Condensed Consolidating Financial Statements (Tables)

12 Months Ended

Mar. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]



	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Reclassifications and Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	2,072	$	72,705	$	34,997	$	—		$	109,774
Accounts receivable, net	—		30,265		62,261		—			92,526
Intercompany receivable	33,613		215,183		170,837		(419,633		)	—
Inventories, net	—		97,761		50,194		—			147,955
Prepaid expenses and other	3,325		14,460		13,938		(2,964		)	28,759
Total current assets	39,010		430,374		332,227		(422,597		)	379,014
Property and equipment, net	481		81,818		127,012		—			209,311
Investments in TOKIN	—		63,416		—		—			63,416
Investments in subsidiaries	473,147		421,577		93,359		(988,083		)	—
Goodwill	—		40,294		—		—			40,294
Intangible assets, net	—		24,665		5,116		—			29,781
Deferred income taxes	—		896		7,697		—			8,593
Other assets	—		3,543		576		—			4,119
Long-term intercompany receivable	63,385		38,902		1,089		(103,376		)	—
Total assets	$	576,023	$	1,105,485	$	567,076	$	(1,514,056	)	$	734,528
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt	$	—	$	—	$	2,000	$	—		$	2,000
Accounts payable, trade	3		34,790		34,881		—			69,674
Intercompany payable	50,051		294,940		74,642		(419,633		)	—
Accrued expenses	18,822		19,552		19,378		—			57,752
Income taxes payable	—		2,997		682		(2,964		)	715
Total current liabilities	68,876		352,279		131,583		(422,597		)	130,141
Long-term debt, less current portion	352,472		31,881		1,858		—			386,211
Other non-current obligations	—		13,151		46,980		—			60,131
Deferred income taxes	—		2,236		1,134		—			3,370
Long-term intercompany payable	—		63,385		39,991		(103,376		)	—
Stockholders’ equity	154,675		642,553		345,530		(988,083		)	154,675
Total liabilities and stockholders’ equity	$	576,023	$	1,105,485	$	567,076	$	(1,514,056	)	$	734,528

Condensed Consolidating Balance Sheet

March 31, 2016



	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
Investment in TOKIN	—		20,334		—		—			20,334
Investment in subsidiaries	382,108		429,723		93,359		(905,190		)	—
Goodwill	—		40,294		—		—			40,294
Intangible assets, net	—		27,252		6,049		—			33,301
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, trade	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 Statements of Operations

Fiscal Year Ended March 31, 2016



	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Reclassifications and Eliminations			Consolidated
Net sales	$	—		$	866,163		$	703,690		$	(835,030	)	$	734,823
Operating costs and expenses:
Cost of sales	1,194			708,143			642,362			(780,156		)	571,543
Selling, general and administrative expenses	38,071			74,521			43,728			(54,874		)	101,446
Research and development	79			17,313			7,563			—			24,955
Restructuring charges	—			2,564			1,614			—			4,178
Net (gain) loss on sales and disposals of assets	(7		)	(484		)	866			—			375
Total operating costs and expenses	39,337			802,057			696,133			(835,030		)	702,497
Operating income (loss)	(39,337		)	64,106			7,557			—			32,326
Other (income) expense:
Interest income	—			—			(14		)	—			(14		)
Interest expense	37,856			1,189			560			—			39,605
Change in value of TOKIN options	—			26,300			—			—			26,300
Non-operating (income) expense, net	(36,183		)	34,188			(353		)	—			(2,348		)
Equity in earnings of subsidiaries	12,619			—			—			(12,619		)	—
Income (loss) from continuing operations before income taxes and equity income (loss) from TOKIN	(53,629		)	2,429			7,364			12,619			(31,217		)
Income tax expense (benefit)	—			(269		)	6,275			—			6,006
Income (loss) from continuing operations before equity income (loss) from TOKIN	(53,629		)	2,698			1,089			12,619			(37,223		)
Equity income (loss) from TOKIN	—			(16,406		)	—			—			(16,406		)
Net income (loss)	$	(53,629	)	$	(13,708	)	$	1,089		$	12,619		$	(53,629	)

