Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | May 10, 2023 | Sep. 30, 2022 | |
Document Information [Line Items] | |||
Document Period End Date | Mar. 31, 2023 | ||
Entity Registrant Name | Triumph Group, Inc. | ||
Entity Central Index Key | 0001021162 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 549 | ||
Entity Common Stock, Shares Outstanding | 65,446,759 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 51-0347963 | ||
Entity File Number | 1-12235 | ||
Entity Address, Address Line One | 555 E Lancaster Avenue | ||
Entity Address, Address Line Two | Suite 400 | ||
Entity Address, City or Town | Radnor | ||
Entity Address, State or Province | PA | ||
Entity Address, Postal Zip Code | 19087 | ||
City Area Code | 610 | ||
Local Phone Number | 251-1000 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | Portions of the following document are incorporated herein by reference: The Proxy Statement of Triumph Group, Inc. to be filed in connection with our 2023 Annual Meeting of Stockholders is incorporated in part in Part III hereof, as specified herein. | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | Philadelphia, Pennsylvania | ||
Auditor Firm Id | 42 | ||
Common Stock [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock, par value $.001 per share | ||
Trading Symbol | TGI | ||
Security Exchange Name | NYSE | ||
Purchase Rights [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Purchase rights | ||
No Trading Symbol Flag | true | ||
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 227,403 | $ 240,878 |
Trade and other receivables, less allowance for credit losses of $8,382 and $7,940 | 196,775 | 178,663 |
Contract assets | 103,027 | 101,828 |
Inventory, net | 389,245 | 361,692 |
Prepaid expenses and other current assets | 17,062 | 19,903 |
Assets held for sale | 60,104 | |
Total current assets | 933,512 | 963,068 |
Property and equipment, net | 166,800 | 169,050 |
Goodwill | 509,449 | 513,722 |
Intangible assets, net | 73,898 | 84,850 |
Other, net | 31,185 | 30,476 |
Total assets | 1,714,844 | 1,761,166 |
Current liabilities: | ||
Current portion of long-term debt | 3,162 | 3,268 |
Accounts payable | 197,932 | 161,534 |
Contract liabilities | 44,482 | 171,763 |
Accrued expenses | 151,348 | 208,059 |
Liabilities related to assets held for sale | 57,519 | |
Total current liabilities | 396,924 | 602,143 |
Long-term debt, less current portion | 1,688,620 | 1,586,222 |
Accrued pension and other postretirement benefits | 359,375 | 301,303 |
Deferred income taxes | 7,268 | 7,213 |
Other noncurrent liabilities | 60,053 | 51,708 |
Stockholders' deficit: | ||
Common stock, $.001 par value, 100,000,000 shares authorized, 65,432,589 and 64,629,279 shares issued; 65,432,589 and 64,614,382 shares outstanding | 65 | 64 |
Capital in excess of par value | 964,741 | 973,112 |
Treasury stock, at cost, 0 and 14,897 shares | (96) | |
Accumulated other comprehensive loss | (554,646) | (463,354) |
Accumulated deficit | (1,207,556) | (1,297,149) |
Total stockholders' deficit | (797,396) | (787,423) |
Total liabilities and stockholders' deficit | $ 1,714,844 | $ 1,761,166 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for credit losses | $ 8,382 | $ 7,940 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 65,432,589 | 64,629,279 |
Common stock, shares outstanding | 65,432,589 | 64,614,382 |
Treasury stock, shares | 0 | 14,897 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | |||
Net sales | $ 1,379,128,000 | $ 1,459,942,000 | $ 1,869,719,000 |
Operating costs and expenses: | |||
Cost of sales (exclusive of depreciation shown separately below) | 991,599,000 | 1,073,063,000 | 1,476,266,000 |
Selling, general and administrative | 210,430,000 | 202,070,000 | 215,962,000 |
Depreciation and amortization | 35,581,000 | 49,635,000 | 93,334,000 |
Impairment of long-lived assets | 2,308,000 | 252,382,000 | |
Restructuring | 4,949,000 | 19,295,000 | 53,224,000 |
(Gain) loss on sale of assets and businesses | (101,523,000) | 9,294,000 | 104,702,000 |
Operating Expenses | 1,141,036,000 | 1,355,665,000 | 2,195,870,000 |
Operating income (loss) | 238,092,000 | 104,277,000 | (326,151,000) |
Non-service defined benefit income | (19,664,000) | (5,373,000) | (49,519,000) |
Debt extinguishment loss | 33,044,000 | 11,624,000 | |
Warrant remeasurement gain, net | (8,683,000) | ||
Interest expense and other, net | 137,714,000 | 135,861,000 | 171,397,000 |
Income (loss) from continuing operations before income taxes | 95,681,000 | (37,835,000) | (448,029,000) |
Income tax expense | 6,088,000 | 4,923,000 | 2,881,000 |
Net income (loss) | $ 89,593,000 | $ (42,758,000) | $ (450,910,000) |
Earnings (loss) per share-basic: | |||
Net income (loss) | $ 1.38 | $ (0.66) | $ (8.55) |
Weighted average common shares outstanding—basic | 65,021 | 64,538 | 52,739 |
Earnings (Loss) per share-diluted: | |||
Net income (loss) | $ 1.20 | $ (0.66) | $ (8.55) |
Weighted average common shares outstanding—diluted | 71,721 | 64,538 | 52,739 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 89,593 | $ (42,758) | $ (450,910) |
Other comprehensive (loss) income: | |||
Foreign currency translation adjustment | (1,273) | (5,772) | 19,884 |
Amounts arising during the period - net of tax expense | |||
Prior service credit, net of taxes of $0, $0, $0, and $0, respectively | 2,902 | ||
Actuarial (loss) gain, net of taxes of $0, $0, $0, and $0, respectively | (113,232) | 41,756 | 168,701 |
Reclassification to net income (loss) - net of tax expense | |||
Amortization of net loss, net of taxes of $0, $0, and $0, respectively | 26,728 | 34,082 | 26,483 |
Recognized prior service credits, net of taxes of $0, $0, $0, and $0, respectively | (5,002) | (4,845) | (4,130) |
Total defined benefit pension plans and other postretirement (expense) benefits, net of taxes | (91,506) | 73,895 | 191,054 |
Cash flow hedges: | |||
Unrealized gain (loss) arising during the period, net of tax expense of $0, $0, $0, and $0, respectively | 2,265 | (2,244) | 5,891 |
Reclassification of (loss) gain included in net earnings, net of tax expense of $0, $0, $0, and $0, respectively | (778) | 959 | (573) |
Net unrealized gain (loss) on cash flow hedges, net of tax | 1,487 | (1,285) | 5,318 |
Total other comprehensive (loss) income | (91,292) | 66,838 | 216,256 |
Total comprehensive (loss) income | $ (1,699) | $ 24,080 | $ (234,654) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Credit, Tax | $ 0 | $ 0 | $ 0 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During the Period, Tax | 0 | 0 | 0 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service (Cost) Credit, Tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Deficit - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] | |
Balance at Mar. 31, 2020 | $ (781,264) | $ 52 | $ 804,830 | $ (36,217) | $ (746,448) | $ (803,481) | |
Balance (in shares) at Mar. 31, 2020 | 51,858,089 | ||||||
Net Income (loss) | (450,910) | (450,910) | |||||
Foreign currency translation adjustment | 19,884 | 19,884 | |||||
Pension liability adjustment, net of income taxes | 191,054 | 191,054 | |||||
Change in fair value of foreign currency hedges, net of income taxes | 5,318 | 5,318 | |||||
Share-based compensation | 12,445 | (6,250) | 18,695 | ||||
Share-based compensation, shares | 288,350 | ||||||
Repurchase of restricted shares for minimum tax obligation | (1,285) | (1,285) | |||||
Repurchase of restricted shares for minimum tax obligation, shares | (99,082) | ||||||
Employee stock purchase plan | 857 | (5,344) | 6,201 | ||||
Employee stock purchase plan, shares | 109,890 | ||||||
Contribution of common stock to pension plan, net of issuance costs | 39,665 | $ 3 | 39,662 | ||||
Contribution of common stock to pension plan, net of issuance costs, shares | 2,849,002 | ||||||
Issuance of common stock - at the market offering, net of issuance costs | 145,383 | $ 9 | 145,374 | ||||
Issuance of common stock at the market offering, net of issuance costs, shares | 9,178,752 | ||||||
Balance at Mar. 31, 2021 | (818,853) | $ 64 | 978,272 | (12,606) | (530,192) | [1] | (1,254,391) |
Balance (in shares) at Mar. 31, 2021 | 64,185,001 | ||||||
Net Income (loss) | (42,758) | (42,758) | |||||
Foreign currency translation adjustment | (5,772) | (5,772) | |||||
Pension liability adjustment, net of income taxes | 73,895 | 73,895 | |||||
Change in fair value of foreign currency hedges, net of income taxes | (1,285) | (1,285) | |||||
Share-based compensation | 9,934 | (5,332) | 15,266 | ||||
Share-based compensation, shares | 565,168 | ||||||
Repurchase of restricted shares for minimum tax obligation | (3,249) | (3,249) | |||||
Repurchase of restricted shares for minimum tax obligation, shares | (173,009) | ||||||
Employee stock purchase plan | 665 | 172 | 493 | ||||
Employee stock purchase plan, shares | 37,222 | ||||||
Balance at Mar. 31, 2022 | (787,423) | $ 64 | 973,112 | (96) | (463,354) | [1] | (1,297,149) |
Balance (in shares) at Mar. 31, 2022 | 64,614,382 | ||||||
Net Income (loss) | 89,593 | 89,593 | |||||
Foreign currency translation adjustment | (1,273) | (1,273) | |||||
Pension liability adjustment, net of income taxes | (91,506) | (91,506) | |||||
Change in fair value of foreign currency hedges, net of income taxes | 1,487 | 1,487 | |||||
Share-based compensation | 9,010 | $ 1 | 9,009 | ||||
Share-based compensation, shares | 554,169 | ||||||
Repurchase of restricted shares for minimum tax obligation | (3,547) | (3,547) | |||||
Repurchase of restricted shares for minimum tax obligation, shares | (194,728) | ||||||
Retirement of treasury shares | (3,643) | $ 3,643 | |||||
Employee stock purchase plan | 660 | 660 | |||||
Employee stock purchase plan, shares | 48,623 | ||||||
Issuance of warrants on common shares | (19,500) | (19,500) | |||||
Warrant exercises, net of income taxes | 5,103 | 5,103 | |||||
Warrant exercises, net of income taxes, shares | 410,143 | ||||||
Balance at Mar. 31, 2023 | $ (797,396) | $ 65 | $ 964,741 | $ (554,646) | [1] | $ (1,207,556) | |
Balance (in shares) at Mar. 31, 2023 | 65,432,589 | ||||||
[1] Net of tax. |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Statement Of Stockholders Equity Parenthetical [Abstract] | |||
Other comprehensive (income) loss, defined benefit plan, after reclassification adjustment, tax | $ 0 | $ 0 | $ 0 |
Other comprehensive income (loss), tax | 0 | $ 0 | $ 0 |
Warrant exercises, net of income taxes | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Activities | |||
Net income (loss) | $ 89,593 | $ (42,758) | $ (450,910) |
Adjustments to reconcile net incom (loss) to net cash used in operating activities: | |||
Depreciation and amortization | 35,581 | 49,635 | 93,334 |
Impairment of long-lived assets | 2,308 | 252,382 | |
Amortization of acquired contract liability | (2,500) | (5,871) | (38,564) |
(Gain) loss on sale of assets and businesses | (101,523) | 9,294 | 104,702 |
Curtailments, settlements, withdrawals, and special termination benefits loss, net | 14,644 | 52,005 | |
Loss on extinguishment of debt | 32,613 | ||
Other amortization included in interest expense | 6,416 | 9,047 | 23,759 |
Provision for credit losses | 1,594 | 452 | 4,853 |
Provision (benefit) for deferred income taxes | 14 | 25 | (176) |
Warrants remeasurement gain | (9,796) | ||
Share-based compensation | 8,913 | 9,782 | 12,701 |
Changes in other assets and liabilities, excluding the effects of acquisitions and divestitures: | |||
Trade and other receivables | (26,433) | 2,822 | 126,294 |
Contract assets | (9,055) | 702 | 46,841 |
Inventories | (28,187) | 25,642 | 35,412 |
Prepaid expenses and other current assets | 1,970 | (1,122) | (310) |
Accounts payable, accrued expenses, and contract liabilities | (35,733) | (189,412) | (330,992) |
Accrued pension and other postretirement benefits | (32,562) | (58,597) | (51,692) |
Other, net | 2,200 | (970) | (753) |
Net cash used in operating activities | (52,251) | (137,016) | (173,119) |
Investing Activities | |||
Capital expenditures | (20,676) | (19,660) | (25,178) |
(Payments on) proceeds from sale of assets and businesses | (6,220) | 224,518 | 15,888 |
Investment in joint venture | (272) | (2,101) | |
Purchase of facility related to divested businesses | (21,550) | ||
Net cash (used in) provided by investing activities | (27,168) | 181,207 | (9,290) |
Financing Activities | |||
Net decrease in revolving credit facility | (400,000) | ||
Proceeds from issuance of long-term debt | 1,235,000 | 107 | 713,900 |
Retirement of debt and finance lease obligations | (1,126,501) | (380,009) | (160,035) |
Payment of deferred financing costs | (17,097) | (400) | (20,716) |
Proceeds on issuance of common stock, net of issuance costs | 4,090 | 145,383 | |
Premium on redemption of Senior Notes | (26,157) | (9,108) | |
Repurchase of shares for share-based compensation minimum tax obligation | (3,547) | (3,249) | (1,285) |
Net cash provided by (used in) financing activities | 65,788 | (392,659) | 277,247 |
Effect of exchange rate changes on cash | 156 | (536) | 9,581 |
Net change in cash and cash equivalents | (13,475) | (349,004) | 104,419 |
Cash and cash equivalents at beginning of period | 240,878 | 589,882 | 485,463 |
Cash and cash equivalents at end of period | $ 227,403 | $ 240,878 | $ 589,882 |
Background and Basis of Present
Background and Basis of Presentation | 12 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background and Basis of Presentation | 1. BACKGROUND AND BASIS OF PRESENTATION Triumph Group, Inc. ("Triumph" or the "Company") is a Delaware corporation which, through its operating subsidiaries, designs, engineers, manufactures and sells products for the global aerospace OEMs of aircraft and aircraft components and repairs and overhauls aircraft components and accessories for commercial airline, air cargo carrier and military customers on a worldwide basis. Triumph and its subsidiaries (collectively, the "Company") are organized based on the products and services that they provide. The Company has two reportable segments: Systems & Support and Interiors (formerly Aerospace Structures). Systems & Support consists of the Company’s operations that provide integrated solutions, including design; development; and support of proprietary components, subsystems and systems, as well as production of complex assemblies using external designs. Capabilities include hydraulic, mechanical and electromechanical actuation, power and control; a complete suite of aerospace gearbox solutions, including engine accessory gearboxes and helicopter transmissions; active and passive heat exchange technology; fuel pumps, fuel metering units, and Full Authority Digital Electronic Control fuel systems; and hydromechanical and electromechanical primary and secondary flight controls. Systems & Support also provides full life cycle solutions for commercial, regional, and military aircraft. The Company’s extensive product and service offerings include full post-delivery value chain services that simplify the maintenance, repair, and overhaul (“MRO”) supply chain. Through its ground support equipment maintenance, component MRO, and post-production supply chain activities, Systems & Support is positioned to provide integrated planeside repair solutions globally. Capabilities include repair services for metallic and composite aircraft structures; nacelles; thrust reversers; interiors; auxiliary power units; and a wide variety of pneumatic, hydraulic, fuel, and mechanical accessories. Repair services generally involve the replacement and/or remanufacturing of parts, which is similar to the original manufacture of the part. The processes that the Company performs related to repair and overhaul services are essentially the repair of wear parts or replacement of parts that are beyond economic repair. The repair service generally involves remanufacturing a complete part or a component of a part. Interiors (formerly Aerospace Structures) consists of the Company’s operations that have historically supplied commercial, business, and regional manufacturers with large metallic structures and continues to supply aircraft interior systems, including air ducting and thermal acoustic insulations systems. Subsequent to the divestitures disclosed in Note 3, the remaining operations of Interiors (formerly Aerospace Structures) are those that supply commercial and regional manufacturers with aircraft interior systems. The accompanying consolidated financial statements include the accounts of Triumph and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated from the consolidated financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents Cash equivalents consist of highly liquid investments with a maturity of three months or less at the time of purchase. Fair value of cash equivalents approximates carrying value. Trade and Other Receivables, net Trade and other receivables are recorded net of an allowance for expected credit losses. Trade and other receivables include amounts billed and currently due from customers and amounts retained by the customer pending contract completion. The Company performs ongoing credit evaluations of its customers and generally does not require collateral. The Company pools receivables that share underlying risk characteristics and records the allowance for expected credit losses based on a combination of prior experience, current economic conditions and management’s expectations of future economic conditions, and specific collectibility matters when they arise. The Company writes off balances against the allowance for expected credit losses when collectibility is deemed remote. The Company's trade and other receivables are exposed to credit risk; however, the risk is limited due to the diversity of the customer base. For the years ended March 31, 2023 and 2022, credit loss expense and write-offs were immaterial. Trade and other receivables, net composed of the following: March 31, 2023 2022 Total trade receivables $ 163,104 $ 169,978 Other receivables 42,053 16,625 Total trade and other receivables 205,157 186,603 Less: Allowance for credit losses ( 8,382 ) ( 7,940 ) Total trade and other receivables, net $ 196,775 $ 178,663 Goodwill and Intangible Assets The Company accounts for goodwill and intangible assets in accordance with ASC 350, Intangibles—Goodwill and Other . Under ASC 350, goodwill and intangible assets with indefinite lives are not amortized; rather, they are tested for impairment on at least an annual basis. Intangible assets with finite lives are amortized over their useful lives. The Company assesses whether goodwill impairment exists using both the qualitative and quantitative assessments. The qualitative assessment involves determining whether events or circumstances exist that indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If based on this qualitative assessment the Company determines it is more likely than not that the fair value of a reporting unit is less than its carrying amount or if the Company elects not to perform a qualitative assessment, a quantitative assessment is performed as required by ASC 350 to determine whether a goodwill impairment exists at the reporting unit. The quantitative test is used to compare the carrying amount of the reporting unit's assets to the fair value of the reporting unit. If the fair value exceeds the carrying value, no further evaluation is required, and no impairment loss is recognized. If the carrying amount exceeds the fair value, then an impairment loss occurs. The impairment is measured by using the amount by which the carrying value exceeds the fair value not to exceed the amount of recorded goodwill. The determination of the fair value of its reporting units is based, among other things, on estimates of future operating performance of the reporting unit being valued. The Company is required to complete an impairment test for goodwill and record any resulting impairment losses at least annually. Changes in market conditions, among other factors, may have an impact on these estimates and require interim impairment assessments. When performing the quantitative impairment test, the Company's methodology includes the use of an income approach which discounts future net cash flows to their present value at a rate that reflects the Company's cost of capital, otherwise known as the discounted cash flow method ("DCF"). These estimated fair values are based on estimates of future cash flows of the businesses. Factors affecting these future cash flows include the continued market acceptance of the products and services offered by the businesses, the development of new products and services by the businesses and the underlying cost of development, the future cost structure of the businesses and future technological changes. The Company also incorporates market multiples for comparable companies in determining the fair value of its reporting units. Any such impairment would be recognized in full in the reporting period in which it has been identified. The fair value estimates resulting from the application of these methodologies are based on inputs classified within Level 3 of the fair value hierarchy, as described below. During the fourth quarter of the fiscal years ended March 31, 2023 and 2022, the Company performed its annual goodwill impairment assessment for each of its reporting units with no impairment identified. Finite-lived intangible assets are amortized over their useful lives ranging from 10 to 30 years . The Company continually evaluates whether events or circumstances have occurred that would indicate that the remaining estimated useful lives of long-lived assets, including intangible assets, may warrant revision or that the remaining balance may not be recoverable. Long-lived assets are evaluated for indicators of impairment. When factors indicate that long-lived assets, including intangible assets, should be evaluated for possible impairment, an estimate of the related undiscounted cash flows over the remaining life of the long-lived assets, including intangible assets, is used to measure recoverability based on the primary asset of the asset group. Some of the more important factors management considers include the Company's financial performance relative to expected and historical performance, significant changes in the way the Company manages its operations, negative events that have occurred, and negative industry and economic trends. If the estimated undiscounted cash flows are less than the carrying amount, measurement of the impairment will be based on the difference between the carrying value and fair value of the asset group, generally determined based on the present value of expected future cash flows associated with the use of the asset. In fiscal 2021, the Company's Board of Directors committed to a plan (i) to sell its composites manufacturing operations located in Milledgeville, Georgia, and Rayong, Thailand, and (ii) to transfer the assets and certain liabilities associated with its Gulfstream G650 wing supply chain activities (as disclosed in Note 3, this transaction closed in August 2020). These planned divestitures represented the divestiture of certain assets and liabilities of an operating business within the Interiors (formerly Aerospace Structures) segment that the Company had identified as an asset group pursuant to the provisions of ASC 360, Property, Plant, and Equipment . As a result, as of May 31, 2020, the Company concluded that the planned divestitures represented a significant change in the manner in which the related asset group was expected to be used, and that the asset group therefore needed to be tested for recoverability. The asset group primarily consisted of working capital, fixed assets and definite-lived intangible assets. The Company first determined that the relevant long-lived asset group was not recoverable by comparing the undiscounted cash flows expected to be generated by the long-lived asset group to the carrying value of the asset group. As a result, the Company estimated the fair value of the long-lived asset group and concluded that the asset group was impaired. The Company used a multi-period excess earnings approach to estimate the fair value of the long-lived asset group for purposes of testing the asset group for impairment. This method estimates fair value based on the expected future excess earnings stream attributable to the asset group. This method requires the use of several key assumptions, including revenue projections that consider historical and estimated future results, general economic and market conditions, as well as the impact of planned business and operational strategies. A discount rate of 15.0 % was applied to the estimated future excess earnings and cash flows in order to estimate the fair value of the asset group as of the measurement date. The Company has determined that the lowest level of the inputs that are significant to the fair value measurement are unobservable inputs that fall within Level 3 of the fair value hierarchy. In accordance with ASC 360, the Company allocated the resulting impairment to the specific long-lived assets within the asset group on a pro rata basis, except that the loss allocated to an individual long-lived asset of the group did not reduce the carrying amount of that asset below its estimated fair value. As a result, the Company recognized a total noncash impairment charge of $ 252,382 in the first quarter, primarily allocated to definite-lived intangible assets, which is presented as “Impairment of long-lived assets” on the accompanying consolidated statements of operations. In January 2021, the Company’s Board of Directors committed to a plan to sell its manufacturing operations located in Red Oak, Texas. As a result of this decision and the resulting classification of this disposal group as held for sale, the Company fully impaired the remaining customer relationship intangible asset within the Interiors (formerly Aerospace Structures) segment and recognized a noncash impairment charge of $ 6,696 , which has been included in the impairment on the assets held for sale as disclosed in Note 3 and is presented within “(Gain) loss on sale of assets and businesses” on the accompanying consolidated statement of operations. See below for the Company's accounting policy regarding fair value measurements and the definition of fair value levels. Revenue Recognition and Contract Balances The Company's revenue is principally from contracts with customers to provide design, development, manufacturing, and support services associated with specific customer programs. The Company regularly enters into long-term master supply agreements that establish general terms and conditions and may define specific program requirements. Many agreements include clauses that provide sole supplier status to the Company for the duration of the program’s life. Purchase orders (or authorizations to proceed) are issued pursuant to the master supply agreements. Additionally, a majority of the Company’s agreements with customers include options for future purchases. Such options primarily reduce the administrative effort of issuing subsequent purchase orders and do not represent material rights granted to customers. The Company generally enters into agreements directly with its customers and is the principal in all current contracts. The identification of a contract with a customer for purposes of accounting and financial reporting requires an evaluation of the terms and conditions of agreements to determine whether presently enforceable rights and obligations exist. Management considers a number of factors when making this evaluation that include, but are not limited to, the nature and substance of the business exchange, the specific contractual terms and conditions, the promised products and services, the termination provisions in the contract, as well as the nature and execution of the customer’s ordering process and how the Company is authorized to perform work. Generally, presently enforceable rights and obligations are not created until a purchase order is issued by a customer for a specified number of units of product or services. Therefore, the issuance of a purchase order is generally the point at which a contract is identified for accounting and financial reporting purposes. Management identifies the promises to the customer. Promises are generally explicitly stated in each contract, but management also evaluates whether any promises are implied based on the terms of the agreement, past business practice, or other facts and circumstances. Each promise is evaluated to determine if it is a performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service. The Company considers a number of factors when determining whether a promise is a distinct performance obligation, including whether the customer can benefit from the good or service on its own or together with other resources that are readily available to the customer, whether the Company provides a significant service of integrating goods or services to deliver a combined output to the customer, or whether the goods or services are highly interdependent. The Company’s performance obligations consist of a wide range of engineering design services and manufactured components, as well as spare parts and repairs for OEMs. The transaction price for a contract reflects the consideration the Company expects to receive for fully satisfying the performance obligations in the contract. Typically, the transaction price consists solely of fixed consideration but may include variable consideration for contractual provisions such as unpriced contract modifications, cost-sharing provisions, and other receipts or payments to customers. The Company identifies and estimates variable consideration, typically at the most likely amount the Company expects to receive from its customers. Variable consideration is only included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized for the contract will not occur, or when the uncertainty associated with the variable consideration is resolved. Consideration paid or payable to a customer is reflected as a reduction in net revenues when the amounts paid are not related to a distinct good or service at the later of when the related revenue is recognized or when the Company pays or promises to pay the consideration to the customer. The Company's contracts with customers generally require payment under normal commercial terms after delivery with payment typically required within 30 to 120 days of delivery. The Company generally is not subject to collecting sales tax and has made an accounting policy election to exclude from the transaction price any sales and other similar taxes collected from customers. As a result, any such collections are accounted for on a net basis. The total transaction price is allocated to each of the identified performance obligations using the relative stand-alone selling price. The objective of the allocation is to reflect the consideration that the Company expects to receive in exchange for the products or services associated with each performance obligation. Stand-alone selling price is the price at which the Company would sell a promised good or service separately to a customer. Stand-alone selling prices are established at contract inception, and subsequent changes in transaction price are allocated on the same basis as at contract inception. When stand-alone selling prices for the Company’s products and services are not observable, the Company uses either the “Expected Cost Plus a Margin” or "Adjusted Market Assessment" approaches to estimate stand-alone selling price. Expected costs are typically derived from the available periodic forecast information. Revenue is recognized when or as control of promised products or services transfers to a customer and is recognized at the amount allocated to each performance obligation associated with the transferred products or services. Service sales, principally representing repair, maintenance, and engineering activities are recognized over the contractual period or as services are rendered. Sales under long-term contracts with performance obligations satisfied over time are recognized using either an input or output method. The Company recognizes revenue over time as it performs on these contracts because of the continuous transfer of control to the customer as represented by contractual terms that entitle the Company to the reimbursement of costs plus a reasonable profit for work performed to manufacture products for which the Company has no alternate use or for work performed on a customer-owned asset. With control transferring over time, revenue is recognized based on the extent of progress toward completion of the performance obligation. The Company generally uses the cost-to-cost input method of progress for its contracts because it best depicts the transfer of control to the customer that occurs as work progresses. Under the cost-to-cost method, the extent of progress toward completion is measured based on the proportion of costs incurred to date to the total estimated costs at completion of the performance obligation. The Company reviews its cost estimates on contracts on a periodic basis, or when circumstances change and warrant a modification to a previous estimate. Cost estimates are largely based on negotiated or estimated purchase contract terms, historical performance trends and other economic projections. Significant factors that influence these estimates include inflationary trends, technical and schedule risk, internal and subcontractor performance trends, business volume assumptions, asset utilization, and anticipated labor agreements. Revenue and