XML 29 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Significant Accounting Policies (Policies)
6 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Basis of Accounting, Policy [Policy Text Block]
Basis of Presentation
 
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of management, such unaudited information includes all adjustments, consisting of normal recurring adjustments necessary for a fair presentation of our financial position and results of operations. The results of operations for the interim periods are
not
necessarily indicative of results that
may
be achieved for the entire year. The financial statements and related notes do
not
include all information and footnotes required by U.S. GAAP for annual reports. This quarterly report should be read in conjunction with the consolidated financial statements included in our annual report on Form
10
-K for the year ended
March 31, 2018.
New Accounting Pronouncements, Policy [Policy Text Block]
Recently Issued Accounting Pronouncements
 
In
August 2018,
the SEC issued Release
No.
33
-
10532
that amends and clarifies certain financial reporting requirements. The principal change to our financial reporting will be the inclusion of the annual disclosure requirement of changes in stockholders’ equity in Rule
3
-
04
of Regulation S-
X
to interim periods. We will adopt this new rule beginning with our financial reporting for the quarter ended
December 31, 2018.
Upon adoption, we will include our Consolidated Statements of Stockholders' Equity with each quarterly filing on Form
10
-Q.
 
In
February 2016,
the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)
2016
-
02,
 
Leases
(Topic
842
)
. The pronouncement requires lessees to recognize a liability for lease obligations, which represents the discounted obligation to make future minimum lease payments, and a corresponding right-of-use asset on the balance sheet for all leases with terms greater than
12
months. The guidance also requires qualitative and quantitative disclosures designed to present financial statement users with the ability to assess the amount, timing, and uncertainty of cash flows arising from leases. We have initiated our plan for the adoption and implementation of this new accounting standard, including assessing our lease arrangements, evaluating practical expedients, and making necessary changes to our accounting policies, processes, and internal controls over financial reporting. We expect to adopt the standard using the optional transition method, which will allow us to apply the standard as of the effective date, therefore we will
not
apply changes to comparative periods presented in our financial statements. We are still assessing the expected impact of the standard on our consolidated balance sheets, but it will
not
significantly impact our consolidated statements of income and cash flows.
 
Recently
Adopted
Accounting Pronouncements
 
During the
three
months ended
September 30, 2018,
we elected to early-adopt ASU
2018
-
15
Intangibles – Goodwill and Other Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract
(“ASU
2018
-
15”
) on a prospective basis. ASU
2018
-
15
aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs of other internal-use software arrangements. Accordingly, we capitalized
$144
of costs incurred during the
three
months ended
September 30, 2018
to implement a hosted enterprise resource planning system to our European subsidiaries. The related asset is held in prepaid expenses and other on the condensed consolidated balance sheets, and we began amortizing the expense to general and administrative costs on our condensed consolidated statements of income on a straight-line basis over the contractual term of the arrangement.
 
Effective
April 1, 2018,
we adopted ASU
2014
-
09
Revenue from Contracts with Customers (Topic
606
)
and all related amendments (referred to collectively hereinafter as “ASU
606”
) on a modified retrospective basis. ASU
606
requires an entity to recognize revenue for the transfer of goods or services equal to the amount it expects to be entitled to receive for the goods and services. The adoption did
not
have a material impact on our condensed consolidated balance sheets, statements of income, or cash flows. The primary impact of adoption was the enhancement of disclosures to provide additional clarity regarding how revenue is earned and recognized, and to show revenues at a more disaggregated level, included in Note
2.
“Revenue Recognition.”
 
In
March 2018,
the FASB issued ASU
2018
-
05,
 Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin
No.
118.
 The amendments in this update provide guidance on when to record and disclose provisional amounts for certain income tax effects of the Tax Cuts and Jobs Act ("TCJA"). The amendments also require any provisional amounts or subsequent adjustments to be included in net income from continuing operations. Additionally, this ASU discusses required disclosures that an entity must make with regard to the TCJA. This ASU is effective immediately as new information is available to adjust provisional amounts that were previously recorded. We have adopted this standard and will continue to evaluate indicators that
may
give rise to a change in our tax provision as a result of the TCJA. Refer to Note 
7.
“Income Taxes” for additional information on the TCJA.