Triumph (TGI) 10-Q 3 Aug 16 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Jun. 30, 2016	Aug. 01, 2016
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, 2016
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		49,529,579
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, 2016	Mar. 31, 2016
Current assets:
Cash and cash equivalents	$ 31,299	$ 20,984
Trade and other receivables, less allowance for doubtful accounts of $6,727 and $6,492	388,119	444,208
Inventories, net of unliquidated progress payments of $99,403 and $123,155	1,355,154	1,236,190
Prepaid and other current assets	25,640	41,259
Total current assets	1,800,212	1,742,641
Property and equipment, net	867,729	889,734
Goodwill	1,435,653	1,444,254
Intangible assets, net	634,690	649,612
Other, net	108,123	108,852
Total assets	4,846,407	4,835,093
Current liabilities:
Current portion of long-term debt	47,087	42,441
Accounts payable	431,063	410,225
Accrued expenses	606,368	683,208
Total current liabilities	1,084,518	1,135,874
Long-term debt, less current portion	1,492,325	1,374,879
Accrued pension and other postretirement benefits, noncurrent	642,454	664,664
Deferred income taxes, noncurrent	68,540	62,453
Other noncurrent liabilities	620,636	662,279
Stockholders’ equity:
Common stock, $.001 par value, 100,000,000 shares authorized, 52,460,920 and 52,460,920 shares issued; 49,516,612 and 49,328,999 shares outstanding	51	51
Capital in excess of par value	841,181	851,102
Treasury Stock, Value	(187,322)	(199,415)
Accumulated other comprehensive loss	(364,097)	(347,162)
Retained earnings	648,121	630,368
Total stockholders' equity	937,934	934,944
Total liabilities and stockholders' equity	$ 4,846,407	$ 4,835,093

Consolidated Balance Sheet Pare

Consolidated Balance Sheet Parenthetical (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
Allowance for doubtful accounts	$ 6,727	$ 6,492
Unliquidated progress payments	$ 99,403	$ 123,155
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	49,516,612	49,328,999
Treasury Stock, Shares	2,944,308	3,131,921

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Net sales	$ 893,253	$ 959,638
Operating costs and expenses:
Cost of sales (exclusive of depreciation and amortization shown separately below)	726,388	732,094
Selling, General and Administrative Expense	68,026	73,281
Depreciation and amortization	45,462	43,534
Restructuring Charges	6,651	0
Settlements and Curtailments	0	2,863
Operating expenses	846,527	851,772
Operating Income	46,726	107,866
Interest expense and other	18,126	18,116
Income from continuing operations before income taxes	28,600	89,750
Income Tax Expense	8,866	27,018
Net Income	$ 19,734	$ 62,732
Earnings per share-basic:
Earnings per share—basic:	$ 0.40	$ 1.28
Weighted-average common shares outstanding-basic (in shares)	49,271	49,198
Earnings per share-diluted:
Earnings per share—diluted:	$ 0.40	$ 1.27
Weighted-average common shares outstanding-diluted (in shares)	49,413	49,314
Dividends declared and paid per common share (in dollars per share)	$ 0.04	$ 0.04
Pension Plan [Member]
Operating costs and expenses:
Settlements and Curtailments	$ 0	$ 2,863

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Net Income (Loss) Attributable to Parent	$ 19,734	$ 62,732
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign currency translation adjustment	(14,797)	10,933
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	0	360
Actuarial gain, net of taxes ($3,110)	0	5,306
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax	836	935
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service (Cost) Credit, Net of Tax	(2,408)	235
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent	(1,572)	6,836
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax	(553)	1,012
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	(13)	7
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	(566)	1,019
Other Comprehensive Income (Loss), Net of Tax	(16,935)	18,788
Total comprehensive income	$ 2,799	$ 81,520

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income Parenthetical (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit), Tax	$ 0	$ (211)
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During the Period, Tax	0	(3,110)
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Tax	489	(548)
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service (Cost) Credit, Tax	(1,408)	(138)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During the Period, Tax	339	(534)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax	$ 2	$ (3)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating Activities
Net Income (Loss) Attributable to Parent	$ 19,734	$ 62,732
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	45,462	43,534
Amortization of acquired contract liabilities	(29,349)	(35,098)
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements	0	2,863
Other amortization included in interest expense	1,284	969
Provision for doubtful accounts receivable	(207)	(294)
Provision for deferred income taxes	4,996	20,463
Employee stock-based compensation	1,956	792
Changes in assets and liabilities, excluding the effects of acquisitions and dispositions of businesses:
Trade and other receivables	55,413	(33,592)
Inventories	(123,589)	(166,590)
Prepaid expenses and other current assets	15,096	4,573
Accounts payable, accrued expenses and other current liabilities	(47,419)	(24,384)
Accrued pension and other postretirement benefits	(24,558)	(19,991)
Other	(2,854)	(4,367)
Net cash (used in) provided by operating activities	(84,035)	(148,390)
Investing Activities
Capital expenditures	(12,723)	(18,016)
Proceeds from sale of assets	948	554
Acquisitions, net of cash acquired	9	(5,986)
Net cash used in investing activities	(11,766)	(23,448)
Financing Activities
Net increase in revolving credit facility	174,091	96,541
Proceeds from issuance of long-term debt	0	98,932
Repayment of debt and capital lease obligations	(46,989)	(16,026)
Payment of deferred financing costs	(10,689)	(71)
Dividends paid	(1,981)	(1,971)
Repayments of government grant	(7,285)	(82)
Repurchase of restricted shares for minimum tax obligation	(171)	(96)
Net cash (used in) provided by financing activities	106,976	177,227
Effect of exchange rate changes on cash	(860)	1,665
Net change in cash and cash equivalents	10,315	7,054
Cash at beginning of period	20,984	32,617
Cash at end of period	$ 31,299	$ 39,671

Consolidated Statements of Cas8

Consolidated Statements of Cash Flows Parenthetical (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Excess tax benefit	$ 0	$ 0

BASIS OF PRESENTATION AND ORGAN

BASIS OF PRESENTATION AND ORGANIZATION	3 Months Ended
	Jun. 30, 2016
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, 2016 are not necessarily indicative of results that may be expected for the year ending March 31, 2017 . The accompanying condensed consolidated financial statements are unaudited and should be read in conjunction with the fiscal 2016 audited condensed consolidated financial statements and notes thereto included in the Company's Form 10-K for the year ended March 31, 2016 filed with the Securities and Exchange Commission (the "SEC") on May 27, 2016. 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. Effective April 1, 2016, the Company realigned into four reportable segments: Integrated Systems, Aerospace Structures, Precision Components and Product Support segments (see Note 11).

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Jun. 30, 2016
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, 2016 , cumulative catch-up adjustments from changes in estimates, inclusive of changes in forward loss estimates, decreased operating income, net income and earnings per share by approximately $(27,968) , $(19,298) and $(0.39) , net of tax, respectively. The cumulative catch-up adjustments to operating income for the three months ended June 30, 2016 , included gross favorable adjustments of approximately $9,698 and gross unfavorable adjustments of approximately $(37,666) . For the three months ended June 30, 2015 , cumulative catch-up adjustments from changes in estimates increased operating income, net income and earnings per share by approximately $1,307 , $863 and $0.02 , 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 2016, the Company recognized a provision for forward losses associated with our long-term contract on the 747-8 and Bombardier programs. There is still risk similar to what the Company has experienced on the 747-8 and Bombardier programs. Particularly, the Company's ability to manage risks related to supplier performance, execution of cost reduction strategies, hiring and retaining skilled production and management personnel, quality and manufacturing execution, program schedule delays, potential need to negotiate facility lease extensions or alternatively relocate work and many other risks, will determine the ultimate performance of these programs. Included in net sales of the Integrated Systems, Aerospace Structures and Precision Components is the non-cash amortization of acquired contract liabilities that were recognized as fair value adjustments through purchase accounting from various acquisitions. For the three months ended June 30, 2016 and 2015 , the Company recognized $29,349 and $35,098 , respectively, into net sales in the accompanying Condensed Consolidated Statements of Income. The Product Support provides repair and overhaul services, of which a small portion of 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 15% and 18% of total trade accounts receivable as of June 30, 2016 and March 31, 2016 , respectively. The Company had no other concentrations of credit risk of more than 10% . Sales to Boeing for the three months ended June 30, 2016 , were $337,988 , or 38% of net sales, of which $53,760 , $162,935 , $112,823 and $8,470 were from the Integrated Systems, Aerospace Structures, Precision Components and Product Support, respectively. Sales to Boeing for the three months ended June 30, 2015 , were $374,704 , or 39% of net sales, of which $48,683 , $229,556 , $86,787 and $9,678 were from the Integrated Systems, Aerospace Structures, Precision Components and Product Support, respectively. Sales to Gulfstream Aerospace Corporation for the three months ended June 30, 2016 , were $107,627 , or 12% of net sales, of which $558 , $104,795 , $2,254 and $20 were from the Integrated Systems, Aerospace Structures, Precision Components and Product Support,respectively. Sales to Gulfstream for the three months ended June 30, 2015 , were $125,135 , or 13% of net sales, of which $737 , $122,647 , $1,749 and $2 were from the Integrated Systems, Aerospace Structures, Precision Components and Product Support, 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, 2016 and 2015 , was $1,956 and $792 , 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, 2016 Weighted- Average Life Gross Carrying Amount Accumulated Amortization Net Customer relationships 16.4 $ 679,503 $ (223,804 ) $ 455,699 Product rights, technology and licenses 11.7 55,501 (38,229 ) 17,272 Non-compete agreements and other 16.1 2,881 (767 ) 2,114 Tradenames 20.0 163,000 (3,395 ) 159,605 Total intangibles, net $ 900,885 $ (266,195 ) $ 634,690 March 31, 2016 Weighted- Average Life Gross Carrying Amount Accumulated Amortization Net Customer relationships 16.4 $ 683,309 $ (215,546 ) $ 467,763 Product rights, technology and licenses 11.7 55,739 (37,695 ) 18,044 Non-compete agreements and other 16.1 2,881 (718 ) 2,163 Tradenames 20.0 163,000 (1,358 ) 161,642 Total intangibles, net $ 904,929 $ (255,317 ) $ 649,612 During the fiscal year ended March 31, 2016, the Company performed interim and annual assessments of the fair value of indefinite-lived intangible assets. The Company concluded the fair value of the Vought and Embee tradenames did not exceed their carrying value. Accordingly, the Company recorded non-cash impairment charges during the fiscal year ended March 31, 2016. Additionally, the Company determined that the tradenames will be amortized over their remaining useful life of 20 years. Amortization expense for the three months ended June 30, 2016 and 2015 , was $13,631 and $15,964 , 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, 2016 and March 31, 2016 , were $110,476 and $112,937 , respectively. Supplemental Cash Flow Information The Company paid $1,198 and $620 for income taxes, net of refunds, for the three months ended June 30, 2016 and 2015 , respectively. The Company made interest payments of $25,751 and $23,336 for the three months ended June 30, 2016 and 2015 . During the three months ended June 30, 2016 and 2015 , the Company did not finance any property or equipment additions through capital leases. As of June 30, 2016 , the Company remains able to purchase an additional 2,277,789 shares under the existing stock repurchase program. However, there are certain restrictions placed on the repurchase program by the Company lenders that prevent any repurchases at this time.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS Acquisition of Fairchild Controls Corporation Effective October 21, 2015, the Company acquired all of the outstanding shares of Fairchild Controls Corporation ("Fairchild"). Fairchild is a leading provider of proprietary thermal management systems, auxiliary power generation systems and related aftermarket spares and repairs. The acquired business operates as Triumph Thermal Systems-Maryland, Inc. and its results are included in Integrated Systems from the date of acquisition. The purchase price for Fairchild was $57,130 , including a working capital adjustment paid in January 2016. Goodwill in the amount of $14,695 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 Company has also identified an intangible asset related to customer relationships valued at $18,000 with a weighted-average life of 12.0 years. The accounting for the business combination is provisional and dependent upon 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, the purchase price allocation for Fairchild 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 finalizes valuations of tangible and intangible assets, certain liabilities assumed and other information related to the Fairchild acquisition. Accordingly, the amounts below report the Company's best estimate of fair value based on the information available at this time: October 21, 2015 Cash $ 9,075 Accounts receivable 8,841 Inventory 15,069 Prepaid expenses 263 Property and equipment 6,632 Goodwill 14,695 Intangible assets 18,000 Deferred taxes 5,889 Total assets $ 78,464 Accounts payable $ 1,284 Accrued expenses 12,183 Other noncurrent liabilities 7,867 Total liabilities $ 21,334 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 Fairchild, whichever is earlier. The Fairchild 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 $569 in acquisition-related costs in connection with the Fairchild acquisition.

