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QUARTERLY FINANCIAL DATA (UNAUDITED)
 12 Months Ended
Mar. 31, 2014
QUARTERLY FINANCIAL DATA (UNAUDITED)  
QUARTERLY FINANCIAL DATA (UNAUDITED)

22. QUARTERLY FINANCIAL DATA (UNAUDITED)

        The following table contains unaudited quarterly financial data for fiscal years 2014 and 2013. Earnings per share are computed independently for each quarter presented; therefore, the sum of the quarterly earnings per share may not equal the total earnings per share amounts for the fiscal year.

 
   Fiscal Year Ended March 31, 2014   Fiscal Year Ended March 31, 2013  
 
   First   Second   Third   Fourth   First   Second   Third   Fourth  
 
   (In thousands, except per share amounts)
  

Net sales(1)

   $ 5,791,125   $ 6,410,106   $ 7,183,442   $ 6,723,934   $ 5,975,995   $ 6,174,841   $ 6,123,321   $ 5,295,318  

Gross profit(1)

     311,035     368,423     398,619     362,144     357,357     366,772     246,462     195,657  

Income (loss) from continuing operations, net of taxes

     59,257     118,205     145,157     42,975     136,769     160,453     54,596     (49,316 )

Loss from discontinued operations, net of taxes

     —     —     —     —     (8,297 )   (9,906 )   (7,248 )   —  
                                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income (loss)

     59,257     118,205     145,157     42,975     128,472     150,547     47,348     (49,316 )
                                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                   

Earnings (loss) per share:

                                                  

Income (loss) from continuing operations:

                                                  

Basic

   $ 0.09   $ 0.19   $ 0.24   $ 0.07   $ 0.20   $ 0.24   $ 0.08   $ (0.08 )
                                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                   

Diluted

   $ 0.09   $ 0.19   $ 0.23   $ 0.07   $ 0.20   $ 0.24   $ 0.08   $ (0.08 )
                                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                   

Loss from discontinued operations:

                                                  

Basic

   $ —   $ —   $ —   $ —   $ (0.01 ) $ (0.01 ) $ (0.01 ) $ —  
                                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                   

Diluted

   $ —   $ —   $ —   $ —   $ (0.01 ) $ (0.01 ) $ (0.01 ) $ —  
                                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                   

Net income (loss):

                                                  

Basic

   $ 0.09   $ 0.19   $ 0.24   $ 0.07   $ 0.19   $ 0.23   $ 0.07   $ (0.08 )
                                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                   

Diluted

   $ 0.09   $ 0.19   $ 0.23   $ 0.07   $ 0.19   $ 0.22   $ 0.07   $ (0.08 )
                                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                   
(1)
As discussed in note 20 to the consolidated financial statements, "Discontinued Operations", during fiscal 2013 the Company finalized the sale of two of its non-core businesses, and is reporting the operating results of these non-core businesses as discontinued operations. Accordingly net sales and gross profit data above have been adjusted to exclude net revenue and gross profit (loss) pertaining to these non-core businesses.

        The Company recorded restructuring charges during fiscal year 2014. The Company classified approximately $35.1 million and $23.5 million of these charges as a component of cost of sales during the first and fourth quarters of fiscal year 2014, respectively, and approximately $5.6 million and $11.1 million of these charges as a component of selling, general and administrative expenses during the first and fourth quarters of fiscal year 2014, respectively.

        The Company recorded restructuring charges during fiscal year 2013. The Company classified approximately $98.3 million and $117.5 million of these charges as a component of cost of sales during the third and fourth quarters of fiscal year 2013, respectively, and approximately $4.4 million and $7.2 million of these charges as a component of selling, general and administrative expenses during the third and fourth quarters of fiscal year 2013, respectively.

        The Company recognized a $23.0 million gain as a component of other charges (income), net in the three-month period ended September 28, 2012 for the cumulative fair value adjustment of the Company's warrants to purchase common shares of a supplier. These fully-vested warrants, which are derivative instruments, are to be fair valued at each reporting date with gains or losses from changes in fair value recognized in the statements of operations. The gain from changes in fair value recognized in the three-month period ended September 28, 2012 includes an out-of-period adjustment of $12.8 million and for the year ended March 31, 2013 includes an out-of-period adjustment of $5.7 million. Management believes the impact of the error is not material to current or prior fiscal periods.

        During the fourth quarter of fiscal 2013, the Company recognized an income tax benefit of $9.3 million that related to prior fiscal years, of which $6.1 million related to the fiscal year ended March 31, 2012 and $3.2 million related to years prior to fiscal 2012. Management believes the impact of this error is not material to any of the periods.