Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Jun. 29, 2014 | Aug. 04, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'ALLIANT TECHSYSTEMS INC | ' |
Entity Central Index Key | '0000866121 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 29-Jun-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 Common Stock, Shares Outstanding | ' | 31,933,878 |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' |
Revenue, Net | $1,275,391 | $1,078,743 |
Cost of sales | 964,806 | 836,731 |
Gross profit | 310,585 | 242,012 |
Operating expenses: | ' | ' |
Research and development | 8,814 | 10,425 |
Selling and Marketing Expense | 63,122 | 42,764 |
General and Administrative Expense | 83,094 | 63,198 |
Income before interest, income taxes, and noncontrolling interest | 155,555 | 125,625 |
Interest expense | -23,416 | -13,890 |
Interest income | 26 | 67 |
Income before income taxes and noncontrolling interest | 132,165 | 111,802 |
Income tax provision | 46,498 | 39,661 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 85,667 | 72,141 |
Net Income (Loss) Attributable to Noncontrolling Interest | 69 | 103 |
Net income attributable to Alliant Techsystems Inc. | 85,598 | 72,038 |
Alliant Techsystems Inc. earnings per common share: | ' | ' |
Basic (in dollars per share) | $2.71 | $2.26 |
Diluted (in dollars per share) | $2.59 | $2.24 |
Cash dividends paid per share (in dollars per share) | $0.32 | $0.26 |
Alliant Techsystems Inc. weighted-average number of common shares outstanding: | ' | ' |
Basic (in shares) | 31,640 | 31,892 |
Diluted (in shares) | 33,108 | 32,099 |
Other comprehensive income (loss), net of tax: | ' | ' |
Net Income (from above) | 85,667 | 72,141 |
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 $2,958 and $2,830 | -4,758 | -4,511 |
Reclassification of net actuarial loss for pension and postretirement benefit plans recorded to net income, net of tax expense of $(11,587), and $(14,319) | 18,636 | 22,653 |
Change in fair value of derivatives, net of tax (expense) benefit of $(2,101), and $3,817 | 3,356 | -5,981 |
Other, net of tax (expense) benefit of $(100) and $12 | 160 | -20 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 1,196 | 0 |
Total other comprehensive income | 18,590 | 12,141 |
Comprehensive income | 104,257 | 84,282 |
Less comprehensive income attributable to noncontrolling interest | 69 | 103 |
Comprehensive income attributable to Alliant Techsystems Inc. | $104,188 | $84,179 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 |
Pension and other postretirement benefit liabilities: | ' | ' |
Amortization, pension and other postretirement benefit plans, net prior service cost recognized in net periodic pension cost, tax | $2,958 | $2,830 |
Reclassification, pension and other postretirement benefit plans, net gain (loss) recognized in net periodic benefit cost, tax | -11,587 | -14,319 |
Valuation adjustment for pension and postretirement benefit plans, tax (expense) benefit | ' | 0 |
Change in fair value of derivatives, tax expense | -2,101 | 3,817 |
Change in fair value of available-for-sale securities, tax benefit | -100 | 12 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | $749 | $0 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 29, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $132,739 | $266,632 |
Receivables, Net, Current | 1,686,669 | 1,473,820 |
Net inventories | 562,216 | 558,250 |
Deferred Tax Assets, Net, Current | 93,914 | 93,616 |
Other current assets | 64,556 | 69,280 |
Total current assets | 2,540,094 | 2,461,598 |
Property, Plant and Equipment, Net | 693,353 | 697,551 |
Goodwill | 1,920,914 | 1,916,921 |
Intangible Assets, Net (Excluding Goodwill) | 569,775 | 577,850 |
Deferred charges and other non-current assets | 120,821 | 117,226 |
Total assets | 5,844,957 | 5,771,146 |
Current liabilities: | ' | ' |
Current portion of long-term debt | 247,666 | 249,228 |
Accounts Payable, Current | 318,358 | 315,605 |
Contract advances and allowances | 120,032 | 105,787 |
Accrued compensation | 91,139 | 128,821 |
Accrued Income Taxes, Current | 36,455 | 7,877 |
Other accrued liabilities | 293,143 | 322,832 |
Total current liabilities | 1,106,793 | 1,130,150 |
Long-term debt | 1,843,750 | 1,843,750 |
Deferred Tax Liabilities, Net, Noncurrent | 129,363 | 117,515 |
Postretirement and postemployment benefits liabilities | 71,884 | 74,874 |
Defined Benefit Pension Plan, Liabilities, Noncurrent | 550,244 | 557,775 |
Other long-term liabilities | 119,235 | 124,944 |
Total liabilities | 3,821,269 | 3,849,008 |
Commitments and contingencies (Notes 16) | ' | ' |
Common stock | 319 | 318 |
Additional paid-in-capital | 540,080 | 534,015 |
Retained earnings | 2,864,643 | 2,789,264 |
Accumulated other comprehensive loss | -662,219 | -680,809 |
Common stock in treasury, at cost—9,641,470 shares held at June 29, 2014 and 9,712,877 shares held at March 31, 2014 | -729,767 | -731,213 |
Total Alliant Techsystems Inc. stockholders' equity | 2,013,056 | 1,911,575 |
Stockholders' Equity Attributable to Noncontrolling Interest | 10,632 | 10,563 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,023,688 | 1,922,138 |
Total liabilities and equity | $5,844,957 | $5,771,146 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 29, 2014 | Mar. 31, 2014 |
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 | 31,934,727 | 31,842,642 |
Common stock, outstanding shares | 31,934,727 | 31,842,642 |
Common stock in treasury, shares | 9,641,470 | 9,712,877 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 |
Operating Activities | ' | ' |
Net income | $85,667 | $72,141 |
Adjustments to net income to arrive at cash provided by operating activities: | ' | ' |
Depreciation | 24,949 | 23,143 |
Amortization of intangible assets | 8,369 | 2,734 |
Amortization of debt discount | 1,927 | 1,799 |
Amortization of deferred financing costs | 1,174 | 899 |
Deferred income taxes | 49 | 54 |
(Gain) loss on disposal of property | 761 | 87 |
Share-based plans expense | 3,861 | 3,012 |
Excess tax benefits from share-based plans | -6,739 | -622 |
Changes in assets and liabilities: | ' | ' |
Net receivables | -212,474 | -868 |
Net inventories | -3,980 | -18,208 |
Accounts payable | 8,989 | -175,904 |
Contract advances and allowances | 14,245 | -18,681 |
Accrued compensation | -42,437 | -46,601 |
Accrued income taxes | 42,392 | 30,865 |
Increase (Decrease) in Pension and Postretirement Obligations | 11,267 | -12,918 |
Other assets and liabilities | -29,500 | 3,305 |
Cash used for operating activities | -91,480 | -135,763 |
Investing Activities | ' | ' |
Capital expenditures | -29,501 | -29,552 |
Acquisition of business, net of cash acquired | 0 | -313,963 |
Proceeds from the disposition of property, plant, and equipment | 2,168 | 5,190 |
Cash used for investing activities | -27,333 | -338,325 |
Financing Activities | ' | ' |
Borrowings on line of credit | 65,000 | 200,000 |
Repayments of Lines of Credit | -65,000 | 0 |
Payments made on bank debt | -3,489 | -12,500 |
Purchase of treasury shares | -8,360 | -24,322 |
Dividends paid | -10,219 | -8,372 |
Proceeds from employee stock compensation plans | 0 | 656 |
Excess tax benefits from share-based plans | 6,739 | 622 |
Cash (used for) provided by financing activities | -15,329 | 156,084 |
Effect of Exchange Rate on Cash and Cash Equivalents | 249 | 0 |
(Decrease) increase in cash and cash equivalents | -133,893 | -318,004 |
Cash and cash equivalents at beginning of period | 266,632 | 417,289 |
Cash and cash equivalents at end of period | 132,739 | 99,285 |
Noncash investing activity: | ' | ' |
Capital expenditures included in accounts payable | $10,497 | $3,293 |
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, 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 | ' | ' | ' | ' | ' |
Treasury Shares Acquired but Not yet Paid | 1,140 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Comprehensive income | 84,282 | ' | ' | 72,038 | 12,141 | ' | 103 |
Exercise of stock options | 656 | ' | -227 | ' | ' | 883 | ' |
Exercise of stock options (in shares) | ' | 11,873 | ' | ' | ' | ' | ' |
Restricted stock grants | ' | ' | -4,908 | ' | ' | 4,908 | ' |
Restricted stock grants (in shares) | ' | 59,141 | ' | ' | ' | ' | ' |
Share-based compensation | 3,013 | ' | 3,013 | ' | ' | ' | ' |
Treasury stock purchased | -24,322 | ' | ' | ' | ' | -24,322 | ' |
Treasury stock purchased (in shares) | ' | -321,596 | ' | ' | ' | ' | ' |
Performance shares issued net of treasury stock withheld | -1,212 | ' | -3,540 | ' | ' | 2,328 | ' |
Performance shares issued net of treasury stock withheld (in shares) | ' | 31,608 | ' | ' | ' | ' | ' |
Tax benefit related to share based plans and other | 2,669 | ' | 2,669 | ' | ' | ' | ' |
Dividends paid | -8,372 | ' | ' | -8,372 | ' | ' | ' |
Employee benefit plans and other | -148 | -2 | 431 | ' | ' | -577 | ' |
Employee benefit plans and other (in shares) | ' | -1,958 | ' | ' | ' | ' | ' |
Balance at Jun. 30, 2013 | 1,569,127 | 321 | 531,575 | 2,547,149 | -816,163 | -704,250 | 10,495 |
Balance (in shares) at Jun. 30, 2013 | ' | 32,097,363 | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' |
Treasury Shares Acquired but Not yet Paid | 0 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Comprehensive income | 104,257 | ' | ' | 85,598 | 18,590 | ' | 69 |
Exercise of stock options | 0 | ' | 0 | ' | ' | 0 | ' |
Exercise of stock options (in shares) | ' | 0 | ' | ' | ' | ' | ' |
Restricted stock grants | ' | ' | -2,862 | ' | ' | 2,862 | ' |
Restricted stock grants (in shares) | ' | 32,163 | ' | ' | ' | ' | ' |
Share-based compensation | 3,861 | ' | 3,861 | ' | ' | ' | ' |
Treasury stock purchased | 0 | ' | ' | ' | ' | 0 | ' |
Treasury stock purchased (in shares) | ' | 0 | ' | ' | ' | ' | ' |
Performance shares issued net of treasury stock withheld | -5,808 | ' | -7,388 | ' | ' | 1,580 | ' |
Performance shares issued net of treasury stock withheld (in shares) | ' | 59,193 | ' | ' | ' | ' | ' |
Tax benefit related to share based plans and other | 12,011 | ' | 12,011 | ' | ' | ' | ' |
Dividends paid | -10,219 | ' | ' | -10,219 | ' | ' | ' |
Employee benefit plans and other | -2,552 | 1 | 443 | ' | ' | -2,996 | ' |
Employee benefit plans and other (in shares) | ' | 729 | ' | ' | ' | ' | ' |
Balance at Jun. 29, 2014 | $2,023,688 | $319 | $540,080 | $2,864,643 | ($662,219) | ($729,767) | $10,632 |
Balance (in shares) at Jun. 29, 2014 | ' | 31,934,727 | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_EQU1
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (USD $) | Jun. 29, 2014 | Mar. 31, 2014 |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Basis_of_Presentation_and_Resp
Basis of Presentation and Responsiblity for Interim Financial Statements | 3 Months Ended |
Jun. 29, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation and Responsibility for Interim Financial Statements | ' |
Basis of Presentation and Responsibility for Interim Financial Statements | |
