Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | 6 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2016 | Nov. 07, 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 | Sep. 30, 2016 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | Q2 | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 49,545,076 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Mar. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 36,215 | $ 20,984 |
Trade and other receivables, less allowance for doubtful accounts of $6,657 and $6,492 | 329,678 | 444,208 |
Inventories, net of unliquidated progress payments of $94,514 and $123,155 | 1,449,019 | 1,236,190 |
Prepaid and other current assets | 26,609 | 41,259 |
Total current assets | 1,841,521 | 1,742,641 |
Property and equipment, net | 857,621 | 889,734 |
Goodwill | 1,426,445 | 1,444,254 |
Intangible assets, net | 620,445 | 649,612 |
Other, net | 108,435 | 108,852 |
Total assets | 4,854,467 | 4,835,093 |
Current liabilities: | ||
Current portion of long-term debt | 47,374 | 42,441 |
Accounts payable | 417,428 | 410,225 |
Accrued expenses | 550,961 | 683,208 |
Total current liabilities | 1,015,763 | 1,135,874 |
Long-term debt, less current portion | 1,568,315 | 1,374,879 |
Accrued pension and other postretirement benefits, noncurrent | 620,597 | 664,664 |
Deferred income taxes, noncurrent | 86,045 | 62,453 |
Other noncurrent liabilities | 598,001 | 662,279 |
Stockholders’ equity: | ||
Common stock, $.001 par value, 100,000,000 shares authorized, 52,460,920 and 52,460,920 shares issued; 49,528,057 and 49,328,999 shares outstanding | 51 | 51 |
Capital in excess of par value | 842,882 | 851,102 |
Treasury Stock, Value | (186,571) | (199,415) |
Accumulated other comprehensive loss | (371,563) | (347,162) |
Retained earnings | 680,947 | 630,368 |
Total stockholders' equity | 965,746 | 934,944 |
Total liabilities and stockholders' equity | $ 4,854,467 | $ 4,835,093 |
Consolidated Balance Sheet Pare
Consolidated Balance Sheet Parenthetical (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2016 | Mar. 31, 2016 |
Allowance for doubtful accounts | $ 6,673 | $ 6,492 |
Unliquidated progress payments | $ 94,514 | $ 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 | 49,528,057 | 49,328,999 |
Treasury Stock, Shares | 2,932,863 | 3,131,921 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Gain (Loss) on Disposition of Business | $ 4,774 | $ 0 | $ 4,774 | $ 0 |
Net sales | 874,769 | 954,774 | 1,768,022 | 1,914,412 |
Operating costs and expenses: | ||||
Cost of sales (exclusive of depreciation and amortization shown separately below) | 673,432 | 730,831 | 1,399,820 | 1,462,925 |
Selling, General and Administrative Expense | 70,329 | 71,321 | 138,355 | 144,602 |
Depreciation and amortization | 45,286 | 42,575 | 90,748 | 86,109 |
Restructuring Charges | 10,462 | 0 | 17,113 | 0 |
Settlements and Curtailments | 0 | 0 | 0 | 2,863 |
Operating expenses | 804,283 | 844,727 | 1,650,810 | 1,696,499 |
Operating Income | 70,486 | 110,047 | 117,212 | 217,913 |
Interest expense and other | 17,896 | 15,631 | 36,023 | 33,747 |
Income from continuing operations before income taxes | 52,590 | 94,416 | 81,189 | 184,166 |
Income Tax Expense | 17,783 | 32,804 | 26,648 | 59,823 |
Net Income (Loss) Attributable to Parent | $ 34,807 | $ 61,612 | $ 54,541 | $ 124,343 |
Earnings per share-basic: | ||||
Earnings per share—basic: | $ 0.71 | $ 1.25 | $ 1.11 | $ 2.53 |
Weighted-average common shares outstanding-basic (in shares) | 49,304 | 49,219 | 49,281 | 49,208 |
Earnings per share-diluted: | ||||
Earnings per share—diluted: | $ 0.70 | $ 1.25 | $ 1.10 | $ 2.52 |
Weighted-average common shares outstanding-diluted (in shares) | 49,432 | 49,308 | 49,429 | 49,311 |
Dividends declared and paid per common share (in dollars per share) | $ 0.04 | $ 0.04 | $ 0.08 | $ 0.08 |
Pension Plan [Member] | ||||
Operating costs and expenses: | ||||
Settlements and Curtailments | $ 0 | $ 0 | $ 0 | $ 2,863 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net Income (Loss) Attributable to Parent | $ 34,807 | $ 61,612 | $ 54,541 | $ 124,343 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Foreign currency translation adjustment | (6,821) | (15,658) | (21,618) | (4,725) |
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 | 0 | 0 | 360 |
Actuarial gain, net of taxes ($3,110) | 0 | 0 | 0 | 5,306 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 834 | 487 | 1,671 | 1,421 |
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) | (1,584) | (4,817) | (1,348) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent | (1,574) | (1,097) | (3,146) | 5,739 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 928 | (1,766) | 373 | (754) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 1 | (34) | (10) | (27) |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 929 | (1,800) | 363 | (781) |
Other Comprehensive Income (Loss), Net of Tax | (7,466) | (18,555) | (24,401) | 233 |
Total comprehensive income | $ 27,341 | $ 43,057 | $ 30,140 | $ 124,576 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income Parenthetical (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit), Tax | $ 0 | $ 0 | $ 0 | $ (211) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During the Period, Tax | 0 | 0 | 0 | (3,110) |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Tax | (489) | (285) | (977) | (833) |
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service (Cost) Credit, Tax | 1,408 | 928 | 2,819 | 790 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During the Period, Tax | (578) | 1,018 | (238) | 483 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | $ 1 | $ 2 | $ 1 | $ 2 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating Activities | ||
Net Income (Loss) Attributable to Parent | $ 54,541 | $ 124,343 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 90,748 | 86,109 |
Amortization of acquired contract liabilities | (59,825) | (65,502) |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | 0 | 2,863 |
Other amortization included in interest expense | 2,576 | 1,945 |
Provision for doubtful accounts receivable | (224) | (1,248) |
Provision for deferred income taxes | 15,897 | 41,705 |
Employee stock-based compensation | 3,976 | 1,990 |
Changes in assets and liabilities, excluding the effects of acquisitions and dispositions of businesses: | ||
Trade and other receivables | 108,812 | (30,945) |
Inventories | (240,361) | (274,368) |
Prepaid expenses and other current assets | 17,001 | 5,446 |
Accounts payable, accrued expenses and other current liabilities | (85,769) | (36,854) |
Accrued pension and other postretirement benefits | (48,941) | (39,549) |
Other | 10,333 | 3,114 |
Net cash (used in) provided by operating activities | (131,236) | (178,455) |
Investing Activities | ||
Capital expenditures | (23,967) | (38,128) |
Proceeds from sale of assets | 10,044 | 1,561 |
Acquisitions, net of cash acquired | (9) | (5,986) |
Net cash used in investing activities | (13,914) | (42,553) |
Financing Activities | ||
Net increase in revolving credit facility | 252,396 | 166,094 |
Proceeds from issuance of long-term debt | 12,700 | 108,297 |
Repayment of debt and capital lease obligations | (73,834) | (44,207) |
Payment of deferred financing costs | (11,079) | (143) |
Dividends paid | (3,962) | (3,943) |
Repayments of government grant | (14,570) | 0 |
Repurchase of restricted shares for minimum tax obligation | (182) | (96) |
Net cash (used in) provided by financing activities | 161,469 | 226,002 |
Effect of exchange rate changes on cash | (1,088) | 1,478 |
Net change in cash and cash equivalents | 15,231 | 6,472 |
Cash at beginning of period | 20,984 | 32,617 |
Cash at end of period | $ 36,215 | $ 39,089 |
Consolidated Statements of Cas8
Consolidated Statements of Cash Flows Parenthetical (Parentheticals) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Excess tax benefit | $ 0 | $ 0 |
BASIS OF PRESENTATION AND ORGAN
BASIS OF PRESENTATION AND ORGANIZATION | 6 Months Ended |
Sep. 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 and six months ended September 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 12). |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Sep. 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 Accounting Standards Codification ("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 toward 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. During the quarter ended September 30, 2016, the Company discovered an immaterial error in its percentage-of-completion accounting for one of its contracts, which understated cost of sales and net income for the three months ended June 30, 2016, in the amount of $11,800 and $8,142 , respectively and overstated retained earnings as of March 31, 2016, in the amount of $12,700 . The Company assessed the materiality of this error on previously issued financial statements in accordance with the ASC 250, Presentation of Financial Statements , and Securities and Exchange Commission (SEC) Staff Accounting Bulletin No. 99, Materiality. The Company concluded, based on a review of the quantitative and qualitative factors of the materiality of the amount, that the error was not material to any previously issued financial statements and the correction of the error in the three months ended September 30, 2016 was not material to that period’s financial statements. Accordingly, in order to correct this immaterial error, the Company has recorded a charge to "Cost of sales" in the amount of $24,500 , which is presented on the accompanying Condensed Consolidated Statements of Income during the three months ended September 30, 2016. For the three months ended September 30, 2016 , cumulative catch-up adjustments from changes in estimates, inclusive of changes in forward loss estimates and the correction of the error noted above, were balanced between positive and negative variances. The cumulative catch-up adjustments to operating income for the three months ended September 30, 2016 , included gross favorable adjustments of approximately $49,936 and gross unfavorable adjustments of approximately $(49,930) , which includes the recapture of previously recognized forward losses on the 747-8 program of $36,800 . For the three months ended September 30, 2015 , cumulative catch-up adjustments from changes in estimates decreased operating income, net income and earnings per share by approximately $(6,794) , $(4,433) and $(0.09) , net of tax, respectively. For the six months ended September 30, 2016 , cumulative catch-up adjustments from changes in estimates, inclusive of changes in forward loss estimates and the correction of the error noted above, decreased operating income, net income and earnings per share by approximately $(20,716) , $(13,917) and $(0.28) , net of tax, respectively. The cumulative catch-up adjustments to operating income for the six months ended September 30, 2016 , included gross favorable adjustments of approximately $46,111 and gross unfavorable adjustments of approximately $(66,827) , which includes the recapture of previously recognized forward losses on the 747-8 program of $36,800 . For the six months ended September 30, 2015 , cumulative catch-up adjustments from changes in estimates decreased operating income, net income and earnings per share by approximately $(6,324) , $(4,270) and $(0.09) , 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 September 30, 2016 and 2015 , the Company recognized $30,477 and $30,404 , respectively, into net sales on the accompanying Condensed Consolidated Statements of Income. For the six months ended September 30, 2016 and 2015 , the Company recognized $59,825 and $65,502 , respectively, into net sales on 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 16% and 18% of total trade accounts receivable as of September 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 six months ended September 30, 2016 , were $657,901 , or 37% of net sales, of which $106,838 , $311,658 , $223,256 and $16,149 were from the Integrated Systems, Aerospace Structures, Precision Components and Product Support, respectively. Sales to Boeing for the six months ended September 30, 2015 , were $750,044 , or 39% of net sales, of which $97,379 , $460,664 , $173,825 and $18,176 were from the Integrated Systems, Aerospace Structures, Precision Components and Product Support, respectively. Sales to Gulfstream Aerospace Corporation for the six months ended September 30, 2016 , were $216,651 , or 12% of net sales, of which $1,083 , $209,684 , $5,782 and $102 were from the Integrated Systems, Aerospace Structures, Precision Components and Product Support, respectively. Sales to Gulfstream for the six months ended September 30, 2015 , were $251,384 , or 13% of net sales, of which $1,776 , $246,147 , $3,454 and $7 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 September 30, 2016 and 2015 , was $2,024 and $1,199 , respectively. Stock-based compensation expense for the six months ended September 30, 2016 and 2015 , was $3,976 and $1,990 , 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: September 30, 2016 Weighted- Average Life Gross Carrying Amount Accumulated Amortization Net Customer relationships 16.4 $ 670,714 $ (226,530 ) $ 444,184 Product rights, technology and licenses 11.7 55,409 (38,782 ) 16,627 Non-compete agreements and other 16.1 2,881 (814 ) 2,067 Tradenames 20.0 163,000 (5,433 ) 157,567 Total intangibles, net $ 892,004 $ (271,559 ) $ 620,445 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 estimated remaining useful life of 20 years. Amortization expense for the three months ended September 30, 2016 and 2015 , was $13,586 and $14,447 , respectively. Amortization expense for the six months ended September 30, 2016 and 2015 , was $27,217 and $30,411 , respectively. Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. When determining fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and also considers assumptions that market participants would use when pricing an asset or liability. The fair value hierarchy has three levels of inputs that may be used to measure fair value: Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2—Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability; and Level 3—Unobservable inputs for the asset or liability. The Company has applied fair value measurements to its interest rate swap (see Note 6). Warranty Reserves A reserve has been established to provide for the estimated future cost of warranties on our delivered products. The Company periodically reviews the reserves and adjustments are made accordingly. A provision for warranty on products delivered is made on the basis of historical experience and identified warranty issues. Warranties cover such factors as non-conformance to specifications and defects in material and workmanship. The majority of the Company's agreements include a three -year warranty, although certain programs have warranties up to 20 years. The warranty reserves as of September 30, 2016 and March 31, 2016 , were $109,066 and $112,937 , respectively. Supplemental Cash Flow Information The Company paid $2,169 and $2,220 for income taxes, net of refunds, for the six months ended September 30, 2016 and 2015 , respectively. The Company made interest payments of $34,514 and $30,236 for the six months ended September 30, 2016 and 2015 . During the six months ended September 30, 2016 , the Company financed $11,427 of property and equipment additions through capital leases. As of September 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's lenders that prevent any repurchases at this time. |