INVENTORIES

INVENTORIES	3 Months Ended
	Jun. 30, 2016
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, 2016 March 31, 2016 Raw materials $ 99,233 $ 81,989 Work-in-process, including manufactured and purchased components 1,166,602 1,100,660 Finished goods 133,035 124,744 Rotable assets 55,687 51,952 Less: unliquidated progress payments (99,403 ) (123,155 ) Total inventories $ 1,355,154 $ 1,236,190 Work-in-process inventory includes capitalized pre-production costs on newer development programs. 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. The balance of development program inventory, comprised principally of capitalized pre-production costs, excluding progress payments 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, 2016 Inventory Capitalized Pre-Production Forward Loss Provision Total Inventory, net Bombardier $ 13,848 $ 450,429 $ (399,758 ) $ 64,519 Embraer 8,745 156,796 — 165,541 Total $ 22,593 $ 607,225 $ (399,758 ) $ 230,060 March 31, 2016 Inventory Capitalized Pre-Production Forward Loss Provision Total Inventory, net Bombardier $ 6,662 $ 406,147 $ (399,758 ) $ 13,051 Embraer 5,139 146,765 — 151,904 Total $ 11,801 $ 552,912 $ (399,758 ) $ 164,955 During the fiscal year ended March 31, 2016 , the Company recorded a $399,758 forward loss charge for the Bombardier Global 7000/8000 wing program. Under our contract for this program, the Company has the right to design, develop and manufacture wing components over the initial 300 ship sets. The Global 7000/8000 contract provides for fixed pricing and requires the Company to fund certain up-front development expenses, with certain milestone payments made by Bombardier. The Global 7000/8000 program charge resulted in the impairment of previously capitalized pre-production costs due to the combination of cost recovery uncertainty, higher than anticipated non-recurring costs and increased forecasted costs on recurring production. The increases in costs were driven by several factors, including: changing technical requirements, increased spending on the design and engineering phase of the program and uncertainty regarding cost reduction and cost recovery initiatives with our customer and suppliers. Further cost increases or an inability to meet revised recurring cost forecasts on the Global 7000/8000 program may result in additional forward loss reserves in future periods, while improvements in future costs compared to current estimates may result in favorable adjustments if forward loss reserves are no longer required. 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 2018, or later. Transition of these programs from development to recurring production levels is dependent upon the success of the programs at 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 additional forward losses.

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Long-term debt consists of the following: June 30, 2016 March 31, 2016 Revolving line of credit $ 314,091 $ 140,000 Term loan 330,469 337,500 Receivable securitization facility 155,100 191,300 Capital leases 70,697 74,513 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 (13,923 ) (8,971 ) 1,539,412 1,417,320 Less: Current portion 47,087 42,441 $ 1,492,325 $ 1,374,879 Revolving Credit Facility In May 2016, the Company entered into a Sixth Amendment to the Third Amended and Restated Credit Agreement, among the Company, the Subsidiary Co-Borrowers, the lenders party thereto and the Administrative Agent (the “Sixth Amendment” and the Credit Facility, as amended by the Sixth Amendment, the “Credit Facility”), pursuant to which those lenders electing to enter into the Sixth Amendment extended the expiration date for the revolving line of credit and the maturity date for the term loan by five years to May 3, 2021. Lenders holding revolving credit commitments aggregating $940,000 elected to extend the expiration date for the revolving line of credit, and Lenders holding approximately $324,500 of term loans (out of an aggregate outstanding term loan balance of approximately $330,000 ) elected to extend the term loan maturity date. In connection with the amendment to the Credit Facility, the Company incurred $5,126 of financing costs. These costs, along with the $4,626 of unamortized financing costs prior to the amendment, are being amortized over the remaining term of the Credit Facility. In addition, the Sixth Amendment amended the Credit Facility to, among other things, (i) modify certain financial covenants to allow for the add-back of certain cash and non-cash charges, (ii) amend the total leverage ratio financial covenant to provide for a gradual reduction in the maximum permitted total leverage ratio commencing with the fiscal year ending March 31, 2018, (iii) increase the interest rate, commitment fee and letter of credit fee pricing provisions for the highest pricing tier, (iv) establish the interest rate, commitment fee and letter of credit fee pricing at the highest pricing tier until the Company delivers its compliance certificate for its fiscal year ending March 31, 2017, (v) increase the minimum revolver availability threshold test in connection with the Company making certain permitted investments, certain additional permitted dividends, permitted acquisitions and permitted payments of certain types of indebtedness, and (vi) decrease the maximum senior secured leverage ratio threshold test in connection with the Company making certain permitted investments, certain permitted dividends, permitted acquisitions and permitted payments of certain types of indebtedness during the period from the date of the Sixth Amendment until the Company delivers its compliance certificate for the fiscal year ending March 31, 2017. In May 2014, the Company amended 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 existing 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. The Company will repay the outstanding principal amount of the 2013 Term Loan in quarterly installments, on the first business day of each January, April, July and October, commencing April 2014. The obligations under the Credit Facility and related documents are secured by liens on substantially all assets of the Company and its domestic subsidiaries pursuant to a Second Amended and Restated Guarantee and Collateral Agreement, dated as of November 19, 2013, among the administrative agent, the Company and the subsidiaries of the Company party thereto. Pursuant to the Credit Facility, the Company can borrow, repay and re-borrow revolving credit loans, and cause to be issued letters of credit, in an aggregate principal amount not to exceed $1,000,000 outstanding at any time. The Credit Facility bears interest at either: (i) LIBOR plus between 1.38% and 2.50% ; (ii) the prime rate; or (iii) an overnight rate at the option of the Company. The applicable interest rate is based upon the Company’s ratio of total indebtedness to earnings before interest, taxes, depreciation and amortization. In addition, the Company is required to pay a commitment fee of between 0.25% and 0.45% on the unused portion of the Credit Facility. The Company’s obligations under the Credit Facility are guaranteed by the Company’s domestic subsidiaries. At June 30, 2016 , there were $314,091 in borrowings and $27,313 in letters of credit outstanding under the Revolving Line of Credit provisions of the Credit Facility, primarily to support insurance policies. At March 31, 2016 , there were $140,000 in borrowings and $25,709 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. Although the Company does not anticipate any violations of the financial covenants, its ability to comply with these covenants is dependent upon achieving earnings and cash flow projections. As of June 30, 2016 , the Company had borrowing capacity under this facility of $658,596 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, 2016 and March 31, 2016 , the interest rate swap agreement had a notional amount of $330,469 and $337,500 , respectively. As of June 30, 2016 and March 31, 2016 , the interest rate swap agreement had a fair value of $5,187 and $4,526 , respectively, which is recorded in other noncurrent liabilities with an offset to other comprehensive income, net of applicable taxes (Level 2). The interest rate swap settles on a monthly basis when interest payments are made. These settlements occur through the maturity date. Receivables Securitization Facility In November 2014, the Company amended its 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, 2016 , 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, 2016 , there was $155,100 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 secures 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. The agreement governing the Securitization Facility contains restrictions and covenants, including limitations on the making of certain restricted payments, creation of certain liens, and certain corporate acts such as mergers, consolidations and the sale of all or substantially all of the Company's assets. Capital Leases During the three months ended June 30, 2016 and 2015 , the Company did not finance any property and equipment additions through capital leases. During the three months ended June 30, 2015, the Company obtained financing for existing fixed assets in the amount of $2,632 . 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. During the quarter ended June 30, 2016, to ensure that the Company had full access to our Revolving Credit Facility (the "Credit Facility") during fiscal 2017, the Company obtained approval from the holders of the 2021 Notes to amend the terms of the indenture to conform with the 2022 Notes (as defined below) which allows for a higher level of secured debt. Absent this consent, the Company would have been restricted as to the level of new borrowings under the Credit Facility during fiscal 2017. As part of obtaining the consent, the Company paid the holders of the 2021 Notes $5,466 , which is being amortized on the effective interest method over the remaining term of the 2021 Notes. Further, to mitigate the risk of failing to obtain the consent and to ensure the Company had adequate liquidity through fiscal 2017, the Company chose to make a significant draw on the Credit Facility in early April 2016, taking the outstanding balance to approximately $800,000 . The Company paid down substantially all of the draw to the Credit Facility upon receiving consent from the holders of the 2021 Notes in May 2016. 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. 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. Receivables Purchase Agreement On March 28, 2016, the Company entered into a Purchase Agreement ("Receivables Purchase Agreement") to sell certain accounts receivables to a financial institution without recourse. The Company is the servicer of the accounts receivable under the Receivables Purchase Agreement. As of March 31, 2016, the maximum amount available under the Receivables Purchase Agreement was $90,000 . Interest rates are based on LIBOR plus 0.65% - 0.70% . As of June 30, 2016 and March 31, 2016 , the Company sold $78,513 and $89,900 , respectively, worth of eligible accounts receivable. 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, 2016 March 31, 2016 Carrying Value Fair Value Carrying Value Fair Value Long-term debt $ 1,539,412 $ 1,505,767 $ 1,417,320 $ 1,354,961 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, 2016
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) 2016 2015 Weighted-average common shares outstanding – basic 49,271 49,198 Net effect of dilutive stock options and nonvested stock 142 116 Weighted-average common shares outstanding – diluted 49,413 49,314

INCOME TAXES

INCOME TAXES	3 Months Ended
	Jun. 30, 2016
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, 2016 and March 31, 2016 , the total amount of accrued income tax-related interest and penalties was $249 and $239 , respectively. As of June 30, 2016 and March 31, 2016 , the total amount of unrecognized tax benefits was $9,219 and $9,212 , respectively, of which $9,219 and $9,212 , 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. As of June 30, 2016, the Company is in a three year cumulative book loss position and has recorded a valuation allowance against substantially all of our net deferred tax assets given this evidence and the insufficient positive evidence to support the realization of the Company’s deferred tax assets. The Company intends to continue maintaining a valuation allowance on its deferred tax assets until there is sufficient positive evidence to support the reversal of all or some portion of these allowances. A reduction in the valuation allowance could result in a significant decrease in income tax expense in the period that the release is recorded. However, the exact timing and amount of the reduction in its valuation allowance is unknown at this time and will be subject to the earnings level the Company achieves during fiscal 2017 as well as the Company's projected income in future periods. The effective income tax rate for the three months ended June 30, 2016 , was 31.0% as compared to 30.1% for the three months ended June 30, 2015 . For the three months ended June 30, 2015 , the income tax provision was reduced to reflect the benefit of $4,213 from the decrease to the state deferred tax rates, 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, 2016 , the Company is subject to examination in one 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, 2016
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, 2016 through June 30, 2016 : Integrated Systems Aerospace Structures Precision Components Product Support Total Balance, March 31, 2016 $ 560,696 $ 266,298 $ 535,804 $ 81,456 $ 1,444,254 Goodwill recognized in connection with acquisitions (1,835 ) — — — (1,835 ) Effect of exchange rate changes (5,629 ) — (1,263 ) 126 (6,766 ) Balance, June 30, 2016 $ 553,232 $ 266,298 $ 534,541 $ 81,582 $ 1,435,653

PENSION AND OTHER POSTRETIREMEN

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS	3 Months Ended
	Jun. 30, 2016
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 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 pension benefit obligation or accumulated postretirement benefit obligation, of the plan. In order to recognize the funded status, the Company determined the fair value of the plan assets. The majority of the plan assets are publicly traded investments which were valued based on the market price as of the date of remeasurement. Investments that are not publicly traded were valued based on the estimated fair value of those investments based on our evaluation of data from fund managers and comparable market data. 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, 2016 2015 Components of net periodic benefit costs: Service cost $ 1,649 $ 2,767 Interest cost 18,189 22,677 Expected return on plan assets (39,058 ) (40,853 ) Amortization of prior service credits (446 ) (1,146 ) Amortization of net loss 3,031 2,522 Curtailment charge — 2,863 Net periodic benefit income $ (16,635 ) $ (11,170 ) Other postretirement benefits Three Months Ended June 30, 2016 2015 Components of net periodic benefit costs: Service cost $ 179 $ 326 Interest cost 1,247 2,070 Amortization of prior service credits (3,366 ) (1,345 ) Amortization of gain (1,647 ) (1,643 ) Net periodic benefit income $ (3,587 ) $ (592 ) 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 "Curtailment charge."

STOCKHOLDERS' EQUITY STOCKHOLDE

STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY	3 Months Ended
	Jun. 30, 2016
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, 2016 and 2015 , 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, 2016 $ (58,816 ) $ (2,920 ) $ (285,426 ) $ (347,162 ) AOCI before reclassifications (14,797 ) (553 ) — (15,350 ) Amounts reclassified from AOCI — (13 ) (1,572 ) (2 ) (1,585 ) Net current period AOCI (14,797 ) (566 ) (1,572 ) (16,935 ) Balance June 30, 2016 $ (73,613 ) $ (3,486 ) $ (286,998 ) $ (364,097 ) 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 ) (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. Issuance of Restricted Stock Awards and Stock Options Included in the employment agreement for the Company's new CEO were restricted stock awards totaling 179,134 shares. The awards generally vest in full after four to seven years. The fair value of the awards is determined by the product of the number of shares granted, the grant date market price of the Company's stock and adjusted for the market conditions necessary to achieve the awards. Certain of these awards contain performance conditions, in addition to service conditions. The fair value of the awards is expensed over a graded vesting period of the requisite service period of four to seven years. In addition the employment agreement included 150,000 stock options with an exercise price of $30.86 , a contractual term of 10 years and vesting over a 4 year period.

