Current report filing

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

v3.20.1
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 12 Months Ended
Mar. 31, 2020
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES [Abstract]  
Fair Value of Compound Derivative Linked to New Preferred Stock
The following tables summarize the fair value of the compound derivative linked to the New Preferred Stock:

Derivatives not designated as hedging instruments
  
Successor
Five Months Ended
March 31, 2020
Fair Value
  
Preferred stock embedded derivative 
  
$
286,182
  
Total derivatives not designated as hedging instruments 
  
$
286,182
  

   
Successor
Five Months Ended
March 31, 2020
  
Total amounts of income and expense line items presented in the statement of financial performance in which the effects of fair value are recorded
  
Change in fair value of
preferred stock derivative
liability
  
Gain or (loss) on derivatives not designated as hedging instruments:
      
Preferred stock embedded derivative 
  
$
184,140
  
Foreign Exchange Contracts Designated as Hedging Instruments
The following table presents the balance sheet location and fair value of the portions of the Company’s derivative instruments that were designated as hedging instruments as of March 31, 2020 (Successor) (in thousands):

   
Derivatives
designated as
hedging
instruments
under ASC 815
    
Derivatives not
designated as
hedging
instruments
under ASC 815
    
Gross amounts
of recognized
assets and
liabilities
    
Gross amounts
offset in the
Balance Sheet
    
Net amounts of
assets and
liabilities
presented in the
Balance Sheet
  
Prepaid expenses and other current assets
  
$
2,747
    
$
—
    
$
2,747
    
$
—
    
$
2,747
  
Net
 
$
2,747
    
$
—
    
$
2,747
    
$
—
    
$
2,747
  

The following table presents the balance sheet location and fair value of the portions of the Company’s derivative instruments that were designated as hedging instruments as of March 31, 2019 (Predecessor) (in thousands):

   
Derivatives
designated as
hedging
instruments
under ASC 815
    
Derivatives not
designated as
hedging
instruments
under ASC 815
    
Gross amounts
of recognized
assets and
liabilities
    
Gross amounts
offset in the
Balance Sheet
  
Net amounts of
assets and
liabilities
presented in the
Balance Sheet
  
Prepaid expenses and other current assets
 
$
1,845
    
$
—
    
$
1,845
    
$
—
    
$
1,845
  
Net
 
$
1,845
    
$
—
    
$
1,845
    
$
—
    
$
1,845
  
Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following table presents the impact that derivative instruments, designated as cash flow hedges, had on accumulated other comprehensive loss (net of tax) and consolidated statements of operations (in thousands):

  Successor    
Predecessor
  

 

Five Months Ended
March 31,
2020
    
Seven Months
Ended
October 31,
2019
  
Financial statement location
Amount of income (loss) recognized in accumulated other comprehensive loss
  
$
—
    
$
(1,828
)
Accumulated other comprehensive loss

                     
Amount of income (loss) reclassified from accumulated other comprehensive loss into earnings
 
$
—
    
$
(1,146
)
Statements of operations

The following table presents the impact that derivative instruments, designated as cash flow hedges, had on accumulated other comprehensive loss (net of tax) and consolidated statements of operations for fiscal year 2019 (Predecessor) (in thousands):

       
Financial statement location
Amount of loss recognized in accumulated other comprehensive loss
 
$
(506
)
Accumulated other comprehensive loss
Amount of loss reclassified from accumulated other comprehensive loss into earnings
 
$
(464
)
Statement of operations