cost estimates are regularly monitored and revised based on changes in circumstances. Impacts from changes in estimates of net sales and cost of sales are recognized on a cumulative catch-up basis, which recognizes in the current period the cumulative effect of the changes on current and prior periods based on a performance obligation’s percentage of completion. Forward loss reserves for anticipated losses on long-term contracts are recorded in full when such losses become evident, to the extent required and are included in contract liabilities on the accompanying consolidated balance sheets. The Company believes that the accounting estimates and assumptions made by management are appropriate, however actual results could differ materially from those estimates. For the fiscal year ended March 31, 2023, cumulative catch-up adjustments resulting from changes in contract values and estimated costs that arose during the fiscal year increased revenue, operating income, net income, and diluted earnings per share by approximately $ 21,208 , $ 27,963 , $ 27,963 , and $ 0.39 , respectively. The cumulative catch-up adjustments to operating income for the fiscal year ended March 31, 2023, included gross favorable adjustments of approximately $ 32,699 and gross unfavorable adjustments of approximately $ 4,736 . For the fiscal year ended March 31, 2022, cumulative catch-up adjustments resulting from changes in estimates increased revenue and decreased operating loss, net loss, and diluted loss per share by approximately $ 6,884 , $ 16,042 , $ 16,042 , and $ 0.25 , respectively. The cumulative catch-up adjustments to operating income for the fiscal year ended March 31, 2022, included gross favorable adjustments of approximately $ 30,560 and gross unfavorable adjustments of approximately $ 14,518 . For the fiscal year ended March 31, 2021, cumulative catch-up adjustments resulting from changes in estimates increased revenue and decreased operating loss, net loss, and diluted loss per share by approximately $ 4,796 , $ 12,332 , $ 12,332 , and $ 0.23 , respectively. The cumulative catch-up adjustments to operating income for the fiscal year ended March 31, 2021, included gross favorable adjustments of approximately $ 55,180 and gross unfavorable adjustments of approximately $ 42,848 . Revenues for performance obligations that are not recognized over time are recognized at the point in time when control transfers to the customer. For performance obligations that are satisfied at a point in time, the Company evaluates the point in time when the customer can direct the use of and obtain the benefits from the products and services. Generally, the shipping terms determine the point in time when control transfers to customers. Shipping and handling activities are not considered performance obligations and related costs are included in cost of sales as incurred. Differences in the timing of revenue recognition and contractual billing and payment terms result in the recognition contract assets and liabilities. Refer to Note 4 for further discussion. Warrants On December 1, 2022, the Company’s board of directors declared a distribution to holders of the Company’s shares of common stock in the form of warrants to purchase shares of common stock (the “Warrants”). Holders of common stock received three Warrants for every ten shares of common stock held as of December 12, 2022 (the "Record Date") (rounded down for any fractional warrant). The Company issued approximately 19.5 million Warrants on December 19, 2022, to holders of record of common stock as of the close of business on the Record Date. The Warrants trade on the over-the-counter market. Each Warrant represents the right to purchase initially one share of common stock, subject to certain anti-dilution adjustments (“Warrant Shares Per Warrant”), at an exercise price of $ 12.35 per Warrant (the “Exercise Price”), subject to certain anti-dilution adjustments (the “Implied Per Share Exercise Price”). Payment for shares of common stock on exercise of Warrants may be in (i) cash or (ii) under certain circumstances, Designated Notes (as defined below). In the event Designated Notes are used to pay for the exercise of the Warrants, accrued interest (in addition to the stated aggregate principal amount) will be forfeited upon exercise, unless exercise occurs after a record date for the payment of interest and before the resulting scheduled payment date (in which case note holders will receive the scheduled interest payment). If all Warrants were exercised and settled as of March 31, 2023 , the Company would be required to issue approximately 19.1 million shares (assuming no over-exercise options, as described below, were exercised). The closing price of the Company’s shares of common stock was $ 11.59 as of March 31, 2023. “Designated Notes” means, collectively, any of the issued and outstanding notes of the Company as designated or undesignated by the Company from time to time; provided that any designation by the Company of a particular series of notes as “Designated Notes” shall retain such designation for a minimum of 20 consecutive business days from (and including) the date of publication of notice of the same by press release. The Company also has the right, but not obligation, to remove one or more series of its notes from being “Designated Notes,” but such redesignation shall only be effective 20 consecutive business days from (and including) the date of publication of notice of the same by press release. The Company initially designated the following notes as “Designated Notes,” each as defined in above: the 2024 First Lien Notes, the 2024 Second Lien Notes, and the 2025 Notes. On February 3, 2023, the Company published a press release announcing the de-designation of the 2024 First Lien Notes and the 2024 Second Lien Notes. Pursuant to the terms of the Warrant Agreement, a holder may elect to pay an additional amount equal to $ 1.8525 (being 0.15 multiplied by the Exercise Price) in exchange for an additional number of shares of common stock equal to the product of 0.15 and the Warrant Shares Per Warrant applicable to the relevant exercise on the terms specified in the Warrant Agreement. If all Warrants were exercised as of March 31, 2023 and each holder were to elect to pay the additional $ 1.8525 to receive additional shares, the Company would be required to issue an additional approximately 2.9 million shares in settlement of the incremental exercise price received. The Warrants expire on December 19, 2023 , subject to (i) the right of the Company to redeem the Warrants on not less than 20 calendar days’ notice (any such date of redemption, the “Redemption Date” and any such date of notice a “Redemption Notice”) at a price of 1/10 of $ 0.01 per Warrant and (ii) the automatic acceleration of the Expiration Date following the Price Condition Date, as defined and described below. Unless the Company has previously issued a Redemption Notice with respect to the Warrants, then following the last day of the first 30 consecutive trading day period to occur in which daily volume weighted average prices of the shares of Common Stock has been at least equal to the then applicable Implied Per Share Exercise Price on each of 20 trading days (whether or not consecutive) (the “Price Condition”), the Expiration Date will automatically accelerate to the date that is the 5th business day following the Price Condition Date; provided that the Company may, at its sole option, elect a later Expiration Date by providing public notice no later than the Price Condition Date. The “Price Condition Date” is the first business day following the last Trading Day of the period in which the Price Condition is met. Any holder that exercises any Warrants from and after (a) 5:00 p.m. New York city time on the earlier of (x) a Price Condition Date and (y) the date that the Company issues a Redemption Notice until (b) 5:00 p.m. New York City time on, as applicable, (x) the Expiration Date and (y) the business day immediately preceding the Redemption Date (the last day of such period, the “Over-Subscription Deadline”), may, subject to the terms of the Warrant Agreement, elect to subscribe for any or all of the shares of Common Stock issuable pursuant to any outstanding but unexercised Warrants as of the Over-Subscription Deadline (the “Over-Subscription Privilege”). To exercise the Over-Subscription Privilege, a holder must deliver an amount in cash equal to the elected over-subscription shares multiplied by the then applicable Implied Per Share Exercise Price (such amount, the “Elected Over-Subscription Shares Amount”) at the same time as the basic warrant exercise right is exercised. Any excess payments received will be returned, without interest, promptly following the settlement date. An ownership limitation is in place such that a holder of Warrants is not permitted to exercise Warrants for any shares of common stock if following such exercise the holder will have beneficial ownership of common stock in excess of 4.9 % of the then issued and outstanding common stock (excluding shares held by subsidiaries); provided, that a holder of Common Stock in excess of 4.9 % of the issued and outstanding common stock as of 5:00 p.m. New York City time on December 1, 2022 will be entitled to exercise Warrants received in the Warrant Distribution, but only to the extent such holder’s receipt of such common stock is permitted by a waiver in effect at such time that constitutes “Prior Approval of the Company” under the Tax Benefit Preservation Plan, dated March 11, 2022, between the Company and Computershare Trust Company, N.A., as rights agent. The Exercise Price and the number of shares of common stock issuable upon exercise are subject to certain anti-dilution adjustments, including for share dividends, splits, subdivisions, spin-offs, consolidations, reclassifications, combinations, noncash distributions, and cash dividends. The common stock warrants are accounted for as derivative liabilities in accordance with ASC 815-40 and included within accrued liabilities on the accompanying condensed consolidated balance sheets. The Company measured the Warrants at fair value as of the issuance date using a Monte Carlo pricing model, a Level 3 fair value measurement (as described below), due to the level of market activity. Inherent in the option pricing simulation are assumptions related to expected stock-price volatility, expected life and risk-free interest rate. The Company estimates the volatility of the Warrants based on implied and historical volatility of the Company’s common stock. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the Warrants. The expected life of the Warrants is based on the Company’s ability to redeem the Warrants, subject to a 20 calendar-day notice period, as well as the automatic acceleration of the Expiration Date following the Price Condition Date. During the three months ended December 31, 2022, due to increased trading volume, the Company began remeasuring outstanding Warrants using the Warrants trading price, a Level 1 fair value measurement (as described below). The Warrants are remeasured at each balance sheet date. Warrants remeasurement adjustments are recognized in warrants remeasurement gain, net on the accompanying condensed consolidated statements of operations. At distribution, the fair value of the Warrants was $ 19,500 . At March 31, 2023 , the fair value of the Warrants was approximately $ 9,563 and $ 9,796 of warrants remeasurement gain has been recognized in the year ended March 31, 2023. Following the issuance on December 19, 2022 through March 31, 2023 , approximately 0.4 million Warrants have been exercised Leases The Company leases office space, manufacturing facilities, land, vehicles, and equipment. The Company determines if an agreement is or contains a lease at the lease inception date and recognizes right-of-use assets (“ROU”) and lease liabilities at the lease commencement date. A ROU asset and corresponding lease liability are not recorded for leases with an initial term of 12 months or less (“short-term leases”). ROU assets represent the Company's right to use an underlying asset during the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease. The determination of the length of lease terms is affected by options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The existence of significant economic incentive is the primary consideration when assessing whether the Company is reasonably certain of exercising an option in a lease. Both finance and operating lease ROU assets and liabilities are recognized at commencement date and measured as the present value of lease payments to be made over the lease term. As the interest rate implicit in the lease is not readily available for most of the Company's leases, the Company uses its estimated incremental borrowing rate in determining the present value of lease payments. The estimated incremental borrowing rate is derived from information available at the lease commencement date. The lease ROU asset recognized at commencement is adjusted for any lease payments related to initial direct costs, prepayments, and lease incentives. For operating leases, lease expense is recognized on a straight-line basis over the lease term. For finance leases, lease expense comprises the amortization of the ROU assets recognized on a straight-line basis generally over the shorter of the lease term or the estimated useful life of the underlying asset and interest on the lease liability. Variable lease payments not dependent on a rate or index are recognized when the event, activity, or circumstance in the lease agreement upon which those payments are contingent is probable of occurring and are presented in the same line of the consolidated balance sheet as the rent expense arising from fixed payments. The Company has lease agreements with lease and non-lease components. Non-lease components are combined with the related lease components and accounted for as lease components for all classes of underlying assets. Retirement Benefits Defined benefit pension plans are recognized in the consolidated financial statements on an actuarial basis. A significant element in determining the Company's pension (income) expense is the expected long-term rate of return on plan assets. This expected return is an assumption as to the average rate of earnings expected on the funds invested or to be invested to provide for the benefits included in the projected pension benefit obligation. The Company applies this assumed long-term rate of return to a calculated value of plan assets, which recognizes changes in the fair value of plan assets in a systematic manner over five years. This produces the expected return on plan assets that is included in pension (income) expense. The difference between this expected return and the actual return on plan assets is deferred. The net deferral of past asset (losses) gains affects the calculated value of plan assets a |
Divested Operations and Assets
Divested Operations and Assets Held For Sale | 12 Months Ended |
Mar. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divested Operations and Assets Held For Sale | 3. DIVESTED OPERATIONS AND ASSETS HELD FOR SALE Fiscal 2023 Divestitures In January 2022, the Company’s Board of Directors committed to a plan to sell its manufacturing operations located in Stuart, Florida. In February 2022, the Company entered into a definitive agreement with the buyer of these manufacturing operations. This transaction closed in July 2022. The Company recognized a gain of approximately $ 96,800 , net of transaction costs, in the year ended March 31, 2023 . The purchase price included the assumption of certain liabilities of the Company; no cash proceeds were received in the transaction. The operating results of the Stuart, Florida, manufacturing operations are included within the Interiors (formerly Aerospace Structures) reportable segment through the date of divestiture. In the year ended March 31, 2023, the Company recognized a gain of approximately $ 4,500 from working capital settlements related to the fiscal 2022 divestitures described below. Fiscal 2022 Divestitures In May 2020, the Company’s Board of Directors committed to a plan to sell its composites manufacturing operations located in Milledgeville, Georgia and Rayong, Thailand. In August 2020, the Company entered into a definitive agreement with the buyer of the composites manufacturing operations in Georgia and Thailand. In February 2021, the Company entered into a definitive agreement to sell its large structure manufacturing operations in Red Oak, Texas, to the same buyer of the Milledgeville and Rayong composites manufacturing operations. In the year ended March 31, 2021, the Company adjusted the carrying amount of these assets held for sale to its estimated fair value less cost to sell and recognized a loss in that period of approximately $ 102,500 , which is included in (gain) loss on sale of assets and businesses. The estimate of fair value is categorized as Level 2 within the fair value hierarchy. The key assumptions used in the estimate of fair value were the negotiated sales price of the assets and the assumption of the disposal group’s liabilities. These transactions closed in May 2021. Upon the completion of the sale of the composites and large structure manufacturing operations, the Company received proceeds of approximately $ 155,000 net of the purchase of a facility related to the divestiture and other transaction costs and recognized an additional loss of approximat ely $ 6,000 , which is presented on the accompanying condensed consolidated statements of operations within (gain) loss on sale of assets and businesses for the year ended March 31, 2022. The loss was primarily the result of changes in the working capital balances of the disposal group from March 31, 2021, to the date of divestiture. The operating results of these related operations are included within the Interiors (formerly Aerospace Structures) reportable segment through the date of divestiture. As disclosed in Note 15, as a result of the completed sale of these manufacturing operations, the Company recognized a curtailment loss of approximately $ 16,000 during the three months ended June 30, 2021. In August 2021, the Company’s Board of Directors committed to a plan to sell and license certain legacy product lines of the Company’s Staverton, United Kingdom operations. The transaction includes the existing facility and select product lines associated with the site. The transaction closed in October 2021 for net proceeds of approximately $ 34,000 , and the effect on earnings was insignificant. The operating results of the Staverton, United Kingdom, manufacturing operations were included within the Systems & Support reportable segment through the date of divestiture. As a result of the fiscal 2022 divestitures described above, including routine closing working capital adjustments, the Company recognized losses of approximately $ 8,000 in the three months ended September 30, 2021. Fiscal 2021 Divestitures In August 2020, the Company completed the transfer of the assets and certain liabilities associated with its Gulfstream G650 wing supply chain activities for cash proceeds net of transaction costs of approximately $ 51,000 . This transaction also resulted in the derecognition of approximately $ 18,157 in accrued warranties related to these activities. The Company recognized a loss of approximately $ 819 , which is presented on the accompanying consolidated statements of operations within (gain) loss on sale of assets and businesses. The operating results associated with the G650 wing supply chain activities were included within Interiors (formerly Aerospace Structures) through the date of transfer. |
Revenue Recognition and Contrac
Revenue Recognition and Contracts with Customers | 12 Months Ended |
Mar. 31, 2023 | |
Change in Contract with Customer, Asset and Liability [Abstract] | |
Revenue Recognition and Contracts with Customers | 4. REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS Disaggregation of Revenue The Company disaggregates revenue based on the method of measuring satisfaction of the performance obligation either over time or at a point in time. Additionally, the Company disaggregates revenue based on the end market where products and services are transferred to the customer. The Company’s principal operating segments and related revenue are discussed in Note 20, Segments. The following table shows disaggregated net sales satisfied over time and at a point in time (excluding intercompany sales) for the years ended March 31, 2023, 2022, and 2021: Year Ended 2023 2022 2021 Systems & Support Satisfied over time $ 541,931 $ 490,082 $ 464,874 Satisfied at a point in time 623,095 534,472 576,886 Revenue from contracts with customers 1,165,026 1,024,554 1,041,760 Amortization of acquired contract liabilities 2,500 5,859 15,062 Total Systems & Support revenue 1,167,526 1,030,413 1,056,822 Interiors (formerly Aerospace Structures) Satisfied over time $ 189,710 $ 402,194 $ 746,545 Satisfied at a point in time 21,892 27,323 42,850 Revenue from contracts with customers 211,602 429,517 789,395 Amortization of acquired contract liabilities — 12 23,502 Total Interiors (formerly Aerospace Structures) revenue 211,602 429,529 812,897 Total revenue $ 1,379,128 $ 1,459,942 $ 1,869,719 The following table shows net sales by disaggregated by channel and end market (excluding intercompany sales) for the years ended March 31, 2023, 2022, and 2021. Year Ended 2023 2022 2021 Systems & Support OEM Commercial $ 335,871 $ 245,454 $ 248,884 OEM Military 260,943 276,947 320,591 MRO Commercial 322,780 233,789 211,510 MRO Military 212,958 223,369 225,966 Non-aviation 32,474 44,995 34,809 Revenue from contracts with customers 1,165,026 1,024,554 1,041,760 Amortization of acquired contract liabilities 2,500 5,859 15,062 Total Systems & Support revenue $ 1,167,526 $ 1,030,413 $ 1,056,822 Interiors (formerly Aerospace Structures) OEM Commercial $ 207,672 $ 400,482 $ 633,078 OEM Military 108 15,429 127,644 MRO Commercial 2,713 11,154 18,114 MRO Military — 1,052 10,189 Non-aviation 1,109 1,400 370 Revenue from contracts with customers 211,602 429,517 789,395 Amortization of acquired contract liabilities — 12 23,502 Total Interiors (formerly Aerospace Structures) revenue 211,602 429,529 812,897 Total revenue $ 1,379,128 $ 1,459,942 $ 1,869,719 Contract Assets and Liabilities Contract assets primarily represent revenues recognized for performance obligations that have been satisfied or partially satisfied but for which amounts have not been billed. This typically occurs when revenue is recognized over time but the Company's contractual right to bill the customer and receive payment is conditional upon the satisfaction of additional performance obligations in the contract, such as final delivery of the product. Contract assets are typically derecognized when billed in accordance with the terms of the contract. The Company pools contract assets that share underlying risk characteristics and records an allowance for expected credit losses based on a combination of prior experience, current economic conditions and management’s expectations of future economic conditions, and specific matters when they arise. Contract assets are presented net of this reserve on the accompanying consolidated balance sheets. For the years ended March 31, 2023 and 2022, credit loss expense and write-offs related to contract assets were immaterial. Contract liabilities are recorded when customers remit contractual cash payments in advance of the Company satisfying performance obligations under contractual arrangements, including those with performance obligations to be satisfied over a period of time. Contract liabilities other than those pertaining to forward loss reserves are derecognized when or as revenue is recognized. Contract modifications can also impact contract asset and liability balances. When contracts are modified to account for changes in contract specifications and requirements, the Company considers whether the modification either creates new or changes the existing enforceable rights and obligations. Contract modifications that are for goods or services that are not distinct from the existing contract, due to the significant integration with the original good or service provided, are accounted for as if they were part of that existing contract. The effect of a contract modification to an existing contract on the transaction price and the Company’s measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis. When the modifications include additional performance obligations that are distinct and at relative stand-alone selling price, they are accounted for as a new contract and performance obligation, which are recognized prospectively. Contract balances are classified as assets or liabilities on a contract-by-contract basis at the end of each reporting period. The following table summarizes the Company’s contract assets and liabilities balances: March 31, 2023 March 31, 2022 Change Contract assets $ 103,027 $ 101,893 $ 1,134 Contract liabilities ( 44,945 ) ( 172,862 ) 127,917 Net contract asset (liability) $ 58,082 $ ( 70,969 ) $ 129,051 The Company recognized revenue due to changes in estimates associated with performance obligations satisfied or partially satisfied in previous periods of $ 21,208 . The change in contract assets was not significant in the year ended March 31, 2023. The change in contract liabilities is the result of revenue recognized in excess of the receipt of additional customer advances as well as the extinguishment of approximately $ 103,803 of customer advance repayment obligations that were assumed by the buyer of the Stuart, Florida, manufacturing operations. For the period ended March 31, 2023, the Company recognized $ 46,779 of revenue that was included in the contract liability balance at the beginning of the period. Performance Obligations Customers generally contract with the Company for requirements in a segment relating to a specific program, and the Company’s performance obligations consist of a wide range of engineering design services and manufactured components, as well as spare parts and repairs. A single contract may contain multiple performance obligations consisting of both recurring and nonrecurring elements. As of March 31, 2023, the Company has the following unsatisfied, or partially unsatisfied, performance obligations that are expected to be recognized in the future as noted in the table below. The Company expects options to be exercised in addition to the amounts presented below. Total Less than 1 year 1 - 3 years 4 - 5 years More than 5 Unsatisfied performance obligations $ 1,407,748 $ 871,858 $ 504,989 $ 27,746 $ 3,155 |
Inventories
Inventories | 12 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. INVENTORIES The Company records inventories at the lower of cost (average-cost or specific-identification methods) or market. The Company expenses general and administrative costs related to products and services provided essentially under commercial terms and conditions as incurred. The Company determines the costs of inventories sold by the first-in, first-out or average cost methods. The components of inventories are as follows: March 31, 2023 2022 Raw materials $ 44,834 $ 44,841 Work-in-process, including manufactured and purchased components 304,874 269,368 Finished goods 17,000 19,472 Rotable assets 22,537 28,011 Total inventories $ 389,245 $ 361,692 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 6. PROPERTY AND EQUIPMENT Property and equipment, which include equipment under finance lease and leasehold improvements, are recorded at cost and depreciated over the estimated useful lives of the related assets, or the lease term if shorter in the case of leasehold improvements, using the straight-line method. Buildings and improvements are depreciated over a period of 15 to 40 years, and machinery and equipment are depreciated over a period of 7 to 15 years (except for furniture, fixtures and computer equipment, which are depreciated over a period of 3 to 10 years ). Net property and equipment is: March 31, 2023 2022 Land $ 18,459 $ 18,109 Construction-in-process 13,196 13,691 Buildings and improvements 124,189 117,284 Machinery and equipment 449,388 464,141 605,232 613,224 Less: accumulated depreciation 438,432 444,174 $ 166,800 $ 169,050 Depreciation expense for the fiscal years ended March 31, 2023, 2022, and 2021, was $ 24,890 , $ 40,282 and $ 71,651 , respectively, which includes depreciation of assets under finance lease. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 7. GOODWILL AND OTHER INTANGIBLE ASSETS The following is a summary of the changes in the carrying value of goodwill by reportable segment, for the fiscal years ended March 31, 2023 and 2022: Systems & Support March 31, 2022 $ 513,722 Effect of exchange rate changes ( 4,273 ) March 31, 2023 $ 509,449 Systems & Support March 31, 2021 $ 521,638 Effect of exchange rate changes ( 3,899 ) Goodwill associated with dispositions ( 4,017 ) March 31, 2022 $ 513,722 As of March 31, 2023 and 2022, Interiors (formerly Aerospace Structures) had gross goodwill of $ 475,302 and $ 475,302 , respectively, which was fully impaired. As of March 31, 2023 and 2022, Systems & Support had gross goodwill of $ 575,570 and $ 579,843 , respectively, and accumulated goodwill impairment of $ 66,121 and $ 66,121 , respectively. Intangible Assets The components of intangible assets, net are as follows: March 31, 2023 Weighted- Gross Carrying Accumulated Net Customer relationships 18.6 154,679 ( 82,060 ) 72,619 Product rights, technology and licenses 11.4 52,990 ( 51,794 ) 1,196 Other 30.0 300 ( 217 ) 83 Total intangibles, net $ 207,969 $ ( 134,071 ) $ 73,898 March 31, 2022 Weighted- Gross Carrying Accumulated Net Customer relationships 18.5 155,284 ( 73,806 ) 81,478 Product rights, technology and licenses 11.4 53,099 ( 49,820 ) 3,279 Other 30.0 300 ( 207 ) 93 Total intangibles, net $ 208,683 $ ( 123,833 ) $ 84,850 Amortization expense for the fiscal years ended March 31, 2023, 2022, and 2021, was $ 10,692 , $ 11,660 , and $ 22,551 , respectively. Amortization expense for the five fiscal years succeeding March 31, 2023, by year is expected to be as follows: 2024: $ 8,872 ; 2025: $ 8,872 ; 2026: $ 8,872 ; 2027: $ 7,975 ; 2028: $ 7,304 , and thereafter: $ 32,003 . |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Mar. 31, 2023 | |
Accrued Liabilities [Abstract] | |
Accrued Expenses | 8. ACCRUED EXPENSES Accrued expenses consist of the following items: March 31, 2023 2022 Accrued pension $ 768 $ 801 Accrued other postretirement benefits 2,378 2,715 Accrued compensation and benefits 61,818 74,014 Accrued interest 9,848 22,880 Accrued warranties 14,107 20,739 Accrued workers' compensation 7,448 13,547 Accrued income tax 3,702 4,205 Operating lease liabilities 3,369 6,318 Warrants 9,563 — All other 38,347 62,840 Total accrued expenses $ 151,348 $ 208,059 |
Leases
Leases | 12 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | 9 . LEASES The components of lease expense for the year ended March 31, 2023, 2022, and 2021, are disclosed in the table below. Year Ended March 31, Lease Cost Financial Statement Classification 2023 2022 2021 Operating lease cost Cost of sales or Selling, general and administrative expense $ 8,561 $ 9,473 $ 22,976 Variable lease cost Cost of sales or Selling, general and administrative expense 1,431 9,359 9,344 Financing Lease Cost: Amortization of right-of-use assets Depreciation and amortization 2,760 3,785 4,673 Interest on lease liability Interest expense and other 1,377 1,590 1,580 Total lease cost (1) $ 14,129 $ 24,207 $ 38,573 (1) Total lease cost does not include short-term leases or sublease income, both of which are immaterial. Supplemental cash flow information for the years ended March 31, 2023, 2022, and 2021, is disclosed in the table below. Year Ended March 31, 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used in operating leases $ 7,204 $ 14,133 $ 21,008 Operating cash flows used in finance leases 1,377 1,602 1,583 Financing cash flows used in finance leases 3,293 5,161 7,774 ROU assets obtained in exchange for lease liabilities Operating leases 5,054 666 6,547 Finance leases 1,553 725 2,909 Supplemental balance sheet information related to leases as of March 31, 2023 and 2022, is disclosed in the table below. March 31, Leases Classification 2023 2022 Assets Operating lease ROU assets Other, net Assets held for sale $ 17,135 $ 18,312 Finance lease ROU assets, cost Property and equipment, net 33,978 32,406 Accumulated amortization Property and equipment, net ( 23,058 ) ( 20,299 ) Finance lease ROU assets, net 10,920 12,107 Total lease assets $ 28,055 $ 30,419 Liabilities Current Operating Accrued expenses Liabilities related to assets held for sale $ 3,369 $ 6,624 Finance Current portion of long-term debt 3,162 3,268 Noncurrent Operating Other noncurrent liabilities Liabilities related to assets held for sale 14,639 13,324 Finance Long-term debt, less current portion 11,654 13,224 Total lease liabilities $ 32,824 $ 36,440 Information related to lease terms and discount rates as of March 31, 2023 and 2022, is disclosed in the table below. March 31, 2023 2022 Weighted average remaining lease term (years) Operating leases 7.3 3.2 Finance leases 6.9 7.9 Weighted average discount rate Operating leases 7.5 % 6.1 % Finance leases 7.5 % 6.8 % The maturity of the Company's lease liabilities as of March 31, 2023, is disclosed in the table below. Operating Finance Total FY2024 $ 3,282 $ 3,844 $ 7,126 FY2025 3,970 2,964 6,934 FY2026 3,452 2,027 5,479 FY2027 3,281 2,096 5,377 FY2028 1,786 1,411 3,197 Thereafter 8,360 6,313 14,673 Total lease payments 24,131 18,655 42,786 Less: Imputed interest ( 6,123 ) ( 3,839 ) ( 9,962 ) Total lease liabilities $ 18,008 $ 14,816 $ 32,824 |