SEGMENTS

SEGMENTS	3 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
SEGMENTS	SEGMENTS Effective April 2016, the Company realigned into four reportable segments: the Integrated Systems, the Aerospace Structures, the Precision Components and the Product Support segments. The Company’s reportable segments are aligned with how the business is managed and views the markets that the Company serves. The Chief Operating Decision Maker (the "CODM") evaluates performance and allocates resources based upon review of segment information. The CODM utilizes earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”) as a primary measure of segment profitability to evaluate performance of its segments and allocate resources. The Integrated Systems consists of the Company’s operations that provides integrated solutions including design, development and support of proprietary components, subsystems and systems, as well as production of complex assemblies using external designs. Capabilities include hydraulic, mechanical and electro-mechanical actuation, power and control; a complete suite of aerospace gearbox solutions including engine accessory gearboxes and helicopter transmissions; active and passive heat exchange technology; fuel pumps, fuel metering units and Full Authority Digital Electronic Control fuel systems; hydro-mechanical and electromechanical primary and secondary flight controls; and a broad spectrum of surface treatment options. The Aerospace Structures consists of the Company’s operations that supply commercial, business, regional and military manufacturers with large metallic and composite structures. Products include wings, wing boxes, fuselage panels, horizontal and vertical tails and sub-assemblies such as floor grids. Inclusive of most of the former Vought Aircraft Division, Aerospace Structures also has the capability to engineer detailed structural designs in metal and composites. The Precision Components consists of the Company’s operations that produce close-tolerance parts primarily to customer designs and model-based definition, including a wide range of aluminum, hard metal and composite structure capabilities. Capabilities include complex machining, gear manufacturing, sheet metal fabrication, forming, advanced composite and interior structures, joining processes such as welding, autoclave bonding and conventional mechanical fasteners and a variety of special processes including: super plastic titanium forming, aluminum and titanium chemical milling and surface treatments. The Product Support consists of the Company’s operations that provides full life cycle solutions for commercial, regional and military aircraft. The Company’s extensive product and service offerings include full post-delivery value chain services that simplify the MRO supply chain. Through its line maintenance, component MRO and postproduction supply chain activities, The Company’s Product Support is positioned to provide integrated planeside repair solutions globally. Capabilities include fuel tank repair, metallic and composite aircraft structures, nacelles, thrust reversers, interiors, auxiliary power units and a wide variety of pneumatic, hydraulic, fuel and mechanical accessories. 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: Three Months Ended June 30, 2016 2015 Net sales: Integrated Systems $ 257,356 $ 258,571 Aerospace Structures 331,596 395,119 Precision Components 254,561 265,141 Product Support 84,199 74,745 Elimination of inter-segment sales (34,459 ) (33,938 ) $ 893,253 $ 959,638 Income before income taxes: Operating income (expense): Integrated Systems $ 47,986 $ 50,557 Aerospace Structures 9,163 41,797 Precision Components (7,782 ) 24,906 Product Support 14,059 9,987 Corporate (16,700 ) (19,381 ) 46,726 107,866 Interest expense and other 18,126 18,116 $ 28,600 $ 89,750 Depreciation and amortization: Integrated Systems $ 10,303 $ 10,518 Aerospace Structures 17,962 15,933 Precision Components 14,330 14,221 Product Support 2,484 2,462 Corporate 383 400 $ 45,462 $ 43,534 Amortization of acquired contract liabilities, net: Integrated Systems $ 10,337 $ 10,501 Aerospace Structures 18,438 23,778 Precision Components 574 819 $ 29,349 $ 35,098 Adjusted EBITDA: Integrated Systems $ 47,952 $ 50,574 Aerospace Structures 8,687 33,952 Precision Components 5,974 38,308 Product Support 16,543 12,449 Corporate (16,317 ) (16,118 ) $ 62,839 $ 119,165 Three Months Ended June 30, 2016 2015 Capital expenditures: Integrated Systems $ 3,228 $ 3,853 Aerospace Structures 3,833 7,163 Precision Components 4,902 6,121 Product Support 630 622 Corporate 130 257 $ 12,723 $ 18,016 June 30, 2016 March 31, 2016 Total Assets: Integrated Systems $ 1,345,521 $ 1,371,178 Aerospace Structures 1,840,505 1,792,397 Precision Components 1,282,977 1,298,294 Product Support 352,413 350,674 Corporate 24,991 22,550 $ 4,846,407 $ 4,835,093 During the three months ended June 30, 2016 and 2015 , the Company had international sales of $180,419 and $191,318 , respectively.

SELECTED CONSOLIDATING FINANCIA

SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS	3 Months Ended
	Jun. 30, 2016
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 foreign 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, 2016 and March 31, 2016 , Condensed Consolidating Statements of Comprehensive Income for the three months ended June 30, 2016 and 2015 , and Condensed Consolidating Statements of Cash Flows for the three months ended June 30, 2016 and 2015 . 12. SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Continued) SUMMARY CONDENSED CONSOLIDATING BALANCE SHEETS: June 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Current assets: Cash and cash equivalents $ 617 $ 806 $ 29,876 $ — $ 31,299 Trade and other receivables, net 2,801 114,446 270,872 — 388,119 Inventories — 1,232,020 123,134 — 1,355,154 Prepaid expenses and other 5,173 11,487 8,980 — 25,640 Total current assets 8,591 1,358,759 432,862 — 1,800,212 Property and equipment, net 7,029 730,404 130,296 — 867,729 Goodwill and other intangible assets, net — 1,883,835 186,508 — 2,070,343 Other, net 16,348 71,135 20,640 — 108,123 Intercompany investments and advances 2,484,939 81,540 82,432 (2,648,911 ) — Total assets $ 2,516,907 $ 4,125,673 $ 852,738 $ (2,648,911 ) $ 4,846,407 Current liabilities: Current portion of long-term debt $ 33,393 $ 13,694 $ — $ — $ 47,087 Accounts payable 7,647 374,596 48,820 — 431,063 Accrued expenses 40,538 530,910 34,920 — 606,368 Total current liabilities 81,578 919,200 83,740 — 1,084,518 Long-term debt, less current portion 1,277,630 59,595 155,100 — 1,492,325 Intercompany advances 200,845 2,111,492 357,239 (2,669,576 ) — Accrued pension and other postretirement benefits, noncurrent 7,564 632,402 2,488 — 642,454 Deferred income taxes and other 11,356 628,440 49,380 — 689,176 Total stockholders’ equity 937,934 (225,456 ) 204,791 20,665 937,934 Total liabilities and stockholders’ equity $ 2,516,907 $ 4,125,673 $ 852,738 $ (2,648,911 ) $ 4,846,407 SUMMARY CONDENSED CONSOLIDATING BALANCE SHEETS: March 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Current assets: Cash and cash equivalents $ 1,544 $ 201 $ 19,239 $ — $ 20,984 Trade and other receivables, net 2,057 127,968 314,183 — 444,208 Inventories — 1,127,275 108,915 — 1,236,190 Prepaid expenses and other 6,524 26,433 8,302 — 41,259 Total current assets 10,125 1,281,877 450,639 — 1,742,641 Property and equipment, net 7,324 746,455 135,955 — 889,734 Goodwill and other intangible assets, net — 1,898,401 195,465 — 2,093,866 Other, net 11,878 76,262 20,712 — 108,852 Intercompany investments and advances 2,301,054 81,540 82,930 (2,465,524 ) — Total assets $ 2,330,381 $ 4,084,535 $ 885,701 $ (2,465,524 ) $ 4,835,093 Current liabilities: Current portion of long-term debt $ 28,473 $ 13,968 $ — $ — $ 42,441 Accounts payable 11,154 346,602 52,469 — 410,225 Accrued expenses 44,856 599,921 38,431 — 683,208 Total current liabilities 84,483 960,491 90,900 — 1,135,874 Long-term debt, less current portion 1,120,570 63,009 191,300 — 1,374,879 Intercompany advances 171,480 1,972,729 330,176 (2,474,385 ) — Accrued pension and other postretirement benefits, noncurrent 7,315 654,201 3,148 — 664,664 Deferred income taxes and other 11,589 658,873 54,270 — 724,732 Total stockholders’ equity 934,944 (224,768 ) 215,907 8,861 934,944 Total liabilities and stockholders’ equity $ 2,330,381 $ 4,084,535 $ 885,701 $ (2,465,524 ) $ 4,835,093 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Three Months Ended June 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 817,345 $ 94,651 $ (18,743 ) $ 893,253 Operating costs and expenses: Cost of sales — 668,539 76,592 (18,743 ) 726,388 Selling, general and administrative 14,444 45,907 7,675 — 68,026 Depreciation and amortization 383 40,766 4,313 — 45,462 Restructuring 1,860 4,791 — — 6,651 16,687 760,003 88,580 (18,743 ) 846,527 Operating (loss) income (16,687 ) 57,342 6,071 — 46,726 Intercompany interest and charges (51,564 ) 49,173 2,391 — — Interest expense and other 17,375 2,282 (1,531 ) — 18,126 Income before income taxes 17,502 5,887 5,211 — 28,600 Income tax expense 2,050 5,289 1,527 — 8,866 Net income 15,452 598 3,684 — 19,734 Other comprehensive loss (566 ) (1,572 ) (14,797 ) — (16,935 ) Total comprehensive income (loss) $ 14,886 $ (974 ) $ (11,113 ) $ — $ 2,799 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the 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 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS: For the Three Months Ended June 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net income $ 15,452 $ 598 $ 3,684 $ — $ 19,734 Adjustments to reconcile net income to net cash provided by (used in) operating activities (2,131 ) (121,953 ) 19,688 627 (103,769 ) Net cash provided by (used in) operating activities 13,321 (121,355 ) 23,372 627 (84,035 ) Capital expenditures (130 ) (8,961 ) (3,632 ) — (12,723 ) Proceeds from sale of assets — 108 840 — 948 Acquisitions, net of cash acquired — 9 — — 9 Net cash used in investing activities (130 ) (8,844 ) (2,792 ) — (11,766 ) Net increase in revolving credit facility 174,091 — — — 174,091 Retirements and repayments of debt (7,102 ) (3,687 ) (36,200 ) — (46,989 ) Payments of deferred financing costs (10,689 ) — — — (10,689 ) Dividends paid (1,981 ) — — — (1,981 ) Repayment of governmental grant — (7,285 ) — — (7,285 ) Repurchase of restricted shares for minimum tax obligation (171 ) — — — (171 ) Intercompany financing and advances (168,266 ) 141,776 27,117 (627 ) — Net cash (used in) provided by financing activities (14,118 ) 130,804 (9,083 ) (627 ) 106,976 Effect of exchange rate changes on cash — — (860 ) — (860 ) Net change in cash and cash equivalents (927 ) 605 10,637 — 10,315 Cash and cash equivalents at beginning of period 1,544 201 19,239 — 20,984 Cash and cash equivalents at end of period $ 617 $ 806 $ 29,876 $ — $ 31,299 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS: For the 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 ) Repurchase of restricted shares for minimum tax obligation (96 ) — — — (96 ) Repayment of government grant — — (82 ) — (82 ) 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

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Jun. 30, 2016
Commitments and Contingencies [Abstract]
Commitments and Contingencies Disclosure [Text Block]	COMMITMENTS AND CONTINGENCIES 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.

RESTRUCTURING COSTS RESTRUCTURI

RESTRUCTURING COSTS RESTRUCTURING COSTS	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Costs [Table Text Block]	The restructuring charges recognized for the three months ended June 30, 2016 , by type and by segment consisted of the following: Integrated Systems Aerospace Structures Precision Components Product Support Corporate Total Termination benefits $ — $ — $ 27 $ 25 $ — $ 52 Facility closure and other exit costs — — 247 — — 247 Other — 3,052 1,440 — 1,860 6,352 Total Restructuring — 3,052 1,714 25 1,860 6,651 Depreciation and Amortization 46 — 3,300 145 — 3,491 Total $ 46 $ 3,052 $ 5,014 $ 170 $ 1,860 $ 10,142	14. RESTRUCTURING COSTS Fiscal 2016 Restructuring During the fiscal year ended March 31, 2016, the Company committed to a restructuring of certain of its businesses as well as the consolidation of certain of its facilities ("2016 Restructuring Plan"). The Company expects to reduce its footprint by approximately 3.5 million square feet and to reduce head count by 1,200 employees. Over the next few fiscal years, the Company estimates that it will record aggregate pre-tax charges of $150,000 to $160,000 related to these programs, which represent employee termination benefits, contract termination costs, accelerated depreciation and facility closure and other exit costs, and will result in future cash outlays. For the three months ended June 30, 2016 , the Company recorded charges of $10,142 related to this program including, accelerated depreciation of $3,491 and severance of $52 . The following table provides a summary of the Company's current aggregate cost estimates by major type of expense associated with the 2016 Restructuring Plan: Type of expense Total estimated amount expected to be incurred Termination benefits $ 26,000 Facility closure and other exit costs (1) 40,000 Contract termination costs 25,000 Accelerated depreciation charges (2) 34,000 Other (3) 30,000 $ 155,000 (1) I ncludes costs to transfer product lines among facilities and outplacement and employee relocation costs. (2) Accelerated depreciation charges are recorded as part of Depreciation and amortization on the Consolidated Statement of Operations. (3) Consists of other costs directly related to the plan, including project management, legal and regulatory costs. The restructuring charges recognized for the three months ended June 30, 2016 , by type and by segment consisted of the following: Integrated Systems Aerospace Structures Precision Components Product Support Corporate Total Termination benefits $ — $ — $ 27 $ 25 $ — $ 52 Facility closure and other exit costs — — 247 — — 247 Other — 3,052 1,440 — 1,860 6,352 Total Restructuring — 3,052 1,714 25 1,860 6,651 Depreciation and Amortization 46 — 3,300 145 — 3,491 Total $ 46 $ 3,052 $ 5,014 $ 170 $ 1,860 $ 10,142 Termination benefits include employee retention, severance and benefit payments for terminated employees. Facility closure costs include general operating costs incurred subsequent to production shutdown as well as equipment relocation and other associated costs. Contract termination costs include costs associated with terminating existing leases and supplier agreements. Other costs include legal, outplacement and employee relocation costs and other employee-related costs.

SUMMARY OF SIGNIFICANT ACCOUN23

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Jun. 30, 2016
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, 2016 , cumulative catch-up adjustments from changes in estimates, inclusive of changes in forward loss estimates, decreased operating income, net income and earnings per share by approximately $(27,968) , $(19,298) and $(0.39) , net of tax, respectively. The cumulative catch-up adjustments to operating income for the three months ended June 30, 2016 , included gross favorable adjustments of approximately $9,698 and gross unfavorable adjustments of approximately $(37,666) . For the three months ended June 30, 2015 , cumulative catch-up adjustments from changes in estimates increased operating income, net income and earnings per share by approximately $1,307 , $863 and $0.02 , 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 2016, the Company recognized a provision for forward losses associated with our long-term contract on the 747-8 and Bombardier programs. There is still risk similar to what the Company has experienced on the 747-8 and Bombardier programs. Particularly, the Company's ability to manage risks related to supplier performance, execution of cost reduction strategies, hiring and retaining skilled production and management personnel, quality and manufacturing execution, program schedule delays, potential need to negotiate facility lease extensions or alternatively relocate work and many other risks, will determine the ultimate performance of these programs. Included in net sales of the Integrated Systems, Aerospace Structures and Precision Components is the non-cash amortization of acquired contract liabilities that were recognized as fair value adjustments through purchase accounting from various acquisitions. For the three months ended June 30, 2016 and 2015 , the Company recognized $29,349 and $35,098 , respectively, into net sales in the accompanying Condensed Consolidated Statements of Income. The Product Support provides repair and overhaul services, of which a small portion of 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 15% and 18% of total trade accounts receivable as of June 30, 2016 and March 31, 2016 , respectively. The Company had no other concentrations of credit risk of more than 10% . Sales to Boeing for the three months ended June 30, 2016 , were $337,988 , or 38% of net sales, of which $53,760 , $162,935 , $112,823 and $8,470 were from the Integrated Systems, Aerospace Structures, Precision Components and Product Support, respectively. Sales to Boeing for the three months ended June 30, 2015 , were $374,704 , or 39% of net sales, of which $48,683 , $229,556 , $86,787 and $9,678 were from the Integrated Systems, Aerospace Structures, Precision Components and Product Support, respectively. Sales to Gulfstream Aerospace Corporation for the three months ended June 30, 2016 , were $107,627 , or 12% of net sales, of which $558 , $104,795 , $2,254 and $20 were from the Integrated Systems, Aerospace Structures, Precision Components and Product Support,respectively. Sales to Gulfstream for the three months ended June 30, 2015 , were $125,135 , or 13% of net sales, of which $737 , $122,647 , $1,749 and $2 were from the Integrated Systems, Aerospace Structures, Precision Components and Product Support, 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, 2016 and 2015 , was $1,956 and $792 , 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, 2016 Weighted- Average Life Gross Carrying Amount Accumulated Amortization Net Customer relationships 16.4 $ 679,503 $ (223,804 ) $ 455,699 Product rights, technology and licenses 11.7 55,501 (38,229 ) 17,272 Non-compete agreements and other 16.1 2,881 (767 ) 2,114 Tradenames 20.0 163,000 (3,395 ) 159,605 Total intangibles, net $ 900,885 $ (266,195 ) $ 634,690 March 31, 2016 Weighted- Average Life Gross Carrying Amount Accumulated Amortization Net Customer relationships 16.4 $ 683,309 $ (215,546 ) $ 467,763 Product rights, technology and licenses 11.7 55,739 (37,695 ) 18,044 Non-compete agreements and other 16.1 2,881 (718 ) 2,163 Tradenames 20.0 163,000 (1,358 ) 161,642 Total intangibles, net $ 904,929 $ (255,317 ) $ 649,612 During the fiscal year ended March 31, 2016, the Company performed interim and annual assessments of the fair value of indefinite-lived intangible assets. The Company concluded the fair value of the Vought and Embee tradenames did not exceed their carrying value. Accordingly, the Company recorded non-cash impairment charges during the fiscal year ended March 31, 2016. Additionally, the Company determined that the tradenames will be amortized over their remaining useful life of 20 years. Amortization expense for the three months ended June 30, 2016 and 2015 , was $13,631 and $15,964 , 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, 2016 and March 31, 2016 , were $110,476 and $112,937 , respectively
Cash Flow, Supplemental Disclosures [Text Block]	Supplemental Cash Flow Information The Company paid $1,198 and $620 for income taxes, net of refunds, for the three months ended June 30, 2016 and 2015 , respectively. The Company made interest payments of $25,751 and $23,336 for the three months ended June 30, 2016 and 2015 . During the three months ended June 30, 2016 and 2015 , the Company did not finance any property or equipment additions through capital leases. As of June 30, 2016 , the Company remains able to purchase an additional 2,277,789 shares under the existing stock repurchase program. However, there are certain restrictions placed on the repurchase program by the Company lenders that prevent any repurchases at this time.

SUMMARY OF SIGNIFICANT ACCOUN24

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block]	June 30, 2016 Weighted- Average Life Gross Carrying Amount Accumulated Amortization Net Customer relationships 16.4 $ 679,503 $ (223,804 ) $ 455,699 Product rights, technology and licenses 11.7 55,501 (38,229 ) 17,272 Non-compete agreements and other 16.1 2,881 (767 ) 2,114 Tradenames 20.0 163,000 (3,395 ) 159,605 Total intangibles, net $ 900,885 $ (266,195 ) $ 634,690 March 31, 2016 Weighted- Average Life Gross Carrying Amount Accumulated Amortization Net Customer relationships 16.4 $ 683,309 $ (215,546 ) $ 467,763 Product rights, technology and licenses 11.7 55,739 (37,695 ) 18,044 Non-compete agreements and other 16.1 2,881 (718 ) 2,163 Tradenames 20.0 163,000 (1,358 ) 161,642 Total intangibles, net $ 904,929 $ (255,317 ) $ 649,612

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	3 Months Ended
	Jun. 30, 2016
Fairchild [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 21, 2015 Cash $ 9,075 Accounts receivable 8,841 Inventory 15,069 Prepaid expenses 263 Property and equipment 6,632 Goodwill 14,695 Intangible assets 18,000 Deferred taxes 5,889 Total assets $ 78,464 Accounts payable $ 1,284 Accrued expenses 12,183 Other noncurrent liabilities 7,867 Total liabilities $ 21,334

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Jun. 30, 2016
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 development program inventory, comprised principally of capitalized pre-production costs, excluding progress payments 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, 2016 Inventory Capitalized Pre-Production Forward Loss Provision Total Inventory, net Bombardier $ 13,848 $ 450,429 $ (399,758 ) $ 64,519 Embraer 8,745 156,796 — 165,541 Total $ 22,593 $ 607,225 $ (399,758 ) $ 230,060 March 31, 2016 Inventory Capitalized Pre-Production Forward Loss Provision Total Inventory, net Bombardier $ 6,662 $ 406,147 $ (399,758 ) $ 13,051 Embraer 5,139 146,765 — 151,904 Total $ 11,801 $ 552,912 $ (399,758 ) $ 164,955
Schedule of components of inventories	June 30, 2016 March 31, 2016 Raw materials $ 99,233 $ 81,989 Work-in-process, including manufactured and purchased components 1,166,602 1,100,660 Finished goods 133,035 124,744 Rotable assets 55,687 51,952 Less: unliquidated progress payments (99,403 ) (123,155 ) Total inventories $ 1,355,154 $ 1,236,190

LONG-TERM DEBT LONG-TERM DEBT (

LONG-TERM DEBT LONG-TERM DEBT (Tables)	3 Months Ended
	Jun. 30, 2016
Long-term debt
Schedule of Long-term Debt Instruments [Table Text Block]	June 30, 2016 March 31, 2016 Revolving line of credit $ 314,091 $ 140,000 Term loan 330,469 337,500 Receivable securitization facility 155,100 191,300 Capital leases 70,697 74,513 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 (13,923 ) (8,971 ) 1,539,412 1,417,320 Less: Current portion 47,087 42,441 $ 1,492,325 $ 1,374,879

LONG-TERM DEBT Fair Value Measu

LONG-TERM DEBT Fair Value Measurements (Tables)	3 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping [Table Text Block]	June 30, 2016 March 31, 2016 Carrying Value Fair Value Carrying Value Fair Value Long-term debt $ 1,539,412 $ 1,505,767 $ 1,417,320 $ 1,354,961

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Jun. 30, 2016
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) 2016 2015 Weighted-average common shares outstanding – basic 49,271 49,198 Net effect of dilutive stock options and nonvested stock 142 116 Weighted-average common shares outstanding – diluted 49,413 49,314

GOODWILL (Tables)

GOODWILL (Tables)	3 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of changes in the carrying value of goodwill by reportable segment	Integrated Systems Aerospace Structures Precision Components Product Support Total Balance, March 31, 2016 $ 560,696 $ 266,298 $ 535,804 $ 81,456 $ 1,444,254 Goodwill recognized in connection with acquisitions (1,835 ) — — — (1,835 ) Effect of exchange rate changes (5,629 ) — (1,263 ) 126 (6,766 ) Balance, June 30, 2016 $ 553,232 $ 266,298 $ 534,541 $ 81,582 $ 1,435,653

PENSION AND OTHER POSTRETIREM31

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)	3 Months Ended
	Jun. 30, 2016
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, 2016 2015 Components of net periodic benefit costs: Service cost $ 1,649 $ 2,767 Interest cost 18,189 22,677 Expected return on plan assets (39,058 ) (40,853 ) Amortization of prior service credits (446 ) (1,146 ) Amortization of net loss 3,031 2,522 Curtailment charge — 2,863 Net periodic benefit income $ (16,635 ) $ (11,170 )
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, 2016 2015 Components of net periodic benefit costs: Service cost $ 179 $ 326 Interest cost 1,247 2,070 Amortization of prior service credits (3,366 ) (1,345 ) Amortization of gain (1,647 ) (1,643 ) Net periodic benefit income $ (3,587 ) $ (592 )

STOCKHOLDERS' EQUITY STOCKHOL32

STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Jun. 30, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Comprehensive Income (Loss) Note [Text Block]	Changes in accumulated other comprehensive income (loss) ("AOCI") by component for the three months ended June 30, 2016 and 2015 , 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, 2016 $ (58,816 ) $ (2,920 ) $ (285,426 ) $ (347,162 ) AOCI before reclassifications (14,797 ) (553 ) — (15,350 ) Amounts reclassified from AOCI — (13 ) (1,572 ) (2 ) (1,585 ) Net current period AOCI (14,797 ) (566 ) (1,572 ) (16,935 ) Balance June 30, 2016 $ (73,613 ) $ (3,486 ) $ (286,998 ) $ (364,097 ) 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 )

SEGMENTS (Tables)

SEGMENTS (Tables)	3 Months Ended
	Jun. 30, 2016
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, 2016 2015 Net sales: Integrated Systems $ 257,356 $ 258,571 Aerospace Structures 331,596 395,119 Precision Components 254,561 265,141 Product Support 84,199 74,745 Elimination of inter-segment sales (34,459 ) (33,938 ) $ 893,253 $ 959,638 Income before income taxes: Operating income (expense): Integrated Systems $ 47,986 $ 50,557 Aerospace Structures 9,163 41,797 Precision Components (7,782 ) 24,906 Product Support 14,059 9,987 Corporate (16,700 ) (19,381 ) 46,726 107,866 Interest expense and other 18,126 18,116 $ 28,600 $ 89,750 Depreciation and amortization: Integrated Systems $ 10,303 $ 10,518 Aerospace Structures 17,962 15,933 Precision Components 14,330 14,221 Product Support 2,484 2,462 Corporate 383 400 $ 45,462 $ 43,534 Amortization of acquired contract liabilities, net: Integrated Systems $ 10,337 $ 10,501 Aerospace Structures 18,438 23,778 Precision Components 574 819 $ 29,349 $ 35,098 Adjusted EBITDA: Integrated Systems $ 47,952 $ 50,574 Aerospace Structures 8,687 33,952 Precision Components 5,974 38,308 Product Support 16,543 12,449 Corporate (16,317 ) (16,118 ) $ 62,839 $ 119,165 Three Months Ended June 30, 2016 2015 Capital expenditures: Integrated Systems $ 3,228 $ 3,853 Aerospace Structures 3,833 7,163 Precision Components 4,902 6,121 Product Support 630 622 Corporate 130 257 $ 12,723 $ 18,016
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	June 30, 2016 March 31, 2016 Total Assets: Integrated Systems $ 1,345,521 $ 1,371,178 Aerospace Structures 1,840,505 1,792,397 Precision Components 1,282,977 1,298,294 Product Support 352,413 350,674 Corporate 24,991 22,550 $ 4,846,407 $ 4,835,093

SELECTED CONSOLIDATING FINANC34

SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Tables)	3 Months Ended
	Jun. 30, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Summary of consolidating balance sheets	June 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Current assets: Cash and cash equivalents $ 617 $ 806 $ 29,876 $ — $ 31,299 Trade and other receivables, net 2,801 114,446 270,872 — 388,119 Inventories — 1,232,020 123,134 — 1,355,154 Prepaid expenses and other 5,173 11,487 8,980 — 25,640 Total current assets 8,591 1,358,759 432,862 — 1,800,212 Property and equipment, net 7,029 730,404 130,296 — 867,729 Goodwill and other intangible assets, net — 1,883,835 186,508 — 2,070,343 Other, net 16,348 71,135 20,640 — 108,123 Intercompany investments and advances 2,484,939 81,540 82,432 (2,648,911 ) — Total assets $ 2,516,907 $ 4,125,673 $ 852,738 $ (2,648,911 ) $ 4,846,407 Current liabilities: Current portion of long-term debt $ 33,393 $ 13,694 $ — $ — $ 47,087 Accounts payable 7,647 374,596 48,820 — 431,063 Accrued expenses 40,538 530,910 34,920 — 606,368 Total current liabilities 81,578 919,200 83,740 — 1,084,518 Long-term debt, less current portion 1,277,630 59,595 155,100 — 1,492,325 Intercompany advances 200,845 2,111,492 357,239 (2,669,576 ) — Accrued pension and other postretirement benefits, noncurrent 7,564 632,402 2,488 — 642,454 Deferred income taxes and other 11,356 628,440 49,380 — 689,176 Total stockholders’ equity 937,934 (225,456 ) 204,791 20,665 937,934 Total liabilities and stockholders’ equity $ 2,516,907 $ 4,125,673 $ 852,738 $ (2,648,911 ) $ 4,846,407 SUMMARY CONDENSED CONSOLIDATING BALANCE SHEETS: March 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Current assets: Cash and cash equivalents $ 1,544 $ 201 $ 19,239 $ — $ 20,984 Trade and other receivables, net 2,057 127,968 314,183 — 444,208 Inventories — 1,127,275 108,915 — 1,236,190 Prepaid expenses and other 6,524 26,433 8,302 — 41,259 Total current assets 10,125 1,281,877 450,639 — 1,742,641 Property and equipment, net 7,324 746,455 135,955 — 889,734 Goodwill and other intangible assets, net — 1,898,401 195,465 — 2,093,866 Other, net 11,878 76,262 20,712 — 108,852 Intercompany investments and advances 2,301,054 81,540 82,930 (2,465,524 ) — Total assets $ 2,330,381 $ 4,084,535 $ 885,701 $ (2,465,524 ) $ 4,835,093 Current liabilities: Current portion of long-term debt $ 28,473 $ 13,968 $ — $ — $ 42,441 Accounts payable 11,154 346,602 52,469 — 410,225 Accrued expenses 44,856 599,921 38,431 — 683,208 Total current liabilities 84,483 960,491 90,900 — 1,135,874 Long-term debt, less current portion 1,120,570 63,009 191,300 — 1,374,879 Intercompany advances 171,480 1,972,729 330,176 (2,474,385 ) — Accrued pension and other postretirement benefits, noncurrent 7,315 654,201 3,148 — 664,664 Deferred income taxes and other 11,589 658,873 54,270 — 724,732 Total stockholders’ equity 934,944 (224,768 ) 215,907 8,861 934,944 Total liabilities and stockholders’ equity $ 2,330,381 $ 4,084,535 $ 885,701 $ (2,465,524 ) $ 4,835,093
Condensed consolidating statements of income	CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Three Months Ended June 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 817,345 $ 94,651 $ (18,743 ) $ 893,253 Operating costs and expenses: Cost of sales — 668,539 76,592 (18,743 ) 726,388 Selling, general and administrative 14,444 45,907 7,675 — 68,026 Depreciation and amortization 383 40,766 4,313 — 45,462 Restructuring 1,860 4,791 — — 6,651 16,687 760,003 88,580 (18,743 ) 846,527 Operating (loss) income (16,687 ) 57,342 6,071 — 46,726 Intercompany interest and charges (51,564 ) 49,173 2,391 — — Interest expense and other 17,375 2,282 (1,531 ) — 18,126 Income before income taxes 17,502 5,887 5,211 — 28,600 Income tax expense 2,050 5,289 1,527 — 8,866 Net income 15,452 598 3,684 — 19,734 Other comprehensive loss (566 ) (1,572 ) (14,797 ) — (16,935 ) Total comprehensive income (loss) $ 14,886 $ (974 ) $ (11,113 ) $ — $ 2,799 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the 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 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Three Months Ended June 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 817,345 $ 94,651 $ (18,743 ) $ 893,253 Operating costs and expenses: Cost of sales — 668,539 76,592 (18,743 ) 726,388 Selling, general and administrative 14,444 45,907 7,675 — 68,026 Depreciation and amortization 383 40,766 4,313 — 45,462 Restructuring 1,860 4,791 — — 6,651 16,687 760,003 88,580 (18,743 ) 846,527 Operating (loss) income (16,687 ) 57,342 6,071 — 46,726 Intercompany interest and charges (51,564 ) 49,173 2,391 — — Interest expense and other 17,375 2,282 (1,531 ) — 18,126 Income before income taxes 17,502 5,887 5,211 — 28,600 Income tax expense 2,050 5,289 1,527 — 8,866 Net income 15,452 598 3,684 — 19,734 Other comprehensive loss (566 ) (1,572 ) (14,797 ) — (16,935 ) Total comprehensive income (loss) $ 14,886 $ (974 ) $ (11,113 ) $ — $ 2,799
Condensed consolidating statements of cash flows	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS: For the Three Months Ended June 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net income $ 15,452 $ 598 $ 3,684 $ — $ 19,734 Adjustments to reconcile net income to net cash provided by (used in) operating activities (2,131 ) (121,953 ) 19,688 627 (103,769 ) Net cash provided by (used in) operating activities 13,321 (121,355 ) 23,372 627 (84,035 ) Capital expenditures (130 ) (8,961 ) (3,632 ) — (12,723 ) Proceeds from sale of assets — 108 840 — 948 Acquisitions, net of cash acquired — 9 — — 9 Net cash used in investing activities (130 ) (8,844 ) (2,792 ) — (11,766 ) Net increase in revolving credit facility 174,091 — — — 174,091 Retirements and repayments of debt (7,102 ) (3,687 ) (36,200 ) — (46,989 ) Payments of deferred financing costs (10,689 ) — — — (10,689 ) Dividends paid (1,981 ) — — — (1,981 ) Repayment of governmental grant — (7,285 ) — — (7,285 ) Repurchase of restricted shares for minimum tax obligation (171 ) — — — (171 ) Intercompany financing and advances (168,266 ) 141,776 27,117 (627 ) — Net cash (used in) provided by financing activities (14,118 ) 130,804 (9,083 ) (627 ) 106,976 Effect of exchange rate changes on cash — — (860 ) — (860 ) Net change in cash and cash equivalents (927 ) 605 10,637 — 10,315 Cash and cash equivalents at beginning of period 1,544 201 19,239 — 20,984 Cash and cash equivalents at end of period $ 617 $ 806 $ 29,876 $ — $ 31,299 For the Three Months Ended June 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net income $ 15,452 $ 598 $ 3,684 $ — $ 19,734 Adjustments to reconcile net income to net cash provided by (used in) operating activities (2,131 ) (121,953 ) 19,688 627 (103,769 ) Net cash provided by (used in) operating activities 13,321 (121,355 ) 23,372 627 (84,035 ) Capital expenditures (130 ) (8,961 ) (3,632 ) — (12,723 ) Proceeds from sale of assets — 108 840 — 948 Acquisitions, net of cash acquired — 9 — — 9 Net cash used in investing activities (130 ) (8,844 ) (2,792 ) — (11,766 ) Net increase in revolving credit facility 174,091 — — — 174,091 Retirements and repayments of debt (7,102 ) (3,687 ) (36,200 ) — (46,989 ) Payments of deferred financing costs (10,689 ) — — — (10,689 ) Dividends paid (1,981 ) — — — (1,981 ) Repayment of governmental grant — (7,285 ) — — (7,285 ) Repurchase of restricted shares for minimum tax obligation (171 ) — — — (171 ) Intercompany financing and advances (168,266 ) 141,776 27,117 (627 ) — Net cash (used in) provided by financing activities (14,118 ) 130,804 (9,083 ) (627 ) 106,976 Effect of exchange rate changes on cash — — (860 ) — (860 ) Net change in cash and cash equivalents (927 ) 605 10,637 — 10,315 Cash and cash equivalents at beginning of period 1,544 201 19,239 — 20,984 Cash and cash equivalents at end of period $ 617 $ 806 $ 29,876 $ — $ 31,299 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS: For the 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 ) Repurchase of restricted shares for minimum tax obligation (96 ) — — — (96 ) Repayment of government grant — — (82 ) — (82 ) 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

RESTRUCTURING COSTS Schedule of

RESTRUCTURING COSTS Schedule of Restructuring Expenses (Tables)	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Restructuring Cost and Reserve [Line Items]
Schedule of Restructuring Reserve by Type of Cost [Table Text Block]	The following table provides a summary of the Company's current aggregate cost estimates by major type of expense associated with the 2016 Restructuring Plan: Type of expense Total estimated amount expected to be incurred Termination benefits $ 26,000 Facility closure and other exit costs (1) 40,000 Contract termination costs 25,000 Accelerated depreciation charges (2) 34,000 Other (3) 30,000 $ 155,000
Restructuring and Related Costs [Table Text Block]	The restructuring charges recognized for the three months ended June 30, 2016 , by type and by segment consisted of the following: Integrated Systems Aerospace Structures Precision Components Product Support Corporate Total Termination benefits $ — $ — $ 27 $ 25 $ — $ 52 Facility closure and other exit costs — — 247 — — 247 Other — 3,052 1,440 — 1,860 6,352 Total Restructuring — 3,052 1,714 25 1,860 6,651 Depreciation and Amortization 46 — 3,300 145 — 3,491 Total $ 46 $ 3,052 $ 5,014 $ 170 $ 1,860 $ 10,142	14. RESTRUCTURING COSTS Fiscal 2016 Restructuring During the fiscal year ended March 31, 2016, the Company committed to a restructuring of certain of its businesses as well as the consolidation of certain of its facilities ("2016 Restructuring Plan"). The Company expects to reduce its footprint by approximately 3.5 million square feet and to reduce head count by 1,200 employees. Over the next few fiscal years, the Company estimates that it will record aggregate pre-tax charges of $150,000 to $160,000 related to these programs, which represent employee termination benefits, contract termination costs, accelerated depreciation and facility closure and other exit costs, and will result in future cash outlays. For the three months ended June 30, 2016 , the Company recorded charges of $10,142 related to this program including, accelerated depreciation of $3,491 and severance of $52 . The following table provides a summary of the Company's current aggregate cost estimates by major type of expense associated with the 2016 Restructuring Plan: Type of expense Total estimated amount expected to be incurred Termination benefits $ 26,000 Facility closure and other exit costs (1) 40,000 Contract termination costs 25,000 Accelerated depreciation charges (2) 34,000 Other (3) 30,000 $ 155,000 (1) I ncludes costs to transfer product lines among facilities and outplacement and employee relocation costs. (2) Accelerated depreciation charges are recorded as part of Depreciation and amortization on the Consolidated Statement of Operations. (3) Consists of other costs directly related to the plan, including project management, legal and regulatory costs. The restructuring charges recognized for the three months ended June 30, 2016 , by type and by segment consisted of the following: Integrated Systems Aerospace Structures Precision Components Product Support Corporate Total Termination benefits $ — $ — $ 27 $ 25 $ — $ 52 Facility closure and other exit costs — — 247 — — 247 Other — 3,052 1,440 — 1,860 6,352 Total Restructuring — 3,052 1,714 25 1,860 6,651 Depreciation and Amortization 46 — 3,300 145 — 3,491 Total $ 46 $ 3,052 $ 5,014 $ 170 $ 1,860 $ 10,142 Termination benefits include employee retention, severance and benefit payments for terminated employees. Facility closure costs include general operating costs incurred subsequent to production shutdown as well as equipment relocation and other associated costs. Contract termination costs include costs associated with terminating existing leases and supplier agreements. Other costs include legal, outplacement and employee relocation costs and other employee-related costs.

SUMMARY OF SIGNIFICANT ACCOUN36

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Revenue Recognition
Net sales	$ 893,253	$ 959,638
Amortization of acquired contract liabilities	(29,349)	(35,098)
Integrated Systems [Member]
Revenue Recognition
Net sales	257,356	258,571
Amortization of acquired contract liabilities	(10,337)	(10,501)
Aerospace Structures [Member]
Revenue Recognition
Net sales	331,596	395,119
Amortization of acquired contract liabilities	(18,438)	(23,778)
Precision Components [Member]
Revenue Recognition
Net sales	254,561	265,141
Amortization of acquired contract liabilities	(574)	(819)
Product Support [Member]
Revenue Recognition
Net sales	84,199	74,745
Net sales | Gulfstream [Member] | Product Support [Member]
Revenue Recognition
Net sales	20	2
Net sales | Credit Concentration Risk [Member] | Gulfstream [Member]
Revenue Recognition
Net sales	$ 107,627	$ 125,135
Concentration Risk, Percentage	12.00%	13.00%
Net sales | Credit Concentration Risk [Member] | Gulfstream [Member] | Integrated Systems [Member]
Revenue Recognition
Net sales	$ 558	$ 737
Net sales | Credit Concentration Risk [Member] | Gulfstream [Member] | Aerospace Structures [Member]
Revenue Recognition
Net sales	104,795	122,647
Net sales | Credit Concentration Risk [Member] | Gulfstream [Member] | Precision Components [Member]
Revenue Recognition
Net sales	$ 2,254	$ 1,749

SUMMARY OF SIGNIFICANT ACCOUN37

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2016
Concentration of Credit Risk
Net sales	$ 893,253	$ 959,638
Stock-Based Compensation
Share-based Compensation	1,956	792
Integrated Systems [Member]
Concentration of Credit Risk
Net sales	257,356	258,571
Aerospace Structures [Member]
Concentration of Credit Risk
Net sales	331,596	395,119
Precision Components [Member]
Concentration of Credit Risk
Net sales	254,561	265,141
Product Support [Member]
Concentration of Credit Risk
Net sales	$ 84,199	74,745
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	15.00%			18.00%
Boeing [Member] | Net sales | Product Support [Member]
Concentration of Credit Risk
Net sales	$ 8,470
Boeing [Member] | Net sales | Credit Concentration Risk [Member]
Concentration of Credit Risk
Net sales	337,988		$ 374,704
Boeing [Member] | Net sales | Credit Concentration Risk [Member] | Integrated Systems [Member]
Concentration of Credit Risk
Net sales	53,760	48,683
Boeing [Member] | Net sales | Credit Concentration Risk [Member] | Aerospace Structures [Member]
Concentration of Credit Risk
Net sales	162,935	229,556
Boeing [Member] | Net sales | Credit Concentration Risk [Member] | Precision Components [Member]
Concentration of Credit Risk
Net sales	112,823	86,787
Boeing [Member] | Net sales | Credit Concentration Risk [Member] | Product Support [Member]
Concentration of Credit Risk
Net sales		9,678
Gulfstream [Member] | Net sales | Product Support [Member]
Concentration of Credit Risk
Net sales	$ 20	$ 2
Gulfstream [Member] | Net sales | Credit Concentration Risk [Member]
Concentration of Credit Risk
Concentration Risk, Percentage	12.00%	13.00%
Net sales	$ 107,627	$ 125,135
Gulfstream [Member] | Net sales | Credit Concentration Risk [Member] | Integrated Systems [Member]
Concentration of Credit Risk
Net sales	558	737
Gulfstream [Member] | Net sales | Credit Concentration Risk [Member] | Aerospace Structures [Member]
Concentration of Credit Risk
Net sales	104,795	122,647
Gulfstream [Member] | Net sales | Credit Concentration Risk [Member] | Precision Components [Member]
Concentration of Credit Risk
Net sales	$ 2,254	$ 1,749

Intangibles (Details 3)

Intangibles (Details 3) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2016
Intangible Assets
Accumulated Amortization	$ (266,195)		$ (255,317)
Total intangibles, gross	900,885		904,929
Total intangibles, net	634,690		649,612
Amortization expense	$ 13,631	$ 15,964
Customer relationships
Intangible Assets
Weighted-Average Life (in years)	16 years 5 months	16 years 5 months
Gross Carrying Amount	$ 679,503		683,309
Accumulated Amortization	(223,804)		(215,546)
Finite-lived intangible assets, net	$ 455,699		467,763
Product rights and licenses
Intangible Assets
Weighted-Average Life (in years)	11 years 8 months	11 years 8 months
Gross Carrying Amount	$ 55,501		55,739
Accumulated Amortization	(38,229)		(37,695)
Finite-lived intangible assets, net	$ 17,272		18,044
Non-compete agreements and other
Intangible Assets
Weighted-Average Life (in years)	16 years 1 month	16 years 1 month
Gross Carrying Amount	$ 2,881		2,881
Accumulated Amortization	(767)		(718)
Finite-lived intangible assets, net	$ 2,114		2,163
Tradename
Intangible Assets
Weighted-Average Life (in years)	20 years	20 years
Gross Carrying Amount	$ 163,000		163,000
Accumulated Amortization	(3,395)		(1,358)
Finite-lived intangible assets, net	$ 159,605		$ 161,642

Supplemental Cash Flow Informat

Supplemental Cash Flow Information (Details 4) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Business Acquisition [Line Items]
Income taxes paid, net of refunds received	$ 1,198	$ 620
Cash paid for interest	25,751	$ 23,336
Gross Unfavorable Changes In Estimates [Member]
Business Acquisition [Line Items]
Change in Accounting Estimate	$ (37,666)

SUMMARY OF SIGNIFICANT ACCOUN40

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Changes in Accounting Estimates (Details 5) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Change in Accounting Estimate [Line Items]
Amortization of Acquired Contract Liabilities	$ 29,349	$ 35,098
Gross Favorable Change in Estimates [Member]
Change in Accounting Estimate [Line Items]
Change in Accounting Estimate	9,698
Gross Unfavorable Changes In Estimates [Member]
Change in Accounting Estimate [Line Items]
Change in Accounting Estimate	(37,666)
Comprehensive Income [Member]
Change in Accounting Estimate [Line Items]
Change in Accounting Estimate	(27,968)	1,307
Income, net [Member]
Change in Accounting Estimate [Line Items]
Change in Accounting Estimate	(19,298)	863
Diluted earings per share [Member]
Change in Accounting Estimate [Line Items]
Change in Accounting Estimate	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUN41

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Product Warranty (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Mar. 31, 2016
Product Warranties [Abstract]
Standard Product Warranty Description	3
Extended Product Warranty Description	20
Product Warranty Accrual	$ 110,476	$ 112,937

SUMMARY OF SIGNIFICANT ACCOUN42

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Share Repurchase (Details)	Jun. 30, 2016shares
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	2,277,789

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Oct. 21, 2015
Acquisitions
Goodwill	$ 1,435,653	$ 1,444,254
Fairchild [Member]
Acquisitions
Payments to Acquire Businesses, Gross		$ 57,130
Business Acquisition, Transaction Costs			$ 569
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents			9,075
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables			8,841
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory			15,069
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets			263
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			6,632
Goodwill			14,695
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles			18,000
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life	12 years
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent			5,889
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets			78,464
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable			1,284
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other			12,183
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities			7,867
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities			$ 21,334

DISCONTINUED OPERATIONS AND ASS

DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Discontinued operations and assets held for sale
Proceeds from sale of assets	$ 948	$ 554

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
Inventory [Line Items]
Raw materials	$ 99,233	$ 81,989
Work-in-process	1,166,602	1,100,660
Finished goods	133,035	124,744
Rotable Assets	55,687	51,952
Less: unliquidated progress payments	(99,403)	(123,155)
Total inventories	1,355,154	1,236,190
Bombardier [Member]
Inventory [Line Items]
Total inventories	64,519	13,051
Inventory, Work in Process and Raw Materials	13,848	6,662
Preproduction Costs Related to Long-term Supply Arrangements, Costs Capitalized	450,429	406,147
Provision for Loss on Contracts	(399,758)	(399,758)
Total Bombardier & Embraer [Member]
Inventory [Line Items]
Total inventories	230,060	164,955
Inventory, Work in Process and Raw Materials	22,593	11,801
Preproduction Costs Related to Long-term Supply Arrangements, Costs Capitalized	607,225	552,912
Provision for Loss on Contracts	(399,758)	(399,758)
Embraer [Member]
Inventory [Line Items]
Total inventories	165,541	151,904
Inventory, Work in Process and Raw Materials	8,745	5,139
Preproduction Costs Related to Long-term Supply Arrangements, Costs Capitalized	156,796	146,765
Provision for Loss on Contracts	$ 0	$ 0

LONG-TERM DEBT, BY TYPE (Detail

LONG-TERM DEBT, BY TYPE (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2014	Mar. 31, 2016	Dec. 31, 2014
Long-term debt
Line of Credit Facility, Maximum Borrowing Capacity	$ 940,000
Unamortized Debt Issuance Expense	(13,923)			$ (8,971)
Long-term debt	1,539,412			1,417,320
Less current portion	47,087			42,441
Long-term debt, less current portion	1,492,325			1,374,879
Payments of Financing Costs	10,689	$ 71
Revolving credit facility
Long-term debt
Line of Credit Facility, Maximum Borrowing Capacity	1,000,000
Long-term debt	314,091			140,000
Payments of Financing Costs		5,126
Term loan credit agreement
Long-term debt
Long-term debt	330,469			337,500
Long-term debt, less current portion					$ 375,000
Asset-backed Securities [Member]
Long-term debt
Line of Credit Facility, Maximum Borrowing Capacity	225,000			175,000
Long-term debt	155,100			191,300
Payments of Financing Costs	252
Capital Lease Obligations [Member]
Long-term debt
Long-term debt	70,697			74,513
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		$ 5,466	$ 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%
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, 2016	Jun. 30, 2015	Mar. 31, 2014	Mar. 31, 2016	Mar. 31, 2015
Long-term debt
Line of Credit Facility, Maximum Borrowing Capacity	$ 940,000
Payments of Financing Costs	10,689	$ 71
Outstanding borrowing amount	1,539,412			$ 1,417,320
Transfer of Financial Assets Accounted for as Sales, Amount Derecognized	78,513			89,900
Receivables Purchase Agreement [Member]
Long-term debt
Line of Credit Facility, Maximum Borrowing Capacity	90,000
Term loan credit agreement
Long-term debt
Outstanding borrowing amount	330,469			337,500
Derivative Asset, Fair Value, Gross Liability	5,187			4,526
Revolving credit facility
Long-term debt
Line of Credit Facility, Maximum Borrowing Capacity	1,000,000
Accordion feature	$ 250,000
Payments of Financing Costs		5,126
Unamortized financing costs prior to amendment					$ 4,626
Debt Instrument, Description of Variable Rate Basis	LIBOR
Outstanding borrowing amount	$ 314,091			140,000
Letters of Credit Outstanding, Amount	27,313			25,709
Borrowing capacity under revolving credit facility after reductions for borrowings and letters of credit outstanding	658,596
Line of Credit Facility, Increase (Decrease), Other, Net	800,000
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	$ 155,100			191,300
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	$ 70,697			74,513
Senior notes due 2021 [Member]
Long-term debt
Payments of Financing Costs		5,466	$ 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] | Receivables Purchase Agreement [Member]
Long-term debt
Program fee on the amount outstanding (as a percent)	0.65%
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] | Receivables Purchase Agreement [Member]
Long-term debt
Program fee on the amount outstanding (as a percent)	0.70%
Maximum [Member] | Revolving credit facility
Long-term debt
Debt Instrument, Basis Spread on Variable Rate	2.50%
Commitment fees (as a percent)	0.45%
Lenders Elected to Extend [Member] | Term loan credit agreement
Long-term debt
Outstanding borrowing amount	$ 324,500
Lenders - Total Balance [Member] | Term loan credit agreement
Long-term debt
Outstanding borrowing amount	$ 330,000
Existing Assets [Member]
Long-term debt
Capital Lease Obligations Incurred		$ 2,632

LONG-TERM DEBT (Details 3)

LONG-TERM DEBT (Details 3) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
Reported Value Measurement [Member]
Long-term debt
Long-term debt	$ 1,539,412	$ 1,417,320
Estimate of Fair Value Measurement [Member]
Long-term debt
Long-term debt	$ 1,505,767	$ 1,354,961

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - shares shares in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted-average common shares outstanding-basic (in shares)	49,271	49,198
Net effect of dilutive stock options (in shares)	142	116
Weighted average common shares outstanding - diluted (in shares)	49,413	49,314

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2016
Income Tax Provision [Line Items]
Income Tax Examination, Description	one
Total accrued income tax related interest and penalties	$ 249		$ 239
Total amount of unrecognized tax benefits	9,219		9,212
Amount of unrecognized tax benefits that would impact the effective tax rate, if recognized	$ 9,219		$ 9,212
Effective income tax rate (as a percent)	30.00%	30.00%
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount		$ 4,213

GOODWILL (Details)

GOODWILL (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2016USD ($)
Changes in the carrying value of goodwill
Balance at the beginning of the period	$ 1,444,254
Goodwill, Purchase Accounting Adjustments	(1,835)
Effect of exchange rate changes and other	(6,766)
Balance at the end of the period	1,435,653
Integrated Systems [Member]
Changes in the carrying value of goodwill
Balance at the beginning of the period	560,696
Goodwill, Purchase Accounting Adjustments	(1,835)
Effect of exchange rate changes and other	(5,629)
Balance at the end of the period	553,232
Aerospace Structures [Member]
Changes in the carrying value of goodwill
Balance at the beginning of the period	266,298
Goodwill, Purchase Accounting Adjustments	0
Effect of exchange rate changes and other	0
Balance at the end of the period	266,298
Precision Components [Member]
Changes in the carrying value of goodwill
Balance at the beginning of the period	535,804
Goodwill, Purchase Accounting Adjustments	0
Effect of exchange rate changes and other	(1,263)
Balance at the end of the period	534,541
Product Support [Member]
Changes in the carrying value of goodwill
Balance at the beginning of the period	81,456
Goodwill, Purchase Accounting Adjustments	0
Effect of exchange rate changes and other	126
Balance at the end of the period	$ 81,582

PENSION AND OTHER POSTRETIREM52

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Components of net periodic benefit costs:
Settlements and Curtailments	$ 0	$ 2,863
Pension Plan [Member]
Components of net periodic benefit costs:
Service cost	1,649	2,767
Interest cost	18,189	22,677
Expected return on plan assets	(39,058)	(40,853)
Amortization of prior service costs	(446)	(1,146)
Defined Benefit Plan, Amortization of Gains (Losses)	3,031	2,522
Settlements and Curtailments	0	2,863
Net periodic benefit cost	(16,635)	(11,170)
Other postretirement
Components of net periodic benefit costs:
Service cost	179	326
Interest cost	1,247	2,070
Amortization of prior service costs	(3,366)	(1,345)
Defined Benefit Plan, Amortization of Gains (Losses)	(1,647)	(1,643)
Net periodic benefit cost	$ (3,587)	$ (592)

STOCKHOLDERS' EQUITY STOCKHOL53

STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive loss	$ (364,097)		$ (347,162)	$ (198,910)	$ (180,122)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	(14,797)	$ 10,933
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax	(553)	1,012
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(15,350)	17,611
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	(13)	7
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(1,585)	1,177
Other Comprehensive Income (Loss), Net of Tax	16,935	(18,788)
Accumulated Translation Adjustment [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated Other Comprehensive Income (Loss), before Tax	(73,613)		(58,816)	(46,751)	(35,818)
Other Comprehensive Income (Loss), Net of Tax	14,797	(10,933)
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	(3,486)		(2,920)	(2,757)	(1,738)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax	(553)	1,012
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	(13)	7
Other Comprehensive Income (Loss), Net of Tax	566	(1,019)
Accumulated Defined Benefit Plans Adjustment [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive loss	(286,998)		$ (285,426)	$ (149,402)	$ (142,566)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	5,666
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	1,572	1,170
Other Comprehensive Income (Loss), Net of Tax	$ (1,572)	$ (6,836)

STOCKHOLDERS' EQUITY SHARE BASE

STOCKHOLDERS' EQUITY SHARE BASE COMPENSATION (Details)	3 Months Ended
	Jun. 30, 2016$ / sharesshares
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Gross	179,134
Share-based Compensation Arrangement by Share-based Payment Award, Options, Number of Shares, Period Increase (Decrease)	150,000
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ / shares	$ 30.86
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	10 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years

