Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'TRIUMPH GROUP INC | ' |
Entity Central Index Key | '0001021162 | ' |
Current Fiscal Year End Date | '--03-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 51,423,808 |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $25,465 | $28,998 |
Trade and other receivables, less allowance for doubtful accounts of $6,528 and $6,535 | 667,202 | 517,707 |
Inventories, net of unliquidated progress payments of $189,976 and $165,019 | 1,202,163 | 1,111,767 |
Rotable assets | 43,230 | 41,666 |
Deferred income taxes | 46,898 | 57,308 |
Prepaid and other current assets | 25,249 | 24,897 |
Total current assets | 2,010,207 | 1,782,343 |
Property and equipment, net | 965,424 | 930,973 |
Goodwill | 1,867,668 | 1,791,831 |
Intangible assets, net | 976,464 | 978,182 |
Other, net | 38,849 | 69,954 |
Total assets | 5,858,612 | 5,553,283 |
Current liabilities: | ' | ' |
Current portion of long-term debt | 43,323 | 49,575 |
Accounts payable | 301,808 | 317,334 |
Accrued expenses | 237,814 | 273,290 |
Total current liabilities | 582,945 | 640,199 |
Long-term debt, less current portion | 1,714,310 | 1,500,808 |
Accrued pension and other postretirement benefits, noncurrent | 448,767 | 508,524 |
Deferred income taxes, noncurrent | 386,686 | 385,085 |
Other noncurrent liabilities | 372,356 | 234,756 |
Stockholders’ equity: | ' | ' |
Common stock, $.001 par value, 100,000,000 shares authorized, 52,460,920 and 52,459,020 shares issued; 51,423,808 and 52,159,020 shares outstanding | 52 | 52 |
Capital in excess of par value | 856,496 | 866,281 |
Treasury Stock, Value | -70,178 | -19,134 |
Accumulated other comprehensive loss | -14,629 | -18,908 |
Retained earnings | 1,581,807 | 1,455,620 |
Total stockholders' equity | 2,353,548 | 2,283,911 |
Total liabilities and stockholders' equity | $5,858,612 | $5,553,283 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet Parenthetical (Parentheticals) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $6,528 | $6,535 |
Unliquidated progress payments | $189,976 | $165,019 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 52,460,920 | 52,459,020 |
Common stock, shares outstanding | 51,423,808 | 52,159,020 |
Treasury Stock, Shares | 1,037,112 | 300,000 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Net sales | $896,905 | $943,683 |
Operating costs and expenses: | ' | ' |
Cost of sales (exclusive of depreciation and amortization shown separately below) | 684,816 | 696,471 |
Selling, general and administrative | 65,710 | 66,717 |
Depreciation and amortization | 37,551 | 37,934 |
Restructuring Charges | 2,997 | 1,215 |
Gain (Loss) Related to Litigation Settlement | -134,693 | 0 |
Operating expenses | 656,381 | 802,337 |
Operating income | 240,524 | 141,346 |
Interest expense and other | 42,360 | 19,710 |
Income from continuing operations before income taxes | 198,164 | 121,636 |
Income tax expense | 69,921 | 42,593 |
Net Income (Loss) Attributable to Parent | $128,243 | $79,043 |
Earnings per share—basic: | $2.48 | $1.56 |
Weighted-average common shares outstanding-basic (in shares) | 51,691 | 50,815 |
Earnings per share—diluted: | $2.46 | $1.50 |
Weighted-average common shares outstanding-diluted (in shares) | 52,089 | 52,806 |
Dividends declared and paid per common share (in dollars per share) | $0.04 | $0.04 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Net Income (Loss) Attributable to Parent | $128,243 | $79,043 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' |
Foreign currency translation adjustment | 7,204 | -509 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 0 | 2,831 |
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service (Cost) Credit, Net of Tax | -1,533 | -1,759 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent | -1,533 | 1,072 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | -1,357 | -235 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | -35 | 15 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | -1,392 | -220 |
Other Comprehensive Income (Loss), Net of Tax | 4,279 | 343 |
Total comprehensive income | $132,522 | $79,386 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income Parenthetical (Parentheticals) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit), Tax | $0 | $0 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During the Period, Tax | 0 | 0 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Tax | 0 | ' |
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service (Cost) Credit, Tax | 921 | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During the Period, Tax | 905 | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | $20 | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating Activities | ' | ' |
Net Income (Loss) Attributable to Parent | $128,243 | $79,043 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 37,551 | 37,934 |
Amortization of acquired contract liabilities | -8,967 | -11,150 |
Accretion of debt discount | 1,577 | 145 |
Other amortization included in interest expense | 5,323 | 1,064 |
Provision for doubtful accounts receivable | -40 | 678 |
Provision for deferred income taxes | 71,106 | 41,924 |
Employee stock-based compensation | 996 | 1,328 |
Changes in assets and liabilities, excluding the effects of acquisitions and dispositions of businesses: | ' | ' |
Trade and other receivables | -84,970 | 42,082 |
Rotable assets | -1,564 | 1,705 |
Inventories | -49,274 | -72,569 |
Prepaid expenses and other current assets | 2,388 | 3,225 |
Accounts payable, accrued expenses and other current liabilities | -93,657 | -74,490 |
Accrued pension and other postretirement benefits | -62,636 | -37,458 |
Other | 1,872 | -1,579 |
Net cash (used in) provided by operating activities | -52,052 | 11,882 |
Investing Activities | ' | ' |
Capital expenditures | -23,077 | -56,229 |
Reimbursement Revenue | 0 | 2,869 |
Proceeds from sale of assets | 651 | 10,321 |
Acquisitions, net of cash acquired | -60,901 | -31,329 |
Net cash used in investing activities | -83,327 | -74,368 |
Financing Activities | ' | ' |
Net increase in revolving credit facility | 259,534 | 153,935 |
Proceeds from issuance of long-term debt | 323,505 | 25,000 |
Repayment of debt and capital lease obligations | -390,223 | -125,186 |
Payments for Repurchase of Common Stock | -51,043 | 0 |
Payment of deferred financing costs | -5,194 | -357 |
Dividends paid | -2,056 | -2,069 |
Repayments of government grant | -3,198 | 0 |
Repurchase of restricted shares for minimum tax obligation | -673 | -2,726 |
Proceeds from exercise of stock options | 356 | 109 |
Net cash (used in) provided by financing activities | 131,008 | 48,706 |
Effect of exchange rate changes on cash | 838 | 272 |
Net change in cash | -3,533 | -13,508 |
Cash at beginning of period | 28,998 | 32,037 |
Cash at end of period | $25,465 | $18,529 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows Parenthetical (Parentheticals) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Excess tax benefit | $0 | $0 |
BASIS_OF_PRESENTATION_AND_ORGA
BASIS OF PRESENTATION AND ORGANIZATION | 3 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
BASIS OF PRESENTATION AND ORGANIZATION | |
The accompanying unaudited condensed consolidated financial statements of Triumph Group, Inc. (the "Company") have been prepared in conformity with accounting principles generally accepted in the United States ('U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of the results of operations, financial position and cash flows. The results of operations for the three months ended June 30, 2014 are not necessarily indicative of results that may be expected for the year ending March 31, 2015. The accompanying condensed consolidated financial statements are unaudited and should be read in conjunction with the fiscal 2014 audited condensed consolidated financial statements and notes thereto included in the Company's Form 10-K for the year ended March 31, 2014 filed in May 2014. | |
The Company designs, engineers, manufactures, repairs and overhauls a broad portfolio of aerostructures, aircraft components, accessories, subassemblies and systems. The Company serves a broad, worldwide spectrum of the aviation industry, including original equipment manufacturers of commercial, regional, business and military aircraft and aircraft components, as well as commercial and regional airlines and air cargo carriers. | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued guidance codified in Accounting Standards Codification ("ASC") 606, Revenue Recognition - Revenue from Contracts with Customers, which amends the guidance in former ASC 605, Revenue Recognition. The objective of ASC 606 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance. The principle of ASC 606 is that an entity will recognize revenue at the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled. ASC 606 is effective for interim and annual reporting periods beginning after December 15, 2016 and can be adopted by the Company using either a full retrospective or modified retrospective approach, with early adoption prohibited. The Company is currently evaluating ASC 606 and has not determined the impact it may have on the Company’s consolidated results of operations, financial position or cash flows nor decided on the method of adoption. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||
Use of Estimates | ||||||||||||||
The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | ||||||||||||||
Revenue Recognition | ||||||||||||||
Revenues are generally recognized in accordance with the contract terms when products are shipped, delivery has occurred or services have been rendered, pricing is fixed and determinable, and collection is reasonably assured. A significant portion of the Company’s contracts are within the scope of the Revenue Recognition - Construction-Type and Production-Type Contracts topic of the ASC and revenue and costs on contracts are recognized using the percentage-of-completion method of accounting. Accounting for the revenue and profit on a contract requires estimates of (1) the contract value or total contract revenue, (2) the total costs at completion, which is equal to the sum of the actual incurred costs to date on the contract and the estimated costs to complete the contract’s scope of work, and (3) the measurement of progress towards completion. Depending on the contract, the Company measures progress toward completion using either the cost-to-cost method or the units-of-delivery method of accounting, with the great majority measured under the units-of-delivery method of accounting. | ||||||||||||||
• | Under the cost-to-cost method of accounting, progress toward completion is measured as the ratio of total costs incurred to estimated total costs at completion. Costs are recognized as incurred. Profit is determined based on estimated profit margin on the contract multiplied by the progress toward completion. Revenue represents the sum of costs and profit on the contract for the period. | |||||||||||||
• | Under the units-of-delivery method of accounting, revenue on a contract is recorded as the units are delivered and accepted during the period at an amount equal to the contractual selling price of those units. The costs recorded on a contract under the units-of-delivery method of accounting are equal to the total costs at completion divided by the total units to be delivered. As contracts can span multiple years, the Company often segments the contracts into production lots for the purposes of accumulating and allocating cost. Profit is recognized as the difference between revenue for the units delivered and the estimated costs for the units delivered. | |||||||||||||
Adjustments to original estimates for a contract’s revenues, estimated costs at completion and estimated total profit are often required as work progresses under a contract, as experience is gained and as more information is obtained, even though the scope of work required under the contract may not change, or if contract modifications occur. These estimates are also sensitive to the assumed rate of production. Generally, the longer it takes to complete the contract quantity, the more relative overhead that contract will absorb. The impact of revisions in cost estimates is recognized on a cumulative catch-up basis in the period in which the revisions are made. Provisions for anticipated losses on contracts are recorded in the period in which they become evident (‘‘forward losses’’) and are first offset against costs that are included in inventory, with any remaining amount reflected in accrued contract liabilities in accordance with the Revenue Recognition - Construction-Type and Production-Type Contracts topic. Revisions in contract estimates, if significant, can materially affect results of operations and cash flows, as well as valuation of inventory. Furthermore, certain contracts are combined or segmented for revenue recognition in accordance with the Revenue Recognition - Construction-Type and Production-Type Contracts topic. | ||||||||||||||
For the three months ended June 30, 2014, cumulative catch-up adjustments from changes in estimates decreased operating income, net income and earnings per share by approximately $(723), $(468) and $(0.01) net of tax, respectively. The cumulative catch-up adjustments to operating income for the three months ended June 30, 2014 included gross favorable adjustments of approximately $5,279 and gross unfavorable adjustments of approximately $(6,002). For the three months ended June 30, 2013, cumulative catch-up adjustments from changes in estimates decreased operating income, net income and earnings per share by approximately $(4,685), $(3,044) and $(0.06) net of tax, respectively. | ||||||||||||||
Amounts representing contract change orders or claims are only included in revenue when such change orders or claims have been settled with the customer and to the extent that units have been delivered. Additionally, some contracts may contain provisions for revenue sharing, price re-determination, requests for equitable adjustments, change orders or cost and/or performance incentives. Such amounts or incentives are included in contract value when the amounts can be reliably estimated and their realization is reasonably assured. | ||||||||||||||
Although fixed-price contracts, which extend several years into the future, generally permit the Company to keep unexpected profits if costs are less than projected, the Company also bears the risk that increased or unexpected costs may reduce profit or cause the Company to sustain losses on the contract. In a fixed-price contract, the Company must fully absorb cost overruns, notwithstanding the difficulty of estimating all of the costs the Company will incur in performing these contracts and in projecting the ultimate level of revenue that may otherwise be achieved. | ||||||||||||||
Failure to anticipate technical problems, estimate delivery reductions, estimate costs accurately or control costs during performance of a fixed-price contract may reduce the profitability of a fixed-price contract or cause a loss. The Company believes that it has recognized adequate provisions in the financial statements for losses on fixed-price contracts, but cannot be certain that the contract loss provisions will be adequate to cover all actual future losses. | ||||||||||||||
While the Company is currently projecting its recurring production contracts to be profitable, there is still a substantial amount of risk similar to what the Company has experienced on certain programs. Particularly, the Company's ability to manage risks related to supplier performance, execution of cost reduction strategies, hiring and retaining skilled production and management personnel, quality and manufacturing execution, program schedule delays and many other risks, will determine the ultimate performance of these programs. | ||||||||||||||
For example, significant cost growth experienced on the 747-8 program during prior fiscal year resulted in lower-than-expected margins during the year, but the deliveries are still profitable. We have assessed the profitability of future production related to the 747-8 program and currently projected that the program will continue to be profitable. However, if significant cost growth is experienced, cost reduction strategies are not successfully implemented and/or production rates are further reduced by our customers, profit margin on the 747-8 program could continue to deteriorate or a loss might be incurred on future recurring production blocks. | ||||||||||||||
Included in net sales of the Aerostructures and Aerospace Systems group is the non-cash amortization of acquired contract liabilities recognized as fair value adjustments through purchase accounting from various acquisitions. For the three months ended June 30, 2014 and 2013, the Company recognized $8,967 and $11,150, respectively, into net sales in the accompanying condensed consolidated statements of income. | ||||||||||||||
The Aftermarket Services Group provides repair and overhaul services, a small portion of which services are provided under long-term power-by-the-hour contracts. The Company applies the proportional performance method of accounting to recognize revenue under these contracts. Revenue is recognized over the contract period as units are delivered based on the relative value in proportion to the total estimated contract consideration. In estimating the total contract consideration, management evaluates the projected utilization of its customers’ fleet over the term of the contract, in connection with the related estimated repair and overhaul servicing requirements to the fleet based on such utilization. Changes in utilization of the fleet by customers, among other factors, may have an impact on these estimates and require adjustments to estimates of revenue to be realized. | ||||||||||||||
Concentration of Credit Risk | ||||||||||||||
The Company’s trade accounts receivable are exposed to credit risk. However, the risk is limited due to the diversity of the customer base and the customer base’s wide geographical area. Trade accounts receivable from The Boeing Company (“Boeing”) (representing commercial, military and space) represented approximately 27% and 32% of total trade accounts receivable as of June 30, 2014 and March 31, 2014, respectively. The Company had no other concentrations of credit risk of more than 10%. Sales to Boeing for the three months ended June 30, 2014 were $382,106, or 43% of net sales, of which $355,678, $20,691 and $5,737 were from the Aerostructures segment, the Aerospace Systems segment and Aftermarket Services segment, respectively. Sales to Boeing for the three months ended June 30, 2013 were $425,114, or 45% of net sales, of which $397,314, $20,774 and $7,026 were from the Aerostructures segment, the Aerospace Systems segment and Aftermarket Services segment, 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. | ||||||||||||||
Stock-Based Compensation | ||||||||||||||
The Company recognizes compensation expense for share-based awards based on the fair value of those awards at the date of grant. Stock-based compensation expense for the three months ended June 30, 2014 and 2013 was $996 and $1,328, 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 employees. Upon the exercise of stock options or vesting of restricted stock, the Company first transfers treasury stock, then issues new shares. | ||||||||||||||
Intangible Assets | ||||||||||||||
The components of intangible assets, net, are as follows: | ||||||||||||||
June 30, 2014 | ||||||||||||||
Weighted- | Gross Carrying | Accumulated | Net | |||||||||||
Average Life | Amount | Amortization | ||||||||||||
Customer relationships | 16.5 | $ | 660,166 | $ | (147,403 | ) | $ | 512,763 | ||||||
Product rights, technology and licenses | 11.7 | 52,405 | (29,629 | ) | 22,776 | |||||||||
Non-compete agreements and other | 15.9 | 2,929 | (404 | ) | 2,525 | |||||||||
Tradenames | Indefinite-lived | 438,400 | — | 438,400 | ||||||||||
Total intangibles, net | $ | 1,153,900 | $ | (177,436 | ) | $ | 976,464 | |||||||
March 31, 2014 | ||||||||||||||
Weighted- | Gross Carrying | Accumulated | Net | |||||||||||
Average Life | Amount | Amortization | ||||||||||||
Customer relationships | 16.7 | $ | 650,210 | $ | (136,970 | ) | $ | 513,240 | ||||||
Product rights, technology and licenses | 11.7 | 52,405 | (28,437 | ) | 23,968 | |||||||||
Non-compete agreements and other | 13.6 | 3,679 | (1,105 | ) | 2,574 | |||||||||
Tradenames | Indefinite-lived | 438,400 | — | 438,400 | ||||||||||
Total intangibles, net | $ | 1,144,694 | $ | (166,512 | ) | $ | 978,182 | |||||||
Amortization expense for the three months ended June 30, 2014 and 2013 was $11,631 and $11,533, respectively. | ||||||||||||||
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 to its interest rate swap (see Note 6). | ||||||||||||||
Warranty Reserves | ||||||||||||||
A reserve has been established to provide for the estimated future cost of warranties on our delivered products. The Company periodically reviews the reserves and adjustments are made accordingly. A provision for warranty on products delivered is made on the basis of historical experience and identified warranty issues. Warranties cover such factors as non-conformance to specifications and defects in material and workmanship. The majority of the Company's agreements include a three-year warranty, although certain programs have warranties up to 20 years. The warranty reserves as of ended June 30, 2014 and 2013, were $37,751 and $22,066, respectively. | ||||||||||||||
Supplemental Cash Flow Information | ||||||||||||||
The Company paid $591 and $672 for income taxes, net of refunds received, for the three months ended June 30, 2014 and 2013, respectively. The Company made interest payments of $45,589 and $11,589 for the three months ended June 30, 2014 and 2013, respectively. | ||||||||||||||
During the three months ended June 30, 2014 and 2013, the Company financed $0 and $26 of property and equipment additions through capital leases, respectively. During the three months ended June 30, 2014 and 2013, the Company issued 0 and 1,849,548 shares, respectively, in connection with certain conversions of convertible senior subordinated notes (see Note 6). | ||||||||||||||
During the three months ended June 30, 2014, under the existing stock repurchase program, the Company repurchased 750,000 shares for $51,044. As a result, as of June 30, 2014, the Company remains able to purchase an additional 4,450,800 shares under the existing stock repurchase program. |
ACQUISITIONS
