Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Entity Information [Line Items] | ||
Entity Registrant Name | TRIUMPH GROUP INC | |
Entity Central Index Key | 1,021,162 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 49,307,138 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 39,671 | $ 32,617 |
Trade and other receivables, less allowance for doubtful accounts of $6,458 and $6,475 | 547,806 | 521,640 |
Inventories, net of unliquidated progress payments of $153,998 and $189,923 | 1,460,766 | 1,286,892 |
Rotable assets | 50,800 | 48,820 |
Deferred income taxes | 109,997 | 145,352 |
Prepaid and other current assets | 23,267 | 23,081 |
Total current assets | 2,232,307 | 2,058,402 |
Property and equipment, net | 936,290 | 951,238 |
Goodwill | 2,024,907 | 2,014,831 |
Intangible assets, net | 950,814 | 966,365 |
Other, net | 108,687 | 107,999 |
Total assets | 6,253,005 | 6,098,835 |
Current liabilities: | ||
Current portion of long-term debt | 42,776 | 42,255 |
Accounts payable | 426,041 | 429,134 |
Accrued expenses | 376,845 | 411,771 |
Total current liabilities | 845,662 | 883,160 |
Long-term debt, less current portion | 1,505,729 | 1,326,345 |
Accrued pension and other postretirement benefits, noncurrent | 510,274 | 538,381 |
Deferred income taxes, noncurrent | 408,469 | 413,401 |
Other noncurrent liabilities | 767,253 | 801,764 |
Stockholders’ equity: | ||
Common stock, $.001 par value, 100,000,000 shares authorized, 52,460,920 and 52,460,920 shares issued; 49,307,138 and 49,273,053 shares outstanding | 51 | 51 |
Capital in excess of par value | 852,225 | 851,940 |
Treasury Stock, Value | (203,514) | (203,514) |
Accumulated other comprehensive loss | (180,122) | (198,910) |
Retained earnings | 1,746,978 | 1,686,217 |
Total stockholders' equity | 2,215,618 | 2,135,784 |
Total liabilities and stockholders' equity | $ 6,253,005 | $ 6,098,835 |
Consolidated Balance Sheet Pare
Consolidated Balance Sheet Parenthetical (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 |
Allowance for doubtful accounts | $ 6,458 | $ 6,475 |
Unliquidated progress payments | $ 153,998 | $ 189,923 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 52,460,920 | 52,460,920 |
Common stock, shares outstanding | 49,307,138 | 49,273,053 |
Treasury Stock, Shares | 3,153,782 | 3,187,867 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Net sales | $ 959,638 | $ 896,905 |
Operating costs and expenses: | ||
Cost of sales (exclusive of depreciation and amortization shown separately below) | 732,094 | 684,816 |
Selling, General and Administrative Expense | 73,281 | 65,710 |
Depreciation and amortization | 43,534 | 37,551 |
Restructuring Charges | 0 | 2,997 |
Gain (Loss) Related to Litigation Settlement | 0 | 134,693 |
Operating expenses | 851,772 | 656,381 |
Operating Income (Loss) | 107,866 | 240,524 |
Interest expense and other | 18,116 | 42,360 |
Income from continuing operations before income taxes | 89,750 | 198,164 |
Income Tax Expense (Benefit) | 27,018 | 69,921 |
Net Income (Loss) Attributable to Parent | $ 62,732 | $ 128,243 |
Earnings per share-basic: | ||
Earnings per share—basic: | $ 1.28 | $ 2.48 |
Weighted-average common shares outstanding-basic (in shares) | 49,198 | 51,691 |
Earnings per share-diluted: | ||
Earnings per share—diluted: | $ 1.27 | $ 2.46 |
Weighted-average common shares outstanding-diluted (in shares) | 49,314 | 52,089 |
Dividends declared and paid per common share (in dollars per share) | $ 0.04 | $ 0.04 |
Pension Plan [Member] | ||
Operating costs and expenses: | ||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | $ (2,863) | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Prior service credit, net of taxes of $0 and ($7,023) for the three months ended and $0 and ($7,023) for the nine months ended | $ (360) | $ 0 |
Net Income (Loss) Attributable to Parent | 62,732 | 128,243 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Foreign currency translation adjustment | 10,933 | 7,204 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 935 | 0 |
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service (Cost) Credit, Net of Tax | 235 | (1,533) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent | 6,836 | (1,533) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 1,012 | (1,357) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 7 | (35) |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 1,019 | (1,392) |
Other Comprehensive Income (Loss), Net of Tax | 18,788 | 4,279 |
Total comprehensive income | $ 81,520 | $ 132,522 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income Parenthetical (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Prior service credit, net of taxes of $0 and ($7,023) for the three months ended and $0 and ($7,023) for the nine months ended | $ (360) | $ 0 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit), Tax | (211) | 0 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During the Period, Tax | (3,110) | 0 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Tax | (548) | 0 |
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service (Cost) Credit, Tax | 138 | 921 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During the Period, Tax | (138) | 905 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | $ 3 | $ 20 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating Activities | ||
Net Income (Loss) Attributable to Parent | $ 62,732 | $ 128,243 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 43,534 | 37,551 |
Amortization of acquired contract liabilities | (35,098) | (8,967) |
Accretion of debt discount | 0 | 1,577 |
Other amortization included in interest expense | 969 | 5,323 |
Provision for doubtful accounts receivable | (294) | (40) |
Provision for deferred income taxes | 20,463 | 71,106 |
Employee stock-based compensation | 792 | 996 |
Changes in assets and liabilities, excluding the effects of acquisitions and dispositions of businesses: | ||
Trade and other receivables | (33,592) | (84,970) |
Rotable assets | 481 | (1,564) |
Inventories | (167,071) | (49,274) |
Prepaid expenses and other current assets | 4,573 | 2,388 |
Accounts payable, accrued expenses and other current liabilities | (24,384) | (93,657) |
Accrued pension and other postretirement benefits | (19,991) | (62,636) |
Other | (4,367) | 1,872 |
Net cash (used in) provided by operating activities | (148,390) | (52,052) |
Investing Activities | ||
Capital expenditures | (18,016) | (23,077) |
Proceeds from sale of assets | 554 | 651 |
Acquisitions, net of cash acquired | (5,986) | (60,901) |
Net cash used in investing activities | (23,448) | (83,327) |
Financing Activities | ||
Net increase in revolving credit facility | 96,541 | 259,534 |
Proceeds from issuance of long-term debt | 98,932 | 323,505 |
Repayment of debt and capital lease obligations | (16,026) | (390,223) |
Payments for Repurchase of Common Stock | 0 | 51,043 |
Payment of deferred financing costs | (71) | (5,194) |
Dividends paid | (1,971) | (2,056) |
Repayments of government grant | (82) | (3,198) |
Repurchase of restricted shares for minimum tax obligation | (96) | (673) |
Proceeds from exercise of stock options | 0 | 356 |
Net cash (used in) provided by financing activities | 177,227 | 131,008 |
Effect of exchange rate changes on cash | 1,665 | 838 |
Net change in cash | 7,054 | (3,533) |
Cash at beginning of period | 32,617 | 28,998 |
Cash at end of period | $ 39,671 | $ 25,465 |
Consolidated Statements of Cas8
Consolidated Statements of Cash Flows Parenthetical (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Excess tax benefit | $ 0 | $ 0 |
BASIS OF PRESENTATION AND ORGAN
BASIS OF PRESENTATION AND ORGANIZATION | 3 Months Ended |
Jun. 30, 2015 | |
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, 2015 are not necessarily indicative of results that may be expected for the year ending March 31, 2016 . The accompanying condensed consolidated financial statements are unaudited and should be read in conjunction with the fiscal 2015 audited condensed consolidated financial statements and notes thereto included in the Company's Form 10-K for the year ended March 31, 2015 filed in May 2015. 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 April 2015, the Financial Accounting Standards Board ("FASB") issued ASU 2015-03, Interest—Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs ("ASU-2015-03") . ASU 2015-03 requires companies to present debt issuance costs as a direct deduction from the carrying value of that debt liability. ASU 2015-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is allowed for financial statements that have not been previously issued. Entities would apply the new guidance retrospectively to all prior periods (i.e., the balance sheet for each period is adjusted). Effective April 1, 2015, the Company adopted this standard. The adoption did not have a material impact on the Company’s financial position, results of operations or cash flows (see Note 5 for further discussion). The Company's policy is to exclude debt issuance costs relating to revolving debt instruments as a direct deduction to debt (see Note 5 for further discussion). |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Jun. 30, 2015 | |
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 605-35 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, 2015 , cumulative catch-up adjustments from changes in estimates, inclusive of changes in forward loss estimates, increased operating income, net income and earnings per share by approximately $1,307 , $863 and $0.02 net of tax, respectively. The cumulative catch-up adjustments to operating income for the three months ended June 30, 2015 included gross favorable adjustments of approximately $5,894 and gross unfavorable adjustments of approximately $(4,587) . 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. 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. As disclosed during fiscal 2015, we recognized a provision for forward losses associated with our long-term contract on the 747-8 program. While we have recognized a provision for forward losses during fiscal 2015, there is still risk similar to what the Company has experienced on the 747-8 program. In particular, 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. 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, 2015 and 2014 , the Company recognized $35,098 and $8,967 , respectively, into net sales in the accompanying Condensed Consolidated Statements of Income. The Aftermarket Services Group provides repair and overhaul services, of which a small portion 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 Boeing (representing commercial, military and space) represented approximately 29% and 13% of total trade accounts receivable as of June 30, 2015 and March 31, 2015 , respectively. Trade accounts receivable from Gulfstream Aerospace Corporation ("Gulfstream") represented approximately 14% and 16% of total trade accounts receivable as of June 30, 2015 and March 31, 2015 , respectively. The Company had no other concentrations of credit risk of more than 10% . Sales to Boeing for the three months ended June 30, 2015 were $374,704 , or 39% of net sales, of which $316,315 , $48,711 and $9,678 were from the Aerostructures segment, the Aerospace Systems segment and Aftermarket Services segment, respectively. 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 Gulfstream for the three months ended June 30, 2015 were $125,135 , or 13% of net sales, of which $124,396 , $737 and $2 were from the Aerostructures segment, the Aerospace Systems segment and Aftermarket Services segment, respectively. Sales to Gulfstream for the three months ended June 30, 2014 were $72,397 , or 8% of net sales, of which $71,487 , $910 and $0 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 and Gulfstream, 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, 2015 and 2014 was $792 and $996 , 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, 2015 Weighted- Average Life Gross Carrying Amount Accumulated Amortization Net Customer relationships 16.5 $ 684,265 $ (195,465 ) $ 488,800 Product rights, technology and licenses 11.8 56,002 (34,704 ) 21,298 Non-compete agreements and other 15.9 2,929 (613 ) 2,316 Tradenames Indefinite-lived 438,400 — 438,400 Total intangibles, net $ 1,181,596 $ (230,782 ) $ 950,814 March 31, 2015 Weighted- Average Life Gross Carrying Amount Accumulated Amortization Net Customer relationships 16.5 $ 683,272 $ (180,765 ) $ 502,507 Product rights, technology and licenses 11.8 56,302 (33,208 ) 23,094 Non-compete agreements and other 15.8 2,929 (565 ) 2,364 Tradenames Indefinite-lived 438,400 — 438,400 Total intangibles, net $ 1,180,903 $ (214,538 ) $ 966,365 Amortization expense for the three months ended June 30, 2015 and 2014 was $15,964 and $11,631 , 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 5). 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 June 30, 2015 and March 31, 2015 , were $109,592 and $112,140 , respectively. Supplemental Cash Flow Information The Company paid $620 and $591 for income taxes, net of refunds received, for the three months ended June 30, 2015 and 2014 , respectively. The Company made interest payments of $23,336 and $45,589 for the three months ended June 30, 2015 and 2014 , respectively. During the three months ended June 30, 2015 and 2014 , respectively, the Company did not finance any property and equipment additions through capital leases. During the three months ended June 30, 2014 , under the existing stock repurchase program, the Company repurchased 750,000 shares for $51,044 . As of June 30, 2015 , the Company remains able to purchase an additional 2,277,789 shares under the existing stock repurchase program. |
ACQUISITIONS
ACQUISITIONS | 3 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS FISCAL 2015 ACQUISITIONS Acquisition of Spirit AeroSystems Holdings, Inc. - Gulfstream G650 and G280 Wing Programs Effective December 30, 2014, a wholly-owned subsidiary of the Company, Triumph Aerostructures - Tulsa LLC, doing business as Triumph Aerostructures-Vought Aircraft Division-Tulsa, completed the acquisition of the Gulfstream G650 and G280 wing programs (the "Tulsa Programs") located in Tulsa, Oklahoma, from Spirit AeroSystems, Inc. The acquisition of the Tulsa Programs establishes the Company as a leader in fully integrated wing design, engineering and production and advances its standing as a strategic Tier One Capable aerostructures supplier. The acquired business will operate as Triumph Aerostructures-Vought Aircraft Division-Tulsa and its results are included in the Aerostructures Group from the date of acquisition. The Company received $160,000 in cash plus assets required to run the business from Spirit-Tulsa to cover the anticipated future cash flow needs of the programs. Goodwill in the amount of $69,454 was provisionally 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 accounting for the business combination is provisional and dependent upon obtaining valuations and other information for certain assets and liabilities which have not yet been identified, 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 Company finalizes estimates of the fair value of assets acquired and liabilities assumed, substantially all of the purchase price allocation for the Tulsa Programs 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 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 Tulsa Programs acquisition. Accordingly, the amounts below report the Company's best estimate of fair value based on the information available at this time: December 30, 2014 Inventory $ 85,260 Property and equipment 15,913 Goodwill 69,454 Deferred taxes 45,750 Other assets 68,941 Total assets $ 285,318 Accounts payable $ 1,782 Accrued expenses 16,710 Acquired contract liabilities 358,735 Other noncurrent liabilities 68,091 Total liabilities $ 445,318 Based on the information accumulated through the reporting date, the Company has recognized an accrued warranty liability of $74,132 and a related indemnification asset of $68,941 for amounts `reimbursed by the seller. The provisional amounts recognized are based on the Company's best estimate using information that it 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 the Tulsa Programs whichever is earlier. The Tulsa Programs 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 Company incurred $5,000 in acquisition-related costs in connection with the Tulsa Programs acquisition. Acquisition of North American Aircraft Services, Inc. Effective October 17, 2014, the Company acquired the ownership of all of the outstanding shares of North American Aircraft Services, Inc. and its affiliates ("NAAS"). NAAS is based in San Antonio, Texas, with fixed-based operator units throughout the United States as well as international locations and delivers line maintenance and repair, fuel leak detection and fuel bladder cell repair services. The acquired business will operate as Triumph Aviation Services - NAAS Division and its results are included in Aftermarket Services Group from the date of acquisition. The purchase price for the NAAS acquisition was $44,520 , net of working capital adjustment of $167 . Goodwill in the amount of $25,167 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 an intangible asset related to customer relationships valued at $17,000 with a weighted-average life of 11.0 years. The accounting for the business combination is dependent upon 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 Company finalizes estimates of the fair value of assets acquired and liabilities assumed, the purchase price allocation for NAAS 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 the Company has received to date, in accordance with ASC 805. These estimates will be revised as the Company revises final appraisal of tangible and intangible assets, certain liabilities assumed and other information related to the NAAS acquisition. Accordingly, the amounts below report the Company's best estimate of fair value based on the information available at this time: October 17, 2014 Cash $ 818 Accounts receivable 4,978 Inventory 866 Property and equipment 216 Goodwill 25,167 Intangible assets 17,000 Other assets 242 Total assets $ 49,287 Accounts payable $ 232 Accrued expenses 935 Other noncurrent liabilities 3,600 Total liabilities $ 4,767 The provisional amounts recognized are based on the Company's best estimate using information that it 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 NAAS, whichever is earlier. The NAAS 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 NAAS acquisition was funded by the Company's long-term borrowings in place at the date of acquisition. The Company incurred $654 in acquisition-related costs in connection with the NAAS acquisition. 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 $75,609 , which includes cash paid at closing, working capital adjustments and deferred payments of $6,000 , which was paid in fiscal 2016. Goodwill in the amount of $150,772 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 assets including customer relationships and technology valued at $26,472 with a weighted-average life of 12.0 years. The following condensed balance sheet represents the amounts assigned to each major asset and liability caption in the aggregate from the acquisition of GE, in accordance with ASC 805: June 27, 2014 Cash $ 4,608 Accounts receivable 35,376 Inventory 49,585 Property and equipment 30,985 Goodwill 150,772 Intangible assets 26,472 Deferred taxes 63,341 Other assets 2,023 Total assets $ 363,162 Accounts payable $ 17,734 Accrued expenses 37,483 Acquired contract liabilities 232,336 Total liabilities $ 287,553 Based on the information accumulated during the measurement period, the Company's assessment of the probable outcome of warranty claims, the Company has recognized a liability of $24,514 . 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 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 $1,834 in acquisition-related costs in connection with the GE acquisition. The acquisitions of the Tulsa Programs, NAAS and GE are referred to in this report as the "fiscal 2015 acquisitions." The pro forma results presented below include the effects of the GE acquisition as if it had been consummated as of April 1, 2014. 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 acquisition. Accordingly, the pro forma results are not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been consummated as of April 1, 2014 and have been included in the Company's results of operations for fiscal years 2016 and 2015. Three Months Ended June 30, 2015 2014 Net Sales $ 959,638 $ 947,842 Net income 62,732 130,073 Earnings per share—basic $ 1.28 $ 2.52 Earnings per share—diluted $ 1.27 $ 2.50 |
INVENTORIES
INVENTORIES | 3 Months Ended |
Jun. 30, 2015 | |
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, 2015 March 31, 2015 Raw materials $ 90,480 $ 79,786 Work-in-process, including manufactured and purchased components 1,415,564 1,305,390 Finished goods 108,720 91,639 Less: unliquidated progress payments (153,998 ) (189,923 ) Total inventories $ 1,460,766 $ 1,286,892 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") are as follows: June 30, 2015 March 31, 2015 Bombardier $ 276,136 $ 238,871 Embraer 97,368 68,112 Total $ 373,504 $ 306,983 The Company is still in the pre-production stages for the Bombardier and Embraer programs, as these aircrafts are not scheduled to enter service until 2017, 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. |
LONG-TERM DEBT
LONG-TERM DEBT | 3 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt consists of the following: June 30, 2015 March 31, 2015 Revolving line of credit $ 244,797 $ 148,255 Term loan 351,563 356,250 Receivable securitization facility 190,700 100,000 Equipment leasing facility and other capital leases 88,805 91,913 Senior notes due 2021 375,000 375,000 Senior notes due 2022 300,000 300,000 Other debt 7,978 7,978 Less Debt issuance costs (10,338 ) (10,796 ) 1,548,505 1,368,600 Less current portion 42,776 42,255 $ 1,505,729 $ 1,326,345 Revolving Credit Facility In May 2014, the Company amended its existing credit agreement (the “Credit Facility”) with its lenders to (i) 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. 5. LONG-TERM DEBT (Continued) At June 30, 2015 , there were $244,797 in borrowings and $25,693 in letters of credit outstanding under the Revolving Line of Credit provisions of the Credit Facility primarily to support insurance policies. At March 31, 2015 , there were $148,255 in borrowings and $35,384 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, 2015 , the Company had borrowing capacity under this facility of $729,510 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 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, 2015 and March 31, 2015 , the interest rate swap agreement had a notional amount of $351,563 and $356,250 , respectively. As of June 30, 2015 and March 31, 2015 , the interest rate swap agreement had a fair value of $(1,808) and $(2,743) , respectively, which is recorded in other noncurrent liabilities, 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 November 2014, the Company amended its $225,000 Securitization Facility, increasing the purchase limit from $175,000 to $225,000 and extending the term through November 2017. 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, 2015 , the maximum amount available under the Securitization Facility was $225,000 . Interest rates are based on LIBOR plus a program fee and a commitment fee. The program fee is 0.40% on the amount outstanding under the Securitization Facility. Additionally, the commitment fee is 0.40% on 100.00% of the maximum amount available under the Securitization Facility. At June 30, 2015 , there was $190,700 outstanding under the Securitization Facility. In connection with amending the Securitization Facility, the Company incurred approximately $252 of financing costs. These costs, along with the $341 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 860. 5. LONG-TERM DEBT (Continued) 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, 2015 and 2014 , respectively, the Company did not enter into any new leases. During the three months ended June 30, 2015 and 2014 , the Company obtained financing for existing fixed assets in the amount of $2,632 and $10,905 , respectively. 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 are a direct deduction to the face amount of the note 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 are a direct deduction to the face amount of the note and are being amortized on the effective interest method over the term of the 2022 Notes. 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. 5. LONG-TERM DEBT (Continued) 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. Senior Notes Due 2018 On June 23, 2014, the Company completed the redemption of the 8.63% Senior Notes due 2018 (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. Convertible Senior Subordinated Notes On May 22, 2014, the Company announced the redemption of the convertible senior subordinated notes (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. The Convertible Notes were 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 23, 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, with the principal and the conversion benefit settled in cash. 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 , was $67.45 . Therefore, for the three months ended June 30, 2014 , there were 197,830 additional shares included in the calculation of diluted earnings per share. 5. LONG-TERM DEBT (Continued) 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, 2015 March 31, 2015 Carrying Value Fair Value Carrying Value Fair Value Long-term debt $ 1,548,505 $ 1,542,542 $ 1,368,600 $ 1,358,306 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, 2015 | |
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) 2015 2014 Weighted-average common shares outstanding – basic 49,198 51,691 Net effect of dilutive stock options and nonvested stock 116 200 Potential common shares – convertible debt — 198 Weighted-average common shares outstanding – diluted 49,314 52,089 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | The Company follows the Income Taxes topic of the ASC 740, 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, 2015 and March 31, 2015 , the total amount of accrued income tax-related interest and penalties was $215 and $207 , respectively. As of June 30, 2015 and March 31, 2015 , the total amount of unrecognized tax benefits was $8,353 and $8,348 , respectively, of which $8,353 and $8,348 , 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. 7. INCOME TAXES (Continued) The effective income tax rate for the three months ended June 30, 2015 was 30.1% as compared to 35.3% for the three months ended June 30, 2014 . For the three months ended June 30, 2015 , the income tax provision was reduced to reflect the benefit of $4,213 from a decrease to the state deferred tax rate. 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, 2015 , 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. 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, 2001 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. |
GOODWILL
GOODWILL | 3 Months Ended |
Jun. 30, 2015 | |
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, 2015 through June 30, 2015 : Aerostructures Aerospace Systems Aftermarket Total Balance, March 31, 2015 $ 1,410,317 $ 523,253 $ 81,261 $ 2,014,831 Effect of exchange rate changes 1,163 9,020 (107 ) 10,076 Balance, June 30, 2015 $ 1,411,480 $ 532,273 $ 81,154 $ 2,024,907 |
PENSION AND OTHER POSTRETIREMEN
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | 3 Months Ended |
Jun. 30, 2015 | |
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 715, 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 9. PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Continued) 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. Net Periodic Benefit Plan Costs The components of net periodic benefit costs (income) for our postretirement benefit plans are shown in the following table: Pension benefits Three Months Ended June 30, 2015 2014 Components of net periodic benefit expense (income): Service cost $ 2,767 $ 3,256 Interest cost 22,677 21,951 Expected return on plan assets (40,853 ) (36,913 ) Amortization of prior service credits (1,146 ) (1,321 ) Amortization of net loss 2,522 — Curtailments 2,863 — Net periodic benefit income $ (11,170 ) $ (13,027 ) Other postretirement benefits Three Months Ended June 30, 2015 2014 Components of net periodic benefit (income) expense: Service cost $ 326 $ 717 Interest cost 2,070 3,082 Amortization of prior service credits (1,345 ) (1,132 ) Amortization of net loss (1,643 ) — Net periodic benefit (income) expense $ (592 ) $ 2,667 The Company periodically experiences events or makes changes to its benefit plans that result in special charges. Some require remeasurements. The following summarizes the key events whose effects on net periodic benefit costs are included in the tables above: • In April 2015, the Company's largest union-represented group of employees ratified a new collective bargaining agreement. The agreement includes an amendment to the retirement plan, for which actively employed participants will no longer continue to accrue a benefit after 30 years of service. This change resulted in a curtailment charge of approximately $2,863 and is presented on the accompanying Condensed Consolidated Statements of Income as "Curtailments." |
STOCKHOLDERS' EQUITY STOCKHOLDE
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY | 3 Months Ended |
Jun. 30, 2015 | |
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, 2015 and 2014 , 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, 2015 $ (46,751 ) $ (2,757 ) $ (149,402 ) $ (198,910 ) AOCI before reclassifications 10,933 1,012 5,666 17,611 Amounts reclassified from AOCI — 7 1,170 (2 ) 1,177 Net current period AOCI 10,933 1,019 6,836 18,788 Balance June 30, 2015 $ (35,818 ) $ (1,738 ) $ (142,566 ) $ (180,122 ) 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 ) (1) Net of tax. (2) Includes 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, 2015 | |
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 curtailment charge, of $2,863 for the three months ended June 30, 2015 . 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: 11. SEGMENTS (Continued) Three Months Ended June 30, 2015 2014 Net sales: Aerostructures $ 611,838 $ 612,160 Aerospace systems 277,647 219,852 Aftermarket services 74,745 67,608 Elimination of inter-segment sales (4,592 ) (2,715 ) $ 959,638 $ 896,905 Income before income taxes: Operating income (expense): Aerostructures $ 66,007 $ 68,819 Aerospace systems 51,253 37,352 Aftermarket services 9,987 10,504 Corporate (19,381 ) 123,849 107,866 240,524 Interest expense and other 18,116 42,360 $ 89,750 $ 198,164 Depreciation and amortization: Aerostructures $ 28,719 $ 25,521 Aerospace systems 11,953 9,517 Aftermarket services 2,462 1,877 Corporate 400 636 $ 43,534 $ 37,551 Amortization of acquired contract liabilities, net: Aerostructures $ 24,597 $ 5,117 Aerospace systems 10,501 3,850 $ 35,098 $ 8,967 Adjusted EBITDA: Aerostructures $ 70,129 $ 89,223 Aerospace systems 52,705 43,019 Aftermarket services 12,449 12,381 Corporate (16,118 ) (10,208 ) $ 119,165 $ 134,415 Capital expenditures: Aerostructures $ 11,626 $ 15,369 Aerospace systems 5,511 5,663 Aftermarket services 622 1,680 Corporate 257 365 $ 18,016 $ 23,077 11. SEGMENTS (Continued) June 30, 2015 March 31, 2015 Total Assets: Aerostructures $ 4,291,232 $ 4,094,610 Aerospace systems 1,453,085 1,460,064 Aftermarket services 367,707 375,775 Corporate 140,981 168,386 $ 6,253,005 $ 6,098,835 During the three months ended June 30, 2015 and 2014 , the Company had international sales of $191,318 and $159,834 , respectively. |
SELECTED CONSOLIDATING FINANCIA
SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS | 3 Months Ended |
Jun. 30, 2015 | |
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, 2015 and March 31, 2015 , Condensed Consolidating Statements of Comprehensive Income for the three months ended June 30, 2015 and 2014 , and Condensed Consolidating Statements of Cash Flows for the three months ended June 30, 2015 and 2014 . 12. SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Continued) SUMMARY CONDENSED CONSOLIDATING BALANCE SHEETS: June 30, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Current assets: Cash and cash equivalents $ 546 $ 270 $ 38,855 $ — $ 39,671 Trade and other receivables, net 5,188 224,339 318,279 — 547,806 Inventories — 1,367,198 93,568 — 1,460,766 Rotable assets — 34,767 16,033 — 50,800 Deferred income taxes — 109,997 — — 109,997 Prepaid expenses and other 5,420 10,912 6,935 — 23,267 Total current assets 11,154 1,747,483 473,670 — 2,232,307 Property and equipment, net 7,882 793,915 134,493 — 936,290 Goodwill and other intangible assets, net — 2,764,079 211,642 — 2,975,721 Other, net 13,372 71,883 23,432 — 108,687 Intercompany investments and advances 3,940,407 51,369 76,469 (4,068,245 ) — Total assets $ 3,972,815 $ 5,428,729 $ 919,706 $ (4,068,245 ) $ 6,253,005 Current liabilities: Current portion of long-term debt $ 21,372 $ 21,404 $ — $ — $ 42,776 Accounts payable 3,696 385,530 36,815 — 426,041 Accrued expenses 34,678 300,634 41,533 — 376,845 Total current liabilities 59,746 707,568 78,348 — 845,662 Long-term debt, less current portion 1,245,196 69,833 190,700 — 1,505,729 Intercompany advances 436,233 1,907,896 328,135 (2,672,264 ) — Accrued pension and other postretirement benefits, noncurrent 7,617 500,055 2,602 — 510,274 Deferred income taxes and other 8,406 1,101,537 65,779 — 1,175,722 Total stockholders’ equity 2,215,617 1,141,840 254,142 (1,395,981 ) 2,215,618 Total liabilities and stockholders’ equity $ 3,972,815 $ 5,428,729 $ 919,706 $ (4,068,245 ) $ 6,253,005 12. SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Continued) SUMMARY CONDENSED CONSOLIDATING BALANCE SHEETS: March 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Current assets: Cash and cash equivalents $ 620 $ 419 $ 31,578 $ — $ 32,617 Trade and other receivables, net 3,578 180,884 337,178 — 521,640 Inventories — 1,207,541 79,351 — 1,286,892 Rotable assets — 35,248 13,572 — 48,820 Deferred income taxes — 145,352 — — 145,352 Prepaid expenses and other 6,509 10,561 6,011 — 23,081 Total current assets 10,707 1,580,005 467,690 — 2,058,402 Property and equipment, net 8,209 807,574 135,455 — 951,238 Goodwill and other intangible assets, net — 2,776,487 204,709 — 2,981,196 Other, net 13,805 80,806 13,388 — 107,999 Intercompany investments and advances 4,062,058 81,540 63,897 (4,207,495 ) — Total assets $ 4,094,779 $ 5,326,412 $ 885,139 $ (4,207,495 ) $ 6,098,835 Current liabilities: Current portion of long-term debt $ 19,024 $ 23,231 $ — $ — $ 42,255 Accounts payable 8,919 382,143 38,072 — 429,134 Accrued expenses 38,275 326,594 46,902 — 411,771 Total current liabilities 66,218 731,968 84,974 — 883,160 Long-term debt, less current portion 1,155,299 71,046 100,000 — 1,326,345 Intercompany advances 719,525 1,769,564 407,722 (2,896,811 ) — Accrued pension and other postretirement benefits, noncurrent 7,517 527,741 3,123 — 538,381 Deferred income taxes and other 10,435 1,141,506 63,224 — 1,215,165 Total stockholders’ equity 2,135,785 1,084,587 226,096 (1,310,684 ) 2,135,784 Total liabilities and stockholders’ equity $ 4,094,779 $ 5,326,412 $ 885,139 $ (4,207,495 ) $ 6,098,835 12. SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Continued) CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: Three Months Ended June 30, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 885,443 $ 86,137 $ (11,942 ) $ 959,638 Operating costs and expenses: Cost of sales — 672,310 71,726 (11,942 ) 732,094 Selling, general and administrative 13,151 52,439 7,691 — 73,281 Depreciation and amortization 399 35,042 8,093 — 43,534 Curtailment charge 2,863 — — — 2,863 16,413 759,791 87,510 (11,942 ) 851,772 Operating (loss) income (16,413 ) 125,652 (1,373 ) — 107,866 Intercompany interest and charges (53,590 ) 51,511 2,079 — — Interest expense and other 14,517 2,890 709 — 18,116 Income before income taxes 22,660 71,251 (4,161 ) — 89,750 Income tax (benefit) expense (13 ) 26,395 636 — 27,018 Net income (loss) 22,673 44,856 (4,797 ) — 62,732 Other comprehensive income 1,019 6,836 10,933 — 18,788 Total comprehensive income $ 23,692 $ 51,692 $ 6,136 $ — $ 81,520 12. 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 Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated 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 before income taxes 135,891 65,279 (3,006 ) — 198,164 Income tax expense 46,185 25,075 (1,339 ) — 69,921 Net income (loss) 89,706 40,204 (1,667 ) — 128,243 Other comprehensive loss (1,541 ) (1,533 ) 7,353 — 4,279 Total comprehensive income $ 88,165 $ 38,671 $ 5,686 $ — $ 132,522 12. SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Continued) CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS: Three Months Ended June 30, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net income $ 22,673 $ 44,856 $ (4,797 ) $ — $ 62,732 Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities (13,821 ) (207,408 ) 11,497 (1,390 ) (211,122 ) Net cash provided by (used in) operating activities 8,852 (162,552 ) 6,700 (1,390 ) (148,390 ) Capital expenditures (257 ) (15,286 ) (2,473 ) — (18,016 ) Proceeds from sale of assets — 402 152 — 554 Acquisitions, net of cash acquired — 14 (6,000 ) — (5,986 ) Net cash used in investing activities (257 ) (14,870 ) (8,321 ) — (23,448 ) Net increase in revolving credit facility 96,541 — — — 96,541 Proceeds on issuance of debt — 2,632 96,300 — 98,932 Retirements and repayments of debt (4,754 ) (5,672 ) (5,600 ) — (16,026 ) Payments of deferred financing costs (71 ) — — — (71 ) Dividends paid (1,971 ) — — — (1,971 ) Repayment of governmental grant — — (82 ) — (82 ) Repurchase of restricted shares for minimum tax obligation (96 ) — — — (96 ) Intercompany financing and advances (98,318 ) 180,313 (83,385 ) 1,390 — Net cash (used in) provided by financing activities (8,669 ) 177,273 7,233 1,390 177,227 Effect of exchange rate changes on cash — — 1,665 — 1,665 Net change in cash and cash equivalents (74 ) (149 ) 7,277 — 7,054 Cash and cash equivalents at beginning of period 620 419 31,578 — 32,617 Cash and cash equivalents at end of period $ 546 $ 270 $ 38,855 $ — $ 39,671 12. 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 Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net income (loss) $ 89,706 $ 40,204 $ (1,667 ) $ — $ 128,243 Adjustments to reconcile net income 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 ) Withholding of restricted shares for minimum tax obligation (673 ) — — — (673 ) Repayment of government grant — (3,198 ) — — (3,198 ) 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 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENCIES On June 13, 2013, American Brownfield MCIC, LLC (“American Brownfield”) filed suit against Triumph Aerostructures, LLC (“Triumph Aerostructures”), a wholly-owned subsidiary of the Company, for amounts allegedly owed pursuant to a lease dated October 24, 2007 (as modified and amended, the “Lease”) covering the use and occupancy of approximately 314 acres of land and improvements in Dallas, Texas, previously known as the Naval Weapons Industrial Reserve Plant (the “Jefferson Street Facility”). American Brownfield purchased the Jefferson Street Facility from the Department of the Navy, the owner of the Jefferson Street Facility and lessor under the Lease when the Lease was executed, and took an assignment of the Lease on October 5, 2012. Triumph surrendered possession of the Jefferson Street Facility to American Brownfield on March 28, 2014. In its current petition, American Brownfield asserts claims based on alleged breaches of the Lease, including claims for liquidated damages for failure to timely surrender possession, damages for breaches of environmental, maintenance and repair obligations, damages for failure to remove certain property that should have been removed and removal of other property that should have remained, and damages for failure to restore the premises or provide compensation for damage to the premises during occupancy. On June 15, 2015, American Brownfield served its expert reports which, for the first time, specified the amounts of the damages it would be claiming, totaling approximately $70,000 . The case is currently set for trial by jury on November 2, 2015. Extensive discovery, including numerous depositions and continuing production of voluminous documents, has been ongoing for several months and is expected to continue until shortly before trial. We believe Triumph Aerostructures has valid defenses and intend to continue to vigorously contest American Brownfield’s claims. Other In the ordinary course of business, the Company is 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 COS
RELOCATION COSTS RELOCATION COSTS | 3 Months Ended |
