Fair Value Measurement Of Assets And Liabilities

9 Months Ended

Dec. 31, 2011

Fair Value Measurement Of Assets And Liabilities [Abstract]

Fair Value Measurement Of Assets And Liabilities

11. FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES

     Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability. The accounting guidance for fair value establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is as follows:

Level 1 - Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

     Level 2 - Applies to assets or liabilities for which there are inputs other than quoted prices included within level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

     The Company values foreign exchange forward contracts using level 2 observable inputs which primarily include foreign currency and interest spot and forward rates quoted by banks or foreign currency dealers.

     The Company's cash equivalents are comprised of bank deposits and money market accounts, which are valued using level 2 inputs, such as interest rates and maturity periods. Due to their short-term nature, their carrying amount approximates fair value.

     Level 3 - Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

     The Company values deferred purchase price receivables relating to its Asset-Backed Securitization Program based on a discounted cash flow analysis using unobservable inputs (i.e. level 3 inputs), which are primarily risk free interest rates adjusted for the credit quality of the underlying creditor and due to its high credit quality and short term maturity their fair value approximates carrying value.

     There were no transfers between levels in the fair value hierarchy during the three-month and nine-month periods ended December 31, 2011 and December 31, 2010.

Financial Instruments Measured at Fair Value on a Recurring Basis

     The following table presents the Company's assets and liabilities measured at fair value on a recurring basis as of December 31, 2011 and March 31, 2011:

	Fair Value Measurements as of December 31, 2011
	Level 1			Level 2		Level 3		Total
				(In thousands)
Assets:
Money market funds and time deposits (Note 2)	$	-	$	383,871	$	-	$	383,871
Deferred purchase price receivable (Note 10)		-		-		750,315		750,315
Foreign exchange forward contracts (Note 9)		-		24,690		-		24,690
Liabilities:
Foreign exchange forward contracts (Note 9)	$	-	$	42,994	$	-	$	42,994

	Fair Value Measurements as of March 31, 2011
	Level 1			Level 2			Level 3		Total
				(In thousands)
Assets:
Money market funds and time deposits (Note 2)	$	-	$	375,760		$	-	$	375,760
Deferred purchase price receivable (Note 10)		-		-			460,000		460,000
Foreign exchange forward contracts (Note 9)		-		24,071			-		24,071
Liabilities:
Foreign exchange forward contracts (Note 9)	$	-	$	(6,900	)	$	-	$	(6,900	)

Other financial instruments

The following table presents the Company's liabilities not carried at fair value as at December 31, 2011 and March 31, 2011:

		As of December 31, 2011				As of March 31, 2011
		Carrying		Fair		Carrying		Fair	Fair Value
		Amount		Value		Amount		Value	Hierarchy
		(In thousands)				(In thousands)
Revolving credit facility	$	140,000	$	140,000	$	160,000	$	160,000	Level 2
Term loan dated October 1, 2007		1,182,680		1,173,892		1,674,435		1,662,714	Level 1
Term loan dated October 19, 2011		493,750		477,703		-		-	Level 1
Asia term loans		377,500		374,695		379,000		376,347	Level 2
Total	$	2,193,930	$	2,166,290	$	2,213,435	$	2,199,061

     Revolving credit facility - The carrying amount approximates fair value because of the short period to maturity of those instruments.

     Term loans dated October 1, 2007 and October 19, 2011 - The term loans are valued based on broker trading prices in active markets.

     Asia term loans - The Company's Asia Term Loans are not traded publicly; however, as the pricing, maturity and other pertinent terms of these loans closely approximate those of the Term Loan Agreement dated October 1, 2007, management estimates the respective trading prices would be approximately the same.

Assets held for sale

     As of December 31, 2011 and March 31, 2011, assets that were no longer in use and held for sale totaled approximately $25.9 million and $27.1 million, respectively, primarily representing manufacturing facilities that have been closed as part of the Company's historical facility consolidations. These assets are recorded at the lesser of carrying value or fair value, which is based on comparable sales from prevailing market data (level two inputs). There were no material fair value adjustments or other transfers between levels in the fair value hierarchy for these assets during the three-month and nine-month periods ended December 31, 2011 and December 31, 2010.