Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | 12-May-14 | Sep. 29, 2013 |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'ALLIANT TECHSYSTEMS INC | ' | ' |
Entity Central Index Key | '0000866121 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--03-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $3,111 |
Entity Common Stock, Shares Outstanding | ' | 31,857,657 | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
CONSOLIDATED_STATEMENT_OF_COMP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Income Statement [Abstract] | ' | ' | ' |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Pension Cost, Net of Tax | $18,125 | $5,406 | ' |
Sales | 4,775,128 | 4,362,145 | 4,613,399 |
Cost of sales | 3,635,486 | 3,421,276 | 3,618,503 |
Gross profit | 1,139,642 | 940,869 | 994,896 |
Operating expenses: | ' | ' | ' |
Research and development expense | 62,520 | 64,678 | 66,403 |
Selling | 203,976 | 162,359 | 169,984 |
General and Administrative Expense | 282,840 | 244,189 | 262,923 |
Income before interest, loss on extinguishment of debt, income taxes, and noncontrolling interest | 590,306 | 469,643 | 495,586 |
Interest expense | -80,044 | -65,924 | -89,296 |
Interest income | 252 | 538 | 676 |
Loss on extinguishment of debt | 0 | -11,773 | 0 |
Income before income taxes and noncontrolling interest | 510,514 | 392,484 | 406,966 |
Income tax provision | 169,428 | 120,243 | 143,762 |
Net income | 341,086 | 272,241 | 263,204 |
Net Income (Loss) Attributable to Noncontrolling Interest | 171 | 436 | 592 |
Net income attributable to Alliant Techsystems Inc. | 340,915 | 271,805 | 262,612 |
Alliant Techsystems Inc. earnings per common share: | ' | ' | ' |
Basic (in dollars per share) | $10.76 | $8.38 | $7.99 |
Diluted (in dollars per share) | $10.42 | $8.34 | $7.93 |
Cash dividends paid per share (in dollars per share) | $1.10 | $0.92 | $0.20 |
Alliant Techsystems Inc. weighted-average number of common shares outstanding: | ' | ' | ' |
Basic (in shares) | 31,671 | 32,447 | 32,874 |
Diluted (in shares) | 32,723 | 32,608 | 33,112 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Net income (from above) | 341,086 | 272,241 | 263,204 |
Pension and other postretirement benefit liabilities: | ' | ' | ' |
Reclassification of prior service credits for pension and postretirement benefit plans recorded to net income, net of tax benefit of $11,240, $3,366, and $3,370 | ' | ' | -5,392 |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax | 91,387 | 78,062 | ' |
Reclassification of net actuarial loss for pension and postretirement benefit plans recorded to net income, net of tax expense of $(56,791), $(49,192), and $(38,042) | ' | ' | 60,864 |
Valuation adjustment for pension and postretirement benefit plans, net of tax (expense) benefit of $(48,772), $(9,575), and $94,968 | 78,522 | 15,456 | -152,066 |
Other Comprehensive Income, Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Reclass, Net of Tax | -2,830 | -5,608 | -26,683 |
Change in fair value of available-for-sale securities, net of tax (expense) benefit of $(29), $135, and $156, respectively | 46 | -210 | -244 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -1,505 | 0 | 0 |
Total other comprehensive income (loss) | 147,495 | 82,294 | -123,521 |
Comprehensive income | 488,581 | 354,535 | 139,683 |
Less comprehensive income attributable to noncontrolling interest | 171 | 436 | 592 |
Comprehensive income attributable to Alliant Techsystems Inc. | $488,410 | $354,099 | $139,091 |
CONSOLIDATED_STATEMENT_OF_COMP1
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Income Statement [Abstract] | ' | ' | ' |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Pension Cost, Tax | $11,240 | $3,366 | $3,370 |
Pension and other postretirement benefit liabilities: | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Tax | -56,791 | -49,192 | -38,042 |
Valuation adjustment for pension and postretirement benefit plans, tax (expense) benefit | -48,772 | -9,670 | 94,968 |
Change in fair value of derivatives, tax expense | 1,771 | 3,586 | 17,060 |
Change in fair value of available-for-sale securities, tax benefit | -29 | 135 | 156 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | $942 | $0 | $0 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $266,632 | $417,289 |
Net receivables | 1,473,820 | 1,312,573 |
Net inventories | 558,250 | 315,064 |
Income Taxes Receivable, Current | 0 | 22,066 |
Deferred Tax Assets, Net, Current | 93,616 | 106,566 |
Other current assets | 69,280 | 45,174 |
Total current assets | 2,461,598 | 2,218,732 |
Net property, plant, and equipment | 697,551 | 602,320 |
Goodwill | 1,916,921 | 1,251,536 |
Intangible Assets, Net (Excluding Goodwill) | 577,850 | 109,954 |
Deferred Tax Assets, Net, Noncurrent | 0 | 95,007 |
Deferred charges and other non-current assets | 117,226 | 105,461 |
Total assets | 5,771,146 | 4,383,010 |
Current liabilities: | ' | ' |
Long-term Debt, Current Maturities | 249,228 | 50,000 |
Accounts Payable, Current | 315,605 | 337,713 |
Contract advances and allowances | 105,787 | 119,491 |
Accrued compensation | 128,821 | 137,630 |
Accrued Income Taxes, Current | 7,877 | 0 |
Other Liabilities, Current | 322,832 | 262,021 |
Total current liabilities | 1,130,150 | 906,855 |
Long-term Debt, Excluding Current Maturities | 1,843,750 | 1,023,877 |
Pension and Other Postretirement and Postemployment Benefit Plans, Liabilities, Noncurrent | 74,874 | 94,087 |
Accrued pension liability | 557,775 | 719,172 |
Other long-term liabilities | 124,944 | 126,458 |
Total liabilities | 3,849,008 | 2,870,449 |
Commitments and contingencies (Notes 10, 12 and 13) | ' | ' |
Common stock | 318 | 323 |
Additional paid-in-capital | 534,015 | 534,137 |
Retained earnings | 2,789,264 | 2,483,483 |
Accumulated other comprehensive loss | -680,809 | -828,304 |
Common stock in treasury, at cost—9,712,877 shares held at March 31, 2014 and 9,237,154 shares held at March 31, 2013 | -731,213 | -687,470 |
Total Alliant Techsystems Inc. stockholders' equity | 1,911,575 | 1,502,169 |
Stockholders' Equity Attributable to Noncontrolling Interest | 10,563 | 10,392 |
Total equity | 1,922,138 | 1,512,561 |
Total liabilities and equity | 5,771,146 | 4,383,010 |
Deferred Tax Liabilities, Net, Noncurrent | $117,515 | $0 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, authorized shares | 180,000,000 | 180,000,000 |
Common stock, issued shares | 31,842,642 | 33,142,408 |
Common stock, outstanding shares | 31,842,642 | 33,142,408 |
Common stock in treasury, shares | 9,712,877 | 8,413,041 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Operating Activities | ' | ' | ' |
Net income | $341,086 | $272,241 | $263,204 |
Adjustments to net income to arrive at cash provided by operating activities: | ' | ' | ' |
Depreciation | 94,072 | 94,903 | 98,037 |
Amortization of intangible assets | 23,704 | 11,159 | 10,848 |
Amortization of debt discount | 7,364 | 6,875 | 12,293 |
Amortization of deferred financing costs | 10,222 | 3,847 | 4,764 |
Inventory Write-down | 13,502 | 5,696 | 540 |
Loss on extinguishment of debt | 0 | 11,773 | 0 |
Deferred income taxes | 12,159 | -16,591 | 7,518 |
(Gain) loss on disposal of property | 8,262 | -1,613 | -2,928 |
Share-based plans expense | 12,701 | 12,025 | 6,724 |
Excess tax benefits from share-based plans | -833 | -2 | -23 |
Changes in assets and liabilities: | ' | ' | ' |
Net receivables | 9,390 | 34,602 | -207,451 |
Net inventories | -66,728 | -62,265 | -17,006 |
Accounts payable | -118,641 | 4,160 | 42,557 |
Contract advances and allowances | -39,466 | -333 | -2,103 |
Accrued compensation | -16,022 | 13,200 | -25,063 |
Accrued income taxes | 20,522 | -26,042 | 19,801 |
Pension and other postretirement benefits | 65,500 | -33,438 | 37,547 |
Other assets and liabilities | 11,226 | -56,605 | 123,048 |
Cash provided by operating activities | 388,020 | 273,592 | 372,307 |
Investing Activities | ' | ' | ' |
Capital expenditures | -145,964 | -96,889 | -122,292 |
Acquisition of business, net of cash acquired | -1,301,687 | 0 | 0 |
Proceeds from Sale of Property, Plant, and Equipment | 5,662 | 172 | 7,335 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | -1,441,989 | -96,717 | -114,957 |
Proceeds from Lines of Credit | 280,000 | 0 | 0 |
Repayments of Lines of Credit | -280,000 | 0 | 0 |
Financing Activities | ' | ' | ' |
Payments made on bank debt | -38,263 | -35,000 | -20,000 |
Payments made to extinguish debt | -510,000 | -409,000 | -300,000 |
Proceeds from Issuance of Long-term Debt | 1,560,000 | 200,000 | 0 |
Payments made for debt issue costs | -21,641 | -1,458 | 0 |
Purchase of treasury shares | -53,270 | -58,371 | -49,991 |
Dividends paid | -35,134 | -30,033 | -26,552 |
Proceeds from employee stock compensation plans | 729 | 5,461 | 5,709 |
Excess Tax Benefit (Tax Deficiency) from Share-based Compensation, Financing Activities | 833 | 2 | 23 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 903,254 | -328,399 | -390,811 |
Effect of Exchange Rate on Cash and Cash Equivalents | 58 | 0 | 0 |
(Decrease) increase in cash and cash equivalents | -150,657 | -151,524 | -133,461 |
Cash and cash equivalents at beginning of year | 417,289 | 568,813 | 702,274 |
Cash and cash equivalents at end of year | 266,632 | 417,289 | 568,813 |
Noncash investing activity: | ' | ' | ' |
Capital expenditures included in accounts payable | $16,972 | $14,549 | $14,976 |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY (USD $) | Total | Common Stock $.01 Par Value | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Noncontrolling Interest |
In Thousands, except Share data, unless otherwise specified | |||||||
Balance at Mar. 31, 2011 | $1,166,122 | $335 | $559,279 | $2,005,651 | ($787,077) | ($621,430) | $9,364 |
Balance (in shares) at Mar. 31, 2011 | ' | 33,519,072 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Comprehensive income | 139,683 | ' | ' | 262,612 | -123,521 | ' | 592 |
Exercise of stock options | 5,709 | ' | -2,580 | ' | ' | 8,289 | ' |
Exercise of stock options (in shares) | ' | 107,944 | ' | ' | ' | ' | ' |
Restricted stock grants | ' | ' | -17,159 | ' | ' | 17,159 | ' |
Restricted stock grants (in shares) | ' | 201,429 | ' | ' | ' | ' | ' |
Share-based compensation | 6,724 | ' | 6,724 | ' | ' | ' | ' |
Treasury stock purchased | -49,991 | ' | ' | ' | ' | -49,991 | ' |
Treasury stock purchased (in shares) | ' | -742,000 | ' | ' | ' | ' | ' |
Performance shares issued net of treasury stock withheld | -2,806 | ' | -8,752 | ' | ' | 5,946 | ' |
Performance shares issued net of treasury stock withheld (in shares) | ' | 73,685 | ' | ' | ' | ' | ' |
Tax benefit related to share based plans and other | -1,173 | ' | -1,173 | ' | ' | ' | ' |
Dividends paid | -26,552 | ' | ' | -26,552 | ' | ' | ' |
Employee benefit plans and other | -965 | -3 | 1,582 | ' | ' | -2,544 | ' |
Employee benefit plans and other (in shares) | ' | -17,722 | ' | ' | ' | ' | ' |
Balance at Mar. 31, 2012 | 1,236,751 | 332 | 537,921 | 2,241,711 | -910,598 | -642,571 | 9,956 |
Balance (in shares) at Mar. 31, 2012 | ' | 33,142,408 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Comprehensive income | 354,535 | ' | ' | 271,805 | 82,294 | ' | 436 |
Exercise of stock options | 5,461 | ' | -1,552 | ' | ' | 7,013 | ' |
Exercise of stock options (in shares) | ' | 93,617 | ' | ' | ' | ' | ' |
Restricted stock grants | ' | ' | -8,429 | ' | ' | 8,429 | ' |
Restricted stock grants (in shares) | ' | 82,409 | ' | ' | ' | ' | ' |
Share-based compensation | 12,025 | ' | 12,025 | ' | ' | ' | ' |
Treasury stock purchased | -59,511 | ' | ' | ' | ' | -59,511 | ' |
Treasury stock purchased (in shares) | ' | -1,003,938 | ' | ' | ' | ' | ' |
Performance shares issued net of treasury stock withheld | -1,460 | ' | -5,463 | ' | ' | 4,003 | ' |
Performance shares issued net of treasury stock withheld (in shares) | ' | 44,964 | ' | ' | ' | ' | ' |
Tax benefit related to share based plans and other | -2,474 | ' | -2,474 | ' | ' | ' | ' |
Dividends paid | -30,033 | ' | ' | -30,033 | ' | ' | ' |
Employee benefit plans and other | -2,733 | -9 | 2,109 | ' | ' | -4,833 | ' |
Employee benefit plans and other (in shares) | ' | -41,165 | ' | ' | ' | ' | ' |
Balance at Mar. 31, 2013 | 1,512,561 | 323 | 534,137 | 2,483,483 | -828,304 | -687,470 | 10,392 |
Balance (in shares) at Mar. 31, 2013 | ' | 32,318,295 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Comprehensive income | 488,581 | ' | ' | 340,915 | 147,495 | ' | 171 |
Exercise of stock options | 729 | ' | -252 | ' | ' | 981 | ' |
Exercise of stock options (in shares) | ' | 13,173 | ' | ' | ' | ' | ' |
Restricted stock grants | ' | ' | -9,517 | ' | ' | 9,517 | ' |
Restricted stock grants (in shares) | ' | 116,533 | ' | ' | ' | ' | ' |
Share-based compensation | 12,701 | ' | 12,701 | ' | ' | ' | ' |
Treasury stock purchased | -52,130 | ' | ' | ' | ' | -52,130 | ' |
Treasury stock purchased (in shares) | ' | -609,922 | ' | ' | ' | ' | ' |
Performance shares issued net of treasury stock withheld | -1,406 | ' | -3,856 | ' | ' | 2,450 | ' |
Performance shares issued net of treasury stock withheld (in shares) | ' | 34,138 | ' | ' | ' | ' | ' |
Tax benefit related to share based plans and other | 94 | ' | 94 | ' | ' | ' | ' |
Dividends paid | -35,134 | ' | ' | -35,134 | ' | ' | ' |
Employee benefit plans and other | -3,858 | -5 | 708 | ' | ' | -4,561 | ' |
Employee benefit plans and other (in shares) | ' | -29,575 | ' | ' | ' | ' | ' |
Balance at Mar. 31, 2014 | $1,922,138 | $318 | $534,015 | $2,789,264 | ($680,809) | ($731,213) | $10,563 |
Balance (in shares) at Mar. 31, 2014 | ' | 31,842,642 | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_EQU1
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | ||||||||||||||||||||||||||||||||||||||||
Nature of Operations. Alliant Techsystems Inc. ("ATK" or "the Company") is an aerospace, defense, and commercial products company and supplier of products to the U.S. Government, allied nations, and prime contractors. ATK is also a major supplier of ammunition, firearms and shooting accessories, and with the Bushnell acquisition, ATK has become a leader in the hunting, shooting sports, and outdoor recreation markets. ATK is headquartered in Arlington, VA and has operating locations throughout the United States, Puerto Rico, and internationally. | ||||||||||||||||||||||||||||||||||||||||
Basis of Presentation. The consolidated financial statements of ATK include all majority-owned affiliates. Intercompany transactions and accounts have been eliminated. | ||||||||||||||||||||||||||||||||||||||||
Fiscal Year. References in this report to a particular fiscal year refer to the year ended March 31 of that calendar year. ATK's interim quarterly periods are based on 13-week periods and end on Sundays. | ||||||||||||||||||||||||||||||||||||||||
Use of Estimates. The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect amounts reported therein. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may differ from those estimates. | ||||||||||||||||||||||||||||||||||||||||
Revenue Recognition. Our sales come primarily from contracts with agencies of the U.S. Government and its prime contractors and subcontractors. As the various U.S. Government customers, including the U.S. Army, U.S. Navy, NASA, and the U.S. Air Force, make independent purchasing decisions, we do not generally regard the U.S. Government as one customer. Instead, we view each agency as a separate customer. | ||||||||||||||||||||||||||||||||||||||||
Sales by customer were as follows: | ||||||||||||||||||||||||||||||||||||||||
Percent of Sales | ||||||||||||||||||||||||||||||||||||||||
For Fiscal Years Ended: | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
Sales to: | ||||||||||||||||||||||||||||||||||||||||
U.S. Army | 20 | % | 29 | % | 28 | % | ||||||||||||||||||||||||||||||||||
U.S. Navy | 10 | % | 13 | % | 12 | % | ||||||||||||||||||||||||||||||||||
NASA | 9 | % | 10 | % | 10 | % | ||||||||||||||||||||||||||||||||||
U.S. Air Force | 4 | % | 6 | % | 6 | % | ||||||||||||||||||||||||||||||||||
Other U.S. Government customers | 10 | % | 9 | % | 9 | % | ||||||||||||||||||||||||||||||||||
Total U.S. Government customers | 53 | % | 67 | % | 65 | % | ||||||||||||||||||||||||||||||||||
Commercial and foreign customers | 47 | % | 33 | % | 35 | % | ||||||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||||||||||||||||||||||||||||
Long-Term Contracts—The majority of ATK's sales are accounted for as long-term contracts. Sales under long-term contracts are accounted for under the percentage-of-completion method and include cost-plus and fixed-price contracts. Sales under cost-plus contracts are recognized as costs are incurred. Sales under fixed-price contracts are either recognized as the actual cost of work performed relates to the estimate at completion ("cost-to-cost") or based on results achieved, which usually coincides with customer acceptance ("units-of-delivery"). The majority of ATK's total revenue is accounted for using the cost-to-cost method of accounting. | ||||||||||||||||||||||||||||||||||||||||
Profits expected to be realized on contracts are based on management's estimates of total contract sales value and costs at completion. Estimated amounts for contract changes, including scope and claims, are included in contract sales only when realization is estimated to be probable. Assumptions used for recording sales and earnings are adjusted in the period of change to reflect revisions in contract value and estimated costs. In the period in which it is determined that a loss will be incurred on a contract, the entire amount of the estimated gross margin loss is charged to cost of sales. Changes in estimates of contract sales, costs, or profits are recognized using the cumulative catch-up method of accounting. This method recognizes in the current period the cumulative effect of the changes on current or prior periods. The effect of the changes on future periods of contract performance is recognized as if the revised estimate had been used since contract inception. | ||||||||||||||||||||||||||||||||||||||||
Changes in contract estimates occur for a variety of reasons including changes in contract scope, unforeseen changes in contract cost estimates due to unanticipated cost growth or risks affecting contract costs and/or the resolution of contract risks at lower costs than anticipated, as well as changes in contract overhead costs over the performance period. Changes in estimates could have a material effect on the company's consolidated financial position or annual results of operations. Aggregate net changes in contract estimates recognized using the cumulative catch-up method of accounting increased operating income by $83,346 in 2014, $93,377 in 2013, and $106,973 in 2012. The adjustments recorded during the year ended March 31, 2014 were primarily driven by higher profit expectations of $41,357 in the Small Caliber Systems division due to operational efficiencies, a successful in-sourcing initiative, and reduced operational risk as a contract nears completion, and for programs in the Space Systems Operations. As a result of the pension closeout settlement the difference between pension and postretirement benefit expense calculated under Financial Accounting Standards (FAS) and the expense calculated under U.S. Cost Accounting Standards (CAS) for the Radford facility management contract resulted in Corporate recording income of $28,986 which has been excluded from the increase in operating income resulting from the cumulative catch-up method of accounting noted above. | ||||||||||||||||||||||||||||||||||||||||
The prior year adjustments were primarily driven by greater than expected performance of $28,261 in Small-Caliber Systems, increased production volumes in Defense Electronic Systems, better performance at the Radford facility as the contracts and sale of residual assets were completed, and increase in Space System Operations due to performance improvements. These improvements were offset by decreases in Missile Products due to requalification expenses on a program. | ||||||||||||||||||||||||||||||||||||||||
Contracts may contain provisions to earn incentive and award fees if specified targets are achieved as well as penalty provisions related to performance. Incentive and award fees and penalties that can be reasonably estimated and are probable are recorded over the performance period of the contract. Incentive and award fees that cannot be reasonably estimated are recorded when awarded. | ||||||||||||||||||||||||||||||||||||||||
Other Revenue Recognition Methodology—Sales not recognized under the long-term contract method primarily relate to sales within the Sporting group and are recognized when persuasive evidence of an arrangement exists, the product has been delivered and legal title and all risks of ownership have been transferred, written contract and sales terms are complete, customer acceptance has occurred, and payment is reasonably assured. Sales are reduced for allowances and price discounts. | ||||||||||||||||||||||||||||||||||||||||
Fiscal 2014 sales by revenue recognition method were as follows: | ||||||||||||||||||||||||||||||||||||||||
Percent of Sales | ||||||||||||||||||||||||||||||||||||||||
Sales recorded under: | ||||||||||||||||||||||||||||||||||||||||
Long-term contracts method | 61 | % | ||||||||||||||||||||||||||||||||||||||
Other method | 39 | % | ||||||||||||||||||||||||||||||||||||||
Total | 100 | % | ||||||||||||||||||||||||||||||||||||||
Operating Expenses. Research and development, selling and general and administrative costs are expensed in the year incurred. Research and development costs include costs incurred for experimentation and design testing. Selling costs include bid and proposal efforts related to products and services. Costs that are incurred pursuant to contractual arrangements are recorded over the period that revenue is recognized, consistent with ATK's contract accounting policy. | ||||||||||||||||||||||||||||||||||||||||
Environmental Remediation and Compliance. Costs associated with environmental compliance, restoration, and preventing future contamination that are estimable and probable are accrued and expensed, or capitalized as appropriate. Expected remediation, restoration, and monitoring costs relating to an existing condition caused by past operations, and which do not contribute to current or future revenue generation, are accrued and expensed in the period that such costs become estimable. Liabilities are recognized for remedial and resource restoration activities when they are probable and the cost can be reasonably estimated. ATK expects that a portion of its environmental remediation costs will be recoverable under U.S. Government contracts and has recorded a receivable equal to the present value of the amount that ATK expects to recover. | ||||||||||||||||||||||||||||||||||||||||
ATK's engineering, financial, and legal specialists estimate, based on current law and existing technologies, the cost of each environmental liability. Such estimates are based primarily upon the estimated cost of investigation and remediation required and the likelihood that other potentially responsible parties ("PRPs") will be able to fulfill their commitments at the sites where ATK may be jointly and severally liable. ATK's estimates for environmental obligations are dependent on, and affected by, the nature and extent of historical information and physical data relating to a contaminated site, the complexity of the site, methods of remediation available, the technology that will be required, the outcome of discussions with regulatory agencies and other PRPs at multi-party sites, the number and financial viability of other PRPs, changes in environmental laws and regulations, future technological developments, and the timing of expenditures; accordingly, ATK periodically evaluates and revises such estimates based on expenditures against established reserves and the availability of additional information. | ||||||||||||||||||||||||||||||||||||||||
Cash Equivalents. Cash equivalents are all highly liquid cash investments purchased with original maturities of 3 months or less. | ||||||||||||||||||||||||||||||||||||||||
Marketable Securities. Investments in a common collective trust that primarily invests in fixed income securities are classified as available-for-sale securities and are recorded at fair value within other current assets and deferred charges and other non-current assets on the consolidated balance sheet. Unrealized gains and losses are recorded in other comprehensive (loss) income ("OCI"). When such investments are sold, the unrealized gains or losses are reversed from OCI and recognized in the consolidated income statement. | ||||||||||||||||||||||||||||||||||||||||
Inventories. Inventories are stated at the lower of cost or market. Inventoried costs relating to contracts in progress are stated at actual production costs, including factory overhead, initial tooling, and other related costs incurred to date, reduced by amounts associated with recognized sales. Raw materials, work in process, and finished goods are generally determined using the standard costing method. | ||||||||||||||||||||||||||||||||||||||||
Inventories consist of the following: | ||||||||||||||||||||||||||||||||||||||||
March 31 | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Raw materials | $ | 136,414 | $ | 102,238 | ||||||||||||||||||||||||||||||||||||
Work/Contracts in process | 150,071 | 82,454 | ||||||||||||||||||||||||||||||||||||||
Finished goods | 271,765 | 130,372 | ||||||||||||||||||||||||||||||||||||||
Net inventories | $ | 558,250 | $ | 315,064 | ||||||||||||||||||||||||||||||||||||
The inventory balances above increased from March 31, 2013 due to the acquisition of Savage and Bushnell. Progress payments received from customers relating to the uncompleted portions of contracts are offset against unbilled receivable balances or applicable inventories. Any remaining progress payment balances are classified as contract advances. | ||||||||||||||||||||||||||||||||||||||||
The following is a reconciliation of the changes in ATK's excess and obsolete inventory accounts during fiscal 2013 and 2014: | ||||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2012 | $ | 21,450 | ||||||||||||||||||||||||||||||||||||||
Expense | 8,957 | |||||||||||||||||||||||||||||||||||||||
Write-offs | (1,877 | ) | ||||||||||||||||||||||||||||||||||||||
Reversals and other adjustments | (1,384 | ) | ||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2013 | 27,146 | |||||||||||||||||||||||||||||||||||||||
Expense | 25,366 | |||||||||||||||||||||||||||||||||||||||
Write-offs | (6,461 | ) | ||||||||||||||||||||||||||||||||||||||
Reversals and other adjustments | (5,403 | ) | ||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2014 | $ | 40,648 | ||||||||||||||||||||||||||||||||||||||
Accounting for Goodwill and Identifiable Intangible Assets. | ||||||||||||||||||||||||||||||||||||||||
Goodwill—ATK tests goodwill for impairment on the first day of its fourth fiscal quarter or upon the occurrence of events or changes in circumstances that indicate that the asset might be impaired. The Company has determined that the reporting units for its goodwill impairment review are its operating segments, or components of an operating segment, that constitute a business for which discrete financial information is available, and for which segment management regularly reviews the operating results. | ||||||||||||||||||||||||||||||||||||||||
The impairment test is performed using a two-step process. In the first step, ATK determines the estimated fair value of each reporting unit and compares it to the carrying value of the reporting unit, including goodwill. If the carrying amount of a reporting unit is higher than its fair value, an indication of goodwill impairment exists and the second step must be performed in order to determine the amount of the goodwill impairment. In the second step, ATK must determine the implied fair value of the reporting unit's goodwill which is determined by allocating the estimated fair value of the reporting unit in a manner similar to a purchase price allocation. The implied fair value is compared to the carrying amount and if the carrying amount of the reporting unit's goodwill exceeds the implied fair value of its goodwill, an impairment loss must be recognized for the excess. | ||||||||||||||||||||||||||||||||||||||||
Identifiable Intangible Assets—ATK's primary identifiable intangible assets include trademarks and trade names, non-compete agreements, patented technology, and customer relationships. Identifiable intangible assets with finite lives are amortized and evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Identifiable intangibles with indefinite lives are not amortized and are tested for impairment annually on the first day of ATK's fourth fiscal quarter, or more frequently if events warrant. | ||||||||||||||||||||||||||||||||||||||||
ATK's identifiable intangibles with indefinite lives consist of certain trademarks and trade names. The impairment test consists of a comparison of the fair value of the specific intangible asset with its carrying value. The fair value of these assets is measured using the relief-from-royalty method which assumes that the asset has value to the extent that the owner is relieved of the obligation to pay royalties for the benefits received from them. This method requires ATK to estimate the future revenue for the related brands and technology, the appropriate royalty rate, and the weighted average cost of capital. ATK bases its fair values and estimates on assumptions it believes to be reasonable, but which are unpredictable and inherently uncertain. If the carrying amount of an asset is higher than its fair value, an impairment exists and the asset would be recorded at the fair value. | ||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation. ATK's stock-based compensation plans, which are described more fully in Note 14, provide for the grant of various types of stock-based incentive awards, including performance awards, total stockholder return performance awards ("TSR awards"), restricted stock, and options to purchase common stock. The types and mix of stock-based incentive awards are evaluated on an ongoing basis and may vary based on ATK's overall strategy regarding compensation, including consideration of the impact of expensing stock awards on ATK's results of operations. | ||||||||||||||||||||||||||||||||||||||||
Performance awards are valued at the fair value of ATK stock as of the grant date and expense is recognized based on the number of shares expected to vest under the terms of the award under which they are granted. ATK uses an integrated Monte Carlo simulation model to determine the fair value of the TSR awards and the calculated fair value is recognized into income over the vesting period. Restricted stock issued vests over periods ranging from one to five years and is valued based on the market value of ATK stock on the grant date. The estimated grant date fair value of stock options is recognized into income on a straight-line basis over the requisite service period, generally one to three years. The estimated fair value of each option is calculated using the Black-Scholes option-pricing model. See Note 14 for further details. | ||||||||||||||||||||||||||||||||||||||||
Income Taxes. Provisions for federal, state, and foreign income taxes are calculated based on reported pre-tax earnings and current tax law. Such provisions differ from the amounts currently receivable or payable because certain items of income and expense are recognized in different time periods for financial reporting purposes than for income tax purposes. Significant judgment is required in determining income tax provisions and evaluating tax positions. ATK periodically assesses its liabilities and contingencies for all periods that are currently open to examination or have not been effectively settled based on the most current available information. Where it is not more likely than not that ATK's tax position will be sustained, the Company records the entire resulting tax liability and when it is more likely than not of being sustained, the Company records its best estimate of the resulting tax liability. Any applicable interest and penalties related to those positions are also recorded in the consolidated financial statements. To the extent ATK's assessment of the tax outcome of these matters changes, such change in estimate will impact the income tax provision in the period of the change. It is ATK's policy to record any interest and penalties related to income taxes as part of the income tax expense for financial reporting purposes. Deferred tax assets related to carryforwards are reduced by a valuation allowance when it is not more likely than not that the amount will be realized before expiration of the carryforward period. As part of this analysis ATK takes into the account the amount and character of the income to determine if the carryforwards will be realized. Significant estimates are required for this analysis. Changes in the amounts of valuation allowance are recorded in the tax provision in the period when the change occurs. | ||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities. From time to time, ATK uses derivatives, consisting mainly of commodity forward contracts to hedge forecasted purchases of certain commodities and foreign currency exchange contracts to hedge forecasted transactions denominated in a foreign currency. ATK does not hold or issue derivatives for trading purposes. At the inception of each derivative instrument, ATK documents the relationship between the hedging instrument and the hedged item, as well as its risk-management objectives and strategy for undertaking the hedge transaction. ATK assesses, both at the hedge's inception and on an ongoing basis, whether the derivative instrument is highly effective in offsetting changes in the hedged item. Derivatives are recognized on the balance sheet at fair value. The effective portion of changes in fair value of derivatives designated as cash flow hedges are recorded to accumulated OCI and recognized in earnings when the hedged item affects earnings. The ineffective portion of derivatives designated as cash flow hedges and changes in fair value of derivative instruments not designated in a qualifying hedging relationship are reflected in current earnings. ATK's current derivatives are designated as cash flow hedges. See Note 3 for further details. | ||||||||||||||||||||||||||||||||||||||||
Translation of Foreign Currencies. Assets and liabilities of foreign subsidiaries are translated at current exchange rates and the effects of these translation adjustments are reported as a component of AOCL in equity. Income and expenses in foreign currencies are translated at the average exchange rate during the period. Foreign exchange transaction gains and losses in fiscal 2014, 2013 and 2012 were not material. | ||||||||||||||||||||||||||||||||||||||||
Earnings Per Share Data. Basic earnings per share ("EPS") is computed based upon the weighted average number of common shares outstanding for each period. Diluted EPS is computed based on the weighted average number of common shares and common equivalent shares. Common equivalent shares represent the effect of stock-based awards (see Note 14) and contingently issuable shares related to ATK's Convertible Senior Subordinated Notes (see Note 9) during each period presented, which, if exercised, earned, or converted, would have a dilutive effect on earnings per share. In computing EPS for the fiscal years presented, earnings, as reported for each respective period, is divided by (in thousands): | ||||||||||||||||||||||||||||||||||||||||
Years Ended March 31 | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
Basic EPS shares outstanding | 31,671 | 32,447 | 32,874 | |||||||||||||||||||||||||||||||||||||
Dilutive effect of stock-based awards | 376 | 161 | 238 | |||||||||||||||||||||||||||||||||||||
Dilutive effect of contingently issuable shares | 676 | — | — | |||||||||||||||||||||||||||||||||||||
Diluted EPS shares outstanding | 32,723 | 32,608 | 33,112 | |||||||||||||||||||||||||||||||||||||
Shares excluded from the calculation of diluted EPS because the option exercise/threshold price was greater than the average market price of the common shares | 45 | 5 | 5 | |||||||||||||||||||||||||||||||||||||
As discussed further in Note 9, contingently issuable shares related to ATK's convertible senior subordinated notes are not included in diluted EPS for 2013 or 2012 because ATK's average stock price during the periods did not exceed the triggering price. | ||||||||||||||||||||||||||||||||||||||||
Comprehensive Loss. | ||||||||||||||||||||||||||||||||||||||||
The components of accumulated OCI, net of income taxes, are as follows: | ||||||||||||||||||||||||||||||||||||||||
March 31 | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Derivatives | $ | (5,022 | ) | $ | (2,192 | ) | ||||||||||||||||||||||||||||||||||
Pension and other postretirement benefit liabilities | (675,114 | ) | (826,898 | ) | ||||||||||||||||||||||||||||||||||||
Cumulative translation adjustment | (1,505 | ) | — | |||||||||||||||||||||||||||||||||||||
Available-for-sale securities | 832 | 786 | ||||||||||||||||||||||||||||||||||||||
Total accumulated other comprehensive loss | $ | (680,809 | ) | $ | (828,304 | ) | ||||||||||||||||||||||||||||||||||
The following table summarizes the changes in the balance of AOCI, net of income tax: | ||||||||||||||||||||||||||||||||||||||||
Year ended March 31, 2014 | Year ended March 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Derivatives | Pension and other Postretire-ment Benefits | Available for Sale Securities | Cumulative translation adjustment | Total | Derivatives | Pension and other Postretire-ment Benefits | Available for Sale Securities | Cumulative translation adjustment | Total | |||||||||||||||||||||||||||||||
Beginning of period unrealized gain (loss) in AOCI | $ | (2,192 | ) | $ | (826,898 | ) | $ | 786 | $ | — | $ | (828,304 | ) | $ | 3,416 | $ | (915,010 | ) | $ | 996 | $ | — | $ | (910,598 | ) | |||||||||||||||
Net decrease in fair value of derivatives | (8,681 | ) | — | — | — | (8,681 | ) | (10,070 | ) | — | — | — | (10,070 | ) | ||||||||||||||||||||||||||
Net losses reclassified from AOCI, offsetting the price paid to suppliers ± | 4,852 | — | — | — | 4,852 | 4,462 | — | — | — | 4,462 | ||||||||||||||||||||||||||||||
Net losses reclassified from AOCI, due to ineffectiveness ± | 999 | — | — | — | 999 | — | — | — | — | — | ||||||||||||||||||||||||||||||
Net actuarial losses reclassified from AOCI # | — | 91,387 | — | — | 91,387 | — | 78,062 | — | — | 78,062 | ||||||||||||||||||||||||||||||
Prior service costs reclassified from AOCI # | — | (18,125 | ) | — | — | (18,125 | ) | — | (5,406 | ) | — | — | (5,406 | ) | ||||||||||||||||||||||||||
Valuation adjustment for pension and postretirement benefit plans # | — | 78,522 | — | — | 78,522 | — | 15,456 | — | — | 15,456 | ||||||||||||||||||||||||||||||
Net change in cumulative translation adjustment | — | — | — | (1,505 | ) | (1,505 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||
Other | — | — | 46 | — | 46 | — | — | (210 | ) | — | (210 | ) | ||||||||||||||||||||||||||||
End of period unrealized gain (loss) in AOCI | $ | (5,022 | ) | $ | (675,114 | ) | $ | 832 | $ | (1,505 | ) | $ | (680,809 | ) | $ | (2,192 | ) | $ | (826,898 | ) | $ | 786 | $ | — | $ | (828,304 | ) | |||||||||||||
± Amounts related to our derivative instruments that were reclassified from AOCI were recorded as a component of cost of sales for each period presented. | ||||||||||||||||||||||||||||||||||||||||
# Amounts related to our pension and other postretirement benefits that were reclassified from AOCI were recorded as a component of net periodic benefit cost for each period presented (Note 10). | ||||||||||||||||||||||||||||||||||||||||
During the year ended March 31, 2014, there was a loss of $1,637 recognized in earnings as a result of ineffectiveness on forward contracts for copper and zinc. There was no ineffectiveness recognized in earnings for these contracts during any other fiscal years presented. ATK expects that any unrealized losses will be realized and reported in cost of sales as the cost of the commodities is included in cost of sales. Estimated and actual gains or losses will change as market prices change. | ||||||||||||||||||||||||||||||||||||||||
Fair Value of Nonfinancial Instruments. The carrying amount of receivables, inventory, accounts payable and accrued liabilities approximates fair value because of the short maturity of these instruments. See Note 2 for additional disclosure regarding fair value of financial instruments. | ||||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncements. New pronouncements issued but not effective for the Company until after March 31, 2014, are not expected to have a material impact on our financial position, results of operations, or liquidity. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
The current authoritative guidance on fair value clarifies the definition of fair value, prescribes a framework for measuring fair value, establishes a fair value hierarchy based on the inputs used to measure fair value, and expands disclosures about the use of fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. | |||||||||||||||||
The valuation techniques required by the current authoritative literature are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect internal market assumptions. These two types of inputs create the following fair value hierarchy: | |||||||||||||||||
Level 1—Quoted prices for identical instruments in active markets. | |||||||||||||||||
Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. | |||||||||||||||||
Level 3—Significant inputs to the valuation model are unobservable. | |||||||||||||||||
The following section describes the valuation methodologies used by ATK to measure its financial instruments at fair value. | |||||||||||||||||
Investments in marketable securities—ATK's investments in marketable securities represent investments held in a common collective trust ("CCT") that primarily invests in fixed income securities which are used to pay benefits under a nonqualified supplemental executive retirement plan for certain executives and highly compensated employees. Investments in a collective investment vehicle are valued by multiplying the investee company's net asset value per share with the number of units or shares owned at the valuation date as determined by the investee company. Net asset value per share is determined by the investee company's custodian or fund administrator by deducting from the value of the assets of the investee company all its liabilities and the resulting number is divided by the outstanding number of shares or units. Investments held by the CCT, including collateral invested for securities on loan, are valued on the basis of valuations furnished by a pricing service approved by the CCT's investment manager, which determines valuations using methods based on market transactions for comparable securities and various relationships between securities which are generally recognized by institutional traders, or at fair value as determined in good faith by the CCT's investment manager. The fair value of these securities is included within other current assets and deferred charges and other non-current assets on the consolidated balance sheet. | |||||||||||||||||
Derivative financial instruments and hedging activities—In order to manage its exposure to commodity pricing and foreign currency risk, ATK periodically utilizes commodity and foreign currency derivatives, which are considered Level 2 instruments. As discussed further in Note 3, ATK has outstanding commodity forward contracts that were entered into to hedge forecasted purchases of copper and zinc. Commodity derivatives are valued based on prices of futures exchanges and recently reported transactions in the marketplace. During fiscal 2014, ATK entered into five interest rate swaps. These swaps are valued based on future LIBOR, and the established fixed rate is based primarily on quotes from banks. Foreign currency derivatives are valued based on observable market transactions of spot currency rates and forward currency prices. No foreign currency derivatives were outstanding as of March 31, 2014. | |||||||||||||||||
Long-Term Debt—The fair value of the variable-rate long-term debt is calculated based on current market rates for debt of the same risk and maturities. The fair value of the fixed-rate debt is based on market quotes for each issuance. We have considered these to be Level 2 instruments. | |||||||||||||||||
The following table sets forth by level within the fair value hierarchy ATK's financial assets and liabilities that are measured at fair value on a recurring basis: | |||||||||||||||||
As of March 31, 2014 | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Using Inputs Considered as | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets | |||||||||||||||||
Marketable securities | $ | — | $ | 10,130 | $ | — | |||||||||||
Derivatives | — | 328 | — | ||||||||||||||
Liabilities | |||||||||||||||||
Derivatives | $ | — | $ | 8,459 | $ | — | |||||||||||
As of March 31, 2013 | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Using Inputs Considered as | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets | |||||||||||||||||
Marketable securities | $ | — | $ | 8,634 | $ | — | |||||||||||
Derivatives | — | — | — | ||||||||||||||
Liabilities | |||||||||||||||||
Derivatives | $ | — | $ | 3,530 | $ | — | |||||||||||
The following table presents ATK's assets and liabilities that are not measured at fair value on a recurring basis. The carrying values and estimated fair values were as follows: | |||||||||||||||||
As of March 31, 2014 | As of March 31, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Fixed rate debt | $ | 846,228 | $ | 1,062,078 | $ | 538,877 | $ | 596,467 | |||||||||
Variable rate debt | 1,246,750 | 1,247,062 | 535,000 | 534,513 | |||||||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||
ATK is exposed to market risks arising from adverse changes in: | |||||||||||||||||||
• | commodity prices affecting the cost of raw materials and energy, | ||||||||||||||||||
• | interest rates, and | ||||||||||||||||||
• | foreign exchange risks | ||||||||||||||||||
In the normal course of business, these risks are managed through a variety of strategies, including the use of derivative instruments. Commodity forward contracts are periodically used to hedge forecasted purchases of certain commodities, foreign currency exchange contracts are used to hedge forecasted transactions denominated in a foreign currency, and ATK periodically uses interest rate swaps to hedge forecasted interest payments and the risk associated with variable interest rates on long-term debt. | |||||||||||||||||||
ATK entered into forward contracts for copper and zinc during fiscal 2014, 2013, and 2012. The contracts essentially establish a fixed price for the underlying commodity and are designated and qualify as effective cash flow hedges of purchases of the commodity. Ineffectiveness is calculated as the amount by which the change in the fair value of the derivatives exceeds the change in the fair value of the anticipated commodity purchases. | |||||||||||||||||||
ATK entered into interest rate swaps during fiscal 2014 whereby we pay a fixed rate on a total notional amount of $400,000 and receive one-month LIBOR. The fair value of interest rate swap agreements approximates the amount at which they could be settled, based on future LIBOR, and the established fixed rate is based primarily on quotes from banks. We perform assessments of the effectiveness of our hedge instruments on a quarterly basis and during fiscal 2014 determined the hedges to be highly effective. The counterparties to the interest rate swap agreements expose us to credit risk in the event of nonperformance. However, at March 31, 2014, four of the outstanding swap agreements were in a net liability position which would require us to make the net settlement payments to the counterparties. We do not anticipate nonperformance by our counterparties. We do not hold or issue derivative financial instruments for trading purposes. | |||||||||||||||||||
ATK did not enter into any foreign currency forward contracts during fiscal 2014 or 2013. Contracts entered into prior to fiscal 2013 were used to hedge forecasted inventory purchases and subsequent payments, or customer receivables, denominated in foreign currencies and were designated and qualified as effective cash flow hedges. Ineffectiveness with respect to forecasted inventory purchases was calculated based on changes in the forward rate until the anticipated purchase occurs; ineffectiveness of the hedge of the accounts payable was evaluated based on the change in fair value of its anticipated settlement. | |||||||||||||||||||
The fair value of the commodity and foreign currency forward contracts is recorded within other assets or liabilities, as appropriate, and the effective portion is reflected in accumulated Other Comprehensive Income (Loss) in the financial statements. The gains or losses on the commodity forward contracts are recorded in inventory as the commodities are purchased. The gains or losses on the foreign currency forward contracts are recorded in earnings when the related inventory is sold. | |||||||||||||||||||
As of March 31, 2014, ATK had the following outstanding commodity forward contracts that were entered into to hedge forecasted purchases: | |||||||||||||||||||
Number of | |||||||||||||||||||
Pounds | |||||||||||||||||||
Copper | 31,400,000 | ||||||||||||||||||
Zinc | 12,005,000 | ||||||||||||||||||
As of March 31, 2014, ATK had three outstanding interest rate swaps with notional amounts of $100,000 each with maturity dates in August 2016, 2017, and 2018, as well as two interest rate swaps with notional amounts of $50,000 each with maturity dates in November 2016 and 2017. See Note 9 for additional information. | |||||||||||||||||||
As of March 31, 2014, ATK had no outstanding foreign currency forward contracts in place. | |||||||||||||||||||
The table below presents the fair value and location of ATK's derivative instruments designated as hedging instruments in the consolidated balance sheet as of the periods presented. | |||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Fair value as of | Fair value as of | ||||||||||||||||||
Location | 31-Mar-14 | 31-Mar-13 | 31-Mar-14 | 31-Mar-13 | |||||||||||||||
Commodity forward contracts | Other current assets / | $ | — | $ | — | $ | 6,212 | $ | 2,871 | ||||||||||
other accrued liabilities | |||||||||||||||||||
Commodity forward contracts | Deferred charges and | — | — | 176 | 659 | ||||||||||||||
other non-current | |||||||||||||||||||
assets / other long | |||||||||||||||||||
term liabilities | |||||||||||||||||||
Interest rate contracts | Deferred charges and | 328 | — | 2,071 | — | ||||||||||||||
other non-current | |||||||||||||||||||
assets / other long-term liabilities | |||||||||||||||||||
Total | $ | 328 | $ | — | $ | 8,459 | $ | 3,530 | |||||||||||
Due to the nature of ATK's business, the benefits associated with the commodity contracts may be passed on to the customer and not realized by ATK. | |||||||||||||||||||
For the periods presented below, the derivative gains and losses in the consolidated income statements related to commodity forward contracts and foreign currency forward contracts were as follows: | |||||||||||||||||||
Pretax amount of gain | Gain or (loss) recognized | ||||||||||||||||||
(loss) reclassified from | in income on derivative | ||||||||||||||||||
Accumulated Other | (ineffective portion and | ||||||||||||||||||
Comprehensive Income | amount excluded from | ||||||||||||||||||
(Loss) | effectiveness testing) | ||||||||||||||||||
Location | Amount | Location | Amount | ||||||||||||||||
Fiscal year ended March 31, 2014 | |||||||||||||||||||
Commodity forward contracts | Cost of Sales | $ | (5,991 | ) | Cost of Sales | $ | (1,637 | ) | |||||||||||
Interest rate contracts | Interest expense | (1,900 | ) | Interest expense | — | ||||||||||||||
Foreign currency forward contracts | Cost of Sales | — | Cost of Sales | — | |||||||||||||||
Fiscal year ended March 31, 2013 | |||||||||||||||||||
Commodity forward contracts | Cost of Sales | $ | (7,284 | ) | Cost of Sales | $ | — | ||||||||||||
Interest rate contracts | Interest expense | — | Interest expense | — | |||||||||||||||
Foreign currency forward contracts | Cost of Sales | (30 | ) | Cost of Sales | — | ||||||||||||||
All derivatives used by ATK during the periods presented were designated as hedging instruments. | |||||||||||||||||||
During the year ended March 31, 2014, there was a loss of $1,637 recognized in earnings as a result of ineffectiveness on forward contracts for copper and zinc. There was no ineffectiveness recognized in earnings for these contracts during any other fiscal years presented. ATK expects that any unrealized losses will be realized and reported in cost of sales as the cost of the commodities is included in cost of sales. Estimated and actual gains or losses will change as market prices change. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Acquisitions | ' | ||||||||
Acquisitions | |||||||||
In accordance with the accounting standards regarding business combinations, the results of acquired businesses are included in ATK's consolidated financial statements from the date of acquisition. The purchase price for each acquisition is allocated to the acquired assets and liabilities based on fair value. The excess purchase price over estimated fair value of the net assets acquired is recorded as goodwill. | |||||||||
Savage Acquisition | |||||||||
On June 21, 2013, ATK acquired Caliber Company, parent company of Savage Sports Corporation ("Savage"), a leading manufacturer of sporting long guns. Operating under the brand names of Savage Arms, Stevens and Savage Range Systems, the company designs, manufactures and markets centerfire and rimfire rifles, shotguns and shooting range systems used for hunting as well as competitive and recreational target shooting. The purchase price was $315,000 net of cash acquired. ATK believes the acquisition complements ATK's growing portfolio of leading consumer brands and will allow us to build upon our offerings with Savage's prominent, respected brands known for accuracy, quality, innovation, value and craftsmanship. Savage's sales distribution channels, new product development, and sophistication in manufacturing will significantly increase ATK's presence with a highly relevant product offering to distributors, retailers and consumers. Savage employs approximately 600 employees and is included in the Sporting Group. The preliminary purchase price allocation is subject to further refinement and may require significant adjustments to arrive at the final purchase price allocation. These adjustments will primarily relate to certain contingent liabilities and income tax-related items. None of the goodwill generated in this acquisition will be deductible for tax purposes. | |||||||||
ATK used the acquisition method of accounting to account for this acquisition and, accordingly, the results of Savage are included in ATK’s consolidated financial statements at the date of acquisition. The purchase price for the acquisition has been allocated to the acquired assets and liabilities based on estimated fair value. Pro forma information on the results of operations for fiscal 2013 as if the acquisition had occurred at the beginning of fiscal 2013 is not being presented because the acquisition is not material to ATK for that purpose. Subsequent to June 21, 2013, ATK has recorded sales of approximately $178,687 for fiscal year 2014 and income before interest, loss on extinguishment of debt, income taxes, and noncontrolling interest of approximately $33,438 for fiscal year 2014 associated with the operations of this acquired business, which reflects the expense of the inventory step-up cost of $12,000 for inventory sold in fiscal year 2014. | |||||||||
Bushnell Acquisition | |||||||||
On November 1, 2013, ATK acquired Bushnell Group Holdings, Inc. ("Bushnell"). Bushnell is a leading global designer, marketer and distributor of branded sports optics, outdoor accessories and performance eyewear. The purchase price was $985,000 net of cash acquired, subject to purchase price adjustments. ATK believes the acquisition broadens our existing capabilities in the commercial shooting sports market and expands our portfolio of branded shooting sports products. In addition, this transaction enables the Company to enter new sporting markets in golf and snow skiing. ATK will leverage Bushnell’s strong sourcing, marketing, branding and distribution capabilities and capitalize on Bushnell’s track record of successfully integrating acquisitions and delivering profitable growth. Bushnell employs approximately 1,100 employees and is included in the Sporting Group. The purchase price has been preliminarily allocated based on the estimated fair value of net assets acquired and liabilities assumed at the date of the acquisition. The preliminary purchase price allocation is subject to further refinement and may require significant adjustments to arrive at the final purchase price allocation. These adjustments will primarily relate to working capital adjustments, certain contingent liabilities and income tax-related items. We expect the purchase price allocation to be completed within 12 months of the acquisition date. Approximately $11,400 of the goodwill generated in this acquisition will be deductible for tax purposes. Subsequent to November 1, 2013, ATK has recorded sales of approximately $217,095 for fiscal 2014 and income before interest, loss on extinguishment of debt, income taxes, and noncontrolling interest of approximately $9,177 for fiscal 2014 associated with the operations of this acquired business which reflects transition costs and $3,500 of inventory step-up costs for inventory sold in fiscal 2014. The income before interest, loss on extinguishment of debt, income taxes, and noncontrolling interest excludes transaction costs of $14,254 for fiscal 2014. | |||||||||
Preliminary Allocation of Consideration Transferred to Net Assets Acquired: | |||||||||
The following amounts represent the preliminary determination of the fair value of identifiable assets acquired and liabilities assumed from the Bushnell acquisition. The final determination of the fair value of certain assets and liabilities will be completed within the 12-month measurement period from the date of acquisition as required. The size and breadth of the Bushnell acquisition will necessitate the use of this measurement period to adequately analyze and assess a number of the factors used in establishing the asset and liability fair values as of the acquisition date, including the significant contractual and operational factors underlying the trade name and customer relationship intangible assets, the assumptions utilized on certain reserves such as those for inventory obsolescence, the assumptions used in transfer pricing analysis, and the related tax impacts of any changes made. Any potential adjustments made could be material in relation to the preliminary values presented below: | |||||||||
Purchase Price net of cash acquired: | |||||||||
Cash Paid | $ | 985,000 | |||||||
Cash Paid for additional working capital | 4,066 | ||||||||
Total purchase price | $ | 989,066 | |||||||
Fair value of assets acquired: | |||||||||
Net receivables | $ | 111,036 | |||||||
Net inventories | 154,238 | ||||||||
Tradename, technology, and customer relationship intangibles | 364,843 | ||||||||
Property, Plant, and Equipment | 25,080 | ||||||||
Other assets | 10,819 | ||||||||
Total assets | 666,016 | ||||||||
Fair value of liabilities assumed: | |||||||||
Accounts Payable | 80,092 | ||||||||
Deferred tax liabilities | 73,468 | ||||||||
Other liabilities | 28,746 | ||||||||
Total liabilities | $ | 182,306 | |||||||
Net assets acquired | $ | 483,710 | |||||||
Preliminary goodwill | $ | 505,356 | |||||||
Supplemental Pro Forma Data: | |||||||||
ATK used the acquisition method of accounting to account for this acquisition and, accordingly, the results of Bushnell are included in ATK’s consolidated financial statements for the period subsequent to the date of acquisition. The following unaudited supplemental pro forma data for the year ended March 31, 2014 and March 31, 2013 present consolidated information as if the acquisition had been completed on April 1, 2012. The pro forma results were calculated by combining the results of ATK with the stand-alone results of Bushnell for the pre-acquisition periods, which were adjusted to account for certain costs which would have been incurred during this pre-acquisition period: | |||||||||
YEAR ENDED | |||||||||
(Amounts in thousands except per share data) | March 31, 2014 | March 31, 2013 | |||||||
Sales | $ | 5,129,315 | $ | 4,913,427 | |||||
Net income attributable to Alliant Techsystems Inc. | 354,521 | 273,219 | |||||||
Basic earnings per common share | 11.19 | 8.42 | |||||||
Diluted earnings per common share | 10.83 | 8.38 | |||||||
The unaudited supplemental pro forma data above include the following significant non-recurring adjustments made to account for certain costs which would have been incurred if the acquisition had been completed on April 1, 2012, as adjusted for the applicable tax impact: | |||||||||
YEAR ENDED | |||||||||
(Amounts in thousands) | March 31, 2014 | March 31, 2013 | |||||||
Inventory Step-up, net1 | $ | (2,205 | ) | $ | 2,205 | ||||
ATK/Bushnell fees for advisory, legal, accounting services2 | (11,111 | ) | 11,111 | ||||||
1. Adjustment reflects the increased cost of goods sold expense which results from the fair value step-up in inventory of $3,500 which was expensed over the first inventory cycle. | |||||||||
2. Removed the ATK/Bushnell fees that were incurred in connection with the acquisition of Bushnell from fiscal 2014, and considered those fees as incurred during the first quarter of fiscal 2013. Costs were recorded in General and administrative expense. | |||||||||
ATK made no acquisitions during fiscal 2013 or 2012. |
Receivables
Receivables | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Receivables | ' | ||||||||
Receivables | |||||||||
Receivables, including amounts due under long-term contracts ("contract receivables"), are summarized as follows: | |||||||||
March 31 | |||||||||
2014 | 2013 | ||||||||
Billed receivables | |||||||||
U.S. Government contracts | $ | 140,109 | $ | 201,455 | |||||
Commercial and other | 365,245 | 228,684 | |||||||
Unbilled receivables | |||||||||
U.S. Government contracts | 517,861 | 501,381 | |||||||
Commercial and other | 461,779 | 391,196 | |||||||
Less allowance for doubtful accounts | (11,174 | ) | (10,143 | ) | |||||
Net receivables | $ | 1,473,820 | $ | 1,312,573 | |||||
Receivable balances are shown net of customer progress payments received of $527,670 as of March 31, 2014 and $381,503 as of March 31, 2013. | |||||||||
Unbilled receivables represent the balance of recoverable costs and accrued profit, comprised principally of revenue recognized on contracts for which billings have not been presented to the customer because the amounts were earned but not contractually billable as of the balance sheet date. These amounts include expected additional billable general overhead costs and fees on flexibly priced contracts awaiting final rate negotiations. | |||||||||
As of March 31, 2014 and March 31, 2013, the net receivable balance includes contract related unbilled receivables that ATK does not expect to collect within the next fiscal year of $264,400 and $282,068, respectively. | |||||||||
ATK records an allowance for doubtful accounts, reducing the receivables balance to an amount ATK estimates is collectible from customers. Estimates used in determining the allowance for doubtful accounts are based on current trends, aging of accounts receivable, periodic credit evaluations of customers’ financial condition, and historical collection experience. | |||||||||
The following is a reconciliation of the changes in ATK's allowance for doubtful accounts during fiscal 2013 and 2014: | |||||||||
Balance at April 1, 2012 | $ | 11,648 | |||||||
Expense | 2,082 | ||||||||
Write-offs | (275 | ) | |||||||
Reversals and other adjustments | (3,312 | ) | |||||||
Balance at March 31, 2013 | 10,143 | ||||||||
Expense | 7,183 | ||||||||
Write-offs | (5,580 | ) | |||||||
Reversals and other adjustments | (572 | ) | |||||||
Balance at March 31, 2014 | $ | 11,174 | |||||||
Property_Plant_and_Equipment
Property, Plant, and Equipment | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant, and Equipment | ' | ||||||||
Property, Plant, and Equipment | |||||||||
Property, plant, and equipment is stated at cost and depreciated over estimated useful lives. Machinery and equipment is depreciated using the double declining balance method at most of ATK's facilities, and using the straight-line method at other ATK facilities. Other depreciable property is depreciated using the straight-line method. Machinery and equipment are depreciated over 1 to 30 years and buildings and improvements are depreciated over 1 to 45 years. Depreciation expense was $94,072 in fiscal 2014, $94,903 in fiscal 2013, and $98,037 in fiscal 2012. | |||||||||
ATK reviews property, plant, and equipment for impairment when indicators of potential impairment are present. When such impairment is identified, it is recorded as a loss in that period. Maintenance and repairs are charged to expense as incurred. Major improvements that extend useful lives are capitalized and depreciated. The cost and accumulated depreciation of property, plant and equipment retired or otherwise disposed of are removed from the related accounts, and any residual values are charged or credited to income. | |||||||||
Property, plant, and equipment consists of the following: | |||||||||
March 31 | |||||||||
2014 | 2013 | ||||||||
Land | $ | 40,159 | $ | 37,519 | |||||
Buildings and improvements | 335,030 | 314,877 | |||||||
Machinery and equipment | 1,243,539 | 1,121,997 | |||||||
Property not yet in service | 100,124 | 78,530 | |||||||
Gross property, plant, and equipment | 1,718,852 | 1,552,923 | |||||||
Less accumulated depreciation | (1,021,301 | ) | (950,603 | ) | |||||
Net property, plant, and equipment | $ | 697,551 | $ | 602,320 | |||||
Goodwill_and_Deferred_Charges_
Goodwill and Deferred Charges and Other Non-Current Assets | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Goodwill and Deferred Charges and Other Non-Current Assets | ' | ||||||||||||||||||||||||
Goodwill and Deferred Charges and Other Non-Current Assets | ' | ||||||||||||||||||||||||
Goodwill, Intangible Assets, and Deferred Charges and Other Non-Current Assets | |||||||||||||||||||||||||
The changes in the carrying amount of goodwill by segment were as follows: | |||||||||||||||||||||||||
Aerospace | Defense | Sporting | Total | ||||||||||||||||||||||
Group | Group | Group | |||||||||||||||||||||||
Balance at April 1, 2012 | $ | 676,516 | $ | 366,947 | $ | 208,073 | $ | 1,251,536 | |||||||||||||||||
Acquisitions | — | — | — | — | |||||||||||||||||||||
Balance at March 31, 2013 | 676,516 | 366,947 | 208,073 | 1,251,536 | |||||||||||||||||||||
Acquisitions | — | — | 665,201 | 665,201 | |||||||||||||||||||||
Effect of foreign currency exchange rates | — | — | 184 | 184 | |||||||||||||||||||||
Balance at March 31, 2014 | $ | 676,516 | $ | 366,947 | $ | 873,458 | $ | 1,916,921 | |||||||||||||||||
The acquisitions in the Sporting Group related to the preliminary purchase price allocation for Savage and Bushnell as previously discussed. | |||||||||||||||||||||||||
The goodwill recorded within Aerospace Group above is presented net of $108,500 of accumulated impairment losses. | |||||||||||||||||||||||||
Deferred charges and other non-current assets consist of the following: | |||||||||||||||||||||||||
March 31 | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Gross debt issuance costs | $ | 28,356 | $ | 21,341 | |||||||||||||||||||||
Less accumulated amortization | (4,084 | ) | (8,489 | ) | |||||||||||||||||||||
Net debt issuance costs | 24,272 | 12,852 | |||||||||||||||||||||||
Parts inventory | 10,921 | 10,886 | |||||||||||||||||||||||
Environmental remediation receivable | 22,128 | 28,254 | |||||||||||||||||||||||
Derivative contracts | 328 | — | |||||||||||||||||||||||
Other non-current assets | 59,577 | 53,469 | |||||||||||||||||||||||
Total deferred charges and other non-current assets | $ | 117,226 | $ | 105,461 | |||||||||||||||||||||
Included in net intangible assets as of March 31, 2014 and March 31, 2013 is $204,298 and $38,998, respectively, of other intangible assets consisting of trademarks and brand names that are not being amortized as their estimated useful lives are considered indefinite and amortizing assets as follows: | |||||||||||||||||||||||||
31-Mar-14 | 31-Mar-13 | ||||||||||||||||||||||||
Gross | Accumulated | Total | Gross | Accumulated | Total | ||||||||||||||||||||
carrying | amortization | carrying | amortization | ||||||||||||||||||||||
amount | amount | ||||||||||||||||||||||||
Trade name | $ | 184,660 | $ | (21,723 | ) | $ | 162,937 | $ | 66,060 | $ | (13,531 | ) | $ | 52,529 | |||||||||||
Patented technology | 33,389 | (10,325 | ) | 23,064 | 17,400 | (7,230 | ) | 10,170 | |||||||||||||||||
Customer relationships and other | 226,105 | (38,554 | ) | 187,551 | 34,185 | (25,928 | ) | 8,257 | |||||||||||||||||
Total | $ | 444,154 | $ | (70,602 | ) | $ | 373,552 | $ | 117,645 | $ | (46,689 | ) | $ | 70,956 | |||||||||||
The gross amount of amortizable and non-amortizable intangible assets increased from March 31, 2013 due to the acquisitions of Savage and Bushnell. The assets in the table above are being amortized using a straight-line method over a weighted average remaining period of approximately 13.0 years. Amortization expense related to these assets was $23,704 in fiscal 2014, $11,159 in fiscal 2013, and $10,848 in fiscal 2012. ATK expects amortization expense related to these assets to be as follows: | |||||||||||||||||||||||||
Fiscal 2015 | $ | 34,112 | |||||||||||||||||||||||
Fiscal 2016 | 32,712 | ||||||||||||||||||||||||
Fiscal 2017 | 30,422 | ||||||||||||||||||||||||
Fiscal 2018 | 30,422 | ||||||||||||||||||||||||
Fiscal 2019 | 27,678 | ||||||||||||||||||||||||
Thereafter | 218,206 | ||||||||||||||||||||||||
Total | $ | 373,552 | |||||||||||||||||||||||
Other_Accrued_Liabilities
Other Accrued Liabilities | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Other Accrued Liabilities | ' | ||||||||
The major categories of other current and long-term accrued liabilities are as follows: | |||||||||
March 31 | |||||||||
2014 | 2013 | ||||||||
Employee benefits and insurance, including pension and other postretirement benefits | $ | 65,858 | $ | 75,882 | |||||
Warranty | 19,080 | 19,669 | |||||||
Interest | 8,341 | 1,887 | |||||||
Environmental remediation | 8,550 | 6,847 | |||||||
Rebate | 17,593 | 6,875 | |||||||
Deferred lease obligation | 26,257 | 28,424 | |||||||
Derivative contracts | 6,212 | 2,871 | |||||||
Federal excise tax | 35,892 | 22,367 | |||||||
Other | 135,049 | 97,199 | |||||||
Total other accrued liabilities—current | $ | 322,832 | $ | 262,021 | |||||
Environmental remediation | $ | 44,938 | $ | 49,373 | |||||
Management nonqualified deferred compensation plan | 17,043 | 17,409 | |||||||
Non-current portion of accrued income tax liability | 18,659 | 25,400 | |||||||
Deferred lease obligation | 19,791 | 14,342 | |||||||
Other | 24,513 | 19,934 | |||||||
Total other long-term liabilities | $ | 124,944 | $ | 126,458 | |||||
ATK provides product warranties, which entail repair or replacement of non-conforming items, in conjunction with sales of certain products. Estimated costs related to warranties are recorded in the period in which the related product sales occur. The warranty liability recorded at each balance sheet date reflects the estimated liability for warranty coverage for products delivered based on historical information and current trends. The following is a reconciliation of the changes in ATK's product warranty liability during the periods presented: | |||||||||
Balance at April 1, 2012 | $ | 24,221 | |||||||
Payments made | (5,712 | ) | |||||||
Warranties issued | 3,387 | ||||||||
Changes related to preexisting warranties | (2,227 | ) | |||||||
Balance at March 31, 2013 | 19,669 | ||||||||
Payments made | (6,724 | ) | |||||||
Warranties issued | 2,791 | ||||||||
Warranties assumed in acquisition | 3,629 | ||||||||
Changes related to preexisting warranties | (285 | ) | |||||||
Balance at March 31, 2014 | $ | 19,080 | |||||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Long-Term Debt | ' | |||||||||||||||
Long-term debt, including the current portion, consisted of the following: | ||||||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||||||
Senior Credit Facility dated November 1, 2013: | ||||||||||||||||
Term A Loan due 2018 | $ | 997,375 | $ | — | ||||||||||||
Term B Loan due 2020 | 249,375 | — | ||||||||||||||
Revolving Credit Facility due 2018 | — | — | ||||||||||||||
Senior Credit Facility dated October 7, 2010: | ||||||||||||||||
Term A Loan due 2015 | — | 340,000 | ||||||||||||||
Term A Loan due 2017 | — | 195,000 | ||||||||||||||
Revolving Credit Facility due 2015 | — | — | ||||||||||||||
5.25% Senior Notes due 2021 | 300,000 | — | ||||||||||||||
6.875% Senior Subordinated Notes due 2020 | 350,000 | 350,000 | ||||||||||||||
3.00% Convertible Senior Subordinated Notes due 2024 | 199,440 | 199,453 | ||||||||||||||
Principal amount of long-term debt | 2,096,190 | 1,084,453 | ||||||||||||||
Less: Unamortized discounts | 3,212 | 10,576 | ||||||||||||||
Carrying amount of long-term debt | 2,092,978 | 1,073,877 | ||||||||||||||
Less: current portion | 249,228 | 50,000 | ||||||||||||||
Carrying amount of long-term debt, excluding current portion | $ | 1,843,750 | $ | 1,023,877 | ||||||||||||
Senior Credit Facility | ||||||||||||||||
On November 1, 2013, ATK entered into a Third Amended and Restated Credit Agreement (the "2013 Senior Credit Facility"), which replaced its 2010 Senior Credit Facility. The 2013 Senior Credit Facility is comprised of a Term A Loan of $1,010,000 and a $700,000 Revolving Credit Facility, both of which mature in 2018, and a Term Loan B of $250,000, which matures in 2020. The Term A Loan is subject to quarterly principal payments of $12,625, the first of which was paid on March 31, 2014, with the remaining balance due on November 1, 2018. The Term B Loan is subject to quarterly principal payments of $625, the first of which was paid on March 31, 2014, with the remaining balance due on November 1, 2020. Substantially all domestic tangible and intangible assets of ATK and its subsidiaries are pledged as collateral under the 2013 Senior Credit Facility. Borrowings under the 2013 Senior Credit Facility bear interest at a rate equal to either the sum of a base rate plus a margin or the sum of a Eurodollar rate plus a margin. Each margin is based on ATK's senior secured credit ratings. Based on ATK's current credit rating, the current base rate margin is 1.00% and the current Eurodollar margin is 2.00%. The weighted average interest rate for the Term A Loan, after taking into account the interest rate swaps discussed below, was 2.57% at March 31, 2014. ATK pays an annual commitment fee on the unused portion of the Revolving Credit Facility based on its senior secured credit ratings. Based on ATK's current rating, this current fee is 0.30%. As of March 31, 2014, ATK had no borrowings against its $700,000 Revolving Credit Facility and had outstanding letters of credit of $141,758, which reduced amounts available on the Revolving Credit Facility to $558,242. Debt issuance costs totaling approximately $19,000 are being amortized over the term of each related Term Loan. | ||||||||||||||||
The 2013 Senior Credit Facility replaced the Senior Credit Facility entered into in fiscal 2011, which was comprised of a Term A Loan of $400,000 and a $600,000 Revolving Credit Facility, both of which were to mature in 2015. During the third quarter of fiscal 2014, the Company refinanced this agreement as noted above. The transaction resulted in the write-off of the remaining $6,166 of unamortized debt issuance costs. | ||||||||||||||||
5.25% Notes | ||||||||||||||||
On November 1, 2013, ATK issued $300,000 aggregate principal amount of 5.25% Senior Notes (the "5.25% Notes") that mature on October 1, 2021. These notes are general unsecured obligations. Interest on these notes is payable on April 1 and October 1 of each year. ATK has the right to redeem some or all of these notes from time to time on or after October 1, 2016, at specified redemption prices. Prior to October 1, 2016, ATK may redeem some or all of these notes at a price equal to 100% of their principal amount plus accrued and unpaid interest to the date of redemption and a specified make-whole premium. In addition, prior to October 1, 2016, ATK may redeem up to 35% of the aggregate principal amount of these notes with the net cash proceeds of certain equity offerings, at a price equal to 105.25% of their principal amount plus accrued and unpaid interest to the date of redemption. Debt issuance costs of approximately $3,000 related to these notes are being amortized to interest expense over the term of the notes. | ||||||||||||||||
6.875% Notes | ||||||||||||||||
In fiscal 2011, ATK issued $350,000 aggregate principal amount of 6.875% Senior Subordinated Notes ("the 6.875% Notes") that mature on September 15, 2020. These notes are general unsecured obligations. Interest on these notes is payable on March 15 and September 15 of each year. ATK has the right to redeem some or all of these notes from time to time on or after September 15, 2015, at specified redemption prices. Prior to September 15, 2015, ATK may redeem some or all of these notes at a price equal to 100% of their principal amount plus accrued and unpaid interest to the date of redemption and a specified make-whole premium. Debt issuance costs of approximately $7,100 related to these notes are being amortized to interest expense over ten years. | ||||||||||||||||
3.00% Convertible Notes | ||||||||||||||||
In fiscal 2005, ATK issued $200,000 aggregate principal amount of 3.00% Convertible Senior Subordinated Notes (the 3.00% Convertible Notes) that mature on August 15, 2024. Interest on these notes is payable on February 15 and August 15 of each year. Starting with the period beginning on August 20, 2014 and ending on February 14, 2015, and for each of the 6-month periods thereafter beginning on February 15, 2015, ATK will pay contingent interest of 0.30% of the average trading price of these notes if the average trading price of the notes is 120% or more of the principal amount during the five trading days ending on the third day immediately preceding the first day of the applicable interest period. The contingent interest feature is treated as an embedded derivative and the fair value of this feature was insignificant at March 31, 2014 and 2013. | ||||||||||||||||
ATK may redeem some or all of these notes in cash at any time on or after August 20, 2014. Holders of these notes may require ATK to repurchase in cash some or all of these notes on August 15, 2014 and August 15, 2019. Holders may also convert their 3.00% Convertible Notes into shares of ATK's common stock under the following circumstances: (1) when, during any fiscal quarter, the last reported sale price of ATK stock is greater than or equal to 130% of the conversion price, currently $99.22, for at least 20 trading days in the period of 30 consecutive trading days ending on the last trading day of the preceding fiscal quarter; (2) if ATK calls these notes for redemption; or (3) upon the occurrence of certain corporate transactions. These notes had an initial conversion rate of 12.5392 shares per $1 principal amount (a conversion price of $79.75). Pursuant to provisions in the indenture requiring adjustment of the conversion rate upon the payment of dividends, the conversion rate for these notes is now 13.1023, which correspondingly has changed the conversion price per share to $76.32. The stock price condition was first satisfied during fiscal 2008, so ATK wrote-off the unamortized debt issuance costs of approximately $3,200 at that time. The stock price condition was again met during fiscal 2009, and $547 of these notes were then converted. The stock price condition was again met during the quarters ended December 29, 2013 and March 31, 2014. Holders of $13 of these notes converted their notes in fiscal 2014. The notes continue to be convertible, at the option of the holder, through June 29, 2014, and will remain convertible so long as ATK’s stock price continues to meet the 130%-of-conversion-price condition, as described above. Because the notes are now convertible and also will be putable within the next year, the remaining principal amount of $199,440 as of March 31, 2014, is classified as short-term. | ||||||||||||||||
In fiscal 2005, ATK amended the indenture to require ATK to satisfy 100% of the principal amount of these notes solely in cash, with any amounts above the principal amount to be satisfied in cash, common stock, or a combination of cash and common stock, at the sole election of ATK. If certain fundamental changes occur on or prior to August 15, 2014, ATK will in certain circumstances increase the conversion rate by a number of additional shares of common stock or, in lieu thereof, ATK may in certain circumstances elect to adjust the conversion rate and related conversion obligation so that these notes are convertible into shares of the acquiring or surviving company. The convertible shares had an impact on diluted shares outstanding for the year ended March 31, 2014 of 676,000 shares because ATK's average stock price exceeded the conversion price during those periods. These shares had no impact on diluted shares outstanding for fiscal 2013, or 2012 as the average stock price did not exceed the conversion price during those years. | ||||||||||||||||
The following tables provide additional information about the 3.00% Convertible Notes: | ||||||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||||||
Carrying amount of the equity component | $ | 56,849 | $ | 56,849 | ||||||||||||
Principal amount of the liability component | $ | 199,440 | $ | 199,453 | ||||||||||||
Unamortized discount of liability component | $ | 3,212 | $ | 10,576 | ||||||||||||
Net carrying amount of liability component | $ | 196,228 | $ | 188,877 | ||||||||||||
Remaining amortization period of discount (months) | 5 | 17 | ||||||||||||||
Effective interest rate on liability component | 7 | % | 7 | % | ||||||||||||
Based on ATK's closing stock price of $142.15 on March 31, 2014, the if-converted value of these notes exceeded the aggregate principal amount of the notes by $172,028. | ||||||||||||||||
Interest Rate Swaps | ||||||||||||||||
During fiscal 2014, ATK entered into five floating-to-fixed interest rate swap agreements in order to manage interest costs and the risk associated with variable interest rates. As of March 31, 2014, ATK had the following cash flow hedge interest rate swaps in place: | ||||||||||||||||
Notional | Fair Value | Pay Fixed | Receive Floating | Maturity Date | ||||||||||||
Non-amortizing swap | $ | 100,000 | $ | (557 | ) | 0.87 | % | 0.15 | % | Aug-16 | ||||||
Non-amortizing swap | $ | 100,000 | $ | (670 | ) | 1.29 | % | 0.15 | % | Aug-17 | ||||||
Non-amortizing swap | $ | 100,000 | $ | (845 | ) | 1.69 | % | 0.15 | % | Aug-18 | ||||||
Non-amortizing swap | $ | 50,000 | $ | (158 | ) | 0.65 | % | 0.15 | % | Nov-16 | ||||||
Non-amortizing swap | $ | 50,000 | $ | 169 | 1.1 | % | 0.15 | % | Nov-17 | |||||||
The amount to be paid or received under these swaps is recorded as an adjustment to interest expense. | ||||||||||||||||
Rank and Guarantees | ||||||||||||||||
The 5.25% Notes rank senior in right of payment to the 3.00% Convertible Notes and the 6.875% Notes (the latter two of which rank equal with each other), and all of ATK's future senior subordinated indebtedness and are subordinated in right of payment to all existing and future senior indebtedness, including the Senior Credit Facility. The outstanding notes are guaranteed on an unsecured basis, jointly and severally and fully and unconditionally, by substantially all of ATK's domestic subsidiaries. The parent company has no independent assets or operations. As a result of the acquisition of Bushnell during the third quarter, ATK's non-guarantor subsidiaries become more than minor. See Note 16 for consolidating financial information of the guarantor and non-guarantor subsidiaries. All of these guarantor subsidiaries are 100% owned by ATK. These guarantees are senior or senior subordinated obligations, as applicable, of the applicable subsidiary guarantors. The guarantee by any Subsidiary Guarantor of ATK’s obligations in respect of the 5.25% Notes and the 6.875% Notes will be released in each of the following circumstances: | ||||||||||||||||
• | if, as a result of the sale of its capital stock, such Subsidiary Guarantor ceases to be a Restricted Subsidiary; | |||||||||||||||
• | if such Subsidiary Guarantor is designated as an “Unrestricted Subsidiary”; | |||||||||||||||
• | upon defeasance or satisfaction and discharge of the 5.25% Notes or the 6.875% Notes, as applicable; and | |||||||||||||||
• | if such Subsidiary Guarantor has been released from its guarantees of indebtedness under the Credit Agreement and all capital markets debt securities. | |||||||||||||||
The guarantee by any Subsidiary Guarantor of the Company’s obligations in respect of the 3.00% Convertible Notes will be released if such Subsidiary Guarantor is released from its guarantee of the 5.25% Notes and the 6.875% Notes. | ||||||||||||||||
Scheduled Minimum Loan Payments | ||||||||||||||||
The scheduled minimum loan payments on outstanding long-term debt are as follows: | ||||||||||||||||
Fiscal 2015 | $ | 252,440 | ||||||||||||||
Fiscal 2016 | 53,000 | |||||||||||||||
Fiscal 2017 | 53,000 | |||||||||||||||
Fiscal 2018 | 53,000 | |||||||||||||||
Fiscal 2019 | 797,875 | |||||||||||||||
Thereafter | 886,875 | |||||||||||||||
Total | $ | 2,096,190 | ||||||||||||||
ATK's total debt (current portion of debt and long-term debt) as a percentage of total capitalization (total debt and stockholders' equity) was 52% and 42% as of March 31, 2014 and March 31, 2013, respectively. | ||||||||||||||||
Covenants and Default Provisions | ||||||||||||||||
ATK's Senior Credit Facility and the indentures governing the 5.25% Notes, the 6.875% Notes and the 3.00% Convertible Notes impose restrictions on ATK, including limitations on its ability to incur additional debt, enter into capital leases, grant liens, pay dividends and make certain other payments, sell assets, or merge or consolidate with or into another entity. In addition, the Senior Credit Facility limits ATK's ability to enter into sale-and-leaseback transactions. ATK’s 5.25% Notes and its 6.875% Notes limit the aggregate sum of dividends, share repurchases, and other designated restricted payments to an amount based on ATK’s net income, stock issuance proceeds, and certain other items, less restricted payments made, since April 1, 2001. As of March 31, 2014, this limit was approximately $879,033. The 2013 Senior Credit Facility allows ATK to make unlimited “restricted payments” (as defined in the credit agreement), which, among other items, would allow payments for future share repurchases, as long as ATK maintains a certain amount of liquidity and maintains certain senior debt limits, with a limit, when those senior debt limits are not met, of $250,000 plus proceeds of any equity issuances plus 50% of net income since October 7, 2010. The Senior Credit Facility also requires that ATK meet and maintain specified financial ratios, including a minimum interest coverage ratio, a maximum consolidated senior leverage ratio, and a maximum consolidated leverage ratio. Many of ATK's debt agreements contain cross-default provisions so that non-compliance with the covenants within one debt agreement could cause a default under other debt agreements as well. ATK's ability to comply with these covenants and to meet and maintain the financial ratios may be affected by events beyond its control. Borrowings under the 2013 Senior Credit Facility are subject to compliance with these covenants. As of March 31, 2014, ATK was in compliance with the financial covenants. | ||||||||||||||||
Cash Paid for Interest on Debt | ||||||||||||||||
Cash paid for interest totaled $54,678 in fiscal 2014, $68,567 in fiscal 2013, and $58,717 in fiscal 2012. Cash received for interest totaled $252 in fiscal 2014, $538 in fiscal 2013, and $676 in fiscal 2012. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||||||||
Employee Benefit Plans | |||||||||||||||||||||||||
ATK provides defined benefit pension plans and defined contribution plans for the majority of its employees. ATK has tax qualified defined benefit plans, a supplemental (nonqualified) defined benefit pension plan, a defined contribution plan, and a supplemental (non-qualified) defined contribution plan. A qualified plan meets the requirements of certain sections of the Internal Revenue Code and, generally, contributions to qualified plans are tax deductible. A qualified plan typically provides benefits to a broad group of employees and may not discriminate in favor of highly compensated employees in coverage, benefits or contributions. In addition, ATK provides medical and life insurance benefits to certain retirees and their eligible dependents through its postretirement plans. | |||||||||||||||||||||||||
Defined Benefit Plans | |||||||||||||||||||||||||
ATK is required to reflect the funded status of the pension and other postretirement ("PRB") plans on the consolidated balance sheet. The funded status of the plans is measured as the difference between the plan assets at fair value and the projected benefit obligation. ATK has recognized the aggregate of all underfunded plans within the accrued pension liability and postretirement and postemployment benefits liabilities. The portion of the amount by which the actuarial present value of benefits included in the projected benefit obligation exceeds the fair value of plan assets, payable in the next 12 months, is reflected in other accrued liabilities. | |||||||||||||||||||||||||
Previously unrecognized differences between actual amounts and estimates based on actuarial assumptions are included in accumulated other comprehensive loss in our consolidated balance sheet and the difference between actual amounts and estimates based on actuarial assumptions has been recognized in other comprehensive income in the period in which they occur. | |||||||||||||||||||||||||
ATK's measurement date for remeasuring its plan assets and benefit obligations is March 31. | |||||||||||||||||||||||||
Pension Plans. ATK has qualified noncontributory defined benefit pension plans that cover substantially all employees hired prior to January 1, 2007. Eligible non-union employees hired on or after January 1, 2007 and certain union employees are not covered by a defined benefit plan but substantially all do receive an employer contribution through a defined contribution plan, discussed below. On January 31, 2013, the Plans were amended for non-union employees to freeze the current pension formula benefits effective June 30, 2013 and to implement a new cash balance formula applicable to pay and service starting July 1, 2013. As a result of the Plans amendments the projected benefit obligation was reduced by $183,583. In addition, effective January 1, 2014, some union pension benefits were also frozen as of December 31, 2013 and a new cash balance formula applicable to pay and service starting January 1, 2014 was implemented. As a result of these plan amendments the projected benefit obligation was reduced by $12,615. The cash balance formula provides each affected employee with pay credits based on the sum of that employee's age plus years of pension service as of December 31 of each calendar year, plus 4% annual interest credits. Prior to the effective date of the amendment, the plans provide either pension benefits based on employee annual pay levels and years of credited service or stated amounts for each year of credited service. ATK funds the plans in accordance with federal requirements calculated using appropriate actuarial methods. Depending on the plan they are covered by, employees generally vest after three or five years. | |||||||||||||||||||||||||
ATK also sponsors a nonqualified supplemental executive retirement plan which provides certain executives and highly compensated employees the opportunity to receive pension benefits in excess of those payable through tax qualified pension plans. The benefit obligation of these plans is included in the pension information below. | |||||||||||||||||||||||||
Other Postretirement Benefit Plans. Generally, employees who terminated employment from ATK on or before January 1, 2004 and were at least age 50 or 55 with at least five or ten years of service, depending on the provisions of the pension plan they are eligible for, are entitled to a pre- and/or post-65 healthcare company subsidy and retiree life insurance coverage. Employees who terminated employment after January 1, 2004, but before January 1, 2006, are eligible only for a pre-65 company subsidy. The portion of the healthcare premium cost borne by ATK for such benefits is based on the pension plan the employees are eligible for, years of service, and age at termination. | |||||||||||||||||||||||||
The following table shows changes in the benefit obligation, plan assets, and funded status of ATK's qualified and non-qualified pension plans and other PRB plans. Benefit obligation balances presented below reflect the projected benefit obligation ("PBO") for our pension plans and accumulated PRB obligations ("APBO") or our other PRB plans. | |||||||||||||||||||||||||
Pension Benefits | Other Postretirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
Years Ended March 31 | Years Ended March 31 | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Obligations and Funded Status | |||||||||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 3,079,793 | $ | 3,040,424 | $ | 143,528 | $ | 154,555 | |||||||||||||||||
Service cost | 34,763 | 64,030 | 9 | 3 | |||||||||||||||||||||
Interest cost | 130,253 | 144,603 | 5,207 | 6,493 | |||||||||||||||||||||
Plan Amendments | (12,615 | ) | (183,583 | ) | — | — | |||||||||||||||||||
Actuarial loss (gain) | (55,958 | ) | 210,516 | (8,953 | ) | (4,649 | ) | ||||||||||||||||||
Benefits paid | (187,948 | ) | (196,197 | ) | (11,726 | ) | (12,874 | ) | |||||||||||||||||
Benefit obligation at end of year | $ | 2,988,288 | $ | 3,079,793 | $ | 128,065 | $ | 143,528 | |||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 2,357,024 | $ | 2,154,458 | $ | 58,676 | $ | 56,084 | |||||||||||||||||
Actual return on plan assets | 211,788 | 210,544 | 2,513 | 4,913 | |||||||||||||||||||||
Retiree contributions | — | — | 5,306 | 5,820 | |||||||||||||||||||||
Employer contributions | 45,149 | 188,219 | 11,592 | 10,553 | |||||||||||||||||||||
Benefits paid | (187,948 | ) | (196,197 | ) | (17,032 | ) | (18,694 | ) | |||||||||||||||||
Fair value of plan assets at end of year | 2,426,013 | 2,357,024 | 61,055 | 58,676 | |||||||||||||||||||||
Funded status | $ | (562,275 | ) | $ | (722,769 | ) | $ | (67,010 | ) | $ | (84,852 | ) | |||||||||||||
Pension Benefits | Other Postretirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
Years Ended March 31 | Years Ended March 31 | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Amounts Recognized in the Balance Sheet | |||||||||||||||||||||||||
Other accrued liabilities | $ | (4,500 | ) | $ | (3,597 | ) | $ | (4,236 | ) | $ | (4,600 | ) | |||||||||||||
Postretirement and postemployment benefits liabilities | — | — | (62,774 | ) | (80,252 | ) | |||||||||||||||||||
Accrued pension liability | (557,775 | ) | (719,172 | ) | — | — | |||||||||||||||||||
Net amount recognized | $ | (562,275 | ) | $ | (722,769 | ) | $ | (67,010 | ) | $ | (84,852 | ) | |||||||||||||
Accumulated other comprehensive loss (income) related to: | |||||||||||||||||||||||||
Unrecognized net actuarial losses | $ | 1,291,756 | $ | 1,544,282 | $ | 16,903 | $ | 27,237 | |||||||||||||||||
Unrecognized prior service benefits | (176,030 | ) | (184,399 | ) | (26,031 | ) | (34,411 | ) | |||||||||||||||||
Accumulated other comprehensive loss (income) | $ | 1,115,726 | $ | 1,359,883 | $ | (9,128 | ) | $ | (7,174 | ) | |||||||||||||||
The estimated amount that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in fiscal 2015 is as follows: | |||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||
Postretirement | |||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
Recognized net actuarial losses | $ | 119,257 | $ | 1,636 | |||||||||||||||||||||
Amortization of prior service benefits | (22,490 | ) | (8,377 | ) | |||||||||||||||||||||
Total | $ | 96,767 | $ | (6,741 | ) | ||||||||||||||||||||
The accumulated benefit obligation for all defined benefit pension plans was $2,985,605 as of March 31, 2014 and $3,045,140 as of March 31, 2013. | |||||||||||||||||||||||||
March 31 | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets | |||||||||||||||||||||||||
Projected benefit obligation | $ | 2,988,288 | $ | 3,079,793 | |||||||||||||||||||||
Accumulated benefit obligation | 2,985,605 | 3,045,140 | |||||||||||||||||||||||
Fair value of plan assets | 2,426,013 | 2,357,024 | |||||||||||||||||||||||
The components of net periodic benefit cost are as follows: | |||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||
Years Ended March 31 | Years Ended March 31 | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Service cost | $ | 34,763 | $ | 64,030 | $ | 64,710 | $ | 9 | $ | 3 | $ | 76 | |||||||||||||
Interest cost | 130,253 | 144,603 | 149,284 | 5,207 | 6,493 | 7,814 | |||||||||||||||||||
Expected return on plan assets | (161,111 | ) | (167,805 | ) | (175,590 | ) | (3,419 | ) | (3,253 | ) | (3,512 | ) | |||||||||||||
Amortization of unrecognized net loss | 145,891 | 124,600 | 95,934 | 2,288 | 2,654 | 2,972 | |||||||||||||||||||
Amortization of unrecognized prior service cost | (20,984 | ) | (391 | ) | (381 | ) | (8,381 | ) | (8,381 | ) | (8,381 | ) | |||||||||||||
Net periodic benefit cost before special termination benefits cost / curtailment | 128,812 | 165,037 | 133,957 | (4,296 | ) | (2,484 | ) | (1,031 | ) | ||||||||||||||||
Special termination benefits cost / curtailment | — | 2,915 | — | — | — | — | |||||||||||||||||||
Net periodic benefit cost | $ | 128,812 | $ | 167,952 | $ | 133,957 | $ | (4,296 | ) | $ | (2,484 | ) | $ | (1,031 | ) | ||||||||||
During fiscal 2013, ATK recorded a settlement expense of $2,915 to recognize the impact of lump sum benefit payments made in the non-qualified supplemental executive retirement plan. | |||||||||||||||||||||||||
The Medicare Prescription Drug, Improvement and Modernization Act of 2003 (the Act) reduced ATK's APBO measured as of December 31, 2005. One of ATK's other PRB plans is actuarially equivalent to Medicare, but ATK does not believe that the subsidies it will receive under the Act will be significant. Because ATK believes that participation levels in its other PRB plans will decline, the impact to ATK's results of operations in any period has not been and is not expected to be significant. | |||||||||||||||||||||||||
Assumptions | |||||||||||||||||||||||||
Pension Benefits | Other Postretirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Weighted-Average Assumptions Used to Determine Benefit Obligations as of March 31 | |||||||||||||||||||||||||
Discount rate | 4.5 | % | 4.35 | % | 4.9 | % | 3.95 | % | 3.8 | % | 4.4 | % | |||||||||||||
Rate of compensation increase: | |||||||||||||||||||||||||
Union | 3.22 | % | 3.23 | % | 3.26 | % | |||||||||||||||||||
Salaried | 3.47 | % | 3.49 | % | 3.55 | % | |||||||||||||||||||
Pension Benefits | Other Postretirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended March 31 | |||||||||||||||||||||||||
Discount rate | 4.35 | % | 4.9 | % | 5.6 | % | 3.8 | % | 4.4 | % | 5 | % | |||||||||||||
Expected long-term rate of return on plan assets | 7.25 | % | 7.5 | % | 8 | % | 5 | % | / | 5 | % | / | 6 | % | / | ||||||||||
6.25 | % | 6.25 | % | 7 | % | ||||||||||||||||||||
Rate of compensation increase: | |||||||||||||||||||||||||
Union | 3.23 | % | 3.26 | % | 3.79 | % | |||||||||||||||||||
Salaried | 3.49 | % | 3.55 | % | 4.02 | % | |||||||||||||||||||
In developing the expected long-term rate of return assumption, ATK considers input from its actuaries and other advisors, annualized returns of various major indices over a long-term time horizon, and ATK's own historical 5-year and 10-year compounded investment returns. The expected long-term rate of return of 7.25% used in fiscal 2014 for the plans was based on an asset allocation range of 20 - 45% in equity investments, 35 - 50% in fixed income investments, 5 - 10% in real estate/real asset investments, 10 - 25% collectively in hedge fund and private equity investments, and 0 - 6% in cash investments. The actual return in any fiscal year will likely differ from ATK's assumption, but ATK estimates its return based on long-term projections and historical results. Therefore, any variance in a given year does not necessarily indicate that the assumption should be changed. | |||||||||||||||||||||||||
In developing the expected long-term rate of return assumption for other PRB plans, ATK considers input from actuaries, historical returns, and annualized returns of various major indices over long periods. The expected long-term rates of returns are based on the weighted average asset allocation between the assets held within the 401(h) and those held in fixed income investments. | |||||||||||||||||||||||||
Assumed Health Care Cost Trend Rates used to Measure Expected Cost of Benefits | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Weighted average health care cost trend rate | 6.1 | % | 7.6 | % | |||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.5 | % | 5 | % | |||||||||||||||||||||
Fiscal year that the rate reaches the ultimate trend rate | 2027 | 2022 | |||||||||||||||||||||||
Since fiscal 2006, health care cost trend rates have been set specifically for each benefit plan and design. Assumed health care cost trend rates have a significant effect on the amounts reported for health care plans. A one-percentage point increase or decrease in the assumed health care cost trend rates would have the following effects: | |||||||||||||||||||||||||
One-Percentage | One-Percentage | ||||||||||||||||||||||||
Point Increase | Point Decrease | ||||||||||||||||||||||||
Effect on total of service and interest cost | $ | 270 | $ | (240 | ) | ||||||||||||||||||||
Effect on postretirement benefit obligation | 6,816 | (6,068 | ) | ||||||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||
Pension. ATK's pension plan weighted-average asset allocations at March 31, 2014 and 2013, and the target allocations for fiscal 2015, by asset category are as follows: | |||||||||||||||||||||||||
Target | Actual as of | ||||||||||||||||||||||||
Range | March 31 | ||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||
Asset Category | |||||||||||||||||||||||||
Domestic equity | 10 - 25% | 19.4 | % | 25 | % | ||||||||||||||||||||
International equity | 10 - 20% | 17.1 | % | 14.7 | % | ||||||||||||||||||||
Fixed income | 35 - 50% | 38.7 | % | 37.8 | % | ||||||||||||||||||||
Real assets | 5 - 10% | 5 | % | 7.2 | % | ||||||||||||||||||||
Hedge funds/private equity | 10 - 25% | 18.8 | % | 12.8 | % | ||||||||||||||||||||
Other investments/cash | 0 - 6% | 0.9 | % | 2.5 | % | ||||||||||||||||||||
Total | 100% | 100 | % | 100 | % | ||||||||||||||||||||
ATK has a committee which, assisted by outside consultants, evaluates the objectives and investment policies concerning its long-term investment goals and asset allocation strategies. 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 (1) to meet or exceed the assumed actuarial rate of return over the long term within reasonable and prudent levels of risk, and (2) to preserve the real purchasing power of assets to meet future obligations. The nature and duration of benefit obligations, along with assumptions concerning asset class returns and return correlations, are considered when determining an appropriate asset allocation to achieve the investment objectives. Pension plan assets for ATK's qualified pension plans are held in a trust for the benefit of the plan participants and are invested in a diversified portfolio of equity investments, fixed income investments, real asset investments (real estate, timber, energy), hedge funds, private equity, and cash. Risk 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. Guidelines are established defining permitted investments within each asset class. | |||||||||||||||||||||||||
During fiscal 2014, ATK continued implementation of the investment strategy recommended by the asset-liability study conducted during fiscal 2013. The results of the asset-liability study reinforced the emphasis on managing the volatility of pension assets relative to pension liabilities while still achieving a competitive investment return, achieving diversification between and within various asset classes, and managing other risks. In order to manage the volatility between the value of pension assets and liabilities, ATK has maintained an allocation to long-duration fixed income investments. ATK regularly reviews its actual asset allocation and periodically rebalances its investments to the targeted allocation when considered appropriate. Target allocation ranges are guidelines, not limitations, and occasionally due to market conditions and other factors actual asset allocation may vary above or below a target. | |||||||||||||||||||||||||
The implementation of the investment strategy discussed above is executed through a variety of investment structures such as: direct share or bond ownership, common/collective trusts, or registered investment companies. Valuation methodologies differ for each of these structures. The valuation methodologies used for these investments structures are as follows: | |||||||||||||||||||||||||
U.S. Government Securities, Corporate Debt, Common and Preferred Stock, Other Investments, and Registered Investment Companies: Investments are valued at the closing price reported on the active market on which the individual securities are traded. | |||||||||||||||||||||||||
Common/Collective Trusts: Investments in a collective investment vehicle are valued by multiplying the investee company's net asset value per share with the number of units or shares owned at the valuation date as determined by the investee company. Net asset value per share is determined by the investee company's custodian or fund administrator by deducting from the value of the assets of the investee company all of its liabilities and the resulting number is divided by the outstanding number of shares or units. Investments held by the CCT, including collateral invested for securities on loan, are valued on the basis of valuations furnished by a pricing service approved by the CCT's investment manager, which determines valuations using methods based on market transactions for comparable securities and various relationships between securities which are generally recognized by institutional traders, or at fair value as determined in good faith by the CCT's investment manager. | |||||||||||||||||||||||||
Partnership/Joint Venture Interests: Given the inherent illiquidity of many partnership/joint venture investments, these investments are generally valued based on unobservable inputs that reflect the reporting entity's own assumptions about the assumptions that market participants would use pricing the asset. While the valuation methodologies may differ among each entity, methods for valuing these assets may include, but are not limited to, 1) discounted cash flow analysis, 2) net asset values, and 3) comparable trading data for similar investments. | |||||||||||||||||||||||||
Funds in Insurance Company Accounts: These investments are valued at fair value by discounting the related cash flows based on current yields of similar instruments with comparable durations considering the credit-worthiness of the issuer. | |||||||||||||||||||||||||
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while ATK believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. | |||||||||||||||||||||||||
Fair Value—The following table presents the pension plan investments using the fair value hierarchy discussed in Note 2 as of March 31, 2014: | |||||||||||||||||||||||||
Quoted Prices | Significant Other | Significant | Total | ||||||||||||||||||||||
in Active | Observable Inputs | Unobservable | |||||||||||||||||||||||
Markets for | (Level 2) | Inputs | |||||||||||||||||||||||
Identical Assets | (Level 3) | ||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
Interest-bearing cash | $ | — | $ | 4,062 | $ | — | $ | 4,062 | |||||||||||||||||
U.S. Government securities | 185,499 | 21,021 | — | 206,520 | |||||||||||||||||||||
Corporate debt | — | 346,803 | 199 | 347,002 | |||||||||||||||||||||
Common stock | 109,173 | — | — | 109,173 | |||||||||||||||||||||
Partnership/joint venture interest | — | — | 689,073 | 689,073 | |||||||||||||||||||||
Other investments | (9 | ) | 2,556 | — | 2,547 | ||||||||||||||||||||
Common/collective trusts | — | 829,714 | — | 829,714 | |||||||||||||||||||||
Registered investment companies | 63,945 | 130,819 | — | 194,764 | |||||||||||||||||||||
Value of funds in insurance company accounts | — | 42,027 | 1,131 | 43,158 | |||||||||||||||||||||
Total | $ | 358,608 | $ | 1,377,002 | $ | 690,403 | $ | 2,426,013 | |||||||||||||||||
The following table presents the pension plan investments using the fair value hierarchy discussed in Note 2 as of March 31, 2013: | |||||||||||||||||||||||||
Quoted Prices | Significant Other | Significant | Total | ||||||||||||||||||||||
in Active | Observable Inputs | Unobservable | |||||||||||||||||||||||
Markets for | (Level 2) | Inputs | |||||||||||||||||||||||
Identical Assets | (Level 3) | ||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
Interest-bearing cash | $ | — | $ | 36,100 | $ | — | $ | 36,100 | |||||||||||||||||
U.S. Government securities | 283,682 | 22,281 | — | 305,963 | |||||||||||||||||||||
Corporate debt | — | 284,321 | — | 284,321 | |||||||||||||||||||||
Common stock | 506,332 | — | — | 506,332 | |||||||||||||||||||||
Partnership/joint venture interest | 245 | — | 578,158 | 578,403 | |||||||||||||||||||||
Other investments | 1,062 | 1,484 | — | 2,546 | |||||||||||||||||||||
Common/collective trusts | — | 518,551 | — | 518,551 | |||||||||||||||||||||
Registered investment companies | 79,151 | — | — | 79,151 | |||||||||||||||||||||
Value of funds in insurance company accounts | 44,452 | 1,205 | 45,657 | ||||||||||||||||||||||
Total | $ | 870,472 | $ | 907,189 | $ | 579,363 | $ | 2,357,024 | |||||||||||||||||
The following table presents a reconciliation of Level 3 assets held during the year ended March 31, 2014: | |||||||||||||||||||||||||
Common Stock | Corporate Debt | Insurance | Partnerships/ | ||||||||||||||||||||||
Contracts | Joint Ventures | ||||||||||||||||||||||||
Balance at April 1, 2013 | $ | — | $ | — | $ | 1,205 | $ | 578,158 | |||||||||||||||||
Realized (losses) gains | 2 | — | 4 | 34,321 | |||||||||||||||||||||
Net unrealized (losses) gains | — | — | (8 | ) | 25,561 | ||||||||||||||||||||
Net purchases, issuances, and settlements | (2 | ) | 199 | (70 | ) | 51,033 | |||||||||||||||||||
Net transfers into (out of) Level 3 | — | — | — | — | |||||||||||||||||||||
Balance at March 31, 2014 | $ | — | $ | 199 | $ | 1,131 | $ | 689,073 | |||||||||||||||||
The following table presents a reconciliation of Level 3 assets held during the year ended March 31, 2013: | |||||||||||||||||||||||||
Common Stock | Corporate Debt | Insurance | Partnerships/ | ||||||||||||||||||||||
Contracts | Joint Ventures | ||||||||||||||||||||||||
Balance at April 1, 2012 | $ | — | $ | — | $ | 1,278 | $ | 526,762 | |||||||||||||||||
Realized (losses) gains | — | — | 5 | 10,229 | |||||||||||||||||||||
Net unrealized (losses) gains | — | — | 1 | 33,985 | |||||||||||||||||||||
Net purchases, issuances, and settlements | — | — | (79 | ) | 7,182 | ||||||||||||||||||||
Net transfers into (out of) Level 3 | — | — | — | — | |||||||||||||||||||||
Balance at March 31, 2013 | $ | — | $ | — | $ | 1,205 | $ | 578,158 | |||||||||||||||||
There was no direct ownership of ATK common stock included in plan assets as of any of the periods presented. | |||||||||||||||||||||||||
Other Postretirement Benefits. ATK's other PRB obligations were 47.7% and 40.9% pre-funded as of March 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||
Portions of the assets are held in a 401(h) account held within the pension master trust and are invested in the same manner as the pension assets. Approximately 42% and 39.9% of the assets were held in the 401(h) account as of March 31, 2014 and 2013, respectively. The remaining assets are in fixed income investments. ATK's investment objective for the other PRB plan assets is the preservation and safety of capital. | |||||||||||||||||||||||||
Contributions | |||||||||||||||||||||||||
During fiscal 2014, ATK contributed $40,000 directly to the pension trust and $5,149 directly to retirees under its supplemental (nonqualified) executive retirement plan. ATK also contributed $11,592 to its other PRB plans. ATK made a qualified pension plan trust contribution of $3,000 in April 2014 (fiscal 2015) and is required to make additional contributions of $77,400 to meet its legally required minimum contributions for fiscal 2015. ATK also expects to distribute approximately $4,500 directly to retirees under its supplemental executive retirement plans, and contribute approximately $10,806 to its other postretirement benefit plans in fiscal 2015. | |||||||||||||||||||||||||
Expected Future Benefit Payments | |||||||||||||||||||||||||
The following benefit payments, which reflect expected future service, are expected to be paid in the years ending March 31. The pension benefits will be paid primarily out of the pension trust. The postretirement benefit payments are shown net of the expected subsidy for the Medicare prescription drug benefit under the Medicare Prescription Drug, Improvement and Modernization Act of 2003 which are not material to be presented separately. | |||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||
Benefits | Postretirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2015 | $ | 183,700 | $ | 12,532 | |||||||||||||||||||||
2016 | 177,900 | 12,082 | |||||||||||||||||||||||
2017 | 184,300 | 11,772 | |||||||||||||||||||||||
2018 | 188,000 | 11,438 | |||||||||||||||||||||||
2019 | 193,600 | 11,035 | |||||||||||||||||||||||
2020 through 2024 | 1,045,900 | 47,812 | |||||||||||||||||||||||
Termination | |||||||||||||||||||||||||
In the event ATK terminates any of the plans under conditions in which the plan's assets exceed that plan's obligations, U.S. Government regulations require that a fair allocation of any of the plan's assets based on plan contributions that were reimbursed under U.S. Government contracts will be returned to the U.S. Government. | |||||||||||||||||||||||||
Defined Contribution Plan | |||||||||||||||||||||||||
ATK also sponsors a defined contribution plan. Participation in this plan is available to substantially all U.S. employees. The defined contribution plan is a 401(k) plan, with an employee stock ownership ("ESOP") feature, to which employees may contribute up to 50% of their pay (highly compensated employees are subject to limitations). Employee contributions are invested, at the employees' direction, among a variety of investment alternatives including an ATK common stock fund. Participants may transfer amounts into and out of the investment alternatives at any time, except for the ATK common stock fund. Any dividends declared on ATK common stock can be either reinvested within the ATK common stock fund or provided as a cash payment. Effective January 1, 2013 employees no longer had the option to invest in the ATK common stock fund, other than for the reinvestment of dividends paid on ATK common stock in participants' accounts. Balances in the fund prior to January 1, 2013 remain in the fund unless distributed or transferred. Effective January 1, 2004, the ATK matching contribution and non-elective contribution to this plan depends on a participant's years of service, pension plan participation, and certain other factors. Participants receive: | |||||||||||||||||||||||||
• | a matching contribution of 100% of the first 3% of the participant's contributed pay plus 50% of the next 2% of the participant's contributed pay, or | ||||||||||||||||||||||||
• | a matching contribution of 50% of the first 6% of the participant's contributed pay or, | ||||||||||||||||||||||||
• | a matching contribution of 100% of the first 3% of the participant's contributed pay plus 50% of the next 3% of the participant's contributed pay (subject to one-year vesting) and a non-elective contribution based on recognized compensation, age and service (subject to three-year vesting), or | ||||||||||||||||||||||||
• | an automatic enrollment of a 6% pre-tax contribution rate (of which the participant can either change or opt out) along with a matching contribution of 100% of the first 3% of the participant's contributed pay plus 50% of the next 3% of the participant's contributed pay (subject to one-year vesting) and a non-elective contribution based on recognized compensation, age and service (subject to three-year vesting), or | ||||||||||||||||||||||||
• | a non-elective contribution based on the recognized compensation, age, and service (subject to three-year vesting), or | ||||||||||||||||||||||||
• | no matching contribution. | ||||||||||||||||||||||||
ATK's contributions to the plan were $48,379 in fiscal 2014, $37,377 in fiscal 2013, and $35,993 in fiscal 2012. | |||||||||||||||||||||||||
As of March 31, 2014, ATK had approximately 16,000 U.S. employees eligible under the plan. ATK has union-represented employees at six locations, comprising less than 20% of its total workforce. One location has two separate bargaining units, each with its own collective bargaining agreement (“CBA”). One location is currently negotiating its initial CBA with the Company. The other CBA's expire in fiscal 2015, 2016, and 2018. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
Income before income taxes and noncontrolling interest is as follows: | |||||||||||||
Years Ended March 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
US | $ | 509,849 | $ | 392,094 | $ | 403,204 | |||||||
Non-US | 665 | 390 | 3,762 | ||||||||||
Income before income taxes and noncontrolling interest | $ | 510,514 | $ | 392,484 | $ | 406,966 | |||||||
ATK's income tax provision consists of: | |||||||||||||
Years Ended March 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 147,540 | $ | 128,822 | $ | 128,651 | |||||||
State | 6,507 | 7,688 | 7,176 | ||||||||||
Non-US | 2,845 | 324 | 414 | ||||||||||
Deferred: | |||||||||||||
Federal | 9,047 | (16,009 | ) | 7,315 | |||||||||
State | 3,489 | (582 | ) | 206 | |||||||||
Income tax provision | $ | 169,428 | $ | 120,243 | $ | 143,762 | |||||||
The items responsible for the differences between the federal statutory rate and ATK's effective rate are as follows: | |||||||||||||
Years Ended March 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal impact | 2.6 | % | 2.6 | % | 2.6 | % | |||||||
Domestic manufacturing deduction | (3.0 | )% | (2.9 | )% | (2.6 | )% | |||||||
Estimated nondeductible portion of litigation | — | % | — | % | 1.3 | % | |||||||
Research and development credit | (0.8 | )% | (0.7 | )% | (0.5 | )% | |||||||
Change in prior year contingent tax liabilities | (1.9 | )% | (3.0 | )% | (0.2 | )% | |||||||
Impact of non-US operations | 0.4 | % | — | % | (0.3 | )% | |||||||
Other | 0.7 | % | (0.6 | )% | (0.2 | )% | |||||||
Change in valuation allowance | 0.2 | % | 0.2 | % | 0.2 | % | |||||||
Income tax provision | 33.2 | % | 30.6 | % | 35.3 | % | |||||||
Deferred Income Taxes—Deferred income taxes arise because of differences in the timing of the recognition of income and expense items for financial statement reporting and income tax purposes. The net effect of these temporary differences between the carrying amounts of assets and liabilities are classified in the consolidated financial statements of financial position as current or noncurrent assets or liabilities based upon the classification of the related assets and liabilities or, if there is no corresponding balance on the balance sheet, the expected period for reversal. As of March 31, 2014 and 2013 the components of deferred tax assets and liabilities were as follows: | |||||||||||||
Years Ended March 31 | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets | $ | 729,219 | $ | 805,736 | |||||||||
Deferred tax liabilities | (739,529 | ) | (599,921 | ) | |||||||||
Valuation allowance | (13,589 | ) | (4,242 | ) | |||||||||
Net deferred tax (liabilities) assets | $ | (23,899 | ) | $ | 201,573 | ||||||||
As of March 31, 2014 and 2013, the deferred tax assets and liabilities resulted from temporary differences related to the following: | |||||||||||||
Other comprehensive income provision | $ | 426,448 | $ | 523,288 | |||||||||
Other | 51,335 | 37,983 | |||||||||||
Other reserves | 42,987 | 37,701 | |||||||||||
Accruals for employee benefits | 35,555 | 36,585 | |||||||||||
Post retirement benefit obligations | 32,945 | 41,079 | |||||||||||
Inventory | 30,773 | 15,097 | |||||||||||
Contract method of revenue recognition | 23,659 | 22,772 | |||||||||||
Intangible assets | (250,592 | ) | (78,653 | ) | |||||||||
Pension | (241,011 | ) | (261,057 | ) | |||||||||
Property, plant, equipment | (94,922 | ) | (101,277 | ) | |||||||||
Debt-related | (67,487 | ) | (67,703 | ) | |||||||||
Valuation allowance | (13,589 | ) | (4,242 | ) | |||||||||
Net deferred income tax (liabilities) assets | $ | (23,899 | ) | $ | 201,573 | ||||||||
ATK believes it is more likely than not that the recorded deferred benefits will be realized through the reduction of future taxable income. ATK's recorded valuation allowance of $13,589 at March 31, 2014 relates to certain capital loss, tax credits and net operating losses that are not expected to be realized before their expiration. The valuation allowance increased during fiscal 2014 due to the acquisitions that occurred during 2014 and generation of certain net operating losses and capital losses partially offset by carryover expirations. | |||||||||||||
Included in the net deferred tax liability are net operating loss and credit carryovers, $25,271 of which expires in years ending from March 31, 2014 through March 31, 2035 and $623 that may be carried over indefinitely. | |||||||||||||
ATK has provided for U.S. deferred income taxes in the amount of $8,257 on undistributed earnings not considered permanently reinvested. Additionally the company has undistributed earnings generated from some foreign subsidiaries where no deferred tax liability has been recorded as the company intends to permanently reinvest these earnings. Should these earnings be distributed, these amounts would be subject to US federal income tax at the statutory rate less the available foreign tax credits, if any and potentially subject to withholding taxes in the various jurisdictions. | |||||||||||||
Income taxes paid, net of refunds, totaled $136,295 in fiscal 2014, $162,673 in fiscal 2013, and $116,028 in fiscal 2012. | |||||||||||||
Unrecognized Tax Benefits—Unrecognized tax benefits consist of the carrying value of ATK's recorded uncertain tax positions as well as the potential tax benefits that could result from other tax positions that have not been recognized in the financial statements under current authoritative guidance. At March 31, 2014, and 2013, unrecognized tax benefits that have not been recognized in the financial statements amounted to $35,138 and $27,760, respectively, of which $29,046 and $21,150, respectively, would affect the effective tax rate, if recognized. The remaining balance is related to deferred tax items which only impact the timing of tax payments. Although the timing and outcome of audit settlements are uncertain, it is reasonably possible that a $4,799 reduction of the uncertain tax benefits will occur in the next 12 months. The settlement of these unrecognized tax benefits could result in earnings from $0 to $4,367. | |||||||||||||
ATK has classified uncertain tax positions as non-current income tax liabilities unless expected to be paid within one year. A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows: | |||||||||||||
Year ended March 31, 2014 | Year ended March 31, 2013 | Year ended March 31, 2012 | |||||||||||
Unrecognized Tax Benefits—beginning of period | $ | 25,657 | $ | 34,715 | $ | 29,532 | |||||||
Gross increases—tax positions in prior periods | 15,412 | 158 | 702 | ||||||||||
Gross decreases—tax positions in prior periods | (13,172 | ) | (13,116 | ) | (1,618 | ) | |||||||
Gross increases—current-period tax positions | 4,573 | 5,376 | 6,493 | ||||||||||
Settlements | — | (1,298 | ) | — | |||||||||
Lapse of statute of limitations | (153 | ) | (178 | ) | (394 | ) | |||||||
Unrecognized Tax Benefits—end of period | $ | 32,317 | $ | 25,657 | $ | 34,715 | |||||||
ATK reports income tax-related interest income within the income tax provision. Penalties and tax-related interest expense are also reported as a component of the income tax provision. As of March 31, 2014 and 2013, $1,454 and $1,182 of income tax-related interest and $1,367 and $921 of penalties were included in accrued income taxes, respectively. | |||||||||||||
The IRS released final regulations relating to the capitalization of tangible personal property on September 13, 2013. ATK is currently analyzing the impact of these new regulations. We do not believe they will have a material impact on our financial statements. | |||||||||||||
ATK or one of its subsidiaries files income tax returns in the U.S. federal, various U.S. state, and foreign jurisdictions. With few exceptions and recent acquisitions, ATK is no longer subject to U.S. federal, state and local, or foreign income tax examinations by tax authorities for years prior to 2007. The IRS has completed the audits of ATK through fiscal 2010 and is currently auditing ATK's tax returns for fiscal years 2011 and 2012. We believe appropriate provisions for all outstanding issues have been made for all remaining open years in all jurisdictions. |
Commitments
Commitments | 12 Months Ended | |||
Mar. 31, 2014 | ||||
Commitments | ' | |||
Commitments | ' | |||
ATK leases land, buildings, and equipment under various operating leases, which generally have renewal options of one to five years. Rent expense was $79,501 in fiscal 2014, $79,093 in fiscal 2013, and $82,494 in fiscal 2012. | ||||
The following table summarizes the operating lease payments expected to be paid in each of the following fiscal years: | ||||
Fiscal 2015 | $ | 81,437 | ||
Fiscal 2016 | 75,166 | |||
Fiscal 2017 | 54,517 | |||
Fiscal 2018 | 48,820 | |||
Fiscal 2019 | 43,165 | |||
Thereafter | 354,890 | |||
Total | $ | 657,995 | ||
ATK currently leases its facility in Magna, Utah from a private party. This facility is used in the production and testing of some of ATK's rocket motors. The current lease extends through September 2022. The lease requires ATK to surrender the property back to its owner in its original condition. While ATK currently anticipates operating this facility indefinitely, ATK could incur significant costs if ATK were to terminate this lease. | ||||
ATK has known conditional asset retirement obligations, such as contractual lease restoration obligations, to be performed in the future, that are not reasonably estimable due to insufficient information about the timing and method of settlement of the obligation. Accordingly, these obligations have not been recorded in the consolidated financial statements. A liability for these obligations will be recorded in the period when sufficient information regarding timing and method of settlement becomes available to make a reasonable estimate of the liability's fair value. |
Contingencies
Contingencies | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Loss Contingency [Abstract] | ' | ||||||||||||||||
Contingencies | ' | ||||||||||||||||
Contingencies | |||||||||||||||||
Litigation. From time to time, ATK is subject to various legal proceedings, including lawsuits, which arise out of, and are incidental to, the conduct of ATK's business. ATK does not consider any of such proceedings that are currently pending, individually or in the aggregate, notwithstanding that the unfavorable resolution of any matter may have a material effect on our net earnings in any particular quarter, to be material to its business or likely to result in a material adverse effect on its operating results, financial condition, or cash flows. | |||||||||||||||||
On or about April 10, 2006, a former ATK employee filed a qui tam complaint in federal court in Utah alleging that ATK knowingly submitted claims for payment to the U.S. Government for defective LUU series illuminating flares that failed to conform to certain safety specifications and falsely certified compliance with those specifications. On January 23, 2012, the parties met in a mediation session that resulted in an agreement to settle the lawsuit. As a result of the settlement agreement ATK established a litigation accrual of $25,500 during fiscal 2012. This payment was made in April 2012. An additional warranty accrual of approximately $10,700 was recorded during fiscal 2012 as the Company will retrofit up to 76,000 flares as part of the settlement. | |||||||||||||||||
On July 30, 2013, Raytheon Company filed a lawsuit against ATK in the Superior Court of the State of Arizona. The suit involves ATK's longstanding production of rocket motors used in Raytheon's Advanced Medium-Range Air-to-Air Missiles (AMRAAM). In the filing, Raytheon's primary allegation is that ATK breached certain of the production contracts by not delivering rocket motors. Raytheon is claiming damages exceeding $100,000. ATK disputes the allegations of Raytheon's complaint. Although it is not possible at this time to predict the outcome of the litigation, ATK believes, based on all currently available information, that the outcome will not have a material adverse effect on its operating results, financial condition or cash flows. As a result of the uncertainty regarding the outcome of this matter, no provision has been made in the financial statements with respect to this contingent liability. | |||||||||||||||||
U.S. Government Investigations. ATK is also subject to U.S. Government investigations from which civil, criminal, or administrative proceedings could result. Such proceedings could involve claims by the U.S. Government for fines, penalties, compensatory and treble damages, restitution, and/or forfeitures. Under government regulations, a company, or one or more of its operating divisions or subdivisions, can also be suspended or debarred from government contracts, or lose its export privileges, based on the results of investigations. ATK believes, based upon all available information, that the outcome of any such pending government investigations will not have a material adverse effect on its operating results, financial condition, or cash flows. | |||||||||||||||||
Claim Recovery. Profits expected to be realized on contracts are based on management's estimates of total contract sales value and costs at completion. Estimated amounts for contract changes and claims are included in contract sales only when realization is estimated to be probable. At March 31, 2014 and 2013, based on progress to date on certain contracts, there is approximately $35,113 and $27,797 included in unbilled receivables for contract claims. | |||||||||||||||||
Environmental Liabilities. ATK's operations and ownership or use of real property are subject to a number of federal, state, and local environmental laws and regulations, as well as applicable foreign laws and regulations, including those for discharge of hazardous materials, remediation of contaminated sites, and restoration of damage to the environment. At certain sites that ATK owns or operates or formerly owned or operated, there is known or potential contamination that ATK is required to investigate or remediate. ATK could incur substantial costs, including remediation costs, resource restoration costs, fines, and penalties, or third party property damage or personal injury claims, as a result of liabilities associated with past practices or violations of environmental laws or non-compliance with environmental permits. | |||||||||||||||||
ATK has been identified as a potentially responsible party (“PRP”), along with other parties, in several regulatory agency actions associated with hazardous waste sites. As a PRP, we may be required to pay a share of the costs of the investigation and clean-up of these sites. While uncertainties exist with respect to the amounts and timing of the ultimate environmental liabilities, based on currently available information, we have concluded that these matters, individually or in the aggregate, will not have a material adverse effect on our operating results, financial condition, or cash flows. | |||||||||||||||||
ATK could incur substantial costs, including cleanup costs, resource restoration, fines, and penalties or third-party property damage or personal injury claims, as a result of violations or liabilities under environmental laws or non-compliance with environmental permits. While environmental laws and regulations have not had a material adverse effect on ATK's operating results, financial condition, or cash flows in the past, and ATK has environmental management programs in place to mitigate these risks, it is difficult to predict whether they will have a material impact in the future. | |||||||||||||||||
The liability for environmental remediation represents management's best estimate of the present value of the probable and reasonably estimable costs related to known remediation obligations. The receivable represents the present value of the amount that ATK expects to recover, as discussed below. Both the liability and receivable have been discounted to reflect the present value of the expected future cash flows, using a discount rate of 1.5% and 0.8% as of March 31, 2014 and 2013, respectively. ATK's discount rate is calculated using the 20-year Treasury constant maturities rate, net of an estimated inflationary factor of 1.9%, rounded to the nearest quarter percent. The following is a summary of the amounts recorded for environmental remediation: | |||||||||||||||||
31-Mar-14 | 31-Mar-13 | ||||||||||||||||
Liability | Receivable | Liability | Receivable | ||||||||||||||
Amounts (payable) receivable | $ | (58,194 | ) | $ | 28,540 | $ | (58,965 | ) | $ | 34,190 | |||||||
Unamortized discount | 4,706 | (2,152 | ) | 2,745 | (1,446 | ) | |||||||||||
Present value amounts (payable) receivable | $ | (53,488 | ) | $ | 26,388 | $ | (56,220 | ) | $ | 32,744 | |||||||
Amounts expected to be paid or received in periods more than one year from the balance sheet date are classified as non-current. Of the $53,488 discounted liability as of March 31, 2014, $8,550 was recorded within other current liabilities and $44,938 was recorded within other long-term liabilities. Of the $26,388 discounted receivable, ATK recorded $4,260 within other current assets and $22,128 within other non-current assets. As of March 31, 2014, the estimated discounted range of reasonably possible costs of environmental remediation was $53,488 to $78,062. | |||||||||||||||||
ATK expects that a portion of its environmental compliance and remediation costs will be recoverable under U.S. Government contracts. Some of the remediation costs that are not recoverable from the U.S. Government that are associated with facilities purchased in a business acquisition may be covered by various indemnification agreements, as described below. | |||||||||||||||||
• | As part of its acquisition of the Hercules Aerospace Company in fiscal 1995, ATK generally assumed responsibility for environmental compliance at the facilities acquired from Hercules ("the Hercules Facilities"). ATK believes that a portion of the compliance and remediation costs associated with the Hercules Facilities will be recoverable under U.S. Government contracts. If ATK were unable to recover those environmental remediation costs under these contracts, ATK believes that these costs will be covered by Hercules Incorporated, a subsidiary of Ashland Inc., ("Hercules") under environmental agreements entered into in connection with the Hercules acquisition. Under these agreements, Hercules has agreed to indemnify ATK for environmental conditions relating to releases or hazardous waste activities occurring prior to ATK's purchase of the Hercules Facilities as long as they were identified in accordance with the terms of the agreement; fines relating to pre-acquisition environmental compliance; and environmental claims arising out of breaches of Hercules' representations and warranties. Hercules is not required to indemnify ATK for any individual claims below $50,000. Hercules is obligated to indemnify ATK for the lowest cost response of remediation required at the facility that is acceptable to the applicable regulatory agencies. ATK is not responsible for conducting any remedial activities with respect to the Clearwater, FL facility. In accordance with its agreement with Hercules, ATK notified Hercules of all known contamination on non-federal lands on or before March 31, 2000, and on federal lands on or before March 31, 2005. | ||||||||||||||||
• | ATK generally assumed responsibility for environmental compliance at the Thiokol Facilities acquired from Alcoa Inc. ("Alcoa") in fiscal 2002. ATK expects that a portion of the compliance and remediation costs associated with the acquired Thiokol Facilities will be recoverable under U.S. Government contracts. In accordance with its agreement with Alcoa, ATK notified Alcoa of all known environmental remediation issues as of January 30, 2004. Of these known issues, ATK is responsible for any costs not recovered through U.S. Government contracts at Thiokol Facilities up to $14,000, ATK and Alcoa have agreed to split evenly any amounts between $14,000 and $34,000, and ATK is responsible for any payments in excess of $34,000. At this time, ATK believes that costs not recovered through U.S. Government contracts will be immaterial. | ||||||||||||||||
ATK cannot ensure that the U.S. Government, Hercules, Alcoa, or other third parties will reimburse it for any particular environmental costs or reimburse ATK in a timely manner or that any claims for indemnification will not be disputed. U.S. Government reimbursements for cleanups are financed out of a particular agency's operating budget and the ability of a particular governmental agency to make timely reimbursements for cleanup costs will be subject to national budgetary constraints. ATK's failure to obtain full or timely reimbursement from the U.S. Government, Hercules, Alcoa, or other third parties could have a material adverse effect on its operating results, financial condition, or cash flows. While ATK has environmental management programs in place to mitigate these risks, and environmental laws and regulations have not had a material adverse effect on ATK's operating results, financial condition, or cash flows in the past, it is difficult to predict whether they will have a material impact in the future. | |||||||||||||||||
In December 2001, ATK received notice from the State of Utah of a potential claim against ATK under Section 107(f) of the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA") for natural resource damages at Bacchus, one of the Hercules Facilities, in Magna, Utah. The notice letter, which was issued to preserve the State's rights under CERCLA, also expressly acknowledged the State's willingness to allow ATK to go forward with its currently-planned monitoring and remediation program. The State's preliminary estimate of damages contained in this claim was $139 million, which is based on known and alleged groundwater contamination at and near Bacchus and is related to Hercules' manufacturing operations at the site. ATK has had discussions with the State regarding this claim and entered into a tolling agreement with the State in fiscal 2002 (the “Bacchus Tolling Agreement”). In fiscal 2003, ATK entered into a similar tolling agreement with the State regarding the Promontory facility that was acquired from Alcoa in the acquisition of Thiokol (the “Promontory Tolling Agreement”). These agreements allow ATK time to continue to identify and address the contamination by the normal and planned regulatory remediation processes in Utah. The Bacchus Tolling Agreement expires in January 2016 and the Promontory Tolling Agreement has been extended to September 2017. Although ATK has previously made accruals for its best estimate of the probable and reasonably estimable costs related to the remediation obligations known to ATK with respect to the affected areas, ATK cannot yet predict if or when a suit may be filed against it, nor can ATK determine any additional costs that may be incurred in connection with this matter. | |||||||||||||||||
At March 31, 2014, the aggregate undiscounted amounts payable for environmental remediation costs, net of expected recoveries, are estimated to be: | |||||||||||||||||
Fiscal 2015 | $ | 4,290 | |||||||||||||||
Fiscal 2016 | 3,385 | ||||||||||||||||
Fiscal 2017 | 299 | ||||||||||||||||
Fiscal 2018 | 2,326 | ||||||||||||||||
Fiscal 2019 | 1,964 | ||||||||||||||||
Thereafter | 17,390 | ||||||||||||||||
Total | $ | 29,654 | |||||||||||||||
There were no material insurance recoveries related to environmental remediation during any of the periods presented. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Equity [Abstract] | ' | |||||||||||||
Stockholders' Equity | ' | |||||||||||||
Stockholders' Equity | ||||||||||||||
ATK has authorized 5,000,000 shares of preferred stock, par value $1.00, none of which has been issued. | ||||||||||||||
ATK sponsors three stock-based incentive plans, which are the Alliant Techsystems Inc. 1990 Equity Incentive Plan, the Non-Employee Director Restricted Stock Plan, and the 2005 Stock Incentive Plan. As of March 31, 2014, ATK has authorized up to 3,982,360 common shares under the 2005 Stock Incentive Plan, of which 911,300 common shares are available to be granted. No new grants will be made out of the other three plans. | ||||||||||||||
There are four types of awards outstanding under ATK's stock incentive plans: performance awards, total stockholder return performance awards ("TSR awards"), restricted stock, and stock options. ATK issues treasury shares upon the payment of performance awards and TSR awards, grant of restricted stock, or exercise of stock options. | ||||||||||||||
As of March 31, 2014, there were up to 280,230 shares reserved for performance awards for key employees. Performance shares are valued at the fair value of ATK stock as of the grant date and expense is recognized based on the number of shares expected to vest under the terms of the award under which they are granted. Of these shares, | ||||||||||||||
• | 54,489 shares were earned during fiscal 2014 upon achievement of certain financial performance goals, including EPS, for the fiscal 2012 through fiscal 2014 period and were distributed or deferred in May 2014. As other financial performance goals were not met, 165,951 shares were forfeited during fiscal 2014. | |||||||||||||
• | up to 102,848 shares will become payable only upon achievement of certain financial performance goals, including sales growth, and return on invested capital for the fiscal 2013 through fiscal 2015 period; | |||||||||||||
• | up to 94,926 shares will become payable only upon achievement of certain performance goals, including sales growth and return on invested capital, for the fiscal 2014 through fiscal 2016 period; and | |||||||||||||
• | up to 82,456 shares will become payable only upon achievement of certain performance goals, including sales and return on invested capital, for the fiscal 2015 through fiscal 2017 period. | |||||||||||||
No shares were distributed or deferred based upon achievement of certain financial performance goals, for the fiscal 2010 through fiscal 2012 period. | ||||||||||||||
There were 27,862 TSR awards granted during fiscal 2014 and no TSR awards granted during fiscal 2013.The weighted average fair value of TSR awards granted was $85.92 and $38.14 and during fiscal 2014 and 2012, respectively. ATK used an integrated Monte Carlo simulation model to determine the fair value of these awards. The Monte Carlo model calculates the probability of satisfying the market conditions stipulated in the award. This probability is an input into the trinomial lattice model used to determine the fair value of the awards as well as the assumptions of other variables, including the risk-free interest rate and expected volatility of ATK's stock price in future periods. The risk-free rate is based on the U.S. dollar-denominated U.S. Treasury strip rate with a remaining term that approximates the life assumed at the date of grant. The weighted average assumptions used in estimating the value of the TSR award were as follows: | ||||||||||||||
Fiscal 2014 | Fiscal 2012 | |||||||||||||
Risk-free rate | 0.81 | % | 1.22 | % | ||||||||||
Expected volatility | 26.64 | % | 27.9 | % | ||||||||||
Expected dividend yield | 0.96 | % | 1.17 | % | ||||||||||
Expected award life | 3 | 3 | ||||||||||||
Of the shares reserved for TSR awards for key employees, 42,022 shares were earned during fiscal 2014 as the market conditions stipulated for the fiscal 2012 through 2014 period were satisfied. The remaining 3,958 TSR awards were forfeited during fiscal 2014. | ||||||||||||||
Restricted stock granted to non-employee directors and certain key employees totaled 127,425 shares in fiscal 2014, 102,216 shares in fiscal 2013 and 215,559 shares in fiscal 2012. Restricted shares vest over periods generally ranging from one to three years from the date of award and are valued at the fair value of ATK's common stock as of the grant date. | ||||||||||||||
Stock options may be granted periodically, with an exercise price equal to the fair market value of ATK's common stock on the date of grant, and generally vest from one to three years from the date of grant. Options are generally granted with seven-year or ten-year terms. | ||||||||||||||
The weighted average fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model and represents the difference between fair market value on the date of grant and the estimated market value on the expected exercise date. The option pricing model requires ATK to make assumptions. The risk-free rate is based on U.S. Treasury zero-coupon issues with a remaining term that approximates the expected life assumed at the date of grant. Expected volatility is based on the historical volatility of ATK's stock over the past seven years. The expected option life is based on the contractual term of the stock option and expected employee exercise and post-vesting employment termination trends. The weighted average fair value of options granted was $35.34, $14.36, and $12.90 during fiscal 2014, 2013, and 2012, respectively. The following weighted average assumptions were used for grants: | ||||||||||||||
Year ended March 31, 2014 | Year ended March 31, 2013 | Year ended March 31, 2012 | ||||||||||||
Risk-free rate | 1.86%-2.07% | 1.02%-1.22% | 0.82% | |||||||||||
Expected volatility | 25.95%-26.71% | 25.87% | 25.03% | |||||||||||
Expected dividend yield | 1.27%-1.58% | 1.49%-1.90% | 1.27% | |||||||||||
Expected option life | 7 years | 7 years | 7 years | |||||||||||
Total pre-tax stock-based compensation expense of $12,701, $12,025, and $6,724 was recognized during fiscal 2014, 2013, and 2012, respectively. The total income tax benefit recognized in the income statement for share-based compensation was $4,874, $4,661, and $2,604 during fiscal 2014, 2013, and 2012, respectively. | ||||||||||||||
A summary of ATK's stock option activity is as follows: | ||||||||||||||
Shares | Weighted Average | Weighted Average | Aggregate Intrinsic | |||||||||||
Exercise Price | Remaining | Value | ||||||||||||
Contractual Life | (per option) | |||||||||||||
(in years) | ||||||||||||||
Outstanding at March 31, 2011 | 606,922 | $ | 62.85 | |||||||||||
Granted | 135,661 | 56.79 | ||||||||||||
Exercised | (107,944 | ) | 52.88 | |||||||||||
Forfeited/expired | (216,517 | ) | 65.64 | |||||||||||
Outstanding at March 31, 2012 | 418,122 | 62.02 | 2.7 | $ | — | |||||||||
Granted | 114,628 | 65.32 | ||||||||||||
Exercised | (93,617 | ) | 58.34 | |||||||||||
Forfeited/expired | (176,885 | ) | 66.55 | |||||||||||
Outstanding at March 31, 2013 | 262,248 | 61.72 | 2.7 | — | ||||||||||
Granted | 47,490 | 130.86 | ||||||||||||
Exercised | (13,173 | ) | 55.32 | |||||||||||
Forfeited/expired | (26,160 | ) | 62.34 | |||||||||||
Outstanding at March 31, 2014 | 270,405 | $ | 74.11 | 8.3 | $ | 68.04 | ||||||||
Options exercisable at: | ||||||||||||||
31-Mar-14 | 114,083 | $ | 61.63 | 8 | $ | 80.52 | ||||||||
31-Mar-13 | 70,145 | $ | 61.28 | 5.2 | $ | 13.98 | ||||||||
31-Mar-12 | 282,461 | $ | 64.53 | 0.7 | $ | — | ||||||||
The total intrinsic value of options exercised was $295, $505, and $1,278 during fiscal 2014, 2013, and 2012, respectively. Total cash received from options exercised was $729, $5,462, and $5,709 during fiscal 2014, 2013, and 2012, respectively. | ||||||||||||||
A summary of ATK's performance share award, TSR award, and restricted stock award activity is as follows: | ||||||||||||||
Shares | Weighted Average | |||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
Nonvested at March 31, 2011 | 854,524 | $ | 78.85 | |||||||||||
Granted | 347,287 | 60.63 | ||||||||||||
Canceled/forfeited | (161,307 | ) | 61.79 | |||||||||||
Vested | (64,263 | ) | 69.51 | |||||||||||
Nonvested at March 31, 2012 | 976,241 | 67.08 | ||||||||||||
Granted | 213,536 | 63.17 | ||||||||||||
Canceled/forfeited | (287,326 | ) | 69.44 | |||||||||||
Vested | (144,009 | ) | 68.59 | |||||||||||
Nonvested at March 31, 2013 | 758,442 | 65.42 | ||||||||||||
Granted | 240,663 | 114.65 | ||||||||||||
Canceled/forfeited | (214,083 | ) | 68.65 | |||||||||||
Vested | (193,986 | ) | 66.6 | |||||||||||
Nonvested at March 31, 2014 | 591,036 | $ | 83.91 | |||||||||||
As of March 31, 2014, the total unrecognized compensation cost related to nonvested stock-based compensation awards was $43,270 and is expected to be realized over a weighted average period of 2.1 years. | ||||||||||||||
Share Repurchases | ||||||||||||||
In fiscal 2012, ATK repurchased 742,000 shares for $49,991 under a previously authorized share repurchase program. | ||||||||||||||
On January 31, 2012, ATK's Board of Directors authorized a new share repurchase program of up to $200,000 worth of shares of ATK common stock, executable over the next two years. On January 29, 2014, ATK's Board of Directors extended the share repurchase program through March 31, 2015. The shares may be purchased from time to time in open market, block purchase, or negotiated transactions, subject to compliance with applicable laws and regulations. The new repurchase authorization also allows the Company to make repurchases under Rule 10b5-1 of the Securities Exchange Act of 1934. This share repurchase program replaces the prior program authorized in 2008. During fiscal 2014 and 2013, ATK repurchased 609,922 shares for $52,130, and 1,003,938 shares for $58,371, respectively. In accordance with the Transaction Agreement entered into on April 28, 2014, ATK will not repurchase any outstanding shares prior to the closing of the transaction. |
Realignment_Obligations
Realignment Obligations | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Realignment Obligations | ' | ||||||||||||||||
Realignment Obligations | ' | ||||||||||||||||
Realignment Obligations | |||||||||||||||||
In February 2012, ATK announced that it would begin operating in a three-group structure in fiscal 2013. In conjunction with this realignment, ATK incurred realignment charges in the fourth quarter of fiscal 2012. During the year ended March 31, 2014 ATK incurred realignment expenses of approximately $9,700 associated with restructuring and facility rationalization costs in tactical military accessories within the Sporting Group. The charges related primarily to termination benefits offered to employees, asset impairment charges, and costs associated with the closure of certain facilities. ATK had no realignment liability as of March 31, 2014 and March 31, 2013. The following table summarizes ATK's realignment liability activity during fiscal 2013 related to the termination benefits and facility closure and other costs: | |||||||||||||||||
Termination | Asset | Facility | Total | ||||||||||||||
Benefits | Impairment | Closure | |||||||||||||||
and Other | |||||||||||||||||
Costs | |||||||||||||||||
Balance at April 1, 2012 | $ | 7,148 | $ | — | $ | 25 | $ | 7,173 | |||||||||
Expense | — | — | — | — | |||||||||||||
Cash paid | (6,294 | ) | — | (25 | ) | (6,319 | ) | ||||||||||
Non-cash settlements | (854 | ) | — | — | (854 | ) | |||||||||||
Balance at March 31, 2013 | $ | — | $ | — | $ | — | $ | — | |||||||||
The fiscal 2012 realignment charges were recorded at Corporate and have been allocated between Cost of Sales and Operating Expenses in the Consolidated Income Statements based on the nature of the expense. These costs were reflected in Corporate in order to provide greater clarity on the operating results of the other business segments which are evaluated for incentive purposes based on their performance excluding these charges. |
Operating_Segment_Information
Operating Segment Information | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Operating Segment Information | ' | ||||||||||||||||||||
Operating Segment Information | |||||||||||||||||||||
ATK operates its business structure within three operating groups. These operating segments (“groups”) are defined based on the reporting and review process used by ATK’s chief executive officer and other management. The operating structure aligns ATK’s capabilities and resources with its customers and markets and positions the company for long-term growth and improved profitability. Each group is described below: | |||||||||||||||||||||
• | Aerospace Group, which generated 26% of ATK’s external sales in fiscal 2014, develops and produces rocket motor systems for human and cargo launch vehicles, conventional and strategic missiles, and missile defense interceptors. They also produce small and micro-satellites, satellite components, structures and subsystems, lightweight space deployables and solar arrays, and provide engineering and technical services. Additionally, the Aerospace Group operates in the military and commercial aircraft and launch structures markets. Other products include ordnance, such as decoy and illuminating flares. | ||||||||||||||||||||
• | Defense Group, which generated 35% of ATK’s external sales in fiscal 2014, develops and produces military small, medium, and large caliber ammunition, propulsion systems for tactical missiles and missile defense applications, strike weapons, precision munitions, gun systems, aircraft survivability systems, fuzes and warheads, energetic materials and special mission aircraft. | ||||||||||||||||||||
• | Sporting Group, which generated 39% of ATK’s external sales in fiscal 2014, develops and produces ammunition, accessories, rifles and shotguns for the hunting, shooting, law enforcement, outdoor and sporting markets. | ||||||||||||||||||||
ATK derives the majority of its sales from contracts with, and prime contractors to, the U.S. Government. ATK's U.S. Government sales, including sales to U.S. Government prime contractors, during the last three fiscal years were as follows: | |||||||||||||||||||||
Fiscal | U.S. Government | Percent of | |||||||||||||||||||
Sales | sales | ||||||||||||||||||||
2014 | $ | 2,524,742 | 53 | % | |||||||||||||||||
2013 | 2,931,893 | 67 | % | ||||||||||||||||||
2012 | 2,922,202 | 65 | % | ||||||||||||||||||
No single contract contributed more than 10% of ATK's sales in fiscal 2014. The military small-caliber ammunition contract, which is reported within Defense Group, contributed approximately 14%, and 15% of total fiscal 2013 and 2012 sales, respectively. No other single contract contributed more than 10% of ATK's sales in fiscal 2013, or 2012. | |||||||||||||||||||||
No single commercial customer accounted for 10% or more of ATK's total sales during fiscal 2014, 2013, or 2012. | |||||||||||||||||||||
ATK's foreign sales to customers were $591,463 in fiscal 2014, $437,681 in fiscal 2013, and $702,981 in fiscal 2012. During fiscal 2014, approximately 30% of these sales were in Aerospace Group, 29% were in Defense Group, and 41% were in Sporting Group. Sales to no individual country outside the United States accounted for more than 4% of ATK's sales in fiscal 2014. Substantially all of ATK's assets are held in the United States. | |||||||||||||||||||||
The following summarizes ATK's results by segment: | |||||||||||||||||||||
Year ended March 31, 2014 | |||||||||||||||||||||
Aerospace | Defense Group | Sporting Group | Corporate | Total | |||||||||||||||||
Group | |||||||||||||||||||||
Sales: | |||||||||||||||||||||
External customers | $ | 1,257,530 | $ | 1,667,707 | $ | 1,849,891 | $ | — | $ | 4,775,128 | |||||||||||
Intercompany | 19,922 | 283,077 | 12,442 | (315,441 | ) | — | |||||||||||||||
Total | 1,277,452 | 1,950,784 | 1,862,333 | (315,441 | ) | 4,775,128 | |||||||||||||||
Capital expenditures | 61,366 | 42,061 | 40,288 | 2,249 | 145,964 | ||||||||||||||||
Depreciation | 42,663 | 20,110 | 24,880 | 6,419 | 94,072 | ||||||||||||||||
Amortization of intangible assets | 1,248 | 1,864 | 20,592 | — | 23,704 | ||||||||||||||||
Income before interest, loss on extinguishment of debt, income taxes and noncontrolling interest | 141,692 | 210,669 | 270,523 | (32,578 | ) | 590,306 | |||||||||||||||
Total assets | $ | 1,646,563 | $ | 1,209,150 | $ | 2,382,617 | $ | 532,816 | $ | 5,771,146 | |||||||||||
Year ended March 31, 2013 | |||||||||||||||||||||
Aerospace | Defense Group | Sporting Group | Corporate | Total | |||||||||||||||||
Group | |||||||||||||||||||||
Sales: | |||||||||||||||||||||
External customers | $ | 1,248,446 | $ | 1,957,650 | $ | 1,156,049 | $ | — | $ | 4,362,145 | |||||||||||
Intercompany | 19,273 | 152,021 | 27,207 | (198,501 | ) | — | |||||||||||||||
Total | 1,267,719 | 2,109,671 | 1,183,256 | (198,501 | ) | 4,362,145 | |||||||||||||||
Capital expenditures | 42,758 | 25,518 | 23,395 | 5,218 | 96,889 | ||||||||||||||||
Depreciation | 41,375 | 30,055 | 17,298 | 6,175 | 94,903 | ||||||||||||||||
Amortization of intangible assets | 1,466 | 1,864 | 7,829 | — | 11,159 | ||||||||||||||||
Income before interest, loss on extinguishment of debt, income taxes and noncontrolling interest | 144,392 | 270,498 | 118,325 | (63,572 | ) | 469,643 | |||||||||||||||
Total assets | $ | 1,580,775 | $ | 1,122,416 | $ | 803,493 | $ | 876,326 | $ | 4,383,010 | |||||||||||
Year ended March 31, 2012 | |||||||||||||||||||||
Aerospace | Defense Group | Sporting Group | Corporate | Total | |||||||||||||||||
Group | |||||||||||||||||||||
Sales: | |||||||||||||||||||||
External customers | $ | 1,347,802 | $ | 2,262,777 | $ | 1,002,820 | $ | — | $ | 4,613,399 | |||||||||||
Intercompany | 16,432 | 131,454 | 21,029 | (168,915 | ) | — | |||||||||||||||
Total | 1,364,234 | 2,394,231 | 1,023,849 | (168,915 | ) | 4,613,399 | |||||||||||||||
Capital expenditures | 74,194 | 18,911 | 21,742 | 7,445 | 122,292 | ||||||||||||||||
Depreciation | 46,061 | 31,741 | 16,741 | 3,494 | 98,037 | ||||||||||||||||
Amortization of intangible assets | 1,142 | 1,864 | 7,842 | — | 10,848 | ||||||||||||||||
Income before interest, loss on extinguishment of debt, income taxes and noncontrolling interest | 143,817 | 319,428 | 91,234 | (58,893 | ) | 495,586 | |||||||||||||||
Total assets | $ | 1,539,899 | $ | 1,193,503 | $ | 750,622 | $ | 1,057,722 | $ | 4,541,746 | |||||||||||
During fiscal 2014, ATK recorded sales and EBIT of $27,400 in the fourth quarter for a pension segment close out associated with the Radford facility contract which ended in fiscal 2013. | |||||||||||||||||||||
During fiscal 2013, ATK lost the Radford facility contract and the associated revenue and profit. | |||||||||||||||||||||
During fiscal 2012, ATK recognized an $18,000 benefit from a favorable contract resolution on a program within Defense Group. | |||||||||||||||||||||
As a result of the LUU flares settlement agreement, ATK established a litigation accrual of $25,500 during fiscal 2012. This payment was made in April 2012. An additional warranty accrual of approximately $10,700 was recorded during fiscal 2012 as the Company will retrofit up to 76,000 flares as part of the settlement. The impact of this settlement was recorded at Corporate. | |||||||||||||||||||||
Certain administrative functions are primarily managed by ATK at the corporate headquarters ("Corporate"). Some examples of such functions are human resources, pension and postretirement benefits, corporate accounting, legal, tax, and treasury. Significant assets and liabilities managed at Corporate include those associated with debt, pension and postretirement benefits, environmental liabilities, litigation liability related to LUU flare, strategic growth costs, and income taxes. | |||||||||||||||||||||
Costs related to the administrative functions managed by Corporate are either recorded at Corporate or allocated to the business units based on the nature of the expense. The difference between pension and postretirement benefit expense calculated under Financial Accounting Standards and the expense calculated under U.S. Cost Accounting Standards is recorded at the corporate level which provides for greater clarity on the operating results of the business segments. Administrative expenses such as corporate accounting, legal, and treasury costs, are allocated out to the business segments. Environmental expenses are allocated to each segment based on the origin of the underlying environmental cost. Transactions between segments are recorded at the segment level, consistent with ATK's financial accounting policies. Intercompany balances and transactions involving different segments are eliminated at ATK's consolidated financial statements level. These eliminations are shown above in "Corporate" and were $29,788, $20,229, and $18,437 for fiscal 2014, 2013, and 2012, respectively. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Data (Unaudited) | ' | ||||||||||||||||
Quarterly financial data is summarized as follows: | |||||||||||||||||
Fiscal 2014 Quarter Ended | |||||||||||||||||
30-Jun | 29-Sep | 29-Dec | 31-Mar | ||||||||||||||
Sales | $ | 1,078,743 | $ | 1,142,381 | $ | 1,208,404 | $ | 1,345,600 | |||||||||
Gross profit | 242,012 | 267,426 | 289,170 | 341,034 | |||||||||||||
Net income attributable to Alliant Techsystems Inc. | 72,038 | 92,591 | 80,286 | 96,000 | |||||||||||||
Alliant Techsystems Inc.'s earnings per common share: | |||||||||||||||||
Basic earnings per share | 2.26 | 2.92 | 2.55 | 3.04 | |||||||||||||
Diluted earnings per share | 2.24 | 2.86 | 2.46 | 2.9 | |||||||||||||
Cash dividends per share: | |||||||||||||||||
Declared | 0.26 | 0.26 | 0.32 | 0.32 | |||||||||||||
Paid | 0.26 | 0.26 | 0.26 | 0.32 | |||||||||||||
Fiscal 2013 Quarter Ended | |||||||||||||||||
1-Jul | 30-Sep | 30-Dec | 31-Mar | ||||||||||||||
Sales | $ | 1,082,301 | $ | 1,069,787 | $ | 1,056,182 | $ | 1,153,875 | |||||||||
Gross profit | 249,622 | 228,268 | 219,627 | 243,352 | |||||||||||||
Net income attributable to Alliant Techsystems Inc. | 70,829 | 65,063 | 63,175 | 72,738 | |||||||||||||
Alliant Techsystems Inc.'s earnings per common share: | |||||||||||||||||
Basic earnings per share | 2.17 | 2.01 | 1.95 | 2.25 | |||||||||||||
Diluted earnings per share | 2.16 | 2 | 1.93 | 2.23 | |||||||||||||
Cash dividends per share: | |||||||||||||||||
Declared | 0.2 | 0.26 | 0.26 | 0.26 | |||||||||||||
Paid | 0.2 | 0.2 | 0.26 | 0.26 | |||||||||||||
The sum of the per share amounts for the quarters may not equal the total for the year due to the application of the treasury stock method. | |||||||||||||||||
During the first quarter of fiscal 2014, the Company acquired Savage for $315,000. | |||||||||||||||||
During the third quarter of fiscal 2014, the Company acquired Bushnell for $989,066. In addition ATK entered into the 2013 Senior Credit Facility, which replaced its 2010 Senior Credit Facility and issued the 5.25% Notes for a total of $1,560,000. | |||||||||||||||||
During the fourth quarter of fiscal 2014, ATK recorded sales and EBIT of $27,400 for a pension segment close out associated with the Radford facility contract which ended in fiscal 2013. | |||||||||||||||||
During the first quarter of fiscal 2013, Defense Group recorded gain on the sale of residual assets with the loss of the Radford contract. | |||||||||||||||||
During the second quarter of fiscal 2013, the Company redeemed its “6.75% Notes” for $409,000 including a premium of $9,000, plus accrued interest. The transaction resulted in the write-off of the remaining $2,773 of deferred debt issuance costs. ATK also settled the examination of the fiscal 2009 and 2010 tax returns with the Internal Revenue Service (“IRS”). This settlement resulted in the recognition of $11,123 of tax benefits in the second quarter of fiscal 2013. This benefit includes the federal and state impact from the closure of the federal audit as well as a reduction to the reserves for subsequent years. | |||||||||||||||||
During the fourth quarter of fiscal 2013, Aerospace Group recognized a gain of $4,206 related to the sale of a non-essential parcel of land. |
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events | 12 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
19. Subsequent Events | |
On April 28, 2014, we entered into a Transaction Agreement (the “Transaction Agreement”) with Vista SpinCo Inc., a Delaware corporation and a wholly owned subsidiary of ATK (“Sporting”), Vista Merger Sub Inc., a Delaware corporation and a wholly owned subsidiary of ATK, and Orbital Sciences Corporation, a Delaware corporation (“Orbital”), providing for the spin-off of our Sporting Group business to our stockholders (the “Distribution”), which will be immediately followed by the merger of Vista Merger Sub Inc. with and into Orbital (the “Merger” and together with the Distribution, the “Transaction”), with Orbital surviving the Merger as a wholly owned subsidiary of ATK. This transaction is subject to stockholder approval prior to closing. | |
On April 28, 2014, Sporting Group, ATK and certain financial institutions executed a commitment letter pursuant to which the financial institutions have agreed to provide debt financing to Sporting in an aggregate principal amount of $750 million, comprised of a $350 million senior secured term loan and a $400 million senior secured revolving credit facility, in each case on the terms and conditions set forth therein. Sporting will use a portion of the proceeds of the debt financing to pay a cash dividend (the “Sporting Dividend”) to ATK in an amount equal to the amount by which ATK’s gross indebtedness for borrowed money as of the closing date exceeds $1,740 million, subject to certain adjustments. The proceeds of the Sporting Dividend will be used by ATK to repay a portion of ATK's debt including the 6.875% Senior Subordinated Notes due 2020 and 3.00% Convertible Senior Subordinated Notes due 2024. | |
In connection with the transaction, ATK intends, at the time such notes become redeemable at ATK’s option, to issue a notice of redemption with respect to its 3.00% Convertible Senior Subordinated Notes due 2024 (the “2024 Notes”) in accordance with the redemption provisions of the indenture governing the 2024 Notes. ATK has agreed to settle any 2024 Notes that are converted (whether prior to or following ATK’s notice of redemption) entirely in cash. In connection with the transaction, ATK also intends to refinance its 6.875% Senior Subordinated Notes due 2020. | |
In addition, the company will record a $10 million restructuring charge in the first quarter for facility rationalization. |
Condensed_Consolidated_Financi
Condensed Consolidated Financial Statements (Notes) | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Condensed Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | ' | ||||||||||||||||||||
16. Condensed Consolidating Financial Statements | |||||||||||||||||||||
In accordance with the provisions of the 3.00% Convertible Notes, the 6.875% Notes, and the 5.25% Notes, the outstanding notes are guaranteed on an unsecured basis, jointly and severally and fully and unconditionally, by substantially all of ATK's domestic subsidiaries. The parent company has no independent assets or operations. All of these guarantor subsidiaries are 100% owned by ATK. These guarantees are senior or senior subordinated obligations, as applicable, of the applicable subsidiary guarantors. On November 1, 2013, ATK acquired Bushnell, a leading global designer, marketer and distributor of branded sports optics, outdoor accessories and performance eyewear. As a result of this acquisition and the increase in the number of non-guarantor subsidiaries, the subsidiaries of ATK other than the subsidiary guarantors are no longer considered minor and therefore the consolidating financial information of the guarantor and non-guarantor subsidiaries is presented prospectively on the following pages. | |||||||||||||||||||||
ALLIANT TECHSYSTEMS INC. | |||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||
Year ended March 31, 2014 | |||||||||||||||||||||
(Amounts in thousands) | Parent Issuer | Guarantors | Non-Guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Sales | $ | — | $ | 4,652,506 | $ | 162,754 | $ | (40,132 | ) | $ | 4,775,128 | ||||||||||
Cost of sales | — | 3,548,338 | 127,280 | (40,132 | ) | 3,635,486 | |||||||||||||||
Gross profit | — | 1,104,168 | 35,474 | — | 1,139,642 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Research and development | — | 59,800 | 2,720 | — | 62,520 | ||||||||||||||||
Selling | — | 187,726 | 16,250 | — | 203,976 | ||||||||||||||||
General and administrative | 12,701 | 258,131 | 12,008 | — | 282,840 | ||||||||||||||||
Income before interest, loss on extinguishment of debt, income taxes, and noncontrolling interest | (12,701 | ) | 598,511 | 4,496 | — | 590,306 | |||||||||||||||
Equity in income/(loss) of subsidiaries | 397,892 | (2,641 | ) | — | (395,251 | ) | — | ||||||||||||||
Interest expense | (79,918 | ) | — | (1,833 | ) | 1,707 | (80,044 | ) | |||||||||||||
Interest income | — | 1,547 | 412 | (1,707 | ) | 252 | |||||||||||||||
Income before income taxes and noncontrolling interest | 305,273 | 597,417 | 3,075 | (395,251 | ) | 510,514 | |||||||||||||||
Income tax provision | (35,642 | ) | 201,520 | 3,550 | — | 169,428 | |||||||||||||||
Net income | 340,915 | 395,897 | (475 | ) | (395,251 | ) | 341,086 | ||||||||||||||
Less net income attributable to noncontrolling interest | — | — | 171 | — | 171 | ||||||||||||||||
Net income attributable to Alliant Techsystems Inc. | $ | 340,915 | $ | 395,897 | $ | (646 | ) | $ | (395,251 | ) | $ | 340,915 | |||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||
Net income | $ | 340,915 | $ | 395,897 | $ | (475 | ) | $ | (395,251 | ) | $ | 341,086 | |||||||||
Total other comprehensive income | $ | 147,495 | $ | 149,000 | $ | (1,505 | ) | $ | (147,495 | ) | $ | 147,495 | |||||||||
Comprehensive income | 488,410 | 544,897 | (1,980 | ) | (542,746 | ) | 488,581 | ||||||||||||||
Less comprehensive income attributable to noncontrolling interest | — | — | 171 | — | 171 | ||||||||||||||||
Comprehensive income attributable to Alliant Techsystems Inc. | $ | 488,410 | $ | 544,897 | $ | (2,151 | ) | $ | (542,746 | ) | $ | 488,410 | |||||||||
ALLIANT TECHSYSTEMS INC. | |||||||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||
(Amounts in thousands except share data) | Parent Issuer | Guarantors | Non-Guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 220,056 | $ | 46,576 | $ | — | $ | 266,632 | |||||||||||
Net receivables | — | 1,418,583 | 55,237 | 1,473,820 | |||||||||||||||||
Due from affiliates | — | 4,876 | — | (4,876 | ) | — | |||||||||||||||
Net inventories | — | 499,046 | 59,204 | 558,250 | |||||||||||||||||
Income tax receivable | — | — | — | — | — | ||||||||||||||||
Deferred income tax assets | — | 88,543 | 5,073 | 93,616 | |||||||||||||||||
Other current assets | — | 57,324 | 11,956 | 69,280 | |||||||||||||||||
Total current assets | — | 2,288,428 | 178,046 | (4,876 | ) | 2,461,598 | |||||||||||||||
Net property, plant, and equipment | — | 684,424 | 13,127 | 697,551 | |||||||||||||||||
Investment in subsidiaries | 5,921,889 | 203,738 | — | (6,125,627 | ) | — | |||||||||||||||
Goodwill | — | 1,783,737 | 133,184 | 1,916,921 | |||||||||||||||||
Net intangible assets | — | 527,565 | 50,285 | 577,850 | |||||||||||||||||
Long-term due from affiliates | — | 1,997,307 | — | (1,997,307 | ) | — | |||||||||||||||
Deferred charges and other non-current assets | 24,600 | 92,475 | 151 | 117,226 | |||||||||||||||||
Total assets | $ | 5,946,489 | $ | 7,577,674 | $ | 374,793 | $ | (8,127,810 | ) | $ | 5,771,146 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Current portion of long-term debt | $ | 249,228 | $ | — | $ | — | $ | — | $ | 249,228 | |||||||||||
Accounts payable | — | 300,132 | 15,473 | — | 315,605 | ||||||||||||||||
Due to affiliates | — | — | 4,876 | (4,876 | ) | — | |||||||||||||||
Contract advances and allowances | — | 105,592 | 195 | — | 105,787 | ||||||||||||||||
Accrued compensation | — | 125,908 | 2,913 | — | 128,821 | ||||||||||||||||
Accrued income taxes | — | 6,254 | 1,623 | — | 7,877 | ||||||||||||||||
Other accrued liabilities | 14,553 | 269,809 | 38,470 | — | 322,832 | ||||||||||||||||
Total current liabilities | 263,781 | 807,695 | 63,550 | (4,876 | ) | 1,130,150 | |||||||||||||||
Long-term debt | 1,843,750 | — | — | — | 1,843,750 | ||||||||||||||||
Noncurrent deferred income tax liabilities | — | 103,149 | 14,366 | — | 117,515 | ||||||||||||||||
Postretirement and postemployment benefits liabilities | — | 74,874 | — | — | 74,874 | ||||||||||||||||
Accrued pension liability | — | 557,775 | — | — | 557,775 | ||||||||||||||||
Long-term due to affiliates | 1,925,136 | — | 72,168 | (1,997,304 | ) | — | |||||||||||||||
Other long-term liabilities | 2,247 | 122,153 | 544 | 124,944 | |||||||||||||||||
Total liabilities | 4,034,914 | 1,665,646 | 150,628 | (2,002,180 | ) | 3,849,008 | |||||||||||||||
Equity | |||||||||||||||||||||
Stockholders’ equity attributable to ATK and subsidiaries | 1,911,575 | 5,912,028 | 213,602 | (6,125,630 | ) | 1,911,575 | |||||||||||||||
Noncontrolling interest | — | — | 10,563 | — | 10,563 | ||||||||||||||||
Total equity | 1,911,575 | 5,912,028 | 224,165 | (6,125,630 | ) | 1,922,138 | |||||||||||||||
Total liabilities and equity | $ | 5,946,489 | $ | 7,577,674 | $ | 374,793 | $ | (8,127,810 | ) | $ | 5,771,146 | ||||||||||
ALLIANT TECHSYSTEMS INC. | |||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
Year ended March 31, 2014 | |||||||||||||||||||||
(Amounts in thousands) | Parent | Guarantors | Non-Guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Operating Activities | |||||||||||||||||||||
Cash provided by (used for) operating activities | $ | (13,545 | ) | $ | 391,347 | $ | 15,218 | $ | (5,000 | ) | $ | 388,020 | |||||||||
Investing Activities | |||||||||||||||||||||
Capital expenditures | — | (142,274 | ) | (3,690 | ) | — | (145,964 | ) | |||||||||||||
Acquisitions of business, net of cash acquired | (1,344,118 | ) | 37,005 | 5,426 | — | (1,301,687 | ) | ||||||||||||||
Due to (from) Affiliates | — | (454,409 | ) | — | 454,409 | — | |||||||||||||||
Proceeds from the disposition of property, plant, and equipment | — | 5,662 | — | — | 5,662 | ||||||||||||||||
Cash provided by (used for) investing activities | (1,344,118 | ) | (554,016 | ) | 1,736 | 454,409 | (1,441,989 | ) | |||||||||||||
Financing Activities | |||||||||||||||||||||
Due to (from) Affiliates | 454,409 | — | — | (454,409 | ) | — | |||||||||||||||
Borrowings on line of credit | 280,000 | — | — | — | 280,000 | ||||||||||||||||
Repayments of line of credit | (280,000 | ) | — | — | — | (280,000 | ) | ||||||||||||||
Payments made on bank debt | (38,263 | ) | — | — | — | (38,263 | ) | ||||||||||||||
Payments made to extinguish debt | (510,000 | ) | — | — | — | (510,000 | ) | ||||||||||||||
Proceeds from issuance of long-term debt | 1,560,000 | — | — | — | 1,560,000 | ||||||||||||||||
Payments made for debt issue costs | (21,641 | ) | — | — | — | (21,641 | ) | ||||||||||||||
Purchase of treasury shares | (53,270 | ) | — | — | — | (53,270 | ) | ||||||||||||||
Dividends paid | (35,134 | ) | — | (5,000 | ) | 5,000 | (35,134 | ) | |||||||||||||
Proceeds from employee stock compensation plans | 729 | — | — | — | 729 | ||||||||||||||||
Excess tax benefits from share-based plans | 833 | — | — | — | 833 | ||||||||||||||||
Cash provided by (used for) financing activities | 1,357,663 | — | (5,000 | ) | (449,409 | ) | 903,254 | ||||||||||||||
Effect of foreign currency exchange rate fluctuations on cash | — | — | 58 | — | 58 | ||||||||||||||||
Increase (decrease) in cash and cash equivalents | — | (162,669 | ) | 12,012 | — | (150,657 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | — | 382,725 | 34,564 | — | 417,289 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 220,056 | $ | 46,576 | $ | — | $ | 266,632 | |||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||
Fiscal Year | ' | |||||||||||||||||||||||||||||||||||||||
Fiscal Year. References in this report to a particular fiscal year refer to the year ended March 31 of that calendar year. ATK's interim quarterly periods are based on 13-week periods and end on Sundays. | ||||||||||||||||||||||||||||||||||||||||
Use of Estimates | ' | |||||||||||||||||||||||||||||||||||||||
Use of Estimates. The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect amounts reported therein. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may differ from those estimates. | ||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | ' | |||||||||||||||||||||||||||||||||||||||
Revenue Recognition. Our sales come primarily from contracts with agencies of the U.S. Government and its prime contractors and subcontractors. As the various U.S. Government customers, including the U.S. Army, U.S. Navy, NASA, and the U.S. Air Force, make independent purchasing decisions, we do not generally regard the U.S. Government as one customer. Instead, we view each agency as a separate customer. | ||||||||||||||||||||||||||||||||||||||||
Sales by customer were as follows: | ||||||||||||||||||||||||||||||||||||||||
Percent of Sales | ||||||||||||||||||||||||||||||||||||||||
For Fiscal Years Ended: | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
Sales to: | ||||||||||||||||||||||||||||||||||||||||
U.S. Army | 20 | % | 29 | % | 28 | % | ||||||||||||||||||||||||||||||||||
U.S. Navy | 10 | % | 13 | % | 12 | % | ||||||||||||||||||||||||||||||||||
NASA | 9 | % | 10 | % | 10 | % | ||||||||||||||||||||||||||||||||||
U.S. Air Force | 4 | % | 6 | % | 6 | % | ||||||||||||||||||||||||||||||||||
Other U.S. Government customers | 10 | % | 9 | % | 9 | % | ||||||||||||||||||||||||||||||||||
Total U.S. Government customers | 53 | % | 67 | % | 65 | % | ||||||||||||||||||||||||||||||||||
Commercial and foreign customers | 47 | % | 33 | % | 35 | % | ||||||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||||||||||||||||||||||||||||
Long-Term Contracts—The majority of ATK's sales are accounted for as long-term contracts. Sales under long-term contracts are accounted for under the percentage-of-completion method and include cost-plus and fixed-price contracts. Sales under cost-plus contracts are recognized as costs are incurred. Sales under fixed-price contracts are either recognized as the actual cost of work performed relates to the estimate at completion ("cost-to-cost") or based on results achieved, which usually coincides with customer acceptance ("units-of-delivery"). The majority of ATK's total revenue is accounted for using the cost-to-cost method of accounting. | ||||||||||||||||||||||||||||||||||||||||
Profits expected to be realized on contracts are based on management's estimates of total contract sales value and costs at completion. Estimated amounts for contract changes, including scope and claims, are included in contract sales only when realization is estimated to be probable. Assumptions used for recording sales and earnings are adjusted in the period of change to reflect revisions in contract value and estimated costs. In the period in which it is determined that a loss will be incurred on a contract, the entire amount of the estimated gross margin loss is charged to cost of sales. Changes in estimates of contract sales, costs, or profits are recognized using the cumulative catch-up method of accounting. This method recognizes in the current period the cumulative effect of the changes on current or prior periods. The effect of the changes on future periods of contract performance is recognized as if the revised estimate had been used since contract inception. | ||||||||||||||||||||||||||||||||||||||||
Changes in contract estimates occur for a variety of reasons including changes in contract scope, unforeseen changes in contract cost estimates due to unanticipated cost growth or risks affecting contract costs and/or the resolution of contract risks at lower costs than anticipated, as well as changes in contract overhead costs over the performance period. Changes in estimates could have a material effect on the company's consolidated financial position or annual results of operations. Aggregate net changes in contract estimates recognized using the cumulative catch-up method of accounting increased operating income by $83,346 in 2014, $93,377 in 2013, and $106,973 in 2012. The adjustments recorded during the year ended March 31, 2014 were primarily driven by higher profit expectations of $41,357 in the Small Caliber Systems division due to operational efficiencies, a successful in-sourcing initiative, and reduced operational risk as a contract nears completion, and for programs in the Space Systems Operations. As a result of the pension closeout settlement the difference between pension and postretirement benefit expense calculated under Financial Accounting Standards (FAS) and the expense calculated under U.S. Cost Accounting Standards (CAS) for the Radford facility management contract resulted in Corporate recording income of $28,986 which has been excluded from the increase in operating income resulting from the cumulative catch-up method of accounting noted above. | ||||||||||||||||||||||||||||||||||||||||
The prior year adjustments were primarily driven by greater than expected performance of $28,261 in Small-Caliber Systems, increased production volumes in Defense Electronic Systems, better performance at the Radford facility as the contracts and sale of residual assets were completed, and increase in Space System Operations due to performance improvements. These improvements were offset by decreases in Missile Products due to requalification expenses on a program. | ||||||||||||||||||||||||||||||||||||||||
Contracts may contain provisions to earn incentive and award fees if specified targets are achieved as well as penalty provisions related to performance. Incentive and award fees and penalties that can be reasonably estimated and are probable are recorded over the performance period of the contract. Incentive and award fees that cannot be reasonably estimated are recorded when awarded. | ||||||||||||||||||||||||||||||||||||||||
Other Revenue Recognition Methodology—Sales not recognized under the long-term contract method primarily relate to sales within the Sporting group and are recognized when persuasive evidence of an arrangement exists, the product has been delivered and legal title and all risks of ownership have been transferred, written contract and sales terms are complete, customer acceptance has occurred, and payment is reasonably assured. Sales are reduced for allowances and price discounts. | ||||||||||||||||||||||||||||||||||||||||
Fiscal 2014 sales by revenue recognition method were as follows: | ||||||||||||||||||||||||||||||||||||||||
Percent of Sales | ||||||||||||||||||||||||||||||||||||||||
Sales recorded under: | ||||||||||||||||||||||||||||||||||||||||
Long-term contracts method | 61 | % | ||||||||||||||||||||||||||||||||||||||
Other method | 39 | % | ||||||||||||||||||||||||||||||||||||||
Total | 100 | % | ||||||||||||||||||||||||||||||||||||||
Operating Expenses | ' | |||||||||||||||||||||||||||||||||||||||
Operating Expenses. Research and development, selling and general and administrative costs are expensed in the year incurred. Research and development costs include costs incurred for experimentation and design testing. Selling costs include bid and proposal efforts related to products and services. Costs that are incurred pursuant to contractual arrangements are recorded over the period that revenue is recognized, consistent with ATK's contract accounting policy. | ||||||||||||||||||||||||||||||||||||||||
Environmental Remediation and Compliance | ' | |||||||||||||||||||||||||||||||||||||||
Environmental Remediation and Compliance. Costs associated with environmental compliance, restoration, and preventing future contamination that are estimable and probable are accrued and expensed, or capitalized as appropriate. Expected remediation, restoration, and monitoring costs relating to an existing condition caused by past operations, and which do not contribute to current or future revenue generation, are accrued and expensed in the period that such costs become estimable. Liabilities are recognized for remedial and resource restoration activities when they are probable and the cost can be reasonably estimated. ATK expects that a portion of its environmental remediation costs will be recoverable under U.S. Government contracts and has recorded a receivable equal to the present value of the amount that ATK expects to recover. | ||||||||||||||||||||||||||||||||||||||||
ATK's engineering, financial, and legal specialists estimate, based on current law and existing technologies, the cost of each environmental liability. Such estimates are based primarily upon the estimated cost of investigation and remediation required and the likelihood that other potentially responsible parties ("PRPs") will be able to fulfill their commitments at the sites where ATK may be jointly and severally liable. ATK's estimates for environmental obligations are dependent on, and affected by, the nature and extent of historical information and physical data relating to a contaminated site, the complexity of the site, methods of remediation available, the technology that will be required, the outcome of discussions with regulatory agencies and other PRPs at multi-party sites, the number and financial viability of other PRPs, changes in environmental laws and regulations, future technological developments, and the timing of expenditures; accordingly, ATK periodically evaluates and revises such estimates based on expenditures against established reserves and the availability of additional information. | ||||||||||||||||||||||||||||||||||||||||
Cash Equivalents | ' | |||||||||||||||||||||||||||||||||||||||
Cash Equivalents. Cash equivalents are all highly liquid cash investments purchased with original maturities of 3 months or less. | ||||||||||||||||||||||||||||||||||||||||
Marketable Securities | ' | |||||||||||||||||||||||||||||||||||||||
Marketable Securities. Investments in a common collective trust that primarily invests in fixed income securities are classified as available-for-sale securities and are recorded at fair value within other current assets and deferred charges and other non-current assets on the consolidated balance sheet. Unrealized gains and losses are recorded in other comprehensive (loss) income ("OCI"). When such investments are sold, the unrealized gains or losses are reversed from OCI and recognized in the consolidated income statement. | ||||||||||||||||||||||||||||||||||||||||
Inventories | ' | |||||||||||||||||||||||||||||||||||||||
Inventories. Inventories are stated at the lower of cost or market. Inventoried costs relating to contracts in progress are stated at actual production costs, including factory overhead, initial tooling, and other related costs incurred to date, reduced by amounts associated with recognized sales. Raw materials, work in process, and finished goods are generally determined using the standard costing method. | ||||||||||||||||||||||||||||||||||||||||
Inventories consist of the following: | ||||||||||||||||||||||||||||||||||||||||
March 31 | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Raw materials | $ | 136,414 | $ | 102,238 | ||||||||||||||||||||||||||||||||||||
Work/Contracts in process | 150,071 | 82,454 | ||||||||||||||||||||||||||||||||||||||
Finished goods | 271,765 | 130,372 | ||||||||||||||||||||||||||||||||||||||
Net inventories | $ | 558,250 | $ | 315,064 | ||||||||||||||||||||||||||||||||||||
The inventory balances above increased from March 31, 2013 due to the acquisition of Savage and Bushnell. Progress payments received from customers relating to the uncompleted portions of contracts are offset against unbilled receivable balances or applicable inventories. Any remaining progress payment balances are classified as contract advances. | ||||||||||||||||||||||||||||||||||||||||
Accounting for Goodwill and Identifiable Intangible Assets | ' | |||||||||||||||||||||||||||||||||||||||
Accounting for Goodwill and Identifiable Intangible Assets. | ||||||||||||||||||||||||||||||||||||||||
Goodwill—ATK tests goodwill for impairment on the first day of its fourth fiscal quarter or upon the occurrence of events or changes in circumstances that indicate that the asset might be impaired. The Company has determined that the reporting units for its goodwill impairment review are its operating segments, or components of an operating segment, that constitute a business for which discrete financial information is available, and for which segment management regularly reviews the operating results. | ||||||||||||||||||||||||||||||||||||||||
The impairment test is performed using a two-step process. In the first step, ATK determines the estimated fair value of each reporting unit and compares it to the carrying value of the reporting unit, including goodwill. If the carrying amount of a reporting unit is higher than its fair value, an indication of goodwill impairment exists and the second step must be performed in order to determine the amount of the goodwill impairment. In the second step, ATK must determine the implied fair value of the reporting unit's goodwill which is determined by allocating the estimated fair value of the reporting unit in a manner similar to a purchase price allocation. The implied fair value is compared to the carrying amount and if the carrying amount of the reporting unit's goodwill exceeds the implied fair value of its goodwill, an impairment loss must be recognized for the excess. | ||||||||||||||||||||||||||||||||||||||||
Identifiable Intangible Assets—ATK's primary identifiable intangible assets include trademarks and trade names, non-compete agreements, patented technology, and customer relationships. Identifiable intangible assets with finite lives are amortized and evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Identifiable intangibles with indefinite lives are not amortized and are tested for impairment annually on the first day of ATK's fourth fiscal quarter, or more frequently if events warrant. | ||||||||||||||||||||||||||||||||||||||||
ATK's identifiable intangibles with indefinite lives consist of certain trademarks and trade names. The impairment test consists of a comparison of the fair value of the specific intangible asset with its carrying value. The fair value of these assets is measured using the relief-from-royalty method which assumes that the asset has value to the extent that the owner is relieved of the obligation to pay royalties for the benefits received from them. This method requires ATK to estimate the future revenue for the related brands and technology, the appropriate royalty rate, and the weighted average cost of capital. ATK bases its fair values and estimates on assumptions it believes to be reasonable, but which are unpredictable and inherently uncertain. If the carrying amount of an asset is higher than its fair value, an impairment exists and the asset would be recorded at the fair value. | ||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | ' | |||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation. ATK's stock-based compensation plans, which are described more fully in Note 14, provide for the grant of various types of stock-based incentive awards, including performance awards, total stockholder return performance awards ("TSR awards"), restricted stock, and options to purchase common stock. The types and mix of stock-based incentive awards are evaluated on an ongoing basis and may vary based on ATK's overall strategy regarding compensation, including consideration of the impact of expensing stock awards on ATK's results of operations. | ||||||||||||||||||||||||||||||||||||||||
Performance awards are valued at the fair value of ATK stock as of the grant date and expense is recognized based on the number of shares expected to vest under the terms of the award under which they are granted. ATK uses an integrated Monte Carlo simulation model to determine the fair value of the TSR awards and the calculated fair value is recognized into income over the vesting period. Restricted stock issued vests over periods ranging from one to five years and is valued based on the market value of ATK stock on the grant date. The estimated grant date fair value of stock options is recognized into income on a straight-line basis over the requisite service period, generally one to three years. The estimated fair value of each option is calculated using the Black-Scholes option-pricing model. See Note 14 for further details. | ||||||||||||||||||||||||||||||||||||||||
Income Taxes | ' | |||||||||||||||||||||||||||||||||||||||
Income Taxes. Provisions for federal, state, and foreign income taxes are calculated based on reported pre-tax earnings and current tax law. Such provisions differ from the amounts currently receivable or payable because certain items of income and expense are recognized in different time periods for financial reporting purposes than for income tax purposes. Significant judgment is required in determining income tax provisions and evaluating tax positions. ATK periodically assesses its liabilities and contingencies for all periods that are currently open to examination or have not been effectively settled based on the most current available information. Where it is not more likely than not that ATK's tax position will be sustained, the Company records the entire resulting tax liability and when it is more likely than not of being sustained, the Company records its best estimate of the resulting tax liability. Any applicable interest and penalties related to those positions are also recorded in the consolidated financial statements. To the extent ATK's assessment of the tax outcome of these matters changes, such change in estimate will impact the income tax provision in the period of the change. It is ATK's policy to record any interest and penalties related to income taxes as part of the income tax expense for financial reporting purposes. Deferred tax assets related to carryforwards are reduced by a valuation allowance when it is not more likely than not that the amount will be realized before expiration of the carryforward period. As part of this analysis ATK takes into the account the amount and character of the income to determine if the carryforwards will be realized. Significant estimates are required for this analysis. Changes in the amounts of valuation allowance are recorded in the tax provision in the period when the change occurs. | ||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | ' | |||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities. From time to time, ATK uses derivatives, consisting mainly of commodity forward contracts to hedge forecasted purchases of certain commodities and foreign currency exchange contracts to hedge forecasted transactions denominated in a foreign currency. ATK does not hold or issue derivatives for trading purposes. At the inception of each derivative instrument, ATK documents the relationship between the hedging instrument and the hedged item, as well as its risk-management objectives and strategy for undertaking the hedge transaction. ATK assesses, both at the hedge's inception and on an ongoing basis, whether the derivative instrument is highly effective in offsetting changes in the hedged item. Derivatives are recognized on the balance sheet at fair value. The effective portion of changes in fair value of derivatives designated as cash flow hedges are recorded to accumulated OCI and recognized in earnings when the hedged item affects earnings. The ineffective portion of derivatives designated as cash flow hedges and changes in fair value of derivative instruments not designated in a qualifying hedging relationship are reflected in current earnings. ATK's current derivatives are designated as cash flow hedges. See Note 3 for further details. | ||||||||||||||||||||||||||||||||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | |||||||||||||||||||||||||||||||||||||||
Translation of Foreign Currencies. Assets and liabilities of foreign subsidiaries are translated at current exchange rates and the effects of these translation adjustments are reported as a component of AOCL in equity. Income and expenses in foreign currencies are translated at the average exchange rate during the period. Foreign exchange transaction gains and losses in fiscal 2014, 2013 and 2012 were not material. | ||||||||||||||||||||||||||||||||||||||||
Earnings Per Share Data | ' | |||||||||||||||||||||||||||||||||||||||
Earnings Per Share Data. Basic earnings per share ("EPS") is computed based upon the weighted average number of common shares outstanding for each period. Diluted EPS is computed based on the weighted average number of common shares and common equivalent shares. Common equivalent shares represent the effect of stock-based awards (see Note 14) and contingently issuable shares related to ATK's Convertible Senior Subordinated Notes (see Note 9) during each period presented, which, if exercised, earned, or converted, would have a dilutive effect on earnings per share. In computing EPS for the fiscal years presented, earnings, as reported for each respective period, is divided by (in thousands): | ||||||||||||||||||||||||||||||||||||||||
Years Ended March 31 | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
Basic EPS shares outstanding | 31,671 | 32,447 | 32,874 | |||||||||||||||||||||||||||||||||||||
Dilutive effect of stock-based awards | 376 | 161 | 238 | |||||||||||||||||||||||||||||||||||||
Dilutive effect of contingently issuable shares | 676 | — | — | |||||||||||||||||||||||||||||||||||||
Diluted EPS shares outstanding | 32,723 | 32,608 | 33,112 | |||||||||||||||||||||||||||||||||||||
Shares excluded from the calculation of diluted EPS because the option exercise/threshold price was greater than the average market price of the common shares | 45 | 5 | 5 | |||||||||||||||||||||||||||||||||||||
As discussed further in Note 9, contingently issuable shares related to ATK's convertible senior subordinated notes are not included in diluted EPS for 2013 or 2012 because ATK's average stock price during the periods did not exceed the triggering price. | ||||||||||||||||||||||||||||||||||||||||
Comprehensive Income | ' | |||||||||||||||||||||||||||||||||||||||
Comprehensive Loss. | ||||||||||||||||||||||||||||||||||||||||
The components of accumulated OCI, net of income taxes, are as follows: | ||||||||||||||||||||||||||||||||||||||||
March 31 | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Derivatives | $ | (5,022 | ) | $ | (2,192 | ) | ||||||||||||||||||||||||||||||||||
Pension and other postretirement benefit liabilities | (675,114 | ) | (826,898 | ) | ||||||||||||||||||||||||||||||||||||
Cumulative translation adjustment | (1,505 | ) | — | |||||||||||||||||||||||||||||||||||||
Available-for-sale securities | 832 | 786 | ||||||||||||||||||||||||||||||||||||||
Total accumulated other comprehensive loss | $ | (680,809 | ) | $ | (828,304 | ) | ||||||||||||||||||||||||||||||||||
The following table summarizes the changes in the balance of AOCI, net of income tax: | ||||||||||||||||||||||||||||||||||||||||
Year ended March 31, 2014 | Year ended March 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Derivatives | Pension and other Postretire-ment Benefits | Available for Sale Securities | Cumulative translation adjustment | Total | Derivatives | Pension and other Postretire-ment Benefits | Available for Sale Securities | Cumulative translation adjustment | Total | |||||||||||||||||||||||||||||||
Beginning of period unrealized gain (loss) in AOCI | $ | (2,192 | ) | $ | (826,898 | ) | $ | 786 | $ | — | $ | (828,304 | ) | $ | 3,416 | $ | (915,010 | ) | $ | 996 | $ | — | $ | (910,598 | ) | |||||||||||||||
Net decrease in fair value of derivatives | (8,681 | ) | — | — | — | (8,681 | ) | (10,070 | ) | — | — | — | (10,070 | ) | ||||||||||||||||||||||||||
Net losses reclassified from AOCI, offsetting the price paid to suppliers ± | 4,852 | — | — | — | 4,852 | 4,462 | — | — | — | 4,462 | ||||||||||||||||||||||||||||||
Net losses reclassified from AOCI, due to ineffectiveness ± | 999 | — | — | — | 999 | — | — | — | — | — | ||||||||||||||||||||||||||||||
Net actuarial losses reclassified from AOCI # | — | 91,387 | — | — | 91,387 | — | 78,062 | — | — | 78,062 | ||||||||||||||||||||||||||||||
Prior service costs reclassified from AOCI # | — | (18,125 | ) | — | — | (18,125 | ) | — | (5,406 | ) | — | — | (5,406 | ) | ||||||||||||||||||||||||||
Valuation adjustment for pension and postretirement benefit plans # | — | 78,522 | — | — | 78,522 | — | 15,456 | — | — | 15,456 | ||||||||||||||||||||||||||||||
Net change in cumulative translation adjustment | — | — | — | (1,505 | ) | (1,505 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||
Other | — | — | 46 | — | 46 | — | — | (210 | ) | — | (210 | ) | ||||||||||||||||||||||||||||
End of period unrealized gain (loss) in AOCI | $ | (5,022 | ) | $ | (675,114 | ) | $ | 832 | $ | (1,505 | ) | $ | (680,809 | ) | $ | (2,192 | ) | $ | (826,898 | ) | $ | 786 | $ | — | $ | (828,304 | ) | |||||||||||||
± Amounts related to our derivative instruments that were reclassified from AOCI were recorded as a component of cost of sales for each period presented. | ||||||||||||||||||||||||||||||||||||||||
# Amounts related to our pension and other postretirement benefits that were reclassified from AOCI were recorded as a component of net periodic benefit cost for each period presented (Note 10). | ||||||||||||||||||||||||||||||||||||||||
During the year ended March 31, 2014, there was a loss of $1,637 recognized in earnings as a result of ineffectiveness on forward contracts for copper and zinc. There was no ineffectiveness recognized in earnings for these contracts during any other fiscal years presented. ATK expects that any unrealized losses will be realized and reported in cost of sales as the cost of the commodities is included in cost of sales. Estimated and actual gains or losses will change as market prices change. | ||||||||||||||||||||||||||||||||||||||||
Fair Value of Nonfinancial Instruments | ' | |||||||||||||||||||||||||||||||||||||||
Fair Value of Nonfinancial Instruments. The carrying amount of receivables, inventory, accounts payable and accrued liabilities approximates fair value because of the short maturity of these instruments. See Note 2 for additional disclosure regarding fair value of financial instruments. | ||||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncements | ' | |||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncements. New pronouncements issued but not effective for the Company until after March 31, 2014, are not expected to have a material impact on our financial position, results of operations, or liquidity. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||
Concentration risk | ' | |||||||||||||||||||||||||||||||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||||||
The following table summarizes the changes in the balance of AOCI, net of income tax: | ||||||||||||||||||||||||||||||||||||||||
Year ended March 31, 2014 | Year ended March 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Derivatives | Pension and other Postretire-ment Benefits | Available for Sale Securities | Cumulative translation adjustment | Total | Derivatives | Pension and other Postretire-ment Benefits | Available for Sale Securities | Cumulative translation adjustment | Total | |||||||||||||||||||||||||||||||
Beginning of period unrealized gain (loss) in AOCI | $ | (2,192 | ) | $ | (826,898 | ) | $ | 786 | $ | — | $ | (828,304 | ) | $ | 3,416 | $ | (915,010 | ) | $ | 996 | $ | — | $ | (910,598 | ) | |||||||||||||||
Net decrease in fair value of derivatives | (8,681 | ) | — | — | — | (8,681 | ) | (10,070 | ) | — | — | — | (10,070 | ) | ||||||||||||||||||||||||||
Net losses reclassified from AOCI, offsetting the price paid to suppliers ± | 4,852 | — | — | — | 4,852 | 4,462 | — | — | — | 4,462 | ||||||||||||||||||||||||||||||
Net losses reclassified from AOCI, due to ineffectiveness ± | 999 | — | — | — | 999 | — | — | — | — | — | ||||||||||||||||||||||||||||||
Net actuarial losses reclassified from AOCI # | — | 91,387 | — | — | 91,387 | — | 78,062 | — | — | 78,062 | ||||||||||||||||||||||||||||||
Prior service costs reclassified from AOCI # | — | (18,125 | ) | — | — | (18,125 | ) | — | (5,406 | ) | — | — | (5,406 | ) | ||||||||||||||||||||||||||
Valuation adjustment for pension and postretirement benefit plans # | — | 78,522 | — | — | 78,522 | — | 15,456 | — | — | 15,456 | ||||||||||||||||||||||||||||||
Net change in cumulative translation adjustment | — | — | — | (1,505 | ) | (1,505 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||
Other | — | — | 46 | — | 46 | — | — | (210 | ) | — | (210 | ) | ||||||||||||||||||||||||||||
End of period unrealized gain (loss) in AOCI | $ | (5,022 | ) | $ | (675,114 | ) | $ | 832 | $ | (1,505 | ) | $ | (680,809 | ) | $ | (2,192 | ) | $ | (826,898 | ) | $ | 786 | $ | — | $ | (828,304 | ) | |||||||||||||
Schedule of sales concentration | ' | |||||||||||||||||||||||||||||||||||||||
Fiscal 2014 sales by revenue recognition method were as follows: | ||||||||||||||||||||||||||||||||||||||||
Percent of Sales | ||||||||||||||||||||||||||||||||||||||||
Sales recorded under: | ||||||||||||||||||||||||||||||||||||||||
Long-term contracts method | 61 | % | ||||||||||||||||||||||||||||||||||||||
Other method | 39 | % | ||||||||||||||||||||||||||||||||||||||
Total | 100 | % | ||||||||||||||||||||||||||||||||||||||
Schedule of classification of inventories | ' | |||||||||||||||||||||||||||||||||||||||
Inventories consist of the following: | ||||||||||||||||||||||||||||||||||||||||
March 31 | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Raw materials | $ | 136,414 | $ | 102,238 | ||||||||||||||||||||||||||||||||||||
Work/Contracts in process | 150,071 | 82,454 | ||||||||||||||||||||||||||||||||||||||
Finished goods | 271,765 | 130,372 | ||||||||||||||||||||||||||||||||||||||
Net inventories | $ | 558,250 | $ | 315,064 | ||||||||||||||||||||||||||||||||||||
Schedule of weighted-average outstanding shares used in calculation of basic earnings per share to diluted earnings per share | ' | |||||||||||||||||||||||||||||||||||||||
In computing EPS for the fiscal years presented, earnings, as reported for each respective period, is divided by (in thousands): | ||||||||||||||||||||||||||||||||||||||||
Years Ended March 31 | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
Basic EPS shares outstanding | 31,671 | 32,447 | 32,874 | |||||||||||||||||||||||||||||||||||||
Dilutive effect of stock-based awards | 376 | 161 | 238 | |||||||||||||||||||||||||||||||||||||
Dilutive effect of contingently issuable shares | 676 | — | — | |||||||||||||||||||||||||||||||||||||
Diluted EPS shares outstanding | 32,723 | 32,608 | 33,112 | |||||||||||||||||||||||||||||||||||||
Shares excluded from the calculation of diluted EPS because the option exercise/threshold price was greater than the average market price of the common shares | 45 | 5 | 5 | |||||||||||||||||||||||||||||||||||||
Schedule of components of accumulated OCI, net of income taxes | ' | |||||||||||||||||||||||||||||||||||||||
The components of accumulated OCI, net of income taxes, are as follows: | ||||||||||||||||||||||||||||||||||||||||
March 31 | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Derivatives | $ | (5,022 | ) | $ | (2,192 | ) | ||||||||||||||||||||||||||||||||||
Pension and other postretirement benefit liabilities | (675,114 | ) | (826,898 | ) | ||||||||||||||||||||||||||||||||||||
Cumulative translation adjustment | (1,505 | ) | — | |||||||||||||||||||||||||||||||||||||
Available-for-sale securities | 832 | 786 | ||||||||||||||||||||||||||||||||||||||
Total accumulated other comprehensive loss | $ | (680,809 | ) | $ | (828,304 | ) | ||||||||||||||||||||||||||||||||||
Concentration risk by sales | Customer concentration | ' | |||||||||||||||||||||||||||||||||||||||
Concentration risk | ' | |||||||||||||||||||||||||||||||||||||||
Schedule of sales concentration | ' | |||||||||||||||||||||||||||||||||||||||
Sales by customer were as follows: | ||||||||||||||||||||||||||||||||||||||||
Percent of Sales | ||||||||||||||||||||||||||||||||||||||||
For Fiscal Years Ended: | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
Sales to: | ||||||||||||||||||||||||||||||||||||||||
U.S. Army | 20 | % | 29 | % | 28 | % | ||||||||||||||||||||||||||||||||||
U.S. Navy | 10 | % | 13 | % | 12 | % | ||||||||||||||||||||||||||||||||||
NASA | 9 | % | 10 | % | 10 | % | ||||||||||||||||||||||||||||||||||
U.S. Air Force | 4 | % | 6 | % | 6 | % | ||||||||||||||||||||||||||||||||||
Other U.S. Government customers | 10 | % | 9 | % | 9 | % | ||||||||||||||||||||||||||||||||||
Total U.S. Government customers | 53 | % | 67 | % | 65 | % | ||||||||||||||||||||||||||||||||||
Commercial and foreign customers | 47 | % | 33 | % | 35 | % | ||||||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies Inventory reserve rollforward (Tables) | 12 Months Ended | |||
Mar. 31, 2014 | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | |||
ScheduleOfValuationAndQualifyingAccountsDisclosure | ' | |||
The following is a reconciliation of the changes in ATK's excess and obsolete inventory accounts during fiscal 2013 and 2014: | ||||
Balance at April 1, 2012 | $ | 21,450 | ||
Expense | 8,957 | |||
Write-offs | (1,877 | ) | ||
Reversals and other adjustments | (1,384 | ) | ||
Balance at March 31, 2013 | 27,146 | |||
Expense | 25,366 | |||
Write-offs | (6,461 | ) | ||
Reversals and other adjustments | (5,403 | ) | ||
Balance at March 31, 2014 | $ | 40,648 | ||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of fair value of assets and liabilities measured on a recurring basis | ' | ||||||||||||||||
The following table sets forth by level within the fair value hierarchy ATK's financial assets and liabilities that are measured at fair value on a recurring basis: | |||||||||||||||||
As of March 31, 2014 | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Using Inputs Considered as | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets | |||||||||||||||||
Marketable securities | $ | — | $ | 10,130 | $ | — | |||||||||||
Derivatives | — | 328 | — | ||||||||||||||
Liabilities | |||||||||||||||||
Derivatives | $ | — | $ | 8,459 | $ | — | |||||||||||
As of March 31, 2013 | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Using Inputs Considered as | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets | |||||||||||||||||
Marketable securities | $ | — | $ | 8,634 | $ | — | |||||||||||
Derivatives | — | — | — | ||||||||||||||
Liabilities | |||||||||||||||||
Derivatives | $ | — | $ | 3,530 | $ | — | |||||||||||
Schedule of carrying values and estimated fair values of assets and liabilities that are not measured on a recurring basis | ' | ||||||||||||||||
The following table presents ATK's assets and liabilities that are not measured at fair value on a recurring basis. The carrying values and estimated fair values were as follows: | |||||||||||||||||
As of March 31, 2014 | As of March 31, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Fixed rate debt | $ | 846,228 | $ | 1,062,078 | $ | 538,877 | $ | 596,467 | |||||||||
Variable rate debt | 1,246,750 | 1,247,062 | 535,000 | 534,513 | |||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||
Schedule of outstanding commodity forward contracts | ' | ||||||||||||||||||
As of March 31, 2014, ATK had the following outstanding commodity forward contracts that were entered into to hedge forecasted purchases: | |||||||||||||||||||
Number of | |||||||||||||||||||
Pounds | |||||||||||||||||||
Copper | 31,400,000 | ||||||||||||||||||
Zinc | 12,005,000 | ||||||||||||||||||
Schedule of fair value and location of derivative instruments designated as hedging instruments in the consolidated balance sheet | ' | ||||||||||||||||||
The table below presents the fair value and location of ATK's derivative instruments designated as hedging instruments in the consolidated balance sheet as of the periods presented. | |||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Fair value as of | Fair value as of | ||||||||||||||||||
Location | 31-Mar-14 | 31-Mar-13 | 31-Mar-14 | 31-Mar-13 | |||||||||||||||
Commodity forward contracts | Other current assets / | $ | — | $ | — | $ | 6,212 | $ | 2,871 | ||||||||||
other accrued liabilities | |||||||||||||||||||
Commodity forward contracts | Deferred charges and | — | — | 176 | 659 | ||||||||||||||
other non-current | |||||||||||||||||||
assets / other long | |||||||||||||||||||
term liabilities | |||||||||||||||||||
Interest rate contracts | Deferred charges and | 328 | — | 2,071 | — | ||||||||||||||
other non-current | |||||||||||||||||||
assets / other long-term liabilities | |||||||||||||||||||
Total | $ | 328 | $ | — | $ | 8,459 | $ | 3,530 | |||||||||||
Schedule of derivative gains and losses in the consolidated income statements related to commodity forward contracts and foreign currency forward contracts | ' | ||||||||||||||||||
For the periods presented below, the derivative gains and losses in the consolidated income statements related to commodity forward contracts and foreign currency forward contracts were as follows: | |||||||||||||||||||
Pretax amount of gain | Gain or (loss) recognized | ||||||||||||||||||
(loss) reclassified from | in income on derivative | ||||||||||||||||||
Accumulated Other | (ineffective portion and | ||||||||||||||||||
Comprehensive Income | amount excluded from | ||||||||||||||||||
(Loss) | effectiveness testing) | ||||||||||||||||||
Location | Amount | Location | Amount | ||||||||||||||||
Fiscal year ended March 31, 2014 | |||||||||||||||||||
Commodity forward contracts | Cost of Sales | $ | (5,991 | ) | Cost of Sales | $ | (1,637 | ) | |||||||||||
Interest rate contracts | Interest expense | (1,900 | ) | Interest expense | — | ||||||||||||||
Foreign currency forward contracts | Cost of Sales | — | Cost of Sales | — | |||||||||||||||
Fiscal year ended March 31, 2013 | |||||||||||||||||||
Commodity forward contracts | Cost of Sales | $ | (7,284 | ) | Cost of Sales | $ | — | ||||||||||||
Interest rate contracts | Interest expense | — | Interest expense | — | |||||||||||||||
Foreign currency forward contracts | Cost of Sales | (30 | ) | Cost of Sales | — | ||||||||||||||
Acquisitions_Nonrecurring_adju
Acquisitions Nonrecurring adjustments (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Schedule of Purchase Price Allocation [Table Text Block] | ' | ||||||||
The following amounts represent the preliminary determination of the fair value of identifiable assets acquired and liabilities assumed from the Bushnell acquisition. The final determination of the fair value of certain assets and liabilities will be completed within the 12-month measurement period from the date of acquisition as required. The size and breadth of the Bushnell acquisition will necessitate the use of this measurement period to adequately analyze and assess a number of the factors used in establishing the asset and liability fair values as of the acquisition date, including the significant contractual and operational factors underlying the trade name and customer relationship intangible assets, the assumptions utilized on certain reserves such as those for inventory obsolescence, the assumptions used in transfer pricing analysis, and the related tax impacts of any changes made. Any potential adjustments made could be material in relation to the preliminary values presented below: | |||||||||
Purchase Price net of cash acquired: | |||||||||
Cash Paid | $ | 985,000 | |||||||
Cash Paid for additional working capital | 4,066 | ||||||||
Total purchase price | $ | 989,066 | |||||||
Fair value of assets acquired: | |||||||||
Net receivables | $ | 111,036 | |||||||
Net inventories | 154,238 | ||||||||
Tradename, technology, and customer relationship intangibles | 364,843 | ||||||||
Property, Plant, and Equipment | 25,080 | ||||||||
Other assets | 10,819 | ||||||||
Total assets | 666,016 | ||||||||
Fair value of liabilities assumed: | |||||||||
Accounts Payable | 80,092 | ||||||||
Deferred tax liabilities | 73,468 | ||||||||
Other liabilities | 28,746 | ||||||||
Total liabilities | $ | 182,306 | |||||||
Net assets acquired | $ | 483,710 | |||||||
Preliminary goodwill | $ | 505,356 | |||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||
ATK used the acquisition method of accounting to account for this acquisition and, accordingly, the results of Bushnell are included in ATK’s consolidated financial statements for the period subsequent to the date of acquisition. The following unaudited supplemental pro forma data for the year ended March 31, 2014 and March 31, 2013 present consolidated information as if the acquisition had been completed on April 1, 2012. The pro forma results were calculated by combining the results of ATK with the stand-alone results of Bushnell for the pre-acquisition periods, which were adjusted to account for certain costs which would have been incurred during this pre-acquisition period: | |||||||||
YEAR ENDED | |||||||||
(Amounts in thousands except per share data) | March 31, 2014 | March 31, 2013 | |||||||
Sales | $ | 5,129,315 | $ | 4,913,427 | |||||
Net income attributable to Alliant Techsystems Inc. | 354,521 | 273,219 | |||||||
Basic earnings per common share | 11.19 | 8.42 | |||||||
Diluted earnings per common share | 10.83 | 8.38 | |||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustments [Table Text Block] | ' | ||||||||
The unaudited supplemental pro forma data above include the following significant non-recurring adjustments made to account for certain costs which would have been incurred if the acquisition had been completed on April 1, 2012, as adjusted for the applicable tax impact: | |||||||||
YEAR ENDED | |||||||||
(Amounts in thousands) | March 31, 2014 | March 31, 2013 | |||||||
Inventory Step-up, net1 | $ | (2,205 | ) | $ | 2,205 | ||||
ATK/Bushnell fees for advisory, legal, accounting services2 | (11,111 | ) | 11,111 | ||||||
Receivables_Tables
Receivables (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Schedule of receivables, including amounts due under long-term contracts (contract receivables) | ' | ||||||||
Receivables, including amounts due under long-term contracts ("contract receivables"), are summarized as follows: | |||||||||
March 31 | |||||||||
2014 | 2013 | ||||||||
Billed receivables | |||||||||
U.S. Government contracts | $ | 140,109 | $ | 201,455 | |||||
Commercial and other | 365,245 | 228,684 | |||||||
Unbilled receivables | |||||||||
U.S. Government contracts | 517,861 | 501,381 | |||||||
Commercial and other | 461,779 | 391,196 | |||||||
Less allowance for doubtful accounts | (11,174 | ) | (10,143 | ) | |||||
Net receivables | $ | 1,473,820 | $ | 1,312,573 | |||||
Schedule of reconciliation of changes in ATK's allowance for doubtful accounts | ' | ||||||||
The following is a reconciliation of the changes in ATK's allowance for doubtful accounts during fiscal 2013 and 2014: | |||||||||
Balance at April 1, 2012 | $ | 11,648 | |||||||
Expense | 2,082 | ||||||||
Write-offs | (275 | ) | |||||||
Reversals and other adjustments | (3,312 | ) | |||||||
Balance at March 31, 2013 | 10,143 | ||||||||
Expense | 7,183 | ||||||||
Write-offs | (5,580 | ) | |||||||
Reversals and other adjustments | (572 | ) | |||||||
Balance at March 31, 2014 | $ | 11,174 | |||||||
Property_Plant_and_Equipment_T
Property, Plant, and Equipment (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Schedule of property, plant and equipment | ' | ||||||||
Property, plant, and equipment consists of the following: | |||||||||
March 31 | |||||||||
2014 | 2013 | ||||||||
Land | $ | 40,159 | $ | 37,519 | |||||
Buildings and improvements | 335,030 | 314,877 | |||||||
Machinery and equipment | 1,243,539 | 1,121,997 | |||||||
Property not yet in service | 100,124 | 78,530 | |||||||
Gross property, plant, and equipment | 1,718,852 | 1,552,923 | |||||||
Less accumulated depreciation | (1,021,301 | ) | (950,603 | ) | |||||
Net property, plant, and equipment | $ | 697,551 | $ | 602,320 | |||||
Goodwill_and_Deferred_Charges_1
Goodwill and Deferred Charges and Other Non-Current Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Goodwill and Deferred Charges and Other Non-Current Assets | ' | ||||||||||||||||||||||||
Schedule of carrying amount of goodwill by operating segment | ' | ||||||||||||||||||||||||
The changes in the carrying amount of goodwill by segment were as follows: | |||||||||||||||||||||||||
Aerospace | Defense | Sporting | Total | ||||||||||||||||||||||
Group | Group | Group | |||||||||||||||||||||||
Balance at April 1, 2012 | $ | 676,516 | $ | 366,947 | $ | 208,073 | $ | 1,251,536 | |||||||||||||||||
Acquisitions | — | — | — | — | |||||||||||||||||||||
Balance at March 31, 2013 | 676,516 | 366,947 | 208,073 | 1,251,536 | |||||||||||||||||||||
Acquisitions | — | — | 665,201 | 665,201 | |||||||||||||||||||||
Effect of foreign currency exchange rates | — | — | 184 | 184 | |||||||||||||||||||||
Balance at March 31, 2014 | $ | 676,516 | $ | 366,947 | $ | 873,458 | $ | 1,916,921 | |||||||||||||||||
Schedule of deferred charges and other non-current assets | ' | ||||||||||||||||||||||||
Deferred charges and other non-current assets consist of the following: | |||||||||||||||||||||||||
March 31 | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Gross debt issuance costs | $ | 28,356 | $ | 21,341 | |||||||||||||||||||||
Less accumulated amortization | (4,084 | ) | (8,489 | ) | |||||||||||||||||||||
Net debt issuance costs | 24,272 | 12,852 | |||||||||||||||||||||||
Parts inventory | 10,921 | 10,886 | |||||||||||||||||||||||
Environmental remediation receivable | 22,128 | 28,254 | |||||||||||||||||||||||
Derivative contracts | 328 | — | |||||||||||||||||||||||
Other non-current assets | 59,577 | 53,469 | |||||||||||||||||||||||
Total deferred charges and other non-current assets | $ | 117,226 | $ | 105,461 | |||||||||||||||||||||
Schedule of amortizing assets | ' | ||||||||||||||||||||||||
Included in net intangible assets as of March 31, 2014 and March 31, 2013 is $204,298 and $38,998, respectively, of other intangible assets consisting of trademarks and brand names that are not being amortized as their estimated useful lives are considered indefinite and amortizing assets as follows: | |||||||||||||||||||||||||
31-Mar-14 | 31-Mar-13 | ||||||||||||||||||||||||
Gross | Accumulated | Total | Gross | Accumulated | Total | ||||||||||||||||||||
carrying | amortization | carrying | amortization | ||||||||||||||||||||||
amount | amount | ||||||||||||||||||||||||
Trade name | $ | 184,660 | $ | (21,723 | ) | $ | 162,937 | $ | 66,060 | $ | (13,531 | ) | $ | 52,529 | |||||||||||
Patented technology | 33,389 | (10,325 | ) | 23,064 | 17,400 | (7,230 | ) | 10,170 | |||||||||||||||||
Customer relationships and other | 226,105 | (38,554 | ) | 187,551 | 34,185 | (25,928 | ) | 8,257 | |||||||||||||||||
Total | $ | 444,154 | $ | (70,602 | ) | $ | 373,552 | $ | 117,645 | $ | (46,689 | ) | $ | 70,956 | |||||||||||
Schedule of expected future amortization expense | ' | ||||||||||||||||||||||||
ATK expects amortization expense related to these assets to be as follows: | |||||||||||||||||||||||||
Fiscal 2015 | $ | 34,112 | |||||||||||||||||||||||
Fiscal 2016 | 32,712 | ||||||||||||||||||||||||
Fiscal 2017 | 30,422 | ||||||||||||||||||||||||
Fiscal 2018 | 30,422 | ||||||||||||||||||||||||
Fiscal 2019 | 27,678 | ||||||||||||||||||||||||
Thereafter | 218,206 | ||||||||||||||||||||||||
Total | $ | 373,552 | |||||||||||||||||||||||
Other_Accrued_Liabilities_Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Schedule of major categories of other current and long-term accrued liabilities | ' | ||||||||
The major categories of other current and long-term accrued liabilities are as follows: | |||||||||
March 31 | |||||||||
2014 | 2013 | ||||||||
Employee benefits and insurance, including pension and other postretirement benefits | $ | 65,858 | $ | 75,882 | |||||
Warranty | 19,080 | 19,669 | |||||||
Interest | 8,341 | 1,887 | |||||||
Environmental remediation | 8,550 | 6,847 | |||||||
Rebate | 17,593 | 6,875 | |||||||
Deferred lease obligation | 26,257 | 28,424 | |||||||
Derivative contracts | 6,212 | 2,871 | |||||||
Federal excise tax | 35,892 | 22,367 | |||||||
Other | 135,049 | 97,199 | |||||||
Total other accrued liabilities—current | $ | 322,832 | $ | 262,021 | |||||
Environmental remediation | $ | 44,938 | $ | 49,373 | |||||
Management nonqualified deferred compensation plan | 17,043 | 17,409 | |||||||
Non-current portion of accrued income tax liability | 18,659 | 25,400 | |||||||
Deferred lease obligation | 19,791 | 14,342 | |||||||
Other | 24,513 | 19,934 | |||||||
Total other long-term liabilities | $ | 124,944 | $ | 126,458 | |||||
Schedule of reconciliation of the changes in product warranty liability | ' | ||||||||
The following is a reconciliation of the changes in ATK's product warranty liability during the periods presented: | |||||||||
Balance at April 1, 2012 | $ | 24,221 | |||||||
Payments made | (5,712 | ) | |||||||
Warranties issued | 3,387 | ||||||||
Changes related to preexisting warranties | (2,227 | ) | |||||||
Balance at March 31, 2013 | 19,669 | ||||||||
Payments made | (6,724 | ) | |||||||
Warranties issued | 2,791 | ||||||||
Warranties assumed in acquisition | 3,629 | ||||||||
Changes related to preexisting warranties | (285 | ) | |||||||
Balance at March 31, 2014 | $ | 19,080 | |||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of long-term debt, including the current portion | ' | ||||||||
Long-term debt, including the current portion, consisted of the following: | |||||||||
31-Mar-14 | 31-Mar-13 | ||||||||
Senior Credit Facility dated November 1, 2013: | |||||||||
Term A Loan due 2018 | $ | 997,375 | $ | — | |||||
Term B Loan due 2020 | 249,375 | — | |||||||
Revolving Credit Facility due 2018 | — | — | |||||||
Senior Credit Facility dated October 7, 2010: | |||||||||
Term A Loan due 2015 | — | 340,000 | |||||||
Term A Loan due 2017 | — | 195,000 | |||||||
Revolving Credit Facility due 2015 | — | — | |||||||
5.25% Senior Notes due 2021 | 300,000 | — | |||||||
6.875% Senior Subordinated Notes due 2020 | 350,000 | 350,000 | |||||||
3.00% Convertible Senior Subordinated Notes due 2024 | 199,440 | 199,453 | |||||||
Principal amount of long-term debt | 2,096,190 | 1,084,453 | |||||||
Less: Unamortized discounts | 3,212 | 10,576 | |||||||
Carrying amount of long-term debt | 2,092,978 | 1,073,877 | |||||||
Less: current portion | 249,228 | 50,000 | |||||||
Carrying amount of long-term debt, excluding current portion | $ | 1,843,750 | $ | 1,023,877 | |||||
Schedule of debt and equity components of convertible notes | ' | ||||||||
The following tables provide additional information about the 3.00% Convertible Notes: | |||||||||
31-Mar-14 | 31-Mar-13 | ||||||||
Carrying amount of the equity component | $ | 56,849 | $ | 56,849 | |||||
Principal amount of the liability component | $ | 199,440 | $ | 199,453 | |||||
Unamortized discount of liability component | $ | 3,212 | $ | 10,576 | |||||
Net carrying amount of liability component | $ | 196,228 | $ | 188,877 | |||||
Remaining amortization period of discount (months) | 5 | 17 | |||||||
Effective interest rate on liability component | 7 | % | 7 | % | |||||
Schedule of minimum payments on outstanding long-term debt | ' | ||||||||
The scheduled minimum loan payments on outstanding long-term debt are as follows: | |||||||||
Fiscal 2015 | $ | 252,440 | |||||||
Fiscal 2016 | 53,000 | ||||||||
Fiscal 2017 | 53,000 | ||||||||
Fiscal 2018 | 53,000 | ||||||||
Fiscal 2019 | 797,875 | ||||||||
Thereafter | 886,875 | ||||||||
Total | $ | 2,096,190 | |||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of change in benefit obligation and change in plan assets | ' | ||||||||||||||||||||||||
The following table shows changes in the benefit obligation, plan assets, and funded status of ATK's qualified and non-qualified pension plans and other PRB plans. Benefit obligation balances presented below reflect the projected benefit obligation ("PBO") for our pension plans and accumulated PRB obligations ("APBO") or our other PRB plans. | |||||||||||||||||||||||||
Pension Benefits | Other Postretirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
Years Ended March 31 | Years Ended March 31 | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Obligations and Funded Status | |||||||||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 3,079,793 | $ | 3,040,424 | $ | 143,528 | $ | 154,555 | |||||||||||||||||
Service cost | 34,763 | 64,030 | 9 | 3 | |||||||||||||||||||||
Interest cost | 130,253 | 144,603 | 5,207 | 6,493 | |||||||||||||||||||||
Plan Amendments | (12,615 | ) | (183,583 | ) | — | — | |||||||||||||||||||
Actuarial loss (gain) | (55,958 | ) | 210,516 | (8,953 | ) | (4,649 | ) | ||||||||||||||||||
Benefits paid | (187,948 | ) | (196,197 | ) | (11,726 | ) | (12,874 | ) | |||||||||||||||||
Benefit obligation at end of year | $ | 2,988,288 | $ | 3,079,793 | $ | 128,065 | $ | 143,528 | |||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 2,357,024 | $ | 2,154,458 | $ | 58,676 | $ | 56,084 | |||||||||||||||||
Actual return on plan assets | 211,788 | 210,544 | 2,513 | 4,913 | |||||||||||||||||||||
Retiree contributions | — | — | 5,306 | 5,820 | |||||||||||||||||||||
Employer contributions | 45,149 | 188,219 | 11,592 | 10,553 | |||||||||||||||||||||
Benefits paid | (187,948 | ) | (196,197 | ) | (17,032 | ) | (18,694 | ) | |||||||||||||||||
Fair value of plan assets at end of year | 2,426,013 | 2,357,024 | 61,055 | 58,676 | |||||||||||||||||||||
Funded status | $ | (562,275 | ) | $ | (722,769 | ) | $ | (67,010 | ) | $ | (84,852 | ) | |||||||||||||
Schedule of amounts recognized in the balance sheet | ' | ||||||||||||||||||||||||
Pension Benefits | Other Postretirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
Years Ended March 31 | Years Ended March 31 | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Amounts Recognized in the Balance Sheet | |||||||||||||||||||||||||
Other accrued liabilities | $ | (4,500 | ) | $ | (3,597 | ) | $ | (4,236 | ) | $ | (4,600 | ) | |||||||||||||
Postretirement and postemployment benefits liabilities | — | — | (62,774 | ) | (80,252 | ) | |||||||||||||||||||
Accrued pension liability | (557,775 | ) | (719,172 | ) | — | — | |||||||||||||||||||
Net amount recognized | $ | (562,275 | ) | $ | (722,769 | ) | $ | (67,010 | ) | $ | (84,852 | ) | |||||||||||||
Accumulated other comprehensive loss (income) related to: | |||||||||||||||||||||||||
Unrecognized net actuarial losses | $ | 1,291,756 | $ | 1,544,282 | $ | 16,903 | $ | 27,237 | |||||||||||||||||
Unrecognized prior service benefits | (176,030 | ) | (184,399 | ) | (26,031 | ) | (34,411 | ) | |||||||||||||||||
Accumulated other comprehensive loss (income) | $ | 1,115,726 | $ | 1,359,883 | $ | (9,128 | ) | $ | (7,174 | ) | |||||||||||||||
Schedule of estimated amount that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in fiscal 2013 | ' | ||||||||||||||||||||||||
The estimated amount that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in fiscal 2015 is as follows: | |||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||
Postretirement | |||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
Recognized net actuarial losses | $ | 119,257 | $ | 1,636 | |||||||||||||||||||||
Amortization of prior service benefits | (22,490 | ) | (8,377 | ) | |||||||||||||||||||||
Total | $ | 96,767 | $ | (6,741 | ) | ||||||||||||||||||||
Schedule of information for pension plans with an accumulated benefit obligation in excess of plan assets | ' | ||||||||||||||||||||||||
March 31 | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets | |||||||||||||||||||||||||
Projected benefit obligation | $ | 2,988,288 | $ | 3,079,793 | |||||||||||||||||||||
Accumulated benefit obligation | 2,985,605 | 3,045,140 | |||||||||||||||||||||||
Fair value of plan assets | 2,426,013 | 2,357,024 | |||||||||||||||||||||||
Schedule of components of net periodic benefit cost | ' | ||||||||||||||||||||||||
The components of net periodic benefit cost are as follows: | |||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||
Years Ended March 31 | Years Ended March 31 | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Service cost | $ | 34,763 | $ | 64,030 | $ | 64,710 | $ | 9 | $ | 3 | $ | 76 | |||||||||||||
Interest cost | 130,253 | 144,603 | 149,284 | 5,207 | 6,493 | 7,814 | |||||||||||||||||||
Expected return on plan assets | (161,111 | ) | (167,805 | ) | (175,590 | ) | (3,419 | ) | (3,253 | ) | (3,512 | ) | |||||||||||||
Amortization of unrecognized net loss | 145,891 | 124,600 | 95,934 | 2,288 | 2,654 | 2,972 | |||||||||||||||||||
Amortization of unrecognized prior service cost | (20,984 | ) | (391 | ) | (381 | ) | (8,381 | ) | (8,381 | ) | (8,381 | ) | |||||||||||||
Net periodic benefit cost before special termination benefits cost / curtailment | 128,812 | 165,037 | 133,957 | (4,296 | ) | (2,484 | ) | (1,031 | ) | ||||||||||||||||
Special termination benefits cost / curtailment | — | 2,915 | — | — | — | — | |||||||||||||||||||
Net periodic benefit cost | $ | 128,812 | $ | 167,952 | $ | 133,957 | $ | (4,296 | ) | $ | (2,484 | ) | $ | (1,031 | ) | ||||||||||
Schedule of weighted average assumptions used to determine benefit obligations and net periodic benefit cost | ' | ||||||||||||||||||||||||
Pension Benefits | Other Postretirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Weighted-Average Assumptions Used to Determine Benefit Obligations as of March 31 | |||||||||||||||||||||||||
Discount rate | 4.5 | % | 4.35 | % | 4.9 | % | 3.95 | % | 3.8 | % | 4.4 | % | |||||||||||||
Rate of compensation increase: | |||||||||||||||||||||||||
Union | 3.22 | % | 3.23 | % | 3.26 | % | |||||||||||||||||||
Salaried | 3.47 | % | 3.49 | % | 3.55 | % | |||||||||||||||||||
Pension Benefits | Other Postretirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended March 31 | |||||||||||||||||||||||||
Discount rate | 4.35 | % | 4.9 | % | 5.6 | % | 3.8 | % | 4.4 | % | 5 | % | |||||||||||||
Expected long-term rate of return on plan assets | 7.25 | % | 7.5 | % | 8 | % | 5 | % | / | 5 | % | / | 6 | % | / | ||||||||||
6.25 | % | 6.25 | % | 7 | % | ||||||||||||||||||||
Rate of compensation increase: | |||||||||||||||||||||||||
Union | 3.23 | % | 3.26 | % | 3.79 | % | |||||||||||||||||||
Salaried | 3.49 | % | 3.55 | % | 4.02 | % | |||||||||||||||||||
Schedule of assumed health care cost trend rates used to measure expected cost of benefits | ' | ||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Weighted average health care cost trend rate | 6.1 | % | 7.6 | % | |||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.5 | % | 5 | % | |||||||||||||||||||||
Fiscal year that the rate reaches the ultimate trend rate | 2027 | 2022 | |||||||||||||||||||||||
Schedule of effect of one-percentage point increase or decrease in the assumed health care cost trend rates | ' | ||||||||||||||||||||||||
A one-percentage point increase or decrease in the assumed health care cost trend rates would have the following effects: | |||||||||||||||||||||||||
One-Percentage | One-Percentage | ||||||||||||||||||||||||
Point Increase | Point Decrease | ||||||||||||||||||||||||
Effect on total of service and interest cost | $ | 270 | $ | (240 | ) | ||||||||||||||||||||
Effect on postretirement benefit obligation | 6,816 | (6,068 | ) | ||||||||||||||||||||||
Schedule of allocation of plan assets | ' | ||||||||||||||||||||||||
ATK's pension plan weighted-average asset allocations at March 31, 2014 and 2013, and the target allocations for fiscal 2015, by asset category are as follows: | |||||||||||||||||||||||||
Target | Actual as of | ||||||||||||||||||||||||
Range | March 31 | ||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||
Asset Category | |||||||||||||||||||||||||
Domestic equity | 10 - 25% | 19.4 | % | 25 | % | ||||||||||||||||||||
International equity | 10 - 20% | 17.1 | % | 14.7 | % | ||||||||||||||||||||
Fixed income | 35 - 50% | 38.7 | % | 37.8 | % | ||||||||||||||||||||
Real assets | 5 - 10% | 5 | % | 7.2 | % | ||||||||||||||||||||
Hedge funds/private equity | 10 - 25% | 18.8 | % | 12.8 | % | ||||||||||||||||||||
Other investments/cash | 0 - 6% | 0.9 | % | 2.5 | % | ||||||||||||||||||||
Total | 100% | 100 | % | 100 | % | ||||||||||||||||||||
Schedule of fair value of pension plan investments | ' | ||||||||||||||||||||||||
Fair Value—The following table presents the pension plan investments using the fair value hierarchy discussed in Note 2 as of March 31, 2014: | |||||||||||||||||||||||||
Quoted Prices | Significant Other | Significant | Total | ||||||||||||||||||||||
in Active | Observable Inputs | Unobservable | |||||||||||||||||||||||
Markets for | (Level 2) | Inputs | |||||||||||||||||||||||
Identical Assets | (Level 3) | ||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
Interest-bearing cash | $ | — | $ | 4,062 | $ | — | $ | 4,062 | |||||||||||||||||
U.S. Government securities | 185,499 | 21,021 | — | 206,520 | |||||||||||||||||||||
Corporate debt | — | 346,803 | 199 | 347,002 | |||||||||||||||||||||
Common stock | 109,173 | — | — | 109,173 | |||||||||||||||||||||
Partnership/joint venture interest | — | — | 689,073 | 689,073 | |||||||||||||||||||||
Other investments | (9 | ) | 2,556 | — | 2,547 | ||||||||||||||||||||
Common/collective trusts | — | 829,714 | — | 829,714 | |||||||||||||||||||||
Registered investment companies | 63,945 | 130,819 | — | 194,764 | |||||||||||||||||||||
Value of funds in insurance company accounts | — | 42,027 | 1,131 | 43,158 | |||||||||||||||||||||
Total | $ | 358,608 | $ | 1,377,002 | $ | 690,403 | $ | 2,426,013 | |||||||||||||||||
The following table presents the pension plan investments using the fair value hierarchy discussed in Note 2 as of March 31, 2013: | |||||||||||||||||||||||||
Quoted Prices | Significant Other | Significant | Total | ||||||||||||||||||||||
in Active | Observable Inputs | Unobservable | |||||||||||||||||||||||
Markets for | (Level 2) | Inputs | |||||||||||||||||||||||
Identical Assets | (Level 3) | ||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
Interest-bearing cash | $ | — | $ | 36,100 | $ | — | $ | 36,100 | |||||||||||||||||
U.S. Government securities | 283,682 | 22,281 | — | 305,963 | |||||||||||||||||||||
Corporate debt | — | 284,321 | — | 284,321 | |||||||||||||||||||||
Common stock | 506,332 | — | — | 506,332 | |||||||||||||||||||||
Partnership/joint venture interest | 245 | — | 578,158 | 578,403 | |||||||||||||||||||||
Other investments | 1,062 | 1,484 | — | 2,546 | |||||||||||||||||||||
Common/collective trusts | — | 518,551 | — | 518,551 | |||||||||||||||||||||
Registered investment companies | 79,151 | — | — | 79,151 | |||||||||||||||||||||
Value of funds in insurance company accounts | 44,452 | 1,205 | 45,657 | ||||||||||||||||||||||
Total | $ | 870,472 | $ | 907,189 | $ | 579,363 | $ | 2,357,024 | |||||||||||||||||
Schedule of reconciliation of Level 3 assets held during the year | ' | ||||||||||||||||||||||||
The following table presents a reconciliation of Level 3 assets held during the year ended March 31, 2014: | |||||||||||||||||||||||||
Common Stock | Corporate Debt | Insurance | Partnerships/ | ||||||||||||||||||||||
Contracts | Joint Ventures | ||||||||||||||||||||||||
Balance at April 1, 2013 | $ | — | $ | — | $ | 1,205 | $ | 578,158 | |||||||||||||||||
Realized (losses) gains | 2 | — | 4 | 34,321 | |||||||||||||||||||||
Net unrealized (losses) gains | — | — | (8 | ) | 25,561 | ||||||||||||||||||||
Net purchases, issuances, and settlements | (2 | ) | 199 | (70 | ) | 51,033 | |||||||||||||||||||
Net transfers into (out of) Level 3 | — | — | — | — | |||||||||||||||||||||
Balance at March 31, 2014 | $ | — | $ | 199 | $ | 1,131 | $ | 689,073 | |||||||||||||||||
The following table presents a reconciliation of Level 3 assets held during the year ended March 31, 2013: | |||||||||||||||||||||||||
Common Stock | Corporate Debt | Insurance | Partnerships/ | ||||||||||||||||||||||
Contracts | Joint Ventures | ||||||||||||||||||||||||
Balance at April 1, 2012 | $ | — | $ | — | $ | 1,278 | $ | 526,762 | |||||||||||||||||
Realized (losses) gains | — | — | 5 | 10,229 | |||||||||||||||||||||
Net unrealized (losses) gains | — | — | 1 | 33,985 | |||||||||||||||||||||
Net purchases, issuances, and settlements | — | — | (79 | ) | 7,182 | ||||||||||||||||||||
Net transfers into (out of) Level 3 | — | — | — | — | |||||||||||||||||||||
Balance at March 31, 2013 | $ | — | $ | — | $ | 1,205 | $ | 578,158 | |||||||||||||||||
Schedule of expected future benefit payments | ' | ||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||
Benefits | Postretirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2015 | $ | 183,700 | $ | 12,532 | |||||||||||||||||||||
2016 | 177,900 | 12,082 | |||||||||||||||||||||||
2017 | 184,300 | 11,772 | |||||||||||||||||||||||
2018 | 188,000 | 11,438 | |||||||||||||||||||||||
2019 | 193,600 | 11,035 | |||||||||||||||||||||||
2020 through 2024 | 1,045,900 | 47,812 | |||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of income before income taxes and noncontrolling interest | ' | ||||||||||||
Income before income taxes and noncontrolling interest is as follows: | |||||||||||||
Years Ended March 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
US | $ | 509,849 | $ | 392,094 | $ | 403,204 | |||||||
Non-US | 665 | 390 | 3,762 | ||||||||||
Income before income taxes and noncontrolling interest | $ | 510,514 | $ | 392,484 | $ | 406,966 | |||||||
Schedule of income tax provision | ' | ||||||||||||
ATK's income tax provision consists of: | |||||||||||||
Years Ended March 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 147,540 | $ | 128,822 | $ | 128,651 | |||||||
State | 6,507 | 7,688 | 7,176 | ||||||||||
Non-US | 2,845 | 324 | 414 | ||||||||||
Deferred: | |||||||||||||
Federal | 9,047 | (16,009 | ) | 7,315 | |||||||||
State | 3,489 | (582 | ) | 206 | |||||||||
Income tax provision | $ | 169,428 | $ | 120,243 | $ | 143,762 | |||||||
Schedule of items responsible for the differences between the federal statutory rate and ATK's effective rate | ' | ||||||||||||
The items responsible for the differences between the federal statutory rate and ATK's effective rate are as follows: | |||||||||||||
Years Ended March 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal impact | 2.6 | % | 2.6 | % | 2.6 | % | |||||||
Domestic manufacturing deduction | (3.0 | )% | (2.9 | )% | (2.6 | )% | |||||||
Estimated nondeductible portion of litigation | — | % | — | % | 1.3 | % | |||||||
Research and development credit | (0.8 | )% | (0.7 | )% | (0.5 | )% | |||||||
Change in prior year contingent tax liabilities | (1.9 | )% | (3.0 | )% | (0.2 | )% | |||||||
Impact of non-US operations | 0.4 | % | — | % | (0.3 | )% | |||||||
Other | 0.7 | % | (0.6 | )% | (0.2 | )% | |||||||
Change in valuation allowance | 0.2 | % | 0.2 | % | 0.2 | % | |||||||
Income tax provision | 33.2 | % | 30.6 | % | 35.3 | % | |||||||
Schedule of components of deferred tax assets and liabilities | ' | ||||||||||||
As of March 31, 2014 and 2013 the components of deferred tax assets and liabilities were as follows: | |||||||||||||
Years Ended March 31 | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets | $ | 729,219 | $ | 805,736 | |||||||||
Deferred tax liabilities | (739,529 | ) | (599,921 | ) | |||||||||
Valuation allowance | (13,589 | ) | (4,242 | ) | |||||||||
Net deferred tax (liabilities) assets | $ | (23,899 | ) | $ | 201,573 | ||||||||
Schedule of deferred tax assets and liabilities resulted from temporary differences | ' | ||||||||||||
As of March 31, 2014 and 2013, the deferred tax assets and liabilities resulted from temporary differences related to the following: | |||||||||||||
Other comprehensive income provision | $ | 426,448 | $ | 523,288 | |||||||||
Other | 51,335 | 37,983 | |||||||||||
Other reserves | 42,987 | 37,701 | |||||||||||
Accruals for employee benefits | 35,555 | 36,585 | |||||||||||
Post retirement benefit obligations | 32,945 | 41,079 | |||||||||||
Inventory | 30,773 | 15,097 | |||||||||||
Contract method of revenue recognition | 23,659 | 22,772 | |||||||||||
Intangible assets | (250,592 | ) | (78,653 | ) | |||||||||
Pension | (241,011 | ) | (261,057 | ) | |||||||||
Property, plant, equipment | (94,922 | ) | (101,277 | ) | |||||||||
Debt-related | (67,487 | ) | (67,703 | ) | |||||||||
Valuation allowance | (13,589 | ) | (4,242 | ) | |||||||||
Net deferred income tax (liabilities) assets | $ | (23,899 | ) | $ | 201,573 | ||||||||
Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties | ' | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows: | |||||||||||||
Year ended March 31, 2014 | Year ended March 31, 2013 | Year ended March 31, 2012 | |||||||||||
Unrecognized Tax Benefits—beginning of period | $ | 25,657 | $ | 34,715 | $ | 29,532 | |||||||
Gross increases—tax positions in prior periods | 15,412 | 158 | 702 | ||||||||||
Gross decreases—tax positions in prior periods | (13,172 | ) | (13,116 | ) | (1,618 | ) | |||||||
Gross increases—current-period tax positions | 4,573 | 5,376 | 6,493 | ||||||||||
Settlements | — | (1,298 | ) | — | |||||||||
Lapse of statute of limitations | (153 | ) | (178 | ) | (394 | ) | |||||||
Unrecognized Tax Benefits—end of period | $ | 32,317 | $ | 25,657 | $ | 34,715 | |||||||
Commitments_Tables
Commitments (Tables) | 12 Months Ended | |||
Mar. 31, 2014 | ||||
Commitments | ' | |||
Schedule of contractual obligations and commercial commitments | ' | |||
The following table summarizes the operating lease payments expected to be paid in each of the following fiscal years: | ||||
Fiscal 2015 | $ | 81,437 | ||
Fiscal 2016 | 75,166 | |||
Fiscal 2017 | 54,517 | |||
Fiscal 2018 | 48,820 | |||
Fiscal 2019 | 43,165 | |||
Thereafter | 354,890 | |||
Total | $ | 657,995 | ||
Contingencies_Tables
Contingencies (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Loss Contingency [Abstract] | ' | ||||||||||||||||
Summary of the amounts recorded for environmental remediation | ' | ||||||||||||||||
The following is a summary of the amounts recorded for environmental remediation: | |||||||||||||||||
31-Mar-14 | 31-Mar-13 | ||||||||||||||||
Liability | Receivable | Liability | Receivable | ||||||||||||||
Amounts (payable) receivable | $ | (58,194 | ) | $ | 28,540 | $ | (58,965 | ) | $ | 34,190 | |||||||
Unamortized discount | 4,706 | (2,152 | ) | 2,745 | (1,446 | ) | |||||||||||
Present value amounts (payable) receivable | $ | (53,488 | ) | $ | 26,388 | $ | (56,220 | ) | $ | 32,744 | |||||||
Schedule of aggregate undiscounted amounts payable for environmental remediation costs, net of expected recoveries | ' | ||||||||||||||||
At March 31, 2014, the aggregate undiscounted amounts payable for environmental remediation costs, net of expected recoveries, are estimated to be: | |||||||||||||||||
Fiscal 2015 | $ | 4,290 | |||||||||||||||
Fiscal 2016 | 3,385 | ||||||||||||||||
Fiscal 2017 | 299 | ||||||||||||||||
Fiscal 2018 | 2,326 | ||||||||||||||||
Fiscal 2019 | 1,964 | ||||||||||||||||
Thereafter | 17,390 | ||||||||||||||||
Total | $ | 29,654 | |||||||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Equity [Abstract] | ' | |||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||||
The following weighted average assumptions were used for grants: | ||||||||||||||
Year ended March 31, 2014 | Year ended March 31, 2013 | Year ended March 31, 2012 | ||||||||||||
Risk-free rate | 1.86%-2.07% | 1.02%-1.22% | 0.82% | |||||||||||
Expected volatility | 25.95%-26.71% | 25.87% | 25.03% | |||||||||||
Expected dividend yield | 1.27%-1.58% | 1.49%-1.90% | 1.27% | |||||||||||
Expected option life | 7 years | 7 years | 7 years | |||||||||||
Weighted average assumptions used in estimating the value of the award | ' | |||||||||||||
The weighted average assumptions used in estimating the value of the TSR award were as follows: | ||||||||||||||
Fiscal 2014 | Fiscal 2012 | |||||||||||||
Risk-free rate | 0.81 | % | 1.22 | % | ||||||||||
Expected volatility | 26.64 | % | 27.9 | % | ||||||||||
Expected dividend yield | 0.96 | % | 1.17 | % | ||||||||||
Expected award life | 3 | 3 | ||||||||||||
Schedule of stock option activity | ' | |||||||||||||
A summary of ATK's stock option activity is as follows: | ||||||||||||||
Shares | Weighted Average | Weighted Average | Aggregate Intrinsic | |||||||||||
Exercise Price | Remaining | Value | ||||||||||||
Contractual Life | (per option) | |||||||||||||
(in years) | ||||||||||||||
Outstanding at March 31, 2011 | 606,922 | $ | 62.85 | |||||||||||
Granted | 135,661 | 56.79 | ||||||||||||
Exercised | (107,944 | ) | 52.88 | |||||||||||
Forfeited/expired | (216,517 | ) | 65.64 | |||||||||||
Outstanding at March 31, 2012 | 418,122 | 62.02 | 2.7 | $ | — | |||||||||
Granted | 114,628 | 65.32 | ||||||||||||
Exercised | (93,617 | ) | 58.34 | |||||||||||
Forfeited/expired | (176,885 | ) | 66.55 | |||||||||||
Outstanding at March 31, 2013 | 262,248 | 61.72 | 2.7 | — | ||||||||||
Granted | 47,490 | 130.86 | ||||||||||||
Exercised | (13,173 | ) | 55.32 | |||||||||||
Forfeited/expired | (26,160 | ) | 62.34 | |||||||||||
Outstanding at March 31, 2014 | 270,405 | $ | 74.11 | 8.3 | $ | 68.04 | ||||||||
Options exercisable at: | ||||||||||||||
31-Mar-14 | 114,083 | $ | 61.63 | 8 | $ | 80.52 | ||||||||
31-Mar-13 | 70,145 | $ | 61.28 | 5.2 | $ | 13.98 | ||||||||
31-Mar-12 | 282,461 | $ | 64.53 | 0.7 | $ | — | ||||||||
Schedule of performance share award, TSR award, and restricted stock award activity | ' | |||||||||||||
A summary of ATK's performance share award, TSR award, and restricted stock award activity is as follows: | ||||||||||||||
Shares | Weighted Average | |||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
Nonvested at March 31, 2011 | 854,524 | $ | 78.85 | |||||||||||
Granted | 347,287 | 60.63 | ||||||||||||
Canceled/forfeited | (161,307 | ) | 61.79 | |||||||||||
Vested | (64,263 | ) | 69.51 | |||||||||||
Nonvested at March 31, 2012 | 976,241 | 67.08 | ||||||||||||
Granted | 213,536 | 63.17 | ||||||||||||
Canceled/forfeited | (287,326 | ) | 69.44 | |||||||||||
Vested | (144,009 | ) | 68.59 | |||||||||||
Nonvested at March 31, 2013 | 758,442 | 65.42 | ||||||||||||
Granted | 240,663 | 114.65 | ||||||||||||
Canceled/forfeited | (214,083 | ) | 68.65 | |||||||||||
Vested | (193,986 | ) | 66.6 | |||||||||||
Nonvested at March 31, 2014 | 591,036 | $ | 83.91 | |||||||||||
Realignment_Obligations_Tables
Realignment Obligations (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Realignment Obligations | ' | ||||||||||||||||
Schedule of realignment liability activity | ' | ||||||||||||||||
The following table summarizes ATK's realignment liability activity during fiscal 2013 related to the termination benefits and facility closure and other costs: | |||||||||||||||||
Termination | Asset | Facility | Total | ||||||||||||||
Benefits | Impairment | Closure | |||||||||||||||
and Other | |||||||||||||||||
Costs | |||||||||||||||||
Balance at April 1, 2012 | $ | 7,148 | $ | — | $ | 25 | $ | 7,173 | |||||||||
Expense | — | — | — | — | |||||||||||||
Cash paid | (6,294 | ) | — | (25 | ) | (6,319 | ) | ||||||||||
Non-cash settlements | (854 | ) | — | — | (854 | ) | |||||||||||
Balance at March 31, 2013 | $ | — | $ | — | $ | — | $ | — | |||||||||
Operating_Segment_Information_
Operating Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||||||||||||||||
ATK's U.S. Government sales, including sales to U.S. Government prime contractors, during the last three fiscal years were as follows: | |||||||||||||||||||||
Fiscal | U.S. Government | Percent of | |||||||||||||||||||
Sales | sales | ||||||||||||||||||||
2014 | $ | 2,524,742 | 53 | % | |||||||||||||||||
2013 | 2,931,893 | 67 | % | ||||||||||||||||||
2012 | 2,922,202 | 65 | % | ||||||||||||||||||
Schedule of Revenue by Major Customers by Reporting Segments | ' | ||||||||||||||||||||
Year ended March 31, 2014 | |||||||||||||||||||||
Aerospace | Defense Group | Sporting Group | Corporate | Total | |||||||||||||||||
Group | |||||||||||||||||||||
Sales: | |||||||||||||||||||||
External customers | $ | 1,257,530 | $ | 1,667,707 | $ | 1,849,891 | $ | — | $ | 4,775,128 | |||||||||||
Intercompany | 19,922 | 283,077 | 12,442 | (315,441 | ) | — | |||||||||||||||
Total | 1,277,452 | 1,950,784 | 1,862,333 | (315,441 | ) | 4,775,128 | |||||||||||||||
Capital expenditures | 61,366 | 42,061 | 40,288 | 2,249 | 145,964 | ||||||||||||||||
Depreciation | 42,663 | 20,110 | 24,880 | 6,419 | 94,072 | ||||||||||||||||
Amortization of intangible assets | 1,248 | 1,864 | 20,592 | — | 23,704 | ||||||||||||||||
Income before interest, loss on extinguishment of debt, income taxes and noncontrolling interest | 141,692 | 210,669 | 270,523 | (32,578 | ) | 590,306 | |||||||||||||||
Total assets | $ | 1,646,563 | $ | 1,209,150 | $ | 2,382,617 | $ | 532,816 | $ | 5,771,146 | |||||||||||
Year ended March 31, 2013 | |||||||||||||||||||||
Aerospace | Defense Group | Sporting Group | Corporate | Total | |||||||||||||||||
Group | |||||||||||||||||||||
Sales: | |||||||||||||||||||||
External customers | $ | 1,248,446 | $ | 1,957,650 | $ | 1,156,049 | $ | — | $ | 4,362,145 | |||||||||||
Intercompany | 19,273 | 152,021 | 27,207 | (198,501 | ) | — | |||||||||||||||
Total | 1,267,719 | 2,109,671 | 1,183,256 | (198,501 | ) | 4,362,145 | |||||||||||||||
Capital expenditures | 42,758 | 25,518 | 23,395 | 5,218 | 96,889 | ||||||||||||||||
Depreciation | 41,375 | 30,055 | 17,298 | 6,175 | 94,903 | ||||||||||||||||
Amortization of intangible assets | 1,466 | 1,864 | 7,829 | — | 11,159 | ||||||||||||||||
Income before interest, loss on extinguishment of debt, income taxes and noncontrolling interest | 144,392 | 270,498 | 118,325 | (63,572 | ) | 469,643 | |||||||||||||||
Total assets | $ | 1,580,775 | $ | 1,122,416 | $ | 803,493 | $ | 876,326 | $ | 4,383,010 | |||||||||||
Year ended March 31, 2012 | |||||||||||||||||||||
Aerospace | Defense Group | Sporting Group | Corporate | Total | |||||||||||||||||
Group | |||||||||||||||||||||
Sales: | |||||||||||||||||||||
External customers | $ | 1,347,802 | $ | 2,262,777 | $ | 1,002,820 | $ | — | $ | 4,613,399 | |||||||||||
Intercompany | 16,432 | 131,454 | 21,029 | (168,915 | ) | — | |||||||||||||||
Total | 1,364,234 | 2,394,231 | 1,023,849 | (168,915 | ) | 4,613,399 | |||||||||||||||
Capital expenditures | 74,194 | 18,911 | 21,742 | 7,445 | 122,292 | ||||||||||||||||
Depreciation | 46,061 | 31,741 | 16,741 | 3,494 | 98,037 | ||||||||||||||||
Amortization of intangible assets | 1,142 | 1,864 | 7,842 | — | 10,848 | ||||||||||||||||
Income before interest, loss on extinguishment of debt, income taxes and noncontrolling interest | 143,817 | 319,428 | 91,234 | (58,893 | ) | 495,586 | |||||||||||||||
Total assets | $ | 1,539,899 | $ | 1,193,503 | $ | 750,622 | $ | 1,057,722 | $ | 4,541,746 | |||||||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly financial data | ' | ||||||||||||||||
Quarterly financial data is summarized as follows: | |||||||||||||||||
Fiscal 2014 Quarter Ended | |||||||||||||||||
30-Jun | 29-Sep | 29-Dec | 31-Mar | ||||||||||||||
Sales | $ | 1,078,743 | $ | 1,142,381 | $ | 1,208,404 | $ | 1,345,600 | |||||||||
Gross profit | 242,012 | 267,426 | 289,170 | 341,034 | |||||||||||||
Net income attributable to Alliant Techsystems Inc. | 72,038 | 92,591 | 80,286 | 96,000 | |||||||||||||
Alliant Techsystems Inc.'s earnings per common share: | |||||||||||||||||
Basic earnings per share | 2.26 | 2.92 | 2.55 | 3.04 | |||||||||||||
Diluted earnings per share | 2.24 | 2.86 | 2.46 | 2.9 | |||||||||||||
Cash dividends per share: | |||||||||||||||||
Declared | 0.26 | 0.26 | 0.32 | 0.32 | |||||||||||||
Paid | 0.26 | 0.26 | 0.26 | 0.32 | |||||||||||||
Fiscal 2013 Quarter Ended | |||||||||||||||||
1-Jul | 30-Sep | 30-Dec | 31-Mar | ||||||||||||||
Sales | $ | 1,082,301 | $ | 1,069,787 | $ | 1,056,182 | $ | 1,153,875 | |||||||||
Gross profit | 249,622 | 228,268 | 219,627 | 243,352 | |||||||||||||
Net income attributable to Alliant Techsystems Inc. | 70,829 | 65,063 | 63,175 | 72,738 | |||||||||||||
Alliant Techsystems Inc.'s earnings per common share: | |||||||||||||||||
Basic earnings per share | 2.17 | 2.01 | 1.95 | 2.25 | |||||||||||||
Diluted earnings per share | 2.16 | 2 | 1.93 | 2.23 | |||||||||||||
Cash dividends per share: | |||||||||||||||||
Declared | 0.2 | 0.26 | 0.26 | 0.26 | |||||||||||||
Paid | 0.2 | 0.2 | 0.26 | 0.26 | |||||||||||||
Condensed_Consolidated_Financi1
Condensed Consolidated Financial Statements (Tables) | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Condensed Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Condensed Income Statement [Table Text Block] | ' | ||||||||||||||||||||
ALLIANT TECHSYSTEMS INC. | |||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||
Year ended March 31, 2014 | |||||||||||||||||||||
(Amounts in thousands) | Parent Issuer | Guarantors | Non-Guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Sales | $ | — | $ | 4,652,506 | $ | 162,754 | $ | (40,132 | ) | $ | 4,775,128 | ||||||||||
Cost of sales | — | 3,548,338 | 127,280 | (40,132 | ) | 3,635,486 | |||||||||||||||
Gross profit | — | 1,104,168 | 35,474 | — | 1,139,642 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Research and development | — | 59,800 | 2,720 | — | 62,520 | ||||||||||||||||
Selling | — | 187,726 | 16,250 | — | 203,976 | ||||||||||||||||
General and administrative | 12,701 | 258,131 | 12,008 | — | 282,840 | ||||||||||||||||
Income before interest, loss on extinguishment of debt, income taxes, and noncontrolling interest | (12,701 | ) | 598,511 | 4,496 | — | 590,306 | |||||||||||||||
Equity in income/(loss) of subsidiaries | 397,892 | (2,641 | ) | — | (395,251 | ) | — | ||||||||||||||
Interest expense | (79,918 | ) | — | (1,833 | ) | 1,707 | (80,044 | ) | |||||||||||||
Interest income | — | 1,547 | 412 | (1,707 | ) | 252 | |||||||||||||||
Income before income taxes and noncontrolling interest | 305,273 | 597,417 | 3,075 | (395,251 | ) | 510,514 | |||||||||||||||
Income tax provision | (35,642 | ) | 201,520 | 3,550 | — | 169,428 | |||||||||||||||
Net income | 340,915 | 395,897 | (475 | ) | (395,251 | ) | 341,086 | ||||||||||||||
Less net income attributable to noncontrolling interest | — | — | 171 | — | 171 | ||||||||||||||||
Net income attributable to Alliant Techsystems Inc. | $ | 340,915 | $ | 395,897 | $ | (646 | ) | $ | (395,251 | ) | $ | 340,915 | |||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||
Net income | $ | 340,915 | $ | 395,897 | $ | (475 | ) | $ | (395,251 | ) | $ | 341,086 | |||||||||
Total other comprehensive income | $ | 147,495 | $ | 149,000 | $ | (1,505 | ) | $ | (147,495 | ) | $ | 147,495 | |||||||||
Comprehensive income | 488,410 | 544,897 | (1,980 | ) | (542,746 | ) | 488,581 | ||||||||||||||
Less comprehensive income attributable to noncontrolling interest | — | — | 171 | — | 171 | ||||||||||||||||
Comprehensive income attributable to Alliant Techsystems Inc. | $ | 488,410 | $ | 544,897 | $ | (2,151 | ) | $ | (542,746 | ) | $ | 488,410 | |||||||||
Schedule of Condensed Balance Sheet [Table Text Block] | ' | ||||||||||||||||||||
ALLIANT TECHSYSTEMS INC. | |||||||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||
(Amounts in thousands except share data) | Parent Issuer | Guarantors | Non-Guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 220,056 | $ | 46,576 | $ | — | $ | 266,632 | |||||||||||
Net receivables | — | 1,418,583 | 55,237 | 1,473,820 | |||||||||||||||||
Due from affiliates | — | 4,876 | — | (4,876 | ) | — | |||||||||||||||
Net inventories | — | 499,046 | 59,204 | 558,250 | |||||||||||||||||
Income tax receivable | — | — | — | — | — | ||||||||||||||||
Deferred income tax assets | — | 88,543 | 5,073 | 93,616 | |||||||||||||||||
Other current assets | — | 57,324 | 11,956 | 69,280 | |||||||||||||||||
Total current assets | — | 2,288,428 | 178,046 | (4,876 | ) | 2,461,598 | |||||||||||||||
Net property, plant, and equipment | — | 684,424 | 13,127 | 697,551 | |||||||||||||||||
Investment in subsidiaries | 5,921,889 | 203,738 | — | (6,125,627 | ) | — | |||||||||||||||
Goodwill | — | 1,783,737 | 133,184 | 1,916,921 | |||||||||||||||||
Net intangible assets | — | 527,565 | 50,285 | 577,850 | |||||||||||||||||
Long-term due from affiliates | — | 1,997,307 | — | (1,997,307 | ) | — | |||||||||||||||
Deferred charges and other non-current assets | 24,600 | 92,475 | 151 | 117,226 | |||||||||||||||||
Total assets | $ | 5,946,489 | $ | 7,577,674 | $ | 374,793 | $ | (8,127,810 | ) | $ | 5,771,146 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Current portion of long-term debt | $ | 249,228 | $ | — | $ | — | $ | — | $ | 249,228 | |||||||||||
Accounts payable | — | 300,132 | 15,473 | — | 315,605 | ||||||||||||||||
Due to affiliates | — | — | 4,876 | (4,876 | ) | — | |||||||||||||||
Contract advances and allowances | — | 105,592 | 195 | — | 105,787 | ||||||||||||||||
Accrued compensation | — | 125,908 | 2,913 | — | 128,821 | ||||||||||||||||
Accrued income taxes | — | 6,254 | 1,623 | — | 7,877 | ||||||||||||||||
Other accrued liabilities | 14,553 | 269,809 | 38,470 | — | 322,832 | ||||||||||||||||
Total current liabilities | 263,781 | 807,695 | 63,550 | (4,876 | ) | 1,130,150 | |||||||||||||||
Long-term debt | 1,843,750 | — | — | — | 1,843,750 | ||||||||||||||||
Noncurrent deferred income tax liabilities | — | 103,149 | 14,366 | — | 117,515 | ||||||||||||||||
Postretirement and postemployment benefits liabilities | — | 74,874 | — | — | 74,874 | ||||||||||||||||
Accrued pension liability | — | 557,775 | — | — | 557,775 | ||||||||||||||||
Long-term due to affiliates | 1,925,136 | — | 72,168 | (1,997,304 | ) | — | |||||||||||||||
Other long-term liabilities | 2,247 | 122,153 | 544 | 124,944 | |||||||||||||||||
Total liabilities | 4,034,914 | 1,665,646 | 150,628 | (2,002,180 | ) | 3,849,008 | |||||||||||||||
Equity | |||||||||||||||||||||
Stockholders’ equity attributable to ATK and subsidiaries | 1,911,575 | 5,912,028 | 213,602 | (6,125,630 | ) | 1,911,575 | |||||||||||||||
Noncontrolling interest | — | — | 10,563 | — | 10,563 | ||||||||||||||||
Total equity | 1,911,575 | 5,912,028 | 224,165 | (6,125,630 | ) | 1,922,138 | |||||||||||||||
Total liabilities and equity | $ | 5,946,489 | $ | 7,577,674 | $ | 374,793 | $ | (8,127,810 | ) | $ | 5,771,146 | ||||||||||
Schedule of Condensed Cash Flow Statement [Table Text Block] | ' | ||||||||||||||||||||
ALLIANT TECHSYSTEMS INC. | |||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
Year ended March 31, 2014 | |||||||||||||||||||||
(Amounts in thousands) | Parent | Guarantors | Non-Guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Operating Activities | |||||||||||||||||||||
Cash provided by (used for) operating activities | $ | (13,545 | ) | $ | 391,347 | $ | 15,218 | $ | (5,000 | ) | $ | 388,020 | |||||||||
Investing Activities | |||||||||||||||||||||
Capital expenditures | — | (142,274 | ) | (3,690 | ) | — | (145,964 | ) | |||||||||||||
Acquisitions of business, net of cash acquired | (1,344,118 | ) | 37,005 | 5,426 | — | (1,301,687 | ) | ||||||||||||||
Due to (from) Affiliates | — | (454,409 | ) | — | 454,409 | — | |||||||||||||||
Proceeds from the disposition of property, plant, and equipment | — | 5,662 | — | — | 5,662 | ||||||||||||||||
Cash provided by (used for) investing activities | (1,344,118 | ) | (554,016 | ) | 1,736 | 454,409 | (1,441,989 | ) | |||||||||||||
Financing Activities | |||||||||||||||||||||
Due to (from) Affiliates | 454,409 | — | — | (454,409 | ) | — | |||||||||||||||
Borrowings on line of credit | 280,000 | — | — | — | 280,000 | ||||||||||||||||
Repayments of line of credit | (280,000 | ) | — | — | — | (280,000 | ) | ||||||||||||||
Payments made on bank debt | (38,263 | ) | — | — | — | (38,263 | ) | ||||||||||||||
Payments made to extinguish debt | (510,000 | ) | — | — | — | (510,000 | ) | ||||||||||||||
Proceeds from issuance of long-term debt | 1,560,000 | — | — | — | 1,560,000 | ||||||||||||||||
Payments made for debt issue costs | (21,641 | ) | — | — | — | (21,641 | ) | ||||||||||||||
Purchase of treasury shares | (53,270 | ) | — | — | — | (53,270 | ) | ||||||||||||||
Dividends paid | (35,134 | ) | — | (5,000 | ) | 5,000 | (35,134 | ) | |||||||||||||
Proceeds from employee stock compensation plans | 729 | — | — | — | 729 | ||||||||||||||||
Excess tax benefits from share-based plans | 833 | — | — | — | 833 | ||||||||||||||||
Cash provided by (used for) financing activities | 1,357,663 | — | (5,000 | ) | (449,409 | ) | 903,254 | ||||||||||||||
Effect of foreign currency exchange rate fluctuations on cash | — | — | 58 | — | 58 | ||||||||||||||||
Increase (decrease) in cash and cash equivalents | — | (162,669 | ) | 12,012 | — | (150,657 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | — | 382,725 | 34,564 | — | 417,289 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 220,056 | $ | 46,576 | $ | — | $ | 266,632 | |||||||||||
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Fiscal Year | ' | ' | ' |
Number of weeks in an interim quarterly period | '13 | ' | ' |
Concentration risk | ' | ' | ' |
Percentage of sales | 100.00% | ' | ' |
Increase in operating income | $83,346 | $93,377 | $106,973 |
Radford pension closeout expense | 28,986 | ' | ' |
Cash Equivalents | ' | ' | ' |
Maximum term of original maturity to classify investments as cash equivalents (in months) | '3 months | ' | ' |
Long-term contracts method | ' | ' | ' |
Concentration risk | ' | ' | ' |
Percentage of sales | 61.00% | ' | ' |
Other method | ' | ' | ' |
Concentration risk | ' | ' | ' |
Percentage of sales | 39.00% | ' | ' |
Concentration risk by sales | Customer concentration | ' | ' | ' |
Concentration risk | ' | ' | ' |
Percentage of concentration risk | 100.00% | 100.00% | 100.00% |
Concentration risk by sales | Customer concentration | Total U.S. Government customers | ' | ' | ' |
Concentration risk | ' | ' | ' |
Percentage of concentration risk | 53.00% | 67.00% | 65.00% |
Concentration risk by sales | Customer concentration | U.S. Army | ' | ' | ' |
Concentration risk | ' | ' | ' |
Percentage of concentration risk | 20.00% | 29.00% | 28.00% |
Concentration risk by sales | Customer concentration | U.S. Navy | ' | ' | ' |
Concentration risk | ' | ' | ' |
Percentage of concentration risk | 10.00% | 13.00% | 12.00% |
Concentration risk by sales | Customer concentration | NASA | ' | ' | ' |
Concentration risk | ' | ' | ' |
Percentage of concentration risk | 9.00% | 10.00% | 10.00% |
Concentration risk by sales | Customer concentration | U.S. Air Force | ' | ' | ' |
Concentration risk | ' | ' | ' |
Percentage of concentration risk | 4.00% | 6.00% | 6.00% |
Concentration risk by sales | Customer concentration | Other U.S. Government customers | ' | ' | ' |
Concentration risk | ' | ' | ' |
Percentage of concentration risk | 10.00% | 9.00% | 9.00% |
Concentration risk by sales | Customer concentration | Commercial and foreign customers | ' | ' | ' |
Concentration risk | ' | ' | ' |
Percentage of concentration risk | 47.00% | 33.00% | 35.00% |
Small Caliber Systems contract adjustment [Member] | ' | ' | ' |
Concentration risk | ' | ' | ' |
Increase in operating income | $41,357 | $28,261 | ' |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
step | ||
Inventories | ' | ' |
Raw materials | $136,414 | $102,238 |
Work/ Contracts in process | 150,071 | 82,454 |
Finished goods | 271,765 | 130,372 |
Net inventories | $558,250 | $315,064 |
Accounting for Goodwill and Identifiable Intangible Assets | ' | ' |
Number of steps involved in the process of impairment testing | 2 | ' |
Minimum | Stock options | ' | ' |
Stock-Based Compensation | ' | ' |
Minimum vesting period (in years) | '1 year | ' |
Maximum | Stock options | ' | ' |
Stock-Based Compensation | ' | ' |
Minimum vesting period (in years) | '3 years | ' |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Derivatives | ($5,022) | ($2,192) | ' |
Pension and other postretirement benefit liabilities | -675,114 | -826,898 | ' |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | -1,505 | 0 | ' |
Available-for-sale securities | 832 | 786 | ' |
Total accumulated other comprehensive loss | -680,809 | -828,304 | -910,598 |
Gain (Loss) on Price Risk Hedge Ineffectiveness | 1,637 | 0 | 0 |
Change in fair value of derivatives, net of tax benefit of $1,771, $3,586, and $17,060, respectively | -8,681 | -10,070 | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 4,852 | 4,462 | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 999 | ' | ' |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax | 91,387 | 78,062 | ' |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Pension Cost, Net of Tax | -18,125 | -5,406 | ' |
Valuation adjustment for pension and postretirement benefit plans, net of tax (expense) benefit of $(48,772), $(9,575), and $94,968 | 78,522 | 15,456 | -152,066 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -1,505 | 0 | 0 |
Change in fair value of available-for-sale securities, net of tax (expense) benefit of $(29), $135, and $156, respectively | 46 | -210 | -244 |
Reconciliation of weighted-average outstanding shares used in calculation of basic earnings per share to diluted earnings per share | ' | ' | ' |
Basic EPS shares outstanding (in shares) | 31,671,000 | 32,447,000 | 32,874,000 |
Dilutive effect of stock-based awards (in shares) | 376,000 | 161,000 | 238,000 |
Incremental Common Shares Attributable to Conversion of Debt Securities | 676,000 | 0 | 0 |
Diluted EPS shares outstanding (in shares) | 32,723,000 | 32,608,000 | 33,112,000 |
Shares excluded from the calculation of diluted EPS because the option exercise/threshold price was greater than the average market price of the common shares (in shares) | 45,000 | 5,000 | 5,000 |
Derivative Adjustments [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Derivatives | -5,022 | -2,192 | 3,416 |
Change in fair value of derivatives, net of tax benefit of $1,771, $3,586, and $17,060, respectively | -8,681 | -10,070 | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 4,852 | 4,462 | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 999 | 0 | ' |
Pension and OPEB Adjustments [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Pension and other postretirement benefit liabilities | -675,114 | -826,898 | -915,010 |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax | -91,387 | -78,062 | ' |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Pension Cost, Net of Tax | 18,125 | 5,406 | ' |
Valuation adjustment for pension and postretirement benefit plans, net of tax (expense) benefit of $(48,772), $(9,575), and $94,968 | 78,522 | 15,456 | ' |
Available for sale securities adjustments [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Available-for-sale securities | 832 | 786 | 996 |
Accumulated Translation Adjustment [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | ($1,505) | $0 | $0 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies Valuation and qualifying accounts inventory (Details) (Inventory Valuation and Obsolescence [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Inventory Valuation and Obsolescence [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Valuation Allowances and Reserves, Balance | $40,648 | $27,146 | $21,450 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 25,366 | 8,957 | ' |
Valuation Allowances and Reserves, Deductions | -6,461 | -1,877 | ' |
Valuation Allowances and Reserves, Adjustments | ($5,403) | ($1,384) | ' |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair value of assets and liabilities measured on a recurring basis | ' | ' |
Number of Interest Rate Derivatives Held | 5 | ' |
Number of Foreign Currency Derivatives Held | 0 | ' |
Fair value of assets and liabilities that are measured on a recurring basis | Fair Value Measurements Using Inputs Considered as Level 2 | ' | ' |
Assets | ' | ' |
Marketable securities | $10,130 | $8,634 |
Derivatives | 328 | 0 |
Liabilities | ' | ' |
Derivatives | $8,459 | $3,530 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Details 2) (Fair value of assets and liabilities that are not measured on a recurring basis, USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying Amount | ' | ' |
Assets and liabilities that are not measured on a recurring basis | ' | ' |
Fixed rate debt | $846,228 | $538,877 |
Variable rate debt | 1,246,750 | 535,000 |
Fair Value | ' | ' |
Assets and liabilities that are not measured on a recurring basis | ' | ' |
Fixed rate debt | 1,062,078 | 596,467 |
Variable rate debt | $1,247,062 | $534,513 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
derivative | |||
Derivative Financial Instruments | ' | ' | ' |
Notional Amount of Interest Rate Cash Flow Hedge Derivatives | $400,000,000 | ' | ' |
Number of Interest Rate Derivatives Held | 5 | ' | ' |
Fair value of derivative instruments designated as hedging instruments | ' | ' | ' |
Fair value of derivative assets designated as hedging instruments | 328,000 | 0 | ' |
Interest Rate Cash Flow Hedge Asset at Fair Value | 328,000 | 0 | ' |
Interest Rate Cash Flow Hedge Liability at Fair Value | 2,071,000 | 0 | ' |
Fair value of derivative liabilities designated as hedging instruments | 8,459,000 | 3,530,000 | ' |
Number of Foreign Currency Derivatives Held | 0 | ' | ' |
Pretax amount of gain (loss) reclassified from Accumulated Other Comprehensive Income (Loss) | ' | ' | ' |
Commodity forward contracts, (gain)/loss reclassified from accumulated other comprehensive income (loss) | -5,991,000 | -7,284,000 | ' |
Forward foreign currency contracts, (gain)/loss reclassified from accumulated other comprehensive income (loss) | 0 | -30,000 | ' |
Gain or (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | ' | ' | ' |
Commodity forward contracts, gain or (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | -1,637,000 | 0 | 0 |
Forward foreign currency contracts, gain or (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | 0 | 0 | ' |
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | -1,900,000 | 0 | ' |
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness | 0 | 0 | ' |
Other current assets / other accrued liabilities | ' | ' | ' |
Fair value of derivative instruments designated as hedging instruments | ' | ' | ' |
Commodity forward contracts designated as hedging instruments, fair value of assets | 0 | 0 | ' |
Commodity forward contracts designated as hedging instruments, fair value of liabilities | 6,212,000 | 2,871,000 | ' |
Deferred charges and other non-current assets / other long-term liabilities | ' | ' | ' |
Fair value of derivative instruments designated as hedging instruments | ' | ' | ' |
Commodity forward contracts designated as hedging instruments, fair value of assets | 0 | 0 | ' |
Commodity forward contracts designated as hedging instruments, fair value of liabilities | 176,000 | 659,000 | ' |
Copper | ' | ' | ' |
Derivative Financial Instruments | ' | ' | ' |
Derivative, Nonmonetary Notional Amount | 31,400,000 | ' | ' |
Zinc | ' | ' | ' |
Derivative Financial Instruments | ' | ' | ' |
Derivative, Nonmonetary Notional Amount | 12,005,000 | ' | ' |
Number of interest rate derivatives held in liability position [Member] | ' | ' | ' |
Derivative Financial Instruments | ' | ' | ' |
Number of Interest Rate Derivatives Held | 4 | ' | ' |
Notional amount of $100 million [Member] | ' | ' | ' |
Derivative Financial Instruments | ' | ' | ' |
Number of Interest Rate Derivatives Held | 3 | ' | ' |
Notional amount to mature August 2016 [Member] | ' | ' | ' |
Derivative Financial Instruments | ' | ' | ' |
Notional Amount of Interest Rate Cash Flow Hedge Derivatives | 100,000,000 | ' | ' |
Notional amount of $50 million. [Member] | ' | ' | ' |
Derivative Financial Instruments | ' | ' | ' |
Number of Interest Rate Derivatives Held | 2 | ' | ' |
NotionalamounttomatureNovember2016 [Member] | ' | ' | ' |
Derivative Financial Instruments | ' | ' | ' |
Notional Amount of Interest Rate Cash Flow Hedge Derivatives | $50,000,000 | ' | ' |
Acquisitions_Details
Acquisitions (Details) (USD $) | 12 Months Ended | 9 Months Ended | 2 Months Ended | 5 Months Ended | ||||||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Oct. 31, 2013 | Jun. 21, 2013 | Mar. 31, 2014 | Jun. 21, 2013 | Dec. 29, 2013 | Mar. 31, 2014 | Oct. 31, 2013 |
Entity | Entity | employee | Savage Sports Corporation [Member] | Savage Sports Corporation [Member] | Bushnell Group Holdings, Inc. [Member] | Bushnell Group Holdings, Inc. [Member] | Bushnell Group Holdings, Inc. [Member] | |||
employee | employee | |||||||||
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Acquired Inventory, Stepup adjustment expense | ' | ' | ' | ' | ' | $12,000 | ' | ' | $3,500 | ' |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | ' | ' | ' | ' | ' | 33,438 | ' | 9,177 | ' | ' |
Business Combination, Acquisition Related Costs | ' | ' | ' | ' | ' | ' | ' | ' | 14,254 | ' |
Business Acquisition, Cost of Acquired Entity, Cash Paid | ' | ' | ' | 985,000 | ' | ' | 315,000 | ' | ' | 985,000 |
Purchase price of acquisition | ' | ' | ' | 989,066 | ' | ' | ' | ' | ' | ' |
Number of employees of the acquired entity | ' | ' | 16,000 | ' | ' | ' | 600 | ' | ' | 1,100 |
Business Acquisition, Purchase Price Allocation, Goodwill, Expected Tax Deductible Amount | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | ' | ' | ' | ' | ' | 178,687 | ' | ' | 217,095 | ' |
Number of acquisitions | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, cash paid for working capital adjustment | ' | ' | ' | 4,066 | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Current Assets, Receivables | ' | ' | ' | 111,036 | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Current Assets, Inventory | ' | ' | ' | 154,238 | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Amortizable Intangible Assets | ' | ' | ' | 364,843 | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | ' | ' | ' | 25,080 | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Other Assets | ' | ' | ' | 10,819 | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Assets Acquired | ' | ' | ' | 666,016 | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Current Liabilities, Accounts Payable | ' | ' | ' | 80,092 | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Deferred Tax Liabilities, Noncurrent | ' | ' | ' | 73,468 | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Other Liabilities | ' | ' | ' | 28,746 | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Liabilities Assumed | ' | ' | ' | 182,306 | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net | ' | ' | ' | 483,710 | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Goodwill Amount | ' | ' | ' | $505,356 | ' | ' | ' | ' | ' | ' |
Acquisitions_Bushnell_Details
Acquisitions Bushnell (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' |
Business Acquisition, Pro Forma Revenue | $5,129,315 | $4,913,427 |
Business Acquisition, Pro Forma Net Income (Loss) | 354,521 | 273,219 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $11.19 | $8.42 |
Pro Forma Weighted Average Shares Outstanding, Diluted | 10.83 | 8.38 |
Fair Value Adjustment to Inventory [Member] | ' | ' |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' |
Business Combination, Acquired Inventory, Stepup adjustment expense | -2,205 | 2,205 |
Acquisition-related Costs [Member] | ' | ' |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' |
Business Combination, Acquisition Related Costs | ($11,111) | $11,111 |
Receivables_Details
Receivables (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
U.S. Government contracts billed receivables | $140,109 | $201,455 |
Commercial and other billed receivables | 365,245 | 228,684 |
U.S. Government contracts unbilled receivables | 517,861 | 501,381 |
Commercial and other unbilled receivables | 461,779 | 391,196 |
Less allowance for doubtful accounts | -11,174 | -10,143 |
Net receivables | 1,473,820 | 1,312,573 |
Progress payments | ' | ' |
Customer progress payment received | 527,670 | 381,503 |
Unbilled receivables | ' | ' |
Long-term unbilled receivables, relating to commercial aerospace programs | $264,400 | $282,068 |
Receivables_Details_2
Receivables (Details 2) (Allowance for doubtful accounts, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Allowance for doubtful accounts | ' | ' |
Reconciliation of the changes in ATK's allowance for doubtful accounts | ' | ' |
Balance at the beginning of the year | $10,143 | $11,648 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 7,183 | 2,082 |
Write-offs | -5,580 | -275 |
Valuation Allowances and Reserves, Adjustments | -572 | -3,312 |
Balance at the end of the year | $11,174 | $10,143 |
Property_Plant_and_Equipment_D
Property, Plant, and Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Property, plant and equipment | ' | ' | ' |
Depreciation expenses | $94,072 | $94,903 | $98,037 |
Gross property, plant, and equipment | 1,718,852 | 1,552,923 | ' |
Less accumulated depreciation | -1,021,301 | -950,603 | ' |
Net property, plant, and equipment | 697,551 | 602,320 | ' |
Land | ' | ' | ' |
Property, plant and equipment | ' | ' | ' |
Gross property, plant, and equipment | 40,159 | 37,519 | ' |
Buildings and improvements | ' | ' | ' |
Property, plant and equipment | ' | ' | ' |
Gross property, plant, and equipment | 335,030 | 314,877 | ' |
Machinery and equipment | ' | ' | ' |
Property, plant and equipment | ' | ' | ' |
Gross property, plant, and equipment | 1,243,539 | 1,121,997 | ' |
Property not yet in service | ' | ' | ' |
Property, plant and equipment | ' | ' | ' |
Gross property, plant, and equipment | $100,124 | $78,530 | ' |
Minimum | Buildings and improvements | ' | ' | ' |
Property, plant and equipment | ' | ' | ' |
Useful life of property, plant and equipment (in years) | '1 year | ' | ' |
Minimum | Machinery and equipment | ' | ' | ' |
Property, plant and equipment | ' | ' | ' |
Useful life of property, plant and equipment (in years) | '1 year | ' | ' |
Maximum | Buildings and improvements | ' | ' | ' |
Property, plant and equipment | ' | ' | ' |
Useful life of property, plant and equipment (in years) | '45 years | ' | ' |
Maximum | Machinery and equipment | ' | ' | ' |
Property, plant and equipment | ' | ' | ' |
Useful life of property, plant and equipment (in years) | '30 years | ' | ' |
Goodwill_and_Deferred_Charges_2
Goodwill and Deferred Charges and Other Non-Current Assets (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Goodwill | ' | ' |
Goodwill, Acquired During Period | $665,201 | $0 |
Changes in the carrying amount of goodwill | ' | ' |
Balance at the beginning of the period | 1,251,536 | 1,251,536 |
Balance at the end of the period | 1,916,921 | 1,251,536 |
Goodwill, Translation Adjustments | 184 | ' |
Deferred charges and other non-current assets | ' | ' |
Gross debt issuance costs | 28,356 | 21,341 |
Less accumulated amortization | -4,084 | -8,489 |
Net debt issuance costs | 24,272 | 12,852 |
Long-term inventory | 10,921 | 10,886 |
Environmental remediation receivable | 22,128 | 28,254 |
Derivative Assets, Noncurrent | 328 | 0 |
Other non-current assets | 59,577 | 53,469 |
Total deferred charges and other non-current assets | 117,226 | 105,461 |
Aerospace Group | ' | ' |
Goodwill | ' | ' |
Goodwill, Acquired During Period | 0 | 0 |
Changes in the carrying amount of goodwill | ' | ' |
Balance at the beginning of the period | 676,516 | 676,516 |
Balance at the end of the period | 676,516 | 676,516 |
Accumulated impairment losses | 108,500 | ' |
Goodwill, Translation Adjustments | 0 | ' |
Defense Group | ' | ' |
Goodwill | ' | ' |
Goodwill, Acquired During Period | 0 | 0 |
Changes in the carrying amount of goodwill | ' | ' |
Balance at the beginning of the period | 366,947 | 366,947 |
Balance at the end of the period | 366,947 | 366,947 |
Goodwill, Translation Adjustments | 0 | ' |
Sporting Group | ' | ' |
Goodwill | ' | ' |
Goodwill, Acquired During Period | 665,201 | 0 |
Changes in the carrying amount of goodwill | ' | ' |
Balance at the beginning of the period | 208,073 | 208,073 |
Balance at the end of the period | 873,458 | 208,073 |
Goodwill, Translation Adjustments | $184 | ' |
Goodwill_and_Deferred_Charges_3
Goodwill and Deferred Charges and Other Non-Current Assets (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Non-amortizing intangible assets | ' | ' | ' |
Amortizing intangible assets weighted average remaining period for amortization (in years) | '13 years 0 months | ' | ' |
Amortization expense | $23,704 | $11,159 | $10,848 |
Trademarks and brand names | ' | ' | ' |
Non-amortizing intangible assets | ' | ' | ' |
Indefinite lived intangible assets | $204,298 | $38,998 | ' |
Goodwill_and_Deferred_Charges_4
Goodwill and Deferred Charges and Other Non-Current Assets (Details 3) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Amortizing assets | ' | ' |
Gross carrying amount | $444,154 | $117,645 |
Accumulated amortization | -70,602 | -46,689 |
Total | 373,552 | 70,956 |
Expected future amortization expense | ' | ' |
Fiscal 2014 | 34,112 | ' |
Fiscal 2015 | 32,712 | ' |
Fiscal 2016 | 30,422 | ' |
Fiscal 2017 | 30,422 | ' |
Fiscal 2018 | 27,678 | ' |
Thereafter | 218,206 | ' |
Total | 373,552 | 70,956 |
Trade names | ' | ' |
Amortizing assets | ' | ' |
Gross carrying amount | 184,660 | 66,060 |
Accumulated amortization | -21,723 | -13,531 |
Total | 162,937 | 52,529 |
Expected future amortization expense | ' | ' |
Total | 162,937 | 52,529 |
Patented technology | ' | ' |
Amortizing assets | ' | ' |
Gross carrying amount | 33,389 | 17,400 |
Accumulated amortization | -10,325 | -7,230 |
Total | 23,064 | 10,170 |
Expected future amortization expense | ' | ' |
Total | 23,064 | 10,170 |
Customer relationships and other | ' | ' |
Amortizing assets | ' | ' |
Gross carrying amount | 226,105 | 34,185 |
Accumulated amortization | -38,554 | -25,928 |
Total | 187,551 | 8,257 |
Expected future amortization expense | ' | ' |
Total | $187,551 | $8,257 |
Other_Accrued_Liabilities_Deta
Other Accrued Liabilities (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Other Liabilities Disclosure [Abstract] | ' | ' |
Employee benefits and insurance, including pension and other postretirement benefits | $65,858 | $75,882 |
Warranty | 19,080 | 19,669 |
Interest | 8,341 | 1,887 |
Environmental remediation | 8,550 | 6,847 |
Rebate | 17,593 | 6,875 |
Deferred lease obligation | 26,257 | 28,424 |
Commodity forward contracts | 6,212 | 2,871 |
Federal excise tax | 35,892 | 22,367 |
Other | 135,049 | 97,199 |
Total other accrued liabilities - current | 322,832 | 262,021 |
Environmental remediation | 44,938 | 49,373 |
Management nonqualified deferred compensation plan | 17,043 | 17,409 |
Non-current portion of accrued income tax liability | 18,659 | 25,400 |
Deferred Rent Credit, Noncurrent | 19,791 | 14,342 |
Other | 24,513 | 19,934 |
Total other long-term liabilities | 124,944 | 126,458 |
Reconciliation of the changes in product warranty liability | ' | ' |
Balance at the beginning of the period | 19,669 | 24,221 |
Payments made | 6,724 | 5,712 |
Warranties issued | 2,791 | 3,387 |
Changes related to preexisting warranties | -285 | -2,227 |
Balance at the end of period | $19,080 | $19,669 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 12 Months Ended | 12 Months Ended | 35 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2011 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2011 | Mar. 31, 2014 | Mar. 31, 2014 | Oct. 01, 2016 | Oct. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2011 | Mar. 31, 2014 | Mar. 31, 2010 | Mar. 31, 2008 | Mar. 31, 2013 | Mar. 31, 2005 | Mar. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2013 | |
Term A Loan due 2018 [Member] | Term A Loan due 2018 [Member] | Term B Loan due 2020 [Member] | Term B Loan due 2020 [Member] | Line of Credit 2018 [Member] | Line of Credit 2018 [Member] | Term A Loan due 2015 | Term A Loan due 2015 | Term A Loan due 2015 | Term A Loan due 2017 | Term A Loan due 2017 | Revolving Credit Facility due 2015 | Revolving Credit Facility due 2015 | Revolving Credit Facility due 2015 | Senior Credit Facility | Senior Subordinated Notes 5.25 Percent Due 2021 [Member] | Senior Subordinated Notes 5.25 Percent Due 2021 [Member] | Senior Subordinated Notes 5.25 Percent Due 2021 [Member] | Senior Subordinated Notes 5.25 Percent Due 2021 [Member] | 6.875% Senior Subordinated Notes due 2020 | 6.875% Senior Subordinated Notes due 2020 | 6.875% Senior Subordinated Notes due 2020 | 3.00% Convertible Senior Subordinated Notes due 2024 | 3.00% Convertible Senior Subordinated Notes due 2024 | 3.00% Convertible Senior Subordinated Notes due 2024 | 3.00% Convertible Senior Subordinated Notes due 2024 | 3.00% Convertible Senior Subordinated Notes due 2024 | 2013 Senior Credit Facility [Member] | 2013 Senior Credit Facility [Member] | 2013 Term Loan B notes [Member] | ||||
Long-Term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Notes Interest Payable as Percentage of Trading Price, During Measuring Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.30% | ' | ' | ' | ' | ' | ' | ' |
Contingent interest trading price as percentage of principal, minimum for contingent interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120.00% | ' | ' | ' | ' | ' | ' | ' |
Incremental Common Shares Attributable to Conversion of Debt Securities | 676,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Redemption Price with Net Proceeds from Equity Offerings as Percentage of Original Principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | $1,010,000,000 | ' | $250,000,000 | ' | ' | ' | ' | ' | $400,000 | ' | ' | ' | ' | $600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200,000,000 | ' | ' | ' |
Write off of Deferred Debt Issuance Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,166,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,200,000 | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Conversion of Convertible Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,000 | 547,000 | ' | ' | ' | ' | ' | ' |
Debt instrument interest rate stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.25% | ' | ' | ' | 6.88% | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' |
Principal amount of long-term debt | 2,096,190,000 | 1,084,453,000 | ' | 997,375,000 | 0 | 249,375,000 | 0 | 700,000,000 | ' | 0 | 340,000,000 | ' | 0 | 195,000,000 | 0 | 0 | ' | ' | 300,000,000 | ' | 300,000,000 | 0 | 350,000,000 | 350,000,000 | 350,000,000 | 199,440,000 | ' | ' | 199,453,000 | ' | ' | ' | ' |
Less: Unamortized discounts | 3,212,000 | 10,576,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,212,000 | ' | ' | 10,576,000 | ' | ' | ' | ' |
Carrying amount of long-term debt | 2,092,978,000 | 1,073,877,000 | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 196,228,000 | ' | ' | 188,877,000 | ' | ' | ' | ' |
Less: current portion | 249,228,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying amount of long-term debt, excluding current portion | 1,843,750,000 | 1,023,877,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal quarterly through maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,625,000 | 625,000 |
Base rate margin (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' |
Eurodollar margin (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' |
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 141,758,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 558,242,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Finance Costs Gross, Accordion Feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $19,000,000 | ' | ' |
Debt Instrument, Redemption Price, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Redemption with Net Proceeds from Equity Offerings as Percentage of Original Principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Notes Conversion Obligation Average Trading Price Period of Consecutive Trading Days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 days | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Details_2
Long-Term Debt (Details 2) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2011 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2011 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2011 | Mar. 31, 2014 | Mar. 31, 2010 | Mar. 31, 2008 | Mar. 31, 2006 | Mar. 31, 2013 | Sep. 30, 2011 | Mar. 31, 2005 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
derivative | 2013 Senior Credit Facility [Member] | Senior Credit Facility | Term A Loan due 2015 | Term A Loan due 2015 | Term A Loan due 2015 | Revolving Credit Facility due 2015 | Revolving Credit Facility due 2015 | Revolving Credit Facility due 2015 | 6.875% Senior Subordinated Notes due 2020 | 6.875% Senior Subordinated Notes due 2020 | 6.875% Senior Subordinated Notes due 2020 | 3.00% Convertible Senior Subordinated Notes due 2024 | 3.00% Convertible Senior Subordinated Notes due 2024 | 3.00% Convertible Senior Subordinated Notes due 2024 | 3.00% Convertible Senior Subordinated Notes due 2024 | 3.00% Convertible Senior Subordinated Notes due 2024 | 3.00% Convertible Senior Subordinated Notes due 2024 | 3.00% Convertible Senior Subordinated Notes due 2024 | 3.00% Convertible Senior Subordinated Notes due 2024 | 3.00% Convertible Senior Subordinated Notes due 2024 | NotionalamounttomatureNovember2017 [Member] | NotionalamounttomatureNovember2016 [Member] | Notional amount to mature August 2018 [Member] | Notional amount to mature August 2017 [Member] | Notional amount to mature August 2016 [Member] | |||
Minimum | Maximum | |||||||||||||||||||||||||||
Long-Term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount of Interest Rate Cash Flow Hedge Derivatives | $400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,000,000 | $50,000,000 | $100,000,000 | $100,000,000 | $100,000,000 |
Convertible debt premium | 172,028,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Interest Rate Derivatives Held | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' |
Debt instrument interest rate stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.88% | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual principal repayments, year one | 252,440,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual principal repayments, year two | 53,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual principal repayments, year three | 53,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual principal repayments, year four | 53,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual principal repayments, year five | 797,875,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base rate margin (as a percent) | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Eurodollar margin (as a percent) | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate (as a percent) | ' | ' | ' | 2.57% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual commitment fee on the unused portion (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 0.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying amount of long-term debt | 2,092,978,000 | 1,073,877,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 196,228,000 | ' | ' | ' | 188,877,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings on long term debt | 2,096,190,000 | 1,084,453,000 | ' | ' | ' | 0 | 340,000,000 | ' | 0 | 0 | ' | 350,000,000 | 350,000,000 | 350,000,000 | 199,440,000 | ' | ' | ' | 199,453,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | ' | ' | ' | ' | 141,758,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | 558,242,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Finance Costs Gross, Accordion Feature | ' | ' | ' | 19,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write off of Deferred Debt Issuance Cost | ' | ' | ' | ' | 6,166,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period thereafter contingent interest payable (in months) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Notes Conversion Obligation Average Trading Price Period of Consecutive Trading Days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Notes Interest Payable as Percentage of Trading Price, During Measuring Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of the closing sales price of the entity's common stock that the sale price must exceed in order for the notes to be convertible | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Notes Conversion Obligation Common Stock Price One | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $99.22 | ' | ' | ' | ' | ' | ' |
Number of trading days on which closing sales price of common stock is greater than or equal to conversion price or sale price. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 days | '30 days | ' | ' | ' | ' | ' |
Conversion ratio, number of shares per $1,000 principal amount, numerator | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13.10 | ' | ' | $12.54 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion ratio, principal amount, denominator | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $76.32 | ' | ' | $79.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Conversion of Convertible Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,000 | 547,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trading price as a percentage of principal amount of convertible notes after amendment of indenture (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental Common Shares Attributable to Conversion of Debt Securities | 676,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $169,000 | ($158,000) | ($845,000) | ($670,000) | ($557,000) |
Derivative, Fixed Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.10% | 0.65% | 1.69% | 1.29% | 0.87% |
Derivative, Variable Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% |
LongTerm_Debt_Details_3
Long-Term Debt (Details 3) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Additional information about convertible notes | ' | ' | ' |
Principal amount of long-term debt | $2,096,190,000 | $1,084,453,000 | ' |
Unamortized discount of liability component | 3,212,000 | 10,576,000 | ' |
Net carrying amount of liability component | 2,092,978,000 | 1,073,877,000 | ' |
Closing stock price (in dollars per share) | $142.15 | ' | ' |
Percentage of ownership in guarantor subsidiaries | 100.00% | ' | ' |
Ratio of Indebtedness to Net Capital | 0.52 | 0.42 | ' |
Minimum payments on outstanding long-term debt | ' | ' | ' |
Fiscal 2015 | 252,440,000 | ' | ' |
Fiscal 2016 | 53,000,000 | ' | ' |
Fiscal 2017 | 53,000,000 | ' | ' |
Fiscal 2018 | 53,000,000 | ' | ' |
Fiscal 2019 | 797,875,000 | ' | ' |
Thereafter | 886,875,000 | ' | ' |
Total | 2,096,190,000 | 1,084,453,000 | ' |
Sale-and-leaseback transactions limit | 879,033,000 | ' | ' |
Restricted payment limit | 250,000 | ' | ' |
Cash paid for interest, total | 54,678,000 | 68,567,000 | 58,717,000 |
Cash received for interest | 252,000 | 538,000 | 676,000 |
3.00% Convertible Senior Subordinated Notes due 2024 | ' | ' | ' |
Additional information about convertible notes | ' | ' | ' |
Carrying amount of the equity component | 56,849,000 | 56,849,000 | ' |
Principal amount of long-term debt | 199,440,000 | 199,453,000 | ' |
Unamortized discount of liability component | 3,212,000 | 10,576,000 | ' |
Net carrying amount of liability component | 196,228,000 | 188,877,000 | ' |
Remaining amortization period of discount (in months) | '5 months | ' | '17 months |
Effective interest rate on liability component (as a percent) | 7.00% | ' | 7.00% |
Minimum payments on outstanding long-term debt | ' | ' | ' |
Total | $199,440,000 | $199,453,000 | ' |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Change in plan assets | ' | ' | ' |
Employer's contribution | $48,379 | $37,377 | $35,993 |
Amounts Recognized in the Balance Sheet | ' | ' | ' |
Accrued pension liability | -557,775 | -719,172 | ' |
Pension Benefits | ' | ' | ' |
Change in benefit obligation | ' | ' | ' |
Benefit obligation at beginning of year | 3,079,793 | 3,040,424 | ' |
Service cost | 34,763 | 64,030 | 64,710 |
Interest cost | 130,253 | 144,603 | 149,284 |
Plan Amendments | -12,615 | -183,583 | ' |
Actuarial loss (gain) | -55,958 | 210,516 | ' |
Benefits paid | -187,948 | -196,197 | ' |
Benefit obligation at end of year | 2,988,288 | 3,079,793 | 3,040,424 |
Change in plan assets | ' | ' | ' |
Fair value of plan assets at beginning of year | 2,357,024 | 2,154,458 | ' |
Actual return on plan assets | 211,788 | 210,544 | ' |
Retiree contributions | 0 | 0 | ' |
Employer's contribution | 45,149 | 188,219 | ' |
Benefits paid | -187,948 | -196,197 | ' |
Fair value of plan assets at end of year | 2,426,013 | 2,357,024 | 2,154,458 |
Funded status | -562,275 | -722,769 | ' |
Amounts Recognized in the Balance Sheet | ' | ' | ' |
Other accrued liabilities | -4,500 | -3,597 | ' |
Postretirement and postemployment benefits liabilities | 0 | 0 | ' |
Accrued pension liability | -557,775 | -719,172 | ' |
Net amount recognized | -562,275 | -722,769 | ' |
Accumulated other comprehensive loss (income) related to: | ' | ' | ' |
Unrecognized net actuarial losses | 1,291,756 | 1,544,282 | ' |
Unrecognized prior service benefit | -176,030 | -184,399 | ' |
Accumulated other comprehensive loss (income) | 1,115,726 | 1,359,883 | ' |
Estimated amount that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in fiscal 2013 | ' | ' | ' |
Recognized net actuarial losses | 119,257 | ' | ' |
Amortization of prior service benefits | -22,490 | ' | ' |
Total | 96,767 | ' | ' |
Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets | ' | ' | ' |
Projected benefit obligation | 2,988,288 | 3,079,793 | ' |
Accumulated benefit obligation | 2,985,605 | 3,045,140 | ' |
Fair value of plan assets | 2,426,013 | 2,357,024 | ' |
Pension Benefits | Minimum | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Vesting period (in years) | '3 years | ' | ' |
Pension Benefits | Maximum | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Vesting period (in years) | '5 years | ' | ' |
Other Postretirement Benefits | ' | ' | ' |
Change in benefit obligation | ' | ' | ' |
Benefit obligation at beginning of year | 143,528 | 154,555 | ' |
Service cost | 9 | 3 | 76 |
Interest cost | 5,207 | 6,493 | 7,814 |
Plan Amendments | 0 | 0 | ' |
Actuarial loss (gain) | -8,953 | -4,649 | ' |
Benefits paid | -11,726 | -12,874 | ' |
Benefit obligation at end of year | 128,065 | 143,528 | 154,555 |
Change in plan assets | ' | ' | ' |
Fair value of plan assets at beginning of year | 58,676 | 56,084 | ' |
Actual return on plan assets | 2,513 | 4,913 | ' |
Retiree contributions | 5,306 | 5,820 | ' |
Employer's contribution | 11,592 | 10,553 | ' |
Benefits paid | -17,032 | -18,694 | ' |
Fair value of plan assets at end of year | 61,055 | 58,676 | 56,084 |
Funded status | -67,010 | -84,852 | ' |
Amounts Recognized in the Balance Sheet | ' | ' | ' |
Other accrued liabilities | -4,236 | -4,600 | ' |
Postretirement and postemployment benefits liabilities | -62,774 | -80,252 | ' |
Accrued pension liability | 0 | 0 | ' |
Net amount recognized | -67,010 | -84,852 | ' |
Accumulated other comprehensive loss (income) related to: | ' | ' | ' |
Unrecognized net actuarial losses | 16,903 | 27,237 | ' |
Unrecognized prior service benefit | -26,031 | -34,411 | ' |
Accumulated other comprehensive loss (income) | -9,128 | -7,174 | ' |
Estimated amount that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in fiscal 2013 | ' | ' | ' |
Recognized net actuarial losses | 1,636 | ' | ' |
Amortization of prior service benefits | -8,377 | ' | ' |
Total | ($6,741) | ' | ' |
Other Postretirement Benefits | Minimum | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Age for eligibility for pre and/or post 65 healthcare company subsidy and retiree life insurance coverage (in years) | '50 years | ' | ' |
Term of service for eligibility for pre and/or post 65 healthcare company subsidy and retiree life insurance coverage (in years) | '5 years | ' | ' |
Other Postretirement Benefits | Maximum | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Age for eligibility for pre and/or post 65 healthcare company subsidy and retiree life insurance coverage (in years) | '55 years | ' | ' |
Term of service for eligibility for pre and/or post 65 healthcare company subsidy and retiree life insurance coverage (in years) | '10 years | ' | ' |
Employee_Benefit_Plans_Details1
Employee Benefit Plans (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Long Term Rate Of Return Assumptions | ' | ' | ' |
Rate of compensation increase: | ' | ' | ' |
Compounded investment returns, period one (in years) | '5 years | ' | ' |
Compounded investment returns, period two (in years) | '10 years | ' | ' |
Pension Benefits | ' | ' | ' |
Components of net periodic benefit cost | ' | ' | ' |
Service cost | $34,763 | $64,030 | $64,710 |
Interest cost | 130,253 | 144,603 | 149,284 |
Expected return on plan assets | -161,111 | -167,805 | -175,590 |
Amortization of unrecognized net loss | 145,891 | 124,600 | 95,934 |
Amortization of unrecognized prior service cost | -20,984 | -391 | -381 |
Net periodic benefit cost before special termination benefits cost / curtailment | 128,812 | 165,037 | 133,957 |
Special termination benefits cost / curtailment | 0 | 2,915 | 0 |
Net periodic benefit cost | 128,812 | 167,952 | 133,957 |
Weighted-Average Assumptions Used to Determine Benefit Obligations | ' | ' | ' |
Discount rate (as a percent) | 4.50% | 4.35% | 4.90% |
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost | ' | ' | ' |
Discount rate (as a percent) | 4.35% | 4.90% | 5.60% |
Expected long-term rate of return on plan assets (as a percent) | 7.25% | 7.50% | 8.00% |
Pension Benefits | Union employees | ' | ' | ' |
Rate of compensation increase: | ' | ' | ' |
Compensation increase (as a percent) | 3.22% | 3.23% | 3.26% |
Rate of compensation increase: | ' | ' | ' |
Compensation increase (as a percent) | 3.23% | 3.26% | 3.79% |
Pension Benefits | Salaried employees | ' | ' | ' |
Rate of compensation increase: | ' | ' | ' |
Compensation increase (as a percent) | 3.47% | 3.49% | 3.55% |
Rate of compensation increase: | ' | ' | ' |
Compensation increase (as a percent) | 3.49% | 3.55% | 4.02% |
Other Postretirement Benefits | ' | ' | ' |
Components of net periodic benefit cost | ' | ' | ' |
Service cost | 9 | 3 | 76 |
Interest cost | 5,207 | 6,493 | 7,814 |
Expected return on plan assets | -3,419 | -3,253 | -3,512 |
Amortization of unrecognized net loss | 2,288 | 2,654 | 2,972 |
Amortization of unrecognized prior service cost | -8,381 | -8,381 | -8,381 |
Net periodic benefit cost before special termination benefits cost / curtailment | -4,296 | -2,484 | -1,031 |
Special termination benefits cost / curtailment | 0 | 0 | 0 |
Net periodic benefit cost | ($4,296) | ($2,484) | ($1,031) |
Weighted-Average Assumptions Used to Determine Benefit Obligations | ' | ' | ' |
Discount rate (as a percent) | 3.95% | 3.80% | 4.40% |
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost | ' | ' | ' |
Discount rate (as a percent) | 3.80% | 4.40% | 5.00% |
Other Postretirement Benefits | Low end of the range | ' | ' | ' |
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost | ' | ' | ' |
Expected long-term rate of return on plan assets (as a percent) | 5.00% | 5.00% | 6.00% |
Other Postretirement Benefits | High end of the range | ' | ' | ' |
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost | ' | ' | ' |
Expected long-term rate of return on plan assets (as a percent) | 6.25% | 6.25% | 7.00% |
Domestic equity securities [Member] | Pension Benefits | ' | ' | ' |
Target asset allocation | ' | ' | ' |
Asset allocation percentage, minimum | 10.00% | ' | ' |
Asset allocation percentage, maximum | 25.00% | ' | ' |
Foreign equity securities [Member] | Pension Benefits | ' | ' | ' |
Target asset allocation | ' | ' | ' |
Asset allocation percentage, minimum | 10.00% | ' | ' |
Asset allocation percentage, maximum | 20.00% | ' | ' |
Equity Investment | Long Term Rate Of Return Assumptions | ' | ' | ' |
Target asset allocation | ' | ' | ' |
Asset allocation percentage, minimum | 20.00% | ' | ' |
Asset allocation percentage, maximum | 45.00% | ' | ' |
Fixed Income Investment | Long Term Rate Of Return Assumptions | ' | ' | ' |
Target asset allocation | ' | ' | ' |
Asset allocation percentage, minimum | 35.00% | ' | ' |
Asset allocation percentage, maximum | 50.00% | ' | ' |
Fixed Income Investment | Pension Benefits | ' | ' | ' |
Target asset allocation | ' | ' | ' |
Asset allocation percentage, minimum | 35.00% | ' | ' |
Asset allocation percentage, maximum | 50.00% | ' | ' |
Real Estate | Long Term Rate Of Return Assumptions | ' | ' | ' |
Target asset allocation | ' | ' | ' |
Asset allocation percentage, minimum | 5.00% | ' | ' |
Asset allocation percentage, maximum | 10.00% | ' | ' |
Real Estate | Pension Benefits | ' | ' | ' |
Target asset allocation | ' | ' | ' |
Asset allocation percentage, minimum | 5.00% | ' | ' |
Asset allocation percentage, maximum | 10.00% | ' | ' |
Hedge Funds, Equity | Long Term Rate Of Return Assumptions | ' | ' | ' |
Target asset allocation | ' | ' | ' |
Asset allocation percentage, minimum | 10.00% | ' | ' |
Asset allocation percentage, maximum | 25.00% | ' | ' |
Hedge Funds, Equity | Pension Benefits | ' | ' | ' |
Target asset allocation | ' | ' | ' |
Asset allocation percentage, minimum | 10.00% | ' | ' |
Asset allocation percentage, maximum | 25.00% | ' | ' |
Cash Investment | Long Term Rate Of Return Assumptions | ' | ' | ' |
Target asset allocation | ' | ' | ' |
Asset allocation percentage, minimum | 0.00% | ' | ' |
Asset allocation percentage, maximum | 6.00% | ' | ' |
Cash Investment | Pension Benefits | ' | ' | ' |
Target asset allocation | ' | ' | ' |
Asset allocation percentage, minimum | 0.00% | ' | ' |
Asset allocation percentage, maximum | 6.00% | ' | ' |
Employee_Benefit_Plans_Details2
Employee Benefit Plans (Details 3) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Benefits | Pension Benefits | Other Postretirement Benefits | Other Postretirement Benefits | Equity Investment | Equity Investment | Equity Investment | Equity Investment | Fixed Income Investment | Fixed Income Investment | Real Estate | Real Estate | Hedge Funds, Equity | Hedge Funds, Equity | Cash Investment | Cash Investment | |
Pension Benefits | Pension Benefits | Pension Benefits | Pension Benefits | Pension Benefits | Pension Benefits | Pension Benefits | Pension Benefits | Pension Benefits | Pension Benefits | Pension Benefits | Pension Benefits | |||||
Domestic | Domestic | International | International | |||||||||||||
Assumed Health Care Cost Trend Rates used to Measure Expected Cost of Benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average health care cost trend rate (as a percent) | ' | ' | 6.10% | 7.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) (as a percent) | ' | ' | 4.50% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of one-percentage point increase or decrease in the assumed health care cost trend rates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect on total of service and interest cost, one percentage point increase | ' | ' | ' | $270 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect on total of service and interest cost, one percentage point decrease | ' | ' | ' | -240 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect on postretirement benefit obligation, one percentage point increase | ' | ' | ' | 6,816 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect on postretirement benefit obligation, one percentage point decrease | ' | ' | ' | ($6,068) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Target asset allocation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset allocation percentage, minimum | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | 5.00% | ' | 10.00% | ' | 0.00% | ' |
Asset allocation percentage, maximum | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | 10.00% | ' | 25.00% | ' | 6.00% | ' |
Total (as a percent) | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual plan asset allocation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual plan asset allocation (as a percent) | 99.90% | 100.00% | ' | ' | 19.40% | 25.00% | 17.10% | 14.70% | 38.70% | 37.80% | 5.00% | 7.20% | 18.80% | 12.80% | 0.90% | 2.50% |
Total (as a percent) | 99.90% | 100.00% | ' | ' | 19.40% | 25.00% | 17.10% | 14.70% | 38.70% | 37.80% | 5.00% | 7.20% | 18.80% | 12.80% | 0.90% | 2.50% |
Employee_Benefit_Plans_Details3
Employee Benefit Plans (Details 4) (Pension Benefits, USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plans | ' | ' | ' |
Fair value of plan assets | $2,426,013 | $2,357,024 | $2,154,458 |
Quoted Prices in Active Markets for Identical Assets (Level1) | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Fair value of plan assets | 358,608 | 870,472 | ' |
Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Fair value of plan assets | 1,377,002 | 907,189 | ' |
Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Fair value of plan assets | 690,403 | 579,363 | ' |
Interest-bearing cash | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Fair value of plan assets | 4,062 | 36,100 | ' |
Interest-bearing cash | Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Fair value of plan assets | 4,062 | 36,100 | ' |
U.S. Government securities | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Fair value of plan assets | 206,520 | 305,963 | ' |
U.S. Government securities | Quoted Prices in Active Markets for Identical Assets (Level1) | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Fair value of plan assets | 185,499 | 283,682 | ' |
U.S. Government securities | Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Fair value of plan assets | 21,021 | ' | ' |
Corporate Debt Securities | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Fair value of plan assets | 347,002 | 284,321 | ' |
Corporate Debt Securities | Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Fair value of plan assets | 346,803 | 284,321 | ' |
Corporate Debt Securities | Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Fair value of plan assets | ' | 0 | 0 |
Common stock | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Fair value of plan assets | 109,173 | 506,332 | ' |
Common stock | Quoted Prices in Active Markets for Identical Assets (Level1) | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Fair value of plan assets | 109,173 | 506,332 | ' |
Partnership/joint venture interest | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Fair value of plan assets | 689,073 | 578,403 | ' |
Partnership/joint venture interest | Quoted Prices in Active Markets for Identical Assets (Level1) | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Fair value of plan assets | 0 | ' | ' |
Partnership/joint venture interest | Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Fair value of plan assets | 689,073 | 578,158 | 526,762 |
Other investments | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Fair value of plan assets | 2,547 | 2,546 | ' |
Other investments | Quoted Prices in Active Markets for Identical Assets (Level1) | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Fair value of plan assets | -9 | ' | ' |
Other investments | Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Fair value of plan assets | 2,556 | 1,484 | ' |
Common/collective trusts | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Fair value of plan assets | 829,714 | 518,551 | ' |
Common/collective trusts | Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Fair value of plan assets | 829,714 | 518,551 | ' |
Common/collective trusts | Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Fair value of plan assets | 0 | 0 | 0 |
Registered investment companies | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Fair value of plan assets | 194,764 | 79,151 | ' |
Registered investment companies | Quoted Prices in Active Markets for Identical Assets (Level1) | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Fair value of plan assets | 63,945 | 79,151 | ' |
Value of funds in insurance company accounts | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Fair value of plan assets | 43,158 | 45,657 | ' |
Value of funds in insurance company accounts | Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Fair value of plan assets | 42,027 | 44,452 | ' |
Value of funds in insurance company accounts | Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Fair value of plan assets | $1,131 | $1,205 | $1,278 |
Employee_Benefit_Plans_Details4
Employee Benefit Plans (Details 5) (Pension Benefits, USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Common/collective trusts | Common/collective trusts | Common/collective trusts | Common/collective trusts | Corporate Debt Securities | Corporate Debt Securities | Corporate Debt Securities | Corporate Debt Securities | Value of funds in insurance company accounts | Value of funds in insurance company accounts | Value of funds in insurance company accounts | Value of funds in insurance company accounts | Partnership/joint venture interest | Partnership/joint venture interest | Partnership/joint venture interest | Partnership/joint venture interest | |||
Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | ||||||||||||||
Change in plan assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets at beginning of year | $2,426,013 | $2,357,024 | $2,154,458 | $690,403 | $579,363 | $829,714 | $518,551 | $0 | $0 | $347,002 | $284,321 | $0 | $0 | $43,158 | $45,657 | $1,205 | $1,278 | $689,073 | $578,403 | $578,158 | $526,762 |
Realized (losses) gains | ' | ' | ' | ' | ' | ' | ' | 2 | 0 | ' | ' | 0 | 0 | ' | ' | 4 | 5 | ' | ' | 34,321 | 10,229 |
Net unrealized gains (losses) | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | -8 | 1 | ' | ' | 25,561 | 33,985 |
Net purchases, issuances, and settlements | ' | ' | ' | ' | ' | ' | ' | -2 | 0 | ' | ' | 199 | 0 | ' | ' | -70 | -79 | ' | ' | 51,033 | 7,182 |
Net transfers into (out of) Level 3 | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | 0 | 0 |
Fair value of plan assets at end of year | $2,426,013 | $2,357,024 | $2,154,458 | $690,403 | $579,363 | $829,714 | $518,551 | $0 | $0 | $347,002 | $284,321 | ' | $0 | $43,158 | $45,657 | $1,131 | $1,205 | $689,073 | $578,403 | $689,073 | $578,158 |
Employee_Benefit_Plans_Details5
Employee Benefit Plans (Details 6) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2015 |
In Thousands, unless otherwise specified | Pension Benefits | Other Postretirement Benefits | Other Postretirement Benefits | Supplemental (nonqualified) executive retirement plan | Subsequent Event |
Other Postretirement Benefits | |||||
Defined Benefit Plans | ' | ' | ' | ' | ' |
Percentage of postretirement benefit obligations that were pre-funded as of period end | ' | 40.90% | 47.70% | ' | ' |
Percentage of pension plan assets held in 401 (h) account | ' | 39.90% | 42.00% | ' | ' |
Contributions | ' | ' | ' | ' | ' |
Employer contributions directly to the pension trust for the period | ' | $77,400 | $11,592 | $40,000 | $3,000 |
Employer's contribution to retirees during the period | ' | ' | ' | 5,149 | ' |
Expected employer's contribution directly to retirees in next fiscal year | ' | ' | ' | 4,500 | ' |
Expected employer's contribution in next fiscal year | ' | ' | 10,806 | ' | ' |
Expected Future Benefit Payments | ' | ' | ' | ' | ' |
2014 | 183,700 | ' | 12,532 | ' | ' |
2015 | 177,900 | ' | 12,082 | ' | ' |
2016 | 184,300 | ' | 11,772 | ' | ' |
2017 | 188,000 | ' | 11,438 | ' | ' |
2018 | 193,600 | ' | 11,035 | ' | ' |
2019 through 2022 | $1,045,900 | ' | $47,812 | ' | ' |
Employee_Benefit_Plans_Details6
Employee Benefit Plans (Details 7) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
agreement | |||
employee | |||
location | |||
Defined Contribution Plan | ' | ' | ' |
Employee's maximum contribution to 401 (k) defined contribution plan (as a percent) | 50.00% | ' | ' |
Percentage of employer's matching contribution of first 3% of participant's contribution, option one | 100.00% | ' | ' |
Maximum percentage of contribution by employee in order to be eligible for 100% matching portion under the plan, option one | 3.00% | ' | ' |
Percentage of employer's matching contribution of next 2% of participant's contribution, option one | 50.00% | ' | ' |
Maximum additional percentage of contribution by employee in order to qualify for 50% matching portion under the plan, option one | 2.00% | ' | ' |
Percentage of employer's matching contribution of first 6% of participant's contribution, option two | 50.00% | ' | ' |
Maximum percentage contribution by employee in order to be eligible for 50% matching portion under the plan, option two | 6.00% | ' | ' |
Percentage of employer's matching contribution of first 3% of participant's contribution, option three | 100.00% | ' | ' |
Maximum percentage of contribution by employee in order to be eligible for 100% matching portion under the plan, option three | 3.00% | ' | ' |
Percentage of employer's matching contribution of next 3% of participant's contribution, option three | 50.00% | ' | ' |
Maximum additional percentage of contribution by employee in order to qualify for 50% matching portion under the plan, option three | 3.00% | ' | ' |
Percentage of participant's pre-tax contribution in automatic enrollment, option four | 6.00% | ' | ' |
Percentage of employer's matching contribution of first 3% of participant's contribution in automatic enrollment, option four | 100.00% | ' | ' |
Percentage of participant's contribution in automatic enrollment for which 100% of employer's matching contribution has been made, option three | 3.00% | ' | ' |
Percentage of employer's matching contribution of next 3% of participant's contribution in automatic enrollment, option four | 50.00% | ' | ' |
Percentage of participant's contribution in automatic enrollment for which 50% of employer's matching contribution has been made, option three | 3.00% | ' | ' |
Automatic enrollment vesting period (in years) | '1 year | ' | ' |
Non-elective contribution vesting period (in years) | '3 years | ' | ' |
Employer's contributions to the plan | $48,379 | $37,377 | $35,993 |
Collective bargaining agreements | ' | ' | ' |
Number of employees exceeding the value, employed as of period end | 16,000 | ' | ' |
Percentage of employees covered by collective bargaining agreements | 20.00% | ' | ' |
Number of locations with multiple collective bargaining agreements | 1 | ' | ' |
Number of collective bargaining agreements at locations with multiple CBAs | 2 | ' | ' |
Number of locations at which the majority of covered employees work | 6 | ' | ' |
Number of collective bargaining agreements that expire in calendar 2012 | 1 | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Current: | ' | ' | ' |
US | $509,849 | $392,094 | $403,204 |
Non-US | 665 | 390 | 3,762 |
Income before income taxes and noncontrolling interest | 510,514 | 392,484 | 406,966 |
Current: | ' | ' | ' |
Federal | 147,540 | 128,822 | 128,651 |
State | 6,507 | 7,688 | 7,176 |
Non-US | 2,845 | 324 | 414 |
Deferred: | ' | ' | ' |
Federal | 9,047 | -16,009 | 7,315 |
State | 3,489 | -582 | 206 |
Income tax provision | 169,428 | 120,243 | 143,762 |
Items responsible for the differences between the federal statutory rate and ATK's effective rate | ' | ' | ' |
Statutory federal income tax rate (as a percent) | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal impact (as a percent) | 2.60% | 2.60% | 2.60% |
Domestic manufacturing deduction (as a percent) | -3.00% | -2.90% | -2.60% |
Estimated nondeductible portion of litigation (as a percent) | 0.00% | 0.00% | 1.30% |
Research and development credit (as a percent) | -0.80% | -0.70% | -0.50% |
Change in prior year contingent tax liabilities (as a percent) | -1.90% | -3.00% | -0.20% |
Impact of non-US operations (as a percent) | 0.40% | 0.00% | -0.30% |
Other (as a percent) | 0.70% | -0.60% | -0.20% |
Change in valuation allowance (as a percent) | 0.20% | 0.20% | 0.20% |
Income tax provision (as a percent) | 33.20% | 30.60% | 35.30% |
Components of deferred tax assets and liabilities | ' | ' | ' |
Deferred tax assets | 729,219 | 805,736 | ' |
Deferred Tax Liabilities, Gross | 739,529 | 599,921 | ' |
Deferred tax liabilities | -23,899 | ' | ' |
Valuation allowance | -13,589 | -4,242 | ' |
Net deferred income tax asset | ' | 201,573 | ' |
Deferred tax assets and liabilities resulted from temporary differences | ' | ' | ' |
Other comprehensive income provision | 426,448 | 523,288 | ' |
Postretirement benefit obligations | 51,335 | 37,983 | ' |
Other | 42,987 | 37,701 | ' |
Other reserves | 35,555 | 36,585 | ' |
Accruals for employee benefits | 32,945 | 41,079 | ' |
Contract method of revenue recognition | 30,773 | 15,097 | ' |
Inventory | 23,659 | 22,772 | ' |
Pension | -250,592 | -78,653 | ' |
Property, plant, and equipment | -241,011 | -261,057 | ' |
Intangible assets | -94,922 | -101,277 | ' |
Debt-related | -67,487 | -67,703 | ' |
Valuation allowance | -13,589 | -4,242 | ' |
Net deferred income tax asset | ' | $201,573 | ' |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Operating loss and tax credit carryforwards | ' | ' | ' |
Undistributed earnings for which U.S. deferred income taxes or foreign withholding tax have been provided | $8,257 | ' | ' |
Income taxes paid, net of refunds | 136,295 | 162,673 | 116,028 |
Expire through fiscal 2015 | ' | ' | ' |
Operating loss and tax credit carryforwards | ' | ' | ' |
Tax credit and net operating loss carryforwards | 25,271 | ' | ' |
Indefinite | ' | ' | ' |
Operating loss and tax credit carryforwards | ' | ' | ' |
Alternative minimum tax credits | $623 | ' | ' |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Unrecognized tax benefits that have not been recognized in the financial statements | $35,138 | $27,760 | ' |
Unrecognized tax benefits, would affect the effective tax rate, if recognized | 29,046 | 21,150 | ' |
Potential reduction of uncertain tax benefits over the next 12 months from audit settlements | -4,799 | ' | ' |
Minimum increase in earnings from settlement of unrecognized tax benefits based on current estimates | 0 | ' | ' |
Maximum increase in earnings from settlement of unrecognized tax benefits based on current estimates | 4,367 | ' | ' |
Period after which tax positions are classified as non-current income tax liabilities (in years) | '1 year | ' | ' |
Reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties | ' | ' | ' |
Unrecognized Tax Benefits - beginning of period | 25,657 | 34,715 | 29,532 |
Gross increases - tax positions in prior periods | 15,412 | 158 | 702 |
Gross decreases - tax positions in prior periods | -13,172 | -13,116 | -1,618 |
Gross increases - current-period tax positions | 4,573 | 5,376 | 6,493 |
Settlements | 0 | -1,298 | 0 |
Lapse of statute of limitations | -153 | -178 | -394 |
Unrecognized Tax Benefits - end of period | 32,317 | 25,657 | 34,715 |
Income tax-related interest included in accrued income taxes | 1,454 | 1,182 | ' |
Income tax penalties included in accrued income taxes | $1,367 | $921 | ' |
Commitments_Details
Commitments (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Contractual obligation | ' | ' | ' |
Rent expenses | $79,501 | $79,093 | $82,494 |
Minimum | ' | ' | ' |
Contractual obligation | ' | ' | ' |
Operating leases renewal period (in years) | '1 year | ' | ' |
Maximum | ' | ' | ' |
Contractual obligation | ' | ' | ' |
Operating leases renewal period (in years) | '5 years | ' | ' |
Operating leases | ' | ' | ' |
Contractual obligation payment schedule | ' | ' | ' |
Fiscal 2014 | 81,437 | ' | ' |
Fiscal 2015 | 75,166 | ' | ' |
Fiscal 2016 | 54,517 | ' | ' |
Fiscal 2017 | 48,820 | ' | ' |
Fiscal 2018 | 43,165 | ' | ' |
Thereafter | 354,890 | ' | ' |
Total | $657,995 | ' | ' |
Contingencies_Details
Contingencies (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2012 | Mar. 31, 2013 | |
flare | |||
Loss Contingency [Abstract] | ' | ' | ' |
Additional warranty accrual | ' | $10,700,000 | ' |
Maximum number of flares | ' | 76,000 | ' |
Loss Contingency, Damages Sought, Value | 100,000 | ' | ' |
Unbilled receivables for contract claims | 35,113,000 | ' | 27,797,000 |
Treasury constant maturities rate used to estimate discount rate (in years) | '20 years | ' | ' |
Estimated inflationary factor (as a percent) | 1.90% | ' | ' |
Rounding precision of estimated inflationary factor (as a percent) | 0.25% | ' | ' |
Environmental remediation | ' | ' | ' |
Amounts (payable) receivable | -58,194,000 | ' | -58,965,000 |
Unamortized discount | 4,706,000 | ' | 2,745,000 |
Amounts (payable) receivable | 28,540,000 | ' | 34,190,000 |
Unamortized discount | -2,152,000 | ' | -1,446,000 |
Accrual for Environmental Loss Contingencies, Net | -53,488,000 | ' | -56,220,000 |
Accrual for Environmental Loss Contingencies Net of Recoveries | 26,388,000 | ' | 32,744,000 |
Discounted liability recorded in other current liabilities | 8,550,000 | ' | 6,847,000 |
Discounted liability recorded in other long-term liabilities | 44,938,000 | ' | 49,373,000 |
Discounted receivable recorded in other current assets | 4,260,000 | ' | ' |
Discounted receivable recorded in other non-current assets | 22,128,000 | ' | ' |
Threshold for Hercules to indemnify the Company for environmental remediation | 50,000,000 | ' | ' |
Aggregate undiscounted amounts payable for environmental remediation costs, net of expected recoveries | ' | ' | ' |
Fiscal 2015 | 4,290,000 | ' | ' |
Fiscal 2016 | 3,385,000 | ' | ' |
Fiscal 2017 | 299,000 | ' | ' |
Fiscal 2018 | 2,326,000 | ' | ' |
Fiscal 2019 | 1,964,000 | ' | ' |
Thereafter | 17,390,000 | ' | ' |
Total | 29,654,000 | ' | ' |
Acquisitions | ' | ' | ' |
Estimated Litigation Liability, Current | ' | 25,500,000 | ' |
Minimum | ' | ' | ' |
Acquisitions | ' | ' | ' |
Period beyond balance sheet date for classifying the environmental remediation as non-current (in years) | '1 year | ' | ' |
Estimated discounted reasonably possible costs of environmental remediation | 53,488,000 | ' | ' |
Maximum | ' | ' | ' |
Acquisitions | ' | ' | ' |
Estimated discounted reasonably possible costs of environmental remediation | 78,062,000 | ' | ' |
Thiokol | Environmental Remediation Cost Sharing Level 1 | Maximum | ' | ' | ' |
Acquisitions | ' | ' | ' |
Threshold for environmental remediation if costs are not recovered through U.S. Government contracts | 14,000,000 | ' | ' |
Thiokol | Environmental Remediation Cost Sharing Level 2 | Minimum | ' | ' | ' |
Acquisitions | ' | ' | ' |
Threshold for environmental remediation if costs are not recovered through U.S. Government contracts | 14,000,000 | ' | ' |
Thiokol | Environmental Remediation Cost Sharing Level 2 | Maximum | ' | ' | ' |
Acquisitions | ' | ' | ' |
Threshold for environmental remediation if costs are not recovered through U.S. Government contracts | 34,000,000 | ' | ' |
Thiokol | Environmental Remediation Cost Sharing Level 3 | Minimum | ' | ' | ' |
Acquisitions | ' | ' | ' |
Threshold for environmental remediation if costs are not recovered through U.S. Government contracts | $34,000,000 | ' | ' |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
plan | |||
award | |||
Stock-Based Compensation | ' | ' | ' |
Number of authorized shares of preferred stock | 5,000,000 | ' | ' |
Par value of preferred stock (in dollars per share) | $1 | ' | ' |
Number of stock-based incentive plans | 3 | ' | ' |
Number of types of awards outstanding under the entity's stock incentive plans | 4 | ' | ' |
Number of plans under which no new grants are being made | 3 | ' | ' |
Share-based compensation, additional disclosures | ' | ' | ' |
Total pre-tax stock-based compensation expense | $12,701 | $12,025 | $6,724 |
Total income tax benefit recognized in the income statement for share-based compensation | $4,874 | $4,661 | $2,604 |
Fiscal 2011 through fiscal 2013 period | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' |
Shares earned | 54,489 | ' | ' |
Number of shares forfeited in the period resulting from performance goals not being met | 165,951 | ' | ' |
Fiscal 2012 through fiscal 2014 period | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' |
Number of shares payable only upon the achievement of certain financial performance goals | 102,848 | ' | ' |
Fiscal 2013 through fiscal 2015 period | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' |
Number of shares payable only upon the achievement of certain financial performance goals | 94,926 | ' | ' |
Fiscal 2014 through fiscal 2016 period | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' |
Number of shares payable only upon the achievement of certain financial performance goals | 82,456 | ' | ' |
Restricted stock | ' | ' | ' |
Share-based compensation, additional disclosures | ' | ' | ' |
Restricted stock granted to non-employee directors and certain key employees (in shares) | 127,425 | 102,216 | 215,559 |
Restricted stock | Minimum | ' | ' | ' |
Share-based compensation, additional disclosures | ' | ' | ' |
Minimum vesting period (in years) | '1 year | ' | ' |
Restricted stock | Maximum | ' | ' | ' |
Share-based compensation, additional disclosures | ' | ' | ' |
Minimum vesting period (in years) | '3 years | ' | ' |
Stock options | ' | ' | ' |
Weighted average assumptions used in estimating the value of the award | ' | ' | ' |
Risk-free rate (as a percent) | ' | ' | 0.82% |
Expected volatility (as a percent) | ' | 25.87% | ' |
Expected dividend yield (as a percent) | ' | ' | 1.27% |
Expected award life (in years) | '7 years | '7 years | '7 years |
Share-based compensation, additional disclosures | ' | ' | ' |
Minimum terms of options (in years) | 'P7Y | ' | ' |
Maximum terms of options (in years) | 'P10Y | ' | ' |
Number of years upon which expected volatility is based | '7 years | ' | ' |
Weighted average fair value of options granted (in dollars per share) | $35.34 | $14.36 | ' |
Options granted (in shares) | ' | ' | 12.9 |
Stock options | Minimum | ' | ' | ' |
Weighted average assumptions used in estimating the value of the award | ' | ' | ' |
Risk-free rate (as a percent) | 1.86% | 1.02% | ' |
Expected volatility (as a percent) | 25.95% | ' | ' |
Expected dividend yield (as a percent) | 1.27% | 1.49% | ' |
Share-based compensation, additional disclosures | ' | ' | ' |
Minimum vesting period (in years) | '1 year | ' | ' |
Stock options | Maximum | ' | ' | ' |
Weighted average assumptions used in estimating the value of the award | ' | ' | ' |
Risk-free rate (as a percent) | 2.07% | 1.22% | ' |
Expected volatility (as a percent) | 26.71% | ' | ' |
Expected dividend yield (as a percent) | 1.58% | 1.90% | ' |
Share-based compensation, additional disclosures | ' | ' | ' |
Minimum vesting period (in years) | '3 years | ' | ' |
2005 Stock Incentive Plan | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' |
Number of authorized common shares | 3,982,360 | ' | ' |
Number of available shares to be granted | 911,300 | ' | ' |
Performance awards | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' |
Number of shares reserved | 280,230 | ' | ' |
Total stockholder return performance awards ("TSR awards") | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' |
Weighted average fair value of awards granted (in dollars per share) | $85.92 | ' | $38.14 |
Weighted average assumptions used in estimating the value of the award | ' | ' | ' |
Risk-free rate (as a percent) | 0.81% | ' | 1.22% |
Expected volatility (as a percent) | 26.64% | ' | 27.90% |
Expected dividend yield (as a percent) | 0.96% | ' | 1.17% |
Expected award life (in years) | '3 years | ' | '3 years |
Share-based compensation, additional disclosures | ' | ' | ' |
Restricted stock granted to non-employee directors and certain key employees (in shares) | 27,862 | ' | ' |
Total stockholder return performance awards ("TSR awards") | Fiscal 2011 through fiscal 2013 period | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' |
Shares earned | 42,022 | ' | ' |
Number of shares forfeited in the period resulting from performance goals not being met | 3,958 | ' | ' |
Stockholders_Equity_Details_2
Stockholders' Equity (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Stock options | ' | ' | ' |
Stock option activity, Shares | ' | ' | ' |
Outstanding at beginning of period (in shares) | 262,248 | 418,122 | 606,922 |
Granted (in shares) | 47,490 | 114,628 | 135,661 |
Exercised (in shares) | -13,173 | -93,617 | -107,944 |
Forfeited/expired (in shares) | -26,160 | -176,885 | -216,517 |
Outstanding at end of period (in shares) | 270,405 | 262,248 | 418,122 |
Options exercisable at end of period (in shares) | 114,083 | 70,145 | 282,461 |
Stock option activity, Weighted Average Exercise Price | ' | ' | ' |
Outstanding at beginning of period (in dollars per share) | $61.72 | $62.02 | $62.85 |
Granted (in dollars per share) | $130.86 | $65.32 | $56.79 |
Exercised (in dollars per share) | $55.32 | $58.34 | $52.88 |
Forfeited/expired (in dollars per share) | $62.34 | $66.55 | $65.64 |
Outstanding at end of period (in dollars per share) | $74.11 | $61.72 | $62.02 |
Options exercisable at end of period (in dollars per share) | $61.63 | $61.28 | $64.53 |
Weighted Average Remaining Contractual Term | ' | ' | ' |
Options outstanding, Weighted Average Remaining Contractual Life (in years) | '8 years 3 months 23 days | '2 years 8 months 1 day | '2 years 8 months 1 day |
Options exercisable, Weighted Average Remaining Contractual Life (in years) | '7 years 11 months 20 days | '5 years 2 months 12 days | '0 years 8 months 12 days |
Aggregate Intrinsic Value | ' | ' | ' |
Options outstanding, Aggregate intrinsic value | $68.04 | $0 | $0 |
Options exercisable, Aggregate Intrinsic Value | $80.52 | $13.98 | $0 |
Share-based compensation, additional disclosures | ' | ' | ' |
Total intrinsic value of options exercised | $295 | $505 | $1,278 |
Total cash received from options exercised | 729 | 5,462 | 5,709 |
Performance share award, TSR award, and restricted stock award | ' | ' | ' |
Share-based compensation, additional disclosures | ' | ' | ' |
Total unrecognized compensation cost related to nonvested stock-based compensation awards | $43,270 | ' | ' |
Nonvested stock-based compensation expected to be realized over a weighted average period (in years) | '2 years 1 month | ' | ' |
Performance share award, TSR award, and restricted stock award activity, Shares | ' | ' | ' |
Nonvested at the beginning of the period (in shares) | 758,442 | 976,241 | 854,524 |
Granted (in shares) | 240,663 | 213,536 | 347,287 |
Canceled/forfeited (in shares) | -214,083 | -287,326 | -161,307 |
Vested (in shares) | -193,986 | -144,009 | -64,263 |
Nonvested at the end of the period (in shares) | 591,036 | 758,442 | 976,241 |
Performance share award, TSR award, and restricted stock award activity, Weighted Average Exercise Price | ' | ' | ' |
Nonvested at beginning of the period, Weighted average grant date fair value (in dollars per share) | $65.42 | $67.08 | $78.85 |
Granted, Weighted average grant date fair value (in dollars per share) | $114.65 | $63.17 | $60.63 |
Canceled/forfeited, Weighted average grant date fair value (in dollars per share) | $68.65 | $69.44 | $61.79 |
Vested, Weighted average grant date fair value (in dollars per share) | $66.60 | $68.59 | $69.51 |
Nonvested at end of the period, Weighted average grant date fair value (in dollars per share) | $83.91 | $65.42 | $67.08 |
Stockholders_Equity_Details_3
Stockholders' Equity (Details 3) (USD $) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Equity [Abstract] | ' | ' | ' | ' |
Number of shares repurchased | ' | 609,922 | 1,003,938 | 742,000 |
Value of shares repurchased | ' | $52,130,000 | $58,371,000 | $49,991,000 |
The limit of repurchase of common stock authorized. | $200,000,000 | ' | ' | ' |
Period for repurchase of shares (in years) | '2 years | ' | ' | ' |
Realignment_Obligations_Detail
Realignment Obligations (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Realignment liability activity | ' | ' |
Balance at the beginning of the period | $0 | $7,173 |
Restructuring Charges | 9,700 | 0 |
Cash paid | ' | -6,319 |
Non-cash settlements | ' | -854 |
Balance at the end of the period | 0 | 0 |
Termination benefits | ' | ' |
Realignment liability activity | ' | ' |
Balance at the beginning of the period | ' | 7,148 |
Restructuring Charges | ' | 0 |
Cash paid | ' | -6,294 |
Non-cash settlements | ' | -854 |
Balance at the end of the period | ' | 0 |
Asset impairment | ' | ' |
Realignment liability activity | ' | ' |
Balance at the beginning of the period | ' | 0 |
Restructuring Charges | ' | 0 |
Cash paid | ' | 0 |
Non-cash settlements | ' | 0 |
Balance at the end of the period | ' | 0 |
Facility closure and other costs | ' | ' |
Realignment liability activity | ' | ' |
Balance at the beginning of the period | ' | 25 |
Restructuring Charges | ' | 0 |
Cash paid | ' | -25 |
Non-cash settlements | ' | 0 |
Balance at the end of the period | ' | $0 |
Operating_Segment_Information_1
Operating Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
segment | flare | ||||||||||
Segment Reporting [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating segments | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Results by operating segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | $4,775,128 | $4,362,145 | $4,613,399 |
Total | 1,345,600 | 1,208,404 | 1,142,381 | 1,078,743 | 1,153,875 | 1,056,182 | 1,069,787 | 1,082,301 | 4,775,128 | 4,362,145 | 4,613,399 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 145,964 | 96,889 | 122,292 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 94,072 | 94,903 | 98,037 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 23,704 | 11,159 | 10,848 |
Income before interest, loss on extinguishment of debt, income taxes and noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 590,306 | 469,643 | 495,586 |
Total assets | 5,771,146 | ' | ' | ' | 4,383,010 | ' | ' | ' | 5,771,146 | 4,383,010 | 4,541,746 |
Accrual related to LUU Flares litigation settlement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,500 |
Additional warranty accrual | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,700 |
Maximum number of flares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76,000 |
Sales | Contract Concentration Risk | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Results by operating segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Threshold percentage of sales accounted for by single contract or single commercial customer | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 10.00% | 10.00% |
Sales | Customer concentration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Results by operating segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of sales to major customer | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 100.00% |
Segment Sales | Customer concentration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Results by operating segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Threshold percentage of sales accounted for by single contract or single commercial customer | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 10.00% | 10.00% |
U.S. Government | Sales | Customer concentration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Results by operating segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of sales to major customer | ' | ' | ' | ' | ' | ' | ' | ' | 53.00% | 67.00% | 65.00% |
Total | ' | ' | ' | ' | ' | ' | ' | ' | 2,524,742 | 2,931,893 | 2,922,202 |
Foreign customers | Sales | Geographic Concentration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Results by operating segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Threshold percentage of sales accounted for by single contract or single commercial customer | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' |
Sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 591,463 | 437,681 | 702,981 |
Aerospace Group | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Results by operating segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales to external customers (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 26.00% | ' | ' |
Sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 1,257,530 | 1,248,446 | 1,347,802 |
Intercompany sales | ' | ' | ' | ' | ' | ' | ' | ' | 19,922 | 19,273 | 16,432 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | 1,277,452 | 1,267,719 | 1,364,234 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 61,366 | 42,758 | 74,194 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 42,663 | 41,375 | 46,061 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 1,248 | 1,466 | 1,142 |
Income before interest, loss on extinguishment of debt, income taxes and noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 141,692 | 144,392 | 143,817 |
Total assets | 1,646,563 | ' | ' | ' | 1,580,775 | ' | ' | ' | 1,646,563 | 1,580,775 | 1,539,899 |
Aerospace Group | Foreign customers | Sales | Geographic Concentration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Results by operating segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales to external customers (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' |
Defense Group | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Results by operating segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales to external customers (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' |
Sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 1,667,707 | 1,957,650 | 2,262,777 |
Intercompany sales | ' | ' | ' | ' | ' | ' | ' | ' | 283,077 | 152,021 | 131,454 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | 1,950,784 | 2,109,671 | 2,394,231 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 42,061 | 25,518 | 18,911 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 20,110 | 30,055 | 31,741 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 1,864 | 1,864 | 1,864 |
Income before interest, loss on extinguishment of debt, income taxes and noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 210,669 | 270,498 | 319,428 |
Total assets | 1,209,150 | ' | ' | ' | 1,122,416 | ' | ' | ' | 1,209,150 | 1,122,416 | 1,193,503 |
Benefit from a favorable contract resolution recognized | ' | ' | ' | ' | ' | ' | ' | ' | 27,400 | ' | 18,000 |
Defense Group | Military small caliber ammunition contract | Sales | Contract Concentration Risk | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Results by operating segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
External sales generated from military small-caliber ammunition contract (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.00% | 15.00% |
Defense Group | Foreign customers | Sales | Geographic Concentration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Results by operating segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales to external customers (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 29.00% | ' | ' |
Sporting Group | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Results by operating segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales to external customers (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 39.00% | ' | ' |
Sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 1,849,891 | 1,156,049 | 1,002,820 |
Intercompany sales | ' | ' | ' | ' | ' | ' | ' | ' | 12,442 | 27,207 | 21,029 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | 1,862,333 | 1,183,256 | 1,023,849 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 40,288 | 23,395 | 21,742 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 24,880 | 17,298 | 16,741 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 20,592 | 7,829 | 7,842 |
Income before interest, loss on extinguishment of debt, income taxes and noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 270,523 | 118,325 | 91,234 |
Total assets | 2,382,617 | ' | ' | ' | 803,493 | ' | ' | ' | 2,382,617 | 803,493 | 750,622 |
Sporting Group | Foreign customers | Sales | Geographic Concentration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Results by operating segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales to external customers (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 41.00% | ' | ' |
Corporate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Results by operating segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany sales | ' | ' | ' | ' | ' | ' | ' | ' | -315,441 | -198,501 | -168,915 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | -315,441 | -198,501 | -168,915 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 2,249 | 5,218 | 7,445 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 6,419 | 6,175 | 3,494 |
Income before interest, loss on extinguishment of debt, income taxes and noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -32,578 | -63,572 | -58,893 |
Total assets | 532,816 | ' | ' | ' | 876,326 | ' | ' | ' | 532,816 | 876,326 | 1,057,722 |
Intersegment transactions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Results by operating segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before interest, loss on extinguishment of debt, income taxes and noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | $29,788 | $20,229 | $18,437 |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Oct. 31, 2013 | Sep. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2013 | Jun. 21, 2013 | |
6.75% Senior Subordinated Notes due 2016 | Defense Group | Defense Group | Defense Group | Aerospace Systems | Savage Sports Corporation [Member] | |||||||||||||
Results by operating segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Cash Paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $985,000,000 | ' | ' | ' | ' | ' | $315,000,000 |
Purchase price of acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 989,066,000 | ' | ' | ' | ' | ' | ' |
Senior credit facility and 5.25% notes principal balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,560,000,000 | ' | ' | ' | ' | ' | ' |
Sales | 1,345,600,000 | 1,208,404,000 | 1,142,381,000 | 1,078,743,000 | 1,153,875,000 | 1,056,182,000 | 1,069,787,000 | 1,082,301,000 | 4,775,128,000 | 4,362,145,000 | 4,613,399,000 | ' | ' | 1,950,784,000 | 2,109,671,000 | 2,394,231,000 | ' | ' |
Gross profit | 341,034,000 | 289,170,000 | 267,426,000 | 242,012,000 | 243,352,000 | 219,627,000 | 228,268,000 | 249,622,000 | 1,139,642,000 | 940,869,000 | 994,896,000 | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Alliant Techsystems Inc. | 96,000,000 | 80,286,000 | 92,591,000 | 72,038,000 | 72,738,000 | 63,175,000 | 65,063,000 | 70,829,000 | 340,915,000 | 271,805,000 | 262,612,000 | ' | ' | ' | ' | ' | ' | ' |
Alliant Techsystems Inc. earnings per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | $3.04 | $2.55 | $2.92 | $2.26 | $2.25 | $1.95 | $2.01 | $2.17 | $10.76 | $8.38 | $7.99 | ' | ' | ' | ' | ' | ' | ' |
Diluted (in dollars per share) | $2.90 | $2.46 | $2.86 | $2.24 | $2.23 | $1.93 | $2 | $2.16 | $10.42 | $8.34 | $7.93 | ' | ' | ' | ' | ' | ' | ' |
Cash dividends per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared (in dollars per share) | $0.32 | $0.32 | $0.26 | $0.26 | $0.26 | $0.26 | $0.26 | $0.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Paid (in dollars per share) | $0.32 | $0.26 | $0.26 | $0.26 | $0.26 | $0.26 | $0.20 | $0.20 | $1.10 | $0.92 | $0.20 | ' | ' | ' | ' | ' | ' | ' |
Debt instrument interest rate stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.75% | ' | ' | ' | ' | ' |
Redemption of principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 409,000,000 | ' | ' | ' | ' | ' |
Redemption premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,000,000 | ' | ' | ' | ' | ' |
Redemption premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,773,000 | ' | ' | ' | ' | ' |
Income tax benefit recognized resulting from settlement with taxing authority for prior tax returns | ' | ' | ' | ' | ' | 11,123,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of a non-essential parcel of land | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,206,000 | ' |
Benefit from a favorable contract resolution recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $27,400,000 | ' | $18,000,000 | ' | ' |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 29, 2014 | |
Sporting Group term loan [Member] | Sporting Group total credit facility indebtedness [Member] | Sporting Group line of credit [Member] | Maximum amount of ATK debt upon completion of the transaction [Member] | Facility closure and other costs | |||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Principal amount of long-term debt | $2,096,190,000 | $1,084,453,000 | $350,000,000 | $750,000,000 | $400,000,000 | $1,740,000,000 | ' |
Restructuring Charges | $9,700,000 | $0 | ' | ' | ' | ' | $10,000,000 |
Condensed_Consolidated_Financi2
Condensed Consolidated Financial Statements (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $266,632 | ' | ' | ' | $417,289 | ' | ' | ' | $266,632 | $417,289 | $568,813 | $702,274 |
Sales | 1,345,600 | 1,208,404 | 1,142,381 | 1,078,743 | 1,153,875 | 1,056,182 | 1,069,787 | 1,082,301 | 4,775,128 | 4,362,145 | 4,613,399 | ' |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 3,635,486 | 3,421,276 | 3,618,503 | ' |
Gross profit | 341,034 | 289,170 | 267,426 | 242,012 | 243,352 | 219,627 | 228,268 | 249,622 | 1,139,642 | 940,869 | 994,896 | ' |
Research and development expense | ' | ' | ' | ' | ' | ' | ' | ' | 62,520 | 64,678 | 66,403 | ' |
Selling | ' | ' | ' | ' | ' | ' | ' | ' | 203,976 | 162,359 | 169,984 | ' |
General and Administrative Expense | ' | ' | ' | ' | ' | ' | ' | ' | 282,840 | 244,189 | 262,923 | ' |
Income before interest, loss on extinguishment of debt, income taxes, and noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 590,306 | 469,643 | 495,586 | ' |
Income (Loss) from Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Interest and Debt Expense | ' | ' | ' | ' | ' | ' | ' | ' | -80,044 | -65,924 | -89,296 | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 252 | 538 | 676 | ' |
Income before income taxes and noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 510,514 | 392,484 | 406,966 | ' |
Income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | 169,428 | 120,243 | 143,762 | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 341,086 | 272,241 | 263,204 | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 171 | 436 | 592 | ' |
Net income attributable to Alliant Techsystems Inc. | 96,000 | 80,286 | 92,591 | 72,038 | 72,738 | 63,175 | 65,063 | 70,829 | 340,915 | 271,805 | 262,612 | ' |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 147,495 | 82,294 | -123,521 | ' |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 488,581 | 354,535 | 139,683 | ' |
Less comprehensive income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 171 | 436 | 592 | ' |
Comprehensive income attributable to Alliant Techsystems Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 488,410 | 354,099 | 139,091 | ' |
Net receivables | 1,473,820 | ' | ' | ' | 1,312,573 | ' | ' | ' | 1,473,820 | 1,312,573 | ' | ' |
Due from Affiliate, Current | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Net inventories | 558,250 | ' | ' | ' | 315,064 | ' | ' | ' | 558,250 | 315,064 | ' | ' |
Income Taxes Receivable, Current | 0 | ' | ' | ' | 22,066 | ' | ' | ' | 0 | 22,066 | ' | ' |
Deferred Tax Assets, Net, Current | 93,616 | ' | ' | ' | 106,566 | ' | ' | ' | 93,616 | 106,566 | ' | ' |
Other current assets | 69,280 | ' | ' | ' | 45,174 | ' | ' | ' | 69,280 | 45,174 | ' | ' |
Total current assets | 2,461,598 | ' | ' | ' | 2,218,732 | ' | ' | ' | 2,461,598 | 2,218,732 | ' | ' |
Net property, plant, and equipment | 697,551 | ' | ' | ' | 602,320 | ' | ' | ' | 697,551 | 602,320 | ' | ' |
Investments in and Advances to Affiliates, Amount of Equity | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Goodwill | 1,916,921 | ' | ' | ' | 1,251,536 | ' | ' | ' | 1,916,921 | 1,251,536 | 1,251,536 | ' |
Intangible Assets, Net (Excluding Goodwill) | 577,850 | ' | ' | ' | 109,954 | ' | ' | ' | 577,850 | 109,954 | ' | ' |
Deferred Tax Assets, Net, Noncurrent | 0 | ' | ' | ' | 95,007 | ' | ' | ' | 0 | 95,007 | ' | ' |
Deferred charges and other non-current assets | 117,226 | ' | ' | ' | 105,461 | ' | ' | ' | 117,226 | 105,461 | ' | ' |
Total assets | 5,771,146 | ' | ' | ' | 4,383,010 | ' | ' | ' | 5,771,146 | 4,383,010 | 4,541,746 | ' |
Long-term Debt, Current Maturities | 249,228 | ' | ' | ' | 50,000 | ' | ' | ' | 249,228 | 50,000 | ' | ' |
Accounts Payable, Current | 315,605 | ' | ' | ' | 337,713 | ' | ' | ' | 315,605 | 337,713 | ' | ' |
Due to Affiliate, Current | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Contract advances and allowances | 105,787 | ' | ' | ' | 119,491 | ' | ' | ' | 105,787 | 119,491 | ' | ' |
Accrued compensation | 128,821 | ' | ' | ' | 137,630 | ' | ' | ' | 128,821 | 137,630 | ' | ' |
Accrued Income Taxes, Current | 7,877 | ' | ' | ' | 0 | ' | ' | ' | 7,877 | 0 | ' | ' |
Other Liabilities, Current | 322,832 | ' | ' | ' | 262,021 | ' | ' | ' | 322,832 | 262,021 | ' | ' |
Total current liabilities | 1,130,150 | ' | ' | ' | 906,855 | ' | ' | ' | 1,130,150 | 906,855 | ' | ' |
Long-term Debt, Excluding Current Maturities | 1,843,750 | ' | ' | ' | 1,023,877 | ' | ' | ' | 1,843,750 | 1,023,877 | ' | ' |
Accrued pension liability | 557,775 | ' | ' | ' | 719,172 | ' | ' | ' | 557,775 | 719,172 | ' | ' |
Deferred Tax Liabilities, Net, Noncurrent | 117,515 | ' | ' | ' | 0 | ' | ' | ' | 117,515 | 0 | ' | ' |
Pension and Other Postretirement and Postemployment Benefit Plans, Liabilities, Noncurrent | 74,874 | ' | ' | ' | 94,087 | ' | ' | ' | 74,874 | 94,087 | ' | ' |
Due to Affiliate, Noncurrent | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Other long-term liabilities | 124,944 | ' | ' | ' | 126,458 | ' | ' | ' | 124,944 | 126,458 | ' | ' |
Total liabilities | 3,849,008 | ' | ' | ' | 2,870,449 | ' | ' | ' | 3,849,008 | 2,870,449 | ' | ' |
Stockholders' Equity Attributable to Parent | 1,911,575 | ' | ' | ' | 1,502,169 | ' | ' | ' | 1,911,575 | 1,502,169 | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 10,563 | ' | ' | ' | 10,392 | ' | ' | ' | 10,563 | 10,392 | ' | ' |
Total equity | 1,922,138 | ' | ' | ' | 1,512,561 | ' | ' | ' | 1,922,138 | 1,512,561 | 1,236,751 | 1,166,122 |
Total liabilities and equity | 5,771,146 | ' | ' | ' | 4,383,010 | ' | ' | ' | 5,771,146 | 4,383,010 | ' | ' |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | 388,020 | 273,592 | 372,307 | ' |
Payments to Acquire Property, Plant, and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | -145,964 | -96,889 | -122,292 | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | ' | ' | ' | ' | ' | ' | ' | -1,301,687 | 0 | 0 | ' |
Payments for (Proceeds from) Other Investing Activities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Proceeds from Sale of Property, Plant, and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | 5,662 | 172 | 7,335 | ' |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | -1,441,989 | -96,717 | -114,957 | ' |
Proceeds from (Payments for) Other Financing Activities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Proceeds from Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | 280,000 | 0 | 0 | ' |
Repayments of Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | -280,000 | 0 | 0 | ' |
Repayments of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | -38,263 | -35,000 | -20,000 | ' |
Early Repayment of Senior Debt | ' | ' | ' | ' | ' | ' | ' | ' | -510,000 | -409,000 | -300,000 | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | 1,560,000 | 200,000 | 0 | ' |
Payments of Financing Costs | ' | ' | ' | ' | ' | ' | ' | ' | -21,641 | -1,458 | 0 | ' |
Payments for Repurchase of Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | -53,270 | -58,371 | -49,991 | ' |
Payments of Ordinary Dividends, Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | -35,134 | -30,033 | -26,552 | ' |
Proceeds from employee stock compensation plans | ' | ' | ' | ' | ' | ' | ' | ' | 729 | 5,461 | 5,709 | ' |
Excess Tax Benefit (Tax Deficiency) from Share-based Compensation, Financing Activities | ' | ' | ' | ' | ' | ' | ' | ' | 833 | 2 | 23 | ' |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | 903,254 | -328,399 | -390,811 | ' |
Effect of Exchange Rate on Cash and Cash Equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 58 | 0 | 0 | ' |
(Decrease) increase in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | -150,657 | -151,524 | -133,461 | ' |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Research and development expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Selling | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
General and Administrative Expense | ' | ' | ' | ' | ' | ' | ' | ' | 12,701 | ' | ' | ' |
Income before interest, loss on extinguishment of debt, income taxes, and noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -12,701 | ' | ' | ' |
Income (Loss) from Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | 397,892 | ' | ' | ' |
Interest and Debt Expense | ' | ' | ' | ' | ' | ' | ' | ' | -79,918 | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Income before income taxes and noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 305,273 | ' | ' | ' |
Income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | -35,642 | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 340,915 | ' | ' | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Net income attributable to Alliant Techsystems Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 340,915 | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 147,495 | ' | ' | ' |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 488,410 | ' | ' | ' |
Less comprehensive income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Comprehensive income attributable to Alliant Techsystems Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 488,410 | ' | ' | ' |
Net receivables | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Due from Affiliate, Current | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Net inventories | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Income Taxes Receivable, Current | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Deferred Tax Assets, Net, Current | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Other current assets | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Total current assets | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Net property, plant, and equipment | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Investments in and Advances to Affiliates, Amount of Equity | 5,921,889 | ' | ' | ' | ' | ' | ' | ' | 5,921,889 | ' | ' | ' |
Goodwill | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Deferred Tax Assets, Net, Noncurrent | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Deferred charges and other non-current assets | 24,600 | ' | ' | ' | ' | ' | ' | ' | 24,600 | ' | ' | ' |
Total assets | 5,946,489 | ' | ' | ' | ' | ' | ' | ' | 5,946,489 | ' | ' | ' |
Long-term Debt, Current Maturities | 249,228 | ' | ' | ' | ' | ' | ' | ' | 249,228 | ' | ' | ' |
Accounts Payable, Current | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Due to Affiliate, Current | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Contract advances and allowances | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Accrued compensation | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Accrued Income Taxes, Current | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Other Liabilities, Current | 14,553 | ' | ' | ' | ' | ' | ' | ' | 14,553 | ' | ' | ' |
Total current liabilities | 263,781 | ' | ' | ' | ' | ' | ' | ' | 263,781 | ' | ' | ' |
Long-term Debt, Excluding Current Maturities | 1,843,750 | ' | ' | ' | ' | ' | ' | ' | 1,843,750 | ' | ' | ' |
Accrued pension liability | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Deferred Tax Liabilities, Net, Noncurrent | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Pension and Other Postretirement and Postemployment Benefit Plans, Liabilities, Noncurrent | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Due to Affiliate, Noncurrent | 1,925,136 | ' | ' | ' | ' | ' | ' | ' | 1,925,136 | ' | ' | ' |
Other long-term liabilities | 2,247 | ' | ' | ' | ' | ' | ' | ' | 2,247 | ' | ' | ' |
Total liabilities | 4,034,914 | ' | ' | ' | ' | ' | ' | ' | 4,034,914 | ' | ' | ' |
Stockholders' Equity Attributable to Parent | 1,911,575 | ' | ' | ' | ' | ' | ' | ' | 1,911,575 | ' | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Total equity | 1,911,575 | ' | ' | ' | ' | ' | ' | ' | 1,911,575 | ' | ' | ' |
Total liabilities and equity | 5,946,489 | ' | ' | ' | ' | ' | ' | ' | 5,946,489 | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | -13,545 | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | ' | ' | ' | ' | ' | ' | ' | -1,344,118 | ' | ' | ' |
Payments for (Proceeds from) Other Investing Activities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Proceeds from Sale of Property, Plant, and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | -1,344,118 | ' | ' | ' |
Proceeds from (Payments for) Other Financing Activities | ' | ' | ' | ' | ' | ' | ' | ' | 454,409 | ' | ' | ' |
Proceeds from Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | 280,000 | ' | ' | ' |
Repayments of Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | -280,000 | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | -38,263 | ' | ' | ' |
Early Repayment of Senior Debt | ' | ' | ' | ' | ' | ' | ' | ' | -510,000 | ' | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | 1,560,000 | ' | ' | ' |
Payments of Financing Costs | ' | ' | ' | ' | ' | ' | ' | ' | -21,641 | ' | ' | ' |
Payments for Repurchase of Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | -53,270 | ' | ' | ' |
Payments of Ordinary Dividends, Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | -35,134 | ' | ' | ' |
Proceeds from employee stock compensation plans | ' | ' | ' | ' | ' | ' | ' | ' | 729 | ' | ' | ' |
Excess Tax Benefit (Tax Deficiency) from Share-based Compensation, Financing Activities | ' | ' | ' | ' | ' | ' | ' | ' | 833 | ' | ' | ' |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | 1,357,663 | ' | ' | ' |
Effect of Exchange Rate on Cash and Cash Equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
(Decrease) increase in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 220,056 | ' | ' | ' | 382,725 | ' | ' | ' | 220,056 | 382,725 | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 4,652,506 | ' | ' | ' |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 3,548,338 | ' | ' | ' |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 1,104,168 | ' | ' | ' |
Research and development expense | ' | ' | ' | ' | ' | ' | ' | ' | 59,800 | ' | ' | ' |
Selling | ' | ' | ' | ' | ' | ' | ' | ' | 187,726 | ' | ' | ' |
General and Administrative Expense | ' | ' | ' | ' | ' | ' | ' | ' | 258,131 | ' | ' | ' |
Income before interest, loss on extinguishment of debt, income taxes, and noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 598,511 | ' | ' | ' |
Income (Loss) from Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | -2,641 | ' | ' | ' |
Interest and Debt Expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 1,547 | ' | ' | ' |
Income before income taxes and noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 597,417 | ' | ' | ' |
Income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | 201,520 | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 395,897 | ' | ' | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Net income attributable to Alliant Techsystems Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 395,897 | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 149,000 | ' | ' | ' |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 544,897 | ' | ' | ' |
Less comprehensive income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Comprehensive income attributable to Alliant Techsystems Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 544,897 | ' | ' | ' |
Net receivables | 1,418,583 | ' | ' | ' | ' | ' | ' | ' | 1,418,583 | ' | ' | ' |
Due from Affiliate, Current | 4,876 | ' | ' | ' | ' | ' | ' | ' | 4,876 | ' | ' | ' |
Net inventories | 499,046 | ' | ' | ' | ' | ' | ' | ' | 499,046 | ' | ' | ' |
Income Taxes Receivable, Current | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Deferred Tax Assets, Net, Current | 88,543 | ' | ' | ' | ' | ' | ' | ' | 88,543 | ' | ' | ' |
Other current assets | 57,324 | ' | ' | ' | ' | ' | ' | ' | 57,324 | ' | ' | ' |
Total current assets | 2,288,428 | ' | ' | ' | ' | ' | ' | ' | 2,288,428 | ' | ' | ' |
Net property, plant, and equipment | 684,424 | ' | ' | ' | ' | ' | ' | ' | 684,424 | ' | ' | ' |
Investments in and Advances to Affiliates, Amount of Equity | 203,738 | ' | ' | ' | ' | ' | ' | ' | 203,738 | ' | ' | ' |
Goodwill | 1,783,737 | ' | ' | ' | ' | ' | ' | ' | 1,783,737 | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) | 527,565 | ' | ' | ' | ' | ' | ' | ' | 527,565 | ' | ' | ' |
Deferred Tax Assets, Net, Noncurrent | 1,997,307 | ' | ' | ' | ' | ' | ' | ' | 1,997,307 | ' | ' | ' |
Deferred charges and other non-current assets | 92,475 | ' | ' | ' | ' | ' | ' | ' | 92,475 | ' | ' | ' |
Total assets | 7,577,674 | ' | ' | ' | ' | ' | ' | ' | 7,577,674 | ' | ' | ' |
Long-term Debt, Current Maturities | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Accounts Payable, Current | 300,132 | ' | ' | ' | ' | ' | ' | ' | 300,132 | ' | ' | ' |
Due to Affiliate, Current | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Contract advances and allowances | 105,592 | ' | ' | ' | ' | ' | ' | ' | 105,592 | ' | ' | ' |
Accrued compensation | 125,908 | ' | ' | ' | ' | ' | ' | ' | 125,908 | ' | ' | ' |
Accrued Income Taxes, Current | 6,254 | ' | ' | ' | ' | ' | ' | ' | 6,254 | ' | ' | ' |
Other Liabilities, Current | 269,809 | ' | ' | ' | ' | ' | ' | ' | 269,809 | ' | ' | ' |
Total current liabilities | 807,695 | ' | ' | ' | ' | ' | ' | ' | 807,695 | ' | ' | ' |
Long-term Debt, Excluding Current Maturities | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Accrued pension liability | 557,775 | ' | ' | ' | ' | ' | ' | ' | 557,775 | ' | ' | ' |
Deferred Tax Liabilities, Net, Noncurrent | 103,149 | ' | ' | ' | ' | ' | ' | ' | 103,149 | ' | ' | ' |
Pension and Other Postretirement and Postemployment Benefit Plans, Liabilities, Noncurrent | 74,874 | ' | ' | ' | ' | ' | ' | ' | 74,874 | ' | ' | ' |
Due to Affiliate, Noncurrent | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Other long-term liabilities | 122,153 | ' | ' | ' | ' | ' | ' | ' | 122,153 | ' | ' | ' |
Total liabilities | 1,665,646 | ' | ' | ' | ' | ' | ' | ' | 1,665,646 | ' | ' | ' |
Stockholders' Equity Attributable to Parent | 5,912,028 | ' | ' | ' | ' | ' | ' | ' | 5,912,028 | ' | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Total equity | 5,912,028 | ' | ' | ' | ' | ' | ' | ' | 5,912,028 | ' | ' | ' |
Total liabilities and equity | 7,577,674 | ' | ' | ' | ' | ' | ' | ' | 7,577,674 | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | 391,347 | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | -142,274 | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | ' | ' | ' | ' | ' | ' | ' | 37,005 | ' | ' | ' |
Payments for (Proceeds from) Other Investing Activities | ' | ' | ' | ' | ' | ' | ' | ' | -454,409 | ' | ' | ' |
Proceeds from Sale of Property, Plant, and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | 5,662 | ' | ' | ' |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | -554,016 | ' | ' | ' |
Proceeds from (Payments for) Other Financing Activities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Proceeds from Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Repayments of Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Early Repayment of Senior Debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Payments of Financing Costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Payments for Repurchase of Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Payments of Ordinary Dividends, Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Proceeds from employee stock compensation plans | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Excess Tax Benefit (Tax Deficiency) from Share-based Compensation, Financing Activities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Effect of Exchange Rate on Cash and Cash Equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
(Decrease) increase in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | -162,669 | ' | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 46,576 | ' | ' | ' | 34,564 | ' | ' | ' | 46,576 | 34,564 | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 162,754 | ' | ' | ' |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 127,280 | ' | ' | ' |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 35,474 | ' | ' | ' |
Research and development expense | ' | ' | ' | ' | ' | ' | ' | ' | 2,720 | ' | ' | ' |
Selling | ' | ' | ' | ' | ' | ' | ' | ' | 16,250 | ' | ' | ' |
General and Administrative Expense | ' | ' | ' | ' | ' | ' | ' | ' | 12,008 | ' | ' | ' |
Income before interest, loss on extinguishment of debt, income taxes, and noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 4,496 | ' | ' | ' |
Income (Loss) from Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Interest and Debt Expense | ' | ' | ' | ' | ' | ' | ' | ' | -1,833 | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 412 | ' | ' | ' |
Income before income taxes and noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 3,075 | ' | ' | ' |
Income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | 3,550 | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -475 | ' | ' | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 171 | ' | ' | ' |
Net income attributable to Alliant Techsystems Inc. | ' | ' | ' | ' | ' | ' | ' | ' | -646 | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | -1,505 | ' | ' | ' |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | -1,980 | ' | ' | ' |
Less comprehensive income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 171 | ' | ' | ' |
Comprehensive income attributable to Alliant Techsystems Inc. | ' | ' | ' | ' | ' | ' | ' | ' | -2,151 | ' | ' | ' |
Net receivables | 55,237 | ' | ' | ' | ' | ' | ' | ' | 55,237 | ' | ' | ' |
Due from Affiliate, Current | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Net inventories | 59,204 | ' | ' | ' | ' | ' | ' | ' | 59,204 | ' | ' | ' |
Income Taxes Receivable, Current | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Deferred Tax Assets, Net, Current | 5,073 | ' | ' | ' | ' | ' | ' | ' | 5,073 | ' | ' | ' |
Other current assets | 11,956 | ' | ' | ' | ' | ' | ' | ' | 11,956 | ' | ' | ' |
Total current assets | 178,046 | ' | ' | ' | ' | ' | ' | ' | 178,046 | ' | ' | ' |
Net property, plant, and equipment | 13,127 | ' | ' | ' | ' | ' | ' | ' | 13,127 | ' | ' | ' |
Investments in and Advances to Affiliates, Amount of Equity | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Goodwill | 133,184 | ' | ' | ' | ' | ' | ' | ' | 133,184 | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) | 50,285 | ' | ' | ' | ' | ' | ' | ' | 50,285 | ' | ' | ' |
Deferred Tax Assets, Net, Noncurrent | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Deferred charges and other non-current assets | 151 | ' | ' | ' | ' | ' | ' | ' | 151 | ' | ' | ' |
Total assets | 374,793 | ' | ' | ' | ' | ' | ' | ' | 374,793 | ' | ' | ' |
Long-term Debt, Current Maturities | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Accounts Payable, Current | 15,473 | ' | ' | ' | ' | ' | ' | ' | 15,473 | ' | ' | ' |
Due to Affiliate, Current | 4,876 | ' | ' | ' | ' | ' | ' | ' | 4,876 | ' | ' | ' |
Contract advances and allowances | 195 | ' | ' | ' | ' | ' | ' | ' | 195 | ' | ' | ' |
Accrued compensation | 2,913 | ' | ' | ' | ' | ' | ' | ' | 2,913 | ' | ' | ' |
Accrued Income Taxes, Current | 1,623 | ' | ' | ' | ' | ' | ' | ' | 1,623 | ' | ' | ' |
Other Liabilities, Current | 38,470 | ' | ' | ' | ' | ' | ' | ' | 38,470 | ' | ' | ' |
Total current liabilities | 63,550 | ' | ' | ' | ' | ' | ' | ' | 63,550 | ' | ' | ' |
Long-term Debt, Excluding Current Maturities | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Accrued pension liability | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Deferred Tax Liabilities, Net, Noncurrent | 14,366 | ' | ' | ' | ' | ' | ' | ' | 14,366 | ' | ' | ' |
Pension and Other Postretirement and Postemployment Benefit Plans, Liabilities, Noncurrent | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Due to Affiliate, Noncurrent | 72,168 | ' | ' | ' | ' | ' | ' | ' | 72,168 | ' | ' | ' |
Other long-term liabilities | 544 | ' | ' | ' | ' | ' | ' | ' | 544 | ' | ' | ' |
Total liabilities | 150,628 | ' | ' | ' | ' | ' | ' | ' | 150,628 | ' | ' | ' |
Stockholders' Equity Attributable to Parent | 213,602 | ' | ' | ' | ' | ' | ' | ' | 213,602 | ' | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 10,563 | ' | ' | ' | ' | ' | ' | ' | 10,563 | ' | ' | ' |
Total equity | 224,165 | ' | ' | ' | ' | ' | ' | ' | 224,165 | ' | ' | ' |
Total liabilities and equity | 374,793 | ' | ' | ' | ' | ' | ' | ' | 374,793 | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | 15,218 | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | -3,690 | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | ' | ' | ' | ' | ' | ' | ' | 5,426 | ' | ' | ' |
Payments for (Proceeds from) Other Investing Activities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Proceeds from Sale of Property, Plant, and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | 1,736 | ' | ' | ' |
Proceeds from (Payments for) Other Financing Activities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Proceeds from Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Repayments of Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Early Repayment of Senior Debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Payments of Financing Costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Payments for Repurchase of Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Payments of Ordinary Dividends, Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | -5,000 | ' | ' | ' |
Proceeds from employee stock compensation plans | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Excess Tax Benefit (Tax Deficiency) from Share-based Compensation, Financing Activities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | -5,000 | ' | ' | ' |
Effect of Exchange Rate on Cash and Cash Equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 58 | ' | ' | ' |
(Decrease) increase in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 12,012 | ' | ' | ' |
Consolidation, Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | -40,132 | ' | ' | ' |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | -40,132 | ' | ' | ' |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Research and development expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Selling | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
General and Administrative Expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Income before interest, loss on extinguishment of debt, income taxes, and noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Income (Loss) from Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | -395,251 | ' | ' | ' |
Interest and Debt Expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,707 | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | -1,707 | ' | ' | ' |
Income before income taxes and noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -395,251 | ' | ' | ' |
Income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -395,251 | ' | ' | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Net income attributable to Alliant Techsystems Inc. | ' | ' | ' | ' | ' | ' | ' | ' | -395,251 | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | -147,495 | ' | ' | ' |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | -542,746 | ' | ' | ' |
Less comprehensive income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Comprehensive income attributable to Alliant Techsystems Inc. | ' | ' | ' | ' | ' | ' | ' | ' | -542,746 | ' | ' | ' |
Net receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due from Affiliate, Current | -4,876 | ' | ' | ' | ' | ' | ' | ' | -4,876 | ' | ' | ' |
Net inventories | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Taxes Receivable, Current | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Deferred Tax Assets, Net, Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other current assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total current assets | -4,876 | ' | ' | ' | ' | ' | ' | ' | -4,876 | ' | ' | ' |
Net property, plant, and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in and Advances to Affiliates, Amount of Equity | -6,125,627 | ' | ' | ' | ' | ' | ' | ' | -6,125,627 | ' | ' | ' |
Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Assets, Net, Noncurrent | -1,997,307 | ' | ' | ' | ' | ' | ' | ' | -1,997,307 | ' | ' | ' |
Deferred charges and other non-current assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | -8,127,810 | ' | ' | ' | ' | ' | ' | ' | -8,127,810 | ' | ' | ' |
Long-term Debt, Current Maturities | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Accounts Payable, Current | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Due to Affiliate, Current | -4,876 | ' | ' | ' | ' | ' | ' | ' | -4,876 | ' | ' | ' |
Contract advances and allowances | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Accrued compensation | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Accrued Income Taxes, Current | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Other Liabilities, Current | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Total current liabilities | -4,876 | ' | ' | ' | ' | ' | ' | ' | -4,876 | ' | ' | ' |
Long-term Debt, Excluding Current Maturities | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Accrued pension liability | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Deferred Tax Liabilities, Net, Noncurrent | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Pension and Other Postretirement and Postemployment Benefit Plans, Liabilities, Noncurrent | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Due to Affiliate, Noncurrent | -1,997,304 | ' | ' | ' | ' | ' | ' | ' | -1,997,304 | ' | ' | ' |
Other long-term liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total liabilities | -2,002,180 | ' | ' | ' | ' | ' | ' | ' | -2,002,180 | ' | ' | ' |
Stockholders' Equity Attributable to Parent | -6,125,630 | ' | ' | ' | ' | ' | ' | ' | -6,125,630 | ' | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Total equity | -6,125,630 | ' | ' | ' | ' | ' | ' | ' | -6,125,630 | ' | ' | ' |
Total liabilities and equity | -8,127,810 | ' | ' | ' | ' | ' | ' | ' | -8,127,810 | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | -5,000 | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Payments for (Proceeds from) Other Investing Activities | ' | ' | ' | ' | ' | ' | ' | ' | 454,409 | ' | ' | ' |
Proceeds from Sale of Property, Plant, and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | 454,409 | ' | ' | ' |
Proceeds from (Payments for) Other Financing Activities | ' | ' | ' | ' | ' | ' | ' | ' | -454,409 | ' | ' | ' |
Proceeds from Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Repayments of Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Early Repayment of Senior Debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Payments of Financing Costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Payments for Repurchase of Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Payments of Ordinary Dividends, Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' |
Proceeds from employee stock compensation plans | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Excess Tax Benefit (Tax Deficiency) from Share-based Compensation, Financing Activities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | -449,409 | ' | ' | ' |
Effect of Exchange Rate on Cash and Cash Equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
(Decrease) increase in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' |