Long-term Debt
Long-term Debt | 12 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 10. LONG-TERM DEBT Long-term debt consists of the following: March 31, 2023 2022 Finance leases 14,816 16,492 Senior secured first lien notes due 2028 1,200,000 — Senior secured first lien notes due 2024 — 563,171 Senior secured notes due 2024 — 525,000 Senior notes due 2025 499,024 500,000 Less: debt issuance costs ( 22,058 ) ( 15,173 ) 1,691,782 1,589,490 Less: current portion 3,162 3,268 $ 1,688,620 $ 1,586,222 Receivables Securitization Program In connection with the Securitization Facility, the Company sells on a revolving basis certain eligible accounts receivable to Triumph Receivables, LLC, a wholly-owned special-purpose entity, which in turn sells a percentage ownership interest in the receivables to commercial paper conduits sponsored by financial institutions. The Company is the servicer of the trade accounts receivable under the Securitization Facility. Interest rates are based on the Bloomberg Short Term Bank Yield Index (“BSBY”), plus a 2.25 % fee on the drawn portion and a fee ranging from 0.45 % to 0.50 % on the undrawn portion of the Securitization Facility. The drawn fee may be reduced to 2.00 % depending on the credit rating of the Company. Collateralized letters of credit incur fees at a rate of 0.125 %. The Company secures its trade accounts receivable, which are generally non-interest-bearing, in transactions that are accounted for as borrowings pursuant to ASC 860, Transfers and Servicing . The Company has established a letter of credit facility under the Securitization Facility. Under the provisions of the letter of credit facility, the Company may request the Securitization Facility’s administrator to issue one or more letters of credit that will expire no later than 12 months after the date of issuance, extension or renewal, as applicable. As of March 31, 2023, the maximum amount available under the Securitization Facility was $ 100,000 . The actual amount available under the Securitization Facility at any point in time is dependent upon the balance of eligible accounts receivable as well as the amount of letters of credit outstanding. At March 31, 2023 and 2022, there were $ 0 in borrowings and $ 19,753 and $ 23,339 , respectively, in letters of credit outstanding under the Securitization Facility, primarily to support insurance policies. The Securitization Facility expires in November 2024 . The agreements governing the Securitization Facility contain restrictions and covenants, including limitations on the making of certain restricted payments; creation of certain liens; and certain corporate acts such as mergers, consolidations and the sale of all or substantially all the Company’s assets. Senior Secured First Lien Notes due 2028 On March 14, 2023, the Company issued $ 1,200,000 principal amount of 9.000 % Senior Secured First Lien Notes due March 15, 2028, pursuant to an indenture among the Company, the Guarantor Subsidiaries, and U.S. Bank National Association, as trustee. The 2028 First Lien Notes were sold at 100 % of the principal amount and have an effective interest yield of 9.000 %. Interest is payable semi-annually in cash in arrears on March 15 and September 15 of each year , commencing on September 15, 2023 . In connection with the issuance of the 2028 First Lien Notes, the Company incurred approximately $ 20,000 of costs, which were deferred and are being amortized over the term of the 2028 First Lien Notes. The 2028 First Lien Notes and the guarantees are first lien secured obligations of the Company and the Guarantor Subsidiaries. The 2028 First Lien Notes: (i) rank equally in right of payment to any existing and future senior indebtedness of the Company and Guarantor Subsidiaries, including the 2025 Notes (as defined below); (ii) are effectively senior to all existing and future second lien obligations and all existing and future unsecured indebtedness of the Company and the Guarantor Subsidiaries, but only to the extent of the value of the Collateral (as defined below), and after giving effect to any permitted additional first lien secured obligations and other permitted liens of senior or equal priority); (iii) are senior in right of payment to all future subordinated indebtedness of the Company and the Guarantor Subsidiaries; (iv) are secured by the Collateral on a pari passu basis with any future permitted additional first lien secured obligations, subject to the Collateral Trust Agreement; (v) are effectively subordinated to any existing and future obligations of the Company and the Guarantor Subsidiaries that are secured by assets that do not constitute the Collateral, in each case, to the extent of the value of the assets securing such obligations; and (vi) are structurally subordinated to all existing and future indebtedness and other liabilities of the Company’s existing and future subsidiaries that do not guarantee the 2028 First Lien Notes, including the Securitization Facility. The 2028 First Lien Notes are guaranteed on a full, senior, joint and several basis by each of the Company’s domestic restricted subsidiaries (the “Guarantor Subsidiaries”) that guarantees the 2025 Notes. In the future, each of the Company’s domestic restricted subsidiaries (other than any domestic restricted subsidiary that is a receivable subsidiary) that (1) is not an immaterial subsidiary, (2) becomes a borrower under any of its material debt facilities or (3) guarantees (a) any of the Company’s indebtedness or (b) any indebtedness of the Company’s domestic restricted subsidiaries, in the case of either (a) or (b), incurred under any of the Company’s material debt facilities, will guarantee the 2028 First Lien Notes. Under certain circumstances, the guarantees may be released without action by, or consent of, the holder of the 2028 First Lien Notes. The 2028 First Lien Notes and the guarantees are secured, subject to permitted liens, by first-priority liens on substantially all of the Company’s and the Guarantor Subsidiaries’ assets (including certain of the Company’s real estate assets), whether now owned or hereafter acquired, other than certain excluded property, which liens will secure permitted additional first lien obligations on a pari passu basis, subject to the Collateral Trust Agreement (the “Collateral”). Under certain circumstances, the Collateral may be released without action by, or the consent of, the holders of the 2028 First Lien Notes. The 2028 First Lien Notes and the guarantees will not be secured by the assets of Non-Guarantor Subsidiaries (as defined below), which include the unrestricted subsidiaries to whom certain of the Company’s accounts receivables are and may in the future be sold to support borrowing under the Receivables Securitization Facility. A collateral trust agreement (the “Collateral Trust Agreement”) among the Company, the Guarantor Subsidiaries, the Collateral Trustee and U.S. Bank National Association, in its capacity as the trustee for the 2028 First Lien Notes, will set forth therein the relative rights with respect to the Collateral as among the trustee for the 2028 First Lien Notes and certain subsequent holders of first lien obligations and covering certain other matters relating to the administration of security interests. The Collateral Trust Agreement will generally control substantially all matters related to the Collateral, including with respect to decisions, distribution of proceeds or enforcement. Pursuant to the Collateral Trust Agreement, on the issue date of the 2028 First Lien Notes the Collateral Trustee will control certain matters related to the Collateral that the Collateral Trust Agreement specifies are in its discretion. If the Company incurs certain types of additional first lien obligations, the Controlling First Lien Holders (as defined in the Collateral Trust Agreement) will have the right to control decisions relating to the Collateral that are outside the Collateral Trustee’s discretion under the Collateral Trust Agreement and the 2028 Note holders may no longer be in control of such decisions. The Company may redeem the 2028 First Lien Notes, in whole or in part, at any time or from time to time on or after March 15, 2025, at specified redemption prices, plus accrued and unpaid interest, if any, to the redemption date. At any time or from time to time prior to March 15, 2025, the Company may redeem the 2028 First Lien Notes, in whole or in part, at a redemption price equal to 100 % of their principal amount plus a make whole premium, together with accrued and unpaid interest, if any, to the redemption date. In addition, the Company may redeem up to 40 % of the aggregate principal amount of the outstanding 2028 First Lien Notes prior to March 15, 2025, with the net cash proceeds from certain equity offerings at a redemption price equal to 109.000 % of their principal amount, together with accrued and unpaid interest, if any, to the redemption date. The Company may redeem, at any time from time to time before March 15, 2025, up to 10 % of the aggregate principal amount of the notes per annum, at a redemption price equal to 103 % of the aggregate principal amount plus accrued and unpaid interest, if any, to the redemption date. If the Company experiences specific kinds of changes of control, the Company is required to offer to purchase all of the 2028 First Lien Notes at a purchase price of 101 % of their principal amount, plus accrued and unpaid interest, if any, to the date of purchase. The 2028 First Lien Notes Indenture contains covenants that, among other things, limit the ability of the Company and its restricted subsidiaries to: (i) incur additional indebtedness; (ii) pay dividends or make other distributions; (iii) make other restricted payments and investments; (iv) create liens; (v) incur restrictions on the ability of restricted subsidiaries to pay dividends or make certain other payments; (vi) sell assets, including capital stock of restricted subsidiaries; (vii) enter into sale and leaseback transactions; (viii) merge or consolidate with other entities; and (ix) enter into transactions with affiliates. In addition, the 2028 First Lien Notes Indenture requires, among other things, the Company to provide financial and current reports to holders of the 2028 First Lien Notes or file such reports electronically with the SEC. These covenants are subject to a number of exceptions, limitations and qualifications set forth in the Indenture, as well as suspension periods in certain circumstances. Senior Secured First Lien Notes due 2024 and Senior Secured Notes Due 2024 During the year ended March 31, 2023, the Company sold intellectual property that required redemption of $ 19,340 of the outstanding principal balance and payment of a premium of approximately $ 1,287 . On March 14, 2023, the Company used $ 1,068,831 of the proceeds from the issuance of the 2028 First Lien Notes (i) to call all outstanding 2024 First Lien Notes , (ii) to acquire a portion of the 2024 Second Lien Notes that the Company had offered to purchase as part of the Tender Offer, and (iii) to redeem the balance of the 2024 Second Lien Notes that were not tendered in the Tender Offer. The Company recognized additional net extinguishment losses of approximately $ 31,600 upon these redemptions. Senior Notes Due 2025 On August 17, 2017, the Company issued $ 500,000 principal amount of 7.75 % Senior Notes due August 15, 2025 . The 2025 Notes were sold at 100 % of the principal amount and have an effective interest yield of 7.75 %. Interest is payable semiannually in cash in arrears on February 15 and August 15 of each year, commencing on February 15, 2018. In connection with the issuance of the 2025 Notes, the Company incurred approximately $ 8,779 of costs, which were deferred and are being amortized on the effective interest method over the term of the 2025 Notes. The 2025 Notes are the Company's senior unsecured obligations and rank equally in right of payment with all of its other existing and future senior unsecured indebtedness and senior in right of payment to all of its existing and future subordinated indebtedness. The 2025 Notes are guaranteed on a full, joint and several basis by each of the Guarantor Subsidiaries. The Company may redeem some or all of the 2025 Notes on or after August 15, 2020, at specified redemption prices. The Company is obligated to offer to repurchase the 2025 Notes at a price of (i) 101 % of their principal amount plus accrued and unpaid interest, if any, as a result of certain change-of-control events and (ii) 100 % of their principal amount plus accrued and unpaid interest, if any, in the event of certain asset sales. These restrictions and prohibitions are subject to certain qualifications and exceptions. The indenture governing the 2025 Notes (the "2025 Indenture") contains covenants that, among other things, limit the Company's ability and the ability of any of the guarantor subsidiaries to (i) grant liens on its assets, (ii) make dividend payments, other distributions or other restricted payments, (iii) incur restrictions on the ability of the Guarantor Subsidiaries to pay dividends or make other payments, (iv) enter into sale and leaseback transactions, (v) merge, consolidate, transfer or dispose of substantially all of their assets, (vi) incur additional indebtedness, (vii) use the proceeds from sales of assets, including capital stock of restricted subsidiaries, and (viii) enter into certain transactions with affiliates. As disclosed in Note 2, as of March 31, 2023, the 2025 Notes are currently Designated Notes under the terms of the Warrant Agreement. Following the Warrants issuance on December 19, 2022, through March 31, 2023, $ 976 in principal amount of 2025 Notes were used to pay the exercise price for approximately 0.1 million Warrants, and resulting extinguishment losses from the write-off of deferred debt issuance costs were immaterial. Financial Instruments Not Recorded at Fair Value Carrying amounts and the related estimated fair values of the Company's long-term debt not recorded at fair value in the accompanying consolidated financial statements are as follows: March 31, 2023 March 31, 2022 Carrying Fair Carrying Fair $ 1,691,782 $ 1,676,879 $ 1,589,490 $ 1,639,248 The fair value of the long-term debt was calculated based on either interest rates available for debt with terms and maturities similar to the Company's existing debt arrangements or broker quotes on its existing debt (Level 2 inputs). Interest paid on indebtedness during the fiscal years ended March 31, 2023, 2022, and 2021, amounted to $ 138,464 , $ 137,922 and $ 116,515 , respectively. The Company also made redemption premium payments of approximately $ 26,157 and $ 9,108 in the years ended March 31, 2023 and 2022, respectively. As of March 31, 2023, the fiscal year maturities of long-term debt are as follows: 2024 — $ 3,162 ; 2025 — $ 2,215 ; 2026 — $ 500,427 ; 2027 — $ 1,576 ; 2028 — $ 1,200,983 ; and thereafter— $ 5,477 through 2032 . |
Other Noncurrent Liabilities
Other Noncurrent Liabilities | 12 Months Ended |
Mar. 31, 2023 | |
Other Liabilities, Noncurrent [Abstract] | |
Other Noncurrent Liabilities | 11. OTHER NONCURRENT LIABILITIES Other noncurrent liabilities are composed of the following items: March 31, 2023 2022 Acquired contract liabilities, net $ 9,845 $ 12,862 Accrued warranties 4,551 6,317 Accrued workers' compensation 11,146 9,024 Noncurrent contract liabilities 463 1,099 Operating lease liabilities 14,639 12,920 Environmental contingencies 4,400 5,336 Income tax reserves 300 300 Multiemployer pension plan withdrawal liability 13,415 — All other 1,294 3,850 Total other noncurrent liabilities $ 60,053 $ 51,708 |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. INCOME TAXES The components of loss from continuing operations before income taxes are as follows: Year ended March 31, 2023 2022 2021 Foreign $ 16,109 $ 14,962 $ ( 1,518 ) Domestic 79,572 ( 52,797 ) ( 446,511 ) $ 95,681 $ ( 37,835 ) $ ( 448,029 ) The components of income tax (benefit) expense are as follows: Year ended March 31, 2023 2022 2021 Current: Federal $ ( 538 ) $ — $ — State 735 ( 157 ) ( 315 ) Foreign 5,877 5,055 3,372 6,074 4,898 3,057 Deferred: Foreign 14 25 ( 176 ) 14 25 ( 176 ) $ 6,088 $ 4,923 $ 2,881 A reconciliation of the statutory federal income tax rate to the effective tax rate is as follows: Year ended March 31, 2023 2022 2021 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal tax benefit 8.1 15.9 2.7 Section 162(m) 2.1 ( 5.1 ) ( 0.2 ) Miscellaneous permanent items and nondeductible accruals ( 3.4 ) ( 0.9 ) ( 0.5 ) Research and development tax credit ( 2.3 ) 6.0 0.7 Impact of foreign operations (including rate differential, rate change, and settlement with tax authorities 0.0 14.0 ( 0.3 ) Valuation allowance ( 19.1 ) ( 61.9 ) ( 25.5 ) Global Intangible Low-Taxed Income 0.2 ( 2.0 ) — Other (including FIN 48) ( 0.2 ) ( 0.5 ) 1.4 Effective income tax rate 6.4 % ( 13.5 )% ( 0.7 )% The components of deferred tax assets and liabilities are as follows: March 31, 2023 2022 Deferred tax assets: Net operating loss and other credit carryforwards $ 302,273 $ 337,361 Inventory 23,584 21,065 Accruals and reserves 21,336 32,138 Interest carryforward 103,826 80,593 Pension and other postretirement benefits 87,846 74,271 Lease right-of-use assets 5,259 4,199 Research and development 4,592 — Acquired contract liabilities, net 3,012 3,686 551,728 553,313 Valuation allowance ( 512,579 ) ( 512,357 ) Net deferred tax assets 39,149 40,956 Deferred tax liabilities: Deferred revenue 2,947 4,160 Property and equipment 11,487 14,172 Goodwill and other intangible assets 26,197 24,655 Lease liabilities 3,470 3,787 Prepaid expenses and other 2,316 1,395 46,417 48,169 Net deferred tax liabilities $ 7,268 $ 7,213 The Company follows ASC 740, Income Taxes , which prescribes a recognition threshold and measurement attribute criteria for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, as well as guidance on derecognition, classification, interest and penalties, disclosure and transition. The Company's policy is to release the tax effects from accumulated other comprehensive loss when all of the related assets or liabilities that gave rise to the accumulated other comprehensive loss (income) have been derecogniz ed. The Company has elected to treat global intangible low-taxed income (“GILTI”) as a period expense. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. When determining the amount of net deferred tax assets that are more likely than not to be realized, the Company assesses all available positive and negative evidence. This evidence includes, but is not limited to, prior earnings history, expected future earnings, carry-back and carry-forward periods and the feasibility of ongoing tax strategies that could potentially enhance the likelihood of the realization of a deferred tax asset. The weight given to the positive and negative evidence is commensurate with the extent the evidence may be objectively verified. As such, it is generally difficult for positive evidence regarding projected future taxable income exclusive of reversing taxable temporary differences to outweigh objective negative evidence of recent financial reporting losses. Based on these criteria and the relative weighting of both the positive and negative evidence available and, in particular, the activity surrounding the Company's prior earnings history, including the forward losses and intangible impairments previously recognized, management determined that it was necessary to establish a valuation allowance against principally all of its net deferred tax assets. Given the objective verifiable negative evidence of a three-year cumulative loss and the weighting of all available positive evidence, the Company excluded projected taxable income (aside from reversing taxable temporary differences) from the assessment of income that could be used as a source of taxable income to realize the deferred tax assets. During fiscal year 2023 , the Company adjusted the valuation allowance against the consolidated net deferred tax asset by $ 222 primarily due to an aggregate utilization of net operating loss carryforwards of approximately $ 146,354 , utilization of capital loss carryforwards, and changes to temporary differences related to the impairment of long-lived intangible assets, interest disallowance, research and development cost amortization, and pension and other postretirement benefit plans. As of March 31, 2023, management determined that it was necessary to maintain a valuation allowance against principally all of its net deferred tax assets. As of March 31, 2023 , the Company has net operating loss carryforwards of $ 526,498 , $ 1,433,276 , and $ 136,646 for U.S. federal, state, and foreign jurisdictions, respectively. Approximately $ 65,020 of U.S. federal net operating losses begin to expire in 2038 , and $ 461,478 have an indefinite carryforward period. State net operating losses begin to expire in 2024 , with an immaterial portion classified as indefinite. Approximately $ 6,357 of foreign net operating losses begin to expire in 2027 , and $ 130,289 have an indefinite carryforward period. The effective income tax rate for the fiscal year ended March 31, 2023 , was 6.4 % as compared with ( 13.5 )% for the fiscal year ended March 31, 2022. The effective income tax rate for the fiscal year ended March 31, 2023 , included the benefit of the R&D tax credit of $ 2,234 , and the change in the valuation allowance of $ 18,243 . Due to the prior year pretax loss, the effective tax rate drivers on a percentage basis are amplified. Accordingly, a year-over-year comparison of the effective tax rate may not be indicative of changes in the Company's tax position. The Company has been granted income tax holiday as an incentive to attract foreign investment by the Government of Thailand. The tax holidays continue to expire in various years through 2026. The Company does not have any other tax holidays in the jurisdictions in which it operates. The income tax benefit attributable to the tax status of our subsidiaries in Thailand was approximately $ 583 or $ 0.01 per diluted share in fiscal 2023 , $ 415 or $ 0.01 per diluted share in fiscal 2022 and $ 0 or $ 0.00 per diluted share in fiscal 2021. At March 31, 2023 , cumulative undistributed earnings of foreign subsidiaries, for which no U.S. income or foreign withholding taxes have been recorded is $ 203,893 . As the Company currently intends to indefinitely reinvest all such earnings, no provision has been made for income taxes that may become payable upon distribution of such earnings, and it is not practicable to determine the amount of the related unrecognized deferred income tax liability. The Company has classified uncertain tax positions as noncurrent income tax liabilities unless expected to be paid in one year. As of March 31, 2023 and 2022 , the total amount of unrecognized tax benefits was $ 12,085 and $ 11,800 , respectively, all of which would impact the effective rate, if recognized. The Company anticipates that total unrecognized tax benefits may be reduced by zero in the next 12 months. With a few exceptions, the Company is no longer subject to U.S. federal, state, or local income tax examinations, or foreign income tax examinations by tax authorities, for fiscal years ended before March 31, 2014. As of March 31, 2023, the Company is not subject to any income tax examinations. The Company believes appropriate provisions for all outstanding issues have been made for all jurisdictions and all open years. There are no material interest and penalties accrued as of the year ended March 31, 2023. A reconciliation of the liability for uncertain tax positions, which are included in deferred taxes for the fiscal years ended March 31, 2023, 2022, and 2021 follows: Year ended March 31, 2023 2022 2021 Beginning balance $ 11,978 $ 11,750 $ 19,127 Adjustments for tax positions related to the current year 223 228 311 Adjustments for tax positions of prior years ( 8 ) — ( 7,688 ) Ending balance $ 12,193 $ 11,978 $ 11,750 |
Stockholders' Deficit
Stockholders' Deficit | 12 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Deficit | 13. STOCKHOLDERS' DEFICIT In March 2022, the Company adopted a tax benefits preservation plan (the " Plan") designed to preserve Triumph’s ability to utilize its net operating loss carryforwards and other tax attributes (collectively, "Tax Benefits"). The Plan replaces a similar plan that was adopted in March 2019 and which expired in March 2022. The Company obtained stockholder approval for the Plan at its annual meeting of stockholders in July 2022. Under the Plan, Triumph declared a dividend distribution of one right (a “Right”) for each share of its common stock outstanding at the close of business on March 21, 2022. The Plan will expire on March 13, 2025. The Rights also will expire: (i) if the Rights are redeemed or exchanged as provided in the Plan; (ii) if the Board determines that the Plan is no longer necessary or desirable for the preservation of the Tax Benefits; or (iii) if the Board determines that no Tax Benefits, once realized, as applicable, may be carried forward (in which case, the Rights will expire on the first date of the relevant taxable year for which such determination is made). Pursuant to the Plan, if a stockholder (or group) becomes a 4.9 % stockholder without meeting certain customary exceptions, the Rights become exercisable and entitle stockholders (other than the 4.9 % stockholder or group causing the rights to become exercisable) to purchase additional shares of Triumph at a significant discount, resulting in significant dilution in the economic interest and voting power of the 4.9 % stockholder or group causing the Rights to become exercisable. Stockholders owning 4.9 % or more of Triumph’s outstanding shares at the time the Plan was adopted were grandfathered and will only cause the Rights to distribute and become exercisable if they acquire an additional one percent or more of Triumph’s outstanding shares. Under the Plan, the Board has the ability to determine in its sole discretion that any person shall not be deemed an acquiring person and therefore that the Rights shall not become exercisable if such person becomes a 4.9 % stockholder. The adoption of the Plan and the dividend distribution did not have an impact on the Company’s consolidated financial statements. On February 4, 2021, the Company implemented an “at the market” stock issuance program by entering into an Equity Distribution Agreement (the “Equity Distribution Agreement”) with Citigroup Global Markets Inc. (the “Manager”). Under the terms of the Equity Distribution Agreement, the Company may from time to time to or through the Manager, acting as agent and/or principal, offer and sell shares of its common stock having a gross sales price of up to $ 150,000 . From the date the program was implemented through March 31, 2021, the Company completed the program, selling 9,178,752 shares with a gross sales price of $ 150,000 for total proceeds net of stock issuance costs of $ 145,383 . In 2014, the Company's Board of Directors authorized an increase in the Company's existing stock repurchase program by up to 5,000,000 shares of its common stock in addition to the 500,800 shares authorized under prior authorizations. As of March 31, 2023 , the Company remains able to purchase an additional 2,277,789 shares. Repurchases may be made from time to time in open market transactions, block purchases, privately negotiated transactions or otherwise at prevailing prices. No time limit has been set for completion of the program. The holders of the common stock are entitled to one vote per share on all matters to be voted upon by the stockholders of Triumph. The Company has preferred stock of $ 0.01 par value, 250,000 shares authorized. At March 31, 2023 and 2022 , zero shares of preferred stock were outstanding. Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss ("AOCI") by component for the years ended March 31, 2023 and 2022, were as follows: Currency Unrealized Gains Defined Benefit Total (1) March 31, 2021 $ ( 42,161 ) $ 1,015 $ ( 489,046 ) $ ( 530,192 ) AOCI before reclassifications ( 5,772 ) ( 2,244 ) 44,658 36,642 Amounts reclassified from AOCI — 959 29,237 (2) 30,196 Net current period OCI ( 5,772 ) ( 1,285 ) 73,895 66,838 March 31, 2022 ( 47,933 ) ( 270 ) ( 415,151 ) ( 463,354 ) AOCI before reclassifications ( 1,273 ) 2,265 ( 113,232 ) ( 112,240 ) Amounts reclassified from AOCI — ( 778 ) 21,726 (2) 20,948 Net current period OCI ( 1,273 ) 1,487 ( 91,506 ) ( 91,292 ) March 31, 2023 $ ( 49,206 ) $ 1,217 $ ( 506,657 ) $ ( 554,646 ) (1) Net of tax. (2) Includes amortization of actuarial losses and recognized prior service (credits) costs, which are included in the net periodic benefit (income) expense |
Earnings (Loss) per Share
