Condensed Consolidating Financial Statements (Tables)

9 Months Ended

Dec. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

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

Condensed Consolidating Balance Sheet

December 31, 2016

(Unaudited)



	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Reclassifications and Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	729	$	46,038	$	40,589	$	—		$	87,356
Accounts receivable, net	—		26,500		56,019		—			82,519
Intercompany receivable	32,874		195,280		149,763		(377,917		)	—
Inventories, net	—		102,559		51,960		—			154,519
Prepaid expenses and other	3,325		11,976		11,698		(2,964		)	24,035
Total current assets	36,928		382,353		310,029		(380,881		)	348,429
Property and equipment, net	498		81,692		129,737		—			211,927
Goodwill	—		40,294		—		—			40,294
Intangible assets, net	—		25,020		5,184		—			30,204
Investment in NEC TOKIN	—		21,202		—		—			21,202
Investments in subsidiaries	394,561		427,702		93,359		(915,622		)	—
Deferred income taxes	—		1,045		6,723		—			7,768
Other assets	27		1,779		906		—			2,712
Long-term intercompany receivable	62,496		38,356		1,089		(101,941		)	—
Total assets	$	494,510	$	1,019,443	$	547,027	$	(1,398,444	)	$	662,536
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	40		30,601		31,706		—			62,347
Intercompany payable	42,935		270,738		64,244		(377,917		)	—
Accrued expenses	8,743		19,334		18,341		—			46,418
Income taxes payable	—		3,007		1,025		(2,964		)	1,068
Total current liabilities	51,718		323,680		115,316		(380,881		)	109,833
Long-term debt, less current portion	352,345		19,881		14,000		—			386,226
Other non-current obligations	—		27,399		45,305		—			72,704
Deferred income taxes	—		2,556		770		—			3,326
Long-term intercompany payable	—		62,496		39,445		(101,941		)	—
Stockholders’ equity	90,447		583,431		332,191		(915,622		)	90,447
Total liabilities and stockholders’ equity	$	494,510	$	1,019,443	$	547,027	$	(1,398,444	)	$	662,536

Condensed Consolidating Statement of Operations

Condensed Consolidating Statement of Operation

For the Nine-Month Period Ended December 31, 2016

(Unaudited)



	Parent			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Reclassifications and Eliminations			Consolidated
Net sales	$	—		$	642,253	$	519,814		$	(601,795	)	$	560,272
Operating costs and expenses:
Cost of sales	1,023			499,922		485,391			(562,337		)	423,999
Selling, general and administrative expenses	31,471			52,796		33,743			(39,459		)	78,551
Research and development	228			13,581		7,298			—			21,107
Restructuring charges	—			3,125		1,192			—			4,317
Write down of long-lived assets	—			4,585		1,608			—			6,193
Net (gain) loss on sales and disposals of assets	(292		)	1,132		(533		)	—			307
Total operating costs and expenses	32,430			575,141		528,699			(601,796		)	534,474
Operating income (loss)	(32,430		)	67,112		(8,885		)	1			25,798
Non-operating (income) expense:
Interest income	—			3		(17		)	—			(14		)
Interest expense	28,214			1,161		376			—			29,751
Change in value of NEC TOKIN option	—			3,500		—			—			3,500
Other (income) expense, net	(28,672		)	29,556		(7,567		)	—			(6,683		)
Equity in earnings of subsidiaries	(27,047		)	—		—			27,047			—
Income (loss) before income taxes and equity income (loss) from NEC TOKIN	(4,925		)	32,892		(1,677		)	(27,046		)	(756		)
Income tax expense (benefit)	—			94		4,346			—			4,440
Income (loss) before equity income (loss) from NEC TOKIN	(4,925		)	32,798		(6,023		)	(27,046		)	(5,196		)
Equity income (loss) from NEC TOKIN	—			271		—			—			271
Net income (loss)	$	(4,925	)	$	33,069	$	(6,023	)	$	(27,046	)	$	(4,925	)

Condensed Consolidating Statement of Operations

For the Nine-Month Period Ended December 31, 2015

(Unaudited)