ACQUISITIONS
ACQUISITIONS | 6 Months Ended |
Sep. 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 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 following condensed balance sheet represents the amounts assigned to each major asset and liability caption in the aggregate from the acquisition of Fairchild, in accordance with ASC 805, Business Combinations : 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 Company finalized its estimates after it was able to determine that it had obtained all necessary information that existed as of the acquisition date related to these matters. The 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 | 6 Months Ended |
Sep. 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: September 30, 2016 March 31, 2016 Raw materials $ 95,135 $ 81,989 Work-in-process, including manufactured and purchased components 1,253,653 1,100,660 Finished goods 140,477 124,744 Rotable assets 54,268 51,952 Less: unliquidated progress payments (94,514 ) (123,155 ) Total inventories $ 1,449,019 $ 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: September 30, 2016 Inventory Capitalized Pre-Production Forward Loss Provision Total Inventory, net Bombardier $ 30,907 $ 502,713 $ (399,758 ) $ 133,862 Embraer 10,874 167,241 — 178,115 Total $ 41,781 $ 669,954 $ (399,758 ) $ 311,977 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. The program has continued to incur costs since March 2016 in support of the development and transition to production and the Company is in commercial discussions with Bombardier regarding recovery of those costs. Further cost increases, or an inability to meet revised recurring cost forecasts, or an inability to reach a favorable resolution of cost recovery on the Global 7000/8000 program will likely result in additional forward loss reserves in future periods, while improvements in future costs compared to current estimates or additional cost recovery 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 | 6 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt consists of the following: September 30, 2016 March 31, 2016 Revolving line of credit $ 392,396 $ 140,000 Term loan 323,438 337,500 Receivable securitization facility 151,600 191,300 Capital leases 78,511 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 (13,234 ) (8,971 ) 1,615,689 1,417,320 Less: Current portion 47,374 42,441 $ 1,568,315 $ 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 September 30, 2016 , there were $392,396 in borrowings and $27,926 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 September 30, 2016 , the Company had borrowing capacity under this facility of $298,967 after reductions for borrowings, letters of credit outstanding under the facility and consideration of covenant limitations. 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 in offsetting changes in cash flows. As of September 30, 2016 and March 31, 2016 , the interest rate swap agreement had a notional amount of $323,438 and $337,500 , respectively. As of September 30, 2016 and March 31, 2016 , the interest rate swap agreement had a fair value of $3,398 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. In October 2016, the Company entered into a Seventh 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 “Seventh Amendment” and the Existing Credit Agreement, as amended by the Seventh Amendment, the “Credit Agreement”). Specifically, the Existing Credit Agreement was amended to, among other things, (i) modify certain financial covenants to allow for the add-back of certain cash and non-cash charges, (ii) increase the maximum permitted total leverage ratio and senior secured leverage ratio financial covenants commencing with the fiscal quarter ended September 30, 2016 through the fiscal quarter ending June 30, 2017, (iii) permit the sale of certain specified assets so long as the Company applies 65% of the net proceeds received from such sales to the outstanding term loan, pro rata across all maturities, (iv) establish a new higher pricing tier for the interest rate, commitment fee and letter of credit fee pricing provisions, (v) increase the interest rate and letter of credit fee pricing provisions for several of the lower tiers of the pricing grid, (vi) 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 quarter ending September 30, 2017, and (vii) extend the period during which the increased minimum revolver availability threshold test and the decreased maximum senior secured leverage ratio threshold test are in effect in connection with the Company making certain permitted investments, certain additional permitted dividends, permitted acquisitions and permitted payments of certain types of indebtedness to the date the Company delivers its compliance certificate for the fiscal quarter ending September 30, 2017. 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 September 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 September 30, 2016 , there was $151,600 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 six months ended September 30, 2016 , the Company financed $11,427 of property and equipment additions through capital leases. During the six months ended September 30, 2015, the Company obtained financing for existing fixed assets in the amount of $6,497 . 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 September 30, 2016 and March 31, 2016 , the Company sold $64,345 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: September 30, 2016 March 31, 2016 Carrying Value Fair Value Carrying Value Fair Value Long-term debt $ 1,615,689 $ 1,588,829 $ 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 | 6 Months Ended |
Sep. 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 September 30, Six Months Ended September 30, (in thousands) (in thousands) 2016 2015 2016 2015 Weighted-average common shares outstanding – basic 49,304 49,219 49,281 49,208 Net effect of dilutive stock options and nonvested stock 128 89 148 103 Weighted-average common shares outstanding – diluted 49,432 49,308 49,429 49,311 |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Sep. 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 September 30, 2016 and March 31, 2016 , the total amount of accrued income tax-related interest and penalties was $260 and $239 , respectively. As of September 30, 2016 and March 31, 2016 , the total amount of unrecognized tax benefits was $9,226 and $9,212 , respectively, of which $9,226 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 September 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 September 30, 2016 , was 33.8% as compared to 34.7% for the three months ended September 30, 2015 . For the three months ended September 30, 2016 , the income tax provision reflected the disallowed tax benefit of $1,466 related to the capital loss generated from the divestiture of TAS-Newport News. For the three months ended September 30, 2015 , the income tax provision included the benefit of $421 related to the effects of transfer pricing adjustments carried back to prior periods. The effective income tax rate for the six months ended September 30, 2016 , was 32.8% as compared to 32.5% for the six months ended September 30, 2015 . For the six months ended September 30, 2016 , the income tax provision reflected the disallowed tax benefit of $1,466 related to the capital loss generated from the divestiture of TAS-Newport News. For the six months ended September 30, 2015 , the income tax provision was reduced to reflect the benefit of $4,213 from the decrease to the state deferred tax rates and the benefit of $421 related to the effects of transfer pricing adjustments carried back to prior periods. 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 September 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 | 6 Months Ended |
Sep. 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 September 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 (1,897 ) — — — (1,897 ) Goodwill derecognized in connection with divestitures (6,600 ) — — — (6,600 ) Effect of exchange rate changes (9,472 ) — (21 ) 181 (9,312 ) Balance, September 30, 2016 $ 542,727 $ 266,298 $ 535,783 $ 81,637 $ 1,426,445 |
PENSION AND OTHER POSTRETIREMEN
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | 6 Months Ended |
Sep. 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, on 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 September 30, Six Months Ended September 30, 2016 2015 2016 2015 Components of net periodic benefit costs: Service cost $ 1,635 $ 2,726 $ 3,284 $ 5,494 Interest cost 18,161 22,755 36,350 45,432 Expected return on plan assets (39,002 ) (40,855 ) (78,059 ) (81,709 ) Amortization of prior service credits (445 ) (1,059 ) (891 ) (2,205 ) Amortization of net loss 3,029 2,468 6,060 4,990 Curtailment charge — — — 2,863 Net periodic benefit income $ (16,622 ) $ (13,965 ) $ (33,256 ) $ (25,135 ) Other postretirement benefits Three Months Ended September 30, Six Months Ended September 30, 2016 2015 2016 2015 Components of net periodic benefit costs: Service cost $ 179 $ 306 $ 358 $ 632 Interest cost 1,247 2,056 2,494 4,126 Amortization of prior service credits (3,366 ) (1,451 ) (6,732 ) (2,796 ) Amortization of gain (1,647 ) (1,657 ) (3,294 ) (3,301 ) Net periodic benefit income $ (3,587 ) $ (746 ) $ (7,174 ) $ (1,339 ) 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 | 6 Months Ended |
Sep. 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 and six months ended September 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 June 30, 2016 $ (73,613 ) $ (3,486 ) $ (286,998 ) $ (364,097 ) AOCI before reclassifications (6,821 ) 928 — (5,893 ) Amounts reclassified from AOCI — 1 (1,574 ) (1,573 ) Net current period AOCI (6,821 ) 929 (1,574 ) (7,466 ) Balance September 30, 2016 $ (80,434 ) $ (2,557 ) $ (288,572 ) $ (371,563 ) Balance June 30, 2015 $ (35,818 ) $ (1,738 ) $ (142,566 ) $ (180,122 ) AOCI before reclassifications (15,658 ) (1,766 ) — (17,424 ) Amounts reclassified from AOCI — (34 ) (1,097 ) (1,131 ) Net current period AOCI (15,658 ) (1,800 ) (1,097 ) (18,555 ) Balance September 30, 2015 $ (51,476 ) $ (3,538 ) $ (143,663 ) $ (198,677 ) Balance March 31, 2016 $ (58,816 ) $ (2,920 ) $ (285,426 ) $ (347,162 ) AOCI before reclassifications (21,618 ) 373 — (21,245 ) Amounts reclassified from AOCI — (10 ) (3,146 ) (2 ) (3,156 ) Net current period AOCI (21,618 ) 363 (3,146 ) (24,401 ) Balance September 30, 2016 $ (80,434 ) $ (2,557 ) $ (288,572 ) $ (371,563 ) Balance March 31, 2015 $ (46,751 ) $ (2,757 ) $ (149,402 ) $ (198,910 ) AOCI before reclassifications (4,725 ) (754 ) 5,666 187 Amounts reclassified from AOCI — (27 ) 73 (2 ) 46 Net current period AOCI (4,725 ) (781 ) 5,739 233 Balance September 30, 2015 $ (51,476 ) $ (3,538 ) $ (143,663 ) $ (198,677 ) (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 | 6 Months Ended |
Sep. 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. 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. 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. 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. Product Support consists of the Company’s operations that provide 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, 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 loss on divestiture of $4,774 for the six months ended September 30, 2016 . 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 September 30, Six Months Ended September 30, 2016 2015 2016 2015 Net sales: Integrated Systems $ 245,367 $ 261,481 $ 502,723 $ 520,052 Aerospace Structures 320,283 385,471 651,879 780,591 Precision Components 259,458 265,825 514,060 530,966 Product Support 85,826 73,777 170,025 148,522 Elimination of inter-segment sales (36,165 ) (31,780 ) (70,665 ) (65,719 ) $ 874,769 $ 954,774 $ 1,768,022 $ 1,914,412 Income before income taxes: Operating income (expense): Integrated Systems $ 45,797 $ 51,100 $ 93,783 $ 101,657 Aerospace Structures 24,867 36,682 34,031 78,480 Precision Components 12,063 25,457 4,281 50,362 Product Support 14,265 9,125 28,324 19,112 Corporate (26,506 ) (12,317 ) (43,207 ) (31,698 ) 70,486 110,047 117,212 217,913 Interest expense and other 17,896 15,631 36,023 33,747 $ 52,590 $ 94,416 $ 81,189 $ 184,166 Depreciation and amortization: Integrated Systems $ 10,157 $ 10,139 $ 20,461 $ 20,657 Aerospace Structures 18,385 15,646 36,347 31,579 Precision Components 14,016 13,972 28,345 28,193 Product Support 2,452 2,428 4,936 4,890 Corporate 276 390 659 790 $ 45,286 $ 42,575 $ 90,748 $ 86,109 Amortization of acquired contract liabilities, net: Integrated Systems $ 9,136 $ 10,011 $ 19,473 $ 20,512 Aerospace Structures 20,647 19,430 39,085 43,208 Precision Components 694 963 1,267 1,782 $ 30,477 $ 30,404 $ 59,825 $ 65,502 Adjusted EBITDA: Integrated Systems $ 46,818 $ 51,228 $ 94,771 $ 101,802 Aerospace Structures 22,605 32,898 31,293 66,851 Precision Components 25,385 38,466 31,359 76,773 Product Support 16,717 11,553 33,260 24,002 Corporate (21,456 ) (11,927 ) (37,774 ) (28,045 ) $ 90,069 $ 122,218 $ 152,909 $ 241,383 Three Months Ended September 30, Six Months Ended September 30, 2016 2015 2016 2015 Capital expenditures: Integrated Systems $ 2,595 $ 6,012 $ 5,823 $ 9,865 Aerospace Structures 3,759 8,895 7,592 15,466 Precision Components 3,503 4,413 8,405 11,126 Product Support 703 711 1,333 1,333 Corporate 684 81 814 338 $ 11,244 $ 20,112 $ 23,967 $ 38,128 September 30, 2016 March 31, 2016 Total Assets: Integrated Systems $ 1,326,850 $ 1,371,178 Aerospace Structures 1,864,812 1,792,397 Precision Components 1,287,605 1,298,294 Product Support 347,089 350,674 Corporate 28,111 22,550 $ 4,854,467 $ 4,835,093 During the three months ended September 30, 2016 and 2015 , the Company had international sales of $182,706 and $188,308 , respectively. During the six months ended September 30, 2016 and 2015 , the Company had international sales of $363,125 and $379,625 , respectively. |
SELECTED CONSOLIDATING FINANCIA
SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS | 6 Months Ended |
Sep. 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 September 30, 2016 and March 31, 2016 , Condensed Consolidating Statements of Comprehensive Income for the three and six months ended September 30, 2016 and 2015 , and Condensed Consolidating Statements of Cash Flows for the six months ended September 30, 2016 and 2015 . SUMMARY CONDENSED CONSOLIDATING BALANCE SHEETS: September 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Current assets: Cash and cash equivalents $ 651 $ 4,859 $ 30,705 $ — $ 36,215 Trade and other receivables, net 5,807 60,037 263,834 — 329,678 Inventories — 1,331,212 117,807 — 1,449,019 Prepaid expenses and other 4,149 13,132 9,328 — 26,609 Total current assets 10,607 1,409,240 421,674 — 1,841,521 Property and equipment, net 7,438 722,839 127,344 — 857,621 Goodwill and other intangible assets, net — 1,864,437 182,453 — 2,046,890 Other, net 16,165 70,631 21,639 — 108,435 Intercompany investments and advances 2,638,319 81,541 83,347 (2,803,207 ) — Total assets $ 2,672,529 $ 4,148,688 $ 836,457 $ (2,803,207 ) $ 4,854,467 Current liabilities: Current portion of long-term debt $ 33,445 $ 13,929 $ — $ — $ 47,374 Accounts payable 7,571 370,046 39,811 — 417,428 Accrued expenses 49,107 468,697 33,157 — 550,961 Total current liabilities 90,123 852,672 72,968 — 1,015,763 Long-term debt, less current portion 1,349,670 67,045 151,600 — 1,568,315 Intercompany advances 249,698 2,190,333 361,051 (2,801,082 ) — Accrued pension and other postretirement benefits, noncurrent 7,732 610,942 1,923 — 620,597 Deferred income taxes and other 9,560 628,708 45,778 — 684,046 Total stockholders’ equity 965,746 (201,012 ) 203,137 (2,125 ) 965,746 Total liabilities and stockholders’ equity $ 2,672,529 $ 4,148,688 $ 836,457 $ (2,803,207 ) $ 4,854,467 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 September 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 798,537 $ 96,802 $ (20,570 ) $ 874,769 Operating costs and expenses: Cost of sales — 615,237 78,765 (20,570 ) 673,432 Selling, general and administrative 13,654 49,607 7,068 — 70,329 Depreciation and amortization 277 40,794 4,215 — 45,286 Restructuring 7,740 2,495 227 — 10,462 Loss on divestiture 4,774 — — — 4,774 26,445 708,133 90,275 (20,570 ) 804,283 Operating (loss) income (26,445 ) 90,404 6,527 — 70,486 Intercompany interest and charges (47,505 ) 45,269 2,236 — — Interest expense and other 17,737 2,487 (2,328 ) — 17,896 Income before income taxes 3,323 42,648 6,619 — 52,590 Income tax expense (430 ) 16,828 1,385 — 17,783 Net income 3,753 25,820 5,234 — 34,807 Other comprehensive loss 929 (1,574 ) (6,821 ) — (7,466 ) Total comprehensive income (loss) $ 4,682 $ 24,246 $ (1,587 ) $ — $ 27,341 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Three Months Ended September 30, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 876,282 $ 95,355 $ (16,863 ) $ 954,774 Operating costs and expenses: Cost of sales — 667,591 80,103 (16,863 ) 730,831 Selling, general and administrative 11,908 49,803 9,610 — 71,321 Depreciation and amortization 389 37,766 4,420 — 42,575 12,297 755,160 94,133 (16,863 ) 844,727 Operating (loss) income (12,297 ) 121,122 1,222 — 110,047 Intercompany interest and charges (50,709 ) 48,401 2,308 — — Interest expense and other 15,133 2,193 (1,695 ) — 15,631 Income before income taxes 23,279 70,528 609 — 94,416 Income tax expense 5,487 26,196 1,121 — 32,804 Net income (loss) 17,792 44,332 (512 ) — 61,612 Other comprehensive loss (1,800 ) (1,097 ) (15,658 ) — (18,555 ) Total comprehensive income (loss) $ 15,992 $ 43,235 $ (16,170 ) $ — $ 43,057 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Six Months Ended September 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 1,615,964 $ 191,452 $ (39,394 ) $ 1,768,022 Operating costs and expenses: Cost of sales — 1,283,858 155,356 (39,394 ) 1,399,820 Selling, general and administrative 28,097 95,500 14,758 — 138,355 Depreciation and amortization 659 81,561 8,528 — 90,748 Restructuring 9,600 7,286 227 — 17,113 Loss on divestiture 4,774 — — — 4,774 43,130 1,468,205 178,869 (39,394 ) 1,650,810 Operating (loss) income (43,130 ) 147,759 12,583 — 117,212 Intercompany interest and charges (99,069 ) 94,442 4,627 — — Interest expense and other 35,118 4,765 (3,860 ) — 36,023 Income before income taxes 20,821 48,552 11,816 — 81,189 Income tax expense 1,619 22,117 2,912 — 26,648 Net income 19,202 26,435 8,904 — 54,541 Other comprehensive income (loss) 363 (3,146 ) (21,618 ) — (24,401 ) Total comprehensive income (loss) $ 19,565 $ 23,289 $ (12,714 ) $ — $ 30,140 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Six Months Ended September 30, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 1,761,725 $ 181,492 $ (28,805 ) $ 1,914,412 Operating costs and expenses: Cost of sales — 1,339,900 151,830 (28,805 ) 1,462,925 Selling, general and administrative 25,060 102,241 17,301 — 144,602 Depreciation and amortization 789 72,808 12,512 — 86,109 Curtailment charge 2,863 — — — 2,863 28,712 1,514,949 181,643 (28,805 ) 1,696,499 Operating (loss) income (28,712 ) 246,776 (151 ) — 217,913 Intercompany interest and charges (104,300 ) 99,913 4,387 — — Interest expense and other 29,648 5,083 (984 ) — 33,747 Income (loss) before income taxes 45,940 141,780 (3,554 ) — 184,166 Income tax expense 5,476 52,590 1,757 — 59,823 Net income (loss) 40,464 89,190 (5,311 ) — 124,343 Other comprehensive (loss) income (781 ) 5,739 (4,725 ) — 233 Total comprehensive income (loss) $ 39,683 $ 94,929 $ (10,036 ) $ — $ 124,576 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS: For the Six Months Ended September 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net income $ 19,202 $ 26,435 $ 8,904 $ — $ 54,541 Adjustments to reconcile net income to net cash provided by (used in) operating activities 14,409 (219,316 ) 18,470 660 (185,777 ) Net cash provided by (used in) operating activities 33,611 (192,881 ) 27,374 660 (131,236 ) Capital expenditures (814 ) (17,154 ) (5,999 ) — (23,967 ) Proceeds from sale of assets — 9,143 901 — 10,044 Acquisitions, net of cash acquired — 9 — — 9 Net cash used in investing activities (814 ) (8,002 ) (5,098 ) — (13,914 ) Net increase in revolving credit facility 252,396 — — — 252,396 Proceeds on issuance of debt — — 12,700 — 12,700 Retirements and repayments of debt (14,206 ) (7,228 ) (52,400 ) — (73,834 ) Payments of deferred financing costs (11,079 ) — — — (11,079 ) Dividends paid (3,962 ) — — — (3,962 ) Repayment of governmental grant — (14,570 ) — — (14,570 ) Repurchase of restricted shares for minimum tax obligation (182 ) — — — (182 ) Intercompany financing and advances (256,657 ) 227,339 29,978 (660 ) — Net cash (used in) provided by financing activities (33,690 ) 205,541 (9,722 ) (660 ) 161,469 Effect of exchange rate changes on cash — — (1,088 ) — (1,088 ) Net change in cash and cash equivalents (893 ) 4,658 11,466 — 15,231 Cash and cash equivalents at beginning of period 1,544 201 19,239 — 20,984 Cash and cash equivalents at end of period $ 651 $ 4,859 $ 30,705 $ — $ 36,215 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS: For the Six Months Ended September 30, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net income $ 40,464 $ 89,190 $ (5,311 ) $ — $ 124,343 Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities 4,328 (320,943 ) 7,972 5,845 (302,798 ) Net cash provided by (used in) operating activities 44,792 (231,753 ) 2,661 5,845 (178,455 ) Capital expenditures (338 ) (30,316 ) (7,474 ) — (38,128 ) Proceeds from sale of assets — 1,408 153 — 1,561 Acquisitions, net of cash acquired — 14 (6,000 ) — (5,986 ) Net cash used in investing activities (338 ) (28,894 ) (13,321 ) — (42,553 ) Net increase in revolving credit facility 166,094 — — — 166,094 Proceeds on issuance of debt — 6,497 101,800 — 108,297 Retirements and repayments of debt (9,511 ) (11,596 ) (23,100 ) — (44,207 ) Payments of deferred financing costs (143 ) — — — (143 ) Dividends paid (3,943 ) — — — (3,943 ) Repurchase of restricted shares for minimum tax obligation (96 ) — — — (96 ) Intercompany financing and advances (196,863 ) 265,639 (62,931 ) (5,845 ) — Net cash (used in) provided by financing activities (44,462 ) 260,540 15,769 (5,845 ) 226,002 Effect of exchange rate changes on cash — — 1,478 — 1,478 Net change in cash and cash equivalents (8 ) (107 ) 6,587 — 6,472 Cash and cash equivalents at beginning of period 620 419 31,578 — 32,617 Cash and cash equivalents at end of period $ 612 $ 312 $ 38,165 $ — $ 39,089 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Sep. 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 | 6 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Costs [Table Text Block] | The restructuring charges recognized for the three and six months ended September 30, 2016 , by type and by segment consisted of the following: For the Three Months Ended September 30, 2016 Integrated Systems Aerospace Structures Precision Components Product Support Corporate Total Termination benefits $ 286 $ 250 $ 445 $ 65 $ — $ 1,046 Facility closure and other exit costs — — — 35 — 35 Other — 960 612 68 7,741 9,381 Total Restructuring 286 1,210 1,057 168 7,741 10,462 Depreciation and amortization 47 — 3,549 144 — 3,740 Total $ 333 $ 1,210 $ 4,606 $ 312 $ 7,741 $ 14,202 For the Six Months Ended September 30, 2016 Integrated Systems Aerospace Structures Precision Components Product Support Corporate Total Termination benefits $ 286 $ 250 $ 472 $ 90 $ — $ 1,098 Facility closure and other exit costs — — 247 35 — 282 Other — 4,012 2,052 68 9,601 15,733 Total Restructuring 286 4,262 2,771 193 9,601 17,113 Depreciation and amortization 93 — 6,849 289 — 7,231 Total $ 379 $ 4,262 $ 9,620 $ 482 $ 9,601 $ 24,344 | 15. 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 September 30, 2016 , the Company recorded charges of $14,202 related to this program including, accelerated depreciation of $3,740 and severance of $1,046 . For the six months ended September 30, 2016 , the Company recorded charges of $24,344 related to this program including, accelerated depreciation of $7,231 and severance of $1,098 . 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, along with a reconciliation of associated liability: 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 and six months ended September 30, 2016 , by type and by segment consisted of the following: For the Three Months Ended September 30, 2016 Integrated Systems Aerospace Structures Precision Components Product Support Corporate Total Termination benefits $ 286 $ 250 $ 445 $ 65 $ — $ 1,046 Facility closure and other exit costs — — — 35 — 35 Other — 960 612 68 7,741 9,381 Total Restructuring 286 1,210 1,057 168 7,741 10,462 Depreciation and amortization 47 — 3,549 144 — 3,740 Total $ 333 $ 1,210 $ 4,606 $ 312 $ 7,741 $ 14,202 For the Six Months Ended September 30, 2016 Integrated Systems Aerospace Structures Precision Components Product Support Corporate Total Termination benefits $ 286 $ 250 $ 472 $ 90 $ — $ 1,098 Facility closure and other exit costs — — 247 35 — 282 Other — 4,012 2,052 68 9,601 15,733 Total Restructuring 286 4,262 2,771 193 9,601 17,113 Depreciation and amortization 93 — 6,849 289 — 7,231 Total $ 379 $ 4,262 $ 9,620 $ 482 $ 9,601 $ 24,344 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) | 6 Months Ended |
Sep. 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 Accounting Standards Codification ("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 toward 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. During the quarter ended September 30, 2016, the Company discovered an immaterial error in its percentage-of-completion accounting for one of its contracts, which understated cost of sales and net income for the three months ended June 30, 2016, in the amount of $11,800 and $8,142 , respectively and overstated retained earnings as of March 31, 2016, in the amount of $12,700 . The Company assessed the materiality of this error on previously issued financial statements in accordance with the ASC 250, Presentation of Financial Statements , and Securities and Exchange Commission (SEC) Staff Accounting Bulletin No. 99, Materiality. The Company concluded, based on a review of the quantitative and qualitative factors of the materiality of the amount, that the error was not material to any previously issued financial statements and the correction of the error in the three months ended September 30, 2016 was not material to that period’s financial statements. Accordingly, in order to correct this immaterial error, the Company has recorded a charge to "Cost of sales" in the amount of $24,500 , which is presented on the accompanying Condensed Consolidated Statements of Income during the three months ended September 30, 2016. For the three months ended September 30, 2016 , cumulative catch-up adjustments from changes in estimates, inclusive of changes in forward loss estimates and the correction of the error noted above, were balanced between positive and negative variances. The cumulative catch-up adjustments to operating income for the three months ended September 30, 2016 , included gross favorable adjustments of approximately $49,936 and gross unfavorable adjustments of approximately $(49,930) , which includes the recapture of previously recognized forward losses on the 747-8 program of $36,800 . For the three months ended September 30, 2015 , cumulative catch-up adjustments from changes in estimates decreased operating income, net income and earnings per share by approximately $(6,794) , $(4,433) and $(0.09) , net of tax, respectively. For the six months ended September 30, 2016 , cumulative catch-up adjustments from changes in estimates, inclusive of changes in forward loss estimates and the correction of the error noted above, decreased operating income, net income and earnings per share by approximately $(20,716) , $(13,917) and $(0.28) , net of tax, respectively. The cumulative catch-up adjustments to operating income for the six months ended September 30, 2016 , included gross favorable adjustments of approximately $46,111 and gross unfavorable adjustments of approximately $(66,827) , which includes the recapture of previously recognized