications (4,819 ) (2,035 ) Translation, acquisition and other (16 ) 9 Ending balance $ 13,869 $ 16,597 |
Note 5 - Fair Value
Note 5 - Fair Value | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 5. Fair Value Hierarchy: The fair value framework requires the categorization of assets and liabilities into three 1 3 three ■ Level 1 ■ Level 2 1. ■ Level 3 During the three March 31, 2019 June 30, 2019, no Based on Quoted prices Other in active observable Unobservable Fair Value at markets inputs inputs March 31, 2019 (Level 1) (Level 2) (Level 3) Assets measured at fair value on a recurring basis: Assets held in the non-qualified deferred compensation program (1) $ 4,693 $ 3,265 $ 1,428 $ - Foreign currency derivatives (2) 853 - 853 - Total $ 5,546 $ 3,265 $ 2,281 $ - Based on Quoted prices Other in active observable Unobservable Fair Value at markets inputs inputs March 31, 2019 (Level 1) (Level 2) (Level 3) Liabilities measured at fair value on a recurring basis: Obligation related to assets held in the non-qualified deferred compensation program (1) $ 4,693 $ 3,265 $ 1,428 $ - Foreign currency derivatives(2) 588 - 588 - Total $ 5,281 $ 3,265 $ 2,016 $ - Based on Quoted prices Other in active observable Unobservable Fair Value at markets inputs inputs June 30, 2019 (Level 1) (Level 2) (Level 3) Assets measured at fair value on a recurring basis: Assets held in the non-qualified deferred compensation program (1) $ 4,963 $ 3,468 $ 1,495 $ - Foreign currency derivatives (2) 601 - 601 - Total $ 5,564 $ 3,468 $ 2,096 $ - Based on Quoted prices Other in active observable Unobservable Fair Value at markets inputs inputs June 30, 2019 (Level 1) (Level 2) (Level 3) Liabilities measured at fair value on a recurring basis: Obligation related to assets held in the non-qualified deferred compensation program (1) $ 4,963 $ 3,468 $ 1,495 $ - Foreign currency derivatives (2) 619 - 619 - Total $ 5,582 $ 3,468 $ 2,114 $ - ( 1 ( 2 not Valuation Techniques: The following describes valuation techniques used to appropriately value our assets held in the non-qualified deferred compensation plan and derivatives. Assets held in the non-qualified deferred compensation plan Assets valued using Level 1 2 Investments are considered to be impaired when a decline in fair value is judged to be other-than-temporary. If the cost of an investment exceeds its fair value, among other factors, we evaluate general market conditions, the duration and extent to which the fair value is less than cost, and whether or not Derivatives We primarily use forward contracts, with maturities generally less than four not March 31, 2019 June 30, 2019, 2 |
Note 6 - Financial Instruments
Note 6 - Financial Instruments and Investments in Securities | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 6. At March 31, 2019 June 30, 2019, Our long-term and short-term investment securities are accounted for as held-to-maturity securities and are carried at amortized cost. We have the ability and intent to hold these investments until maturity. All income generated from the held-to-maturity securities investments are recorded as interest income. Investments in held-to-maturity securities, recorded at amortized cost, were as follows: March 31, 2019 Gross Gross Unrealized Unrealized Estimated Cost Gains Losses Fair Value Short-term investments: Time deposits 434,754 184 - 434,938 June 30, 2019 Gross Gross Unrealized Unrealized Estimated Cost Gains Losses Fair Value Short-term investments: Time deposits 482,821 347 - 483,168 The amortized cost and estimated fair value of held-to-maturity investments at June 30, 2019, two 2 may may Held-to-Maturity Amortized Estimated Cost Fair Value Due in one year or less 482,821 483,168 |
Note 7 - Inventories
Note 7 - Inventories | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 7. March 31, 2019 June 30, 2019 Finished goods $ 102,373 $ 108,743 Work in process 142,475 142,349 Raw materials 386,840 415,156 Total Inventories, net $ 631,688 $ 666,248 |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 8. We have been identified by the United States Environmental Protection Agency (“EPA”), state governmental agencies or other private parties as a potentially responsible party (“PRP”) under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”), or equivalent non-U.S., state or local laws, for clean-up and response costs associated with certain sites at which remediation is required with respect to prior contamination. Because CERCLA or such state statutes authorize joint and several liability, the EPA or non-U.S., state or local regulatory authorities could seek to recover all clean-up costs from any one To resolve our liability at the sites at which we have been named a PRP, we have entered into various administrative orders and consent decrees with federal and state regulatory agencies governing the timing and nature of investigation and remediation. As is customary, the orders and decrees regarding sites where the PRPs are not On June 3, 2010, may March 31, 2019 June 30, 2019, no We had total reserves of approximately $26,371 and $26,419 at March 31, 2019 June 30, 2019, March 31, 2019 June 30, 2019, March 31, 2019 June 30, 2019, On April 19, 2016, one may In connection with the same location, Union Gas Limited and Coca-Cola Refreshments Canada Company filed suits in the Superior Court of Justice for Ontario, Canada, against AVX Corporation, Aerovox Corp. and Cooper Industries, LLC seeking to recover the costs of remediation of the site and for damages associated with alleged contamination of the site. Those suits were filed on April 18, 2018, not October 11, 2018, We also operate, or did at one may may may not not not third We are not not may no not On April 25, 2013, Greatbatch, Inc. v. AVX Corporation January 26, 2016, first second 2016. March 30, 2018. 2018, January 15, 2019 March 31, 2019. March 31, 2019 On September 2, 2014, Presidio Components, Inc. v. American Technical Ceramics Corp April 18, 2016, August 17, 2016, November 16, 2016. October 21, 2016, March 17, 2017 June 17, 2016. November 16, 2016 December 2017, June 2018, As of June 30, 2019, During calendar year 2014, October 2, 2014. not not We are involved in other disputes, warranty, and legal proceedings arising in the normal course of business. While we cannot predict the outcome of these other disputes and proceedings, we believe, based upon a review with legal counsel, that none may |
Note 9 - Comprehensive Income (
Note 9 - Comprehensive Income (Loss) | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 9. Comprehensive income (loss) represents changes in equity during a period except those resulting from investments by and distributions to shareholders. The specific components include net income, pension liability and other post-retirement benefit adjustments, deferred gains and losses resulting from foreign currency translation adjustments and unrealized gains and losses on qualified foreign currency cash flow hedges. Other comprehensive income (loss) includes the following components: Three Months Ended June 30, 2018 2019 Pre-tax Net of Tax Pre-tax Net of Tax Foreign currency translation adjustment $ (41,741 ) $ (41,741 ) $ 6,438 $ 6,438 Foreign currency cash flow hedges adjustment 77 63 (213 ) (187 ) Pension liability adjustment 3,307 2,630 1,058 872 Other comprehensive income (loss) $ (38,357 ) $ (39,048 ) $ 7,283 $ 7,123 Amounts reclassified out of accumulated other comprehensive income (loss) into net income include those that pertain to the Company’s pension and postretirement benefit plans and realized gains and losses on derivative instruments designated as cash flow hedges. Please see Note 11 three June 30, 2018 2019. 12 three June 30, 2018 2019. |
Note 10 - Segment and Geographi
Note 10 - Segment and Geographic Information | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 10. Our operating segments are based on the types of products from which we generate revenues. We are organized into a product line organization with four four We evaluate performance of our segments based upon sales and operating profit. There are no intersegment revenues. We allocate the costs of shared resources between segments based on each segment’s usage of the shared resources. Cash, accounts receivable, investments in securities, and certain other assets, which are centrally managed, are not The tables below present information about reportable segments: Three Months Ended June 30, Sales Revenue: 2018 2019 Ceramic Components $ 78,836 $ 106,623 Tantalum Components 101,032 62,724 Advanced Components 139,344 108,133 Total Electronic Components 319,212 277,480 Interconnect, Sensing and Control Devices 134,904 124,289 Total Revenue $ 454,116 $ 401,769 Three Months Ended June 30, 2018 2019 Operating profit (loss): Electronic Components $ 86,410 $ 78,525 Interconnect, Sensing and Control Devices (2,750 ) 676 Corporate activities (15,643 ) (20,488 ) Total $ 68,017 $ 58,713 As of As of March 31, 2019 June 30, 2019 Assets: Electronic Components $ 659,933 $ 745,702 Interconnect, Sensing and Control Devices 265,682 282,173 Cash, A/R, and investments in securities 1,070,701 1,034,209 Goodwill - Electronic Components 271,374 271,374 Goodwill - Interconnect, Sensing and Control Devices 45,301 45,706 Corporate activities 500,287 469,411 Total $ 2,813,278 $ 2,848,575 The following geographic data is based upon net sales generated by operations located within particular geographic areas. Substantially all of the sales in the Americas region were generated in the United States. Three Months Ended June 30, 2018 2019 Net sales: Americas $ 114,567 $ 115,224 Europe 198,404 169,198 Asia 141,145 117,347 Total $ 454,116 $ 401,769 |
Note 11 - Pension Plans
Note 11 - Pension Plans | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 11. Net periodic pension cost for our defined benefit plans consisted of the following for the three June 30, 2018 2019: U.S. Plans International Plans Three Months Ended Three Months Ended June 30, June 30, 2018 2019 2018 2019 Service cost $ - $ - $ 215 $ 206 Interest cost 327 303 1,045 880 Expected return on plan assets (393 ) (415 ) (1,471 ) (1,316 ) Recognized actuarial loss 221 279 257 194 Net periodic pension cost $ 155 $ 167 $ 46 $ (36 ) Based on current actuarial computations, during the three June 30, 2019, 2020. three June 30, 2019. 2020. |
Note 12 - Derivative Financial
Note 12 - Derivative Financial Instruments | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 12. We are exposed to foreign currency exchange rate fluctuations in the normal course of business. We use derivative instruments (forward contracts) to hedge certain foreign currency exposures as part of our risk management strategy. The objective is to offset gains and losses resulting from these exposures with gains and losses on the forward contracts used to hedge them, thereby reducing volatility of earnings or protecting fair values of assets and liabilities. We do not We primarily use forward contracts, with maturities less than 4 months, to protect against the foreign currency exchange rate risks inherent in our forecasted transactions related to purchase commitments and sales denominated in various currencies. These derivative instruments are designated and qualify as cash flow hedges. The effectiveness of the cash flow hedges is determined by comparing the cumulative change in the fair value of the hedge contract with the cumulative change in the fair value of the hedged