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Revision of Previously Issued Financial Statements
9 Months Ended
Dec. 31, 2014
Accounting Changes and Error Corrections [Abstract]  
Revision of Previously Issued Financial Statements
Revision of Previously Issued Financial Statements
 
As disclosed in the Company’s Annual Report on Form 10-K for the year ended March 31, 2014 and in the audited consolidated financial statements contained therein, the Company has restated and revised its financial statements for the fiscal years ended March 31, 2012 and 2013, respectively. The impact of the adjustments also immaterially impact the financial statements for the first three quarters of the fiscal year ended March 31, 2014 as previously included in the Company’s quarterly reports on Form 10-Q for Fiscal 2014. The financial statements for the three and nine months ended December 31, 2013 included in this Form 10-Q are revised as described below for those adjustments and should be read in conjunction with Item 8, “Financial Statements and Supplementary Data” disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2014, filed with the SEC on November 13, 2014.
 
The adjustments included in these financial statements for the three and nine months ended December 31, 2013 primarily related to a correction to revenue that was previously recorded as an out-of-period adjustment and is now being reported in the correct period, capitalization of property, plant and equipment which was previously incorrectly expensed, pension obligation, other misstatements, and the tax impact of these adjustments.














Consolidated Statements of Operations.
 
The following table presents the impact of the correcting adjustments on the Company’s previously reported consolidated statement of operations for the three and nine months ended December 31, 2013 (in thousands, except for per share amount):
 
 
Three Months Ended
December 31, 2013
 
Nine Months Ended
December 31, 2013
 
 
As Reported
 
Adjustments*
 
As Revised
 
As Reported
 
Adjustments*
 
As Revised
Net sales
 
$
627,890

 
$
829

 
$
628,719

 
$
1,637,786

 
$
606

 
$
1,638,392

Cost of goods sold
 
414,528

 
(110
)
 
414,418

 
1,072,656

 
(789
)
 
1,071,867

Gross profit
 
213,362

 
939

 
214,301

 
565,130

 
1,395

 
566,525

Operating expenses:
 
 

 
 

 
 

 
 

 
 

 
 

Marketing and selling
 
93,624

 
649

 
94,273

 
287,969

 
848

 
288,817

Research and development
 
34,103

 
474

 
34,577

 
107,927

 
662

 
108,589

General and administrative
 
31,560

 
438

 
31,998

 
90,103

 
144

 
90,247

Restructuring charges, net
 
822

 

 
822

 
8,621

 

 
8,621

Total operating expenses
 
160,109

 
1,561

 
161,670

 
494,620

 
1,654

 
496,274

Operating income
 
53,253

 
(622
)
 
52,631

 
70,510

 
(259
)
 
70,251

Interest expense, net
 
(1,022
)
 

 
(1,022
)
 
(862
)
 

 
(862
)
Other income, net
 
1,082

 

 
1,082

 
1,361

 

 
1,361

Income before income taxes
 
53,313

 
(622
)
 
52,691

 
71,009

 
(259
)
 
70,750

Provision for income taxes
 
4,810

 
(3
)
 
4,807

 
7,065

 
(1
)
 
7,064

Net income
 
$
48,503

 
$
(619
)
 
$
47,884

 
$
63,944

 
$
(258
)
 
$
63,686

 
 
 
 
 
 
 
 
 
 
 
 
 
Net income per share:
 
 

 
 

 
 

 
 

 
 

 
 

Basic
 
$
0.30

 
$

 
$
0.30

 
$
0.40

 
$

 
$
0.40

Diluted
 
$
0.30

 
$
(0.01
)
 
$
0.29

 
$
0.40

 
$
(0.01
)
 
$
0.39

 
 
 
 
 
 
 
 
 
 
 
 
 
Shares used to compute net income per share:
 
 

 
 
 
 

 
 

 
 
 
 

Basic
 
160,871

 

 
160,871

 
160,051

 

 
160,051

Diluted
 
163,388

 

 
163,388

 
161,509

 

 
161,509


* The adjustments included in these financial statements for the three and nine months ended December 31, 2013 primarily related to a correction to revenue that was previously recorded as an out-of-period adjustment and is now being reported in the correct period, capitalization of property, plant and equipment which was previously incorrectly expensed, pension obligation, other misstatements, and the tax impact of these adjustments.
 