ACQUISITIONS | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
ACQUISITIONS | ' | ||||||||
ACQUISITIONS | |||||||||
Acquisition of GE Aviation - Hydraulic Actuation | |||||||||
Effective June 27, 2014, the Company acquired the hydraulic actuation business of GE Aviation ("GE"). GE's hydraulic actuation business consists of three facilities located in Yakima, Washington, Cheltenham, England and the Isle of Man and is a technology leader in actuation systems. GE's key product offerings include complete landing gear actuation systems, door actuation, nose-wheel steerings, hydraulic fuses, manifolds flight control actuation and locking mechanisms for the commercial, military and business jet markets. The acquired business will operate as Triumph Actuation Systems-Yakima and Triumph Actuation Systems-UK & IOM and its results are included in Aerospace Systems Group from the date of acquisition. | |||||||||
The purchase price for the GE acquisition was $71,509, which includes cash paid at closing and deferred payments. Goodwill in the amount of $70,209 was recognized for this acquisition and is calculated as the excess of consideration transferred over the net assets recognized and represents future economic benefits arising from other assets acquired that could not be individually identified and separately recognized such as assembled workforce. The goodwill is deductible for tax purposes. The Company has also identified an intangible asset related to customer relationships valued at $9,000 with a weighted-average life of 13.0 years. | |||||||||
The accounting for the business combination is dependent upon obtaining valuations and other information for certain assets and liabilities which have not yet been completed or obtained to a point where definitive estimates can be made. The process for estimating the fair values of identified intangible assets, certain tangible assets and assumed liabilities requires the use of judgment to determine the appropriate assumptions. | |||||||||
As the acquisition date occurred at the end of our fiscal quarter, substantially all of the purchase price allocation for GE is provisional. As the Company finalizes estimates of the fair value of assets acquired and liabilities assumed, additional purchase price adjustments will be recorded during the measurement period not to exceed one year beyond the acquisition date. These adjustments may have a material impact on the Company's results of operations and financial position. | |||||||||
The table below presents the provisional estimated fair value of assets acquired and liabilities assumed on the acquisition date based on the best information the Company has received to date, in accordance with Accounting Standards Codification Topic 805, Business Combinations ("ASC 805"). These estimates will be revised as the Company receives final appraisal of tangible and intangible assets, certain liabilities assumed and other information related to the GE acquisition. Accordingly, the amounts below report the Company's best estimate of fair value based on the information available at this time: | |||||||||
June 27, 2014 | |||||||||
Cash | $ | 4,608 | |||||||
Accounts receivable | 36,730 | ||||||||
Inventory | 47,601 | ||||||||
Property and equipment | 41,004 | ||||||||
Goodwill | 70,209 | ||||||||
Intangible assets | 9,000 | ||||||||
Deferred taxes | 53,919 | ||||||||
Other assets | 2,506 | ||||||||
Total assets | $ | 265,577 | |||||||
Accounts payable | $ | 19,080 | |||||||
Accrued expenses | 26,104 | ||||||||
Acquired contract liabilities | 148,884 | ||||||||
Total liabilities | $ | 194,068 | |||||||
The provisional amounts recognized are based on the Company's best estimate using information that is has obtained as of the reporting date. The Company will finalize its estimate once it is able to determine that it has obtained all necessary information that existed as of the acquisition date related to this matter or one year following the acquisition of GE, whichever is earlier. | |||||||||
The GE acquisition has been accounted for under the acquisition method and, accordingly, is included in the condensed consolidated financial statements from the effective date of acquisition. The GE acquisition was funded by the Company's long-term borrowings in place at the date of acquisition. The Company incurred $812 in acquisition-related costs in connection with the GE acquisition, which is recorded in selling, general and administrative expenses in the accompanying Condensed Consolidated Statement of Income. | |||||||||
FISCAL 2014 ACQUISITIONS | |||||||||
Acquisition of Insulfab Product Line (Chase Corporation) | |||||||||
Effective October 7, 2013, the Company's wholly-owned subsidiary, Triumph Insulation Systems, LLC, acquired substantially all of the assets comprising the Insulfab product line from Chase Corporation ("Insulfab"). Insulfab primarily focuses on manufacturing high-quality, engineered barrier laminates used in aerospace applications. The results for Triumph Insulation Systems, LLC will continue to be included in the Aerostructures group from the date of acquisition. | |||||||||
The Company paid $7,394 in cash at closing for Insulfab, and in January 2014, paid $2,516 in cash after the working capital was finalized. Goodwill in the amount of $4,660 was recognized for this acquisition and is calculated as the excess of consideration transferred over the net assets recognized and represents future economic benefits arising from other assets acquired that could not be individually identified and separately recognized such as assembled workforce. The goodwill is deductible for tax purposes. | |||||||||
Acquisition of General Donlee Canada, Inc. | |||||||||
Effective October 4, 2013, the Company acquired all of the issued and outstanding shares of General Donlee Canada Inc. ("General Donlee"). General Donlee is based in Toronto, Canada and is a leading manufacturer of precision machined products for the aerospace, nuclear and oil and gas industries. The acquired business now operates as Triumph Gear Systems-Toronto ULC and its results are included in the Aerospace Systems Group from the date of acquisition. | |||||||||
The purchase price for the General Donlee acquisition was $56,622 plus assumed debt of $32,382, which was settled at closing. Additionally, on October 7, 2013, the Company, at its option, called General Donlee's Convertible Notes for $26,000, which were paid on November 12, 2013. Goodwill in the amount of $46,468 was recognized for this acquisition and is calculated as the excess of consideration transferred over the net assets recognized and represents future economic benefits arising from other assets acquired that could not be individually identified and separately recognized such as assembled workforce. The goodwill is not deductible for tax purposes. The Company has also identified intangible assets related to customer relationships valued at approximately $24,607 with a weighted-average life of 15.0 years. | |||||||||
The accounting for a business combination is dependent upon obtaining valuations and other information for certain assets and liabilities which have not yet been completed or obtained to a point where definitive estimates can be made. The process for estimating the fair values of identified intangible assets, certain tangible assets and assumed liabilities require the use of judgment to determine the appropriate assumptions. | |||||||||
As the Company finalizes estimates of the fair value of assets acquired and liabilities assumed, substantially all of the purchase price allocation for General Donlee is provisional. Additional purchase price adjustments will be recorded during the measurement period not to exceed one year beyond the acquisition date. These adjustments may have a material impact on the Company's results of operations and financial position. | |||||||||
The table below presents the provisional estimated fair value of assets acquired and liabilities assumed on the acquisition date based on the best information it has received to date, in accordance with ASC 805. The Company is awaiting final appraisal of tangible assets, intangible assets and certain contingent liabilities related to the General Donlee acquisition. Accordingly, the Company has recorded the value of intangible assets and property and equipment to draft appraisals. The allocation of the purchase price of the General Donlee acquisition is not complete and the amounts below represent the Company's best estimates of the fair value based on the current information: | |||||||||
October 4, 2013 | |||||||||
Accounts receivable | $ | 10,976 | |||||||
Inventory | 15,645 | ||||||||
Prepaid expenses and other | 184 | ||||||||
Property and equipment | 31,495 | ||||||||
Goodwill | 46,468 | ||||||||
Intangibles assets | 24,607 | ||||||||
Total assets | $ | 129,375 | |||||||
Accounts payable | $ | 2,841 | |||||||
Accrued expenses | 3,620 | ||||||||
Deferred taxes | 11,336 | ||||||||
Debt | 54,956 | ||||||||
Total liabilities | $ | 72,753 | |||||||
The provisional amounts recognized above are based on the Company's best estimates using information that it has obtained as of the reporting date. The Company will finalize its estimates once it is able to determine that it has obtained all necessary information that existed as of the acquisition date related to these matters or one year following the acquisition of General Donlee, whichever is earlier. | |||||||||
The General Donlee acquisition has been accounted for under the acquisition method and, accordingly, is included in the condensed consolidated financial statements from the effective date of the acquisition. The General Donlee acquisition was funded by the Company's long-term borrowings in place at the date of acquisition. The Company incurred $766 in acquisition-related costs in connection with the General Donlee acquisition, which were recorded in selling, general and administrative expenses in the Condensed Consolidated Statements of Income for the fiscal year ended March 31, 2014. | |||||||||
Acquisition of Primus Composites | |||||||||
Effective May 6, 2013, the Company acquired four related entities collectively comprising the Primus Composites ("Primus") business from Precision Castparts Corp. The acquired business, which includes two manufacturing facilities in Farnborough, England and Rayong, Thailand, will operate as Triumph Structures - Farnborough and Triumph Structures - Thailand and be included in the Aerostructures Group from the date of acquisition. Together, Triumph Structures - Farnborough and Triumph Structures - Thailand constitute a global supplier of composite and metallic propulsion and structural composites and assemblies. In addition to its composite operations, the Thailand operation also machines and processes metal components. | |||||||||
The purchase price for the Primus acquisition was $33,530 in cash and $30,000 in assumed debt settled at closing. Goodwill in the amount of $29,138 was recognized for this acquisition and is calculated as the excess of consideration transferred over the net assets recognized and represents future economic benefits arising from other assets acquired that could not be individually identified and separately recognized such as assembled workforce. The goodwill is not deductible for tax purposes. The Company has also identified intangible assets related to customer relationships valued at approximately $3,514 with a weighted-average life of 16.0 years. Prior to the anniversary of the acquisition date, the Company finalized the purchase price allocation. | |||||||||
The following condensed balance sheet represents the amounts assigned to each major asset and liability caption in the aggregate from the acquisition of Primus, in accordance with ASC 805: | |||||||||
May 6, 2013 | |||||||||
Cash | $ | 2,201 | |||||||
Accounts receivable | 17,392 | ||||||||
Inventory | 21,053 | ||||||||
Prepaid expenses and other | 883 | ||||||||
Property and equipment | 28,457 | ||||||||
Goodwill | 29,138 | ||||||||
Intangibles assets | 3,514 | ||||||||
Other noncurrent assets | 13,138 | ||||||||
Total assets | $ | 115,776 | |||||||
Accounts payable | $ | 10,027 | |||||||
Accrued expenses | 15,939 | ||||||||
Other noncurrent liabilities | 26,280 | ||||||||
Total liabilities | $ | 52,246 | |||||||
The Company finalized its estimates after it was able to determine that it had obtained all necessary information that existed as of the acquisition date related to these matters. | |||||||||
The Primus acquisition has been accounted for under the acquisition method and, accordingly, is included in the condensed consolidated financial statements from the effective date of the acquisition. The Primus acquisition was funded by the Company's long-term borrowings in place at the date of acquisition. The Company incurred $743 in acquisition-related costs in connection with the Primus acquisition, which is recorded in selling, general and administrative expenses in the Condensed Consolidated Statements of Income for the fiscal year ended March 31, 2014. | |||||||||
The pro forma results presented below include the effects of the GE, General Donlee and Primus acquisitions of as if they had been consummated as of April 1, 2013. The pro forma results include the amortization associated with an estimate of acquired intangible assets and interest expense on debt to fund these acquisitions, as well as fair value adjustments for property and equipment and off-market contracts. To better reflect the combined operating results, nonrecurring charges directly attributable to the transaction have been excluded. In addition, the pro forma results do not include any expected benefits of the acquisitions. Accordingly, the pro forma results are not necessarily indicative of either future results of operations or results that might have been achieved had the acquisitions been consummated as of April 1, 2013 and have been included in the Company's results of operations for fiscal years 2015 and 2014. | |||||||||
Three Months Ended June 30, | |||||||||
2014 | 2013 | ||||||||
Net Sales | $ | 947,842 | $ | 1,015,825 | |||||
Net income | 129,467 | 82,244 | |||||||
Earnings per share—basic | $ | 2.5 | $ | 1.62 | |||||
Earnings per share—diluted | $ | 2.49 | $ | 1.56 | |||||
DISCONTINUED_OPERATIONS_AND_AS
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE | 3 Months Ended |
Jun. 30, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | ' |
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE | ' |
4. DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE | |
Sale of Triumph Aerospace Systems - Wichita | |
In January 2014, the Company sold all of the shares of Triumph Aerospace Systems-Wichita, Inc. ("TAS-Wichita") for total cash proceeds of $23,000. As a result of the sale of TAS-Wichita, the Company recognized no gain or loss. The operating results of TAS-Wichita were included in the Aerostructures Group through the date of disposal. | |
Sale of Triumph Instruments - Burbank and Triumph Instruments - Ft. Lauderdale | |
In April 2013, the Company sold the assets and liabilities of Triumph Instruments - Burbank and Triumph Instruments - Ft. Lauderdale (collectively, "Triumph Instruments") for total proceeds of $11,200 including cash received at closing of $9,676, a note of $1,500, and the remaining amount which was held in escrow and received in the second quarter of fiscal 2014, resulting in a loss of $1,462 recognized during the year ended March 31, 2013. The assets and liabilities of Triumph Instruments were classified as held for sale as of March 31, 2013. The loss on the sale of the assets and liabilities of Triumph Instruments is included in the Condensed Consolidated Statements of Income within selling, general and administrative expenses for the year ended March 31, 2013. The operating results of Triumph Instruments were included in the Aftermarket Services Group through the date of disposal. | |
The Company expects to have significant continuing involvement in the businesses and markets of the disposed entities, as defined by ASC 205-20, Discontinued Operations, and, therefore, as a result, the disposal groups do not meet the criteria to be classified as discontinued operations. |
INVENTORIES
INVENTORIES | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
INVENTORIES | ' | |||||||
INVENTORIES | ||||||||
Inventories are stated at the lower of cost (average-cost or specific-identification methods) or market. The components of inventories are as follows: | ||||||||
June 30, 2014 | March 31, 2014 | |||||||
Raw materials | $ | 83,605 | $ | 106,552 | ||||
Work-in-process, including manufactured and purchased components | 1,199,720 | 1,102,626 | ||||||
Finished goods | 108,814 | 67,608 | ||||||
Less: unliquidated progress payments | (189,976 | ) | (165,019 | ) | ||||
Total inventories | $ | 1,202,163 | $ | 1,111,767 | ||||
Work-in-process inventory includes capitalized pre-production costs. Capitalized pre-production costs include nonrecurring engineering, planning and design, including applicable overhead, incurred before production is manufactured on a regular basis. Significant customer-directed work changes can also cause pre-production costs to be incurred. These costs are typically recovered over a contractually determined number of ship-set deliveries and the Company believes these amounts will be fully recovered. The balance of capitalized pre-production costs related to the Company's contracts with Bombardier for the Global 7000/8000 program ("Bombardier") and Embraer for the second generation E-Jet ("Embraer") as of June 30, 2014 is $165,764. The balance of capitalized pre-production costs related to the Company's contracts with Bombardier and Embraer as of March 31, 2014 was $131,358. | ||||||||
The Company is still in the early-development stages for the Bombardier and Embraer programs, as these aircrafts are not scheduled to enter service until 2016 and 2018, respectively, or later. Transition of these programs from development to recurring production levels is dependent upon the success of the programs achieving flight testing and certification, as well as the ability of the Bombardier and Embraer programs to generate acceptable levels of aircraft sales. The failure to achieve these milestones and level of sales or significant cost overruns may result in an impairment of the capitalized pre-production costs. |
LONGTERM_DEBT
LONG-TERM DEBT | 3 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
LONG-TERM DEBT | ' | |||||||||||||||
LONG-TERM DEBT | ||||||||||||||||
Long-term debt consists of the following: | ||||||||||||||||
June 30, 2014 | March 31, 2014 | |||||||||||||||
Revolving line of credit | $ | 453,940 | $ | 194,406 | ||||||||||||
Term loan | 370,313 | 375,000 | ||||||||||||||
Receivable securitization facility | 164,600 | 162,400 | ||||||||||||||
Equipment leasing facility and other capital leases | 80,720 | 74,342 | ||||||||||||||
Senior notes due 2018 | — | 348,423 | ||||||||||||||
Senior notes due 2021 | 375,000 | 375,000 | ||||||||||||||
Senior notes due 2022 | 300,000 | — | ||||||||||||||
Convertible senior subordinated notes | 5,082 | 12,834 | ||||||||||||||
Other debt | 7,978 | 7,978 | ||||||||||||||
1,757,633 | 1,550,383 | |||||||||||||||
Less current portion | 43,323 | 49,575 | ||||||||||||||
$ | 1,714,310 | $ | 1,500,808 | |||||||||||||
6. LONG-TERM DEBT (Continued) | ||||||||||||||||
Revolving Credit Facility | ||||||||||||||||
In May 2014, the Company amended its existing credit agreement (the “Credit Facility”) with its lenders to (i) to increase the maximum amount allowed for the receivable securitization facility (the “Securitization Facility”) and (ii) amend certain other terms and covenants. | ||||||||||||||||
In November 2013, the Company amended and restated its Credit Facility with its lenders to (i) provide for a $375,000 Term Loan with a maturity date of May 14, 2019 (the "2013 Term Loan"), (ii) maintain a Revolving Line of Credit under the Credit Facility of $1,000,000 with a $250,000 accordion feature, (iii) extend the maturity date to November 19, 2018, and (iv) amend certain other terms and covenants. In connection with the amendment to the Credit Facility, the Company incurred $2,795 of financing costs. These costs, along with the $6,507 of unamortized financing costs prior to the amendment, are being amortized over the remaining term of the Credit Facility. | ||||||||||||||||
The Company will repay the outstanding principal amount of the 2013 Term Loan in quarterly installments, on the first business day of each January, April, July and October, commencing April 2014. | ||||||||||||||||
The obligations under the Credit Facility and related documents are secured by liens on substantially all assets of the Company and its domestic subsidiaries pursuant to a Second Amended and Restated Guarantee and Collateral Agreement, dated as of November 19, 2013, among the administrative agent, the Company and the subsidiaries of the Company party thereto. | ||||||||||||||||
Pursuant to the Credit Facility, the Company can borrow, repay and re-borrow revolving credit loans, and cause to be issued letters of credit, in an aggregate principal amount not to exceed $1,000,000 outstanding at any time. The Credit Facility bears interest at either: (i) LIBOR plus between 1.38% and 2.50%; (ii) the prime rate; or (iii) an overnight rate at the option of the Company. The applicable interest rate is based upon the Company’s ratio of total indebtedness to earnings before interest, taxes, depreciation and amortization. In addition, the Company is required to pay a commitment fee of between 0.25% and 0.45% on the unused portion of the Credit Facility. The Company’s obligations under the Credit Facility are guaranteed by the Company’s domestic subsidiaries. | ||||||||||||||||
At June 30, 2014, there were $453,940 in borrowings and $36,907 in letters of credit outstanding under the Revolving Line of Credit provisions of the Credit Facility primarily to support insurance policies. At March 31, 2014, there were $194,406 in borrowings and $36,445 in letters of credit outstanding under the Revolving Line of Credit provisions of the Credit Facility primarily to support insurance policies. The level of unused borrowing capacity under the Revolving Line of Credit provisions of the Credit Facility varies from time to time depending in part upon its compliance with financial and other covenants set forth in the related agreement. The Credit Facility contains certain affirmative and negative covenants including limitations on specified levels of indebtedness to earnings before interest, taxes, depreciation and amortization, and interest coverage requirements, and includes limitations on, among other things, liens, mergers, consolidations, sales of assets, and incurrence of debt. If an event of default were to occur under the Credit Facility, the lenders would be entitled to declare all amounts borrowed under it immediately due and payable. The occurrence of an event of default under the Credit Facility could also cause the acceleration of obligations under certain other agreements. The Company is currently in compliance with all such covenants. As of June 30, 2014, the Company had borrowing capacity under this facility of $509,153 after reductions for borrowings and letters of credit outstanding under the facility. | ||||||||||||||||
In connection with the Company amending and restating the Credit Facility to add the 2013 Term Loan, the Company also entered into an interest rate swap agreement through November 2018 to reduce its exposure to interest on the variable rate portion of its long-term debt. On the date of inception, the Company designated the interest rate swap as a cash flow hedge in accordance with FASB guidance on accounting for derivatives and hedges and linked the interest rate swap to the 2013 Term Loan. The Company formally documented the hedging relationship between 2013 Term Loan and the interest rate swap, as well as its risk-management objective and strategy for undertaking the hedge, the nature of the risk being hedged, how the hedging instrument's effectiveness will be assessed and a description of the method of measuring the ineffectiveness. The | ||||||||||||||||
6. LONG-TERM DEBT (Continued) | ||||||||||||||||
Company also formally assesses, both at the hedge's inception and on a quarterly basis, whether the derivative item is highly effective offsetting changes in cash flows. | ||||||||||||||||
As of June 30, 2014 and March 31, 2014, the interest rate swap agreement had a notional amount of $370,313 and $375,000, respectively. As of June 30, 2014 and March 31, 2014, the interest rate swap agreement had a fair value of $(96) and $2,426, respectively, which is recorded in other comprehensive income net of applicable taxes (Level 2). The interest rate swap settles on a monthly basis when interest payments are made. These settlements occur through the maturity date. | ||||||||||||||||
Receivables Securitization Facility | ||||||||||||||||
In February 2013, the Company amended its $175,000 Securitization Facility, extending the term through February 2016. In connection with the Securitization Facility, the Company sells on a revolving basis certain trade 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. As of June 30, 2014, the maximum amount available under the Securitization Facility was $175,000. Interest rates are based on LIBOR plus a program fee and a commitment fee. The program fee is 0.43% on the amount outstanding under the Securitization Facility. Additionally, the commitment fee is 0.43% on 100.00% of the maximum amount available under the Securitization Facility. At June 30, 2014, there was $164,600 outstanding under the Securitization Facility. In connection with amending the Securitization Facility, the Company incurred approximately $196 of financing costs. These costs, along with the $537 of unamortized financing costs prior to the amendment, are being amortized over the life of the Securitization Facility. The Company securitizes its trade accounts receivable, which are generally non-interest bearing, in transactions that are accounted for as borrowings pursuant to the Transfers and Servicing topic of the ASC. | ||||||||||||||||
The agreement governing the Securitization Facility contains restrictions and covenants which include 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 of the Company's assets. | ||||||||||||||||
Capital Leases | ||||||||||||||||
During the three months ended June 30, 2014 and 2013, the Company entered into new capital leases in the amount of $0 and $26, respectively, to finance a portion of the Company’s capital additions for the period. During the three months ended June 30, 2014 and 2013, the Company obtained financing for existing fixed assets in the amount of $10,905 and $0, respectively. | ||||||||||||||||
Senior Subordinated Notes Due 2017 | ||||||||||||||||
On November 16, 2009, the Company issued $175,000 principal amount of 8.00% Senior Subordinated Notes due 2017 (the “2017 Notes”). The 2017 Notes were sold at 98.56% of principal amount and have an effective interest yield of 8.25%. Interest on the 2017 Notes is payable semiannually in cash in arrears on May 15 and November 15 of each year. In connection with the issuance of the 2017 Notes, the Company incurred approximately $4,390 of costs, which were deferred and are being amortized on the effective interest method over the term of the 2017 Notes. | ||||||||||||||||
On November 15, 2013, the Company completed the redemption of the 2017 Notes. The principal amount of $175,000 was redeemed at a price of 104% plus accrued and unpaid interest. As a result of the redemption, the Company recognized a pre-tax loss on redemption of $11,069, consisting of early termination premium, write-off of unamortized discount and deferred financing fees and was recorded on the Consolidated Statements of Income as a component of "Interest expense and other" for the fiscal year ended March 31, 2014. | ||||||||||||||||
6. LONG-TERM DEBT (Continued) | ||||||||||||||||
Senior Notes Due 2018 | ||||||||||||||||
On June 16, 2010, in connection with the acquisition of Vought, the Company issued $350,000 principal amount of 8.63% Senior Notes due 2018 (the “2018 Notes”). The 2018 Notes were sold at 99.27% of principal amount and had an effective interest yield of 8.75%. Interest on the 2018 Notes accrued at the rate of 8.63% per annum and was payable semiannually in cash in arrears on January 15 and July 15 of each year. In connection with the issuance of the 2018 Notes, the Company incurred approximately $7,307 of costs, which were deferred and were amortized on the effective interest method over the term of the 2018 Notes. | ||||||||||||||||
On June 23, 2014, the Company completed the redemption of the 2018 Notes. The principal amount of $350,000 was redeemed at a price of 104.79% plus accrued and unpaid interest. As a result of the redemption, the Company recognized a pre-tax loss on redemption of $22,615, consisting of early termination premium, write-off of unamortized discount and deferred financing fees and was recorded on the Condensed Consolidated Statements of Income as a component of "Interest expense and other" for the three months ended June 30, 2014. | ||||||||||||||||
Senior Notes Due 2021 | ||||||||||||||||
On February 26, 2013, the Company issued $375,000 principal amount of 4.875% Senior Notes due 2021 (the "2021 Notes"). The 2021 Notes were sold at 100% of principal amount and have an effective interest yield of 4.875%. Interest on the 2021 Notes accrues at the rate of 4.875% per annum and is payable semiannually in cash in arrears on April 1 and October 1 of each year, commencing on October 1, 2013. In connection with the issuance of the 2021 Notes, the Company incurred approximately $6,327 of costs, which were deferred and are being amortized on the effective interest method over the term of the 2021 Notes. | ||||||||||||||||
The 2021 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 2021 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 2021 Notes prior to April 1, 2017 by paying a "make-whole" premium. The Company may redeem some or all of the 2021 Notes on or after April 1, 2017 at specified redemption prices. In addition, prior to April 1, 2016, the Company may redeem up to 35% of the 2021 Notes with the net proceeds of certain equity offerings at a redemption price equal to 104.875% of the aggregate principal amount plus accrued and unpaid interest, if any, subject to certain limitations set forth in the indenture governing the 2021 Notes (the "2021 Indenture"). | ||||||||||||||||
The Company is obligated to offer to repurchase the 2021 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 2021 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 transactions with affiliates. | ||||||||||||||||
Senior Notes Due 2022 | ||||||||||||||||
On June 3, 2014, the Company issued $300,000 principal amount of 5.250% Senior Notes due 2022 (the "2022 Notes"). The 2022 Notes were sold at 100% of principal amount and have an effective interest yield of 5.250%. Interest on the 2022 Notes accrues at the rate of 5.250% per annum and is payable semiannually in cash in arrears on June 1 and December 1 of each year, commencing on December 1, 2014. In connection with the issuance of the 2022 Notes, the Company incurred approximately $4,990 of costs, which were deferred and are being amortized on the effective interest method over the term of the 2022 Notes. | ||||||||||||||||
6. LONG-TERM DEBT (Continued) | ||||||||||||||||
The 2022 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 2022 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 2022 Notes prior to June 1, 2017 by paying a "make-whole" premium. The Company may redeem some or all of the 2022 Notes on or after June 1, 2017 at specified redemption prices. In addition, prior to June 1, 2017, the Company may redeem up to 35% of the 2022 Notes with the net proceeds of certain equity offerings at a redemption price equal to 105.250% of the aggregate principal amount plus accrued and unpaid interest, if any, subject to certain limitations set forth in the indenture governing the 2022 Notes (the "2022 Indenture"). | ||||||||||||||||
The Company is obligated to offer to repurchase the 2022 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 2022 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 transactions with affiliates. | ||||||||||||||||
Convertible Senior Subordinated Notes | ||||||||||||||||
On September 18, 2006, the Company issued $201,250 in convertible senior subordinated notes (the “Convertible Notes”). The Convertible Notes are direct, unsecured, senior subordinated obligations of the Company, and rank (i) junior in right of payment to all of the Company’s existing and future senior indebtedness, (ii) equal in right of payment with any other future senior subordinated indebtedness, and (iii) senior in right of payment to all subordinated indebtedness. | ||||||||||||||||
The Convertible Notes bear interest at a fixed rate of 2.63% per annum, payable in cash semiannually in arrears on each April 1 and October 1. During the period commencing on October 6, 2011 and ending on, but excluding, April 1, 2012, and for each six-month period from October 1 to March 31 or from April 1 to September 30 thereafter, the Company will pay contingent interest during the applicable interest period if the average trading price of a note for the five consecutive trading days ending on the third trading day immediately preceding the first day of the relevant six-month period equals or exceeds 120% of the principal amount of the Convertible Notes. The contingent interest payable per note in respect of any six-month period will equal 0.25% per annum, calculated on the average trading price of a note for the relevant five trading day period. The Company expects that this contingent interest will continue to be payable on principal that remains outstanding. This contingent interest feature represents an embedded derivative. The value of the derivative was not deemed material at June 30, 2014 due to overall market volatility, recent conversions by holders of the Convertible Notes, as well as the Company's ability to call the Convertible Notes at any time after October 6, 2011. | ||||||||||||||||
The Convertible Notes mature on October 1, 2026, unless earlier redeemed, repurchased or converted. The Company may redeem the Convertible Notes for cash, in whole or in part, at any time on or after October 6, 2011 at a redemption price equal to 100% of the principal amount of the Convertible Notes to be redeemed plus accrued and unpaid interest, including contingent interest and additional amounts, if any, up to but not including the date of redemption. In addition, holders of the Convertible Notes will have the right to require the Company to repurchase for cash all or a portion of their Convertible Notes on October 1, 2016 and 2021, at a repurchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased plus accrued and unpaid interest, including contingent interest and additional amounts, if any, up to, but not including, the date of repurchase. On September 2, 2011, the Company submitted a tender offer of repurchase to the holders of the Convertible Notes, expiring October 3, 2011, and no notes were tendered for repurchase. The Convertible Notes are convertible into the Company’s common stock at a rate equal to 36.8679 shares per $1 principal amount of the Convertible Notes | ||||||||||||||||
6. LONG-TERM DEBT (Continued) | ||||||||||||||||
(equal to an initial conversion price of approximately $27.12 per share), subject to adjustment as described in the indenture governing the Convertible Notes. Upon conversion, the Company will deliver to the holder surrendering the Convertible Notes for conversion, for each $1 principal amount of Convertible Notes, an amount consisting of cash equal to the lesser of $1 and the Company’s total conversion obligation and, to the extent that the Company’s total conversion obligation exceeds $1, at the Company’s election, cash or shares of the Company’s common stock in respect of the remainder. | ||||||||||||||||
The Convertible Notes are eligible for conversion upon meeting certain conditions as provided in the indenture governing the Convertible Notes. For the periods from January 1, 2011 through June 30, 2014, the Convertible Notes were eligible for conversion. During the three months ended June 30, 2014, the Company settled the conversion of $7,752 in principal value of the Convertible Notes, as requested by the respective holders, with the principal and the conversion benefit settled in cash. During the three months ended June 30, 2013, the Company settled the conversion of $77,260 in principal value of the Convertible Notes, as requested by the respective holders, with the principal settled in cash and the conversion benefit settled through the issuance of 1,849,548 shares. During June 2014, the Company received notice of conversion from holders of $5,082 in principal value of the Convertible Notes. These conversions were settled in the second quarter of fiscal 2015 with the principal and the conversion benefit settled in cash. Accordingly, the balance sheet classification of the Convertible Notes was short term. | ||||||||||||||||
On May 22, 2014, the Company announced the redemption of the Convertible Notes. The redemption price for the Convertible Notes was equal to the sum of 100% of the principal amount of the Convertible Notes outstanding, plus accrued and unpaid interest on the Convertible Notes up to, but not including, the redemption date of June 23, 2014. The Convertible Notes were able to be converted at the option of the holder. Holders of $34 in Convertible Notes elected not to convert prior to the redemption date. | ||||||||||||||||
To be included in the calculation of diluted earnings per share, the average price of the Company’s common stock for the quarter must exceed the conversion price per share of $27.12. The average price of the Company’s common stock for the three months ended June 30, 2014 and 2013 was $67.45 and $77.45, respectively. Therefore, for the three months ended June 30, 2014 and 2013, there were 197,830 and 1,692,709 additional shares, respectively, included in the calculation of diluted earnings per share. | ||||||||||||||||
Financial Instruments Not Recorded at Fair Value | ||||||||||||||||
The carrying amounts of certain of our financial instruments, including cash and cash equivalents, accounts receivable and accounts payable, approximate fair value because of their short maturities (Level 1 inputs). Carrying amounts and the related estimated fair values of the Company’s financial instruments not recorded at fair value in the financial statements are as follows: | ||||||||||||||||
June 30, 2014 | March 31, 2014 | |||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||
Value | Value | |||||||||||||||
Long-term debt | $ | 1,757,633 | $ | 1,761,503 | $ | 1,550,383 | $ | 1,580,447 | ||||||||
The fair value of the long-term debt was calculated based on interest rates available for debt with terms and maturities similar to the Company’s existing debt arrangements, unless quoted market prices were available (Level 2 inputs). |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 3 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Earnings Per Share [Abstract] | ' | ||||||
EARNINGS PER SHARE | ' | ||||||
EARNINGS PER SHARE | |||||||
The following is a reconciliation between the weighted-average outstanding shares used in the calculation of basic and diluted earnings per share: | |||||||
Three Months Ended June 30, | |||||||
(in thousands) | |||||||
2014 | 2013 | ||||||
Weighted-average common shares outstanding – basic | 51,691 | 50,815 | |||||
Net effect of dilutive stock options and nonvested stock | 200 | 298 | |||||
Potential common shares – convertible debt | 198 | 1,693 | |||||
Weighted-average common shares outstanding – diluted | 52,089 | 52,806 | |||||
INCOME_TAXES
INCOME TAXES | 3 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
The Company follows the Income Taxes topic of the ASC, 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 de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. | |
The Company has classified uncertain tax positions as noncurrent income tax liabilities unless expected to be paid in one year. Penalties and tax-related interest expense are reported as a component of income tax expense. As of June 30, 2014 and March 31, 2014, the total amount of accrued income tax-related interest and penalties was $185 and $204, respectively. | |
As of June 30, 2014 and March 31, 2014, the total amount of unrecognized tax benefits was $7,814 and $8,865, respectively, of which $6,031 and $7,082, respectively, would impact the effective rate, if recognized. The Company does not anticipate that total unrecognized tax benefits will be reduced in the next 12 months. | |
The effective income tax rate for the three months ended June 30, 2014 was 35.3% as compared to 35.0% for the three months ended June 30, 2013. For the three months ended June 30, 2014, the income tax provision was reduced to reflect | |
unrecognized tax benefits of $1,051 and an additional tax benefit related to the a net operating loss carryback claim of $367. | |
With few exceptions, the Company is no longer subject to U.S. federal income tax examinations for fiscal years ended before March 31, 2011, state or local examinations for fiscal years ended before March 31, 2011, or foreign income tax examinations by tax authorities for fiscal years ended before March 31, 2009. | |
As of June 30, 2014, the Company was not subject to examination in any state jurisdiction. The Company has filed appeals in a prior state examination related to fiscal years ended March 31, 1999 through March 31, 2005. The IRS examination of the fiscal year ended March 31, 2011 was completed during the quarter, with no material changes. Because of net operating losses acquired as part of the acquisition of Vought, the Company is subject to U.S. federal income tax examinations and various state jurisdictions for the years ended December 31, 2004 and after related to previously filed Vought tax returns. The Company believes appropriate provisions for all outstanding issues have been made for all jurisdictions and all open years. | |
The Company expects to receive a refund claim of $26,001, which had previously been filed for in the second quarter of the fiscal year ended March 31, 2013. The refund claim receivable is included in "Trade and other receivables" in the Condensed Consolidated Balance Sheet as of June 30, 2014. |
GOODWILL
GOODWILL | 3 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
GOODWILL | ' | |||||||||||||||
GOODWILL | ||||||||||||||||
The following is a summary of the changes in the carrying value of goodwill by reportable segment, from March 31, 2014 through June 30, 2014: | ||||||||||||||||
Aerostructures | Aerospace | Aftermarket | Total | |||||||||||||
Systems | Services | |||||||||||||||
Balance, March 31, 2014 | $ | 1,339,993 | $ | 395,852 | $ | 55,986 | $ | 1,791,831 | ||||||||
Goodwill recognized in connection with acquisitions | — | 70,209 | — | 70,209 | ||||||||||||
Effect of exchange rate changes | 3,734 | 1,894 | — | 5,628 | ||||||||||||
Balance, June 30, 2014 | $ | 1,343,727 | $ | 467,955 | $ | 55,986 | $ | 1,867,668 | ||||||||
PENSION_AND_OTHER_POSTRETIREME
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | ' | |||||||
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | ||||||||
The Company sponsors several defined benefit pension plans covering some of its employees. Certain employee groups are ineligible to participate in the plans or have ceased to accrue additional benefits under the plans based upon their service to the Company or years of service accrued under the defined benefit pension 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 U.S. Government regulations, by making payments into a separate trust. | ||||||||
In addition to the defined benefit pension plans, the Company provides certain healthcare and life insurance benefits for eligible retired employees. Such benefits are unfunded. Employees achieve eligibility to participate in these contributory plans upon retirement from active service if they meet specified age and years of service requirements. Election to participate for some employees must be made at the date of retirement. Qualifying dependents at the date of retirement are also eligible for medical coverage. Current plan documents reserve the right to amend or terminate the plans at any time, subject to applicable collective bargaining requirements for represented employees. From time to time, changes have been made to the benefits provided to various groups of plan participants. Premiums charged to most retirees for medical coverage prior to age 65 are based on years of service and are adjusted annually for changes in the cost of the plans as determined by an independent actuary. In addition to this medical inflation cost-sharing feature, the plans also have provisions for deductibles, co-payments, coinsurance percentages, out-of-pocket limits, schedules of reasonable fees, preferred provider networks, coordination of benefits with other plans and a Medicare carve-out. | ||||||||