Earnings (Loss) per Share | 12 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Share | 14. EARNINGS (LOSS) PER SHARE The calculation of basic earnings (loss) per share is based on the weighted average number of common shares considered outstanding during the periods. The calculation of diluted earnings per share reflects the effect of all potentially dilutive securities (principally outstanding warrants and outstanding restricted stock units). As disclosed in Note 2, the warrants permit the tendering of Designated Notes in payment of the exercise price. In computing diluted EPS, the Company applies the if-converted method to the warrants and such warrants are assumed to be exercised and the Designated Notes are assumed to be tendered unless tendering cash would be more advantageous to the warrant holder. Interest (net of tax) on any Designated Notes assumed to be tendered is added back as an adjustment to the numerator. The numerator also is adjusted for any nondiscretionary adjustments based on income (net of tax) including, for example, warrant remeasurement gains and losses recognized in the period. If cash exercise is more advantageous, the Company applies the treasury stock method to the warrants when calculating diluted EPS. The following is a reconciliation between the weighted average common shares outstanding used in the calculation of basic and diluted earnings (loss) per share: Year ended March 31, (in thousands) 2023 2022 2021 Numerator: Numerator for basic earnings per share: Net income (loss) $ 89,593 $ ( 42,758 ) $ ( 450,910 ) Effect of Dilutive Securities: Warrants ( 3,626 ) — — Numerator for diluted earnings per share: Income available to common stockholders after assumed conversions $ 85,967 $ ( 42,758 ) $ ( 450,910 ) Denominator: Denominator for basic earnings per share Weighted average common shares outstanding - basic 65,021 64,538 52,739 Effect of Dilutive Securities: Warrants 6,371 — — Restricted stock units 329 — — Dilutive potential common shares 6,700 — — Denominator for basic earnings per share Weighted average common shares outstanding - diluted 71,721 64,538 52,739 Earnings (loss) per share: Basic earnings per share $ 1.38 $ ( 0.66 ) $ ( 8.55 ) Diluted earnings per share $ 1.20 $ ( 0.66 ) $ ( 8.55 ) For the fiscal years ended March 31, 2023, 2022, and 2021 , the shares that could potentially dilute earnings per share in the future but were not included in diluted weighted average common shares outstanding because to do so would have been anti-dilutive were immaterial. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | 15. EMPLOYEE BENEFIT PLANS Defined Contribution Pension Plan The Company sponsors a defined contribution 401(k) plan, under which salaried and certain hourly employees may defer a portion of their compensation. Eligible participants may contribute to the plan up to the allowable amount as determined by the plan of their regular compensation before taxes. The Company generally matches contributions at a rate of 75 % of the first 6 % of compensation contributed by the participant. All contributions and Company matched contributions are invested at the direction of the employee in one or more investment options offered under the plan. Company matching contributions vest immediately and aggregated to $ 9,329 , $ 2,998 , and $ 1,665 for the fiscal years ended March 31, 2023, 2022, and 2021, respectively. Effective April 1, 2020, the Company suspended its 401(k) matching contribution for non-represented employees and some represented employees. This suspension was ended December 31, 2021, and the Company's 401(k) matching program recommenced effective January 1, 2022. Defined Benefit Pension and Other Postretirement Benefit Plans The Company sponsors several defined benefit pension plans covering some of its employees. Most current employees are ineligible to participate in the plans or have ceased to accrue additional benefits under the plans. Benefits under the defined benefit plans are based on years of service and, for most non-represented employees, on average compensation for certain years. It is the Company's policy to fund at least the minimum amount required for all qualified plans, using actuarial cost methods and assumptions acceptable under applicable government regulations, by making payments into a trust separate from us. The Company has in the past contributed and may in the future contribute shares of its common stock to this separate trust which would reduce the cash contribution required by the Company. In addition to the defined benefit pension plans, the Company provides other postretirement benefits ("OPEB") in the form of certain health care benefits for eligible retired employees. Such benefits are unfunded as of March 31, 2023. The right to benefits under the current program ceased for all represented participants (actively employed and retired) by April 1, 2020. Company-funded notional health reimbursement accounts were provided to retired participants (and their dependents) whose eligibility for current benefits ended under the new agreement. As a result, the Company's OPEB liability is no longer material. Actuarial gains associated with the OPEB plan are carried within AOCI as shown in the table below. In accordance with ASC 715, the Company has recognized the funded status of the benefit obligation as of March 31, 2023 and 2022, on the accompanying consolidated balance sheets. The funded status is measured as the difference between the fair value of the plans' assets and the PBO or accumulated postretirement benefit obligation of the plan. The plan assets are principally publicly traded investments which were valued based on the market price as of the measurement date. Investments that are not publicly traded were valued based on the estimated fair value of those investments based on the Company’s evaluation of data from fund managers and comparable market data. The following tables set forth the Company's consolidated defined benefit pension plans for its union and non-union employees as of March 31, 2023 and 2022, and the amounts recorded on the consolidated balance sheets at March 31, 2023 and 2022. Company contributions include amounts contributed directly to plan assets and indirectly as benefits paid from the Company's assets. Benefit payments reflect the total benefits paid from the plans and the Company's assets. Information on the plans includes both the domestic qualified and nonqualified plans and the foreign qualified plans. Pension Benefits Year ended March 31, 2023 2022 Change in projected benefit obligations Projected benefit obligation at beginning of year $ 1,946,201 $ 2,230,248 Service cost 638 745 Interest cost 65,069 46,891 Actuarial gain ( 185,210 ) ( 82,483 ) Plan amendments — 141 Curtailments — 12,980 Participant contributions 115 146 Settlements — ( 104,991 ) Special termination benefits — 54 Benefits paid ( 163,614 ) ( 155,518 ) Currency translation adjustment ( 2,776 ) ( 2,012 ) Projected benefit obligation at end of year $ 1,660,423 $ 1,946,201 Accumulated benefit obligation at end of year $ 1,659,607 $ 1,904,104 Assumptions used to determine benefit Discount rate 5.09 - 5.19 % 2.73 - 3.85 % Rate of compensation increase 3.92 % 3.50 - 4.22 % Pension Benefits Year ended March 31, 2023 2022 Change in fair value of plan assets Fair value of plan assets at beginning of year $ 1,649,241 $ 1,853,963 Actual return on plan assets ( 177,419 ) 56,796 Settlements — ( 104,991 ) Participant contributions 115 147 Company contributions 1,100 1,057 Benefits paid ( 163,615 ) ( 155,519 ) Currency translation adjustment ( 2,966 ) ( 2,212 ) Fair value of plan assets at end of year $ 1,306,456 $ 1,649,241 Funded status (underfunded) Funded status $ ( 353,967 ) $ ( 296,960 ) Reconciliation of amounts recognized on the Pension asset—noncurrent $ 5,124 $ 3,814 Accrued benefit liability—current ( 768 ) ( 801 ) Accrued benefit liability—noncurrent ( 358,323 ) ( 299,973 ) Net amount recognized $ ( 353,967 ) $ ( 296,960 ) Pension Benefits Other Postretirement Benefits Year ended March 31, Year ended March 31, 2023 2022 2023 2022 Reconciliation of amounts recognized in Prior service costs (credits) $ 1,356 $ 1,458 $ ( 43,900 ) $ ( 49,005 ) Actuarial losses (gains) 756,664 674,720 ( 45,347 ) ( 49,305 ) Income tax (benefits) expenses related to above items ( 204,132 ) ( 204,594 ) 42,016 42,016 Unamortized benefit plan costs (gains) $ 553,888 $ 471,584 $ ( 47,231 ) $ ( 56,294 ) The components of net periodic benefit cost for fiscal years ended March 31, 2023, 2022, and 2021, are as follows: Pension Benefits Year Ended March 31, 2023 2022 2021 Components of net periodic pension Service cost $ 638 $ 745 $ 1,537 Interest cost 65,069 46,891 64,599 Expected return on plan assets ( 121,195 ) ( 133,540 ) ( 136,581 ) Amortization of prior service cost 102 260 974 Amortization of net loss 30,859 38,407 31,248 Curtailment loss — 16,024 — Settlements — 35,927 — Special termination benefits — 54 — Total net periodic benefit (income) expense $ ( 24,527 ) $ 4,768 $ ( 38,223 ) Assumptions used to determine net Discount rate 2.66 % - 3.93 % 1.75 % - 3.47 % 2.47 - 3.32 % Expected long-term rate of return on plan assets 5.75 - 8.00 % 1.41 - 8.00 % 5.00 - 8.00 % Rate of compensation increase 3.50 - 4.22 % 2.80 - 3.50 % 3.50 - 4.50 % The Company recognized net periodic benefit income from its OPEB plan of approximately $ 9,163 , $ 9,396 , and $ 9,759 for the fiscal years ended March 31, 2023, 2022, and 2021, respectively. The discount rate is determined annually as of each measurement date, based on a review of yield rates associated with long-term, high-quality corporate bonds. At the end of each year, the discount rate is primarily determined using the results of bond yield curve models based on a portfolio of high-quality bonds matching notional cash inflows with the expected benefit payments for each significant benefit plan. The expected return on plan assets is determined based on a market-related value of assets ("MRVA"), which is a smoothed asset value. For fixed income securities, the MRVA is determined using the fair value of the fixed income assets. For all other classes of pension assets, the MRVA is calculated by recognizing investment performance that is different from that expected on a straight-line basis over five years. Actuarial gains and losses are amortized over the average remaining life expectancy of inactive participants for plans that are predominantly inactive and over the expected future service for active participants for other plans, but only to the extent unrecognized gains or losses exceed a corridor equal to 10 % of the greater of the projected benefit obligation or market-related value of assets. The Company estimates the service and interest cost of its pension and OPEB plans by using the specific spot rates derived from the yield curve used to discount the cash flows reflected in the measurement of the benefit obligation. The Company believes this approach provides a precise measurement of service and interest costs due to the correlation between projected benefit cash flows to the corresponding spot yield curve rates. During the fiscal year ended March 31, 2023, the Society of Actuaries did not release a new mortality projection scale, and therefore the mortality projection scale remains unchanged. The Company did reflect an adjustment to the base mortality table for a subset of participants based on its review of actual mortality experience in the measurement of its U.S. pension plan as of March 31, 2023. This change resulted in an increase in the benefit obligation. The projected benefit obligation assumptions impacting net actuarial gain consist of changes in discount and mortality rates, as well as changes in plan experience. The Company periodically experiences events or makes changes to its benefit plans that result in curtailment or special charges. Curtailments are recognized when events occur that significantly reduce the expected years of future service of present employees or eliminates the benefits for a significant number of employees for some or all of their future service. Curtailment losses are recognized when it is probable the curtailment will occur and the effects are reasonably estimable. Curtailment gains are recognized when the related employees are terminated or a plan amendment is adopted, whichever is applicable. As required under ASC 715, the Company remeasures plan assets and obligations during an interim period whenever a significant event occurs that results in a material change in the net periodic pension cost. The determination of significance is based on judgment and consideration of events and circumstances impacting the pension costs. The following summarizes the key events whose effects on net periodic benefit cost and obligations are included in the tables above: • On March 21, 2022, the Company elected to purchase annuities and settle the pension obligations for approximately 2,500 retired participants in its qualified U.S. pension plan. As a result of this transaction approximately $ 52,256 of plan assets and $ 51,418 of plan liabilities were transferred to the Nationwide Life and Annuity Insurance Company. The settlement resulted in the recognition of prior noncash actuarial losses of approximately $ 32,116 in the year ended March 31, 2022. The settlement's impact on the accompanying consolidated balance sheets was insignificant as the plan's assets were materially consistent with the settled pension obligation. • Effective August 31, 2021, the Company settled the fully-funded pension obligation it had retained subsequent to its fiscal year 2019 divestiture of Triumph Geared Solutions - Toronto. The settlement resulted in the recognition of prior noncash actuarial losses of approximately $ 3,826 in the year ended March 31, 2022. The settlement's impact on the accompanying consolidated balance sheets was insignificant as the plan's assets were materially consistent with the settled pension obligation. • Upon the completion of the sale of the composites and large structure manufacturing operations as disclosed in Note 3, the expected future service of certain defined benefit pension plan participants was curtailed and certain participants became eligible for subsidized early retirement benefits under the terms of the relevant plan. As a result, the Company performed an interim remeasurement and recognized a onetime pension curtailment charge of approximately $ 16,024 which is presented in non-service defined benefit income on the accompanying condensed consolidated statement of operations for year ended March 31, 2022. Additionally, the Company accrued a Withdrawal Liability (as defined below), and recognized in non-serviced defined benefit income, of $ 14,644 as a result of the exit of its Spokane, Washington, composites manufacturing operations in the year ended March 31, 2023. Refer to Note 17 for further information. Expected Pension Benefit Payments The total estimated future benefit payments for the pension plans are expected to be paid from the plan assets and company funds. The OPEB payments reflect the Company's portion of the funding. Estimated future benefit payments from plan assets and Company funds for the next ten years are as follows: Year Pension 2024 $ 165,443 2025 150,139 2026 144,837 2027 140,333 2028 135,495 2029 - 2033 614,559 Plan Assets, Investment Policy and Strategy The table below sets forth the Company's target asset allocation for fiscal 2023 and the actual asset allocations at March 31, 2023 and 2022. Actual Allocation Target Allocation March 31, Asset Category Fiscal 2023 2023 2022 Equity securities 50 % - 60 % 55 % 58 % Fixed income securities 30 % - 40 % 34 33 Alternative investment funds 0 % - 10 % 10 7 Other 0 % - 5 % 1 2 Total 100 % 100 % Pension plan assets are invested in various asset classes that are expected to produce a sufficient level of diversification and investment return over the long-term. The investment goals are to exceed the assumed actuarial rate of return over the long-term within reasonable and prudent levels of risks and to meet future obligations. Asset/liability studies are conducted on a regular basis to provide guidance in setting investment goals for the pension portfolio and its asset allocation. The asset allocation aims to prudently achieve a strong, risk-adjusted return while seeking to minimize funding level volatility and improve the funded status of the plans. The pension plans currently employ a liability-driven investment ("LDI") approach, where assets and liabilities move in the same direction. The goal is to limit the volatility of the funding status and cover part, but not all, of the changes in liabilities. Most of the liabilities' changes are due to interest rate movements. To balance expected risk and return, allocation targets are established and monitored against acceptable ranges. All investment policies and procedures are designed to ensure that the plans' investments are in compliance with the Employee Retirement Income Security Act of 1974 ("ERISA"). Guidelines are established defining permitted investments within each asset class. Each investment manager has contractual guidelines to ensure that investments are made within the parameters of their asset class or in the case of multi-asset class managers, the parameters of their multi-asset class strategy. Certain investments are not permitted at any time, including investment directly in employer securities and uncovered short sales. The tables below provide the fair values of the Company's plan assets at March 31, 2023 and 2022, by asset category. The table also identifies the level of inputs used to determine the fair value of assets in each category (refer to Note 2 for definition of levels). March 31, 2023 Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 17,163 $ — $ — $ 17,163 Equity securities International 100,370 — — 100,370 U.S. equity 3,190 — — 3,190 U.S. commingled fund 417,307 — — 417,307 International commingled fund 30,977 — — 30,977 Fixed income securities Corporate bonds — 12,904 — 12,904 Government securities — 361,070 — 361,070 Other Insurance contracts — — 626 626 Total investment in securities—assets $ 569,007 $ 373,974 $ 626 $ 943,607 U.S. equity commingled fund 2,866 International equity commingled fund 161,458 U.S. fixed income commingled fund 44,861 International fixed income commingled fund 7,070 Government securities commingled fund 14,599 Private equity and infrastructure 126,549 Other 3,592 Total investment measured at NAV as a $ 360,995 Receivables 2,288 Payables ( 434 ) Total plan assets $ 1,306,456 March 31, 2022 Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 21,015 $ — $ — $ 21,015 Equity securities International 135,824 — — 135,824 U.S. equity 5,757 — — 5,757 U.S. commingled fund 573,015 — — 573,015 International commingled fund 51,559 — — 51,559 Fixed income securities Corporate bonds — 10,007 — 10,007 Government securities — 462,829 — 462,829 Other Insurance contracts — — 842 842 Total investment in securities—assets $ 787,170 $ 472,836 $ 842 $ 1,260,848 U.S. equity commingled fund 15,554 International equity commingled fund 180,138 U.S. fixed income commingled fund 48,537 International fixed income commingled fund 7,239 Government securities commingled fund 9,604 Private equity and infrastructure 120,537 Other 5,483 Total investment measured at NAV as a $ 387,092 Receivables 1,416 Payables ( 117 ) Total plan assets $ 1,649,239 Cash equivalents and other short-term investments are primarily held in registered short-term investment vehicles which are valued using a market approach based on quoted market prices of similar instruments. Public equity securities, including common stock, are primarily valued using a market approach based on the closing fair market prices of identical instruments in the principal market on which they are traded. Commingled funds that are open-ended mutual funds for which the fair value per share is determined and published by the respective mutual fund sponsor and is the basis for current observable transactions are categorized as Level 1 fair value measures. Investments in commingled funds and private equity and infrastructure funds are carried at net asset value ("NAV") as a practical expedient to estimate fair value. The NAV is the total value of the fund divided by the number of shares outstanding. Adjustments to NAV, if any, are determined based on evaluation of data provided by fund managers, including valuation of the underlying investments derived using inputs such as cost, operating results, discounted future cash flows and market-based comparable data. In accordance with ASC 820-10, investments that are measured at NAV practical expedient are not classified in the fair value hierarchy; however, their fair value amounts are presented in these tables to permit reconciliation of the fair value hierarchy to the total plan assets disclosed in this footnote. Corporate, government agency bonds and mortgage-backed securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported observable trades for identical or comparable instruments. Other investments include insurance contracts primarily valued based on estimates of the premium required to acquire similar insurance contracts using market-based comparable data. Assumptions and Sensitivities The discount rate is determined as of each measurement date, based on a review of yield rates associated with long-term, high-quality corporate bonds. The calculation separately discounts benefit payments using the spot rates from a long-term, high-quality corporate bond yield curve. The effect of a 25 basis-point change in discount rates as of March 31, 2023, is shown below: Pension Increase of 25 basis points Obligation * $ ( 34,222 ) Net periodic expense 176 Decrease of 25 basis points Obligation * $ 35,567 Net periodic expense ( 204 ) * Excludes impact to plan assets due to the LDI investment approach discussed above under "Plan Assets, Investment Policy and Strategy." The long-term rate of return assumption represents the expected average rate of earnings on the funds invested to provide for the benefits included in the benefit obligations. The long-term rate of return assumption is determined based on a number of factors, including historical market index returns, the anticipated long-term asset allocation of the plans, historical plan return data, plan expenses and the potential to outperform market index returns. For fiscal 2024, the expected long-term rate of return is 5.75 % - 8.00 % . Anticipated Contributions to Defined Benefit The Company expects to contribute approximately $ 14,700 to its qualified U.S. defined benefit pension plans during fiscal 2024 . No plan assets are expected to be returned to the Company in fiscal 2024 . |
Stock Compensation Plans
Stock Compensation Plans | 12 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Compensation Plans | 16. STOCK COMPENSATION PLANS The Company has stock incentive plans under which employees and non-employee directors may be granted equity awards in the form of stock options with an exercise price equal to the fair value of the Company’s stock on the grant date or in the form of restricted stock or restricted stock units that vest pursuant to service conditions and, in some cases, performance or market conditions. The stock incentive and compensation plans under which outstanding equity awards have been granted to employees, officers, and non-employee directors are the Triumph Group 2018 Equity Plan (the "2018 Plan"), the Triumph Group 2013 Equity and Cash Incentive Plan (the “2013 Plan”), the 2016 Directors’ Equity Compensation Plan, as amended (the “Directors’ Plan”), and the Amended and Restated Directors’ Stock Incentive Plan (the “Prior Directors’ Plan”). The Prior Directors’ Plan expired by its terms during fiscal 2017. The current stock incentive and compensation plans used for future awards are the 2018 Plan and the Directors’ Plan. New grants under the 2013 Plan ceased upon the approval of the 2018 Plan in fiscal 2019, and the 2013 Plan will formally expire by its terms during fiscal 2024. The 2018 Plan and the Directors’ Plan are collectively referred to in this note as the plans. Management and the compensation committee have utilized restricted stock and restricted stock units as its primary form of share-based incentive compensation. Restricted stock and restricted stock units that vest solely pursuant to service conditions generally vest on a graded basis over a three year period and are subject to forfeiture should the grantee’s employment be terminated prior to an applicable vesting date. Management and the compensation committee have also granted restricted stock and restricted stock units, referred to herein as performance restricted stock awards, that vest pursuant to a combination of service conditions as well as market and performance conditions. Such awards may vest, subject to specific market or performance conditions, on a cliff vesting basis at the end of a three year performance period, on a graded basis over discrete performance periods over three year period, or a combination of thereof. The market and performance conditions may result in the awards vesting below target, including zero vesting awards if certain threshold vesting conditions are not met, or up to 300 % of the number of awards granted, if certain vesting conditions are exceeded. The share-based payment expense arising from restricted stock and restricted stock unit expense is included in capital in excess of par value. The fair value of restricted stock or restricted stock units awards subject only to service conditions or service and performance conditions is determined by the product of the number of shares granted and the grant date market price of the Company's common stock, adjusted for material non-public information that the Company may be aware of as of the grant date, if any. The fair value of restricted stock or restricted stock units awards that contain market conditions is determined by the product of the number of shares granted and the grant date fair value of such an award value using a Monte Carlo valuation methodology. The fair value of share-based compensation granted to employees was $ 13,728 , $ 14,129 , and $ 13,103 during the fiscal years ended March 31, 2023, 2022, and 2021, respectively. The fair value of restricted stock and restricted stock unit awards is expensed on a straight-line basis over the requisite service period which is typically the vesting period. The Company recognized $ 8,913 , $ 9,782 and $ 12,701 of share-based compensation expense during the fiscal years ended March 31, 2023, 2022, and 2021, respectively. The Company has classified share-based compensation within selling, general and administrative expenses to correspond with the same line item as the majority of the cash compensation paid to the employees receiving share-based compensation. At March 31, 2023 and 2022, 979,855 shares and 1,706,634 shares of common stock, respectively, were available for issuance under the plans. A summary of the status of the Company's non-vested shares/units of restricted stock and deferred stock units as of March 31, 2023, and changes during the fiscal year ended March 31, 2023, is presented below. Shares Weighted- Non-vested restricted awards and deferred stock units at March 31, 2022 1,361,155 $ 18.00 Granted 954,949 14.38 Vested ( 561,862 ) 16.46 Forfeited ( 241,046 ) 19.73 Non-vested restricted awards and deferred stock units at March 31, 2023 1,513,196 $ 16.01 The fair value of employee restricted stock and restricted stock units which vested during fiscal 2023, 2022 and 2021 was $ 9,247 , $ 7,453 , and $ 8,037 , respectively. Expected future compensation expense on restricted stock units, net of expected forfeitures, is approximately $ 11,626 , which is expected to be recognized over the remaining weighted average vesting period of approximately 1.5 years. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2023 | |
Commitments And Contingencies [Abstract] | |
Commitments and Contingencies | 17. COMMITMENTS AND CONTINGENCIES Environmental Matters Certain of the Company's business operations and facilities are subject to a number of federal, state, local and foreign environmental laws and regulations. Former owners generally indemnify the Company for environmental liabilities related to the assets and businesses acquired which existed prior to the acquisition dates. In the opinion of management, there are no significant environmental contingent liabilities which would have a material effect on the financial condition or operating results of the Company which are not covered by such indemnification. Commercial Disputes and Litigation Throughout the course of the Company’s programs, disputes with suppliers or customers could arise regarding unique contractual requirements, quality, costs or impacts to production schedules. If the Company is unable to successfully and equitably resolve such claims and assertions, its business, financial condition, results of operations, customer relationships and related transactions could be materially adversely affected. In the ordinary course of business, the Company is involved in disputes, claims and lawsuits with employees, suppliers and customers, as well as governmental and regulatory inquiries, that it deems to be immaterial. Some may involve claims or potential claims of substantial damages, fines, penalties or injunctive relief. While the Company cannot predict the outcome of any pending or future litigation or proceeding and no assurances can be given, the Company does not believe that any pending matter will have a material effect, individually or in the aggregate, on its financial position or results of operations. Divestitures, Disposals, Guarantees, and Indemnifications As disclosed in Note 3, we have engaged in a number of divestitures. In connection with divestitures and related transactions, the Company from time to time has indemnified and has been indemnified by third parties against certain liabilities that may arise in connection with, among other things, business activities prior to the completion of the respective transactions. The term of these indemnifications, which typically pertain to environmental, tax and product liabilities, is generally indefinite. As of March 31, 2023, no indemnification assets or liabilities have been recorded. As it relates to certain divestitures, disputes have arisen or may continue to arise between the Company and the acquirer subsequent to the completion and closing of the divestiture transaction. Such disputes have included or may include amounts payable to or from the buyer for closing working capital adjustments to the purchase price as well as claims regarding alleged violations of contractual terms, representations, and warranties of the sale agreements, among other matters. The outcome of such disputes typically involve negotiations between the Company and the acquirer, but could also lead to litigation between the parties, and the ultimate claims made by the parties against each other could be material. As of March 31, 2023, we have accrued for our estimate of probable losses associated with such disputes, but losses in excess of those currently accrued could be incurred and may be material. The Company has received notification of claims which allege certain bases for indemnification and damages relating to certain divestitures, including a May 17, 2023, letter relating to the sale of the Stuart facility. The relevant agreements generally contain limits on certain damages that may be payable under the relevant agreements. For example, the divestiture agreement relating to the sale of the Stuart facility contains an $ 18,750 general cap on breaches of representations (other than certain specified representations) and a $ 25,000 cap on breaches of certain specified representations related to contracts and product warranties, in each case absent certain circumstances, including fraud or breaches of fundamental or tax representations. While the Company cannot predict the outcome of any pending or future litigation, proceeding, or claim and no assurances can be given, the Company intends to vigorously defend claims brought against it and does not believe that any pending matter will have a material effect, individually or in the aggregate, on its financial position or results of operations. If the Company is unable to successfully and equitably resolve such claims and assertions, its business, financial condition, and results of operations could be materially adversely affected. Additionally, in connection with certain divestitures, the Company has obtained customer consent to assign specified long-term contracts to the acquirer of the divested business by entering into consent-to-assignment agreements among the customer, the acquirer, and the Company. Pursuant to certain of these agreements, the Company remains a co-obligor under the contract pursuant to guarantee agreements with the customer that predate the divestiture transaction. The term of these obligations typically covers a period of 2 to 5 years from the date of divestiture. There is no limitation to the maximum potential future liabilities under these contracts; however, the Company is typically indemnified by acquirers against such losses that may arise from the acquirers’ failure to perform under the assigned contracts. As of March 31, 2023, no related indemnification assets or liabilities or guarantee liabilities have been recorded, and the Company has not been called upon to act as co-obligor under such arrangements through that date. Also, in connection with certain divestitures, the Company has assigned lease facility lease agreements to the acquirers and entered into agreements to act as a co-obligor under the lease agreement in the event of non-performance under the lease by the assignee. The Company is generally indemnified by the assignee or other third party to the transaction. On May 2, 2023, the Company received a letter from a lessor associated with one such transaction to assert the lessor’s rights against the Company as guarantor. The lease payment associated with the lease is approximately $ 130 per month over a lease term ending December 31, 2031, although the landlord has acknowledged its duty to mitigate damages by re-leasing the property. The Company expects to be fully indemnified for any amounts payable under such guarantee. As the Company has completed the disposal of certain facilities, it may be exposed to additional costs such as environmental remediation obligations, lease termination costs, or customer or supplier claims which may have a material effect on its financial position or results of operations when such matters arise and a reasonable estimate of the costs can be made. For example, in the year ended March 31, 2023, the Company withdrew from the IAM National Pension Fund (the “Fund), which is a multiemployer pension plan to which the Company previously contributed on behalf of certain of its represented employees. Such withdrawal occurred as part of the Company’s exit of its Spokane, Washington, composites manufacturing operations. In April 2023, the Company received a letter from the Fund confirming the Company’s complete withdrawal from the Fund and indicating that the Company’s portion of the unfunded vested benefits (the “Withdrawal Liability”) was estimated to be approximately $ 14,644 , payable in quarterly installments of approximately $ 400 over a period of approximately thirteen years. The Withdrawal Liability is subject to further adjustment based on the finalization of the Fund’s actuarial valuation for the plan year ending December 31, 2021, (i.e., the applicable plan year preceding the date of the Company’s withdrawal). The Company has accrued a liability of $ 14,644 , on the accompanying consolidated balance sheet as of March 31, 2023, representing its estimate of the obligation based on the letter received from the Fund. The Company is in the process of reviewing and responding to the withdrawal liability assessment, and it is possible the Withdrawal Liability could be reduced during that process. |
Customer Concentration
Customer Concentration | 12 Months Ended |
Mar. 31, 2023 | |
Customer Concentration [Abstract] | |
Customer Concentration | 18. CUSTOMER CONCENTRATION Trade and other receivables from The Boeing Company ("Boeing") represented approximately 12 % and 17 % of total trade and other receivables as of March 31, 2023 and 2022, respectively. Trade and other receivables from Daher Aerospace Inc. ("Daher") include receivables that largely correspond with payables associated with transition services and represented approximately 20 % as of March 31, 2023. The Company has a right to collect such receivables from Daher when the related trade payable is paid by the Company. The transition services agreement with Daher is set to contractually expire on June 30, 2023. Trade and other accounts receivable from Daher were not significant as of March 31, 2022. The Company had no other significant concentrations of credit risk. Sales to Boeing for fiscal 2023 were $ 296,132 , or 21 % of net sales, of which $ 191,193 and $ 104,939 were from Systems & Support and Interiors (formerly Aerospace Structures), respectively. Sales to Boeing for fiscal 2022 were $ 491,606 , or 34 % of net sales, of which $ 157,686 and $ 333,920 were from Systems & Support and Interiors (formerly Aerospace Structures), respectively. Sales to Boeing for fiscal 2021 were $ 698,372 , or 37 % of net sales, of which $ 225,027 and $ 473,346 were from Systems & Support and Interiors (formerly Aerospace Structures), respectively. No other single customer accounted for more than 10 % of the Company's net sales; however, the loss of any significant customer, including Boeing, could have a material adverse effect on the Company and its operating subsidiaries. The Company currently generates a majority of its revenue from clients in the commercial aerospace industry and the military. The Company's growth and financial results are largely dependent on continued demand for its products and services from clients in these industries. When these industries experience a downturn, it is possible that customers in these sectors may conduct less business with the Company. |
