Basis of Financial Statement Presentation (Tables)

6 Months Ended

Sep. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Contract with customer, asset and liability

et contract liabilities consisted of the following at September 30, 2018 and March 31, 2018 (amounts in thousands):



	September 30, 2018		March 31, 2018
Contract liabilities - current (Accrued expenses)	$	256	$	256
Contract liabilities - noncurrent (Other non-current obligations)	384		513
Total contract liabilities	$	640	$	769

Schedule of assets and liabilities measured at fair value on a recurring basis

Assets and liabilities measured at fair value on a recurring basis as of September 30, 2018 and March 31, 2018 are as follows (amounts in thousands):



	Carrying Value September 30,			Fair Value September 30,			Fair Value Measurement Using							Carrying Value March 31,			Fair Value March 31,			Fair Value Measurement Using
	2018			2018			Level 1		Level 2 ⁽³⁾			Level 3		2018			2018			Level 1		Level 2 ⁽³⁾			Level 3
Assets (Liabilities):
Money markets⁽¹⁾⁽²⁾	$	70,580		$	70,580		$	70,580	$	—		$	—	$	83,891		$	83,891		$	83,891	$	—		$	—
Total debt	(316,637		)	(334,194		)	—		(334,194		)	—		(324,623		)	(343,125		)	—		(343,125		)	—

___________________

⁽¹⁾Included in the line item “Cash and cash equivalents” on the Condensed Consolidated Balance Sheets.

⁽²⁾ Certificates of Deposit of $27.5 million and $33.9 million that mature in three months of less are included within the balance as of September 30, 2018 and March 31, 2018, respectively.

⁽³⁾The valuation approach used to calculate fair value was a discounted cash flow based on the current market rate.

Schedule of components of inventories

Inventories are stated at the lower of cost or net realizable value. The components of inventories are as follows (amounts in thousands):



	September 30, 2018			March 31, 2018
Raw materials and supplies	$	89,198		$	88,408
Work in process	66,456			65,417
Finished goods	73,865			66,907
Subtotal	229,519			220,732
Inventory reserves	(16,251		)	(16,346		)
Inventories, net	$	213,268		$	204,386

Schedule of new accounting pronouncements and changes in accounting principles

Adoption of the requirements in ASC 606 impacted our previously reported Condensed Consolidated Balance Sheet as of March 31, 2018, our Condensed Consolidated Statements of Operations and Comprehensive Income for the three and six months ended September 30, 2017, and the Condensed Consolidated Statement of Cash Flows for the six months ended September 30, 2017 as follows (amounts in thousands, except per share data):

Condensed Consolidated Balance Sheet



	As of March 31, 2018
	As Previously Reported			ASC 606 Adjustments		As Adjusted
Assets
Account receivable, net	$	144,076		$	2,485	$	146,561
Total current assets	676,468			2,485		678,953
Other assets	10,431			2,169		12,600
Total assets	1,218,269			4,654		1,222,923
Liabilities and Stockholders' Equity
Accrued expenses	$	122,377		$	2,742	$	125,119
Total current liabilities	284,916			2,742		287,658
Deferred income taxes (non-current)	14,571			487		15,058
Other non-current obligations	151,736			513		152,249
Total liabilities	755,306			3,742		759,048
Retained earnings (deficit)	2,675			695		3,370
Accumulated other comprehensive income (loss)	(3,015		)	217		(2,798		)
Total stockholders' equity	462,963			912		463,875
Total liabilities and stockholders' equity	1,218,269			4,654		1,222,923

Condensed Consolidated Statement of Operations



	Three Months Ended September 30, 2017
	As Previously Reported		ASC 606 Adjustments			As Adjusted
Net sales	$	301,471	$	97		$	301,568
Operating costs and expenses:
Cost of sales	216,395		269			216,664
Research and development	9,662		(126		)	9,536
Operating income (loss)	31,643		(46		)	31,597
Income tax expense	2,880		(16		)	2,864
Net income (loss)	12,849		(30		)	12,819



	Six Months Ended September 30, 2017
	As Previously Reported		ASC 606 Adjustments			As Adjusted
Net sales	$	575,471	$	43		$	575,514
Operating costs and expenses:
Cost of sales	415,958		535			416,493
Research and development	19,052		(269		)	18,783
Operating income (loss)	59,427		(223		)	59,204
Income tax expense	4,030		(26		)	4,004
Net income (loss)	233,455		(197		)	233,258
Net income (loss) per diluted share	4.02		(0.01		)	4.01

Condensed Consolidated Statement of Comprehensive Income



	Three Months Ended September 30, 2017
	As Previously Reported		ASC 606 Adjustments			As Adjusted
Net income (loss)	$	12,849	$	(30	)	$	12,819
Foreign currency translation gains (losses)	9,068		(48		)	9,020
Other comprehensive income (loss)	6,295		(48		)	6,247
Total comprehensive income (loss)	19,144		(78		)	19,066



	Six Months Ended September 30, 2017
	As Previously Reported		ASC 606 Adjustments			As Adjusted
Net income (loss)	$	233,455	$	(197	)	$	233,258
Foreign currency translation gains (losses)	13,206		167			13,373
Other comprehensive income (loss)	17,055		167			17,222
Total comprehensive income (loss)	250,510		(30		)	250,480

Condensed Consolidated Statement of Cash Flows



	Six Months Ended September 30, 2017
	As Previously Reported			ASC 606 Adjustments			As Adjusted
Operating activities
Net income (loss)	$	233,455		$	(197	)	$	233,258
Depreciation and amortization	25,569			444			26,013
Change in deferred income taxes	(108		)	(18		)	(126		)
Change in operating assets	21,080			(494		)	20,586
Change in operating liabilities	(34,558		)	(81		)	(34,639		)
Other	162			28			190
Net cash provided by (used in) operating activities	40,067			(318		)	39,749
Effect of foreign currency fluctuations on cash	1,662			318			1,980