Condensed Consolidating Financial Statements (Tables)

6 Months Ended

Sep. 30, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Balance Sheet (1)

March 31, 2016

(Unaudited)



	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Reclassifications and Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	640	$	36,209	$	28,155	$	—		$	65,004
Accounts receivable, net	—		41,025		52,143		—			93,168
Intercompany receivable	30,210		132,523		170,224		(332,957		)	—
Inventories, net	—		113,289		55,590		—			168,879
Prepaid expenses and other	3,325		12,161		12,974		(2,964		)	25,496
Total current assets	34,175		335,207		319,086		(335,921		)	352,547
Property and equipment, net	255		93,936		147,648		—			241,839
Goodwill	—		40,294		—		—			40,294
Intangible assets, net	—		27,252		6,049		—			33,301
Investment in NEC TOKIN	—		20,334		—		—			20,334
Investments in subsidiaries	382,108		429,723		93,359		(905,190		)	—
Deferred income taxes	—		800		7,597		—			8,397
Other assets	—		2,452		616		—			3,068
Long-term intercompany receivable	67,500		41,428		1,088		(110,016		)	—
Total assets	$	484,038	$	991,426	$	575,443	$	(1,351,127	)	$	699,780
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt	$	2,000	$	—	$	—	$	—		$	2,000
Accounts payable	20		34,618		36,343		—			70,981
Intercompany payable	280		275,498		57,179		(332,957		)	—
Accrued expenses	17,305		11,807		21,208		—			50,320
Income taxes payable	—		2,983		434		(2,964		)	453
Total current liabilities	19,605		324,906		115,164		(335,921		)	123,754
Long-term debt, less current portion	351,952		19,881		14,000		—			385,833
Other non-current obligations	—		25,797		49,095		—			74,892
Deferred income taxes	—		2,242		578		—			2,820
Long-term intercompany payable	—		67,500		42,516		(110,016		)	—
Stockholders’ equity	112,481		551,100		354,090		(905,190		)	112,481
Total liabilities and stockholders’ equity	$	484,038	$	991,426	$	575,443	$	(1,351,127	)	$	699,780

(1) Derived from audited financial statements.

Condensed Consolidating Balance Sheet

September 30, 2016

(Unaudited)



	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Reclassifications and Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	623	$	48,399	$	25,731	$	—		$	74,753
Accounts receivable, net	—		32,116		55,973		—			88,089
Intercompany receivable	31,782		164,695		153,766		(350,243		)	—
Inventories, net	—		107,191		57,786		—			164,977
Prepaid expenses and other	3,325		18,219		12,410		(2,964		)	30,990
Total current assets	35,730		370,620		305,666		(353,207		)	358,809
Property and equipment, net	514		82,229		138,747		—			221,490
Goodwill	—		40,294		—		—			40,294
Intangible assets, net	—		25,357		5,636		—			30,993
Investment in NEC TOKIN	—		15,174		—		—			15,174
Investments in subsidiaries	373,172		427,702		93,359		(894,233		)	—
Deferred income taxes	—		755		6,994		—			7,749
Other assets	27		1,643		796		—			2,466
Long-term intercompany receivable	66,172		40,612		1,089		(107,873		)	—
Total assets	$	475,615	$	1,004,386	$	552,287	$	(1,355,313	)	$	676,975
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	29		33,084		30,942		—			64,055
Intercompany payable	23,243		272,187		54,813		(350,243		)	—
Accrued expenses	17,246		19,107		21,662		—			58,015
Income taxes payable	—		2,996		261		(2,964		)	293
Total current liabilities	40,518		327,374		107,678		(353,207		)	122,363
Long-term debt, less current portion	352,217		19,881		14,000		—			386,098
Other non-current obligations	—		35,112		47,528		—			82,640
Deferred income taxes	—		2,242		752		—			2,994
Long-term intercompany payable	—		66,172		41,701		(107,873		)	—
Stockholders’ equity	82,880		553,605		340,628		(894,233		)	82,880
Total liabilities and stockholders’ equity	$	475,615	$	1,004,386	$	552,287	$	(1,355,313	)	$	676,975

Condensed Consolidating Statement of Operations

Condensed Consolidating Statement of Operation

For the Six-Month Period Ended September 30, 2016

(Unaudited)