Consolidated Statements of Comprehensive Income
 
The following table presents the impact of the correcting adjustments on the Company’s previously reported consolidated statement of comprehensive income for the three and nine months ended December 31, 2013 (in thousands):
 
 
Three Months Ended
December 31, 2013
 
Nine Months Ended
December 31, 2013
 
 
As Reported
 
Adjustments*
 
As Revised
 
As Reported
 
Adjustments*
 
As Revised
Net income
 
$
48,503

 
$
(619
)
 
$
47,884

 
$
63,944

 
$
(258
)
 
$
63,686

Other comprehensive income:
 
 

 
 

 
 

 
 

 
 

 
 

Foreign currency translation gain
 
682

 

 
682

 
3,511

 
598

 
4,109

Defined benefit pension plans:
 
 

 
 

 
 

 
 

 
 
 
 
Net loss and prior service costs, net of taxes
 
(384
)
 

 
(384
)
 
(1,384
)
 
761

 
(623
)
Amortization included in operating expenses
 
318

 

 
318

 
933

 
779

 
1,712

Hedging gain (loss):
 
 

 
 

 
 

 
 

 
 

 
 

Unrealized hedging loss
 
(1,198
)
 

 
(1,198
)
 
(3,484
)
 

 
(3,484
)
Reclassification of hedging loss included in cost of goods sold
 
1,342

 

 
1,342

 
1,526

 

 
1,526

Other comprehensive income:
 
760

 

 
760

 
1,102

 
2,138

 
3,240

Total comprehensive income
 
$
49,263

 
$
(619
)
 
$
48,644

 
$
65,046

 
$
1,880

 
$
66,926

 
* The adjustments included in these financial statements for the three and nine months ended December 31, 2013 primarily related to a correction to revenue that was previously recorded as an out-of-period adjustment and is now being reported in the correct period, capitalization of property, plant and equipment which was previously incorrectly expensed, pension obligation, other misstatements, and the tax impact of these adjustments.


























Consolidated Statement of Cash Flows
 
The following table presents the impact of the correcting adjustments on the Company’s previously reported consolidated statement of cash flows for the nine months ended December 31, 2013 (in thousands): 
 
 
Nine Months Ended December 31, 2013
 
 
As Reported
 
Adjustments*
 
As Revised
Cash flows from operating activities:
 
 

 
 

 
 

Net income
 
$
63,944

 
(258
)
 
$
63,686

Adjustments to reconcile net income to net cash provided by operating activities:
 
 

 
 

 
 

Depreciation
 
28,756

 
3,999

 
32,755

Amortization of other intangible assets
 
14,990

 

 
14,990

Share-based compensation expense
 
17,412

 

 
17,412

Impairment of investments
 
568

 

 
568

Loss on disposal of property, plant and equipment
 
3,878

 

 
3,878

Excess tax benefits from share- based compensation
 
(572
)
 

 
(572
)
Deferred income taxes
 
(3,559
)
 
(2
)
 
(3,561
)
Changes in assets and liabilities, net of acquisitions:
 
 

 
 

 
 

Accounts receivable, net
 
(130,265
)
 
(606
)
 
(130,871
)
Inventories
 
14,652

 
(1,156
)
 
13,496

Other assets
 
(2,968
)
 

 
(2,968
)
Accounts payable
 
62,931

 
(1,508
)
 
61,423

Accrued and other liabilities
 
38,118

 
2,345

 
40,463

Net cash provided by operating activities
 
107,885

 
2,814

 
110,699

Cash flows from investing activities:
 
 

 
 

 
 

Purchases of property, plant and equipment
 
(32,096
)
 
(2,814
)
 
(34,910
)
Acquisitions, net of cash acquired
 
(650
)
 

 
(650
)
Proceeds from return of investment from strategic investment
 
261

 

 
261

Purchases of trading investments
 
(7,831
)
 

 
(7,831
)
Proceeds from sales of trading investments
 
8,311

 

 
8,311

Net cash used in investing activities
 
(32,005
)
 
(2,814
)
 
(34,819
)
Cash flows from financing activities:
 
 

 
 

 
 

Payment of cash dividends
 
(36,123
)
 

 
(36,123
)
Proceeds from sales of shares upon exercise of options and purchase rights
 
8,465

 

 
8,465

Tax withholdings related to net share settlements of restricted stock units
 
(2,937
)
 

 
(2,937
)
Excess tax benefits from share-based compensation
 
572

 

 
572

Net cash used in financing activities
 
(30,023
)
 

 
(30,023
)
Effect of exchange rate changes on cash and cash equivalents
 
184

 

 
184

Net increase in cash and cash equivalents
 
46,041

 

 
46,041

Cash and cash equivalents at beginning of period
 
333,824

 

 
333,824

Cash and cash equivalents at end of period
 
$
379,865

 
$

 
$
379,865

Property, plant and equipment purchased during the period and included in period end liability accounts
 
$
4,134

 
$

 
$
4,134

 
* The adjustments included in these financial statements for the nine months ended December 31, 2013 primarily related to a correction to revenue that was previously recorded as an out-of-period adjustment and is now being reported in the correct period, capitalization of property, plant and equipment which was previously incorrectly expensed, pension obligation, other misstatements, and the tax impact of these adjustments.