forward losses on the 747-8 program of $36,800 . For the six months ended September 30, 2015 , cumulative catch-up adjustments from changes in estimates decreased operating income, net income and earnings per share by approximately $(6,324) , $(4,270) and $(0.09) , 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 September 30, 2016 and 2015 , the Company recognized $30,477 and $30,404 , respectively, into net sales on the accompanying Condensed Consolidated Statements of Income. For the six months ended September 30, 2016 and 2015 , the Company recognized $59,825 and $65,502 , respectively, into net sales on 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 16% and 18% of total trade accounts receivable as of September 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 six months ended September 30, 2016 , were $657,901 , or 37% of net sales, of which $106,838 , $311,658 , $223,256 and $16,149 were from the Integrated Systems, Aerospace Structures, Precision Components and Product Support, respectively. Sales to Boeing for the six months ended September 30, 2015 , were $750,044 , or 39% of net sales, of which $97,379 , $460,664 , $173,825 and $18,176 were from the Integrated Systems, Aerospace Structures, Precision Components and Product Support, respectively. Sales to Gulfstream Aerospace Corporation for the six months ended September 30, 2016 , were $216,651 , or 12% of net sales, of which $1,083 , $209,684 , $5,782 and $102 were from the Integrated Systems, Aerospace Structures, Precision Components and Product Support, respectively. Sales to Gulfstream for the six months ended September 30, 2015 , were $251,384 , or 13% of net sales, of which $1,776 , $246,147 , $3,454 and $7 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 September 30, 2016 and 2015 , was $2,024 and $1,199 , respectively. Stock-based compensation expense for the six months ended September 30, 2016 and 2015 , was $3,976 and $1,990 , 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: September 30, 2016 Weighted- Average Life Gross Carrying Amount Accumulated Amortization Net Customer relationships 16.4 $ 670,714 $ (226,530 ) $ 444,184 Product rights, technology and licenses 11.7 55,409 (38,782 ) 16,627 Non-compete agreements and other 16.1 2,881 (814 ) 2,067 Tradenames 20.0 163,000 (5,433 ) 157,567 Total intangibles, net $ 892,004 $ (271,559 ) $ 620,445 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 estimated remaining useful life of 20 years. Amortization expense for the three months ended September 30, 2016 and 2015 , was $13,586 and $14,447 , respectively. Amortization expense for the six months ended September 30, 2016 and 2015 , was $27,217 and $30,411 , respectively. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. When determining fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and also considers assumptions that market participants would use when pricing an asset or liability. The fair value hierarchy has three levels of inputs that may be used to measure fair value: Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2—Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability; and Level 3—Unobservable inputs for the asset or liability. The Company has applied fair value measurements to its interest rate swap (see Note 6). |
Product Warranty Disclosure [Text Block] | Warranty Reserves A reserve has been established to provide for the estimated future cost of warranties on our delivered products. The Company periodically reviews the reserves and adjustments are made accordingly. A provision for warranty on products delivered is made on the basis of historical experience and identified warranty issues. Warranties cover such factors as non-conformance to specifications and defects in material and workmanship. The majority of the Company's agreements include a three -year warranty, although certain programs have warranties up to 20 years. The warranty reserves as of September 30, 2016 and March 31, 2016 , were $109,066 and $112,937 , respectively |
Cash Flow, Supplemental Disclosures [Text Block] | Supplemental Cash Flow Information The Company paid $2,169 and $2,220 for income taxes, net of refunds, for the six months ended September 30, 2016 and 2015 , respectively. The Company made interest payments of $34,514 and $30,236 for the six months ended September 30, 2016 and 2015 . During the six months ended September 30, 2016 , the Company financed $11,427 of property and equipment additions through capital leases. As of September 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's lenders that prevent any repurchases at this time. |
SUMMARY OF SIGNIFICANT ACCOUN24
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block] | September 30, 2016 Weighted- Average Life Gross Carrying Amount Accumulated Amortization Net Customer relationships 16.4 $ 670,714 $ (226,530 ) $ 444,184 Product rights, technology and licenses 11.7 55,409 (38,782 ) 16,627 Non-compete agreements and other 16.1 2,881 (814 ) 2,067 Tradenames 20.0 163,000 (5,433 ) 157,567 Total intangibles, net $ 892,004 $ (271,559 ) $ 620,445 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) | 6 Months Ended |
Sep. 30, 2016 | |
Fairchild [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | 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) | 6 Months Ended |
Sep. 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: September 30, 2016 Inventory Capitalized Pre-Production Forward Loss Provision Total Inventory, net Bombardier $ 30,907 $ 502,713 $ (399,758 ) $ 133,862 Embraer 10,874 167,241 — 178,115 Total $ 41,781 $ 669,954 $ (399,758 ) $ 311,977 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 | September 30, 2016 March 31, 2016 Raw materials $ 95,135 $ 81,989 Work-in-process, including manufactured and purchased components 1,253,653 1,100,660 Finished goods 140,477 124,744 Rotable assets 54,268 51,952 Less: unliquidated progress payments (94,514 ) (123,155 ) Total inventories $ 1,449,019 $ 1,236,190 |
LONG-TERM DEBT LONG-TERM DEBT (
LONG-TERM DEBT LONG-TERM DEBT (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Long-term debt | |
Schedule of Long-term Debt Instruments [Table Text Block] | September 30, 2016 March 31, 2016 Revolving line of credit $ 392,396 $ 140,000 Term loan 323,438 337,500 Receivable securitization facility 151,600 191,300 Capital leases 78,511 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 (13,234 ) (8,971 ) 1,615,689 1,417,320 Less: Current portion 47,374 42,441 $ 1,568,315 $ 1,374,879 |
LONG-TERM DEBT Fair Value Measu
LONG-TERM DEBT Fair Value Measurements (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2016 March 31, 2016 Carrying Value Fair Value Carrying Value Fair Value Long-term debt $ 1,615,689 $ 1,588,829 $ 1,417,320 $ 1,354,961 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Sep. 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 September 30, Six Months Ended September 30, (in thousands) (in thousands) 2016 2015 2016 2015 Weighted-average common shares outstanding – basic 49,304 49,219 49,281 49,208 Net effect of dilutive stock options and nonvested stock 128 89 148 103 Weighted-average common shares outstanding – diluted 49,432 49,308 49,429 49,311 |
GOODWILL (Tables)
GOODWILL (Tables) | 6 Months Ended |
Sep. 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 (1,897 ) — — — (1,897 ) Goodwill derecognized in connection with divestitures (6,600 ) — — — (6,600 ) Effect of exchange rate changes (9,472 ) — (21 ) 181 (9,312 ) Balance, September 30, 2016 $ 542,727 $ 266,298 $ 535,783 $ 81,637 $ 1,426,445 |
PENSION AND OTHER POSTRETIREM31
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables) | 6 Months Ended |
Sep. 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 September 30, Six Months Ended September 30, 2016 2015 2016 2015 Components of net periodic benefit costs: Service cost $ 1,635 $ 2,726 $ 3,284 $ 5,494 Interest cost 18,161 22,755 36,350 45,432 Expected return on plan assets (39,002 ) (40,855 ) (78,059 ) (81,709 ) Amortization of prior service credits (445 ) (1,059 ) (891 ) (2,205 ) Amortization of net loss 3,029 2,468 6,060 4,990 Curtailment charge — — — 2,863 Net periodic benefit income $ (16,622 ) $ (13,965 ) $ (33,256 ) $ (25,135 ) |
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 September 30, Six Months Ended September 30, 2016 2015 2016 2015 Components of net periodic benefit costs: Service cost $ 179 $ 306 $ 358 $ 632 Interest cost 1,247 2,056 2,494 4,126 Amortization of prior service credits (3,366 ) (1,451 ) (6,732 ) (2,796 ) Amortization of gain (1,647 ) (1,657 ) (3,294 ) (3,301 ) Net periodic benefit income $ (3,587 ) $ (746 ) $ (7,174 ) $ (1,339 ) |
STOCKHOLDERS' EQUITY STOCKHOL32
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY (Tables) | 6 Months Ended |
Sep. 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 and six months ended September 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 June 30, 2016 $ (73,613 ) $ (3,486 ) $ (286,998 ) $ (364,097 ) AOCI before reclassifications (6,821 ) 928 — (5,893 ) Amounts reclassified from AOCI — 1 (1,574 ) (1,573 ) Net current period AOCI (6,821 ) 929 (1,574 ) (7,466 ) Balance September 30, 2016 $ (80,434 ) $ (2,557 ) $ (288,572 ) $ (371,563 ) Balance June 30, 2015 $ (35,818 ) $ (1,738 ) $ (142,566 ) $ (180,122 ) AOCI before reclassifications (15,658 ) (1,766 ) — (17,424 ) Amounts reclassified from AOCI — (34 ) (1,097 ) (1,131 ) Net current period AOCI (15,658 ) (1,800 ) (1,097 ) (18,555 ) Balance September 30, 2015 $ (51,476 ) $ (3,538 ) $ (143,663 ) $ (198,677 ) Balance March 31, 2016 $ (58,816 ) $ (2,920 ) $ (285,426 ) $ (347,162 ) AOCI before reclassifications (21,618 ) 373 — (21,245 ) Amounts reclassified from AOCI — (10 ) (3,146 ) (2 ) (3,156 ) Net current period AOCI (21,618 ) 363 (3,146 ) (24,401 ) Balance September 30, 2016 $ (80,434 ) $ (2,557 ) $ (288,572 ) $ (371,563 ) Balance March 31, 2015 $ (46,751 ) $ (2,757 ) $ (149,402 ) $ (198,910 ) AOCI before reclassifications (4,725 ) (754 ) 5,666 187 Amounts reclassified from AOCI — (27 ) 73 (2 ) 46 Net current period AOCI (4,725 ) (781 ) 5,739 233 Balance September 30, 2015 $ (51,476 ) $ (3,538 ) $ (143,663 ) $ (198,677 ) |
SEGMENTS (Tables)
SEGMENTS (Tables) | 6 Months Ended |
Sep. 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 September 30, Six Months Ended September 30, 2016 2015 2016 2015 Net sales: Integrated Systems $ 245,367 $ 261,481 $ 502,723 $ 520,052 Aerospace Structures 320,283 385,471 651,879 780,591 Precision Components 259,458 265,825 514,060 530,966 Product Support 85,826 73,777 170,025 148,522 Elimination of inter-segment sales (36,165 ) (31,780 ) (70,665 ) (65,719 ) $ 874,769 $ 954,774 $ 1,768,022 $ 1,914,412 Income before income taxes: Operating income (expense): Integrated Systems $ 45,797 $ 51,100 $ 93,783 $ 101,657 Aerospace Structures 24,867 36,682 34,031 78,480 Precision Components 12,063 25,457 4,281 50,362 Product Support 14,265 9,125 28,324 19,112 Corporate (26,506 ) (12,317 ) (43,207 ) (31,698 ) 70,486 110,047 117,212 217,913 Interest expense and other 17,896 15,631 36,023 33,747 $ 52,590 $ 94,416 $ 81,189 $ 184,166 Depreciation and amortization: Integrated Systems $ 10,157 $ 10,139 $ 20,461 $ 20,657 Aerospace Structures 18,385 15,646 36,347 31,579 Precision Components 14,016 13,972 28,345 28,193 Product Support 2,452 2,428 4,936 4,890 Corporate 276 390 659 790 $ 45,286 $ 42,575 $ 90,748 $ 86,109 Amortization of acquired contract liabilities, net: Integrated Systems $ 9,136 $ 10,011 $ 19,473 $ 20,512 Aerospace Structures 20,647 19,430 39,085 43,208 Precision Components 694 963 1,267 1,782 $ 30,477 $ 30,404 $ 59,825 $ 65,502 Adjusted EBITDA: Integrated Systems $ 46,818 $ 51,228 $ 94,771 $ 101,802 Aerospace Structures 22,605 32,898 31,293 66,851 Precision Components 25,385 38,466 31,359 76,773 Product Support 16,717 11,553 33,260 24,002 Corporate (21,456 ) (11,927 ) (37,774 ) (28,045 ) $ 90,069 $ 122,218 $ 152,909 $ 241,383 Three Months Ended September 30, Six Months Ended September 30, 2016 2015 2016 2015 Capital expenditures: Integrated Systems $ 2,595 $ 6,012 $ 5,823 $ 9,865 Aerospace Structures 3,759 8,895 7,592 15,466 Precision Components 3,503 4,413 8,405 11,126 Product Support 703 711 1,333 1,333 Corporate 684 81 814 338 $ 11,244 $ 20,112 $ 23,967 $ 38,128 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | September 30, 2016 March 31, 2016 Total Assets: Integrated Systems $ 1,326,850 $ 1,371,178 Aerospace Structures 1,864,812 1,792,397 Precision Components 1,287,605 1,298,294 Product Support 347,089 350,674 Corporate 28,111 22,550 $ 4,854,467 $ 4,835,093 |
SELECTED CONSOLIDATING FINANC34
SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Summary of consolidating balance sheets | September 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Current assets: Cash and cash equivalents $ 651 $ 4,859 $ 30,705 $ — $ 36,215 Trade and other receivables, net 5,807 60,037 263,834 — 329,678 Inventories — 1,331,212 117,807 — 1,449,019 Prepaid expenses and other 4,149 13,132 9,328 — 26,609 Total current assets 10,607 1,409,240 421,674 — 1,841,521 Property and equipment, net 7,438 722,839 127,344 — 857,621 Goodwill and other intangible assets, net — 1,864,437 182,453 — 2,046,890 Other, net 16,165 70,631 21,639 — 108,435 Intercompany investments and advances 2,638,319 81,541 83,347 (2,803,207 ) — Total assets $ 2,672,529 $ 4,148,688 $ 836,457 $ (2,803,207 ) $ 4,854,467 Current liabilities: Current portion of long-term debt $ 33,445 $ 13,929 $ — $ — $ 47,374 Accounts payable 7,571 370,046 39,811 — 417,428 Accrued expenses 49,107 468,697 33,157 — 550,961 Total current liabilities 90,123 852,672 72,968 — 1,015,763 Long-term debt, less current portion 1,349,670 67,045 151,600 — 1,568,315 Intercompany advances 249,698 2,190,333 361,051 (2,801,082 ) — Accrued pension and other postretirement benefits, noncurrent 7,732 610,942 1,923 — 620,597 Deferred income taxes and other 9,560 628,708 45,778 — 684,046 Total stockholders’ equity 965,746 (201,012 ) 203,137 (2,125 ) 965,746 Total liabilities and stockholders’ equity $ 2,672,529 $ 4,148,688 $ 836,457 $ (2,803,207 ) $ 4,854,467 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 September 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 798,537 $ 96,802 $ (20,570 ) $ 874,769 Operating costs and expenses: Cost of sales — 615,237 78,765 (20,570 ) 673,432 Selling, general and administrative 13,654 49,607 7,068 — 70,329 Depreciation and amortization 277 40,794 4,215 — 45,286 Restructuring 7,740 2,495 227 — 10,462 Loss on divestiture 4,774 — — — 4,774 26,445 708,133 90,275 (20,570 ) 804,283 Operating (loss) income (26,445 ) 90,404 6,527 — 70,486 Intercompany interest and charges (47,505 ) 45,269 2,236 — — Interest expense and other 17,737 2,487 (2,328 ) — 17,896 Income before income taxes 3,323 42,648 6,619 — 52,590 Income tax expense (430 ) 16,828 1,385 — 17,783 Net income 3,753 25,820 5,234 — 34,807 Other comprehensive loss 929 (1,574 ) (6,821 ) — (7,466 ) Total comprehensive income (loss) $ 4,682 $ 24,246 $ (1,587 ) $ — $ 27,341 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Three Months Ended September 30, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 876,282 $ 95,355 $ (16,863 ) $ 954,774 Operating costs and expenses: Cost of sales — 667,591 80,103 (16,863 ) 730,831 Selling, general and administrative 11,908 49,803 9,610 — 71,321 Depreciation and amortization 389 37,766 4,420 — 42,575 12,297 755,160 94,133 (16,863 ) 844,727 Operating (loss) income (12,297 ) 121,122 1,222 — 110,047 Intercompany interest and charges (50,709 ) 48,401 2,308 — — Interest expense and other 15,133 2,193 (1,695 ) — 15,631 Income before income taxes 23,279 70,528 609 — 94,416 Income tax expense 5,487 26,196 1,121 — 32,804 Net income (loss) 17,792 44,332 (512 ) — 61,612 Other comprehensive loss (1,800 ) (1,097 ) (15,658 ) — (18,555 ) Total comprehensive income (loss) $ 15,992 $ 43,235 $ (16,170 ) $ — $ 43,057 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Six Months Ended September 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 1,615,964 $ 191,452 $ (39,394 ) $ 1,768,022 Operating costs and expenses: Cost of sales — 1,283,858 155,356 (39,394 ) 1,399,820 Selling, general and administrative 28,097 95,500 14,758 — 138,355 Depreciation and amortization 659 81,561 8,528 — 90,748 Restructuring 9,600 7,286 227 — 17,113 Loss on divestiture 4,774 — — — 4,774 43,130 1,468,205 178,869 (39,394 ) 1,650,810 Operating (loss) income (43,130 ) 147,759 12,583 — 117,212 Intercompany interest and charges (99,069 ) 94,442 4,627 — — Interest expense and other 35,118 4,765 (3,860 ) — 36,023 Income before income taxes 20,821 48,552 11,816 — 81,189 Income tax expense 1,619 22,117 2,912 — 26,648 Net income 19,202 26,435 8,904 — 54,541 Other comprehensive income (loss) 363 (3,146 ) (21,618 ) — (24,401 ) Total comprehensive income (loss) $ 19,565 $ 23,289 $ (12,714 ) $ — $ 30,140 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Six Months Ended September 30, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 1,761,725 $ 181,492 $ (28,805 ) $ 1,914,412 Operating costs and expenses: Cost of sales — 1,339,900 151,830 (28,805 ) 1,462,925 Selling, general and administrative 25,060 102,241 17,301 — 144,602 Depreciation and amortization 789 72,808 12,512 — 86,109 Curtailment charge 2,863 — — — 2,863 28,712 1,514,949 181,643 (28,805 ) 1,696,499 Operating (loss) income (28,712 ) 246,776 (151 ) — 217,913 Intercompany interest and charges (104,300 ) 99,913 4,387 — — Interest expense and other 29,648 5,083 (984 ) — 33,747 Income (loss) before income taxes 45,940 141,780 (3,554 ) — 184,166 Income tax expense 5,476 52,590 1,757 — 59,823 Net income (loss) 40,464 89,190 (5,311 ) — 124,343 Other comprehensive (loss) income (781 ) 5,739 (4,725 ) — 233 Total comprehensive income (loss) $ 39,683 $ 94,929 $ (10,036 ) $ — $ 124,576 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Six Months Ended September 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 1,615,964 $ 191,452 $ (39,394 ) $ 1,768,022 Operating costs and expenses: Cost of sales — 1,283,858 155,356 (39,394 ) 1,399,820 Selling, general and administrative 28,097 95,500 14,758 — 138,355 Depreciation and amortization 659 81,561 8,528 — 90,748 Restructuring 9,600 7,286 227 — 17,113 Loss on divestiture 4,774 — — — 4,774 43,130 1,468,205 178,869 (39,394 ) 1,650,810 Operating (loss) income (43,130 ) 147,759 12,583 — 117,212 Intercompany interest and charges (99,069 ) 94,442 4,627 — — Interest expense and other 35,118 4,765 (3,860 ) — 36,023 Income before income taxes 20,821 48,552 11,816 — 81,189 Income tax expense 1,619 22,117 2,912 — 26,648 Net income 19,202 26,435 8,904 — 54,541 Other comprehensive income (loss) 363 (3,146 ) (21,618 ) — (24,401 ) Total comprehensive income (loss) $ 19,565 $ 23,289 $ (12,714 ) $ — $ 30,140 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Three Months Ended September 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 798,537 $ 96,802 $ (20,570 ) $ 874,769 Operating costs and expenses: Cost of sales — 615,237 78,765 (20,570 ) 673,432 Selling, general and administrative 13,654 49,607 7,068 — 70,329 Depreciation and amortization 277 40,794 4,215 — 45,286 Restructuring 7,740 2,495 227 — 10,462 Loss on divestiture 4,774 — — — 4,774 26,445 708,133 90,275 (20,570 ) 804,283 Operating (loss) income (26,445 ) 90,404 6,527 — 70,486 Intercompany interest and charges (47,505 ) 45,269 2,236 — — Interest expense and other 17,737 2,487 (2,328 ) — 17,896 Income before income taxes 3,323 42,648 6,619 — 52,590 Income tax expense (430 ) 16,828 1,385 — 17,783 Net income 3,753 25,820 5,234 — 34,807 Other comprehensive loss 929 (1,574 ) (6,821 ) — (7,466 ) Total comprehensive income (loss) $ 4,682 $ 24,246 $ (1,587 ) $ — $ 27,341 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Three Months Ended September 30, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 876,282 $ 95,355 $ (16,863 ) $ 954,774 Operating costs and expenses: Cost of sales — 667,591 80,103 (16,863 ) 730,831 Selling, general and administrative 11,908 49,803 9,610 — 71,321 Depreciation and amortization 389 37,766 4,420 — 42,575 12,297 755,160 94,133 (16,863 ) 844,727 Operating (loss) income (12,297 ) 121,122 1,222 — 110,047 Intercompany interest and charges (50,709 ) 48,401 2,308 — — Interest expense and other 15,133 2,193 (1,695 ) — 15,631 Income before income taxes 23,279 70,528 609 — 94,416 Income tax expense 5,487 26,196 1,121 — 32,804 Net income (loss) 17,792 44,332 (512 ) — 61,612 Other comprehensive loss (1,800 ) (1,097 ) (15,658 ) — (18,555 ) Total comprehensive income (loss) $ 15,992 $ 43,235 $ (16,170 ) $ — $ 43,057 |
Condensed consolidating statements of cash flows | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS: For the Six Months Ended September 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net income $ 19,202 $ 26,435 $ 8,904 $ — $ 54,541 Adjustments to reconcile net income to net cash provided by (used in) operating activities 14,409 (219,316 ) 18,470 660 (185,777 ) Net cash provided by (used in) operating activities 33,611 (192,881 ) 27,374 660 (131,236 ) Capital expenditures (814 ) (17,154 ) (5,999 ) — (23,967 ) Proceeds from sale of assets — 9,143 901 — 10,044 Acquisitions, net of cash acquired — 9 — — 9 Net cash used in investing activities (814 ) (8,002 ) (5,098 ) — (13,914 ) Net increase in revolving credit facility 252,396 — — — 252,396 Proceeds on issuance of debt — — 12,700 — 12,700 Retirements and repayments of debt (14,206 ) (7,228 ) (52,400 ) — (73,834 ) Payments of deferred financing costs (11,079 ) — — — (11,079 ) Dividends paid (3,962 ) — — — (3,962 ) Repayment of governmental grant — (14,570 ) — — (14,570 ) Repurchase of restricted shares for minimum tax obligation (182 ) — — — (182 ) Intercompany financing and advances (256,657 ) 227,339 29,978 (660 ) — Net cash (used in) provided by financing activities (33,690 ) 205,541 (9,722 ) (660 ) 161,469 Effect of exchange rate changes on cash — — (1,088 ) — (1,088 ) Net change in cash and cash equivalents (893 ) 4,658 11,466 — 15,231 Cash and cash equivalents at beginning of period 1,544 201 19,239 — 20,984 Cash and cash equivalents at end of period $ 651 $ 4,859 $ 30,705 $ — $ 36,215 For the Six Months Ended September 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net income $ 19,202 $ 26,435 $ 8,904 $ — $ 54,541 Adjustments to reconcile net income to net cash provided by (used in) operating activities 14,409 (219,316 ) 18,470 660 (185,777 ) Net cash provided by (used in) operating activities 33,611 (192,881 ) 27,374 660 (131,236 ) Capital expenditures (814 ) (17,154 ) (5,999 ) — (23,967 ) Proceeds from sale of assets — 9,143 901 — 10,044 Acquisitions, net of cash acquired — 9 — — 9 Net cash used in investing activities (814 ) (8,002 ) (5,098 ) — (13,914 ) Net increase in revolving credit facility 252,396 — — — 252,396 Proceeds on issuance of debt — — 12,700 — 12,700 Retirements and repayments of debt (14,206 ) (7,228 ) (52,400 ) — (73,834 ) Payments of deferred financing costs (11,079 ) — — — (11,079 ) Dividends paid (3,962 ) — — — (3,962 ) Repayment of governmental grant — (14,570 ) — — (14,570 ) Repurchase of restricted shares for minimum tax obligation (182 ) — — — (182 ) Intercompany financing and advances (256,657 ) 227,339 29,978 (660 ) — Net cash (used in) provided by financing activities (33,690 ) 205,541 (9,722 ) (660 ) 161,469 Effect of exchange rate changes on cash — — (1,088 ) — (1,088 ) Net change in cash and cash equivalents (893 ) 4,658 11,466 — 15,231 Cash and cash equivalents at beginning of period 1,544 201 19,239 — 20,984 Cash and cash equivalents at end of period $ 651 $ 4,859 $ 30,705 $ — $ 36,215 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS: For the Six Months Ended September 30, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net income $ 40,464 $ 89,190 $ (5,311 ) $ — $ 124,343 Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities 4,328 (320,943 ) 7,972 5,845 (302,798 ) Net cash provided by (used in) operating activities 44,792 (231,753 ) 2,661 5,845 (178,455 ) Capital expenditures (338 ) (30,316 ) (7,474 ) — (38,128 ) Proceeds from sale of assets — 1,408 153 — 1,561 Acquisitions, net of cash acquired — 14 (6,000 ) — (5,986 ) Net cash used in investing activities (338 ) (28,894 ) (13,321 ) — (42,553 ) Net increase in revolving credit facility 166,094 — — — 166,094 Proceeds on issuance of debt — 6,497 101,800 — 108,297 Retirements and repayments of debt (9,511 ) (11,596 ) (23,100 ) — (44,207 ) Payments of deferred financing costs (143 ) — — — (143 ) Dividends paid (3,943 ) — — — (3,943 ) Repurchase of restricted shares for minimum tax obligation (96 ) — — — (96 ) Intercompany financing and advances (196,863 ) 265,639 (62,931 ) (5,845 ) — Net cash (used in) provided by financing activities (44,462 ) 260,540 15,769 (5,845 ) 226,002 Effect of exchange rate changes on cash — — 1,478 — 1,478 Net change in cash and cash equivalents (8 ) (107 ) 6,587 — 6,472 Cash and cash equivalents at beginning of period 620 419 31,578 — 32,617 Cash and cash equivalents at end of period $ 612 $ 312 $ 38,165 $ — $ 39,089 |
RESTRUCTURING COSTS Schedule of
RESTRUCTURING COSTS Schedule of Restructuring Expenses (Tables) | 6 Months Ended | |
Sep. 30, 2016 | Sep. 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, along with a reconciliation of associated liability: 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 and six months ended September 30, 2016 , by type and by segment consisted of the following: For the Three Months Ended September 30, 2016 Integrated Systems Aerospace Structures Precision Components Product Support Corporate Total Termination benefits $ 286 $ 250 $ 445 $ 65 $ — $ 1,046 Facility closure and other exit costs — — — 35 — 35 Other — 960 612 68 7,741 9,381 Total Restructuring 286 1,210 1,057 168 7,741 10,462 Depreciation and amortization 47 — 3,549 144 — 3,740 Total $ 333 $ 1,210 $ 4,606 $ 312 $ 7,741 $ 14,202 For the Six Months Ended September 30, 2016 Integrated Systems Aerospace Structures Precision Components Product Support Corporate Total Termination benefits $ 286 $ 250 $ 472 $ 90 $ — $ 1,098 Facility closure and other exit costs — — 247 35 — 282 Other — 4,012 2,052 68 9,601 15,733 Total Restructuring 286 4,262 2,771 193 9,601 17,113 Depreciation and amortization 93 — 6,849 289 — 7,231 Total $ 379 $ 4,262 $ 9,620 $ 482 $ 9,601 $ 24,344 | 15. 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 September 30, 2016 , the Company recorded charges of $14,202 related to this program including, accelerated depreciation of $3,740 and severance of $1,046 . For the six months ended September 30, 2016 , the Company recorded charges of $24,344 related to this program including, accelerated depreciation of $7,231 and severance of $1,098 . 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, along with a reconciliation of associated liability: 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 and six months ended September 30, 2016 , by type and by segment consisted of the following: For the Three Months Ended September 30, 2016 Integrated Systems Aerospace Structures Precision Components Product Support Corporate Total Termination benefits $ 286 $ 250 $ 445 $ 65 $ — $ 1,046 Facility closure and other exit costs — — — 35 — 35 Other — 960 612 68 7,741 9,381 Total Restructuring 286 1,210 1,057 168 7,741 10,462 Depreciation and amortization 47 — 3,549 144 — 3,740 Total $ 333 $ 1,210 $ 4,606 $ 312 $ 7,741 $ 14,202 For the Six Months Ended September 30, 2016 Integrated Systems Aerospace Structures Precision Components Product Support Corporate Total Termination benefits $ 286 $ 250 $ 472 $ 90 $ — $ 1,098 Facility closure and other exit costs — — 247 35 — 282 Other — 4,012 2,052 68 9,601 15,733 Total Restructuring 286 4,262 2,771 193 9,601 17,113 Depreciation and amortization 93 — 6,849 289 — 7,231 Total $ 379 $ 4,262 $ 9,620 $ 482 $ 9,601 $ 24,344 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 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Mar. 31, 2016 | |
Concentration of Credit Risk | ||||||
Net sales | $ 874,769 | $ 954,774 | $ 1,768,022 | $ 1,914,412 | ||
Stock-Based Compensation | ||||||
Share-based Compensation | 2,024 | 1,199 | 3,976 | 1,990 | ||
Integrated Systems [Member] | ||||||
Concentration of Credit Risk | ||||||
Net sales | 245,367 | 261,481 | 502,723 | 520,052 | ||
Aerospace Structures [Member] | ||||||
Concentration of Credit Risk | ||||||
Net sales | 320,283 | 385,471 | 651,879 | 780,591 | ||
Precision Components [Member] | ||||||
Concentration of Credit Risk | ||||||
Net sales | 259,458 | 265,825 | 514,060 | 530,966 | ||
Product Support [Member] | ||||||
Concentration of Credit Risk | ||||||
Net sales | $ 85,826 | $ 73,777 | $ 170,025 | $ 148,522 | ||
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 | 16.00% | 16.00% | 18.00% | |||
Boeing [Member] | Net sales | Product Support [Member] | ||||||
Concentration of Credit Risk | ||||||
Net sales | $ 16,149 | |||||
Boeing [Member] | Net sales | Credit Concentration Risk [Member] | ||||||
Concentration of Credit Risk | ||||||
Concentration Risk, Percentage | 37.00% | 39.00% | ||||
Net sales | $ 750,044 | $ 657,901 | ||||
