Basis of Financial Statement Presentation (Tables)

9 Months Ended

Dec. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Contract with customer, asset and liability

The balance of net contract liabilities consisted of the following at December 31, 2018 and March 31, 2018 (amounts in thousands):



	December 31, 2018		March 31, 2018
Contract liabilities - current (Accrued expenses)	$	256	$	256
Contract liabilities - noncurrent (Other non-current obligations)	320		513
Total contract liabilities	$	576	$	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 December 31, 2018 and March 31, 2018 are as follows (amounts in thousands):



	Carrying Value December 31,			Fair Value December 31,			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⁾	$	63,701		$	63,701		$	63,701	$	—		$	—	$	83,891		$	83,891		$	83,891	$	—		$	—
Derivative assets	4,951			4,951			—		4,951			—		1,154			1,154			—		1,154			—
Derivative liabilities	(4,273		)	(4,273		)	—		(4,273		)	—		—			—			—		—			—
Total debt	(305,676		)	(315,905		)	—		(315,905		)	—		(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 $35.4 million and $33.9 million that mature in three months of less are included within the balance as of December 31, 2018 and March 31, 2018, respectively.

⁽³⁾Derivative assets and liabilities fair value was determined by using a third-party matrix-pricing model that uses significant inputs derived from or corroborated by observable market data. Where applicable, these models discount future cash flow amounts using market-based observable inputs, including interest rate yield curves, and forward and spot prices for currencies. For Total debt, 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):



	December 31, 2018			March 31, 2018
Raw materials and supplies	$	95,023		$	88,408
Work in process	68,464			65,417
Finished goods	86,556			66,907
Subtotal	250,043			220,732
Inventory reserves	(16,706		)	(16,346		)
Inventories, net	$	233,337		$	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 nine months ended December 31, 2017, and the Condensed Consolidated Statement of Cash Flows for the nine months ended December 31, 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	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 December 31, 2017
	As Previously Reported		ASC 606 Adjustments			As Adjusted
Net sales	$	306,408	$	168		$	306,576
Operating costs and expenses:
Cost of sales	213,947		341			214,288
Research and development	10,005		(98		)	9,907
Operating income (loss)	32,077		(75		)	32,002
Income tax expense	2,060		(23		)	2,037
Net income (loss)	18,641		(52		)	18,589



	Nine Months Ended December 31, 2017
	As Previously Reported		ASC 606 Adjustments			As Adjusted
Net sales	$	881,879	$	211		$	882,090
Operating costs and expenses:
Cost of sales	629,905		876			630,781
Research and development	29,057		(367		)	28,690
Operating income (loss)	91,504		(298		)	91,206
Income tax expense	6,090		(49		)	6,041
Net income (loss)	252,096		(249		)	251,847

Condensed Consolidated Statement of Comprehensive Income



	Three Months Ended December 31, 2017
	As Previously Reported		ASC 606 Adjustments			As Adjusted
Net income (loss)	$	18,641	$	(52	)	$	18,589
Foreign currency translation gains (losses)	6,503		13			6,516
Other comprehensive income (loss)	1,268		13			1,281
Total comprehensive income (loss)	19,909		(39		)	19,870



	Nine Months Ended December 31, 2017
	As Previously Reported		ASC 606 Adjustments			As Adjusted
Net income (loss)	$	252,096	$	(249	)	$	251,847
Foreign currency translation gains (losses)	20,301		180			20,481
Other comprehensive income (loss)	18,915		180			19,095
Total comprehensive income (loss)	271,011		(69		)	270,942

Condensed Consolidated Statement of Cash Flows



	Nine Months Ended December 31, 2017
	As Previously Reported			ASC 606 Adjustments			As Adjusted
Operating activities
Net income (loss)	$	252,096		$	(249	)	$	251,847
Depreciation and amortization	36,694			672			37,366
Change in deferred income taxes	(3,792		)	—			(3,792		)
Change in operating assets	26,296			(476		)	25,820
Change in operating liabilities	(26,316		)	58			(26,258		)
Other	499			83			582
Net cash provided by (used in) operating activities	82,695			88			82,783
Effect of foreign currency fluctuations on cash	3,105			(88		)	3,017