Collective Bargaining Agreement
Collective Bargaining Agreements | 12 Months Ended |
Mar. 31, 2023 | |
Collective Bargaining Agreements [Abstract] | |
Collective Bargaining Agreements | 1 9. COLLECTIVE BARGAINING AGREEMENTS Approximately 9 % of the Company's labor force is covered under collective bargaining agreements. As of March 31, 2023, none of the Company's collectively bargained workforce is working under contracts that have expired, and 33 % of the Company’s collectively bargained workforce are working under contracts that are set to expire within one year. During the fiscal year ending March 31, 2023 , an extension to our current collective bargaining agreement was negotiated and ratified for the Forest, Ohio location. In addition, the Company negotiated and ratified a new collective bargaining agreement for our North Wales, Pennsylvania, location. |
Segments
Segments | 12 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segments | 20. SEGMENTS The Company reports financial performance based on the following two reportable segments: Systems & Support and Interiors (formerly Aerospace Structures). The Company’s reportable segments are aligned with how the business is managed, and the Company's views of the markets it serves. The Chief Operating Decision Maker (the "CODM") evaluates performance and allocates resources based upon review of segment information. The CODM utilizes earnings before interest, income taxes, consideration payable to customer related to divestiture, depreciation and amortization, and pension (“Adjusted EBITDAP”) as a primary measure of segment profitability to evaluate the performance of its segments and allocate resources. Segment Adjusted EBITDAP is total segment revenue reduced by operating expenses (less depreciation and amortization) identifiable with that segment. Corporate includes general corporate administrative costs and any other costs not identifiable with one of the Company’s segments. The Company does not accumulate net sales information by product or service or groups of similar products and services, and therefore the Company does not disclose net sales by product or service because to do so would be impracticable. Selected financial information for each reportable segment is as follows: Year Ended March 31, 2023 Total Corporate & Systems & Interiors* Net sales to external customers $ 1,379,128 $ — $ 1,167,526 $ 211,602 Intersegment sales (eliminated in consolidation) — ( 52 ) 7 45 Segment profit and reconciliation to consolidated income before Adjusted EBITDAP 250,081 — 218,144 31,937 Reconciliation of segment profit to income (loss) before income Depreciation and amortization ( 35,581 ) ( 2,117 ) ( 29,781 ) ( 3,683 ) Interest expense and other, net ( 137,714 ) Corporate expenses ( 54,333 ) Share-based compensation expense ( 8,913 ) Gain on sale of assets and businesses 101,523 Amortization of acquired contract liabilities 2,500 Non-service defined benefit income 19,664 Consideration payable to customer related to divestiture ( 17,185 ) Debt extinguishment loss ( 33,044 ) Warrant remeasurement gain, net 8,683 Income before income taxes 95,681 Total capital expenditures $ 20,676 $ 1,114 $ 18,048 $ 1,514 Total assets $ 1,714,844 $ 191,635 $ 1,388,211 $ 134,998 Year Ended March 31, 2022 Total Corporate & Systems & Interiors* Net sales to external customers $ 1,459,942 $ — $ 1,030,413 $ 429,529 Intersegment sales (eliminated in consolidation) — ( 49 ) 31 18 Segment profit and reconciliation to consolidated income before Adjusted EBITDAP 220,259 — 190,055 30,204 Reconciliation of segment profit to income (loss) before income Depreciation and amortization ( 49,635 ) ( 3,245 ) ( 32,464 ) ( 13,926 ) Interest expense and other, net ( 135,861 ) Corporate expenses ( 50,834 ) Share-based compensation expense ( 9,782 ) Loss on sale of assets and businesses ( 9,294 ) Amortization of acquired contract liabilities 5,871 Non-service defined benefit income 5,373 Impairment of long-lived assets ( 2,308 ) Debt extinguishment loss ( 11,624 ) Income before income taxes ( 37,835 ) Total capital expenditures $ 19,660 $ 711 $ 15,716 $ 3,233 Total assets $ 1,761,166 $ 200,100 $ 1,377,348 $ 183,718 Year Ended March 31, 2021 Total Corporate & Systems & Interiors* Net sales to external customers $ 1,869,719 $ — $ 1,056,822 $ 812,897 Intersegment sales (eliminated in consolidation) — ( 4,653 ) 3,179 1,474 Segment profit and reconciliation to consolidated income before Adjusted EBITDAP 173,197 — 155,693 17,504 Reconciliation of segment profit to income (loss) before income Depreciation and amortization ( 93,334 ) ( 3,459 ) ( 33,549 ) ( 56,326 ) Interest expense and other, net ( 171,397 ) Corporate expenses ( 51,104 ) Share-based compensation expense ( 12,701 ) Loss on sale of assets and businesses ( 104,702 ) Amortization of acquired contract liabilities 38,564 Non-service defined benefit income 49,519 Impairment of rotable inventory ( 23,689 ) Impairment of long-lived assets ( 252,382 ) Income before income taxes ( 448,029 ) Total capital expenditures $ 25,178 $ 1,030 $ 15,239 $ 8,909 * Interiors was formerly disclosed as Aerospace Structures. Other than the divestitures disclosed in Note 3, no changes in the composition of this reportable segment has occurred. During fiscal years ended March 31, 2023, 2022, and 2021, the Company had foreign sales of $ 314,759 , $ 309,961 , and $ 359,406 , respectively. The Company reports as foreign sales those sales with delivery points outside of the United States. As of March 31, 2023 and 2022, the Company had foreign long-lived assets of $ 139,059 and $ 143,272 , respectively. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | SCHEDULE II—VALUATION A ND QUALIFYING ACCOUNTS (in thousands) Balance at Additions Other (1) Balance at For year ended March 31, 2023: Deferred tax assets valuation allowance $ 512,357 ( 21,279 ) 21,501 $ 512,579 For year ended March 31, 2022: Deferred tax assets valuation allowance $ 512,554 18,062 ( 18,259 ) $ 512,357 For year ended March 31, 2021: Deferred tax assets valuation allowance $ 438,667 117,088 ( 43,201 ) $ 512,554 (1) Adjustments relate to changes in defined benefit pension plan and other postretirement benefit plan obligations. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents consist of highly liquid investments with a maturity of three months or less at the time of purchase. Fair value of cash equivalents approximates carrying value. |
Trade and Other Receivables, net | Trade and Other Receivables, net Trade and other receivables are recorded net of an allowance for expected credit losses. Trade and other receivables include amounts billed and currently due from customers and amounts retained by the customer pending contract completion. The Company performs ongoing credit evaluations of its customers and generally does not require collateral. The Company pools receivables that share underlying risk characteristics and records the allowance for expected credit losses based on a combination of prior experience, current economic conditions and management’s expectations of future economic conditions, and specific collectibility matters when they arise. The Company writes off balances against the allowance for expected credit losses when collectibility is deemed remote. The Company's trade and other receivables are exposed to credit risk; however, the risk is limited due to the diversity of the customer base. For the years ended March 31, 2023 and 2022, credit loss expense and write-offs were immaterial. Trade and other receivables, net composed of the following: March 31, 2023 2022 Total trade receivables $ 163,104 $ 169,978 Other receivables 42,053 16,625 Total trade and other receivables 205,157 186,603 Less: Allowance for credit losses ( 8,382 ) ( 7,940 ) Total trade and other receivables, net $ 196,775 $ 178,663 |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The Company accounts for goodwill and intangible assets in accordance with ASC 350, Intangibles—Goodwill and Other . Under ASC 350, goodwill and intangible assets with indefinite lives are not amortized; rather, they are tested for impairment on at least an annual basis. Intangible assets with finite lives are amortized over their useful lives. The Company assesses whether goodwill impairment exists using both the qualitative and quantitative assessments. The qualitative assessment involves determining whether events or circumstances exist that indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If based on this qualitative assessment the Company determines it is more likely than not that the fair value of a reporting unit is less than its carrying amount or if the Company elects not to perform a qualitative assessment, a quantitative assessment is performed as required by ASC 350 to determine whether a goodwill impairment exists at the reporting unit. The quantitative test is used to compare the carrying amount of the reporting unit's assets to the fair value of the reporting unit. If the fair value exceeds the carrying value, no further evaluation is required, and no impairment loss is recognized. If the carrying amount exceeds the fair value, then an impairment loss occurs. The impairment is measured by using the amount by which the carrying value exceeds the fair value not to exceed the amount of recorded goodwill. The determination of the fair value of its reporting units is based, among other things, on estimates of future operating performance of the reporting unit being valued. The Company is required to complete an impairment test for goodwill and record any resulting impairment losses at least annually. Changes in market conditions, among other factors, may have an impact on these estimates and require interim impairment assessments. When performing the quantitative impairment test, the Company's methodology includes the use of an income approach which discounts future net cash flows to their present value at a rate that reflects the Company's cost of capital, otherwise known as the discounted cash flow method ("DCF"). These estimated fair values are based on estimates of future cash flows of the businesses. Factors affecting these future cash flows include the continued market acceptance of the products and services offered by the businesses, the development of new products and services by the businesses and the underlying cost of development, the future cost structure of the businesses and future technological changes. The Company also incorporates market multiples for comparable companies in determining the fair value of its reporting units. Any such impairment would be recognized in full in the reporting period in which it has been identified. The fair value estimates resulting from the application of these methodologies are based on inputs classified within Level 3 of the fair value hierarchy, as described below. During the fourth quarter of the fiscal years ended March 31, 2023 and 2022, the Company performed its annual goodwill impairment assessment for each of its reporting units with no impairment identified. Finite-lived intangible assets are amortized over their useful lives ranging from 10 to 30 years . The Company continually evaluates whether events or circumstances have occurred that would indicate that the remaining estimated useful lives of long-lived assets, including intangible assets, may warrant revision or that the remaining balance may not be recoverable. Long-lived assets are evaluated for indicators of impairment. When factors indicate that long-lived assets, including intangible assets, should be evaluated for possible impairment, an estimate of the related undiscounted cash flows over the remaining life of the long-lived assets, including intangible assets, is used to measure recoverability based on the primary asset of the asset group. Some of the more important factors management considers include the Company's financial performance relative to expected and historical performance, significant changes in the way the Company manages its operations, negative events that have occurred, and negative industry and economic trends. If the estimated undiscounted cash flows are less than the carrying amount, measurement of the impairment will be based on the difference between the carrying value and fair value of the asset group, generally determined based on the present value of expected future cash flows associated with the use of the asset. In fiscal 2021, the Company's Board of Directors committed to a plan (i) to sell its composites manufacturing operations located in Milledgeville, Georgia, and Rayong, Thailand, and (ii) to transfer the assets and certain liabilities associated with its Gulfstream G650 wing supply chain activities (as disclosed in Note 3, this transaction closed in August 2020). These planned divestitures represented the divestiture of certain assets and liabilities of an operating business within the Interiors (formerly Aerospace Structures) segment that the Company had identified as an asset group pursuant to the provisions of ASC 360, Property, Plant, and Equipment . As a result, as of May 31, 2020, the Company concluded that the planned divestitures represented a significant change in the manner in which the related asset group was expected to be used, and that the asset group therefore needed to be tested for recoverability. The asset group primarily consisted of working capital, fixed assets and definite-lived intangible assets. The Company first determined that the relevant long-lived asset group was not recoverable by comparing the undiscounted cash flows expected to be generated by the long-lived asset group to the carrying value of the asset group. As a result, the Company estimated the fair value of the long-lived asset group and concluded that the asset group was impaired. The Company used a multi-period excess earnings approach to estimate the fair value of the long-lived asset group for purposes of testing the asset group for impairment. This method estimates fair value based on the expected future excess earnings stream attributable to the asset group. This method requires the use of several key assumptions, including revenue projections that consider historical and estimated future results, general economic and market conditions, as well as the impact of planned business and operational strategies. A discount rate of 15.0 % was applied to the estimated future excess earnings and cash flows in order to estimate the fair value of the asset group as of the measurement date. The Company has determined that the lowest level of the inputs that are significant to the fair value measurement are unobservable inputs that fall within Level 3 of the fair value hierarchy. In accordance with ASC 360, the Company allocated the resulting impairment to the specific long-lived assets within the asset group on a pro rata basis, except that the loss allocated to an individual long-lived asset of the group did not reduce the carrying amount of that asset below its estimated fair value. As a result, the Company recognized a total noncash impairment charge of $ 252,382 in the first quarter, primarily allocated to definite-lived intangible assets, which is presented as “Impairment of long-lived assets” on the accompanying consolidated statements of operations. In January 2021, the Company’s Board of Directors committed to a plan to sell its manufacturing operations located in Red Oak, Texas. As a result of this decision and the resulting classification of this disposal group as held for sale, the Company fully impaired the remaining customer relationship intangible asset within the Interiors (formerly Aerospace Structures) segment and recognized a noncash impairment charge of $ 6,696 , which has been included in the impairment on the assets held for sale as disclosed in Note 3 and is presented within “(Gain) loss on sale of assets and businesses” on the accompanying consolidated statement of operations. See below for the Company's accounting policy regarding fair value measurements and the definition of fair value levels. |
Revenue Recognition and Contract Balances | Revenue Recognition and Contract Balances The Company's revenue is principally from contracts with customers to provide design, development, manufacturing, and support services associated with specific customer programs. The Company regularly enters into long-term master supply agreements that establish general terms and conditions and may define specific program requirements. Many agreements include clauses that provide sole supplier status to the Company for the duration of the program’s life. Purchase orders (or authorizations to proceed) are issued pursuant to the master supply agreements. Additionally, a majority of the Company’s agreements with customers include options for future purchases. Such options primarily reduce the administrative effort of issuing subsequent purchase orders and do not represent material rights granted to customers. The Company generally enters into agreements directly with its customers and is the principal in all current contracts. The identification of a contract with a customer for purposes of accounting and financial reporting requires an evaluation of the terms and conditions of agreements to determine whether presently enforceable rights and obligations exist. Management considers a number of factors when making this evaluation that include, but are not limited to, the nature and substance of the business exchange, the specific contractual terms and conditions, the promised products and services, the termination provisions in the contract, as well as the nature and execution of the customer’s ordering process and how the Company is authorized to perform work. Generally, presently enforceable rights and obligations are not created until a purchase order is issued by a customer for a specified number of units of product or services. Therefore, the issuance of a purchase order is generally the point at which a contract is identified for accounting and financial reporting purposes. Management identifies the promises to the customer. Promises are generally explicitly stated in each contract, but management also evaluates whether any promises are implied based on the terms of the agreement, past business practice, or other facts and circumstances. Each promise is evaluated to determine if it is a performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service. The Company considers a number of factors when determining whether a promise is a distinct performance obligation, including whether the customer can benefit from the good or service on its own or together with other resources that are readily available to the customer, whether the Company provides a significant service of integrating goods or services to deliver a combined output to the customer, or whether the goods or services are highly interdependent. The Company’s performance obligations consist of a wide range of engineering design services and manufactured components, as well as spare parts and repairs for OEMs. The transaction price for a contract reflects the consideration the Company expects to receive for fully satisfying the performance obligations in the contract. Typically, the transaction price consists solely of fixed consideration but may include variable consideration for contractual provisions such as unpriced contract modifications, cost-sharing provisions, and other receipts or payments to customers. The Company identifies and estimates variable consideration, typically at the most likely amount the Company expects to receive from its customers. Variable consideration is only included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized for the contract will not occur, or when the uncertainty associated with the variable consideration is resolved. Consideration paid or payable to a customer is reflected as a reduction in net revenues when the amounts paid are not related to a distinct good or service at the later of when the related revenue is recognized or when the Company pays or promises to pay the consideration to the customer. The Company's contracts with customers generally require payment under normal commercial terms after delivery with payment typically required within 30 to 120 days of delivery. The Company generally is not subject to collecting sales tax and has made an accounting policy election to exclude from the transaction price any sales and other similar taxes collected from customers. As a result, any such collections are accounted for on a net basis. The total transaction price is allocated to each of the identified performance obligations using the relative stand-alone selling price. The objective of the allocation is to reflect the consideration that the Company expects to receive in exchange for the products or services associated with each performance obligation. Stand-alone selling price is the price at which the Company would sell a promised good or service separately to a customer. Stand-alone selling prices are established at contract inception, and subsequent changes in transaction price are allocated on the same basis as at contract inception. When stand-alone selling prices for the Company’s products and services are not observable, the Company uses either the “Expected Cost Plus a Margin” or "Adjusted Market Assessment" approaches to estimate stand-alone selling price. Expected costs are typically derived from the available periodic forecast information. Revenue is recognized when or as control of promised products or services transfers to a customer and is recognized at the amount allocated to each performance obligation associated with the transferred products or services. Service sales, principally representing repair, maintenance, and engineering activities are recognized over the contractual period or as services are rendered. Sales under long-term contracts with performance obligations satisfied over time are recognized using either an input or output method. The Company recognizes revenue over time as it performs on these contracts because of the continuous transfer of control to the customer as represented by contractual terms that entitle the Company to the reimbursement of costs plus a reasonable profit for work performed to manufacture products for which the Company has no alternate use or for work performed on a customer-owned asset. With control transferring over time, revenue is recognized based on the extent of progress toward completion of the performance obligation. The Company generally uses the cost-to-cost input method of progress for its contracts because it best depicts the transfer of control to the customer that occurs as work progresses. Under the cost-to-cost method, the extent of progress toward completion is measured based on the proportion of costs incurred to date to the total estimated costs at completion of the performance obligation. The Company reviews its cost estimates on contracts on a periodic basis, or when circumstances change and warrant a modification to a previous estimate. Cost estimates are largely based on negotiated or estimated purchase contract terms, historical performance trends and other economic projections. Significant factors that influence these estimates include inflationary trends, technical and schedule risk, internal and subcontractor performance trends, business volume assumptions, asset utilization, and anticipated labor agreements. Revenue and cost estimates are regularly monitored and revised based on changes in circumstances. Impacts from changes in estimates of net sales and cost of sales are recognized on a cumulative catch-up basis, which recognizes in the current period the cumulative effect of the changes on current and prior periods based on a performance obligation’s percentage of completion. Forward loss reserves for anticipated losses on long-term contracts are recorded in full when such losses become evident, to the extent required and are included in contract liabilities on the accompanying consolidated balance sheets. The Company believes that the accounting estimates and assumptions made by management are appropriate, however actual results could differ materially from those estimates. For the fiscal year ended March 31, 2023, cumulative catch-up adjustments resulting from changes in contract values and estimated costs that arose during the fiscal year increased revenue, operating income, net income, and diluted earnings per share by approximately $ 21,208 , $ 27,963 , $ 27,963 , and $ 0.39 , respectively. The cumulative catch-up adjustments to operating income for the fiscal year ended March 31, 2023, included gross favorable adjustments of approximately $ 32,699 and gross unfavorable adjustments of approximately $ 4,736 . For the fiscal year ended March 31, 2022, cumulative catch-up adjustments resulting from changes in estimates increased revenue and decreased operating loss, net loss, and diluted loss per share by approximately $ 6,884 , $ 16,042 , $ 16,042 , and $ 0.25 , respectively. The cumulative catch-up adjustments to operating income for the fiscal year ended March 31, 2022, included gross favorable adjustments of approximately $ 30,560 and gross unfavorable adjustments of approximately $ 14,518 . For the fiscal year ended March 31, 2021, cumulative catch-up adjustments resulting from changes in estimates increased revenue and decreased operating loss, net loss, and diluted loss per share by approximately $ 4,796 , $ 12,332 , $ 12,332 , and $ 0.23 , respectively. The cumulative catch-up adjustments to operating income for the fiscal year ended March 31, 2021, included gross favorable adjustments of approximately $ 55,180 and gross unfavorable adjustments of approximately $ 42,848 . Revenues for performance obligations that are not recognized over time are recognized at the point in time when control transfers to the customer. For performance obligations that are satisfied at a point in time, the Company evaluates the point in time when the customer can direct the use of and obtain the benefits from the products and services. Generally, the shipping terms determine the point in time when control transfers to customers. Shipping and handling activities are not considered performance obligations and related costs are included in cost of sales as incurred. Differences in the timing of revenue recognition and contractual billing and payment terms result in the recognition contract assets and liabilities. Refer to Note 4 for further discussion. |
Warrants | Warrants On December 1, 2022, the Company’s board of directors declared a distribution to holders of the Company’s shares of common stock in the form of warrants to purchase shares of common stock (the “Warrants”). Holders of common stock received three Warrants for every ten shares of common stock held as of December 12, 2022 (the "Record Date") (rounded down for any fractional warrant). The Company issued approximately 19.5 million Warrants on December 19, 2022, to holders of record of common stock as of the close of business on the Record Date. The Warrants trade on the over-the-counter market. Each Warrant represents the right to purchase initially one share of common stock, subject to certain anti-dilution adjustments (“Warrant Shares Per Warrant”), at an exercise price of $ 12.35 per Warrant (the “Exercise Price”), subject to certain anti-dilution adjustments (the “Implied Per Share Exercise Price”). Payment for shares of common stock on exercise of Warrants may be in (i) cash or (ii) under certain circumstances, Designated Notes (as defined below). In the event Designated Notes are used to pay for the exercise of the Warrants, accrued interest (in addition to the stated aggregate principal amount) will be forfeited upon exercise, unless exercise occurs after a record date for the payment of interest and before the resulting scheduled payment date (in which case note holders will receive the scheduled interest payment). If all Warrants were exercised and settled as of March 31, 2023 , the Company would be required to issue approximately 19.1 million shares (assuming no over-exercise options, as described below, were exercised). The closing price of the Company’s shares of common stock was $ 11.59 as of March 31, 2023. “Designated Notes” means, collectively, any of the issued and outstanding notes of the Company as designated or undesignated by the Company from time to time; provided that any designation by the Company of a particular series of notes as “Designated Notes” shall retain such designation for a minimum of 20 consecutive business days from (and including) the date of publication of notice of the same by press release. The Company also has the right, but not obligation, to remove one or more series of its notes from being “Designated Notes,” but such redesignation shall only be effective 20 consecutive business days from (and including) the date of publication of notice of the same by press release. The Company initially designated the following notes as “Designated Notes,” each as defined in above: the 2024 First Lien Notes, the 2024 Second Lien Notes, and the 2025 Notes. On February 3, 2023, the Company published a press release announcing the de-designation of the 2024 First Lien Notes and the 2024 Second Lien Notes. Pursuant to the terms of the Warrant Agreement, a holder may elect to pay an additional amount equal to $ 1.8525 (being 0.15 multiplied by the Exercise Price) in exchange for an additional number of shares of common stock equal to the product of 0.15 and the Warrant Shares Per Warrant applicable to the relevant exercise on the terms specified in the Warrant Agreement. If all Warrants were exercised as of March 31, 2023 and each holder were to elect to pay the additional $ 1.8525 to receive additional shares, the Company would be required to issue an additional approximately 2.9 million shares in settlement of the incremental exercise price received. The Warrants expire on December 19, 2023 , subject to (i) the right of the Company to redeem the Warrants on not less than 20 calendar days’ notice (any such date of redemption, the “Redemption Date” and any such date of notice a “Redemption Notice”) at a price of 1/10 of $ 0.01 per Warrant and (ii) the automatic acceleration of the Expiration Date following the Price Condition Date, as defined and described below. Unless the Company has previously issued a Redemption Notice with respect to the Warrants, then following the last day of the first 30 consecutive trading day period to occur in which daily volume weighted average prices of the shares of Common Stock has been at least equal to the then applicable Implied Per Share Exercise Price on each of 20 trading days (whether or not consecutive) (the “Price Condition”), the Expiration Date will automatically accelerate to the date that is the 5th business day following the Price Condition Date; provided that the Company may, at its sole option, elect a later Expiration Date by providing public notice no later than the Price Condition Date. The “Price Condition Date” is the first business day following the last Trading Day of the period in which the Price Condition is met. Any holder that exercises any Warrants from and after (a) 5:00 p.m. New York city time on the earlier of (x) a Price Condition Date and (y) the date that the Company issues a Redemption Notice until (b) 5:00 p.m. New York City time on, as applicable, (x) the Expiration Date and (y) the business day immediately preceding the Redemption Date (the last day of such period, the “Over-Subscription Deadline”), may, subject to the terms of the Warrant Agreement, elect to subscribe for any or all of the shares of Common Stock issuable pursuant to any outstanding but unexercised Warrants as of the Over-Subscription Deadline (the “Over-Subscription Privilege”). To exercise the Over-Subscription Privilege, a holder must deliver an amount in cash equal to the elected over-subscription shares multiplied by the then applicable Implied Per Share Exercise Price (such amount, the “Elected Over-Subscription Shares Amount”) at the same time as the basic warrant exercise right is exercised. Any excess payments received will be returned, without interest, promptly following the settlement date. An ownership limitation is in place such that a holder of Warrants is not permitted to exercise Warrants for any shares of common stock if following such exercise the holder will have beneficial ownership of common stock in excess of 4.9 % of the then issued and outstanding common stock (excluding shares held by subsidiaries); provided, that a holder of Common Stock in excess of 4.9 % of the issued and outstanding common stock as of 5:00 p.m. New York City time on December 1, 2022 will be entitled to exercise Warrants received in the Warrant Distribution, but only to the extent such holder’s receipt of such common stock is permitted by a waiver in effect at such time that constitutes “Prior Approval of the Company” under the Tax Benefit Preservation Plan, dated March 11, 2022, between the Company and Computershare Trust Company, N.A., as rights agent. The Exercise Price and the number of shares of common stock issuable upon exercise are subject to certain anti-dilution adjustments, including for share dividends, splits, subdivisions, spin-offs, consolidations, reclassifications, combinations, noncash distributions, and cash dividends. The common stock warrants are accounted for as derivative liabilities in accordance with ASC 815-40 and included within accrued liabilities on the accompanying condensed consolidated balance sheets. The Company measured the Warrants at fair value as of the issuance date using a Monte Carlo pricing model, a Level 3 fair value measurement (as described below), due to the level of market activity. Inherent in the option pricing simulation are assumptions related to expected stock-price volatility, expected life and risk-free interest rate. The Company estimates the volatility of the Warrants based on implied and historical volatility of the Company’s common stock. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the Warrants. The expected life of the Warrants is based on the Company’s ability to redeem the Warrants, subject to a 20 calendar-day notice period, as well as the automatic acceleration of the Expiration Date following the Price Condition Date. During the three months ended December 31, 2022, due to increased trading volume, the Company began remeasuring outstanding Warrants using the Warrants trading price, a Level 1 fair value measurement (as described below). The Warrants are remeasured at each balance sheet date. Warrants remeasurement adjustments are recognized in warrants remeasurement gain, net on the accompanying condensed consolidated statements of operations. At distribution, the fair value of the Warrants was $ 19,500 . At March 31, 2023 , the fair value of the Warrants was approximately $ 9,563 and $ 9,796 of warrants remeasurement gain has been recognized in the year ended March 31, 2023. Following the issuance on December 19, 2022 through March 31, 2023 , approximately 0.4 million Warrants have been exercised |