Condensed Consolidating Statements of Operations

Fiscal Year Ended March 31, 2017



	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Reclassifications and Eliminations			Consolidated
Net sales	$	—		$	860,428		$	711,262		$	(813,899	)	$	757,791
Operating costs and expenses:
Cost of sales	1,607			683,103			646,401			(759,432		)	571,679
Selling, general and administrative expenses	44,447			74,093			43,795			(54,467		)	107,868
Research and development	323			18,073			9,233			—			27,629
Restructuring charges	—			3,901			1,503			—			5,404
Write down of long-lived assets	—			4,586			5,693			—			10,279
Net (gain) loss on sales and disposals of assets	(299		)	1,405			(714		)	—			392
Total operating costs and expenses	46,078			785,161			705,911			(813,899		)	723,251
Operating income (loss)	(46,078		)	75,267			5,351			—			34,540
Other (income) expense:
Interest income	—			3			(27		)	—			(24		)
Interest expense	37,606			1,587			562			—			39,755
Change in value of TOKIN options	—			(10,700		)	—			—			(10,700		)
Non-operating (income) expense, net	(40,487		)	40,527			(5,167		)	—			(5,127		)
Equity in earnings of subsidiaries	(91,186		)	—			—			91,186			—
Income (loss) from continuing operations before income taxes and equity income (loss) from TOKIN	47,989			43,850			9,983			(91,186		)	10,636
Income tax expense (benefit)	—			(65		)	4,355			—			4,290
Income (loss) from continuing operations before equity income (loss) from TOKIN	47,989			43,915			5,628			(91,186		)	6,346
Equity income (loss) from TOKIN	—			41,643			—			—			41,643
Net income (loss)	$	47,989		$	85,558		$	5,628		$	(91,186	)	$	47,989

Condensed Consolidating Statements of Operations

Fiscal Year Ended March 31, 2015



	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Reclassifications and Eliminations			Consolidated
Net sales	$	195		$	978,705		$	773,504		$	(929,212	)	$	823,192
Operating costs and expenses:
Cost of sales	2,468			823,429			707,493			(869,707		)	663,683
Selling, general and administrative expenses	41,783			70,074			46,181			(59,505		)	98,533
Research and development	436			17,588			7,778			—			25,802
Restructuring charges	—			3,310			9,707			—			13,017
Net (gain) loss on sales and disposals of assets	(10		)	181			(392		)	—			(221		)
Total operating costs and expenses	44,677			914,582			770,767			(929,212		)	800,814
Operating income (loss)	(44,482		)	64,123			2,737			—			22,378
Other (income) expense:													—
Interest income	—			—			(15		)	—			(15		)
Interest expense	38,632			998			1,071			—			40,701
Change in value of TOKIN options	—			(2,100		)	—			—			(2,100		)
Other (income) expense, net	(40,903		)	49,069			(12,248		)	—			(4,082		)
Equity in earnings of subsidiaries	(27,998		)	—			—			27,998			—
Income (loss) from continuing operations before income taxes and equity income (loss) from TOKIN	(14,213		)	16,156			13,929			(27,998		)	(12,126		)
Income tax expense (benefit)	(70		)	576			4,721			—			5,227
Income (loss) from continuing operations before equity income (loss) from TOKIN	(14,143		)	15,580			9,208			(27,998		)	(17,353		)
Equity income (loss) from TOKIN	—			(2,169		)	—			—			(2,169		)
Income (loss) from continuing operations	(14,143		)	13,411			9,208			(27,998		)	(19,522		)
Income (loss) from discontinued operations	—			102			5,277			—			5,379
Net income (loss)	$	(14,143	)	$	13,513		$	14,485		$	(27,998	)	$	(14,143	)

Condensed Statement of Comprehensive Income

Condensed Consolidating Statements of Comprehensive Income (Loss)

Fiscal Year Ended March 31, 2016



Comprehensive income (loss)	$	(49,918	)	$	(24,832	)	$	5,873	$	12,619	$	(56,258	)

Condensed Consolidating Statements of Comprehensive Income (Loss)

Fiscal Year Ended March 31, 2015



Comprehensive income (loss)	$	(32,103	)	$	19,650	$	(20,672	)	$	(27,998	)	$	(61,123	)

Condensed Consolidating Statements of Comprehensive Income (Loss)

Fiscal Year Ended March 31, 2017



Other comprehensive income (loss)	$	43,875	$	91,453	$	(6,540	)	$	(91,186	)	$	37,602