Boeing [Member] | Net sales | Credit Concentration Risk [Member] | Integrated Systems [Member] | ||||||
Concentration of Credit Risk | ||||||
Net sales | 106,838 | $ 97,379 | ||||
Boeing [Member] | Net sales | Credit Concentration Risk [Member] | Aerospace Structures [Member] | ||||||
Concentration of Credit Risk | ||||||
Net sales | 311,658 | 460,664 | ||||
Boeing [Member] | Net sales | Credit Concentration Risk [Member] | Precision Components [Member] | ||||||
Concentration of Credit Risk | ||||||
Net sales | 223,256 | 173,825 | ||||
Boeing [Member] | Net sales | Credit Concentration Risk [Member] | Product Support [Member] | ||||||
Concentration of Credit Risk | ||||||
Net sales | 18,176 | |||||
Gulfstream [Member] | Net sales | Product Support [Member] | ||||||
Concentration of Credit Risk | ||||||
Net sales | $ 102 | $ 7 | ||||
Gulfstream [Member] | Net sales | Credit Concentration Risk [Member] | ||||||
Concentration of Credit Risk | ||||||
Concentration Risk, Percentage | 12.00% | 13.00% | ||||
Net sales | $ 216,651 | $ 251,384 | ||||
Gulfstream [Member] | Net sales | Credit Concentration Risk [Member] | Integrated Systems [Member] | ||||||
Concentration of Credit Risk | ||||||
Net sales | 1,083 | 1,776 | ||||
Gulfstream [Member] | Net sales | Credit Concentration Risk [Member] | Aerospace Structures [Member] | ||||||
Concentration of Credit Risk | ||||||
Net sales | 209,684 | 246,147 | ||||
Gulfstream [Member] | Net sales | Credit Concentration Risk [Member] | Precision Components [Member] | ||||||
Concentration of Credit Risk | ||||||
Net sales | $ 5,782 | $ 3,454 |
Intangibles (Details 3)
Intangibles (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Mar. 31, 2016 | |
Intangible Assets | |||||
Accumulated Amortization | $ (271,559) | $ (271,559) | $ (255,317) | ||
Total intangibles, gross | 892,004 | 892,004 | 904,929 | ||
Total intangibles, net | 620,445 | 620,445 | 649,612 | ||
Amortization expense | 13,586 | $ 14,447 | $ 27,217 | $ 30,411 | |
Customer relationships | |||||
Intangible Assets | |||||
Weighted-Average Life (in years) | 16 years 5 months | 16 years 5 months | |||
Gross Carrying Amount | 670,714 | $ 670,714 | 683,309 | ||
Accumulated Amortization | (226,530) | (226,530) | (215,546) | ||
Finite-lived intangible assets, net | 444,184 | $ 444,184 | 467,763 | ||
Product rights and licenses | |||||
Intangible Assets | |||||
Weighted-Average Life (in years) | 11 years 8 months | 11 years 8 months | |||
Gross Carrying Amount | 55,409 | $ 55,409 | 55,739 | ||
Accumulated Amortization | (38,782) | (38,782) | (37,695) | ||
Finite-lived intangible assets, net | 16,627 | $ 16,627 | 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 | 2,881 | ||
Accumulated Amortization | (814) | (814) | (718) | ||
Finite-lived intangible assets, net | 2,067 | $ 2,067 | 2,163 | ||
Tradename | |||||
Intangible Assets | |||||
Weighted-Average Life (in years) | 20 years | 20 years | |||
Gross Carrying Amount | 163,000 | $ 163,000 | 163,000 | ||
Accumulated Amortization | (5,433) | (5,433) | (1,358) | ||
Finite-lived intangible assets, net | $ 157,567 | $ 157,567 | $ 161,642 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information (Details 4) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | |
Business Acquisition [Line Items] | |||
Income taxes paid, net of refunds received | $ 2,169 | $ 2,220 | |
Cash paid for interest | 34,514 | 30,236 | |
Gross Unfavorable Changes In Estimates [Member] | |||
Business Acquisition [Line Items] | |||
Change in Accounting Estimate | $ (49,930) | $ (66,827) | |
New Financing Leases [Member] | |||
Business Acquisition [Line Items] | |||
Capital Lease Obligations Incurred | $ 11,427 |
SUMMARY OF SIGNIFICANT ACCOUN39
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Changes in Accounting Estimates (Details 5) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Change in Accounting Estimate [Line Items] | ||||
Amortization of Acquired Contract Liabilities | $ 30,477 | $ 30,404 | $ 59,825 | $ 65,502 |
Gross Favorable Change in Estimates [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Change in Accounting Estimate | 49,936 | 46,111 | ||
Loss on Contracts | 36,800 | |||
Gross Unfavorable Changes In Estimates [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Change in Accounting Estimate | $ (49,930) | (66,827) | ||
Comprehensive Income [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Change in Accounting Estimate | (6,794) | (20,716) | (6,324) | |
Income, net [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Change in Accounting Estimate | (4,433) | (13,917) | (4,270) | |
Diluted earings per share [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Change in Accounting Estimate | $ 0 | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN40
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Product Warranty (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2016 | Mar. 31, 2016 | |
Product Warranties [Abstract] | ||
Standard Product Warranty Description | 3 | |
Extended Product Warranty Description | 20 | |
Product Warranty Accrual | $ 109,066 | $ 112,937 |
SUMMARY OF SIGNIFICANT ACCOUN41
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Share Repurchase (Details) | Sep. 30, 2016shares |
Equity, Class of Treasury Stock [Line Items] | |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 2,277,789 |
SUMMARY OF SIGNIFICANT ACCOUN42
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Share Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Share-based Compensation | $ 2,024 | $ 1,199 | $ 3,976 | $ 1,990 |
SUMMARY OF SIGNIFICANT ACCOUN43
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CORRECTION OF ERROR (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Jun. 30, 2016 | |
Cost of Sales [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Quantifying Misstatement in Current Year Financial Statements, Amount | $ 24,500 | $ 11,800 |
Income, net [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Quantifying Misstatement in Current Year Financial Statements, Amount | 8,142 | |
Retained Earnings [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Quantifying Misstatement in Current Year Financial Statements, Amount | $ 12,700 |
ACQUISITIONS (Details)
ACQUISITIONS (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Mar. 31, 2016 | Oct. 21, 2015 | |
Acquisitions | |||
Goodwill | $ 1,426,445 | $ 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) $ in Thousands | 6 Months Ended |
Sep. 30, 2016USD ($) | |
Discontinued operations and assets held for sale | |
Proceeds from Divestiture of Businesses | $ 9,000 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2016 | Mar. 31, 2016 | |
Inventory [Line Items] | ||
Raw materials | $ 95,135 | $ 81,989 |
Work-in-process | 1,253,653 | 1,100,660 |
Finished goods | 140,477 | 124,744 |
Rotable Assets | 54,268 | 51,952 |
Less: unliquidated progress payments | (94,514) | (123,155) |
Total inventories | 1,449,019 | 1,236,190 |
Bombardier [Member] | ||
Inventory [Line Items] | ||
Total inventories | 133,862 | 13,051 |
Inventory, Work in Process and Raw Materials | 30,907 | 6,662 |
Preproduction Costs Related to Long-term Supply Arrangements, Costs Capitalized | 502,713 | 406,147 |
Provision for Loss on Contracts | $ (399,758) | (399,758) |
Supply Commitment, Description | 300 | |
Total Bombardier & Embraer [Member] | ||
Inventory [Line Items] | ||
Total inventories | $ 311,977 | 164,955 |
Inventory, Work in Process and Raw Materials | 41,781 | 11,801 |
Preproduction Costs Related to Long-term Supply Arrangements, Costs Capitalized | 669,954 | 552,912 |
Provision for Loss on Contracts | (399,758) | (399,758) |
Embraer [Member] | ||
Inventory [Line Items] | ||
Total inventories | 178,115 | 151,904 |
Inventory, Work in Process and Raw Materials | 10,874 | 5,139 |
Preproduction Costs Related to Long-term Supply Arrangements, Costs Capitalized | 167,241 | 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 | 6 Months Ended | |||||
Sep. 30, 2016 | Sep. 30, 2015 | Mar. 31, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Mar. 31, 2016 | Dec. 31, 2014 | |
Long-term debt | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 940,000 | $ 940,000 | |||||
Unamortized Debt Issuance Expense | (13,234) | (13,234) | $ (8,971) | ||||
Long-term debt | 1,615,689 | 1,615,689 | 1,417,320 | ||||
Less current portion | 47,374 | 47,374 | 42,441 | ||||
Long-term debt, less current portion | 1,568,315 | 1,568,315 | 1,374,879 | ||||
Payments of Financing Costs | 11,079 | $ 143 | |||||
Revolving credit facility | |||||||
Long-term debt | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000,000 | 1,000,000 | |||||
Long-term debt | 392,396 | 392,396 | 140,000 | ||||
Payments of Financing Costs | 5,126 | ||||||
Term loan credit agreement | |||||||
Long-term debt | |||||||
Long-term debt | 323,438 | 323,438 | 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 | 225,000 | 175,000 | ||||
Long-term debt | 151,600 | 151,600 | 191,300 | ||||
Payments of Financing Costs | 252 | ||||||
Capital Lease Obligations [Member] | |||||||
Long-term debt | |||||||
Long-term debt | 78,511 | 78,511 | 74,513 | ||||
Senior notes due 2021 [Member] | |||||||
Long-term debt | |||||||
Long-term debt | $ 375,000 | 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 | $ 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 | $ 7,978 |
LONG-TERM DEBT (Details 2)
LONG-TERM DEBT (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Sep. 30, 2016 | Sep. 30, 2015 | Mar. 31, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Long-term debt | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 940,000 | $ 940,000 | |||||
Payments of Financing Costs | 11,079 | $ 143 | |||||
Outstanding borrowing amount | 1,615,689 | 1,615,689 | $ 1,417,320 | ||||
Transfer of Financial Assets Accounted for as Sales, Amount Derecognized | 64,345 | 64,345 | 89,900 | ||||
Receivables Purchase Agreement [Member] | |||||||
Long-term debt | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 90,000 | 90,000 | |||||
Term loan credit agreement | |||||||
Long-term debt | |||||||
Outstanding borrowing amount | 323,438 | 323,438 | 337,500 | ||||
Derivative Asset, Fair Value, Gross Liability | 3,398 | 3,398 | 4,526 | ||||
Revolving credit facility | |||||||
Long-term debt | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000,000 | 1,000,000 | |||||
Accordion feature | 250,000 | 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 | 392,396 | $ 392,396 | 140,000 | ||||
Letters of Credit Outstanding, Amount | 27,926 | 27,926 | 25,709 | ||||
Borrowing capacity under revolving credit facility after reductions for borrowings and letters of credit outstanding | 298,967 | 298,967 | |||||
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 | 225,000 | 175,000 | ||||
Payments of Financing Costs | 252 | ||||||
Unamortized financing costs prior to amendment | 341 | ||||||
Outstanding borrowing amount | $ 151,600 | 151,600 | 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 | $ 78,511 | 78,511 | 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 | 375,000 | ||||
Notes Payable, Other Payables [Member] | |||||||
Long-term debt | |||||||
Outstanding borrowing amount | $ 7,978 | $ 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 | $ 324,500 | |||||
Lenders - Total Balance [Member] | Term loan credit agreement | |||||||
Long-term debt | |||||||
Outstanding borrowing amount | $ 330,000 | $ 330,000 | |||||
Existing Assets [Member] | |||||||
Long-term debt | |||||||
Capital Lease Obligations Incurred | $ 6,497 |
LONG-TERM DEBT (Details 3)
LONG-TERM DEBT (Details 3) - USD ($) $ in Thousands | Sep. 30, 2016 | Mar. 31, 2016 |
Reported Value Measurement [Member] | ||
Long-term debt | ||
Long-term debt | $ 1,615,689 | $ 1,417,320 |
Estimate of Fair Value Measurement [Member] | ||
Long-term debt | ||
Long-term debt | $ 1,588,829 | $ 1,354,961 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Weighted-average common shares outstanding-basic (in shares) | 49,304 | 49,219 | 49,281 | 49,208 |
Net effect of dilutive stock options (in shares) | 128 | 89 | 148 | 103 |
Weighted average common shares outstanding - diluted (in shares) | 49,432 | 49,308 | 49,429 | 49,311 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Mar. 31, 2016 | |
Income Tax Provision [Line Items] | |||||
Income Tax Examination, Description | one | ||||
Total accrued income tax related interest and penalties | $ 260 | $ 260 | $ 239 | ||
Total amount of unrecognized tax benefits | 9,226 | 9,226 | 9,212 | ||
Amount of unrecognized tax benefits that would impact the effective tax rate, if recognized | $ 9,226 | $ 9,226 | $ 9,212 | ||
Effective income tax rate (as a percent) | 30.00% | 30.00% | 30.00% | 30.00% | |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 421 | ||||
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | $ 4,213 |
GOODWILL (Details)
GOODWILL (Details) $ in Thousands | 6 Months Ended |
Sep. 30, 2016USD ($) | |
Changes in the carrying value of goodwill | |
Balance at the beginning of the period | $ 1,444,254 |
Goodwill, Purchase Accounting Adjustments | (1,897) |
Goodwill, Written off Related to Sale of Business Unit | (6,600) |
Effect of exchange rate changes and other | (9,312) |
Balance at the end of the period | 1,426,445 |
Integrated Systems [Member] | |
Changes in the carrying value of goodwill | |
Balance at the beginning of the period | 560,696 |
Goodwill, Purchase Accounting Adjustments | (1,897) |
Goodwill, Written off Related to Sale of Business Unit | (6,600) |
Effect of exchange rate changes and other | (9,472) |
Balance at the end of the period | 542,727 |
Aerospace Structures [Member] | |
Changes in the carrying value of goodwill | |
Balance at the beginning of the period | 266,298 |
Goodwill, Purchase Accounting Adjustments | 0 |
Goodwill, Written off Related to Sale of Business Unit | 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 |
Goodwill, Written off Related to Sale of Business Unit | 0 |
Effect of exchange rate changes and other | (21) |
Balance at the end of the period | 535,783 |
Product Support [Member] | |
Changes in the carrying value of goodwill | |
Balance at the beginning of the period | 81,456 |
Goodwill, Purchase Accounting Adjustments | 0 |
Goodwill, Written off Related to Sale of Business Unit | 0 |
Effect of exchange rate changes and other | 181 |
Balance at the end of the period | $ 81,637 |
PENSION AND OTHER POSTRETIREM53
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Components of net periodic benefit costs: | ||||
Settlements and Curtailments | $ 0 | $ 0 | $ 0 | $ 2,863 |
Pension Plan [Member] | ||||