	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Reclassifications and Eliminations			Consolidated
Net sales	$	—		$	655,808		$	527,604		$	(632,515	)	$	550,897
Operating costs and expenses:
Cost of sales	931			528,352			490,621			(590,274		)	429,630
Selling, general and administrative expenses	27,028			56,197			34,672			(42,241		)	75,656
Research and development	26			12,834			5,700			—			18,560
Restructuring charges	—			2,182			1,379			—			3,561
Net (gain) loss on sales and disposals of assets	(7		)	(1,101		)	875			—			(233		)
Total operating costs and expenses	27,978			598,464			533,247			(632,515		)	527,174
Operating income (loss)	(27,978		)	57,344			(5,643		)	—			23,723
Non-operating (income) expense:
Interest income	—			—			(10		)	—			(10		)
Interest expense	28,395			865			416			—			29,676
Change in value of NEC TOKIN option	—			26,300			—			—			26,300
Other (income) expense, net	(25,484		)	25,065			(2,076		)	—			(2,495		)
Equity in earnings of subsidiaries	7,567			—			—			(7,567		)	—
Income (loss) before income taxes and equity income (loss) from NEC TOKIN	(38,456		)	5,114			(3,973		)	7,567			(29,748		)
Income tax expense (benefit)	—			(320		)	4,270			—			3,950
Income (loss) before equity income (loss) from NEC TOKIN	(38,456		)	5,434			(8,243		)	7,567			(33,698		)
Equity income (loss) from NEC TOKIN	—			(4,758		)	—			—			(4,758		)
Net income (loss)	$	(38,456	)	$	676		$	(8,243	)	$	7,567		$	(38,456	)

Condensed Consolidating Statement of Operations

For the Quarter Ended December 31, 2016

(Unaudited)



	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Reclassifications and Eliminations			Consolidated
Net sales	$	—		$	211,214		$	179,921		$	(203,106	)	$	188,029
Operating costs and expenses:
Cost of sales	257			163,260			166,866			(189,691		)	140,692
Selling, general and administrative expenses	11,695			16,590			11,795			(13,415		)	26,665
Research and development	72			4,708			2,279			—			7,059
Restructuring charges	—			(466		)	97			—			(369		)
Write down of long-lived assets	—			(1,608		)	1,608			—			—
Net (gain) loss on sales and disposals of assets	(7		)	109			30			—			132
Total operating costs and expenses	12,017			182,593			182,675			(203,106		)	174,179
Operating income (loss)	(12,017		)	28,621			(2,754		)	—			13,850
Non-operating (income) expense:
Interest income	—			—			(5		)	—			(5		)
Interest expense	9,395			383			140			—			9,918
Change in value of NEC TOKIN option	—			(6,900		)	—			—			(6,900		)
Other (income) expense, net	(10,479		)	11,671			(4,576		)	—			(3,384		)
Equity in earnings of subsidiaries	(23,211		)	—			—			23,211			—
Income (loss) before income taxes and equity income (loss) from NEC TOKIN	12,278			23,467			1,687			(23,211		)	14,221
Income tax expense (benefit)	—			37			1,773			—			1,810
Income (loss) before equity income (loss) from NEC TOKIN	12,278			23,430			(86		)	(23,211		)	12,411
Equity income (loss) from NEC TOKIN	—			(133		)	—			—			(133		)
Net income (loss)	$	12,278		$	23,297		$	(86	)	$	(23,211	)	$	12,278

Condensed Consolidating Statement of Operations

For the Quarter Ended December 31, 2015

(Unaudited)