Condensed Consolidating Statements of Cash Flows

Fiscal Year Ended March 31, 2016



	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	$	3,722		$	15,107		$	13,536		$	—	$	32,365
Investing activities:
Capital expenditures	—			(9,550		)	(10,919		)	—		(20,469		)
Change in restricted cash	—			1,802			—			—		1,802
Proceeds from sale of assets	—			248			723			—		971
Acquisitions, net of cash received	—			(2,892		)	—			—		(2,892		)
Net cash provided by (used in) investing activities	—			(10,392		)	(10,196		)	—		(20,588		)
Financing activities:
Proceeds from revolving line of credit	—			8,000			2,000			—		10,000
Payments on revolving line of credit	—			(9,600		)	—			—		(9,600		)
Deferred acquisition payments	(3,000		)	—			—			—		(3,000		)
Payments of long-term debt	—			—			(481		)	—		(481		)
Purchase of treasury stock	(722		)	—			—			—		(722		)
Net cash provided by (used in) financing activities	(3,722		)	(1,600		)	1,519			—		(3,803		)
Net increase (decrease) in cash and cash equivalents	—			3,115			4,859			—		7,974
Effect of foreign currency fluctuations on cash	—			—			668			—		668
Cash and cash equivalents at beginning of fiscal year	640			33,094			22,628			—		56,362
Cash and cash equivalents at end of fiscal year	$	640		$	36,209		$	28,155		$	—	$	65,004

Condensed Consolidating Statements of Cash Flows

Fiscal Year Ended March 31, 2017



	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	$	3,313		$	34,778		$	33,576		$	—	$	71,667
Investing activities:
Capital expenditures	—			(10,295		)	(15,322		)	—		(25,617		)
Change in restricted cash	—			—			—			—		—
Proceeds from sale of assets	—			13			6			—		19
Acquisitions, net of cash received	—			—			—			—		—
Net cash provided by (used in) investing activities	—			(10,282		)	(15,316		)	—		(25,598		)
Financing activities:
Proceeds from revolving line of credit	—			12,000			—			—		12,000
Payments of revolving line of credit	—			—			(12,000		)	—		(12,000		)
Deferred acquisition payments	—			—			—			—		—
Proceeds from long-term debt	—			—			2,314			—		2,314
Payments of long-term debt	(1,870		)	—			(558		)	—		(2,428		)
Proceeds from exercise of stock options	1,133			—			—			—		1,133
Purchase of treasury stock	(1,144		)	—			—			—		(1,144		)
Net cash provided by (used in) financing activities	(1,881		)	12,000			(10,244		)	—		(125		)
Net increase (decrease) in cash and cash equivalents	1,432			36,496			8,016			—		45,944
Effect of foreign currency fluctuations on cash	—			—			(1,174		)	—		(1,174		)
Cash and cash equivalents at beginning of fiscal year	640			36,209			28,155			—		65,004
Cash and cash equivalents at end of fiscal year	$	2,072		$	72,705		$	34,997		$	—	$	109,774

Condensed Consolidating Statements of Cash Flows

Fiscal Year Ended March 31, 2015



	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	$	39,575		$	(4,085	)	$	(11,088	)	$	—	$	24,402
Investing activities:
Capital expenditures	—			(12,930		)	(9,302		)	—		(22,232		)
Change in restricted cash	—			11,509			—			—		11,509
Proceeds from sale of assets	—			2,403			2,385			—		4,788
Proceeds from sale of discontinued operations	—			—			9,564			—		9,564
Net cash provided by (used in) investing activities	—			982			2,647			—		3,629
Financing activities:
Proceeds from revolving line of credit	—			37,340			5,000			—		42,340
Payments on revolving line of credit	—			(22,342		)	(5,000		)	—		(27,342		)
Deferred acquisition payments	(18,527		)	(1,000		)	—			—		(19,527		)
Payments of long-term debt	(20,417		)	—			(1,316		)	—		(21,733		)
Proceeds from exercise of stock options	24			—			—			—		24
Purchase of treasury stock	(630		)	—			—			—		(630		)
Net cash provided by (used in) financing activities	(39,550		)	13,998			(1,316		)	—		(26,868		)
Net increase (decrease) in cash and cash equivalents	25			10,895			(9,757		)	—		1,163
Effect of foreign currency fluctuations on cash	(1		)	(1		)	(2,728		)	—		(2,730		)
Cash and cash equivalents at beginning of fiscal year	616			22,200			35,113			—		57,929
Cash and cash equivalents at end of fiscal year	$	640		$	33,094		$	22,628		$	—	$	56,362