Components of net periodic benefit costs: | ||||
Service cost | 1,635 | 2,726 | 3,284 | 5,494 |
Interest cost | 18,161 | 22,755 | 36,350 | 45,432 |
Expected return on plan assets | (39,002) | (40,855) | (78,059) | (81,709) |
Amortization of prior service costs | (445) | (1,059) | (891) | (2,205) |
Defined Benefit Plan, Amortization of Gains (Losses) | (3,029) | (2,468) | 6,060 | 4,990 |
Settlements and Curtailments | 0 | 0 | 0 | 2,863 |
Net periodic benefit cost | (16,622) | (13,965) | (33,256) | (25,135) |
Other postretirement | ||||
Components of net periodic benefit costs: | ||||
Service cost | 179 | 306 | 358 | 632 |
Interest cost | 1,247 | 2,056 | 2,494 | 4,126 |
Amortization of prior service costs | (3,366) | (1,451) | (6,732) | (2,796) |
Defined Benefit Plan, Amortization of Gains (Losses) | 1,647 | 1,657 | (3,294) | (3,301) |
Net periodic benefit cost | $ (3,587) | $ (746) | $ (7,174) | $ (1,339) |
STOCKHOLDERS' EQUITY STOCKHOL54
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||
Accumulated other comprehensive loss | $ (371,563) | $ (198,677) | $ (371,563) | $ (198,677) | $ (364,097) | $ (347,162) | $ (180,122) | $ (198,910) | $ (198,677) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (6,821) | (15,658) | (21,618) | (4,725) | |||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 928 | (1,766) | 373 | (754) | |||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (5,893) | (17,424) | (21,245) | 187 | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 0 | 0 | 0 | 0 | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 1 | (34) | (10) | (27) | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (1,573) | (1,131) | (3,156) | 46 | |||||
Other Comprehensive Income (Loss), Net of Tax | 7,466 | 18,555 | 24,401 | (233) | |||||
Accumulated Translation Adjustment [Member] | |||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||
Accumulated Other Comprehensive Income (Loss), before Tax | (80,434) | (51,476) | (80,434) | (51,476) | (73,613) | (58,816) | (35,818) | (46,751) | (51,476) |
Other Comprehensive Income (Loss), Net of Tax | 6,821 | 15,658 | 21,618 | 4,725 | |||||
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 | (2,557) | (3,538) | (2,557) | (3,538) | (3,486) | (2,920) | (1,738) | (2,757) | (3,538) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 928 | (1,766) | 373 | (754) | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 1 | (34) | (10) | (27) | |||||
Other Comprehensive Income (Loss), Net of Tax | (929) | 1,800 | (363) | 781 | |||||
Accumulated Defined Benefit Plans Adjustment [Member] | |||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||
Accumulated other comprehensive loss | (288,572) | (143,663) | (288,572) | (143,663) | $ (286,998) | $ (285,426) | $ (142,566) | $ (149,402) | $ (143,663) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | 0 | 5,666 | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1,574 | (1,097) | 3,146 | 73 | |||||
Other Comprehensive Income (Loss), Net of Tax | $ (1,574) | $ 1,097 | $ (3,146) | $ (5,739) |
STOCKHOLDERS' EQUITY SHARE BASE
STOCKHOLDERS' EQUITY SHARE BASE COMPENSATION (Details) | 6 Months Ended |
Sep. 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 | 6 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Mar. 31, 2016 | |
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||||
Gain (Loss) on Disposition of Business | $ 4,774 | $ 0 | $ 4,774 | $ 0 | |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 0 | 0 | 0 | (2,863) | |
Net sales | 874,769 | 954,774 | 1,768,022 | 1,914,412 | |
Operating Income (Loss) | 70,486 | 110,047 | 117,212 | 217,913 | |
Interest expense and other | 17,896 | 15,631 | 36,023 | 33,747 | |
Income from continuing operations before income taxes | 52,590 | 94,416 | 81,189 | 184,166 | |
Depreciation and amortization | 45,286 | 42,575 | 90,748 | 86,109 | |
Amortization of Acquired Contract Liabilities | 30,477 | 30,404 | 59,825 | 65,502 | |
EBITDA | 90,069 | 122,218 | 152,909 | 241,383 | |
Capital expenditures | 11,244 | 20,112 | 23,967 | 38,128 | |
Total assets | 4,854,467 | 4,854,467 | $ 4,835,093 | ||
Revenues | 182,706 | 188,308 | 363,125 | 379,625 | |
Integrated Systems [Member] | |||||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||||
Net sales | 245,367 | 261,481 | 502,723 | 520,052 | |
Operating Income (Loss) | 45,797 | 51,100 | 93,783 | 101,657 | |
Depreciation and amortization | 10,157 | 10,139 | 20,461 | 20,657 | |
Amortization of Acquired Contract Liabilities | 9,136 | 10,011 | 19,473 | 20,512 | |
EBITDA | 46,818 | 51,228 | 94,771 | 101,802 | |
Capital expenditures | 2,595 | 6,012 | 5,823 | 9,865 | |
Total assets | 1,326,850 | 1,326,850 | 1,371,178 | ||
Aerospace Structures [Member] | |||||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||||
Net sales | 320,283 | 385,471 | 651,879 | 780,591 | |
Operating Income (Loss) | 24,867 | 36,682 | 34,031 | 78,480 | |
Depreciation and amortization | 18,385 | 15,646 | 36,347 | 31,579 | |
Amortization of Acquired Contract Liabilities | 20,647 | 19,430 | 39,085 | 43,208 | |
EBITDA | 22,605 | 32,898 | 31,293 | 66,851 | |
Capital expenditures | 3,759 | 8,895 | 7,592 | 15,466 | |
Total assets | 1,864,812 | 1,864,812 | 1,792,397 | ||
Precision Components [Member] | |||||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||||
Net sales | 259,458 | 265,825 | 514,060 | 530,966 | |
Operating Income (Loss) | 12,063 | 25,457 | 4,281 | 50,362 | |
Depreciation and amortization | 14,016 | 13,972 | 28,345 | 28,193 | |
Amortization of Acquired Contract Liabilities | 694 | 963 | 1,267 | 1,782 | |
EBITDA | 25,385 | 38,466 | 31,359 | 76,773 | |
Capital expenditures | 3,503 | 4,413 | 8,405 | 11,126 | |
Total assets | 1,287,605 | 1,287,605 | 1,298,294 | ||
Product Support [Member] | |||||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||||
Net sales | 85,826 | 73,777 | 170,025 | 148,522 | |
Operating Income (Loss) | 14,265 | 9,125 | 28,324 | 19,112 | |
Depreciation and amortization | 2,452 | 2,428 | 4,936 | 4,890 | |
EBITDA | 16,717 | 11,553 | 33,260 | 24,002 | |
Capital expenditures | 703 | 711 | 1,333 | 1,333 | |
Total assets | 347,089 | 347,089 | 350,674 | ||
Elimination of inter-segment sales | |||||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||||
Net sales | (36,165) | (31,780) | (70,665) | (65,719) | |
Corporate | |||||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||||
Operating Income (Loss) | (26,506) | (12,317) | (43,207) | (31,698) | |
Depreciation and amortization | 276 | 390 | 659 | 790 | |
EBITDA | (21,456) | (11,927) | (37,774) | (28,045) | |
Capital expenditures | 684 | $ 81 | 814 | $ 338 | |
Total assets | $ 28,111 | $ 28,111 | $ 22,550 |
SELECTED CONSOLIDATING FINANC57
SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Mar. 31, 2015 |
Consolidating Financial Statements, Captions | ||||
Cash and cash equivalents | $ 36,215 | $ 20,984 | $ 39,089 | $ 32,617 |
Trade and other receivables, net | 329,678 | 444,208 | ||
Inventories | 1,449,019 | 1,236,190 | ||
Rotable Assets | 54,268 | 51,952 | ||
Prepaid and other current assets | 26,609 | 41,259 | ||
Total current assets | 1,841,521 | 1,742,641 | ||
Property and equipment, net | 857,621 | 889,734 | ||
Goodwill and other intangible assets, net | 2,046,890 | 2,093,866 | ||
Other, net | 108,435 | 108,852 | ||
Intercompany investments and advances | 0 | 0 | ||
Total assets | 4,854,467 | 4,835,093 | ||
Current liabilities: | ||||
Current portion of long-term debt | 47,374 | 42,441 | ||
Accounts payable | 417,428 | 410,225 | ||
Accrued expenses | 550,961 | 683,208 | ||
Total current liabilities | 1,015,763 | 1,135,874 | ||
Long-term debt, less current portion | 1,568,315 | 1,374,879 | ||
Intercompany advances | 0 | 0 | ||
Accrued pension and other postretirement benefits, noncurrent | 620,597 | 664,664 | ||
Deferred income taxes and other | 684,046 | 724,732 | ||
Total stockholders’ equity | 965,746 | 934,944 | ||
Total liabilities and stockholders’ equity | 4,854,467 | 4,835,093 | ||
Consolidation, Eliminations [Member] | ||||
Consolidating Financial Statements, Captions | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Trade and other receivables, net | 0 | 0 | ||
Inventories | 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 | (2,803,207) | (2,465,524) | ||
Total assets | (2,803,207) | (2,465,524) | ||
Current liabilities: | ||||
Current portion of long-term debt | 0 | 0 | ||
Accounts payable | 0 | 0 | ||
Accrued expenses | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Long-term debt, less current portion | 0 | 0 | ||
Intercompany advances | (2,801,082) | (2,474,385) | ||
Accrued pension and other postretirement benefits, noncurrent | 0 | 0 | ||
Deferred income taxes and other | 0 | 0 | ||
Total stockholders’ equity | (2,125) | 8,861 | ||
Total liabilities and stockholders’ equity | (2,803,207) | (2,465,524) | ||
Parent | ||||
Consolidating Financial Statements, Captions | ||||
Cash and cash equivalents | 651 | 1,544 | 612 | 620 |
Trade and other receivables, net | 5,807 | 2,057 | ||
Inventories | 0 | 0 | ||
Prepaid and other current assets | 4,149 | 6,524 | ||
Total current assets | 10,607 | 10,125 | ||
Property and equipment, net | 7,438 | 7,324 | ||
Goodwill and other intangible assets, net | 0 | 0 | ||
Other, net | 16,165 | 11,878 | ||
Intercompany investments and advances | 2,638,319 | 2,301,054 | ||
Total assets | 2,672,529 | 2,330,381 | ||
Current liabilities: | ||||
Current portion of long-term debt | 33,445 | 28,473 | ||
Accounts payable | 7,571 | 11,154 | ||
Accrued expenses | 49,107 | 44,856 | ||
Total current liabilities | 90,123 | 84,483 | ||
Long-term debt, less current portion | 1,349,670 | 1,120,570 | ||
Intercompany advances | 249,698 | 171,480 | ||
Accrued pension and other postretirement benefits, noncurrent | 7,732 | 7,315 | ||
Deferred income taxes and other | 9,560 | 11,589 | ||
Total stockholders’ equity | 965,746 | 934,944 | ||
Total liabilities and stockholders’ equity | 2,672,529 | 2,330,381 | ||
Guarantors Subsidiaries | ||||
Consolidating Financial Statements, Captions | ||||
Cash and cash equivalents | 4,859 | 201 | 312 | 419 |
Trade and other receivables, net | 60,037 | 127,968 | ||
Inventories | 1,331,212 | 1,127,275 | ||
Prepaid and other current assets | 13,132 | 26,433 | ||
Total current assets | 1,409,240 | 1,281,877 | ||
Property and equipment, net | 722,839 | 746,455 | ||
Goodwill and other intangible assets, net | 1,864,437 | 1,898,401 | ||
Other, net | 70,631 | 76,262 | ||
Intercompany investments and advances | 81,541 | 81,540 | ||
Total assets | 4,148,688 | 4,084,535 | ||
Current liabilities: | ||||
Current portion of long-term debt | 13,929 | 13,968 | ||
Accounts payable | 370,046 | 346,602 | ||
Accrued expenses | 468,697 | 599,921 | ||
Total current liabilities | 852,672 | 960,491 | ||
Long-term debt, less current portion | 67,045 | 63,009 | ||
Intercompany advances | 2,190,333 | 1,972,729 | ||
Accrued pension and other postretirement benefits, noncurrent | 610,942 | 654,201 | ||
Deferred income taxes and other | 628,708 | 658,873 | ||
Total stockholders’ equity | (201,012) | (224,768) | ||
Total liabilities and stockholders’ equity | 4,148,688 | 4,084,535 | ||
Non-Guarantor Subsidiaries | ||||
Consolidating Financial Statements, Captions | ||||
Cash and cash equivalents | 30,705 | 19,239 | $ 38,165 | $ 31,578 |
Trade and other receivables, net | 263,834 | 314,183 | ||
Inventories | 117,807 | 108,915 | ||
Prepaid and other current assets | 9,328 | 8,302 | ||
Total current assets | 421,674 | 450,639 | ||
Property and equipment, net | 127,344 | 135,955 | ||
Goodwill and other intangible assets, net | 182,453 | 195,465 | ||
Other, net | 21,639 | 20,712 | ||
Intercompany investments and advances | 83,347 | 82,930 | ||
Total assets | 836,457 | 885,701 | ||
Current liabilities: | ||||
Current portion of long-term debt | 0 | 0 | ||
Accounts payable | 39,811 | 52,469 | ||
Accrued expenses | 33,157 | 38,431 | ||
Total current liabilities | 72,968 | 90,900 | ||
Long-term debt, less current portion | 151,600 | 191,300 | ||
Intercompany advances | 361,051 | 330,176 | ||
Accrued pension and other postretirement benefits, noncurrent | 1,923 | 3,148 | ||
Deferred income taxes and other | 45,778 | 54,270 | ||
Total stockholders’ equity | 203,137 | 215,907 | ||
Total liabilities and stockholders’ equity | $ 836,457 | $ 885,701 |
SELECTED CONSOLIDATING FINANC58
SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Consolidating Financial Statements, Captions | ||||
Net sales | $ 874,769 | $ 954,774 | $ 1,768,022 | $ 1,914,412 |
Cost of Goods and Services Sold | 673,432 | 730,831 | 1,399,820 | 1,462,925 |
Selling, General and Administrative Expense | 70,329 | 71,321 | 138,355 | 144,602 |
Depreciation and amortization | 45,286 | 42,575 | 90,748 | 86,109 |
Restructuring Charges | 10,462 | 0 | 17,113 | 0 |
Gain (Loss) on Disposition of Business | 4,774 | 0 | 4,774 | 0 |
Defined Benefit Plan, Curtailments | 2,863 | |||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 0 | 0 | 0 | (2,863) |
Costs and Expenses | 804,283 | 844,727 | 1,650,810 | 1,696,499 |
Operating Income (Loss) | 70,486 | 110,047 | 117,212 | 217,913 |
Intercompany Interest and Charges | 0 | 0 | 0 | 0 |
Interest expense and other | 17,896 | 15,631 | 36,023 | 33,747 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 52,590 | 94,416 | 81,189 | 184,166 |
Income Tax Expense (Benefit) | 17,783 | 32,804 | 26,648 | 59,823 |
Net Income (Loss) Attributable to Parent | 34,807 | 61,612 | 54,541 | 124,343 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (7,466) | (18,555) | (24,401) | 233 |
Total comprehensive income | 27,341 | 43,057 | 30,140 | 124,576 |
Consolidation, Eliminations [Member] | ||||
Consolidating Financial Statements, Captions | ||||
Net sales | (20,570) | (16,863) | (39,394) | (28,805) |
Cost of Goods and Services Sold | (20,570) | (16,863) | (39,394) | (28,805) |
Selling, General and Administrative Expense | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Restructuring Charges | 0 | 0 | ||
Gain (Loss) on Disposition of Business | 0 | 0 | ||
Defined Benefit Plan, Curtailments | 0 | |||
Costs and Expenses | (20,570) | (16,863) | (39,394) | (28,805) |
Operating Income (Loss) | 0 | 0 | 0 | 0 |
Intercompany Interest and Charges | 0 | 0 | 0 | 0 |
Interest expense and other | 0 | 0 | 0 | 0 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 0 | 0 | 0 | 0 |
Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 |
Net Income (Loss) Attributable to Parent | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0 | 0 | 0 | 0 |
Total comprehensive income | 0 | 0 | 0 | 0 |
Parent | ||||