transaction, both of which are based on forward rates. The effective portion of the gain or loss on these cash flow hedges is initially recorded in accumulated other comprehensive income (loss) as a separate component of stockholders’ equity. Once the hedged transaction is recognized, the gain or loss is recognized in our statement of operations. At March 31, 2019 June 30, 2019, March 31, 2019 Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair Caption Value Caption Value Foreign exchange contracts Prepaid and other $ 570 Accrued expenses $ 318 June 30, 2019 Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair Caption Value Caption Value Foreign exchange contracts Prepaid and other $ 440 Accrued expenses $ 401 For these derivatives designated as cash flow hedging instruments, during the three June 30, 2019, three June 30, 2019, Derivatives not March 31, 2019 June 30, 2019, March 31, 2019 Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair Caption Value Caption Value Foreign exchange contracts Prepaid and other $ 283 Accrued expenses $ 270 June 30, 2019 Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair Caption Value Caption Value Foreign exchange contracts Prepaid and other $ 161 Accrued expenses $ 218 For these derivatives not three June 30, 2019, At March 31, 2019 June 30, 2019, |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 13. On J uly 24, 2019 June 30, 2019. August 1, 2019 August 15, 2019. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Summary of Significant Accounting Policies We have identified the accounting policies and estimates that are critical to our business operations and understanding our results of operations. Those policies and estimates can be found in Note 1, “Summary of Significant Accounting Policies,” of the Notes to Consolidated Financial Statements and in “Critical Accounting Policies and Estimates,” in “Management's Discussion and Analysis of Financial Condition and Results of Operations” contained in our Annual Report on Form 10 -K for the fiscal year ended March 31, 2019. Accordingly, this Quarterly Report on Form 10 -Q should be read in conjunction with our Annual Report on Form 10 -K for the fiscal year ended March 31, 2019. During the three month period ended June 30, 2019, there were no significant changes to any critical accounting policies or to the methodology used in determining estimates including those related to investment securities, inventories, goodwill, intangible assets, property and equipment, and contingencies other than those discussed below. During the three month period ended June 30, 2019, goodwill increased by due to foreign currency translation. |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain amounts in the prior year consolidated financial statements have been reclassified to the current year presentation. The impact of the reclassifications made to prior year amounts is not material and did not affect net loss. |
New Accounting Pronouncements, Policy [Policy Text Block] | Relevant New Accounting Standards In 2016, the FASB issued ASU 2016 - 02, “Leases”. This guidance changes the requirements for inclusion of certain right-of-use assets and the associated liabilities to be included in a statement of financial position. The Company adopted this guidance effective April 1, 2019, using the modified retrospective method and utilized the optional transition method under which the Company will continue to apply the legacy guidance in Accounting Standards Codification (“ASC”) 840, including its disclosure requirements, in the comparative period presented. In addition, the Company elected the package of practical expedients permitted under the transition guidance which permits the following: a) carrying forward the historical lease classification, b) not separating lease components from non-lease components within the Company’s facility lease contracts, c) not presenting comparative periods but rather recording a cumulative catch-up during fiscal 2020, and d) electing, by asset class, not to record on the balance sheet a lease whose term is twelve months or less including reasonably certain renewal options. As a result of the adoption of ASU 2016 - 02 for the fiscal year beginning April 1, 2019, the Company recorded initial operating lease right-of-use assets and operating lease liabilities related of and respectively. Right-of-use assets are included in “Other assets” on the Company’s Balance Sheet as of June 30, 2019. Lease liabilities are classified as current and non-current, and are included in “Accrued expenses” and “Other liabilities”, respectively, on the Company’s Balance Sheet as of June 30, 2019. Please refer to Note 2 for additional information. In June 2016, the FASB issued ASU 2016 - 13, “Financial Instruments – Credit Losses: Measurements of Credit Losses on Financial Instruments.” This standard requires the measurement and recognition of expected credit losses held at amortized cost. This new standard replaces the use of forward-looking information to estimate credit losses and requires credit losses for available for sale debt securities to be recorded through an allowance for credit losses rather than a reduction in the amortized cost basis. This update is effective for public companies for annual reporting periods beginning after December 15, 2019. Management is currently evaluating the impact of ASU 2016 - 13 on our consolidated financial statements. In August 2017, the FASB issued ASU 2017 - 12, “Derivatives and Hedging.” The standard aims to align the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results for cash flow and fair value hedge accounting with risk management activities. The guidance is effective for public companies for