In accordance with the Compensation – Retirement Benefits topic of the ASC, the Company has recognized the funded status of the benefit obligation as of the date of the last remeasurement, in the accompanying Condensed Consolidated Balance Sheets. The funded status is measured as the difference between the fair value of the plan’s assets and the PBO or accumulated postretirement benefit obligation of the plan. In order to recognize the funded status, the Company determined the fair value of the plan assets. The majority of the plan assets are publicly traded investments which were valued based on the market price as of the date of remeasurement. Investments that are not publicly traded were valued based on the estimated fair value of those investments based on our evaluation of data from fund managers and comparable market data. | ||||||||
10. PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Continued) | ||||||||
Net Periodic Benefit Plan Costs | ||||||||
The components of net periodic benefit costs for our postretirement benefit plans are shown in the following table: | ||||||||
Pension benefits | ||||||||
Three Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
Components of net periodic benefit expense (income): | ||||||||
Service cost | $ | 3,256 | $ | 3,293 | ||||
Interest cost | 21,951 | 23,216 | ||||||
Expected return on plan assets | (36,913 | ) | (37,018 | ) | ||||
Amortization of prior service credits | (1,321 | ) | (1,683 | ) | ||||
Amortization of net loss | — | 4,531 | ||||||
Net periodic benefit income | $ | (13,027 | ) | $ | (7,661 | ) | ||
Other postretirement benefits | ||||||||
Three Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
Components of net periodic benefit expense: | ||||||||
Service cost | $ | 717 | $ | 765 | ||||
Interest cost | 3,082 | 3,138 | ||||||
Amortization of prior service credits | (1,132 | ) | (1,132 | ) | ||||
Net periodic benefit expense | $ | 2,667 | $ | 2,771 | ||||
STOCKHOLDERS_EQUITY_STOCKHOLDE
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY | 3 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | |||||||||||||||
STOCKHOLDERS' EQUITY | ||||||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||||
Changes in accumulated other comprehensive income (loss) ("AOCI") by component for the three months ended June 30, 2014 and 2013, respectively, were as follows: | ||||||||||||||||
Currency Translation Adjustment | Unrealized Gains and Losses on Derivative Instruments | Defined Benefit Pension Plans and Other Postretirement Benefits | Total (1) | |||||||||||||
Balance March 31, 2014 | $ | 198 | $ | 1,496 | $ | (20,602 | ) | $ | (18,908 | ) | ||||||
AOCI before reclassifications | 7,204 | (1,357 | ) | — | 5,847 | |||||||||||
Amounts reclassified from AOCI | — | (35 | ) | (1,533 | ) | (2 | ) | (1,568 | ) | |||||||
Net current period AOCI | 7,204 | (1,392 | ) | (1,533 | ) | 4,279 | ||||||||||
Balance June 30, 2014 | $ | 7,402 | $ | 104 | $ | (22,135 | ) | $ | (14,629 | ) | ||||||
Currency Translation Adjustment | Unrealized Gains and Losses on Derivative Instruments | Defined Benefit Pension Plans and Other Postretirement Benefits | Total (1) | |||||||||||||
Balance March 31, 2013 | $ | 3,513 | $ | 131 | $ | (64,616 | ) | $ | (60,972 | ) | ||||||
AOCI before reclassifications | (509 | ) | (235 | ) | — | (744 | ) | |||||||||
Amounts reclassified from AOCI | — | 15 | 1,072 | (2 | ) | 1,087 | ||||||||||
Net current period AOCI | (509 | ) | (220 | ) | 1,072 | 343 | ||||||||||
Balance June 30, 2013 | $ | 3,004 | $ | (89 | ) | $ | (63,544 | ) | $ | (60,629 | ) | |||||
(1) Net of tax. | ||||||||||||||||
(2) Primarily relates to amortization of actuarial losses and recognized prior service (credits) costs, which are included in the net periodic pension cost of which a portion is allocated to production as inventoried costs. |
SEGMENTS
SEGMENTS | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
SEGMENTS | ' | ||||||||
SEGMENTS | |||||||||
The Company has three reportable segments: the Aerostructures Group, the Aerospace Systems Group and the Aftermarket Services Group. The Company’s reportable segments are aligned with how the business is managed and the markets that the Company serves are viewed. 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, depreciation and amortization (“Adjusted EBITDA”) as a primary measure of segment profitability to evaluate performance of its segments and allocate resources. | |||||||||
The Aerostructures segment consists of the Company’s operations that manufacture products primarily for the aerospace original equipment manufacturer ("OEM") market. The Aerostructures segment’s revenues are derived from the design, manufacture, assembly and integration of metallic and composite aerostructures and structural components, including aircraft wings, fuselage sections, tail assemblies, engine nacelles, flight control surfaces as well as helicopter cabins. Further, the segment’s operations also design and manufacture composite assemblies for floor panels and environmental control system ducts. These products are sold to various aerospace OEMs on a global basis. | |||||||||
The Aerospace Systems segment consists of the Company’s operations that also manufacture products primarily for the aerospace OEM market, as well as the related aftermarket. The segment’s operations design and engineer mechanical and electromechanical controls, such as hydraulic systems, main engine gearbox assemblies, accumulators, mechanical control cables and non-structural cockpit components. These products are sold primarily to various aerospace OEMs on a global basis. | |||||||||
The Aftermarket Services segment consists of the Company’s operations that provide maintenance, repair and overhaul services to both commercial and military markets on components and accessories manufactured by third parties. Maintenance, repair and overhaul revenues are derived from services on auxiliary power units, airframe and engine accessories, including constant-speed drives, cabin compressors, starters and generators, and pneumatic drive units. In addition, the segment’s operations repair and overhaul thrust reversers, nacelle components and flight control surfaces. The segment’s operations also perform repair and overhaul services and supply spare parts for various types of gauges for a broad range of commercial airlines on a worldwide basis. | |||||||||
Segment Adjusted EBITDA 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, including a gain on legal settlement, net of expenses, of $134,693 for the three months ended June 30, 2014. | |||||||||
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 and the reconciliation of Adjusted EBITDA to operating income is as follows: | |||||||||
12. SEGMENTS (Continued) | |||||||||
Three Months Ended June 30, | |||||||||
2014 | 2013 | ||||||||
Net sales: | |||||||||
Aerostructures | $ | 611,863 | $ | 651,888 | |||||
Aerospace systems | 219,852 | 219,526 | |||||||
Aftermarket services | 67,608 | 74,353 | |||||||
Elimination of inter-segment sales | (2,418 | ) | (2,084 | ) | |||||
$ | 896,905 | $ | 943,683 | ||||||
Income before income taxes: | |||||||||
Operating income (expense): | |||||||||
Aerostructures | $ | 70,866 | $ | 100,387 | |||||
Aerospace systems | 37,352 | 42,643 | |||||||
Aftermarket services | 10,504 | 11,279 | |||||||
Corporate | 121,802 | (12,963 | ) | ||||||
240,524 | 141,346 | ||||||||
Interest expense and other | 42,360 | 19,710 | |||||||
$ | 198,164 | $ | 121,636 | ||||||
Depreciation and amortization: | |||||||||
Aerostructures | $ | 24,979 | $ | 26,313 | |||||
Aerospace systems | 9,517 | 8,539 | |||||||
Aftermarket services | 1,877 | 1,877 | |||||||
Corporate | 1,178 | 1,205 | |||||||
$ | 37,551 | $ | 37,934 | ||||||
Amortization of acquired contract liabilities, net: | |||||||||
Aerostructures | $ | 5,117 | $ | 6,141 | |||||
Aerospace systems | 3,850 | 5,009 | |||||||
$ | 8,967 | $ | 11,150 | ||||||
Adjusted EBITDA: | |||||||||
Aerostructures | $ | 90,728 | $ | 120,559 | |||||
Aerospace systems | 43,019 | 46,173 | |||||||
Aftermarket services | 12,381 | 13,156 | |||||||
Corporate | (11,713 | ) | (11,758 | ) | |||||
$ | 134,415 | $ | 168,130 | ||||||
Capital expenditures: | |||||||||
Aerostructures | $ | 15,369 | $ | 45,945 | |||||
Aerospace systems | 5,663 | 4,432 | |||||||
Aftermarket services | 1,680 | 4,152 | |||||||
Corporate | 365 | 1,700 | |||||||
$ | 23,077 | $ | 56,229 | ||||||
12. SEGMENTS (Continued) | |||||||||
June 30, 2014 | 31-Mar-14 | ||||||||
Total Assets: | |||||||||
Aerostructures | $ | 3,867,170 | $ | 3,880,645 | |||||
Aerospace systems | 1,457,601 | 1,255,033 | |||||||
Aftermarket services | 318,067 | 316,643 | |||||||
Corporate | 215,774 | 100,962 | |||||||
$ | 5,858,612 | $ | 5,553,283 | ||||||
During the three months ended June 30, 2014 and 2013, the Company had international sales of $159,834 and $145,091, respectively. |
SELECTED_CONSOLIDATING_FINANCI
SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS | 3 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS | ' | |||||||||||||||||||
SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS | ||||||||||||||||||||
The 2021 Notes and the 2022 Notes are fully and unconditionally guaranteed on a joint and several basis by the Guarantor Subsidiaries. The total assets, stockholders' equity, revenue, earnings and cash flows from operating activities of the Guarantor Subsidiaries exceeded a majority of the consolidated total of such items as of and for the periods reported. The only consolidated subsidiaries of the Company that are not guarantors of the 2021 Notes and the 2022 Notes (the “Non-Guarantor Subsidiaries”) are: (a) the receivables securitization special-purpose entity; and (b) the international operating subsidiaries. The following tables present condensed consolidating financial statements including the Company (the “Parent”), the Guarantor Subsidiaries, and the Non-Guarantor Subsidiaries. Such financial statements include summary condensed consolidating balance sheets as of June 30, 2014 and March 31, 2014, condensed consolidating statements of comprehensive income for the three months ended June 30, 2014 and 2013, and condensed consolidating statements of cash flows for the three months ended June 30, 2014 and 2013. | ||||||||||||||||||||
13 | SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Continued) | |||||||||||||||||||
SUMMARY CONDENSED CONSOLIDATING BALANCE SHEETS: | ||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Subsidiaries | Total | ||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 621 | $ | 1,631 | $ | 23,213 | $ | — | $ | 25,465 | ||||||||||
Trade and other receivables, net | 164,290 | 188,213 | 314,699 | — | 667,202 | |||||||||||||||
Inventories | — | 1,114,818 | 87,345 | — | 1,202,163 | |||||||||||||||
Rotable assets | — | 29,677 | 13,553 | — | 43,230 | |||||||||||||||
Deferred income taxes | — | 46,898 | — | — | 46,898 | |||||||||||||||
Prepaid expenses and other | 6,249 | 11,260 | 7,740 | — | 25,249 | |||||||||||||||
Total current assets | 171,160 | 1,392,497 | 446,550 | — | 2,010,207 | |||||||||||||||
Property and equipment, net | 9,420 | 803,131 | 152,873 | — | 965,424 | |||||||||||||||
Goodwill and other intangible assets, net | — | 2,672,046 | 172,086 | — | 2,844,132 | |||||||||||||||
Other, net | 26,566 | 8,399 | 3,884 | — | 38,849 | |||||||||||||||
Intercompany investments and advances | 4,196,184 | 266,885 | 37,192 | (4,500,261 | ) | — | ||||||||||||||
Total assets | $ | 4,403,330 | $ | 5,142,958 | $ | 812,585 | $ | (4,500,261 | ) | $ | 5,858,612 | |||||||||
Current liabilities: | ||||||||||||||||||||
Current portion of long-term debt | $ | 24,096 | $ | 19,227 | $ | — | $ | — | $ | 43,323 | ||||||||||
Accounts payable | — | 274,250 | 27,558 | — | 301,808 | |||||||||||||||
Accrued expenses | 30,312 | 170,846 | 36,656 | — | 237,814 | |||||||||||||||
Total current liabilities | 54,408 | 464,323 | 64,214 | — | 582,945 | |||||||||||||||
Long-term debt, less current portion | 1,488,250 | 63,660 | 162,400 | — | 1,714,310 | |||||||||||||||
Intercompany advances | 492,141 | 2,234,875 | 261,296 | (2,988,312 | ) | — | ||||||||||||||
Accrued pension and other postretirement benefits, noncurrent | 6,894 | 441,873 | — | — | 448,767 | |||||||||||||||
Deferred income taxes and other | 8,088 | 718,319 | 32,635 | — | 759,042 | |||||||||||||||
Total stockholders’ equity | 2,353,549 | 1,219,908 | 292,040 | (1,511,949 | ) | 2,353,548 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 4,403,330 | $ | 5,142,958 | $ | 812,585 | $ | (4,500,261 | ) | $ | 5,858,612 | |||||||||
13 | SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Continued) | |||||||||||||||||||
SUMMARY CONDENSED CONSOLIDATING BALANCE SHEETS: | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Subsidiaries | Total | ||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 2,820 | $ | 1,149 | $ | 25,029 | $ | — | $ | 28,998 | ||||||||||
Trade and other receivables, net | 1,591 | 226,407 | 289,709 | — | 517,707 | |||||||||||||||
Inventories | — | 1,041,719 | 70,048 | — | 1,111,767 | |||||||||||||||
Rotable assets | — | 28,113 | 13,553 | — | 41,666 | |||||||||||||||
Deferred income taxes | — | 57,291 | 17 | — | 57,308 | |||||||||||||||
Prepaid expenses and other | 6,977 | 13,674 | 4,246 | — | 24,897 | |||||||||||||||
Total current assets | 11,388 | 1,368,353 | 402,602 | — | 1,782,343 | |||||||||||||||
Property and equipment, net | 9,933 | 801,560 | 119,480 | — | 930,973 | |||||||||||||||
Goodwill and other intangible assets, net | — | 2,625,121 | 144,892 | — | 2,770,013 | |||||||||||||||
Other, net | 58,536 | 7,860 | 3,558 | — | 69,954 | |||||||||||||||
Intercompany investments and advances | 4,094,443 | 84,180 | 12,333 | (4,190,956 | ) | — | ||||||||||||||
Total assets | $ | 4,174,300 | $ | 4,887,074 | $ | 682,865 | $ | (4,190,956 | ) | $ | 5,553,283 | |||||||||
Current liabilities: | ||||||||||||||||||||
Current portion of long-term debt | $ | 31,844 | $ | 17,731 | $ | — | $ | — | $ | 49,575 | ||||||||||
Accounts payable | 1,150 | 296,968 | 19,216 | — | 317,334 | |||||||||||||||
Accrued expenses | 36,034 | 212,984 | 24,272 | — | 273,290 | |||||||||||||||
Total current liabilities | 69,028 | 527,683 | 43,488 | — | 640,199 | |||||||||||||||
Long-term debt, less current portion | 1,279,694 | 58,714 | 162,400 | — | 1,500,808 | |||||||||||||||
Intercompany advances | 525,216 | 2,021,330 | 304,613 | (2,851,159 | ) | — | ||||||||||||||
Accrued pension and other postretirement benefits, noncurrent | 6,795 | 501,716 | 13 | — | 508,524 | |||||||||||||||
Deferred income taxes and other | 9,656 | 586,174 | 24,011 | — | 619,841 | |||||||||||||||
Total stockholders’ equity | 2,283,911 | 1,191,457 | 148,340 | (1,339,797 | ) | 2,283,911 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 4,174,300 | $ | 4,887,074 | $ | 682,865 | $ | (4,190,956 | ) | $ | 5,553,283 | |||||||||
13 | SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Continued) | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: | ||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Subsidiaries | Total | ||||||||||||||||||
Net sales | $ | — | $ | 842,294 | $ | 56,593 | $ | (1,982 | ) | $ | 896,905 | |||||||||
Operating costs and expenses: | ||||||||||||||||||||
Cost of sales | — | 637,887 | 48,911 | (1,982 | ) | 684,816 | ||||||||||||||
Selling, general and administrative | 10,171 | 48,384 | 7,155 | — | 65,710 | |||||||||||||||
Depreciation and amortization | 637 | 34,063 | 2,851 | — | 37,551 | |||||||||||||||
Relocation costs | — | 2,997 | — | — | 2,997 | |||||||||||||||
Gain on legal settlement, net of expenses | (134,693 | ) | — | — | — | (134,693 | ) | |||||||||||||
(123,885 | ) | 723,331 | 58,917 | (1,982 | ) | 656,381 | ||||||||||||||
Operating income (loss) | 123,885 | 118,963 | (2,324 | ) | — | 240,524 | ||||||||||||||
Intercompany interest and charges | (53,289 | ) | 51,529 | 1,760 | — | — | ||||||||||||||
Interest expense and other | 41,283 | 2,155 | (1,078 | ) | — | 42,360 | ||||||||||||||
Income (loss) before income taxes | 135,891 | 65,279 | (3,006 | ) | — | 198,164 | ||||||||||||||
Income tax expense (benefit) | 46,185 | 25,075 | (1,339 | ) | — | 69,921 | ||||||||||||||
Net income (loss) | 89,706 | 40,204 | (1,667 | ) | — | 128,243 | ||||||||||||||
Other comprehensive income (loss) | (1,541 | ) | (1,533 | ) | 7,353 | — | 4,279 | |||||||||||||
Total comprehensive income | $ | 88,165 | $ | 38,671 | $ | 5,686 | $ | — | $ | 132,522 | ||||||||||
13 | SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Continued) | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: | ||||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Subsidiaries | Total | ||||||||||||||||||
Net sales | $ | — | $ | 905,058 | $ | 39,809 | $ | (1,184 | ) | $ | 943,683 | |||||||||
Operating costs and expenses: | ||||||||||||||||||||
Cost of sales | — | 669,202 | 28,453 | (1,184 | ) | 696,471 | ||||||||||||||
Selling, general and administrative | 10,593 | 50,726 | 5,398 | — | 66,717 | |||||||||||||||
Depreciation and amortization | 633 | 35,667 | 1,634 | — | 37,934 | |||||||||||||||
Relocation costs | — | 1,215 | — | — | 1,215 | |||||||||||||||
11,226 | 756,810 | 35,485 | (1,184 | ) | 802,337 | |||||||||||||||
Operating (loss) income | (11,226 | ) | 148,248 | 4,324 | — | 141,346 | ||||||||||||||
Intercompany interest and charges | (57,390 | ) | 56,430 | 960 | — | — | ||||||||||||||
Interest expense and other | 18,649 | 1,675 | (614 | ) | — | 19,710 | ||||||||||||||
Income before income taxes | 27,515 | 90,143 | 3,978 | — | 121,636 | |||||||||||||||
Income tax expense | 8,390 | 33,912 | 291 | — | 42,593 | |||||||||||||||
Net income | 19,125 | 56,231 | 3,687 | — | 79,043 | |||||||||||||||
Other comprehensive income (loss) | — | 823 | (480 | ) | — | 343 | ||||||||||||||
Total comprehensive income | $ | 19,125 | $ | 57,054 | $ | 3,207 | $ | — | $ | 79,386 | ||||||||||
13 | SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Continued) | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS: | ||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Subsidiaries | Total | ||||||||||||||||||
Net income (loss) | $ | 89,706 | $ | 40,204 | $ | (1,667 | ) | $ | — | $ | 128,243 | |||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | (389,152 | ) | 150,053 | 7,792 | 51,012 | (180,295 | ) | |||||||||||||
Net cash provided by (used in)operating activities | (299,446 | ) | 190,257 | 6,125 | 51,012 | (52,052 | ) | |||||||||||||
Capital expenditures | (123 | ) | (21,876 | ) | (1,078 | ) | — | (23,077 | ) | |||||||||||
Proceeds from sale of assets | — | 599 | 52 | — | 651 | |||||||||||||||
Acquisitions, net of cash acquired | — | — | (60,901 | ) | — | (60,901 | ) | |||||||||||||
Net cash used in investing activities | (123 | ) | (21,277 | ) | (61,927 | ) | — | (83,327 | ) | |||||||||||
Net increase in revolving credit facility | 259,534 | — | — | — | 259,534 | |||||||||||||||
Proceeds on issuance of debt | 300,000 | 10,905 | 12,600 | — | 323,505 | |||||||||||||||
Retirements and repayments of debt | (374,260 | ) | (5,563 | ) | (10,400 | ) | — | (390,223 | ) | |||||||||||
Purchase of common stock | (51,043 | ) | — | — | — | (51,043 | ) | |||||||||||||
Payments of deferred financing costs | (5,194 | ) | — | — | — | (5,194 | ) | |||||||||||||
Dividends paid | (2,056 | ) | — | — | — | (2,056 | ) | |||||||||||||
Repayment of governmental grant | — | (3,198 | ) | — | — | (3,198 | ) | |||||||||||||
Repurchase of restricted shares for minimum tax obligation | (673 | ) | — | — | — | (673 | ) | |||||||||||||
Proceeds from exercise of stock options, including excess tax benefit | 356 | — | — | — | 356 | |||||||||||||||
Intercompany financing and advances | 170,706 | (170,642 | ) | 50,948 | (51,012 | ) | — | |||||||||||||
Net cash (used in) provided by financing activities | 297,370 | (168,498 | ) | 53,148 | (51,012 | ) | 131,008 | |||||||||||||
Effect of exchange rate changes on cash | — | — | 838 | — | 838 | |||||||||||||||
Net change in cash and cash equivalents | (2,199 | ) | 482 | (1,816 | ) | — | (3,533 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 2,820 | 1,149 | 25,029 | — | 28,998 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 621 | $ | 1,631 | $ | 23,213 | $ | — | $ | 25,465 | ||||||||||
13 | SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Continued) | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS: | ||||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Subsidiaries | Total | ||||||||||||||||||
Net income | $ | 19,125 | $ | 56,231 | $ | 3,687 | $ | — | $ | 79,043 | ||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | 15,244 | (104,913 | ) | 22,508 | — | (67,161 | ) | |||||||||||||
Net cash provided by (used in) operating activities | 34,369 | (48,682 | ) | 26,195 | — | 11,882 | ||||||||||||||
Capital expenditures | (1,466 | ) | (52,897 | ) | (1,866 | ) | — | (56,229 | ) | |||||||||||
Reimbursed capital expenditures | — | 2,869 | — | — | 2,869 | |||||||||||||||
Proceeds from sale of assets | — | 10,321 | — | — | 10,321 | |||||||||||||||
Acquisitions, net of cash acquired | — | (22,255 | ) | (9,074 | ) | — | (31,329 | ) | ||||||||||||
Net cash used in investing activities | (1,466 | ) | (61,962 | ) | (10,940 | ) | — | (74,368 | ) | |||||||||||
Net increase in revolving credit facility | 153,935 | — | — | — | 153,935 | |||||||||||||||
Proceeds on issuance of debt | — | — | 25,000 | — | 25,000 | |||||||||||||||
Retirements and repayments of debt | (107,320 | ) | (3,766 | ) | (14,100 | ) | — | (125,186 | ) | |||||||||||
Payments of deferred financing costs | (357 | ) | — | — | — | (357 | ) | |||||||||||||
Dividends paid | (2,069 | ) | — | — | — | (2,069 | ) | |||||||||||||
Withholding of restricted shares for minimum tax obligation | (2,726 | ) | — | — | — | (2,726 | ) | |||||||||||||
Proceeds from exercise of stock options, including excess tax benefit | 109 | — | — | — | 109 | |||||||||||||||
Intercompany financing and advances | (74,473 | ) | 114,731 | (40,258 | ) | — | — | |||||||||||||
Net cash (used in) provided by financing activities | (32,901 | ) | 110,965 | (29,358 | ) | — | 48,706 | |||||||||||||
Effect of exchange rate changes on cash | — | — | 272 | — | 272 | |||||||||||||||
Net change in cash and cash equivalents | 2 | 321 | (13,831 | ) | — | (13,508 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | 3,110 | 1,537 | 27,390 | — | 32,037 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 3,112 | $ | 1,858 | $ | 13,559 | $ | — | $ | 18,529 | ||||||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
COMMITMENTS AND CONTINGENCIES | |
Trade Secret Litigation over Claims of Eaton Corporation | |