Leases | Leases The Company leases office space, manufacturing facilities, land, vehicles, and equipment. The Company determines if an agreement is or contains a lease at the lease inception date and recognizes right-of-use assets (“ROU”) and lease liabilities at the lease commencement date. A ROU asset and corresponding lease liability are not recorded for leases with an initial term of 12 months or less (“short-term leases”). ROU assets represent the Company's right to use an underlying asset during the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease. The determination of the length of lease terms is affected by options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The existence of significant economic incentive is the primary consideration when assessing whether the Company is reasonably certain of exercising an option in a lease. Both finance and operating lease ROU assets and liabilities are recognized at commencement date and measured as the present value of lease payments to be made over the lease term. As the interest rate implicit in the lease is not readily available for most of the Company's leases, the Company uses its estimated incremental borrowing rate in determining the present value of lease payments. The estimated incremental borrowing rate is derived from information available at the lease commencement date. The lease ROU asset recognized at commencement is adjusted for any lease payments related to initial direct costs, prepayments, and lease incentives. For operating leases, lease expense is recognized on a straight-line basis over the lease term. For finance leases, lease expense comprises the amortization of the ROU assets recognized on a straight-line basis generally over the shorter of the lease term or the estimated useful life of the underlying asset and interest on the lease liability. Variable lease payments not dependent on a rate or index are recognized when the event, activity, or circumstance in the lease agreement upon which those payments are contingent is probable of occurring and are presented in the same line of the consolidated balance sheet as the rent expense arising from fixed payments. The Company has lease agreements with lease and non-lease components. Non-lease components are combined with the related lease components and accounted for as lease components for all classes of underlying assets. |
Retirement Benefits | Retirement Benefits Defined benefit pension plans are recognized in the consolidated financial statements on an actuarial basis. A significant element in determining the Company's pension (income) expense is the expected long-term rate of return on plan assets. This expected return is an assumption as to the average rate of earnings expected on the funds invested or to be invested to provide for the benefits included in the projected pension benefit obligation. The Company applies this assumed long-term rate of return to a calculated value of plan assets, which recognizes changes in the fair value of plan assets in a systematic manner over five years. This produces the expected return on plan assets that is included in pension (income) expense. The difference between this expected return and the actual return on plan assets is deferred. The net deferral of past asset (losses) gains affects the calculated value of plan assets and, ultimately, future pension (income) expense. The Company periodically experiences events or makes changes to its benefit plans that result in curtailment or special charges. Curtailments are recognized when events occur that significantly reduce the expected years of future service of present employees or eliminates the benefits for a significant number of employees for some or all of their future service. Curtailment losses are recognized when it is probable the curtailment will occur and the effects are reasonably estimable. Curtailment gains are recognized when the related employees are terminated or a plan amendment is adopted, whichever is applicable. From time to time, the Company may enter into transactions that relieve it of primary responsibility for all or more than a minor portion of certain of its pension benefit obligations. When these transactions are effected through an irrevocable action that relieves the Company of primary responsibility for its pension or other postretirement benefit obligations and eliminates significant risks related to the obligation and the related assets used to effect the transaction, they are considered settlements, as defined by ASC 715, Compensation – Retirement Benefits. When a transaction meets the definition of a settlement, at the time of settlement the Company recognizes as a gain or loss the pro rata amount of the net gain or loss in accumulated other comprehensive loss based on the proportion of the projected benefit obligation settled to the total projected benefit obligation. As required under ASC 715, the Company remeasures plan assets and obligations during an interim period whenever a significant event occurs that results in a material change in the net periodic pension cost. The determination of significance is based on judgment and consideration of events and circumstances impacting the pension costs. At March 31 of each year, the Company determines the fair value of its pension plan assets as well as the discount rate to be used to calculate the present value of plan liabilities. The discount rate is an estimate of the interest rate at which the pension benefits could be effectively settled. In estimating the discount rate, the Company looks to rates of return on high-quality, fixed-income investments currently available and expected to be available during the period to maturity of the pension benefits. The Company uses a portfolio of fixed-income securities, which receive at least the second-highest rating given by a recognized ratings agency. |
Contingencies | Contingencies Contingences are existing conditions, situations or circumstances involving uncertainty as to possible gain or loss that will ultimately be resolved when future events occur or fail to occur. Such contingencies include, but are not limited to environmental obligations, litigation, regulatory investigations and proceedings, product quality, and gains or losses resulting from other events and developments. Liabilities for loss contingencies are accrued in the amount of its best estimate for the ultimate loss when a loss is considered probable of having been incurred and is reasonably estimable. When there appears to be a range of possible costs with equal likelihood, liabilities are based on the low-end of such range. Disclosure is provided for material loss contingencies when a loss is probable but a reasonable estimate cannot be made, and when it is reasonably possible that a loss will be incurred or the amount of a loss will exceed the recorded provision. The Company regularly reviews contingencies to determine whether the likelihood of loss has changed and to assess whether a reasonable estimate of the loss or range of loss can be made. Contingencies that might result in gains are generally not accrued until the contingencies are resolved and the gain is realized or realizable. Refer to Note 17 for further disclosure. |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. When determining fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and also considers assumptions that market participants would use when pricing an asset or liability. The fair value hierarchy has three levels of inputs that may be used to measure fair value: Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2—Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability; and Level 3—Unobservable inputs for the asset or liability. The Company has applied fair value measurements when measuring the warrants (refer to the above disclosure), when comparing the carrying value of assets held for sale with the related fair value less cost to sell (see Note 3), when measuring long-lived asset impairment in fiscal 2021 (see above within the disclosure of the Company’s goodwill and intangible asset accounting policies), when disclosing the fair value of its long-term debt not recorded at fair value (see Note 10) and when measuring its pension and postretirement plan assets (see Note 15). |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method. The asset and liability method requires recognition of deferred tax assets and liabilities for expected future tax consequences of temporary differences that currently exist between tax bases and financial reporting bases of the Company's assets and liabilities. A valuation allowance is provided on deferred taxes if it is determined that it is more likely than not that the asset will not be realized. Management judgment is required to determine the amount of benefit to be recognized in relation to an uncertain tax position. The Company uses a two-step process to evaluate tax positions. The first step requires an entity to determine whether it is more likely than not (greater than 50% chance) that the tax position will be sustained. The second step requires an entity to recognize in the financial statements the benefit of a tax position that meets the more-likely-than-not recognition criterion. The amounts ultimately paid upon resolution of issues raised by taxing authorities may differ materially from the amounts accrued and may materially impact the financial statements of the Company in future periods. The Company recognizes penalties and interest accrued related to income tax liabilities in the provision for income taxes on its consolidated statements of operations. |
Supplemental Cash Flow Information | Supplemental Cash Flow Information In November 2021, the Company entered into an agreement with the DOT under the AMJP for a grant of up to $ 21,259 . The receipt of the full award was primarily conditioned upon the Company committing to not furlough or lay off a defined group of employees during the six-month period of performance between November 2021 and May 2022. The Company received approximately $ 19,400 under the agreement, of which approximately $ 10,630 was received in the year ended March 31, 2022, and the remainder of which was received in the year ended March 31, 2023. In July 2022, the Company received a letter from the DOT confirming that the Company had satisfied the reporting requirements under the AMJP. In the twelve months ended March 31, 2023 and 2022, the Company recognized as a reduction in cost of sales approximately $ 5,300 and $ 14,064 , respectively, the former representing the final balance of the earned grant benefit. For the fiscal years ended March 31, 2023, 2022, and 2021, the Company paid $ 4,565 , $ 5,382 , and $ 2,297 , respectively, for income taxes, net of income tax refunds received. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Trade and Other Receivables Net | Trade and other receivables, net composed of the following: March 31, 2023 2022 Total trade receivables $ 163,104 $ 169,978 Other receivables 42,053 16,625 Total trade and other receivables 205,157 186,603 Less: Allowance for credit losses ( 8,382 ) ( 7,940 ) Total trade and other receivables, net $ 196,775 $ 178,663 |
Revenue Recognition and Contr_2
Revenue Recognition and Contracts with Customers (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Change in Contract with Customer, Asset and Liability [Abstract] | |
Disaggregation of Revenue | The following table shows disaggregated net sales satisfied over time and at a point in time (excluding intercompany sales) for the years ended March 31, 2023, 2022, and 2021: Year Ended 2023 2022 2021 Systems & Support Satisfied over time $ 541,931 $ 490,082 $ 464,874 Satisfied at a point in time 623,095 534,472 576,886 Revenue from contracts with customers 1,165,026 1,024,554 1,041,760 Amortization of acquired contract liabilities 2,500 5,859 15,062 Total Systems & Support revenue 1,167,526 1,030,413 1,056,822 Interiors (formerly Aerospace Structures) Satisfied over time $ 189,710 $ 402,194 $ 746,545 Satisfied at a point in time 21,892 27,323 42,850 Revenue from contracts with customers 211,602 429,517 789,395 Amortization of acquired contract liabilities — 12 23,502 Total Interiors (formerly Aerospace Structures) revenue 211,602 429,529 812,897 Total revenue $ 1,379,128 $ 1,459,942 $ 1,869,719 The following table shows net sales by disaggregated by channel and end market (excluding intercompany sales) for the years ended March 31, 2023, 2022, and 2021. Year Ended 2023 2022 2021 Systems & Support OEM Commercial $ 335,871 $ 245,454 $ 248,884 OEM Military 260,943 276,947 320,591 MRO Commercial 322,780 233,789 211,510 MRO Military 212,958 223,369 225,966 Non-aviation 32,474 44,995 34,809 Revenue from contracts with customers 1,165,026 1,024,554 1,041,760 Amortization of acquired contract liabilities 2,500 5,859 15,062 Total Systems & Support revenue $ 1,167,526 $ 1,030,413 $ 1,056,822 Interiors (formerly Aerospace Structures) OEM Commercial $ 207,672 $ 400,482 $ 633,078 OEM Military 108 15,429 127,644 MRO Commercial 2,713 11,154 18,114 MRO Military — 1,052 10,189 Non-aviation 1,109 1,400 370 Revenue from contracts with customers 211,602 429,517 789,395 Amortization of acquired contract liabilities — 12 23,502 Total Interiors (formerly Aerospace Structures) revenue 211,602 429,529 812,897 Total revenue $ 1,379,128 $ 1,459,942 $ 1,869,719 |
Summary of Contract Assets and Liabilities Balances | Contract balances are classified as assets or liabilities on a contract-by-contract basis at the end of each reporting period. The following table summarizes the Company’s contract assets and liabilities balances: March 31, 2023 March 31, 2022 Change Contract assets $ 103,027 $ 101,893 $ 1,134 Contract liabilities ( 44,945 ) ( 172,862 ) 127,917 Net contract asset (liability) $ 58,082 $ ( 70,969 ) $ 129,051 |
Schedule of Performance Obligations that are Expected to Be Recognized in Future | As of March 31, 2023, the Company has the following unsatisfied, or partially unsatisfied, performance obligations that are expected to be recognized in the future as noted in the table below. The Company expects options to be exercised in addition to the amounts presented below. Total Less than 1 year 1 - 3 years 4 - 5 years More than 5 Unsatisfied performance obligations $ 1,407,748 $ 871,858 $ 504,989 $ 27,746 $ 3,155 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of components of inventories | The components of inventories are as follows: March 31, 2023 2022 Raw materials $ 44,834 $ 44,841 Work-in-process, including manufactured and purchased components 304,874 269,368 Finished goods 17,000 19,472 Rotable assets 22,537 28,011 Total inventories $ 389,245 $ 361,692 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Net Property and Equipment | Net property and equipment is: March 31, 2023 2022 Land $ 18,459 $ 18,109 Construction-in-process 13,196 13,691 Buildings and improvements 124,189 117,284 Machinery and equipment 449,388 464,141 605,232 613,224 Less: accumulated depreciation 438,432 444,174 $ 166,800 $ 169,050 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in the Carrying Value of Goodwill by Reportable Segment | The following is a summary of the changes in the carrying value of goodwill by reportable segment, for the fiscal years ended March 31, 2023 and 2022: Systems & Support March 31, 2022 $ 513,722 Effect of exchange rate changes ( 4,273 ) March 31, 2023 $ 509,449 Systems & Support March 31, 2021 $ 521,638 Effect of exchange rate changes ( 3,899 ) Goodwill associated with dispositions ( 4,017 ) March 31, 2022 $ 513,722 |
Schedule of Components of Intangible Assets | The components of intangible assets, net are as follows: March 31, 2023 Weighted- Gross Carrying Accumulated Net Customer relationships 18.6 154,679 ( 82,060 ) 72,619 Product rights, technology and licenses 11.4 52,990 ( 51,794 ) 1,196 Other 30.0 300 ( 217 ) 83 Total intangibles, net $ 207,969 $ ( 134,071 ) $ 73,898 March 31, 2022 Weighted- Gross Carrying Accumulated Net Customer relationships 18.5 155,284 ( 73,806 ) 81,478 Product rights, technology and licenses 11.4 53,099 ( 49,820 ) 3,279 Other 30.0 300 ( 207 ) 93 Total intangibles, net $ 208,683 $ ( 123,833 ) $ 84,850 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Accrued Liabilities [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following items: March 31, 2023 2022 Accrued pension $ 768 $ 801 Accrued other postretirement benefits 2,378 2,715 Accrued compensation and benefits 61,818 74,014 Accrued interest 9,848 22,880 Accrued warranties 14,107 20,739 Accrued workers' compensation 7,448 13,547 Accrued income tax 3,702 4,205 Operating lease liabilities 3,369 6,318 Warrants 9,563 — All other 38,347 62,840 Total accrued expenses $ 151,348 $ 208,059 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Schedule of Components Lease Expense | The components of lease expense for the year ended March 31, 2023, 2022, and 2021, are disclosed in the table below. Year Ended March 31, Lease Cost Financial Statement Classification 2023 2022 2021 Operating lease cost Cost of sales or Selling, general and administrative expense $ 8,561 $ 9,473 $ 22,976 Variable lease cost Cost of sales or Selling, general and administrative expense 1,431 9,359 9,344 Financing Lease Cost: Amortization of right-of-use assets Depreciation and amortization 2,760 3,785 4,673 Interest on lease liability Interest expense and other 1,377 1,590 1,580 Total lease cost (1) $ 14,129 $ 24,207 $ 38,573 (1) Total lease cost does not include short-term leases or sublease income, both of which are immaterial. |
Schedule of Supplemental Cash Flow Information | Supplemental cash flow information for the years ended March 31, 2023, 2022, and 2021, is disclosed in the table below. Year Ended March 31, 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used in operating leases $ 7,204 $ 14,133 $ 21,008 Operating cash flows used in finance leases 1,377 1,602 1,583 Financing cash flows used in finance leases 3,293 5,161 7,774 ROU assets obtained in exchange for lease liabilities Operating leases 5,054 666 6,547 Finance leases 1,553 725 2,909 |
Schedule of Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases as of March 31, 2023 and 2022, is disclosed in the table below. March 31, Leases Classification 2023 2022 Assets Operating lease ROU assets Other, net Assets held for sale $ 17,135 $ 18,312 Finance lease ROU assets, cost Property and equipment, net 33,978 32,406 Accumulated amortization Property and equipment, net ( 23,058 ) ( 20,299 ) Finance lease ROU assets, net 10,920 12,107 Total lease assets $ 28,055 $ 30,419 Liabilities Current Operating Accrued expenses Liabilities related to assets held for sale $ 3,369 $ 6,624 Finance Current portion of long-term debt 3,162 3,268 Noncurrent Operating Other noncurrent liabilities Liabilities related to assets held for sale 14,639 13,324 Finance Long-term debt, less current portion 11,654 13,224 Total lease liabilities $ 32,824 $ 36,440 |
Schedule of Information Related to Lease Terms and Discount Rates | Information related to lease terms and discount rates as of March 31, 2023 and 2022, is disclosed in the table below. March 31, 2023 2022 Weighted average remaining lease term (years) Operating leases 7.3 3.2 Finance leases 6.9 7.9 Weighted average discount rate Operating leases 7.5 % 6.1 % Finance leases 7.5 % 6.8 % |
Schedule of Maturity of Lease Liabilities | The maturity of the Company's lease liabilities as of March 31, 2023, is disclosed in the table below. Operating Finance Total FY2024 $ 3,282 $ 3,844 $ 7,126 FY2025 3,970 2,964 6,934 FY2026 3,452 2,027 5,479 FY2027 3,281 2,096 5,377 FY2028 1,786 1,411 3,197 Thereafter 8,360 6,313 14,673 Total lease payments 24,131 18,655 42,786 Less: Imputed interest ( 6,123 ) ( 3,839 ) ( 9,962 ) Total lease liabilities $ 18,008 $ 14,816 $ 32,824 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt consists of the following: March 31, 2023 2022 Finance leases 14,816 16,492 Senior secured first lien notes due 2028 1,200,000 — Senior secured first lien notes due 2024 — 563,171 Senior secured notes due 2024 — 525,000 Senior notes due 2025 499,024 500,000 Less: debt issuance costs ( 22,058 ) ( 15,173 ) 1,691,782 1,589,490 Less: current portion 3,162 3,268 $ 1,688,620 $ 1,586,222 |
Schedule of Carrying Amounts and Estimated Fair Values of Long-term Debt | Carrying amounts and the related estimated fair values of the Company's long-term debt not recorded at fair value in the accompanying consolidated financial statements are as follows: March 31, 2023 March 31, 2022 Carrying Fair Carrying Fair $ 1,691,782 $ 1,676,879 $ 1,589,490 $ 1,639,248 |
Other Noncurrent Liabilities (T
Other Noncurrent Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Other Liabilities, Noncurrent [Abstract] | |
Schedule of Other Noncurrent Liabilities | March 31, 2023 2022 Acquired contract liabilities, net $ 9,845 $ 12,862 Accrued warranties 4,551 6,317 Accrued workers' compensation 11,146 9,024 Noncurrent contract liabilities 463 1,099 Operating lease liabilities 14,639 12,920 Environmental contingencies 4,400 5,336 Income tax reserves 300 300 Multiemployer pension plan withdrawal liability 13,415 — All other 1,294 3,850 Total other noncurrent liabilities $ 60,053 $ 51,708 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Components of Loss from Continuing Operations before Income Taxes | The components of loss from continuing operations before income taxes are as follows: Year ended March 31, 2023 2022 2021 Foreign $ 16,109 $ 14,962 $ ( 1,518 ) Domestic 79,572 ( 52,797 ) ( 446,511 ) $ 95,681 $ ( 37,835 ) $ ( 448,029 ) |
Components of Income Tax (Benefit) Expense | The components of income tax (benefit) expense are as follows: Year ended March 31, 2023 2022 2021 Current: Federal $ ( 538 ) $ — $ — State 735 ( 157 ) ( 315 ) Foreign 5,877 5,055 3,372 6,074 4,898 3,057 Deferred: Foreign 14 25 ( 176 ) 14 25 ( 176 ) $ 6,088 $ 4,923 $ 2,881 |
Schedule of Reconciliation of Statutory Federal Income Tax Rate to Effective Tax Rate | A reconciliation of the statutory federal income tax rate to the effective tax rate is as follows: Year ended March 31, 2023 2022 2021 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal tax benefit 8.1 15.9 2.7 Section 162(m) 2.1 ( 5.1 ) ( 0.2 ) Miscellaneous permanent items and nondeductible accruals ( 3.4 ) ( 0.9 ) ( 0.5 ) Research and development tax credit ( 2.3 ) 6.0 0.7 Impact of foreign operations (including rate differential, rate change, and settlement with tax authorities 0.0 14.0 ( 0.3 ) Valuation allowance ( 19.1 ) ( 61.9 ) ( 25.5 ) Global Intangible Low-Taxed Income 0.2 ( 2.0 ) — Other (including FIN 48) ( 0.2 ) ( 0.5 ) 1.4 Effective income tax rate 6.4 % ( 13.5 )% ( 0.7 )% |
Components of Deferred Tax Assets and Liabilities | The components of deferred tax assets and liabilities are as follows: March 31, 2023 2022 Deferred tax assets: Net operating loss and other credit carryforwards $ 302,273 $ 337,361 Inventory 23,584 21,065 Accruals and reserves 21,336 32,138 Interest carryforward 103,826 80,593 Pension and other postretirement benefits 87,846 74,271 Lease right-of-use assets 5,259 4,199 Research and development 4,592 — Acquired contract liabilities, net 3,012 3,686 551,728 553,313 Valuation allowance ( 512,579 ) ( 512,357 ) Net deferred tax assets 39,149 40,956 Deferred tax liabilities: Deferred revenue 2,947 4,160 Property and equipment 11,487 14,172 Goodwill and other intangible assets 26,197 24,655 Lease liabilities 3,470 3,787 Prepaid expenses and other 2,316 1,395 46,417 48,169 Net deferred tax liabilities $ 7,268 $ 7,213 |
Schedule of Reconciliation of Liability for Uncertain Tax Positions | A reconciliation of the liability for uncertain tax positions, which are included in deferred taxes for the fiscal years ended March 31, 2023, 2022, and 2021 follows: Year ended March 31, 2023 2022 2021 Beginning balance $ 11,978 $ 11,750 $ 19,127 Adjustments for tax positions related to the current year 223 228 311 Adjustments for tax positions of prior years ( 8 ) — ( 7,688 ) Ending balance $ 12,193 $ 11,978 $ 11,750 |
Stockholders' Deficit (Tables)
Stockholders' Deficit (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Loss | Changes in accumulated other comprehensive loss ("AOCI") by component for the years ended March 31, 2023 and 2022, were as follows: Currency Unrealized Gains Defined Benefit Total (1) March 31, 2021 $ ( 42,161 ) $ 1,015 $ ( 489,046 ) $ ( 530,192 ) AOCI before reclassifications ( 5,772 ) ( 2,244 ) 44,658 36,642 Amounts reclassified from AOCI — 959 29,237 (2) 30,196 Net current period OCI ( 5,772 ) ( 1,285 ) 73,895 66,838 March 31, 2022 ( 47,933 ) ( 270 ) ( 415,151 ) ( 463,354 ) AOCI before reclassifications ( 1,273 ) 2,265 ( 113,232 ) ( 112,240 ) Amounts reclassified from AOCI — ( 778 ) 21,726 (2) 20,948 Net current period OCI ( 1,273 ) 1,487 ( 91,506 ) ( 91,292 ) March 31, 2023 $ ( 49,206 ) $ 1,217 $ ( 506,657 ) $ ( 554,646 ) (1) Net of tax. (2) Includes amortization of actuarial losses and recognized prior service (credits) costs, which are included in the net periodic benefit (income) expense |
Earnings (Loss) per Share (Tabl
Earnings (Loss) per Share (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Reconciliation between Weighted-average Common Shares Outstanding used in Calculation of Basis and Diluted Earnings (Loss) Per Share | The following is a reconciliation between the weighted average common shares outstanding used in the calculation of basic and diluted earnings (loss) per share: Year ended March 31, (in thousands) 2023 2022 2021 Numerator: Numerator for basic earnings per share: Net income (loss) $ 89,593 $ ( 42,758 ) $ ( 450,910 ) Effect of Dilutive Securities: Warrants ( 3,626 ) — — Numerator for diluted earnings per share: Income available to common stockholders after assumed conversions $ 85,967 $ ( 42,758 ) $ ( 450,910 ) Denominator: Denominator for basic earnings per share Weighted average common shares outstanding - basic 65,021 64,538 52,739 Effect of Dilutive Securities: Warrants 6,371 — — Restricted stock units 329 — — Dilutive potential common shares 6,700 — — Denominator for basic earnings per share Weighted average common shares outstanding - diluted 71,721 64,538 52,739 Earnings (loss) per share: Basic earnings per share $ 1.38 $ ( 0.66 ) $ ( 8.55 ) Diluted earnings per share $ 1.20 $ ( 0.66 ) $ ( 8.55 ) For the fiscal years ended March 31, 2023, 2022, and 2021 , the shares that could potentially dilute earnings per share in the future but were not included in diluted weighted average common shares outstanding because to do so would have been anti-dilutive were immaterial. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Consolidated Defined Benefit Pension Plans | The following tables set forth the Company's consolidated defined benefit pension plans for its union and non-union employees as of March 31, 2023 and 2022, and the amounts recorded on the consolidated balance sheets at March 31, 2023 and 2022. Company contributions include amounts contributed directly to plan assets and indirectly as benefits paid from the Company's assets. Benefit payments reflect the total benefits paid from the plans and the Company's assets. Information on the plans includes both the domestic qualified and nonqualified plans and the foreign qualified plans. Pension Benefits Year ended March 31, 2023 2022 Change in projected benefit obligations Projected benefit obligation at beginning of year $ 1,946,201 $ 2,230,248 Service cost 638 745 Interest cost 65,069 46,891 Actuarial gain ( 185,210 ) ( 82,483 ) Plan amendments — 141 Curtailments — 12,980 Participant contributions 115 146 Settlements — ( 104,991 ) Special termination benefits — 54 Benefits paid ( 163,614 ) ( 155,518 ) Currency translation adjustment ( 2,776 ) ( 2,012 ) Projected benefit obligation at end of year $ 1,660,423 $ 1,946,201 Accumulated benefit obligation at end of year $ 1,659,607 $ 1,904,104 Assumptions used to determine benefit Discount rate 5.09 - 5.19 % 2.73 - 3.85 % Rate of compensation increase 3.92 % 3.50 - 4.22 % |
Schedule of Change in Fair Value of Plan Assets | Pension Benefits Year ended March 31, 2023 2022 Change in fair value of plan assets Fair value of plan assets at beginning of year $ 1,649,241 $ 1,853,963 Actual return on plan assets ( 177,419 ) 56,796 Settlements — ( 104,991 ) Participant contributions 115 147 Company contributions 1,100 1,057 Benefits paid ( 163,615 ) ( 155,519 ) Currency translation adjustment ( 2,966 ) ( 2,212 ) Fair value of plan assets at end of year $ 1,306,456 $ 1,649,241 Funded status (underfunded) Funded status $ ( 353,967 ) $ ( 296,960 ) Reconciliation of amounts recognized on the Pension asset—noncurrent $ 5,124 $ 3,814 Accrued benefit liability—current ( 768 ) ( 801 ) Accrued benefit liability—noncurrent ( 358,323 ) ( 299,973 ) Net amount recognized $ ( 353,967 ) $ ( 296,960 ) Pension Benefits Other Postretirement Benefits Year ended March 31, Year ended March 31, 2023 2022 2023 2022 Reconciliation of amounts recognized in Prior service costs (credits) $ 1,356 $ 1,458 $ ( 43,900 ) $ ( 49,005 ) Actuarial losses (gains) 756,664 674,720 ( 45,347 ) ( 49,305 ) Income tax (benefits) expenses related to above items ( 204,132 ) ( 204,594 ) 42,016 42,016 Unamortized benefit plan costs (gains) $ 553,888 $ 471,584 $ ( 47,231 ) $ ( 56,294 ) |
Schedule of Components of Net Periodic Benefit Cost | The components of net periodic benefit cost for fiscal years ended March 31, 2023, 2022, and 2021, are as follows: Pension Benefits Year Ended March 31, 2023 2022 2021 Components of net periodic pension Service cost $ 638 $ 745 $ 1,537 Interest cost 65,069 46,891 64,599 Expected return on plan assets ( 121,195 ) ( 133,540 ) ( 136,581 ) Amortization of prior service cost 102 260 974 Amortization of net loss 30,859 38,407 31,248 Curtailment loss — 16,024 — Settlements — 35,927 — Special termination benefits — 54 — Total net periodic benefit (income) expense $ ( 24,527 ) $ 4,768 $ ( 38,223 ) Assumptions used to determine net Discount rate 2.66 % - 3.93 % 1.75 % - 3.47 % 2.47 - 3.32 % Expected long-term rate of return on plan assets 5.75 - 8.00 % 1.41 - 8.00 % 5.00 - 8.00 % Rate of compensation increase 3.50 - 4.22 % 2.80 - 3.50 % 3.50 - 4.50 % |
Schedule of Estimated Future Benefit Payments from Plan Assets | The total estimated future benefit payments for the pension plans are expected to be paid from the plan assets and company funds. The OPEB payments reflect the Company's portion of the funding. Estimated future benefit payments from plan assets and Company funds for the next ten years are as follows: Year Pension 2024 $ 165,443 2025 150,139 2026 144,837 2027 140,333 2028 135,495 2029 - 2033 614,559 |
Schedule of Allocation of Plan Assets | The table below sets forth the Company's target asset allocation for fiscal 2023 and the actual asset allocations at March 31, 2023 and 2022. Actual Allocation Target Allocation March 31, Asset Category Fiscal 2023 2023 2022 Equity securities 50 % - 60 % 55 % 58 % Fixed income securities 30 % - 40 % 34 33 Alternative investment funds 0 % - 10 % 10 7 Other 0 % - 5 % 1 2 Total 100 % 100 % The tables below provide the fair values of the Company's plan assets at March 31, 2023 and 2022, by asset category. The table also identifies the level of inputs used to determine the fair value of assets in each category (refer to Note 2 for definition of levels). March 31, 2023 Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 17,163 $ — $ — $ 17,163 Equity securities International 100,370 — — 100,370 U.S. equity 3,190 — — 3,190 U.S. commingled fund 417,307 — — 417,307 International commingled fund 30,977 — — 30,977 Fixed income securities Corporate bonds — 12,904 — 12,904 Government securities — 361,070 — 361,070 Other Insurance contracts — — 626 626 Total investment in securities—assets $ 569,007 $ 373,974 $ 626 $ 943,607 U.S. equity commingled fund 2,866 International equity commingled fund 161,458 U.S. fixed income commingled fund 44,861 International fixed income commingled fund 7,070 Government securities commingled fund 14,599 Private equity and infrastructure 126,549 Other 3,592 Total investment measured at NAV as a $ 360,995 Receivables 2,288 Payables ( 434 ) Total plan assets $ 1,306,456 March 31, 2022 Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 21,015 $ — $ — $ 21,015 Equity securities International 135,824 — — 135,824 U.S. equity 5,757 — — 5,757 U.S. commingled fund 573,015 — — 573,015 International commingled fund 51,559 — — 51,559 Fixed income securities Corporate bonds — 10,007 — 10,007 Government securities — 462,829 — 462,829 Other Insurance contracts — — 842 842 Total investment in securities—assets $ 787,170 $ 472,836 $ 842 $ 1,260,848 U.S. equity commingled fund 15,554 International equity commingled fund 180,138 U.S. fixed income commingled fund 48,537 International fixed income commingled fund 7,239 Government securities commingled fund 9,604 Private equity and infrastructure 120,537 Other 5,483 Total investment measured at NAV as a $ 387,092 Receivables 1,416 Payables ( 117 ) Total plan assets $ 1,649,239 |
