XML 25 R13.htm IDEA: XBRL DOCUMENT
v3.8.0.1

STOCKHOLDERS' EQUITY | 6 Months Ended
--- | ---
Sep. 30, 2017
Equity [Abstract] |
STOCKHOLDERS' EQUITY |
(5) | STOCKHOLDERS' EQUITY
Common Stock and Warrants In connection with the Plan of Reorganization, Successor issued approximately 18.5 million shares of New Common Stock (approximately 17.0 million shares to General Unsecured Creditors and 1.5 million shares to holders of Predecessor stock), 7.7 million New Creditor Warrants (to General Unsecured Creditors), 2.4 million Series A Warrants (to holders of Predecessor stock), and 2.6 million Series B Warrants (to holders of Predecessor stock). The Successor also reserved for future issuance approximately 3.9 million New Creditor Warrants in respect of the unresolved sale/leaseback claims, with the remaining balance, if any, of such New Creditor Warrants following the resolution of such sale/leaseback claims to be distributed to holders of allowed General Unsecured Claims pro rata. The shares of New Common Stock have a par value of $0.001 and are subject to dilution by (i) issuance of up to 3.9 million shares of New Common Stock upon exercise of New Creditor Warrants (with an exercise price of $0.001 per share), (ii) issuance of up to 3.0 million shares of New Common Stock reserved for issuance under the management incentive plan, (iii) issuance of up to 2.4 million shares of New Common Stock upon exercise of the Series A Warrants (with an exercise price of $57.06 per share) and (iv) issuance of up to 2.6 million shares of New Common Stock upon exercise of the Series B Warrants (with an exercise price of $62.28 per share). New Creditor Warrants are exercisable for up to 25 years from the issuance date. The Series A Warrants and Series B Warrants are each exercisable for up to six years from the issuance date. Based on a Black-Scholes-Merton valuation and an estimated value of the underlying New Common Stock of $25 per share, the value of each New Creditor Warrant was estimated at $25, the value of each Series A Warrant was estimated at $2.27 and the value of each Series B Warrant was estimated at $1.88. The company allocated $288.6 million, $5.5 million and $4.9 million of Enterprise Value to the New Creditor Warrants, Series A and Series B warrants, respectively. Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive income (loss) by component, net of tax, are as follows:
|  | Successor
|  | Period from August 1, 2017 through September 30, 2017 |  |
|  | Balance |  |  | Gains/(losses) |  |  | Reclasses |  |  | Net |  |  | Remaining |  |
|  | at |  |  | recognized |  |  | from OCI to |  |  | period |  |  | balance |  |
(in thousands) |  | 7/31/17 |  |  | in OCI |  |  | net income |  |  | OCI |  |  | 9/30/17 |  |
Available for sale securities | $ |  | — |  |  |  | 7 |  |  |  | 75 |  |  |  | 82 |  |  |  | 82 |  |
Total | $ |  | — |  |  |  | 7 |  |  |  | 75 |  |  |  | 82 |  |  |  | 82 |  |
|  | Predecessor |
|  | Period from July 1, 2017 through July 31, 2017 |  |  | Period from April 1, 2017 through July 31, 2017 |
|  | Balance |  |  | Gains/(losses) |  |  | Reclasses |  |  | Net |  |  | Remaining |  |  | Balance |  |  | Gains/(losses) |  |  | Reclasses |  |  | Net |  |  | Remaining |
|  | at |  |  | recognized |  |  | from OCI to |  |  | period |  |  | balance |  |  | at |  |  | recognized |  |  | from OCI to |  |  | period |  |  | balance |
(in thousands) |  | 6/30/17 |  |  | in OCI |  |  | net income |  |  | OCI |  |  | 7/31/17 |  |  | 3/31/17 |  |  | in OCI |  |  | net income |  |  | OCI |  |  | 7/31/17 |
Available for sale securities | $ |  | (9 | ) |  |  | 51 |  |  |  | 26 |  |  |  | 77 |  |  |  | 68 |  |  |  | (95 | ) |  |  | 57 |  |  |  | 106 |  |  |  | 163 |  |  |  | 68 |
Currency translation adjustment |  |  | (9,811 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (9,811 | ) |  |  | (9,811 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (9,811 | )