On July 9, 2004, Eaton Corporation and several of its subsidiaries ("Eaton") sued the Company, a subsidiary and certain employees of the Company and the subsidiary on claims alleging misappropriation of trade secrets and intellectual property allegedly belonging to Eaton relating to the design and manufacture of hydraulic pumps and motors used in military and commercial aviation. The subsidiary and the individual engineer defendants answered Eaton's claims and filed counterclaims. In the course of discovery in the suit, the court began an investigation of allegations of wrongdoing by Eaton in its conduct of the litigation. On December 22, 2010, the court dismissed all of Eaton's claims with prejudice based on the court's conclusion that a fraud had been perpetrated on the court by counsel for Eaton, of which Eaton was aware or should have been aware. Eaton appealed, but on November 21, 2013, the Supreme Court of Mississippi, in a unanimous en banc decision, affirmed the lower court’s dismissal. Eaton moved for a rehearing of the Mississippi Supreme Court's affirmance but on March 20, 2014, the Supreme Court denied Eaton's motion for rehearing. Meanwhile, the Company, several subsidiaries, and the employees sued by Eaton pursued claims (including antitrust claims) and counterclaims against Eaton based on the Eaton misconduct that led to the dismissal of Eaton's claims. | |
On June 18, 2014, the Company announced it had settled all pending litigation involving the Company, its subsidiary the employees and Eaton. As part of the settlement, Eaton agreed to pay the Company $135,300 in cash. The Company has reflected the gain on legal settlement, net of expense, $134,693, on the Condensed Consolidated Statements of Income for the three months ended June 30, 2014 due to the fact that all contingencies have been resolved as of that date. The Company received the legal settlement from Eaton during the second quarter of the fiscal year ended March 31, 2015, while the amount of the settlement is included in "Trade and other receivables" in the Condensed Consolidated Balance Sheet as of June 30, 2014. | |
Other | |
In the ordinary course of business, the Company is also involved in disputes, claims, lawsuits, and governmental and regulatory inquiries that it deems to be immaterial. Some may involve claims or potential claims of substantial damages, fines or penalties. 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. |
RELOCATION_COSTS_RELOCATION_CO
RELOCATION COSTS RELOCATION COSTS | 3 Months Ended |
Jun. 30, 2014 | |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring and Related Costs [Table Text Block] | ' |
15. RELOCATION COSTS | |
During the fiscal year ended March 31, 2013, the Company committed to relocate the operations of its largest facility in Dallas, Texas and to expand its Red Oak, Texas ("Red Oak") facility to accommodate this relocation. The Company incurred approximately $2,997 and $1,215 of expenses related to the relocation during the three months ended June 30, 2014 and 2013, respectively, shown separately on the Condensed Consolidated Statement of Income. The relocation was substantially completed during the fiscal year ended March 31, 2014. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Jun. 30, 2014 | |
Subsequent Event [Line Items] | ' |
Subsequent Events [Text Block] | ' |
SUBSEQUENT EVENTS | |
In June 2014, the Company received notice of conversion from holders of $5,082 in principal value of the Convertible Notes. These conversions will be settled during the second quarter of fiscal 2015 with the principal and the conversion benefit settled in cash. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Use of Estimates | ' | |||||||||||||
Use of Estimates | ||||||||||||||
The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | ||||||||||||||
Revenue Recognition | ' | |||||||||||||
Revenue Recognition | ||||||||||||||
Revenues are generally recognized in accordance with the contract terms when products are shipped, delivery has occurred or services have been rendered, pricing is fixed and determinable, and collection is reasonably assured. A significant portion of the Company’s contracts are within the scope of the Revenue Recognition - Construction-Type and Production-Type Contracts topic of the ASC and revenue and costs on contracts are recognized using the percentage-of-completion method of accounting. Accounting for the revenue and profit on a contract requires estimates of (1) the contract value or total contract revenue, (2) the total costs at completion, which is equal to the sum of the actual incurred costs to date on the contract and the estimated costs to complete the contract’s scope of work, and (3) the measurement of progress towards completion. Depending on the contract, the Company measures progress toward completion using either the cost-to-cost method or the units-of-delivery method of accounting, with the great majority measured under the units-of-delivery method of accounting. | ||||||||||||||
• | Under the cost-to-cost method of accounting, progress toward completion is measured as the ratio of total costs incurred to estimated total costs at completion. Costs are recognized as incurred. Profit is determined based on estimated profit margin on the contract multiplied by the progress toward completion. Revenue represents the sum of costs and profit on the contract for the period. | |||||||||||||
• | Under the units-of-delivery method of accounting, revenue on a contract is recorded as the units are delivered and accepted during the period at an amount equal to the contractual selling price of those units. The costs recorded on a contract under the units-of-delivery method of accounting are equal to the total costs at completion divided by the total units to be delivered. As contracts can span multiple years, the Company often segments the contracts into production lots for the purposes of accumulating and allocating cost. Profit is recognized as the difference between revenue for the units delivered and the estimated costs for the units delivered. | |||||||||||||
Adjustments to original estimates for a contract’s revenues, estimated costs at completion and estimated total profit are often required as work progresses under a contract, as experience is gained and as more information is obtained, even though the scope of work required under the contract may not change, or if contract modifications occur. These estimates are also sensitive to the assumed rate of production. Generally, the longer it takes to complete the contract quantity, the more relative overhead that contract will absorb. The impact of revisions in cost estimates is recognized on a cumulative catch-up basis in the period in which the revisions are made. Provisions for anticipated losses on contracts are recorded in the period in which they become evident (‘‘forward losses’’) and are first offset against costs that are included in inventory, with any remaining amount reflected in accrued contract liabilities in accordance with the Revenue Recognition - Construction-Type and Production-Type Contracts topic. Revisions in contract estimates, if significant, can materially affect results of operations and cash flows, as well as valuation of inventory. Furthermore, certain contracts are combined or segmented for revenue recognition in accordance with the Revenue Recognition - Construction-Type and Production-Type Contracts topic. | ||||||||||||||
For the three months ended June 30, 2014, cumulative catch-up adjustments from changes in estimates decreased operating income, net income and earnings per share by approximately $(723), $(468) and $(0.01) net of tax, respectively. The cumulative catch-up adjustments to operating income for the three months ended June 30, 2014 included gross favorable adjustments of approximately $5,279 and gross unfavorable adjustments of approximately $(6,002). For the three months ended June 30, 2013, cumulative catch-up adjustments from changes in estimates decreased operating income, net income and earnings per share by approximately $(4,685), $(3,044) and $(0.06) net of tax, respectively. | ||||||||||||||
Amounts representing contract change orders or claims are only included in revenue when such change orders or claims have been settled with the customer and to the extent that units have been delivered. Additionally, some contracts may contain provisions for revenue sharing, price re-determination, requests for equitable adjustments, change orders or cost and/or performance incentives. Such amounts or incentives are included in contract value when the amounts can be reliably estimated and their realization is reasonably assured. | ||||||||||||||
Although fixed-price contracts, which extend several years into the future, generally permit the Company to keep unexpected profits if costs are less than projected, the Company also bears the risk that increased or unexpected costs may reduce profit or cause the Company to sustain losses on the contract. In a fixed-price contract, the Company must fully absorb cost overruns, notwithstanding the difficulty of estimating all of the costs the Company will incur in performing these contracts and in projecting the ultimate level of revenue that may otherwise be achieved. | ||||||||||||||
Failure to anticipate technical problems, estimate delivery reductions, estimate costs accurately or control costs during performance of a fixed-price contract may reduce the profitability of a fixed-price contract or cause a loss. The Company believes that it has recognized adequate provisions in the financial statements for losses on fixed-price contracts, but cannot be certain that the contract loss provisions will be adequate to cover all actual future losses. | ||||||||||||||
While the Company is currently projecting its recurring production contracts to be profitable, there is still a substantial amount of risk similar to what the Company has experienced on certain programs. Particularly, the Company's ability to manage risks related to supplier performance, execution of cost reduction strategies, hiring and retaining skilled production and management personnel, quality and manufacturing execution, program schedule delays and many other risks, will determine the ultimate performance of these programs. | ||||||||||||||
For example, significant cost growth experienced on the 747-8 program during prior fiscal year resulted in lower-than-expected margins during the year, but the deliveries are still profitable. We have assessed the profitability of future production related to the 747-8 program and currently projected that the program will continue to be profitable. However, if significant cost growth is experienced, cost reduction strategies are not successfully implemented and/or production rates are further reduced by our customers, profit margin on the 747-8 program could continue to deteriorate or a loss might be incurred on future recurring production blocks. | ||||||||||||||
Included in net sales of the Aerostructures and Aerospace Systems group is the non-cash amortization of acquired contract liabilities recognized as fair value adjustments through purchase accounting from various acquisitions. For the three months ended June 30, 2014 and 2013, the Company recognized $8,967 and $11,150, respectively, into net sales in the accompanying condensed consolidated statements of income. | ||||||||||||||
The Aftermarket Services Group provides repair and overhaul services, a small portion of which services are provided under long-term power-by-the-hour contracts. The Company applies the proportional performance method of accounting to recognize revenue under these contracts. Revenue is recognized over the contract period as units are delivered based on the relative value in proportion to the total estimated contract consideration. In estimating the total contract consideration, management evaluates the projected utilization of its customers’ fleet over the term of the contract, in connection with the related estimated repair and overhaul servicing requirements to the fleet based on such utilization. Changes in utilization of the fleet by customers, among other factors, may have an impact on these estimates and require adjustments to estimates of revenue to be realized. | ||||||||||||||
Concentration of Credit Risk | ' | |||||||||||||
Concentration of Credit Risk | ||||||||||||||
The Company’s trade accounts receivable are exposed to credit risk. However, the risk is limited due to the diversity of the customer base and the customer base’s wide geographical area. Trade accounts receivable from The Boeing Company (“Boeing”) (representing commercial, military and space) represented approximately 27% and 32% of total trade accounts receivable as of June 30, 2014 and March 31, 2014, respectively. The Company had no other concentrations of credit risk of more than 10%. Sales to Boeing for the three months ended June 30, 2014 were $382,106, or 43% of net sales, of which $355,678, $20,691 and $5,737 were from the Aerostructures segment, the Aerospace Systems segment and Aftermarket Services segment, respectively. Sales to Boeing for the three months ended June 30, 2013 were $425,114, or 45% of net sales, of which $397,314, $20,774 and $7,026 were from the Aerostructures segment, the Aerospace Systems segment and Aftermarket Services segment, 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. | ||||||||||||||
Stock-Based Compensation | ' | |||||||||||||
Stock-Based Compensation | ||||||||||||||
The Company recognizes compensation expense for share-based awards based on the fair value of those awards at the date of grant. Stock-based compensation expense for the three months ended June 30, 2014 and 2013 was $996 and $1,328, 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 employees. Upon the exercise of stock options or vesting of restricted stock, the Company first transfers treasury stock, then issues new shares. | ||||||||||||||
Intangibles policy [Policy Text Block] | ' | |||||||||||||
Intangible Assets | ||||||||||||||
The components of intangible assets, net, are as follows: | ||||||||||||||
June 30, 2014 | ||||||||||||||
Weighted- | Gross Carrying | Accumulated | Net | |||||||||||
Average Life | Amount | Amortization | ||||||||||||
Customer relationships | 16.5 | $ | 660,166 | $ | (147,403 | ) | $ | 512,763 | ||||||
Product rights, technology and licenses | 11.7 | 52,405 | (29,629 | ) | 22,776 | |||||||||
Non-compete agreements and other | 15.9 | 2,929 | (404 | ) | 2,525 | |||||||||
Tradenames | Indefinite-lived | 438,400 | — | 438,400 | ||||||||||
Total intangibles, net | $ | 1,153,900 | $ | (177,436 | ) | $ | 976,464 | |||||||
March 31, 2014 | ||||||||||||||
Weighted- | Gross Carrying | Accumulated | Net | |||||||||||
Average Life | Amount | Amortization | ||||||||||||
Customer relationships | 16.7 | $ | 650,210 | $ | (136,970 | ) | $ | 513,240 | ||||||
Product rights, technology and licenses | 11.7 | 52,405 | (28,437 | ) | 23,968 | |||||||||
Non-compete agreements and other | 13.6 | 3,679 | (1,105 | ) | 2,574 | |||||||||
Tradenames | Indefinite-lived | 438,400 | — | 438,400 | ||||||||||
Total intangibles, net | $ | 1,144,694 | $ | (166,512 | ) | $ | 978,182 | |||||||
Amortization expense for the three months ended June 30, 2014 and 2013 was $11,631 and $11,533, respectively. | ||||||||||||||
Fair Value Measurement, Policy [Policy Text Block] | ' | |||||||||||||
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 to its interest rate swap (see Note 6). | ||||||||||||||
Product Warranty Disclosure [Text Block] | ' | |||||||||||||
Warranty Reserves | ||||||||||||||
A reserve has been established to provide for the estimated future cost of warranties on our delivered products. The Company periodically reviews the reserves and adjustments are made accordingly. A provision for warranty on products delivered is made on the basis of historical experience and identified warranty issues. Warranties cover such factors as non-conformance to specifications and defects in material and workmanship. The majority of the Company's agreements include a three-year warranty, although certain programs have warranties up to 20 years. The warranty reserves as of ended June 30, 2014 and 2013, were $37,751 and $22,066, respectively | ||||||||||||||
Cash Flow, Supplemental Disclosures [Text Block] | ' | |||||||||||||
Supplemental Cash Flow Information | ||||||||||||||
The Company paid $591 and $672 for income taxes, net of refunds received, for the three months ended June 30, 2014 and 2013, respectively. The Company made interest payments of $45,589 and $11,589 for the three months ended June 30, 2014 and 2013, respectively. | ||||||||||||||
During the three months ended June 30, 2014 and 2013, the Company financed $0 and $26 of property and equipment additions through capital leases, respectively. During the three months ended June 30, 2014 and 2013, the Company issued 0 and 1,849,548 shares, respectively, in connection with certain conversions of convertible senior subordinated notes (see Note 6). |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block] | ' | |||||||||||||
June 30, 2014 | ||||||||||||||
Weighted- | Gross Carrying | Accumulated | Net | |||||||||||
Average Life | Amount | Amortization | ||||||||||||
Customer relationships | 16.5 | $ | 660,166 | $ | (147,403 | ) | $ | 512,763 | ||||||
Product rights, technology and licenses | 11.7 | 52,405 | (29,629 | ) | 22,776 | |||||||||
Non-compete agreements and other | 15.9 | 2,929 | (404 | ) | 2,525 | |||||||||
Tradenames | Indefinite-lived | 438,400 | — | 438,400 | ||||||||||
Total intangibles, net | $ | 1,153,900 | $ | (177,436 | ) | $ | 976,464 | |||||||
March 31, 2014 | ||||||||||||||
Weighted- | Gross Carrying | Accumulated | Net | |||||||||||
Average Life | Amount | Amortization | ||||||||||||
Customer relationships | 16.7 | $ | 650,210 | $ | (136,970 | ) | $ | 513,240 | ||||||
Product rights, technology and licenses | 11.7 | 52,405 | (28,437 | ) | 23,968 | |||||||||
Non-compete agreements and other | 13.6 | 3,679 | (1,105 | ) | 2,574 | |||||||||
Tradenames | Indefinite-lived | 438,400 | — | 438,400 | ||||||||||
Total intangibles, net | $ | 1,144,694 | $ | (166,512 | ) | $ | 978,182 | |||||||
ACQUISITIONS_Tables
ACQUISITIONS (Tables) | 3 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | ||||||||||||||||||
GEActuation [Member] | General Donlee [Member] | Primus Corporation [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | |||||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ' | ' | ' | |||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Net Sales | $ | 947,842 | $ | 1,015,825 | |||||||||||||||||
Net income | 129,467 | 82,244 | |||||||||||||||||||
Earnings per share—basic | $ | 2.5 | $ | 1.62 | |||||||||||||||||
Earnings per share—diluted | $ | 2.49 | $ | 1.56 | |||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ' | ' | ' | |||||||||||||||||
June 27, 2014 | October 4, 2013 | May 6, 2013 | |||||||||||||||||||
Cash | $ | 4,608 | Accounts receivable | $ | 10,976 | Cash | $ | 2,201 | |||||||||||||
Accounts receivable | 36,730 | Inventory | 15,645 | Accounts receivable | 17,392 | ||||||||||||||||
Inventory | 47,601 | Prepaid expenses and other | 184 | Inventory | 21,053 | ||||||||||||||||
Property and equipment | 41,004 | Property and equipment | 31,495 | Prepaid expenses and other | 883 | ||||||||||||||||
Goodwill | 70,209 | Goodwill | 46,468 | Property and equipment | 28,457 | ||||||||||||||||
Intangible assets | 9,000 | Intangibles assets | 24,607 | Goodwill | 29,138 | ||||||||||||||||
Deferred taxes | 53,919 | Total assets | $ | 129,375 | Intangibles assets | 3,514 | |||||||||||||||
Other assets | 2,506 | Other noncurrent assets | 13,138 | ||||||||||||||||||
Accounts payable | $ | 2,841 | |||||||||||||||||||
Total assets | $ | 265,577 | Total assets | $ | 115,776 | ||||||||||||||||
Accrued expenses | 3,620 | ||||||||||||||||||||
Accounts payable | $ | 19,080 | Deferred taxes | 11,336 | Accounts payable | $ | 10,027 | ||||||||||||||
Accrued expenses | 26,104 | Debt | 54,956 | Accrued expenses | 15,939 | ||||||||||||||||
Acquired contract liabilities | 148,884 | Total liabilities | $ | 72,753 | Other noncurrent liabilities | 26,280 | |||||||||||||||
Total liabilities | $ | 194,068 | Total liabilities | $ | 52,246 | ||||||||||||||||
INVENTORIES_Tables
INVENTORIES (Tables) | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of components of inventories | ' | |||||||
June 30, 2014 | March 31, 2014 | |||||||
Raw materials | $ | 83,605 | $ | 106,552 | ||||
Work-in-process, including manufactured and purchased components | 1,199,720 | 1,102,626 | ||||||
Finished goods | 108,814 | 67,608 | ||||||
Less: unliquidated progress payments | (189,976 | ) | (165,019 | ) | ||||
Total inventories | $ | 1,202,163 | $ | 1,111,767 | ||||
LONGTERM_DEBT_LONGTERM_DEBT_Ta
LONG-TERM DEBT LONG-TERM DEBT (Tables) | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Long-term debt | ' | |||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | |||||||
June 30, 2014 | March 31, 2014 | |||||||
Revolving line of credit | $ | 453,940 | $ | 194,406 | ||||
Term loan | 370,313 | 375,000 | ||||||
Receivable securitization facility | 164,600 | 162,400 | ||||||
Equipment leasing facility and other capital leases | 80,720 | 74,342 | ||||||
Senior notes due 2018 | — | 348,423 | ||||||
Senior notes due 2021 | 375,000 | 375,000 | ||||||
Senior notes due 2022 | 300,000 | — | ||||||
Convertible senior subordinated notes | 5,082 | 12,834 | ||||||
Other debt | 7,978 | 7,978 | ||||||
1,757,633 | 1,550,383 | |||||||
Less current portion | 43,323 | 49,575 | ||||||
$ | 1,714,310 | $ | 1,500,808 | |||||
LONGTERM_DEBT_Fair_Value_Measu
LONG-TERM DEBT Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | |||||||||||||||
June 30, 2014 | March 31, 2014 | |||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||
Value | Value | |||||||||||||||
Long-term debt | $ | 1,757,633 | $ | 1,761,503 | $ | 1,550,383 | $ | 1,580,447 | ||||||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 3 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Earnings Per Share [Abstract] | ' | ||||||
Reconciliation between the weighted average outstanding shares used in calculation of basic and diluted earnings per share | ' | ||||||
Three Months Ended June 30, | |||||||
(in thousands) | |||||||
2014 | 2013 | ||||||
Weighted-average common shares outstanding – basic | 51,691 | 50,815 | |||||
Net effect of dilutive stock options and nonvested stock | 200 | 298 | |||||
Potential common shares – convertible debt | 198 | 1,693 | |||||
Weighted-average common shares outstanding – diluted | 52,089 | 52,806 | |||||