Schedule of Effect of Twenty Five Basis-Point Change in Discount Rates | The effect of a 25 basis-point change in discount rates as of March 31, 2023, is shown below: Pension Increase of 25 basis points Obligation * $ ( 34,222 ) Net periodic expense 176 Decrease of 25 basis points Obligation * $ 35,567 Net periodic expense ( 204 ) * Excludes impact to plan assets due to the LDI investment approach discussed above under "Plan Assets, Investment Policy and Strategy." |
Stock Compensation Plans (Table
Stock Compensation Plans (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Status of Non-Vested Shares/Units of Restricted Stock and Deferred Stock Units | A summary of the status of the Company's non-vested shares/units of restricted stock and deferred stock units as of March 31, 2023, and changes during the fiscal year ended March 31, 2023, is presented below. Shares Weighted- Non-vested restricted awards and deferred stock units at March 31, 2022 1,361,155 $ 18.00 Granted 954,949 14.38 Vested ( 561,862 ) 16.46 Forfeited ( 241,046 ) 19.73 Non-vested restricted awards and deferred stock units at March 31, 2023 1,513,196 $ 16.01 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Selected Financial Information for Each Reportable Segment and Reconciliation of EBITDAP to Operating Income | Selected financial information for each reportable segment is as follows: Year Ended March 31, 2023 Total Corporate & Systems & Interiors* Net sales to external customers $ 1,379,128 $ — $ 1,167,526 $ 211,602 Intersegment sales (eliminated in consolidation) — ( 52 ) 7 45 Segment profit and reconciliation to consolidated income before Adjusted EBITDAP 250,081 — 218,144 31,937 Reconciliation of segment profit to income (loss) before income Depreciation and amortization ( 35,581 ) ( 2,117 ) ( 29,781 ) ( 3,683 ) Interest expense and other, net ( 137,714 ) Corporate expenses ( 54,333 ) Share-based compensation expense ( 8,913 ) Gain on sale of assets and businesses 101,523 Amortization of acquired contract liabilities 2,500 Non-service defined benefit income 19,664 Consideration payable to customer related to divestiture ( 17,185 ) Debt extinguishment loss ( 33,044 ) Warrant remeasurement gain, net 8,683 Income before income taxes 95,681 Total capital expenditures $ 20,676 $ 1,114 $ 18,048 $ 1,514 Total assets $ 1,714,844 $ 191,635 $ 1,388,211 $ 134,998 Year Ended March 31, 2022 Total Corporate & Systems & Interiors* Net sales to external customers $ 1,459,942 $ — $ 1,030,413 $ 429,529 Intersegment sales (eliminated in consolidation) — ( 49 ) 31 18 Segment profit and reconciliation to consolidated income before Adjusted EBITDAP 220,259 — 190,055 30,204 Reconciliation of segment profit to income (loss) before income Depreciation and amortization ( 49,635 ) ( 3,245 ) ( 32,464 ) ( 13,926 ) Interest expense and other, net ( 135,861 ) Corporate expenses ( 50,834 ) Share-based compensation expense ( 9,782 ) Loss on sale of assets and businesses ( 9,294 ) Amortization of acquired contract liabilities 5,871 Non-service defined benefit income 5,373 Impairment of long-lived assets ( 2,308 ) Debt extinguishment loss ( 11,624 ) Income before income taxes ( 37,835 ) Total capital expenditures $ 19,660 $ 711 $ 15,716 $ 3,233 Total assets $ 1,761,166 $ 200,100 $ 1,377,348 $ 183,718 Year Ended March 31, 2021 Total Corporate & Systems & Interiors* Net sales to external customers $ 1,869,719 $ — $ 1,056,822 $ 812,897 Intersegment sales (eliminated in consolidation) — ( 4,653 ) 3,179 1,474 Segment profit and reconciliation to consolidated income before Adjusted EBITDAP 173,197 — 155,693 17,504 Reconciliation of segment profit to income (loss) before income Depreciation and amortization ( 93,334 ) ( 3,459 ) ( 33,549 ) ( 56,326 ) Interest expense and other, net ( 171,397 ) Corporate expenses ( 51,104 ) Share-based compensation expense ( 12,701 ) Loss on sale of assets and businesses ( 104,702 ) Amortization of acquired contract liabilities 38,564 Non-service defined benefit income 49,519 Impairment of rotable inventory ( 23,689 ) Impairment of long-lived assets ( 252,382 ) Income before income taxes ( 448,029 ) Total capital expenditures $ 25,178 $ 1,030 $ 15,239 $ 8,909 * Interiors was formerly disclosed as Aerospace Structures. Other than the divestitures disclosed in Note 3, no changes in the composition of this reportable segment has occurred. |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts | Balance at Additions Other (1) Balance at For year ended March 31, 2023: Deferred tax assets valuation allowance $ 512,357 ( 21,279 ) 21,501 $ 512,579 For year ended March 31, 2022: Deferred tax assets valuation allowance $ 512,554 18,062 ( 18,259 ) $ 512,357 For year ended March 31, 2021: Deferred tax assets valuation allowance $ 438,667 117,088 ( 43,201 ) $ 512,554 (1) Adjustments relate to changes in defined benefit pension plan and other postretirement benefit plan obligations. |
Background and Basis of Prese_2
Background and Basis of Presentation - Additional Information (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2021 USD ($) | Mar. 31, 2023 USD ($) Segment | Mar. 31, 2022 USD ($) | |
Background And Basis Of Presentation [Line Items] | |||
Number of reportable segments | Segment | 2 | ||
Aviation Manufacturing Jobs Protection Program Agreement [Member] | |||
Background And Basis Of Presentation [Line Items] | |||
Period of performance for employees | 6 months | ||
Cost of sales recognized | $ 5,300 | $ 14,064 | |
Maximum [Member] | |||
Background And Basis Of Presentation [Line Items] | |||
Amount of grant receivable upon agreement | $ 21,259 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Summary of Trade and Other Receivables Net (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Accounting Policies [Abstract] | ||
Total trade receivables | $ 163,104 | $ 169,978 |
Other receivables | 42,053 | 16,625 |
Total trade and other receivables | 205,157 | 186,603 |
Less: Allowance for credit losses | (8,382) | (7,940) |
Total trade and other receivables, net | $ 196,775 | $ 178,663 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Dec. 01, 2022 | Nov. 30, 2021 | Jan. 31, 2021 | Mar. 31, 2023 | Jun. 30, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 19, 2022 | |
Change In Accounting Estimate [Line Items] | |||||||||
Number of warrants received by common stock holder | 3 | ||||||||
Number of common shares held to issue warrants | 10 | ||||||||
Number of warrants issued | 19,500,000 | ||||||||
Number of common stock purchased or issued for each warrant | 1 | 19,100,000 | 19,100,000 | ||||||
Warrants exercise price | $ 12.35 | ||||||||
Closing price of common stock | $ 11.59 | $ 11.59 | |||||||
Warrants expiration date | Dec. 19, 2023 | ||||||||
Maximum warrants redemption calendar days notice | 20 days | ||||||||
Warrants redemption price per warrant | $ 0.01 | ||||||||
Limitation percentage of maximum beneficial | 4.90% | ||||||||
Percentage of common stock issued and outstanding | 4.90% | ||||||||
Fair value of warrants | $ 9,563 | $ 9,563 | $ 19,500 | ||||||
Warrants remeasurement gain | $ 9,796 | ||||||||
Number of warrants exercised | 400,000 | ||||||||
Discount rate used to estimate fair value of asset group | 15% | ||||||||
Impairment of long-lived assets | $ 6,696 | $ 252,382 | $ 2,308 | $ 252,382 | |||||
Net sales | $ 1,379,128 | 1,459,942 | 1,869,719 | ||||||
Operating income (loss) | 238,092 | 104,277 | (326,151) | ||||||
Net income (loss) | $ 89,593 | $ (42,758) | $ (450,910) | ||||||
Earnings Per Share, Basic | $ 1.38 | $ (0.66) | $ (8.55) | ||||||
Earnings Per Share, Diluted | $ 1.20 | $ (0.66) | $ (8.55) | ||||||
Change in accounting estimate | $ 21,208 | ||||||||
Income taxes paid, net of refunds received | 4,565 | $ 5,382 | $ 2,297 | ||||||
Changes in Estimates [Member] | |||||||||
Change In Accounting Estimate [Line Items] | |||||||||
Net sales | 21,208 | 6,884 | 4,796 | ||||||
Operating income (loss) | 27,963 | (16,042) | (12,332) | ||||||
Net income (loss) | $ 27,963 | $ (16,042) | $ (12,332) | ||||||
Earnings Per Share, Diluted | $ 0.39 | $ 0.25 | $ 0.23 | ||||||
Aviation Manufacturing Jobs Protection Program Agreement [Member] | |||||||||
Change In Accounting Estimate [Line Items] | |||||||||
Period of performance for employees | 6 months | ||||||||
Amount of grant received | $ 19,400 | $ 10,630 | |||||||
Cost of sales recognized | $ 5,300 | 14,064 | |||||||
Warrant Agreement [Member] | |||||||||
Change In Accounting Estimate [Line Items] | |||||||||
Additional amount holder elect to pay in exchange for additional number of shares of common stock | $ 1.8525 | ||||||||
Multiplier by exercise price | $ 0.15 | ||||||||
Number of shares issued for incremental exercise price received | 2,900,000 | ||||||||
Operating Income (Loss) [Member] | |||||||||
Change In Accounting Estimate [Line Items] | |||||||||
Change in accounting estimate included gross favorable adjustment | 32,699 | 30,560 | $ 55,180 | ||||||
Change in accounting estimate included gross unfavorable adjustment | $ 4,736 | $ 14,518 | $ 42,848 | ||||||
Minimum [Member] | |||||||||
Change In Accounting Estimate [Line Items] | |||||||||
Finite-lived intangible asset, useful life | 10 years | ||||||||
Standard trade receivable, payment terms | 30 days | ||||||||
Maximum [Member] | |||||||||
Change In Accounting Estimate [Line Items] | |||||||||
Finite-lived intangible asset, useful life | 30 years | ||||||||
Amount of grant receivable upon agreement | $ 21,259 | ||||||||
Standard trade receivable, payment terms | 120 days |
Divested Operations and Asset_2
Divested Operations and Assets Held For Sale - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Jul. 31, 2022 | Oct. 31, 2021 | May 31, 2021 | Aug. 31, 2020 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Discontinued operations and assets held for sale | ||||||||||
Gain (loss) on disposition of assets | $ 101,523,000 | $ (9,294,000) | $ (104,702,000) | |||||||
Curtailment charge | 16,024,000 | |||||||||
Defined benefit plan, plan assets, amount | $ 1,649,239,000 | 1,306,456,000 | $ 1,649,239,000 | |||||||
Gulfstream G650 [Member] | ||||||||||
Discontinued operations and assets held for sale | ||||||||||
Proceeds from divestiture of business | $ 51,000,000 | |||||||||
Derecognition of accrued warranties | 18,157,000 | |||||||||
Gain (loss) on disposition of assets | $ 819,000 | |||||||||
Product Lines of Staverton, United Kingdom operations [Member] | ||||||||||
Discontinued operations and assets held for sale | ||||||||||
Proceeds from divestiture of business | $ 34,000,000 | |||||||||
Stuart Manufacturing Operations [Member] | ||||||||||
Discontinued operations and assets held for sale | ||||||||||
Proceeds from divestiture of business | $ 0 | |||||||||
Gain (loss) on disposition of business | $ 96,800,000 | |||||||||
Assets Held for Sale Composites Manufacturing Operations [Member] | ||||||||||
Discontinued operations and assets held for sale | ||||||||||
Proceeds from divestiture of business | $ 155,000,000 | |||||||||
Impairment on the assets held for sale | $ 102,500,000 | |||||||||
Loss due to curtailment | $ (16,000,000) | |||||||||
Gain (loss) on disposition of business | $ (6,000,000) | $ (8,000,000) | $ 4,500,000 |
Revenue Recognition and Contr_3
Revenue Recognition and Contracts with Customers - Schedule of Disaggregated Net Sales Satisfied Over Time and at a Point in Time (Excluding Intercompany Sales) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation Of Revenue [Line Items] | |||
Amortization of acquired contract liabilities | $ 2,500 | $ 5,871 | $ 38,564 |
Net sales | 1,379,128 | 1,459,942 | 1,869,719 |
Systems & Support [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contracts with customers | 1,165,026 | 1,024,554 | 1,041,760 |
Amortization of acquired contract liabilities | 2,500 | 5,859 | 15,062 |
Revenues excluding intercompany sales | 1,167,526 | 1,030,413 | 1,056,822 |
Systems & Support [Member] | Transferred over Time [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contracts with customers | 541,931 | 490,082 | 464,874 |
Systems & Support [Member] | Transferred at Point in Time [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contracts with customers | 623,095 | 534,472 | 576,886 |
Interiors (formerly Aerospace Structures) [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contracts with customers | 211,602 | 429,517 | 789,395 |
Amortization of acquired contract liabilities | 0 | 12 | 23,502 |
Revenues excluding intercompany sales | 211,602 | 429,529 | 812,897 |
Interiors (formerly Aerospace Structures) [Member] | Transferred over Time [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contracts with customers | 189,710 | 402,194 | 746,545 |
Interiors (formerly Aerospace Structures) [Member] | Transferred at Point in Time [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contracts with customers | $ 21,892 | $ 27,323 | $ 42,850 |
Revenue Recognition and Contr_4
Revenue Recognition and Contracts with Customers - Schedule of Disaggregated Net Sales by End Market (Excluding Intercompany Sales) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation Of Revenue [Line Items] | |||
Amortization of acquired contract liabilities | $ 2,500 | $ 5,871 | $ 38,564 |
Net sales | 1,379,128 | 1,459,942 | 1,869,719 |
Systems & Support [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contracts with customers | 1,165,026 | 1,024,554 | 1,041,760 |
Amortization of acquired contract liabilities | 2,500 | 5,859 | 15,062 |
Revenues excluding intercompany sales | 1,167,526 | 1,030,413 | 1,056,822 |
Systems & Support [Member] | OEM Commercial [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contracts with customers | 335,871 | 245,454 | 248,884 |
Systems & Support [Member] | OEM Military [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contracts with customers | 260,943 | 276,947 | 320,591 |
Systems & Support [Member] | MRO Commercial [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contracts with customers | 322,780 | 233,789 | 211,510 |
Systems & Support [Member] | MRO Military [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contracts with customers | 212,958 | 223,369 | 225,966 |
Systems & Support [Member] | Non-aviation [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contracts with customers | 32,474 | 44,995 | 34,809 |
Interiors (formerly Aerospace Structures) [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contracts with customers | 211,602 | 429,517 | 789,395 |
Amortization of acquired contract liabilities | 0 | 12 | 23,502 |
Revenues excluding intercompany sales | 211,602 | 429,529 | 812,897 |
Interiors (formerly Aerospace Structures) [Member] | OEM Commercial [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contracts with customers | 207,672 | 400,482 | 633,078 |
Interiors (formerly Aerospace Structures) [Member] | OEM Military [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contracts with customers | 108 | 15,429 | 127,644 |
Interiors (formerly Aerospace Structures) [Member] | MRO Commercial [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contracts with customers | 2,713 | 11,154 | 18,114 |
Interiors (formerly Aerospace Structures) [Member] | MRO Military [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 1,052 | 10,189 |
Interiors (formerly Aerospace Structures) [Member] | Non-aviation [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contracts with customers | $ 1,109 | $ 1,400 | $ 370 |
Revenue Recognition and Contr_5
Revenue Recognition and Contracts with Customers - Summary of Contract Assets and Liabilities Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 103,027 | $ 101,893 |
Contract liabilities | (44,945) | (172,862) |
Net contract asset (liability) | 58,082 | $ (70,969) |
Change in contract assets | 1,134 | |
Change in contract liabilities | 127,917 | |
Change in net contract liability | $ 129,051 |
Revenue Recognition and Contr_6
Revenue Recognition and Contracts with Customers - Additional Information (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2023 USD ($) | |
Contract With Customer Asset And Liability [Line Items] | |
Revenue recognized due to changes in estimates associated with performance obligations | $ 21,208 |
Contract with Customer, Liability, Revenue Recognized | 46,779 |
Customer advance repayments obligations | $ 103,803 |
Revenue Recognition and Contr_7
Revenue Recognition and Contracts with Customers - Schedule of Performance Obligations that are Expected to Be Recognized in Future (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 1,407,748 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 871,858 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-04-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 504,989 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-04-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 27,746 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-04-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 3,155 |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-04-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 3 years |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-04-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 5 years |
Minimum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-04-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Minimum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-04-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 4 years |
Minimum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-04-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 5 years |
Revenue Recognition and Contr_8
Revenue Recognition and Contracts with Customers - Schedule of Performance Obligations that are Expected to Be Recognized in Future (Details 1) $ in Thousands | Mar. 31, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 1,407,748 |
Inventories - Schedule of Compo
Inventories - Schedule of Components of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 44,834 | $ 44,841 |
Work-in-process, including manufactured and purchased components | 304,874 | 269,368 |
Finished goods | 17,000 | 19,472 |
Rotable assets | 22,537 | 28,011 |
Total inventories | $ 389,245 | $ 361,692 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Property Plant And Equipment [Line Items] | |||
Depreciation | $ 24,890 | $ 40,282 | $ 71,651 |
Buildings and Improvements [Member] | Minimum [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, useful life | 15 years | ||
Buildings and Improvements [Member] | Maximum [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, useful life | 40 years | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, useful life | 7 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, useful life | 15 years | ||
Furniture, Fixtures and Computer Equipment [Member] | Minimum [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, useful life | 3 years | ||
Furniture, Fixtures and Computer Equipment [Member] | Maximum [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, useful life | 10 years |
Property and Equipment - Schedu
Property and Equipment - Schedule of Net Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 18,459 | $ 18,109 |
Construction-in-process | 13,196 | 13,691 |
Buildings and improvements | 124,189 | 117,284 |
Machinery and equipment | 449,388 | 464,141 |
Property and equipment, gross | 605,232 | 613,224 |
Less: accumulated depreciation | 438,432 | 444,174 |
Property and equipment, net | $ 166,800 | $ 169,050 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Summary of the Changes in the Carrying Value of Goodwill By Reportable Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Goodwill [Line Items] | ||
Goodwill, Beginning balance | $ 513,722 | |
Goodwill, Ending balance | 509,449 | $ 513,722 |
Systems & Support [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning balance | 513,722 | 521,638 |
Effect of exchange rate changes | (4,273) | (3,899) |
Goodwill associated with dispositions | (4,017) | |
Goodwill, Ending balance | $ 509,449 | $ 513,722 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Goodwill [Line Items] | |||
Amortization of Intangible Assets | $ 10,692 | $ 11,660 | $ 22,551 |
Future amortization expense, 2024 | 8,872 | ||
Future amortization expense, 2025 | 8,872 | ||
Future amortization expense, 2026 | 8,872 | ||
Future amortization expense, 2027 | 7,975 | ||
Future amortization expense, 2028 | 7,304 | ||
Future amortization expense, Thereafter | 32,003 | ||
Aerospace Structures [Member] | |||
Goodwill [Line Items] | |||
Goodwill impaired accumulated impairment loss | 475,302 | 475,302 | |
Systems & Support [Member] | |||
Goodwill [Line Items] | |||
Goodwill impaired accumulated impairment loss | 66,121 | 66,121 | |
Gross goodwill | $ 575,570 | $ 579,843 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Schedule of Components of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 207,969 | $ 208,683 |
Accumulated Amortization | (134,071) | (123,833) |
Net | $ 73,898 | $ 84,850 |
Customer Relationships [Member] | ||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 18 years 7 months 6 days | 18 years 6 months |
Gross Carrying Amount | $ 154,679 | $ 155,284 |
Accumulated Amortization | (82,060) | (73,806) |
Net | $ 72,619 | $ 81,478 |
Licensing Agreements [Member] | ||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 11 years 4 months 24 days | 11 years 4 months 24 days |
Gross Carrying Amount | $ 52,990 | $ 53,099 |
Accumulated Amortization | (51,794) | (49,820) |
Net | $ 1,196 | $ 3,279 |
Other [Member] | ||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 30 years | 30 years |
Gross Carrying Amount | $ 300 | $ 300 |
Accumulated Amortization | (217) | (207) |
Net | $ 83 | $ 93 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Accrued Liabilities [Abstract] | ||
Accrued pension | $ 768 | $ 801 |
Accrued other postretirement benefits | 2,378 | 2,715 |
Accrued compensation and benefits | 61,818 | 74,014 |
Accrued interest | 9,848 | 22,880 |
Accrued warranties | 14,107 | 20,739 |
Accrued workers' compensation | 7,448 | 13,547 |
Accrued income tax | 3,702 | 4,205 |
Operating lease liabilities | 3,369 | 6,318 |
Warrants | 9,563 | |
All other | 38,347 | 62,840 |
Total accrued expenses | $ 151,348 | $ 208,059 |
Leases - Schedule of Components
Leases - Schedule of Components Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | ||
Lessee Lease Description [Line Items] | ||||
Total lease cost | [1] | $ 14,129 | $ 24,207 | $ 38,573 |
Cost of sales or Selling, general and administrative expense [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Operating lease cost | 8,561 | 9,473 | 22,976 | |
Variable lease cost | 1,431 | 9,359 | 9,344 | |
Depreciation and amortization [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Amortization of right-of-use assets | 2,760 | 3,785 | 4,673 | |
Interest expense and other [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Interest on lease liability | $ 1,377 | $ 1,590 | $ 1,580 | |
[1] Total lease cost does not include short-term leases or sublease income, both of which are immaterial. |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities | |||
Operating cash flows used in operating leases | $ 7,204 | $ 14,133 | $ 21,008 |
Operating cash flows used in finance leases | 1,377 | 1,602 | 1,583 |
Financing cash flows used in finance leases | 3,293 | 5,161 | 7,774 |
ROU assets obtained in exchange for lease liabilities | |||
Operating leases | 5,054 | 666 | 6,547 |
Finance leases | $ 1,553 | $ 725 | $ 2,909 |
Leases - Schedule of Suppleme_2
Leases - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
ASSETS | ||
Operating lease ROU assets | $ 17,135 | $ 18,312 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Assets held for sale, Other, net | Assets held for sale, Other, net |
Finance lease ROU assets, cost | $ 33,978 | $ 32,406 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property and equipment, net | Property and equipment, net |
Accumulated amortization | $ (23,058) | $ (20,299) |
Finance Lease, Liability, Statement of Financial Position [Extensible List] | Property and equipment, net | Property and equipment, net |
Finance lease ROU assets, net | $ 10,920 | $ 12,107 |
Total lease assets | 28,055 | 30,419 |
Current liabilities: | ||
Operating | $ 3,369 | $ 6,624 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued expenses, Liabilities related to assets held for sale | Accrued expenses, Liabilities related to assets held for sale |
Finance | $ 3,162 | $ 3,268 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Current portion of long-term debt | |
Noncurrent | ||
Operating | $ 14,639 | $ 13,324 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Liabilities related to assets held for sale, Other noncurrent liabilities | Liabilities related to assets held for sale, Other noncurrent liabilities |
Finance | $ 11,654 | $ 13,224 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long-term debt, less current portion | Long-term debt, less current portion |
Total lease liabilities | $ 32,824 | $ 36,440 |
Liabilities Related to Assets Held for Sale [Member] | ||
Current liabilities: | ||
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Current portion of long-term debt |
Leases - Schedule of Informatio
Leases - Schedule of Information Related to Lease Terms and Discount Rates (Details) | Mar. 31, 2023 | Mar. 31, 2022 |
Leases [Abstract] | ||
Operating leases | 7 years 3 months 18 days | 3 years 2 months 12 days |
Finance leases | 6 years 10 months 24 days | 7 years 10 months 24 days |
Operating leases | 7.50% | 6.10% |
Finance leases | 7.50% | 6.80% |
Leases - Schedule of Maturity o
Leases - Schedule of Maturity of Lease Liabilities (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Leases [Abstract] | |
Operating leases, FY2024 | $ 3,282 |
Operating leases, FY2025 | 3,970 |
Operating leases, FY2026 | 3,452 |
Operating leases, FY2027 | 3,281 |
Operating leases, FY2028 | 1,786 |
Operating leases, Thereafter | 8,360 |
Total Operating leases payments | 24,131 |
Operating leases, Less: Imputed interest | (6,123) |
Total Operating leases liabilities | 18,008 |
Finance leases, FY2024 | 3,844 |
Finance leases, FY2025 | 2,964 |
Finance leases, FY2026 | 2,027 |
Finance leases, FY2027 | 2,096 |
Finance leases, FY2028 | 1,411 |
Finance leases, Thereafter | 6,313 |
Total finance lease payments | 18,655 |
Finance leases, Less: Imputed interest | (3,839) |
Total finance lease liabilities | 14,816 |
Total lease payment, FY2024 | 7,126 |
Total lease payment, FY2025 | 6,934 |
Total lease payment, FY2026 | 5,479 |
Total lease payment, FY2027 | 5,377 |
Total lease payment, FY2028 | 3,197 |
Total lease payments, Thereafter | 14,673 |
Total lease payments | 42,786 |
Total lease payment, Less: Imputed interest | (9,962) |
Total lease liabilities | $ 32,824 |
Long-term Debt - Schedule of Lo
Long-term Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 14, 2023 | Mar. 31, 2022 |
Debt Instrument [Line Items] | |||
Less: debt issuance costs | $ (22,058) | $ (15,173) | |
Long-term debt | 1,691,782 | 1,589,490 | |
Current portion of long-term debt | 3,162 | 3,268 | |
Long-term debt, less current portion | 1,688,620 | 1,586,222 | |
Capital Lease Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 14,816 | 16,492 | |
Senior Secured First Lien Notes Due 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 1,200,000 | ||
Less: debt issuance costs | $ (20,000) | ||
Senior Secured First Lien Notes Due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 563,171 | ||
Senior Notes Due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 525,000 | ||
Senior Notes Due 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 499,024 | $ 500,000 |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Details) - USD ($) | 12 Months Ended | |||||||
Mar. 14, 2023 | Nov. 05, 2021 | Aug. 17, 2020 | Aug. 17, 2017 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 19, 2022 | |
Debt Instrument [Line Items] | ||||||||
Deferred debt issuance cost | $ 22,058,000 | $ 15,173,000 | ||||||
Payments of financing costs | 17,097,000 | 400,000 | $ 20,716,000 | |||||
Proceeds from the issuance of the 2028 first lien notes | 1,235,000,000 | 107,000 | 713,900,000 | |||||
Premium on redemption of first lien notes | 9,108,000 | |||||||
Aggregate payment of premium on redemption | 26,157,000 | |||||||
Debt extinguishment loss | (33,044,000) | (11,624,000) | ||||||
Number of warrants issued | 19,500,000 | |||||||
Interest paid, including capitalized interest, operating and investing activities | 138,464,000 | 137,922,000 | 116,515,000 | |||||
Payment of Premium on Redemption of First Lien Notes | $ 9,108,000 | |||||||
Long-term debt, maturities, repayments of principal in next twelve months | 3,162,000 | |||||||
Long-term debt, maturities, repayments of principal in year two | 2,215,000 | |||||||
Long-term debt, maturities, repayments of principal in year three | 500,427,000 | |||||||
Long-term debt, maturities, repayments of principal in year four | 1,576,000 | |||||||
Long-term debt, maturities, repayments of principal in year five | 1,200,983,000 | |||||||
Long-term debt, maturities, repayments of principal after year five | $ 5,477,000 | |||||||
Receivable Securitization Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Receivables securitization facility, expiration period | 2024-11 | 2024-11 | ||||||
Percentage of drawn fee | 2% | |||||||
Percentage of collateralized fee incurred | 0.125% | |||||||
Long-term debt | $ 0 | $ 0 | ||||||
Letters of credit outstanding, amount | 19,753,000 | 23,339,000 | ||||||
Receivable Securitization Facility [Member] | BSBY [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, commitment fee percentage | 2.25% | |||||||
Receivable Securitization Facility [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.45% | |||||||
Receivable Securitization Facility [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | 100,000,000 | |||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.50% | |||||||
Senior Secured First Lien Notes Due 2024 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | 563,171,000 | |||||||
Premium on redemption of first lien notes | 1,287,000 | |||||||
Payment of Premium on Redemption of First Lien Notes | 1,287,000 | |||||||
Senior Notes Due 2024 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | 525,000,000 | |||||||
Senior Notes Due 2025 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, interest rate, stated percentage | 7.75% | |||||||
Long-term debt | $ 499,024,000 | $ 500,000,000 | ||||||
Debt instrument, principal amount | $ 500,000,000 | |||||||
Proceeds from loan, percentage of principal (as a percent) | 100% | |||||||
Debt instrument, interest payment terms | Interest is payable semiannually in cash in arrears on February 15 and August 15 of each year, commencing on February 15, 2018. | |||||||
Payments of financing costs | $ 8,779,000 | |||||||
Debt tendered to exercise warrants | $ 976,000 | |||||||
Debt instrument, due date | Aug. 15, 2025 | |||||||
Percentage of principal amount that the holder of the note may require the entity to repurchase due to a fundamental change undergone by the entity, subject to certain conditions (as a percent) | 101% | |||||||
Warrants excercised through tendering of debt | 100,000 | |||||||
Asset sales redemption price, percentage of principal (as a percent) | 100% | |||||||
Senior Secured First Lien Notes Due 2028 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, interest rate, stated percentage | 9% | |||||||
Long-term debt | $ 1,200,000,000 | |||||||
Debt instrument, principal amount | $ 1,200,000,000 | |||||||
Proceeds from loan, percentage of principal (as a percent) | 100% | |||||||
Debt instrument, interest rate, effective percentage | 9% | |||||||
Debt instrument, interest payment terms | Interest is payable semi-annually in cash in arrears on March 15 and September 15 of each year | |||||||
Deferred debt issuance cost | $ 20,000,000 | |||||||
Debt instrument, interest payment commencing date | Sep. 15, 2023 | |||||||
Debt instrument, redemption price, percentage | 100% | |||||||
Debt Instrument Redemption Aggregate Principal Amount Notes Per Annum | 103% | |||||||
Debt instrument, redemption, description | 40% | |||||||
Debt instrument prepayment option due to equity offering per annum | 10% | |||||||
Debt instrument, redemption price, percentage - equity offering | 109% | |||||||
Debt instrument, redemption price, percentage - change of control | 101% | |||||||
Senior Secured First Lien Notes Due 2024 and Senior Secured Notes Due 2024 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds from the issuance of the 2028 first lien notes | $ 1,068,831,000 | |||||||