The unaudited condensed consolidated financial statements of Alliant Techsystems Inc. (“the Company” or “ATK”) as set forth in this quarterly report have been prepared in accordance with the requirements of the U.S. Securities and Exchange Commission for interim reporting. As permitted under those rules, certain footnotes and other financial information that are normally required by accounting principles generally accepted in the United States can be condensed or omitted. ATK’s accounting policies are described in the notes to the consolidated financial statements in its Annual Report on Form 10-K for the fiscal year ended March 31, 2014 (“fiscal 2014”). Management is responsible for the unaudited condensed consolidated financial statements included in this document. The condensed consolidated financial statements included in this document are unaudited but, in the opinion of management, include all adjustments necessary for a fair presentation of ATK’s financial position as of June 29, 2014, and its results of operations and cash flows for the quarters ended June 29, 2014 and June 30, 2013. | |
On April 28, 2014, the Company 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 tax-free spin-off of the Sporting Group business to ATK stockholders (the “Distribution”), which will be immediately followed by a tax-free 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. As a result, the Sporting Group continues to be included as part of continuing operations. | |
Sales, expenses, cash flows, assets, and liabilities can and do vary during the year. Therefore, the results and trends in these interim financial statements may not be the same as those for the full year. | |
This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and notes included in its fiscal 2014 Annual Report on Form 10-K. |
New_Accounting_Pronoucements
New Accounting Pronoucements | 3 Months Ended |
Jun. 29, 2014 | |
Accounting Policies [Abstract] | ' |
New Accounting Pronouncements | ' |
2. New Accounting Pronouncements | |
On May 28, 2014, the FASB issued ASU 2014-09 Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, including most industry-specific revenue recognition guidance. This guidance is effective for periods beginning after December 15, 2016 and early application is not permitted. ATK is in the process of evaluating the impact this standard will have on the Company. Other new pronouncements issued but not effective for the Company until after June 29, 2014 are not expected to have a material impact on the Company's continuing financial position, results of operations, or liquidity. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||||||
Jun. 29, 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, interest rate risk, and foreign currency risk, ATK periodically utilizes commodity, interest rate, and foreign currency derivatives, which are considered Level 2 instruments. As discussed further in Note 7, 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 rates 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 June 29, 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. ATK has 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 June 29, 2014 | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Using Inputs Considered as | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets | |||||||||||||||||
Marketable securities | $ | — | $ | 10,395 | $ | — | |||||||||||
Derivatives | — | 1,550 | — | ||||||||||||||
Liabilities | |||||||||||||||||
Derivatives | $ | — | $ | 4,224 | $ | — | |||||||||||
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 | $ | — | |||||||||||
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 June 29, 2014 | As of March 31, 2014 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Fixed rate debt | $ | 844,666 | $ | 1,045,514 | $ | 846,228 | $ | 1,062,078 | |||||||||
Variable rate debt | 1,246,750 | 1,244,880 | 1,246,750 | 1,247,062 | |||||||||||||
Acquisitions
Acquisitions | 3 Months Ended | ||||||||
Jun. 29, 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. For each acquisition, the purchase price 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, and the settlement of purchase price adjustments. ATK believes the acquisition complements ATK's growing portfolio of leading consumer brands and has allowed the Company to build upon its 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 ATK's Sporting Group. The purchase price allocation was completed during the first quarter of fiscal 2015. 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 2014 as if the acquisition had occurred at the beginning of fiscal 2014 is not being presented because the acquisition is not material to ATK for that purpose. ATK has recorded sales of approximately $41,847 and $6,400 for the quarters ended June 29, 2014 and June 30, 2013 and income before interest, income taxes, and noncontrolling interest of approximately $7,521 and $700 for the quarters ended June 29, 2014 and June 30, 2013 associated with the operations of this acquired business. The June 30, 2013 income before interest, income taxes, and noncontrolling interest reflects the expense of a portion of the $12,000 inventory step-up cost. | |||||||||
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 customary post-closing adjustments. ATK believes the acquisition broadened the Company's existing capabilities in the commercial shooting sports market and expands the 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 ATK's 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. ATK expects the purchase price allocation to be completed within 12 months of the acquisition date. A portion of the goodwill generated in this acquisition will be deductible for tax purposes. ATK has recorded sales of approximately $124,778 for the quarter ended June 29, 2014 and income before interest, income taxes, and noncontrolling interest of approximately $5,321 for the quarter ended June 29, 2014 associated with the operations of this acquired business, including transition costs. | |||||||||
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 | 4,185 | ||||||||
Total purchase price | $ | 989,185 | |||||||
Fair value of assets acquired: | |||||||||
Net receivables | $ | 111,036 | |||||||
Net inventories | 153,748 | ||||||||
Tradename, technology, and customer relationship intangibles | 364,843 | ||||||||
Property, Plant, and Equipment | 25,080 | ||||||||
Other assets | 9,820 | ||||||||
Total assets | 664,527 | ||||||||
Fair value of liabilities assumed: | |||||||||
Accounts Payable | 80,092 | ||||||||
Deferred tax liabilities | 72,349 | ||||||||
Other liabilities | 28,746 | ||||||||
Total liabilities | $ | 181,187 | |||||||
Net assets acquired | $ | 483,340 | |||||||
Preliminary goodwill | $ | 505,845 | |||||||
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 quarter ended June 30, 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: | |||||||||
QUARTER ENDED | |||||||||
(Amounts in thousands except per share data) | 30-Jun-13 | ||||||||
Sales | $ | 1,220,004 | |||||||
Net income attributable to Alliant Techsystems Inc. | 74,392 | ||||||||
Basic earnings per common share | 2.33 | ||||||||
Diluted earnings per common share | 2.32 | ||||||||
There were no acquisitions during the first quarter of fiscal 2015. |
Goodwill_and_Deferred_Charges_
Goodwill and Deferred Charges and Other Non-Current Assets | 3 Months Ended | ||||||||||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||||||||||
Goodwill and Deferred Charges and Other Non-Current Assets | ' | ||||||||||||||||||||||||
Goodwill and Deferred Charges and Other Non-Current Assets | ' | ||||||||||||||||||||||||
e changes in the carrying amount of goodwill by segment were as follows: | |||||||||||||||||||||||||
Aerospace | Defense | Sporting | Total | ||||||||||||||||||||||
Group | Group | Group | |||||||||||||||||||||||
Balance, March 31, 2014 | $ | 676,516 | $ | 366,947 | $ | 873,458 | $ | 1,916,921 | |||||||||||||||||
Opening balance sheet adjustments | — | — | 3,358 | 3,358 | |||||||||||||||||||||
Effect of foreign currency exchange rates | — | — | 635 | 635 | |||||||||||||||||||||
Balance at June 29, 2014 | $ | 676,516 | $ | 366,947 | $ | 877,451 | $ | 1,920,914 | |||||||||||||||||
The acquisitions in the Sporting Group related to the final purchase price allocation adjustments to the original purchase price allocation for Savage and the preliminary purchase price allocation Bushnell as previously discussed. | |||||||||||||||||||||||||
The goodwill recorded within Aerospace Group above is presented net of $108,500 of accumulated impairment losses. | |||||||||||||||||||||||||
Included in Net intangible assets as of June 29, 2014 and March 31, 2014 are $204,298 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: | |||||||||||||||||||||||||
29-Jun-14 | 31-Mar-14 | ||||||||||||||||||||||||
Gross | Accumulated | Total | Gross | Accumulated | Total | ||||||||||||||||||||
carrying | amortization | carrying | amortization | ||||||||||||||||||||||
amount | amount | ||||||||||||||||||||||||
Trade name | $ | 184,660 | $ | (24,857 | ) | $ | 159,803 | $ | 184,660 | $ | (21,723 | ) | $ | 162,937 | |||||||||||
Patented technology | 33,389 | (11,225 | ) | 22,164 | 33,389 | (10,325 | ) | 23,064 | |||||||||||||||||
Customer relationships and other | 226,399 | (42,889 | ) | 183,510 | 226,105 | (38,554 | ) | 187,551 | |||||||||||||||||
Total | $ | 444,448 | $ | (78,971 | ) | $ | 365,477 | $ | 444,154 | $ | (70,602 | ) | $ | 373,552 | |||||||||||
The assets in the table above are being amortized using a straight-line method over a weighted average remaining period of approximately 12.8 years. Amortization expense for the quarter ended June 29, 2014 and June 30, 2013 was $8,369 and $2,734, respectively. ATK expects amortization expense related to these assets to be as follows: | |||||||||||||||||||||||||
Remainder of fiscal 2015 | $ | 25,584 | |||||||||||||||||||||||
Fiscal 2016 | 32,712 | ||||||||||||||||||||||||
Fiscal 2017 | 30,422 | ||||||||||||||||||||||||
Fiscal 2018 | 30,422 | ||||||||||||||||||||||||
Fiscal 2019 | 27,678 | ||||||||||||||||||||||||
Thereafter | 218,659 | ||||||||||||||||||||||||
Total | $ | 365,477 | |||||||||||||||||||||||
Deferred charges and other non-current assets consist of the following: | |||||||||||||||||||||||||
June 29, 2014 | March 31, 2014 | ||||||||||||||||||||||||
Gross debt issuance costs | $ | 28,356 | $ | 28,356 | |||||||||||||||||||||
Less accumulated amortization | (5,258 | ) | (4,084 | ) | |||||||||||||||||||||
Net debt issuance costs | 23,098 | 24,272 | |||||||||||||||||||||||
Parts inventory | 11,117 | 10,921 | |||||||||||||||||||||||
Environmental remediation receivable | 21,421 | 22,128 | |||||||||||||||||||||||
Derivative contracts | 3 | 328 | |||||||||||||||||||||||
Other non-current assets | 65,182 | 59,577 | |||||||||||||||||||||||
Total deferred charges and other non-current assets | $ | 120,821 | $ | 117,226 | |||||||||||||||||||||
Earnings_Per_Share_Data
Earnings Per Share Data | 3 Months Ended | |||||||
Jun. 29, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Share Data | ' | |||||||