annual reporting periods beginning after December 15, 2018, and interim periods within those annual periods. Additionally, in October 2018, the FASB issued ASU 2018 - 16, “Derivatives and Hedging (Topic 815 ): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes”, which permits use of the OIS rate based on the SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815. This update is effective for public companies for annual reporting periods beginning after December 15, 2018, and interim periods within those annual periods. For entities that have not yet adopted ASU 2017 - 12, the concurrent adoption of ASU 2018 - 16 is required. The Company concurrently adopted ASU 2017 - 12 and ASU 2018 - 16 effective April 1, 2019. The adoption of these standards has not had a material impact on our consolidated financial statements. In February 2018, the FASB issued ASU 2018 - 02, "Income Statement - Reporting Comprehensive Income." This standard allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted for any interim and annual financial statements that have not yet been issued. The Company adopted ASU 2018 - 02 effective April 1, 2019 and elected to not reclassify the income tax effects of the Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings. The adoption of this standard has not had a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018 - 13, “Fair Value Measurement – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement”. This standard removes, adds and modifies certain disclosure requirements in the existing framework. ASU 2018 - 13 removes the following disclosure requirements: (i) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and (ii) the entity’s valuation processes for Level 3 fair value measurements. ASU 2018 - 13 adds the following disclosure requirements: (i) provide information about the measurement uncertainty of Level 3 fair value measurements as of the reporting date rather than a point in the future, (ii) disclose changes in unrealized gains and losses related to Level 3 measurements for the period included in other comprehensive income, and (iii) disclose for Level 3 measurements the range and weighted average of the significant unobservable inputs and the way it is calculated. ASU 2018 - 13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. We are currently evaluating the potential impact on our consolidated financial statements and disclosures. In August 2018, the FASB issued ASU 2018 - 14, “Compensation – Retirement Benefits – Defined Benefit Plans – General.” This standard removes certain disclosures that are not considered cost beneficial, clarifies certain required disclosures and added additional disclosures. The standard is effective for fiscal years beginning after December 15, 2020, and early adoption is permitted. The amendments in ASU 2018 - 14 would need to be applied on a retrospective basis. We are currently assessing the impact the new guidance will have on our disclosures. In August 2018, the FASB issued ASU 2018 - 15, “Customer’s Accounting For Implementation Costs Incurred In A Cloud Computing Arrangement That Is A Service Contract”. This guidance reduces the complexity for the accounting for costs of implementing a cloud computing service arrangement and aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). This update is effective for public companies for annual reporting periods beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The Company early adopted this standard effective April 1, 2019, utilizing the prospective approach to all implementation costs incurred after the date of adoption. The adoption of ASU 2018 - 15 has not had a material impact on our consolidated financial statements. We have reviewed other newly issued accounting pronouncements and concluded that they are either not applicable to our business or that no material effect is expected on our consolidated financial statements as a result of future adoption. |
Note 2 - Leases (Tables)
Note 2 - Leases (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Assets and Liabilities, Lessee [Table Text Block] | Classification on the Balance Sheet As of June 30, 2019 Assets Operating lease assets Other assets $ 17,054 Liabilities Current Operating lease liabilities Accrued expenses $ 5,057 Noncurrent Operating lease liabilities Other liabilities 11,727 Total lease liabilities $ 16,784 |
Lease, Cost [Table Text Block] | Three months ended June 30, 2019 Operating lease cost $ 1,148 Short-term lease cost 533 Variable lease cost 444 Total lease cost $ 2,125 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Fiscal Year Ending 2020 $ 4,529 2021 4,955 2022 3,495 2023 2,040 2024 1,392 Thereafter 1,502 Total operating lease payments $ 17,913 Less imputed interest 1,129 Total operating lease liabilities $ 16,784 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Fiscal Year Ending 2020 $ 6,642 2021 4,742 2022 3,218 2023 2,372 2024 445 Thereafter 1,856 Total operating lease payments $ 19,275 |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, 2018 2019 Net income $ 55,963 $ 54,677 Computation of Basic EPS: Weighted Average Shares Outstanding used in Computing Basic EPS 168,492 169,021 Basic earnings per share $ 0.33 $ 0.32 Computation of Diluted EPS: Weighted Average Shares Outstanding used in Computing Basic EPS 168,492 169,021 Effect of stock awards 472 457 Weighted Average Shares used in Computing Diluted EPS (1) 168,964 169,478 Diluted earnings per share $ 0.33 $ 0.32 |
Note 4 - Trade Accounts Recei_2