Jun. 30, 2014 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs [Table Text Block] | 14. 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 facility to accommodate this relocation. The Company incurred approximately $2,997 of expenses related to the relocation during the three months ended June 30, 2014, shown separately on the accompanying Condensed Consolidated Statements of Income. The relocation was substantially completed during the fiscal year ended March 31, 2014. |
SUMMARY OF SIGNIFICANT ACCOUN23
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Jun. 30, 2015 | |
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 605-35 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, 2015 , cumulative catch-up adjustments from changes in estimates, inclusive of changes in forward loss estimates, increased operating income, net income and earnings per share by approximately $1,307 , $863 and $0.02 net of tax, respectively. The cumulative catch-up adjustments to operating income for the three months ended June 30, 2015 included gross favorable adjustments of approximately $5,894 and gross unfavorable adjustments of approximately $(4,587) . 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. 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. As disclosed during fiscal 2015, we recognized a provision for forward losses associated with our long-term contract on the 747-8 program. While we have recognized a provision for forward losses during fiscal 2015, there is still risk similar to what the Company has experienced on the 747-8 program. In particular, 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. 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, 2015 and 2014 , the Company recognized $35,098 and $8,967 , respectively, into net sales in the accompanying Condensed Consolidated Statements of Income. The Aftermarket Services Group provides repair and overhaul services, of which a small portion 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 Boeing (representing commercial, military and space) represented approximately 29% and 13% of total trade accounts receivable as of June 30, 2015 and March 31, 2015 , respectively. Trade accounts receivable from Gulfstream Aerospace Corporation ("Gulfstream") represented approximately 14% and 16% of total trade accounts receivable as of June 30, 2015 and March 31, 2015 , respectively. The Company had no other concentrations of credit risk of more than 10% . Sales to Boeing for the three months ended June 30, 2015 were $374,704 , or 39% of net sales, of which $316,315 , $48,711 and $9,678 were from the Aerostructures segment, the Aerospace Systems segment and Aftermarket Services segment, respectively. 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 Gulfstream for the three months ended June 30, 2015 were $125,135 , or 13% of net sales, of which $124,396 , $737 and $2 were from the Aerostructures segment, the Aerospace Systems segment and Aftermarket Services segment, respectively. Sales to Gulfstream for the three months ended June 30, 2014 were $72,397 , or 8% of net sales, of which $71,487 , $910 and $0 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 and Gulfstream, 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, 2015 and 2014 was $792 and $996 , 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, 2015 Weighted- Average Life Gross Carrying Amount Accumulated Amortization Net Customer relationships 16.5 $ 684,265 $ (195,465 ) $ 488,800 Product rights, technology and licenses 11.8 56,002 (34,704 ) 21,298 Non-compete agreements and other 15.9 2,929 (613 ) 2,316 Tradenames Indefinite-lived 438,400 — 438,400 Total intangibles, net $ 1,181,596 $ (230,782 ) $ 950,814 March 31, 2015 Weighted- Average Life Gross Carrying Amount Accumulated Amortization Net Customer relationships 16.5 $ 683,272 $ (180,765 ) $ 502,507 Product rights, technology and licenses 11.8 56,302 (33,208 ) 23,094 Non-compete agreements and other 15.8 2,929 (565 ) 2,364 Tradenames Indefinite-lived 438,400 — 438,400 Total intangibles, net $ 1,180,903 $ (214,538 ) $ 966,365 Amortization expense for the three months ended June 30, 2015 and 2014 was $15,964 and $11,631 , 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 5). |
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 June 30, 2015 and March 31, 2015 , were $109,592 and $112,140 , respectively |
Cash Flow, Supplemental Disclosures [Text Block] | Supplemental Cash Flow Information The Company paid $620 and $591 for income taxes, net of refunds received, for the three months ended June 30, 2015 and 2014 , respectively. The Company made interest payments of $23,336 and $45,589 for the three months ended June 30, 2015 and 2014 , respectively. During the three months ended June 30, 2015 and 2014 , respectively, the Company did not finance any property and equipment additions through capital leases. |
SUMMARY OF SIGNIFICANT ACCOUN24
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block] | June 30, 2015 Weighted- Average Life Gross Carrying Amount Accumulated Amortization Net Customer relationships 16.5 $ 684,265 $ (195,465 ) $ 488,800 Product rights, technology and licenses 11.8 56,002 (34,704 ) 21,298 Non-compete agreements and other 15.9 2,929 (613 ) 2,316 Tradenames Indefinite-lived 438,400 — 438,400 Total intangibles, net $ 1,181,596 $ (230,782 ) $ 950,814 March 31, 2015 Weighted- Average Life Gross Carrying Amount Accumulated Amortization Net Customer relationships 16.5 $ 683,272 $ (180,765 ) $ 502,507 Product rights, technology and licenses 11.8 56,302 (33,208 ) 23,094 Non-compete agreements and other 15.8 2,929 (565 ) 2,364 Tradenames Indefinite-lived 438,400 — 438,400 Total intangibles, net $ 1,180,903 $ (214,538 ) $ 966,365 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Information [Table Text Block] | " Three Months Ended June 30, 2015 2014 Net Sales $ 959,638 $ 947,842 Net income 62,732 130,073 Earnings per share—basic $ 1.28 $ 2.52 Earnings per share—diluted $ 1.27 $ 2.50 |
NAAS [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Accordingly, the amounts below report the Company's best estimate of fair value based on the information available at this time: October 17, 2014 Cash $ 818 Accounts receivable 4,978 Inventory 866 Property and equipment 216 Goodwill 25,167 Intangible assets 17,000 Other assets 242 Total assets $ 49,287 Accounts payable $ 232 Accrued expenses 935 Other noncurrent liabilities 3,600 Total liabilities $ 4,767 |
GEActuation [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | June 27, 2014 Cash $ 4,608 Accounts receivable 35,376 Inventory 49,585 Property and equipment 30,985 Goodwill 150,772 Intangible assets 26,472 Deferred taxes 63,341 Other assets 2,023 Total assets $ 363,162 Accounts payable $ 17,734 Accrued expenses 37,483 Acquired contract liabilities 232,336 Total liabilities $ 287,553 |
General Donlee [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | " |
Primus Corporation [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | " |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Preproduction Costs Related to Long Term Supply Arrangements, Costs Capitalized [Line Items] | |
Preproduction Costs Related to Long Term Supply Arrangements, Costs Capitalized [Table Text Block] | 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") are as follows: June 30, 2015 March 31, 2015 Bombardier $ 276,136 $ 238,871 Embraer 97,368 68,112 Total $ 373,504 $ 306,983 |
Schedule of components of inventories | June 30, 2015 March 31, 2015 Raw materials $ 90,480 $ 79,786 Work-in-process, including manufactured and purchased components 1,415,564 1,305,390 Finished goods 108,720 91,639 Less: unliquidated progress payments (153,998 ) (189,923 ) Total inventories $ 1,460,766 $ 1,286,892 |
LONG-TERM DEBT LONG-TERM DEBT (
LONG-TERM DEBT LONG-TERM DEBT (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Long-term debt | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 30, 2015 March 31, 2015 Revolving line of credit $ 244,797 $ 148,255 Term loan 351,563 356,250 Receivable securitization facility 190,700 100,000 Equipment leasing facility and other capital leases 88,805 91,913 Senior notes due 2021 375,000 375,000 Senior notes due 2022 300,000 300,000 Other debt 7,978 7,978 Less Debt issuance costs (10,338 ) (10,796 ) 1,548,505 1,368,600 Less current portion 42,776 42,255 $ 1,505,729 $ 1,326,345 |
LONG-TERM DEBT Fair Value Measu
LONG-TERM DEBT Fair Value Measurements (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | June 30, 2015 March 31, 2015 Carrying Value Fair Value Carrying Value Fair Value Long-term debt $ 1,548,505 $ 1,542,542 $ 1,368,600 $ 1,358,306 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
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) 2015 2014 Weighted-average common shares outstanding – basic 49,198 51,691 Net effect of dilutive stock options and nonvested stock 116 200 Potential common shares – convertible debt — 198 Weighted-average common shares outstanding – diluted 49,314 52,089 |
GOODWILL (Tables)
GOODWILL (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes in the carrying value of goodwill by reportable segment | Aerostructures Aerospace Systems Aftermarket Total Balance, March 31, 2015 $ 1,410,317 $ 523,253 $ 81,261 $ 2,014,831 Effect of exchange rate changes 1,163 9,020 (107 ) 10,076 Balance, June 30, 2015 $ 1,411,480 $ 532,273 $ 81,154 $ 2,024,907 |
PENSION AND OTHER POSTRETIREM31
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Pension Plan [Member] | |
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, 2015 2014 Components of net periodic benefit expense (income): Service cost $ 2,767 $ 3,256 Interest cost 22,677 21,951 Expected return on plan assets (40,853 ) (36,913 ) Amortization of prior service credits (1,146 ) (1,321 ) Amortization of net loss 2,522 — Curtailments 2,863 — Net periodic benefit income $ (11,170 ) $ (13,027 ) |
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, 2015 2014 Components of net periodic benefit (income) expense: Service cost $ 326 $ 717 Interest cost 2,070 3,082 Amortization of prior service credits (1,345 ) (1,132 ) Amortization of net loss (1,643 ) — Net periodic benefit (income) expense $ (592 ) $ 2,667 |
STOCKHOLDERS' EQUITY STOCKHOL32
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY (Tables) | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Comprehensive Income (Loss) Note [Text Block] | s Changes in accumulated other comprehensive income (loss) ("AOCI") by component for the three months ended June 30, 2015 and 2014 , 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, 2015 $ (46,751 ) $ (2,757 ) $ (149,402 ) $ (198,910 ) AOCI before reclassifications 10,933 1,012 5,666 17,611 Amounts reclassified from AOCI — 7 1,170 (2 ) 1,177 Net current period AOCI 10,933 1,019 6,836 18,788 Balance June 30, 2015 $ (35,818 ) $ (1,738 ) $ (142,566 ) $ (180,122 ) | s 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, 2015 | |
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, 2015 2014 Net sales: Aerostructures $ 611,838 $ 612,160 Aerospace systems 277,647 219,852 Aftermarket services 74,745 67,608 Elimination of inter-segment sales (4,592 ) (2,715 ) $ 959,638 $ 896,905 Income before income taxes: Operating income (expense): Aerostructures $ 66,007 $ 68,819 Aerospace systems 51,253 37,352 Aftermarket services 9,987 10,504 Corporate (19,381 ) 123,849 107,866 240,524 Interest expense and other 18,116 42,360 $ 89,750 $ 198,164 Depreciation and amortization: Aerostructures $ 28,719 $ 25,521 Aerospace systems 11,953 9,517 Aftermarket services 2,462 1,877 Corporate 400 636 $ 43,534 $ 37,551 Amortization of acquired contract liabilities, net: Aerostructures $ 24,597 $ 5,117 Aerospace systems 10,501 3,850 $ 35,098 $ 8,967 Adjusted EBITDA: Aerostructures $ 70,129 $ 89,223 Aerospace systems 52,705 43,019 Aftermarket services 12,449 12,381 Corporate (16,118 ) (10,208 ) $ 119,165 $ 134,415 Capital expenditures: Aerostructures $ 11,626 $ 15,369 Aerospace systems 5,511 5,663 Aftermarket services 622 1,680 Corporate 257 365 $ 18,016 $ 23,077 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | June 30, 2015 March 31, 2015 Total Assets: Aerostructures $ 4,291,232 $ 4,094,610 Aerospace systems 1,453,085 1,460,064 Aftermarket services 367,707 375,775 Corporate 140,981 168,386 $ 6,253,005 $ 6,098,835 |
SELECTED CONSOLIDATING FINANC34
SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Tables) | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||