asic 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 and contingently issuable shares related to ATK's Convertible Senior Subordinated Notes (see Note 12) during each period presented, which, if exercised, earned, or converted, would have a dilutive effect on EPS. In computing EPS for the quarter ended June 29, 2014 and June 30, 2013 earnings, as reported for each respective period, is divided by (in thousands): | ||||||||
Quarters Ended | ||||||||
June 29, 2014 | June 30, 2013 | |||||||
Basic EPS shares outstanding | 31,640 | 31,892 | ||||||
Dilutive effect of stock-based awards | 315 | 207 | ||||||
Dilutive effect of contingently issuable shares | 1,153 | — | ||||||
Diluted EPS shares outstanding | 33,108 | 32,099 | ||||||
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 | 44 | 110 | ||||||
As discussed further in Note 12, contingently issuable shares related to ATK’s 3.00% Convertible Senior Subordinated Notes due 2024 are not included in diluted EPS for the quarter ended June 30, 2013 because ATK’s average stock price during that period did not exceed the triggering price. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended | ||||||||||||||||||
Jun. 29, 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 currency exchange risks. | ||||||||||||||||||
In the normal course of business, these risks are managed through a variety of strategies, including the use of derivative instruments. ATK uses commodity forward contracts to hedge forecasted purchases of certain commodities, foreign currency exchange contracts to hedge forecasted transactions denominated in a foreign currency, and 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. 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 in fiscal 2014 whereby the Company pays 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 estimates obtained from the counterparties. The Company perform's assessments of the effectiveness of hedge instruments on a quarterly basis and during fiscal 2015 and 2014 determined the hedges to be highly effective. The counterparties to the interest rate swap agreements expose the Company to credit risk in the event of nonperformance. However, at June 29, 2014, four of the outstanding swap agreements were in a net liability position which would require the Company to make the net settlement payments to the counterparties. ATK does not anticipate nonperformance by the Company's counterparties. ATK does not hold or issue derivative financial instruments for trading purposes. | |||||||||||||||||||
ATK has not entered into any foreign currency forward contracts during fiscal 2015 or 2014. Previous contracts 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, interest rate, and foreign currency forward contracts are 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. The gains or losses on the interest rate swaps are recorded in interest expense when the interest payments are made. | |||||||||||||||||||
As of June 29, 2014, ATK had the following outstanding commodity forward contracts that were entered into to hedge forecasted purchases: | |||||||||||||||||||
Number of | |||||||||||||||||||
Pounds | |||||||||||||||||||
Copper | 25,800,000 | ||||||||||||||||||
Zinc | 10,025,000 | ||||||||||||||||||
As of June 29, 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 footnote 12 for additional information. | |||||||||||||||||||
As of June 29, 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 | 29-Jun-14 | 31-Mar-14 | 29-Jun-14 | 31-Mar-14 | |||||||||||||||
Commodity forward contracts | Other current assets / | $ | 1,547 | $ | — | $ | 783 | $ | 6,212 | ||||||||||
other accrued liabilities | |||||||||||||||||||
Commodity forward contracts | Deferred charges and | — | — | — | 176 | ||||||||||||||
other non-current | |||||||||||||||||||
assets / other long-term liabilities | |||||||||||||||||||
Interest rate contracts | Deferred charges and | $ | 3 | $ | 328 | $ | 3,441 | $ | 2,071 | ||||||||||
other non-current | |||||||||||||||||||
assets / other long-term liabilities | |||||||||||||||||||
Total | $ | 1,550 | $ | 328 | $ | 4,224 | $ | 8,459 | |||||||||||
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, interest rate swaps, 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 | ||||||||||||||||
Quarter ended June 29, 2014 | |||||||||||||||||||
Commodity forward contracts | Cost of Sales | $ | (2,525 | ) | Cost of Sales | $ | — | ||||||||||||
Interest rate contracts | Interest expense | (1,041 | ) | Interest expense | — | ||||||||||||||
Foreign currency forward contracts | Cost of Sales | — | Cost of Sales | — | |||||||||||||||
Quarter ended June 30, 2013 | |||||||||||||||||||
Commodity forward contracts | Cost of Sales | $ | (967 | ) | Cost of Sales | $ | (1,637 | ) | |||||||||||
Interest rate contracts | Interest expense | — | Interest expense | — | |||||||||||||||
Foreign currency forward contracts | Cost of Sales | — | Cost of Sales | — | |||||||||||||||
All derivatives used by ATK during the periods presented were designated as hedging instruments. | |||||||||||||||||||
During the quarter ended June 30, 2013 there was a loss of $1,637 recognized in earnings as a result of ineffectiveness on forward contracts for copper and zinc. ATK expects that the remaining 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. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 3 Months Ended | |||||||||||||||||||
Jun. 29, 2014 | ||||||||||||||||||||
Other Comprehensive Income [Abstract] | ' | |||||||||||||||||||
Accumulated Other Comprehensive Income | ' | |||||||||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||||||||
The components of accumulated other comprehensive income (loss) ("AOCI"), net of income taxes, are as follows: | ||||||||||||||||||||
June 29, 2014 | March 31, 2014 | |||||||||||||||||||
Derivatives | $ | (1,666 | ) | $ | (5,022 | ) | ||||||||||||||
Pension and other postretirement benefit liabilities | (661,236 | ) | (675,114 | ) | ||||||||||||||||
Cumulative translation adjustment | (309 | ) | 832 | |||||||||||||||||
Available-for-sale securities | 992 | (1,505 | ) | |||||||||||||||||
Total accumulated other comprehensive loss | $ | (662,219 | ) | $ | (680,809 | ) | ||||||||||||||
The following table summarizes the changes in the balance of AOCI, net of income tax: | ||||||||||||||||||||
Quarter ended June 29, 2014 | ||||||||||||||||||||
Derivatives | Pension and other Postretire-ment Benefits | Available for Sale Securities | Cumulative translation adjustment | Total | ||||||||||||||||
Beginning of period unrealized gain (loss) in AOCI | $ | (5,022 | ) | $ | (675,114 | ) | $ | 832 | $ | (1,505 | ) | $ | (680,809 | ) | ||||||
Net decrease in fair value of derivatives | 1,146 | — | 1,146 | |||||||||||||||||
Net losses reclassified from AOCI, offsetting the price paid to suppliers ± | 2,210 | — | 2,210 | |||||||||||||||||
Net actuarial losses reclassified from AOCI # | 18,636 | — | 18,636 | |||||||||||||||||
Prior service costs reclassified from AOCI # | (4,758 | ) | — | (4,758 | ) | |||||||||||||||
Net change in cumulative translation adjustment | — | — | — | 1,196 | 1,196 | |||||||||||||||
Other | 160 | — | 160 | |||||||||||||||||
End of period unrealized loss in AOCI | $ | (1,666 | ) | $ | (661,236 | ) | $ | 992 | $ | (309 | ) | $ | (662,219 | ) | ||||||
± Amounts related to the Company's derivative instruments that were reclassified from AOCI were recorded as a component of cost of sales or interest expense for each period presented. | ||||||||||||||||||||
# Amounts related to the Company's 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 13). | ||||||||||||||||||||
Quarter ended June 30, 2013 | ||||||||||||||||||||
Derivatives | Pension and other Postretire-ment Benefits | Available for Sale Securities | Total | |||||||||||||||||
Beginning of period unrealized gain (loss) in AOCI | $ | (2,192 | ) | $ | (826,898 | ) | $ | 786 | $ | (828,304 | ) | |||||||||
Net decrease in fair value of derivatives | (7,570 | ) | — | — | (7,570 | ) | ||||||||||||||
Net losses reclassified from OCI, offsetting the price paid to suppliers ± | 590 | — | — | 590 | ||||||||||||||||
Net losses reclassified from OCI, due to ineffectiveness ± | 999 | — | — | 999 | ||||||||||||||||
Net actuarial losses reclassified from AOCI # | — | 22,653 | — | 22,653 | ||||||||||||||||
Prior service costs reclassified from AOCI # | — | (4,511 | ) | — | (4,511 | ) | ||||||||||||||
Other | — | — | (20 | ) | (20 | ) | ||||||||||||||
End of period unrealized loss in AOCI | $ | (8,173 | ) | $ | (808,756 | ) | $ | 766 | $ | (816,163 | ) | |||||||||
± Amounts related to the Company's derivative instruments that were reclassified from AOCI were recorded as a component of cost of sales or interest expense for each period presented. | ||||||||||||||||||||
# Amounts related to the Company's 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 13). |
Receivables
Receivables | 3 Months Ended | ||||||||
Jun. 29, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Receivables | ' | ||||||||
Receivables | |||||||||
Receivables, including amounts due under long-term contracts ("contract receivables"), are summarized as follows: | |||||||||
June 29, 2014 | March 31, 2014 | ||||||||
Billed receivables | $ | 664,250 | $ | 479,950 | |||||
Unbilled receivables | 1,011,277 | 979,640 | |||||||
Other | 11,142 | 14,230 | |||||||
Net receivables | $ | 1,686,669 | $ | 1,473,820 | |||||
Receivable balances are shown net of customer progress payments received of $509,937 as of June 29, 2014 and $527,670 as of March 31, 2014. | |||||||||
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 June 29, 2014 and March 31, 2014, the net receivable balance includes contract related unbilled receivables that ATK does not expect to collect within the next fiscal year of $258,200 and $264,400, respectively. |
Inventories
Inventories | 3 Months Ended | ||||||||
Jun. 29, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories | |||||||||
Inventories consist of the following: | |||||||||
29-Jun-14 | 31-Mar-14 | ||||||||
Raw materials | $ | 170,177 | $ | 136,414 | |||||
Work/Contracts in process | 128,132 | 150,071 | |||||||
Finished Goods | 263,907 | 271,765 | |||||||
Net inventories | $ | 562,216 | $ | 558,250 | |||||
Other_Liabilities
Other Liabilities | 3 Months Ended | ||||||||
Jun. 29, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Other Liabilities | ' | ||||||||
major categories of other current and long-term accrued liabilities are as follows: | |||||||||
June 29, 2014 | March 31, 2014 | ||||||||
Employee benefits and insurance, including pension and other postretirement benefits | $ | 67,738 | $ | 65,858 | |||||
Warranty | 19,107 | 19,080 | |||||||
Interest | 15,156 | 8,341 | |||||||
Environmental remediation | 6,996 | 8,550 | |||||||
Rebate | 22,958 | 17,593 | |||||||
Deferred lease obligation | 24,005 | 26,257 | |||||||
Derivative contracts | 783 | 6,212 | |||||||
Federal excise tax | 33,926 | 35,892 | |||||||
Other | 102,474 | 135,049 | |||||||
Total other accrued liabilities—current | $ | 293,143 | $ | 322,832 | |||||
Environmental remediation | $ | 42,998 | $ | 44,938 | |||||
Management nonqualified deferred compensation plan | 16,069 | 17,043 | |||||||
Non-current portion of accrued income tax liability | 19,696 | 18,659 | |||||||
Deferred lease obligation | 19,949 | 19,791 | |||||||
Other | 20,523 | 24,513 | |||||||
Total other long-term liabilities | $ | 119,235 | $ | 124,944 | |||||
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 fiscal 2015: | |||||||||
Balance at March 31, 2014 | $ | 19,080 | |||||||
Payments made | 1,139 | ||||||||
Warranties issued | (686 | ) | |||||||
Changes related to preexisting warranties | (426 | ) | |||||||
Balance at June 29, 2014 | $ | 19,107 | |||||||
LongTerm_Debt
Long-Term Debt | 3 Months Ended | |||||||||||||||
Jun. 29, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Long-Term Debt | ' | |||||||||||||||
Long-Term Debt | ||||||||||||||||
As of June 29, 2014, long-term debt, including the current portion, consisted of the following: | ||||||||||||||||
29-Jun-14 | 31-Mar-14 | |||||||||||||||
Senior Credit Facility dated November 1, 2013 (1): | ||||||||||||||||
Term A Loan due 2018 | $ | 997,375 | $ | 997,375 | ||||||||||||
Term B Loan due 2020 | 249,375 | 249,375 | ||||||||||||||
Revolving Credit Facility due 2018 | — | — | ||||||||||||||
5.25% Senior Notes due 2021 (2) | 300,000 | 300,000 | ||||||||||||||
6.875% Senior Subordinated Notes due 2020 (3) | 350,000 | 350,000 | ||||||||||||||
3.00% Convertible Senior Subordinated Notes due 2024 (4) | 195,951 | 199,440 | ||||||||||||||
Principal amount of long-term debt | 2,092,701 | 2,096,190 | ||||||||||||||
Less: Unamortized discounts | 1,285 | 3,212 | ||||||||||||||
Carrying amount of long-term debt | 2,091,416 | 2,092,978 | ||||||||||||||
Less: current portion | 247,666 | 249,228 | ||||||||||||||
Carrying amount of long-term debt, excluding current portion | $ | 1,843,750 | $ | 1,843,750 | ||||||||||||
(1) In fiscal 2014, 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 on November 1, 2018, and a Term Loan B of $250,000, which matures on November 1, 2020. The Term A Loan is subject to quarterly principal payments of $12,625, with the remaining balance due on November 1, 2018. The Term B Loan is subject to quarterly principal payments of $625, 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 2.56% at June 29, 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 June 29, 2014, ATK had no borrowings against its $700,000 Revolving Credit Facility and had outstanding letters of credit of $159,341, which reduced amounts available on the Revolving Credit Facility to $540,659. Debt issuance costs totaling approximately $19,000 are being amortized over the term of each related Term Loan. | ||||||||||||||||
(2) In fiscal 2014, 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 8 years, the term of the notes. | ||||||||||||||||
(3) 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 10 years. | ||||||||||||||||
(4) 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. | ||||||||||||||||
Subsequent to June 29, 2014, ATK purchased the majority of these notes and announced an offer to repurchase the remaining notes on August 15, 2014, as well as ATK's election to redeem any then remaining notes on August 20, 2014. See footnote 22 for additional information. The convertible shares had an impact on diluted shares outstanding for the quarter ended June 29, 2014 of 1,153,000 because ATK's average stock price exceeded the conversion price during that period. For the quarter ended June 30, 2013, there was no impact on diluted shares outstanding because ATK's average stock price did not exceed the conversion price during that period. | ||||||||||||||||
The current authoritative accounting literature requires that issuers of convertible debt instruments that may be settled in cash upon conversion separately account for the liability and equity components in a manner that reflects the entity’s nonconvertible debt borrowing rate when interest cost is recognized in subsequent periods. This provision applies to the convertible debt instrument discussed above. | ||||||||||||||||
The unamortized discount is amortized through interest expense into earnings over the expected term of the convertible notes. The following table provides additional information about ATK’s 3.00% Convertible Notes: | ||||||||||||||||
29-Jun-14 | 31-Mar-14 | |||||||||||||||
Carrying amount of the equity component | $ | 56,849 | $ | 56,849 | ||||||||||||
Principal amount of the liability component | $ | 195,951 | $ | 199,440 | ||||||||||||
Unamortized discount of liability component | $ | 1,285 | $ | 3,212 | ||||||||||||
Net carrying amount of liability component | $ | 194,666 | $ | 196,228 | ||||||||||||
Remaining amortization period of discount (months) | 2 | 5 | ||||||||||||||
Effective interest rate on liability component | 7 | % | 7 | % | ||||||||||||
Based on ATK's closing stock price of $136.60 on June 29, 2014, the if-converted value of these notes exceeded the aggregate principal amount of the notes by $154,758. | ||||||||||||||||
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 June 29, 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 | $ | (753 | ) | 0.87 | % | 0.15 | % | Aug-16 | ||||||
Non-amortizing swap | $ | 100,000 | $ | (1,055 | ) | 1.29 | % | 0.15 | % | Aug-17 | ||||||
Non-amortizing swap | $ | 100,000 | $ | (1,523 | ) | 1.69 | % | 0.15 | % | Aug-18 | ||||||
Non-amortizing swap | $ | 50,000 | $ | 3 | 0.65 | % | 0.15 | % | Nov-16 | |||||||
Non-amortizing swap | $ | 50,000 | $ | (109 | ) | 1.1 | % | 0.15 | % | Nov-17 | ||||||
The amount to be paid or received under these swaps is recorded as an adjustment to interest expense. | ||||||||||||||||
See Note 9 to the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2014 for additional information regarding the terms and conditions of the Company’s outstanding debt agreements. | ||||||||||||||||
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), all of which are subordinated in right of payment to all existing and future senior secured 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 subsidaries become more than minor. See footnote 20 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 due 2024 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: | ||||||||||||||||
Remainder of fiscal 2015 | $ | 248,951 | ||||||||||||||
Fiscal 2016 | 53,000 | |||||||||||||||
Fiscal 2016 | 53,000 | |||||||||||||||
Fiscal 2018 | 53,000 | |||||||||||||||
Fiscal 2019 | 797,875 | |||||||||||||||
Thereafter | 886,875 | |||||||||||||||
Total | $ | 2,092,701 | ||||||||||||||
ATK's total debt (current portion of debt and long-term debt) as a percentage of total capitalization (total debt and stockholders' equity) was 51% and 52% as of June 29, 2014 and March 31, 2014, 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 June 29, 2014, this limit was approximately $913,249. 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 stock 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 June 29, 2014, ATK was in compliance with the financial covenants. | ||||||||||||||||
Cash Paid for Interest on Debt | ||||||||||||||||
Cash paid for interest totaled $12,291 in the quarter ended June 29, 2014 and $3,726 in the quarter ended June 30, 2013. | ||||||||||||||||
Subsequent Events | ||||||||||||||||
See footnote 22 for information regarding debt transactions that occurred subsequent to June 29, 2014. |
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended | |||||||||
Jun. 29, 2014 | ||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||
Employee Benefit Plans | ' | |||||||||
Employee Benefit Plans | ||||||||||
The components of net periodic benefit cost are as follows: | ||||||||||
Pension Benefits | ||||||||||
Quarters Ended | ||||||||||
Components of Net Periodic Benefit Cost | June 29, 2014 | June 30, 2013 | ||||||||
Service cost | $ | 5,849 | $ | 8,691 | ||||||
Interest cost | 32,596 | 32,563 | ||||||||
Expected return on plan assets | (41,803 | ) | (40,278 | ) | ||||||
Amortization of unrecognized net loss | 29,814 | 36,473 | ||||||||
Amortization of unrecognized prior service cost | (5,622 | ) | (5,246 | ) | ||||||
Net periodic benefit cost | $ | 20,834 | $ | 32,203 | ||||||
Other Postretirement Benefits | ||||||||||
Quarters Ended | ||||||||||
Components of Net Periodic Benefit Income | June 29, 2014 | June 30, 2013 | ||||||||
Service cost | $ | 1 | $ | 2 | ||||||
Interest cost | 1,203 | 1,302 | ||||||||
Expected return on plan assets | (888 | ) | (855 | ) | ||||||
Amortization of unrecognized net loss | 409 | 572 | ||||||||
Amortization of unrecognized prior service cost | (2,094 | ) | (2,095 | ) | ||||||
Net periodic benefit income | $ | (1,369 | ) | $ | (1,074 | ) | ||||
Employer Contributions. During the quarter ended June 29, 2014, ATK contributed $3,000 directly to the pension trust and $1,174 directly to retirees under its nonqualified supplemental executive retirement plan. ATK also contributed $3,162 to its other postretirement benefit plans. ATK anticipates making additional contributions of approximately $77,400 in order to meet the minimum required contributions for FY 2015. ATK anticipates making additional contributions of approximately $3,326 directly to retirees under the nonqualified plan and $7,644 to its other postretirement benefit plans during the remainder of fiscal 2015. |
Income_Taxes
Income Taxes | 3 Months Ended |
Jun. 29, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
ATK’s provision for income taxes includes federal, foreign, and state income taxes. Income tax provisions for interim periods are based on estimated effective annual income tax rates. | |
The income tax provisions for the quarters ended June 29, 2014 and June 30, 2013 represent effective tax rates of 35.2% and 35.5%, respectively. The decrease in the rate from the prior year quarter is primarily due to nondeductible acquisition-related costs in the prior year offset by the expiration of the Federal research and development tax credit ("R&D tax credit"). | |
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. ATK does not believe they will have a material impact on ATK's 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, ATK is no longer subject to U.S. federal, state and local, or foreign income tax examinations by tax authorities for years prior to 2008. 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. The Company believes appropriate provisions for all outstanding issues have been made for all remaining open years in all jurisdictions. | |
Although the timing and outcome of audit settlements are uncertain, it is reasonably possible that a $4,677 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 $4,286. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |
Jun. 29, 2014 | ||
Equity [Abstract] | ' | |
Stock-Based Compensation | ' | |
Stock-Based Compensation | ||