Note 4 - Trade Accounts Receivable and Contract Liabilities (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2019 June 30, 2019 Gross Accounts Receivable - trade $ 273,053 $ 259,417 Less: Allowances for doubtful accounts 1,276 1,167 Stock rotation and ship from stock and debt 14,140 14,350 Sales returns and discounts 646 483 Total allowances 16,062 16,000 Accounts Receivable - trade, net 256,991 243,417 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Three Months Ended June 30, 2018 2019 Allowances for doubtful accounts: Beginning balance $ 1,893 $ 1,276 Charges 91 26 Applications (690 ) (137 ) Translation, acquisition and other - 2 Ending balance $ 1,294 $ 1,167 Three Months Ended June 30, 2018 2019 Stock rotation and ship stock and debit: Beginning balance $ 15,989 $ 14,140 Charges 6,392 5,298 Applications (6,186 ) (5,088 ) Stock rotation reclassified to liability (6,326 ) - Ending balance $ 9,869 $ 14,350 Three Months Ended June 30, 2018 2019 Sales returns and discounts: Beginning balance $ 6,875 $ 646 Charges 86 1,588 Applications (215 ) (1,719 ) Sales returns reclassified to liability (6,157 ) - Translation, acquisition and other - (32 ) Ending balance $ 589 $ 483 |
Contract with Customer, Asset and Liability [Table Text Block] | Three Months Ended June 30, 2018 2019 Contract liabilities: Beginning balance $ - $ 15,753 Increase due to adoption of ASC 606 12,483 - Charges 6,221 2,870 Applications (4,819 ) (2,035 ) Translation, acquisition and other (16 ) 9 Ending balance $ 13,869 $ 16,597 |
Note 5 - Fair Value (Tables)
Note 5 - Fair Value (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Based on Quoted prices Other in active observable Unobservable Fair Value at markets inputs inputs March 31, 2019 (Level 1) (Level 2) (Level 3) Assets measured at fair value on a recurring basis: Assets held in the non-qualified deferred compensation program (1) $ 4,693 $ 3,265 $ 1,428 $ - Foreign currency derivatives (2) 853 - 853 - Total $ 5,546 $ 3,265 $ 2,281 $ - Based on Quoted prices Other in active observable Unobservable Fair Value at markets inputs inputs March 31, 2019 (Level 1) (Level 2) (Level 3) Liabilities measured at fair value on a recurring basis: Obligation related to assets held in the non-qualified deferred compensation program (1) $ 4,693 $ 3,265 $ 1,428 $ - Foreign currency derivatives(2) 588 - 588 - Total $ 5,281 $ 3,265 $ 2,016 $ - Based on Quoted prices Other in active observable Unobservable Fair Value at markets inputs inputs June 30, 2019 (Level 1) (Level 2) (Level 3) Assets measured at fair value on a recurring basis: Assets held in the non-qualified deferred compensation program (1) $ 4,963 $ 3,468 $ 1,495 $ - Foreign currency derivatives (2) 601 - 601 - Total $ 5,564 $ 3,468 $ 2,096 $ - Based on Quoted prices Other in active observable Unobservable Fair Value at markets inputs inputs June 30, 2019 (Level 1) (Level 2) (Level 3) Liabilities measured at fair value on a recurring basis: Obligation related to assets held in the non-qualified deferred compensation program (1) $ 4,963 $ 3,468 $ 1,495 $ - Foreign currency derivatives (2) 619 - 619 - Total $ 5,582 $ 3,468 $ 2,114 $ - |
Note 6 - Financial Instrument_2
Note 6 - Financial Instruments and Investments in Securities (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Debt Securities, Held-to-maturity [Table Text Block] | March 31, 2019 Gross Gross Unrealized Unrealized Estimated Cost Gains Losses Fair Value Short-term investments: Time deposits 434,754 184 - 434,938 June 30, 2019 Gross Gross Unrealized Unrealized Estimated Cost Gains Losses Fair Value Short-term investments: Time deposits 482,821 347 - 483,168 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Held-to-Maturity Amortized Estimated Cost Fair Value Due in one year or less 482,821 483,168 |
Note 7 - Inventories (Tables)
Note 7 - Inventories (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2019 June 30, 2019 Finished goods $ 102,373 $ 108,743 Work in process 142,475 142,349 Raw materials 386,840 415,156 Total Inventories, net $ 631,688 $ 666,248 |
Note 9 - Comprehensive Income_2
Note 9 - Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | Three Months Ended June 30, 2018 2019 Pre-tax Net of Tax Pre-tax Net of Tax Foreign currency translation adjustment $ (41,741 ) $ (41,741 ) $ 6,438 $ 6,438 Foreign currency cash flow hedges adjustment 77 63 (213 ) (187 ) Pension liability adjustment 3,307 2,630 1,058 872 Other comprehensive income (loss) $ (38,357 ) $ (39,048 ) $ 7,283 $ 7,123 |
Note 10 - Segment and Geograp_2
Note 10 - Segment and Geographic Information (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended June 30, Sales Revenue: 2018 2019 Ceramic Components $ 78,836 $ 106,623 Tantalum Components 101,032 62,724 Advanced Components 139,344 108,133 Total Electronic Components 319,212 277,480 Interconnect, Sensing and Control Devices 134,904 124,289 Total Revenue $ 454,116 $ 401,769 Three Months Ended June 30, 2018 2019 Operating profit (loss): Electronic Components $ 86,410 $ 78,525 Interconnect, Sensing and Control Devices (2,750 ) 676 Corporate activities (15,643 ) (20,488 ) Total $ 68,017 $ 58,713 As of As of March 31, 2019 June 30, 2019 Assets: Electronic Components $ 659,933 $ 745,702 Interconnect, Sensing and Control Devices 265,682 282,173 Cash, A/R, and investments in securities 1,070,701 1,034,209 Goodwill - Electronic Components 271,374 271,374 Goodwill - Interconnect, Sensing and Control Devices 45,301 45,706 Corporate activities 500,287 469,411 Total $ 2,813,278 $ 2,848,575 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Three Months Ended June 30, 2018 2019 Net sales: Americas $ 114,567 $ 115,224 Europe 198,404 169,198 Asia 141,145 117,347 Total $ 454,116 $ 401,769 |
Note 11 - Pension Plans (Tables
Note 11 - Pension Plans (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | U.S. Plans International Plans Three Months Ended Three Months Ended June 30, June 30, 2018 2019 2018 2019 Service cost $ - $ - $ 215 $ 206 Interest cost 327 303 1,045 880 Expected return on plan assets (393 ) (415 ) (1,471 ) (1,316 ) Recognized actuarial loss 221 279 257 194 Net periodic pension cost $ 155 $ 167 $ 46 $ (36 ) |