Pension/Post- retirement benefits |  |  | (438 | ) |  |  | (2,598 | ) |  |  | — |  |  |  | (2,598 | ) |  |  | (3,036 | ) |  |  | (438 | ) |  |  | (2,598 | ) |  |  | — |  |  |  | (2,598 | ) |  |  | (3,036 | )
Total | $ |  | (10,258 | ) |  |  | (2,547 | ) |  |  | 26 |  |  |  | (2,521 | ) |  |  | (12,779 | ) |  |  | (10,344 | ) |  |  | (2,541 | ) |  |  | 106 |  |  |  | (2,435 | ) |  |  | (12,779 | )
|  | Predecessor |
|  | For the three months ended September 30, 2016 |  |  | For the six months ended September 30, 2016 |
|  | Balance |  |  | Gains/(losses) |  |  | Reclasses |  |  | Net |  |  | Remaining |  |  | Balance |  |  | Gains/(losses) |  |  | Reclasses |  |  | Net |  |  | Remaining |
|  | at |  |  | recognized |  |  | from OCI to |  |  | period |  |  | balance |  |  | at |  |  | recognized |  |  | from OCI to |  |  | period |  |  | balance |
(in thousands) |  | 6/30/16 |  |  | in OCI |  |  | net income |  |  | OCI |  |  | 9/30/16 |  |  | 3/31/16 |  |  | in OCI |  |  | net income |  |  | OCI |  |  | 9/30/16 |
Available for sale securities | $ |  | (47 | ) |  |  | 79 |  |  |  | 40 |  |  |  | 119 |  |  |  | 72 |  |  |  | (208 | ) |  |  | 138 |  |  |  | 142 |  |  |  | 280 |  |  |  | 72 |
Currency translation adjustment |  |  | (9,811 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (9,811 | ) |  |  | (9,811 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (9,811 | )
Pension/Post- retirement benefits |  |  | 4,683 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,683 |  |  |  | 4,683 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,683 |
Interest rate swaps |  |  | (1,459 | ) |  |  | — |  |  |  | 72 |  |  |  | 72 |  |  |  | (1,387 | ) |  |  | (1,530 | ) |  |  | — |  |  |  | 143 |  |  |  | 143 |  |  |  | (1,387 | )
Total | $ |  | (6,634 | ) |  |  | 79 |  |  |  | 112 |  |  |  | 191 |  |  |  | (6,443 | ) |  |  | (6,866 | ) |  |  | 138 |  |  |  | 285 |  |  |  | 423 |  |  |  | (6,443 | )
The following tables summarize the reclassifications from accumulated other comprehensive income (loss) to the condensed consolidated statement of income:
|  | Successor |  |  |  | Predecessor |  |  |
|  | Period from |  |  |  | Period from |  |  |  |  |  |  |
|  | August 1, 2017 |  |  |  | July 1, 2017 |  |  | Three Months |  |  |
|  | through |  |  |  | through |  |  | Ended |  |  | Affected line item in the condensed
(In thousands) |  | September 30, 2017 |  |  |  | July 31, 2017 |  |  | September 30, 2016 |  |  | consolidated statements of income
Realized gains on available for sale securities |  | $ | 75 |  |  |  |  | 26 |  |  |  | 40 |  |  | Interest income and other, net
Interest rate swap |  |  | — |  |  |  |  | — |  |  |  | 72 |  |  | Interest and other debt costs
Total pre-tax amounts |  |  | 75 |  |  |  |  | 26 |  |  |  | 112 |  |  |
Tax effect |  |  | — |  |  |  |  | — |  |  |  | — |  |  |
Total gains for the period, net of tax |  | $ | 75 |  |  |  |  | 26 |  |  |  | 112 |  |  |
|  | Successor |  |  |  | Predecessor |  |  |
|  | Period from |  |  |  | Period from |  |  |  |  |  |  |
|  | August 1, 2017 |  |  |  | April 1, 2017 |  |  | Six Months |  |  |
|  | through |  |  |  | through |  |  | Ended |  |  | Affected line item in the condensed
(In thousands) |  | September 30, 2017 |  |  |  | July 31, 2017 |  |  | September 30, 2016 |  |  | consolidated statements of income
Realized gains on available for sale securities |  | $ | 75 |  |  |  |  | 106 |  |  |  | 142 |  |  | Interest income and other, net
Interest rate swap |  |  | — |  |  |  |  | — |  |  |  | 143 |  |  | Interest and other debt costs
Total pre-tax amounts |  |  | 75 |  |  |  |  | 106 |  |  |  | 285 |  |  |
Tax effect |  |  | — |  |  |  |  | — |  |  |  | — |  |  |
Total gains for the period, net of tax |  | $ | 75 |  |  |  |  | 106 |  |  |  | 285 |  |  |

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration