Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Jun. 30, 2018 | Aug. 07, 2018 | |
Entity Information [Line Items] | ||
Entity Registrant Name | TRIUMPH GROUP INC | |
Entity Central Index Key | 1,021,162 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 49,812,122 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 33,055 | $ 35,819 |
Trade and other receivables, less allowance for doubtful accounts of $4,458 and $4,032 | 337,245 | 376,612 |
Contract with Customer, Asset, Net, Current | 537,332 | 37,573 |
Inventories, net of unliquidated progress payments of $0 and $387,146 | 533,982 | 1,427,169 |
Prepaid and other current assets | 30,753 | 44,428 |
Assets Held-for-sale, Not Part of Disposal Group, Current | 80,719 | 1,324 |
Total current assets | 1,553,086 | 1,922,925 |
Property and equipment, net | 732,300 | 726,003 |
Goodwill | 587,571 | 592,828 |
Intangible assets, net | 493,105 | 507,681 |
Other, net | 53,905 | 57,627 |
Total assets | 3,419,967 | 3,807,064 |
Current liabilities: | ||
Current portion of long-term debt | 16,710 | 16,527 |
Accounts payable | 514,907 | 418,367 |
Contract with Customer, Liability, Current | 474,644 | 321,191 |
Accrued expenses | 225,093 | 235,914 |
Disposal Group, Including Discontinued Operation, Liabilities, Current | 29,588 | 440 |
Total current liabilities | 1,260,942 | 992,439 |
Long-term debt, less current portion | 1,503,664 | 1,421,757 |
Accrued pension and other postretirement benefits, noncurrent | 465,595 | 483,887 |
Deferred income taxes, noncurrent | 16,175 | 16,582 |
Other Liabilities, Noncurrent | 400,172 | 441,865 |
Stockholders’ equity: | ||
Common stock, $.001 par value, 100,000,000 shares authorized, 52,460,920 and 52,460,920 shares issued; 49,764,360 and 49,669,848 shares outstanding | 51 | 51 |
Capital in excess of par value | 850,552 | 851,280 |
Treasury Stock, Value | (176,038) | (179,082) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (383,828) | (367,870) |
Retained Earnings (Accumulated Deficit) | (517,318) | 146,155 |
Total stockholders' equity | (226,581) | 450,534 |
Total liabilities and stockholders' equity | $ 3,419,967 | $ 3,807,064 |
Consolidated Balance Sheet Pare
Consolidated Balance Sheet Parenthetical (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Allowance for doubtful accounts | $ 4,458 | $ 4,032 |
Unliquidated progress payments | 0 | 387,146 |
Customer Advances, Current | $ 471,241 | $ 387,146 |
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 | 49,764,360 | 49,669,848 |
Treasury Stock, Shares | 2,696,560 | 2,791,072 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues | $ 832,900 | $ 781,689 |
Operating costs and expenses: | ||
Cost of sales (exclusive of depreciation and amortization shown separately below) | 770,214 | 645,778 |
Selling, General and Administrative Expense | 81,656 | 80,248 |
Depreciation and amortization | 38,812 | 39,131 |
Restructuring Charges | 4,047 | 17,500 |
Gain (Loss) on Disposition of Business | 4,719 | 0 |
Operating Expenses | 899,448 | 782,657 |
Operating Income (Loss) | (66,548) | (968) |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | (16,538) | (19,377) |
Interest expense and other | 25,493 | 21,018 |
Income from continuing operations before income taxes | (75,503) | (2,609) |
Net Income (Loss) Attributable to Parent | $ (76,534) | $ (1,931) |
Earnings per share-basic: | ||
Earnings Per Share, Basic | $ (1.54) | $ (0.04) |
Weighted-average common shares outstanding-basic (in shares) | 49,552 | 49,341 |
Earnings per share-diluted: | ||
Earnings Per Share, Diluted | $ (1.54) | $ (0.04) |
Weighted-average common shares outstanding-diluted (in shares) | 49,552 | 49,341 |
Dividends declared and paid per common share (in dollars per share) | $ 0.04 | $ 0.04 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Net Income (Loss) Attributable to Parent | $ (76,534) | $ (1,931) |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Foreign currency translation adjustment | (14,524) | 11,421 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 1,676 | 1,695 |
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service (Cost) Credit, Net of Tax | (2,075) | (3,042) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | (399) | (1,347) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (965) | 552 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (70) | (369) |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | (1,035) | 183 |
Other Comprehensive Income (Loss), Net of Tax | (15,958) | 10,257 |
Total comprehensive income | $ (92,492) | $ 8,326 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income Parenthetical (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Tax | $ 0 | $ 0 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During the Period, Tax | 0 | 0 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Tax | 0 | 0 |
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service (Cost) Credit, Tax | 0 | 0 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During the Period, Tax | 125 | 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | $ 35 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Increase (Decrease) in Contract with Customer, Asset | $ (23,221) | $ 24,070 |
Operating Activities | ||
Net Income (Loss) Attributable to Parent | (76,534) | (1,931) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 38,812 | 39,131 |
Amortization of acquired contract liabilities | (17,234) | (29,473) |
Gain (Loss) on Disposition of Business | 4,719 | 0 |
Other amortization included in interest expense | 1,887 | 3,263 |
Provision for doubtful accounts receivable | (14) | (363) |
Provision for deferred income taxes | 0 | (1,060) |
Employee stock-based compensation | 2,462 | (41) |
Changes in assets and liabilities, excluding the effects of acquisitions and dispositions of businesses: | ||
Trade and other receivables | 27,598 | (54,380) |
Inventories | (30,833) | 118,243 |
Prepaid expenses and other current assets | 3,898 | 751 |
Accounts payable, accrued expenses and other current liabilities | 23,341 | (172,918) |
Accrued pension and other postretirement benefits | (18,691) | (21,207) |
Other | (1,904) | (3,133) |
Net cash (used in) provided by operating activities | (65,714) | (99,048) |
Investing Activities | ||
Capital expenditures | (12,200) | (12,085) |
Proceeds from sale of assets | 664 | 1,351 |
Net cash used in investing activities | (11,536) | (10,734) |
Financing Activities | ||
Net increase in revolving credit facility | 113,186 | 118,961 |
Proceeds from issuance of long-term debt and capital leases | 19,046 | 0 |
Repayment of debt and capital lease obligations | (53,762) | (33,268) |
Payment of deferred financing costs | (64) | (7,160) |
Dividends paid | (1,988) | (1,984) |
Repurchase of restricted shares for minimum tax obligation | (532) | (296) |
Net cash (used in) provided by financing activities | 75,886 | 76,253 |
Effect of exchange rate changes on cash | (1,400) | 864 |
Net change in cash and cash equivalents | (2,764) | (32,665) |
Cash at beginning of period | 35,819 | 69,633 |
Cash at end of period | $ 33,055 | $ 36,968 |
Consolidated Statements of Cas8
Consolidated Statements of Cash Flows Parenthetical (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Excess tax benefit | $ 0 | $ 0 |
BASIS OF PRESENTATION AND ORGAN
BASIS OF PRESENTATION AND ORGANIZATION | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Standards Recently Implemented Adoption of ASU 2014-09 In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”) that supersedes ASC 605 (“legacy GAAP”). Subsequently, the FASB issued several updates to ASU 2014-09, which are pending content or otherwise codified in Accounting Standards Codification (“ASC”) Topic 606 (“ASC 606”). ASU 2014-09 includes new guidance on costs related to a contract, which is codified in ASC Subtopic 340-40 (“ASC 340-40”). The Company adopted ASC 606 using the modified retrospective method (“method”) effective as of April 1, 2018 (“date of initial application”). Under this method, the cumulative effect of the adoption of ASC 606 is recognized as an adjustment to retained earnings on the date of initial application (“Transition Adjustment”), and the comparative financial statements for prior periods are not adjusted and continue to be reported under legacy GAAP. The Transition Adjustment was a decrease to retained earnings of $584,900 . Financial information for fiscal years 2019 and 2018 is presented under ASC 606 and under legacy GAAP, respectively. The tables below reflect adjusted fiscal year 2019 financial statement amounts as if the Company had been reporting under legacy GAAP for items that are materially different. The adoption of ASC 606 does not impact the Company's cash flows or the underlying economics of the Company's contracts with customers. However, the pattern and timing of revenue and profit recognition, as well as financial statement presentation and disclosures, has changed. The significant changes and the qualitative and quantitative impact of the adoption of ASC 606 are noted below: a. Revenue from Contracts with Customers Generally, the Company no longer uses the units-of-delivery method, and the historical use of contract blocks to define contracts for accounting purposes has been replaced by accounting contracts as identified under ASC 606. The Company's accounting contracts under ASC 606 are for the specific number of units for which orders have been received, which is typically for fewer units than what was used to define contract blocks under legacy GAAP. In most of the Company's contracts, the customer has options or requirements to purchase additional products and services that do not represent material rights since the options are at their stand alone pricing. The primary effect of the Company’s adoption of ASC 606 (outside of the Aerospace Structures segment) was to recognize revenue over time for certain of its contracts, which is a change from recognition based on shipping terms under the legacy GAAP accounting policy. b. Capitalized Pre-Production Costs Under legacy GAAP, certain capitalized pre-production costs were deferred over the life of the contract block, in certain situations this is not permitted under ASC 606. Accordingly, capitalized pre-production costs of $865,843 (pre-tax), net of previously recognized forward loss reserves of $343,983 (pre-tax), were eliminated, resulting in a decrease to retained earnings in the Transition Adjustment. c. Contract Assets and Contract Liabilities Contract assets primarily represent revenues recognized for performance obligations that have been satisfied but for which amounts have not been billed. Contract assets in the amount of $565,414 were established in the Transition Adjustment. Contract liabilities primarily represent cash received that is in excess of revenues recognized and is contingent upon the satisfaction of performance obligations. Contract liabilities in the amount of $288,287 were established in the Transition Adjustment, which reflects consideration received prior to the date of initial application that previously represented customer advances and additional forward losses due to change in block sizes. This liability will be recognized as revenue earlier if the options are not fully exercised, or immediately if the contract is terminated prior to the options being fully exercised. d. Contract Costs The Company’s accounting for pre-production, tooling and certain other costs has not changed since these costs generally do not fall within the scope of ASC 340-40, however certain related assets have been reclassified from inventory to property and equipment as they are costs to fulfill obligations beyond 1 year. Incurred production costs for anticipated contracts (satisfaction of performance obligations, which have commenced because the Company expects the customer to exercise options) continue to be classified as inventory. e. Practical expedients The Company has adopted ASC 606 only for contracts that were not substantially completed under legacy GAAP on the date of initial application. For these contracts, the Company has reflected the aggregate effect of all modifications executed prior to the date of initial application when identifying satisfied and unsatisfied performance obligations, for determining the transaction price and for allocating the transaction price. The following tables summarize the impacts of adopting ASC 606 on the Company’s consolidated financial statements for the three months and period ended June 30, 2018 . For the Three Months Ended As Reported June 30, 2018 Impact of Adoption of ASC Topic 606 As Adjusted June 30, 2018 Net Sales $ 832,900 $ (56,238 ) $ 776,662 Cost of sales (exclusive of depreciation and amortization) 770,214 26,853 797,067 Selling, general and administrative 81,656 1,352 83,008 Interest expense and other 25,493 (2,288 ) 23,205 Net loss * (76,534 ) (82,155 ) (158,689 ) (Loss) earnings per share Basic $ (1.54 ) $ (1.66 ) $ (3.20 ) Diluted $ (1.54 ) $ (1.66 ) $ (3.20 ) * The Company did not have a net tax effect on the Transition Adjustment due to its valuation allowance position. As Reported June 30, 2018 Impact of Adoption of ASC Topic 606 As Adjusted June 30, 2018 Assets Trade and other receivables $ 337,245 $ (23,667 ) $ 313,578 Contract assets, short term 537,332 (512,258 ) 25,074 Inventories, net 533,982 797,105 1,331,087 Property and equipment, net 732,300 (37,850 ) 694,450 Total assets 3,419,967 223,330 3,643,297 Liabilities Contract liabilities 474,644 (288,747 ) 185,897 Other noncurrent liabilities 400,172 9,327 409,499 Stockholders' (Deficit) Equity Accumulated other comprehensive loss (383,828 ) 6 (383,822 ) Accumulated (deficit) retained earnings (517,318 ) 502,744 (14,574 ) Total liabilities and stockholders' (deficit) equity 3,419,967 223,330 3,643,297 Adoption of ASU 2017-07 In March 2017, the FASB issued ASU 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost ("ASU 2017-07"). ASU 2017-07 requires an employer to report the service cost component of net periodic pension benefit cost in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period, with other cost components presented separately from the service cost component and outside of income from operations. ASU 2017-07 also allows only the service cost component of net periodic pension benefit cost to be eligible for capitalization when applicable. ASU 2017-07 was effective for years beginning after December 15, 2017. The Company adopted this standard on April 1, 2018, applying the presentation requirements retrospectively. We elected to apply the practical expedient, which allows us to reclassify amounts disclosed previously in the employee benefit plans note as the basis for applying retrospective presentation for comparative periods as it is impracticable to determine the disaggregation of the cost components for amounts capitalized and amortized in those periods. Provisions related to presentation of the service cost component eligibility for capitalization were applied prospectively. The effect of the retrospective presentation change related to the net periodic benefit cost of our defined benefit pension and postretirement plans on our condensed consolidated statements of operations was as follows: For the Three Months Ended As Previously Reported June 30, 2017 Impact of Adoption of ASU 2017-07 As Adjusted June 30, 2017 Cost of sales $ 627,346 $ 18,432 $ 645,778 Selling, general and administrative 79,303 945 80,248 Non-service defined benefit income — (19,377 ) (19,377 ) For the three months ended June 30, 2018 , the Company recorded a non-cash charge related to the adoption of ASU 2017-07 of $87,241 due to an inseparable change in estimate from a change in accounting principles, which is presented on the accompanying condensed consolidated statements of operations within "Cost of sales." Adoption of ASU 2017-12 In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”), which expands component and fair value hedging, specifies the presentation of the effects of hedging instruments, and eliminates the separate measurement and presentation of hedge ineffectiveness. ASU 2017-12 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company adopted ASU 2017-12 as of April 1, 2018. The adoption of ASU 2017-12 did not have a material impact on the Company’s condensed consolidated financial statements. | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | BASIS OF PRESENTATION AND ORGANIZATION The accompanying unaudited condensed consolidated financial statements of Triumph Group, Inc. (the "Company") have been prepared in conformity with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of the results of operations, financial position and cash flows. The results of operations for the three months ended June 30, 2018 , are not necessarily indicative of results that may be expected for the year ending March 31, 2019 . The accompanying condensed consolidated financial statements are unaudited and should be read in conjunction with the fiscal 2018 audited condensed consolidated financial statements and notes thereto included in the Company's Form 10-K for the year ended March 31, 2018 , filed with the Securities and Exchange Commission (the "SEC") on May 22, 2018 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. For the fiscal year ended March 31, 2018, the Company has reclassified certain assets and liabilities within the condensed consolidated balance sheets for comparability purposes with the presentation for the period ended June 30, 2018 . |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Standards Issued Not Yet Implemented In February 2018, the FASB issued ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (“ASU 2018-02”). The guidance in ASU 2018-02 allows an entity to elect to reclassify the stranded tax effects related to the Tax Cuts and Jobs Act of 2017 (the “Act”) from accumulated other comprehensive income into retained earnings. ASU 2018-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company does not expect the adoption of this standard to have a material effect on the Company’s condensed consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02"). This update requires recognition of lease right of use assets and lease liabilities on the balance sheet of lessees. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and interim reporting periods within those years. Early adoption is permitted. ASU 2016-02 requires a modified retrospective transition approach and provides certain optional transition relief. The Company is currently evaluating the guidance to determine the impact it will have on the Company's condensed consolidated financial statements. | |