GOODWILL_Tables
GOODWILL (Tables) | 3 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Schedule of changes in the carrying value of goodwill by reportable segment | ' | |||||||||||||||
Aerostructures | Aerospace | Aftermarket | Total | |||||||||||||
Systems | Services | |||||||||||||||
Balance, March 31, 2014 | $ | 1,339,993 | $ | 395,852 | $ | 55,986 | $ | 1,791,831 | ||||||||
Goodwill recognized in connection with acquisitions | — | 70,209 | — | 70,209 | ||||||||||||
Effect of exchange rate changes | 3,734 | 1,894 | — | 5,628 | ||||||||||||
Balance, June 30, 2014 | $ | 1,343,727 | $ | 467,955 | $ | 55,986 | $ | 1,867,668 | ||||||||
PENSION_AND_OTHER_POSTRETIREME1
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables) | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Pension benefits | ' | |||||||
Components of net periodic benefit costs: | ' | |||||||
Schedule of components of net periodic benefit cost and postretirement benefit plan | ' | |||||||
Pension benefits | ||||||||
Three Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
Components of net periodic benefit expense (income): | ||||||||
Service cost | $ | 3,256 | $ | 3,293 | ||||
Interest cost | 21,951 | 23,216 | ||||||
Expected return on plan assets | (36,913 | ) | (37,018 | ) | ||||
Amortization of prior service credits | (1,321 | ) | (1,683 | ) | ||||
Amortization of net loss | — | 4,531 | ||||||
Net periodic benefit income | $ | (13,027 | ) | $ | (7,661 | ) | ||
Other postretirement | ' | |||||||
Components of net periodic benefit costs: | ' | |||||||
Schedule of components of net periodic benefit cost and postretirement benefit plan | ' | |||||||
Other postretirement benefits | ||||||||
Three Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
Components of net periodic benefit expense: | ||||||||
Service cost | $ | 717 | $ | 765 | ||||
Interest cost | 3,082 | 3,138 | ||||||
Amortization of prior service credits | (1,132 | ) | (1,132 | ) | ||||
Net periodic benefit expense | $ | 2,667 | $ | 2,771 | ||||
STOCKHOLDERS_EQUITY_STOCKHOLDE1
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY (Tables) | 3 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | |||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | |||||||||||||||
Currency Translation Adjustment | Unrealized Gains and Losses on Derivative Instruments | Defined Benefit Pension Plans and Other Postretirement Benefits | Total (1) | |||||||||||||
Balance March 31, 2013 | $ | 3,513 | $ | 131 | $ | (64,616 | ) | $ | (60,972 | ) | ||||||
AOCI before reclassifications | (509 | ) | (235 | ) | — | (744 | ) | |||||||||
Amounts reclassified from AOCI | — | 15 | 1,072 | (2 | ) | 1,087 | ||||||||||
Net current period AOCI | (509 | ) | (220 | ) | 1,072 | 343 | ||||||||||
Balance June 30, 2013 | $ | 3,004 | $ | (89 | ) | $ | (63,544 | ) | $ | (60,629 | ) | |||||
Changes in accumulated other comprehensive income (loss) ("AOCI") by component for the three months ended June 30, 2014 and 2013, respectively, were as follows: | ||||||||||||||||
Currency Translation Adjustment | Unrealized Gains and Losses on Derivative Instruments | Defined Benefit Pension Plans and Other Postretirement Benefits | Total (1) | |||||||||||||
Balance March 31, 2014 | $ | 198 | $ | 1,496 | $ | (20,602 | ) | $ | (18,908 | ) | ||||||
AOCI before reclassifications | 7,204 | (1,357 | ) | — | 5,847 | |||||||||||
Amounts reclassified from AOCI | — | (35 | ) | (1,533 | ) | (2 | ) | (1,568 | ) | |||||||
Net current period AOCI | 7,204 | (1,392 | ) | (1,533 | ) | 4,279 | ||||||||||
Balance June 30, 2014 | $ | 7,402 | $ | 104 | $ | (22,135 | ) | $ | (14,629 | ) | ||||||
SEGMENTS_Tables
SEGMENTS (Tables) | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Schedule of selected financial information for each reportable segment and the reconciliation of EBITDA to operating income | ' | ||||||||
Three Months Ended June 30, | |||||||||
2014 | 2013 | ||||||||
Net sales: | |||||||||
Aerostructures | $ | 611,863 | $ | 651,888 | |||||
Aerospace systems | 219,852 | 219,526 | |||||||
Aftermarket services | 67,608 | 74,353 | |||||||
Elimination of inter-segment sales | (2,418 | ) | (2,084 | ) | |||||
$ | 896,905 | $ | 943,683 | ||||||
Income before income taxes: | |||||||||
Operating income (expense): | |||||||||
Aerostructures | $ | 70,866 | $ | 100,387 | |||||
Aerospace systems | 37,352 | 42,643 | |||||||
Aftermarket services | 10,504 | 11,279 | |||||||
Corporate | 121,802 | (12,963 | ) | ||||||
240,524 | 141,346 | ||||||||
Interest expense and other | 42,360 | 19,710 | |||||||
$ | 198,164 | $ | 121,636 | ||||||
Depreciation and amortization: | |||||||||
Aerostructures | $ | 24,979 | $ | 26,313 | |||||
Aerospace systems | 9,517 | 8,539 | |||||||
Aftermarket services | 1,877 | 1,877 | |||||||
Corporate | 1,178 | 1,205 | |||||||
$ | 37,551 | $ | 37,934 | ||||||
Amortization of acquired contract liabilities, net: | |||||||||
Aerostructures | $ | 5,117 | $ | 6,141 | |||||
Aerospace systems | 3,850 | 5,009 | |||||||
$ | 8,967 | $ | 11,150 | ||||||
Adjusted EBITDA: | |||||||||
Aerostructures | $ | 90,728 | $ | 120,559 | |||||
Aerospace systems | 43,019 | 46,173 | |||||||
Aftermarket services | 12,381 | 13,156 | |||||||
Corporate | (11,713 | ) | (11,758 | ) | |||||
$ | 134,415 | $ | 168,130 | ||||||
Capital expenditures: | |||||||||
Aerostructures | $ | 15,369 | $ | 45,945 | |||||
Aerospace systems | 5,663 | 4,432 | |||||||
Aftermarket services | 1,680 | 4,152 | |||||||
Corporate | 365 | 1,700 | |||||||
$ | 23,077 | $ | 56,229 | ||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ' | ||||||||
June 30, 2014 | 31-Mar-14 | ||||||||
Total Assets: | |||||||||
Aerostructures | $ | 3,867,170 | $ | 3,880,645 | |||||
Aerospace systems | 1,457,601 | 1,255,033 | |||||||
Aftermarket services | 318,067 | 316,643 | |||||||
Corporate | 215,774 | 100,962 | |||||||
$ | 5,858,612 | $ | 5,553,283 | ||||||
SELECTED_CONSOLIDATING_FINANCI1
SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Tables) | 3 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
Summary of consolidating balance sheets | ' | |||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Subsidiaries | Total | ||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 621 | $ | 1,631 | $ | 23,213 | $ | — | $ | 25,465 | ||||||||||
Trade and other receivables, net | 164,290 | 188,213 | 314,699 | — | 667,202 | |||||||||||||||
Inventories | — | 1,114,818 | 87,345 | — | 1,202,163 | |||||||||||||||
Rotable assets | — | 29,677 | 13,553 | — | 43,230 | |||||||||||||||
Deferred income taxes | — | 46,898 | — | — | 46,898 | |||||||||||||||
Prepaid expenses and other | 6,249 | 11,260 | 7,740 | — | 25,249 | |||||||||||||||
Total current assets | 171,160 | 1,392,497 | 446,550 | — | 2,010,207 | |||||||||||||||
Property and equipment, net | 9,420 | 803,131 | 152,873 | — | 965,424 | |||||||||||||||
Goodwill and other intangible assets, net | — | 2,672,046 | 172,086 | — | 2,844,132 | |||||||||||||||
Other, net | 26,566 | 8,399 | 3,884 | — | 38,849 | |||||||||||||||
Intercompany investments and advances | 4,196,184 | 266,885 | 37,192 | (4,500,261 | ) | — | ||||||||||||||
Total assets | $ | 4,403,330 | $ | 5,142,958 | $ | 812,585 | $ | (4,500,261 | ) | $ | 5,858,612 | |||||||||
Current liabilities: | ||||||||||||||||||||
Current portion of long-term debt | $ | 24,096 | $ | 19,227 | $ | — | $ | — | $ | 43,323 | ||||||||||
Accounts payable | — | 274,250 | 27,558 | — | 301,808 | |||||||||||||||
Accrued expenses | 30,312 | 170,846 | 36,656 | — | 237,814 | |||||||||||||||
Total current liabilities | 54,408 | 464,323 | 64,214 | — | 582,945 | |||||||||||||||
Long-term debt, less current portion | 1,488,250 | 63,660 | 162,400 | — | 1,714,310 | |||||||||||||||
Intercompany advances | 492,141 | 2,234,875 | 261,296 | (2,988,312 | ) | — | ||||||||||||||
Accrued pension and other postretirement benefits, noncurrent | 6,894 | 441,873 | — | — | 448,767 | |||||||||||||||
Deferred income taxes and other | 8,088 | 718,319 | 32,635 | — | 759,042 | |||||||||||||||
Total stockholders’ equity | 2,353,549 | 1,219,908 | 292,040 | (1,511,949 | ) | 2,353,548 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 4,403,330 | $ | 5,142,958 | $ | 812,585 | $ | (4,500,261 | ) | $ | 5,858,612 | |||||||||
13 | SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Continued) | |||||||||||||||||||
SUMMARY CONDENSED CONSOLIDATING BALANCE SHEETS: | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Subsidiaries | Total | ||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 2,820 | $ | 1,149 | $ | 25,029 | $ | — | $ | 28,998 | ||||||||||
Trade and other receivables, net | 1,591 | 226,407 | 289,709 | — | 517,707 | |||||||||||||||
Inventories | — | 1,041,719 | 70,048 | — | 1,111,767 | |||||||||||||||
Rotable assets | — | 28,113 | 13,553 | — | 41,666 | |||||||||||||||
Deferred income taxes | — | 57,291 | 17 | — | 57,308 | |||||||||||||||
Prepaid expenses and other | 6,977 | 13,674 | 4,246 | — | 24,897 | |||||||||||||||
Total current assets | 11,388 | 1,368,353 | 402,602 | — | 1,782,343 | |||||||||||||||
Property and equipment, net | 9,933 | 801,560 | 119,480 | — | 930,973 | |||||||||||||||
Goodwill and other intangible assets, net | — | 2,625,121 | 144,892 | — | 2,770,013 | |||||||||||||||
Other, net | 58,536 | 7,860 | 3,558 | — | 69,954 | |||||||||||||||
Intercompany investments and advances | 4,094,443 | 84,180 | 12,333 | (4,190,956 | ) | — | ||||||||||||||
Total assets | $ | 4,174,300 | $ | 4,887,074 | $ | 682,865 | $ | (4,190,956 | ) | $ | 5,553,283 | |||||||||
Current liabilities: | ||||||||||||||||||||
Current portion of long-term debt | $ | 31,844 | $ | 17,731 | $ | — | $ | — | $ | 49,575 | ||||||||||
Accounts payable | 1,150 | 296,968 | 19,216 | — | 317,334 | |||||||||||||||
Accrued expenses | 36,034 | 212,984 | 24,272 | — | 273,290 | |||||||||||||||
Total current liabilities | 69,028 | 527,683 | 43,488 | — | 640,199 | |||||||||||||||
Long-term debt, less current portion | 1,279,694 | 58,714 | 162,400 | — | 1,500,808 | |||||||||||||||
Intercompany advances | 525,216 | 2,021,330 | 304,613 | (2,851,159 | ) | — | ||||||||||||||
Accrued pension and other postretirement benefits, noncurrent | 6,795 | 501,716 | 13 | — | 508,524 | |||||||||||||||
Deferred income taxes and other | 9,656 | 586,174 | 24,011 | — | 619,841 | |||||||||||||||
Total stockholders’ equity | 2,283,911 | 1,191,457 | 148,340 | (1,339,797 | ) | 2,283,911 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 4,174,300 | $ | 4,887,074 | $ | 682,865 | $ | (4,190,956 | ) | $ | 5,553,283 | |||||||||
Condensed consolidating statements of income | ' | |||||||||||||||||||
. | SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Continued) | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: | ||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Subsidiaries | Total | ||||||||||||||||||
Net sales | $ | — | $ | 842,294 | $ | 56,593 | $ | (1,982 | ) | $ | 896,905 | |||||||||
Operating costs and expenses: | ||||||||||||||||||||
Cost of sales | — | 637,887 | 48,911 | (1,982 | ) | 684,816 | ||||||||||||||
Selling, general and administrative | 10,171 | 48,384 | 7,155 | — | 65,710 | |||||||||||||||
Depreciation and amortization | 637 | 34,063 | 2,851 | — | 37,551 | |||||||||||||||
Relocation costs | — | 2,997 | — | — | 2,997 | |||||||||||||||
Gain on legal settlement, net of expenses | (134,693 | ) | — | — | — | (134,693 | ) | |||||||||||||
(123,885 | ) | 723,331 | 58,917 | (1,982 | ) | 656,381 | ||||||||||||||
Operating income (loss) | 123,885 | 118,963 | (2,324 | ) | — | 240,524 | ||||||||||||||
Intercompany interest and charges | (53,289 | ) | 51,529 | 1,760 | — | — | ||||||||||||||
Interest expense and other | 41,283 | 2,155 | (1,078 | ) | — | 42,360 | ||||||||||||||
Income (loss) before income taxes | 135,891 | 65,279 | (3,006 | ) | — | 198,164 | ||||||||||||||
Income tax expense (benefit) | 46,185 | 25,075 | (1,339 | ) | — | 69,921 | ||||||||||||||
Net income (loss) | 89,706 | 40,204 | (1,667 | ) | — | 128,243 | ||||||||||||||
Other comprehensive income (loss) | (1,541 | ) | (1,533 | ) | 7,353 | — | 4,279 | |||||||||||||
Total comprehensive income | $ | 88,165 | $ | 38,671 | $ | 5,686 | $ | — | $ | 132,522 | ||||||||||
13 | SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Continued) | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: | ||||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Subsidiaries | Total | ||||||||||||||||||
Net sales | $ | — | $ | 905,058 | $ | 39,809 | $ | (1,184 | ) | $ | 943,683 | |||||||||
Operating costs and expenses: | ||||||||||||||||||||
Cost of sales | — | 669,202 | 28,453 | (1,184 | ) | 696,471 | ||||||||||||||
Selling, general and administrative | 10,593 | 50,726 | 5,398 | — | 66,717 | |||||||||||||||
Depreciation and amortization | 633 | 35,667 | 1,634 | — | 37,934 | |||||||||||||||
Relocation costs | — | 1,215 | — | — | 1,215 | |||||||||||||||
11,226 | 756,810 | 35,485 | (1,184 | ) | 802,337 | |||||||||||||||
Operating (loss) income | (11,226 | ) | 148,248 | 4,324 | — | 141,346 | ||||||||||||||
Intercompany interest and charges | (57,390 | ) | 56,430 | 960 | — | — | ||||||||||||||
Interest expense and other | 18,649 | 1,675 | (614 | ) | — | 19,710 | ||||||||||||||
Income before income taxes | 27,515 | 90,143 | 3,978 | — | 121,636 | |||||||||||||||
Income tax expense | 8,390 | 33,912 | 291 | — | 42,593 | |||||||||||||||
Net income | 19,125 | 56,231 | 3,687 | — | 79,043 | |||||||||||||||
Other comprehensive income (loss) | — | 823 | (480 | ) | — | 343 | ||||||||||||||
Total comprehensive income | $ | 19,125 | $ | 57,054 | $ | 3,207 | $ | — | $ | 79,386 | ||||||||||
Condensed consolidating statements of cash flows | ' | |||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Subsidiaries | Total | ||||||||||||||||||
Net income (loss) | $ | 89,706 | $ | 40,204 | $ | (1,667 | ) | $ | — | $ | 128,243 | |||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | (389,152 | ) | 150,053 | 7,792 | 51,012 | (180,295 | ) | |||||||||||||
Net cash provided by (used in)operating activities | (299,446 | ) | 190,257 | 6,125 | 51,012 | (52,052 | ) | |||||||||||||
Capital expenditures | (123 | ) | (21,876 | ) | (1,078 | ) | — | (23,077 | ) | |||||||||||
Proceeds from sale of assets | — | 599 | 52 | — | 651 | |||||||||||||||
Acquisitions, net of cash acquired | — | — | (60,901 | ) | — | (60,901 | ) | |||||||||||||
Net cash used in investing activities | (123 | ) | (21,277 | ) | (61,927 | ) | — | (83,327 | ) | |||||||||||
Net increase in revolving credit facility | 259,534 | — | — | — | 259,534 | |||||||||||||||
Proceeds on issuance of debt | 300,000 | 10,905 | 12,600 | — | 323,505 | |||||||||||||||
Retirements and repayments of debt | (374,260 | ) | (5,563 | ) | (10,400 | ) | — | (390,223 | ) | |||||||||||
Purchase of common stock | (51,043 | ) | — | — | — | (51,043 | ) | |||||||||||||
Payments of deferred financing costs | (5,194 | ) | — | — | — | (5,194 | ) | |||||||||||||
Dividends paid | (2,056 | ) | — | — | — | (2,056 | ) | |||||||||||||
Repayment of governmental grant | — | (3,198 | ) | — | — | (3,198 | ) | |||||||||||||
Repurchase of restricted shares for minimum tax obligation | (673 | ) | — | — | — | (673 | ) | |||||||||||||
Proceeds from exercise of stock options, including excess tax benefit | 356 | — | — | — | 356 | |||||||||||||||
Intercompany financing and advances | 170,706 | (170,642 | ) | 50,948 | (51,012 | ) | — | |||||||||||||
Net cash (used in) provided by financing activities | 297,370 | (168,498 | ) | 53,148 | (51,012 | ) | 131,008 | |||||||||||||
Effect of exchange rate changes on cash | — | — | 838 | — | 838 | |||||||||||||||
Net change in cash and cash equivalents | (2,199 | ) | 482 | (1,816 | ) | — | (3,533 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 2,820 | 1,149 | 25,029 | — | 28,998 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 621 | $ | 1,631 | $ | 23,213 | $ | — | $ | 25,465 | ||||||||||
13 | SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Continued) | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS: | ||||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Subsidiaries | Total | ||||||||||||||||||
Net income | $ | 19,125 | $ | 56,231 | $ | 3,687 | $ | — | $ | 79,043 | ||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | 15,244 | (104,913 | ) | 22,508 | — | (67,161 | ) | |||||||||||||
Net cash provided by (used in) operating activities | 34,369 | (48,682 | ) | 26,195 | — | 11,882 | ||||||||||||||
Capital expenditures | (1,466 | ) | (52,897 | ) | (1,866 | ) | — | (56,229 | ) | |||||||||||
Reimbursed capital expenditures | — | 2,869 | — | — | 2,869 | |||||||||||||||
Proceeds from sale of assets | — | 10,321 | — | — | 10,321 | |||||||||||||||
Acquisitions, net of cash acquired | — | (22,255 | ) | (9,074 | ) | — | (31,329 | ) | ||||||||||||
Net cash used in investing activities | (1,466 | ) | (61,962 | ) | (10,940 | ) | — | (74,368 | ) | |||||||||||
Net increase in revolving credit facility | 153,935 | — | — | — | 153,935 | |||||||||||||||
Proceeds on issuance of debt | — | — | 25,000 | — | 25,000 | |||||||||||||||
Retirements and repayments of debt | (107,320 | ) | (3,766 | ) | (14,100 | ) | — | (125,186 | ) | |||||||||||
Payments of deferred financing costs | (357 | ) | — | — | — | (357 | ) | |||||||||||||
Dividends paid | (2,069 | ) | — | — | — | (2,069 | ) | |||||||||||||
Withholding of restricted shares for minimum tax obligation | (2,726 | ) | — | — | — | (2,726 | ) | |||||||||||||
Proceeds from exercise of stock options, including excess tax benefit | 109 | — | — | — | 109 | |||||||||||||||
Intercompany financing and advances | (74,473 | ) | 114,731 | (40,258 | ) | — | — | |||||||||||||
Net cash (used in) provided by financing activities | (32,901 | ) | 110,965 | (29,358 | ) | — | 48,706 | |||||||||||||
Effect of exchange rate changes on cash | — | — | 272 | — | 272 | |||||||||||||||
Net change in cash and cash equivalents | 2 | 321 | (13,831 | ) | — | (13,508 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | 3,110 | 1,537 | 27,390 | — | 32,037 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 3,112 | $ | 1,858 | $ | 13,559 | $ | — | $ | 18,529 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS: | ||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Subsidiaries | Total | ||||||||||||||||||
Net income (loss) | $ | 89,706 | $ | 40,204 | $ | (1,667 | ) | $ | — | $ | 128,243 | |||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | (389,152 | ) | 150,053 | 7,792 | 51,012 | (180,295 | ) | |||||||||||||
Net cash provided by (used in)operating activities | (299,446 | ) | 190,257 | 6,125 | 51,012 | (52,052 | ) | |||||||||||||
Capital expenditures | (123 | ) | (21,876 | ) | (1,078 | ) | — | (23,077 | ) | |||||||||||
Proceeds from sale of assets | — | 599 | 52 | — | 651 | |||||||||||||||
Acquisitions, net of cash acquired | — | — | (60,901 | ) | — | (60,901 | ) | |||||||||||||
Net cash used in investing activities | (123 | ) | (21,277 | ) | (61,927 | ) | — | (83,327 | ) | |||||||||||
Net increase in revolving credit facility | 259,534 | — | — | — | 259,534 | |||||||||||||||
Proceeds on issuance of debt | 300,000 | 10,905 | 12,600 | — | 323,505 | |||||||||||||||
Retirements and repayments of debt | (374,260 | ) | (5,563 | ) | (10,400 | ) | — | (390,223 | ) | |||||||||||
Purchase of common stock | (51,043 | ) | — | — | — | (51,043 | ) | |||||||||||||
Payments of deferred financing costs | (5,194 | ) | — | — | — | (5,194 | ) | |||||||||||||
Dividends paid | (2,056 | ) | — | — | — | (2,056 | ) | |||||||||||||
Repayment of governmental grant | — | (3,198 | ) | — | — | (3,198 | ) | |||||||||||||
Repurchase of restricted shares for minimum tax obligation | (673 | ) | — | — | — | (673 | ) | |||||||||||||
Proceeds from exercise of stock options, including excess tax benefit | 356 | — | — | — | 356 | |||||||||||||||
Intercompany financing and advances | 170,706 | (170,642 | ) | 50,948 | (51,012 | ) | — | |||||||||||||
Net cash (used in) provided by financing activities | 297,370 | (168,498 | ) | 53,148 | (51,012 | ) | 131,008 | |||||||||||||
Effect of exchange rate changes on cash | — | — | 838 | — | 838 | |||||||||||||||
Net change in cash and cash equivalents | (2,199 | ) | 482 | (1,816 | ) | — | (3,533 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 2,820 | 1,149 | 25,029 | — | 28,998 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 621 | $ | 1,631 | $ | 23,213 | $ | — | $ | 25,465 | ||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Revenue Recognition | ' | ' |
Amortization of acquired contract liabilities | ($8,967) | ($11,150) |
Aerostructures | ' | ' |
Revenue Recognition | ' | ' |
Amortization of acquired contract liabilities | -5,117 | -6,141 |
Aerospace Systems [Member] | ' | ' |
Revenue Recognition | ' | ' |
Amortization of acquired contract liabilities | ($3,850) | ($5,009) |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) (USD $) | 3 Months Ended | 3 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Aerostructures Group [Member] | Aerostructures Group [Member] | Aerospace Systems | Aerospace Systems | Aftermarket Services | Aftermarket Services | Accounts receivables | Accounts receivables | Net sales | Net sales | Net sales | Net sales | Net sales | Net sales | Net sales | Net sales | |||
The Boeing Company ("Boeing") | The Boeing Company ("Boeing") | The Boeing Company ("Boeing") | The Boeing Company ("Boeing") | The Boeing Company ("Boeing") | The Boeing Company ("Boeing") | The Boeing Company ("Boeing") | The Boeing Company ("Boeing") | |||||||||||
Aerostructures Group [Member] | Aerostructures Group [Member] | Aerospace Systems | Aerospace Systems | Aftermarket Services | Aftermarket Services | |||||||||||||
Concentration of Credit Risk | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration of Risk, Accounts Receivable, Major Customer | ' | ' | ' | ' | ' | ' | ' | ' | 27.00% | 32.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage from Boeing compared to total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43.00% | 45.00% | ' | ' | ' | ' | ' | ' |
Net sales | $896,905 | $943,683 | $611,863 | $651,888 | $219,852 | $219,526 | $67,608 | $74,353 | ' | ' | $382,106 | $425,114 | $355,678 | $397,314 | $20,691 | $20,774 | $5,737 | $7,026 |
Concentration Risk, Customer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '.1 | ' | ' | ' | ' | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation | $996 | $1,328 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangibles_Details_3
Intangibles (Details 3) (USD $) | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 |
Customer relationships | Customer relationships | Product rights and licenses | Product rights and licenses | Non-compete agreements and other | Non-compete agreements and other | Tradename | Tradename | ||||
Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-Average Life (in years) | ' | ' | ' | '16 years 6 months | '16 years 8 months | '11 years 8 months | ' | '15 years 11 months | '13 years 7 months | ' | ' |
Gross Carrying Amount | ' | ' | ' | $660,166 | $650,210 | $52,405 | $52,405 | $2,929 | $3,679 | ' | ' |
Accumulated Amortization | -177,436 | ' | -166,512 | -147,403 | -136,970 | -29,629 | -28,437 | -404 | -1,105 | 0 | 0 |
Finite-lived intangible assets, net | ' | ' | ' | 512,763 | 513,240 | 22,776 | 23,968 | 2,525 | 2,574 | 438,400 | 438,400 |
Indefinite-lived intangible assets, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 438,400 | 438,400 |
Total intangibles, gross | 1,153,900 | ' | 1,144,694 | ' | ' | ' | ' | ' | ' | ' | ' |
Total intangibles, net | 976,464 | ' | 978,182 | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense | $11,631 | $11,533 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information (Details 4) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Business Acquisition [Line Items] | ' | ' |
Income taxes paid, net of refunds received | $591 | $672 |
Cash paid for interest | 45,589 | 11,589 |
Additional capital lease obligation to finance property and equipment | 10,905 | 0 |
Convertible senior subordinated notes | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Shares issued in connection with certain redemptions (in shares) | 0 | 1,849,548 |
Capital Lease Obligations [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Additional capital lease obligation to finance property and equipment | $0 | $26 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Changes in Accounting Estimates (Details 5) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Gross Favorable Change in Estimates [Member] | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' |
Change in Accounting Estimate | $5,279 | ' |
Gross Unfavorable Changes In Estimates [Member] | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' |
Change in Accounting Estimate | -6,002 | ' |
Comprehensive Income [Member] | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' |
Change in Accounting Estimate | -723 | -4,685 |
Income, net [Member] | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' |
Change in Accounting Estimate | -468 | -3,044 |
Diluted earings per share [Member] | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' |
Change in Accounting Estimate | $0 | $0 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Product Warranty (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Product Warranties [Abstract] | ' | ' |
Standard Product Warranty Description | '3 | ' |
Extended Product Warranty Description | '20 | ' |
Product Warranty Accrual | $37,751 | $22,066 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Share Repurchase (Details) (USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 |
Equity, Class of Treasury Stock [Line Items] | ' |
Treasury Stock, Shares, Acquired | 750,000 |
Stock Repurchased During Period, Value | $51,044 |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 4,450,800 |
ACQUISITIONS_Details
ACQUISITIONS (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | 6-May-13 | Jun. 30, 2014 | Jun. 27, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Oct. 07, 2013 | Dec. 31, 2013 | Oct. 04, 2013 | Jun. 30, 2013 | 6-May-13 | Oct. 04, 2013 | Oct. 04, 2013 |
GEActuation [Member] | GEActuation [Member] | Insulfab Product Line [Member] | Insulfab Product Line [Member] | Insulfab Product Line [Member] | General Donlee [Member] | General Donlee [Member] | Primus Composites [Member] | Primus Composites [Member] | Secured Debt [Member] | Convertible Debt [Member] | |||||
General Donlee [Member] | General Donlee [Member] | ||||||||||||||
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | $71,509 | ' | $2,516 | $7,394 | ' | $56,622 | ' | $33,530 | ' | ' | ' |
Business Combination, Consideration Transferred, Liabilities Incurred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000 | ' | ' | ' |
Business Acquisition, Transaction Costs | ' | ' | ' | ' | ' | 812 | ' | ' | ' | ' | 766 | ' | 743 | ' | ' |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | ' | ' | ' | ' | ' | ' | ' | ' | 4,660 | ' | ' | ' | 29,138 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | ' | ' | ' | ' | ' | 4,608 | ' | ' | ' | ' | ' | ' | 2,201 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | ' | ' | ' | ' | ' | 36,730 | ' | ' | ' | ' | 10,976 | ' | 17,392 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | ' | ' | ' | ' | ' | 47,601 | ' | ' | ' | ' | 15,645 | ' | 21,053 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 184 | ' | 883 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | ' | ' | ' | ' | ' | 41,004 | ' | ' | ' | ' | 31,495 | ' | 28,457 | ' | ' |
Goodwill | 1,867,668 | ' | 1,791,831 | ' | ' | 70,209 | ' | ' | ' | ' | 46,468 | ' | 29,138 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | ' | ' | ' | ' | ' | 9,000 | ' | ' | ' | ' | 24,607 | ' | 3,514 | ' | ' |
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life | ' | ' | ' | ' | '13 years | ' | ' | ' | ' | '15 years 0 months | ' | '16 years | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | ' | ' | ' | ' | ' | 53,919 | ' | ' | ' | ' | ' | ' | 13,138 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | ' | ' | ' | ' | ' | 2,506 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | ' | ' | ' | ' | ' | 265,577 | ' | ' | ' | ' | 129,375 | ' | 115,776 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | ' | ' | ' | ' | ' | 19,080 | ' | ' | ' | ' | 2,841 | ' | 10,027 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | ' | ' | ' | ' | ' | 26,104 | ' | ' | ' | ' | 3,620 | ' | 15,939 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | ' | ' | ' | ' | ' | 148,884 | ' | ' | ' | ' | 11,336 | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,956 | ' | ' | 32,382 | 26,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,280 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | ' | ' | ' | ' | ' | 194,068 | ' | ' | ' | ' | 72,753 | ' | 52,246 | ' | ' |
Finite-Lived Customer Relationships, Gross | ' | ' | ' | 3,514 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Acquired Contract Liabilities | 8,967 | 11,150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Pro Forma Revenue | 947,842 | 1,015,825 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Pro Forma Net Income (Loss) | $129,467 | $82,244 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $2.50 | $1.62 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $2.49 | $1.56 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
DISCONTINUED_OPERATIONS_AND_AS1
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 |
Discontinued operations and assets held for sale | ' | ' | ' |
Proceeds from sale of assets | $651 | $23,000 | $10,321 |
Proceeds from Sale of Property Held-for-sale | ' | ' | 9,676 |
Notes Issued | ' | ' | 1,500 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | ' | ' | 1,462 |
Triumph Instruments [Member] | ' | ' | ' |
Discontinued operations and assets held for sale | ' | ' | ' |
Proceeds from sale of assets | ' | ' | $11,200 |
INVENTORIES_Details
INVENTORIES (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $83,605 | $106,552 |
Work-in-process | 1,199,720 | 1,102,626 |
Finished goods | 108,814 | 67,608 |
Less: unliquidated progress payments | -189,976 | -165,019 |
Total inventories | 1,202,163 | 1,111,767 |
Preproduction Costs Related to Long-term Supply Arrangements, Costs Capitalized | $165,764 | $131,358 |
LONGTERM_DEBT_BY_TYPE_Details
LONG-TERM DEBT, BY TYPE (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2012 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Sep. 18, 2006 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 |
Revolving credit facility | Revolving credit facility | Revolving credit facility | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | Term loan credit agreement | Term loan credit agreement | Term loan credit agreement | Senior subordinated notes due 2017 | Senior subordinated notes due 2017 | Senior subordinated notes due 2017 | Senior subordinated notes due 2017 | Senior notes due 2018 | Senior notes due 2018 | Senior notes due 2018 | Senior notes due 2018 | Senior notes due 2021 [Member] | Senior notes due 2021 [Member] | Senior Notes Due 2022 [Member] | Senior Notes Due 2022 [Member] | Convertible senior subordinated notes | Convertible senior subordinated notes | Convertible senior subordinated notes | Convertible senior subordinated notes | Convertible senior subordinated notes | Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | Debt Conversion, Nonredeemer [Member] | ||||
Convertible senior subordinated notes | |||||||||||||||||||||||||||||||||
Long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | $1,757,633 | ' | $1,550,383 | ' | $453,940 | $194,406 | $164,600 | $162,400 | $80,720 | $74,342 | $370,313 | $375,000 | ' | ' | ' | ' | ' | $0 | ' | ' | $348,423 | $375,000 | $375,000 | $300,000 | $0 | ' | $5,082 | ' | $12,834 | ' | $7,978 | $7,978 | ' |
Less current portion | 43,323 | ' | 49,575 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt and Capital Lease Obligations | 1,714,310 | ' | 1,500,808 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 375,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.25% | ' | ' | ' | 8.75% | ' | ' | ' | ' | 4.88% | ' | 5.25% | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 175,000 | ' | ' | ' | 350,000 | ' | ' | ' | ' | 375,000 | ' | 300,000 | ' | ' | ' | ' | 201,250 | ' | ' | ' |
Debt Instrument, Future Redemption Price as Percentage of Original Principal in Fifth Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 104.00% | ' | ' | ' | 104.79% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,069 | ' | ' | ' | -22,615 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | 8.62% | ' | ' | ' | ' | 4.88% | ' | 5.25% | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Debt Instrument Percentage of Original Principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98.56% | ' | ' | ' | 99.27% | ' | 100.00% | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Financing Costs | 5,194 | 357 | ' | 2,795 | ' | ' | 196 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,390 | ' | ' | 7,307 | ' | ' | 6,327 | ' | 4,990 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Redemption with Net Proceeds from Equity Offerings as Percentage of Original Principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Redemption Price With Net Proceeds From Equity Offerings As Percentage Of Original Principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 104.88% | ' | 105.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Repurchase Obligation Due to Change of Control, Percentage of Original Principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Repurchase Obligation Due to Certain Asset Sales Percentage of Original Principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Repurchase Requirement Percentage of Original Principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36.8679 | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Conversion of Convertible Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,849,548 | ' | ' | ' | ' | ' |
Extinguishment of Debt, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,082 | ' | $77,260 | ' | ' | ' | ' | $34 |
LONGTERM_DEBT_Details_2
LONG-TERM DEBT (Details 2) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 18, 2006 | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Convertible senior subordinated notes | Convertible senior subordinated notes | Convertible senior subordinated notes | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Term loan credit agreement | Term loan credit agreement | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | Senior subordinated notes due 2017 | Senior subordinated notes due 2017 | Senior subordinated notes due 2017 | Senior notes due 2018 | Senior notes due 2018 | Senior notes due 2018 | Senior notes due 2018 | Senior notes due 2021 [Member] | Senior notes due 2021 [Member] | Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | Minimum [Member] | Maximum [Member] | ||||
Revolving credit facility | Revolving credit facility | ||||||||||||||||||||||||||||
Long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Ratio | ' | ' | ' | 36.8679 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | $1,000,000 | ' | ' | ' | ' | ' | $175,000 | $175,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accordion feature | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Financing Costs | 5,194 | 357 | ' | ' | ' | ' | ' | 2,795 | ' | ' | ' | ' | 196 | ' | ' | ' | ' | 4,390 | ' | ' | 7,307 | ' | ' | 6,327 | ' | ' | ' | ' | ' |
Unamortized financing costs prior to amendment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,507 | ' | ' | ' | 537 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument principal amount | ' | ' | ' | ' | ' | 201,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 175,000 | ' | ' | 350,000 | ' | 375,000 | ' | ' | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,069 | ' | ' | -22,615 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.38% | 2.50% |
Outstanding borrowing amount | 1,757,633 | ' | 1,550,383 | 5,082 | 12,834 | ' | 453,940 | ' | 194,406 | ' | 370,313 | 375,000 | 164,600 | 162,400 | 80,720 | 74,342 | ' | ' | ' | ' | ' | 0 | 348,423 | 375,000 | 375,000 | 7,978 | 7,978 | ' | ' |
Letters of credit outstanding amount | ' | ' | ' | ' | ' | ' | 36,907 | ' | 36,445 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fees (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | 0.45% |
Borrowing capacity under revolving credit facility after reductions for borrowings and letters of credit outstanding | ' | ' | ' | ' | ' | ' | $509,153 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Program fee on the amount outstanding (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.43% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.43% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of line of credit on which commitment fees are charged (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LONGTERM_DEBT_Details_3
LONG-TERM DEBT (Details 3) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2012 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Sep. 18, 2006 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 |
Revolving credit facility | Revolving credit facility | Revolving credit facility | Secured Debt [Member] | Secured Debt [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Equipment leasing facility and other capital leases | Equipment leasing facility and other capital leases | Equipment leasing facility and other capital leases | Senior subordinated notes due 2017 | Senior subordinated notes due 2017 | Senior subordinated notes due 2017 | Senior subordinated notes due 2017 | Senior notes due 2018 | Senior notes due 2018 | Senior notes due 2018 | Senior notes due 2018 | Senior notes due 2021 [Member] | Senior notes due 2021 [Member] | Senior Notes Due 2022 [Member] | Senior Notes Due 2022 [Member] | Convertible senior subordinated notes | Convertible senior subordinated notes | Convertible senior subordinated notes | Convertible senior subordinated notes | Convertible senior subordinated notes | Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | Debt Conversion, Redeemer [Member] | Reported Value Measurement [Member] | Reported Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | ||||
trading_days | Convertible senior subordinated notes | ||||||||||||||||||||||||||||||||||||
Long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | $1,000,000 | ' | ' | ' | $175,000 | $175,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Accordion Feature | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease obligations entered into to finance capital additions | 10,905 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 175,000 | ' | ' | ' | 350,000 | ' | ' | ' | ' | 375,000 | ' | 300,000 | ' | ' | ' | ' | 201,250 | ' | ' | ' | ' | ' | ' | ' |
Debt instrument interest rate stated percentage (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | 8.62% | ' | ' | ' | ' | 4.88% | ' | 5.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from loan, percentage of principal (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98.56% | ' | ' | ' | 99.27% | ' | 100.00% | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Financing Costs | 5,194 | 357 | ' | 2,795 | ' | ' | ' | ' | 196 | ' | ' | ' | ' | ' | ' | ' | 4,390 | ' | ' | 7,307 | ' | ' | 6,327 | ' | 4,990 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of principal amount at which the entity may redeem the note before November 15, 2014 (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 104.00% | ' | ' | ' | 104.79% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,069 | ' | ' | ' | 22,615 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent interest rate per annum calculated on the average trading price for the relevant five day trading period (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trading period used to determine payment of contingent interest (in days) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Redemption with Net Proceeds from Equity Offerings as Percentage of Original Principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of Debt, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,082 | ' | 77,260 | ' | ' | ' | ' | 7,752 | ' | ' | ' | ' |
Debt Instrument, Repurchase Option Percentage of Original Principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective interest yield on principal amount (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.25% | ' | ' | ' | 8.75% | ' | ' | ' | ' | 4.88% | ' | 5.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Repurchase Obligation Due to Change of Control, Percentage of Original Principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of principal amount which triggers payment of contingent interest if it occurs over the specified trading period (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of principal amount that the holder of the note may require the entity to repurchase the debt instrument on October 1, 2011, 2016, and 2021 (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset sales redemption price, percentage of principal (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument fixed interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.63% | ' | ' | ' | ' | ' | ' | ' |
Number of common stock shares per $1,000 principal amount of the convertible notes (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36.8679 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of notes which are convertible into 36.731 shares of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $27.12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Conversion of Convertible Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,849,548 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average price of common stock (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $67.45 | $77.45 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional number of shares included in diluted earning per share calculation (in shares) | 198,000 | 1,693,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 197,830 | 1,692,709 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
The limit of the principal amount of the debt instrument which the entity may redeem (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 104.88% | ' | 105.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Asset, Fair Value, Gross Liability | ' | ' | ' | ' | ' | ' | -96 | 2,426 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | $1,757,633 | ' | $1,550,383 | ' | $453,940 | $194,406 | $370,313 | $375,000 | $164,600 | $162,400 | $80,720 | ' | $74,342 | ' | ' | ' | ' | $0 | ' | ' | $348,423 | $375,000 | $375,000 | $300,000 | $0 | ' | $5,082 | ' | $12,834 | ' | $7,978 | $7,978 | ' | $1,757,633 | $1,550,383 | $1,761,503 | $1,580,447 |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Weighted-average common shares outstanding-basic (in shares) | 51,691 | 50,815 |
Net effect of dilutive stock options (in shares) | 200 | 298 |
Potential common shares - convertible debt (in shares) | 198 | 1,693 |
Weighted average common shares outstanding - diluted (in shares) | 52,089 | 52,806 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Total accrued income tax related interest and penalties | $185 | ' | $204 |
Total amount of unrecognized tax benefits | 7,814 | ' | 8,865 |
Amount of unrecognized tax benefits that would impact the effective tax rate, if recognized | 6,031 | ' | 7,082 |
Effective income tax rate (as a percent) | 35.30% | 35.00% | ' |
Income Tax Reconciliation, Nondeductible Expense | 1,051 | ' | ' |
Other Tax Expense (Benefit) | 367 | ' | ' |
Income Taxes Receivable | $26,001 | ' | ' |
GOODWILL_Details
GOODWILL (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Changes in the carrying value of goodwill | ' |
Balance at the beginning of the period | $1,791,831 |
Goodwill, Acquired During Period | 70,209 |
Effect of exchange rate changes and other | 5,628 |
Balance at the end of the period | 1,867,668 |
Aerostructures | ' |
Changes in the carrying value of goodwill | ' |
Balance at the beginning of the period | 1,339,993 |
Goodwill, Acquired During Period | 0 |
Effect of exchange rate changes and other | 3,734 |
Balance at the end of the period | 1,343,727 |
Aerospace Systems [Member] | ' |
Changes in the carrying value of goodwill | ' |
Balance at the beginning of the period | 395,852 |
Goodwill, Acquired During Period | 70,209 |
Effect of exchange rate changes and other | 1,894 |
Balance at the end of the period | 467,955 |
Aftermarket Services | ' |
Changes in the carrying value of goodwill | ' |
Balance at the beginning of the period | 55,986 |
Goodwill, Acquired During Period | 0 |
Effect of exchange rate changes and other | 0 |
Balance at the end of the period | $55,986 |
PENSION_AND_OTHER_POSTRETIREME2
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Pension benefits | ' | ' |
Components of net periodic benefit costs: | ' | ' |
Service cost | $3,256 | $3,293 |
Interest cost | 21,951 | 23,216 |
Expected return on plan assets | 36,913 | 37,018 |
Amortization of prior service costs | -1,321 | -1,683 |
Amortization of net loss | 0 | 4,531 |
Net periodic benefit cost | -13,027 | -7,661 |
Other postretirement | ' | ' |
Components of net periodic benefit costs: | ' | ' |
Service cost | 717 | 765 |
Interest cost | 3,082 | 3,138 |
Amortization of prior service costs | -1,132 | -1,132 |
Net periodic benefit cost | $2,667 | $2,771 |