ATK has authorized 5,000,000 shares of preferred stock, par value $1.00, none of which has been issued. | ||
Total pre-tax stock-based compensation expense of $3,861 and $3,012 was recognized during the quarters ended June 29, 2014 and June 30, 2013, respectively. | ||
The total income tax benefit recognized in the income statement for share-based compensation was $1,482 and $1,169 during the quarters ended June 29, 2014 and June 30, 2013, respectively. | ||
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 June 29, 2014, ATK has authorized up to 3,982,360 common shares under the 2005 Stock Incentive Plan, of which 999,703 common shares are available to be granted. No new grants will be made out of the other two 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 June 29, 2014, there were up to 280,714 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: | ||
• | up to 102,848 shares will become payable only upon achievement of certain financial performance goals, including sales 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 and return on invested capital, for the fiscal 2014 through fiscal 2016 period; and | |
• | up to 82,940 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. | |
There were 54,489 shares earned during fiscal 2014 upon achievement of certain financial performance goals, including EPS, for the fiscal 2012 through fiscal 2014 period, which were distributed or deferred in May 2014. As other financial performance goals were not met, 165,951 shares were forfeited during fiscal 2014. | ||
As of June 29, 2014, there were up to 27,647 shares reserved for TSR awards for key employees. ATK uses an integrated Monte Carlo simulation model to determine the fair value of the TSR 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. There were no TSR awards granted during the quarter ended June 29, 2014. | ||
Of the shares reserved for TSR awards for key employees, 27,647 shares will become payable upon satisfaction of the market conditions stipulated for the fiscal 2015 through 2017 period. | ||
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 38,015 shares during the quarter ended June 29, 2014. 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. There were no stock options granted during the quarters ended June 29, 2014 and June 30, 2013. |
Contingencies
Contingencies | 3 Months Ended | ||||||||||||||||
Jun. 29, 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 the Company's 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 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. | |||||||||||||||||
On May 5, 2014, a purported stockholder class action and derivative complaint was filed in the Circuit Court of Arlington County, Virginia by Michael Blank, who claims to be a stockholder of Orbital, alleging, among other things, that the directors of Orbital breached their fiduciary duties in connection with the Transaction between Orbital and ATK, as described above, and alleging that ATK aided and abetted such breaches of fiduciary duty. A similar purported class action was filed on May 9, 2014, by Gregory Ericksen in the Court of Chancery of the State of Delaware. Plaintiffs in Virginia and Delaware seek, among other relief, to enjoin the Transaction (or, in the Delaware action, to rescind it in the event it is consummated). ATK believes the allegations and claims asserted in the complaints in the Virginia and Delaware actions to be without merit and intends to defend those actions vigorously. 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 June 29, 2014, based on progress to date on certain contracts, there is approximately $32,074 included in unbilled receivables for contract claims compared to $35,113 as of March 31, 2014. | |||||||||||||||||
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, 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. | |||||||||||||||||
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 1.25% and 1.5% as of June 29, 2014 and March 31, 2014, 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: | |||||||||||||||||
29-Jun-14 | 31-Mar-14 | ||||||||||||||||
Liability | Receivable | Liability | Receivable | ||||||||||||||
Amounts (payable) receivable | $ | (55,107 | ) | $ | 28,062 | $ | (58,194 | ) | $ | 28,540 | |||||||
Unamortized discount | 5,113 | (2,388 | ) | 4,706 | (2,152 | ) | |||||||||||
Present value amounts (payable) receivable | $ | (49,994 | ) | $ | 25,674 | $ | (53,488 | ) | $ | 26,388 | |||||||
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 $49,994 discounted liability as of June 29, 2014, $6,996 was recorded within other current liabilities and $42,998 was recorded within other long-term liabilities. Of the $25,674 discounted receivable, ATK recorded $4,253 within other current assets and $21,421 within other non-current assets. As of June 29, 2014, the estimated discounted range of reasonably possible costs of environmental remediation was $49,994 to $77,051. | |||||||||||||||||
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 in Note 13 to the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2014. | |||||||||||||||||
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, ATK 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, ATK has concluded that these matters, individually or in the aggregate, will not have a material adverse effect on the Company's operating results, financial condition, or cash flows. |
Share_Repurchase
Share Repurchase | 3 Months Ended |
Jun. 29, 2014 | |
Share Repurchases [Abstract] | ' |
Share Repurchases | ' |
Share Repurchases | |
On January 31, 2012, ATK's Board of Directors authorized a share repurchase program of up to $200,000 worth of shares of ATK common stock, executable over the following 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 repurchase authorization also allows the Company to make repurchases under Rule 10b5-1 of the Securities Exchange Act of 1934. During the quarter ended June 29, 2014, ATK did not repurchase any shares. During the quarter ended June 30, 2013, ATK repurchased 321,956 shares for $24,322. In accordance with the Transaction Agreement ATK entered into on April 28, 2014, ATK will not repurchase any outstanding shares prior to the closing of the transaction. |
Changes_in_Estimates
Changes in Estimates | 3 Months Ended |
Jun. 29, 2014 | |
Changes in Estimates [Abstract] | ' |
Changes in Estimates | ' |
Changes in Estimates | |
The majority of ATK’s sales are accounted for as long-term contracts, which are accounted for under the percentage-of-completion method (“POC”). Accounting for contracts under the POC method requires judgment relative to assessing risks and estimating contract revenues and costs. 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, positive or negative, 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 $23,845 and $26,010 for the quarters ended June 29, 2014 and June 30, 2013, respectively. The current quarter adjustments were primarily driven by higher profit expectations Space Systems Operations division. The prior year quarter adjustments were primarily driven by performance improvements as the current contracts for the Lake City Army Ammunition Plant neared completion and improved profit expectations for a Space Systems Operations program. |
Realignment_Obligations
Realignment Obligations | 3 Months Ended | ||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||
Realignment Obligations | ' | ||||||||||||||||
Realignment Obligations | ' | ||||||||||||||||
Realignment Obligations | |||||||||||||||||
In May 2014 ATK consolidated its Eden Prairie, Minnesota corporate facility. In conjunction with this consolidation, ATK incurred realignment charges in the first quarter of fiscal 2015. The charges related primarily to the fair value of the remaining lease rentals, asset impairment charges, and costs associated with facility reconfiguration. ATK had no realignment liability as of March 31, 2014. The following table summarizes ATK’s realignment liability activity during fiscal 2015 related to the remaining lease rentals and relocation and other costs that were recorded in General and Administrative expense: | |||||||||||||||||
Remaining Lease Rentals | Asset | Facility | Total | ||||||||||||||
Impairment | Relocation | ||||||||||||||||
and Other | |||||||||||||||||
Costs | |||||||||||||||||
Balance at March 31, 2014 | $ | — | $ | — | $ | — | $ | — | |||||||||
Expense | 6,774 | 2,465 | 1,385 | 10,624 | |||||||||||||
Cash paid | — | — | (452 | ) | (452 | ) | |||||||||||
Non-cash settlements | — | (2,465 | ) | — | (2,465 | ) | |||||||||||
Balance at June 29, 2014 | $ | 6,774 | $ | — | $ | 933 | $ | 7,707 | |||||||||
Operating_Segment_Information
Operating Segment Information | 3 Months Ended | |||||||||
Jun. 29, 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 the quarter ended June 29, 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 30% of ATK’s external sales in the quarter ended June 29, 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 44% of ATK’s external sales in the quarter ended June 29, 2014, develops and produces commercial ammunition, accessories, rifles and shotguns for the hunting, shooting, law enforcement, outdoor and sporting markets. | |||||||||
The military small-caliber ammunition contract, which is reported within the Defense Group, contributed approximately 15% of total external sales during the quarter ended June 30, 2013. No contract contributed more than 10% of total external sales during the quarter ended June 29, 2014. | ||||||||||
The following summarizes ATK's results by segment: | ||||||||||
Quarters Ended | ||||||||||
29-Jun-14 | 30-Jun-13 | |||||||||
Sales to external customers: | ||||||||||
Aerospace Group | $ | 327,046 | $ | 301,614 | ||||||
Defense Group | 387,315 | 421,151 | ||||||||
Sporting Group | 561,030 | 355,978 | ||||||||
Total external Sales | 1,275,391 | 1,078,743 | ||||||||
Intercompany sales: | ||||||||||
Aerospace Group | 5,874 | 5,574 | ||||||||
Defense Group | 54,836 | 53,665 | ||||||||
Sporting Group | 2,582 | 2,332 | ||||||||
Eliminations | (63,292 | ) | (61,571 | ) | ||||||
Total intercompany Sales | — | — | ||||||||
Total sales | $ | 1,275,391 | $ | 1,078,743 | ||||||
Income before interest, income taxes and noncontrolling interest | ||||||||||
Aerospace Group | $ | 38,378 | $ | 37,086 | ||||||
Defense Group | 45,144 | 62,088 | ||||||||
Sporting Group | 78,963 | 44,117 | ||||||||
Corporate | (6,930 | ) | (17,666 | ) | ||||||
Total Income before interest, income taxes and noncontrolling interest | $ | 155,555 | $ | 125,625 | ||||||
Period Ended | ||||||||||
29-Jun-14 | 31-Mar-14 | |||||||||
Total assets: | ||||||||||
Aerospace Group | $ | 1,696,125 | $ | 1,646,563 | ||||||
Defense Group | 1,341,788 | 1,209,150 | ||||||||
Sporting Group | 2,494,175 | 2,382,617 | ||||||||
Corporate | 312,869 | 532,816 | ||||||||
Total assets | $ | 5,844,957 | $ | 5,771,146 | ||||||
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, 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 $6,748 and $4,687 for the quarters ended June 29, 2014 and June 30, 2013, respectively. |