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 condensed financial statements and accompanying notes. Actual results could differ from those estimates. Management may make significant judgments when assessing the standalone selling prices of the Company’s products and services, the estimated amounts of variable consideration and related constraints, and the number of options likely to be exercised. The Company also estimates the cost of satisfying the performance obligations in its contracts and options that may extend over many years. Cost estimates reflect currently available information and the impact of any changes to cost estimates, based upon the facts and circumstances, are recorded in the period in which they become known. The transaction price for a contract reflects the consideration the Company expects to receive for fully satisfying the performance obligations in the contract. The Company’s contracts with customers are typically for products and services to be provided at fixed stated prices but may also include variable consideration. Variable consideration may include, but is not limited to, unpriced contract modifications; cost sharing provisions; incentives and awards; non-warranty claims and assertions; provisions for non-conformance and rights to return; or other payments to, or receipts from, customers. The Company estimates the variable consideration using the expected value or the most likely amount based upon the facts and circumstances, available data and trends, and the history of resolving variability with specific customers. The Company regularly commences work and incorporates customer-directed changes prior to negotiating pricing terms for engineering work, product modifications, and other statements of work. The Company's contractual terms typically provide for price negotiations after certain customer-directed changes have been accepted by the Company. Prices are estimated and related costs are deferred until they are contractually agreed upon with the customer. When a contract is modified, the Company evaluates whether additional distinct products and services have been promised and whether allocation of consideration is necessary. If not, the modification is treated as a change to the performance obligations within the existing contract, or otherwise accounted for as a new contract prospectively. The Company allocates the consideration for a contract to the performance obligations on the basis of their relative standalone selling price. The Company estimates the likelihood of the amount of options that the customer is going to exercise when assessing the existence of performance obligations with respect to this allocation or for assessing the impact of loss contracts. The Company typically provides warranties on all the Company's products and services. Warranties are typically not priced separately, since customers cannot purchase them independently of the products or services under contract so they do not create performance obligations. Triumph's warranties generally provide assurance to the Company's customers that the products or services meet the specifications in the contract. In the event that there is a warranty claim because of a covered material or workmanship issue, the Company may be required to pay the customer for repairs or perform the repair. Provisions for estimated expenses related to service and product warranties and certain extraordinary rework are made at the time products are sold. These costs are accrued at the time of the sale and are recorded as cost of sales. These estimates are established using historical information on the nature, frequency, and the cost experience of warranty claims. In the case of new development products or new customers, the Company also considers factors, including management judgment and the type and nature of the new product or new customer, among others. Actual results could differ from those estimates and assumptions. For the three months ended June 30, 2018 , cumulative catch-up adjustments from changes in estimates, including changes in forward loss estimates, decreased net sales, operating income, net income and earnings per share by approximately $(6,423) , $(3,626) , $(3,626) and $(0.07) , net of tax, respectively. In addition, the Company recorded a non-cash charge related to the adoption of ASU 2017-07 of $87,241 due to a change in estimate from a change in accounting principles, which is presented on the accompanying condensed consolidated statements of operations within "Cost of sales." For the three months ended June 30, 2017 , cumulative catch-up adjustments from changes in estimates decreased operating income, net income and earnings per share by approximately $(5,289) , $(3,915) and $(0.08) , net of tax, respectively. Revenue Recognition A significant majority of the Company’s revenues are from long-term supply agreements with various aerospace manufacturers. The Company participates in its customers’ programs by providing design, development, manufacturing, and support services across its various segments. During the early stages of a program, this frequently involves non-recurring design and development services, including tooling. As the program matures, the Company provides recurring manufacturing of products in accordance with customer design and schedule requirements. Many contracts include clauses that provide sole supplier status to the Company for the duration of the program’s life. The Company's long-term supply agreements typically include fixed price volume-based terms and require the satisfaction of performance obligations for the duration of the program’s life. The identification of an accounting contract with a customer and the related promises requires an assessment of each party’s rights and obligations regarding the products or services to be transferred, including an evaluation of termination clauses and presently enforceable rights and obligations. In general, these long-term supply agreements are legally governed by Master Supply Agreements (or General Terms & Agreement) under which special business provisions (or work package agreements) define specific program requirements. Purchase orders (or authorizations to proceed) are issued under these agreements to reflect presently enforceable rights and obligations for the units of products and services being purchased. The units for accounting purposes (“accounting contract”) are typically determined by the purchase orders. Revenue is recognized when the Company has a contract with presently enforceable rights and obligations, including an enforceable right to payment for work performed. Customers generally contract with the Company for requirements in a segment relating to a specific program, and the Company’s performance obligations consist of a wide range of engineering design services and manufactured components, as well as spare parts and repairs for OEMs. A single program may result in multiple contracts for accounting purposes, and within the respective contracts, non-recurring work elements and recurring work elements may result in multiple performance obligations. The Company generally contracts directly with its customers and is the principal in all current contracts. Management considers a number of factors when determining the existence of a contract and the related performance obligations that include, but are not limited to, the nature and substance of the business exchange; the contractual terms and conditions; the promised products and services; the termination provisions in the contract; including the presently enforceable rights and obligations of the parties to the contract; the nature and execution of the customer’s ordering process and how the Company is authorized to perform work; whether the promised products and services are capable of being distinct and are distinct within the context of the contract; as well as how and when products and services are transferred to the customer. Revenue is recognized when, or as, control of promised products or services transfers to a customer and is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those products or services. Revenue is recognized over time as work progresses, when the Company is entitled to the reimbursement of costs plus a reasonable profit for work performed for which the Company has no alternate use or when performing work on a customer-owned asset. For these performance obligations that are satisfied over time, the Company generally recognizes revenue using an input method with revenue amounts being recognized proportionately as costs are incurred relative to the total expected costs to satisfy the performance obligation. The Company believes that costs incurred as a portion of total estimated costs is an appropriate measure of progress toward satisfaction of the performance obligation since this measure reasonably depicts the progress of the work effort. Revenues for performance obligations that are not recognized over time are recognized at the point in time when control transfers to the customer (which is generally based on shipping terms). For performance obligations that are satisfied at a point in time, the Company evaluates the point in time when the customer can direct the use of and obtain the benefits from the products and services. Shipping and handling costs are not considered performance obligations and are included in cost of sales as incurred. The transaction price for a contract reflects the consideration the Company expects to receive for fully satisfying the performance obligations in the contract. A subset of the Company’s current contracts include significant financing components because the timing of the transfer of the underlying products and services under contract are at the customers’ discretion. The Company's contracts with customers generally require payment under normal commercial terms after delivery. Payment terms are typically within 30 to 120 days of delivery. The total transaction price is allocated to each of the identified performance obligations using the relative standalone selling price to reflect the amount the Company expects to be entitled for transferring the promised products and services to the customer. A majority of the Company’s agreements with customers include options for future purchases. As allowed by ASC 606, for all of its contracts the Company has elected to exclude sales and other similar taxes from the transaction price, since the Company generally is not subject to collecting sales tax. As a result, the Company collections from customers for these taxes are on a net basis. Standalone selling price is the price at which the Company would sell a promised good or service separately to a customer. Standalone selling prices are established at contract inception, and subsequent changes in transaction price are allocated on the same basis as at contract inception. When standalone selling prices for the Company’s products and services are generally not observable, the Company uses either the “Expected Cost plus a Margin” or "Adjusted Market Assessment" approaches to determine standalone selling price. Expected costs are typically derived from the available periodic forecast information. If a contract modification changes the overall transaction price of an existing contract, the Company allocates the new transaction price on the basis of the relative standalone selling prices of the performance obligations and cumulative adjustments, if any, are recorded in the current period. The Company also identifies and estimates variable consideration for contractual provisions such as unpriced contract modifications, cost sharing provisions, and other receipts or payments to customers. The timing of satisfaction of performance obligations and actual receipt of payment from a customer may differ and affects the balances of the contract assets and liabilities. For contracts that are deemed to be loss contracts, the Company establishes forward loss reserves for total estimated costs that are in excess of total estimated consideration in the period in which they become known. The Company records forward loss reserves for all performance obligations in the aggregate for the accounting contract. Included in net sales of Integrated Systems and Aerospace Structures, is the non-cash amortization of acquired contract liabilities that were recognized as fair value adjustments through purchase accounting from various acquisitions. For the three months ended June 30, 2018 and 2017 , the Company recognized $17,234 and $29,473 of non-cash amortization, respectively, into net sales on the accompanying condensed consolidated statements of operations. Disaggregation of Revenue The Company disaggregates revenue based on the method of measuring satisfaction of the performance obligation either over time or at a point in time. Additionally, the Company disaggregates revenue based upon the end market where products and services are transferred to the customer. The Company’s principal operating segments and related revenue are noted in Note 13, Segments. The following table shows disaggregated revenues satisfied overtime and point in time (excluding intercompany sales) for the three months ended June 30, 2018 : Integrated Systems Aerospace Structures Product Support Total Revenue from contracts with performance obligations: Satisfied over time $ 64,359 $ 461,664 $ 59,425 $ 585,448 Satisfied at a point in time 174,027 68,684 4,741 247,452 $ 238,386 $ 530,348 $ 64,166 $ 832,900 The following tables shows disaggregated revenues by end market (excluding intercompany sales) for the three months ended June 30, 2018 : Integrated Systems Aerospace Structures Product Support Total Sales by end market: Commercial aerospace $ 127,876 $ 282,164 $ 49,468 $ 459,508 Military 83,054 57,922 9,385 150,361 Business jets 13,243 175,832 1,395 190,470 Regional 7,398 6,402 3,918 17,718 Non-aviation 6,815 8,028 — 14,843 Total $ 238,386 $ 530,348 $ 64,166 $ 832,900 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 21% and 10% of total trade accounts receivable as of June 30, 2018 and March 31, 2018 , respectively. Trade accounts receivable from Gulfstream (representing commercial, military and space) represented approximately 8% and 16% of total trade accounts receivable as of June 30, 2018 and March 31, 2018 , respectively. The Company had no other concentrations of credit risk of more than 10% . Sales to Boeing for the three months ended June 30, 2018 , were $274,296 , or 33% of net sales, of which $51,593 , $219,461 , and $3,242 were from the Integrated Systems, Aerospace Structures and Product Support, respectively. Sales to Boeing for the three months ended June 30, 2017 , were $257,311 , or 33% of net sales, of which $53,530 , $201,688 and $2,093 were from the Integrated Systems, Aerospace Structures and Product Support, respectively. Sales to Gulfstream for the three months ended June 30, 2018 , were $90,771 , or 11% of net sales, of which $595 , $90,128 , and $48 were from the Integrated Systems, Aerospace Structures and Product Support, respectively. Sales to Gulfstream for the three months ended June 30, 2017 , were $116,026 , or 15% of net sales, of which $306 , $115,710 , and $10 were from the Integrated Systems, Aerospace Structures and Product Support, respectively. No other single customer accounted for more than 10% of the Company’s net sales. However, the loss of any significant customer, including Boeing and Gulfstream, could have a material adverse effect on the Company and its operating subsidiaries. Stock-Based Compensation The Company recognizes compensation expense for share-based awards based on the fair value of those awards at the date of grant. Stock-based compensation expense for the three months ended June 30, 2018 and 2017 , was $2,462 and $(41) , respectively. The Company has classified share-based compensation within selling, general and administrative expenses to correspond with the same line item as the majority of the cash compensation paid to employees. Upon the exercise of stock options or vesting of restricted stock, the Company first transfers treasury stock, then issues new shares. Intangible Assets The components of intangible assets, net, are as follows: June 30, 2018 Weighted- Average Life Gross Carrying Amount Accumulated Amortization Net Customer relationships 17.2 $ 604,266 $ (249,157 ) $ 355,109 Product rights, technology and licenses 11.4 55,025 (42,369 ) 12,656 Non-compete agreements and other 16.3 2,756 (1,010 ) 1,746 Tradenames 10.0 150,000 (26,406 ) 123,594 Total intangibles, net $ 812,047 $ (318,942 ) $ 493,105 March 31, 2018 Weighted- Average Life Gross Carrying Amount Accumulated Amortization Net Customer relationships 17.3 $ 606,148 $ (240,779 ) $ 365,369 Product rights, technology and licenses 11.4 55,253 (41,858 ) 13,395 Non-compete agreements and other 16.3 2,756 (965 ) 1,791 Tradenames 10.3 150,000 (22,874 ) 127,126 Total intangibles, net $ 814,157 $ (306,476 ) $ 507,681 Amortization expense for the three months ended June 30, 2018 and 2017 , was $13,233 and $14,847 , 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 divestitures (see Note 3). Warranty Reserves A reserve has been established to provide for the estimated future cost of warranties on our delivered products. The Company periodically reviews the reserves and adjustments are made accordingly. A provision for warranty on products delivered is made on the basis of historical experience and identified warranty issues. Warranties cover such factors as non-conformance to specifications and defects in material and workmanship. The majority of the Company's agreements include a three -year warranty, although certain programs have warranties up to 20 years. The warranty reserves as of June 30, 2018 and March 31, 2018 , were $66,433 and $69,588 , respectively. Supplemental Cash Flow Information The Company received income tax refunds, net of payments of $7,715 and paid $2,749 for income taxes, net of refunds, for the three months ended June 30, 2018 and 2017 , respectively. The Company made interest payments of $12,734 and $24,007 for the three months ended June 30, 2018 and 2017 , respectively. During the three months ended June 30, 2018 , the Company financed $1,846 of property and equipment additions through capital leases. As of June 30, 2018 , 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. |
CONTRACTUAL PERFORMANCE OBLIGAT
CONTRACTUAL PERFORMANCE OBLIGATIONS (Notes) | 3 Months Ended |
Jun. 30, 2018 | |
Contractual Performance Obligations [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | 5. PERFORMANCE OBLIGATIONS As of June 30, 2018 , the Company has the following unsatisfied, or partially unsatisfied, performance obligations that are expected to be recognized in the future as noted in the table below. The Company expects options to be exercised in addition to the amounts presented below. Total Less than 1-3 years 4-5 years More than 5 Unsatisfied performance obligations $ 4,438,940 $ 2,406,559 $ 1,865,190 $ 166,289 $ 902 |
INVENTORIES
INVENTORIES | 3 Months Ended |
Jun. 30, 2018 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories are stated at the lower of cost (average-cost or specific-identification methods) or market. The components of inventories are as follows: June 30, 2018 March 31, 2018 Raw materials $ 61,358 $ 69,069 Work-in-process, including manufactured and purchased components 359,292 1,591,952 Finished goods 55,042 95,234 Rotable assets 58,290 58,060 Less: unliquidated progress payments — (387,146 ) Total inventories $ 533,982 $ 1,427,169 At March 31, 2018, work-in-process inventory previously included capitalized pre-production costs on newer development programs. Capitalized pre-production costs include non-recurring 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. Following the adoption of ASU 2014-09, the capitalized pre-production costs and forward loss provisions associated with these programs were recognized in the transition adjustment. At March 31, 2018, the balance of development program inventory, composed principally of capitalized pre-production costs, excluding progress payments related to the Company's contracts with Bombardier for the Global 7500 program ("Bombardier") and Embraer for the second generation E-Jet program ("Embraer") was as follows: March 31, 2018 Inventory Capitalized Pre-Production Forward Loss Provision Total Inventory, net Bombardier $ 321,780 $ 685,503 $ (343,000 ) $ 664,283 Embraer 38,125 180,340 (983 ) 217,482 Total $ 359,905 $ 865,843 $ (343,983 ) $ 881,765 Under our contract for the Bombardier Global 7500 wing program ("Global 7500"), the Company has the right to design, develop and manufacture wing components for the Global 7500 program. The Global 7500 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 7500 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 Global 7500 program has continued to incur costs since March 2016 in support of the development and transition to production. In May 2017, Triumph Aerostructures and Bombardier entered into a comprehensive settlement agreement that resolved all outstanding commercial disputes between them, including all pending litigation, related to the design, manufacture and supply of wing components for the Global 7500 business aircraft. The settlement resets the commercial relationship between the companies and allows each company to better achieve its business objectives going forward. Further cost increases or an inability to meet revised recurring cost forecasts on the Global 7500 program may result in additional forward loss reserves in future periods, while improvements in future costs compared with current estimates may result in favorable adjustments if forward loss reserves are no longer required. The Company is still in the early production stages for the Bombardier and Embraer programs, as these aircrafts are scheduled to enter service in fiscal 2019. Transition of these programs from development to recurring production levels is dependent upon the success of the programs achieving flight testing and certification, as well as the ability of the Bombardier and Embraer programs to generate acceptable levels of aircraft sales. The failure to achieve these milestones and level of sales or significant cost overruns may result in additional forward losses. |
LONG-TERM DEBT