SEGMENTS (Details)

SEGMENTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2016
Financial information of reportable segment and the reconciliation of EBITDA to operating income
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments	$ 0	$ (2,863)
Net sales	893,253	959,638
Operating Income (Loss)	46,726	107,866
Interest expense and other	18,126	18,116
Income from continuing operations before income taxes	28,600	89,750
Depreciation and amortization	45,462	43,534
Amortization of Acquired Contract Liabilities	29,349	35,098
EBITDA	62,839	119,165
Capital expenditures	12,723	18,016
Total assets	4,846,407		$ 4,835,093
Revenues	180,419	191,318
Integrated Systems [Member]
Financial information of reportable segment and the reconciliation of EBITDA to operating income
Net sales	257,356	258,571
Operating Income (Loss)	47,986	50,557
Depreciation and amortization	10,303	10,518
Amortization of Acquired Contract Liabilities	10,337	10,501
EBITDA	47,952	50,574
Capital expenditures	3,228	3,853
Total assets	1,345,521		1,371,178
Aerospace Structures [Member]
Financial information of reportable segment and the reconciliation of EBITDA to operating income
Net sales	331,596	395,119
Operating Income (Loss)	9,163	41,797
Depreciation and amortization	17,962	15,933
Amortization of Acquired Contract Liabilities	18,438	23,778
EBITDA	8,687	33,952
Capital expenditures	3,833	7,163
Total assets	1,840,505		1,792,397
Precision Components [Member]
Financial information of reportable segment and the reconciliation of EBITDA to operating income
Net sales	254,561	265,141
Operating Income (Loss)	(7,782)	24,906
Depreciation and amortization	14,330	14,221
Amortization of Acquired Contract Liabilities	574	819
EBITDA	5,974	38,308
Capital expenditures	4,902	6,121
Total assets	1,282,977		1,298,294
Product Support [Member]
Financial information of reportable segment and the reconciliation of EBITDA to operating income
Net sales	84,199	74,745
Operating Income (Loss)	14,059	9,987
Depreciation and amortization	2,484	2,462
EBITDA	16,543	12,449
Capital expenditures	630	622
Total assets	352,413		350,674
Elimination of inter-segment sales
Financial information of reportable segment and the reconciliation of EBITDA to operating income
Net sales	(34,459)	(33,938)
Corporate
Financial information of reportable segment and the reconciliation of EBITDA to operating income
Operating Income (Loss)	(16,700)	(19,381)
Depreciation and amortization	383	400
EBITDA	(16,317)	(16,118)
Capital expenditures	130	$ 257
Total assets	$ 24,991		$ 22,550

SELECTED CONSOLIDATING FINANC56

SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2016
Consolidating Financial Statements, Captions
Net sales	$ 893,253	$ 959,638
Current assets:
Property and equipment, net	867,729		$ 889,734
Goodwill and other intangible assets, net	2,070,343		2,093,866
Other, net	108,123		108,852
Intercompany investments and advances	0		0
Total assets	4,846,407		4,835,093
Current liabilities:
Long-term debt, less current portion	1,492,325		1,374,879
Intercompany debt	0		0
Accrued pension and other postretirement benefits, noncurrent	642,454		664,664
Deferred income taxes and other	689,176		724,732
Total stockholders' equity	937,934		934,944
Total liabilities and stockholders' equity	4,846,407		4,835,093
Cost of Goods and Services Sold	726,388	732,094
Selling, General and Administrative Expense	68,026	73,281
Depreciation and amortization	45,462	43,534
Restructuring Charges	6,651	0
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments	0	(2,863)
Total operating costs and expenses	846,527	851,772
Operating Income (Loss)	46,726	107,866
Intercompany Interest and Charges	0	0
Interest expense and other	18,126	18,116
Income from continuing operations before income taxes	28,600	89,750
Income Tax Expense (Benefit)	8,866	27,018
Net Income (Loss) Attributable to Parent	19,734	62,732
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(16,935)	18,788
Total comprehensive income	2,799	81,520
Consolidation, Eliminations [Member]
Consolidating Financial Statements, Captions
Net sales	(18,743)	(11,942)
Current assets:
Property and equipment, net	0		0
Goodwill and other intangible assets, net	0		0
Other, net	0		0
Intercompany investments and advances	(2,648,911)		(2,465,524)
Total assets	(2,648,911)		(2,465,524)
Current liabilities:
Long-term debt, less current portion	0		0
Intercompany debt	(2,669,576)		(2,474,385)
Accrued pension and other postretirement benefits, noncurrent	0		0
Deferred income taxes and other	0		0
Total stockholders' equity	20,665		8,861
Total liabilities and stockholders' equity	(2,648,911)		(2,465,524)
Cost of Goods and Services Sold	(18,743)	(11,942)
Selling, General and Administrative Expense	0	0
Depreciation and amortization	0	0
Restructuring Charges	0
Total operating costs and expenses	(18,743)	(11,942)
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
Parent
Consolidating Financial Statements, Captions
Net sales	0	0
Current assets:
Property and equipment, net	7,029		7,324
Goodwill and other intangible assets, net	0		0
Other, net	16,348		11,878
Intercompany investments and advances	2,484,939		2,301,054
Total assets	2,516,907		2,330,381
Current liabilities:
Long-term debt, less current portion	1,277,630		1,120,570
Intercompany debt	200,845		171,480
Accrued pension and other postretirement benefits, noncurrent	7,564		7,315
Deferred income taxes and other	11,356		11,589
Total stockholders' equity	937,934		934,944
Total liabilities and stockholders' equity	2,516,907		2,330,381
Cost of Goods and Services Sold	0	0
Selling, General and Administrative Expense	14,444	13,151
Depreciation and amortization	383	399
Restructuring Charges	1,860
Total operating costs and expenses	16,687	16,413
Operating Income (Loss)	(16,687)	(16,413)
Intercompany Interest and Charges	(51,564)	(53,590)
Interest expense and other	17,375	14,517
Income from continuing operations before income taxes	17,502	22,660
Income Tax Expense (Benefit)	2,050	(13)
Net Income (Loss) Attributable to Parent	15,452	22,673
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(566)	1,019
Total comprehensive income	14,886	23,692
Guarantors Subsidiaries
Consolidating Financial Statements, Captions
Net sales	817,345	885,443
Current assets:
Property and equipment, net	730,404		746,455
Goodwill and other intangible assets, net	1,883,835		1,898,401
Other, net	71,135		76,262
Intercompany investments and advances	81,540		81,540
Total assets	4,125,673		4,084,535
Current liabilities:
Long-term debt, less current portion	59,595		63,009
Intercompany debt	2,111,492		1,972,729
Accrued pension and other postretirement benefits, noncurrent	632,402		654,201
Deferred income taxes and other	628,440		658,873
Total stockholders' equity	(225,456)		(224,768)
Total liabilities and stockholders' equity	4,125,673		4,084,535
Cost of Goods and Services Sold	668,539	672,310
Selling, General and Administrative Expense	45,907	52,439
Depreciation and amortization	40,766	35,042
Restructuring Charges	4,791
Total operating costs and expenses	760,003	759,791
Operating Income (Loss)	57,342	125,652
Intercompany Interest and Charges	49,173	51,511
Interest expense and other	2,282	2,890
Income from continuing operations before income taxes	5,887	71,251
Income Tax Expense (Benefit)	5,289	26,395
Net Income (Loss) Attributable to Parent	598	44,856
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(1,572)	6,836
Total comprehensive income	(974)	51,692
Non-Guarantor Subsidiaries
Consolidating Financial Statements, Captions
Net sales	94,651	86,137
Current assets:
Property and equipment, net	130,296		135,955
Goodwill and other intangible assets, net	186,508		195,465
Other, net	20,640		20,712
Intercompany investments and advances	82,432		82,930
Total assets	852,738		885,701
Current liabilities:
Long-term debt, less current portion	155,100		191,300
Intercompany debt	357,239		330,176
Accrued pension and other postretirement benefits, noncurrent	2,488		3,148
Deferred income taxes and other	49,380		54,270
Total stockholders' equity	204,791		215,907
Total liabilities and stockholders' equity	852,738		$ 885,701
Cost of Goods and Services Sold	76,592	71,726
Selling, General and Administrative Expense	7,675	7,691
Depreciation and amortization	4,313	8,093
Restructuring Charges	0
Total operating costs and expenses	88,580	87,510
Operating Income (Loss)	6,071	(1,373)
Intercompany Interest and Charges	2,391	2,079
Interest expense and other	(1,531)	709
Income from continuing operations before income taxes	5,211	(4,161)
Income Tax Expense (Benefit)	1,527	636
Net Income (Loss) Attributable to Parent	3,684	(4,797)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(14,797)	10,933
Total comprehensive income	$ (11,113)	$ 6,136

SELECTED CONSOLIDATING FINANC57

SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Consolidating Financial Statements, Captions
Payments to Acquire Businesses, Net of Cash Acquired	$ (9)	$ 5,986
Net sales	893,253	959,638
Operating costs and expenses:
Cost of sales	726,388	732,094
Selling, General and Administrative Expense	68,026	73,281
Depreciation and amortization	45,462	43,534
Restructuring Charges	6,651	0
Settlements and Curtailments	0	2,863
Total operating costs and expenses	846,527	851,772
Operating Income (Loss)	46,726	107,866
Intercompany Interest and Charges	0	0
Interest expense and other	18,126	18,116
Income from continuing operations before income taxes	28,600	89,750
Income Tax Expense (Benefit)	8,866	27,018
Net Income (Loss) Attributable to Parent	19,734	62,732
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(16,935)	18,788
Total comprehensive income	2,799	81,520
Consolidation, Eliminations [Member]
Consolidating Financial Statements, Captions
Payments to Acquire Businesses, Net of Cash Acquired	0	0
Net sales	(18,743)	(11,942)
Operating costs and expenses:
Cost of sales	(18,743)	(11,942)
Selling, General and Administrative Expense	0	0
Depreciation and amortization	0	0
Restructuring Charges	0
Total operating costs and expenses	(18,743)	(11,942)
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
Parent
Consolidating Financial Statements, Captions
Payments to Acquire Businesses, Net of Cash Acquired	0	0
Net sales	0	0
Operating costs and expenses:
Cost of sales	0	0
Selling, General and Administrative Expense	14,444	13,151
Depreciation and amortization	383	399
Restructuring Charges	1,860
Total operating costs and expenses	16,687	16,413
Operating Income (Loss)	(16,687)	(16,413)
Intercompany Interest and Charges	(51,564)	(53,590)
Interest expense and other	17,375	14,517
Income from continuing operations before income taxes	17,502	22,660
Income Tax Expense (Benefit)	2,050	(13)
Net Income (Loss) Attributable to Parent	15,452	22,673
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(566)	1,019
Total comprehensive income	14,886	23,692
Guarantors Subsidiaries
Consolidating Financial Statements, Captions
Payments to Acquire Businesses, Net of Cash Acquired	(9)	14
Net sales	817,345	885,443
Operating costs and expenses:
Cost of sales	668,539	672,310
Selling, General and Administrative Expense	45,907	52,439
Depreciation and amortization	40,766	35,042
Restructuring Charges	4,791
Total operating costs and expenses	760,003	759,791
Operating Income (Loss)	57,342	125,652
Intercompany Interest and Charges	49,173	51,511
Interest expense and other	2,282	2,890
Income from continuing operations before income taxes	5,887	71,251
Income Tax Expense (Benefit)	5,289	26,395
Net Income (Loss) Attributable to Parent	598	44,856
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(1,572)	6,836
Total comprehensive income	(974)	51,692
Non-Guarantor Subsidiaries
Consolidating Financial Statements, Captions
Payments to Acquire Businesses, Net of Cash Acquired	0	6,000
Net sales	94,651	86,137
Operating costs and expenses:
Cost of sales	76,592	71,726
Selling, General and Administrative Expense	7,675	7,691
Depreciation and amortization	4,313	8,093
Restructuring Charges	0
Total operating costs and expenses	88,580	87,510
Operating Income (Loss)	6,071	(1,373)
Intercompany Interest and Charges	2,391	2,079
Interest expense and other	(1,531)	709
Income from continuing operations before income taxes	5,211	(4,161)
Income Tax Expense (Benefit)	1,527	636
Net Income (Loss) Attributable to Parent	3,684	(4,797)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(14,797)	10,933
Total comprehensive income	(11,113)	6,136
Pension Plan [Member]
Operating costs and expenses:
Settlements and Curtailments	$ 0	$ 2,863