Consolidating_Financial_statem
Consolidating Financial statements (Notes) | 3 Months Ended | ||||||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||||||
Schedule of Condensed Income statement [Abstract] | ' | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | ' | ||||||||||||||||||||
20. 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 | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
Quarter Ended June 29, 2014 | |||||||||||||||||||||
(Amounts in thousands) | Parent Issuer | Guarantors | Non-Guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Sales | $ | — | $ | 1,218,686 | $ | 40,198 | $ | 16,507 | $ | 1,275,391 | |||||||||||
Cost of sales | — | 930,345 | 17,954 | 16,507 | 964,806 | ||||||||||||||||
Gross profit | — | 288,341 | 22,244 | — | 310,585 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Research and development | — | 7,646 | 1,168 | — | 8,814 | ||||||||||||||||
Selling | — | 53,641 | 9,481 | — | 63,122 | ||||||||||||||||
General and administrative | 3,861 | 74,980 | 4,253 | — | 83,094 | ||||||||||||||||
Income before interest, loss on extinguishment of debt, income taxes, and noncontrolling interest | (3,861 | ) | 152,074 | 7,342 | — | 155,555 | |||||||||||||||
Equity in income/(loss) of subsidiaries | 102,383 | 4,049 | — | (106,432 | ) | — | |||||||||||||||
Interest expense | (23,425 | ) | — | (1,030 | ) | 1,039 | (23,416 | ) | |||||||||||||
Interest income | — | 969 | 96 | (1,039 | ) | 26 | |||||||||||||||
Income before income taxes and noncontrolling interest | 75,097 | 157,092 | 6,408 | (106,432 | ) | 132,165 | |||||||||||||||
Income tax provision | (10,501 | ) | 54,948 | 2,051 | — | 46,498 | |||||||||||||||
Net income | 85,598 | 102,144 | 4,357 | (106,432 | ) | 85,667 | |||||||||||||||
Less net income attributable to noncontrolling interest | — | — | 69 | — | 69 | ||||||||||||||||
Net income attributable to Alliant Techsystems Inc. | $ | 85,598 | $ | 102,144 | $ | 4,288 | $ | (106,432 | ) | $ | 85,598 | ||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||
Net income | $ | 85,598 | $ | 102,144 | $ | 4,357 | $ | (106,432 | ) | $ | 85,667 | ||||||||||
Total other comprehensive income | $ | 18,590 | $ | 14,038 | $ | 1,196 | $ | (15,234 | ) | $ | 18,590 | ||||||||||
Comprehensive income | 104,188 | 116,182 | 5,553 | (121,666 | ) | 104,257 | |||||||||||||||
Less comprehensive income attributable to noncontrolling interest | — | — | 69 | — | 69 | ||||||||||||||||
Comprehensive income attributable to Alliant Techsystems Inc. | $ | 104,188 | $ | 116,182 | $ | 5,484 | $ | (121,666 | ) | $ | 104,188 | ||||||||||
29-Jun-14 | |||||||||||||||||||||
(Amounts in thousands except share data) | Parent Issuer | Guarantors | Non-Guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 115,948 | $ | 16,791 | $ | — | $ | 132,739 | |||||||||||
Net receivables | — | 1,629,506 | 57,163 | — | 1,686,669 | ||||||||||||||||
Due from affiliates | — | 7,194 | — | (7,194 | ) | — | |||||||||||||||
Net inventories | — | 506,131 | 56,085 | — | 562,216 | ||||||||||||||||
Deferred income tax assets | — | 88,875 | 5,039 | — | 93,914 | ||||||||||||||||
Other current assets | 1,547 | 53,783 | 9,226 | — | 64,556 | ||||||||||||||||
Total current assets | 1,547 | 2,401,437 | 144,304 | (7,194 | ) | 2,540,094 | |||||||||||||||
Net property, plant, and equipment | — | 679,823 | 13,530 | — | 693,353 | ||||||||||||||||
Investment in subsidiaries | 6,034,276 | 206,097 | — | (6,240,373 | ) | — | |||||||||||||||
Goodwill | — | 1,787,542 | 133,372 | — | 1,920,914 | ||||||||||||||||
Net intangible assets | — | 520,175 | 49,600 | — | 569,775 | ||||||||||||||||
Long-term due from affiliates | — | 1,995,925 | — | (1,995,925 | ) | — | |||||||||||||||
Deferred charges and other non-current assets | 23,101 | 96,996 | 724 | — | 120,821 | ||||||||||||||||
Total assets | $ | 6,058,924 | $ | 7,687,995 | $ | 341,530 | $ | (8,243,492 | ) | $ | 5,844,957 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Current portion of long-term debt | $ | 247,666 | $ | — | $ | — | $ | — | $ | 247,666 | |||||||||||
Accounts payable | — | 302,181 | 16,177 | — | 318,358 | ||||||||||||||||
Due to affiliates | — | — | 7,194 | (7,194 | ) | — | |||||||||||||||
Contract advances and allowances | — | 119,882 | 150 | — | 120,032 | ||||||||||||||||
Accrued compensation | — | 87,770 | 3,369 | — | 91,139 | ||||||||||||||||
Accrued income taxes | — | 33,852 | 2,603 | — | 36,455 | ||||||||||||||||
Other accrued liabilities | 15,939 | 264,771 | 12,433 | — | 293,143 | ||||||||||||||||
Total current liabilities | 263,605 | 808,456 | 41,926 | (7,194 | ) | 1,106,793 | |||||||||||||||
Long-term debt | 1,843,750 | — | — | — | 1,843,750 | ||||||||||||||||
Postretirement and postemployment benefits liabilities | — | 71,884 | — | — | 71,884 | ||||||||||||||||
Accrued pension liability | — | 550,244 | — | — | 550,244 | ||||||||||||||||
Deferred income tax liabilities | — | 115,023 | 14,340 | — | 129,363 | ||||||||||||||||
Long-term due to affiliates | 1,935,075 | — | 60,850 | (1,995,925 | ) | — | |||||||||||||||
Other long-term liabilities | 3,441 | 115,212 | 582 | — | 119,235 | ||||||||||||||||
Total liabilities | 4,045,871 | 1,660,819 | 117,698 | (2,003,119 | ) | 3,821,269 | |||||||||||||||
Equity | |||||||||||||||||||||
Shareholders’ equity attributable to ATK and subsidiaries | 2,013,053 | 6,027,176 | 213,200 | (6,240,373 | ) | 2,013,056 | |||||||||||||||
Noncontrolling interest | — | — | 10,632 | — | 10,632 | ||||||||||||||||
Total equity | 2,013,053 | 6,027,176 | 223,832 | (6,240,373 | ) | 2,023,688 | |||||||||||||||
Total liabilities and equity | $ | 6,058,924 | $ | 7,687,995 | $ | 341,530 | $ | (8,243,492 | ) | $ | 5,844,957 | ||||||||||
31-Mar-14 | |||||||||||||||||||||
(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 | |||||||||||||||||
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 | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
Quarter Ended June 29, 2014 | |||||||||||||||||||||
(Amounts in thousands) | Parent | Guarantors | Non-Guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Operating Activities | |||||||||||||||||||||
Cash provided by (used for) operating activities | $ | (1,608 | ) | $ | (59,723 | ) | $ | (23,149 | ) | $ | (7,000 | ) | $ | (91,480 | ) | ||||||
Investing Activities | |||||||||||||||||||||
Capital expenditures | — | (29,616 | ) | 115 | (29,501 | ) | |||||||||||||||
Due to (from) Affiliates | — | (16,937 | ) | — | 16,937 | — | |||||||||||||||
Proceeds from the disposition of property, plant, and equipment | — | 2,168 | — | 2,168 | |||||||||||||||||
Cash used for investing activities | — | (44,385 | ) | 115 | 16,937 | (27,333 | ) | ||||||||||||||
Financing Activities | |||||||||||||||||||||
Due to (from) Affiliates | 16,937 | — | — | (16,937 | ) | — | |||||||||||||||
Borrowings on line of credit | 65,000 | — | — | 65,000 | |||||||||||||||||
Repayments of line of credit | (65,000 | ) | — | — | (65,000 | ) | |||||||||||||||
Payments made on bank debt | (3,489 | ) | — | — | (3,489 | ) | |||||||||||||||
Purchase of treasury shares | (8,360 | ) | — | — | (8,360 | ) | |||||||||||||||
Dividends paid | (10,219 | ) | — | (7,000 | ) | 7,000 | (10,219 | ) | |||||||||||||
Proceeds from employee stock compensation plans | — | — | — | — | |||||||||||||||||
Excess tax benefits from share-based plans | 6,739 | — | — | 6,739 | |||||||||||||||||
Cash provided by (used for) financing activities | 1,608 | — | (7,000 | ) | (9,937 | ) | (15,329 | ) | |||||||||||||
Effect of foreign currency exchange rate fluctuations on cash | — | — | 249 | — | 249 | ||||||||||||||||
Decrease in cash and cash equivalents | — | (104,108 | ) | (29,785 | ) | — | (133,893 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | — | 220,056 | 46,576 | — | 266,632 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 115,948 | $ | 16,791 | $ | — | $ | 132,739 | |||||||||||
Subsequent_events_Notes
Subsequent events (Notes) | 3 Months Ended |
Jun. 29, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
22. Subsequent Events | |
Subsequent to June 29, 2014, ATK purchased $187,635 of principal amount of its 3.00% Convertible Notes, for which ATK paid a total of $337,988 in cash, including accrued interest. Subsequent to that, under the terms of the indenture, ATK announced an offer to repurchase the remaining notes on August 15, 2014, as well as ATK's election to redeem any then remaining notes on August 20, 2014, in cash, for 100% of the principal amount plus any accrued but unpaid interest. Accordingly, holders may convert their notes into ATK common stock at a rate of 13.1023 shares per $1 principal amount (a conversion price of $76.32). | |
Subsequent to June 29, 2014, under the terms of the Senior Credit Facility, ATK exercised an option to increase the Term A Loan by $150,000 (the "Accordion"). ATK used the proceeds of the Accordion to partially finance the tender offer of the 3.00% Convertible Notes, as discussed above, and to repay $50,000 of the outstanding Term B Loan. Terms of the Accordion are the same as the existing Term A Loan with the exception of the maturity date, which is January 31, 2019, approximately three months after the existing Term A Loan. The Accordion is subject to annual principal payments of $7,500 each year, paid on a quarterly basis, with the balance due on January 31, 2019. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||
Jun. 29, 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 June 29, 2014 | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Using Inputs Considered as | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets | |||||||||||||||||
Marketable securities | $ | — | $ | 10,395 | $ | — | |||||||||||
Derivatives | — | 1,550 | — | ||||||||||||||
Liabilities | |||||||||||||||||
Derivatives | $ | — | $ | 4,224 | $ | — | |||||||||||
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 | $ | — | |||||||||||
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 June 29, 2014 | As of March 31, 2014 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Fixed rate debt | $ | 844,666 | $ | 1,045,514 | $ | 846,228 | $ | 1,062,078 | |||||||||
Variable rate debt | 1,246,750 | 1,244,880 | 1,246,750 | 1,247,062 | |||||||||||||
Acquisitions_Nonrecurring_Adju
Acquisitions Nonrecurring Adjustments (Tables) | 3 Months Ended | ||||||||
Jun. 29, 2014 | |||||||||
Nonrecurring Adjustments [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 | 4,185 | ||||||||
Total purchase price | $ | 989,185 | |||||||
Fair value of assets acquired: | |||||||||
Net receivables | $ | 111,036 | |||||||
Net inventories | 153,748 | ||||||||
Tradename, technology, and customer relationship intangibles | 364,843 | ||||||||
Property, Plant, and Equipment | 25,080 | ||||||||
Other assets | 9,820 | ||||||||
Total assets | 664,527 | ||||||||
Fair value of liabilities assumed: | |||||||||
Accounts Payable | 80,092 | ||||||||
Deferred tax liabilities | 72,349 | ||||||||
Other liabilities | 28,746 | ||||||||
Total liabilities | $ | 181,187 | |||||||