	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Reclassifications and Eliminations			Consolidated
Net sales	$	—		$	211,268		$	170,531		$	(204,615	)	$	177,184
Operating costs and expenses:
Cost of sales	232			173,368			156,669			(191,833		)	138,436
Selling, general and administrative expenses	8,306			16,207			10,547			(12,782		)	22,278
Research and development	79			4,232			1,823			—			6,134
Restructuring charges	—			726			988			—			1,714
Net (gain) loss on sales and disposals of assets	—			(348		)	477			—			129
Total operating costs and expenses	8,617			194,185			170,504			(204,615		)	168,691
Operating income (loss)	(8,617		)	17,083			27			—			8,493
Non-operating (income) expense:
Interest income	—			—			(4		)	—			(4		)
Interest expense	9,461			267			124			—			9,852
Change in value of NEC TOKIN option	—			(700		)	—			—			(700		)
Other (income) expense, net	(7,931		)	7,997			(1,386		)	—			(1,320		)
Equity in earnings of subsidiaries	(1,547		)	—			—			1,547			—
Income (loss) before income taxes and equity income (loss) from NEC TOKIN	(8,600		)	9,519			1,293			(1,547		)	665
Income tax expense (benefit)	—			44			2,716			—			2,760
Income (loss) before equity income (loss) from NEC TOKIN	(8,600		)	9,475			(1,423		)	(1,547		)	(2,095		)
Equity income (loss) from NEC TOKIN	—			(6,505		)	—			—			(6,505		)
Net income (loss)	$	(8,600	)	$	2,970		$	(1,423	)	$	(1,547	)	$	(8,600	)

Condensed Statement of Comprehensive Income

Condensed Consolidating Statements of Comprehensive Income (Loss)

For the Quarter Ended December 31, 2015

(Unaudited)



Comprehensive income (loss)	$	(10,474	)	$	4,604	$	517	$	(1,547	)	$	(6,900	)

Condensed Consolidating Statements of Comprehensive Income (Loss)

For the Nine-Month Period Ended December 31, 2015

(Unaudited)



Comprehensive income (loss)	$	(37,698	)	$	(7,109	)	$	(6,107	)	$	7,567	$	(43,347	)

Condensed Consolidating Statements of Comprehensive Income (Loss)

Quarter Ended December 31, 2016

(Unaudited)



Comprehensive income (loss)	$	8,602	$	29,828	$	(8,438	)	$	(23,211	)	$	6,781

Condensed Consolidating Statements of Comprehensive Income (Loss)

For the Nine-Month Period Ended December 31, 2016

(Unaudited)



Comprehensive income (loss)	$	(9,929	)	$	32,331	$	(19,880	)	$	(27,046	)	$	(24,524	)

Condensed Consolidating Statement of Cash Flows

For the Nine-Month Period Ended December 31, 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	$	2,942		$	14,962		$	24,240		$	—	$	42,144
Investing activities:
Capital expenditures	—			(5,133		)	(9,878		)	—		(15,011		)
Net cash used in investing activities	—			(5,133		)	(9,878		)	—		(15,011		)
Financing activities:
Payments of long-term obligations	(1,870		)	—			(558		)	—		(2,428		)
Proceeds from exercise of stock options	69			—			—			—		69
Purchase of treasury stock	(1,052		)	—			—			—		(1,052		)
Net cash provided by (used in) financing activities	(2,853		)	—			(558		)	—		(3,411		)
Net increase (decrease) in cash and cash equivalents	89			9,829			13,804			—		23,722
Effect of foreign currency fluctuations on cash	—			—			(1,370		)	—		(1,370		)
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	$	729		$	46,038		$	40,589		$	—	$	87,356

Condensed Consolidating Statements of Cash Flows

For the Nine-Month Period Ended December 31, 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	$	691		$	(8,085	)	$	6,837		$	—	$	(557	)
Investing activities:
Capital expenditures	—			(6,221		)	(7,899		)	—		(14,120		)
Proceeds from sale of assets	—			247			651			—		898
Acquisitions, net of cash received	—			(2,892		)	—			—		(2,892		)
Net cash used in investing activities	—			(8,866		)	(7,248		)	—		(16,114		)
Financing activities:
Proceeds from revolving line of credit	—			8,000			2,000			—		10,000
Payments of revolving line of credit	—			(5,500		)	—			—		(5,500		)
Payments of long-term obligations	—			—			(481		)	—		(481		)
Purchase of treasury stock	(691		)	—			—			—		(691		)
Net cash provided by (used in) financing activities	(691		)	2,500			1,519			—		3,328
Net increase (decrease) in cash and cash equivalents	—			(14,451		)	1,108			—		(13,343		)
Effect of foreign currency fluctuations on cash	—			—			139			—		139
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		$	18,643		$	23,875		$	—	$	43,158