Cover Page
Cover Page | Dec. 17, 2020 |
Document Information [Line Items] | |
Document Type | 8-K/A |
Amendment Flag | true |
Document Period End Date | Dec. 17, 2020 |
Entity File Number | 1-12235 |
Entity Registrant Name | TRIUMPH GROUP, INC. |
Entity Central Index Key | 0001021162 |
Entity Tax Identification Number | 51-0347963 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 899 Cassatt Road |
Entity Address, Address Line Two | Suite 210 |
Entity Address, City or Town | Berwyn |
Entity Address, State or Province | PA |
Entity Address, Postal Zip Code | 19312 |
City Area Code | 610 |
Local Phone Number | 251-1000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Amendment Description | Triumph Group, Inc. (the “Company”) is filing this Amendment No. 1 on Form 8-K/A (this “Amendment”) to amend its Current Report on Form 8-K which was originally filed with the Securities and Exchange Commission on December 17, 2020 (the “Original Form 8-K”). Under Item 9.01 of the Original Form 8-K, the Company stated in Exhibit 99.3 that the interactive data file would be required within six business days. This Amendment No. 1 includes the interactive data file as required by Regulation S-T. This Amendment No. 1 does not modify or update Form 8-K information filed on December 17, 2020 in any way, nor does it reflect any subsequent information or events, other than to address the temporary hardship exemption provided by Rule 201 of Regulation S-T. |
Common Stock [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | Common Stock, par value $.001 per share |
Trading Symbol | TGI |
Security Exchange Name | NYSE |
Purchase Rights [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | Purchase Rights |
No Trading Symbol Flag | true |
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 485,463 | $ 92,807 |
Trade and other receivables, less allowance for doubtful accounts of $4,293 and $3,646 | 359,487 | 373,590 |
Contract assets | 244,417 | 326,667 |
Inventory, net | 452,976 | 413,560 |
Prepaid expenses and other current assets | 19,289 | 34,446 |
Total current assets | 1,561,632 | 1,241,070 |
Property and equipment, net | 418,141 | 543,710 |
Goodwill | 513,527 | 583,225 |
Intangible assets, net | 381,968 | 430,954 |
Other, net | 105,065 | 55,615 |
Total assets | 2,980,333 | 2,854,574 |
Current liabilities: | ||
Current portion of long-term debt | 7,336 | 8,201 |
Accounts payable | 457,694 | 433,783 |
Contract liabilities | 295,320 | 293,719 |
Accrued expenses | 227,403 | 239,572 |
Total current liabilities | 987,753 | 975,275 |
Long-term debt, less current portion | 1,800,171 | 1,480,620 |
Accrued pension and other postretirement benefits | 660,065 | 540,479 |
Deferred income taxes | 7,439 | 6,964 |
Other noncurrent liabilities | 306,169 | 424,549 |
Stockholders' deficit: | ||
Common stock, $.001 par value, 100,000,000 shares authorized, 52,460,920 and 52,460,920 shares issued; 51,858,089 and 49,887,268 shares outstanding | 52 | 52 |
Capital in excess of par value | 804,830 | 867,545 |
Treasury stock, at cost, 602,831 and 2,573,652 shares | (36,217) | (159,154) |
Accumulated other comprehensive loss | (746,448) | (516,011) |
Accumulated deficit | (803,481) | (765,745) |
Total stockholders' deficit | (781,264) | (573,313) |
Total liabilities and stockholders' deficit | $ 2,980,333 | $ 2,854,574 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 4,293 | $ 3,646 |
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 | 51,858,089 | 49,887,268 |
Treasury stock, shares | 602,831 | 2,573,652 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | |||
Net sales | $ 2,900,117 | $ 3,364,930 | $ 3,198,951 |
Operating costs and expenses: | |||
Cost of sales (exclusive of depreciation shown separately below) | 2,307,393 | 2,924,920 | 2,607,556 |
Selling, general and administrative | 257,529 | 298,386 | 292,630 |
Depreciation and amortization | 138,168 | 149,904 | 158,368 |
Legal judgment gain, net of expenses | (9,257) | ||
Impairment of goodwill | 66,121 | 535,227 | |
Restructuring | 25,340 | 31,098 | 40,069 |
Loss on sale of assets and businesses | 56,916 | 235,301 | 30,741 |
Operating Expenses | 2,842,210 | 3,639,609 | 3,664,591 |
Operating income (loss) | 57,907 | (274,679) | (465,640) |
Non-service defined benefit income | (40,587) | (56,726) | (97,079) |
Interest expense and other, net | 122,129 | 114,619 | 99,442 |
Loss from continuing operations before income taxes | (23,635) | (332,572) | (468,003) |
Income tax expense (benefit) | 5,798 | (5,426) | (36,457) |
Net loss | $ (29,433) | $ (327,146) | $ (431,546) |
Loss per share—basic: | |||
Net loss | $ (0.58) | $ (6.58) | $ (8.73) |
Weighted average common shares outstanding—basic | 50,494 | 49,698 | 49,442 |
Loss per share—diluted: | |||
Net loss | $ (0.58) | $ (6.58) | $ (8.73) |
Weighted average common shares outstanding—diluted | 50,494 | 49,698 | 49,442 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net loss | $ (29,433) | $ (327,146) | $ (431,546) |
Other comprehensive (loss) income: | |||
Foreign currency translation adjustment | (13,439) | 10,077 | 28,529 |
Amounts arising during the period - net of tax (expense) benefit | |||
Prior service credit (cost), net of taxes of $0, $0, and $0, respectively | 94,182 | (1,139) | 21,980 |
Actuarial (loss) gain, net of taxes of $0, $0, and $(283), respectively | (303,017) | (120,161) | 16,461 |
Reclassification to net loss - net of expense (benefit) | |||
Amortization of net loss, net of taxes of $0, $(656), and $(5), respectively | 49,290 | 6,314 | 7,147 |
Recognized prior service credits, net of taxes of $0, $0, and $0, respectively | (54,280) | (8,274) | (37,623) |
Total defined benefit pension plans and other postretirement benefits, net of taxes | (213,825) | (123,260) | 7,965 |
Cash flow hedges: | |||
Unrealized (loss) gain arising during the period, net of tax benefit of $0, $(228), and $(25), respectively | (1,611) | 30 | 133 |
Reclassification of loss included in net earnings, net of tax expense of $0, $228, and $14, respectively | (1,562) | (1,282) | (2,164) |
Net unrealized loss on cash flow hedges, net of tax | (3,173) | (1,252) | (2,031) |
Total other comprehensive (loss) income | (230,437) | (114,435) | 34,463 |
Total comprehensive loss | $ (259,870) | $ (441,581) | $ (397,083) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Tax | $ 0 | $ 0 | $ 0 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During the Period, Tax | 0 | 0 | (283) |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Tax | 0 | (656) | (5) |
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service (Cost) Credit, Tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 0 | (228) | (25) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | $ 0 | $ 228 | $ 14 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' (Deficit) Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Other Comprehensive Loss [Member]Change in Accounting Method Accounted for as Change in Estimate [Member] | Retained Earnings (Accumulated Deficit) [Member] | Retained Earnings (Accumulated Deficit) [Member]Change in Accounting Method Accounted for as Change in Estimate [Member] |
Balance at Mar. 31, 2017 | $ 846,473 | $ 51 | $ 846,807 | $ (183,696) | $ (396,178) | $ 579,489 | ||
Balance (in shares) at Mar. 31, 2017 | 49,573,029 | |||||||
Change in pension accounting method | 7,147 | $ (39,861) | $ 39,861 | |||||
Net loss | (431,546) | (431,546) | ||||||
Foreign currency translation adjustment | 28,529 | 28,529 | ||||||
Pension liability adjustment, net of income taxes | 7,965 | 7,965 | ||||||
Change in fair value of derivatives | (2,013) | (2,013) | ||||||
Change in fair value of foreign currency hedges, net of income taxes | (18) | (18) | ||||||
Change in fair value of foreign currency hedges, net of income taxes | (2,031) | |||||||
Cash dividends ($0.16 per share) | (7,943) | (7,943) | ||||||
Share-based compensation | 7,949 | 6,662 | 1,287 | |||||
Share-based compensation, shares | 56,548 | |||||||
Repurchase of restricted shares for minimum tax obligation | (483) | (483) | ||||||
Repurchase of restricted shares for minimum tax obligation, shares | (19,361) | |||||||
Employee stock purchase plan | 1,621 | (2,189) | 3,810 | |||||
Employee stock purchase plan, shares | 59,632 | |||||||
Balance at Mar. 31, 2018 | 450,534 | $ 51 | 851,280 | (179,082) | (401,576) | 179,861 | ||
Balance (in shares) at Mar. 31, 2018 | 49,669,848 | |||||||
Change in pension accounting method | 6,314 | |||||||
Net loss | (327,146) | (327,146) | ||||||
Foreign currency translation adjustment | 10,077 | 10,077 | ||||||
Pension liability adjustment, net of income taxes | (123,260) | (123,260) | ||||||
Change in fair value of foreign currency hedges, net of income taxes | (1,252) | (1,252) | ||||||
Cash dividends ($0.16 per share) | (7,971) | (7,971) | ||||||
Share-based compensation | 10,259 | (1,448) | 11,707 | |||||
Share-based compensation, shares | 186,572 | |||||||
Repurchase of restricted shares for minimum tax obligation | (860) | (860) | ||||||
Repurchase of restricted shares for minimum tax obligation, shares | (42,146) | |||||||
Employee stock purchase plan | 1,321 | (3,354) | 4,675 | |||||
Employee stock purchase plan, shares | 72,994 | |||||||
Other | $ 1 | 21,067 | 4,406 | (25,474) | ||||
Balance at Mar. 31, 2019 | (573,313) | $ 52 | 867,545 | (159,154) | (516,011) | (765,745) | ||
Balance (in shares) at Mar. 31, 2019 | 49,887,268 | |||||||
Adoption of ASC | ASC 606 [Member] | (585,015) | (585,015) | ||||||
Change in pension accounting method | 49,290 | |||||||
Net loss | (29,433) | (29,433) | ||||||
Foreign currency translation adjustment | (13,439) | (13,439) | ||||||
Pension liability adjustment, net of income taxes | (213,825) | (213,825) | ||||||
Change in fair value of foreign currency hedges, net of income taxes | (3,173) | (3,173) | ||||||
Cash dividends ($0.16 per share) | (8,078) | (8,078) | ||||||
Share-based compensation | 10,714 | (5,508) | 16,222 | |||||
Share-based compensation, shares | 264,658 | |||||||
Repurchase of restricted shares for minimum tax obligation | (1,442) | (1,442) | ||||||
Repurchase of restricted shares for minimum tax obligation, shares | (69,601) | |||||||
Employee stock purchase plan | 950 | (1,811) | 2,761 | |||||
Employee stock purchase plan, shares | 45,061 | |||||||
Contribution of treasury shares to pension plan | 50,000 | (55,396) | 105,396 | |||||
Contribution of treasury shares to pension plan, shares | 1,730,703 | |||||||
Balance at Mar. 31, 2020 | (781,264) | $ 52 | $ 804,830 | $ (36,217) | $ (746,448) | (803,481) | ||
Balance (in shares) at Mar. 31, 2020 | 51,858,089 | |||||||
Adoption of ASC | ASC 842 [Member] | $ (225) | $ (225) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' (Deficit) Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Of Stockholders Equity Parenthetical [Abstract] | |||
Other comprehensive (income) loss, defined benefit plan, after reclassification adjustment, tax | $ 0 | $ 656 | $ 288 |
Other comprehensive income (loss), tax | $ 0 | $ 228 | $ 11 |
Dividends declared and paid per common share (in dollars per share) | $ 0.16 | $ 0.16 | $ 0.16 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Activities | |||
Net loss | $ (29,433) | $ (327,146) | $ (431,546) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||
Depreciation and amortization | 138,168 | 149,904 | 158,368 |
Impairment of goodwill | 66,121 | 535,227 | |
Amortization of acquired contract liability | (75,286) | (67,314) | (125,148) |
Loss on sale of assets and businesses | 56,916 | 235,301 | 30,741 |
Curtailments, settlements and early retirement incentives | 14,293 | 4,032 | (25,722) |
Other amortization included in interest expense | 11,157 | 8,770 | 11,677 |
Provision (recovery) for doubtful accounts receivable | 1,554 | (495) | (242) |
Provision (benefit) for deferred income taxes | 2,823 | (7,939) | (43,108) |
Share-based compensation | 11,062 | 10,259 | 7,949 |
Changes in other assets and liabilities, excluding the effects of acquisitions and divestitures: | |||
Trade and other receivables | 5,001 | (89,728) | (99,620) |
Contract assets | 50,440 | 65,191 | (5,484) |
Inventories | (48,802) | (15,930) | (163,417) |
Prepaid expenses and other current assets | 16,376 | (3,144) | (4,239) |
Accounts payable, accrued expenses and income taxes payable | (61,338) | (71,767) | (43,696) |
Accrued pension and other postretirement benefits | (66,519) | (74,532) | (82,309) |
Other | 4,133 | 10,118 | (8,325) |
Net cash provided by (used in) operating activities | 96,666 | (174,420) | (288,894) |
Investing Activities | |||
Capital expenditures | (39,834) | (47,099) | (42,050) |
Proceeds from sale of assets and businesses | 47,229 | 247,647 | 83,082 |
Acquisitions, net of cash acquired | (2,818) | ||
Net cash provided by investing activities | 7,395 | 200,548 | 38,214 |
Financing Activities | |||
Net increase in revolving credit facility | 185,000 | 102,113 | 82,888 |
Proceeds from issuance of long-term debt | 585,580 | 54,600 | 544,243 |
Retirement of debt and capital lease obligations | (449,650) | (113,425) | (387,373) |
Payment of deferred financing costs | (17,718) | (1,982) | (17,729) |
Dividends paid | (8,078) | (7,971) | (7,943) |
Repurchase of restricted shares for minimum tax obligations | (1,442) | (860) | (483) |
Net cash provided by financing activities | 293,692 | 32,475 | 213,603 |
Effect of exchange rate changes on cash | (5,097) | (1,615) | 3,263 |
Net change in cash and cash equivalents | 392,656 | 56,988 | (33,814) |
Cash and cash equivalents at beginning of year | 92,807 | 35,819 | 69,633 |
Cash and cash equivalents at end of year | $ 485,463 | $ 92,807 | $ 35,819 |
Background and Basis of Present
Background and Basis of Presentation | 12 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background and Basis of Presentation | 1. BACKGROUND AND BASIS OF PRESENTATION Triumph Group, Inc. (“Triumph”) is a Delaware corporation which, through its operating subsidiaries, designs, engineers, manufactures and sells products for the global aerospace original equipment manufacturers (“OEMs”) of aircraft and aircraft components and repairs and overhauls aircraft components and accessories for commercial airline, air cargo carrier and military customers on a worldwide basis. Triumph and its subsidiaries (collectively, the “Company”) are organized based on the products and services that they provide. Effective February 17, 2020, the Company combined its Integrated Systems and Product Support operating segments into one operating segment, Systems & Support. Under this organizational structure, the Company has two reportable segments: Systems & Support and Aerospace Structures. Segment information for prior periods has been recast to conform to this organizational structure. Systems & Support consists of the Company’s operations that provide 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 electromechanical 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; hydromechanical and electromechanical primary and secondary flight controls. Systems & Support also provides full life cycle solutions for commercial, regional and military aircraft. The Company’s extensive product and service offerings include full post-delivery value chain services that simplify the MRO supply chain. Through its ground support equipment maintenance, component MRO and post- production supply chain activities, Systems & Support is positioned to provide integrated planeside repair solutions globally. Capabilities include metallic and composite aircraft structures; nacelles; thrust reversers; interiors; auxiliary power units; and a wide variety of pneumatic, hydraulic, fuel and mechanical accessories. Repair services generally involve the replacement and/or remanufacturing of parts, which is similar to the original manufacture of the part. The processes that the Company performs related to repair and overhaul services are essentially the repair of wear parts or replacement of parts that are beyond economic repair. The repair service generally involves remanufacturing a complete part or a component of a part. Aerospace Structures consists of the Company’s operations that supply commercial, business, regional and military manufacturers with large metallic and composite structures and aircraft interior systems, including air ducting and thermal acoustic insulations systems. Products include wings, wing boxes, fuselage panels, horizontal and vertical tails, subassemblies such as floor grids, and aircraft interior systems, including air ducting and thermal acoustic insulations systems. Aerospace Structures also has the capability to engineer detailed structural designs in metal and composites. Capabilities include advanced composite and interior structures, joining processes such as welding, autoclave bonding, and conventional mechanical fasteners. The accompanying consolidated financial statements include the accounts of Triumph and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated from the consolidated financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Standards Recently Implemented Adoption of ASU 2016-02 In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02 Leases (Topic 842) Leases Adoption of the new standard resulted in the recognition of operating lease ROU assets and lease liabilities of $76,444 and $84,663, respectively, with the difference due to prepaid and deferred rent that were reclassified to the ROU asset value. An adjustment to opening retained earnings of $225 was also recognized. The standard did not materially affect the Company’s consolidated statements of operations or cash flows. See Note 9 for further details. Adoption of ASU 2018-02 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 Standards Issued Not Yet Implemented In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In August 2018, the FASB issued ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans Impact of Change in Accounting Principle Effective April 1, 2020, the Company changed its method of accounting for the determination of the market-related value of assets (“MRVA”) for a class of assets (fixed income securities) within the qualified U.S. defined benefit plan (the “Plan”) which is used in determining the expected return on asset component of net periodic benefit income. This class of assets is comprised solely of the fixed income securities asset class held in the portfolio for the Plan, which provides a natural hedge (liability-hedging assets) against the changes in the recorded amount of net periodic pension cost. Refer to Note 15 for the Company’s fiscal year ended March 31, 2020 The change in accounting principle requires retrospective application and prospective disclosure. The Company applied the change effective April 1, 2020, and recorded a cumulative adjustment to equity as for the earliest period presented. The tables below represent the impact of this change on the consolidated statements of operations (including earnings per share) and the consolidated statements of comprehensive loss for the periods presented below. The change in accounting principle had no impact on the consolidated statements of cash flows for these periods. The tables below represent the impact of the change in accounting principle on the consolidated statement of operations and the consolidated statements of comprehensive loss for the fiscal year ended March 31, 2020. Fiscal Years Ended As Previously Reported, March 31, 2020 Impact of As Reported, March 31, 2020 Non-service defined benefit income $ (41,894 ) 1,307 $ (40,587 ) Loss from continuing operations before income taxes (22,328 ) (1,307 ) (23,635 ) Income tax expense 5,798 — 5,798 Net loss $ (28,126 ) $ (1,307 ) $ (29,433 ) Net Loss per share - basic & diluted Basic $ (0.56 ) $ (0.03 ) $ (0.58 ) Diluted $ (0.56 ) $ (0.03 ) $ (0.58 ) Defined benefit pension plans and other postretirement benefits: Total defined benefit pension plans and other postretirement benefits, net of taxes $ (215,132 ) $ 1,307 $ (213,825 ) Total other comprehensive loss $ (231,744 ) $ 1,307 $ (230,437 ) Comprehensive loss $ (259,870 ) $ — $ (259,870 ) The table below represents the impact of the change in accounting principle on the consolidated balance sheet as of March 31, 2020. As Previously Reported, March 31, 2020 Impact of As Reported, March 31, 2020 Stockholders’ deficit: Accumulated other comprehensive loss $ (719,428 ) $ (27,020 ) $ (746,448 ) Accumulated deficit (830,501 ) 27,020 (803,481 ) Total stockholders’ deficit $ (781,264 ) $ — $ (781,264 ) The tables below represent the impact of the change in accounting principle on the consolidated statement of operations and the consolidated statements of comprehensive loss for the fiscal year ended March 31, 2019. Fiscal Years Ended As Previously Reported, March 31, 2019 Impact of As Reported, March 31, 2019 Non-service defined benefit income $ (62,105 ) 5,379 $ (56,726 ) Loss from continuing operations before income taxes (327,193 ) (5,379 ) (332,572 ) Income tax benefit (5,426 ) — (5,426 ) Net loss $ (321,767 ) $ (5,379 ) $ (327,146 ) Net Income per share - basic & diluted Basic $ (6.47 ) $ (0.11 ) $ (6.58 ) Diluted $ (6.47 ) $ (0.11 ) $ (6.58 ) Defined benefit pension plans and other postretirement benefits: Total defined benefit pension plans and other postretirement benefits, net of taxes $ (128,639 ) $ 5,379 $ (123,260 ) Total other comprehensive loss $ (119,814 ) $ 5,379 $ (114,435 ) Comprehensive loss $ (441,581 ) $ — $ (441,581 ) The table below represents the impact of the change in accounting principle on the consolidated balance sheet as of March 31, 2019. As Previously Reported, March 31, 2019 Impact of As Reported, March 31, 2019 Stockholders’ deficit: Accumulated other comprehensive loss $ (487,684 ) $ (28,327 ) $ (516,011 ) Accumulated deficit (794,072 ) 28,327 (765,745 ) Total stockholders’ deficit $ (573,313 ) $ — $ (573,313 ) The tables below represent the impact of the change in accounting principle on the consolidated statement of operations and the consolidated statements of comprehensive loss for the fiscal year ended March 31, 2018. Fiscal Years Ended As Previously Reported, March 31, 2018 Impact of As Reported, March 31, 2018 Non-service defined benefit income $ (103,234 ) 6,155 $ (97,079 ) Loss from continuing operations before income taxes (461,848 ) (6,155 ) (468,003 ) Income tax expense (36,457 ) — (36,457 ) Net income $ (425,391 ) $ (6,155 ) $ (431,546 ) Net Income per share - basic & diluted Basic $ (8.60 ) $ (0.12 ) $ (8.73 ) Diluted $ (8.60 ) $ (0.12 ) $ (8.73 ) Defined benefit pension plans and other postretirement benefits: Total defined benefit pension plans and other postretirement benefits, net of taxes $ 1,810 $ 6,155 $ 7,965 Total other comprehensive income $ 28,308 $ 6,155 $ 34,463 Comprehensive loss $ (397,083 ) $ — $ (397,083 ) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents Cash equivalents consist of highly liquid investments with a maturity of three months or less at the time of purchase. Fair value of cash equivalents approximates carrying value. Trade and Other Receivables, net Trade and other receivables are recorded net of an allowance for doubtful accounts. Trade and other receivables include amounts billed and currently due from customers and amounts retained by the customer pending contract completion. The Company performs ongoing credit evaluations of its customers and generally does not require collateral. The Company records the allowance for doubtful accounts based on prior experience and for specific collectibility matters when they arise. The Company writes off balances against the reserve when collectibility is deemed remote. The Company’s trade and other receivables are exposed to credit risk; however, the risk is limited due to the diversity of the customer base. Trade and other receivables, net composed of the following: March 31, 2020 2019 Total trade receivables $ 314,007 $ 336,888 Other receivables 49,773 40,348 Total trade and other receivables 363,780 377,236 Less: Allowance for doubtful accounts (4,293 ) (3,646 ) Total trade and other receivables, net $ 359,487 $ 373,590 Goodwill and Intangible Assets The Company accounts for goodwill and intangible assets in accordance with Accounting Standards Codification (“ASC”) 350, Intangibles—Goodwill and Other The Company assesses whether goodwill impairment exists using both the qualitative and quantitative assessments. The qualitative assessment involves determining whether events or circumstances exist that indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If based on this qualitative assessment the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount or if the Company elects not to perform a qualitative assessment, a quantitative assessment is performed as required by ASC 350 to determine whether a goodwill impairment exists at the reporting unit. The quantitative test is used to compare the carrying amount of the reporting unit’s assets to the fair value of the reporting unit. If the fair value exceeds the carrying value, no further evaluation is required, and no impairment loss is recognized. If the carrying amount exceeds the fair value, then an impairment loss occurs. The impairment is measured by using the amount by which the carrying value exceeds the fair value not to exceed the amount of recorded goodwill. The determination of the fair value of its reporting units is based, among other things, on estimates of future operating performance of the reporting unit being valued. The Company is required to complete an impairment test for goodwill and record any resulting impairment losses at least annually. Changes in market conditions, among other factors, may have an impact on these estimates and require interim impairment assessments. When performing the quantitative impairment test, the Company’s methodology includes the use of an income approach which discounts future net cash flows to their present value at a rate that reflects the Company’s cost of capital, otherwise known as the discounted cash flow method (“DCF”). These estimated fair values are based on estimates of future cash flows of the businesses. Factors affecting these future cash flows include the continued market acceptance of the products and services offered by the businesses, the development of new products and services by the businesses and the underlying cost of development, the future cost structure of the businesses and future technological changes. The Company also incorporates market multiples for comparable companies in determining the fair value of its reporting units. Any such impairment would be recognized in full in the reporting period in which it has been identified. The fair value estimates resulting from the application of these methodologies are based on inputs classified within Level 3 of the fair value hierarchy, as described below. During the fourth quarter of the fiscal year ended March 31, 2020, the Company performed its annual goodwill impairment assessment for each of its reporting units with no impairment identified. Subsequent to its annual testing date and at March 31, 2020, the Company identified indicators of impairment due to the decline in the Company’s share price as well as potential negative impacts due to the uncertainty of the impact of the COVID-19 pandemic. As a result of these indicators, the Company performed an interim assessment of goodwill, which included using a combination of both market and income approaches to estimate the fair value of each reporting unit. The Company concluded that its Product Support reporting unit had a fair value that was lower than its carrying value by an amount that exceeded the remaining goodwill for the reporting unit. Therefore, the Company recorded a noncash impairment charge during the fiscal quarter ended March 31, 2020, of $66,121, which is presented on the consolidated statements of operations as “Impairment of goodwill” for the fiscal year ended March 31, 2020. The decline in fair value is the result of expected declines in revenues from MRO services and the uncertainty in the rate and timing of recovery and therefore the timing of associated earnings and cash flows. The assessment of the Company’s Integrated Systems reporting unit indicated that its fair value exceeded its carrying amount. Finite-lived intangible assets are amortized over their useful lives ranging from 7 to 30 years. The Company continually evaluates whether events or circumstances have occurred that would indicate that the remaining estimated useful lives of long-lived assets, including intangible assets, may warrant revision or that the remaining balance may not be recoverable. Long-lived assets are evaluated for indicators of impairment. When factors indicate that long-lived assets, including intangible assets, should be evaluated for possible impairment, an estimate of the related undiscounted cash flows over the remaining life of the long-lived assets, including intangible assets, is used to measure recoverability based on the primary asset of the asset group. Some of the more important factors management considers include the Company’s financial performance relative to expected and historical performance, significant changes in the way the Company manages its operations, negative events that have occurred, and negative industry and economic trends. If the estimated undiscounted cash flows are less than the carrying amount, measurement of the impairment will be based on the difference between the carrying value and fair value of the asset group, generally determined based on the present value of expected future cash flows associated with the use of the asset. Refer to below for the Company’s accounting policy regarding fair value measurements and the definition of fair value levels. Revenue Recognition and Contract Balances The Company adopted ASC 606 on April 1, 2018. The Company’s revenue is principally from contracts with customers to provide design, development, manufacturing, and support services associated with specific customer programs. The Company regularly enters into long-term master supply agreements that establish general terms and conditions and may define specific program requirements. Many agreements include clauses that provide sole supplier status to the Company for the duration of the program’s life. Purchase orders (or authorizations to proceed) are issued pursuant to the master supply agreements. Additionally, a majority of the Company’s agreements with customers include options for future purchases. Such options primarily reduce the administrative effort of issuing subsequent purchase orders and do not represent material rights granted to customers. The Company generally enters into agreements directly with its customers and is the principal in all current contracts. The identification of a contract with a customer for purposes of accounting and financial reporting requires an evaluation of the terms and conditions of agreements to determine whether presently enforceable rights and obligations exist. Management considers a number of factors when making this evaluation that include, but are not limited to, the nature and substance of the business exchange, the specific contractual terms and conditions, the promised products and services, the termination provisions in the contract, as well as the nature and execution of the customer’s ordering process and how the Company is authorized to perform work. Generally, presently enforceable rights and obligations are not created until a purchase order is issued by a customer for a specified number of units of product or services. Therefore, the issuance of a purchase order is generally the point at which a contract is identified for accounting and financial reporting purposes. Management identifies the promises to the customer. Promises are generally explicitly stated in each contract, but management also evaluates whether any promises are implied based on the terms of the agreement, past business practice, or other facts and circumstances. Each promise is evaluated to determine if it is a performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service. The Company considers a number of factors when determining whether a promise is a distinct performance obligation, including whether the customer can benefit from the good or service on its own or together with other resources that are readily available to the customer, whether the Company provides a significant service of integrating goods or services to deliver a combined output to the customer, or whether the goods or services are highly interdependent. 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 original equipment manufacturers (“OEMs”). The transaction price for a contract reflects the consideration the Company expects to receive for fully satisfying the performance obligations in the contract. Typically, the transaction price consists solely of fixed consideration but may include variable consideration for contractual provisions such as unpriced contract modifications, cost-sharing provisions, and other receipts or payments to customers. The Company identifies and estimates variable consideration, typically at the most likely amount the Company expects to receive from its customers. Variable consideration is only included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized for the contract will not occur, or when the uncertainty associated with the variable consideration is resolved. The Company’s contracts with customers generally require payment under normal commercial terms after delivery with payment typically required within 30 to 120 days of delivery. However, a subset of the Company’s current contracts includes significant financing components because the timing of the transfer of the underlying products and services under contract are at the customers’ discretion. For these contracts, the Company adjusts the transaction price to reflect the effects of the time value of money. The Company generally is not subject to collecting sales tax and has made an accounting policy election to exclude from the transaction price any sales and other similar taxes collected from customers. As a result, any such collections are accounted for on a net basis. The total transaction price is allocated to each of the identified performance obligations using the relative stand-alone selling price. The objective of the allocation is to reflect the consideration that the Company expects to receive in exchange for the products or services associated with each performance obligation. Stand-alone selling price is the price at which the Company would sell a promised good or service separately to a customer. Stand-alone selling prices are established at contract inception, and subsequent changes in transaction price are allocated on the same basis as at contract inception. When stand-alone selling prices for the Company’s products and services are not observable, the Company uses either the “Expected Cost Plus a Margin” or “Adjusted Market Assessment” approaches to estimate stand-alone selling price. Expected costs are typically derived from the available periodic forecast information. Revenue is recognized when or as control of promised products or services transfers to a customer and is recognized at the amount allocated to each performance obligation associated with the transferred products or services. Service sales, principally representing repair, maintenance, and engineering activities are recognized over the contractual period or as services are rendered. Sales under long-term contracts with performance obligations satisfied over time are recognized using either an input or output method. The Company recognizes revenue over time as it performs on these contracts because of the continuous transfer of control to the customer as represented by contractual terms that entitle the Company to the reimbursement of costs plus a reasonable profit for work performed to manufacture products for which the Company has no alternate use or for work performed on a customer-owned asset. With control transferring over time, revenue is recognized based on the extent of progress toward completion of the performance obligation. The Company generally uses the cost-to-cost input method of progress for its contracts because it best depicts the transfer of control to the customer that occurs as work progresses. Under the cost-to-cost method, the extent of progress toward completion is measured based on the proportion of costs incurred to date to the total estimated costs at completion of the performance obligation. The Company reviews its cost estimates on contracts on a periodic basis, or when circumstances change and warrant a modification to a previous estimate. Cost estimates are largely based on negotiated or estimated purchase contract terms, historical performance trends and other economic projections. Significant factors that influence these estimates include inflationary trends, technical and schedule risk, internal and subcontractor performance trends, business volume assumptions, asset utilization, and anticipated labor agreements. Revenue and cost estimates are regularly monitored and revised based on changes in circumstances. Impacts from changes in estimates of net sales and cost of sales are recognized on a cumulative catch-up basis, which recognizes in the current period the cumulative effect of the changes on current and prior periods based on a performance obligation’s percentage of completion. Forward loss reserves for anticipated losses on long-term contracts are recorded in full when such losses become evident, to the extent required, and are included in contract liabilities on the accompanying consolidated balance sheets. The Company believes that the accounting estimates and assumptions made by management are appropriate given the increased uncertainties surrounding the severity and duration of the impacts of the COVID-19 pandemic, however actual results could differ materially from those estimates. For the fiscal year ended March 31, 2020, cumulative catch-up adjustments resulting from changes in contract values and estimated costs that arose during the fiscal year increased revenue, operating loss, net loss and loss per share by approximately $12,011, ($22,844), ($22,844), and ($0.45), respectively. The cumulative catch-up adjustments to operating income for the fiscal year ended March 31, 2020, included gross favorable adjustments of approximately $43,405 and gross unfavorable adjustments of approximately $66,249. For the fiscal year ended March 31, 2019, cumulative catch-up adjustments resulting from changes in estimates increased net sales, decreased operating loss, net loss and earnings per share by approximately $7,944, ($68,694), ($68,694), and ($1.38), respectively. The cumulative catch-up adjustments to operating income for the fiscal year ended March 31, 2019, included gross favorable adjustments of approximately $46,074 and gross unfavorable adjustments of approximately $114,768. These cumulative catch-up adjustments do not include a noncash charge the Company recorded as a result of 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 consolidated statements of operations within cost of sales. For the fiscal year ended March 31, 2018, cumulative catch-up adjustments resulting from changes in estimates decreased operating loss, net loss and decreased loss per share by approximately $19,677, $13,479, and $0.27, respectively. The cumulative catch-up adjustments to operating income for the fiscal year ended March 31, 2018, included gross favorable adjustments of approximately $85,844 and gross unfavorable adjustments of approximately $66,167. Revenues for performance obligations that are not recognized over time are recognized at the point in time when control transfers to the customer. 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. Generally, the shipping terms determine the point in time when control transfers to customers. Shipping and handling activities are not considered performance obligations and related costs are included in cost of sales as incurred. Differences in the timing of revenue recognition and contractual billing and payment terms result in the recognition contract assets and liabilities. Refer to Note 4 for further discussion. In connection with several of prior acquisitions, the Company assumed existing long-term contracts. Based on review of these contracts, the Company concluded that the terms of certain contracts to be either more or less favorable than could be realized in market transactions as of the date of the acquisition. As a result, the Company recognized acquired contract liabilities, net of acquired contract assets as of the acquisition date of each respective acquisition, based on the present value of the difference between the contractual cash flows of the executory contracts and the estimated cash flows had the contracts been executed at the acquisition date. The liabilities principally relate to long-term contracts that were initially executed several years prior to the respective acquisition. The Company measured these net liabilities in the year they were acquired under the measurement provisions of ASC 820, Fair Value Measurement The balance of the liability as of March 31, 2020, is $92,962 and, based on the expected delivery schedule of the underlying contracts, the Company estimates annual amortization of the liability as follows: 2021 — $44,958; 2022 — $17,568; 2023 — $7,302; 2024 — $3,512; 2025 — $1,690; thereafter $17,932. Leases The Company leases office space, manufacturing facilities, land, vehicles, and equipment. The Company determines if an agreement is or contains a lease at the lease inception date and recognizes right-of-use assets and lease liabilities at the lease commencement date. A ROU asset and corresponding lease liability are not recorded for leases with an initial term of 12 months or less (“short-term leases”). ROU assets represent the Company’s right to use an underlying asset during the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The determination of the length of lease terms is affected by options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The existence of significant economic incentive is the primary consideration when assessing whether the Company is reasonably certain of exercising an option in a lease. Both finance and operating lease ROU assets and liabilities are recognized at commencement date and measured as the present value of lease payments to be made over the lease term. As the interest rate implicit in the lease is not readily available for most of the Company’s leases, the Company uses its estimated incremental borrowing rate in determining the present value of lease payments. The estimated incremental borrowing rate is derived from information available at the lease commencement date. The lease ROU asset recognized at commencement is adjusted for any lease payments related to initial direct costs, prepayments, and lease incentives. For operating leases, lease expense is recognized on a straight-line basis over the lease term. For finance leases, lease expense comprises the amortization of the ROU assets recognized on a straight-line basis generally over the shorter of the lease term or the estimated useful life of the underlying asset and interest on the lease liability. Variable lease payments not dependent on a rate or index are recognized when the event, activity, or circumstance in the lease agreement upon which those payments are contingent is probable of occurring and are presented in the same line of the consolidated balance sheet as the rent expense arising from fixed payments. The Company has lease agreements with lease and non-lease components. Non-lease components are combined with the related lease components and accounted for as lease components for all classes of underlying assets. Retirement Benefits Defined benefit pension plans are recognized in the consolidated financial statements on an actuarial basis. A significant element in determining the Company’s pension income (expense) is the expected long-term rate of return on plan assets. This expected return is an assumption as to the average rate of earnings expected on the funds invested or to be invested to provide for the benefits included in the projected pension benefit obligation. The Company applies this assumed long-term rate of return to a calculated value of plan assets, which recognizes changes in the fair value of plan assets in a systematic manner over five years. This produces the expected return on plan assets that is included in pension income (expense). The difference between this expected return and the actual return on plan assets is deferred. The net deferral of past asset gains (losses) affects the calculated value of plan assets and, ultimately, future pension income (expense). The Company periodically experiences events or makes changes to its benefit plans that result in curtailment or special charges. Curtailments are recognized when events occur that significantly reduce the expected years of future service of present employees or eliminates the benefits for a significant number of employees for some or all of their future service. Curtailment losses are recognized when it is probable the curtailment will occur and the effects are reasonably estimable. Curtailment gains are recognized when the related employees are terminated or a plan amendment is adopted, whichever is applicable. From time to time, the Company may enter into transactions that relieve it of primary responsibility for all or more than a minor portion of certain of its pension benefit obligations. When these transactions are effected through an irrevocable action that relieves the Company of primary responsibility for its pension or other postretirement benefit obligations and eliminates significant risks related to the obligation and the related assets used to effect the transaction, they are considered settlements, as defined by ASC 715, Compensation – Retirement Benefits. As required under ASC 715, the Company remeasures plan assets and obligations during an interim period whenever a significant event occurs that results in a material change in the net periodic pension cost. The determination of significance is based on judgment and consideration of events and circumstances impacting the pension costs. At March 31 of each year, the Company determines the fair value of its pension plan assets as well as the discount rate to be used to calculate the present value of plan liabilities. The discount rate is an estimate of the interest rate at which the pension benefits could be effectively settled. In estimating the discount rate, the Company looks to rates of return on high-quality, fixed-income investments currently available and expected to be available during the period to maturity of the pension benefits. The Company uses a portfolio of fixed-income securities, which receive at least the second-highest rating given by a recognized ratings agency. 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 when measuring goodwill impairment in fiscal year 2018 and fiscal year 2020 (see Note 7), and to its pension and postretirement plan assets (see Note 15). Income Taxes The Company accounts for income taxes using the asset and liability method. The asset and liability method requires recognition of deferred tax assets and liabilities for expected future tax consequences of temporary differences that currently exist between tax bases and financial reporting bases of the Company’s assets and liabilities. A valuation allowance is provided on deferred taxes if it is determined that it is more likely than not that the asset will not be realized. Management judgment is required to determine the amount of benefit to be recognized in relation to an uncertain tax position. The Company uses a two-step process to evaluate tax positions. The first step requires an entity to determine whether it is more likely than not (greater than 50% chance) that the tax position will be sustained. The second step requires an entity to recognize in the financial statements the benefit of a tax position that meets the more-likely-than-not recognition criterion. The amounts ultimately paid upon resolution of issues raised by taxing authorities may differ materially from the amounts accrued and may materially impact the financial statements of the Company in future periods. The Company recognizes penalties and interest accrued related to income tax liabilities in the provision for income taxes on its consolidated statements of operations. Supplemental Cash Flow Information For the fiscal year ended March 31, 2020, the Company paid $4,005 for income taxes, net of income tax refunds received. For the fiscal year ended March 31, 2019, the Company received $4,701 as income tax refunds, net of taxes paid. For the fiscal year ended March 31, 2018, the Company paid $11,190 for income taxes, net of income tax refunds received. |
Divested Operations and Assets
Divested Operations and Assets Held For Sale | 12 Months Ended |
Mar. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divested Operations and Assets Held For Sale | 3. DIVESTED OPERATIONS AND ASSETS HELD FOR SALE Fiscal 2020 Divestitures In December 2019, the Company completed the sale of its manufacturing operations at its Nashville, TN, facility for cash proceeds net of transaction costs of approximately $58,000, including approximately $7,000 allocated as a premium paid by the buyer in exchange for a specified performance guarantee. The Company recognized a loss of approximately $64,000, which is presented on the accompanying consolidated statements of operations within loss on sale of assets and businesses. The operating results of the Nashville manufacturing operations are included in Aerospace Structures through the date of divestiture. Additionally, as part of the transaction, the Company agreed to transfer to the buyer, within 120 days from the date of closing, certain defined benefit pension assets and obligations of approximately $55,000 associated with the Nashville manufacturing operations. In accordance with applicable defined benefit pension plan accounting guidance, the transfer was treated as a settlement for purposes of the Company’s financial statements and resulted in accelerated recognition of previously unrecognized actuarial losses. The Company completed the transfer of the defined benefit pension assets and obligations in March 2020 and recognized a one-time settlement loss of approximately $28,000. In September 2019, the Company completed the assignment of its E-2 Jets contract with Embraer for the manufacture of structural components for their program to AeroSpace Technologies of Korea Inc. (“ASTK”). As part of this transaction, the Company transferred certain assets and liabilities to ASTK and recognized a gain of approximately $10,000, which is presented on the accompanying consolidated statements of operations within loss on sale of assets and businesses. The assets and liabilities transferred were included within Aerospace Structures through the date of divestiture. Fiscal 2019 Divestitures In March 2019, the Company sold all of the shares of Triumph Structures – Kansas City, Inc.; Triumph Structures – Wichita, Inc.; Triumph Gear Systems – Toronto; ULC; and Triumph Northwest (The Triumph Group Operations, Inc.) (together, “Machining”). Total cash proceeds net of transaction costs for the sale of Machining was approximately $43,000. A portion of the proceeds associated with the sale of Machining included consideration in the form of a note receivable of $10,000. Upon closing, the Company recognized a loss of approximately $116,000. An additional loss of approximately $3,000 was recognized during the fiscal 2020, as a result of working capital adjustments and additional transaction costs and is presented within loss on sale of assets and businesses on the accompanying condensed consolidated statements of operations. In March 2019, the Company sold all of the shares of (i) Triumph Fabrications - San Diego, Inc. and Triumph Fabrications - Ft. Worth, Inc. (together, “Fabrications”), and (ii) Triumph Aviation Services - NAAS Division, Inc. (“NAAS”). Total cash proceeds net of transaction costs for the sales of Fabrications and NAAS were approximately $133,000 and $18,000, respectively. As a result of the sales of Fabrications, the Company recognized a gain of approximately $54,000. The sale of NAAS resulted in an immaterial gain. In February 2019, the Company transitioned responsibility for the Global 7500 wing program manufacturing operations of Aerospace Structures to Bombardier at which point Bombardier assumed the program’s assets and obligations. As a result of this transfer, the Company recognized a loss of approximately $169,000. The Company continues to provide transition services related to infrastructure support reducing in scope over the next several months, as well as a lease of the building in Red Oak, Texas, dedicated to the manufacturer of the Global 7500 wing to Bombardier. In July and August 2018, respectively, the Company sold all of the shares of Triumph Structures - East Texas, Inc. as well as all of the shares of Triumph Structures - Los Angeles, Inc., and Triumph Processing, Inc. for combined cash proceeds net of transactions costs of approximately $43,000 and a note receivable of $7,000. The note receivable was collected in October 2018. As a result of these sales, the Company recognized losses of approximately $17,000, which are presented on the accompanying consolidated statements of operations within loss on sale of assets and businesses. Fiscal 2018 Divestitures In March 2018, the Company sold all of the shares of Triumph Structures - Long Island, LLC (“TS-LI”) for cash proceeds of $9,500 and a note receivable of $1,400. The note receivable was collected in July 2018. As a result of the sale of TS-LI, the Company recognized a loss of $10,370. The operating results of TS-LI were included in Aerospace Structures through the date of divestiture. In September 2017, the Company sold all of the shares of Triumph Processing - Embee Division, Inc. (“Embee”) for total cash proceeds of $64,986. As a result of the sale of Embee, the Company recognized a loss of $17,857. The operating results of Embee were included in Integrated Systems through the date of divestiture. |
Revenue Recognition and Contrac
Revenue Recognition and Contracts with Customers | 12 Months Ended |
Mar. 31, 2020 | |
Change in Contract with Customer, Asset and Liability [Abstract] | |
Revenue Recognition and Contracts with Customers | 4. REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS 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 discussed in Note 13, Segments. The following table shows disaggregated net sales satisfied overtime and at a point in time (excluding intercompany sales) for the year ended March 31, 2020 and 2019: Year Ended March 31, 2020 2019 Systems & Support Satisfied over time $ 578,117 $ 548,562 Satisfied at a point in time 738,158 726,791 Revenue from contracts with customers 1,316,275 1,275,353 Amortization of acquired contract liabilities 34,486 34,121 Total revenue 1,350,761 1,309,474 Aerospace Structures Satisfied over time $ 1,378,866 $ 1,832,422 Satisfied at a point in time 129,690 189,841 Revenue from contracts with customers 1,508,556 2,022,263 Amortization of acquired contract liabilities 40,800 33,193 Total revenue 1,549,356 2,055,456 $ 2,900,117 $ 3,364,930 The following table shows disaggregated net sales by end market (excluding intercompany sales) for the year ended March 31, 2020 and 2019: Year Ended March 31, 2020 2019 Systems & Support Commercial aerospace $ 737,885 $ 730,562 Military 436,166 409,027 Business jets 61,338 63,649 Regional 43,761 45,397 Non-aviation 37,125 26,718 Revenue from contracts with customers 1,316,275 1,275,353 Amortization of acquired contract liabilities 34,486 34,121 Total revenue $ 1,350,761 $ 1,309,474 Aerospace Structures Commercial aerospace $ 879,690 $ 1,020,649 Military 116,846 237,501 Business jets 422,681 699,747 Regional 89,318 36,038 Non-aviation 21 28,328 Revenue from contracts with customers 1,508,556 2,022,263 Amortization of acquired contract liabilities 40,800 33,193 Total revenue 1,549,356 2,055,456 $ 2,900,117 $ 3,364,930 Contract Assets and Liabilities Contract assets primarily represent revenues recognized for performance obligations that have been satisfied or partially satisfied but for which amounts have not been billed. This typically occurs when revenue is recognized over time but the Company’s contractual right to bill the customer and receive payment is conditional upon the satisfaction of additional performance obligations in the contract, such as final delivery of the product. Contract assets are recognized when the revenue associated with the contract is recognized prior to billing and derecognized when billed in accordance with the terms of the contract. The Company performs ongoing evaluations of the potential impairment of its contract assets based on prior experience and specific matters when they arise. No impairments to contract assets were recorded for the years ended March 31, 2020 or 2019. Contract liabilities are recorded when customers remit contractual cash payments in advance of the Company satisfying performance obligations under contractual arrangements, including those with performance obligations to be satisfied over a period of time. Contract liabilities other than those pertaining to forward loss reserves are derecognized when or as revenue is recognized. Contract modifications can also impact contract asset and liability balances. When contracts are modified to account for changes in contract specifications and requirements, the Company considers whether the modification either creates new or changes the existing enforceable rights and obligations. Contract modifications that are for goods or services that are not distinct from the existing contract, due to the significant integration with the original good or service provided, are accounted for as if they were part of that existing contract. The effect of a contract modification to an existing contract on the transaction price and our measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis. When the modifications include additional performance obligations that are distinct and at relative stand-alone selling price, they are accounted for as a new contract and performance obligation, which are recognized prospectively. Contract balances are classified as assets or liabilities on a contract-by-contract basis at the end of each reporting period. The following table summarizes our contract assets and liabilities balances: March 31, March 31, Change Contract assets $ 267,079 $ 326,667 $ (59,588 ) Contract liabilities (386,585 ) (450,051 ) 63,466 Net contract liability $ (119,506 ) $ (123,384 ) $ 3,878 The Company recognized revenue due to changes in estimates associated with performance obligations satisfied or partially satisfied in previous periods of $12,011. The decrease in contract assets is the result of $76,667 and $39,753 in contract assets liquidated as part of the assignment of the E2-Jets contract to ASTK and the sale of the Nashville manufacturing operations, respectively, partially offset by revenue recognized in excess of amounts billed during the year ended March 31, 2020. The decrease in contract liabilities is the result of revenue recognized in excess of the receipt of additional customer advances during the period as well as $12,641 in contract liabilities liquidated as part of the assignment of the E2-Jets contract to ASTK. For the period ended March 31, 2020, the Company recognized $89,012 of revenue that was included in the contract liability balance at the beginning of the period. Noncurrent contract assets presented in other, net on the accompanying consolidated balance sheets as of March 31, 2020 and 2019, were $22,662 and $34,185, respectively. Noncurrent contract liabilities presented in other noncurrent liabilities on the accompanying consolidated balance sheets as of March 31, 2020 and 2019, were $91,265 and $156,332, respectively. Performance Obligations 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 contract may contain multiple performance obligations consisting of both recurring and nonrecurring elements. As of March 31, 2020, 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 year 1-3 years 4-5 years More than 5 years Unsatisfied performance obligations $ 3,875,679 $ 1,956,289 $ 1,104,754 $ 441,808 $ 372,828 |
Inventories
Inventories | 12 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. INVENTORIES The Company records inventories at the lower of cost (average-cost or specific-identification methods) or market. The Company expenses general and administrative costs related to products and services provided essentially under commercial terms and conditions as incurred. The Company determines the costs of inventories sold by the first-in, first-out or average cost methods. The components of inventories are as follows: March 31, 2020 2019 Raw materials $ 32,552 $ 35,883 Work-in-process, including manufactured and purchased components 312,953 277,996 Finished goods 50,011 42,399 Rotable assets 57,460 57,282 Total inventories $ 452,976 $ 413,560 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 6. PROPERTY AND EQUIPMENT Property and equipment, which include equipment under finance lease and leasehold improvements, are recorded at cost and depreciated over the estimated useful lives of the related assets, or the lease term if shorter in the case of leasehold improvements, using the straight-line method. Buildings and improvements are depreciated over a period of 15 to 39.5years, and machinery and equipment are depreciated over a period of 7 to 15 years (except for furniture, fixtures and computer equipment which are depreciated over a period of 3 to 10 years). Net property and equipment is: March 31, 2020 2019 Land $ 42,438 $ 52,333 Construction-in-process 19,231 25,310 Buildings and improvements 285,407 320,289 Machinery and equipment 701,018 814,040 1,048,094 1,211,972 Less: accumulated depreciation 629,953 668,262 $ 418,141 $ 543,710 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 7. GOODWILL AND OTHER INTANGIBLE ASSETS The following is a summary of the changes in the carrying value of goodwill by reportable segment, for the fiscal years ended March 31, 2020 and 2019: Systems & Support March 31, 2019 $ 583,225 Effect of exchange rate changes (3,577 ) Impairment of goodwill (66,121 ) March 31, 2020 $ 513,527 Systems & Support March 31, 2018 $ 592,828 Goodwill associated with dispositions (2,788 ) Effect of exchange rate changes (6,815 ) March 31, 2019 $ 583,225 As of March 31, 2020 and 2019, Aerospace Structures had gross goodwill of $1,166,773 and $1,246,454, respectively, which was fully impaired. As of March 31, 2020 and 2019, Systems & Support had gross goodwill of $579,649 and $583,225, respectively, and accumulated goodwill impairment of $66,121 and $0, respectively. Intangible Assets The components of intangible assets, net are as follows: March 31, 2020 Weighted- Average Life (in Years) Gross Carrying Amount Accumulated Amortization Net Customer relationships 17.7 $ 550,131 $ (276,980 ) $ 273,151 Product rights, technology and licenses 11.4 54,676 (46,180 ) 8,496 Noncompete agreements and other 16.7 2,656 (1,208 ) 1,448 Tradenames 10.0 150,000 (51,127 ) 98,873 Total intangibles, net $ 757,463 $ (375,495 ) $ 381,968 March 31, 2019 Weighted- Average Life (in Years) Gross Carrying Amount Accumulated Amortization Net Customer relationships 17.7 $ 551,093 $ (245,626 ) $ 305,467 Product rights, technology and licenses 11.4 54,850 (43,978 ) 10,872 Noncompete agreements and other 16.7 2,656 (1,041 ) 1,615 Tradenames 10.0 150,000 (37,000 ) 113,000 Total intangibles, net $ 758,599 $ (327,645 ) $ 430,954 Amortization expense for the fiscal years ended March 31, 2020, 2019, and 2018, was $48,311, $52,581, and $56,495, respectively. Amortization expense for the five fiscal years succeeding March 31, 2020, by year is expected to be as follows: 2021: $48,139; 2022: $47,898; 2023: $47,898; 2024: $47,898; 2025: $47,898, and thereafter: $142,237. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Mar. 31, 2020 | |
Accrued Liabilities [Abstract] | |
Accrued Expenses | 8. ACCRUED EXPENSES Accrued expenses consist of the following items: March 31, 2020 2019 Accrued pension $ 753 $ 742 Accrued other postretirement benefits 4,775 10,758 Accrued compensation and benefits 84,404 102,009 Accrued interest 13,252 12,374 Accrued warranties 30,079 18,977 Accrued workers’ compensation 16,583 17,635 Accrued income tax 3,796 5,974 Operating lease liabilities 13,139 — All other 60,622 71,103 Total accrued expenses $ 227,403 $ 239,572 |
Leases
Leases | 12 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | 9. LEASES The components of lease expense for the year ended March 31, 2020, are disclosed in the table below. Lease Cost Financial Statement Classification Year ended March 31, 2020 Operating lease cost Cost of sales or Selling, general and administrative expense $ 24,539 Variable lease cost Cost of sales or Selling, general and administrative expense 8,382 Financing Lease Cost: Amortization of right-of-use assets Depreciation and amortization 5,317 Interest on lease liability Interest expense and other 2,307 Total lease cost (1) $ 40,545 (1) Total lease cost does not include short-term leases or sublease income, both of which are immaterial. Supplemental cash flow information for the year ended March 31, 2020, is disclosed in the table below. Year ended March 31, 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used in operating leases $ 21,430 Operating cash flows used in finance leases 2,327 Financing cash flows used in finance leases 8,370 ROU assets obtained in exchange for lease liabilities Operating leases 3,826 Finance leases $ 1,039 Supplemental balance sheet information related to leases as of March 31, 2020, is disclosed in the table below. Leases Classification March 31, 2020 Assets Operating lease ROU assets Other, net $ 61,461 Finance lease ROU assets, cost Property and equipment, net 39,461 Accumulated amortization Property and equipment, net (18,650 ) Finance lease ROU assets, net 20,811 Total lease assets $ 82,272 Liabilities Current Operating Accrued expenses $ 13,139 Finance Current portion of long-term debt 7,336 Noncurrent Operating Other noncurrent liabilities 54,687 Finance Long-term debt, less current portion 16,597 Total lease liabilities $ 91,759 Information related to lease terms and discount rates as of March 31, 2020, is disclosed in the table below. March 31, 2020 Weighted average remaining lease term (years) Operating leases 7.2 Finance leases 6.9 Weighted average discount rate Operating leases 6.2 % Finance leases 5.9 % The maturity of the Company’s lease liabilities as of March 31, 2020, is disclosed in the table below. Operating leases Finance leases Total FY2021 $ 16,843 $ 8,545 $ 25,388 FY2022 14,523 5,571 20,094 FY2023 11,072 2,707 13,779 FY2024 8,311 2,138 10,449 FY2025 7,042 1,308 8,350 Thereafter 27,192 9,954 37,146 Total lease payments 84,983 30,223 115,206 Less: Imputed interest (17,157 ) (6,290 ) (23,447 ) Total lease liabilities $ 67,826 $ 23,933 $ 91,759 |
Long-term Debt
Long-term Debt | 12 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-term Debt | 10. LONG-TERM DEBT Long-term debt consists of the following: March 31, 2020 2019 Revolving credit facility $ 400,000 $ 215,000 Receivable securitization facility 75,000 80,700 Finance leases 23,933 31,292 Senior secured notes due 2024 525,000 — Senior notes due 2021 — 375,000 Senior notes due 2022 300,000 300,000 Senior notes due 2025 500,000 500,000 Less: debt issuance costs (16,426 ) (13,171 ) 1,807,507 1,488,821 Less: current portion 7,336 8,201 $ 1,800,171 $ 1,480,620 Revolving Credit Facility On September 23, 2019, the Company and its subsidiary co-borrowers and guarantors entered into an Eleventh Amendment to the Credit Agreement (the “Eleventh Amendment” and the existing Credit Agreement as amended by the Eleventh Amendment, the “Credit Agreement”) with the Administrative Agent and the Lenders party thereto. Among other things, the Eleventh Amendment: (i) permits the Company to incur indebtedness in respect of the Senior Secured Notes due 2024 (the “2024 Notes”) in an aggregate principal amount of up to $525,000, subject to the terms and conditions of the Intercreditor Agreement; (ii) lowers the aggregate amount of revolving credit commitments from $700,000 to $600,000 upon the earlier of (a) the completion by the Company of $100,000 in certain asset sales or divestitures or (b) March 31, 2020; (iii) extends, with respect to extending banks representing approximately $406,500 of $600,000 total commitments outstanding as of March 31, 2020, the expiration date for the revolving line of credit available to the Company pursuant to the Credit Agreement to March 15, 2024; and retains an accordion feature that permits the Company to request an increase to the revolving credit commitments by up to $200,000; (iv) adds an additional mandatory prepayment provision requiring that the Company prepay any outstanding revolving credit loans in an amount equal to (a) with respect to an Identified Asset Sale (as defined in the Credit Agreement) the greater of (x) $50,000 and (y) 100% of the net asset sale proceeds received in connection therewith, and (b) with respect to other Specified Asset Sales (as defined in the Credit Agreement), 100% of the net asset proceeds received from such other Specified Asset Sales; and (v) modifies certain financial covenants and other terms. In connection with the Eleventh Amendment to the Credit Agreement, the Company incurred $6,944 of financing costs. These costs, along with the $6,222 of unamortized financing costs subsequent to the Tenth Amendment, are being amortized over the remaining term of the Credit Agreement on a lender-by-lender basis. As a result of the reduction in the capacity of the Credit Agreement, the Company wrote off a proportional amount of unamortized financing fees existing prior to the Eleventh Amendment. As of March 31, 2020, revolving credit commitments are $600,000. 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 $600,000 outstanding at any time as such revolving credit commitments are or have been reduced as discussed above. The Credit Agreement bears interest at either: (i) London Interbank Offered Rate (“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 provided, however, that during the Pricing Restriction Period (as defined in the Credit Agreement), the loans will bear interest at the highest rate above LIBOR. 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 March 31, 2020, there were $400,000 in borrowings and $22,338 in letters of credit outstanding under the Revolving Line of Credit provisions of the Credit Agreement, primarily to support insurance policies. We have since repaid approximately $200,000 of the borrowings. At March 31, 2019, there were $215,000 in outstanding borrowings and $30,773 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. As of March 31, 2020, the Company had borrowing capacity under this agreement of $70,271 after reductions for borrowings, letters of credit outstanding under the facility and consideration of covenant limitations. On May 22, 2020, the Company and its subsidiary co-borrowers and guarantors entered into an Twelfth Amendment to the Credit Agreement (the “Twelfth Amendment” and the existing Credit Agreement as amended by the Twelfth Amendment, the “Amended Credit Agreement”) with the Administrative Agent and the Lenders party thereto. Among other things, the Twelfth Amendment (i) limits the amount of cash in the United States the Company can hold on its balance sheet to $50,000, (ii) authorizes the sale of any Specified TAS Business Unit (as defined in the Amended Credit Agreement); (iii) provides for a reserve against the availability of up to 75% of the proceeds of Specified Asset Sales (as defined in the Amended Credit Agreement); and (iv) modifies certain financial covenants and other terms over the quarterly periods ending June 2020 through March 2022. Receivables Securitization Program In December 2019, the Company amended its receivable securitization facility (the “Securitization Facility”) decreasing the purchase limit from $125,000 to $75,000 and extending the term through December 2022. In connection with the Securitization Facility, the Company sells on a revolving basis certain eligible 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 March 31, 2020, the maximum amount available under the Securitization Facility was $75,000. 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 ASC 860, Transfers and Servicing 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 the Company’s assets. Senior Secured Notes Due 2024 On September 23, 2019, the Company issued $525,000 principal amount of 6.250% Senior Secured Notes due September 15, 2024. The 2024 Notes were sold at 100% of principal amount and have an effective interest yield of 6.250%. Interest is payable semiannually in cash in arrears on March 15 and September 15 of each year, commencing on March 15, 2020. In connection with the issuance of the 2024 Notes, the Company incurred approximately $9,300 of costs, which were deferred and are being amortized over the term of the 2024 Notes. The 2024 Notes are second lien secured obligations of the Company and its subsidiary guarantors. The 2024 Notes: (i) rank equal in right of payment to existing and future senior indebtedness of the Company and its subsidiary guarantors, including the obligations of the Company and its subsidiary guarantors under the Company’s credit facility; (ii) are effectively subordinated to all obligations of the Company and its subsidiary guarantors that are either (A) secured by a lien on the Collateral (as defined below) that is senior or prior to the second-priority liens securing the 2024 Notes, including the first-priority liens securing borrowings under the Company’s credit facility and certain cash management and hedging obligations, or (B) secured by assets that do not constitute the Collateral, in each case to the extent of the value of the assets securing such obligations; (iii) are senior in right of payment to existing and future subordinated indebtedness of the Company and its subsidiary guarantors; (iv) are effectively senior to all existing and future unsecured debt of the Company and its subsidiary guarantors, but only to the extent of the value of the Collateral (after giving effect to any senior liens on the Collateral); and (v) are structurally subordinated in right of payment to all indebtedness and other liabilities of the Company’s existing and future subsidiaries that do not guarantee the 2024 Notes. The 2024 Notes are guaranteed on a full, senior secured, joint and several basis by each of the Company’s domestic restricted subsidiaries that is a borrower under the Company’s credit facility or that guarantees any of the Company’s debt or that of any of the Company’s domestic restricted subsidiaries under the Company’s credit facility and in the future by any of the Company’s domestic restricted subsidiaries that are borrowers under any credit facility or that guarantee any debt of the Company or any of its domestic restricted subsidiaries incurred under any credit facility (the “Guarantor Subsidiaries”). The Company may redeem the 2024 Notes, in whole or in part, at any time or from time to time on or after September 15, 2020, at specified redemption prices, plus accrued and unpaid interest, if any, to the redemption date. At any time or from time to time prior to September 15, 2020, the Company may redeem the 2024 Notes, in whole or in part, at a redemption price equal to 100% of their principal amount plus a make whole premium, together with accrued and unpaid interest, if any, to the redemption date. In addition, the Company may redeem up to 40% of the aggregate principal amount of the outstanding 2024 Notes prior to September 15, 2020, with the net cash proceeds from certain equity offerings at a redemption price equal to 106.250% of their principal amount, together with accrued and unpaid interest, if any, to the redemption date. If the Company experiences specific kinds of changes of control, the Company is required to offer to purchase all of the 2024 Notes at a purchase price of 101% of their principal amount, plus accrued and unpaid interest, if any, to the date of purchase. The 2024 Notes were issued pursuant to an indenture dated as of September 23, 2019 (the “Indenture”). The Indenture contains covenants that, among other things, limit the ability of the Company and its restricted subsidiaries to: (i) incur additional indebtedness; (ii) pay dividends or make other distributions; (iii) make other restricted payments and investments; (iv) create liens; (v) incur restrictions on the ability of restricted subsidiaries to pay dividends or make certain other payments; (vi) sell assets, including capital stock of restricted subsidiaries; (vii) enter into sale and leaseback transactions; (viii) merge or consolidate with other entities; and (ix) enter into transactions with affiliates. Senior Notes due 2021 On September 23, 2019, the Company called all outstanding 4.875% Senior Notes due 2021 (the “2021 Notes”) and discharged the 2021 Notes by irrevocably depositing with the 2021 Notes trustee sufficient funds to pay all principal and accrued interest through October 23, 2019. On October 23, 2019, the Company redeemed $375,000 principal amount of the 2021 Notes with the proceeds of the 2024 Notes. Senior Notes due 2022 On June 3, 2014, the Company issued $300,000 principal amount of 5.25% Senior Notes due June 1, 2022 (the “2022 Notes”). The 2022 Notes were sold at 100% of principal amount and have an effective interest yield of 5.25%. Interest is payable semiannually in cash in arrears on June 1 and December 1 of each year, commencing on December 1, 2014. In connection with the issuance of the 2022 Notes, the Company incurred approximately $4,990 of costs, which were deferred and are being amortized on the effective interest method over the term of the 2022 Notes. The 2022 Notes are the Company’s senior unsecured obligations and rank equally in right of payment with all of its other existing and future senior unsecured indebtedness and senior in right of payment to all of its existing and future subordinated indebtedness. The 2022 Notes are guaranteed on a full, joint and several basis by each of the Guarantor Subsidiaries. The Company is obligated to offer to repurchase the 2022 Notes at a price of (i) 101% of their principal amount plus accrued and unpaid interest, if any, as a result of certain change-of-control events and (ii) 100% of their principal amount plus accrued and unpaid interest, if any, in the event of certain asset sales. These restrictions and prohibitions are subject to certain qualifications and exceptions. The 2022 Indenture contains covenants that, among other things, limit the Company’s ability and the ability of any of the Guarantor Subsidiaries to (i) grant liens on its assets, (ii) make dividend payments, other distributions or other restricted payments, (iii) incur restrictions on the ability of the Guarantor Subsidiaries to pay dividends or make other payments, (iv) enter into sale and leaseback transactions, (v) merge, consolidate, transfer or dispose of substantially all of their assets, (vi) incur additional indebtedness, (vii) use the proceeds from sales of assets, including capital stock of restricted subsidiaries, and (viii) enter into transactions with affiliates. Senior Notes Due 2025 On August 17, 2017, the Company issued $500,000 principal amount of 7.75% Senior Notes due August 15, 2025 (the “2025 Notes”). The 2025 Notes were sold at 100% of principal amount and have an effective interest yield of 7.75%. Interest is payable semiannually in cash in arrears on February 15 and August 15 of each year, commencing on February 15, 2018. In connection with the issuance of the 2025 Notes, the Company incurred approximately $8,779 of costs, which were deferred and are being amortized on the effective interest method over the term of the 2025 Notes. The 2025 Notes are the Company’s senior unsecured obligations and rank equally in right of payment with all of its other existing and future senior unsecured indebtedness and senior in right of payment to all of its existing and future subordinated indebtedness. The 2025 Notes are guaranteed on a full, joint and several basis by each of the Guarantor Subsidiaries. The Company may redeem some or all of the 2025 Notes prior to August 15, 2020, by paying a “make-whole” premium. The Company may redeem some or all of the 2025 Notes on or after August 15, 2020, at specified redemption prices. In addition, prior to August 15, 2020, the Company may redeem up to 35% of the 2025 Notes with the net proceeds of certain equity offerings at a redemption price equal to 107.75% of the aggregate principal amount plus accrued and unpaid interest, if any, subject to certain limitations set forth in the indenture governing the 2025 Notes (the “2025 Indenture”). The Company is obligated to offer to repurchase the 2025 Notes at a price of (i) 101% of their principal amount plus accrued and unpaid interest, if any, as a result of certain change-of-control events and (ii) 100% of their principal amount plus accrued and unpaid interest, if any, in the event of certain asset sales. These restrictions and prohibitions are subject to certain qualifications and exceptions. The 2025 Indenture contains covenants that, among other things, limit the Company’s ability and the ability of any of the guarantor subsidiaries to (i) grant liens on its assets, (ii) make dividend payments, other distributions or other restricted payments, (iii) incur restrictions on the ability of the Guarantor Subsidiaries to pay dividends or make other payments, (iv) enter into sale and leaseback transactions, (v) merge, consolidate, transfer or dispose of substantially all of their assets, (vi) incur additional indebtedness, (vii) use the proceeds from sales of assets, including capital stock of restricted subsidiaries, and (viii) enter into transactions with affiliates. Financial Instruments Not Recorded at Fair Value Carrying amounts and the related estimated fair values of the Company’s long-term debt not recorded at fair value in the consolidated financial statements are as follows: March 31, 2020 March 31, 2019 Carrying Value Fair Value Carrying Value Fair Value $ 1,807,507 $ 1,559,455 $ 1,488,821 $ 1,568,037 The fair value of the long-term debt was calculated based on either interest rates available for debt with terms and maturities similar to the Company’s existing debt arrangements or broker quotes on our existing debt (Level 2 inputs). Interest paid on indebtedness during the fiscal years ended March 31, 2020, 2019, and 2018, amounted to $99,438, $99,981 and $86,345, respectively. As of March 31, 2020, the maturities of long-term debt are as follows: 2021 — $7,336; 2022 — $4,659; 2023 — $376,952; 2024 — $401,486; 2025 — $525,730; and thereafter— $507,770 through 2032. |
Other Noncurrent Liabilities
Other Noncurrent Liabilities | 12 Months Ended |
Mar. 31, 2020 | |
Other Liabilities, Noncurrent [Abstract] | |
Other Noncurrent Liabilities | 11. OTHER NONCURRENT LIABILITIES Other noncurrent liabilities are composed of the following items: March 31, 2020 2019 Acquired contract liabilities, net $ 92,962 $ 184,612 Accrued warranties 31,036 39,418 Accrued workers’ compensation 13,603 13,501 Noncurrent contract liabilities 91,265 156,332 Operating lease liabilities 54,687 — Environmental contingencies 18,060 16,040 Income tax reserves 594 551 All other 3,962 14,095 Total other noncurrent liabilities $ 306,169 $ 424,549 |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. INCOME TAXES The components of loss from continuing operations before income taxes are as follows: Year ended March 31, 2020 2019 2018 Foreign $ 33,399 $ (18,336 ) $ (57,673 ) Domestic (57,034 ) (314,236 ) (410,330 ) $ (23,635 ) $ (332,572 ) $ (468,003 ) The components of income tax (benefit) expense are as follows: Year ended March 31, 2020 2019 2018 Current: Federal $ (654 ) $ (1,253 ) $ 1,130 State 27 431 88 Foreign 3,602 3,335 5,433 2,975 2,513 6,651 Deferred: Federal 2,748 (9,076 ) (44,262 ) State 73 1,593 (14,672 ) Foreign 2 (456 ) 15,826 2,823 (7,939 ) (43,108 ) $ 5,798 $ (5,426 ) $ (36,457 ) A reconciliation of the statutory federal income tax rate to the effective tax rate is as follows: Year ended March 31, 2020 2019 2018 Statutory federal income tax rate 21.0 % 21.0 % 31.5 % State and local income taxes, net of federal tax benefit (12.1 ) 4.6 3.2 Goodwill impairment (37.4 ) — (29.6 ) Disposition of business — 3.2 (0.3 ) Miscellaneous permanent items and nondeductible accruals 3.9 (1.2 ) (0.2 ) Research and development tax credit 30.4 3.3 3.2 Foreign tax credits (24.1 ) (0.7 ) 1.2 Valuation allowance 29.3 (28.6 ) (3.5 ) Tax reform and CARES (12.3 ) 0.4 5.1 Global Intangible Low-Taxed Income (20.4 ) (1.3 ) — Other (including foreign rate differential and FIN 48) (2.8 ) 0.9 (2.8 ) Effective income tax rate (24.5 )% 1.6 % 7.8 % The components of deferred tax assets and liabilities are as follows: March 31, 2020 2019 Deferred tax assets: Net operating loss and other credit carryforwards $ 318,341 $ 309,961 Inventory 17,521 17,849 Accruals and reserves 40,492 41,091 Interest carryforward 38,383 24,457 Pension and other postretirement benefits 152,048 126,337 Lease right-of-use assets 11,495 — Prepaid expenses and other 241 — Acquired contract liabilities, net 21,771 45,479 600,292 565,174 Valuation allowance (438,667 ) (399,013 ) Net deferred tax assets 161,625 166,161 Deferred tax liabilities: Deferred revenue 38,458 27,159 Property and equipment 34,939 46,538 Goodwill and other intangible assets 80,740 93,272 Lease liabilities 14,928 — Prepaid expenses and other — 6,156 169,065 173,125 Net deferred tax liabilities $ 7,440 $ 6,964 The Company follows ASC 740, Income Taxes A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. When determining the amount of net deferred tax assets that are more likely than not to be realized, the Company assesses all available positive and negative evidence. This evidence includes, but is not limited to, prior earnings history, expected future earnings, carry-back and carry-forward periods and the feasibility of ongoing tax strategies that could potentially enhance the likelihood of the realization of a deferred tax asset. The weight given to the positive and negative evidence is commensurate with the extent the evidence may be objectively verified. As such, it is generally difficult for positive evidence regarding projected future taxable income exclusive of reversing taxable temporary differences to outweigh objective negative evidence of recent financial reporting losses. Based on these criteria and the relative weighting of both the positive and negative evidence available, and in particular the activity surrounding the Company’s prior earnings history, including the forward losses and intangible impairments previously recognized, management determined that it was necessary to establish a valuation allowance against principally all of its net deferred tax assets. Given the objective verifiable negative evidence of a three-year cumulative loss and the weighting of all available positive evidence, the Company excluded projected taxable income (aside from reversing taxable temporary differences) from the assessment of income that could be used as a source of taxable income to realize the deferred tax assets. During fiscal year 2020, the Company adjusted the valuation allowance against the consolidated net deferred tax asset by $39,654 primarily due to an increase in the net operating loss and changes to temporary differences related to the pension and other postretirement benefit plans. As of March 31, 2020, management determined that it was necessary to maintain a valuation allowance against principally all of its net deferred tax assets. As of March 31, 2020, the Company has net operating loss carryforwards of $658,146, $1,369,092, and $127,088 for U.S. federal, state, and foreign jurisdictions, respectively. The effective income tax rate for the fiscal year ended March 31, 2020, was (24.5)% as compared with 1.6% for the fiscal year ended March 31, 2019. The effective income tax rate for the fiscal year ended March 31, 2020, included the benefit of the R&D tax credit of $6,778, the benefit of the foreign tax rate differences of $5,375, and the change in the valuation allowance of $3,474 . Due to the current year pretax loss, the effective tax rate drivers on a percentage basis are amplified. Accordingly, a year-over-year comparison of the effective tax The Company has been granted income tax holiday as an incentive to attract foreign investment by the Government of Thailand. The tax holidays expire in various years through 2026. We do not have any other tax holidays in the jurisdictions in which we operate. The income tax benefit attributable to the tax status of our subsidiaries in Thailand was approximately $1,932 or $0.04 per diluted share in fiscal 2020, $2,160 or $0.04 per diluted share in fiscal 2019 and $1,530 or $0.03 per diluted share in fiscal 2018. At March 31, 2020, cumulative undistributed earnings of foreign subsidiaries, for which no U.S. income or foreign withholding taxes have been recorded is $150,780. As the Company currently intends to indefinitely reinvest all such earnings, no provision has been made for income taxes that may become payable upon distribution of such earnings, and it is not practicable to determine the amount of the related unrecognized deferred income tax liability. On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) which is aimed at providing emergency assistance and health care for individuals, families, and businesses affected by the COVID-19 pandemic and generally supporting the U.S. economy. The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss rules, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. Our income tax expense was increased by $2,747 due to certain provisions relating to net operating loss carryforward periods. The Company has classified uncertain tax positions as noncurrent income tax liabilities unless expected to be paid in one year. As of March 31, 2020 and 2019, the total amount of unrecognized tax benefits was $18,965 and $19,152, respectively, all of which would impact the effective rate, if recognized. The Company anticipates that total unrecognized tax benefits may be reduced by zero in the next 12 months. With a few exceptions, the Company is no longer subject to U.S. federal, state, or local income tax examinations for fiscal years ended before March 31, 2014, or foreign income tax examinations by tax authorities for fiscal years ended before March 31, 2013. As of March 31, 2020, the Company is not subject to any income tax examinations. The Company has filed appeals in a prior state examination related to fiscal years ended March 31, 1999 through March 31, 2005. The Company believes appropriate provisions for all outstanding issues have been made for all jurisdictions and all open years. A reconciliation of the liability for uncertain tax positions, which are included in deferred taxes for the fiscal years ended March 31, 2020 and 2019, follows: Year ended March 31, 2020 2019 2018 Beginning balance $ 19,373 $ 11,759 $ 10,696 Adjustments for tax positions related to the current year 1,057 7,364 1,032 Adjustments for tax positions of prior years (1,303 ) 250 31 Ending balance $ 19,127 $ 19,373 $ 11,759 |
Stockholders' Deficit
Stockholders' Deficit | 12 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Deficit | 13. STOCKHOLDERS’ DEFICIT In March 2019, the Company adopted a tax benefits preservation plan (the “Plan”) designed to preserve Triumph’s ability to utilize its net operating loss carryforwards and other tax attributes (collectively, “Tax Benefits”). The Plan is similar to plans adopted by other public companies with significant Tax Benefits. The Company obtained stockholder approval for the Plan as well as an amendment to the Company’s amended and restated certificate of incorporation that permitted the issuance of Rights (as defined below) related to preferred stock, at its annual meeting of stockholders in 2019. Under the Plan, Triumph declared a dividend distribution of one right (a “Right”) for each share of its common stock outstanding at the close of business on March 25, 2019. The Rights trade with Triumph’s common shares and will expire on March 13, 2022. The Rights also will expire: (i) if the Rights are redeemed or exchanged as provided in the Plan; (ii) if the Board determines that the Plan is no longer necessary or desirable for the preservation of the Tax Benefits; or (iii) if the Board determines that no Tax Benefits, once realized, as applicable, may be carried forward (in which case, the Rights will expire on the first date of the relevant taxable year for which such determination is made). Pursuant to the Plan, if a stockholder (or group) becomes a 5% stockholder without meeting certain customary exceptions, the Rights become exercisable and entitle stockholders (other than the 5% stockholder or group causing the rights to become exercisable) to purchase additional shares of Triumph at a significant discount, resulting in significant dilution in the economic interest and voting power of the 5% stockholder or group causing the Rights to become exercisable. Stockholders owning five percent or more of Triumph’s outstanding shares at the time the Plan was adopted were grandfathered and will only cause the Rights to distribute and become exercisable if they acquire an additional one percent or more of Triumph’s outstanding shares. Under the Plan, the Board has the ability to determine in its sole discretion that any person shall not be deemed an acquiring person and therefore that the Rights shall not become exercisable if such person becomes a 5% stockholder. The adoption of the Plan and the dividend distribution did not have an impact on our consolidated financial statements. In 2014, the Company’s Board of Directors authorized an increase in the Company’s existing stock repurchase program by up to 5,000,000 shares of its common stock in addition to the 500,800 shares authorized under prior authorizations. As of March 31, 2020, the Company remains able to purchase an additional 2,277,789 shares. Repurchases may be made from time to time in open market transactions, block purchases, privately negotiated transactions or otherwise at prevailing prices. No time limit has been set for completion of the program. The holders of the common stock are entitled to one vote per share on all matters to be voted upon by the stockholders of Triumph. The Company has preferred stock of $0.01 par value, 250,000 shares authorized. At March 31, 2020 and 2019, zero shares of preferred stock were outstanding. Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss (“AOCI”) by component for the years ended March 31, 2020 and 2019, were as follows: Currency Unrealized Gains and Losses on Derivative Instruments Defined Benefit Pension Plans and Other Postretirement Benefits Total (1) March 31, 2018 $ (58,683 ) $ 122 $ (343,015 ) $ (401,576 ) AOCI before reclassifications (15,770 ) 30 (121,300 ) (137,040 ) Amounts reclassified from AOCI (3) (1,282 ) (1,960 ) (2) Net current period OCI 10,077 (1,252 ) (123,260 ) (114,435 ) March 31, 2019 (48,606 ) (1,130 ) (466,275 ) (516,011 ) AOCI before reclassifications (13,439 ) (1,611 ) (208,835 ) (223,885 ) Amounts reclassified from AOCI — (1,562 ) (4,990 ) (2) Net current period OCI (13,439 ) (3,173 ) (213,825 ) (230,437 ) March 31, 2020 $ (62,045 ) $ (4,303 ) $ (680,100 ) $ (746,448 ) (1) Net of tax. (2) Includes amortization of actuarial losses and recognized prior service (credits) costs, which are included in the net periodic pension cost of which a portion is allocated to production as inventoried costs. (3) Includes amounts transferred from cumulative translation adjustments as a result of the sale of Triumph Gear Systems – Toronto. |
Loss per Share
Loss per Share | 12 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Loss per Share | 14. LOSS PER SHARE The following is a reconciliation between the weighted average common shares outstanding used in the calculation of basic and diluted loss per share: Year ended March 31, 2020 2019 2018 (thousands) Weighted average common shares outstanding—basic 50,494 49,698 49,442 Net effect of dilutive stock options and non-vested stock (1) — — — Weighted average common shares outstanding—diluted 50,494 49,698 49,442 (1) For the fiscal years ended March 31, 2020, 2019, and 2018, the shares that could potentially dilute earnings per share in the future but were not included in diluted weighted average common shares outstanding because to do so would have been anti-dilutive were immaterial. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | 15. EMPLOYEE BENEFIT PLANS Defined Contribution Pension Plan The Company sponsors a defined contribution 401(k) plan, under which salaried and certain hourly employees may defer a portion of their compensation. Eligible participants may contribute to the plan up to the allowable amount as determined by the plan of their regular compensation before taxes. The Company generally matches contributions up to 75% of the first 6% of compensation contributed by the participant. All contributions and Company matches are invested at the direction of the employee in one or more investment options offered under the plan. Company matching contributions vest immediately and aggregated to $14,763, $13,685, and $13,616 for the fiscal years ended March 31, 2020, 2019, and 2018, respectively. Effective April 1, 2020, the Company suspended its 401(k) match program for fiscal year 2021. Defined Benefit Pension and Other Postretirement Benefit Plans The Company sponsors several defined benefit pension plans covering some of its employees. Most employees are ineligible to participate in the plans or have ceased to accrue additional benefits under the 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 applicable government regulations, by making payments into a trust separate from us. In addition to the defined benefit pension plans, the Company provides certain health care benefits for eligible retired employees. Such benefits are unfunded as of March 31, 2020. Employees achieve eligibility to participate in these contributory plans upon retirement from active service if they meet specified age and years of service requirements. Current plan documents reserve the right to amend or terminate the plans at any time, subject to applicable collective bargaining requirements for represented employees. During the fiscal year, the Company reached agreement with two unions whose members make up the vast majority of participants eligible for retiree healthcare benefits. Under the terms of these agreements, the right to benefits under the current program ceased for all represented participants (actively employed and retired) by April 1, 2020. Company-funded notional health reimbursement accounts were provided to retired participants (and their dependents) whose eligibility for current benefits ended under the new agreement. The average size of each account is immaterial and the Company anticipates that these accounts will be fully drawn down in two years. These changes served to reduce the Company’s other postretirement benefit (“OPEB”) liability by approximately $99,000. In accordance with ASC 715, the Company has recognized the funded status of the benefit obligation as of March 31, 2020 and 2019, on the accompanying consolidated balance sheets. The funded status is measured as the difference between the fair value of the plans’ assets and the PBO or accumulated postretirement benefit obligation of the plan. The majority of the plan assets are publicly traded investments which were valued based on the market price as of the measurement date. 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. The following table sets forth the Company’s consolidated defined benefit pension plans for its union and non-union employees as of March 31, 2020 and 2019, and the amounts recorded on the consolidated balance sheets at March 31, 2020 and 2019. Company contributions include amounts contributed directly to plan assets and indirectly as benefits paid from the Company’s assets. Benefit payments reflect the total benefits paid from the plans and the Company’s assets. Information on the plans includes both the domestic qualified and nonqualified plans and the foreign qualified plans. Pension Benefits Other Postretirement Benefits Year ended March 31, Year ended March 31, 2020 2019 2020 2019 Change in projected benefit obligations Projected benefit obligation at beginning of year $ 2,234,734 $ 2,277,816 $ 109,455 $ 119,164 Service cost 2,336 3,292 62 227 Interest cost 68,446 79,446 1,559 4,039 Actuarial loss (gain) 138,652 48,931 3,472 (2,576 ) Plan amendments 4,898 1,138 (99,080 ) — Curtailments 22,732 — — — Divestitures (55,354 ) — — — Participant contributions 204 196 252 833 Settlements (14,579 ) — — — Special termination benefits 11,642 4,032 — — Benefits paid (156,084 ) (176,398 ) (8,570 ) (12,232 ) Currency translation adjustment (2,642 ) (3,719 ) — — Projected benefit obligation at end of year $ 2,254,985 $ 2,234,734 $ 7,150 $ 109,455 Accumulated benefit obligation at end of year $ 2,252,126 $ 2,229,188 $ 7,150 $ 109,455 Assumptions used to determine benefit obligations at end of year Discount rate 2.47 -3.32 % 2.54 -3.88 % 3.00 % 3.77 % Rate of compensation increase 3.50 -4.50 % 3.50 -4.50 % N/A N/A Pension Benefits Other Postretirement Benefits Year ended March 31, Year ended March 31, 2020 2019 2020 2019 Change in fair value of plan assets Fair value of plan assets at beginning of year $ 1,796,111 $ 1,903,901 $ — $ — Actual return on plan assets (20,869 ) 67,753 — — Settlements (14,579 ) — — — Participant contributions 204 196 252 833 Divestitures (55,354 ) — — — Company contributions 51,372 4,580 8,319 11,399 Benefits paid (156,084 ) (176,398 ) (8,571 ) (12,232 ) Currency translation adjustment (2,756 ) (3,921 ) — — Fair value of plan assets at end of year $ 1,598,045 $ 1,796,111 $ — $ — Funded status (underfunded) Funded status $ (656,940 ) $ (438,623 ) $ (7,150 ) $ (109,455 ) Reconciliation of amounts recognized on the consolidated balance sheets Pension asset—noncurrent $ 1,503 $ 3,900 $ — $ — Accrued benefit liability—current (753 ) (742 ) (4,775 ) (10,758 ) Accrued benefit liability—noncurrent (657,690 ) (441,781 ) (2,375 ) (98,697 ) Net amount recognized $ (656,940 ) $ (438,623 ) $ (7,150 ) $ (109,455 ) Reconciliation of amounts recognized in accumulated other comprehensive income Prior service credits $ 5,595 $ 780 $ (59,214 ) $ (14,497 ) Actuarial losses (gains) 953,913 710,553 (58,151 ) (67,985 ) Income tax (benefits) expenses related to above items (204,594 ) (204,594 ) 42,016 42,016 Unamortized benefit plan costs (gains) $ 754,914 $ 506,739 $ (75,349 ) $ (40,466 ) The components of net periodic benefit cost for fiscal years ended March 31, 2020, 2019, and 2018, are as follows: Pension Benefits Other Postretirement Benefits Year Ended March 31, Year Ended March 31, 2020 2019 2018 2020 2019 2018 Components of net periodic pension cost Service cost $ 2,336 $ 3,292 $ 4,505 $ 62 $ 227 $ 391 Interest cost 68,446 79,446 75,189 1,559 4,039 4,393 Expected return on plan assets (141,972 ) (145,361 ) (150,020 ) — — — Amortization of prior service credit cost (874 ) (3,619 ) (2,841 ) (4,872 ) (4,655 ) (8,537 ) Amortization of net loss 28,288 20,151 17,734 (6,361 ) (9,851 ) (7,275 ) Curtailment loss (gain) 23,690 — 29 (49,491 ) — (26,274 ) Settlements 29,313 — 523 — — — Special termination benefits 11,642 4,032 — — — — Total net periodic benefit (income) expense $ 20,869 $ (42,059 ) $ (54,881 ) $ (59,103 ) $ (10,240 ) $ (37,302 ) Assumptions used to determine net periodic pension cost Discount rate 2.54 - 3.88 % 2.65 - 4.01 % 2.87 - 4.06 % 2.68 - 3.77 % 3.93 % 3.62 - 3.93 % Expected long-term rate of return on plan assets 5.00 - 8.00 % 5.00 - 8.00 % 6.50 - 8.00 % N/A N/A N/A Rate of compensation increase 3.50 - 4.50 % 3.50 - 4.50 % 3.50 - 4.50 % N/A N/A N/A The discount rate is determined annually as of each measurement date, based on a review of yield rates associated with long-term, high-quality corporate bonds. At the end of each year, the discount rate is primarily determined using the results of bond yield curve models based on a portfolio of high-quality bonds matching notional cash inflows with the expected benefit payments for each significant benefit plan. The expected return on plan assets is determined based on a market-related value of plan assets, which is a smoothed asset value. The market-related value of assets is calculated by recognizing investment performance that is different from that expected on a straight-line basis over five years. Actuarial gains and losses are amortized over the average remaining life expectancy of inactive participants for plans that are predominantly inactive and over the expected future service for active participants for other plans, but only to the extent unrecognized gains or losses exceed a corridor equal to 10% of the greater of the projected benefit obligation or market-related value of assets. The Company estimates the service and interest cost of its pension and OPEB plans by using the specific spot rates derived from the yield curve used to discount the cash flows reflected in the measurement of the benefit obligation. The Company believes this approach provides a precise measurement of service and interest costs due to the correlation between projected benefit cash flows to the corresponding spot yield curve rates. The Company amortizes actuarial gains and losses over the average life expectancy of inactive plan participants because almost all plan participants are inactive. During the fiscal year ended March 31, 2020, the Society of Actuaries released new base mortality tables and an updated projection scale. The Company has reflected these new releases in the measurement of our U.S. pension and OPEB plans as of March 31, 2020. This change resulted in a decrease in the benefit obligation. The Company periodically experiences events or makes changes to its benefit plans that result in curtailment or special charges. Curtailments are recognized when events occur that significantly reduce the expected years of future service of present employees or eliminates the benefits for a significant number of employees for some or all of their future service. Curtailment losses are recognized when it is probable the curtailment will occur and the effects are reasonably estimable. Curtailment gains are recognized when the related employees are terminated or a plan amendment is adopted, whichever is applicable. As required under ASC 715, the Company remeasures plan assets and obligations during an interim period whenever a significant event occurs that results in a material change in the net periodic pension cost. The determination of significance is based on judgment and consideration of events and circumstances impacting the pension costs. The following summarizes the key events whose effects on net periodic benefit cost and obligations are included in the tables above: • As disclosed in Note 3, in March 2020, the Company transferred approximately $55,354 of pension assets and liabilities to the buyer of its Nashville manufacturing operations. The divestiture transaction and resulting transfer resulted in a settlement charge of approximately $28,452 and a curtailment charge of approximately $214. These amounts are included in non-service defined benefit income on the consolidated statements of operations for the year ended March 31, 2020. • In September 2019, the Company and the union which represents a portion of the workforce at the Company’s Grand Prairie, TX, facility, in conjunction with an announced shutdown of this facility, agreed to changes to the pension and retiree welfare plans for represented plan members. Effective April 1, 2020, all current retiree welfare benefits for the union-represented retirees and active employees will cease. A new benefit consisting of a one-time credit to Heath Reimbursement Accounts for the current retirees and their covered dependents will be provided. The Company and the union also agreed to increased pension benefits which are effective with the ratification of the agreement. This agreement resulted in a decrease of the projected other post-employment benefits (“OPEB”) benefit obligation of $61,766. It also resulted in a one-time OPEB curtailment gain of $41,128. As a result of the planned shutdown, subsidized early retirement provisions within the retirement plan and the agreed-to pension benefit increases, a pension curtailment loss of $23,476 was recognized, along with a one-time charge of $11,642 for special termination benefits. The net curtailment gain and charge for special termination benefits are included in non-service defined benefit income on the consolidated statements of operations for the year ended March 31, 2020. • In August 2019, the Company and the union which represents a portion of the workforce at the Company’s Nashville, TN, facility agreed to changes to the pension and retiree welfare plans for represented plan members. Effective January 1, 2020, all current retiree welfare benefits for the union-represented retirees and active employees will cease. A new benefit consisting of a one-time credit to Heath Reimbursement Accounts for the current retirees and their covered dependents will be provided. The Company and the union also agreed to increased pension benefits which are effective on February 1, 2020, and the union also agreed to increased pension benefits which are effective with the ratification of the agreement. This agreement resulted in a decrease of the projected OPEB benefit obligation of $34,731. It also resulted in a one-time OPEB curtailment gain of $8,363. The agreed-to pension benefit increases resulted in an increase of the projected pension benefit obligation of $4,898. The curtailment gain is included in non-service defined benefit income on the consolidated statements of operations for the year ended March 31, 2020. • In February 2019, the Company transferred its Global 7500 wing manufacturing operations to Bombardier. In conjunction with this transaction, the Company provided special termination pension benefits to certain pension participants who transferred employment from Triumph to Bombardier. This change resulted in the recognition of a charge of $4,032 for special termination benefits. The special termination benefits charge is included in non-service defined benefit income on the consolidated statements of operations for the year ended March 31, 2019. • In March 2018, the Company ratified a new collective bargaining agreement with a group of union-represented employees, who were working without an agreement. The agreement resulted in plan amendments for one of our pension plans and our postretirement welfare benefit plan. These amendments eliminated future service under the plans and generated curtailments, which accelerated $11,146 of prior service credits for the postretirement welfare benefits plan and accelerates $29 of prior service costs for the pension plan. These amounts are included in non-service defined benefit income on the consolidated statements of operations for the year ended March 31, 2018. • In November 2017, the Company announced an amendment to the postretirement welfare benefits plan for its non-represented employee participants. Effective January 1, 2018, the Company eliminated and reduced certain welfare benefits for non-represented retirees and active participants. Those changes resulted in a decrease in the OPEB obligation of $17,652 and a curtailment gain of $15,099 included in non-service defined benefit income on the consolidated statements of operations for the year ended March 31, 2018. The following table shows those amounts expected to be recognized in net periodic benefit costs during the fiscal year ending March 31, 2021: Pension Benefits Other Postretirement Benefits Amounts expected to be recognized in FY 2021 net Prior service credit $ 974 $ (5,105 ) Actuarial loss $ 32,899 $ (4,766 ) Expected Pension Benefit Payments The total estimated future benefit payments for the pension plans are expected to be paid from the plan assets and company funds. The OPEB payments reflect the Company’s portion of the funding. Estimated future benefit payments from plan assets and Company funds for the next ten years are as follows: Year Pension Benefits Other Postretirement Benefits* 2021 $ 200,097 $ 4,824 2022 163,389 813 2023 159,963 182 2024 155,123 171 2025 150,985 162 2026 – 2030 690,383 666 * Net of expected Medicare Part D subsidies of $400 and $70 in the years ended March 31, 2021 and 2022, respectively. Plan Assets, Investment Policy and Strategy The table below sets forth the Company’s target asset allocation for fiscal 2020 and the actual asset allocations at March 31, 2020 and 2019. Actual Allocation Target Allocation March 31, Asset Category Fiscal 2020 2020 2019 Equity securities 40% - 50% 42 % 45 % Fixed income securities 40% - 50% 50 48 Alternative investment funds 0% - 10% 6 5 Other 0% - 5% 2 2 Total 100 % 100 % Pension plan assets are invested in various asset classes that are expected to produce a sufficient level of diversification and investment return over the long-term. The investment goals are to exceed the assumed actuarial rate of return over the long-term within reasonable and prudent levels of risks and to meet future obligations. Asset/liability studies are conducted on a regular basis to provide guidance in setting investment goals for the pension portfolio and its asset allocation. The asset allocation aims to prudently achieve a strong, risk-adjusted return while seeking to minimize funding level volatility and improve the funded status of the plans. The pension plans currently employ a liability-driven investment (“LDI”) approach, where assets and liabilities move in the same direction. The goal is to limit the volatility of the funding status and cover part, but not all, of the changes in liabilities. Most of the liabilities’ changes are due to interest rate movements. To balance expected risk and return, allocation targets are established and monitored against acceptable ranges. All investment policies and procedures are designed to ensure that the plans’ investments are in compliance with the Employee Retirement Income Security Act of 1974 (“ERISA”). Guidelines are established defining permitted investments within each asset class. Each investment manager has contractual guidelines to ensure that investments are made within the parameters of their asset class or in the case of multi-asset class managers, the parameters of their multi-asset class strategy. Certain investments are not permitted at any time, including investment directly in employer securities and uncovered short sales. The tables below provide the fair values of the Company’s plan assets at March 31, 2020 and 2019, by asset category. The table also identifies the level of inputs used to determine the fair value of assets in each category (refer to Note 2 for definition of levels). March 31, 2020 Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 35,110 $ — $ — $ 35,110 Equity securities International 155,389 — — 155,389 U.S. equity 2 — — 2 U.S. commingled fund 400,131 — — 400,131 International commingled fund 34,014 — — 34,014 Fixed income securities Corporate bonds — 23,672 — 23,672 Government securities — 93,677 — 93,677 U.S. commingled fund 605,487 — — 605,487 Other Insurance contracts — — 910 910 Total investment in securities—assets $ 1,230,133 $ 117,349 $ 910 $ 1,348,392 U.S. equity commingled fund 8,180 International equity commingled fund 67,101 U.S. fixed income commingled fund 73,838 International fixed income commingled fund 1,380 Government securities commingled fund 8,333 Private equity and infrastructure 89,797 Other 1,534 Total investment measured at NAV as a practical expedient $ 250,163 Receivables 3,292 Payables (3,802 ) Total plan assets $ 1,598,045 March 31, 2019 Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 25,798 $ 6,189 $ — $ 31,987 Equity securities International 161,132 — — 161,132 U.S. equity 8,464 — — 8,464 U.S. commingled fund 489,463 — — 489,463 International commingled fund 39,797 — — 39,797 Fixed income securities Corporate bonds — 24,942 — 24,942 Government securities — 109,306 — 109,306 U.S. commingled fund 654,269 — — 654,269 Other Insurance contracts — — 1,021 1,021 Total investment in securities—assets $ 1,378,923 $ 140,437 $ 1,021 $ 1,520,381 U.S. equity commingled fund 4,690 International equity commingled fund 96,867 U.S. fixed income commingled fund 76,766 Private equity and infrastructure 95,760 Other 1,693 Total investment measured at NAV as a practical expedient $ 275,776 Receivables 1,238 Payables (1,284 ) Total plan assets $ 1,796,111 Cash equivalents and other short-term investments are primarily held in registered short-term investment vehicles which are valued using a market approach based on quoted market prices of similar instruments. Public equity securities, including common stock, are primarily valued using a market approach based on the closing fair market prices of identical instruments in the principal market on which they are traded. Commingled funds that are open-ended mutual funds for which the fair value per share is determined and published by the respective mutual fund sponsor and is the basis for current observable transactions are categorized as Level 1 fair value measures. Investments in commingled funds and private equity and infrastructure funds are carried at net asset value (“NAV”) as a practical expedient to estimate fair value. The NAV is the total value of the fund divided by the number of shares outstanding. Adjustments to NAV, if any, are determined based on evaluation of data provided by fund managers, including valuation of the underlying investments derived using inputs such as cost, operating results, discounted future cash flows and market-based comparable data. In accordance with ASC 820-10, investments that are measured at NAV practical expedient are not classified in the fair value hierarchy; however, their fair value amounts are presented in these tables to permit reconciliation of the fair value hierarchy to the total plan assets disclosed in this footnote. Corporate, government agency bonds and mortgage-backed securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported observable trades for identical or comparable instruments. Other investments include private equity and infrastructure funds and insurance contracts. Investments in private equity and infrastructure funds are carried at estimated fair value based on NAV as a practical expedient and other appropriate adjustments to NAV as determined based on an evaluation of data provided by fund managers, including valuations of the underlying investments derived using inputs such as cost, operating results, discounted future cash flows, and market-based comparable data. Assumptions and Sensitivities The discount rate is determined as of each measurement date, based on a review of yield rates associated with long-term, high-quality corporate bonds. The calculation separately discounts benefit payments using the spot rates from a long-term, high-quality corporate bond yield curve. The effect of a 25 basis-point change in discount rates as of March 31, 2020, is shown below: Pension Other Postretirement Benefits Increase of 25 basis points Obligation *$ (56,208 ) $ (44 ) Net periodic expense 104 (144 ) Decrease of 25 basis points Obligation *$ 58,058 $ 46 Net periodic expense (235 ) 149 * Excludes impact to plan assets due to the LDI investment approach discussed above under “Plan Assets, Investment Policy and Strategy.” The long-term rate of return assumption represents the expected average rate of earnings on the funds invested to provide for the benefits included in the benefit obligations. The long-term rate of return assumption is determined based on a number of factors, including historical market index returns, the anticipated long-term asset allocation of the plans, historical plan return data, plan expenses and the potential to outperform market index returns. For fiscal 2021, the expected long-term rate of return is 5.00%- 8.00%. Anticipated Contributions to Defined Benefit and Postretirement Welfare Benefit Plans The Company does not expect to contribute to its qualified U.S. defined benefit pension plans during fiscal 2021. The Company expects to contribute $4,824 to its postretirement welfare benefits plan during fiscal 2021. No plan assets are expected to be returned to the Company in fiscal 2021. |
Stock Compensation Plans
Stock Compensation Plans | 12 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock Compensation Plans | 16. STOCK COMPENSATION PLANS The Company has stock incentive plans under which employees and non-employee directors may be granted equity awards to acquire shares of the Company’s common stock at the fair value at the time of the grant. The stock incentive and compensation plans under which outstanding equity awards have been granted to employees, officers and non-employee directors are the Triumph Group 2018 Equity Plan (the “2018 Plan”), the Triumph Group 2013 Equity and Cash Incentive Plan (the “2013 Plan”), the 2016 Directors’ Equity Compensation Plan, as amended (the “Directors’ Plan”), and the Amended and Restated Directors’ Stock Incentive Plan (the “Prior Directors’ Plan”). The Prior Directors’ Plan expired by its terms during fiscal 2017. The current stock incentive and compensation plans used for future awards are the 2013 Plan for employees, officers and consultants, the Directors’ Plan, and the 2018 Plan. The 2018 Plan, the 2013 Plan, the Directors’ Plan, and the Prior Directors’ Plan are collectively referred to in this note as the plans. Management and the compensation committee have utilized restricted stock and restricted stock units as its primary form of share-based incentive compensation. The restricted stock and restricted stock units are subject to graded vesting, generally over a three year period and are subject to forfeiture should the grantee’s employment be terminated prior to an applicable vesting date. The share-based payment expense arising from restricted stock and restricted stock unit expense is included in capital in excess of par value. The fair value of restricted shares under the Company’s restricted stock plans is determined by the product of the number of shares granted and the grant date market price of the Company’s common stock. The fair value of share-based compensation granted to employees was $13,249, $15,911, and $18,122 during the fiscal years ended March 31, 2020, 2019, and 2018, respectively. The awards contain service conditions and may also contain performance or market conditions that affect the number of shares that vest. The fair value of restricted stock and restricted stock unit awards is expensed on a straight-line basis over the requisite service period which is typically the vesting period. The Company recognized $11,062, $10,259 and $7,949 of share-based compensation expense during the fiscal years ended March 31, 2020, 2019, and 2018, 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. At March 31, 2020 and 2019, 1,564,791 shares and 5,586,421 shares of common stock, respectively, were available for issuance under the plans. A summary of the status of the Company’s non-vested shares/units of restricted stock and deferred stock units as of March 31, 2020, and changes during the fiscal year ended March 31, 2020, is presented below. Shares Weighted- Average Grant Date Fair Value Non-vested restricted awards and deferred stock units at March 31, 2019 1,081,379 $ 26.01 Granted 598,879 22.12 Vested (282,330 ) 24.98 Forfeited (238,298 ) 22.18 Non-vested restricted awards and deferred stock units at March 31, 2020 1,159,630 $ 24.40 The fair value of employee restricted stock which vested during fiscal 2020, 2019 and 2018 was $7,052, $7,031, and $2,081, respectively. Upon the vesting of restricted stock units, the Company first transfers treasury stock, then will issue new shares. Expected future compensation expense on restricted stock net of expected forfeitures, is approximately $10,320, which is expected to be recognized over the remaining weighted average vesting period of 1.5 years. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies [Abstract] | |
Commitments and Contingencies | 17. COMMITMENTS AND CONTINGENCIES Certain of the Company’s business operations and facilities are subject to a number of federal, state, local and foreign environmental laws and regulations. Former owners generally indemnify the Company for environmental liabilities related to the assets and businesses acquired which existed prior to the acquisition dates. In the opinion of management, there are no significant environmental contingent liabilities which would have a material effect on the financial condition or operating results of the Company which are not covered by such indemnification. As the Company completes its restructuring plans as disclosed in Note 18, including the disposal of certain facilities, the Company may be exposed to additional costs such as environmental remediation obligations, lease termination costs, or supplier claims which may have a material effect on its financial position or results of operations when such matters arise and a reasonable estimate of the costs can be made. The Company’s risk related to pension projected obligations as of March 31, 2020, is significant. This amount is currently in excess of the related plan assets. Benefit plan assets are invested in a diversified portfolio of investments in both the equity and debt categories, as well as limited investments in real estate and other alternative investments. The market value of all of these investment categories may be adversely affected by external events and the movements and volatility in the financial markets, including such events as the current credit and real estate market conditions. Declines in the market values of our plan assets could expose the total asset balance to significant risk which may cause an increase to future funding requirements. Some raw materials and operating supplies are subject to price and supply fluctuations caused by market dynamics. The Company’s strategic sourcing initiatives seek to find ways of mitigating the inflationary pressures of the marketplace. In recent years, these inflationary pressures have affected the market for raw materials. However, the Company believes that raw material prices will remain stable through the remainder of fiscal 2021 and after that, experience increases that are in line with inflation. Additionally, the Company generally does not employ forward contracts or other financial instruments to hedge commodity price risk. The Company’s suppliers’ failure to provide acceptable raw materials, components, kits and subassemblies would adversely affect production schedules and contract profitability. The Company maintains an extensive qualification and performance surveillance system to control risk associated with such supply base reliance. The Company is dependent on third parties for certain information technology services. To a lesser extent, the Company is also exposed to fluctuations in the prices of certain utilities and services, such as electricity, natural gas, chemical processing and freight. The Company utilizes a range of long-term agreements and strategic aggregated sourcing to optimize procurement expense and supply risk in these categories. 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. In fiscal year 2020, the Company was awarded $9,257 in a legal judgment associated with a longstanding litigation matter arising from a prior acquisition. |
Restructuring Costs
Restructuring Costs | 12 Months Ended |
Mar. 31, 2020 | |
Relocation Costs [Abstract] | |
Restructuring Costs | 18. RESTRUCTURING COSTS The Company committed to various restructuring plans involving certain of its businesses, as well as the consolidation of certain of its facilities over the past several years. With the exception of certain consolidations to be completed in future years, these plans were substantially complete as of March 31, 2019. The Company incurred costs of $25,340 associated with new restructuring plans during fiscal year 2020. These costs, the majority of which are being incurred within the Systems & Support reportable segment and relate to third-party consulting costs, are substantially complete as of March 31, 2020. |
Customer Concentration
Customer Concentration | 12 Months Ended |
Mar. 31, 2020 | |
Customer Concentration [Abstract] | |
Customer Concentration | 19. CUSTOMER CONCENTRATION Trade and other accounts receivable from Boeing represented approximately 21% and 18% of total accounts receivable as of March 31, 2020 and 2019, respectively. Trade and other accounts receivable from Gulfstream represented approximately 6% and 11% of total accounts receivable as of March 31, 2020 and 2019, respectively. Trade and other accounts receivables from Bombardier represented approximately 16% and 13% of total accounts receivable as of March 31, 2020 and 2019, respectively, and include receivables from transition services. The Company had no other significant concentrations of credit risk. Sales to Boeing for fiscal 2020 were $983,762, or 34% of net sales, of which $254,659 and $729,103 were from Systems & Support and Aerospace Structures, respectively. Sales to Boeing for fiscal 2019 were $1,031,107, or 31% of net sales, of which $243,047 and $788,061 were from Systems & Support and Aerospace Structures, respectively. Sales to Boeing for fiscal 2018 were $1,004,274, or 31% of net sales, of which $216,122 and $788,151 were from Systems & Support and Aerospace Structures, respectively. Sales to Gulfstream for fiscal 2020 were $337,173, or 12% of net sales, of which $3,250 and $333,924 were from Systems & Support and Aerospace Structures, respectively. Sales to Gulfstream for fiscal 2019 were $361,451, or 11% of net sales, of which $3,068 and $358,382 were from Systems & Support and Aerospace Structures, respectively. Sales to Gulfstream for fiscal 2018 were $421,985, or 13% of net sales, of which $1,780 and $420,204 were from Systems & Support and Aerospace Structures, 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/or Gulfstream, could have a material adverse effect on the Company and its operating subsidiaries. The Company currently generates a majority of its revenue from clients in the commercial aerospace industry, the business jet industry and the military. The Company’s growth and financial results are largely dependent on continued demand for its products and services from clients in these industries. If any of these industries experiences a downturn, clients in these sectors may conduct less business with the Company. |
Collective Bargaining Agreement
Collective Bargaining Agreements | 12 Months Ended |
Mar. 31, 2020 | |
Collective Bargaining Agreements [Abstract] | |
Collective Bargaining Agreements | 20. COLLECTIVE BARGAINING AGREEMENTS Approximately 18% of the Company’s labor force is covered under collective bargaining agreements. As of March 31, 2020, none of the Company’s collectively bargained workforce are working under contracts that have expired, and 5% of the Company’s collectively bargained workforce are working under contracts that are set to expire within one year. During the fiscal year ended March 31, 2018, the Company ratified a collective bargaining agreement with its union employees with United Autoworkers of America and its Local Union 848 at its Red Oak, Texas, facility. During the fiscal year ended March 31, 2019, the Company ratified a collective bargaining agreement with its union employees with United Autoworkers of America and its Local Union 952 at its Tulsa, Oklahoma facility. Also occurring during the fiscal year ended March 31, 2019, the Stuart Florida facility production and maintenance employees elected the United Autoworkers of America, Local #2505, to represent them in collective bargaining with the Company. As of the March 31, 2020, the union and the Company have not reached an agreement. During the fiscal year ended March 31, 2020, effects and closure agreements were made for the Tulsa, Oklahoma, and Grand Prairie, Texas, locations. In addition, the Company and leadership of Aero Lodge No.735 of the International Association of Machinists and Aerospace Workers (“IAM”) agreed to negotiate a Memorandum of Agreement to sunset the retiree medical plans. Both the Company and the IAM leadership full endorsed this agreement, and local IAM members voted to ratify it on August 10, 2019. |
Segments
Segments | 12 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segments | 21. SEGMENTS The Company reports financial performance based on the following two reportable segments: Systems & Support and Aerospace Structures. The Company’s reportable segments are aligned with how the business is managed, and the Company’s views of the markets it 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. 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 sale of assets and businesses of $67,037 for the year ended March 31, 2020. 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 is as follows: Year Ended March 31, 2020 Total Corporate & Eliminations Systems & Support Aerospace Structures Net sales to external customers $ 2,900,117 $ — $ 1,350,761 $ 1,549,356 Intersegment sales (eliminated in consolidation) — (13,334 ) 6,803 6,531 Segment profit and reconciliation to consolidated income before income taxes: Adjusted EBITDAP 305,784 — 205,352 100,432 Reconciliation of segment profit to income (loss) before income taxes Depreciation and amortization (138,168 ) (3,374 ) (32,376 ) (102,418 ) Interest expense and other, net (122,129 ) Corporate expenses (53,082 ) Share-based compensation expense (11,062 ) Loss on sale of assets and businesses (56,916 ) Amortization of acquired contract liabilities 75,286 Non-service defined benefit income 40,587 Union represented employee incentives (7,071 ) Legal judgment gain, net 9,257 Impairment of goodwill (66,121 ) Income before income taxes (23,635 ) Total capital expenditures $ 39,834 $ 1,502 $ 17,141 $ 21,191 Total assets $ 2,980,333 $ 481,162 $ 1,478,679 $ 1,020,492 Year Ended March 31, 2019 Total Corporate & Eliminations Systems & Support Aerospace Structures Net sales to external customers $ 3,364,930 $ — $ 1,309,474 $ 2,055,456 Intersegment sales (eliminated in consolidation) — (22,485 ) 15,537 6,948 Segment profit and reconciliation to consolidated income before income taxes: Adjusted EBITDAP 215,418 — 202,346 13,072 Reconciliation of segment profit to income (loss) before income taxes Depreciation and amortization (149,904 ) (3,100 ) (35,373 ) (111,431 ) Interest expense and other, net (114,619 ) Corporate expenses (74,706 ) Share-based compensation expense (10,259 ) Loss on sale of assets and businesses (235,301 ) Amortization of acquired contract liabilities 67,314 Non-service defined benefit income 56,726 Loss on adoption of ASU 2017-07 (87,241 ) Income before income taxes (332,572 ) Total capital expenditures $ 47,099 $ 784 $ 15,734 $ 30,581 Total assets $ 2,854,574 $ 110,372 $ 1,487,163 $ 1,257,039 Year Ended March 31, 2018 Total Corporate & Eliminations Systems & Support Aerospace Structures Net sales to external customers $ 3,198,951 $ — $ 1,253,640 $ 1,945,311 Intersegment sales (eliminated in consolidation) — (23,286 ) 13,868 9,418 Segment profit and reconciliation to consolidated income before income taxes: Adjusted EBITDAP 229,534 — 235,540 (6,006 ) Reconciliation of segment profit to income (loss) before income taxes Depreciation and amortization (158,368 ) (1,852 ) (42,730 ) (113,786 ) Interest expense and other, net (99,442 ) Corporate expenses (88,037 ) Share-based compensation expense (7,949 ) Loss on sale of assets and businesses (30,741 ) Amortization of acquired contract liabilities 125,148 Non-service defined benefit income 97,079 Impairment of goodwill (535,227 ) Income before income taxes (468,003 ) Total capital expenditures $ 42,050 $ 4,179 $ 8,352 $ 29,519 |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Mar. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | 22. QUARTERLY FINANCIAL INFORMATION (UNAUDITED) Fiscal 2020 Fiscal 2019 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 BUSINESS SEGMENT SALES Systems & Support $ 313,605 $ 352,969 $ 338,924 $ 352,066 $ 306,632 $ 332,562 $ 323,619 $ 362,198 Aerospace Structures 419,178 422,579 368,972 345,158 532,387 528,366 490,337 511,314 Inter-segment Elimination (2,552 ) (3,438 ) (3,230 ) (4,114 ) (6,119 ) (5,820 ) (6,061 ) (4,485 ) TOTAL SALES $ 730,231 $ 772,110 $ 704,666 $ 693,110 $ 832,900 $ 855,108 $ 807,895 $ 869,027 GROSS PROFIT (1) $ 119,461 $ 131,456 $ 142,200 $ 116,085 $ 38,742 $ 107,357 $ 72,007 $ 131,239 OPERATING INCOME (LOSS) Systems & Support $ 44,048 $ 62,337 $ 57,434 $ (22,478 ) $ 43,078 $ 51,380 $ 51,368 $ 55,270 Aerospace Structures 12,283 13,608 18,039 (2,066 ) (79,587 ) (22,744 ) (49,813 ) (264 ) Corporate (20,820 ) (14,908 ) (73,812 ) (15,758 ) (30,039 ) (30,637 ) (18,488 ) (244,203 ) TOTAL OPERATING INCOME (LOSS) $ 35,511 $ 61,037 $ 1,661 $ (40,302 ) $ (66,548 ) $ (2,001 ) $ (16,933 ) $ (189,197 ) NET INCOME (LOSS) $ 16,924 $ 42,234 $ (13,206 ) $ (75,385 ) $ (77,736 ) $ (15,878 ) $ (32,147 ) $ (201,385 ) Basic Income (Loss) per share $ 0.34 $ 0.84 $ (0.26 ) $ (1.46 ) $ (1.57 ) $ (0.32 ) $ (0.65 ) $ (4.05 ) Diluted Income (Loss) per share $ 0.34 $ 0.84 $ (0.26 ) $ (1.46 ) $ (1.57 ) $ (0.32 ) $ (0.65 ) $ (4.05 ) * Difference due to rounding. (1) Gross profit includes depreciation. (2) Includes impairment of goodwill of $66,121 in Systems & Support. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS (in thousands) Balance at beginning of year Additions charged to (income) Other (1) Balance at end of year For year ended March 31, 2020: Deferred tax assets valuation allowance $ 399,013 (3,474 ) 43,128 $ 438,667 For year ended March 31, 2019: Deferred tax assets valuation allowance $ 146,770 93,311 158,932 $ 399,013 For year ended March 31, 2018: Deferred tax assets valuation allowance $ 141,214 6,885 (1,329 ) $ 146,770 (1) Adjustments relate to changes in defined benefit pension plan and other postretirement benefit plan obligations. The adjustment in the year ended March 31, 2019, also included an adjustment of approximately $132,000 as a result of the adoption of ASC 606. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents consist of highly liquid investments with a maturity of three months or less at the time of purchase. Fair value of cash equivalents approximates carrying value. |
Trade and Other Receivables, net | Trade and Other Receivables, net Trade and other receivables are recorded net of an allowance for doubtful accounts. Trade and other receivables include amounts billed and currently due from customers and amounts retained by the customer pending contract completion. The Company performs ongoing credit evaluations of its customers and generally does not require collateral. The Company records the allowance for doubtful accounts based on prior experience and for specific collectibility matters when they arise. The Company writes off balances against the reserve when collectibility is deemed remote. The Company’s trade and other receivables are exposed to credit risk; however, the risk is limited due to the diversity of the customer base. Trade and other receivables, net composed of the following: March 31, 2020 2019 Total trade receivables $ 314,007 $ 336,888 Other receivables 49,773 40,348 Total trade and other receivables 363,780 377,236 Less: Allowance for doubtful accounts (4,293 ) (3,646 ) Total trade and other receivables, net $ 359,487 $ 373,590 |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The Company accounts for goodwill and intangible assets in accordance with Accounting Standards Codification (“ASC”) 350, Intangibles—Goodwill and Other The Company assesses whether goodwill impairment exists using both the qualitative and quantitative assessments. The qualitative assessment involves determining whether events or circumstances exist that indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If based on this qualitative assessment the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount or if the Company elects not to perform a qualitative assessment, a quantitative assessment is performed as required by ASC 350 to determine whether a goodwill impairment exists at the reporting unit. The quantitative test is used to compare the carrying amount of the reporting unit’s assets to the fair value of the reporting unit. If the fair value exceeds the carrying value, no further evaluation is required, and no impairment loss is recognized. If the carrying amount exceeds the fair value, then an impairment loss occurs. The impairment is measured by using the amount by which the carrying value exceeds the fair value not to exceed the amount of recorded goodwill. The determination of the fair value of its reporting units is based, among other things, on estimates of future operating performance of the reporting unit being valued. The Company is required to complete an impairment test for goodwill and record any resulting impairment losses at least annually. Changes in market conditions, among other factors, may have an impact on these estimates and require interim impairment assessments. When performing the quantitative impairment test, the Company’s methodology includes the use of an income approach which discounts future net cash flows to their present value at a rate that reflects the Company’s cost of capital, otherwise known as the discounted cash flow method (“DCF”). These estimated fair values are based on estimates of future cash flows of the businesses. Factors affecting these future cash flows include the continued market acceptance of the products and services offered by the businesses, the development of new products and services by the businesses and the underlying cost of development, the future cost structure of the businesses and future technological changes. The Company also incorporates market multiples for comparable companies in determining the fair value of its reporting units. Any such impairment would be recognized in full in the reporting period in which it has been identified. The fair value estimates resulting from the application of these methodologies are based on inputs classified within Level 3 of the fair value hierarchy, as described below. During the fourth quarter of the fiscal year ended March 31, 2020, the Company performed its annual goodwill impairment assessment for each of its reporting units with no impairment identified. Subsequent to its annual testing date and at March 31, 2020, the Company identified indicators of impairment due to the decline in the Company’s share price as well as potential negative impacts due to the uncertainty of the impact of the COVID-19 pandemic. As a result of these indicators, the Company performed an interim assessment of goodwill, which included using a combination of both market and income approaches to estimate the fair value of each reporting unit. The Company concluded that its Product Support reporting unit had a fair value that was lower than its carrying value by an amount that exceeded the remaining goodwill for the reporting unit. Therefore, the Company recorded a noncash impairment charge during the fiscal quarter ended March 31, 2020, of $66,121, which is presented on the consolidated statements of operations as “Impairment of goodwill” for the fiscal year ended March 31, 2020. The decline in fair value is the result of expected declines in revenues from MRO services and the uncertainty in the rate and timing of recovery and therefore the timing of associated earnings and cash flows. The assessment of the Company’s Integrated Systems reporting unit indicated that its fair value exceeded its carrying amount. Finite-lived intangible assets are amortized over their useful lives ranging from 7 to 30 years. The Company continually evaluates whether events or circumstances have occurred that would indicate that the remaining estimated useful lives of long-lived assets, including intangible assets, may warrant revision or that the remaining balance may not be recoverable. Long-lived assets are evaluated for indicators of impairment. When factors indicate that long-lived assets, including intangible assets, should be evaluated for possible impairment, an estimate of the related undiscounted cash flows over the remaining life of the long-lived assets, including intangible assets, is used to measure recoverability based on the primary asset of the asset group. Some of the more important factors management considers include the Company’s financial performance relative to expected and historical performance, significant changes in the way the Company manages its operations, negative events that have occurred, and negative industry and economic trends. If the estimated undiscounted cash flows are less than the carrying amount, measurement of the impairment will be based on the difference between the carrying value and fair value of the asset group, generally determined based on the present value of expected future cash flows associated with the use of the asset. Refer to below for the Company’s accounting policy regarding fair value measurements and the definition of fair value levels. |
Revenue Recognition and Contract Balances | Revenue Recognition and Contract Balances The Company adopted ASC 606 on April 1, 2018. The Company’s revenue is principally from contracts with customers to provide design, development, manufacturing, and support services associated with specific customer programs. The Company regularly enters into long-term master supply agreements that establish general terms and conditions and may define specific program requirements. Many agreements include clauses that provide sole supplier status to the Company for the duration of the program’s life. Purchase orders (or authorizations to proceed) are issued pursuant to the master supply agreements. Additionally, a majority of the Company’s agreements with customers include options for future purchases. Such options primarily reduce the administrative effort of issuing subsequent purchase orders and do not represent material rights granted to customers. The Company generally enters into agreements directly with its customers and is the principal in all current contracts. The identification of a contract with a customer for purposes of accounting and financial reporting requires an evaluation of the terms and conditions of agreements to determine whether presently enforceable rights and obligations exist. Management considers a number of factors when making this evaluation that include, but are not limited to, the nature and substance of the business exchange, the specific contractual terms and conditions, the promised products and services, the termination provisions in the contract, as well as the nature and execution of the customer’s ordering process and how the Company is authorized to perform work. Generally, presently enforceable rights and obligations are not created until a purchase order is issued by a customer for a specified number of units of product or services. Therefore, the issuance of a purchase order is generally the point at which a contract is identified for accounting and financial reporting purposes. Management identifies the promises to the customer. Promises are generally explicitly stated in each contract, but management also evaluates whether any promises are implied based on the terms of the agreement, past business practice, or other facts and circumstances. Each promise is evaluated to determine if it is a performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service. The Company considers a number of factors when determining whether a promise is a distinct performance obligation, including whether the customer can benefit from the good or service on its own or together with other resources that are readily available to the customer, whether the Company provides a significant service of integrating goods or services to deliver a combined output to the customer, or whether the goods or services are highly interdependent. 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 original equipment manufacturers (“OEMs”). The transaction price for a contract reflects the consideration the Company expects to receive for fully satisfying the performance obligations in the contract. Typically, the transaction price consists solely of fixed consideration but may include variable consideration for contractual provisions such as unpriced contract modifications, cost-sharing provisions, and other receipts or payments to customers. The Company identifies and estimates variable consideration, typically at the most likely amount the Company expects to receive from its customers. Variable consideration is only included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized for the contract will not occur, or when the uncertainty associated with the variable consideration is resolved. The Company’s contracts with customers generally require payment under normal commercial terms after delivery with payment typically required within 30 to 120 days of delivery. However, a subset of the Company’s current contracts includes significant financing components because the timing of the transfer of the underlying products and services under contract are at the customers’ discretion. For these contracts, the Company adjusts the transaction price to reflect the effects of the time value of money. The Company generally is not subject to collecting sales tax and has made an accounting policy election to exclude from the transaction price any sales and other similar taxes collected from customers. As a result, any such collections are accounted for on a net basis. The total transaction price is allocated to each of the identified performance obligations using the relative stand-alone selling price. The objective of the allocation is to reflect the consideration that the Company expects to receive in exchange for the products or services associated with each performance obligation. Stand-alone selling price is the price at which the Company would sell a promised good or service separately to a customer. Stand-alone selling prices are established at contract inception, and subsequent changes in transaction price are allocated on the same basis as at contract inception. When stand-alone selling prices for the Company’s products and services are not observable, the Company uses either the “Expected Cost Plus a Margin” or “Adjusted Market Assessment” approaches to estimate stand-alone selling price. Expected costs are typically derived from the available periodic forecast information. Revenue is recognized when or as control of promised products or services transfers to a customer and is recognized at the amount allocated to each performance obligation associated with the transferred products or services. Service sales, principally representing repair, maintenance, and engineering activities are recognized over the contractual period or as services are rendered. Sales under long-term contracts with performance obligations satisfied over time are recognized using either an input or output method. The Company recognizes revenue over time as it performs on these contracts because of the continuous transfer of control to the customer as represented by contractual terms that entitle the Company to the reimbursement of costs plus a reasonable profit for work performed to manufacture products for which the Company has no alternate use or for work performed on a customer-owned asset. With control transferring over time, revenue is recognized based on the extent of progress toward completion of the performance obligation. The Company generally uses the cost-to-cost input method of progress for its contracts because it best depicts the transfer of control to the customer that occurs as work progresses. Under the cost-to-cost method, the extent of progress toward completion is measured based on the proportion of costs incurred to date to the total estimated costs at completion of the performance obligation. The Company reviews its cost estimates on contracts on a periodic basis, or when circumstances change and warrant a modification to a previous estimate. Cost estimates are largely based on negotiated or estimated purchase contract terms, historical performance trends and other economic projections. Significant factors that influence these estimates include inflationary trends, technical and schedule risk, internal and subcontractor performance trends, business volume assumptions, asset utilization, and anticipated labor agreements. Revenue and cost estimates are regularly monitored and revised based on changes in circumstances. Impacts from changes in estimates of net sales and cost of sales are recognized on a cumulative catch-up basis, which recognizes in the current period the cumulative effect of the changes on current and prior periods based on a performance obligation’s percentage of completion. Forward loss reserves for anticipated losses on long-term contracts are recorded in full when such losses become evident, to the extent required, and are included in contract liabilities on the accompanying consolidated balance sheets. The Company believes that the accounting estimates and assumptions made by management are appropriate given the increased uncertainties surrounding the severity and duration of the impacts of the COVID-19 pandemic, however actual results could differ materially from those estimates. For the fiscal year ended March 31, 2020, cumulative catch-up adjustments resulting from changes in contract values and estimated costs that arose during the fiscal year increased revenue, operating loss, net loss and loss per share by approximately $12,011, ($22,844), ($22,844), and ($0.45), respectively. The cumulative catch-up adjustments to operating income for the fiscal year ended March 31, 2020, included gross favorable adjustments of approximately $43,405 and gross unfavorable adjustments of approximately $66,249. For the fiscal year ended March 31, 2019, cumulative catch-up adjustments resulting from changes in estimates increased net sales, decreased operating loss, net loss and earnings per share by approximately $7,944, ($68,694), ($68,694), and ($1.38), respectively. The cumulative catch-up adjustments to operating income for the fiscal year ended March 31, 2019, included gross favorable adjustments of approximately $46,074 and gross unfavorable adjustments of approximately $114,768. These cumulative catch-up adjustments do not include a noncash charge the Company recorded as a result of 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 consolidated statements of operations within cost of sales. For the fiscal year ended March 31, 2018, cumulative catch-up adjustments resulting from changes in estimates decreased operating loss, net loss and decreased loss per share by approximately $19,677, $13,479, and $0.27, respectively. The cumulative catch-up adjustments to operating income for the fiscal year ended March 31, 2018, included gross favorable adjustments of approximately $85,844 and gross unfavorable adjustments of approximately $66,167. Revenues for performance obligations that are not recognized over time are recognized at the point in time when control transfers to the customer. 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. Generally, the shipping terms determine the point in time when control transfers to customers. Shipping and handling activities are not considered performance obligations and related costs are included in cost of sales as incurred. Differences in the timing of revenue recognition and contractual billing and payment terms result in the recognition contract assets and liabilities. Refer to Note 4 for further discussion. In connection with several of prior acquisitions, the Company assumed existing long-term contracts. Based on review of these contracts, the Company concluded that the terms of certain contracts to be either more or less favorable than could be realized in market transactions as of the date of the acquisition. As a result, the Company recognized acquired contract liabilities, net of acquired contract assets as of the acquisition date of each respective acquisition, based on the present value of the difference between the contractual cash flows of the executory contracts and the estimated cash flows had the contracts been executed at the acquisition date. The liabilities principally relate to long-term contracts that were initially executed several years prior to the respective acquisition. The Company measured these net liabilities in the year they were acquired under the measurement provisions of ASC 820, Fair Value Measurement The balance of the liability as of March 31, 2020, is $92,962 and, based on the expected delivery schedule of the underlying contracts, the Company estimates annual amortization of the liability as follows: 2021 — $44,958; 2022 — $17,568; 2023 — $7,302; 2024 — $3,512; 2025 — $1,690; thereafter $17,932. |
Leases | Leases The Company leases office space, manufacturing facilities, land, vehicles, and equipment. The Company determines if an agreement is or contains a lease at the lease inception date and recognizes right-of-use assets and lease liabilities at the lease commencement date. A ROU asset and corresponding lease liability are not recorded for leases with an initial term of 12 months or less (“short-term leases”). ROU assets represent the Company’s right to use an underlying asset during the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The determination of the length of lease terms is affected by options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The existence of significant economic incentive is the primary consideration when assessing whether the Company is reasonably certain of exercising an option in a lease. Both finance and operating lease ROU assets and liabilities are recognized at commencement date and measured as the present value of lease payments to be made over the lease term. As the interest rate implicit in the lease is not readily available for most of the Company’s leases, the Company uses its estimated incremental borrowing rate in determining the present value of lease payments. The estimated incremental borrowing rate is derived from information available at the lease commencement date. The lease ROU asset recognized at commencement is adjusted for any lease payments related to initial direct costs, prepayments, and lease incentives. |
Retirement Benefits | Retirement Benefits Defined benefit pension plans are recognized in the consolidated financial statements on an actuarial basis. A significant element in determining the Company’s pension income (expense) is the expected long-term rate of return on plan assets. This expected return is an assumption as to the average rate of earnings expected on the funds invested or to be invested to provide for the benefits included in the projected pension benefit obligation. The Company applies this assumed long-term rate of return to a calculated value of plan assets, which recognizes changes in the fair value of plan assets in a systematic manner over five years. This produces the expected return on plan assets that is included in pension income (expense). The difference between this expected return and the actual return on plan assets is deferred. The net deferral of past asset gains (losses) affects the calculated value of plan assets and, ultimately, future pension income (expense). The Company periodically experiences events or makes changes to its benefit plans that result in curtailment or special charges. Curtailments are recognized when events occur that significantly reduce the expected years of future service of present employees or eliminates the benefits for a significant number of employees for some or all of their future service. Curtailment losses are recognized when it is probable the curtailment will occur and the effects are reasonably estimable. Curtailment gains are recognized when the related employees are terminated or a plan amendment is adopted, whichever is applicable. From time to time, the Company may enter into transactions that relieve it of primary responsibility for all or more than a minor portion of certain of its pension benefit obligations. When these transactions are effected through an irrevocable action that relieves the Company of primary responsibility for its pension or other postretirement benefit obligations and eliminates significant risks related to the obligation and the related assets used to effect the transaction, they are considered settlements, as defined by ASC 715, Compensation – Retirement Benefits. As required under ASC 715, the Company remeasures plan assets and obligations during an interim period whenever a significant event occurs that results in a material change in the net periodic pension cost. The determination of significance is based on judgment and consideration of events and circumstances impacting the pension costs. At March 31 of each year, the Company determines the fair value of its pension plan assets as well as the discount rate to be used to calculate the present value of plan liabilities. The discount rate is an estimate of the interest rate at which the pension benefits could be effectively settled. In estimating the discount rate, the Company looks to rates of return on high-quality, fixed-income investments currently available and expected to be available during the period to maturity of the pension benefits. The Company uses a portfolio of fixed-income securities, which receive at least the second-highest rating given by a recognized ratings agency. |
Fair Value Measurements | 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 when measuring goodwill impairment in fiscal year 2018 and fiscal year 2020 (see Note 7), and to its pension and postretirement plan assets (see Note 15). |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method. The asset and liability method requires recognition of deferred tax assets and liabilities for expected future tax consequences of temporary differences that currently exist between tax bases and financial reporting bases of the Company’s assets and liabilities. A valuation allowance is provided on deferred taxes if it is determined that it is more likely than not that the asset will not be realized. |
Supplemental Cash Flow Information | Supplemental Cash Flow Information For the fiscal year ended March 31, 2020, the Company paid $4,005 for income taxes, net of income tax refunds received. For the fiscal year ended March 31, 2019, the Company received $4,701 as income tax refunds, net of taxes paid. For the fiscal year ended March 31, 2018, the Company paid $11,190 for income taxes, net of income tax refunds received. |
Background and Basis of Prese_2
Background and Basis of Presentation (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Impact of Change [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Schedule of Impact of Change in Accounting Principle on Condensed Consolidated Financial Statements | The tables below represent the impact of the change in accounting principle on the consolidated statement of operations and the consolidated statements of comprehensive loss for the fiscal year ended March 31, 2020. Fiscal Years Ended As Previously Reported, March 31, 2020 Impact of As Reported, March 31, 2020 Non-service defined benefit income $ (41,894 ) 1,307 $ (40,587 ) Loss from continuing operations before income taxes (22,328 ) (1,307 ) (23,635 ) Income tax expense 5,798 — 5,798 Net loss $ (28,126 ) $ (1,307 ) $ (29,433 ) Net Loss per share - basic & diluted Basic $ (0.56 ) $ (0.03 ) $ (0.58 ) Diluted $ (0.56 ) $ (0.03 ) $ (0.58 ) Defined benefit pension plans and other postretirement benefits: Total defined benefit pension plans and other postretirement benefits, net of taxes $ (215,132 ) $ 1,307 $ (213,825 ) Total other comprehensive loss $ (231,744 ) $ 1,307 $ (230,437 ) Comprehensive loss $ (259,870 ) $ — $ (259,870 ) The table below represents the impact of the change in accounting principle on the consolidated balance sheet as of March 31, 2020. As Previously Reported, March 31, 2020 Impact of As Reported, March 31, 2020 Stockholders’ deficit: Accumulated other comprehensive loss $ (719,428 ) $ (27,020 ) $ (746,448 ) Accumulated deficit (830,501 ) 27,020 (803,481 ) Total stockholders’ deficit $ (781,264 ) $ — $ (781,264 ) The tables below represent the impact of the change in accounting principle on the consolidated statement of operations and the consolidated statements of comprehensive loss for the fiscal year ended March 31, 2019. Fiscal Years Ended As Previously Reported, March 31, 2019 Impact of As Reported, March 31, 2019 Non-service defined benefit income $ (62,105 ) 5,379 $ (56,726 ) Loss from continuing operations before income taxes (327,193 ) (5,379 ) (332,572 ) Income tax benefit (5,426 ) — (5,426 ) Net loss $ (321,767 ) $ (5,379 ) $ (327,146 ) Net Income per share - basic & diluted Basic $ (6.47 ) $ (0.11 ) $ (6.58 ) Diluted $ (6.47 ) $ (0.11 ) $ (6.58 ) Defined benefit pension plans and other postretirement benefits: Total defined benefit pension plans and other postretirement benefits, net of taxes $ (128,639 ) $ 5,379 $ (123,260 ) Total other comprehensive loss $ (119,814 ) $ 5,379 $ (114,435 ) Comprehensive loss $ (441,581 ) $ — $ (441,581 ) The table below represents the impact of the change in accounting principle on the consolidated balance sheet as of March 31, 2019. As Previously Reported, March 31, 2019 Impact of As Reported, March 31, 2019 Stockholders’ deficit: Accumulated other comprehensive loss $ (487,684 ) $ (28,327 ) $ (516,011 ) Accumulated deficit (794,072 ) 28,327 (765,745 ) Total stockholders’ deficit $ (573,313 ) $ — $ (573,313 ) The tables below represent the impact of the change in accounting principle on the consolidated statement of operations and the consolidated statements of comprehensive loss for the fiscal year ended March 31, 2018. Fiscal Years Ended As Previously Reported, March 31, 2018 Impact of As Reported, March 31, 2018 Non-service defined benefit income $ (103,234 ) 6,155 $ (97,079 ) Loss from continuing operations before income taxes (461,848 ) (6,155 ) (468,003 ) Income tax expense (36,457 ) — (36,457 ) Net income $ (425,391 ) $ (6,155 ) $ (431,546 ) Net Income per share - basic & diluted Basic $ (8.60 ) $ (0.12 ) $ (8.73 ) Diluted $ (8.60 ) $ (0.12 ) $ (8.73 ) Defined benefit pension plans and other postretirement benefits: Total defined benefit pension plans and other postretirement benefits, net of taxes $ 1,810 $ 6,155 $ 7,965 Total other comprehensive income $ 28,308 $ 6,155 $ 34,463 Comprehensive loss $ (397,083 ) $ — $ (397,083 ) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Trade and Other Receivables Net | Trade and other receivables, net composed of the following: March 31, 2020 2019 Total trade receivables $ 314,007 $ 336,888 Other receivables 49,773 40,348 Total trade and other receivables 363,780 377,236 Less: Allowance for doubtful accounts (4,293 ) (3,646 ) Total trade and other receivables, net $ 359,487 $ 373,590 |
Revenue Recognition and Contr_2
Revenue Recognition and Contracts with Customers (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Change in Contract with Customer, Asset and Liability [Abstract] | |
Disaggregation of Revenue | The following table shows disaggregated net sales satisfied overtime and at a point in time (excluding intercompany sales) for the year ended March 31, 2020 and 2019: Year Ended March 31, 2020 2019 Systems & Support Satisfied over time $ 578,117 $ 548,562 Satisfied at a point in time 738,158 726,791 Revenue from contracts with customers 1,316,275 1,275,353 Amortization of acquired contract liabilities 34,486 34,121 Total revenue 1,350,761 1,309,474 Aerospace Structures Satisfied over time $ 1,378,866 $ 1,832,422 Satisfied at a point in time 129,690 189,841 Revenue from contracts with customers 1,508,556 2,022,263 Amortization of acquired contract liabilities 40,800 33,193 Total revenue 1,549,356 2,055,456 $ 2,900,117 $ 3,364,930 The following table shows disaggregated net sales by end market (excluding intercompany sales) for the year ended March 31, 2020 and 2019: Year Ended March 31, 2020 2019 Systems & Support Commercial aerospace $ 737,885 $ 730,562 Military 436,166 409,027 Business jets 61,338 63,649 Regional 43,761 45,397 Non-aviation 37,125 26,718 Revenue from contracts with customers 1,316,275 1,275,353 Amortization of acquired contract liabilities 34,486 34,121 Total revenue $ 1,350,761 $ 1,309,474 Aerospace Structures Commercial aerospace $ 879,690 $ 1,020,649 Military 116,846 237,501 Business jets 422,681 699,747 Regional 89,318 36,038 Non-aviation 21 28,328 Revenue from contracts with customers 1,508,556 2,022,263 Amortization of acquired contract liabilities 40,800 33,193 Total revenue 1,549,356 2,055,456 $ 2,900,117 $ 3,364,930 |
Summary of Contract Assets and Liabilities Balances | Contract balances are classified as assets or liabilities on a contract-by-contract basis at the end of each reporting period. The following table summarizes our contract assets and liabilities balances: March 31, March 31, Change Contract assets $ 267,079 $ 326,667 $ (59,588 ) Contract liabilities (386,585 ) (450,051 ) 63,466 Net contract liability $ (119,506 ) $ (123,384 ) $ 3,878 |
Schedule of Performance Obligations that are Expected to Be Recognized in Future | As of March 31, 2020, 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 year 1-3 years 4-5 years More than 5 years Unsatisfied performance obligations $ 3,875,679 $ 1,956,289 $ 1,104,754 $ 441,808 $ 372,828 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of components of inventories | The components of inventories are as follows: March 31, 2020 2019 Raw materials $ 32,552 $ 35,883 Work-in-process, including manufactured and purchased components 312,953 277,996 Finished goods 50,011 42,399 Rotable assets 57,460 57,282 Total inventories $ 452,976 $ 413,560 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Net Property and Equipment | Net property and equipment is: March 31, 2020 2019 Land $ 42,438 $ 52,333 Construction-in-process 19,231 25,310 Buildings and improvements 285,407 320,289 Machinery and equipment 701,018 814,040 1,048,094 1,211,972 Less: accumulated depreciation 629,953 668,262 $ 418,141 $ 543,710 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in the Carrying Value of Goodwill by Reportable Segment | The following is a summary of the changes in the carrying value of goodwill by reportable segment, for the fiscal years ended March 31, 2020 and 2019: Systems & Support March 31, 2019 $ 583,225 Effect of exchange rate changes (3,577 ) Impairment of goodwill (66,121 ) March 31, 2020 $ 513,527 Systems & Support March 31, 2018 $ 592,828 Goodwill associated with dispositions (2,788 ) Effect of exchange rate changes (6,815 ) March 31, 2019 $ 583,225 |
Schedule of Components of Intangible Assets | The components of intangible assets, net are as follows: March 31, 2020 Weighted- Average Life (in Years) Gross Carrying Amount Accumulated Amortization Net Customer relationships 17.7 $ 550,131 $ (276,980 ) $ 273,151 Product rights, technology and licenses 11.4 54,676 (46,180 ) 8,496 Noncompete agreements and other 16.7 2,656 (1,208 ) 1,448 Tradenames 10.0 150,000 (51,127 ) 98,873 Total intangibles, net $ 757,463 $ (375,495 ) $ 381,968 March 31, 2019 Weighted- Average Life (in Years) Gross Carrying Amount Accumulated Amortization Net Customer relationships 17.7 $ 551,093 $ (245,626 ) $ 305,467 Product rights, technology and licenses 11.4 54,850 (43,978 ) 10,872 Noncompete agreements and other 16.7 2,656 (1,041 ) 1,615 Tradenames 10.0 150,000 (37,000 ) 113,000 Total intangibles, net $ 758,599 $ (327,645 ) $ 430,954 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Accrued Liabilities [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following items: March 31, 2020 2019 Accrued pension $ 753 $ 742 Accrued other postretirement benefits 4,775 10,758 Accrued compensation and benefits 84,404 102,009 Accrued interest 13,252 12,374 Accrued warranties 30,079 18,977 Accrued workers’ compensation 16,583 17,635 Accrued income tax 3,796 5,974 Operating lease liabilities 13,139 — All other 60,622 71,103 Total accrued expenses $ 227,403 $ 239,572 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Schedule of Components Lease Expense | The components of lease expense for the year ended March 31, 2020, are disclosed in the table below. Lease Cost Financial Statement Classification Year ended March 31, 2020 Operating lease cost Cost of sales or Selling, general and administrative expense $ 24,539 Variable lease cost Cost of sales or Selling, general and administrative expense 8,382 Financing Lease Cost: Amortization of right-of-use assets Depreciation and amortization 5,317 Interest on lease liability Interest expense and other 2,307 Total lease cost (1) $ 40,545 (1) Total lease cost does not include short-term leases or sublease income, both of which are immaterial. |
Schedule of Supplemental Cash Flow Information | Supplemental cash flow information for the year ended March 31, 2020, is disclosed in the table below. Year ended March 31, 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used in operating leases $ 21,430 Operating cash flows used in finance leases 2,327 Financing cash flows used in finance leases 8,370 ROU assets obtained in exchange for lease liabilities Operating leases 3,826 Finance leases $ 1,039 |
Schedule of Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases as of March 31, 2020, is disclosed in the table below. Leases Classification March 31, 2020 Assets Operating lease ROU assets Other, net $ 61,461 Finance lease ROU assets, cost Property and equipment, net 39,461 Accumulated amortization Property and equipment, net (18,650 ) Finance lease ROU assets, net 20,811 Total lease assets $ 82,272 Liabilities Current Operating Accrued expenses $ 13,139 Finance Current portion of long-term debt 7,336 Noncurrent Operating Other noncurrent liabilities 54,687 Finance Long-term debt, less current portion 16,597 Total lease liabilities $ 91,759 |
Schedule of Information Related to Lease Terms and Discount Rates | Information related to lease terms and discount rates as of March 31, 2020, is disclosed in the table below. March 31, 2020 Weighted average remaining lease term (years) Operating leases 7.2 Finance leases 6.9 Weighted average discount rate Operating leases 6.2 % Finance leases 5.9 % |
Schedule of Maturity of Lease Liabilities | The maturity of the Company’s lease liabilities as of March 31, 2020, is disclosed in the table below. Operating leases Finance leases Total FY2021 $ 16,843 $ 8,545 $ 25,388 FY2022 14,523 5,571 20,094 FY2023 11,072 2,707 13,779 FY2024 8,311 2,138 10,449 FY2025 7,042 1,308 8,350 Thereafter 27,192 9,954 37,146 Total lease payments 84,983 30,223 115,206 Less: Imputed interest (17,157 ) (6,290 ) (23,447 ) Total lease liabilities $ 67,826 $ 23,933 $ 91,759 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt consists of the following: March 31, 2020 2019 Revolving credit facility $ 400,000 $ 215,000 Receivable securitization facility 75,000 80,700 Finance leases 23,933 31,292 Senior secured notes due 2024 525,000 — Senior notes due 2021 — 375,000 Senior notes due 2022 300,000 300,000 Senior notes due 2025 500,000 500,000 Less: debt issuance costs (16,426 ) (13,171 ) 1,807,507 1,488,821 Less: current portion 7,336 8,201 $ 1,800,171 $ 1,480,620 |
Schedule of Carrying Amounts and Estimated Fair Values of Long-term Debt | Carrying amounts and the related estimated fair values of the Company’s long-term debt not recorded at fair value in the consolidated financial statements are as follows: March 31, 2020 March 31, 2019 Carrying Value Fair Value Carrying Value Fair Value $ 1,807,507 $ 1,559,455 $ 1,488,821 $ 1,568,037 |
Other Noncurrent Liabilities (T
Other Noncurrent Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Other Liabilities, Noncurrent [Abstract] | |
Schedule of Other Noncurrent Liabilities | March 31, 2020 2019 Acquired contract liabilities, net $ 92,962 $ 184,612 Accrued warranties 31,036 39,418 Accrued workers’ compensation 13,603 13,501 Noncurrent contract liabilities 91,265 156,332 Operating lease liabilities 54,687 — Environmental contingencies 18,060 16,040 Income tax reserves 594 551 All other 3,962 14,095 Total other noncurrent liabilities $ 306,169 $ 424,549 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Components of Loss from Continuing Operations before Income Taxes | The components of loss from continuing operations before income taxes are as follows: Year ended March 31, 2020 2019 2018 Foreign $ 33,399 $ (18,336 ) $ (57,673 ) Domestic (57,034 ) (314,236 ) (410,330 ) $ (23,635 ) $ (332,572 ) $ (468,003 ) |
Components of Income Tax (Benefit) Expense | The components of income tax (benefit) expense are as follows: Year ended March 31, 2020 2019 2018 Current: Federal $ (654 ) $ (1,253 ) $ 1,130 State 27 431 88 Foreign 3,602 3,335 5,433 2,975 2,513 6,651 Deferred: Federal 2,748 (9,076 ) (44,262 ) State 73 1,593 (14,672 ) Foreign 2 (456 ) 15,826 2,823 (7,939 ) (43,108 ) $ 5,798 $ (5,426 ) $ (36,457 ) |
Schedule of Reconciliation of Statutory Federal Income Tax Rate to Effective Tax Rate | A reconciliation of the statutory federal income tax rate to the effective tax rate is as follows: Year ended March 31, 2020 2019 2018 Statutory federal income tax rate 21.0 % 21.0 % 31.5 % State and local income taxes, net of federal tax benefit (12.1 ) 4.6 3.2 Goodwill impairment (37.4 ) — (29.6 ) Disposition of business — 3.2 (0.3 ) Miscellaneous permanent items and nondeductible accruals 3.9 (1.2 ) (0.2 ) Research and development tax credit 30.4 3.3 3.2 Foreign tax credits (24.1 ) (0.7 ) 1.2 Valuation allowance 29.3 (28.6 ) (3.5 ) Tax reform and CARES (12.3 ) 0.4 5.1 Global Intangible Low-Taxed Income (20.4 ) (1.3 ) — Other (including foreign rate differential and FIN 48) (2.8 ) 0.9 (2.8 ) Effective income tax rate (24.5 )% 1.6 % 7.8 % |
Components of Deferred Tax Assets and Liabilities | The components of deferred tax assets and liabilities are as follows: March 31, 2020 2019 Deferred tax assets: Net operating loss and other credit carryforwards $ 318,341 $ 309,961 Inventory 17,521 17,849 Accruals and reserves 40,492 41,091 Interest carryforward 38,383 24,457 Pension and other postretirement benefits 152,048 126,337 Lease right-of-use assets 11,495 — Prepaid expenses and other 241 — Acquired contract liabilities, net 21,771 45,479 600,292 565,174 Valuation allowance (438,667 ) (399,013 ) Net deferred tax assets 161,625 166,161 Deferred tax liabilities: Deferred revenue 38,458 27,159 Property and equipment 34,939 46,538 Goodwill and other intangible assets 80,740 93,272 Lease liabilities 14,928 — Prepaid expenses and other — 6,156 169,065 173,125 Net deferred tax liabilities $ 7,440 $ 6,964 |
Schedule of Reconciliation of Liability for Uncertain Tax Positions | A reconciliation of the liability for uncertain tax positions, which are included in deferred taxes for the fiscal years ended March 31, 2020 and 2019, follows: Year ended March 31, 2020 2019 2018 Beginning balance $ 19,373 $ 11,759 $ 10,696 Adjustments for tax positions related to the current year 1,057 7,364 1,032 Adjustments for tax positions of prior years (1,303 ) 250 31 Ending balance $ 19,127 $ 19,373 $ 11,759 |
Stockholders' Deficit (Tables)
Stockholders' Deficit (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Loss | Changes in accumulated other comprehensive loss (“AOCI”) by component for the years ended March 31, 2020 and 2019, were as follows: Currency Unrealized Gains and Losses on Derivative Instruments Defined Benefit Pension Plans and Other Postretirement Benefits Total (1) March 31, 2018 $ (58,683 ) $ 122 $ (343,015 ) $ (401,576 ) AOCI before reclassifications (15,770 ) 30 (121,300 ) (137,040 ) Amounts reclassified from AOCI (3) (1,282 ) (1,960 ) (2) Net current period OCI 10,077 (1,252 ) (123,260 ) (114,435 ) March 31, 2019 (48,606 ) (1,130 ) (466,275 ) (516,011 ) AOCI before reclassifications (13,439 ) (1,611 ) (208,835 ) (223,885 ) Amounts reclassified from AOCI — (1,562 ) (4,990 ) (2) Net current period OCI (13,439 ) (3,173 ) (213,825 ) (230,437 ) March 31, 2020 $ (62,045 ) $ (4,303 ) $ (680,100 ) $ (746,448 ) (1) Net of tax. (2) Includes amortization of actuarial losses and recognized prior service (credits) costs, which are included in the net periodic pension cost of which a portion is allocated to production as inventoried costs. (3) Includes amounts transferred from cumulative translation adjustments as a result of the sale of Triumph Gear Systems – Toronto. |
Loss per Share (Tables)
Loss per Share (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Summary of Reconciliation between Weighted-average Common Shares Outstanding used in Calculation of Basis and Diluted Loss Per Share | Year ended March 31, 2020 2019 2018 (thousands) Weighted average common shares outstanding—basic 50,494 49,698 49,442 Net effect of dilutive stock options and non-vested stock (1) — — — Weighted average common shares outstanding—diluted 50,494 49,698 49,442 (1) For the fiscal years ended March 31, 2020, 2019, and 2018, the shares that could potentially dilute earnings per share in the future but were not included in diluted weighted average common shares outstanding because to do so would have been anti-dilutive were immaterial. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Consolidated Defined Benefit Pension Plans | The following table sets forth the Company’s consolidated defined benefit pension plans for its union and non-union employees as of March 31, 2020 and 2019, and the amounts recorded on the consolidated balance sheets at March 31, 2020 and 2019. Company contributions include amounts contributed directly to plan assets and indirectly as benefits paid from the Company’s assets. Benefit payments reflect the total benefits paid from the plans and the Company’s assets. Information on the plans includes both the domestic qualified and nonqualified plans and the foreign qualified plans. Pension Benefits Other Postretirement Benefits Year ended March 31, Year ended March 31, 2020 2019 2020 2019 Change in projected benefit obligations Projected benefit obligation at beginning of year $ 2,234,734 $ 2,277,816 $ 109,455 $ 119,164 Service cost 2,336 3,292 62 227 Interest cost 68,446 79,446 1,559 4,039 Actuarial loss (gain) 138,652 48,931 3,472 (2,576 ) Plan amendments 4,898 1,138 (99,080 ) — Curtailments 22,732 — — — Divestitures (55,354 ) — — — Participant contributions 204 196 252 833 Settlements (14,579 ) — — — Special termination benefits 11,642 4,032 — — Benefits paid (156,084 ) (176,398 ) (8,570 ) (12,232 ) Currency translation adjustment (2,642 ) (3,719 ) — — Projected benefit obligation at end of year $ 2,254,985 $ 2,234,734 $ 7,150 $ 109,455 Accumulated benefit obligation at end of year $ 2,252,126 $ 2,229,188 $ 7,150 $ 109,455 Assumptions used to determine benefit obligations at end of year Discount rate 2.47 -3.32 % 2.54 -3.88 % 3.00 % 3.77 % Rate of compensation increase 3.50 -4.50 % 3.50 -4.50 % N/A N/A |
Schedule of Change in Fair Value of Plan Assets | Pension Benefits Other Postretirement Benefits Year ended March 31, Year ended March 31, 2020 2019 2020 2019 Change in fair value of plan assets Fair value of plan assets at beginning of year $ 1,796,111 $ 1,903,901 $ — $ — Actual return on plan assets (20,869 ) 67,753 — — Settlements (14,579 ) — — — Participant contributions 204 196 252 833 Divestitures (55,354 ) — — — Company contributions 51,372 4,580 8,319 11,399 Benefits paid (156,084 ) (176,398 ) (8,571 ) (12,232 ) Currency translation adjustment (2,756 ) (3,921 ) — — Fair value of plan assets at end of year $ 1,598,045 $ 1,796,111 $ — $ — Funded status (underfunded) Funded status $ (656,940 ) $ (438,623 ) $ (7,150 ) $ (109,455 ) Reconciliation of amounts recognized on the consolidated balance sheets Pension asset—noncurrent $ 1,503 $ 3,900 $ — $ — Accrued benefit liability—current (753 ) (742 ) (4,775 ) (10,758 ) Accrued benefit liability—noncurrent (657,690 ) (441,781 ) (2,375 ) (98,697 ) Net amount recognized $ (656,940 ) $ (438,623 ) $ (7,150 ) $ (109,455 ) Reconciliation of amounts recognized in accumulated other comprehensive income Prior service credits $ 5,595 $ 780 $ (59,214 ) $ (14,497 ) Actuarial losses (gains) 953,913 710,553 (58,151 ) (67,985 ) Income tax (benefits) expenses related to above items (204,594 ) (204,594 ) 42,016 42,016 Unamortized benefit plan costs (gains) $ 754,914 $ 506,739 $ (75,349 ) $ (40,466 ) |
Schedule of Components of Net Periodic Benefit Cost | The components of net periodic benefit cost for fiscal years ended March 31, 2020, 2019, and 2018, are as follows: Pension Benefits Other Postretirement Benefits Year Ended March 31, Year Ended March 31, 2020 2019 2018 2020 2019 2018 Components of net periodic pension cost Service cost $ 2,336 $ 3,292 $ 4,505 $ 62 $ 227 $ 391 Interest cost 68,446 79,446 75,189 1,559 4,039 4,393 Expected return on plan assets (141,972 ) (145,361 ) (150,020 ) — — — Amortization of prior service credit cost (874 ) (3,619 ) (2,841 ) (4,872 ) (4,655 ) (8,537 ) Amortization of net loss 28,288 20,151 17,734 (6,361 ) (9,851 ) (7,275 ) Curtailment loss (gain) 23,690 — 29 (49,491 ) — (26,274 ) Settlements 29,313 — 523 — — — Special termination benefits 11,642 4,032 — — — — Total net periodic benefit (income) expense $ 20,869 $ (42,059 ) $ (54,881 ) $ (59,103 ) $ (10,240 ) $ (37,302 ) Assumptions used to determine net periodic pension cost Discount rate 2.54 - 3.88 % 2.65 - 4.01 % 2.87 - 4.06 % 2.68 - 3.77 % 3.93 % 3.62 - 3.93 % Expected long-term rate of return on plan assets 5.00 - 8.00 % 5.00 - 8.00 % 6.50 - 8.00 % N/A N/A N/A Rate of compensation increase 3.50 - 4.50 % 3.50 - 4.50 % 3.50 - 4.50 % N/A N/A N/A |
Schedule of Amounts Expected to Recognized in Net Periodic Benefit Costs | The following table shows those amounts expected to be recognized in net periodic benefit costs during the fiscal year ending March 31, 2021: Pension Benefits Other Postretirement Benefits Amounts expected to be recognized in FY 2021 net Prior service credit $ 974 $ (5,105 ) Actuarial loss $ 32,899 $ (4,766 ) |
Schedule of Estimated Future Benefit Payments from Plan Assets | The total estimated future benefit payments for the pension plans are expected to be paid from the plan assets and company funds. The OPEB payments reflect the Company’s portion of the funding. Estimated future benefit payments from plan assets and Company funds for the next ten years are as follows: Year Pension Benefits Other Postretirement Benefits* 2021 $ 200,097 $ 4,824 2022 163,389 813 2023 159,963 182 2024 155,123 171 2025 150,985 162 2026 – 2030 690,383 666 * Net of expected Medicare Part D subsidies of $400 and $70 in the years ended March 31, 2021 and 2022, respectively. |
Schedule of Allocation of Plan Assets | The table below sets forth the Company’s target asset allocation for fiscal 2020 and the actual asset allocations at March 31, 2020 and 2019. Actual Allocation Target Allocation March 31, Asset Category Fiscal 2020 2020 2019 Equity securities 40% - 50% 42 % 45 % Fixed income securities 40% - 50% 50 48 Alternative investment funds 0% - 10% 6 5 Other 0% - 5% 2 2 Total 100 % 100 % The tables below provide the fair values of the Company’s plan assets at March 31, 2020 and 2019, by asset category. The table also identifies the level of inputs used to determine the fair value of assets in each category (refer to Note 2 for definition of levels). March 31, 2020 Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 35,110 $ — $ — $ 35,110 Equity securities International 155,389 — — 155,389 U.S. equity 2 — — 2 U.S. commingled fund 400,131 — — 400,131 International commingled fund 34,014 — — 34,014 Fixed income securities Corporate bonds — 23,672 — 23,672 Government securities — 93,677 — 93,677 U.S. commingled fund 605,487 — — 605,487 Other Insurance contracts — — 910 910 Total investment in securities—assets $ 1,230,133 $ 117,349 $ 910 $ 1,348,392 U.S. equity commingled fund 8,180 International equity commingled fund 67,101 U.S. fixed income commingled fund 73,838 International fixed income commingled fund 1,380 Government securities commingled fund 8,333 Private equity and infrastructure 89,797 Other 1,534 Total investment measured at NAV as a practical expedient $ 250,163 Receivables 3,292 Payables (3,802 ) Total plan assets $ 1,598,045 March 31, 2019 Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 25,798 $ 6,189 $ — $ 31,987 Equity securities International 161,132 — — 161,132 U.S. equity 8,464 — — 8,464 U.S. commingled fund 489,463 — — 489,463 International commingled fund 39,797 — — 39,797 Fixed income securities Corporate bonds — 24,942 — 24,942 Government securities — 109,306 — 109,306 U.S. commingled fund 654,269 — — 654,269 Other Insurance contracts — — 1,021 1,021 Total investment in securities—assets $ 1,378,923 $ 140,437 $ 1,021 $ 1,520,381 U.S. equity commingled fund 4,690 International equity commingled fund 96,867 U.S. fixed income commingled fund 76,766 Private equity and infrastructure 95,760 Other 1,693 Total investment measured at NAV as a practical expedient $ 275,776 Receivables 1,238 Payables (1,284 ) Total plan assets $ 1,796,111 |
Schedule of Effect of Twenty Five Basis-Point Change in Discount Rates | The effect of a 25 basis-point change in discount rates as of March 31, 2020, is shown below: Pension Other Postretirement Benefits Increase of 25 basis points Obligation *$ (56,208 ) $ (44 ) Net periodic expense 104 (144 ) Decrease of 25 basis points Obligation *$ 58,058 $ 46 Net periodic expense (235 ) 149 * Excludes impact to plan assets due to the LDI investment approach discussed above under “Plan Assets, Investment Policy and Strategy.” |
Stock Compensation Plans (Table
Stock Compensation Plans (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Status of Non-Vested Shares/Units of Restricted Stock and Deferred Stock Units | A summary of the status of the Company’s non-vested shares/units of restricted stock and deferred stock units as of March 31, 2020, and changes during the fiscal year ended March 31, 2020, is presented below. Shares Weighted- Average Grant Date Fair Value Non-vested restricted awards and deferred stock units at March 31, 2019 1,081,379 $ 26.01 Granted 598,879 22.12 Vested (282,330 ) 24.98 Forfeited (238,298 ) 22.18 Non-vested restricted awards and deferred stock units at March 31, 2020 1,159,630 $ 24.40 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Selected Financial Information for Each Reportable Segment and Reconciliation of EBITDAP to Operating Income | Selected financial information for each reportable segment is as follows: Year Ended March 31, 2020 Total Corporate & Eliminations Systems & Support Aerospace Structures Net sales to external customers $ 2,900,117 $ — $ 1,350,761 $ 1,549,356 Intersegment sales (eliminated in consolidation) — (13,334 ) 6,803 6,531 Segment profit and reconciliation to consolidated income before income taxes: Adjusted EBITDAP 305,784 — 205,352 100,432 Reconciliation of segment profit to income (loss) before income taxes Depreciation and amortization (138,168 ) (3,374 ) (32,376 ) (102,418 ) Interest expense and other, net (122,129 ) Corporate expenses (53,082 ) Share-based compensation expense (11,062 ) Loss on sale of assets and businesses (56,916 ) Amortization of acquired contract liabilities 75,286 Non-service defined benefit income 40,587 Union represented employee incentives (7,071 ) Legal judgment gain, net 9,257 Impairment of goodwill (66,121 ) Income before income taxes (23,635 ) Total capital expenditures $ 39,834 $ 1,502 $ 17,141 $ 21,191 Total assets $ 2,980,333 $ 481,162 $ 1,478,679 $ 1,020,492 Year Ended March 31, 2019 Total Corporate & Eliminations Systems & Support Aerospace Structures Net sales to external customers $ 3,364,930 $ — $ 1,309,474 $ 2,055,456 Intersegment sales (eliminated in consolidation) — (22,485 ) 15,537 6,948 Segment profit and reconciliation to consolidated income before income taxes: Adjusted EBITDAP 215,418 — 202,346 13,072 Reconciliation of segment profit to income (loss) before income taxes Depreciation and amortization (149,904 ) (3,100 ) (35,373 ) (111,431 ) Interest expense and other, net (114,619 ) Corporate expenses (74,706 ) Share-based compensation expense (10,259 ) Loss on sale of assets and businesses (235,301 ) Amortization of acquired contract liabilities 67,314 Non-service defined benefit income 56,726 Loss on adoption of ASU 2017-07 (87,241 ) Income before income taxes (332,572 ) Total capital expenditures $ 47,099 $ 784 $ 15,734 $ 30,581 Total assets $ 2,854,574 $ 110,372 $ 1,487,163 $ 1,257,039 Year Ended March 31, 2018 Total Corporate & Eliminations Systems & Support Aerospace Structures Net sales to external customers $ 3,198,951 $ — $ 1,253,640 $ 1,945,311 Intersegment sales (eliminated in consolidation) — (23,286 ) 13,868 9,418 Segment profit and reconciliation to consolidated income before income taxes: Adjusted EBITDAP 229,534 — 235,540 (6,006 ) Reconciliation of segment profit to income (loss) before income taxes Depreciation and amortization (158,368 ) (1,852 ) (42,730 ) (113,786 ) Interest expense and other, net (99,442 ) Corporate expenses (88,037 ) Share-based compensation expense (7,949 ) Loss on sale of assets and businesses (30,741 ) Amortization of acquired contract liabilities 125,148 Non-service defined benefit income 97,079 Impairment of goodwill (535,227 ) Income before income taxes (468,003 ) Total capital expenditures $ 42,050 $ 4,179 $ 8,352 $ 29,519 |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Fiscal 2020 Fiscal 2019 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 BUSINESS SEGMENT SALES Systems & Support $ 313,605 $ 352,969 $ 338,924 $ 352,066 $ 306,632 $ 332,562 $ 323,619 $ 362,198 Aerospace Structures 419,178 422,579 368,972 345,158 532,387 528,366 490,337 511,314 Inter-segment Elimination (2,552 ) (3,438 ) (3,230 ) (4,114 ) (6,119 ) (5,820 ) (6,061 ) (4,485 ) TOTAL SALES $ 730,231 $ 772,110 $ 704,666 $ 693,110 $ 832,900 $ 855,108 $ 807,895 $ 869,027 GROSS PROFIT (1) $ 119,461 $ 131,456 $ 142,200 $ 116,085 $ 38,742 $ 107,357 $ 72,007 $ 131,239 OPERATING INCOME (LOSS) Systems & Support $ 44,048 $ 62,337 $ 57,434 $ (22,478 ) $ 43,078 $ 51,380 $ 51,368 $ 55,270 Aerospace Structures 12,283 13,608 18,039 (2,066 ) (79,587 ) (22,744 ) (49,813 ) (264 ) Corporate (20,820 ) (14,908 ) (73,812 ) (15,758 ) (30,039 ) (30,637 ) (18,488 ) (244,203 ) TOTAL OPERATING INCOME (LOSS) $ 35,511 $ 61,037 $ 1,661 $ (40,302 ) $ (66,548 ) $ (2,001 ) $ (16,933 ) $ (189,197 ) NET INCOME (LOSS) $ 16,924 $ 42,234 $ (13,206 ) $ (75,385 ) $ (77,736 ) $ (15,878 ) $ (32,147 ) $ (201,385 ) Basic Income (Loss) per share $ 0.34 $ 0.84 $ (0.26 ) $ (1.46 ) $ (1.57 ) $ (0.32 ) $ (0.65 ) $ (4.05 ) Diluted Income (Loss) per share $ 0.34 $ 0.84 $ (0.26 ) $ (1.46 ) $ (1.57 ) $ (0.32 ) $ (0.65 ) $ (4.05 ) * Difference due to rounding. (1) Gross profit includes depreciation. (2) Includes impairment of goodwill of $66,121 in Systems & Support. |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts | Balance at beginning of year Additions charged to (income) Other (1) Balance at end of year For year ended March 31, 2020: Deferred tax assets valuation allowance $ 399,013 (3,474 ) 43,128 $ 438,667 For year ended March 31, 2019: Deferred tax assets valuation allowance $ 146,770 93,311 158,932 $ 399,013 For year ended March 31, 2018: Deferred tax assets valuation allowance $ 141,214 6,885 (1,329 ) $ 146,770 (1) Adjustments relate to changes in defined benefit pension plan and other postretirement benefit plan obligations. The adjustment in the year ended March 31, 2019, also included an adjustment of approximately $132,000 as a result of the adoption of ASC 606. |
Background and Basis of Prese_3
Background and Basis of Presentation - Additional Information (Details) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020USD ($)Segment | Apr. 01, 2019USD ($) | |
Accounting Changes And Error Corrections [Abstract] | ||
Number of reportable segments | Segment | 2 | |
Operating lease, right-of-use asset | $ 61,461 | $ 76,444 |
Operating lease, liability | $ 67,826 | $ 84,663 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccruedLiabilitiesCurrent | us-gaap:AccruedLiabilitiesCurrent |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | us-gaap:OtherLiabilitiesNoncurrent |
New accounting pronouncement or change in accounting principle, cumulative effect of change on equity or net assets | $ 225 |
Background and Basis of Prese_4
Background and Basis of Presentation -Schedule of Impact of Change in Accounting Principle on Condensed Consolidated Statement of Operations and Condensed Consolidated Statements of Comprehensive Loss (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||||||
Non-service defined benefit income | $ (40,587) | $ (56,726) | $ (97,079) | ||||||||
Loss from continuing operations before income taxes | (23,635) | (332,572) | (468,003) | ||||||||
Income tax expense (benefit) | 5,798 | (5,426) | (36,457) | ||||||||
Net loss | $ (29,433) | $ (327,146) | $ (431,546) | ||||||||
Net Income per share - basic & diluted | |||||||||||
Basic | $ (1.46) | $ (0.26) | $ 0.84 | $ 0.34 | $ (4.05) | $ (0.65) | $ (0.32) | $ (1.57) | $ (0.58) | $ (6.58) | $ (8.73) |
Diluted | $ (1.46) | $ (0.26) | $ 0.84 | $ 0.34 | $ (4.05) | $ (0.65) | $ (0.32) | $ (1.57) | $ (0.58) | $ (6.58) | $ (8.73) |
Defined benefit pension plans and other postretirement benefits: | |||||||||||
Total defined benefit pension plans and other postretirement benefits, net of taxes | $ (213,825) | $ (123,260) | $ 7,965 | ||||||||
Total other comprehensive income | (230,437) | (114,435) | 34,463 | ||||||||
Comprehensive loss | (259,870) | (441,581) | (397,083) | ||||||||
Previously Reported [Member] | |||||||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||||||
Non-service defined benefit income | (41,894) | (62,105) | (103,234) | ||||||||
Loss from continuing operations before income taxes | (22,328) | (327,193) | (461,848) | ||||||||
Income tax expense (benefit) | 5,798 | (5,426) | (36,457) | ||||||||
Net loss | $ (28,126) | $ (321,767) | $ (425,391) | ||||||||
Net Income per share - basic & diluted | |||||||||||
Basic | $ (0.56) | $ (6.47) | $ (8.60) | ||||||||
Diluted | $ (0.56) | $ (6.47) | $ (8.60) | ||||||||
Defined benefit pension plans and other postretirement benefits: | |||||||||||
Total defined benefit pension plans and other postretirement benefits, net of taxes | $ (215,132) | $ (128,639) | $ 1,810 | ||||||||
Total other comprehensive income | (231,744) | (119,814) | 28,308 | ||||||||
Comprehensive loss | (259,870) | (441,581) | (397,083) | ||||||||
Impact of Change [Member] | |||||||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||||||
Non-service defined benefit income | 1,307 | 5,379 | 6,155 | ||||||||
Loss from continuing operations before income taxes | (1,307) | (5,379) | (6,155) | ||||||||
Net loss | $ (1,307) | $ (5,379) | $ (6,155) | ||||||||
Net Income per share - basic & diluted | |||||||||||
Basic | $ (0.03) | $ (0.11) | $ (0.12) | ||||||||
Diluted | $ (0.03) | $ (0.11) | $ (0.12) | ||||||||
Defined benefit pension plans and other postretirement benefits: | |||||||||||
Total defined benefit pension plans and other postretirement benefits, net of taxes | $ 1,307 | $ 5,379 | $ 6,155 | ||||||||
Total other comprehensive income | $ 1,307 | $ 5,379 | $ 6,155 |
Background and Basis of Prese_5
Background and Basis of Presentation -Schedule of Impact of Change in Accounting Principle on Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 |
Stockholders' deficit: | ||||
Accumulated other comprehensive loss | $ (746,448) | $ (516,011) | ||
Accumulated deficit | (803,481) | (765,745) | ||
Total stockholders' deficit | (781,264) | (573,313) | $ 450,534 | $ 846,473 |
Previously Reported [Member] | ||||
Stockholders' deficit: | ||||
Accumulated other comprehensive loss | (719,428) | (487,684) | ||
Accumulated deficit | (830,501) | (794,072) | ||
Total stockholders' deficit | (781,264) | (573,313) | ||
Impact of Change [Member] | ||||
Stockholders' deficit: | ||||
Accumulated other comprehensive loss | (27,020) | (28,327) | ||
Accumulated deficit | $ 27,020 | $ 28,327 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Summary of Trade and Other Receivables Net (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Accounting Policies [Abstract] | ||
Total trade receivables | $ 314,007 | $ 336,888 |
Other receivables | 49,773 | 40,348 |
Total trade and other receivables | 363,780 | 377,236 |
Trade and other receivables, allowance for doubtful accounts (in dollars) | (4,293) | (3,646) |
Total trade and other receivables, net | $ 359,487 | $ 373,590 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Change In Accounting Estimate [Line Items] | |||
Impairment of goodwill | $ 66,121,000 | $ 535,227,000 | |
Acquired contract liabilities, net | 92,962,000 | $ 184,612,000 | |
Future amortization income, year one | 44,958,000 | ||
Future amortization income, year two | 17,568,000 | ||
Future amortization income, year three | 7,302,000 | ||
Future amortization income, year four | 3,512,000 | ||
Future amortization income, year five | 1,690,000 | ||
Future amortization income, thereafter | 17,932,000 | ||
Income taxes paid, net of refunds received | 4,005,000 | (4,701,000) | 11,190,000 |
ASU 2017-07 [Member] | |||
Change In Accounting Estimate [Line Items] | |||
New accounting pronouncement or change in accounting principle, effect of change on operating results | (87,241,000) | ||
Revenue Benchmark [Member] | |||
Change In Accounting Estimate [Line Items] | |||
Change in Accounting Estimate | 12,011,000 | 7,944,000 | |
Operating Income (Loss) [Member] | |||
Change In Accounting Estimate [Line Items] | |||
Change in Accounting Estimate | (22,844,000) | (68,694,000) | 19,677,000 |
Change in accounting estimate included gross favorable adjustment | 43,405,000 | 46,074,000 | 85,844,000 |
Change in accounting estimate included gross unfavorable adjustment | 66,249,000 | 114,768,000 | 66,167,000 |
Income (Loss), Net [Member] | |||
Change In Accounting Estimate [Line Items] | |||
Change in Accounting Estimate | (22,844,000) | (68,694,000) | 13,479,000 |
Earnings (Loss) Per Share [Member] | |||
Change In Accounting Estimate [Line Items] | |||
Change in Accounting Estimate | $ (0.45) | $ (1.38) | $ 0.27 |
Minimum [Member] | |||
Change In Accounting Estimate [Line Items] | |||
Finite-lived intangible asset, useful life | 7 years | ||
Standard trade receivable, payment terms | 30 days | ||
Maximum [Member] | |||
Change In Accounting Estimate [Line Items] | |||
Finite-lived intangible asset, useful life | 30 years | ||
Standard trade receivable, payment terms | 120 days |
Divested Operations and Asset_2
Divested Operations and Assets Held For Sale - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Mar. 31, 2019 | Feb. 28, 2019 | Mar. 31, 2018 | Sep. 30, 2017 | Aug. 31, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Discontinued operations and assets held for sale | |||||||||||
Proceeds from divestiture of businesses | $ 58,000 | ||||||||||
Guarantor obligations, current carrying value | 7,000 | ||||||||||
Gain (loss) on disposition of property plant equipment | (64,000) | ||||||||||
Defined benefit plan, plan assets, amount | $ 1,598,045 | $ 55,000 | $ 1,796,111 | $ 1,598,045 | $ 1,796,111 | ||||||
Defined benefit plan, net periodic benefit cost (credit), gain (loss) due to settlement and curtailment | $ (28,000) | ||||||||||
Gain (loss) on disposition of assets | $ 10,000 | (56,916) | $ (235,301) | $ (30,741) | |||||||
Business combination, contingent consideration, asset, current | $ 1,400 | $ 1,400 | |||||||||
Machining [Member] | |||||||||||
Discontinued operations and assets held for sale | |||||||||||
Proceeds from divestiture of businesses | 43,000 | ||||||||||
Noncash or part noncash divestiture, amount of consideration received | 10,000 | ||||||||||
Gain (loss) on disposition of business | (116,000) | $ (3,000) | |||||||||
Fabrications [Member] | |||||||||||
Discontinued operations and assets held for sale | |||||||||||
Proceeds from divestiture of businesses | 133,000 | ||||||||||
Gain (loss) on disposition of business | 54,000 | ||||||||||
NAAS [Member] | |||||||||||
Discontinued operations and assets held for sale | |||||||||||
Proceeds from divestiture of businesses | $ 18,000 | ||||||||||
Global 7500 [Member] | |||||||||||
Discontinued operations and assets held for sale | |||||||||||
Gain (loss) on disposition of business | $ (169,000) | ||||||||||
TS-LA/TPI [Member] | |||||||||||
Discontinued operations and assets held for sale | |||||||||||
Proceeds from divestiture of businesses | $ 43,000 | ||||||||||
Noncash or part noncash divestiture, amount of consideration received | 7,000 | ||||||||||
Gain (loss) on disposition of business | $ (17,000) | ||||||||||
Triumph Structures - Long Island [Member] | |||||||||||
Discontinued operations and assets held for sale | |||||||||||
Proceeds from divestiture of businesses | 9,500 | ||||||||||
Gain (loss) on disposition of business | $ (10,370) | ||||||||||
Triumph Processing - Embee Division [Member] | |||||||||||
Discontinued operations and assets held for sale | |||||||||||
Proceeds from divestiture of businesses | $ 64,986 | ||||||||||
Gain (loss) on disposition of business | $ (17,857) |
Revenue Recognition and Contr_3
Revenue Recognition and Contracts with Customers - Schedule of Disaggregated Net Sales Satisfied Overtime and at a Point in Time (Excluding Intercompany Sales) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | |||||||||||
Amortization of acquired contract liabilities | $ 75,286 | $ 67,314 | $ 125,148 | ||||||||
Revenues | $ 693,110 | $ 704,666 | $ 772,110 | $ 730,231 | $ 869,027 | $ 807,895 | $ 855,108 | $ 832,900 | 2,900,117 | 3,364,930 | $ 3,198,951 |
Systems & Support [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 1,316,275 | 1,275,353 | |||||||||
Amortization of acquired contract liabilities | 34,486 | 34,121 | |||||||||
Revenues excluding intercompany sales | 1,350,761 | 1,309,474 | |||||||||
Revenues | 352,066 | 338,924 | 352,969 | 313,605 | 362,198 | 323,619 | 332,562 | 306,632 | |||
Systems & Support [Member] | Transferred over Time [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 578,117 | 548,562 | |||||||||
Systems & Support [Member] | Transferred at Point in Time [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 738,158 | 726,791 | |||||||||
Aerospace Structures [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 1,508,556 | 2,022,263 | |||||||||
Amortization of acquired contract liabilities | 40,800 | 33,193 | |||||||||
Revenues excluding intercompany sales | 1,549,356 | 2,055,456 | |||||||||
Revenues | $ 345,158 | $ 368,972 | $ 422,579 | $ 419,178 | $ 511,314 | $ 490,337 | $ 528,366 | $ 532,387 | |||
Aerospace Structures [Member] | Transferred over Time [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 1,378,866 | 1,832,422 | |||||||||
Aerospace Structures [Member] | Transferred at Point in Time [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | $ 129,690 | $ 189,841 |
Revenue Recognition and Contr_4
Revenue Recognition and Contracts with Customers - Schedule of Disaggregated Net Sales by End Market (Excluding Intercompany Sales) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | |||||||||||
Amortization of acquired contract liabilities | $ 75,286 | $ 67,314 | $ 125,148 | ||||||||
Revenues | $ 693,110 | $ 704,666 | $ 772,110 | $ 730,231 | $ 869,027 | $ 807,895 | $ 855,108 | $ 832,900 | 2,900,117 | 3,364,930 | $ 3,198,951 |
Systems & Support [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 1,316,275 | 1,275,353 | |||||||||
Amortization of acquired contract liabilities | 34,486 | 34,121 | |||||||||
Revenues excluding intercompany sales | 1,350,761 | 1,309,474 | |||||||||
Revenues | 352,066 | 338,924 | 352,969 | 313,605 | 362,198 | 323,619 | 332,562 | 306,632 | |||
Systems & Support [Member] | Commercial Aerospace [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 737,885 | 730,562 | |||||||||
Systems & Support [Member] | Military [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 436,166 | 409,027 | |||||||||
Systems & Support [Member] | Business Jets [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 61,338 | 63,649 | |||||||||
Systems & Support [Member] | Regional [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 43,761 | 45,397 | |||||||||
Systems & Support [Member] | Nonaviation [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 37,125 | 26,718 | |||||||||
Aerospace Structures [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 1,508,556 | 2,022,263 | |||||||||
Amortization of acquired contract liabilities | 40,800 | 33,193 | |||||||||
Revenues excluding intercompany sales | 1,549,356 | 2,055,456 | |||||||||
Revenues | $ 345,158 | $ 368,972 | $ 422,579 | $ 419,178 | $ 511,314 | $ 490,337 | $ 528,366 | $ 532,387 | |||
Aerospace Structures [Member] | Commercial Aerospace [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 879,690 | 1,020,649 | |||||||||
Aerospace Structures [Member] | Military [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 116,846 | 237,501 | |||||||||
Aerospace Structures [Member] | Business Jets [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 422,681 | 699,747 | |||||||||
Aerospace Structures [Member] | Regional [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 89,318 | 36,038 | |||||||||
Aerospace Structures [Member] | Nonaviation [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | $ 21 | $ 28,328 |
Revenue Recognition and Contr_5
Revenue Recognition and Contracts with Customers - Summary of Contract Assets and Liabilities Balances (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | ||
Contract assets | $ 267,079 | $ 326,667 |
Contract liabilities | (386,585) | (450,051) |
Net contract liability | (119,506) | $ (123,384) |
Change in contract assets | (59,588) | |
Change in contract liabilities | 63,466 | |
Change in net contract liability | $ 3,878 |
Revenue Recognition and Contr_6
Revenue Recognition and Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Contract With Customer Asset And Liability [Line Items] | ||
Contract with Customer, Asset, Explanation of Change | $ 76,667 | |
Contract with Customer, Liability, Explanation of Change | 12,641 | |
Contract with Customer, Liability, Revenue Recognized | 89,012 | |
Contract with Customer, Asset, Net, Noncurrent | 22,662 | $ 34,185 |
Contract with Customer, Liability, Noncurrent | 91,265 | 156,332 |
Revenue Benchmark [Member] | ||
Contract With Customer Asset And Liability [Line Items] | ||
Revenue recognized due to changes in estimates associated with performance obligations | 12,011 | $ 7,944 |
Nashville Manufacturing Operations [Member] | ||
Contract With Customer Asset And Liability [Line Items] | ||
Contract with Customer, Asset, Explanation of Change | $ 39,753 |
Revenue Recognition and Contr_7
Revenue Recognition and Contracts with Customers - Schedule of Performance Obligations that are Expected to Be Recognized in Future (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 3,875,679 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-04-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 1,956,289 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 1,104,754 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 441,808 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-04-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 372,828 |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-04-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 3 years |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 5 years |
Minimum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Minimum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 4 years |
Minimum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-04-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 5 years |
Revenue Recognition and Contr_8
Revenue Recognition and Contracts with Customers - Schedule of Performance Obligations that are Expected to Be Recognized in Future (Details 1) $ in Thousands | Mar. 31, 2020USD ($) |
Revenue From Contract With Customer [Abstract] | |
Unsatisfied performance obligations | $ 3,875,679 |
Inventories - Schedule of Compo
Inventories - Schedule of Components of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 32,552 | $ 35,883 |
Work-in-process | 312,953 | 277,996 |
Finished goods | 50,011 | 42,399 |
Rotable assets | 57,460 | 57,282 |
Total inventories | $ 452,976 | $ 413,560 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Property Plant And Equipment [Line Items] | |||
Depreciation | $ 89,857 | $ 97,323 | $ 101,873 |
Buildings and Improvements [Member] | Minimum [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, useful life | 15 years | ||
Buildings and Improvements [Member] | Maximum [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, useful life | 39 years 6 months | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, useful life | 7 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, useful life | 15 years | ||
Furniture, Fixtures and Computer Equipment [Member] | Minimum [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, useful life | 3 years | ||
Furniture, Fixtures and Computer Equipment [Member] | Maximum [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, useful life | 10 years |
Property and Equipment - Schedu
Property and Equipment - Schedule of Net Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 42,438 | $ 52,333 |
Construction-in-process | 19,231 | 25,310 |
Buildings and improvements | 285,407 | 320,289 |
Machinery and equipment | 701,018 | 814,040 |
Property and equipment, gross | 1,048,094 | 1,211,972 |
Less: accumulated depreciation | 629,953 | 668,262 |
Property and equipment, net | $ 418,141 | $ 543,710 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Summary of the Changes in the Carrying Value of Goodwill By Reportable Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Goodwill [Line Items] | |||
March 31, 2019 | $ 583,225 | ||
Impairment of goodwill | (66,121) | $ (535,227) | |
March 31, 2020 | 513,527 | $ 583,225 | |
Systems & Support [Member] | |||
Goodwill [Line Items] | |||
March 31, 2019 | 583,225 | 592,828 | |
Goodwill associated with dispositions | (2,788) | ||
Effect of exchange rate changes | (3,577) | (6,815) | |
Impairment of goodwill | (66,121) | ||
March 31, 2020 | $ 513,527 | $ 583,225 | $ 592,828 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Goodwill [Line Items] | |||
Amortization of Intangible Assets | $ 48,311 | $ 52,581 | $ 56,495 |
Future amortization expense, 2021 | 48,139 | ||
Future amortization expense, 2022 | 47,898 | ||
Future amortization expense, 2023 | 47,898 | ||
Future amortization expense, 2024 | 47,898 | ||
Future amortization expense, 2025 | 47,898 | ||
Future amortization expense, Thereafter | 142,237 | ||
Aerospace Structures [Member] | |||
Goodwill [Line Items] | |||
Goodwill impaired accumulated impairment loss | 1,166,773 | 1,246,454 | |
Systems & Support [Member] | |||
Goodwill [Line Items] | |||
Goodwill impaired accumulated impairment loss | 66,121 | 0 | |
Gross goodwill | $ 579,649 | $ 583,225 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Schedule of Components of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 757,463 | $ 758,599 |
Accumulated Amortization | (375,495) | (327,645) |
Net | $ 381,968 | $ 430,954 |
Customer Relationships [Member] | ||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ||
Weighted- Average Life | 17 years 8 months 12 days | 17 years 8 months 12 days |
Gross Carrying Amount | $ 550,131 | $ 551,093 |
Accumulated Amortization | (276,980) | (245,626) |
Net | $ 273,151 | $ 305,467 |
Licensing Agreements [Member] | ||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ||
Weighted- Average Life | 11 years 4 months 24 days | 11 years 4 months 24 days |
Gross Carrying Amount | $ 54,676 | $ 54,850 |
Accumulated Amortization | (46,180) | (43,978) |
Net | $ 8,496 | $ 10,872 |
Non-Compete Agreements and Other [Member] | ||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ||
Weighted- Average Life | 16 years 8 months 12 days | 16 years 8 months 12 days |
Gross Carrying Amount | $ 2,656 | $ 2,656 |
Accumulated Amortization | (1,208) | (1,041) |
Net | $ 1,448 | $ 1,615 |
Tradenames [Member] | ||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ||
Weighted- Average Life | 10 years | 10 years |
Gross Carrying Amount | $ 150,000 | $ 150,000 |
Accumulated Amortization | (51,127) | (37,000) |
Net | $ 98,873 | $ 113,000 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Accrued Liabilities [Abstract] | ||
Accrued pension | $ 753 | $ 742 |
Accrued other postretirement benefits | 4,775 | 10,758 |
Accrued compensation and benefits | 84,404 | 102,009 |
Accrued interest | 13,252 | 12,374 |
Accrued warranties | 30,079 | 18,977 |
Accrued workers' compensation | 16,583 | 17,635 |
Accrued income tax | 3,796 | 5,974 |
Operating lease liabilities | 13,139 | |
All other | 60,622 | 71,103 |
Total accrued expenses | $ 227,403 | $ 239,572 |
Leases - Schedule of Components
Leases - Schedule of Components Lease Expense (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2020USD ($) | |
Lessee Lease Description [Line Items] | |
Total lease cost | $ 40,545 |
Cost of sales or Selling, general and administrative expense [Member] | |
Lessee Lease Description [Line Items] | |
Operating lease cost | 24,539 |
Variable lease cost | 8,382 |
Depreciation and amortization [Member] | |
Lessee Lease Description [Line Items] | |
Amortization of right-of-use assets | 5,317 |
Interest expense and other [Member] | |
Lessee Lease Description [Line Items] | |
Interest on lease liability | $ 2,307 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2020USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities | |
Operating cash flows used in operating leases | $ 21,430 |
Operating cash flows used in finance leases | 2,327 |
Financing cash flows used in finance leases | 8,370 |
ROU assets obtained in exchange for lease liabilities | |
Operating leases | 3,826 |
Finance leases | $ 1,039 |
Leases - Schedule of Suppleme_2
Leases - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Apr. 01, 2019 | Mar. 31, 2019 |
ASSETS | |||
Operating lease, right-of-use asset | $ 61,461 | $ 76,444 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsNoncurrent | ||
Finance lease ROU assets, cost | $ 39,461 | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentNet | ||
Accumulated amortization | $ (18,650) | ||
Finance Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentNet | ||
Finance lease ROU assets, net | $ 20,811 | ||
Total lease assets | 82,272 | ||
Current liabilities: | |||
Operating | $ 13,139 | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccruedLiabilitiesCurrent | us-gaap:AccruedLiabilitiesCurrent | |
Current portion of long-term debt | $ 7,336 | $ 8,201 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:LongTermDebtAndCapitalLeaseObligationsCurrent | ||
Noncurrent | |||
Operating | $ 54,687 | ||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | us-gaap:OtherLiabilitiesNoncurrent | |
Finance | $ 16,597 | ||
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:LongTermDebtAndCapitalLeaseObligations | ||
Total lease liabilities | $ 91,759 |
Leases - Schedule of Informatio
Leases - Schedule of Information Related to Lease Terms and Discount Rates (Details) | Mar. 31, 2020 |
Leases [Abstract] | |
Operating leases | 7 years 2 months 12 days |
Finance leases | 6 years 10 months 24 days |
Operating leases | 6.20% |
Finance leases | 5.90% |
Leases - Schedule of Maturity o
Leases - Schedule of Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Apr. 01, 2019 |
Leases [Abstract] | ||
Operating leases, FY2021 | $ 16,843 | |
Operating leases, FY2022 | 14,523 | |
Operating leases, FY2023 | 11,072 | |
Operating leases, FY2024 | 8,311 | |
Operating leases, FY2025 | 7,042 | |
Operating leases, Thereafter | 27,192 | |
Total operating lease payments | 84,983 | |
Operating leases, Less: Imputed interest | (17,157) | |
Operating lease, liability | 67,826 | $ 84,663 |
Finance leases, FY2021 | 8,545 | |
Finance leases, FY2022 | 5,571 | |
Finance leases, FY2023 | 2,707 | |
Finance leases, FY2024 | 2,138 | |
Finance leases, FY2025 | 1,308 | |
Finance leases, Thereafter | 9,954 | |
Total finance lease payments | 30,223 | |
Finance leases, Less: Imputed interest | (6,290) | |
Total finance lease liabilities | 23,933 | |
Total lease payment, FY2021 | 25,388 | |
Total lease payment, FY2022 | 20,094 | |
Total lease payment, FY2023 | 13,779 | |
Total lease payment, FY2024 | 10,449 | |
Total lease payment, FY2025 | 8,350 | |
Total lease payments, Thereafter | 37,146 | |
Total lease payments | 115,206 | |
Total lease payment, Less: Imputed interest | (23,447) | |
Total lease liabilities | $ 91,759 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
Operating leases, future minimum payments due, current | $ 21,543 |
Operating leases, future minimum payments, due in two years | 18,516 |
Operating leases, future minimum payments, due in three years | 14,394 |
Operating leases, future minimum payments, due in four years | 11,037 |
Operating leases, future minimum payments, due in five years | 8,409 |
Operating leases, future minimum payments, due thereafter | $ 34,828 |
Long-term Debt - Schedule of Lo
Long-term Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,807,507 | $ 1,488,821 |
Less: debt issuance costs | (16,426) | (13,171) |
Current portion of long-term debt | 7,336 | 8,201 |
Long-term debt, less current portion | 1,800,171 | 1,480,620 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 400,000 | 215,000 |
Receivable Securitization Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 75,000 | 80,700 |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 23,933 | 31,292 |
Senior Notes Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 525,000 | |
Senior Notes Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 375,000 | |
Senior Notes Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 300,000 | 300,000 |
Senior Notes Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 500,000 | $ 500,000 |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Details) - USD ($) | May 26, 2020 | May 22, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 15, 2024 | May 03, 2021 | Dec. 31, 2019 | Oct. 23, 2019 | Sep. 23, 2019 |
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 1,807,507,000 | $ 1,488,821,000 | ||||||||
Payments of financing costs | 17,718,000 | 1,982,000 | $ 17,729,000 | |||||||
Limitation on cash holding, amount | $ 50,000,000 | |||||||||
Percentage of reserve against proceeds of specified assets sales | 75.00% | |||||||||
Interest paid, including capitalized interest, operating and investing activities | 99,438,000 | 99,981,000 | $ 86,345,000 | |||||||
Long-term debt, maturities, repayments of principal in next twelve months | 7,336,000 | |||||||||
Long-term debt, maturities, repayments of principal in year two | 4,659,000 | |||||||||
Long-term debt, maturities, repayments of principal in year three | 376,952,000 | |||||||||
Long-term debt, maturities, repayments of principal in year four | 401,486,000 | |||||||||
Long-term debt, maturities, repayments of principal in year five | 525,730,000 | |||||||||
Long-term debt, maturities, repayments of principal after year five | 507,770,000 | |||||||||
Senior Notes Due 2024 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | 525,000,000 | |||||||||
Payments of financing costs | $ 9,300,000 | |||||||||
Debt instrument, redemption price, percentage | 100.00% | |||||||||
Debt instrument, interest rate, effective percentage | 6.25% | |||||||||
Debt instrument, interest rate, stated percentage | 6.25% | |||||||||
Debt instrument, interest payment terms | Interest is payable semiannually in cash in arrears on March 15 and September 15 of each year, commencing on March 15, 2020. | |||||||||
Debt instrument, redemption, description | 40.00% | |||||||||
Debt instrument, redemption price, percentage - equity offering | 106.25% | |||||||||
Debt instrument, redemption price, percentage - change of control | 101.00% | |||||||||
Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 400,000,000 | 215,000,000 | ||||||||
Line of credit facility, maximum borrowing capacity | 600,000,000 | $ 406,500,000 | $ 700,000,000 | |||||||
Line of credit facility, maximum borrowing capacity reduction | 600,000,000 | |||||||||
Proceeds from sale of specified assets | 100,000,000 | |||||||||
Repayments of lines of credit | $ 50,000,000 | |||||||||
Proceeds from sale of productive assets | 100.00% | |||||||||
Payments of financing costs | $ 6,944,000 | |||||||||
Deferred finance costs, noncurrent, net | $ 6,222,000 | |||||||||
Line of credit facility, current borrowing capacity | $ 600,000,000 | |||||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.50% | |||||||||
Repayment of borrowings | $ 200,000,000 | |||||||||
Letters of credit outstanding, amount | $ 22,338,000 | 30,773,000 | ||||||||
Borrowing capacity under revolving credit facility after reductions for borrowings and letters of credit outstanding | $ 70,271,000 | |||||||||
Revolving Credit Facility [Member] | LIBOR [Member] | Minimum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 1.50% | |||||||||
Revolving Credit Facility [Member] | LIBOR [Member] | Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 3.50% | |||||||||
Revolving Credit Facility [Member] | Forecast [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, commitment fee amount | $ 200,000,000 | |||||||||
Receivable Securitization Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 75,000,000 | 80,700,000 | ||||||||
Line of credit facility, maximum borrowing capacity | $ 75,000,000 | 125,000,000 | $ 75,000,000 | |||||||
Line of credit facility, amount outstanding commitment fee, percentage | 0.13% | |||||||||
Line of credit facility, commitment fee percentage | 0.50% | |||||||||
Line of credit, commitment fee on maximum amount available, percentage | 100.00% | |||||||||
Senior Notes Due 2021 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | 375,000,000 | |||||||||
Debt instrument, interest rate, stated percentage | 4.875% | |||||||||
Debt instrument principal amount | $ 375,000,000 | |||||||||
Senior Notes Due 2022 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 300,000,000 | 300,000,000 | ||||||||
Payments of financing costs | $ 4,990,000 | |||||||||
Debt instrument, interest rate, effective percentage | 5.25% | |||||||||
Debt instrument, interest rate, stated percentage | 5.25% | |||||||||
Debt instrument, interest payment terms | Interest is payable semiannually in cash in arrears on June 1 and December 1 of each year, commencing on December 1, 2014. | |||||||||
Proceeds from loan, percentage of principal (as a percent) | 100.00% | |||||||||
Percentage of principal amount that the holder of the note may require the entity to repurchase due to a fundamental change undergone by the entity, subject to certain conditions (as a percent) | 101.00% | |||||||||
Asset sales redemption price, percentage of principal (as a percent) | 100.00% | |||||||||
Senior Notes Due 2025 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 500,000,000 | $ 500,000,000 | ||||||||
Payments of financing costs | $ 8,779,000 | |||||||||
Debt instrument, interest rate, stated percentage | 7.75% | |||||||||
Debt instrument, interest payment terms | Interest is payable semiannually in cash in arrears on February 15 and August 15 of each year, commencing on February 15, 2018. | |||||||||
Proceeds from loan, percentage of principal (as a percent) | 100.00% | |||||||||
Percentage of principal amount that the holder of the note may require the entity to repurchase due to a fundamental change undergone by the entity, subject to certain conditions (as a percent) | 101.00% | |||||||||
Asset sales redemption price, percentage of principal (as a percent) | 100.00% | |||||||||
The maximum percentage of the principal amounts of the debt instrument which the entity may redeem (as a percent) | 35.00% | |||||||||
The limit of the principal amount of the debt instrument which the entity may redeem (as a percent) | 107.75% |
Long-term Debt - Schedule of Ca
Long-term Debt - Schedule of Carrying Amounts and Estimated Fair Values of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,807,507 | $ 1,488,821 |
Reported Value Measurement [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,807,507 | 1,488,821 |
Estimate of Fair Value Measurement [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,559,455 | $ 1,568,037 |
Other Noncurrent Liabilities -
Other Noncurrent Liabilities - Schedule of Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Other Liabilities, Noncurrent [Abstract] | ||
Acquired contract liabilities, net | $ 92,962 | $ 184,612 |
Accrued warranties | 31,036 | 39,418 |
Accrued workers' compensation | 13,603 | 13,501 |
Noncurrent contract liabilities | 91,265 | 156,332 |
Operating lease liabilities | 54,687 | |
Environmental contingencies | 18,060 | 16,040 |
Income tax reserves | 594 | 551 |
All other | 3,962 | 14,095 |
Total other noncurrent liabilities | $ 306,169 | $ 424,549 |
Income Taxes - Components of Lo
Income Taxes - Components of Loss from Continuing Operations before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Examination [Line Items] | |||
(Loss) income from continuing operations, before income taxes | $ (23,635) | $ (332,572) | $ (468,003) |
Foreign [Member] | |||
Income Tax Examination [Line Items] | |||
(Loss) income from continuing operations, before income taxes | 33,399 | (18,336) | (57,673) |
Domestic [Member] | |||
Income Tax Examination [Line Items] | |||
(Loss) income from continuing operations, before income taxes | $ (57,034) | $ (314,236) | $ (410,330) |
Income Taxes - Components of In
Income Taxes - Components of Income Tax (Benefit) Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Current Federal tax expense (benefit) | $ (654) | $ (1,253) | $ 1,130 |
Current State tax expense (benefit) | 27 | 431 | 88 |
Current Foreign tax expense (benefit) | 3,602 | 3,335 | 5,433 |
Current income tax expense (benefit) | 2,975 | 2,513 | 6,651 |
Deferred Federal income tax expense (benefit) | 2,748 | (9,076) | (44,262) |
Deferred State income tax expense (benefit) | 73 | 1,593 | (14,672) |
Deferred Foreign income tax expense (benefit) | 2 | (456) | 15,826 |
Deferred income tax expense (benefit) | 2,823 | (7,939) | (43,108) |
Income tax (benefit) expense | $ 5,798 | $ (5,426) | $ (36,457) |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Statutory Federal Income Tax Rate to Effective Tax Rate (Details) | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 21.00% | 21.00% | 31.50% |
State and local income taxes, net of federal tax benefit | (12.10%) | 4.60% | 3.20% |
Goodwill impairment | (37.40%) | (29.60%) | |
Disposition of business | 3.20% | (0.30%) | |
Miscellaneous permanent items and nondeductible accruals | 3.90% | (1.20%) | (0.20%) |
Research and development tax credit | 30.40% | 3.30% | 3.20% |
Foreign tax credits | (24.10%) | (0.70%) | 1.20% |
Valuation allowance | 29.30% | (28.60%) | (3.50%) |
Tax reform and CARES | (12.30%) | 0.40% | 5.10% |
Global Intangible Low-Taxed Income | (20.40%) | (1.30%) | |
Other (including foreign rate differential and FIN 48) | (2.80%) | 0.90% | (2.80%) |
Effective income tax rate | (24.50%) | 1.60% | 7.80% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Net operating loss and other credit carryforwards | $ 318,341 | $ 309,961 |
Inventory | 17,521 | 17,849 |
Accruals and reserves | 40,492 | 41,091 |
Interest carryforward | 38,383 | 24,457 |
Pension and other postretirement benefits | 152,048 | 126,337 |
Lease right-of-use assets | 11,495 | |
Prepaid expenses and other | 241 | |
Acquired contract liabilities, net | 21,771 | 45,479 |
Deferred tax assets, gross | 600,292 | 565,174 |
Valuation allowance | (438,667) | (399,013) |
Net deferred tax assets | 161,625 | 166,161 |
Deferred revenue | 38,458 | 27,159 |
Property and equipment | 34,939 | 46,538 |
Goodwill and other intangible assets | 80,740 | 93,272 |
Lease liabilities | 14,928 | |
Prepaid expenses and other | 6,156 | |
Deferred tax liabilities | 169,065 | 173,125 |
Net deferred tax liabilities | $ 7,440 | $ 6,964 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Contingency [Line Items] | |||
Valuation allowance, deferred tax asset, increase (decrease), amount | $ 39,654,000 | ||
Effective income tax rate (as a percent) | (24.50%) | 1.60% | 7.80% |
Effective income tax rate reconciliation, foreign tax rate differences, amount | $ 5,375,000 | ||
Change in valuation allowance, deferred tax asset | 3,474,000 | ||
Income tax holiday, aggregate dollar amount | $ 1,932,000 | $ 2,160,000 | $ 1,530,000 |
Income tax holiday, income tax benefits per share | $ 0.04 | $ 0.04 | $ 0.03 |
Deferred tax liability not recognized, amount of unrecognized deferred tax liability | $ 150,780,000 | ||
Increase in income tax expense | 2,747,000 | ||
Unrecognized tax benefits | 18,965,000 | $ 19,152,000 | |
Significant change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit | 0 | ||
R&D Tax Credit [Member] | |||
Income Tax Contingency [Line Items] | |||
Effective income tax Rate reconciliation, Tax credit, amount | 6,778,000 | ||
U.S Federal [Member] | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | 658,146,000 | ||
Foreign [Member] | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | 1,369,092,000 | ||
State [Member] | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | $ 127,088,000 |
Income Taxes - Schedule of Re_2
Income Taxes - Schedule of Reconciliation of Liability for Uncertain Tax Positions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 19,373 | $ 11,759 | $ 10,696 |
Adjustments for tax positions related to the current year | 1,057 | 7,364 | 1,032 |
Adjustments for tax positions of prior years | (1,303) | 250 | 31 |
Ending balance | $ 19,127 | $ 19,373 | $ 11,759 |
Stockholders' Deficit - Additio
Stockholders' Deficit - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2014 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Common Stock, Voting Rights | one | ||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 5,000,000 | 500,800 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 2,277,789 | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | ||
Preferred Stock, Shares Authorized | 250,000 | ||
Preferred Stock, Shares Outstanding | 0 | 0 | |
Common Stock [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Threshold stock percentage for rights become exercisable and entitle to purchase additional shares | 5.00% |
Stockholders' Deficit - Schedul
Stockholders' Deficit - Schedule of Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Balance | $ (573,313) | $ 450,534 | $ 846,473 |
Total other comprehensive (loss) income | (230,437) | (114,435) | 34,463 |
Balance | (781,264) | (573,313) | 450,534 |
Accumulated Translation Adjustment [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), before Tax | (48,606) | (58,683) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (13,439) | (15,770) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 25,847 | ||
Total other comprehensive (loss) income | (13,439) | 10,077 | |
Accumulated Other Comprehensive Income (Loss), before Tax | (62,045) | (48,606) | (58,683) |
Accumulated Gain (Loss) Net Cash Flow Hedges [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Balance | (1,130) | 122 | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (1,611) | 30 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (1,562) | (1,282) | |
Total other comprehensive (loss) income | (3,173) | (1,252) | |
Balance | (4,303) | (1,130) | 122 |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Balance | (466,275) | (343,015) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (208,835) | (121,300) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (4,990) | (1,960) | |
Total other comprehensive (loss) income | (213,825) | (123,260) | |
Balance | (680,100) | (466,275) | (343,015) |
Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Balance | (516,011) | (401,576) | (396,178) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (223,885) | (137,040) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (6,552) | 22,605 | |
Total other comprehensive (loss) income | (230,437) | (114,435) | |
Balance | $ (746,448) | $ (516,011) | $ (401,576) |
Loss per Share - Summary of Rec
Loss per Share - Summary of Reconciliation between Weighted-average Common Shares Outstanding used in Calculation of Basis and Diluted Loss Per Share (Details) - shares | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Weighted average common shares outstanding—basic | 50,494 | 49,698 | 49,442 |
Net effect of dilutive stock options and non-vested stock | 0 | 0 | 0 |
Weighted average common shares outstanding—diluted | 50,494 | 49,698 | 49,442 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Mar. 31, 2020 | Feb. 28, 2019 | Nov. 30, 2017 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined contribution plan, employer matching contribution, percent of match | 6.00% | ||||||
Defined contribution plan, description | The Company generally matches contributions up to 75% of the first 6% of compensation contributed by the participant. | ||||||
Defined benefit plan, plan assets, contributions by employer | $ 14,763,000 | $ 13,685,000 | $ 13,616,000 | ||||
Increase (Decrease) in Obligation, Other Postretirement Benefits | $ 99,000,000 | ||||||
Percentage of defined benefit plan pension plan with projected benefit obligation in excess of plan assets plan assets | 10.00% | ||||||
Defined benefit plan, net periodic benefit cost (credit), gain (loss) due to settlement and curtailment | $ (28,000,000) | ||||||
Recognition of a charge for special termination benefits | $ 4,032,000 | ||||||
Defined benefit plan, benefit obligation, increase (decrease) for plan amendment | 11,146,000 | ||||||
Defined benefit plan, accumulated benefit obligation, (increase) decrease for settlement and curtailment | $ 17,652,000 | ||||||
Defined benefit plan, assumption, number of basis point sensitivity, discount rate | 25.00% | 25.00% | |||||
Plan assets are expected to be returned | $ 0 | $ 0 | |||||
Other postretirement [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, plan assets, contributions by employer | 8,319,000 | 11,399,000 | |||||
Defined benefit plan, benefit obligation, increase (decrease) for plan amendment | 99,080,000 | ||||||
Defined benefit plan, net periodic benefit cost (credit), gain (loss) due to curtailment | $ 15,099,000 | (49,491,000) | (26,274,000) | ||||
Defined benefit plan, estimated future employer contributions in next fiscal year | 4,824,000 | 4,824,000 | |||||
Pension Plan [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, plan assets, contributions by employer | 51,372,000 | 4,580,000 | |||||
Transfer of pension assets and liabilities to buyer | 55,354,000 | ||||||
Settlement charge | 29,313,000 | 523,000 | |||||
Curtailment charge | 22,732,000 | ||||||
Defined benefit plan, benefit obligation, increase (decrease) for plan amendment | (4,898,000) | $ (1,138,000) | |||||
Defined benefit plan, net periodic benefit cost (credit), gain (loss) due to curtailment | 23,690,000 | $ 29,000 | |||||
Nashville Manufacturing Operations [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Transfer of pension assets and liabilities to buyer | 55,354,000 | ||||||
Settlement charge | 28,452,000 | ||||||
Curtailment charge | $ 214,000 | ||||||
TAS - Grand Prairie, TX [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Increase (Decrease) in Obligation, Other Postretirement Benefits | 61,766,000 | ||||||
Defined benefit plan, net periodic benefit cost (credit), gain (loss) due to settlement and curtailment | 23,476,000 | ||||||
Defined Benefit Plan, Other Cost (Credit) | 11,642,000 | ||||||
TAS - Grand Prairie, TX [Member] | Other postretirement [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, net periodic benefit cost (credit), gain (loss) due to settlement and curtailment | 41,128,000 | ||||||
TAS - Nashville, TN [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Increase (Decrease) in Obligation, Other Postretirement Benefits | 34,731,000 | ||||||
Defined benefit plan, net periodic benefit cost (credit), gain (loss) due to settlement and curtailment | 8,363,000 | ||||||
Increase (Decrease) in Obligation, Pension Benefits | $ 4,898,000 | ||||||
Maximum [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined contribution plan, employer matching contribution, percent of match | 75.00% | ||||||
Maximum [Member] | Pension Plan [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Expected long-term rate of return on plan assets | 8.00% | 8.00% | 8.00% | ||||
Maximum [Member] | Pension Plan [Member] | Forecast [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Expected long-term rate of return on plan assets | 8.00% | ||||||
Minimum [Member] | Pension Plan [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Expected long-term rate of return on plan assets | 5.00% | 5.00% | 6.50% | ||||
Minimum [Member] | Pension Plan [Member] | Forecast [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Expected long-term rate of return on plan assets | 5.00% |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Consolidated Defined Benefit Pension Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Plan amendments | $ (11,146) | ||
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation at beginning of year | $ 2,234,734 | $ 2,277,816 | |
Service cost | 2,336 | 3,292 | 4,505 |
Interest cost | 68,446 | 79,446 | 75,189 |
Actuarial loss (gain) | 138,652 | 48,931 | |
Plan amendments | 4,898 | 1,138 | |
Curtailments | 22,732 | ||
Divestitures | (55,354) | ||
Participant contributions | 204 | 196 | |
Settlements | (14,579) | ||
Special termination benefits | 11,642 | 4,032 | |
Benefits paid | (156,084) | (176,398) | |
Currency translation adjustment | (2,642) | (3,719) | |
Projected benefit obligation at end of year | 2,254,985 | 2,234,734 | 2,277,816 |
Accumulated benefit obligation at end of year | 2,252,126 | 2,229,188 | |
Other postretirement [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation at beginning of year | 109,455 | 119,164 | |
Service cost | 62 | 227 | 391 |
Interest cost | 1,559 | 4,039 | 4,393 |
Actuarial loss (gain) | 3,472 | (2,576) | |
Plan amendments | (99,080) | ||
Participant contributions | 252 | 833 | |
Benefits paid | (8,570) | (12,232) | |
Projected benefit obligation at end of year | 7,150 | 109,455 | $ 119,164 |
Accumulated benefit obligation at end of year | $ 7,150 | $ 109,455 | |
Assumptions used to determine benefit obligations at end of year | |||
Discount rate | 3.00% | 3.77% | |
Minimum [Member] | Pension Plan [Member] | |||
Assumptions used to determine benefit obligations at end of year | |||
Discount rate | 2.47% | 2.54% | |
Rate of compensation increase | 3.50% | 3.50% | 3.50% |
Maximum [Member] | Pension Plan [Member] | |||
Assumptions used to determine benefit obligations at end of year | |||
Discount rate | 3.32% | 3.88% | |
Rate of compensation increase | 4.50% | 4.50% | 4.50% |
Employee Benefit Plans - Sche_2
Employee Benefit Plans - Schedule of Change in Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Change in fair value of plan assets | |||
Fair value of plan assets at beginning of year | $ 1,796,111 | ||
Company contributions | 14,763 | $ 13,685 | $ 13,616 |
Fair value of plan assets at end of year | 1,598,045 | 1,796,111 | |
Reconciliation of amounts recognized on the consolidated balance sheets | |||
Accrued benefit liability—noncurrent | (660,065) | (540,479) | |
Pension Plan [Member] | |||
Change in fair value of plan assets | |||
Fair value of plan assets at beginning of year | 1,796,111 | 1,903,901 | |
Actual return on plan assets | (20,869) | 67,753 | |
Settlements | (14,579) | ||
Participant contributions | 204 | 196 | |
Divestitures | (55,354) | ||
Company contributions | 51,372 | 4,580 | |
Benefits paid | (156,084) | (176,398) | |
Currency translation adjustment | (2,756) | (3,921) | |
Fair value of plan assets at end of year | 1,598,045 | 1,796,111 | $ 1,903,901 |
Funded status (underfunded) | |||
Funded status | (656,940) | (438,623) | |
Reconciliation of amounts recognized on the consolidated balance sheets | |||
Pension asset—noncurrent | 1,503 | 3,900 | |
Accrued benefit liability—current | (753) | (742) | |
Accrued benefit liability—noncurrent | (657,690) | (441,781) | |
Net amount recognized | (656,940) | (438,623) | |
Reconciliation of amounts recognized in accumulated other comprehensive income | |||
Prior service credits | 5,595 | 780 | |
Actuarial losses (gains) | 953,913 | 710,553 | |
Income tax (benefits) expenses related to above items | (204,594) | (204,594) | |
Unamortized benefit plan costs (gains) | 754,914 | 506,739 | |
Other postretirement [Member] | |||
Change in fair value of plan assets | |||
Participant contributions | 252 | 833 | |
Company contributions | 8,319 | 11,399 | |
Benefits paid | (8,571) | (12,232) | |
Funded status (underfunded) | |||
Funded status | (7,150) | (109,455) | |
Reconciliation of amounts recognized on the consolidated balance sheets | |||
Accrued benefit liability—current | (4,775) | (10,758) | |
Accrued benefit liability—noncurrent | (2,375) | (98,697) | |
Net amount recognized | (7,150) | (109,455) | |
Reconciliation of amounts recognized in accumulated other comprehensive income | |||
Prior service credits | (59,214) | (14,497) | |
Actuarial losses (gains) | (58,151) | (67,985) | |
Income tax (benefits) expenses related to above items | 42,016 | 42,016 | |
Unamortized benefit plan costs (gains) | $ (75,349) | $ (40,466) |
Employee Benefit Plans - Sche_3
Employee Benefit Plans - Schedule of Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2017 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 2,336 | $ 3,292 | $ 4,505 | |
Interest cost | 68,446 | 79,446 | 75,189 | |
Expected return on plan assets | (141,972) | (145,361) | (150,020) | |
Amortization of prior service credit cost | (874) | (3,619) | (2,841) | |
Amortization of net loss | 28,288 | 20,151 | 17,734 | |
Curtailment loss (gain) | 23,690 | 29 | ||
Settlements | 29,313 | 523 | ||
Special termination benefits | 11,642 | 4,032 | ||
Total net periodic benefit (income) expense | $ 20,869 | $ (42,059) | $ (54,881) | |
Pension Plan [Member] | Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate | 2.54% | 2.65% | 2.87% | |
Expected long-term rate of return on plan assets | 5.00% | 5.00% | 6.50% | |
Rate of compensation increase | 3.50% | 3.50% | 3.50% | |
Pension Plan [Member] | Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate | 3.88% | 4.01% | 4.06% | |
Expected long-term rate of return on plan assets | 8.00% | 8.00% | 8.00% | |
Rate of compensation increase | 4.50% | 4.50% | 4.50% | |
Other postretirement [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 62 | $ 227 | $ 391 | |
Interest cost | 1,559 | 4,039 | 4,393 | |
Amortization of prior service credit cost | (4,872) | (4,655) | (8,537) | |
Amortization of net loss | (6,361) | (9,851) | (7,275) | |
Curtailment loss (gain) | $ 15,099 | (49,491) | (26,274) | |
Total net periodic benefit (income) expense | $ (59,103) | $ (10,240) | $ (37,302) | |
Discount rate | 3.93% | |||
Other postretirement [Member] | Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate | 2.68% | 3.62% | ||
Other postretirement [Member] | Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate | 3.77% | 3.93% |
Employee Benefit Plans - Sche_4
Employee Benefit Plans - Schedule of Amounts Expected to Recognized in Net Periodic Benefit Costs (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Prior service credit | $ 974 |
Actuarial loss | 32,899 |
Other postretirement [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Prior service credit | (5,105) |
Actuarial loss | $ (4,766) |
Employee Benefit Plans - Sche_5
Employee Benefit Plans - Schedule of Estimated Future Benefit Payments from Plan Assets (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | $ 200,097 |
2022 | 163,389 |
2023 | 159,963 |
2024 | 155,123 |
2025 | 150,985 |
2026 – 2030 | 690,383 |
Other postretirement [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 4,824 |
2022 | 813 |
2023 | 182 |
2024 | 171 |
2025 | 162 |
2026 – 2030 | $ 666 |
Employee Benefit Plans - Sche_6
Employee Benefit Plans - Schedule of Estimated Future Benefit Payments from Plan Assets (Parenthetical) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Forecast [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, expected future prescription drug subsidy receipt, next twelve months | $ 70 | $ 400 |
Employee Benefit Plans - Sche_7
Employee Benefit Plans - Schedule of Company's Target Asset Allocation and Actual Asset Allocations (Details) | Mar. 31, 2020 | Mar. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, actual allocation, percentage | 100.00% | 100.00% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, actual allocation, percentage | 42.00% | 45.00% |
Equity Securities [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, target allocation, percentage | 40.00% | |
Equity Securities [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, target allocation, percentage | 50.00% | |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, actual allocation, percentage | 50.00% | 48.00% |
Fixed Income Securities [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, target allocation, percentage | 40.00% | |
Fixed Income Securities [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, target allocation, percentage | 50.00% | |
Alternative Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, actual allocation, percentage | 6.00% | 5.00% |
Alternative Investments [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, target allocation, percentage | 0.00% | |
Alternative Investments [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, target allocation, percentage | 10.00% | |
Other Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, actual allocation, percentage | 2.00% | 2.00% |
Other Investments [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, target allocation, percentage | 0.00% | |
Other Investments [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, target allocation, percentage | 5.00% |
Employee Benefit Plans - Sche_8
Employee Benefit Plans - Schedule of Fair Value of Benefit Plan Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | $ 1,598,045 | $ 55,000 | $ 1,796,111 |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 35,110 | 31,987 | |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 35,110 | 25,798 | |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 6,189 | ||
International Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 155,389 | 161,132 | |
International Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 155,389 | 161,132 | |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 2 | 8,464 | |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 2 | 8,464 | |
Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 400,131 | 489,463 | |
Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 400,131 | 489,463 | |
Equity Funds, Foreign [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 34,014 | 39,797 | |
Equity Funds, Foreign [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 34,014 | 39,797 | |
Other Corporate Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 23,672 | 24,942 | |
Other Corporate Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 23,672 | 24,942 | |
US Government Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 93,677 | 109,306 | |
US Government Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 93,677 | 109,306 | |
Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 605,487 | 654,269 | |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 605,487 | 654,269 | |
Life Insurance Contract [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 910 | 1,021 | |
Life Insurance Contract [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 910 | 1,021 | |
Investment [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 1,348,392 | 1,520,381 | |
Investment [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 1,230,133 | 1,378,923 | |
Investment [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 117,349 | 140,437 | |
Investment [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 910 | 1,021 | |
US Equity Commingled Fund [Member] | Investment Measured at NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 8,180 | 4,690 | |
International Equity Commingled Fund [Member] | Investment Measured at NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 67,101 | 96,867 | |
US Fixed Income Commingled Fund [Member] | Investment Measured at NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 73,838 | 76,766 | |
International Fixed income Commingled Fund [Member] | Investment Measured at NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 1,380 | ||
Private Equity Funds [Member] | Investment Measured at NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 89,797 | 95,760 | |
Government Securities Commingled Fund [Member] | Investment Measured at NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 8,333 | ||
Other Investments [Member] | Investment Measured at NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 1,534 | 1,693 | |
Investment Measured At Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 250,163 | 275,776 | |
Accounts Receivable [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 3,292 | 1,238 | |
Accounts Payable [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | $ (3,802) | $ (1,284) |
Employee Benefit Plans - Sche_9
Employee Benefit Plans - Schedule of Effect of Twenty Five Basis-Point Change in Discount Rates (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($) | ||
Pension Plan [Member] | ||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan, effect of a 25 basis point increase in discount rate, obligation | $ (56,208) | [1] |
Defined benefit plan, effect of a 25 basis point increase in discount rate, net periodic benefit cost | 104 | |
Defined benefit plan, effect of a 25 basis point decrease in discount rate, obligation | 58,058 | [1] |
Defined benefit plan, effect of a 25 basis point decrease in discount rate, net periodic benefit cost | (235) | |
Other postretirement [Member] | ||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan, effect of a 25 basis point increase in discount rate, obligation | (44) | |
Defined benefit plan, effect of a 25 basis point increase in discount rate, net periodic benefit cost | (144) | |
Defined benefit plan, effect of a 25 basis point decrease in discount rate, obligation | 46 | |
Defined benefit plan, effect of a 25 basis point decrease in discount rate, net periodic benefit cost | $ 149 | |
[1] | Excludes impact to plan assets due to the LDI investment approach discussed above under “Plan Assets, Investment Policy and Strategy.” |
Stock Compensation Plans - Addi
Stock Compensation Plans - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of share-based compensation granted to employees | $ 13,249 | $ 15,911 | $ 18,122 |
Share-based compensation expense | $ 11,062 | $ 10,259 | 7,949 |
Available for issuance of common stock | 1,564,791 | 5,586,421 | |
Fair value of employee stock vested in period | $ 7,052 | $ 7,031 | $ 2,081 |
Expected future compensation expense on restricted stock net of expected forfeitures | $ 10,320 | ||
Expected to be recognized over the remaining weighted-average vesting period | 1 year 6 months | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, award vesting period | 3 years | ||
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, award vesting period | 3 years |
Stock Compensation Plans - Summ
Stock Compensation Plans - Summary of Status of Non-Vested Shares/Units of Restricted Stock and Deferred Stock Units (Details) | 12 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Share-based Payment Arrangement [Abstract] | |
Shares, Non-vested restricted awards and deferred stock units at March 31, 2019 | shares | 1,081,379 |
Shares, Granted | shares | 598,879 |
Shares, Vested | shares | (282,330) |
Shares, Forfeited | shares | (238,298) |
Shares, Non-vested restricted awards and deferred stock units at March 31, 2020 | shares | 1,159,630 |
Weighted- Average Grant Date Fair Value, Non-vested restricted awards and deferred stock units at March 31, 2019 | $ / shares | $ 26.01 |
Weighted- Average Grant Date Fair Value, Granted | $ / shares | 22.12 |
Weighted- Average Grant Date Fair Value, Vested | $ / shares | 24.98 |
Weighted- Average Grant Date Fair Value, Forfeited | $ / shares | 22.18 |
Weighted- Average Grant Date Fair Value, Non-vested restricted awards and deferred stock units at March 31, 2020 | $ / shares | $ 24.40 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2020USD ($) | |
Commitments And Contingencies [Abstract] | |
Litigation judgment gain, net of expenses | $ 9,257 |
Restructuring Costs - Additiona
Restructuring Costs - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |||
Restructuring | $ 25,340 | $ 31,098 | $ 40,069 |
Customer Concentration - Additi
Customer Concentration - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Concentration Risk [Line Items] | |||||||||||
Revenues | $ 693,110 | $ 704,666 | $ 772,110 | $ 730,231 | $ 869,027 | $ 807,895 | $ 855,108 | $ 832,900 | $ 2,900,117 | $ 3,364,930 | $ 3,198,951 |
Systems & Support [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenues | 352,066 | 338,924 | 352,969 | 313,605 | 362,198 | 323,619 | 332,562 | 306,632 | |||
Aerospace Structures [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenues | $ 345,158 | $ 368,972 | $ 422,579 | $ 419,178 | $ 511,314 | $ 490,337 | $ 528,366 | $ 532,387 | |||
Revenue from Contract with Customer [Member] | Credit Concentration Risk [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration Risk, Percentage | 10.00% | ||||||||||
Boeing [Member] | Trade Accounts Receivable [Member] | Credit Concentration Risk [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration Risk, Percentage | 21.00% | 18.00% | |||||||||
Boeing [Member] | Net sales [Member] | Credit Concentration Risk [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration Risk, Percentage | 34.00% | 31.00% | 31.00% | ||||||||
Revenues | $ 983,762 | $ 1,031,107 | $ 1,004,274 | ||||||||
Boeing [Member] | Net sales [Member] | Credit Concentration Risk [Member] | Systems & Support [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenues | 254,659 | 243,047 | 216,122 | ||||||||
Boeing [Member] | Net sales [Member] | Credit Concentration Risk [Member] | Aerospace Structures [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenues | $ 729,103 | $ 788,061 | $ 788,151 | ||||||||
Gulfstream [Member] | Trade Accounts Receivable [Member] | Credit Concentration Risk [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration Risk, Percentage | 6.00% | 11.00% | |||||||||
Gulfstream [Member] | Net sales [Member] | Credit Concentration Risk [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration Risk, Percentage | 12.00% | 11.00% | 13.00% | ||||||||
Revenues | $ 337,173 | $ 361,451 | $ 421,985 | ||||||||
Gulfstream [Member] | Net sales [Member] | Credit Concentration Risk [Member] | Systems & Support [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenues | 3,250 | 3,068 | 1,780 | ||||||||
Gulfstream [Member] | Net sales [Member] | Credit Concentration Risk [Member] | Aerospace Structures [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenues | $ 333,924 | $ 358,382 | $ 420,204 | ||||||||
Bombardier [Member] | Trade Accounts Receivable [Member] | Credit Concentration Risk [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration Risk, Percentage | 16.00% | 13.00% |
Collective Bargaining Agreeme_2
Collective Bargaining Agreements - Additional Information (Details) - Unionized Employees Concentration Risk [Member] | 12 Months Ended |
Mar. 31, 2020 | |
Workforce Subject To Collective Bargaining Arrangements [Member] | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 18.00% |
Workforce Subject To Collective Bargaining Arrangements set to Expire within One Year [Member] | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 5.00% |
Segments - Additional Informati
Segments - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2020USD ($)Segment | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | |
Segment Reporting Information [Line Items] | ||||||||||||
Number of reportable segments | Segment | 2 | |||||||||||
Loss on sale of assets and businesses | $ (10,000) | $ 56,916 | $ 235,301 | $ 30,741 | ||||||||
Revenues | $ 693,110 | $ 704,666 | $ 772,110 | $ 730,231 | $ 869,027 | $ 807,895 | $ 855,108 | $ 832,900 | 2,900,117 | 3,364,930 | 3,198,951 | |
Foreign Sales [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 724,193 | 960,299 | $ 758,936 | |||||||||
Long-Lived assets in foreign countries | $ 205,243 | $ 294,990 | 205,243 | $ 294,990 | ||||||||
Corporate [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Loss on sale of assets and businesses | $ 67,037 |
Segments - Schedule of Selected
Segments - Schedule of Selected Financial Information for Each Reportable Segment and Reconciliation of EBITDAP to Operating Income (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||||||||||||
Net sales to external customers | $ 693,110 | $ 704,666 | $ 772,110 | $ 730,231 | $ 869,027 | $ 807,895 | $ 855,108 | $ 832,900 | $ 2,900,117 | $ 3,364,930 | $ 3,198,951 | |
Segment profit and reconciliation to consolidated income before income taxes: | ||||||||||||
Adjusted EBITDAP | 305,784 | 215,418 | 229,534 | |||||||||
Reconciliation of segment profit to income (loss) before income taxes | ||||||||||||
Depreciation and amortization | (138,168) | (149,904) | (158,368) | |||||||||
Interest expense and other, net | (122,129) | (114,619) | (99,442) | |||||||||
Corporate expenses | (53,082) | (74,706) | (88,037) | |||||||||
Share-based compensation expense | (11,062) | (10,259) | (7,949) | |||||||||
Loss on sale of assets and businesses | $ 10,000 | (56,916) | (235,301) | (30,741) | ||||||||
Amortization of acquired contract liabilities | 75,286 | 67,314 | 125,148 | |||||||||
Non-service defined benefit income | 40,587 | 56,726 | 97,079 | |||||||||
Union represented employee incentives | (7,071) | |||||||||||
Legal judgment gain, net | 9,257 | |||||||||||
Impairment of goodwill | (66,121) | (535,227) | ||||||||||
Income before income taxes | (23,635) | (332,572) | (468,003) | |||||||||
Total capital expenditures | 39,834 | 47,099 | 42,050 | |||||||||
Total assets | 2,980,333 | 2,854,574 | 2,980,333 | 2,854,574 | ||||||||
Systems & Support [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales to external customers | 352,066 | 338,924 | 352,969 | 313,605 | 362,198 | 323,619 | 332,562 | 306,632 | ||||
Intersegment sales (eliminated in consolidation) | 6,803 | 15,537 | 13,868 | |||||||||
Reconciliation of segment profit to income (loss) before income taxes | ||||||||||||
Amortization of acquired contract liabilities | 34,486 | 34,121 | ||||||||||
Impairment of goodwill | (66,121) | |||||||||||
Aerospace Structures [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales to external customers | 345,158 | $ 368,972 | $ 422,579 | $ 419,178 | 511,314 | $ 490,337 | $ 528,366 | $ 532,387 | ||||
Intersegment sales (eliminated in consolidation) | 6,531 | 6,948 | 9,418 | |||||||||
Reconciliation of segment profit to income (loss) before income taxes | ||||||||||||
Amortization of acquired contract liabilities | 40,800 | 33,193 | ||||||||||
ASU 2017-07 [Member] | ||||||||||||
Reconciliation of segment profit to income (loss) before income taxes | ||||||||||||
Loss on adoption of ASU 2017-07 | (87,241) | |||||||||||
Corporate & Eliminations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales to external customers | (13,334) | (22,485) | (23,286) | |||||||||
Reconciliation of segment profit to income (loss) before income taxes | ||||||||||||
Depreciation and amortization | (3,374) | (3,100) | (1,852) | |||||||||
Total capital expenditures | 1,502 | 784 | 4,179 | |||||||||
Total assets | 481,162 | 110,372 | 481,162 | 110,372 | ||||||||
Operating Segments [Member] | Systems & Support [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales to external customers | 1,350,761 | 1,309,474 | 1,253,640 | |||||||||
Segment profit and reconciliation to consolidated income before income taxes: | ||||||||||||
Adjusted EBITDAP | 205,352 | 202,346 | 235,540 | |||||||||
Reconciliation of segment profit to income (loss) before income taxes | ||||||||||||
Depreciation and amortization | (32,376) | (35,373) | (42,730) | |||||||||
Total capital expenditures | 17,141 | 15,734 | 8,352 | |||||||||
Total assets | 1,478,679 | 1,487,163 | 1,478,679 | 1,487,163 | ||||||||
Operating Segments [Member] | Aerospace Structures [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales to external customers | 1,549,356 | 2,055,456 | 1,945,311 | |||||||||
Segment profit and reconciliation to consolidated income before income taxes: | ||||||||||||
Adjusted EBITDAP | 100,432 | 13,072 | (6,006) | |||||||||
Reconciliation of segment profit to income (loss) before income taxes | ||||||||||||
Depreciation and amortization | (102,418) | (111,431) | (113,786) | |||||||||
Total capital expenditures | 21,191 | 30,581 | $ 29,519 | |||||||||
Total assets | $ 1,020,492 | $ 1,257,039 | $ 1,020,492 | $ 1,257,039 |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Net sales | $ 693,110 | $ 704,666 | $ 772,110 | $ 730,231 | $ 869,027 | $ 807,895 | $ 855,108 | $ 832,900 | $ 2,900,117 | $ 3,364,930 | $ 3,198,951 |
Gross Profit | 116,085 | 142,200 | 131,456 | 119,461 | 131,239 | 72,007 | 107,357 | 38,742 | |||
Operating income (loss) | (40,302) | 1,661 | 61,037 | 35,511 | (189,197) | (16,933) | (2,001) | (66,548) | 57,907 | (274,679) | (465,640) |
Net income (loss) | $ (75,385) | $ (13,206) | $ 42,234 | $ 16,924 | $ (201,385) | $ (32,147) | $ (15,878) | $ (77,736) | $ (29,433) | $ (327,146) | $ (431,546) |
Basic Income (Loss) per share | $ (1.46) | $ (0.26) | $ 0.84 | $ 0.34 | $ (4.05) | $ (0.65) | $ (0.32) | $ (1.57) | $ (0.58) | $ (6.58) | $ (8.73) |
Diluted Income (Loss) per share | $ (1.46) | $ (0.26) | $ 0.84 | $ 0.34 | $ (4.05) | $ (0.65) | $ (0.32) | $ (1.57) | $ (0.58) | $ (6.58) | $ (8.73) |
Systems & Support [Member] | |||||||||||
Selected Quarterly Financial Information [Abstract] | |||||||||||
Net sales | $ 352,066 | $ 338,924 | $ 352,969 | $ 313,605 | $ 362,198 | $ 323,619 | $ 332,562 | $ 306,632 | |||
Operating income (loss) | (22,478) | 57,434 | 62,337 | 44,048 | 55,270 | 51,368 | 51,380 | 43,078 | |||
Aerospace Structures [Member] | |||||||||||
Selected Quarterly Financial Information [Abstract] | |||||||||||
Net sales | 345,158 | 368,972 | 422,579 | 419,178 | 511,314 | 490,337 | 528,366 | 532,387 | |||
Operating income (loss) | (2,066) | 18,039 | 13,608 | 12,283 | (264) | (49,813) | (22,744) | (79,587) | |||
Elimination of Inter-segment Sales | |||||||||||
Selected Quarterly Financial Information [Abstract] | |||||||||||
Net sales | (4,114) | (3,230) | (3,438) | (2,552) | (4,485) | (6,061) | (5,820) | (6,119) | |||
Corporate [Member] | |||||||||||
Selected Quarterly Financial Information [Abstract] | |||||||||||
Operating income (loss) | $ (15,758) | $ (73,812) | $ (14,908) | $ (20,820) | $ (244,203) | $ (18,488) | $ (30,637) | $ (30,039) |
Quarterly Financial Informati_4
Quarterly Financial Information (Unaudited) (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2018 | |
Selected Quarterly Financial Information [Abstract] | ||
Goodwill impairment | $ 66,121 | $ 535,227 |
Systems & Support [Member] | ||
Selected Quarterly Financial Information [Abstract] | ||
Goodwill impairment | $ 66,121 |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts - Schedule of Valuation and Qualifying Accounts (Details) - Deferred Tax Assets [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | $ 399,013 | $ 146,770 | $ 141,214 |
Additions charged to (income) expense | (3,474) | 93,311 | 6,885 |
Other | 43,128 | 158,932 | (1,329) |
Balance at end of year | $ 438,667 | $ 399,013 | $ 146,770 |
Schedule II Valuation and Qua_2
Schedule II Valuation and Qualifying Accounts - Schedule of Valuation and Qualifying Accounts - Additional Information (Details) | 12 Months Ended |
Mar. 31, 2019USD ($) | |
ASC 606 [Member] | |
Valuation And Qualifying Accounts Disclosure [Line Items] | |
Adjustments relate to changes in defined benefit pension plan and other postretirement benefit plan obligations | $ 132,000 |