	Parent			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Reclassifications and Eliminations			Consolidated
Net sales	$	—		$	431,039	$	339,893		$	(398,689	)	$	372,243
Operating costs and expenses:
Cost of sales	766			336,662		318,525			(372,646		)	283,307
Selling, general and administrative expenses	19,776			36,206		21,948			(26,044		)	51,886
Research and development	156			8,873		5,019			—			14,048
Restructuring charges	—			3,591		1,095			—			4,686
Write down of long-lived assets	—			6,193		—			—			6,193
Net (gain) loss on sales and disposals of assets	(285		)	1,023		(563		)	—			175
Total operating costs and expenses	20,413			392,548		346,024			(398,690		)	360,295
Operating income (loss)	(20,413		)	38,491		(6,131		)	1			11,948
Non-operating (income) expense:
Interest income	—			3		(12		)	—			(9		)
Interest expense	18,819			778		236			—			19,833
Change in value of NEC TOKIN option	—			10,400		—			—			10,400
Other (income) expense, net	(18,193		)	17,885		(2,991		)	—			(3,299		)
Equity in earnings of subsidiaries	(3,836		)	—		—			3,836			—
Income (loss) from continuing operations before income taxes and equity income (loss) from NEC TOKIN	(17,203		)	9,425		(3,364		)	(3,835		)	(14,977		)
Income tax expense (benefit)	—			57		2,573			—			2,630
Income (loss) from continuing operations before equity income (loss) from NEC TOKIN	(17,203		)	9,368		(5,937		)	(3,835		)	(17,607		)
Equity income (loss) from NEC TOKIN	—			404		—			—			404
Net income (loss)	$	(17,203	)	$	9,772	$	(5,937	)	$	(3,835	)	$	(17,203	)

Condensed Consolidating Statement of Operations

For the Six-Month Period Ended September 30, 2015

(Unaudited)



	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Reclassifications and Eliminations			Consolidated
Net sales	$	—		$	444,540		$	357,073		$	(427,900	)	$	373,713
Operating costs and expenses:
Cost of sales	699			354,984			333,952			(398,441		)	291,194
Selling, general and administrative expenses	18,722			39,990			24,125			(29,459		)	53,378
Research and development	(53		)	8,602			3,877			—			12,426
Restructuring charges	—			1,456			391			—			1,847
Net (gain) loss on sales and disposals of assets	(7		)	(753		)	398			—			(362		)
Total operating costs and expenses	19,361			404,279			362,743			(427,900		)	358,483
Operating income (loss)	(19,361		)	40,261			(5,670		)	—			15,230
Non-operating (income) expense:
Interest income	—			—			(6		)	—			(6		)
Interest expense	18,934			598			292			—			19,824
Change in value of NEC TOKIN option	—			27,000			—			—			27,000
Other (income) expense, net	(17,553		)	17,068			(690		)	—			(1,175		)
Equity in earnings of subsidiaries	9,114			—			—			(9,114		)	—
Income (loss) from continuing operations before income taxes and equity income (loss) from NEC TOKIN	(29,856		)	(4,405		)	(5,266		)	9,114			(30,413		)
Income tax expense (benefit)	—			(364		)	1,554			—			1,190
Income (loss) from continuing operations before equity income (loss) from NEC TOKIN	(29,856		)	(4,041		)	(6,820		)	9,114			(31,603		)
Equity income (loss) from NEC TOKIN	—			1,747			—			—			1,747
Net income (loss)	$	(29,856	)	$	(2,294	)	$	(6,820	)	$	9,114		$	(29,856	)

Condensed Consolidating Statement of Operations

For the Quarter Ended September 30, 2016

(Unaudited)



	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Reclassifications and Eliminations			Consolidated
Net sales	$	—		$	217,526		$	169,343		$	(199,561	)	$	187,308
Operating costs and expenses:
Cost of sales	489			169,559			157,295			(186,448		)	140,895
Selling, general and administrative expenses	9,631			18,717			10,738			(13,114		)	25,972
Research and development	91			4,499			2,526			—			7,116
Restructuring charges	—			3,452			546			—			3,998
Write down of long-lived assets	—			6,193			—			—			6,193
Net (gain) loss on sales and disposals of assets	(285		)	634			(265		)	—			84
Total operating costs and expenses	9,926			203,054			170,840			(199,562		)	184,258
Operating income (loss)	(9,926		)	14,472			(1,497		)	1			3,050
Non-operating (income) expense:
Interest income	—			—			(6		)	—			(6		)
Interest expense	9,396			379			135			—			9,910
Change in value of NEC TOKIN option	—			(1,600		)	—			—			(1,600		)
Other (income) expense, net	(8,843		)	8,469			(531		)	—			(905		)
Equity in earnings of subsidiaries	(5,481		)	—			—			5,481			—
Income (loss) from continuing operations before income taxes and equity income (loss) from NEC TOKIN	(4,998		)	7,224			(1,095		)	(5,480		)	(4,349		)
Income tax expense (benefit)	—			19			811			—			830
Income (loss) from continuing operations before equity income (loss) from NEC TOKIN	(4,998		)	7,205			(1,906		)	(5,480		)	(5,179		)
Equity income (loss) from NEC TOKIN	—			181			—			—			181
Net income (loss)	$	(4,998	)	$	7,386		$	(1,906	)	$	(5,480	)	$	(4,998	)

Condensed Consolidating Statement of Operations

For the Quarter Ended September 30, 2015

(Unaudited)



	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Reclassifications and Eliminations			Consolidated
Net sales	$	—		$	222,770		$	175,473		$	(212,120	)	$	186,123
Operating costs and expenses:
Cost of sales	521			173,470			167,722			(198,396		)	143,317
Selling, general and administrative expenses	8,906			16,511			11,255			(13,724		)	22,948
Research and development	66			4,218			1,868			—			6,152
Restructuring charges	—			941			(918		)	—			23
Net (gain) loss on sales and disposals of assets	(7		)	(400		)	103			—			(304		)
Total operating costs and expenses	9,486			194,740			180,030			(212,120		)	172,136
Operating income (loss)	(9,486		)	28,030			(4,557		)	—			13,987
Non-operating (income) expense:
Interest income	—			—			(3		)	—			(3		)
Interest expense	9,465			265			81			—			9,811
Change in value of NEC TOKIN option	—			(2,200		)	—			—			(2,200		)
Other (income) expense, net	(8,466		)	9,265			(2,890		)	—			(2,091		)
Equity in earnings of subsidiaries	(17,679		)	—			—			17,679			—
Income (loss) from continuing operations before income taxes and equity income (loss) from NEC TOKIN	7,194			20,700			(1,745		)	(17,679		)	8,470
Income tax expense (benefit)	—			123			1,315			—			1,438
Income (loss) from continuing operations before equity income (loss) from NEC TOKIN	7,194			20,577			(3,060		)	(17,679		)	7,032
Equity income (loss) from NEC TOKIN	—			162			—			—			162
Net income (loss)	$	7,194		$	20,739		$	(3,060	)	$	(17,679	)	$	7,194

Condensed Statement of Comprehensive Income

Condensed Consolidating Statements of Comprehensive Income (Loss)

For the Quarter Ended September 30, 2015

(Unaudited)



Comprehensive income (loss)	$	7,277	$	16,222	$	(7,330	)	$	(17,679	)	$	(1,510	)

Condensed Consolidating Statements of Comprehensive Income (Loss)

For the Six-Month Period Ended September 30, 2015

(Unaudited)



Comprehensive income (loss)	$	(27,224	)	$	(11,713	)	$	(6,624	)	$	9,114	$	(36,447	)

Condensed Consolidating Statements of Comprehensive Income (Loss)

Quarter Ended September 30, 2016

(Unaudited)



Comprehensive income (loss)	$	(4,648	)	$	6,190	$	(2,648	)	$	(5,480	)	$	(6,586	)

Condensed Consolidating Statements of Comprehensive Income (Loss)

For the Six-Month Period Ended September 30, 2016

(Unaudited)



Comprehensive income (loss)	$	(18,531	)	$	2,503	$	(11,442	)	$	(3,835	)	$	(31,305	)

Condensed Consolidating Statement of Cash Flows

Condensed

Consolidating Statement of Cash Flows

For the Six-Month Period Ended September 30, 2016

(Unaudited)



	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Reclassifications and Eliminations		Consolidated
Sources (uses) of cash and cash equivalents
Net cash provided by (used in) operating activities	$	2,481		$	14,940		$	5,622		$	—	$	23,043
Investing activities:
Capital expenditures	—			(2,750		)	(7,594		)	—		(10,344		)
Net cash used in investing activities	—			(2,750		)	(7,594		)	—		(10,344		)
Financing activities:
Payments of long-term debt	(1,870		)	—			—			—		(1,870		)
Purchase of treasury stock	(628		)	—			—			—		(628		)
Net cash provided by (used in) financing activities	(2,498		)	—			—			—		(2,498		)
Net increase (decrease) in cash and cash equivalents	(17		)	12,190			(1,972		)	—		10,201
Effect of foreign currency fluctuations on cash	—			—			(452		)	—		(452		)
Cash and cash equivalents at beginning of fiscal period	640			36,209			28,155			—		65,004
Cash and cash equivalents at end of fiscal period	$	623		$	48,399		$	25,731		$	—	$	74,753

Condensed Consolidating Statements of Cash Flows

For the Six-Month Period Ended September 30, 2015

(Unaudited)



	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Reclassifications and Eliminations		Consolidated
Sources (uses) of cash and cash equivalents
Net cash provided by (used in) operating activities	$	575		$	(6,284	)	$	(5,223	)	$	—	$	(10,932	)
Investing activities:
Capital expenditures	—			(4,630		)	(4,638		)	—		(9,268		)
Proceeds from sale of assets	—			247			—			—		247
Acquisitions, net of cash received	—			(2,892		)	—			—		(2,892		)
Net cash used in investing activities	—			(7,275		)	(4,638		)	—		(11,913		)
Financing activities:
Proceeds from revolving line of credit	—			6,000			2,000			—		8,000
Payments of revolving line of credit	—			(3,500		)	—			—		(3,500		)
Payments of long-term debt	—			—			(481		)	—		(481		)
Purchase of treasury stock	(575		)	—			—			—		(575		)
Net cash provided by (used in) financing activities	(575		)	2,500			1,519			—		3,444
Net increase (decrease) in cash and cash equivalents	—			(11,059		)	(8,342		)	—		(19,401		)
Effect of foreign currency fluctuations on cash	—			—			354			—		354
Cash and cash equivalents at beginning of fiscal period	640			33,094			22,628			—		56,362
Cash and cash equivalents at end of fiscal period	$	640		$	22,035		$	14,640		$	—	$	37,315