LONG-TERM DEBT | 3 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt consists of the following: June 30, 2018 March 31, 2018 Revolving line of credit $ 226,073 $ 112,887 Receivable securitization facility 78,200 107,800 Capital leases 57,108 59,546 Senior notes due 2021 375,000 375,000 Senior notes due 2022 300,000 300,000 Senior notes due 2025 500,000 500,000 Less: Debt issuance costs (16,007 ) (16,949 ) 1,520,374 1,438,284 Less: Current portion 16,710 16,527 $ 1,503,664 $ 1,421,757 Revolving Credit Facility In July 2017, the Company entered into a Ninth Amendment to the Credit Agreement (the “Ninth Amendment” and the existing Credit Agreement, as amended by the Ninth Amendment, the “Credit Agreement”) with the Administrative Agent and the Lenders party thereto to, among other things: (i) permit the Company to incur High Yield Indebtedness (as defined in the Credit Agreement) in an aggregate principal amount of up to $500,000 , subject to the Company’s obligations to apply the net proceeds from an offering to repay the outstanding principal amount of the term loans in full; (ii) limit the mandatory prepayment provisions to eliminate the requirement that net proceeds received from the incurrence of Permitted Indebtedness (as defined in the Credit Agreement), including the High Yield Indebtedness, be applied to reduce the revolving credit commitments once the revolving credit commitments have been reduced to $800,000 ; (iii) amend certain covenants and other terms; and (iv) modify the current interest rate and letter of credit pricing tiers. In connection with the Ninth Amendment to the Credit Agreement, the Company incurred $633 of financing costs. These costs, along with the $13,226 of unamortized financing costs subsequent to the Ninth Amendment, are being amortized over the remaining term of the Credit Agreement. In accordance with the reduction in the capacity of the Credit Agreement, the Company wrote-off a proportional amount of unamortized financing fees prior to the Ninth Amendment. In May 2017, the Company entered into an Eighth Amendment to the Credit Agreement, among the Company and its lenders to, among other things: (i) eliminate the total leverage ratio financial covenant; (ii) increase the maximum permitted senior secured leverage ratio financial covenant applicable to each fiscal quarter, commencing with the fiscal quarter ended March 31, 2017, and to revise the step-downs applicable to such financial covenant; (iii) reduce the aggregate principal amount of commitments under the revolving line of credit to $850,000 from $1,000,000 ; (iv) modify the maturity date of the term loans so that all of the term loans will mature on March 31, 2019; and (v) establish a new higher pricing tier for the interest rate, commitment fee and letter of credit fee pricing provisions. The obligations under the Credit Agreement 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 Agreement, 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 $800,000 outstanding at any time. The Credit Agreement bears interest at either: (i) LIBOR plus between 1.50% and 3.50% ; (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 0.50% on the unused portion of the Credit Agreement. The Company’s obligations under the Credit Agreement are guaranteed by the Company’s domestic subsidiaries. At June 30, 2018 , there were $226,073 in borrowings and $30,768 in letters of credit outstanding under the Revolving Line of Credit provisions of the Credit Agreement, primarily to support insurance policies. At March 31, 2018 , there were $112,887 in borrowings and $30,641 in letters of credit outstanding under the Revolving Line of Credit provisions of the Credit Agreement, primarily to support insurance policies. The level of unused borrowing capacity under the Revolving Line of Credit provisions of the Credit Agreement varies from time to time depending in part upon its compliance with financial and other covenants set forth in the related agreement. The Credit Agreement 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 Agreement, 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 Agreement could also cause the acceleration of obligations under certain other agreements. The Company is currently in compliance with all such covenants. Although the Company does not anticipate any violations of the financial covenants, its ability to comply with these covenants is dependent upon achieving earnings and cash flow projections. As of June 30, 2018 , the Company had borrowing capacity under this agreement of $543,159 after reductions for borrowings, letters of credit outstanding under the facility and consideration of covenant limitations. The Credit Agreement also provided for a variable rate term loan (the "2013 Term Loan"). The Company repaid the outstanding principal amount of the 2013 Term Loan in quarterly installments, on the first business day of each January, April, July and October. During August 2017, the 2013 Term Loan was paid in full with the proceeds from the Senior Notes due 2025 (see below). The Company previously maintained an interest rate swap agreement to reduce its exposure to interest on the variable rate portion of its long-term debt. In conjunction with the repayment of the 2013 Term Loan, the Company terminated the interest rate swap receiving $280 upon settlement. In July 2018, the Company, its subsidiary co-borrowers and guarantors entered into a Tenth Amendment to the Credit Agreement (the “Tenth Amendment”) and with the Administrative Agent and the Lenders party thereto. Among other things, the Tenth Amendment modifies certain financial covenants and other terms and lowers the capacity upon completion of certain asset sales and will automatically reduce to $700,000 at March 31, 2019. Receivables Securitization Facility In November 2017, the Company amended the Securitization Facility decreasing the purchase limit from $225,000 to $125,000 and extending the term through November 2020. In connection with the Securitization Facility, the Company sells on a revolving basis certain trade accounts receivable to Triumph Receivables, LLC, a wholly-owned special-purpose entity, which in turn sells a percentage ownership interest in the receivables to commercial paper conduits sponsored by financial institutions. The Company is the servicer of the trade accounts receivable under the Securitization Facility. As of June 30, 2018 , the maximum amount available under the Securitization Facility was $125,000 . Interest rates are based on LIBOR plus a program fee and a commitment fee. The program fee is 0.13% on the amount outstanding under the Securitization Facility. Additionally, the commitment fee is 0.50% on 100.00% of the maximum amount available under 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. 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. 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. Senior Notes Due 2025 On August 17, 2017, the Company issued $500,000 principal amount of 7.750% Senior Notes due 2025 (the "2025 Notes"). The 2025 Notes were sold at 100% of principal amount and have an effective interest yield of 7.750% . Interest on the 2025 Notes accrues at the rate of 7.750% per annum and is payable semiannually in cash in arrears on February 15 and August 15 of each year, commencing on February 15 , 2018. 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 condensed consolidated financial statements are as follows: June 30, 2018 March 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Long-term debt $ 1,520,374 $ 1,508,053 $ 1,438,284 $ 1,446,151 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 (Level 2 inputs), unless quoted market prices were available. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | S PER SHARE The following is a reconciliation between the weighted-average outstanding shares used in the calculation of basic and diluted loss per share: Three Months Ended June 30, (in thousands) 2018 2017 Weighted-average common shares outstanding – basic 49,552 49,341 Net effect of dilutive stock options and nonvested stock — — Weighted-average common shares outstanding – diluted 49,552 49,341 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | The Company follows the Income Taxes topic of 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. On December 22, 2017, the U.S. government enacted comprehensive tax legislation referred to as the Tax Cuts and Jobs Act (the “Act”). The Act introduced tax reform that reduced the current corporate federal income tax rate from 35% to 21% , among other changes. The Act makes broad and complex changes to the U.S. tax code and it will take time to fully evaluate the impact of these changes on the Company. The Company has prepared a reasonable estimate around the impact of the Act and has recorded a provisional impact (as described in the SEC's Staff Accounting Bulletin 118) to the tax provision in the period ended March 31, 2018. While the Company has computed and recorded these provisional amounts, these will be finalized within the established measurement period (not to exceed one year) as additional data and information is gathered. The Company determined that the amounts recorded are provisional as adjustments may occur due to additional guidance from the Internal Revenue Service and as certain tax positions are finalized when the Company files its fiscal 2018 tax returns. As of June 30, 2018 , the Company has not made revisions to the provisional tax impact of the Act. Any revisions will be included as an adjustment to the tax expense in the period in which the amounts are determined. The Company is still evaluating the effects of the Act’s Global Intangible Low-Taxed Income (“GILTI”) provisions and has not adopted an accounting policy on whether the Company will account for GILTI as a period expense or record deferred taxes on temporary basis differences expected to reverse as GILTI in future years. The Company's accounting for the effects of the GILTI provision is incomplete; however, the Company has included estimated GILTI tax related to current year operations in the Company's annualized effective tax rate and has not provided additional GILTI on deferred items. The Act also introduces base erosion and anti-abuse tax provisions (“BEAT”) for companies that meet certain thresholds by effectively excluding deductions on certain payments to foreign related entities. Although the Company's analysis of the tax effects of the BEAT provision is incomplete, the Company does not expect to be subject to the tax. The Company has classified uncertain tax positions as noncurrent income tax liabilities unless expected to be paid in one year. Penalties and tax-related interest expense are reported as a component of income tax expense. As of June 30, 2018 and March 31, 2018 , the total amount of accrued income tax-related interest and penalties was $341 and $327 , respectively. As of June 30, 2018 and March 31, 2018 , the total amount of unrecognized tax benefits was $17,212 and $11,532 , respectively, all of which would impact the effective rate, if recognized. The Company does not anticipate that total unrecognized tax benefits will be reduced in the next 12 months. As of June 30, 2018 , the Company has a valuation allowance against principally all of its net deferred tax assets given 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 2019 as well as the Company's income in future periods. The effective income tax rate for the three months ended June 30, 2018 , was (1.4)% as compared to 26.0% for the three months ended June 30, 2017 . For the three months ended June 30, 2018 , the effective tax rate reflected a limitation on the recognition of tax benefits due to the full valuation allowance. With few exceptions, the Company is no longer subject to U.S. federal income tax examinations for fiscal years ended before March 31, 2011, U.S. federal income tax examinations for fiscal years ended March 31, 2012 and 2013, state or local examinations for fiscal years ended before March 31, 2013, or foreign income tax examinations by tax authorities for fiscal years ended before March 31, 2011. As of June 30, 2018 , the Company is subject to examination in one state jurisdiction and one foreign jurisdiction. The Company has filed appeals in a prior state examination related to fiscal years ended March 31, 1999 through March 31, 2005. Because of net operating losses acquired as part of the acquisition of Vought, the Company is subject to U.S. federal income tax examinations and various state jurisdictions for the years ended December 31, 2001 and after, related to previously filed Vought tax returns. The Company believes appropriate provisions for all outstanding issues have been made for all jurisdictions and all open years. |
GOODWILL
GOODWILL | 3 Months Ended |
Jun. 30, 2018 | |
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, 2018 through June 30, 2018 : Integrated Systems Product Support Total Balance, March 31, 2018 $ 523,893 $ 68,935 $ 592,828 Effect of exchange rate changes (5,240 ) (17 ) (5,257 ) Balance, June 30, 2018 $ 518,653 $ 68,918 $ 587,571 As of March 31, 2018 and June 30, 2018 , Aerospace Structures had goodwill of $1,399,128 , which was fully impaired. |
PENSION AND OTHER POSTRETIREMEN
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | 3 Months Ended |
Jun. 30, 2018 | |
Retirement Benefits [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 June 30, 2018 2017 Components of net periodic benefit costs: Service cost $ 830 $ 1,120 Interest cost 19,921 18,788 Expected return on plan assets (37,107 ) (38,048 ) Amortization of prior service credits (907 ) (710 ) Amortization of net loss 4,180 3,477 Net periodic benefit income $ (13,083 ) $ (15,373 ) Other postretirement benefits Three Months Ended June 30, 2018 2017 Components of net periodic benefit costs: Service cost $ 57 $ 102 Interest cost 1,010 1,219 Amortization of prior service credits (1,164 ) (2,328 ) Amortization of gain (2,463 ) (1,775 ) Net periodic benefit income $ (2,560 ) $ (2,782 ) |
STOCKHOLDERS' EQUITY STOCKHOLDE
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY | 3 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | STOCKHOLDERS' EQUITY Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive income (loss) ("AOCI") by component for the three months ended June 30, 2018 and 2017 , respectively, were as follows: Currency Translation Adjustment Unrealized Gains and Losses on Derivative Instruments Defined Benefit Pension Plans and Other Postretirement Benefits Total (1) Balance March 31, 2018 $ (58,683 ) $ 122 $ (309,309 ) $ (367,870 ) AOCI before reclassifications (14,524 ) (965 ) — (15,489 ) Amounts reclassified from AOCI — (70 ) (399 ) (469 ) Net current period AOCI (14,524 ) (1,035 ) (399 ) (15,958 ) Balance June 30, 2018 $ (73,207 ) $ (913 ) $ (309,708 ) $ (383,828 ) Balance March 31, 2017 $ (87,212 ) $ 2,153 $ (311,119 ) $ (396,178 ) AOCI before reclassifications 11,421 552 — 11,973 Amounts reclassified from AOCI — (369 ) (1,347 ) (1,716 ) Net current period AOCI 11,421 183 (1,347 ) 10,257 Balance June 30, 2017 $ (75,791 ) $ 2,336 $ (312,466 ) $ (385,921 ) (1) Net of tax. |
SEGMENTS
SEGMENTS | 3 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
SEGMENTS | SEGMENTS The Company has three reportable segments: Integrated Systems, Aerospace Structures and Product Support. 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 and pension (“Adjusted EBITDAP”) 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. Aerospace Structures also has the capability to engineer detailed structural designs in metal and composites. It also includes 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 EBITDAP is total segment revenue reduced by operating expenses (less depreciation and amortization) identifiable with that segment. Corporate includes general corporate administrative costs and any other costs not identifiable with one of the Company’s segments, including loss on assets held for sale of $4,719 for the three months ended June 30, 2018 . 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 EBITDAP, a non-GAAP financial measure, to operating income (loss) is as follows: Three Months Ended June 30, 2018 2017 Net sales: Integrated Systems $ 241,039 $ 238,136 Aerospace Structures 532,387 483,314 Product Support 66,215 66,433 Elimination of inter-segment sales (6,741 ) (6,194 ) $ 832,900 $ 781,689 (Loss) income before income taxes: Operating income (loss): Integrated Systems $ 35,409 $ 46,982 Aerospace Structures (1) (79,587 ) (22,488 ) Product Support 7,669 8,437 Corporate (30,039 ) (33,899 ) (66,548 ) (968 ) Non-service defined benefit income (16,538 ) (19,377 ) Interest expense and other 25,493 21,018 $ (75,503 ) $ (2,609 ) Depreciation and amortization: Integrated Systems $ 7,555 $ 9,951 Aerospace Structures 28,920 27,140 Product Support 1,670 1,738 Corporate 667 302 $ 38,812 $ 39,131 Amortization of acquired contract liabilities, net: Integrated Systems $ 8,849 $ 7,303 Aerospace Structures 8,385 22,170 $ 17,234 $ 29,473 Adjusted EBITDAP: Integrated Systems (1) $ 34,115 $ 49,630 Aerospace Structures (1) 28,189 (17,518 ) Product Support 9,339 10,175 Corporate (24,653 ) (33,597 ) $ 46,990 $ 8,690 Capital expenditures: Integrated Systems $ 1,609 $ 2,565 Aerospace Structures 10,138 8,479 Product Support 348 261 Corporate 105 780 $ 12,200 $ 12,085 __________________ (1) Prior period information has been reclassified as a result of the Company's adoption of ASU 2017-07 on a retrospective basis in the fiscal year ended March 31, 2019 . In accordance with the adoption of this guidance, prior year amounts related to the components of net periodic pension and postretirement benefit cost other than service costs have been reclassified from cost of sales and selling, general and administrative expense to non-service pension (benefit) on the condensed consolidated statements of operations for all periods presented. Accordingly, income of $435 and $18,942 for Integrated Systems and Aerospace Structures, respectively, was reclassified into other income for the three months ended June 30, 2017 . The Company also recorded a non-cash charge related to the adoption of ASU 2017-07 of $87,241 due to an inseparable change in estimate from a change in accounting principles, which is presented on the accompanying condensed consolidated statements of operations within "Cost of sales." June 30, 2018 March 31, 2018 Total Assets: Integrated Systems $ 1,228,456 $ 1,225,770 Aerospace Structures 1,874,924 2,260,416 Product Support 281,311 281,101 Corporate 35,276 39,777 $ 3,419,967 $ 3,807,064 During the three months ended June 30, 2018 and 2017 , the Company had international sales of $226,571 and $178,407 , respectively. |
SELECTED CONSOLIDATING FINANCIA
SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS | 3 Months Ended |
Jun. 30, 2018 | |
Condensed Financial Information 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, the 2022 Notes and the 2025 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, the 2022 Notes and the 2025 Notes (the “Non-Guarantor Subsidiaries”) are: (a) the receivables securitization special-purpose entity and (b) the foreign operating subsidiaries. The following tables present condensed consolidating financial statements including the Company (the “Parent”), the Guarantor Subsidiaries, and the Non-Guarantor Subsidiaries. Such financial statements include summary condensed consolidating balance sheets as of June 30, 2018 and March 31, 2018 , condensed consolidating statements of comprehensive income for the three months ended June 30, 2018 and 2017 , and condensed consolidating statements of cash flows for the three months ended June 30, 2018 and 2017 . SUMMARY CONDENSED CONSOLIDATING BALANCE SHEETS: June 30, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Current assets: Cash and cash equivalents $ 84 $ 420 $ 32,551 $ — $ 33,055 Trade and other receivables, net 1,885 85,591 249,769 — 337,245 Contract assets — 524,524 12,808 — 537,332 Inventories — 430,872 103,110 — 533,982 Prepaid expenses and other 10,041 8,231 12,481 — 30,753 Assets held for sale — 79,366 1,353 — 80,719 Total current assets 12,010 1,129,004 412,072 — 1,553,086 Property and equipment, net 12,637 607,251 112,412 — 732,300 Goodwill and other intangible assets, net — 961,684 118,992 — 1,080,676 Other, net 21,704 26,137 6,064 — 53,905 Intercompany investments and advances 1,453,808 81,541 72,889 (1,608,238 ) — Total assets $ 1,500,159 $ 2,805,617 $ 722,429 $ (1,608,238 ) $ 3,419,967 Current liabilities: Current portion of long-term debt $ 1,139 $ 15,571 $ — $ — $ 16,710 Accounts payable 9,581 456,825 48,501 — 514,907 Accrued expenses 58,058 601,775 39,904 — 699,737 Liabilities related to assets held for sale — 29,316 272 — 29,588 Total current liabilities 68,778 1,103,487 88,677 — 1,260,942 Long-term debt, less current portion 1,466,009 37,655 — — 1,503,664 Intercompany advances 176,806 2,057,675 482,354 (2,716,835 ) — Accrued pension and other postretirement benefits, noncurrent 6,531 459,064 — — 465,595 Deferred income taxes and other 8,616 389,455 18,276 — 416,347 Total stockholders’ (deficit) equity (226,581 ) (1,241,719 ) 133,122 1,108,597 (226,581 ) Total liabilities and stockholders’ (deficit) equity $ 1,500,159 $ 2,805,617 $ 722,429 $ (1,608,238 ) $ 3,419,967 SUMMARY CONDENSED CONSOLIDATING BALANCE SHEETS: March 31, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Current assets: Cash and cash equivalents $ 44 $ — $ 35,775 $ — $ 35,819 Trade and other receivables, net 1,686 77,924 297,002 — 376,612 Contract assets — 37,573 — — 37,573 Inventories — 1,312,747 114,422 — 1,427,169 Prepaid expenses and other 17,513 15,712 11,203 — 44,428 Assets held for sale — — 1,324 — 1,324 Total current assets 19,243 1,443,956 459,726 — 1,922,925 Property and equipment, net 11,984 594,437 119,582 — 726,003 Goodwill and other intangible assets, net — 973,954 126,555 — 1,100,509 Other, net 21,930 29,904 5,793 — 57,627 Intercompany investments and advances 1,987,599 81,542 73,184 (2,142,325 ) — Total assets $ 2,040,756 $ 3,123,793 $ 784,840 $ (2,142,325 ) $ 3,807,064 Current liabilities: Current portion of long-term debt $ 903 $ 15,624 $ — $ — $ 16,527 Accounts payable 12,088 356,236 50,043 — 418,367 Accrued expenses 46,679 467,674 42,752 — 557,105 Liabilities related to assets held for sale — — 440 — 440 Total current liabilities 59,670 839,534 93,235 — 992,439 Long-term debt, less current portion 1,380,867 40,890 — — 1,421,757 Intercompany advances 134,590 1,952,042 524,788 (2,611,420 ) — Accrued pension and other postretirement benefits, noncurrent 6,484 477,403 — — 483,887 Deferred income taxes and other 8,611 427,724 22,112 — 458,447 Total stockholders’ equity 450,534 (613,800 ) 144,705 469,095 450,534 Total liabilities and stockholders’ equity $ 2,040,756 $ 3,123,793 $ 784,840 $ (2,142,325 ) $ 3,807,064 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Three Months Ended June 30, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 764,895 $ 88,140 $ (20,135 ) $ 832,900 Operating costs and expenses: Cost of sales — 716,921 73,428 (20,135 ) 770,214 Selling, general and administrative 24,560 49,182 7,914 — 81,656 Depreciation and amortization 667 33,917 4,228 — 38,812 Restructuring costs — 4,047 — — 4,047 Loss on divestitures 4,719 — — — 4,719 29,946 804,067 85,570 (20,135 ) 899,448 Operating (loss) income (29,946 ) (39,172 ) 2,570 — (66,548 ) Intercompany interest and charges (40,219 ) 38,075 2,144 — — Non-service defined benefit income — (16,188 ) (350 ) — (16,538 ) Interest expense and other 23,555 4,018 (2,080 ) — 25,493 Income (loss) before income taxes (13,282 ) (65,077 ) 2,856 — (75,503 ) Income (benefit) tax expense 24,482 (24,351 ) 900 — 1,031 Net income (loss) (37,764 ) (40,726 ) 1,956 — (76,534 ) Other comprehensive loss (1,035 ) (399 ) (14,524 ) — (15,958 ) Total comprehensive loss $ (38,799 ) $ (41,125 ) $ (12,568 ) $ — $ (92,492 ) CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Three Months Ended June 30, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 715,090 $ 87,911 $ (21,312 ) $ 781,689 Operating costs and expenses: Cost of sales — 575,404 91,686 (21,312 ) 645,778 Selling, general and administrative 22,989 44,853 12,406 — 80,248 Depreciation and amortization 302 34,773 4,056 — 39,131 Restructuring costs 10,547 6,446 507 — 17,500 33,838 661,476 108,655 (21,312 ) 782,657 Operating (loss) income (33,838 ) 53,614 (20,744 ) — (968 ) Intercompany interest and charges (43,242 ) 41,022 2,220 — — Non-service defined benefit income — (18,771 ) (606 ) — (19,377 ) Interest expense and other 17,042 2,781 1,195 — 21,018 (Loss) income before income taxes (7,638 ) 28,582 (23,553 ) — (2,609 ) (Benefit) income tax expense (7,074 ) 5,763 633 — (678 ) Net (loss) income (564 ) 22,819 (24,186 ) — (1,931 ) Other comprehensive income (loss) 183 (1,347 ) 11,421 — 10,257 Total comprehensive (loss) income $ (381 ) $ 21,472 $ (12,765 ) $ — $ 8,326 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS: For the Three Months Ended June 30, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net (loss) income $ (37,764 ) $ (40,726 ) $ 1,956 $ — $ (76,534 ) Adjustments to reconcile net income to net cash provided by (used in) operating activities 46,831 (76,449 ) 40,941 (503 ) 10,820 Net cash provided by (used in) operating activities 9,067 (117,175 ) 42,897 (503 ) (65,714 ) Capital expenditures (105 ) (10,524 ) (1,571 ) — (12,200 ) Proceeds from sale of assets — 118 546 — 664 Net cash (used in) provided by investing activities (105 ) (10,406 ) (1,025 ) — (11,536 ) Net increase in revolving credit facility 113,186 — — — 113,186 Proceeds on issuance of debt 1,214 632 17,200 — 19,046 Retirements and repayments of debt (365 ) (6,597 ) (46,800 ) — (53,762 ) Payments of deferred financing costs (64 ) — — — (64 ) Dividends paid (1,988 ) — — — (1,988 ) Repurchase of restricted shares for minimum tax obligation (532 ) — — — (532 ) Intercompany financing and advances (120,373 ) 133,966 (14,096 ) 503 — Net cash (used in) provided by financing activities (8,922 ) 128,001 (43,696 ) 503 75,886 Effect of exchange rate changes on cash — — (1,400 ) — (1,400 ) Net change in cash and cash equivalents 40 420 (3,224 ) — (2,764 ) Cash and cash equivalents at beginning of period 44 — 35,775 — 35,819 Cash and cash equivalents at end of period $ 84 $ 420 $ 32,551 $ — $ 33,055 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS: For the Three Months Ended June 30, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net (loss) income $ (564 ) $ 22,819 $ (24,186 ) $ — $ (1,931 ) Adjustments to reconcile net income to net cash (used in) provided by operating activities (24,495 ) (101,363 ) 28,086 655 (97,117 ) Net cash (used in) provided by operating activities (25,059 ) (78,544 ) 3,900 655 (99,048 ) Capital expenditures (780 ) (10,375 ) (930 ) — (12,085 ) Proceeds from sale of assets — 1,183 168 — 1,351 Net cash used in investing activities (780 ) (9,192 ) (762 ) — (10,734 ) Net increase in revolving credit facility 118,961 — — — 118,961 Retirements and repayments of debt (12,139 ) (4,129 ) (17,000 ) — (33,268 ) Payments of deferred financing costs (7,160 ) — — — (7,160 ) Dividends paid (1,984 ) — — — (1,984 ) Repurchase of restricted shares for minimum tax obligations (296 ) — — — (296 ) Intercompany financing and advances (90,831 ) 86,581 4,905 (655 ) — Net cash provided by (used in) financing activities 6,551 82,452 (12,095 ) (655 ) 76,253 Effect of exchange rate changes on cash — — 864 — 864 Net change in cash and cash equivalents (19,288 ) (5,284 ) (8,093 ) — (32,665 ) Cash and cash equivalents at beginning of period 19,942 24,137 25,554 — 69,633 Cash and cash equivalents at end of period $ 654 $ 18,853 $ 17,461 $ — $ 36,968 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jun. 30, 2018 | |
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 and lawsuits with employees, suppliers and customers, as well as governmental and regulatory inquiries, that it deems to be immaterial. Some may involve claims or potential claims of substantial damages, fines, penalties or injunctive relief. While the Company cannot predict the outcome of any pending or future litigation or proceeding and no assurances can be given, the Company does not believe that any pending matter will have a material effect, individually or in the aggregate, on its financial position or results of operations. |
RESTRUCTURING COSTS RESTRUCTURI
RESTRUCTURING COSTS RESTRUCTURING COSTS | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Costs [Table Text Block] | The restructuring charges recognized for the three months ended June 30, 2018 and 2017 , by type and by segment consisted of the following: For the Three Months Ended June 30, 2018 Integrated Systems Aerospace Structures Product Support Corporate Total Termination benefits $ — $ 3,266 $ — $ — $ 3,266 Facility closure and other exit costs 559 — — — 559 Other 222 — — — 222 Total restructuring costs 781 3,266 — — 4,047 Depreciation and amortization — — — — — Total $ 781 $ 3,266 $ — $ — $ 4,047 For the Three Months Ended June 30, 2017 Integrated Systems Aerospace Structures Product Support Corporate Total Termination benefits $ — $ 256 $ — $ — $ 256 Facility closure and other exit costs — 3,304 — — 3,304 Other 615 2,017 760 10,548 13,940 Total restructuring costs 615 5,577 760 10,548 17,500 Accelerated depreciation 546 314 — — 860 Total $ 1,161 $ 5,891 $ 760 $ 10,548 $ 18,360 | 16. RESTRUCTURING COSTS During the fiscal years ended March 31, 2017 and 2016, the Company committed to restructuring plans involving certain of its businesses, as well as the consolidation of certain of its facilities. The Company expects to reduce its footprint by approximately 4.3 million square feet, to reduce head count by approximately 2,500 employees and to amend certain contracts. The Company estimated that it would record aggregate pre-tax charges of $195,000 to $210,000 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. As of June 30, 2018 , the Company expects to incur an aggregate pre-tax charge of $189,100 upon completion of the restructuring. Through the fiscal year ended March 31, 2018 , the Company has incurred $177,005 , and expects to incur approximately $12,000 of additional pre-tax charges The following table provides a summary of the Company's current aggregate cost estimates by major type of expense associated with the restructuring plans noted above: Type of expense: Total estimated amount expected to be incurred Termination benefits $ 25,000 Facility closure and other exit costs (1) 34,400 Contract termination costs 18,400 Accelerated depreciation charges (2) 36,300 Other (3) 75,000 $ 189,100 (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 statements of operations. (3) Consists of other costs directly related to the plan, including project management, legal, regulatory costs and other transformation related costs, such as costs to amend certain contracts. The restructuring charges recognized for the three months ended June 30, 2018 and 2017 , by type and by segment consisted of the following: For the Three Months Ended June 30, 2018 Integrated Systems Aerospace Structures Product Support Corporate Total Termination benefits $ — $ 3,266 $ — $ — $ 3,266 Facility closure and other exit costs 559 — — — 559 Other 222 — — — 222 Total restructuring costs 781 3,266 — — 4,047 Depreciation and amortization — — — — — Total $ 781 $ 3,266 $ — $ — $ 4,047 For the Three Months Ended June 30, 2017 Integrated Systems Aerospace Structures Product Support Corporate Total Termination benefits $ — $ 256 $ — $ — $ 256 Facility closure and other exit costs — 3,304 — — 3,304 Other 615 2,017 760 10,548 13,940 Total restructuring costs 615 5,577 760 10,548 17,500 Accelerated depreciation 546 314 — — 860 Total $ 1,161 $ 5,891 $ 760 $ 10,548 $ 18,360 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 transformation costs include legal, outplacement and employee relocation costs, and other employee-related costs and costs to amend certain contracts. |
SUMMARY OF SIGNIFICANT ACCOUN23
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Jun. 30, 2018 | |
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 condensed financial statements and accompanying notes. Actual results could differ from those estimates. Management may make significant judgments when assessing the standalone selling prices of the Company’s products and services, the estimated amounts of variable consideration and related constraints, and the number of options likely to be exercised. The Company also estimates the cost of satisfying the performance obligations in its contracts and options that may extend over many years. Cost estimates reflect currently available information and the impact of any changes to cost estimates, based upon the facts and circumstances, are recorded in the period in which they become known. The transaction price for a contract reflects the consideration the Company expects to receive for fully satisfying the performance obligations in the contract. The Company’s contracts with customers are typically for products and services to be provided at fixed stated prices but may also include variable consideration. Variable consideration may include, but is not limited to, unpriced contract modifications; cost sharing provisions; incentives and awards; non-warranty claims and assertions; provisions for non-conformance and rights to return; or other payments to, or receipts from, customers. The Company estimates the variable consideration using the expected value or the most likely amount based upon the facts and circumstances, available data and trends, and the history of resolving variability with specific customers. The Company regularly commences work and incorporates customer-directed changes prior to negotiating pricing terms for engineering work, product modifications, and other statements of work. The Company's contractual terms typically provide for price negotiations after certain customer-directed changes have been accepted by the Company. Prices are estimated and related costs are deferred until they are contractually agreed upon with the customer. When a contract is modified, the Company evaluates whether additional distinct products and services have been promised and whether allocation of consideration is necessary. If not, the modification is treated as a change to the performance obligations within the existing contract, or otherwise accounted for as a new contract prospectively. The Company allocates the consideration for a contract to the performance obligations on the basis of their relative standalone selling price. The Company estimates the likelihood of the amount of options that the customer is going to exercise when assessing the existence of performance obligations with respect to this allocation or for assessing the impact of loss contracts. The Company typically provides warranties on all the Company's products and services. Warranties are typically not priced separately, since customers cannot purchase them independently of the products or services under contract so they do not create performance obligations. Triumph's warranties generally provide assurance to the Company's customers that the products or services meet the specifications in the contract. In the event that there is a warranty claim because of a covered material or workmanship issue, the Company may be required to pay the customer for repairs or perform the repair. Provisions for estimated expenses related to service and product warranties and certain extraordinary rework are made at the time products are sold. These costs are accrued at the time of the sale and are recorded as cost of sales. These estimates are established using historical information on the nature, frequency, and the cost experience of warranty claims. In the case of new development products or new customers, the Company also considers factors, including management judgment and the type and nature of the new product or new customer, among others. Actual results could differ from those estimates and assumptions. For the three months ended June 30, 2018 , cumulative catch-up adjustments from changes in estimates, including changes in forward loss estimates, decreased net sales, operating income, net income and earnings per share by approximately $(6,423) , $(3,626) , $(3,626) and $(0.07) , net of tax, respectively. In addition, the Company recorded a non-cash charge related to the adoption of ASU 2017-07 of $87,241 due to a change in estimate from a change in accounting principles, which is presented on the accompanying condensed consolidated statements of operations within "Cost of sales." For the three months ended June 30, 2017 , cumulative catch-up adjustments from changes in estimates decreased operating income, net income and earnings per share by approximately $(5,289) , $(3,915) and $(0.08) , net of tax, respectively. |
Revenue Recognition | For the three months ended June 30, 2018 , cumulative catch-up adjustments from changes in estimates, including changes in forward loss estimates, decreased net sales, operating income, net income and earnings per share by approximately $(6,423) , $(3,626) , $(3,626) and $(0.07) , net of tax, respectively. In addition, the Company recorded a non-cash charge related to the adoption of ASU 2017-07 of $87,241 due to a change in estimate from a change in accounting principles, which is presented on the accompanying condensed consolidated statements of operations within "Cost of sales." For the three months ended June 30, 2017 , cumulative catch-up adjustments from changes in estimates decreased operating income, net income and earnings per share by approximately $(5,289) , $(3,915) and $(0.08) , net of tax, respectively. Revenue Recognition A significant majority of the Company’s revenues are from long-term supply agreements with various aerospace manufacturers. The Company participates in its customers’ programs by providing design, development, manufacturing, and support services across its various segments. During the early stages of a program, this frequently involves non-recurring design and development services, including tooling. As the program matures, the Company provides recurring manufacturing of products in accordance with customer design and schedule requirements. Many contracts include clauses that provide sole supplier status to the Company for the duration of the program’s life. The Company's long-term supply agreements typically include fixed price volume-based terms and require the satisfaction of performance obligations for the duration of the program’s life. The identification of an accounting contract with a customer and the related promises requires an assessment of each party’s rights and obligations regarding the products or services to be transferred, including an evaluation of termination clauses and presently enforceable rights and obligations. In general, these long-term supply agreements are legally governed by Master Supply Agreements (or General Terms & Agreement) under which special business provisions (or work package agreements) define specific program requirements. Purchase orders (or authorizations to proceed) are issued under these agreements to reflect presently enforceable rights and obligations for the units of products and services being purchased. The units for accounting purposes (“accounting contract”) are typically determined by the purchase orders. Revenue is recognized when the Company has a contract with presently enforceable rights and obligations, including an enforceable right to payment for work performed. Customers generally contract with the Company for requirements in a segment relating to a specific program, and the Company’s performance obligations consist of a wide range of engineering design services and manufactured components, as well as spare parts and repairs for OEMs. A single program may result in multiple contracts for accounting purposes, and within the respective contracts, non-recurring work elements and recurring work elements may result in multiple performance obligations. The Company generally contracts directly with its customers and is the principal in all current contracts. Management considers a number of factors when determining the existence of a contract and the related performance obligations that include, but are not limited to, the nature and substance of the business exchange; the contractual terms and conditions; the promised products and services; the termination provisions in the contract; including the presently enforceable rights and obligations of the parties to the contract; the nature and execution of the customer’s ordering process and how the Company is authorized to perform work; whether the promised products and services are capable of being distinct and are distinct within the context of the contract; as well as how and when products and services are transferred to the customer. Revenue is recognized when, or as, control of promised products or services transfers to a customer and is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those products or services. Revenue is recognized over time as work progresses, when the Company is entitled to the reimbursement of costs plus a reasonable profit for work performed for which the Company has no alternate use or when performing work on a customer-owned asset. For these performance obligations that are satisfied over time, the Company generally recognizes revenue using an input method with revenue amounts being recognized proportionately as costs are incurred relative to the total expected costs to satisfy the performance obligation. The Company believes that costs incurred as a portion of total estimated costs is an appropriate measure of progress toward satisfaction of the performance obligation since this measure reasonably depicts the progress of the work effort. Revenues for performance obligations that are not recognized over time are recognized at the point in time when control transfers to the customer (which is generally based on shipping terms). For performance obligations that are satisfied at a point in time, the Company evaluates the point in time when the customer can direct the use of and obtain the benefits from the products and services. Shipping and handling costs are not considered performance obligations and are included in cost of sales as incurred. The transaction price for a contract reflects the consideration the Company expects to receive for fully satisfying the performance obligations in the contract. A subset of the Company’s current contracts include significant financing components because the timing of the transfer of the underlying products and services under contract are at the customers’ discretion. The Company's contracts with customers generally require payment under normal commercial terms after delivery. Payment terms are typically within 30 to 120 days of delivery. The total transaction price is allocated to each of the identified performance obligations using the relative standalone selling price to reflect the amount the Company expects to be entitled for transferring the promised products and services to the customer. A majority of the Company’s agreements with customers include options for future purchases. As allowed by ASC 606, for all of its contracts the Company has elected to exclude sales and other similar taxes from the transaction price, since the Company generally is not subject to collecting sales tax. As a result, the Company collections from customers for these taxes are on a net basis. Standalone selling price is the price at which the Company would sell a promised good or service separately to a customer. Standalone selling prices are established at contract inception, and subsequent changes in transaction price are allocated on the same basis as at contract inception. When standalone selling prices for the Company’s products and services are generally not observable, the Company uses either the “Expected Cost plus a Margin” or "Adjusted Market Assessment" approaches to determine standalone selling price. Expected costs are typically derived from the available periodic forecast information. If a contract modification changes the overall transaction price of an existing contract, the Company allocates the new transaction price on the basis of the relative standalone selling prices of the performance obligations and cumulative adjustments, if any, are recorded in the current period. The Company also identifies and estimates variable consideration for contractual provisions such as unpriced contract modifications, cost sharing provisions, and other receipts or payments to customers. The timing of satisfaction of performance obligations and actual receipt of payment from a customer may differ and affects the balances of the contract assets and liabilities. For contracts that are deemed to be loss contracts, the Company establishes forward loss reserves for total estimated costs that are in excess of total estimated consideration in the period in which they become known. The Company records forward loss reserves for all performance obligations in the aggregate for the accounting contract. Included in net sales of Integrated Systems and Aerospace Structures, is the non-cash amortization of acquired contract liabilities that were recognized as fair value adjustments through purchase accounting from various acquisitions. For the three months ended June 30, 2018 and 2017 , the Company recognized $17,234 and $29,473 of non-cash amortization, respectively, into net sales on the accompanying condensed consolidated statements of operations. |