Note 12 - Derivative Financia_2
Note 12 - Derivative Financial Instruments (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | March 31, 2019 Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair Caption Value Caption Value Foreign exchange contracts Prepaid and other $ 570 Accrued expenses $ 318 June 30, 2019 Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair Caption Value Caption Value Foreign exchange contracts Prepaid and other $ 440 Accrued expenses $ 401 March 31, 2019 Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair Caption Value Caption Value Foreign exchange contracts Prepaid and other $ 283 Accrued expenses $ 270 June 30, 2019 Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair Caption Value Caption Value Foreign exchange contracts Prepaid and other $ 161 Accrued expenses $ 218 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) $ in Thousands | 3 Months Ended |
Jun. 30, 2019USD ($) | |
Goodwill, Foreign Currency Translation Gain (Loss) | $ 405 |
Operating Lease, Liability, Total | 16,784 |
Accounting Standards Update 2016-02 [Member] | |
Operating Lease, Right-of-Use Asset | 18,351 |
Operating Lease, Liability, Total | $ 18,053 |
Note 2 - Leases (Details Textua
Note 2 - Leases (Details Textual) $ in Thousands | 3 Months Ended |
Jun. 30, 2019USD ($) | |
Operating Lease, Payments | $ 2,251 |
Operating Lease, Weighted Average Remaining Lease Term | 3 years 9 months 18 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.25% |
Minimum [Member] | |
Lessee, Operating Lease, Term of Contract | 1 year |
Maximum [Member] | |
Lessee, Operating Lease, Term of Contract | 6 years |
Note 2 - Leases - Lease Balance
Note 2 - Leases - Lease Balances (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Operating lease liabilities | $ 5,057 |
Operating lease liabilities | 11,727 |
Operating Lease, Liability, Total | 16,784 |
Other Assets [Member] | |
Operating lease assets | $ 17,054 |
Note 2 - Leases - Lease Costs (
Note 2 - Leases - Lease Costs (Details) $ in Thousands | 3 Months Ended |
Jun. 30, 2019USD ($) | |
Operating lease cost | $ 1,148 |
Short-term lease cost | 533 |
Variable lease cost | 444 |
Total lease cost | $ 2,125 |
Note 2 - Leases - Reconciliatio
Note 2 - Leases - Reconciliation of Undiscounted Cash Flows (Details) $ in Thousands | Jun. 30, 2019USD ($) |
2020 | $ 4,529 |
2021 | 4,955 |
2022 | 3,495 |
2023 | 2,040 |
2024 | 1,392 |
Thereafter | 1,502 |
Total operating lease payments | 17,913 |
Less imputed interest | 1,129 |
Total operating lease liabilities | $ 16,784 |
Note 2 - Leases - Future Minimu
Note 2 - Leases - Future Minimum Lease Payments Prior to Adoption of New Lease Standard (Details) $ in Thousands | Apr. 01, 2019USD ($) |
2020 | $ 6,642 |
2021 | 4,742 |
2022 | 3,218 |
2023 | 2,372 |
2024 | 445 |
Thereafter | 1,856 |
Total operating lease payments | $ 19,275 |
Note 3 - Earnings Per Share (De
Note 3 - Earnings Per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Common Stock Equivalents [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 56 | 55 |
Note 3 - Earnings Per Share - B
Note 3 - Earnings Per Share - Basic and Diluted Weighted Average Number of Shares of Common Stock and Potential Common Stock Equivalents (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | ||
Net income | $ 54,677 | $ 55,963 | |
Weighted Average Shares Outstanding used in Computing Basic EPS (in shares) | 169,021 | 168,492 | |
Basic earnings per share (in dollars per share) | $ 0.32 | $ 0.33 | |
Effect of stock awards (in shares) | 457 | 472 | |
Diluted (in shares) | [1] | 169,478 | 168,964 |
Diluted earnings per share (in dollars per share) | $ 0.32 | $ 0.33 | |
[1] | Common stock equivalents not included in the computation of diluted earnings per share because the impact would have been anti-dilutive were 55 shares and 56 shares for the three month periods ended June 30, 2018 and 2019, respectively. |
Note 4 - Trade Accounts Recei_3
Note 4 - Trade Accounts Receivable and Contract Liabilities - Schedule of Trade Receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 |
Gross Accounts Receivable - trade | $ 259,417 | $ 273,053 | ||
Allowances | 16,000 | 16,062 | ||
Accounts Receivable - trade, net | 243,417 | 256,991 | ||
Allowances for Doubtful Accounts [Member] | ||||
Allowances | 1,167 | 1,276 | $ 1,294 | $ 1,893 |
Allowance for Stock Rotation and Ship from Stock and Debit [Member] | ||||
Allowances | 14,350 | 14,140 | 9,869 | 15,989 |
Allowance and Reserve for Sales Returns and Discounts [Member] | ||||
Allowances | $ 483 | $ 646 | $ 589 | $ 6,875 |
Note 4 - Trade Accounts Recei_4
Note 4 - Trade Accounts Receivable and Contract Liabilities - Charges Related to Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Beginning balance | $ 16,062 | |
Ending balance | 16,000 | |
Allowances for Doubtful Accounts [Member] | ||
Beginning balance | 1,276 | $ 1,893 |
Charges | 26 | 91 |
Applications | (137) | (690) |
Translation, acquisition and other | 2 | 0 |
Ending balance | 1,167 | 1,294 |
Allowance for Stock Rotation and Ship from Stock and Debit [Member] | ||
Beginning balance | 14,140 | 15,989 |
Charges | 5,298 | 6,392 |
Applications | (5,088) | (6,186) |
Stock rotation reclassified to liability | 0 | (6,326) |
Ending balance | 14,350 | 9,869 |
Allowance and Reserve for Sales Returns and Discounts [Member] | ||
Beginning balance | 646 | 6,875 |
Charges | 1,588 | 86 |
Applications | (1,719) | (215) |
Translation, acquisition and other | (32) | 0 |
Stock rotation reclassified to liability | 0 | (6,157) |
Ending balance | $ 483 | $ 589 |