SELECTED CONSOLIDATING FINANC58

SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Details 3) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2016
Consolidating Financial Statements, Captions
Current portion of long-term debt	$ 47,087		$ 42,441
Trade and other receivables, net	388,119		444,208
Inventories	1,355,154		1,236,190
Accounts payable	431,063		410,225
Rotable Assets	55,687		51,952
Net sales	893,253	$ 959,638
Operating costs and expenses:
Adjustments to reconcile net income to net cash (used in) provided by operating activities	(103,769)	(211,122)
Net cash (used in) provided by operating activities	(84,035)	(148,390)
Net increase in revolving credit facility	174,091	96,541
Proceeds on issuance of debt	0	98,932
Retirements and repayments of debt	(46,989)	(16,026)
Payment of deferred financing costs	(10,689)	(71)
Dividends paid	(1,981)	(1,971)
Repayments of government grant	(7,285)	(82)
Repurchase of restricted shares for minimum tax obligation	(171)	(96)
Intercompany financing and advances	0	0
Net cash (used in) provided by financing activities	106,976	177,227
Effect of exchange rate changes on cash and cash equivalents	(860)	1,665
Net change in cash and cash equivalents	10,315	7,054
Cash at beginning of period	20,984	32,617
Cash at end of period	31,299	39,671
Cost of Goods and Services Sold	726,388	732,094
Selling, General and Administrative Expense	68,026	73,281
Depreciation and amortization	45,462	43,534
Restructuring Charges	6,651	0
Defined Benefit Plan, Curtailments		2,863
Settlements and Curtailments	0	2,863
Total operating costs and expenses	846,527	851,772
Income Tax Expense (Benefit)	8,866	27,018
Accrued expenses	606,368		683,208
Prepaid and other current assets	25,640		41,259
Total current assets	1,800,212		1,742,641
Property and equipment, net	867,729		889,734
Goodwill and other intangible assets, net	2,070,343		2,093,866
Other, net	108,123		108,852
Intercompany investments and advances	0		0
Total assets	4,846,407		4,835,093
Current liabilities:
Total current liabilities	1,084,518		1,135,874
Long-term debt, less current portion	1,492,325		1,374,879
Intercompany debt	0		0
Accrued pension and other postretirement benefits, noncurrent	642,454		664,664
Deferred income taxes and other	689,176		724,732
Total stockholders' equity	937,934		934,944
Total liabilities and stockholders’ equity	4,846,407		4,835,093
Operating Income (Loss)	46,726	107,866
Intercompany Interest and Charges	0	0
Interest expense and other	18,126	18,116
Income from continuing operations before income taxes	28,600	89,750
Net Income (Loss) Attributable to Parent	19,734	62,732
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(16,935)	18,788
Total comprehensive income	2,799	81,520
Capital expenditures	12,723	18,016
Proceeds from sale of assets	948	554
Payments to Acquire Businesses, Net of Cash Acquired	9	(5,986)
Net cash used in investing activities	(11,766)	(23,448)
Consolidation, Eliminations [Member]
Consolidating Financial Statements, Captions
Current portion of long-term debt	0		0
Trade and other receivables, net	0		0
Inventories	0		0
Accounts payable	0		0
Net sales	(18,743)	(11,942)
Operating costs and expenses:
Adjustments to reconcile net income to net cash (used in) provided by operating activities	627	(1,390)
Net cash (used in) provided by operating activities	627	(1,390)
Net increase in revolving credit facility	0	0
Proceeds on issuance of debt		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
Intercompany financing and advances	(627)	1,390
Net cash (used in) provided by financing activities	(627)	1,390
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	(18,743)	(11,942)
Selling, General and Administrative Expense	0	0
Depreciation and amortization	0	0
Restructuring Charges	0
Defined Benefit Plan, Curtailments		0
Total operating costs and expenses	(18,743)	(11,942)
Income Tax Expense (Benefit)	0	0
Accrued expenses	0		0
Prepaid and other current assets	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	(2,648,911)		(2,465,524)
Total assets	(2,648,911)		(2,465,524)
Current liabilities:
Total current liabilities	0		0
Long-term debt, less current portion	0		0
Intercompany debt	(2,669,576)		(2,474,385)
Accrued pension and other postretirement benefits, noncurrent	0		0
Deferred income taxes and other	0		0
Total stockholders' equity	20,665		8,861
Total liabilities and stockholders’ equity	(2,648,911)		(2,465,524)
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
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
Capital expenditures	0	0
Proceeds from sale of assets	0	0
Payments to Acquire Businesses, Net of Cash Acquired	0	0
Net cash used in investing activities	0	0
Parent
Consolidating Financial Statements, Captions
Current portion of long-term debt	33,393		28,473
Trade and other receivables, net	2,801		2,057
Inventories	0		0
Accounts payable	7,647		11,154
Net sales	0	0
Operating costs and expenses:
Adjustments to reconcile net income to net cash (used in) provided by operating activities	(2,131)	(13,821)
Net cash (used in) provided by operating activities	13,321	8,852
Net increase in revolving credit facility	174,091	96,541
Proceeds on issuance of debt		0
Retirements and repayments of debt	(7,102)	(4,754)
Payment of deferred financing costs	(10,689)	(71)
Dividends paid	(1,981)	(1,971)
Repayments of government grant	0	0
Repurchase of restricted shares for minimum tax obligation	(171)	(96)
Intercompany financing and advances	(168,266)	(98,318)
Net cash (used in) provided by financing activities	(14,118)	(8,669)
Effect of exchange rate changes on cash and cash equivalents	0	0
Net change in cash and cash equivalents	(927)	(74)
Cash at beginning of period	1,544	620
Cash at end of period	617	546
Cost of Goods and Services Sold	0	0
Selling, General and Administrative Expense	14,444	13,151
Depreciation and amortization	383	399
Restructuring Charges	1,860
Defined Benefit Plan, Curtailments		2,863
Total operating costs and expenses	16,687	16,413
Income Tax Expense (Benefit)	2,050	(13)
Accrued expenses	40,538		44,856
Prepaid and other current assets	5,173		6,524
Total current assets	8,591		10,125
Property and equipment, net	7,029		7,324
Goodwill and other intangible assets, net	0		0
Other, net	16,348		11,878
Intercompany investments and advances	2,484,939		2,301,054
Total assets	2,516,907		2,330,381
Current liabilities:
Total current liabilities	81,578		84,483
Long-term debt, less current portion	1,277,630		1,120,570
Intercompany debt	200,845		171,480
Accrued pension and other postretirement benefits, noncurrent	7,564		7,315
Deferred income taxes and other	11,356		11,589
Total stockholders' equity	937,934		934,944
Total liabilities and stockholders’ equity	2,516,907		2,330,381
Operating Income (Loss)	(16,687)	(16,413)
Intercompany Interest and Charges	(51,564)	(53,590)
Interest expense and other	17,375	14,517
Income from continuing operations before income taxes	17,502	22,660
Net Income (Loss) Attributable to Parent	15,452	22,673
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(566)	1,019
Total comprehensive income	14,886	23,692
Capital expenditures	130	257
Proceeds from sale of assets	0	0
Payments to Acquire Businesses, Net of Cash Acquired	0	0
Net cash used in investing activities	(130)	(257)
Guarantors Subsidiaries
Consolidating Financial Statements, Captions
Current portion of long-term debt	13,694		13,968
Trade and other receivables, net	114,446		127,968
Inventories	1,232,020		1,127,275
Accounts payable	374,596		346,602
Net sales	817,345	885,443
Operating costs and expenses:
Adjustments to reconcile net income to net cash (used in) provided by operating activities	(121,953)	(207,408)
Net cash (used in) provided by operating activities	(121,355)	(162,552)
Net increase in revolving credit facility	0	0
Proceeds on issuance of debt		2,632
Retirements and repayments of debt	(3,687)	(5,672)
Payment of deferred financing costs	0	0
Dividends paid	0	0
Repayments of government grant	(7,285)	0
Repurchase of restricted shares for minimum tax obligation	0	0
Intercompany financing and advances	141,776	180,313
Net cash (used in) provided by financing activities	130,804	177,273
Effect of exchange rate changes on cash and cash equivalents	0	0
Net change in cash and cash equivalents	605	(149)
Cash at beginning of period	201	419
Cash at end of period	806	270
Cost of Goods and Services Sold	668,539	672,310
Selling, General and Administrative Expense	45,907	52,439
Depreciation and amortization	40,766	35,042
Restructuring Charges	4,791
Defined Benefit Plan, Curtailments		0
Total operating costs and expenses	760,003	759,791
Income Tax Expense (Benefit)	5,289	26,395
Accrued expenses	530,910		599,921
Prepaid and other current assets	11,487		26,433
Total current assets	1,358,759		1,281,877
Property and equipment, net	730,404		746,455
Goodwill and other intangible assets, net	1,883,835		1,898,401
Other, net	71,135		76,262
Intercompany investments and advances	81,540		81,540
Total assets	4,125,673		4,084,535
Current liabilities:
Total current liabilities	919,200		960,491
Long-term debt, less current portion	59,595		63,009
Intercompany debt	2,111,492		1,972,729
Accrued pension and other postretirement benefits, noncurrent	632,402		654,201
Deferred income taxes and other	628,440		658,873
Total stockholders' equity	(225,456)		(224,768)
Total liabilities and stockholders’ equity	4,125,673		4,084,535
Operating Income (Loss)	57,342	125,652
Intercompany Interest and Charges	49,173	51,511
Interest expense and other	2,282	2,890
Income from continuing operations before income taxes	5,887	71,251
Net Income (Loss) Attributable to Parent	598	44,856
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(1,572)	6,836
Total comprehensive income	(974)	51,692
Capital expenditures	8,961	(15,286)
Proceeds from sale of assets	108	402
Payments to Acquire Businesses, Net of Cash Acquired	9	(14)
Net cash used in investing activities	(8,844)	(14,870)
Non-Guarantor Subsidiaries
Consolidating Financial Statements, Captions
Current portion of long-term debt	0		0
Trade and other receivables, net	270,872		314,183
Inventories	123,134		108,915
Accounts payable	48,820		52,469
Net sales	94,651	86,137
Operating costs and expenses:
Adjustments to reconcile net income to net cash (used in) provided by operating activities	19,688	11,497
Net cash (used in) provided by operating activities	23,372	6,700
Net increase in revolving credit facility	0	0
Proceeds on issuance of debt		96,300
Retirements and repayments of debt	(36,200)	(5,600)
Payment of deferred financing costs	0	0
Dividends paid	0	0
Repayments of government grant	0	(82)
Repurchase of restricted shares for minimum tax obligation	0	0
Intercompany financing and advances	27,117	(83,385)
Net cash (used in) provided by financing activities	(9,083)	7,233
Effect of exchange rate changes on cash and cash equivalents	(860)	1,665
Net change in cash and cash equivalents	10,637	7,277
Cash at beginning of period	19,239	31,578
Cash at end of period	29,876	38,855
Cost of Goods and Services Sold	76,592	71,726
Selling, General and Administrative Expense	7,675	7,691
Depreciation and amortization	4,313	8,093
Restructuring Charges	0
Defined Benefit Plan, Curtailments		0
Total operating costs and expenses	88,580	87,510
Income Tax Expense (Benefit)	1,527	636
Accrued expenses	34,920		38,431
Prepaid and other current assets	8,980		8,302
Total current assets	432,862		450,639
Property and equipment, net	130,296		135,955
Goodwill and other intangible assets, net	186,508		195,465
Other, net	20,640		20,712
Intercompany investments and advances	82,432		82,930
Total assets	852,738		885,701
Current liabilities:
Total current liabilities	83,740		90,900
Long-term debt, less current portion	155,100		191,300
Intercompany debt	357,239		330,176
Accrued pension and other postretirement benefits, noncurrent	2,488		3,148
Deferred income taxes and other	49,380		54,270
Total stockholders' equity	204,791		215,907
Total liabilities and stockholders’ equity	852,738		$ 885,701
Operating Income (Loss)	6,071	(1,373)
Intercompany Interest and Charges	2,391	2,079
Interest expense and other	(1,531)	709
Income from continuing operations before income taxes	5,211	(4,161)
Net Income (Loss) Attributable to Parent	3,684	(4,797)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(14,797)	10,933
Total comprehensive income	(11,113)	6,136
Capital expenditures	3,632	2,473
Proceeds from sale of assets	840	152
Payments to Acquire Businesses, Net of Cash Acquired	0	(6,000)
Net cash used in investing activities	(2,792)	(8,321)
Pension Plan [Member]
Operating costs and expenses:
Settlements and Curtailments	$ 0	$ 2,863

RESTRUCTURING COSTS RESTRUCTU59

RESTRUCTURING COSTS RESTRUCTURING COSTS (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2016USD ($)	Mar. 31, 2016
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Activities, Reduction of Square Footage		4,000,000
Restructuring and Related Cost, Incurred Cost	$ 10,142
Restructuring and Related Activities, Reduction to Workforce		1,200
Restructuring and Related Cost, Expected Cost	155,000
Restructuring and Related Cost, Accelerated Depreciation	3,491
Severance Costs	52
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	52
Restructuring and Related Cost, Expected Cost	26,000
Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	247
Restructuring and Related Cost, Expected Cost	40,000
Contract Termination [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	25,000
Accelerated Depreciation [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	34,000
Accelerated Depreciation [Member] | Depreciation and Amortization [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	3,491
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	6,352
Restructuring and Related Cost, Expected Cost	30,000
Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	6,651
Integrated Systems [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	46
Integrated Systems [Member] | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	0
Integrated Systems [Member] | Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	0
Integrated Systems [Member] | Accelerated Depreciation [Member] | Depreciation and Amortization [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	46
Integrated Systems [Member] | Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	0
Integrated Systems [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	0
Aerospace Structures [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	3,052
Aerospace Structures [Member] | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	0
Aerospace Structures [Member] | Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	0
Aerospace Structures [Member] | Accelerated Depreciation [Member] | Depreciation and Amortization [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	0
Aerospace Structures [Member] | Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	3,052
Aerospace Structures [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	3,052
Precision Components [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	5,014
Precision Components [Member] | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	27
Precision Components [Member] | Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	247
Precision Components [Member] | Accelerated Depreciation [Member] | Depreciation and Amortization [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	3,300
Precision Components [Member] | Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	1,440
Precision Components [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	1,714
Product Support [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	170
Product Support [Member] | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	25
Product Support [Member] | Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	0
Product Support [Member] | Accelerated Depreciation [Member] | Depreciation and Amortization [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	145
Product Support [Member] | Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	0
Product Support [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	25
Corporate Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	1,860
Corporate Segment [Member] | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	0
Corporate Segment [Member] | Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	0
Corporate Segment [Member] | Accelerated Depreciation [Member] | Depreciation and Amortization [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	0
Corporate Segment [Member] | Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	1,860
Corporate Segment [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	1,860
Minimum [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	150,000
Maximum [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	$ 160,000