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 21% and 10% of total trade accounts receivable as of June 30, 2018 and March 31, 2018 , respectively. Trade accounts receivable from Gulfstream (representing commercial, military and space) represented approximately 8% and 16% of total trade accounts receivable as of June 30, 2018 and March 31, 2018 , respectively. The Company had no other concentrations of credit risk of more than 10% . Sales to Boeing for the three months ended June 30, 2018 , were $274,296 , or 33% of net sales, of which $51,593 , $219,461 , and $3,242 were from the Integrated Systems, Aerospace Structures and Product Support, respectively. Sales to Boeing for the three months ended June 30, 2017 , were $257,311 , or 33% of net sales, of which $53,530 , $201,688 and $2,093 were from the Integrated Systems, Aerospace Structures and Product Support, respectively. Sales to Gulfstream for the three months ended June 30, 2018 , were $90,771 , or 11% of net sales, of which $595 , $90,128 , and $48 were from the Integrated Systems, Aerospace Structures and Product Support, respectively. Sales to Gulfstream for the three months ended June 30, 2017 , were $116,026 , or 15% of net sales, of which $306 , $115,710 , and $10 were from the Integrated Systems, Aerospace Structures and Product Support, respectively. No other single customer accounted for more than 10% of the Company’s net sales. However, the loss of any significant customer, including Boeing and Gulfstream, could have a material adverse effect on the Company and its operating subsidiaries. |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes compensation expense for share-based awards based on the fair value of those awards at the date of grant. Stock-based compensation expense for the three months ended June 30, 2018 and 2017 , was $2,462 and $(41) , respectively. The Company has classified share-based compensation within selling, general and administrative expenses to correspond with the same line item as the majority of the cash compensation paid to employees. Upon the exercise of stock options or vesting of restricted stock, the Company first transfers treasury stock, then issues new shares. |
Intangibles policy [Policy Text Block] | Intangible Assets The components of intangible assets, net, are as follows: June 30, 2018 Weighted- Average Life Gross Carrying Amount Accumulated Amortization Net Customer relationships 17.2 $ 604,266 $ (249,157 ) $ 355,109 Product rights, technology and licenses 11.4 55,025 (42,369 ) 12,656 Non-compete agreements and other 16.3 2,756 (1,010 ) 1,746 Tradenames 10.0 150,000 (26,406 ) 123,594 Total intangibles, net $ 812,047 $ (318,942 ) $ 493,105 March 31, 2018 Weighted- Average Life Gross Carrying Amount Accumulated Amortization Net Customer relationships 17.3 $ 606,148 $ (240,779 ) $ 365,369 Product rights, technology and licenses 11.4 55,253 (41,858 ) 13,395 Non-compete agreements and other 16.3 2,756 (965 ) 1,791 Tradenames 10.3 150,000 (22,874 ) 127,126 Total intangibles, net $ 814,157 $ (306,476 ) $ 507,681 Amortization expense for the three months ended June 30, 2018 and 2017 , was $13,233 and $14,847 , 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 divestitures (see Note 3). |
Product Warranty Disclosure [Text Block] | Warranty Reserves A reserve has been established to provide for the estimated future cost of warranties on our delivered products. The Company periodically reviews the reserves and adjustments are made accordingly. A provision for warranty on products delivered is made on the basis of historical experience and identified warranty issues. Warranties cover such factors as non-conformance to specifications and defects in material and workmanship. The majority of the Company's agreements include a three -year warranty, although certain programs have warranties up to 20 years. The warranty reserves as of June 30, 2018 and March 31, 2018 , were $66,433 and $69,588 , respectively |
Cash Flow, Supplemental Disclosures [Text Block] | Supplemental Cash Flow Information The Company received income tax refunds, net of payments of $7,715 and paid $2,749 for income taxes, net of refunds, for the three months ended June 30, 2018 and 2017 , respectively. The Company made interest payments of $12,734 and $24,007 for the three months ended June 30, 2018 and 2017 , respectively. During the three months ended June 30, 2018 , the Company financed $1,846 of property and equipment additions through capital leases. As of June 30, 2018 , 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) | 3 Months Ended |
Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | |
Deferred Revenue Disclosure [Text Block] | Disaggregation of Revenue The Company disaggregates revenue based on the method of measuring satisfaction of the performance obligation either over time or at a point in time. Additionally, the Company disaggregates revenue based upon the end market where products and services are transferred to the customer. The Company’s principal operating segments and related revenue are noted in Note 13, Segments. The following table shows disaggregated revenues satisfied overtime and point in time (excluding intercompany sales) for the three months ended June 30, 2018 : Integrated Systems Aerospace Structures Product Support Total Revenue from contracts with performance obligations: Satisfied over time $ 64,359 $ 461,664 $ 59,425 $ 585,448 Satisfied at a point in time 174,027 68,684 4,741 247,452 $ 238,386 $ 530,348 $ 64,166 $ 832,900 The following tables shows disaggregated revenues by end market (excluding intercompany sales) for the three months ended June 30, 2018 : Integrated Systems Aerospace Structures Product Support Total Sales by end market: Commercial aerospace $ 127,876 $ 282,164 $ 49,468 $ 459,508 Military 83,054 57,922 9,385 150,361 Business jets 13,243 175,832 1,395 190,470 Regional 7,398 6,402 3,918 17,718 Non-aviation 6,815 8,028 — 14,843 Total $ 238,386 $ 530,348 $ 64,166 $ 832,900 |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block] | June 30, 2018 Weighted- Average Life Gross Carrying Amount Accumulated Amortization Net Customer relationships 17.2 $ 604,266 $ (249,157 ) $ 355,109 Product rights, technology and licenses 11.4 55,025 (42,369 ) 12,656 Non-compete agreements and other 16.3 2,756 (1,010 ) 1,746 Tradenames 10.0 150,000 (26,406 ) 123,594 Total intangibles, net $ 812,047 $ (318,942 ) $ 493,105 March 31, 2018 Weighted- Average Life Gross Carrying Amount Accumulated Amortization Net Customer relationships 17.3 $ 606,148 $ (240,779 ) $ 365,369 Product rights, technology and licenses 11.4 55,253 (41,858 ) 13,395 Non-compete agreements and other 16.3 2,756 (965 ) 1,791 Tradenames 10.3 150,000 (22,874 ) 127,126 Total intangibles, net $ 814,157 $ (306,476 ) $ 507,681 |
CONTRACT ASSETS AND LIABILITIES
CONTRACT ASSETS AND LIABILITIES (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Change in Contract with Customer, Asset and Liability [Abstract] | |
Contract with Customer, Asset and Liability [Table Text Block] | Contract liabilities are established for cash received that is in excess of revenues recognized and are contingent upon the satisfaction of performance obligations. Contract liabilities primarily consist of cash received on contracts for which revenue has been deferred since the Company has not fulfilled its obligation to the customer, along with provisions for forward losses due to changes in block size and performance obligations. June 30, 2018 March 31, 2018 Change Contract assets $ 537,332 $ 37,573 $ 499,759 Contract liabilities (474,644 ) (321,191 ) (153,453 ) Net contract asset $ 62,688 $ (283,618 ) $ 346,306 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
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] | he balance of development program inventory, composed principally of capitalized pre-production costs, excluding progress payments related to the Company's contracts with Bombardier for the Global 7500 program ("Bombardier") and Embraer for the second generation E-Jet program ("Embraer") was as follows: March 31, 2018 Inventory Capitalized Pre-Production Forward Loss Provision Total Inventory, net Bombardier $ 321,780 $ 685,503 $ (343,000 ) $ 664,283 Embraer 38,125 180,340 (983 ) 217,482 Total $ 359,905 $ 865,843 $ (343,983 ) $ 881,765 |
Schedule of components of inventories | June 30, 2018 March 31, 2018 Raw materials $ 61,358 $ 69,069 Work-in-process, including manufactured and purchased components 359,292 1,591,952 Finished goods 55,042 95,234 Rotable assets 58,290 58,060 Less: unliquidated progress payments — (387,146 ) Total inventories $ 533,982 $ 1,427,169 |
LONG-TERM DEBT LONG-TERM DEBT (
LONG-TERM DEBT LONG-TERM DEBT (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Long-term debt | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 30, 2018 March 31, 2018 Revolving line of credit $ 226,073 $ 112,887 Receivable securitization facility 78,200 107,800 Capital leases 57,108 59,546 Senior notes due 2021 375,000 375,000 Senior notes due 2022 300,000 300,000 Senior notes due 2025 500,000 500,000 Less: Debt issuance costs (16,007 ) (16,949 ) 1,520,374 1,438,284 Less: Current portion 16,710 16,527 $ 1,503,664 $ 1,421,757 |
LONG-TERM DEBT Fair Value Measu
LONG-TERM DEBT Fair Value Measurements (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | June 30, 2018 March 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Long-term debt $ 1,520,374 $ 1,508,053 $ 1,438,284 $ 1,446,151 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Reconciliation between the weighted average outstanding shares used in calculation of basic and diluted earnings per share | Three Months Ended June 30, (in thousands) 2018 2017 Weighted-average common shares outstanding – basic 49,552 49,341 Net effect of dilutive stock options and nonvested stock — — Weighted-average common shares outstanding – diluted 49,552 49,341 |
GOODWILL (Tables)
GOODWILL (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes in the carrying value of goodwill by reportable segment | Integrated Systems Product Support Total Balance, March 31, 2018 $ 523,893 $ 68,935 $ 592,828 Effect of exchange rate changes (5,240 ) (17 ) (5,257 ) Balance, June 30, 2018 $ 518,653 $ 68,918 $ 587,571 |
PENSION AND OTHER POSTRETIREM31
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Pension Plan [Member] | |
Components of net periodic benefit costs: | |
Schedule of components of net periodic benefit cost and postretirement benefit plan | Pension benefits Three Months Ended June 30, 2018 2017 Components of net periodic benefit costs: Service cost $ 830 $ 1,120 Interest cost 19,921 18,788 Expected return on plan assets (37,107 ) (38,048 ) Amortization of prior service credits (907 ) (710 ) Amortization of net loss 4,180 3,477 Net periodic benefit income $ (13,083 ) $ (15,373 ) |
Other postretirement | |
Components of net periodic benefit costs: | |
Schedule of components of net periodic benefit cost and postretirement benefit plan | Other postretirement benefits Three Months Ended June 30, 2018 2017 Components of net periodic benefit costs: Service cost $ 57 $ 102 Interest cost 1,010 1,219 Amortization of prior service credits (1,164 ) (2,328 ) Amortization of gain (2,463 ) (1,775 ) Net periodic benefit income $ (2,560 ) $ (2,782 ) |
STOCKHOLDERS' EQUITY STOCKHOL32
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |
Comprehensive Income (Loss) Note [Text Block] | Changes in accumulated other comprehensive income (loss) ("AOCI") by component for the three months ended June 30, 2018 and 2017 , respectively, were as follows: Currency Translation Adjustment Unrealized Gains and Losses on Derivative Instruments Defined Benefit Pension Plans and Other Postretirement Benefits Total (1) Balance March 31, 2018 $ (58,683 ) $ 122 $ (309,309 ) $ (367,870 ) AOCI before reclassifications (14,524 ) (965 ) — (15,489 ) Amounts reclassified from AOCI — (70 ) (399 ) (469 ) Net current period AOCI (14,524 ) (1,035 ) (399 ) (15,958 ) Balance June 30, 2018 $ (73,207 ) $ (913 ) $ (309,708 ) $ (383,828 ) Balance March 31, 2017 $ (87,212 ) $ 2,153 $ (311,119 ) $ (396,178 ) AOCI before reclassifications 11,421 552 — 11,973 Amounts reclassified from AOCI — (369 ) (1,347 ) (1,716 ) Net current period AOCI 11,421 183 (1,347 ) 10,257 Balance June 30, 2017 $ (75,791 ) $ 2,336 $ (312,466 ) $ (385,921 ) |
SEGMENTS (Tables)
SEGMENTS (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of selected financial information for each reportable segment and the reconciliation of EBITDA to operating income | Three Months Ended June 30, 2018 2017 Net sales: Integrated Systems $ 241,039 $ 238,136 Aerospace Structures 532,387 483,314 Product Support 66,215 66,433 Elimination of inter-segment sales (6,741 ) (6,194 ) $ 832,900 $ 781,689 (Loss) income before income taxes: Operating income (loss): Integrated Systems $ 35,409 $ 46,982 Aerospace Structures (1) (79,587 ) (22,488 ) Product Support 7,669 8,437 Corporate (30,039 ) (33,899 ) (66,548 ) (968 ) Non-service defined benefit income (16,538 ) (19,377 ) Interest expense and other 25,493 21,018 $ (75,503 ) $ (2,609 ) Depreciation and amortization: Integrated Systems $ 7,555 $ 9,951 Aerospace Structures 28,920 27,140 Product Support 1,670 1,738 Corporate 667 302 $ 38,812 $ 39,131 Amortization of acquired contract liabilities, net: Integrated Systems $ 8,849 $ 7,303 Aerospace Structures 8,385 22,170 $ 17,234 $ 29,473 Adjusted EBITDAP: Integrated Systems (1) $ 34,115 $ 49,630 Aerospace Structures (1) 28,189 (17,518 ) Product Support 9,339 10,175 Corporate (24,653 ) (33,597 ) $ 46,990 $ 8,690 Capital expenditures: Integrated Systems $ 1,609 $ 2,565 Aerospace Structures 10,138 8,479 Product Support 348 261 Corporate 105 780 $ 12,200 $ 12,085 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | June 30, 2018 March 31, 2018 Total Assets: Integrated Systems $ 1,228,456 $ 1,225,770 Aerospace Structures 1,874,924 2,260,416 Product Support 281,311 281,101 Corporate 35,276 39,777 $ 3,419,967 $ 3,807,064 |
SELECTED CONSOLIDATING FINANC34
SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Summary of consolidating balance sheets | June 30, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Current assets: Cash and cash equivalents $ 84 $ 420 $ 32,551 $ — $ 33,055 Trade and other receivables, net 1,885 85,591 249,769 — 337,245 Contract assets — 524,524 12,808 — 537,332 Inventories — 430,872 103,110 — 533,982 Prepaid expenses and other 10,041 8,231 12,481 — 30,753 Assets held for sale — 79,366 1,353 — 80,719 Total current assets 12,010 1,129,004 412,072 — 1,553,086 Property and equipment, net 12,637 607,251 112,412 — 732,300 Goodwill and other intangible assets, net — 961,684 118,992 — 1,080,676 Other, net 21,704 26,137 6,064 — 53,905 Intercompany investments and advances 1,453,808 81,541 72,889 (1,608,238 ) — Total assets $ 1,500,159 $ 2,805,617 $ 722,429 $ (1,608,238 ) $ 3,419,967 Current liabilities: Current portion of long-term debt $ 1,139 $ 15,571 $ — $ — $ 16,710 Accounts payable 9,581 456,825 48,501 — 514,907 Accrued expenses 58,058 601,775 39,904 — 699,737 Liabilities related to assets held for sale — 29,316 272 — 29,588 Total current liabilities 68,778 1,103,487 88,677 — 1,260,942 Long-term debt, less current portion 1,466,009 37,655 — — 1,503,664 Intercompany advances 176,806 2,057,675 482,354 (2,716,835 ) — Accrued pension and other postretirement benefits, noncurrent 6,531 459,064 — — 465,595 Deferred income taxes and other 8,616 389,455 18,276 — 416,347 Total stockholders’ (deficit) equity (226,581 ) (1,241,719 ) 133,122 1,108,597 (226,581 ) Total liabilities and stockholders’ (deficit) equity $ 1,500,159 $ 2,805,617 $ 722,429 $ (1,608,238 ) $ 3,419,967 SUMMARY CONDENSED CONSOLIDATING BALANCE SHEETS: March 31, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Current assets: Cash and cash equivalents $ 44 $ — $ 35,775 $ — $ 35,819 Trade and other receivables, net 1,686 77,924 297,002 — 376,612 Contract assets — 37,573 — — 37,573 Inventories — 1,312,747 114,422 — 1,427,169 Prepaid expenses and other 17,513 15,712 11,203 — 44,428 Assets held for sale — — 1,324 — 1,324 Total current assets 19,243 1,443,956 459,726 — 1,922,925 Property and equipment, net 11,984 594,437 119,582 — 726,003 Goodwill and other intangible assets, net — 973,954 126,555 — 1,100,509 Other, net 21,930 29,904 5,793 — 57,627 Intercompany investments and advances 1,987,599 81,542 73,184 (2,142,325 ) — Total assets $ 2,040,756 $ 3,123,793 $ 784,840 $ (2,142,325 ) $ 3,807,064 Current liabilities: Current portion of long-term debt $ 903 $ 15,624 $ — $ — $ 16,527 Accounts payable 12,088 356,236 50,043 — 418,367 Accrued expenses 46,679 467,674 42,752 — 557,105 Liabilities related to assets held for sale — — 440 — 440 Total current liabilities 59,670 839,534 93,235 — 992,439 Long-term debt, less current portion 1,380,867 40,890 — — 1,421,757 Intercompany advances 134,590 1,952,042 524,788 (2,611,420 ) — Accrued pension and other postretirement benefits, noncurrent 6,484 477,403 — — 483,887 Deferred income taxes and other 8,611 427,724 22,112 — 458,447 Total stockholders’ equity 450,534 (613,800 ) 144,705 469,095 450,534 Total liabilities and stockholders’ equity $ 2,040,756 $ 3,123,793 $ 784,840 $ (2,142,325 ) $ 3,807,064 |
Condensed consolidating statements of income | CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Three Months Ended June 30, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 764,895 $ 88,140 $ (20,135 ) $ 832,900 Operating costs and expenses: Cost of sales — 716,921 73,428 (20,135 ) 770,214 Selling, general and administrative 24,560 49,182 7,914 — 81,656 Depreciation and amortization 667 33,917 4,228 — 38,812 Restructuring costs — 4,047 — — 4,047 Loss on divestitures 4,719 — — — 4,719 29,946 804,067 85,570 (20,135 ) 899,448 Operating (loss) income (29,946 ) (39,172 ) 2,570 — (66,548 ) Intercompany interest and charges (40,219 ) 38,075 2,144 — — Non-service defined benefit income — (16,188 ) (350 ) — (16,538 ) Interest expense and other 23,555 4,018 (2,080 ) — 25,493 Income (loss) before income taxes (13,282 ) (65,077 ) 2,856 — (75,503 ) Income (benefit) tax expense 24,482 (24,351 ) 900 — 1,031 Net income (loss) (37,764 ) (40,726 ) 1,956 — (76,534 ) Other comprehensive loss (1,035 ) (399 ) (14,524 ) — (15,958 ) Total comprehensive loss $ (38,799 ) $ (41,125 ) $ (12,568 ) $ — $ (92,492 ) CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Three Months Ended June 30, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 715,090 $ 87,911 $ (21,312 ) $ 781,689 Operating costs and expenses: Cost of sales — 575,404 91,686 (21,312 ) 645,778 Selling, general and administrative 22,989 44,853 12,406 — 80,248 Depreciation and amortization 302 34,773 4,056 — 39,131 Restructuring costs 10,547 6,446 507 — 17,500 33,838 661,476 108,655 (21,312 ) 782,657 Operating (loss) income (33,838 ) 53,614 (20,744 ) — (968 ) Intercompany interest and charges (43,242 ) 41,022 2,220 — — Non-service defined benefit income — (18,771 ) (606 ) — (19,377 ) Interest expense and other 17,042 2,781 1,195 — 21,018 (Loss) income before income taxes (7,638 ) 28,582 (23,553 ) — (2,609 ) (Benefit) income tax expense (7,074 ) 5,763 633 — (678 ) Net (loss) income (564 ) 22,819 (24,186 ) — (1,931 ) Other comprehensive income (loss) 183 (1,347 ) 11,421 — 10,257 Total comprehensive (loss) income $ (381 ) $ 21,472 $ (12,765 ) $ — $ 8,326 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Three Months Ended June 30, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 764,895 $ 88,140 $ (20,135 ) $ 832,900 Operating costs and expenses: Cost of sales — 716,921 73,428 (20,135 ) 770,214 Selling, general and administrative 24,560 49,182 7,914 — 81,656 Depreciation and amortization 667 33,917 4,228 — 38,812 Restructuring costs — 4,047 — — 4,047 Loss on divestitures 4,719 — — — 4,719 29,946 804,067 85,570 (20,135 ) 899,448 Operating (loss) income (29,946 ) (39,172 ) 2,570 — (66,548 ) Intercompany interest and charges (40,219 ) 38,075 2,144 — — Non-service defined benefit income — (16,188 ) (350 ) — (16,538 ) Interest expense and other 23,555 4,018 (2,080 ) — 25,493 Income (loss) before income taxes (13,282 ) (65,077 ) 2,856 — (75,503 ) Income (benefit) tax expense 24,482 (24,351 ) 900 — 1,031 Net income (loss) (37,764 ) (40,726 ) 1,956 — (76,534 ) Other comprehensive loss (1,035 ) (399 ) (14,524 ) — (15,958 ) Total comprehensive loss $ (38,799 ) $ (41,125 ) $ (12,568 ) $ — $ (92,492 ) CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Three Months Ended June 30, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 715,090 $ 87,911 $ (21,312 ) $ 781,689 Operating costs and expenses: Cost of sales — 575,404 91,686 (21,312 ) 645,778 Selling, general and administrative 22,989 44,853 12,406 — 80,248 Depreciation and amortization 302 34,773 4,056 — 39,131 Restructuring costs 10,547 6,446 507 — 17,500 33,838 661,476 108,655 (21,312 ) 782,657 Operating (loss) income (33,838 ) 53,614 (20,744 ) — (968 ) Intercompany interest and charges (43,242 ) 41,022 2,220 — — Non-service defined benefit income — (18,771 ) (606 ) — (19,377 ) Interest expense and other 17,042 2,781 1,195 — 21,018 (Loss) income before income taxes (7,638 ) 28,582 (23,553 ) — (2,609 ) (Benefit) income tax expense (7,074 ) 5,763 633 — (678 ) Net (loss) income (564 ) 22,819 (24,186 ) — (1,931 ) Other comprehensive income (loss) 183 (1,347 ) 11,421 — 10,257 Total comprehensive (loss) income $ (381 ) $ 21,472 $ (12,765 ) $ — $ 8,326 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Three Months Ended June 30, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 764,895 $ 88,140 $ (20,135 ) $ 832,900 Operating costs and expenses: Cost of sales — 716,921 73,428 (20,135 ) 770,214 Selling, general and administrative 24,560 49,182 7,914 — 81,656 Depreciation and amortization 667 33,917 4,228 — 38,812 Restructuring costs — 4,047 — — 4,047 Loss on divestitures 4,719 — — — 4,719 29,946 804,067 85,570 (20,135 ) 899,448 Operating (loss) income (29,946 ) (39,172 ) 2,570 — (66,548 ) Intercompany interest and charges (40,219 ) 38,075 2,144 — — Non-service defined benefit income — (16,188 ) (350 ) — (16,538 ) Interest expense and other 23,555 4,018 (2,080 ) — 25,493 Income (loss) before income taxes (13,282 ) (65,077 ) 2,856 — (75,503 ) Income (benefit) tax expense 24,482 (24,351 ) 900 — 1,031 Net income (loss) (37,764 ) (40,726 ) 1,956 — (76,534 ) Other comprehensive loss (1,035 ) (399 ) (14,524 ) — (15,958 ) Total comprehensive loss $ (38,799 ) $ (41,125 ) $ (12,568 ) $ — $ (92,492 ) CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Three Months Ended June 30, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 715,090 $ 87,911 $ (21,312 ) $ 781,689 Operating costs and expenses: Cost of sales — 575,404 91,686 (21,312 ) 645,778 Selling, general and administrative 22,989 44,853 12,406 — 80,248 Depreciation and amortization 302 34,773 4,056 — 39,131 Restructuring costs 10,547 6,446 507 — 17,500 33,838 661,476 108,655 (21,312 ) 782,657 Operating (loss) income (33,838 ) 53,614 (20,744 ) — (968 ) Intercompany interest and charges (43,242 ) 41,022 2,220 — — Non-service defined benefit income — (18,771 ) (606 ) — (19,377 ) Interest expense and other 17,042 2,781 1,195 — 21,018 (Loss) income before income taxes (7,638 ) 28,582 (23,553 ) — (2,609 ) (Benefit) income tax expense (7,074 ) 5,763 633 — (678 ) Net (loss) income (564 ) 22,819 (24,186 ) — (1,931 ) Other comprehensive income (loss) 183 (1,347 ) 11,421 — 10,257 Total comprehensive (loss) income $ (381 ) $ 21,472 $ (12,765 ) $ — $ 8,326 |