Net assets acquired | $ | 483,340 | |||||||
Preliminary goodwill | $ | 505,845 | |||||||
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 quarter ended June 30, 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: | |||||||||
QUARTER ENDED | |||||||||
(Amounts in thousands except per share data) | 30-Jun-13 | ||||||||
Sales | $ | 1,220,004 | |||||||
Net income attributable to Alliant Techsystems Inc. | 74,392 | ||||||||
Basic earnings per common share | 2.33 | ||||||||
Diluted earnings per common share | 2.32 | ||||||||
Goodwill_and_Deferred_Charges_1
Goodwill and Deferred Charges and Other Non-Current Assets (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Jun. 29, 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, March 31, 2014 | $ | 676,516 | $ | 366,947 | $ | 873,458 | $ | 1,916,921 | |||||||||||||||||
Opening balance sheet adjustments | — | — | 3,358 | 3,358 | |||||||||||||||||||||
Effect of foreign currency exchange rates | — | — | 635 | 635 | |||||||||||||||||||||
Balance at June 29, 2014 | $ | 676,516 | $ | 366,947 | $ | 877,451 | $ | 1,920,914 | |||||||||||||||||
Schedule of deferred charges and other non-current assets | ' | ||||||||||||||||||||||||
Deferred charges and other non-current assets consist of the following: | |||||||||||||||||||||||||
June 29, 2014 | March 31, 2014 | ||||||||||||||||||||||||
Gross debt issuance costs | $ | 28,356 | $ | 28,356 | |||||||||||||||||||||
Less accumulated amortization | (5,258 | ) | (4,084 | ) | |||||||||||||||||||||
Net debt issuance costs | 23,098 | 24,272 | |||||||||||||||||||||||
Parts inventory | 11,117 | 10,921 | |||||||||||||||||||||||
Environmental remediation receivable | 21,421 | 22,128 | |||||||||||||||||||||||
Derivative contracts | 3 | 328 | |||||||||||||||||||||||
Other non-current assets | 65,182 | 59,577 | |||||||||||||||||||||||
Total deferred charges and other non-current assets | $ | 120,821 | $ | 117,226 | |||||||||||||||||||||
Schedule of amortizing assets | ' | ||||||||||||||||||||||||
Included in Net intangible assets as of June 29, 2014 and March 31, 2014 are $204,298 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: | |||||||||||||||||||||||||
29-Jun-14 | 31-Mar-14 | ||||||||||||||||||||||||
Gross | Accumulated | Total | Gross | Accumulated | Total | ||||||||||||||||||||
carrying | amortization | carrying | amortization | ||||||||||||||||||||||
amount | amount | ||||||||||||||||||||||||
Trade name | $ | 184,660 | $ | (24,857 | ) | $ | 159,803 | $ | 184,660 | $ | (21,723 | ) | $ | 162,937 | |||||||||||
Patented technology | 33,389 | (11,225 | ) | 22,164 | 33,389 | (10,325 | ) | 23,064 | |||||||||||||||||
Customer relationships and other | 226,399 | (42,889 | ) | 183,510 | 226,105 | (38,554 | ) | 187,551 | |||||||||||||||||
Total | $ | 444,448 | $ | (78,971 | ) | $ | 365,477 | $ | 444,154 | $ | (70,602 | ) | $ | 373,552 | |||||||||||
Schedule of expected future amortization expense | ' | ||||||||||||||||||||||||
ATK expects amortization expense related to these assets to be as follows: | |||||||||||||||||||||||||
Remainder of fiscal 2015 | $ | 25,584 | |||||||||||||||||||||||
Fiscal 2016 | 32,712 | ||||||||||||||||||||||||
Fiscal 2017 | 30,422 | ||||||||||||||||||||||||
Fiscal 2018 | 30,422 | ||||||||||||||||||||||||
Fiscal 2019 | 27,678 | ||||||||||||||||||||||||
Thereafter | 218,659 | ||||||||||||||||||||||||
Total | $ | 365,477 | |||||||||||||||||||||||
Earnings_Per_Share_Data_Tables
Earnings Per Share Data (Tables) | 3 Months Ended | |||||||
Jun. 29, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Schedule of weighted average number of shares | ' | |||||||
In computing EPS for the quarter ended June 29, 2014 and June 30, 2013 earnings, as reported for each respective period, is divided by (in thousands): | ||||||||
Quarters Ended | ||||||||
June 29, 2014 | June 30, 2013 | |||||||
Basic EPS shares outstanding | 31,640 | 31,892 | ||||||
Dilutive effect of stock-based awards | 315 | 207 | ||||||
Dilutive effect of contingently issuable shares | 1,153 | — | ||||||
Diluted EPS shares outstanding | 33,108 | 32,099 | ||||||
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 | 44 | 110 | ||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||
Schedule of outstanding commodity forward contracts | ' | ||||||||||||||||||
As of June 29, 2014, ATK had the following outstanding commodity forward contracts that were entered into to hedge forecasted purchases: | |||||||||||||||||||
Number of | |||||||||||||||||||
Pounds | |||||||||||||||||||
Copper | 25,800,000 | ||||||||||||||||||
Zinc | 10,025,000 | ||||||||||||||||||
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 | 29-Jun-14 | 31-Mar-14 | 29-Jun-14 | 31-Mar-14 | |||||||||||||||
Commodity forward contracts | Other current assets / | $ | 1,547 | $ | — | $ | 783 | $ | 6,212 | ||||||||||
other accrued liabilities | |||||||||||||||||||
Commodity forward contracts | Deferred charges and | — | — | — | 176 | ||||||||||||||
other non-current | |||||||||||||||||||
assets / other long-term liabilities | |||||||||||||||||||
Interest rate contracts | Deferred charges and | $ | 3 | $ | 328 | $ | 3,441 | $ | 2,071 | ||||||||||
other non-current | |||||||||||||||||||
assets / other long-term liabilities | |||||||||||||||||||
Total | $ | 1,550 | $ | 328 | $ | 4,224 | $ | 8,459 | |||||||||||
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, interest rate swaps, 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 | ||||||||||||||||
Quarter ended June 29, 2014 | |||||||||||||||||||
Commodity forward contracts | Cost of Sales | $ | (2,525 | ) | Cost of Sales | $ | — | ||||||||||||
Interest rate contracts | Interest expense | (1,041 | ) | Interest expense | — | ||||||||||||||
Foreign currency forward contracts | Cost of Sales | — | Cost of Sales | — | |||||||||||||||
Quarter ended June 30, 2013 | |||||||||||||||||||
Commodity forward contracts | Cost of Sales | $ | (967 | ) | Cost of Sales | $ | (1,637 | ) | |||||||||||
Interest rate contracts | Interest expense | — | Interest expense | — | |||||||||||||||
Foreign currency forward contracts | Cost of Sales | — | Cost of Sales | — | |||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | |||||||||||||||||||
Jun. 29, 2014 | ||||||||||||||||||||
Other Comprehensive Income [Abstract] | ' | |||||||||||||||||||
Schedule of components of accumulated OCI, net of income taxes | ' | |||||||||||||||||||
The components of accumulated other comprehensive income (loss) ("AOCI"), net of income taxes, are as follows: | ||||||||||||||||||||
June 29, 2014 | March 31, 2014 | |||||||||||||||||||
Derivatives | $ | (1,666 | ) | $ | (5,022 | ) | ||||||||||||||
Pension and other postretirement benefit liabilities | (661,236 | ) | (675,114 | ) | ||||||||||||||||
Cumulative translation adjustment | (309 | ) | 832 | |||||||||||||||||
Available-for-sale securities | 992 | (1,505 | ) | |||||||||||||||||
Total accumulated other comprehensive loss | $ | (662,219 | ) | $ | (680,809 | ) | ||||||||||||||
Schedule of net of income tax activity in accumulated OCI | ' | |||||||||||||||||||
The following table summarizes the changes in the balance of AOCI, net of income tax: | ||||||||||||||||||||
Quarter ended June 29, 2014 | ||||||||||||||||||||
Derivatives | Pension and other Postretire-ment Benefits | Available for Sale Securities | Cumulative translation adjustment | Total | ||||||||||||||||
Beginning of period unrealized gain (loss) in AOCI | $ | (5,022 | ) | $ | (675,114 | ) | $ | 832 | $ | (1,505 | ) | $ | (680,809 | ) | ||||||
Net decrease in fair value of derivatives | 1,146 | — | 1,146 | |||||||||||||||||
Net losses reclassified from AOCI, offsetting the price paid to suppliers ± | 2,210 | — | 2,210 | |||||||||||||||||
Net actuarial losses reclassified from AOCI # | 18,636 | — | 18,636 | |||||||||||||||||
Prior service costs reclassified from AOCI # | (4,758 | ) | — | (4,758 | ) | |||||||||||||||
Net change in cumulative translation adjustment | — | — | — | 1,196 | 1,196 | |||||||||||||||
Other | 160 | — | 160 | |||||||||||||||||
End of period unrealized loss in AOCI | $ | (1,666 | ) | $ | (661,236 | ) | $ | 992 | $ | (309 | ) | $ | (662,219 | ) | ||||||
± Amounts related to the Company's derivative instruments that were reclassified from AOCI were recorded as a component of cost of sales or interest expense for each period presented. | ||||||||||||||||||||
# Amounts related to the Company's 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 13). | ||||||||||||||||||||
Quarter ended June 30, 2013 | ||||||||||||||||||||
Derivatives | Pension and other Postretire-ment Benefits | Available for Sale Securities | Total | |||||||||||||||||
Beginning of period unrealized gain (loss) in AOCI | $ | (2,192 | ) | $ | (826,898 | ) | $ | 786 | $ | (828,304 | ) | |||||||||
Net decrease in fair value of derivatives | (7,570 | ) | — | — | (7,570 | ) | ||||||||||||||
Net losses reclassified from OCI, offsetting the price paid to suppliers ± | 590 | — | — | 590 | ||||||||||||||||
Net losses reclassified from OCI, due to ineffectiveness ± | 999 | — | — | 999 | ||||||||||||||||
Net actuarial losses reclassified from AOCI # | — | 22,653 | — | 22,653 | ||||||||||||||||
Prior service costs reclassified from AOCI # | — | (4,511 | ) | — | (4,511 | ) | ||||||||||||||
Other | — | — | (20 | ) | (20 | ) | ||||||||||||||
End of period unrealized loss in AOCI | $ | (8,173 | ) | $ | (808,756 | ) | $ | 766 | $ | (816,163 | ) | |||||||||
± Amounts related to the Company's derivative instruments that were reclassified from AOCI were recorded as a component of cost of sales or interest expense for each period presented. | ||||||||||||||||||||
# Amounts related to the Company's 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 13). |
Receivables_Tables
Receivables (Tables) | 3 Months Ended | ||||||||
Jun. 29, 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: | |||||||||
June 29, 2014 | March 31, 2014 | ||||||||
Billed receivables | $ | 664,250 | $ | 479,950 | |||||
Unbilled receivables | 1,011,277 | 979,640 | |||||||
Other | 11,142 | 14,230 | |||||||
Net receivables | $ | 1,686,669 | $ | 1,473,820 | |||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Jun. 29, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current | ' | ||||||||
Inventories consist of the following: | |||||||||
29-Jun-14 | 31-Mar-14 | ||||||||
Raw materials | $ | 170,177 | $ | 136,414 | |||||
Work/Contracts in process | 128,132 | 150,071 | |||||||
Finished Goods | 263,907 | 271,765 | |||||||
Net inventories | $ | 562,216 | $ | 558,250 | |||||
Other_Liabilities_Tables
Other Liabilities (Tables) | 3 Months Ended | ||||||||
Jun. 29, 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: | |||||||||
June 29, 2014 | March 31, 2014 | ||||||||
Employee benefits and insurance, including pension and other postretirement benefits | $ | 67,738 | $ | 65,858 | |||||
Warranty | 19,107 | 19,080 | |||||||
Interest | 15,156 | 8,341 | |||||||
Environmental remediation | 6,996 | 8,550 | |||||||
Rebate | 22,958 | 17,593 | |||||||