Consolidating Financial Statements, Captions | ||||
Net sales | 0 | 0 | 0 | 0 |
Cost of Goods and Services Sold | 0 | 0 | 0 | 0 |
Selling, General and Administrative Expense | 13,654 | 11,908 | 28,097 | 25,060 |
Depreciation and amortization | 277 | 389 | 659 | 789 |
Restructuring Charges | 7,740 | 9,600 | ||
Gain (Loss) on Disposition of Business | 4,774 | 4,774 | ||
Defined Benefit Plan, Curtailments | 2,863 | |||
Costs and Expenses | 26,445 | 12,297 | 43,130 | 28,712 |
Operating Income (Loss) | (26,445) | (12,297) | (43,130) | (28,712) |
Intercompany Interest and Charges | (47,505) | (50,709) | (99,069) | (104,300) |
Interest expense and other | 17,737 | 15,133 | 35,118 | 29,648 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 3,323 | 23,279 | 20,821 | 45,940 |
Income Tax Expense (Benefit) | (430) | 5,487 | 1,619 | 5,476 |
Net Income (Loss) Attributable to Parent | 3,753 | 17,792 | 19,202 | 40,464 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 929 | (1,800) | 363 | (781) |
Total comprehensive income | 4,682 | 15,992 | 19,565 | 39,683 |
Guarantors Subsidiaries | ||||
Consolidating Financial Statements, Captions | ||||
Net sales | 798,537 | 876,282 | 1,615,964 | 1,761,725 |
Cost of Goods and Services Sold | 615,237 | 667,591 | 1,283,858 | 1,339,900 |
Selling, General and Administrative Expense | 49,607 | 49,803 | 95,500 | 102,241 |
Depreciation and amortization | 40,794 | 37,766 | 81,561 | 72,808 |
Restructuring Charges | 2,495 | 7,286 | ||
Gain (Loss) on Disposition of Business | 0 | 0 | ||
Defined Benefit Plan, Curtailments | 0 | |||
Costs and Expenses | 708,133 | 755,160 | 1,468,205 | 1,514,949 |
Operating Income (Loss) | 90,404 | 121,122 | 147,759 | 246,776 |
Intercompany Interest and Charges | 45,269 | 48,401 | 94,442 | 99,913 |
Interest expense and other | 2,487 | 2,193 | 4,765 | 5,083 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 42,648 | 70,528 | 48,552 | 141,780 |
Income Tax Expense (Benefit) | 16,828 | 26,196 | 22,117 | 52,590 |
Net Income (Loss) Attributable to Parent | 25,820 | 44,332 | 26,435 | 89,190 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (1,574) | (1,097) | (3,146) | 5,739 |
Total comprehensive income | 24,246 | 43,235 | 23,289 | 94,929 |
Non-Guarantor Subsidiaries | ||||
Consolidating Financial Statements, Captions | ||||
Net sales | 96,802 | 95,355 | 191,452 | 181,492 |
Cost of Goods and Services Sold | 78,765 | 80,103 | 155,356 | 151,830 |
Selling, General and Administrative Expense | 7,068 | 9,610 | 14,758 | 17,301 |
Depreciation and amortization | 4,215 | 4,420 | 8,528 | 12,512 |
Restructuring Charges | 227 | 227 | ||
Gain (Loss) on Disposition of Business | 0 | 0 | ||
Defined Benefit Plan, Curtailments | 0 | |||
Costs and Expenses | 90,275 | 94,133 | 178,869 | 181,643 |
Operating Income (Loss) | 6,527 | 1,222 | 12,583 | (151) |
Intercompany Interest and Charges | 2,236 | 2,308 | 4,627 | 4,387 |
Interest expense and other | (2,328) | (1,695) | (3,860) | (984) |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 6,619 | 609 | 11,816 | (3,554) |
Income Tax Expense (Benefit) | 1,385 | 1,121 | 2,912 | 1,757 |
Net Income (Loss) Attributable to Parent | 5,234 | (512) | 8,904 | (5,311) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (6,821) | (15,658) | (21,618) | (4,725) |
Total comprehensive income | (1,587) | (16,170) | (12,714) | (10,036) |
Pension Plan [Member] | ||||
Consolidating Financial Statements, Captions | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | $ 0 | $ 0 | $ 0 | $ (2,863) |
SELECTED CONSOLIDATING FINANC59
SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Consolidating Financial Statements, Captions | ||||||
Gain (Loss) on Disposition of Business | $ 4,774 | $ 0 | $ 4,774 | $ 0 | ||
Net Income (Loss) Attributable to Parent | 34,807 | 61,612 | 54,541 | 124,343 | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | (185,777) | (302,798) | ||||
Net cash provided by (used in) operating activities | (131,236) | (178,455) | ||||
Capital expenditures | (11,244) | (20,112) | (23,967) | (38,128) | ||
Proceeds from sale of assets | 10,044 | 1,561 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 9 | 5,986 | ||||
Net cash used in investing activities | (13,914) | (42,553) | ||||
Net increase in revolving credit facility | (252,396) | (166,094) | ||||
Proceeds from issuance of long-term debt | 12,700 | 108,297 | ||||
Retirements and repayments of debt | 73,834 | 44,207 | ||||
Payments of Financing Costs | 11,079 | 143 | ||||
Dividends paid | 3,962 | 3,943 | ||||
Repayments of government grant | (14,570) | 0 | ||||
Repurchase of restricted shares for minimum tax obligation | 182 | 96 | ||||
Intercompany financing and advances | 0 | 0 | ||||
Net cash (used in) provided by financing activities | 161,469 | 226,002 | ||||
Effect of exchange rate changes on cash | (1,088) | 1,478 | ||||
Net change in cash and cash equivalents | 15,231 | 6,472 | ||||
Cash and cash equivalents | 36,215 | 39,089 | 36,215 | 39,089 | $ 20,984 | $ 32,617 |
Consolidation, Eliminations [Member] | ||||||
Consolidating Financial Statements, Captions | ||||||
Gain (Loss) on Disposition of Business | 0 | 0 | ||||
Net Income (Loss) Attributable to Parent | 0 | 0 | 0 | 0 | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | 660 | 5,845 | ||||
Net cash provided by (used in) operating activities | 660 | 5,845 | ||||
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 | ||||
Net increase in revolving credit facility | 0 | 0 | ||||
Proceeds from issuance of long-term debt | 0 | 0 | ||||
Retirements and repayments of debt | 0 | 0 | ||||
Payments of Financing Costs | 0 | 0 | ||||
Dividends paid | 0 | 0 | ||||
Repayments of government grant | 0 | |||||
Repurchase of restricted shares for minimum tax obligation | 0 | 0 | ||||
Intercompany financing and advances | (660) | (5,845) | ||||
Net cash (used in) provided by financing activities | (660) | (5,845) | ||||
Effect of exchange rate changes on cash | 0 | 0 | ||||
Net change in cash and cash equivalents | 0 | 0 | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 |
Parent | ||||||
Consolidating Financial Statements, Captions | ||||||
Gain (Loss) on Disposition of Business | 4,774 | 4,774 | ||||
Net Income (Loss) Attributable to Parent | 3,753 | 17,792 | 19,202 | 40,464 | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | 14,409 | 4,328 | ||||
Net cash provided by (used in) operating activities | 33,611 | 44,792 | ||||
Capital expenditures | (814) | (338) | ||||
Proceeds from sale of assets | 0 | 0 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 0 | ||||
Net cash used in investing activities | (814) | (338) | ||||
Net increase in revolving credit facility | (252,396) | (166,094) | ||||
Proceeds from issuance of long-term debt | 0 | 0 | ||||
Retirements and repayments of debt | 14,206 | 9,511 | ||||
Payments of Financing Costs | 11,079 | 143 | ||||
Dividends paid | 3,962 | 3,943 | ||||
Repayments of government grant | 0 | |||||
Repurchase of restricted shares for minimum tax obligation | 182 | 96 | ||||
Intercompany financing and advances | (256,657) | (196,863) | ||||
Net cash (used in) provided by financing activities | (33,690) | (44,462) | ||||
Effect of exchange rate changes on cash | 0 | 0 | ||||
Net change in cash and cash equivalents | (893) | (8) | ||||
Cash and cash equivalents | 651 | 612 | 651 | 612 | 1,544 | 620 |
Guarantors Subsidiaries | ||||||
Consolidating Financial Statements, Captions | ||||||
Gain (Loss) on Disposition of Business | 0 | 0 | ||||
Net Income (Loss) Attributable to Parent | 25,820 | 44,332 | 26,435 | 89,190 | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | (219,316) | (320,943) | ||||
Net cash provided by (used in) operating activities | (192,881) | (231,753) | ||||
Capital expenditures | (17,154) | (30,316) | ||||
Proceeds from sale of assets | 9,143 | 1,408 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 9 | 14 | ||||
Net cash used in investing activities | (8,002) | (28,894) | ||||
Net increase in revolving credit facility | 0 | 0 | ||||
Proceeds from issuance of long-term debt | 0 | 6,497 | ||||
Retirements and repayments of debt | 7,228 | 11,596 | ||||
Payments of Financing Costs | 0 | 0 | ||||
Dividends paid | 0 | 0 | ||||
Repayments of government grant | (14,570) | |||||
Repurchase of restricted shares for minimum tax obligation | 0 | 0 | ||||
Intercompany financing and advances | 227,339 | 265,639 | ||||
Net cash (used in) provided by financing activities | 205,541 | 260,540 | ||||
Effect of exchange rate changes on cash | 0 | 0 | ||||
Net change in cash and cash equivalents | 4,658 | (107) | ||||
Cash and cash equivalents | 4,859 | 312 | 4,859 | 312 | 201 | 419 |
Non-Guarantor Subsidiaries | ||||||
Consolidating Financial Statements, Captions | ||||||
Gain (Loss) on Disposition of Business | 0 | 0 | ||||
Net Income (Loss) Attributable to Parent | 5,234 | (512) | 8,904 | (5,311) | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | 18,470 | 7,972 | ||||
Net cash provided by (used in) operating activities | 27,374 | 2,661 | ||||
Capital expenditures | (5,999) | (7,474) | ||||
Proceeds from sale of assets | 901 | 153 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 6,000 | ||||
Net cash used in investing activities | (5,098) | (13,321) | ||||
Net increase in revolving credit facility | 0 | 0 | ||||
Proceeds from issuance of long-term debt | 12,700 | 101,800 | ||||
Retirements and repayments of debt | 52,400 | 23,100 | ||||
Payments of Financing Costs | 0 | 0 | ||||
Dividends paid | 0 | 0 | ||||
Repayments of government grant | 0 | |||||
Repurchase of restricted shares for minimum tax obligation | 0 | 0 | ||||
Intercompany financing and advances | 29,978 | (62,931) | ||||
Net cash (used in) provided by financing activities | (9,722) | 15,769 | ||||
Effect of exchange rate changes on cash | (1,088) | 1,478 | ||||
Net change in cash and cash equivalents | 11,466 | 6,587 | ||||
Cash and cash equivalents | $ 30,705 | $ 38,165 | $ 30,705 | $ 38,165 | $ 19,239 | $ 31,578 |
RESTRUCTURING COSTS RESTRUCTU60
RESTRUCTURING COSTS RESTRUCTURING COSTS (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($) | 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 | $ 14,202 | $ 24,344 | |
Restructuring and Related Activities, Reduction to Workforce | 1,200 | ||
Restructuring and Related Cost, Expected Cost | 155,000 | 155,000 | |
Restructuring and Related Cost, Accelerated Depreciation | 3,740 | 7,231 | |
Severance Costs | 1,046 | 1,098 | |
Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 1,046 | 1,098 | |
Restructuring and Related Cost, Expected Cost | 26,000 | 26,000 | |
Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 35 | 282 | |
Restructuring and Related Cost, Expected Cost | 40,000 | 40,000 | |
Contract Termination [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 25,000 | 25,000 | |
Accelerated Depreciation [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 34,000 | 34,000 | |
Accelerated Depreciation [Member] | Depreciation and Amortization [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 3,740 | 7,231 | |
Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 9,381 | 15,733 | |
Restructuring and Related Cost, Expected Cost | 30,000 | 30,000 | |
Restructuring Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 10,462 | 17,113 | |
Integrated Systems [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 333 | 379 | |
Integrated Systems [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 286 | 286 | |
Integrated Systems [Member] | Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 0 | 0 | |
Integrated Systems [Member] | Accelerated Depreciation [Member] | Depreciation and Amortization [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 47 | 93 | |
Integrated Systems [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 0 | 0 | |
Integrated Systems [Member] | Restructuring Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 286 | 286 | |
Aerospace Structures [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 1,210 | 4,262 | |
Aerospace Structures [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 250 | 250 | |
Aerospace Structures [Member] | Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 0 | 0 | |
Aerospace Structures [Member] | Accelerated Depreciation [Member] | Depreciation and Amortization [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 0 | 0 | |
Aerospace Structures [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 960 | 4,012 | |
Aerospace Structures [Member] | Restructuring Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 1,210 | 4,262 | |
Precision Components [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 4,606 | 9,620 | |
Precision Components [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 445 | 472 | |
Precision Components [Member] | Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 0 | 247 | |
Precision Components [Member] | Accelerated Depreciation [Member] | Depreciation and Amortization [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 3,549 | 6,849 | |
Precision Components [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 612 | 2,052 | |
Precision Components [Member] | Restructuring Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 1,057 | 2,771 | |
Product Support [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 312 | 482 | |
Product Support [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 65 | 90 | |
Product Support [Member] | Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 35 | 35 | |
Product Support [Member] | Accelerated Depreciation [Member] | Depreciation and Amortization [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 144 | 289 | |
Product Support [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 68 | 68 | |
Product Support [Member] | Restructuring Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 168 | 193 | |
Corporate Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 7,741 | 9,601 | |
Corporate Segment [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 0 | 0 | |
Corporate Segment [Member] | Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 0 | 0 | |
Corporate Segment [Member] | Accelerated Depreciation [Member] | Depreciation and Amortization [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 0 | 0 | |
Corporate Segment [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 7,741 | 9,601 | |
Corporate Segment [Member] | Restructuring Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 7,741 | 9,601 | |
Minimum [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 150,000 | 150,000 | |
Maximum [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | $ 160,000 | $ 160,000 |