Summary of consolidating balance sheets | June 30, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Current assets: Cash and cash equivalents $ 546 $ 270 $ 38,855 $ — $ 39,671 Trade and other receivables, net 5,188 224,339 318,279 — 547,806 Inventories — 1,367,198 93,568 — 1,460,766 Rotable assets — 34,767 16,033 — 50,800 Deferred income taxes — 109,997 — — 109,997 Prepaid expenses and other 5,420 10,912 6,935 — 23,267 Total current assets 11,154 1,747,483 473,670 — 2,232,307 Property and equipment, net 7,882 793,915 134,493 — 936,290 Goodwill and other intangible assets, net — 2,764,079 211,642 — 2,975,721 Other, net 13,372 71,883 23,432 — 108,687 Intercompany investments and advances 3,940,407 51,369 76,469 (4,068,245 ) — Total assets $ 3,972,815 $ 5,428,729 $ 919,706 $ (4,068,245 ) $ 6,253,005 Current liabilities: Current portion of long-term debt $ 21,372 $ 21,404 $ — $ — $ 42,776 Accounts payable 3,696 385,530 36,815 — 426,041 Accrued expenses 34,678 300,634 41,533 — 376,845 Total current liabilities 59,746 707,568 78,348 — 845,662 Long-term debt, less current portion 1,245,196 69,833 190,700 — 1,505,729 Intercompany advances 436,233 1,907,896 328,135 (2,672,264 ) — Accrued pension and other postretirement benefits, noncurrent 7,617 500,055 2,602 — 510,274 Deferred income taxes and other 8,406 1,101,537 65,779 — 1,175,722 Total stockholders’ equity 2,215,617 1,141,840 254,142 (1,395,981 ) 2,215,618 Total liabilities and stockholders’ equity $ 3,972,815 $ 5,428,729 $ 919,706 $ (4,068,245 ) $ 6,253,005 12. SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Continued) SUMMARY CONDENSED CONSOLIDATING BALANCE SHEETS: March 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Current assets: Cash and cash equivalents $ 620 $ 419 $ 31,578 $ — $ 32,617 Trade and other receivables, net 3,578 180,884 337,178 — 521,640 Inventories — 1,207,541 79,351 — 1,286,892 Rotable assets — 35,248 13,572 — 48,820 Deferred income taxes — 145,352 — — 145,352 Prepaid expenses and other 6,509 10,561 6,011 — 23,081 Total current assets 10,707 1,580,005 467,690 — 2,058,402 Property and equipment, net 8,209 807,574 135,455 — 951,238 Goodwill and other intangible assets, net — 2,776,487 204,709 — 2,981,196 Other, net 13,805 80,806 13,388 — 107,999 Intercompany investments and advances 4,062,058 81,540 63,897 (4,207,495 ) — Total assets $ 4,094,779 $ 5,326,412 $ 885,139 $ (4,207,495 ) $ 6,098,835 Current liabilities: Current portion of long-term debt $ 19,024 $ 23,231 $ — $ — $ 42,255 Accounts payable 8,919 382,143 38,072 — 429,134 Accrued expenses 38,275 326,594 46,902 — 411,771 Total current liabilities 66,218 731,968 84,974 — 883,160 Long-term debt, less current portion 1,155,299 71,046 100,000 — 1,326,345 Intercompany advances 719,525 1,769,564 407,722 (2,896,811 ) — Accrued pension and other postretirement benefits, noncurrent 7,517 527,741 3,123 — 538,381 Deferred income taxes and other 10,435 1,141,506 63,224 — 1,215,165 Total stockholders’ equity 2,135,785 1,084,587 226,096 (1,310,684 ) 2,135,784 Total liabilities and stockholders’ equity $ 4,094,779 $ 5,326,412 $ 885,139 $ (4,207,495 ) $ 6,098,835 | |
Condensed consolidating statements of income | CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: Three Months Ended June 30, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 885,443 $ 86,137 $ (11,942 ) $ 959,638 Operating costs and expenses: Cost of sales — 672,310 71,726 (11,942 ) 732,094 Selling, general and administrative 13,151 52,439 7,691 — 73,281 Depreciation and amortization 399 35,042 8,093 — 43,534 Curtailment charge 2,863 — — — 2,863 16,413 759,791 87,510 (11,942 ) 851,772 Operating (loss) income (16,413 ) 125,652 (1,373 ) — 107,866 Intercompany interest and charges (53,590 ) 51,511 2,079 — — Interest expense and other 14,517 2,890 709 — 18,116 Income before income taxes 22,660 71,251 (4,161 ) — 89,750 Income tax (benefit) expense (13 ) 26,395 636 — 27,018 Net income (loss) 22,673 44,856 (4,797 ) — 62,732 Other comprehensive income 1,019 6,836 10,933 — 18,788 Total comprehensive income $ 23,692 $ 51,692 $ 6,136 $ — $ 81,520 . SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Continued) CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: Three Months Ended June 30, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 885,443 $ 86,137 $ (11,942 ) $ 959,638 Operating costs and expenses: Cost of sales — 672,310 71,726 (11,942 ) 732,094 Selling, general and administrative 13,151 52,439 7,691 — 73,281 Depreciation and amortization 399 35,042 8,093 — 43,534 Curtailment charge 2,863 — — — 2,863 16,413 759,791 87,510 (11,942 ) 851,772 Operating (loss) income (16,413 ) 125,652 (1,373 ) — 107,866 Intercompany interest and charges (53,590 ) 51,511 2,079 — — Interest expense and other 14,517 2,890 709 — 18,116 Income before income taxes 22,660 71,251 (4,161 ) — 89,750 Income tax (benefit) expense (13 ) 26,395 636 — 27,018 Net income (loss) 22,673 44,856 (4,797 ) — 62,732 Other comprehensive income 1,019 6,836 10,933 — 18,788 Total comprehensive income $ 23,692 $ 51,692 $ 6,136 $ — $ 81,520 12. 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 Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated 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 before income taxes 135,891 65,279 (3,006 ) — 198,164 Income tax expense 46,185 25,075 (1,339 ) — 69,921 Net income (loss) 89,706 40,204 (1,667 ) — 128,243 Other comprehensive loss (1,541 ) (1,533 ) 7,353 — 4,279 Total comprehensive income $ 88,165 $ 38,671 $ 5,686 $ — $ 132,522 | |
Condensed consolidating statements of cash flows | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS: Three Months Ended June 30, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net income $ 22,673 $ 44,856 $ (4,797 ) $ — $ 62,732 Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities (13,821 ) (207,408 ) 11,497 (1,390 ) (211,122 ) Net cash provided by (used in) operating activities 8,852 (162,552 ) 6,700 (1,390 ) (148,390 ) Capital expenditures (257 ) (15,286 ) (2,473 ) — (18,016 ) Proceeds from sale of assets — 402 152 — 554 Acquisitions, net of cash acquired — 14 (6,000 ) — (5,986 ) Net cash used in investing activities (257 ) (14,870 ) (8,321 ) — (23,448 ) Net increase in revolving credit facility 96,541 — — — 96,541 Proceeds on issuance of debt — 2,632 96,300 — 98,932 Retirements and repayments of debt (4,754 ) (5,672 ) (5,600 ) — (16,026 ) Payments of deferred financing costs (71 ) — — — (71 ) Dividends paid (1,971 ) — — — (1,971 ) Repayment of governmental grant — — (82 ) — (82 ) Repurchase of restricted shares for minimum tax obligation (96 ) — — — (96 ) Intercompany financing and advances (98,318 ) 180,313 (83,385 ) 1,390 — Net cash (used in) provided by financing activities (8,669 ) 177,273 7,233 1,390 177,227 Effect of exchange rate changes on cash — — 1,665 — 1,665 Net change in cash and cash equivalents (74 ) (149 ) 7,277 — 7,054 Cash and cash equivalents at beginning of period 620 419 31,578 — 32,617 Cash and cash equivalents at end of period $ 546 $ 270 $ 38,855 $ — $ 39,671 Three Months Ended June 30, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net income $ 22,673 $ 44,856 $ (4,797 ) $ — $ 62,732 Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities (13,821 ) (207,408 ) 11,497 (1,390 ) (211,122 ) Net cash provided by (used in) operating activities 8,852 (162,552 ) 6,700 (1,390 ) (148,390 ) Capital expenditures (257 ) (15,286 ) (2,473 ) — (18,016 ) Proceeds from sale of assets — 402 152 — 554 Acquisitions, net of cash acquired — 14 (6,000 ) — (5,986 ) Net cash used in investing activities (257 ) (14,870 ) (8,321 ) — (23,448 ) Net increase in revolving credit facility 96,541 — — — 96,541 Proceeds on issuance of debt — 2,632 96,300 — 98,932 Retirements and repayments of debt (4,754 ) (5,672 ) (5,600 ) — (16,026 ) Payments of deferred financing costs (71 ) — — — (71 ) Dividends paid (1,971 ) — — — (1,971 ) Repayment of governmental grant — — (82 ) — (82 ) Repurchase of restricted shares for minimum tax obligation (96 ) — — — (96 ) Intercompany financing and advances (98,318 ) 180,313 (83,385 ) 1,390 — Net cash (used in) provided by financing activities (8,669 ) 177,273 7,233 1,390 177,227 Effect of exchange rate changes on cash — — 1,665 — 1,665 Net change in cash and cash equivalents (74 ) (149 ) 7,277 — 7,054 Cash and cash equivalents at beginning of period 620 419 31,578 — 32,617 Cash and cash equivalents at end of period $ 546 $ 270 $ 38,855 $ — $ 39,671 12. 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 Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net income (loss) $ 89,706 $ 40,204 $ (1,667 ) $ — $ 128,243 Adjustments to reconcile net income 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 ) Withholding of restricted shares for minimum tax obligation (673 ) — — — (673 ) Repayment of government grant — (3,198 ) — — (3,198 ) 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 ACCOUN35
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | |
Revenue Recognition | |||
Net sales | $ 959,638 | $ 896,905 | |
Amortization of acquired contract liabilities | (35,098) | (8,967) | |
Aerostructures | |||
Revenue Recognition | |||
Net sales | 611,838 | 612,160 | |
Amortization of acquired contract liabilities | (24,597) | (5,117) | |
Aerospace Systems [Member] | |||
Revenue Recognition | |||
Net sales | 277,647 | 219,852 | |
Amortization of acquired contract liabilities | (10,501) | (3,850) | |
Aftermarket Services | |||
Revenue Recognition | |||
Net sales | $ 74,745 | 67,608 | |
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Gulfstream [Member] | |||
Revenue Recognition | |||
Concentration of Risk, Accounts Receivable, Major Customer | 14.00% | 16.00% | |
Net sales | Gulfstream [Member] | |||
Revenue Recognition | |||
Net sales | $ 125,135 | $ 72,397 | |
Concentration Risk, Percentage | 13.00% | 8.00% | |
Net sales | Credit Concentration Risk [Member] | Gulfstream [Member] | Aerostructures | |||
Revenue Recognition | |||
Net sales | $ 124,396 | $ 71,487 | |
Net sales | Credit Concentration Risk [Member] | Gulfstream [Member] | Aerospace Systems [Member] | |||
Revenue Recognition | |||
Net sales | 737 | 910 | |
Net sales | Credit Concentration Risk [Member] | Gulfstream [Member] | Aftermarket Services | |||
Revenue Recognition | |||
Net sales | $ 2 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN36
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | |
Concentration of Credit Risk | |||
Net sales | $ 959,638 | $ 896,905 | |
Stock-Based Compensation | |||
Share-based Compensation | 792 | 996 | |
Aerostructures Group [Member] | |||
Concentration of Credit Risk | |||
Net sales | 611,838 | 612,160 | |
Aerospace Systems | |||
Concentration of Credit Risk | |||
Net sales | 277,647 | 219,852 | |
Aftermarket Services | |||
Concentration of Credit Risk | |||
Net sales | $ 74,745 | 67,608 | |
Net sales | |||
Concentration of Credit Risk | |||
Concentration Risk, Customer | .1 | ||
Boeing [Member] | Accounts Receivable [Member] | Credit Concentration Risk [Member] | |||
Concentration of Credit Risk | |||
Concentration of Risk, Accounts Receivable, Major Customer | 29.00% | 13.00% | |
Boeing [Member] | Net sales | |||
Concentration of Credit Risk | |||
Concentration Risk, Percentage | 39.00% | ||
Net sales | $ 374,704 | ||
Boeing [Member] | Net sales | Credit Concentration Risk [Member] | |||
Concentration of Credit Risk | |||
Net sales | 382,106 | ||
Boeing [Member] | Net sales | Credit Concentration Risk [Member] | Aerostructures Group [Member] | |||
Concentration of Credit Risk | |||
Net sales | 316,315 | 355,678 | |
Boeing [Member] | Net sales | Credit Concentration Risk [Member] | Aerospace Systems | |||
Concentration of Credit Risk | |||
Net sales | 48,711 | $ 20,691 | |
Boeing [Member] | Net sales | Credit Concentration Risk [Member] | Aftermarket Services | |||
Concentration of Credit Risk | |||
Concentration Risk, Percentage | 43.00% | ||
Net sales | $ 9,678 | $ 5,737 |
Intangibles (Details 3)
Intangibles (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2015 | |
Intangible Assets | ||||
Accumulated Amortization | $ (230,782) | $ (214,538) | ||
Total intangibles, gross | 1,181,596 | 1,180,903 | ||
Total intangibles, net | 950,814 | 966,365 | ||
Amortization expense | $ 15,964 | $ 11,631 | ||
Customer relationships | ||||
Intangible Assets | ||||
Weighted-Average Life (in years) | 16 years 6 months | 16 years 6 months | ||
Gross Carrying Amount | $ 684,265 | 683,272 | ||
Accumulated Amortization | (195,465) | (180,765) | ||
Finite-lived intangible assets, net | $ 488,800 | 502,507 | ||
Product rights and licenses | ||||
Intangible Assets | ||||
Weighted-Average Life (in years) | 11 years 9 months | 11 years 9 months | ||
Gross Carrying Amount | $ 56,002 | 56,302 | ||
Accumulated Amortization | (34,704) | (33,208) | ||
Finite-lived intangible assets, net | $ 21,298 | 23,094 | ||
Non-compete agreements and other | ||||
Intangible Assets | ||||
Weighted-Average Life (in years) | 15 years 11 months | 15 years 10 months | ||
Gross Carrying Amount | $ 2,929 | 2,929 | ||
Accumulated Amortization | (613) | (565) | ||
Finite-lived intangible assets, net | 2,316 | 2,364 | ||
Tradename | ||||
Intangible Assets | ||||
Accumulated Amortization | 0 | 0 | ||
Finite-lived intangible assets, net | 438,400 | 438,400 | ||
Indefinite-lived intangible assets, net | $ 438,400 | $ 438,400 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information (Details 4) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Business Acquisition [Line Items] | ||
Income taxes paid, net of refunds received | $ 620 | $ 591 |
Cash paid for interest | 23,336 | 45,589 |
Capital Lease Obligations Incurred | $ 2,632 | $ 10,905 |
SUMMARY OF SIGNIFICANT ACCOUN39
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Changes in Accounting Estimates (Details 5) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Change in Accounting Estimate [Line Items] | ||
Capital Lease Obligations Incurred | $ 2,632 | $ 10,905 |
Amortization of Acquired Contract Liabilities | 35,098 | 8,967 |
Gross Favorable Change in Estimates [Member] | ||
Change in Accounting Estimate [Line Items] | ||
Change in Accounting Estimate | 5,894 | |
Gross Unfavorable Changes In Estimates [Member] | ||
Change in Accounting Estimate [Line Items] | ||
Change in Accounting Estimate | (4,587) | |
Comprehensive Income [Member] | ||
Change in Accounting Estimate [Line Items] | ||
Change in Accounting Estimate | 1,307 | (723) |
Income, net [Member] | ||
Change in Accounting Estimate [Line Items] | ||
Change in Accounting Estimate | 863 | (468) |
Diluted earings per share [Member] | ||
Change in Accounting Estimate [Line Items] | ||
Change in Accounting Estimate | 0 | 0 |
Aerospace Systems [Member] | ||
Change in Accounting Estimate [Line Items] | ||
Amortization of Acquired Contract Liabilities | 10,501 | 3,850 |
Aerostructures Group [Member] | ||
Change in Accounting Estimate [Line Items] | ||
