XML 76 R23.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Fair Value Measurements | 12 Months Ended
--- | ---
Mar. 31, 2013
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements We estimate the fair value of financial instruments using available market information and generally accepted valuation methodologies. We assess the inputs used to measure fair value using a three-tier hierarchy. The hierarchy indicates the extent to which pricing inputs used in measuring fair value are observable in the market. Level 1 inputs include unadjusted quoted prices for identical assets or liabilities and are the most observable. Level 2 inputs include unadjusted quoted prices for similar assets and liabilities that are either directly or indirectly observable, or other observable inputs such as interest rates, foreign currency exchange rates, commodity rates, and yield curves. Level 3 inputs are not observable in the market and include our own judgments about the assumptions market participants would use in pricing the asset or liability. The use of observable and unobservable inputs is reflected in the hierarchy assessment disclosed in the tables below. There were no significant transfers between Levels 1, 2, and 3 during the twelve months ended March 31, 2013. The following tables present information about our financial assets and liabilities measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value:
| Fair value measurement used
| Recorded value as of |  | Active markets for identical assets or liabilities |  | Quoted prices in similar instruments and observable inputs |  | Active markets for unobservable inputs
(In thousands) | March 31, 2013 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets: |  |  |  |  |  |  |
Corporate-owned life insurance — non-current | $ | 3,673 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,673 |
| Fair value measurement used
| Recorded value as of |  | Active markets for identical assets or liabilities |  | Quoted prices in similar instruments and observable inputs |  | Active markets for unobservable inputs
(In thousands) | March 31, 2012 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets: |  |  |  |  |  |  |
Available for sale restricted marketable securities — current | $ | 4,408 |  |  | $ | 4,408 |  |  | $ | — |  |  | $ | — |
Corporate-owned life insurance — non-current | 3,458 |  |  | — |  |  | — |  |  | 3,458 |
Liabilities: |  |  |  |  |  |  |
BEP —current | 2,948 |  |  | — |  |  | 2,948 |  |  | — |
We maintained an investment in available for sale marketable securities, in a Rabbi Trust recorded in “Other current assets”, in which cost approximated fair value. The recorded value of our investment in available for sale marketable securities is based on quoted prices in active markets and, therefore, was classified within Level 1 of the fair value hierarchy. The Rabbi Trust was used to fund the BEP and SERP obligations, which were fulfilled in April 2012. The Rabbi Trust was subsequently closed. The recorded value of the corporate-owned life insurance policies is adjusted to the cash surrender value of the policies obtained from the third party life insurance providers, which are not observable in the market, and therefore, are classified within Level 3 of the fair value hierarchy. Changes in the cash surrender value of these policies are recorded within “Other expenses (income), net” in the Consolidated Statements of Operations. The recorded value of the BEP obligation is measured as employee deferral contributions and our matching contributions less distributions made from the plan, and adjusted for the returns on the hypothetical investments selected by the participants, which are indirectly observable and therefore, classified within Level 2 of the fair value hierarchy. The BEP obligation was fulfilled in April 2012 with funds held in the Rabbi Trust. The following table presents a summary of changes in the fair value of the Level 3 assets and liabilities for the fiscal years ended March 31, 2013 and 2012:
| Level 3 assets and liabilities
(In thousands) | 2013 |  | 2012
Corporate-owned life insurance: |  |  |
Balance on April 1 | $ | 3,458 |  |  | $ | 3,323 |
Realized gains | — |  |  | 46 |
Unrealized gain relating to instruments held at reporting date | 107 |  |  | 371 |
Purchases, sales, issuances and settlements, net | 108 |  |  | (282 | )
Balance on March 31 | $ | 3,673 |  |  | $ | 3,458 |
The following tables present information about our financial and nonfinancial assets and liabilities measured at fair value on a nonrecurring basis and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value:
| Fair value measurement used
| Recorded value as of |  | Active markets for identical assets or liabilities |  | Quoted prices in similar instruments and observable inputs |  | Active markets for unobservable inputs
(In thousands) | March 31, 2013 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets: |  |  |  |  |  |  |
Goodwill | $ | 14,128 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,128 |
Intangible assets | 17,288 |  |  | — |  |  | — |  |  | 17,288 |
Liabilities: |  |  |  |  |  |  |
Restructuring liabilities — current | $ | 584 |  |  | $ | — |  |  | $ | — |  |  | $ | 584 |
Other employee benefit plan obligations — non-current | 196 |  |  | — |  |  | — |  |  | 196 |
| Fair value measurement used