STOCKHOLDERS_EQUITY_STOCKHOLDE2
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive loss | ($14,629) | ($60,629) | ($18,908) | ($60,972) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 7,204 | -509 | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | -1,357 | -235 | ' | ' |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 5,847 | -744 | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 0 | 0 | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | -35 | 15 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -1,568 | 1,087 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 4,279 | 343 | ' | ' |
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), before Tax | 7,402 | 3,004 | 198 | 3,513 |
Other Comprehensive Income (Loss), Net of Tax | 7,204 | -509 | ' | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive loss | 104 | -89 | 1,496 | 131 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | -1,357 | -235 | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | -35 | 15 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | -1,392 | -220 | ' | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive loss | -22,135 | -63,544 | -20,602 | -64,616 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -1,533 | 1,072 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | ($1,533) | $1,072 | ' | ' |
SEGMENTS_Details
SEGMENTS (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 |
Financial information of reportable segment and the reconciliation of EBITDA to operating income | ' | ' | ' |
Gain (Loss) Related to Litigation Settlement | $134,693 | $0 | ' |
Net sales | 896,905 | 943,683 | ' |
Operating income (loss) | 240,524 | 141,346 | ' |
Interest expense and other | 42,360 | 19,710 | ' |
Income from continuing operations before income taxes | 198,164 | 121,636 | ' |
Depreciation and amortization | 37,551 | 37,934 | ' |
Amortization of Acquired Contract Liabilities | 8,967 | 11,150 | ' |
EBITDA | 134,415 | 168,130 | ' |
Capital expenditures | 23,077 | 56,229 | ' |
Total assets | 5,858,612 | ' | 5,553,283 |
Revenues | 159,834 | 145,091 | ' |
Aerostructures | ' | ' | ' |
Financial information of reportable segment and the reconciliation of EBITDA to operating income | ' | ' | ' |
Net sales | 611,863 | 651,888 | ' |
Operating income (loss) | 70,866 | 100,387 | ' |
Depreciation and amortization | 24,979 | 26,313 | ' |
Amortization of Acquired Contract Liabilities | 5,117 | 6,141 | ' |
EBITDA | 90,728 | 120,559 | ' |
Capital expenditures | 15,369 | 45,945 | ' |
Total assets | 3,867,170 | ' | 3,880,645 |
Aerospace Systems | ' | ' | ' |
Financial information of reportable segment and the reconciliation of EBITDA to operating income | ' | ' | ' |
Net sales | 219,852 | 219,526 | ' |
Operating income (loss) | 37,352 | 42,643 | ' |
Depreciation and amortization | 9,517 | 8,539 | ' |
Amortization of Acquired Contract Liabilities | 3,850 | 5,009 | ' |
EBITDA | 43,019 | 46,173 | ' |
Capital expenditures | 5,663 | 4,432 | ' |
Total assets | 1,457,601 | ' | 1,255,033 |
Aftermarket Services | ' | ' | ' |
Financial information of reportable segment and the reconciliation of EBITDA to operating income | ' | ' | ' |
Net sales | 67,608 | 74,353 | ' |
Operating income (loss) | 10,504 | 11,279 | ' |
Depreciation and amortization | 1,877 | 1,877 | ' |
EBITDA | 12,381 | 13,156 | ' |
Capital expenditures | 1,680 | 4,152 | ' |
Total assets | 318,067 | ' | 316,643 |
Elimination of inter-segment sales | ' | ' | ' |
Financial information of reportable segment and the reconciliation of EBITDA to operating income | ' | ' | ' |
Net sales | -2,418 | -2,084 | ' |
Corporate | ' | ' | ' |
Financial information of reportable segment and the reconciliation of EBITDA to operating income | ' | ' | ' |
Operating income (loss) | 121,802 | -12,963 | ' |
Depreciation and amortization | 1,178 | 1,205 | ' |
EBITDA | -11,713 | -11,758 | ' |
Capital expenditures | 365 | 1,700 | ' |
Total assets | $215,774 | ' | $100,962 |
SELECTED_CONSOLIDATING_FINANCI2
SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $25,465 | $28,998 | $18,529 | $32,037 |
Trade and other receivables, net | 667,202 | 517,707 | ' | ' |
Inventories | 1,202,163 | 1,111,767 | ' | ' |
Rotable assets | 43,230 | 41,666 | ' | ' |
Deferred income taxes | 46,898 | 57,308 | ' | ' |
Prepaid expenses and other | 25,249 | 24,897 | ' | ' |
Total current assets | 2,010,207 | 1,782,343 | ' | ' |
Property and equipment, net | 965,424 | 930,973 | ' | ' |
Goodwill and other intangible assets, net | 2,844,132 | 2,770,013 | ' | ' |
Other, net | 38,849 | 69,954 | ' | ' |
Intercompany investments and advances | 0 | 0 | ' | ' |
Total assets | 5,858,612 | 5,553,283 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of long-term debt | 43,323 | 49,575 | ' | ' |
Accounts payable | 301,808 | 317,334 | ' | ' |
Accrued expenses | 237,814 | 273,290 | ' | ' |
Total current liabilities | 582,945 | 640,199 | ' | ' |
Long-term debt, less current portion | 1,714,310 | 1,500,808 | ' | ' |
Intercompany debt | 0 | 0 | ' | ' |
Accrued pension and other postretirement benefits, noncurrent | 448,767 | 508,524 | ' | ' |
Deferred income taxes and other | 759,042 | 619,841 | ' | ' |
Total stockholders' equity | 2,353,548 | 2,283,911 | ' | ' |
Total liabilities and stockholders' equity | 5,858,612 | 5,553,283 | ' | ' |
Parent | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 621 | 2,820 | 3,112 | 3,110 |
Trade and other receivables, net | 164,290 | 1,591 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Rotable assets | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Prepaid expenses and other | 6,249 | 6,977 | ' | ' |
Total current assets | 171,160 | 11,388 | ' | ' |
Property and equipment, net | 9,420 | 9,933 | ' | ' |
Goodwill and other intangible assets, net | 0 | 0 | ' | ' |
Other, net | 26,566 | 58,536 | ' | ' |
Intercompany investments and advances | 4,196,184 | 4,094,443 | ' | ' |
Total assets | 4,403,330 | 4,174,300 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of long-term debt | 24,096 | 31,844 | ' | ' |
Accounts payable | 0 | 1,150 | ' | ' |
Accrued expenses | 30,312 | 36,034 | ' | ' |
Total current liabilities | 54,408 | 69,028 | ' | ' |
Long-term debt, less current portion | 1,488,250 | 1,279,694 | ' | ' |
Intercompany debt | 492,141 | 525,216 | ' | ' |
Accrued pension and other postretirement benefits, noncurrent | 6,894 | 6,795 | ' | ' |
Deferred income taxes and other | 8,088 | 9,656 | ' | ' |
Total stockholders' equity | 2,353,549 | 2,283,911 | ' | ' |
Total liabilities and stockholders' equity | 4,403,330 | 4,174,300 | ' | ' |
Guarantors Subsidiaries | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 1,631 | 1,149 | 1,858 | 1,537 |
Trade and other receivables, net | 188,213 | 226,407 | ' | ' |
Inventories | 1,114,818 | 1,041,719 | ' | ' |
Rotable assets | 29,677 | 28,113 | ' | ' |
Deferred income taxes | 46,898 | 57,291 | ' | ' |
Prepaid expenses and other | 11,260 | 13,674 | ' | ' |
Total current assets | 1,392,497 | 1,368,353 | ' | ' |
Property and equipment, net | 803,131 | 801,560 | ' | ' |
Goodwill and other intangible assets, net | 2,672,046 | 2,625,121 | ' | ' |
Other, net | 8,399 | 7,860 | ' | ' |
Intercompany investments and advances | 266,885 | 84,180 | ' | ' |
Total assets | 5,142,958 | 4,887,074 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of long-term debt | 19,227 | 17,731 | ' | ' |
Accounts payable | 274,250 | 296,968 | ' | ' |
Accrued expenses | 170,846 | 212,984 | ' | ' |
Total current liabilities | 464,323 | 527,683 | ' | ' |
Long-term debt, less current portion | 63,660 | 58,714 | ' | ' |
Intercompany debt | 2,234,875 | 2,021,330 | ' | ' |
Accrued pension and other postretirement benefits, noncurrent | 441,873 | 501,716 | ' | ' |
Deferred income taxes and other | 718,319 | 586,174 | ' | ' |
Total stockholders' equity | 1,219,908 | 1,191,457 | ' | ' |
Total liabilities and stockholders' equity | 5,142,958 | 4,887,074 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 23,213 | 25,029 | 13,559 | 27,390 |
Trade and other receivables, net | 314,699 | 289,709 | ' | ' |
Inventories | 87,345 | 70,048 | ' | ' |
Rotable assets | 13,553 | 13,553 | ' | ' |
Deferred income taxes | 0 | 17 | ' | ' |
Prepaid expenses and other | 7,740 | 4,246 | ' | ' |
Total current assets | 446,550 | 402,602 | ' | ' |
Property and equipment, net | 152,873 | 119,480 | ' | ' |
Goodwill and other intangible assets, net | 172,086 | 144,892 | ' | ' |
Other, net | 3,884 | 3,558 | ' | ' |
Intercompany investments and advances | 37,192 | 12,333 | ' | ' |
Total assets | 812,585 | 682,865 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of long-term debt | 0 | 0 | ' | ' |
Accounts payable | 27,558 | 19,216 | ' | ' |
Accrued expenses | 36,656 | 24,272 | ' | ' |
Total current liabilities | 64,214 | 43,488 | ' | ' |
Long-term debt, less current portion | 162,400 | 162,400 | ' | ' |
Intercompany debt | 261,296 | 304,613 | ' | ' |
Accrued pension and other postretirement benefits, noncurrent | 0 | 13 | ' | ' |
Deferred income taxes and other | 32,635 | 24,011 | ' | ' |
Total stockholders' equity | 292,040 | 148,340 | ' | ' |
Total liabilities and stockholders' equity | 812,585 | 682,865 | ' | ' |
Eliminations | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Trade and other receivables, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Rotable assets | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Prepaid expenses and other | 0 | 0 | ' | ' |
Total current assets | 0 | 0 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Goodwill and other intangible assets, net | 0 | 0 | ' | ' |
Other, net | 0 | 0 | ' | ' |
Intercompany investments and advances | -4,500,261 | -4,190,956 | ' | ' |
Total assets | -4,500,261 | -4,190,956 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of long-term debt | 0 | 0 | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Accrued expenses | 0 | 0 | ' | ' |
Total current liabilities | 0 | 0 | ' | ' |
Long-term debt, less current portion | 0 | 0 | ' | ' |
Intercompany debt | -2,988,312 | -2,851,159 | ' | ' |
Accrued pension and other postretirement benefits, noncurrent | 0 | 0 | ' | ' |
Deferred income taxes and other | 0 | 0 | ' | ' |
Total stockholders' equity | -1,511,949 | -1,339,797 | ' | ' |
Total liabilities and stockholders' equity | ($4,500,261) | ($4,190,956) | ' | ' |
SELECTED_CONSOLIDATING_FINANCI3
SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Details 2) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Consolidating Financial Statements, Captions | ' | ' |
Net sales | $896,905 | $943,683 |
Operating costs and expenses: | ' | ' |
Cost of sales | 684,816 | 696,471 |
Selling, general and administrative | 65,710 | 66,717 |
Depreciation and amortization | 37,551 | 37,934 |
Restructuring Charges | 2,997 | 1,215 |
Gain (Loss) Related to Litigation Settlement | -134,693 | 0 |
Total operating costs and expenses | 656,381 | 802,337 |
Operating income | 240,524 | 141,346 |
Intercompany interest and charges | 0 | 0 |
Interest expense and other | 42,360 | 19,710 |
Income from continuing operations before income taxes | 198,164 | 121,636 |
Income tax expense (benefit) | 69,921 | 42,593 |
Net Income (Loss) Attributable to Parent | 128,243 | 79,043 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 4,279 | 343 |
Total comprehensive income | 132,522 | 79,386 |
Parent | ' | ' |
Consolidating Financial Statements, Captions | ' | ' |
Net sales | 0 | 0 |
Operating costs and expenses: | ' | ' |
Cost of sales | 0 | 0 |
Selling, general and administrative | 10,171 | 10,593 |
Depreciation and amortization | 637 | 633 |
Restructuring Charges | 0 | 0 |
Gain (Loss) Related to Litigation Settlement | -134,693 | ' |
Total operating costs and expenses | -123,885 | 11,226 |
Operating income | 123,885 | -11,226 |
Intercompany interest and charges | -53,289 | -57,390 |
Interest expense and other | 41,283 | 18,649 |
Income from continuing operations before income taxes | 135,891 | 27,515 |
Income tax expense (benefit) | 46,185 | 8,390 |
Net Income (Loss) Attributable to Parent | 89,706 | 19,125 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | -1,541 | 0 |
Total comprehensive income | 88,165 | 19,125 |
Guarantors Subsidiaries | ' | ' |
Consolidating Financial Statements, Captions | ' | ' |
Net sales | 842,294 | 905,058 |
Operating costs and expenses: | ' | ' |
Cost of sales | 637,887 | 669,202 |
Selling, general and administrative | 48,384 | 50,726 |
Depreciation and amortization | 34,063 | 35,667 |
Restructuring Charges | 2,997 | 1,215 |
Gain (Loss) Related to Litigation Settlement | 0 | ' |
Total operating costs and expenses | 723,331 | 756,810 |
Operating income | 118,963 | 148,248 |
Intercompany interest and charges | 51,529 | 56,430 |
Interest expense and other | 2,155 | 1,675 |
Income from continuing operations before income taxes | 65,279 | 90,143 |
Income tax expense (benefit) | 25,075 | 33,912 |
Net Income (Loss) Attributable to Parent | 40,204 | 56,231 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | -1,533 | 823 |
Total comprehensive income | 38,671 | 57,054 |
Non-Guarantor Subsidiaries | ' | ' |
Consolidating Financial Statements, Captions | ' | ' |
Net sales | 56,593 | 39,809 |
Operating costs and expenses: | ' | ' |
Cost of sales | 48,911 | 28,453 |
Selling, general and administrative | 7,155 | 5,398 |
Depreciation and amortization | 2,851 | 1,634 |
Restructuring Charges | 0 | 0 |
Gain (Loss) Related to Litigation Settlement | 0 | ' |
Total operating costs and expenses | 58,917 | 35,485 |
Operating income | -2,324 | 4,324 |
Intercompany interest and charges | 1,760 | 960 |
Interest expense and other | -1,078 | -614 |
Income from continuing operations before income taxes | -3,006 | 3,978 |
Income tax expense (benefit) | -1,339 | 291 |
Net Income (Loss) Attributable to Parent | -1,667 | 3,687 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 7,353 | -480 |
Total comprehensive income | 5,686 | 3,207 |
Eliminations | ' | ' |
Consolidating Financial Statements, Captions | ' | ' |
Net sales | -1,982 | -1,184 |
Operating costs and expenses: | ' | ' |
Cost of sales | -1,982 | -1,184 |
Selling, general and administrative | 0 | 0 |
Depreciation and amortization | ' | 0 |
Restructuring Charges | 0 | 0 |
Gain (Loss) Related to Litigation Settlement | 0 | ' |
Total operating costs and expenses | -1,982 | -1,184 |
Operating income | 0 | 0 |
Intercompany interest and charges | 0 | 0 |
Interest expense and other | 0 | 0 |
Income from continuing operations before income taxes | 0 | 0 |
Income tax expense (benefit) | 0 | 0 |
Net Income (Loss) Attributable to Parent | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0 | 0 |
Total comprehensive income | $0 | $0 |
SELECTED_CONSOLIDATING_FINANCI4
SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Details 3) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 |
Consolidating Financial Statements, Captions | ' | ' | ' |
Net Income (Loss) Attributable to Parent | $128,243 | ' | $79,043 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities | -180,295 | ' | -67,161 |
Net cash (used in) provided by operating activities | -52,052 | ' | 11,882 |
Capital expenditures | -23,077 | ' | -56,229 |
Reimbursement Revenue | 0 | ' | 2,869 |
Proceeds from sale of assets | 651 | 23,000 | 10,321 |
Acquisitions, net of cash acquired | -60,901 | ' | -31,329 |
Net cash used in investing activities | -83,327 | ' | -74,368 |
Net increase in revolving credit facility | 259,534 | ' | 153,935 |
Proceeds on issuance of debt | 323,505 | ' | 25,000 |
Retirements and repayments of debt | -390,223 | ' | -125,186 |
Payments for Repurchase of Common Stock | -51,043 | ' | 0 |
Payment of deferred financing costs | -5,194 | ' | -357 |
Dividends paid | -2,056 | ' | -2,069 |
Repayments of government grant | -3,198 | ' | 0 |
Repurchase of restricted shares for minimum tax obligation | -673 | ' | -2,726 |
Proceeds from exercise of stock options, including excess tax benefit | 356 | ' | 109 |
Intercompany financing and advances | 0 | ' | 0 |
Net cash (used in) provided by financing activities | 131,008 | ' | 48,706 |
Effect of exchange rate changes on cash and cash equivalents | 838 | ' | 272 |
Net change in cash and cash equivalents | -3,533 | ' | -13,508 |
Cash at beginning of period | 28,998 | ' | 32,037 |
Cash at end of period | 25,465 | 28,998 | 18,529 |
Parent | ' | ' | ' |
Consolidating Financial Statements, Captions | ' | ' | ' |
Net Income (Loss) Attributable to Parent | 89,706 | ' | 19,125 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities | -389,152 | ' | 15,244 |
Net cash (used in) provided by operating activities | 299,446 | ' | 34,369 |
Capital expenditures | -123 | ' | -1,466 |
Reimbursement Revenue | ' | ' | 0 |
Proceeds from sale of assets | 0 | ' | 0 |
Acquisitions, net of cash acquired | 0 | ' | 0 |
Net cash used in investing activities | -123 | ' | -1,466 |
Net increase in revolving credit facility | 259,534 | ' | 153,935 |
Proceeds on issuance of debt | 300,000 | ' | 0 |
Retirements and repayments of debt | -374,260 | ' | -107,320 |
Payments for Repurchase of Common Stock | -51,043 | ' | ' |
Payment of deferred financing costs | -5,194 | ' | -357 |
Dividends paid | -2,056 | ' | -2,069 |
Repayments of government grant | 0 | ' | ' |
Repurchase of restricted shares for minimum tax obligation | -673 | ' | -2,726 |
Proceeds from exercise of stock options, including excess tax benefit | 356 | ' | 109 |
Intercompany financing and advances | 170,706 | ' | -74,473 |
Net cash (used in) provided by financing activities | 297,370 | ' | -32,901 |
Effect of exchange rate changes on cash and cash equivalents | 0 | ' | 0 |
Net change in cash and cash equivalents | -2,199 | ' | 2 |
Cash at beginning of period | 2,820 | ' | 3,110 |
Cash at end of period | 621 | ' | 3,112 |
Guarantors Subsidiaries | ' | ' | ' |
Consolidating Financial Statements, Captions | ' | ' | ' |
Net Income (Loss) Attributable to Parent | 40,204 | ' | 56,231 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities | 150,053 | ' | -104,913 |
Net cash (used in) provided by operating activities | -190,257 | ' | -48,682 |
Capital expenditures | -21,876 | ' | -52,897 |
Reimbursement Revenue | ' | ' | 2,869 |
Proceeds from sale of assets | 599 | ' | -10,321 |
Acquisitions, net of cash acquired | 0 | ' | -22,255 |
Net cash used in investing activities | -21,277 | ' | -61,962 |
Net increase in revolving credit facility | 0 | ' | 0 |
Proceeds on issuance of debt | 10,905 | ' | 0 |
Retirements and repayments of debt | -5,563 | ' | -3,766 |
Payments for Repurchase of Common Stock | 0 | ' | ' |
Payment of deferred financing costs | 0 | ' | 0 |
Dividends paid | 0 | ' | 0 |
Repayments of government grant | -3,198 | ' | ' |
Repurchase of restricted shares for minimum tax obligation | 0 | ' | 0 |
Proceeds from exercise of stock options, including excess tax benefit | 0 | ' | 0 |
Intercompany financing and advances | -170,642 | ' | 114,731 |
Net cash (used in) provided by financing activities | -168,498 | ' | 110,965 |
Effect of exchange rate changes on cash and cash equivalents | 0 | ' | 0 |
Net change in cash and cash equivalents | 482 | ' | 321 |
Cash at beginning of period | 1,149 | ' | 1,537 |
Cash at end of period | 1,631 | ' | 1,858 |
Non-Guarantor Subsidiaries | ' | ' | ' |
Consolidating Financial Statements, Captions | ' | ' | ' |
Net Income (Loss) Attributable to Parent | -1,667 | ' | 3,687 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities | 7,792 | ' | 22,508 |
Net cash (used in) provided by operating activities | 6,125 | ' | 26,195 |
Capital expenditures | -1,078 | ' | -1,866 |
Reimbursement Revenue | ' | ' | 0 |
Proceeds from sale of assets | 52 | ' | 0 |
Acquisitions, net of cash acquired | 60,901 | ' | -9,074 |
Net cash used in investing activities | -61,927 | ' | -10,940 |
Net increase in revolving credit facility | 0 | ' | 0 |
Proceeds on issuance of debt | 12,600 | ' | 25,000 |
Retirements and repayments of debt | -10,400 | ' | -14,100 |
Payments for Repurchase of Common Stock | 0 | ' | ' |
Payment of deferred financing costs | 0 | ' | 0 |
Dividends paid | 0 | ' | 0 |
Repayments of government grant | 0 | ' | ' |
Repurchase of restricted shares for minimum tax obligation | 0 | ' | 0 |
Proceeds from exercise of stock options, including excess tax benefit | 0 | ' | 0 |
Intercompany financing and advances | 50,948 | ' | -40,258 |
Net cash (used in) provided by financing activities | 53,148 | ' | -29,358 |
Effect of exchange rate changes on cash and cash equivalents | 838 | ' | 272 |
Net change in cash and cash equivalents | -1,816 | ' | -13,831 |
Cash at beginning of period | 25,029 | ' | 27,390 |
Cash at end of period | 23,213 | ' | 13,559 |
Eliminations | ' | ' | ' |
Consolidating Financial Statements, Captions | ' | ' | ' |
Net Income (Loss) Attributable to Parent | 0 | ' | 0 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities | 51,012 | ' | 0 |
Net cash (used in) provided by operating activities | -51,012 | ' | 0 |
Capital expenditures | 0 | ' | 0 |
Reimbursement Revenue | ' | ' | 0 |
Proceeds from sale of assets | 0 | ' | 0 |
Acquisitions, net of cash acquired | 0 | ' | 0 |
Net cash used in investing activities | 0 | ' | 0 |
Net increase in revolving credit facility | 0 | ' | 0 |
Proceeds on issuance of debt | 0 | ' | 0 |
Retirements and repayments of debt | 0 | ' | 0 |
Payments for Repurchase of Common Stock | 0 | ' | ' |
Payment of deferred financing costs | 0 | ' | 0 |
Dividends paid | 0 | ' | 0 |
Repayments of government grant | 0 | ' | ' |
Repurchase of restricted shares for minimum tax obligation | 0 | ' | 0 |
Proceeds from exercise of stock options, including excess tax benefit | 0 | ' | 0 |
Intercompany financing and advances | -51,012 | ' | 0 |
Net cash (used in) provided by financing activities | -51,012 | ' | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | ' | 0 |
Net change in cash and cash equivalents | 0 | ' | 0 |
Cash at beginning of period | 0 | ' | 0 |
Cash at end of period | $0 | ' | $0 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES Litigation Settlement (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Loss Contingencies [Line Items] | ' | ' |
Litigation Settlement, Amount | $135,300 | ' |
Gain (Loss) Related to Litigation Settlement | $134,693 | $0 |
RELOCATION_COSTS_RELOCATION_CO1
RELOCATION COSTS RELOCATION COSTS (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and Related Cost, Incurred Cost | $2,997 | $1,215 |
SUBSEQUENT_EVENTS_SUBSEQUENT_E
SUBSEQUENT EVENTS SUBSEQUENT EVENTS (Details) (Convertible senior subordinated notes, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2013 |
Convertible senior subordinated notes | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Extinguishment of Debt, Amount | $5,082 | $77,260 |