Note 4 - Trade Accounts Recei_5
Note 4 - Trade Accounts Receivable and Contract Liabilities - Changes in Contract Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Beginning balance | $ 15,753 | $ 0 |
Increase due to adoption of ASC 606 | 0 | 12,483 |
Charges | 2,870 | 6,221 |
Applications | (2,035) | (4,819) |
Translation, acquisition and other | 9 | (16) |
Ending balance | $ 16,597 | $ 13,869 |
Note 5 - Fair Value - Assets an
Note 5 - Fair Value - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | |
Assets held in the non-qualified deferred compensation program | [1] | $ 4,963 | $ 4,693 |
Foreign currency derivatives | [2] | 601 | 853 |
Assets measured at fair value, Total | 5,564 | 5,546 | |
Obligation related to assets held in the non-qualified deferred compensation program | [1] | 4,963 | 4,693 |
Foreign currency derivatives liabilities | [2] | 619 | 588 |
Liabilities measured at fair value, Total | 5,582 | 5,281 | |
Fair Value, Inputs, Level 1 [Member] | |||
Assets held in the non-qualified deferred compensation program | [1] | 3,468 | 3,265 |
Foreign currency derivatives | [2] | 0 | 0 |
Assets measured at fair value, Total | 3,468 | 3,265 | |
Obligation related to assets held in the non-qualified deferred compensation program | [1] | 3,468 | 3,265 |
Foreign currency derivatives liabilities | [2] | 0 | 0 |
Liabilities measured at fair value, Total | 3,468 | 3,265 | |
Fair Value, Inputs, Level 2 [Member] | |||
Assets held in the non-qualified deferred compensation program | [1] | 1,495 | 1,428 |
Foreign currency derivatives | [2] | 601 | 853 |
Assets measured at fair value, Total | 2,096 | 2,281 | |
Obligation related to assets held in the non-qualified deferred compensation program | [1] | 1,495 | 1,428 |
Foreign currency derivatives liabilities | [2] | 619 | 588 |
Liabilities measured at fair value, Total | 2,114 | 2,016 | |
Fair Value, Inputs, Level 3 [Member] | |||
Assets held in the non-qualified deferred compensation program | [1] | 0 | 0 |
Foreign currency derivatives | [2] | 0 | 0 |
Assets measured at fair value, Total | 0 | 0 | |
Obligation related to assets held in the non-qualified deferred compensation program | [1] | 0 | 0 |
Foreign currency derivatives liabilities | [2] | 0 | 0 |
Liabilities measured at fair value, Total | $ 0 | $ 0 | |
[1] | The market value of the assets held in the trust for the non-qualified deferred compensation program is included as an asset and as a liability as the trust's assets are both assets of the Company and also a liability as they are available to general creditors in certain circumstances. | ||
[2] | Foreign currency derivatives in the form of forward contracts are included in prepaid and other assets or accrued expenses in the consolidated balance sheets. Unrealized gains and losses on derivatives designated as cash flow hedges are recorded in other comprehensive income (loss). Realized gains and losses on derivatives designated as cash flow hedges and gains and losses on derivatives not designated as hedges are recorded in other income. |
Note 6 - Financial Instrument_3
Note 6 - Financial Instruments and Investments in Securities - Investments in Held-to-Maturity Securities, Recorded at Amortized Cost (Details) - Short-term Investments [Member] - Time Deposits [Member] - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 |
Cost | $ 482,821 | $ 434,754 |
Gross Unrealized Gains | 347 | 184 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $ 483,168 | $ 434,938 |
Note 6 - Financial Instrument_4
Note 6 - Financial Instruments and Investments in Securities - Contractual Maturity (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Due in one year or less, amortized cost | $ 482,821 |
Due in one year or less, estimated fair value | $ 483,168 |
Note 7 - Inventories - Schedule
Note 7 - Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 |
Finished goods | $ 108,743 | $ 102,373 |
Work in process | 142,349 | 142,475 |
Raw materials | 415,156 | 386,840 |
Total Inventories, net | $ 666,248 | $ 631,688 |
Note 8 - Commitments and Cont_2
Note 8 - Commitments and Contingencies (Details Textual) $ in Thousands | Jan. 15, 2019USD ($) | Apr. 25, 2013 | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2016USD ($) | Jun. 30, 2019USD ($) |
Accrual for Environmental Loss Contingencies, Period Increase (Decrease), Total | $ 8,312 | |||||
Accrual for Environmental Loss Contingencies, Ending Balance | $ 22,043 | |||||
Other Assets [Member] | ||||||
Escrow Deposit | 22,100 | |||||
Greatbatch, Inc. v AVX Corporation [Member] | ||||||
Loss Contingency, Damages Awarded, Value | $ 22,100 | $ 37,500 | ||||
Loss Contingency Accrual, Adjustment | 13,900 | $ 1,500 | ||||
Greatbatch, Inc. v AVX Corporation And Presidio Components v. American Technical Ceramics Corp. [Member] | ||||||
Loss Contingency, Pending Claims, Number, Ending Balance | 2 | |||||
Unfavorable Regulatory Action - Environmental Matters [Member] | ||||||
Loss Contingency Accrual, Ending Balance | 26,371 | $ 26,419 | ||||
Loss Contingency, Accrual, Current | 5,749 | 5,597 | ||||
Loss Contingency, Accrual, Noncurrent | $ 20,622 | 20,822 | ||||
Unfavorable Regulatory Action - Patent Infringement Matters [Member] | Greatbatch, Inc. v AVX Corporation [Member] | ||||||
Loss Contingency Accrual, Ending Balance | $ 59,752 | |||||
Unfavorable Regulatory Action - Patent Infringement Matters [Member] | Greatbatch, Inc. v AVX Corporation [Member] | Minimum [Member] | ||||||
Loss Contingency, Patents Allegedly Infringed, Number | 1 | |||||
Unfavorable Regulatory Action - Patent Infringement Matters [Member] | Greatbatch, Inc. v AVX Corporation [Member] | Maximum [Member] | ||||||
Loss Contingency, Patents Allegedly Infringed, Number | 6 |