Condensed consolidating statements of cash flows | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS: For the Three Months Ended June 30, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net (loss) income $ (37,764 ) $ (40,726 ) $ 1,956 $ — $ (76,534 ) Adjustments to reconcile net income to net cash provided by (used in) operating activities 46,831 (76,449 ) 40,941 (503 ) 10,820 Net cash provided by (used in) operating activities 9,067 (117,175 ) 42,897 (503 ) (65,714 ) Capital expenditures (105 ) (10,524 ) (1,571 ) — (12,200 ) Proceeds from sale of assets — 118 546 — 664 Net cash (used in) provided by investing activities (105 ) (10,406 ) (1,025 ) — (11,536 ) Net increase in revolving credit facility 113,186 — — — 113,186 Proceeds on issuance of debt 1,214 632 17,200 — 19,046 Retirements and repayments of debt (365 ) (6,597 ) (46,800 ) — (53,762 ) Payments of deferred financing costs (64 ) — — — (64 ) Dividends paid (1,988 ) — — — (1,988 ) Repurchase of restricted shares for minimum tax obligation (532 ) — — — (532 ) Intercompany financing and advances (120,373 ) 133,966 (14,096 ) 503 — Net cash (used in) provided by financing activities (8,922 ) 128,001 (43,696 ) 503 75,886 Effect of exchange rate changes on cash — — (1,400 ) — (1,400 ) Net change in cash and cash equivalents 40 420 (3,224 ) — (2,764 ) Cash and cash equivalents at beginning of period 44 — 35,775 — 35,819 Cash and cash equivalents at end of period $ 84 $ 420 $ 32,551 $ — $ 33,055 For the Three Months Ended June 30, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net (loss) income $ (37,764 ) $ (40,726 ) $ 1,956 $ — $ (76,534 ) Adjustments to reconcile net income to net cash provided by (used in) operating activities 46,831 (76,449 ) 40,941 (503 ) 10,820 Net cash provided by (used in) operating activities 9,067 (117,175 ) 42,897 (503 ) (65,714 ) Capital expenditures (105 ) (10,524 ) (1,571 ) — (12,200 ) Proceeds from sale of assets — 118 546 — 664 Net cash (used in) provided by investing activities (105 ) (10,406 ) (1,025 ) — (11,536 ) Net increase in revolving credit facility 113,186 — — — 113,186 Proceeds on issuance of debt 1,214 632 17,200 — 19,046 Retirements and repayments of debt (365 ) (6,597 ) (46,800 ) — (53,762 ) Payments of deferred financing costs (64 ) — — — (64 ) Dividends paid (1,988 ) — — — (1,988 ) Repurchase of restricted shares for minimum tax obligation (532 ) — — — (532 ) Intercompany financing and advances (120,373 ) 133,966 (14,096 ) 503 — Net cash (used in) provided by financing activities (8,922 ) 128,001 (43,696 ) 503 75,886 Effect of exchange rate changes on cash — — (1,400 ) — (1,400 ) Net change in cash and cash equivalents 40 420 (3,224 ) — (2,764 ) Cash and cash equivalents at beginning of period 44 — 35,775 — 35,819 Cash and cash equivalents at end of period $ 84 $ 420 $ 32,551 $ — $ 33,055 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS: For the Three Months Ended June 30, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net (loss) income $ (564 ) $ 22,819 $ (24,186 ) $ — $ (1,931 ) Adjustments to reconcile net income to net cash (used in) provided by operating activities (24,495 ) (101,363 ) 28,086 655 (97,117 ) Net cash (used in) provided by operating activities (25,059 ) (78,544 ) 3,900 655 (99,048 ) Capital expenditures (780 ) (10,375 ) (930 ) — (12,085 ) Proceeds from sale of assets — 1,183 168 — 1,351 Net cash used in investing activities (780 ) (9,192 ) (762 ) — (10,734 ) Net increase in revolving credit facility 118,961 — — — 118,961 Retirements and repayments of debt (12,139 ) (4,129 ) (17,000 ) — (33,268 ) Payments of deferred financing costs (7,160 ) — — — (7,160 ) Dividends paid (1,984 ) — — — (1,984 ) Repurchase of restricted shares for minimum tax obligations (296 ) — — — (296 ) Intercompany financing and advances (90,831 ) 86,581 4,905 (655 ) — Net cash provided by (used in) financing activities 6,551 82,452 (12,095 ) (655 ) 76,253 Effect of exchange rate changes on cash — — 864 — 864 Net change in cash and cash equivalents (19,288 ) (5,284 ) (8,093 ) — (32,665 ) Cash and cash equivalents at beginning of period 19,942 24,137 25,554 — 69,633 Cash and cash equivalents at end of period $ 654 $ 18,853 $ 17,461 $ — $ 36,968 |
RESTRUCTURING COSTS Schedule of
RESTRUCTURING COSTS Schedule of Restructuring Expenses (Tables) | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
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 restructuring plans noted above: Type of expense: Total estimated amount expected to be incurred Termination benefits $ 25,000 Facility closure and other exit costs (1) 34,400 Contract termination costs 18,400 Accelerated depreciation charges (2) 36,300 Other (3) 75,000 $ 189,100 | |
Restructuring and Related Costs [Table Text Block] | The restructuring charges recognized for the three months ended June 30, 2018 and 2017 , by type and by segment consisted of the following: For the Three Months Ended June 30, 2018 Integrated Systems Aerospace Structures Product Support Corporate Total Termination benefits $ — $ 3,266 $ — $ — $ 3,266 Facility closure and other exit costs 559 — — — 559 Other 222 — — — 222 Total restructuring costs 781 3,266 — — 4,047 Depreciation and amortization — — — — — Total $ 781 $ 3,266 $ — $ — $ 4,047 For the Three Months Ended June 30, 2017 Integrated Systems Aerospace Structures Product Support Corporate Total Termination benefits $ — $ 256 $ — $ — $ 256 Facility closure and other exit costs — 3,304 — — 3,304 Other 615 2,017 760 10,548 13,940 Total restructuring costs 615 5,577 760 10,548 17,500 Accelerated depreciation 546 314 — — 860 Total $ 1,161 $ 5,891 $ 760 $ 10,548 $ 18,360 | 16. RESTRUCTURING COSTS During the fiscal years ended March 31, 2017 and 2016, the Company committed to restructuring plans involving certain of its businesses, as well as the consolidation of certain of its facilities. The Company expects to reduce its footprint by approximately 4.3 million square feet, to reduce head count by approximately 2,500 employees and to amend certain contracts. The Company estimated that it would record aggregate pre-tax charges of $195,000 to $210,000 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. As of June 30, 2018 , the Company expects to incur an aggregate pre-tax charge of $189,100 upon completion of the restructuring. Through the fiscal year ended March 31, 2018 , the Company has incurred $177,005 , and expects to incur approximately $12,000 of additional pre-tax charges The following table provides a summary of the Company's current aggregate cost estimates by major type of expense associated with the restructuring plans noted above: Type of expense: Total estimated amount expected to be incurred Termination benefits $ 25,000 Facility closure and other exit costs (1) 34,400 Contract termination costs 18,400 Accelerated depreciation charges (2) 36,300 Other (3) 75,000 $ 189,100 (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 statements of operations. (3) Consists of other costs directly related to the plan, including project management, legal, regulatory costs and other transformation related costs, such as costs to amend certain contracts. The restructuring charges recognized for the three months ended June 30, 2018 and 2017 , by type and by segment consisted of the following: For the Three Months Ended June 30, 2018 Integrated Systems Aerospace Structures Product Support Corporate Total Termination benefits $ — $ 3,266 $ — $ — $ 3,266 Facility closure and other exit costs 559 — — — 559 Other 222 — — — 222 Total restructuring costs 781 3,266 — — 4,047 Depreciation and amortization — — — — — Total $ 781 $ 3,266 $ — $ — $ 4,047 For the Three Months Ended June 30, 2017 Integrated Systems Aerospace Structures Product Support Corporate Total Termination benefits $ — $ 256 $ — $ — $ 256 Facility closure and other exit costs — 3,304 — — 3,304 Other 615 2,017 760 10,548 13,940 Total restructuring costs 615 5,577 760 10,548 17,500 Accelerated depreciation 546 314 — — 860 Total $ 1,161 $ 5,891 $ 760 $ 10,548 $ 18,360 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 transformation costs include legal, outplacement and employee relocation costs, and other employee-related costs and costs to amend certain contracts. |
BASIS OF PRESENTATION AND ORG36
BASIS OF PRESENTATION AND ORGANIZATION New Accounting Pronouncements (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Trade and other receivables, net | $ 337,245 | $ 376,612 | ||
Revenues | 832,900 | $ 781,689 | ||
Cost of Goods and Services Sold | 770,214 | 645,778 | ||
Selling, General and Administrative Expense | 81,656 | 80,248 | ||
Interest expense and other | 25,493 | 21,018 | ||
Net Income (Loss) Attributable to Parent | (76,534) | $ (1,931) | ||
Contract with Customer, Asset, Net, Current | 537,332 | 37,573 | ||
Contract with Customer, Liability, Current | $ 474,644 | 321,191 | ||
Earnings Per Share, Basic | $ (1.54) | $ (0.04) | ||
Earnings Per Share, Diluted | $ (1.54) | $ (0.04) | ||
Inventory, Net | $ 533,982 | 1,427,169 | ||
Property and equipment, net | 732,300 | 726,003 | ||
Assets | 3,419,967 | 3,807,064 | ||
Accrued expenses | 225,093 | 235,914 | ||
Other Liabilities, Noncurrent | 400,172 | 441,865 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (383,828) | $ (385,921) | (367,870) | $ (396,178) |
Retained Earnings (Accumulated Deficit) | (517,318) | 146,155 | ||
Liabilities and Equity | 3,419,967 | 3,807,064 | ||
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | (16,538) | (19,377) | ||
Accounting Standards Update 2017-07 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cost of Goods and Services Sold | 18,432 | |||
Selling, General and Administrative Expense | 945 | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | 87,241 | |||
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | (19,377) | |||
Accounting Standards Update 2014-09 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Trade and other receivables, net | (23,667) | |||
Revenues | (56,238) | |||
Cost of Goods and Services Sold | 26,853 | |||
Selling, General and Administrative Expense | 1,352 | |||
Interest expense and other | (2,288) | |||
Net Income (Loss) Attributable to Parent | (82,155) | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 502,744 | 584,900 | ||
Preproduction Costs Related to Long-term Supply Arrangements, Costs Capitalized | 865,843 | |||
Provision for Loss on Contracts | $ (343,983) | |||
Contract with Customer, Asset, Net, Current | (512,258) | 565,414 | ||
Contract with Customer, Liability, Current | (288,747) | $ 288,287 | ||
Earnings Per Share, Basic | $ (1.66) | |||
Earnings Per Share, Diluted | $ (1.66) | |||
Inventory, Net | 797,105 | |||
Property and equipment, net | (37,850) | |||
Assets | 223,330 | |||
Other Liabilities, Noncurrent | 9,327 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 6 | |||
Liabilities and Equity | 223,330 | |||
Restatement Adjustment [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Trade and other receivables, net | 313,578 | |||
Revenues | 776,662 | |||
Cost of Goods and Services Sold | 797,067 | |||
Selling, General and Administrative Expense | 83,008 | |||
Interest expense and other | 23,205 | |||
Net Income (Loss) Attributable to Parent | (158,689) | |||
Contract with Customer, Asset, Net, Current | $ 25,074 | |||
Earnings Per Share, Basic | $ (3.20) | |||
Earnings Per Share, Diluted | $ (3.20) | |||
Inventory, Net | $ 1,331,087 | |||
Property and equipment, net | 694,450 | |||
Assets | 3,643,297 | |||
Accrued expenses | 185,897 | |||
Other Liabilities, Noncurrent | 409,499 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (383,822) | |||
Retained Earnings (Accumulated Deficit) | (14,574) | |||
Liabilities and Equity | $ 3,643,297 | |||
Previously Reported [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cost of Goods and Services Sold | $ 627,346 | |||
Selling, General and Administrative Expense | 79,303 | |||
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN37
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2014 | Mar. 31, 2018 | |
Concentration of Credit Risk | ||||
Revenues | $ 832,900 | $ 781,689 | ||
Stock-Based Compensation | ||||
Share-based Compensation | 2,462 | (41) | ||
Integrated Systems [Member] | ||||
Concentration of Credit Risk | ||||
Revenues | 241,039 | 238,136 | ||
Aerospace Structures [Member] | ||||
Concentration of Credit Risk | ||||
Revenues | 532,387 | 483,314 | ||
Product Support [Member] | ||||
Concentration of Credit Risk | ||||
Revenues | $ 66,215 | $ 66,433 | ||
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 | 21.00% | 10.00% | ||
Boeing [Member] | Net sales | Product Support [Member] | ||||
Concentration of Credit Risk | ||||
Revenues | $ 3,242 | |||
Boeing [Member] | Net sales | Credit Concentration Risk [Member] | ||||
Concentration of Credit Risk | ||||
Concentration Risk, Percentage | 33.00% | 33.00% | ||
Revenues | $ 274,296 | $ 257,311 | ||
Boeing [Member] | Net sales | Credit Concentration Risk [Member] | Integrated Systems [Member] | ||||
Concentration of Credit Risk | ||||
Revenues | 51,593 | $ 53,530 | ||
Boeing [Member] | Net sales | Credit Concentration Risk [Member] | Aerospace Structures [Member] | ||||
Concentration of Credit Risk | ||||
Revenues | $ 219,461 | 201,688 | ||
Boeing [Member] | Net sales | Credit Concentration Risk [Member] | Product Support [Member] | ||||
Concentration of Credit Risk | ||||
Revenues | 2,093 | |||
Gulfstream [Member] | Accounts Receivable [Member] | Credit Concentration Risk [Member] | ||||
Concentration of Credit Risk | ||||
Concentration of Risk, Accounts Receivable, Major Customer | 8.00% | 16.00% | ||
Gulfstream [Member] | Net sales | Product Support [Member] | ||||
Concentration of Credit Risk | ||||
Revenues | $ 48 | $ 10 | ||
Gulfstream [Member] | Net sales | Credit Concentration Risk [Member] | ||||
Concentration of Credit Risk | ||||
Concentration Risk, Percentage | 11.00% | 15.00% | ||
Revenues | $ 90,771 | $ 116,026 | ||
Gulfstream [Member] | Net sales | Credit Concentration Risk [Member] | Integrated Systems [Member] | ||||
Concentration of Credit Risk | ||||
Revenues | 595 | 306 | ||
Gulfstream [Member] | Net sales | Credit Concentration Risk [Member] | Aerospace Structures [Member] | ||||
Concentration of Credit Risk | ||||
Revenues | $ 90,128 | $ 115,710 |
Intangibles (Details 3)
Intangibles (Details 3) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | |
Intangible Assets | |||
Amortization of Acquired Contract Liabilities | $ 17,234 | $ 29,473 | |
Accumulated Amortization | (318,942) | $ (306,476) | |
Total intangibles, gross | 812,047 | 814,157 | |
Total intangibles, net | 493,105 | 507,681 | |
Amortization expense | $ 13,233 | $ 14,847 | |
Customer relationships | |||
Intangible Assets | |||
Weighted-Average Life (in years) | 17 years 2 months | 17 years 4 months | |
Gross Carrying Amount | $ 604,266 | 606,148 | |
Accumulated Amortization | (249,157) | (240,779) | |
Finite-lived intangible assets, net | $ 355,109 | 365,369 | |
Product rights and licenses | |||
Intangible Assets | |||
Weighted-Average Life (in years) | 11 years 5 months | 11 years 5 months | |
Gross Carrying Amount | $ 55,025 | 55,253 | |
Accumulated Amortization | (42,369) | (41,858) | |
Finite-lived intangible assets, net | $ 12,656 | 13,395 | |
Non-compete agreements and other | |||
Intangible Assets | |||
Weighted-Average Life (in years) | 16 years 3 months | 16 years 3 months | |
Gross Carrying Amount | $ 2,756 | 2,756 | |
Accumulated Amortization | (1,010) | (965) | |
Finite-lived intangible assets, net | $ 1,746 | 1,791 | |
Tradename | |||
Intangible Assets | |||
Weighted-Average Life (in years) | 10 years | 10 years 3 months | |
Gross Carrying Amount | $ 150,000 | 150,000 | |
Accumulated Amortization | (26,406) | (22,874) | |
Finite-lived intangible assets, net | $ 123,594 | $ 127,126 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information (Details 4) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Business Acquisition [Line Items] | ||
Income taxes paid, net of refunds received | $ 7,715 | $ 2,749 |
Cash paid for interest | 12,734 | $ 24,007 |
Capital Lease Obligations Incurred | $ 1,846 |
SUMMARY OF SIGNIFICANT ACCOUN40
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Changes in Accounting Estimates (Details 5) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Change in Accounting Estimate [Line Items] | ||
Amortization of Acquired Contract Liabilities | $ 17,234 | $ 29,473 |
Sales Revenue, Net [Member] | ||
Change in Accounting Estimate [Line Items] | ||
Change in Accounting Estimate | (6,423) | |
Comprehensive Income [Member] | ||
Change in Accounting Estimate [Line Items] | ||
Change in Accounting Estimate | (3,626) | (5,289) |
Income, net [Member] | ||
Change in Accounting Estimate [Line Items] | ||
Change in Accounting Estimate | (3,626) | (3,915) |
Diluted earings per share [Member] | ||
Change in Accounting Estimate [Line Items] | ||
Change in Accounting Estimate | $ 0 | 0 |
Accounting Standards Update 2017-07 [Member] | ||
Change in Accounting Estimate [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $ 87,241 |
SUMMARY OF SIGNIFICANT ACCOUN41
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Product Warranty (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Mar. 31, 2018 | |
Product Warranties [Abstract] | ||
Standard Product Warranty Description | 3 | |
Extended Product Warranty Description | 20 | |
Product Warranty Accrual | $ 66,433 | $ 69,588 |
SUMMARY OF SIGNIFICANT ACCOUN42
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Share Repurchase (Details) | Jun. 30, 2018shares |
Equity [Abstract] | |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 2,277,789 |
SUMMARY OF SIGNIFICANT ACCOUN43
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Share Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Share-based Compensation | $ 2,462 | $ (41) |
SUMMARY OF SIGNIFICANT ACCOUN44
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 832,900 | $ 781,689 |
Integrated Systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 241,039 | 238,136 |
Aerospace Structures [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 532,387 | 483,314 |
Product Support [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 66,215 | $ 66,433 |
Transferred over Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 585,448 | |
Transferred over Time [Member] | Integrated Systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 64,359 | |
Transferred over Time [Member] | Aerospace Structures [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 461,664 | |
Transferred over Time [Member] | Product Support [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 59,425 | |
Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 247,452 | |
Transferred at Point in Time [Member] | Integrated Systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 174,027 | |