Amortization of Acquired Contract Liabilities | $ 24,597 | $ 5,117 |
SUMMARY OF SIGNIFICANT ACCOUN40
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Product Warranty (Details) - 3 months ended Jun. 30, 2015 - USD ($) $ in Thousands | Total |
Product Warranties [Abstract] | |
Standard Product Warranty Description | 3 |
Extended Product Warranty Description | 20 |
Product Warranty Accrual | $ 109,592 |
SUMMARY OF SIGNIFICANT ACCOUN41
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Share Repurchase (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2015 | |
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 | 2,277,789 |
ACQUISITIONS (Details)
ACQUISITIONS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | Dec. 30, 2014 | Oct. 17, 2014 | Jun. 27, 2014 | |
Acquisitions | ||||||
Net sales | $ 959,638 | $ 896,905 | ||||
Goodwill | 2,024,907 | $ 2,014,831 | ||||
Amortization of Acquired Contract Liabilities | 35,098 | 8,967 | ||||
Business Acquisition, Pro Forma Revenue | 959,638 | 947,842 | ||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 62,732 | $ 130,073 | ||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 1.28 | $ 2.52 | ||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 1.27 | $ 2.50 | ||||
Operating Income (Loss) | $ 107,866 | $ 240,524 | ||||
Tulsa [Member] | ||||||
Acquisitions | ||||||
Business Acquisition, Transaction Costs | 5,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 160,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 85,260 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 15,913 | |||||
Goodwill | 69,454 | |||||
Business Combination, Liabilities Arising from Contingencies, Amount Recognized | 74,132 | |||||
Business Combination, Indemnification Assets, Amount as of Acquisition Date | 68,941 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | 45,750 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 285,318 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 1,782 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 16,710 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 68,091 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 445,318 | |||||
Amortization of Acquired Contract Liabilities | 358,735 | |||||
NAAS [Member] | ||||||
Acquisitions | ||||||
Payments to Acquire Businesses, Gross | 44,520 | 167 | ||||
Business Acquisition, Transaction Costs | $ 654 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 818 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 4,978 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 866 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 216 | |||||
Goodwill | 25,167 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 242 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 49,287 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 232 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 935 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 3,600 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 4,767 | |||||
GEActuation [Member] | ||||||
Acquisitions | ||||||
Payments to Acquire Businesses, Gross | $ 75,609 | $ 6,000 | ||||
Business Acquisition, Transaction Costs | $ 1,834 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 4,608 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 35,376 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 49,585 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 30,985 | |||||
Goodwill | 150,772 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 26,472 | |||||
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life | 12 years | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | 63,341 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 2,023 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 363,162 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 17,734 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 37,483 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 232,336 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 287,553 | |||||
Customer relationships | NAAS [Member] | ||||||
Acquisitions | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 17,000 | |||||
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life | 11 years | |||||
Warranty [Member] | GEActuation [Member] | ||||||
Acquisitions | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | $ 24,514 |
DISCONTINUED OPERATIONS AND ASS
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Discontinued operations and assets held for sale | ||
Proceeds from sale of assets | $ 554 | $ 651 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 |
Inventory [Line Items] | ||
Raw materials | $ 90,480 | $ 79,786 |
Work-in-process | 1,415,564 | 1,305,390 |
Finished goods | 108,720 | 91,639 |
Less: unliquidated progress payments | (153,998) | (189,923) |
Total inventories | 1,460,766 | 1,286,892 |
Preproduction Costs Related to Long-term Supply Arrangements, Costs Capitalized | 373,504 | 306,983 |
Bombardier [Member] | ||
Inventory [Line Items] | ||
Preproduction Costs Related to Long-term Supply Arrangements, Costs Capitalized | 276,136 | 238,871 |
Embraer [Member] | ||
Inventory [Line Items] | ||
Preproduction Costs Related to Long-term Supply Arrangements, Costs Capitalized | $ 97,368 | $ 68,112 |
LONG-TERM DEBT, BY TYPE (Detail
LONG-TERM DEBT, BY TYPE (Details) - debt conversion description [Domain] - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2015 | |
Long-term debt | ||||
Long-term debt | $ 1,548,505 | $ 1,368,600 | ||
Less current portion | 42,776 | 42,255 | ||
Long-term Debt and Capital Lease Obligations | 1,505,729 | 1,326,345 | ||
Payments of Financing Costs | 71 | $ 5,194 | ||
Revolving credit facility | ||||
Long-term debt | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000,000 | |||
Long-term debt | 244,797 | 148,255 | ||
Payments of Financing Costs | 2,795 | |||
Asset-backed Securities [Member] | ||||
Long-term debt | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 225,000 | 175,000 | ||
Long-term debt | 190,700 | 100,000 | ||
Payments of Financing Costs | 252 | |||
Capital Lease Obligations [Member] | ||||
Long-term debt | ||||
Long-term debt | 88,805 | 91,913 | ||
Term loan credit agreement | ||||
Long-term debt | ||||
Long-term debt | 351,563 | 356,250 | ||
Long-term Debt and Capital Lease Obligations | 375,000 | |||
Senior notes due 2018 | ||||
Long-term debt | ||||
Debt Instrument, Face Amount | $ 350,000 | |||
Debt Instrument, Future Redemption Price as Percentage of Original Principal in Fifth Year | 104.79% | |||
Gains (Losses) on Extinguishment of Debt | $ (22,615) | |||
Debt Instrument, Interest Rate, Stated Percentage | 8.63% | |||
Senior notes due 2021 [Member] | ||||
Long-term debt | ||||
Long-term debt | $ 375,000 | $ 375,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.875% | |||
Debt Instrument, Face Amount | $ 375,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | |||
Proceeds from Debt Instrument Percentage of Original Principal | 100.00% | |||
Payments of Financing Costs | $ 6,327 | |||
Debt Instrument, Redemption with Net Proceeds from Equity Offerings as Percentage of Original Principal | 35.00% | |||
Debt Instrument Redemption Price With Net Proceeds From Equity Offerings As Percentage Of Original Principal | 104.875% | |||
Debt Instrument, Repurchase Obligation Due to Change of Control, Percentage of Original Principal | 101.00% | |||
Debt Instrument, Repurchase Obligation Due to Certain Asset Sales Percentage of Original Principal | 100.00% | |||
Senior Notes Due 2022 [Member] | ||||
Long-term debt | ||||
Long-term debt | $ 300,000 | $ 300,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 5.25% | |||
Debt Instrument, Face Amount | $ 300,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | |||
Proceeds from Debt Instrument Percentage of Original Principal | 100.00% | |||
Payments of Financing Costs | $ 4,990 | |||
Debt Instrument, Redemption with Net Proceeds from Equity Offerings as Percentage of Original Principal | 35.00% | |||
Debt Instrument Redemption Price With Net Proceeds From Equity Offerings As Percentage Of Original Principal | 105.25% | |||
Debt Instrument, Repurchase Obligation Due to Change of Control, Percentage of Original Principal | 101.00% | |||
Debt Instrument, Repurchase Obligation Due to Certain Asset Sales Percentage of Original Principal | 100.00% | |||
Convertible senior subordinated notes | ||||
Long-term debt | ||||
Debt Instrument, Repurchase Requirement Percentage of Original Principal | 100.00% | |||
Notes Payable, Other Payables [Member] | ||||
Long-term debt | ||||
Long-term debt | $ 7,978 | $ 7,978 |
LONG-TERM DEBT (Details 2)
LONG-TERM DEBT (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2015 | |
Long-term debt | ||||
Payments of Financing Costs | $ 71 | $ 5,194 | ||
Outstanding borrowing amount | 1,548,505 | $ 1,368,600 | ||
Revolving credit facility | ||||
Long-term debt | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000,000 | |||
Accordion feature | $ 250,000 | |||
Payments of Financing Costs | 2,795 | |||
Unamortized financing costs prior to amendment | $ 6,507 | |||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||
Outstanding borrowing amount | $ 244,797 | 148,255 | ||
Letters of credit outstanding amount | 25,693 | 35,384 | ||
Borrowing capacity under revolving credit facility after reductions for borrowings and letters of credit outstanding | 729,510 | |||
Term loan credit agreement | ||||
Long-term debt | ||||
Outstanding borrowing amount | 351,563 | 356,250 | ||
Asset-backed Securities [Member] | ||||
Long-term debt | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 225,000 | 175,000 | ||
Payments of Financing Costs | 252 | |||
Unamortized financing costs prior to amendment | 341 | |||
Outstanding borrowing amount | $ 190,700 | 100,000 | ||
Program fee on the amount outstanding (as a percent) | 0.40% | |||
Line of Credit Facility, Commitment Fee Percentage | 0.40% | |||
Percentage of line of credit on which commitment fees are charged (as a percent) | 100.00% | |||
Capital Lease Obligations [Member] | ||||
Long-term debt | ||||
Outstanding borrowing amount | $ 88,805 | 91,913 | ||
Senior notes due 2018 | ||||
Long-term debt | ||||
Debt instrument principal amount | 350,000 | |||
Gains (Losses) on Extinguishment of Debt | $ (22,615) | |||
Senior notes due 2021 [Member] | ||||
Long-term debt | ||||
Payments of Financing Costs | $ 6,327 | |||
Debt instrument principal amount | 375,000 | |||
Outstanding borrowing amount | 375,000 | 375,000 | ||
Notes Payable, Other Payables [Member] | ||||
Long-term debt | ||||
Outstanding borrowing amount | $ 7,978 | $ 7,978 | ||
Minimum [Member] | Revolving credit facility | ||||
Long-term debt | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.38% | |||
Commitment fees (as a percent) | 0.25% | |||
Maximum [Member] | Revolving credit facility | ||||
Long-term debt | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||
Commitment fees (as a percent) | 0.45% |
LONG-TERM DEBT (Details 3)
LONG-TERM DEBT (Details 3) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2015 | |
Long-term debt | ||||
Capital lease obligations entered into to finance capital additions | $ 2,632 | $ 10,905 | ||
Payments of Financing Costs | $ 71 | $ 5,194 | ||
Average price of common stock (in dollars per share) | $ 67.45 | |||
Additional number of shares included in diluted earning per share calculation (in shares) | 0 | 198 | ||
Long-term debt | $ 1,548,505 | $ 1,368,600 | ||
Unamortized Debt Issuance Expense | (10,338) | (10,796) | ||
Revolving credit facility | ||||
Long-term debt | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000,000 | |||
Line of Credit Facility, Accordion Feature | 250,000 | |||
Payments of Financing Costs | $ 2,795 | |||
Long-term debt | 244,797 | 148,255 | ||
Secured Debt [Member] | ||||
Long-term debt | ||||
Derivative Asset, Fair Value, Gross Liability | (1,808) | (2,743) | ||
Long-term debt | 351,563 | 356,250 | ||
Asset-backed Securities [Member] | ||||
Long-term debt | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 225,000 | 175,000 | ||
Payments of Financing Costs | 252 | |||
Long-term debt | 190,700 | 100,000 | ||
Equipment leasing facility and other capital leases | ||||
Long-term debt | ||||
Long-term debt | 88,805 | 91,913 | ||
Senior notes due 2018 | ||||
Long-term debt | ||||
Debt instrument principal amount | $ 350,000 | |||
Debt instrument interest rate stated percentage (as a percent) | 8.63% | |||
Percentage of principal amount at which the entity may redeem the note before November 15, 2014 (as a percent) | 104.79% | |||
Gains (Losses) on Extinguishment of Debt | $ 22,615 | |||
Senior notes due 2021 [Member] | ||||
Long-term debt | ||||
Debt instrument principal amount | $ 375,000 | |||
Debt instrument interest rate stated percentage (as a percent) | 4.875% | |||
Proceeds from loan, percentage of principal (as a percent) | 100.00% | |||
Payments of Financing Costs | $ 6,327 | |||
Debt Instrument, Redemption with Net Proceeds from Equity Offerings as Percentage of Original Principal | 35.00% | |||
Effective interest yield on principal amount (as a percent) | 4.875% | |||
Debt Instrument, Repurchase Obligation Due to Change of Control, Percentage of Original Principal | 101.00% | |||
Asset sales redemption price, percentage of principal (as a percent) | 100.00% | |||
The limit of the principal amount of the debt instrument which the entity may redeem (as a percent) | 104.875% | |||
Long-term debt | $ 375,000 | $ 375,000 | ||
Senior Notes Due 2022 [Member] | ||||
Long-term debt | ||||
Debt instrument principal amount | $ 300,000 | |||
Debt instrument interest rate stated percentage (as a percent) | 5.25% | |||