Note 9 - Comprehensive Income_3
Note 9 - Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Foreign currency translation adjustment, pre-tax | $ 6,438 | $ (41,741) |
Foreign currency translation adjustment, net of tax | 6,438 | (41,741) |
Foreign currency cash flow hedges adjustment, pre-tax | (213) | 77 |
Foreign currency cash flow hedges adjustment, net of tax | (187) | 63 |
Pension liability adjustment, pre-tax | 1,058 | 3,307 |
Pension liability adjustment, net of tax | 872 | 2,630 |
Other comprehensive income (loss), pre-tax | 7,283 | (38,357) |
Other comprehensive income (loss), net of tax | $ 7,123 | $ (39,048) |
Note 10 - Segment and Geograp_3
Note 10 - Segment and Geographic Information (Details Textual) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | |
Number of Reportable Segments | 2 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 401,769 | $ 454,116 |
Intersegment Eliminations [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 0 |
Note 10 - Segment and Geograp_4
Note 10 - Segment and Geographic Information - Reportable Segment Revenue, Profit and Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | |
Net sales | $ 401,769 | $ 454,116 | |
Operating profit (loss) | 58,713 | 68,017 | |
Assets | 2,848,575 | $ 2,813,278 | |
Goodwill | 317,080 | 316,675 | |
Operating Segments [Member] | Electronic Components [Member] | |||
Net sales | 277,480 | 319,212 | |
Operating profit (loss) | 78,525 | 86,410 | |
Assets | 745,702 | 659,933 | |
Operating Segments [Member] | Electronic Components [Member] | Ceramic Components [Member] | |||
Net sales | 106,623 | 78,836 | |
Operating Segments [Member] | Electronic Components [Member] | Tantalum Components [Member] | |||
Net sales | 62,724 | 101,032 | |
Operating Segments [Member] | Electronic Components [Member] | Advanced Components [Member] | |||
Net sales | 108,133 | 139,344 | |
Operating Segments [Member] | Interconnect, Sensing and Control Devices [Member] | |||
Net sales | 124,289 | 134,904 | |
Operating profit (loss) | 676 | (2,750) | |
Assets | 282,173 | 265,682 | |
Segment Reconciling Items [Member] | |||
Cash, A/R, and investments in securities | 1,034,209 | 1,070,701 | |
Segment Reconciling Items [Member] | Electronic Components [Member] | |||
Goodwill | 271,374 | 271,374 | |
Segment Reconciling Items [Member] | Interconnect, Sensing and Control Devices [Member] | |||
Goodwill | 45,706 | 45,301 | |
Corporate, Non-Segment [Member] | |||
Operating profit (loss) | (20,488) | $ (15,643) | |
Assets | $ 469,411 | $ 500,287 |
Note 10 - Segment and Geograp_5
Note 10 - Segment and Geographic Information - Schedule of Geographical Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Net sales | $ 401,769 | $ 454,116 |
Americas [Member] | ||
Net sales | 115,224 | 114,567 |
Europe [Member] | ||
Net sales | 169,198 | 198,404 |
Asia [Member] | ||
Net sales | $ 117,347 | $ 141,145 |
Note 11 - Pension Plans (Detail
Note 11 - Pension Plans (Details Textual) $ in Thousands | 3 Months Ended |
Jun. 30, 2019USD ($) | |
Defined Contribution Plan, Employer Contribution, Amount | $ 0 |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 0 |
Foreign Plan [Member] | |
Defined Contribution Plan, Employer Contribution, Amount | 646 |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 451 |
Note 11 - Pension Plans - Net P
Note 11 - Pension Plans - Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Service cost | $ 0 | $ 0 |
Interest cost | 303 | 327 |
Expected return on plan assets | (415) | (393) |
Recognized actuarial loss | 279 | 221 |
Net periodic pension cost | 167 | 155 |
Foreign Plan [Member] | ||
Service cost | 206 | 215 |
Interest cost | 880 | 1,045 |
Expected return on plan assets | (1,316) | (1,471) |
Recognized actuarial loss | 194 | 257 |
Net periodic pension cost | $ (36) | $ 46 |
Note 12 - Derivative Financia_3
Note 12 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Mar. 31, 2019 | |
Other Expense [Member] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Total | $ 57 | |
Other Income [Member] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Total | $ 227 | |
Foreign Exchange Forward [Member] | ||
Derivative Contract Maximum Maturity Term | 4 months | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ 512 | |
Foreign Exchange Forward [Member] | Cost of Sales [Member] | ||
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | 392 | |
Foreign Exchange Forward [Member] | Sales [Member] | ||
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | 694 | |
Foreign Exchange Contract [Member] | ||
Derivative, Notional Amount | $ 242,587 | $ 216,555 |
Note 12 - Derivative Financia_4
Note 12 - Derivative Financial Instruments - Fair value of Derivative Instruments (Details) - Foreign Exchange Contract [Member] - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 |
Prepaid Expenses and Other Current Assets [Member] | Designated as Hedging Instrument [Member] | ||
Asset derivatives, fair value | $ 440 | $ 570 |
Prepaid Expenses and Other Current Assets [Member] | Not Designated as Hedging Instrument [Member] | ||
Asset derivatives, fair value | 161 | 283 |
Accrued Expenses [Member] | Designated as Hedging Instrument [Member] | ||
Liability derivatives, fair value | 401 | 318 |
Accrued Expenses [Member] | Not Designated as Hedging Instrument [Member] | ||
Liability derivatives, fair value | $ 218 | $ 270 |
Note 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details Textual) - $ / shares | Jul. 24, 2019 | Jun. 30, 2019 | Jun. 30, 2018 |
Common Stock, Dividends, Per Share, Declared | $ 0.115 | $ 0.115 | |
Subsequent Event [Member] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.115 | ||
Dividends Payable, Date of Record | Aug. 1, 2019 | ||
Dividends Payable, Date to be Paid | Aug. 15, 2019 |