Transferred at Point in Time [Member] | Aerospace Structures [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 68,684 | |
Transferred at Point in Time [Member] | Product Support [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 4,741 | |
Total - Timing of Transfer [Member] | Integrated Systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 238,386 | |
Total - Timing of Transfer [Member] | Aerospace Structures [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 530,348 | |
Total - Timing of Transfer [Member] | Product Support [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 64,166 | |
Commercial Aerospace [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 459,508 | |
Commercial Aerospace [Member] | Integrated Systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 127,876 | |
Commercial Aerospace [Member] | Aerospace Structures [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 282,164 | |
Commercial Aerospace [Member] | Product Support [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 49,468 | |
Military [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 150,361 | |
Military [Member] | Integrated Systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 83,054 | |
Military [Member] | Aerospace Structures [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 57,922 | |
Military [Member] | Product Support [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 9,385 | |
Business Jet [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 190,470 | |
Business Jet [Member] | Integrated Systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 13,243 | |
Business Jet [Member] | Aerospace Structures [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 175,832 | |
Business Jet [Member] | Product Support [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1,395 | |
Regional [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 17,718 | |
Regional [Member] | Integrated Systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 7,398 | |
Regional [Member] | Aerospace Structures [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 6,402 | |
Regional [Member] | Product Support [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 3,918 | |
Non-aviation [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 14,843 | |
Non-aviation [Member] | Integrated Systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 6,815 | |
Non-aviation [Member] | Aerospace Structures [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 8,028 | |
Non-aviation [Member] | Product Support [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | |
Total - Sales Channel [Member] | Integrated Systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 238,386 | |
Total - Sales Channel [Member] | Aerospace Structures [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 530,348 | |
Total - Sales Channel [Member] | Product Support [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 64,166 |
DISCONTINUED OPERATIONS AND ASS
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | |
Discontinued operations and assets held for sale | |||
Gain (Loss) on Disposition of Business | $ (4,719) | $ 0 | |
Proceeds from Divestiture of Businesses | 64,986 | ||
TS-LA/TPI [Member] | |||
Discontinued operations and assets held for sale | |||
Gain (Loss) on Disposition of Business | 4,719 | ||
TS-LI [Member] | |||
Discontinued operations and assets held for sale | |||
Gain (Loss) on Disposition of Business | 10,370 | ||
Proceeds from Divestiture of Businesses | 9,500 | ||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | 1,400 | ||
Embee [Member] | |||
Discontinued operations and assets held for sale | |||
Gain (Loss) on Disposition of Business | $ 17,857 | ||
Engines and APU [Member] | |||
Discontinued operations and assets held for sale | |||
Gain (Loss) on Disposition of Business | $ 14,263 |
CONTRACT ASSETS AND LIABILITI46
CONTRACT ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Mar. 31, 2018 | |
Change in Contract with Customer, Asset [Abstract] | ||
Contract with Customer, Asset, Net, Current | $ 537,332 | $ 37,573 |
Contract with Customer, Asset, Gross, Current | 537,332 | 37,573 |
Contract with Customer, Liability, Current | (474,644) | (321,191) |
Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Measure of Progress | (153,453) | |
Change in Contract with Customer, Liability [Abstract] | ||
Contract with Customer, Asset, Net | (62,688) | (283,618) |
Contract with Customer, Asset, Cumulative Catch-up Adjustment to Revenue, Change in Measure of Progress | $ 499,759 | |
Contract with Customer, Asset, Explanation of Change | 346,306 | |
Contract with Customer, Liability, Revenue Recognized | $ 46,504 | |
Accounting Standards Update 2014-09 [Member] | ||
Change in Contract with Customer, Asset [Abstract] | ||
Contract with Customer, Asset, Net, Current | (512,258) | 565,414 |
Contract with Customer, Liability, Current | $ 288,747 | $ (288,287) |
CONTRACTUAL PERFORMANCE OBLIG47
CONTRACTUAL PERFORMANCE OBLIGATIONS (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 4,438,940 |
Less than 1 Year [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 2,406,559 |
Years 1 - 3 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 1,865,190 |
Years 4 - 5 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 166,289 |
Over 5 years [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 902 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Inventory [Line Items] | ||
Raw materials | $ 61,358 | $ 69,069 |
Work-in-process | 359,292 | 1,591,952 |
Finished goods | 55,042 | 95,234 |
Rotable Assets | 58,290 | 58,060 |
Less: unliquidated progress payments | 0 | (387,146) |
Total inventories | $ 533,982 | 1,427,169 |
Bombardier [Member] | ||
Inventory [Line Items] | ||
Total inventories | 664,283 | |
Inventory, Work in Process and Raw Materials | 321,780 | |
Preproduction Costs Related to Long-term Supply Arrangements, Costs Capitalized | 685,503 | |
Provision for Loss on Contracts | (343,000) | |
Total Bombardier & Embraer [Member] | ||
Inventory [Line Items] | ||
Total inventories | 881,765 | |
Inventory, Work in Process and Raw Materials | 359,905 | |
Preproduction Costs Related to Long-term Supply Arrangements, Costs Capitalized | 865,843 | |
Provision for Loss on Contracts | (343,983) | |
Embraer [Member] | ||
Inventory [Line Items] | ||
Total inventories | 217,482 | |
Inventory, Work in Process and Raw Materials | 38,125 | |
Preproduction Costs Related to Long-term Supply Arrangements, Costs Capitalized | 180,340 | |
Provision for Loss on Contracts | $ (983) |
LONG-TERM DEBT, BY TYPE (Detail
LONG-TERM DEBT, BY TYPE (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Sep. 30, 2018 | Mar. 31, 2018 | |
Long-term debt | ||||
Unamortized Debt Issuance Expense | $ (16,007) | $ (16,949) | ||
Long-term debt | 1,520,374 | 1,438,284 | ||
Less current portion | 16,710 | 16,527 | ||
Long-term debt, less current portion | 1,503,664 | 1,421,757 | ||
Payments of Financing Costs | 64 | $ 7,160 | ||
Revolving credit facility | ||||
Long-term debt | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 800,000 | $ 1,000,000 | $ 700,000 | 850,000 |
Long-term debt | 226,073 | 112,887 | ||
Payments of Financing Costs | 633 | |||
Asset-backed Securities [Member] | ||||
Long-term debt | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 125,000 | 225,000 | ||
Long-term debt | 78,200 | 107,800 | ||
Capital Lease Obligations [Member] | ||||
Long-term debt | ||||
Long-term debt | 57,108 | 59,546 | ||
Senior notes due 2021 [Member] | ||||
Long-term debt | ||||
Long-term debt | $ 375,000 | $ 375,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.875% | |||
Debt Instrument, Face Amount | $ 375,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | |||
Proceeds from Debt Instrument Percentage of Original Principal | 100.00% | |||
Senior Notes Due 2022 [Member] | ||||
Long-term debt | ||||
Long-term debt | $ 300,000 | $ 300,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 5.25% | |||
Debt Instrument, Face Amount | $ 300,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | |||
Proceeds from Debt Instrument Percentage of Original Principal | 100.00% | |||
Senior Notes Due 2025 [Member] | ||||
Long-term debt | ||||
Long-term debt | $ 500,000 | $ 500,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.75% |
LONG-TERM DEBT (Details 2)
LONG-TERM DEBT (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Sep. 30, 2018 | Mar. 31, 2018 | |
Long-term debt | ||||
Payments of Financing Costs | $ 64 | $ 7,160 | ||
Outstanding borrowing amount | 1,520,374 | $ 1,438,284 | ||
Senior Notes Due 2025 [Member] | ||||
Long-term debt | ||||
Outstanding borrowing amount | 500,000 | 500,000 | ||
Revolving credit facility | ||||
Long-term debt | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 800,000 | $ 1,000,000 | $ 700,000 | 850,000 |
Payments of Financing Costs | $ 633 | |||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||
Outstanding borrowing amount | $ 226,073 | 112,887 | ||
Letters of Credit Outstanding, Amount | 30,768 | 30,641 | ||
Borrowing capacity under revolving credit facility after reductions for borrowings and letters of credit outstanding | 543,159 | |||
Asset-backed Securities [Member] | ||||
Long-term debt | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 125,000 | 225,000 | ||
Outstanding borrowing amount | $ 78,200 | 107,800 | ||
Program fee on the amount outstanding (as a percent) | 0.13% | |||
Line of Credit Facility, Commitment Fee Percentage | 0.50% | |||
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 | $ 57,108 | 59,546 | ||
Senior notes due 2021 [Member] | ||||
Long-term debt | ||||
Debt instrument principal amount | 375,000 | |||
Outstanding borrowing amount | $ 375,000 | $ 375,000 | ||
Minimum [Member] | Revolving credit facility | ||||
Long-term debt | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||
Maximum [Member] | Revolving credit facility | ||||
Long-term debt | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||
Commitment fees (as a percent) | 0.50% |
LONG-TERM DEBT (Details 3)
LONG-TERM DEBT (Details 3) - USD ($) $ in Thousands | 3 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Sep. 30, 2018 | Mar. 31, 2018 | Mar. 31, 2015 | |
Long-term debt | |||||
Payments of Financing Costs | $ 64 | $ 7,160 | |||
Gain (Loss) on Contract Termination | 280 | ||||
Long-term debt | 1,520,374 | $ 1,438,284 | |||
Revolving credit facility | |||||
Long-term debt | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 800,000 | $ 1,000,000 | $ 700,000 | 850,000 | |
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||
Payments of Financing Costs | $ 633 | ||||
Deferred Finance Costs, Noncurrent, Net | $ 13,226 | ||||
Letters of Credit Outstanding, Amount | 30,768 | 30,641 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 543,159 | ||||
Long-term debt | 226,073 | 112,887 | |||
Asset-backed Securities [Member] | |||||
Long-term debt | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125,000 | 225,000 | |||
Line of Credit Facility, Commitment Fee Percentage | 0.50% | ||||
Line of Credit, Commitment Fee on Maximum Amount Available, Percentage | 100.00% | ||||
Line of Credit Facility, Amount Outstanding Commitment Fee, Percentage | 0.13% | ||||
Long-term debt | $ 78,200 | 107,800 | |||
Equipment leasing facility and other capital leases | |||||
Long-term debt | |||||
Long-term debt | $ 57,108 | 59,546 | |||
Senior notes due 2021 [Member] | |||||
Long-term debt | |||||
Debt instrument principal amount | $ 375,000 | ||||
Debt instrument interest rate stated percentage (as a percent) | 4.875% | ||||
Proceeds from loan, percentage of principal (as a percent) | 100.00% | ||||
Effective interest yield on principal amount (as a percent) | 4.875% | ||||
Long-term debt | $ 375,000 | $ 375,000 | |||
Senior Notes Due 2022 [Member] | |||||
Long-term debt | |||||
Debt instrument principal amount | $ 300,000 | ||||
Debt instrument interest rate stated percentage (as a percent) | 5.25% | ||||
Proceeds from loan, percentage of principal (as a percent) | 100.00% | ||||
Effective interest yield on principal amount (as a percent) | 5.25% | ||||
Long-term debt | $ 300,000 | $ 300,000 | |||
Senior Notes Due 2025 [Member] | |||||
Long-term debt | |||||
Debt instrument interest rate stated percentage (as a percent) | 7.75% | ||||
Long-term debt | $ 500,000 | 500,000 | |||
Estimate of Fair Value Measurement [Member] | |||||
Long-term debt | |||||
Long-term debt | 1,508,053 | 1,446,151 | |||
Reported Value Measurement [Member] | |||||
Long-term debt | |||||
Long-term debt | $ 1,520,374 | $ 1,438,284 | |||
Minimum [Member] | Revolving credit facility | |||||
Long-term debt | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||
Maximum [Member] | Revolving credit facility | |||||
Long-term debt | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - shares shares in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Weighted-average common shares outstanding-basic (in shares) | 49,552 | 49,341 |
Net effect of dilutive stock options (in shares) | 0 | 0 |
Weighted average common shares outstanding - diluted (in shares) | 49,552 | 49,341 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Sep. 30, 2017 | Mar. 31, 2018 | |
Income Tax Provision [Line Items] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | ||
Total accrued income tax related interest and penalties | $ 341 | $ 327 | ||
Total amount of unrecognized tax benefits | $ 17,212 | $ 11,532 | ||
Effective income tax rate (as a percent) | 0.00% | 30.00% | ||
State and Local Jurisdiction [Member] | ||||
Income Tax Provision [Line Items] | ||||
Income Tax Examination, Description | one | |||
Foreign Tax Authority [Member] | ||||
Income Tax Provision [Line Items] | ||||
Income Tax Examination, Description | one |
GOODWILL (Details)
GOODWILL (Details) $ in Thousands | 3 Months Ended |
Jun. 30, 2018USD ($) | |
Changes in the carrying value of goodwill | |
Balance at the beginning of the period | $ 592,828 |
Effect of exchange rate changes and other | (5,257) |
Balance at the end of the period | 587,571 |
Goodwill, Impaired, Accumulated Impairment Loss | 1,399,128 |
Integrated Systems [Member] | |
Changes in the carrying value of goodwill | |
Balance at the beginning of the period | 523,893 |
Effect of exchange rate changes and other | (5,240) |
Balance at the end of the period | 518,653 |
Product Support [Member] | |
Changes in the carrying value of goodwill | |
Balance at the beginning of the period | 68,935 |
Effect of exchange rate changes and other | (17) |
Balance at the end of the period | $ 68,918 |
PENSION AND OTHER POSTRETIREM55
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Pension Plan [Member] | ||
Components of net periodic benefit costs: | ||
Service cost | $ 830 | $ 1,120 |
Interest cost | 19,921 | 18,788 |
Expected return on plan assets | (37,107) | (38,048) |
Amortization of prior service costs | (907) | (710) |
Defined Benefit Plan, Amortization of Gain (Loss) | 4,180 | 3,477 |
Net periodic benefit cost | (13,083) | (15,373) |
Other postretirement | ||
Components of net periodic benefit costs: | ||
Service cost | 57 | 102 |
Interest cost | 1,010 | 1,219 |
Amortization of prior service costs | (1,164) | (2,328) |
Defined Benefit Plan, Amortization of Gain (Loss) | (2,463) | (1,775) |
Net periodic benefit cost | $ (2,560) | $ (2,782) |
STOCKHOLDERS' EQUITY STOCKHOL56
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (383,828) | $ (385,921) | $ (367,870) | $ (396,178) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (14,524) | 11,421 | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (965) | 552 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (15,489) | 11,973 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 0 | 0 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (70) | (369) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 469 | 1,716 | ||
Other Comprehensive Income (Loss), Net of Tax | 15,958 | (10,257) | ||
Accumulated Translation Adjustment [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), before Tax | (73,207) | (75,791) | (58,683) | (87,212) |
Other Comprehensive Income (Loss), Net of Tax | 14,524 | (11,421) | ||
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 Income (Loss), Net of Tax | (913) | 2,336 | 122 | 2,153 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (965) | 552 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 70 | 369 | ||
Other Comprehensive Income (Loss), Net of Tax | 1,035 | (183) | ||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (309,708) | (312,466) | $ (309,309) | $ (311,119) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 399 | 1,347 | ||
Other Comprehensive Income (Loss), Net of Tax | $ (399) | $ (1,347) |
SEGMENTS (Details)
SEGMENTS (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | |
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||
Costs and Expenses | $ 899,448 | $ 782,657 | |
Restructuring and Related Cost, Incurred Cost | 4,047 | 18,360 | $ 177,005 |
Gain (Loss) on Disposition of Business | (4,719) | 0 | |
Operating Income (Loss) | (66,548) | (968) | |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | (16,538) | (19,377) | |
Interest expense and other | 25,493 | 21,018 | |
Income from continuing operations before income taxes | (75,503) | (2,609) | |
Depreciation and amortization | 38,812 | 39,131 | |
Amortization of Acquired Contract Liabilities | 17,234 | 29,473 | |
EBITDA | 46,990 | 8,690 | |
Capital expenditures | 12,200 | 12,085 | |
Total assets | 3,419,967 | 3,807,064 | |
Revenues | 832,900 | 781,689 | |
Corporate Segment [Member] | |||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||
Restructuring and Related Cost, Incurred Cost | 0 | 10,548 | |
Integrated Systems [Member] | |||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||
Restructuring and Related Cost, Incurred Cost | 781 | 1,161 | |
Operating Income (Loss) | 35,409 | 46,982 | |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | (435) | ||
Depreciation and amortization | 7,555 | 9,951 | |
Amortization of Acquired Contract Liabilities | 8,849 | 7,303 | |
EBITDA | 34,115 | 49,630 | |
Capital expenditures | 1,609 | 2,565 | |
Total assets | 1,228,456 | 1,225,770 | |
Revenues | 241,039 | 238,136 | |
Aerospace Structures [Member] | |||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||
Restructuring and Related Cost, Incurred Cost | 3,266 | 5,891 | |
Operating Income (Loss) | (79,587) | (22,488) | |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | (18,942) | ||
Depreciation and amortization | 28,920 | 27,140 | |
Amortization of Acquired Contract Liabilities | 8,385 | 22,170 | |
EBITDA | 28,189 | (17,518) | |
Capital expenditures | 10,138 | 8,479 | |
Total assets | 1,874,924 | 2,260,416 | |
Revenues | 532,387 | 483,314 | |
Product Support [Member] | |||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||
Restructuring and Related Cost, Incurred Cost | 0 | 760 | |
Operating Income (Loss) | 7,669 | 8,437 | |
Depreciation and amortization | 1,670 | 1,738 | |
EBITDA | 9,339 | 10,175 | |
Capital expenditures | 348 | 261 | |
Total assets | 281,311 | 281,101 | |
Revenues | 66,215 | 66,433 | |
Elimination of inter-segment sales | |||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||
Revenues | (6,741) | (6,194) | |
Corporate | |||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||
Operating Income (Loss) | (30,039) | (33,899) | |
Depreciation and amortization | 667 | 302 | |
EBITDA | (24,653) | (33,597) | |
Capital expenditures | 105 | 780 | |
Total assets | 35,276 | 39,777 | |
Restructuring Charges [Member] | |||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||
Restructuring and Related Cost, Incurred Cost | 4,047 | 17,500 | |
Restructuring Charges [Member] | Corporate Segment [Member] | |||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||
Restructuring and Related Cost, Incurred Cost | 0 | 10,548 | |
Restructuring Charges [Member] | Integrated Systems [Member] | |||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||
Restructuring and Related Cost, Incurred Cost | 781 | 615 | |
Restructuring Charges [Member] | Aerospace Structures [Member] | |||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||
Restructuring and Related Cost, Incurred Cost | 3,266 | 5,577 | |
Restructuring Charges [Member] | Product Support [Member] | |||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||
Restructuring and Related Cost, Incurred Cost | 0 | 760 | |
Guarantor Subsidiaries [Member] | |||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||
Costs and Expenses | 804,067 | 661,476 | |
Gain (Loss) on Disposition of Business | 0 | ||
Operating Income (Loss) | (39,172) | 53,614 | |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | (16,188) | (18,771) | |
Interest expense and other | 4,018 | 2,781 | |
Income from continuing operations before income taxes | (65,077) | 28,582 | |
Depreciation and amortization | 33,917 | 34,773 | |
Capital expenditures | 10,524 | 10,375 | |
Total assets | 2,805,617 | $ 3,123,793 | |
Revenues | 764,895 | 715,090 | |
Accounting Standards Update 2017-07 [Member] | |||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | 87,241 | ||
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | (19,377) | ||
Non-US [Member] | |||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||
Revenues | $ 226,571 | $ 178,407 |
SELECTED CONSOLIDATING FINANC58
SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Mar. 31, 2017 |
Consolidating Financial Statements, Captions | ||||
Cash and cash equivalents | $ 33,055 | $ 35,819 | $ 36,968 | $ 69,633 |
Trade and other receivables, net | 337,245 | 376,612 | ||
Contract with Customer, Asset, Net, Current | 537,332 | 37,573 | ||
Inventory, Net | 533,982 | 1,427,169 | ||
Prepaid and other current assets | 30,753 | 44,428 | ||
Assets Held-for-sale, Not Part of Disposal Group | 80,719 | 1,324 | ||
Total current assets | 1,553,086 | 1,922,925 | ||
Property and equipment, net | 732,300 | 726,003 | ||
Goodwill and other intangible assets, net | 1,080,676 | 1,100,509 | ||
Other, net | 53,905 | 57,627 | ||
Intercompany investments and advances | 0 | 0 | ||
Total assets | 3,419,967 | 3,807,064 | ||
Current liabilities: | ||||
Current portion of long-term debt | 16,710 | 16,527 | ||
Accounts payable | 514,907 | 418,367 | ||
Accrued expenses | 225,093 | 235,914 | ||
Accrued Liabilities and Other Liabilities | 699,737 | 557,105 | ||
Disposal Group, Including Discontinued Operation, Liabilities | 440 | |||
Total current liabilities | 1,260,942 | 992,439 | ||
Long-term debt, less current portion | 1,503,664 | 1,421,757 | ||
Intercompany advances | 0 | 0 | ||
Accrued pension and other postretirement benefits, noncurrent | 465,595 | 483,887 | ||
Deferred income taxes and other | 416,347 | 458,447 | ||
Total stockholders’ equity | (226,581) | 450,534 | ||
Total liabilities and stockholders' equity | 3,419,967 | 3,807,064 | ||
Rotable Assets | 58,290 | 58,060 | ||
Consolidation, Eliminations [Member] | ||||
Consolidating Financial Statements, Captions | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Trade and other receivables, net | 0 | 0 | ||
Contract with Customer, Asset, Net, Current | 0 | 0 | ||
Inventory, Net | 0 | 0 | ||
Prepaid and other current assets | 0 | 0 | ||
Assets Held-for-sale, Not Part of Disposal Group | 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 | (1,608,238) | (2,142,325) | ||
Total assets | (1,608,238) | (2,142,325) | ||
Current liabilities: | ||||
Current portion of long-term debt | 0 | 0 | ||
Accounts payable | 0 | 0 | ||
Accrued Liabilities and Other Liabilities | 0 | 0 | ||
Disposal Group, Including Discontinued Operation, Liabilities | 0 | |||
Total current liabilities | 0 | 0 | ||
Long-term debt, less current portion | 0 | 0 | ||
Intercompany advances | (2,716,835) | (2,611,420) | ||
Accrued pension and other postretirement benefits, noncurrent | 0 | 0 | ||
Deferred income taxes and other | 0 | 0 | ||
Total stockholders’ equity | 1,108,597 | 469,095 | ||
Total liabilities and stockholders' equity | (1,608,238) | (2,142,325) | ||
Parent | ||||
Consolidating Financial Statements, Captions | ||||
Cash and cash equivalents | 84 | 44 | 654 | 19,942 |
Trade and other receivables, net | 1,885 | 1,686 | ||
Contract with Customer, Asset, Net, Current | 0 | 0 | ||
Inventory, Net | 0 | 0 | ||
Prepaid and other current assets | 10,041 | 17,513 | ||
Assets Held-for-sale, Not Part of Disposal Group | 0 | 0 | ||
Total current assets | 12,010 | 19,243 | ||
Property and equipment, net | 12,637 | 11,984 | ||
Goodwill and other intangible assets, net | 0 | 0 | ||
Other, net | 21,704 | 21,930 | ||
Intercompany investments and advances | 1,453,808 | 1,987,599 | ||
Total assets | 1,500,159 | 2,040,756 | ||
Current liabilities: | ||||
Current portion of long-term debt | 1,139 | 903 | ||
Accounts payable | 9,581 | 12,088 | ||
Accrued Liabilities and Other Liabilities | 58,058 | 46,679 | ||
Disposal Group, Including Discontinued Operation, Liabilities | 0 | |||
Total current liabilities | 68,778 | 59,670 | ||
Long-term debt, less current portion | 1,466,009 | 1,380,867 | ||
Intercompany advances | 176,806 | 134,590 | ||
Accrued pension and other postretirement benefits, noncurrent | 6,531 | 6,484 | ||
Deferred income taxes and other | 8,616 | 8,611 | ||
Total stockholders’ equity | (226,581) | 450,534 | ||
Total liabilities and stockholders' equity | 1,500,159 | 2,040,756 | ||
Guarantor Subsidiaries [Member] | ||||
Consolidating Financial Statements, Captions | ||||
Cash and cash equivalents | 420 | 0 | 18,853 | 24,137 |
Trade and other receivables, net | 85,591 | 77,924 | ||
Contract with Customer, Asset, Net, Current | 524,524 | 37,573 | ||
Inventory, Net | 430,872 | 1,312,747 | ||
Prepaid and other current assets | 8,231 | 15,712 | ||
Assets Held-for-sale, Not Part of Disposal Group | 79,366 | 0 | ||
Total current assets | 1,129,004 | 1,443,956 | ||
Property and equipment, net | 607,251 | 594,437 | ||
Goodwill and other intangible assets, net | 961,684 | 973,954 | ||
Other, net | 26,137 | 29,904 | ||
Intercompany investments and advances | 81,541 | 81,542 | ||
Total assets | 2,805,617 | 3,123,793 | ||
Current liabilities: | ||||
Current portion of long-term debt | 15,571 | 15,624 | ||
Accounts payable | 456,825 | 356,236 | ||
Accrued Liabilities and Other Liabilities | 601,775 | 467,674 | ||
Disposal Group, Including Discontinued Operation, Liabilities | 0 | |||
Total current liabilities | 1,103,487 | 839,534 | ||
Long-term debt, less current portion | 37,655 | 40,890 | ||
Intercompany advances | 2,057,675 | 1,952,042 | ||
Accrued pension and other postretirement benefits, noncurrent | 459,064 | 477,403 | ||
Deferred income taxes and other | 389,455 | 427,724 | ||
Total stockholders’ equity | (1,241,719) | (613,800) | ||
Total liabilities and stockholders' equity | 2,805,617 | 3,123,793 | ||
Non-Guarantor Subsidiaries | ||||
Consolidating Financial Statements, Captions | ||||
Cash and cash equivalents | 32,551 | 35,775 | $ 17,461 | $ 25,554 |
Trade and other receivables, net | 249,769 | 297,002 | ||
Contract with Customer, Asset, Net, Current | 12,808 | 0 | ||
Inventory, Net | 103,110 | 114,422 | ||
Prepaid and other current assets | 12,481 | 11,203 | ||
Assets Held-for-sale, Not Part of Disposal Group | 1,353 | 1,324 | ||
Total current assets | 412,072 | 459,726 | ||
Property and equipment, net | 112,412 | 119,582 | ||
Goodwill and other intangible assets, net | 118,992 | 126,555 | ||
Other, net | 6,064 | 5,793 | ||
Intercompany investments and advances | 72,889 | 73,184 | ||
Total assets | 722,429 | 784,840 | ||
Current liabilities: | ||||
Current portion of long-term debt | 0 | 0 | ||
Accounts payable | 48,501 | 50,043 | ||
Accrued Liabilities and Other Liabilities | 39,904 | 42,752 | ||
Disposal Group, Including Discontinued Operation, Liabilities | 440 | |||
Total current liabilities | 88,677 | 93,235 | ||
Long-term debt, less current portion | 0 | 0 | ||
Intercompany advances | 482,354 | 524,788 | ||
Accrued pension and other postretirement benefits, noncurrent | 0 | 0 | ||
Deferred income taxes and other | 18,276 | 22,112 | ||
Total stockholders’ equity | 133,122 | 144,705 | ||
Total liabilities and stockholders' equity | 722,429 | $ 784,840 | ||
Liabilities related to Assets Held for Sale [Member] | ||||
Current liabilities: | ||||
Accounts Payable and Accrued Liabilities, Current | 29,588 | |||
Liabilities related to Assets Held for Sale [Member] | Consolidation, Eliminations [Member] | ||||
Current liabilities: | ||||
Accounts Payable and Accrued Liabilities, Current | 0 | |||
Liabilities related to Assets Held for Sale [Member] | Parent | ||||
Current liabilities: | ||||
Accounts Payable and Accrued Liabilities, Current | 0 | |||
Liabilities related to Assets Held for Sale [Member] | Guarantor Subsidiaries [Member] | ||||
Current liabilities: | ||||
Accounts Payable and Accrued Liabilities, Current | 29,316 | |||
Liabilities related to Assets Held for Sale [Member] | Non-Guarantor Subsidiaries | ||||
Current liabilities: | ||||
Accounts Payable and Accrued Liabilities, Current | $ 272 |
SELECTED CONSOLIDATING FINANC59
SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Consolidating Financial Statements, Captions | ||
Revenues | $ 832,900 | $ 781,689 |
Cost of Goods and Services Sold | 770,214 | 645,778 |
Selling, General and Administrative Expense | 81,656 | 80,248 |
Depreciation and amortization | 38,812 | 39,131 |
Restructuring Charges | 4,047 | 17,500 |
Gain (Loss) on Disposition of Business | 4,719 | 0 |
Costs and Expenses | 899,448 | 782,657 |
Operating Income (Loss) | (66,548) | (968) |
Intercompany Interest and Charges | 0 | 0 |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | (16,538) | (19,377) |
Interest expense and other | 25,493 | 21,018 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | (75,503) | (2,609) |
Income Tax Expense (Benefit) | 1,031 | (678) |
Net Income (Loss) Attributable to Parent | (76,534) | (1,931) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (15,958) | 10,257 |
Total comprehensive income | (92,492) | 8,326 |
Consolidation, Eliminations [Member] | ||
Consolidating Financial Statements, Captions | ||
Revenues | (20,135) | (21,312) |
Cost of Goods and Services Sold | (20,135) | (21,312) |
Selling, General and Administrative Expense | 0 | 0 |
Depreciation and amortization | 0 | 0 |
Restructuring Charges | 0 | 0 |
Gain (Loss) on Disposition of Business | 0 | |
Costs and Expenses | (20,135) | (21,312) |
Operating Income (Loss) | 0 | 0 |
Intercompany Interest and Charges | 0 | 0 |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | 0 | 0 |
Interest expense and other | 0 | 0 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 0 | 0 |
Income Tax Expense (Benefit) | 0 | 0 |
Net Income (Loss) Attributable to Parent | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0 | 0 |
Total comprehensive income | 0 | 0 |
Parent | ||
Consolidating Financial Statements, Captions | ||
Revenues | 0 | 0 |
Cost of Goods and Services Sold | 0 | 0 |
Selling, General and Administrative Expense | 24,560 | 22,989 |
Depreciation and amortization | 667 | 302 |
Restructuring Charges | 0 | 10,547 |
Gain (Loss) on Disposition of Business | (4,719) | |
Costs and Expenses | 29,946 | 33,838 |
Operating Income (Loss) | (29,946) | (33,838) |
Intercompany Interest and Charges | (40,219) | (43,242) |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | 0 | 0 |
Interest expense and other | 23,555 | 17,042 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | (13,282) | (7,638) |
Income Tax Expense (Benefit) | 24,482 | (7,074) |
Net Income (Loss) Attributable to Parent | (37,764) | (564) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (1,035) | 183 |
Total comprehensive income | (38,799) | (381) |
Guarantor Subsidiaries [Member] | ||
Consolidating Financial Statements, Captions | ||
Revenues | 764,895 | 715,090 |
Cost of Goods and Services Sold | 716,921 | 575,404 |
Selling, General and Administrative Expense | 49,182 | 44,853 |
Depreciation and amortization | 33,917 | 34,773 |
Restructuring Charges | 4,047 | 6,446 |
Gain (Loss) on Disposition of Business | 0 | |
Costs and Expenses | 804,067 | 661,476 |
Operating Income (Loss) | (39,172) | 53,614 |
Intercompany Interest and Charges | 38,075 | 41,022 |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | (16,188) | (18,771) |
Interest expense and other | 4,018 | 2,781 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | (65,077) | 28,582 |
Income Tax Expense (Benefit) | (24,351) | 5,763 |
Net Income (Loss) Attributable to Parent | (40,726) | 22,819 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (399) | (1,347) |
Total comprehensive income | (41,125) | 21,472 |
Non-Guarantor Subsidiaries | ||
Consolidating Financial Statements, Captions | ||
Revenues | 88,140 | 87,911 |
Cost of Goods and Services Sold | 73,428 | 91,686 |
Selling, General and Administrative Expense | 7,914 | 12,406 |
Depreciation and amortization | 4,228 | 4,056 |
Restructuring Charges | 0 | 507 |
Gain (Loss) on Disposition of Business | 0 | |
Costs and Expenses | 85,570 | 108,655 |
Operating Income (Loss) | 2,570 | (20,744) |
Intercompany Interest and Charges | 2,144 | 2,220 |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | (350) | (606) |
Interest expense and other | (2,080) | 1,195 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 2,856 | (23,553) |
Income Tax Expense (Benefit) | 900 | 633 |
Net Income (Loss) Attributable to Parent | 1,956 | (24,186) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (14,524) | 11,421 |
Total comprehensive income | $ (12,568) | $ (12,765) |
SELECTED CONSOLIDATING FINANC60
SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Details 3) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Consolidating Financial Statements, Captions | ||||
Contract with Customer, Asset, Net, Current | $ 537,332 | $ 37,573 | ||
Net Income (Loss) Attributable to Parent | (76,534) | $ (1,931) | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | 10,820 | (97,117) | ||
Net cash provided by (used in) operating activities | (65,714) | (99,048) | ||
Capital expenditures | (12,200) | (12,085) | ||
Proceeds from sale of assets | 664 | 1,351 | ||
Net cash used in investing activities | (11,536) | (10,734) | ||
Net increase in revolving credit facility | (113,186) | (118,961) | ||
Proceeds from issuance of long-term debt and capital leases | 19,046 | 0 | ||
Retirements and repayments of debt | 53,762 | 33,268 | ||
Payments of Financing Costs | 64 | 7,160 | ||
Dividends paid | 1,988 | 1,984 | ||
Repurchase of restricted shares for minimum tax obligation | (532) | (296) | ||
Intercompany financing and advances | 0 | 0 | ||
Net cash (used in) provided by financing activities | 75,886 | 76,253 | ||
Effect of exchange rate changes on cash | (1,400) | 864 | ||
Net change in cash and cash equivalents | (2,764) | (32,665) | ||
Cash and cash equivalents | 33,055 | 36,968 | 35,819 | $ 69,633 |
Consolidation, Eliminations [Member] | ||||
Consolidating Financial Statements, Captions | ||||
Contract with Customer, Asset, Net, Current | 0 | 0 | ||
Net Income (Loss) Attributable to Parent | 0 | 0 | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | (503) | 655 | ||
Net cash provided by (used in) operating activities | (503) | 655 | ||
Capital expenditures | 0 | 0 | ||
Proceeds from sale of assets | 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 and capital leases | 0 | |||
Retirements and repayments of debt | 0 | 0 | ||
Payments of Financing Costs | 0 | 0 | ||
Dividends paid | 0 | 0 | ||
Repurchase of restricted shares for minimum tax obligation | 0 | 0 | ||
Intercompany financing and advances | 503 | (655) | ||
Net cash (used in) provided by financing activities | 503 | (655) | ||
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 |
Parent | ||||
Consolidating Financial Statements, Captions | ||||
Contract with Customer, Asset, Net, Current | 0 | 0 | ||
Net Income (Loss) Attributable to Parent | (37,764) | (564) | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | 46,831 | (24,495) | ||
Net cash provided by (used in) operating activities | 9,067 | (25,059) | ||
Capital expenditures | (105) | (780) | ||
Proceeds from sale of assets | 0 | 0 | ||
Net cash used in investing activities | (105) | (780) | ||
Net increase in revolving credit facility | (113,186) | (118,961) | ||
Proceeds from issuance of long-term debt and capital leases | 1,214 | |||
Retirements and repayments of debt | 365 | 12,139 | ||
Payments of Financing Costs | 64 | 7,160 | ||
Dividends paid | 1,988 | 1,984 | ||
Repurchase of restricted shares for minimum tax obligation | (532) | (296) | ||
Intercompany financing and advances | (120,373) | (90,831) | ||
Net cash (used in) provided by financing activities | (8,922) | 6,551 | ||
Effect of exchange rate changes on cash | 0 | 0 | ||
Net change in cash and cash equivalents | 40 | (19,288) | ||
Cash and cash equivalents | 84 | 654 | 44 | 19,942 |
Guarantor Subsidiaries [Member] | ||||
Consolidating Financial Statements, Captions | ||||
Contract with Customer, Asset, Net, Current | 524,524 | 37,573 | ||
Net Income (Loss) Attributable to Parent | (40,726) | 22,819 | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | (76,449) | (101,363) | ||
Net cash provided by (used in) operating activities | (117,175) | (78,544) | ||
Capital expenditures | (10,524) | (10,375) | ||
Proceeds from sale of assets | 118 | 1,183 | ||
Net cash used in investing activities | (10,406) | (9,192) | ||
Net increase in revolving credit facility | 0 | 0 | ||
Proceeds from issuance of long-term debt and capital leases | 632 | |||
Retirements and repayments of debt | 6,597 | 4,129 | ||
Payments of Financing Costs | 0 | 0 | ||
Dividends paid | 0 | 0 | ||
Repurchase of restricted shares for minimum tax obligation | 0 | 0 | ||
Intercompany financing and advances | 133,966 | 86,581 | ||
Net cash (used in) provided by financing activities | 128,001 | 82,452 | ||
Effect of exchange rate changes on cash | 0 | 0 | ||
Net change in cash and cash equivalents | 420 | (5,284) | ||
Cash and cash equivalents | 420 | 18,853 | 0 | 24,137 |
Non-Guarantor Subsidiaries | ||||
Consolidating Financial Statements, Captions | ||||
Contract with Customer, Asset, Net, Current | 12,808 | 0 | ||
Net Income (Loss) Attributable to Parent | 1,956 | (24,186) | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | 40,941 | 28,086 | ||
Net cash provided by (used in) operating activities | 42,897 | 3,900 | ||
Capital expenditures | (1,571) | (930) | ||
Proceeds from sale of assets | 546 | 168 | ||
Net cash used in investing activities | (1,025) | (762) | ||
Net increase in revolving credit facility | 0 | 0 | ||
Proceeds from issuance of long-term debt and capital leases | 17,200 | |||
Retirements and repayments of debt | 46,800 | 17,000 | ||
Payments of Financing Costs | 0 | 0 | ||
Dividends paid | 0 | 0 | ||
Repurchase of restricted shares for minimum tax obligation | 0 | 0 | ||
Intercompany financing and advances | (14,096) | 4,905 | ||
Net cash (used in) provided by financing activities | (43,696) | (12,095) | ||
Effect of exchange rate changes on cash | (1,400) | 864 | ||
Net change in cash and cash equivalents | (3,224) | (8,093) | ||
Cash and cash equivalents | $ 32,551 | $ 17,461 | $ 35,775 | $ 25,554 |
RESTRUCTURING COSTS RESTRUCTU61
RESTRUCTURING COSTS RESTRUCTURING COSTS (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2018USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | $ 4,047 | $ 18,360 | $ 177,005 |
Restructuring and Related Cost, Expected Cost | 189,100 | ||
Restructuring and Related Cost, Expected Cost Remaining | 12,000 | ||
2017 Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Activities, Reduction of Square Footage | 4,300,000 | ||
Restructuring and Related Activities, Reduction to Workforce | 2,500 | ||
Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 3,266 | $ 256 | |
Restructuring and Related Cost, Expected Cost | 25,000 | ||
Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 559 | 3,304 | |
Restructuring and Related Cost, Expected Cost | 34,400 | ||
Contract Termination [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 18,400 | ||
Accelerated Depreciation [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 860 | ||
Restructuring and Related Cost, Expected Cost | 36,300 | ||
Accelerated Depreciation [Member] | Depreciation and Amortization [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 0 | ||
Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 222 | 13,940 | |
Restructuring and Related Cost, Expected Cost | 75,000 | ||
Restructuring Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 4,047 | 17,500 | |
Integrated Systems [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 781 | 1,161 | |
Integrated Systems [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 0 | 0 | |
Integrated Systems [Member] | Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 559 | 0 | |
Integrated Systems [Member] | Accelerated Depreciation [Member] | Depreciation and Amortization [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 0 | 546 | |
Integrated Systems [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 222 | 615 | |
Integrated Systems [Member] | Restructuring Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 781 | 615 | |
Aerospace Structures [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 3,266 | 5,891 | |
Aerospace Structures [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 3,266 | 256 | |
Aerospace Structures [Member] | Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 0 | 3,304 | |
Aerospace Structures [Member] | Accelerated Depreciation [Member] | Depreciation and Amortization [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 0 | 314 | |
Aerospace Structures [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 0 | 2,017 | |
Aerospace Structures [Member] | Restructuring Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 3,266 | 5,577 | |
Product Support [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 0 | 760 | |
Product Support [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 0 | 0 | |
Product Support [Member] | Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 0 | 0 | |
Product Support [Member] | Accelerated Depreciation [Member] | Depreciation and Amortization [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 0 | 0 | |
Product Support [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 0 | 760 | |
Product Support [Member] | Restructuring Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 0 | 760 | |
Corporate Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 0 | 10,548 | |
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 | ||
Corporate Segment [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 10,548 | ||
Corporate Segment [Member] | Restructuring Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | $ 0 | 10,548 | |
Minimum [Member] | 2017 Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 195,000 | ||
Maximum [Member] | 2017 Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | $ 210,000 |