Proceeds from loan, percentage of principal (as a percent) | 100.00% | |||
Payments of Financing Costs | $ 4,990 | |||
Debt Instrument, Redemption with Net Proceeds from Equity Offerings as Percentage of Original Principal | 35.00% | |||
Effective interest yield on principal amount (as a percent) | 5.25% | |||
Debt Instrument, Repurchase Obligation Due to Change of Control, Percentage of Original Principal | 101.00% | |||
Asset sales redemption price, percentage of principal (as a percent) | 100.00% | |||
The limit of the principal amount of the debt instrument which the entity may redeem (as a percent) | 105.25% | |||
Long-term debt | $ 300,000 | $ 300,000 | ||
Convertible senior subordinated notes | ||||
Long-term debt | ||||
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% | |||
Conversion price (in dollars per share) | $ 27.12 | |||
Notes Payable, Other Payables [Member] | ||||
Long-term debt | ||||
Long-term debt | $ 7,978 | 7,978 | ||
Debt Conversion, Redeemer [Member] | Convertible senior subordinated notes | ||||
Long-term debt | ||||
Extinguishment of Debt, Amount | 7,752 | |||
Reported Value Measurement [Member] | ||||
Long-term debt | ||||
Long-term debt | 1,548,505 | 1,368,600 | ||
Estimate of Fair Value Measurement [Member] | ||||
Long-term debt | ||||
Long-term debt | $ 1,542,542 | $ 1,358,306 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - shares shares in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Weighted-average common shares outstanding-basic (in shares) | 49,198 | 51,691 |
Net effect of dilutive stock options (in shares) | 116 | 200 |
Potential common shares - convertible debt (in shares) | 0 | 198 |
Weighted average common shares outstanding - diluted (in shares) | 49,314 | 52,089 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Total accrued income tax related interest and penalties | $ 215 | $ 207 | |
Total amount of unrecognized tax benefits | 8,353 | 8,348 | |
Amount of unrecognized tax benefits that would impact the effective tax rate, if recognized | $ 8,353 | $ 8,348 | |
Effective income tax rate (as a percent) | 30.00% | 40.00% | |
Income Tax Reconciliation, Nondeductible Expense | $ 4,213 |
GOODWILL (Details)
GOODWILL (Details) $ in Thousands | 3 Months Ended |
Jun. 30, 2015USD ($) | |
Changes in the carrying value of goodwill | |
Balance at the beginning of the period | $ 2,014,831 |
Effect of exchange rate changes and other | 10,076 |
Balance at the end of the period | 2,024,907 |
Aerostructures | |
Changes in the carrying value of goodwill | |
Balance at the beginning of the period | 1,410,317 |
Effect of exchange rate changes and other | 1,163 |
Balance at the end of the period | 1,411,480 |
Aerospace Systems [Member] | |
Changes in the carrying value of goodwill | |
Balance at the beginning of the period | 523,253 |
Effect of exchange rate changes and other | 9,020 |
Balance at the end of the period | 532,273 |
Aftermarket Services | |
Changes in the carrying value of goodwill | |
Balance at the beginning of the period | 81,261 |
Effect of exchange rate changes and other | (107) |
Balance at the end of the period | $ 81,154 |
PENSION AND OTHER POSTRETIREM51
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Components of net periodic benefit costs: | ||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | $ (2,863) | $ 0 |
Pension Plan [Member] | ||
Components of net periodic benefit costs: | ||
Service cost | 2,767 | 3,256 |
Interest cost | 22,677 | 21,951 |
Expected return on plan assets | 40,853 | 36,913 |
Amortization of prior service costs | (1,146) | (1,321) |
Amortization of net loss | 2,522 | 0 |
Net periodic benefit cost | (11,170) | (13,027) |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | (2,863) | 0 |
Other postretirement | ||
Components of net periodic benefit costs: | ||
Service cost | 326 | 717 |
Interest cost | 2,070 | 3,082 |
Amortization of prior service costs | (1,345) | (1,132) |
Net periodic benefit cost | $ (592) | $ 2,667 |
STOCKHOLDERS' EQUITY STOCKHOL52
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Accumulated other comprehensive loss | $ (180,122) | $ (14,629) | $ (198,910) | $ (18,908) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 10,933 | 7,204 | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 1,012 | (1,357) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 17,611 | 5,847 | ||
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 | 7 | (35) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1,177 | (1,568) | ||
Other Comprehensive Income (Loss), Net of Tax | 18,788 | 4,279 | ||
Accumulated Translation Adjustment [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), before Tax | (35,818) | 7,402 | (46,751) | 198 |
Other Comprehensive Income (Loss), Net of Tax | 10,933 | 7,204 | ||
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 | (1,738) | 104 | (2,757) | 1,496 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 1,012 | (1,357) | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 7 | (35) | ||
Other Comprehensive Income (Loss), Net of Tax | 1,019 | (1,392) | ||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Accumulated other comprehensive loss | (142,566) | (22,135) | $ (149,402) | $ (20,602) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 5,666 | 0 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1,170 | (1,533) | ||
Other Comprehensive Income (Loss), Net of Tax | $ 6,836 | $ (1,533) |
SEGMENTS (Details)
SEGMENTS (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | |
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||
Gain (Loss) Related to Litigation Settlement | $ 0 | $ (134,693) | |
Net sales | 959,638 | 896,905 | |
Operating income (loss) | 107,866 | 240,524 | |
Interest expense and other | 18,116 | 42,360 | |
Income from continuing operations before income taxes | 89,750 | 198,164 | |
Depreciation and amortization | 43,534 | 37,551 | |
Amortization of Acquired Contract Liabilities | 35,098 | 8,967 | |
EBITDA | 119,165 | 134,415 | |
Capital expenditures | 18,016 | 23,077 | |
Total assets | 6,253,005 | $ 6,098,835 | |
Revenues | 191,318 | 159,834 | |
Aerostructures | |||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||
Net sales | 611,838 | 612,160 | |
Operating income (loss) | 66,007 | 68,819 | |
Depreciation and amortization | 28,719 | 25,521 | |
Amortization of Acquired Contract Liabilities | 24,597 | 5,117 | |
EBITDA | 70,129 | 89,223 | |
Capital expenditures | 11,626 | 15,369 | |
Total assets | 4,291,232 | 4,094,610 | |
Aerospace Systems | |||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||
Net sales | 277,647 | 219,852 | |
Operating income (loss) | 51,253 | 37,352 | |
Depreciation and amortization | 11,953 | 9,517 | |
Amortization of Acquired Contract Liabilities | 10,501 | 3,850 | |
EBITDA | 52,705 | 43,019 | |
Capital expenditures | 5,511 | 5,663 | |
Total assets | 1,453,085 | 1,460,064 | |
Aftermarket Services | |||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||
Net sales | 74,745 | 67,608 | |
Operating income (loss) | 9,987 | 10,504 | |
Depreciation and amortization | 2,462 | 1,877 | |
EBITDA | 12,449 | 12,381 | |
Capital expenditures | 622 | 1,680 | |
Total assets | 367,707 | 375,775 | |
Elimination of inter-segment sales | |||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||
Net sales | (4,592) | (2,715) | |
Corporate | |||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||
Operating income (loss) | (19,381) | 123,849 | |
Depreciation and amortization | 400 | 636 | |
EBITDA | (16,118) | (10,208) | |
Capital expenditures | 257 | $ 365 | |
Total assets | $ 140,981 | $ 168,386 |
SELECTED CONSOLIDATING FINANC54
SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Mar. 31, 2014 |
Current assets: | ||||
Cash and cash equivalents | $ 39,671 | $ 32,617 | $ 25,465 | $ 28,998 |
Trade and other receivables, net | 547,806 | 521,640 | ||
Inventories | 1,460,766 | 1,286,892 | ||
Rotable assets | 50,800 | 48,820 | ||
Deferred income taxes | 109,997 | 145,352 | ||
Prepaid expenses and other | 23,267 | 23,081 | ||
Total current assets | 2,232,307 | 2,058,402 | ||
Property and equipment, net | 936,290 | 951,238 | ||
Goodwill and other intangible assets, net | 2,975,721 | 2,981,196 | ||
Other, net | 108,687 | 107,999 | ||
Intercompany investments and advances | 0 | 0 | ||
Total assets | 6,253,005 | 6,098,835 | ||
Current liabilities: | ||||
Current portion of long-term debt | 42,776 | 42,255 | ||
Accounts payable | 426,041 | 429,134 | ||
Accrued expenses | 376,845 | 411,771 | ||
Total current liabilities | 845,662 | 883,160 | ||
Long-term debt, less current portion | 1,505,729 | 1,326,345 | ||
Intercompany debt | 0 | 0 | ||
Accrued pension and other postretirement benefits, noncurrent | 510,274 | 538,381 | ||
Deferred income taxes and other | 1,175,722 | 1,215,165 | ||
Total stockholders' equity | 2,215,618 | 2,135,784 | ||
Total liabilities and stockholders' equity | 6,253,005 | 6,098,835 | ||
Parent | ||||
Current assets: | ||||
Cash and cash equivalents | 546 | 620 | 621 | 2,820 |
Trade and other receivables, net | 5,188 | 3,578 | ||
Inventories | 0 | 0 | ||
Rotable assets | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Prepaid expenses and other | 5,420 | 6,509 | ||
Total current assets | 11,154 | 10,707 | ||
Property and equipment, net | 7,882 | 8,209 | ||
Goodwill and other intangible assets, net | 0 | 0 | ||
Other, net | 13,372 | 13,805 | ||
Intercompany investments and advances | 3,940,407 | 4,062,058 | ||
Total assets | 3,972,815 | 4,094,779 | ||
Current liabilities: | ||||
Current portion of long-term debt | 21,372 | 19,024 | ||
Accounts payable | 3,696 | 8,919 | ||
Accrued expenses | 34,678 | 38,275 | ||
Total current liabilities | 59,746 | 66,218 | ||
Long-term debt, less current portion | 1,245,196 | 1,155,299 | ||
Intercompany debt | 436,233 | 719,525 | ||
Accrued pension and other postretirement benefits, noncurrent | 7,617 | 7,517 | ||
Deferred income taxes and other | 8,406 | 10,435 | ||
Total stockholders' equity | 2,215,617 | 2,135,785 | ||
Total liabilities and stockholders' equity | 3,972,815 | 4,094,779 | ||
Guarantors Subsidiaries | ||||
Current assets: | ||||
Cash and cash equivalents | 270 | 419 | 1,631 | 1,149 |
Trade and other receivables, net | 224,339 | 180,884 | ||
Inventories | 1,367,198 | 1,207,541 | ||
Rotable assets | 34,767 | 35,248 | ||
Deferred income taxes | 109,997 | 145,352 | ||
Prepaid expenses and other | 10,912 | 10,561 | ||
Total current assets | 1,747,483 | 1,580,005 | ||
Property and equipment, net | 793,915 | 807,574 | ||
Goodwill and other intangible assets, net | 2,764,079 | 2,776,487 | ||
Other, net | 71,883 | 80,806 | ||
Intercompany investments and advances | 51,369 | 81,540 | ||
Total assets | 5,428,729 | 5,326,412 | ||
Current liabilities: | ||||
Current portion of long-term debt | 21,404 | 23,231 | ||
Accounts payable | 385,530 | 382,143 | ||
Accrued expenses | 300,634 | 326,594 | ||
Total current liabilities | 707,568 | 731,968 | ||
Long-term debt, less current portion | 69,833 | 71,046 | ||
Intercompany debt | 1,907,896 | 1,769,564 | ||
Accrued pension and other postretirement benefits, noncurrent | 500,055 | 527,741 | ||
Deferred income taxes and other | 1,101,537 | 1,141,506 | ||
Total stockholders' equity | 1,141,840 | 1,084,587 | ||
Total liabilities and stockholders' equity | 5,428,729 | 5,326,412 | ||
Non-Guarantor Subsidiaries | ||||
Current assets: | ||||
Cash and cash equivalents | 38,855 | 31,578 | 23,213 | 25,029 |
Trade and other receivables, net | 318,279 | 337,178 | ||
Inventories | 93,568 | 79,351 | ||
Rotable assets | 16,033 | 13,572 | ||
Deferred income taxes | 0 | 0 | ||
Prepaid expenses and other | 6,935 | 6,011 | ||
Total current assets | 473,670 | 467,690 | ||
Property and equipment, net | 134,493 | 135,455 | ||
Goodwill and other intangible assets, net | 211,642 | 204,709 | ||
Other, net | 23,432 | 13,388 | ||
Intercompany investments and advances | 76,469 | 63,897 | ||
Total assets | 919,706 | 885,139 | ||
Current liabilities: | ||||
Current portion of long-term debt | 0 | 0 | ||
Accounts payable | 36,815 | 38,072 | ||
Accrued expenses | 41,533 | 46,902 | ||
Total current liabilities | 78,348 | 84,974 | ||
Long-term debt, less current portion | 190,700 | 100,000 | ||
Intercompany debt | 328,135 | 407,722 | ||
Accrued pension and other postretirement benefits, noncurrent | 2,602 | 3,123 | ||
Deferred income taxes and other | 65,779 | 63,224 | ||
Total stockholders' equity | 254,142 | 226,096 | ||
Total liabilities and stockholders' equity | 919,706 | 885,139 | ||
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 | (4,068,245) | (4,207,495) | ||
Total assets | (4,068,245) | (4,207,495) | ||
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 | (2,672,264) | (2,896,811) | ||
Accrued pension and other postretirement benefits, noncurrent | 0 | 0 | ||
Deferred income taxes and other | 0 | 0 | ||
Total stockholders' equity | (1,395,981) | (1,310,684) | ||
Total liabilities and stockholders' equity | $ (4,068,245) | $ (4,207,495) |
SELECTED CONSOLIDATING FINANC55
SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Consolidating Financial Statements, Captions | ||
Net sales | $ 959,638 | $ 896,905 |
Operating costs and expenses: | ||
Cost of sales | 732,094 | 684,816 |
Selling, General and Administrative Expense | 73,281 | 65,710 |
Depreciation and amortization | 43,534 | 37,551 |
Restructuring Charges | 0 | 2,997 |
Gain (Loss) Related to Litigation Settlement | 0 | 134,693 |
Total operating costs and expenses | 851,772 | 656,381 |
Operating Income (Loss) | 107,866 | 240,524 |
Intercompany Interest and Charges | 0 | 0 |
Interest expense and other | 18,116 | 42,360 |
Income from continuing operations before income taxes | 89,750 | 198,164 |
Income Tax Expense (Benefit) | 27,018 | 69,921 |