| Recorded value as of |  | Active markets for identical assets or liabilities |  | Quoted prices in similar instruments and observable inputs |  | Active markets for unobservable inputs
(In thousands) | March 31, 2012 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets: |  |  |  |  |  |  |
Goodwill | $ | 15,198 |  |  | $ | — |  |  | $ | — |  |  | $ | 15,198 |
Intangible assets | 14,135 |  |  | — |  |  | — |  |  | 14,135 |
Liabilities: |  |  |  |  |  |  |
SERP obligations — current | $ | 3,323 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,323 |
Restructuring liabilities — current | 5,447 |  |  | — |  |  | — |  |  | 5,447 |
Other employee benefit plans obligations — non-current | 196 |  |  | — |  |  | — |  |  | 196 |
Restructuring liabilities — non-current | 852 |  |  | — |  |  | — |  |  | 852 |
Intangible assets are valued at their estimated fair value at time of acquisition. We evaluate the fair value of our definite-lived and indefinite-lived intangible assets on an annual basis, or in interim periods if indicators of potential impairment exist. The income approach using “the relief from royalty method” was used to value indefinite-lived intangible assets. The recorded value of SERP and other benefit plans obligations is based on estimates developed by management by evaluating actuarial information and includes assumptions such as discount rates, future compensation increases, expected retirement dates, payment forms, and mortality. The recorded value of these obligations is measured on an annual basis, or upon the occurrence of a plan curtailment or settlement. The SERP obligation was fulfilled in April 2012 with funds held in the Rabbi Trust. Restructuring liabilities primarily consist of one-time termination benefits to former employees and ongoing costs related to long-term operating lease obligations. The recorded value of the termination benefits to employees is adjusted to the expected remaining obligation each period based on the arrangements made with the former employees. The recorded value of the ongoing lease obligations is based on the remaining lease term and payment amount, net of sublease income plus interest, discounted to present value. Changes in subsequent periods resulting from revisions to either the timing or amount of estimated cash flows over the remaining future periods are measured using the credit-adjusted, risk-free rate that was used to measure the restructuring liabilities initially. The inputs used to value the our goodwill, intangible assets, employee benefit plan obligations, and restructuring liabilities are not observable in the market and therefore, these amounts are classified within Level 3 in the fair value hierarchy. The following table presents a summary of changes in the fair value of the Level 3 assets and liabilities for fiscal years ended March 31, 2013 and 2012:
| Level 3 assets and liabilities
| Year ended March 31, 2013
(In thousands) | Goodwill |  | Intangible assets |  | SERP obligations |  | Other employee benefit plans obligations |  | Restructuring liabilities
Balance at April 1, 2012 | $ | 15,198 |  |  | $ | 14,135 |  |  | $ | 3,323 |  |  | $ | 196 |  |  | $ | 6,299 |
Foreign currency translation adjustments | (1,070 | ) |  | — |  |  | — |  |  | — |  |  | — |
Realized losses | — |  |  | (120 | ) |  | — |  |  | — |  |  | — |
Amortization | — |  |  | (1,986 | ) |  | — |  |  | — |  |  | — |
Provisions | — |  |  | — |  |  | — |  |  | — |  |  | 1,088 |
Activity, payments and other charges (net) | — |  |  | 5,259 |  |  | (3,323 | ) |  | (1 | ) |  | (6,803 | )
Balance at March 31, 2013 | $ | 14,128 |  |  | $ | 17,288 |  |  | $ | — |  |  | $ | 195 |  |  | $ | 584 |
| Level 3 assets and liabilities
| Year ended March 31, 2012
(In thousands) | Goodwill |  | Intangible assets |  | SERP obligations |  | Other employee benefit plans obligations |  | Restructuring liabilities
Balance at April 1, 2011 | $ | 15,211 |  |  | $ | 22,535 |  |  | $ | 5,675 |  |  | $ | 421 |  |  | $ | 733 |
Foreign currency translation adjustments | (13 | ) |  | — |  |  | — |  |  | — |  |  | — |
Realized losses | — |  |  | (7,875 | ) |  | — |  |  | — |  |  | — |
Amortization | — |  |  | (1,532 | ) |  | — |  |  | — |  |  | — |
Provisions | — |  |  | — |  |  | — |  |  | — |  |  | 11,462 |
Activity, payments and other charges (net) | — |  |  | 1,007 |  |  | (2,352 | ) |  | (225 | ) |  | (5,896 | )
Balance at March 31, 2012 | $ | 15,198 |  |  | $ | 14,135 |  |  | $ | 3,323 |  |  | $ | 196 |  |  | $ | 6,299 |
Unrealized losses related to goodwill represent fluctuations due to the movement of foreign currencies relative to the U.S. dollar and are recorded within “Accumulated other comprehensive (loss) income” in the Consolidated Balance Sheets.

X
- Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13504-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15C, 15D -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44A, 44B -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15A -Subparagraph a-d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 3, 10, 14, 15 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 17-22, 27, 28 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13537-108611 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15B -Subparagraph a, b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32, 33, 34 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration