|
Related-Party Transactions
|
12 Months Ended |
|---|---|
|
Mar. 31, 2014
|
|
| Related Party Transactions [Abstract] | |
| Related-Party Transactions |
Related-Party Transactions
Included in our consolidated balance sheets is “Obligations due to settle the CHS Transactions,” which totaled $567 and $3,239 at March 31, 2014 and March 31, 2013, respectively. These amounts represent amounts due to the Predecessor owners in final settlement of the acquisition by our former private equity sponsors of a controlling interest in us that was completed on April 30, 2010. During fiscal 2014 and fiscal 2013, we paid $2,055 and $289, respectively, to the Predecessor owners, in each case reflected in "Obligations due to settle the CHS Transactions." During fiscal 2014, we received an income tax refund, in the amount of $2,004 from the United States Internal Revenue Service which we paid to the Predecessor owners because the refund related to tax periods in which they were in control of the Company, additionally the obligation was reduced by $617, of which $42 was withheld for professional fees incurred by the Company in connection with a concluded audit by the United States Internal Revenue Service, the remaining $575 was determined not to be payable to the Predecessor owners of the Company. At March 31, 2014, the remaining $567 outstanding represents remaining encumbered cash to be released as letters of credit and bank guarantees expire.
At March 31, 2014, approximately $3,589 of the purchase price consideration from the CHS Transactions was held in escrow to secure the Predecessor's indemnification obligations in the event of any breaches of representation and warranties contained in the definitive agreements.
We paid management and transaction success fees to, and reimbursed the out of pocket expenses of, our former private
equity sponsors of $8,158 in fiscal 2012 which is reported as part of marketing general and administrative and engineering expense and included $7,400 paid to the former private equity sponsors in fees for the termination of their respective management agreements.
|