Net Income (Loss) Attributable to Parent | 62,732 | 128,243 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 18,788 | 4,279 |
Total comprehensive income | 81,520 | 132,522 |
Parent | ||
Consolidating Financial Statements, Captions | ||
Net sales | 0 | 0 |
Operating costs and expenses: | ||
Cost of sales | 0 | 0 |
Selling, General and Administrative Expense | 13,151 | 10,171 |
Depreciation and amortization | 399 | 637 |
Restructuring Charges | 0 | |
Gain (Loss) Related to Litigation Settlement | 134,693 | |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 2,863 | |
Total operating costs and expenses | 16,413 | (123,885) |
Operating Income (Loss) | (16,413) | 123,885 |
Intercompany Interest and Charges | (53,590) | (53,289) |
Interest expense and other | 14,517 | 41,283 |
Income from continuing operations before income taxes | 22,660 | 135,891 |
Income Tax Expense (Benefit) | (13) | 46,185 |
Net Income (Loss) Attributable to Parent | 22,673 | 89,706 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 1,019 | (1,541) |
Total comprehensive income | 23,692 | 88,165 |
Guarantors Subsidiaries | ||
Consolidating Financial Statements, Captions | ||
Net sales | 885,443 | 842,294 |
Operating costs and expenses: | ||
Cost of sales | 672,310 | 637,887 |
Selling, General and Administrative Expense | 52,439 | 48,384 |
Depreciation and amortization | 35,042 | 34,063 |
Restructuring Charges | 2,997 | |
Gain (Loss) Related to Litigation Settlement | 0 | |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 0 | |
Total operating costs and expenses | 759,791 | 723,331 |
Operating Income (Loss) | 125,652 | 118,963 |
Intercompany Interest and Charges | 51,511 | 51,529 |
Interest expense and other | 2,890 | 2,155 |
Income from continuing operations before income taxes | 71,251 | 65,279 |
Income Tax Expense (Benefit) | 26,395 | 25,075 |
Net Income (Loss) Attributable to Parent | 44,856 | 40,204 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 6,836 | (1,533) |
Total comprehensive income | 51,692 | 38,671 |
Non-Guarantor Subsidiaries | ||
Consolidating Financial Statements, Captions | ||
Net sales | 86,137 | 56,593 |
Operating costs and expenses: | ||
Cost of sales | 71,726 | 48,911 |
Selling, General and Administrative Expense | 7,691 | 7,155 |
Depreciation and amortization | 8,093 | 2,851 |
Restructuring Charges | 0 | |
Gain (Loss) Related to Litigation Settlement | 0 | |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 0 | |
Total operating costs and expenses | 87,510 | 58,917 |
Operating Income (Loss) | (1,373) | (2,324) |
Intercompany Interest and Charges | 2,079 | 1,760 |
Interest expense and other | 709 | (1,078) |
Income from continuing operations before income taxes | (4,161) | (3,006) |
Income Tax Expense (Benefit) | 636 | (1,339) |
Net Income (Loss) Attributable to Parent | (4,797) | (1,667) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 10,933 | 7,353 |
Total comprehensive income | 6,136 | 5,686 |
Eliminations | ||
Consolidating Financial Statements, Captions | ||
Net sales | (11,942) | (1,982) |
Operating costs and expenses: | ||
Cost of sales | (11,942) | (1,982) |
Selling, General and Administrative Expense | 0 | 0 |
Depreciation and amortization | 0 | |
Restructuring Charges | 0 | |
Gain (Loss) Related to Litigation Settlement | 0 | |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 0 | |
Total operating costs and expenses | (11,942) | (1,982) |
Operating Income (Loss) | 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 |
Pension Plan [Member] | ||
Operating costs and expenses: | ||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | $ 2,863 | $ 0 |
SELECTED CONSOLIDATING FINANC56
SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Details 3) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Consolidating Financial Statements, Captions | ||
Net sales | $ 959,638 | $ 896,905 |
Net Income (Loss) Attributable to Parent | 62,732 | 128,243 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities | (211,122) | (180,295) |
Net cash (used in) provided by operating activities | (148,390) | (52,052) |
Capital expenditures | (18,016) | (23,077) |
Proceeds from sale of assets | 554 | 651 |
Acquisitions, net of cash acquired | (5,986) | (60,901) |
Net cash used in investing activities | (23,448) | (83,327) |
Net increase in revolving credit facility | 96,541 | 259,534 |
Proceeds on issuance of debt | 98,932 | 323,505 |
Retirements and repayments of debt | (16,026) | (390,223) |
Payments for Repurchase of Common Stock | 0 | 51,043 |
Payment of deferred financing costs | (71) | (5,194) |
Dividends paid | (1,971) | (2,056) |
Repayments of government grant | (82) | (3,198) |
Repurchase of restricted shares for minimum tax obligation | (96) | (673) |
Proceeds from exercise of stock options, including excess tax benefit | 0 | 356 |
Intercompany financing and advances | 0 | 0 |
Net cash (used in) provided by financing activities | 177,227 | 131,008 |
Effect of exchange rate changes on cash and cash equivalents | 1,665 | 838 |
Net change in cash and cash equivalents | 7,054 | (3,533) |
Cash at beginning of period | 32,617 | 28,998 |
Cash at end of period | 39,671 | 25,465 |
Cost of Goods and Services Sold | 732,094 | 684,816 |
Selling, General and Administrative Expense | 73,281 | 65,710 |
Depreciation and amortization | 43,534 | 37,551 |
Restructuring Charges | 0 | 2,997 |
Gain (Loss) Related to Litigation Settlement | 0 | 134,693 |
Total operating costs and expenses | 851,772 | 656,381 |
Operating Income (Loss) | 107,866 | 240,524 |
Intercompany Interest and Charges | 0 | 0 |
Interest expense and other | 18,116 | 42,360 |
Income from continuing operations before income taxes | 89,750 | 198,164 |
Income Tax Expense (Benefit) | 27,018 | 69,921 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 18,788 | 4,279 |
Total comprehensive income | 81,520 | 132,522 |
Parent | ||
Consolidating Financial Statements, Captions | ||
Net sales | 0 | 0 |
Net Income (Loss) Attributable to Parent | 22,673 | 89,706 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities | (13,821) | (389,152) |
Net cash (used in) provided by operating activities | (8,852) | (299,446) |
Capital expenditures | (257) | (123) |
Proceeds from sale of assets | 0 | 0 |
Acquisitions, net of cash acquired | 0 | 0 |
Net cash used in investing activities | (257) | (123) |
Net increase in revolving credit facility | 96,541 | 259,534 |
Proceeds on issuance of debt | 0 | 300,000 |
Retirements and repayments of debt | (4,754) | (374,260) |
Payment of deferred financing costs | (71) | (5,194) |
Dividends paid | (1,971) | (2,056) |
Repayments of government grant | 0 | 0 |
Repurchase of restricted shares for minimum tax obligation | (96) | (673) |
Proceeds from exercise of stock options, including excess tax benefit | 356 | |
Intercompany financing and advances | (98,318) | 170,706 |
Net cash (used in) provided by financing activities | (8,669) | 297,370 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net change in cash and cash equivalents | (74) | (2,199) |
Cash at beginning of period | 620 | 2,820 |
Cash at end of period | 546 | 621 |
Cost of Goods and Services Sold | 0 | 0 |
Selling, General and Administrative Expense | 13,151 | 10,171 |
Depreciation and amortization | 399 | 637 |
Restructuring Charges | 0 | |
Gain (Loss) Related to Litigation Settlement | 134,693 | |
Total operating costs and expenses | 16,413 | (123,885) |
Operating Income (Loss) | (16,413) | 123,885 |
Intercompany Interest and Charges | (53,590) | (53,289) |
Interest expense and other | 14,517 | 41,283 |
Income from continuing operations before income taxes | 22,660 | 135,891 |
Income Tax Expense (Benefit) | (13) | 46,185 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 1,019 | (1,541) |
Total comprehensive income | 23,692 | 88,165 |
Guarantors Subsidiaries | ||
Consolidating Financial Statements, Captions | ||
Net sales | 885,443 | 842,294 |
Net Income (Loss) Attributable to Parent | 44,856 | 40,204 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities | (207,408) | 150,053 |
Net cash (used in) provided by operating activities | 162,552 | 190,257 |
Capital expenditures | (15,286) | (21,876) |
Proceeds from sale of assets | 402 | (599) |
Acquisitions, net of cash acquired | (14) | 0 |
Net cash used in investing activities | (14,870) | (21,277) |
Net increase in revolving credit facility | 0 | 0 |
Proceeds on issuance of debt | 2,632 | 10,905 |
Retirements and repayments of debt | (5,672) | (5,563) |
Payment of deferred financing costs | 0 | 0 |
Dividends paid | 0 | 0 |
Repayments of government grant | 0 | (3,198) |
Repurchase of restricted shares for minimum tax obligation | 0 | 0 |
Proceeds from exercise of stock options, including excess tax benefit | 0 | |
Intercompany financing and advances | 180,313 | (170,642) |
Net cash (used in) provided by financing activities | 177,273 | (168,498) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net change in cash and cash equivalents | (149) | 482 |
Cash at beginning of period | 419 | 1,149 |
Cash at end of period | 270 | 1,631 |
Cost of Goods and Services Sold | 672,310 | 637,887 |
Selling, General and Administrative Expense | 52,439 | 48,384 |
Depreciation and amortization | 35,042 | 34,063 |
Restructuring Charges | 2,997 | |
Gain (Loss) Related to Litigation Settlement | 0 | |
Total operating costs and expenses | 759,791 | 723,331 |
Operating Income (Loss) | 125,652 | 118,963 |
Intercompany Interest and Charges | 51,511 | 51,529 |
Interest expense and other | 2,890 | 2,155 |
Income from continuing operations before income taxes | 71,251 | 65,279 |
Income Tax Expense (Benefit) | 26,395 | 25,075 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 6,836 | (1,533) |
Total comprehensive income | 51,692 | 38,671 |
Non-Guarantor Subsidiaries | ||
Consolidating Financial Statements, Captions | ||
Net sales | 86,137 | 56,593 |
Net Income (Loss) Attributable to Parent | (4,797) | (1,667) |
Adjustments to reconcile net income to net cash (used in) provided by operating activities | 11,497 | 7,792 |
Net cash (used in) provided by operating activities | 6,700 | 6,125 |
Capital expenditures | (2,473) | (1,078) |
Proceeds from sale of assets | 152 | 52 |
Acquisitions, net of cash acquired | 6,000 | (60,901) |
Net cash used in investing activities | (8,321) | (61,927) |
Net increase in revolving credit facility | 0 | 0 |
Proceeds on issuance of debt | 96,300 | 12,600 |
Retirements and repayments of debt | (5,600) | (10,400) |
Payment of deferred financing costs | 0 | 0 |
Dividends paid | 0 | 0 |
Repayments of government grant | (82) | 0 |
Repurchase of restricted shares for minimum tax obligation | 0 | 0 |
Proceeds from exercise of stock options, including excess tax benefit | 0 | |
Intercompany financing and advances | (83,385) | 50,948 |
Net cash (used in) provided by financing activities | 7,233 | 53,148 |
Effect of exchange rate changes on cash and cash equivalents | 1,665 | 838 |
Net change in cash and cash equivalents | 7,277 | (1,816) |
Cash at beginning of period | 31,578 | 25,029 |
Cash at end of period | 38,855 | 23,213 |
Cost of Goods and Services Sold | 71,726 | 48,911 |
Selling, General and Administrative Expense | 7,691 | 7,155 |
Depreciation and amortization | 8,093 | 2,851 |
Restructuring Charges | 0 | |
Gain (Loss) Related to Litigation Settlement | 0 | |
Total operating costs and expenses | 87,510 | 58,917 |
Operating Income (Loss) | (1,373) | (2,324) |
Intercompany Interest and Charges | 2,079 | 1,760 |
Interest expense and other | 709 | (1,078) |
Income from continuing operations before income taxes | (4,161) | (3,006) |
Income Tax Expense (Benefit) | 636 | (1,339) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 10,933 | 7,353 |
Total comprehensive income | 6,136 | 5,686 |
Eliminations | ||
Consolidating Financial Statements, Captions | ||
Net sales | (11,942) | (1,982) |
Net Income (Loss) Attributable to Parent | 0 | 0 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities | (1,390) | 51,012 |
Net cash (used in) provided by operating activities | 1,390 | 51,012 |
Capital expenditures | 0 | 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 |
Payment of deferred financing costs | 0 | 0 |
Dividends paid | 0 | 0 |
Repayments of government grant | 0 | 0 |
Repurchase of restricted shares for minimum tax obligation | 0 | 0 |
Proceeds from exercise of stock options, including excess tax benefit | 0 | |
Intercompany financing and advances | 1,390 | (51,012) |
Net cash (used in) provided by financing activities | 1,390 | (51,012) |
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 |
Cost of Goods and Services Sold | (11,942) | (1,982) |
Selling, General and Administrative Expense | 0 | 0 |
Depreciation and amortization | 0 | |
Restructuring Charges | 0 | |
Gain (Loss) Related to Litigation Settlement | 0 | |
Total operating costs and expenses | (11,942) | (1,982) |
Operating Income (Loss) | 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 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0 | 0 |
Total comprehensive income | $ 0 | $ 0 |
COMMITMENTS AND CONTINGENCIES L
COMMITMENTS AND CONTINGENCIES Litigation Settlement (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Loss Contingencies [Line Items] | ||
Loss Contingency, Range of Possible Loss, Maximum | $ 70,000 | |
Gain (Loss) Related to Litigation Settlement | $ 0 | $ (134,693) |
RELOCATION COSTS RELOCATION C58
RELOCATION COSTS RELOCATION COSTS (Details) $ in Thousands | 3 Months Ended |
Jun. 30, 2014USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Incurred Cost | $ 2,997 |
Uncategorized Items - tgi-20150
Label | Element | Value |
Product Warranty Accrual | us-gaap_ProductWarrantyAccrual | $ 112,140 |