Redemption of principal amount | $ 19,340,000 | |||||||
Debt extinguishment loss | $ 31,600,000 |
Long-term Debt - Schedule of Ca
Long-term Debt - Schedule of Carrying Amounts and Estimated Fair Values of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,691,782 | $ 1,589,490 |
Reported Value Measurement [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,691,782 | 1,589,490 |
Estimate of Fair Value Measurement [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,676,879 | $ 1,639,248 |
Other Noncurrent Liabilities -
Other Noncurrent Liabilities - Schedule of Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Other Liabilities, Noncurrent [Abstract] | ||
Acquired contract liabilities, net | $ 9,845 | $ 12,862 |
Accrued warranties | 4,551 | 6,317 |
Accrued workers' compensation | 11,146 | 9,024 |
Noncurrent contract liabilities | 463 | 1,099 |
Operating lease liabilities | 14,639 | 12,920 |
Environmental contingencies | $ 4,400 | $ 5,336 |
Environmental Loss Contingency, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
Income tax reserves | $ 300 | $ 300 |
Multiemployer pension plan withdrawal liability | 13,415 | |
All other | 1,294 | 3,850 |
Total other noncurrent liabilities | $ 60,053 | $ 51,708 |
Income Taxes - Components of Lo
Income Taxes - Components of Loss from Continuing Operations before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Examination [Line Items] | |||
(Loss) income from continuing operations, before income taxes | $ 95,681 | $ (37,835) | $ (448,029) |
Foreign [Member] | |||
Income Tax Examination [Line Items] | |||
(Loss) income from continuing operations, before income taxes | 16,109 | 14,962 | (1,518) |
Domestic [Member] | |||
Income Tax Examination [Line Items] | |||
(Loss) income from continuing operations, before income taxes | $ 79,572 | $ (52,797) | $ (446,511) |
Income Taxes - Components of In
Income Taxes - Components of Income Tax (Benefit) Expense (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Current Federal tax expense (benefit) | $ (538,000) | ||
Current State tax expense (benefit) | 735,000 | $ (157,000) | $ (315,000) |
Current Foreign tax expense (benefit) | 5,877,000 | 5,055,000 | 3,372,000 |
Current income tax expense (benefit) | 6,074,000 | 4,898,000 | 3,057,000 |
Deferred Foreign income tax expense (benefit) | 14,000 | 25,000 | (176,000) |
Deferred income tax expense (benefit) | 14,000 | 25,000 | (176,000) |
Income tax (benefit) expense | $ 6,088,000 | $ 4,923,000 | $ 2,881,000 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Statutory Federal Income Tax Rate to Effective Tax Rate (Details) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 21% | 21% | 21% |
State and local income taxes, net of federal tax benefit | 8.10% | 15.90% | 2.70% |
Section 162(m) | 2.10% | (5.10%) | (0.20%) |
Miscellaneous permanent items and nondeductible accruals | (3.40%) | (0.90%) | (0.50%) |
Research and development tax credit | (2.30%) | 6% | 0.70% |
Impact of foreign operations (including rate differential, rate change, and settlement with tax authorities | 0% | 14% | (0.30%) |
Valuation allowance | (19.10%) | (61.90%) | (25.50%) |
Global Intangible Low-Taxed Income | 0.20% | (2.00%) | |
Other (including FIN 48) | (0.20%) | (0.50%) | 1.40% |
Effective income tax rate | 6.40% | (13.50%) | (0.70%) |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Net operating loss and other credit carryforwards | $ 302,273 | $ 337,361 |
Inventory | 23,584 | 21,065 |
Accruals and reserves | 21,336 | 32,138 |
Interest carryforward | 103,826 | 80,593 |
Pension and other postretirement benefits | 87,846 | 74,271 |
Lease right-of-use assets | 5,259 | 4,199 |
Research and development | 4,592 | |
Acquired contract liabilities, net | 3,012 | 3,686 |
Deferred tax assets, gross | 551,728 | 553,313 |
Valuation allowance | (512,579) | (512,357) |
Net deferred tax assets | 39,149 | 40,956 |
Deferred revenue | 2,947 | 4,160 |
Property and equipment | 11,487 | 14,172 |
Goodwill and other intangible assets | 26,197 | 24,655 |
Lease liabilities | 3,470 | 3,787 |
Prepaid expenses and other | 2,316 | 1,395 |
Deferred tax liabilities | 46,417 | 48,169 |
Net deferred tax liabilities | $ 7,268 | $ 7,213 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Contingency [Line Items] | |||
Valuation allowance, deferred tax asset, increase (decrease), amount | $ 222,000 | ||
Net operating loss carryforwards | $ 146,354,000 | ||
Effective income tax rate (as a percent) | 6.40% | (13.50%) | (0.70%) |
Change in valuation allowance, deferred tax asset | $ 18,243,000 | ||
Income tax holiday, aggregate dollar amount | $ 583,000 | $ 415,000 | $ 0 |
Income tax holiday, income tax benefits per share | $ 0.01 | $ 0.01 | $ 0 |
Deferred tax liability not recognized, amount of unrecognized deferred tax liability | $ 203,893,000 | ||
Unrecognized tax benefits | 12,085,000 | $ 11,800,000 | |
Significant change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit | 0 | ||
R&D Tax Credit [Member] | |||
Income Tax Contingency [Line Items] | |||
Effective income tax Rate reconciliation, Tax credit, amount | 2,234,000 | ||
U.S Federal [Member] | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | 526,498,000 | ||
Operating loss carryforwards, subject to expiration | $ 65,020,000 | ||
Operating loss carryforwards, expiration year | 2038 | ||
Operating loss carryforwards, not subject to expiration | $ 461,478,000 | ||
Foreign [Member] | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | 136,646,000 | ||
Operating loss carryforwards, subject to expiration | $ 6,357,000 | ||
Operating loss carryforwards, expiration year | 2027 | ||
Operating loss carryforwards, not subject to expiration | $ 130,289,000 | ||
State [Member] | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | $ 1,433,276,000 | ||
Operating loss carryforwards, expiration year | 2024 |
Income Taxes - Schedule of Re_2
Income Taxes - Schedule of Reconciliation of Liability for Uncertain Tax Positions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 11,978 | $ 11,750 | $ 19,127 |
Adjustments for tax positions related to the current year | 223 | 228 | 311 |
Adjustments for tax positions of prior years | (8) | (7,688) | |
Ending balance | $ 12,193 | $ 11,978 | $ 11,750 |
Stockholders' Deficit - Additio
Stockholders' Deficit - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Feb. 04, 2021 | Mar. 31, 2023 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2014 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Common stock, par value | $ 0.001 | $ 0.001 | |||
Issuance of common stock - at the market offering, net of issuance costs | $ 145,383 | ||||
Proceeds on issuance of common stock, net of issuance costs | $ 4,090 | 145,383 | |||
Common stock, voting rights | one | ||||
Stock repurchase program, number of shares authorized to be repurchased | 5,000,000 | 500,800 | |||
Stock repurchase program, remaining number of shares authorized to be repurchased | 2,277,789 | ||||
Preferred stock par value | $ 0.01 | ||||
Preferred shares authorized | 250,000 | ||||
Preferred stock outstanding | 0 | 0 | |||
Common Stock [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Issuance of common stock - at the market offering, net of issuance costs | 9 | ||||
Threshold stock percentage for rights become exercisable and entitle to purchase additional shares | 4.90% | ||||
Equity Distribution Agreement [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Issuance of common stock - at the market offering, net of issuance costs | $ 150,000 | ||||
Number of shares sold | 9,178,752 | ||||
Proceeds on issuance of common stock, net of issuance costs | $ 145,383 | ||||
Equity Distribution Agreement [Member] | Maximum [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Issuance of common stock - at the market offering, net of issuance costs | $ 150,000 |
Stockholders' Deficit - Schedul
Stockholders' Deficit - Schedule of Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Balance | $ (787,423) | $ (818,853) | $ (781,264) | |||
Total other comprehensive (loss) income | (91,292) | 66,838 | 216,256 | |||
Balance | (797,396) | (787,423) | (818,853) | |||
Currency Translation Adjustment [Member] | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Balance | (47,933) | (42,161) | ||||
AOCI before reclassifications | (1,273) | (5,772) | ||||
Total other comprehensive (loss) income | (1,273) | (5,772) | ||||
Balance | (49,206) | (47,933) | (42,161) | |||
Unrealized Gains and Losses on Derivative Instruments [Member] | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Balance | (270) | 1,015 | ||||
AOCI before reclassifications | 2,265 | (2,244) | ||||
Amounts reclassified from AOCI | (778) | 959 | ||||
Total other comprehensive (loss) income | 1,487 | (1,285) | ||||
Balance | 1,217 | (270) | 1,015 | |||
Defined Benefit Pension Plans and Other Postretirement Benefits [Member] | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Balance | (415,151) | (489,046) | ||||
AOCI before reclassifications | (113,232) | 44,658 | ||||
Amounts reclassified from AOCI | [1] | 21,726 | 29,237 | |||
Total other comprehensive (loss) income | (91,506) | 73,895 | ||||
Balance | (506,657) | (415,151) | (489,046) | |||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Balance | (463,354) | [2] | (530,192) | [2] | (746,448) | |
AOCI before reclassifications | [2] | (112,240) | 36,642 | |||
Amounts reclassified from AOCI | [2] | 20,948 | 30,196 | |||
Total other comprehensive (loss) income | [2] | (91,292) | 66,838 | |||
Balance | [2] | $ (554,646) | $ (463,354) | $ (530,192) | ||
[1] Includes amortization of actuarial losses and recognized prior service (credits) costs, which are included in the net periodic benefit (income) expense Net of tax. |
Earnings (Loss) per Share - Sum
Earnings (Loss) per Share - Summary of Reconciliation between Weighted-average Common Shares Outstanding used in Calculation of Basis and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator for basic earnings per share: | |||
Net income (loss) | $ 89,593 | $ (42,758) | $ (450,910) |
Effect of Dilutive Securities: | |||
Warrants | (3,626) | ||
Numerator for diluted earnings per share: | |||
Income available to common stockholders after assumed conversions | $ 85,967 | $ (42,758) | $ (450,910) |
Denominator for basic earnings per share | |||
Weighted average common shares outstanding—basic | 65,021 | 64,538 | 52,739 |
Effect of Dilutive Securities: | |||
Warrants | 6,371 | ||
Restricted stock units | 329 | ||
Dilutive potential common shares | 6,700 | ||
Denominator for basic earnings per share | |||
Weighted average common shares outstanding—diluted | 71,721 | 64,538 | 52,739 |
Earnings (loss) per share: | |||
Basic earnings per share | $ 1.38 | $ (0.66) | $ (8.55) |
Diluted earnings per share | $ 1.20 | $ (0.66) | $ (8.55) |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) | 12 Months Ended | ||||
Mar. 21, 2022 USD ($) Participant | Mar. 31, 2024 | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined contribution plan, employer matching contribution, percent of match | 6% | ||||
Defined contribution plan, description | The Company generally matches contributions at a rate of 75% of the first 6% of compensation contributed by the participant. | ||||
Defined benefit plan, plan assets, contributions by employer | $ 9,329,000 | $ 2,998,000 | $ 1,665,000 | ||
Percentage of defined benefit plan pension plan with projected benefit obligation in excess of plan assets plan assets | 10% | ||||
Withdrawal liability | $ 13,415,000 | ||||
Noncash actuarial losses | 32,116,000 | ||||
Curtailment charge | 16,024,000 | ||||
Defined benefit plan, assumption, number of basis point sensitivity, discount rate | 25% | ||||
Plan assets are expected to be returned | $ 0 | ||||
Other postretirement [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net periodic benefit income | 9,163,000 | 9,396,000 | 9,759,000 | ||
Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, plan assets, contributions by employer | 1,100,000 | 1,057,000 | |||
Net periodic benefit income | (24,527,000) | 4,768,000 | $ (38,223,000) | ||
Plan assets transferred | 104,991,000 | ||||
Noncash actuarial losses | (185,210,000) | (82,483,000) | |||
Settlement charge | 35,927,000 | ||||
Curtailment charge | 12,980,000 | ||||
Defined benefit plan, estimated future employer contributions in next fiscal year | 14,700,000 | ||||
United States [Member] | Qualified Plan [Member] | Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Number of retired participants | Participant | 2,500 | ||||
Nationwide Life and Annuity Insurance Company [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Plan assets transferred | $ 52,256,000 | ||||
Plan liabilities transferred | $ 51,418,000 | ||||
Spokane Washington [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Withdrawal liability | $ 14,644,000 | ||||
Triumph Geared Solutions - Toronto [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Noncash actuarial losses | $ 3,826,000 | ||||
Maximum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined contribution plan, employer matching contribution, percent of match | 75% | ||||
Maximum [Member] | Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected long-term rate of return on plan assets | 8% | 8% | 8% | ||
Maximum [Member] | Pension Plan [Member] | Forecast [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected long-term rate of return on plan assets | 8% | ||||
Minimum [Member] | Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected long-term rate of return on plan assets | 5.75% | 1.41% | 5% | ||
Minimum [Member] | Pension Plan [Member] | Forecast [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected long-term rate of return on plan assets | 5.75% |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Consolidated Defined Benefit Pension Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial gain | $ 32,116 | ||
Curtailments | 16,024 | ||
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation at beginning of year | $ 1,946,201 | 2,230,248 | |
Service cost | 638 | 745 | $ 1,537 |
Interest cost | 65,069 | 46,891 | 64,599 |
Actuarial gain | (185,210) | (82,483) | |
Plan amendments | 141 | ||
Curtailments | 12,980 | ||
Participant contributions | 115 | 146 | |
Settlements | (104,991) | ||
Special termination benefits | 54 | ||
Benefits paid | (163,614) | (155,518) | |
Currency translation adjustment | (2,776) | (2,012) | |
Projected benefit obligation at end of year | 1,660,423 | 1,946,201 | $ 2,230,248 |
Accumulated benefit obligation at end of year | $ 1,659,607 | $ 1,904,104 | |
Minimum [Member] | Pension Plan [Member] | |||
Assumptions used to determine benefit obligations at end of year | |||
Discount rate | 5.09% | 2.73% | |
Rate of compensation increase | 3.92% | 3.50% | |
Maximum [Member] | Pension Plan [Member] | |||
Assumptions used to determine benefit obligations at end of year | |||
Discount rate | 5.19% | 3.85% | |
Rate of compensation increase | 4.22% |
Employee Benefit Plans - Sche_2
Employee Benefit Plans - Schedule of Change in Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Change in fair value of plan assets | |||
Fair value of plan assets at beginning of year | $ 1,649,239 | ||
Company contributions | 9,329 | $ 2,998 | $ 1,665 |
Fair value of plan assets at end of year | 1,306,456 | 1,649,239 | |
Reconciliation of amounts recognized on the consolidated balance sheets | |||
Accrued benefit liability—noncurrent | (359,375) | (301,303) | |
Pension Plan [Member] | |||
Change in fair value of plan assets | |||
Fair value of plan assets at beginning of year | 1,649,241 | 1,853,963 | |
Actual return on plan assets | (177,419) | 56,796 | |
Settlements | (104,991) | ||
Participant contributions | 115 | 147 | |
Company contributions | 1,100 | 1,057 | |
Benefits paid | (163,615) | (155,519) | |
Currency translation adjustment | (2,966) | (2,212) | |
Fair value of plan assets at end of year | 1,306,456 | 1,649,241 | $ 1,853,963 |
Funded status (underfunded) | |||
Funded status | (353,967) | (296,960) | |
Reconciliation of amounts recognized on the consolidated balance sheets | |||
Pension asset—noncurrent | 5,124 | 3,814 | |
Accrued benefit liability—current | (768) | (801) | |
Accrued benefit liability—noncurrent | (358,323) | (299,973) | |
Net amount recognized | (353,967) | (296,960) | |
Reconciliation of amounts recognized in accumulated other comprehensive income | |||
Prior service costs (credits) | 1,356 | 1,458 | |
Actuarial losses (gains) | 756,664 | 674,720 | |
Income tax (benefits) expenses related to above items | (204,132) | (204,594) | |
Unamortized benefit plan costs (gains) | 553,888 | 471,584 | |
Other postretirement [Member] | |||
Reconciliation of amounts recognized in accumulated other comprehensive income | |||
Prior service costs (credits) | (43,900) | (49,005) | |
Actuarial losses (gains) | (45,347) | (49,305) | |
Income tax (benefits) expenses related to above items | 42,016 | 42,016 | |
Unamortized benefit plan costs (gains) | $ (47,231) | $ (56,294) |
Employee Benefit Plans - Sche_3
Employee Benefit Plans - Schedule of Components of Net Periodic Benefit Cost (Details) - Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 638 | $ 745 | $ 1,537 |
Interest cost | 65,069 | 46,891 | 64,599 |
Expected return on plan assets | (121,195) | (133,540) | (136,581) |
Amortization of prior service cost | 102 | 260 | 974 |
Amortization of net loss | 30,859 | 38,407 | 31,248 |
Curtailment loss | 16,024 | ||
Settlements | 35,927 | ||
Special termination benefits | 54 | ||
Total net periodic benefit (income) expense | $ (24,527) | $ 4,768 | $ (38,223) |
Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.66% | 1.75% | 2.47% |
Expected long-term rate of return on plan assets | 5.75% | 1.41% | 5% |
Rate of compensation increase | 3.50% | 2.80% | 3.50% |
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.93% | 3.47% | 3.32% |
Expected long-term rate of return on plan assets | 8% | 8% | 8% |
Rate of compensation increase | 4.22% | 3.50% | 4.50% |
Employee Benefit Plans - Sche_4
Employee Benefit Plans - Schedule of Estimated Future Benefit Payments from Plan Assets (Details) - Pension Plan [Member] $ in Thousands | Mar. 31, 2023 USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | $ 165,443 |
2025 | 150,139 |
2026 | 144,837 |
2027 | 140,333 |
2028 | 135,495 |
2029 - 2033 | $ 614,559 |
Employee Benefit Plans - Sche_5
Employee Benefit Plans - Schedule of Company's Target Asset Allocation and Actual Asset Allocations (Details) | Mar. 31, 2023 | Mar. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, actual allocation, percentage | 100% | 100% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, actual allocation, percentage | 55% | 58% |
Equity Securities [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, target allocation, percentage | 50% | |
Equity Securities [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, target allocation, percentage | 60% | |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, actual allocation, percentage | 34% | 33% |
Fixed Income Securities [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, target allocation, percentage | 30% | |
Fixed Income Securities [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, target allocation, percentage | 40% | |
Alternative Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, actual allocation, percentage | 10% | 7% |
Alternative Investments [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, target allocation, percentage | 0% | |
Alternative Investments [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, target allocation, percentage | 10% | |
Other Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, actual allocation, percentage | 1% | 2% |
Other Investments [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, target allocation, percentage | 0% | |
Other Investments [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, target allocation, percentage | 5% |
Employee Benefit Plans - Sche_6
Employee Benefit Plans - Schedule of Fair Value of Benefit Plan Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | $ 1,306,456 | $ 1,649,239 |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 17,163 | 21,015 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 17,163 | 21,015 |
International Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 100,370 | 135,824 |
International Equity Securities [Member] | Fair Value, Inputs, Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 100,370 | 135,824 |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 3,190 | 5,757 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 3,190 | 5,757 |
Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 417,307 | 573,015 |
Equity Funds [Member] | Fair Value, Inputs, Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 417,307 | 573,015 |
Equity Funds, Foreign [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 30,977 | 51,559 |
Equity Funds, Foreign [Member] | Fair Value, Inputs, Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 30,977 | 51,559 |
Other Corporate Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 12,904 | 10,007 |
Other Corporate Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 12,904 | 10,007 |
US Government Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 361,070 | 462,829 |
US Government Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 361,070 | 462,829 |
Life Insurance Contract [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 626 | 842 |
Life Insurance Contract [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 626 | 842 |
Investment [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 943,607 | 1,260,848 |
Investment [Member] | Fair Value, Inputs, Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 569,007 | 787,170 |
Investment [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 373,974 | 472,836 |
Investment [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 626 | 842 |
US Equity Commingled Fund [Member] | Investment Measured at NAV [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 2,866 | 15,554 |
International Equity Commingled Fund [Member] | Investment Measured at NAV [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 161,458 | 180,138 |
US Fixed Income Commingled Fund [Member] | Investment Measured at NAV [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 44,861 | 48,537 |
International Fixed income Commingled Fund [Member] | Investment Measured at NAV [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 7,070 | 7,239 |
Private Equity Funds [Member] | Investment Measured at NAV [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 126,549 | 120,537 |
Government Securities Commingled Fund [Member] | Investment Measured at NAV [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 14,599 | 9,604 |
Other Investments [Member] | Investment Measured at NAV [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 3,592 | 5,483 |
Investment Measured At Net Asset Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 360,995 | 387,092 |
Accounts Receivable [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 2,288 | 1,416 |
Accounts Payable [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | $ (434) | $ (117) |
Employee Benefit Plans - Sche_7
Employee Benefit Plans - Schedule of Effect of Twenty Five Basis-Point Change in Discount Rates (Details) - Pension Plan [Member] $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 USD ($) | ||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan, effect of a 25 basis point increase in discount rate, obligation | $ (34,222) | [1] |
Defined benefit plan, effect of a 25 basis point increase in discount rate, net periodic benefit cost | 176 | |
Defined benefit plan, effect of a 25 basis point decrease in discount rate, obligation | 35,567 | [1] |
Defined benefit plan, effect of a 25 basis point decrease in discount rate, net periodic benefit cost | $ (204) | |
[1] Excludes impact to plan assets due to the LDI investment approach discussed above under "Plan Assets, Investment Policy and Strategy." |
Stock Compensation Plans - Addi
Stock Compensation Plans - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of share-based compensation granted to employees | $ 13,728 | $ 14,129 | $ 13,103 |
Share-based compensation expense | $ 8,913 | $ 9,782 | 12,701 |
Available for issuance of common stock | 979,855 | 1,706,634 | |
Fair value of employee stock vested in period | $ 9,247 | $ 7,453 | $ 8,037 |
Expected future compensation expense on restricted stock net of expected forfeitures | $ 11,626 | ||
Expected to be recognized over the remaining weighted-average vesting period | 1 year 6 months | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, award vesting period | 3 years | ||
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, award vesting period | 3 years | ||
Performance Restricted Stock Award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, award service period | 3 years | ||
Number of shares vest if threshold vesting conditions not met | 0 | ||
Performance Restricted Stock Award [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of vesting of shares granted if threshold vesting conditions exceed | 300% |
Stock Compensation Plans - Summ
Stock Compensation Plans - Summary of Status of Non-Vested Shares/Units of Restricted Stock and Deferred Stock Units (Details) | 12 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Shares, Non-vested restricted awards and deferred stock units at March 31, 2022 | shares | 1,361,155 |
Shares, Granted | shares | 954,949 |
Shares, Vested | shares | (561,862) |
Shares, Forfeited | shares | (241,046) |
Shares, Non-vested restricted awards and deferred stock units at March 31, 2023 | shares | 1,513,196 |
Weighted- Average Grant Date Fair Value, Non-vested restricted awards and deferred stock units at March 31, 2022 | $ / shares | $ 18 |
Weighted- Average Grant Date Fair Value, Granted | $ / shares | 14.38 |
Weighted- Average Grant Date Fair Value, Vested | $ / shares | 16.46 |
Weighted- Average Grant Date Fair Value, Forfeited | $ / shares | 19.73 |
Weighted- Average Grant Date Fair Value, Non-vested restricted awards and deferred stock units at March 31, 2023 | $ / shares | $ 16.01 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
May 02, 2023 | Apr. 30, 2023 | Mar. 31, 2023 | |
Loss Contingencies [Line Items] | |||
Withdrawal liability | $ 13,415 | ||
Minimum lease payments | 42,786 | ||
Accrued liability | 14,644 | ||
Representations - General [Member] | |||
Loss Contingencies [Line Items] | |||
Loss limit under asset purchase agreement | 18,750 | ||
Representations - Specified [Member] | |||
Loss Contingencies [Line Items] | |||
Loss limit under asset purchase agreement | $ 25,000 | ||
Subsequent Event [Member] | |||
Loss Contingencies [Line Items] | |||
Withdrawal liability | $ 14,644 | ||
Periodic payment of withdrawal liability | $ 400 | ||
Lease payment for divested business | $ 130 | ||
Minimum [Member] | |||
Loss Contingencies [Line Items] | |||
Obligations gurantee period for divestiture | 2 years | ||
Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Obligations gurantee period for divestiture | 5 years |
Customer Concentration - Additi
Customer Concentration - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Concentration Risk [Line Items] | |||
Net sales | $ 1,379,128 | $ 1,459,942 | $ 1,869,719 |
Boeing [Member] | Trade Accounts Receivable [Member] | Credit Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 12% | 17% | |
Boeing [Member] | Net sales [Member] | Credit Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Net sales | $ 296,132 | $ 491,606 | 698,372 |
Boeing [Member] | Net sales [Member] | Credit Concentration Risk [Member] | Systems & Support [Member] | |||
Concentration Risk [Line Items] | |||
Net sales | 191,193 | 157,686 | 225,027 |
Boeing [Member] | Net sales [Member] | Credit Concentration Risk [Member] | Interiors (formerly Aerospace Structures) [Member] | |||
Concentration Risk [Line Items] | |||
Net sales | $ 104,939 | $ 333,920 | $ 473,346 |
Boeing [Member] | Net sales [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 21% | 34% | 37% |
Significant Customer [Member] | Revenue from Contract with Customer [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10% | ||
Daher Aerospace [Member] | Trade Accounts Receivable [Member] | Credit Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 20% |
Collective Bargaining Agreeme_2
Collective Bargaining Agreements - Additional Information (Details) - Unionized Employees Concentration Risk [Member] | 12 Months Ended |
Mar. 31, 2023 | |
Workforce Subject To Collective Bargaining Arrangements [Member] | |
Concentration Risk [Line Items] | |
Concentration risk percentage labor force subject to collective bargaining arrangements | 9% |
Workforce Subject To Collective Bargaining Arrangements set to Expire within One Year [Member] | |
Concentration Risk [Line Items] | |
Concentration risk percentage labor force subject to collective bargaining arrangements | 33% |
Segments - Additional Informati
Segments - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 USD ($) Segment | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | Segment | 2 | ||
Loss on sale of assets and businesses | $ (101,523) | $ 9,294 | $ 104,702 |
Net sales | 1,379,128 | 1,459,942 | 1,869,719 |
Foreign Sales [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 314,759 | 309,961 | $ 359,406 |
Long-Lived assets in foreign countries | $ 139,059 | $ 143,272 |
Segments - Schedule of Selected
Segments - Schedule of Selected Financial Information for Each Reportable Segment and Reconciliation of EBITDAP to Operating Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Net sales to external customers | $ 1,379,128 | $ 1,459,942 | $ 1,869,719 |
Intersegment sales (eliminated in consolidation) | 0 | 0 | 0 |
Segment profit and reconciliation to consolidated income before income taxes: | |||
Adjusted EBITDAP | 250,081 | 220,259 | 173,197 |
Reconciliation of segment profit to income (loss) before income taxes | |||
Depreciation and amortization | (35,581) | (49,635) | (93,334) |
Interest expense and other, net | (137,714) | (135,861) | (171,397) |
Corporate expenses | (54,333) | (50,834) | (51,104) |
Share-based compensation expense | (8,913) | (9,782) | (12,701) |
Gain (Loss) on sale of assets and businesses | 101,523 | (9,294) | (104,702) |
Amortization of acquired contract liabilities | 2,500 | 5,871 | 38,564 |
Non-service defined benefit income | 19,664 | 5,373 | 49,519 |
Consideration payable to customer related to divestiture | (17,185) | ||
Impairment of rotable inventory | (23,689) | ||
Impairment of long-lived assets | (2,308) | (252,382) | |
Debt extinguishment loss | (33,044) | (11,624) | |
Warrant remeasurement gain, net | 8,683 | ||
Income (loss) from continuing operations before income taxes | 95,681 | (37,835) | (448,029) |
Total capital expenditures | 20,676 | 19,660 | 25,178 |
Total assets | 1,714,844 | 1,761,166 | |
Systems & Support [Member] | |||
Reconciliation of segment profit to income (loss) before income taxes | |||
Amortization of acquired contract liabilities | 2,500 | 5,859 | 15,062 |
Interiors [Member] | |||
Reconciliation of segment profit to income (loss) before income taxes | |||
Amortization of acquired contract liabilities | 0 | 12 | 23,502 |
Corporate & Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales to external customers | 0 | 0 | 0 |
Intersegment sales (eliminated in consolidation) | (52) | (49) | (4,653) |
Segment profit and reconciliation to consolidated income before income taxes: | |||
Adjusted EBITDAP | 0 | 0 | 0 |
Reconciliation of segment profit to income (loss) before income taxes | |||
Depreciation and amortization | (2,117) | (3,245) | (3,459) |
Total capital expenditures | 1,114 | 711 | 1,030 |
Total assets | 191,635 | 200,100 | |
Operating Segments [Member] | Systems & Support [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales to external customers | 1,167,526 | 1,030,413 | 1,056,822 |
Intersegment sales (eliminated in consolidation) | 7 | 31 | 3,179 |
Segment profit and reconciliation to consolidated income before income taxes: | |||
Adjusted EBITDAP | 218,144 | 190,055 | 155,693 |
Reconciliation of segment profit to income (loss) before income taxes | |||
Depreciation and amortization | (29,781) | (32,464) | (33,549) |
Total capital expenditures | 18,048 | 15,716 | 15,239 |
Total assets | 1,388,211 | 1,377,348 | |
Operating Segments [Member] | Interiors [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales to external customers | 211,602 | 429,529 | 812,897 |
Intersegment sales (eliminated in consolidation) | 45 | 18 | 1,474 |
Segment profit and reconciliation to consolidated income before income taxes: | |||
Adjusted EBITDAP | 31,937 | 30,204 | 17,504 |
Reconciliation of segment profit to income (loss) before income taxes | |||
Depreciation and amortization | (3,683) | (13,926) | (56,326) |
Total capital expenditures | 1,514 | 3,233 | $ 8,909 |
Total assets | $ 134,998 | $ 183,718 |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts - Schedule of Valuation and Qualifying Accounts (Details) - Deferred Tax Assets [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | ||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||||
Balance at beginning of year | $ 512,357 | $ 512,554 | $ 438,667 | |
Additions charged to (income) expense | (21,279) | 18,062 | 117,088 | |
Other | [1] | 21,501 | (18,259) | (43,201) |
Balance at end of year | $ 512,579 | $ 512,357 | $ 512,554 | |
[1] Adjustments relate to changes in defined benefit pension plan and other postretirement benefit plan obligations. |