Deferred lease obligation | 24,005 | 26,257 | |||||||
Derivative contracts | 783 | 6,212 | |||||||
Federal excise tax | 33,926 | 35,892 | |||||||
Other | 102,474 | 135,049 | |||||||
Total other accrued liabilities—current | $ | 293,143 | $ | 322,832 | |||||
Environmental remediation | $ | 42,998 | $ | 44,938 | |||||
Management nonqualified deferred compensation plan | 16,069 | 17,043 | |||||||
Non-current portion of accrued income tax liability | 19,696 | 18,659 | |||||||
Deferred lease obligation | 19,949 | 19,791 | |||||||
Other | 20,523 | 24,513 | |||||||
Total other long-term liabilities | $ | 119,235 | $ | 124,944 | |||||
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 fiscal 2015: | |||||||||
Balance at March 31, 2014 | $ | 19,080 | |||||||
Payments made | 1,139 | ||||||||
Warranties issued | (686 | ) | |||||||
Changes related to preexisting warranties | (426 | ) | |||||||
Balance at June 29, 2014 | $ | 19,107 | |||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | |||||||||||||||
Jun. 29, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Schedule of long-term debt, including the current portion | ' | |||||||||||||||
ong-term debt, including the current portion, consisted of the following: | ||||||||||||||||
29-Jun-14 | 31-Mar-14 | |||||||||||||||
Senior Credit Facility dated November 1, 2013 (1): | ||||||||||||||||
Term A Loan due 2018 | $ | 997,375 | $ | 997,375 | ||||||||||||
Term B Loan due 2020 | 249,375 | 249,375 | ||||||||||||||
Revolving Credit Facility due 2018 | — | — | ||||||||||||||
5.25% Senior Notes due 2021 (2) | 300,000 | 300,000 | ||||||||||||||
6.875% Senior Subordinated Notes due 2020 (3) | 350,000 | 350,000 | ||||||||||||||
3.00% Convertible Senior Subordinated Notes due 2024 (4) | 195,951 | 199,440 | ||||||||||||||
Principal amount of long-term debt | 2,092,701 | 2,096,190 | ||||||||||||||
Less: Unamortized discounts | 1,285 | 3,212 | ||||||||||||||
Carrying amount of long-term debt | 2,091,416 | 2,092,978 | ||||||||||||||
Less: current portion | 247,666 | 249,228 | ||||||||||||||
Carrying amount of long-term debt, excluding current portion | $ | 1,843,750 | $ | 1,843,750 | ||||||||||||
(1) In fiscal 2014, 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 on November 1, 2018, and a Term Loan B of $250,000, which matures on November 1, 2020. The Term A Loan is subject to quarterly principal payments of $12,625, with the remaining balance due on November 1, 2018. The Term B Loan is subject to quarterly principal payments of $625, 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 2.56% at June 29, 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 June 29, 2014, ATK had no borrowings against its $700,000 Revolving Credit Facility and had outstanding letters of credit of $159,341, which reduced amounts available on the Revolving Credit Facility to $540,659. Debt issuance costs totaling approximately $19,000 are being amortized over the term of each related Term Loan. | ||||||||||||||||
(2) In fiscal 2014, 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 8 years, the term of the notes. | ||||||||||||||||
(3) 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 10 years. | ||||||||||||||||
(4) 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. | ||||||||||||||||
Subsequent to June 29, 2014, ATK purchased the majority of these notes and announced an offer to repurchase the remaining notes on August 15, 2014, as well as ATK's election to redeem any then remaining notes on August 20, 2014. See footnote 22 for additional information. The convertible shares had an impact on diluted shares outstanding for the quarter ended June 29, 2014 of 1,153,000 because ATK's average stock price exceeded the conversion price during that period. | ||||||||||||||||
Schedule of Interest Rate Derivatives [Table Text Block] | ' | |||||||||||||||
As of June 29, 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 | $ | (753 | ) | 0.87 | % | 0.15 | % | Aug-16 | ||||||
Non-amortizing swap | $ | 100,000 | $ | (1,055 | ) | 1.29 | % | 0.15 | % | Aug-17 | ||||||
Non-amortizing swap | $ | 100,000 | $ | (1,523 | ) | 1.69 | % | 0.15 | % | Aug-18 | ||||||
Non-amortizing swap | $ | 50,000 | $ | 3 | 0.65 | % | 0.15 | % | Nov-16 | |||||||
Non-amortizing swap | $ | 50,000 | $ | (109 | ) | 1.1 | % | 0.15 | % | Nov-17 | ||||||
Schedule of debt and equity components of convertible notes | ' | |||||||||||||||
The unamortized discount is amortized through interest expense into earnings over the expected term of the convertible notes. The following table provides additional information about ATK’s 3.00% Convertible Notes: | ||||||||||||||||
29-Jun-14 | 31-Mar-14 | |||||||||||||||
Carrying amount of the equity component | $ | 56,849 | $ | 56,849 | ||||||||||||
Principal amount of the liability component | $ | 195,951 | $ | 199,440 | ||||||||||||
Unamortized discount of liability component | $ | 1,285 | $ | 3,212 | ||||||||||||
Net carrying amount of liability component | $ | 194,666 | $ | 196,228 | ||||||||||||
Remaining amortization period of discount (months) | 2 | 5 | ||||||||||||||
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: | ||||||||||||||||
Remainder of fiscal 2015 | $ | 248,951 | ||||||||||||||
Fiscal 2016 | 53,000 | |||||||||||||||
Fiscal 2016 | 53,000 | |||||||||||||||
Fiscal 2018 | 53,000 | |||||||||||||||
Fiscal 2019 | 797,875 | |||||||||||||||
Thereafter | 886,875 | |||||||||||||||
Total | $ | 2,092,701 | ||||||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 3 Months Ended | |||||||||
Jun. 29, 2014 | ||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||
Schedule of components of net periodic benefit cost | ' | |||||||||
The components of net periodic benefit cost are as follows: | ||||||||||
Pension Benefits | ||||||||||
Quarters Ended | ||||||||||
Components of Net Periodic Benefit Cost | June 29, 2014 | June 30, 2013 | ||||||||
Service cost | $ | 5,849 | $ | 8,691 | ||||||
Interest cost | 32,596 | 32,563 | ||||||||
Expected return on plan assets | (41,803 | ) | (40,278 | ) | ||||||
Amortization of unrecognized net loss | 29,814 | 36,473 | ||||||||
Amortization of unrecognized prior service cost | (5,622 | ) | (5,246 | ) | ||||||
Net periodic benefit cost | $ | 20,834 | $ | 32,203 | ||||||
Other Postretirement Benefits | ||||||||||
Quarters Ended | ||||||||||
Components of Net Periodic Benefit Income | June 29, 2014 | June 30, 2013 | ||||||||
Service cost | $ | 1 | $ | 2 | ||||||
Interest cost | 1,203 | 1,302 | ||||||||
Expected return on plan assets | (888 | ) | (855 | ) | ||||||
Amortization of unrecognized net loss | 409 | 572 | ||||||||
Amortization of unrecognized prior service cost | (2,094 | ) | (2,095 | ) | ||||||
Net periodic benefit income | $ | (1,369 | ) | $ | (1,074 | ) |
Contingencies_Tables
Contingencies (Tables) | 3 Months Ended | ||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||
Loss Contingency [Abstract] | ' | ||||||||||||||||
Summary of the amounts recorded for environmental remediation | ' | ||||||||||||||||
The following is a summary of the amounts recorded for environmental remediation: | |||||||||||||||||
29-Jun-14 | 31-Mar-14 | ||||||||||||||||
Liability | Receivable | Liability | Receivable | ||||||||||||||
Amounts (payable) receivable | $ | (55,107 | ) | $ | 28,062 | $ | (58,194 | ) | $ | 28,540 | |||||||
Unamortized discount | 5,113 | (2,388 | ) | 4,706 | (2,152 | ) | |||||||||||
Present value amounts (payable) receivable | $ | (49,994 | ) | $ | 25,674 | $ | (53,488 | ) | $ | 26,388 | |||||||
Realignment_Obligations_Tables
Realignment Obligations (Tables) | 3 Months Ended | ||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||
Realignment Obligations | ' | ||||||||||||||||
Schedule of realignment liability activity | ' | ||||||||||||||||
The following table summarizes ATK’s realignment liability activity during fiscal 2015 related to the remaining lease rentals and relocation and other costs that were recorded in General and Administrative expense: | |||||||||||||||||
Remaining Lease Rentals | Asset | Facility | Total | ||||||||||||||
Impairment | Relocation | ||||||||||||||||
and Other | |||||||||||||||||
Costs | |||||||||||||||||
Balance at March 31, 2014 | $ | — | $ | — | $ | — | $ | — | |||||||||
Expense | 6,774 | 2,465 | 1,385 | 10,624 | |||||||||||||
Cash paid | — | — | (452 | ) | (452 | ) | |||||||||||
Non-cash settlements | — | (2,465 | ) | — | (2,465 | ) | |||||||||||
Balance at June 29, 2014 | $ | 6,774 | $ | — | $ | 933 | $ | 7,707 | |||||||||
Operating_Segment_Information_
Operating Segment Information (Tables) | 3 Months Ended | |||||||||
Jun. 29, 2014 | ||||||||||
Segment Reporting [Abstract] | ' | |||||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||||
The following summarizes ATK's results by segment: | ||||||||||
Quarters Ended | ||||||||||
29-Jun-14 | 30-Jun-13 | |||||||||
Sales to external customers: | ||||||||||
Aerospace Group | $ | 327,046 | $ | 301,614 | ||||||
Defense Group | 387,315 | 421,151 | ||||||||
Sporting Group | 561,030 | 355,978 | ||||||||
Total external Sales | 1,275,391 | 1,078,743 | ||||||||
Intercompany sales: | ||||||||||
Aerospace Group | 5,874 | 5,574 | ||||||||
Defense Group | 54,836 | 53,665 | ||||||||
Sporting Group | 2,582 | 2,332 | ||||||||
Eliminations | (63,292 | ) | (61,571 | ) | ||||||
Total intercompany Sales | — | — | ||||||||
Total sales | $ | 1,275,391 | $ | 1,078,743 | ||||||
Income before interest, income taxes and noncontrolling interest | ||||||||||
Aerospace Group | $ | 38,378 | $ | 37,086 | ||||||
Defense Group | 45,144 | 62,088 | ||||||||
Sporting Group | 78,963 | 44,117 | ||||||||
Corporate | (6,930 | ) | (17,666 | ) | ||||||
Total Income before interest, income taxes and noncontrolling interest | $ | 155,555 | $ | 125,625 | ||||||
Period Ended | ||||||||||
29-Jun-14 | 31-Mar-14 | |||||||||
Total assets: | ||||||||||
Aerospace Group | $ | 1,696,125 | $ | 1,646,563 | ||||||
Defense Group | 1,341,788 | 1,209,150 | ||||||||
Sporting Group | 2,494,175 | 2,382,617 | ||||||||
Corporate | 312,869 | 532,816 | ||||||||
Total assets | $ | 5,844,957 | $ | 5,771,146 | ||||||
Consolidating_Financial_statem1
Consolidating Financial statements (Tables) | 3 Months Ended | ||||||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||||||
Schedule of Condensed Income statement [Abstract] | ' | ||||||||||||||||||||
Condensed Income Statement [Table Text Block] | ' | ||||||||||||||||||||
Quarter Ended June 29, 2014 | |||||||||||||||||||||
(Amounts in thousands) | Parent Issuer | Guarantors | Non-Guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Sales | $ | — | $ | 1,218,686 | $ | 40,198 | $ | 16,507 | $ | 1,275,391 | |||||||||||
Cost of sales | — | 930,345 | 17,954 | 16,507 | 964,806 | ||||||||||||||||
Gross profit | — | 288,341 | 22,244 | — | 310,585 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Research and development | — | 7,646 | 1,168 | — | 8,814 | ||||||||||||||||
Selling | — | 53,641 | 9,481 | — | 63,122 | ||||||||||||||||
General and administrative | 3,861 | 74,980 | 4,253 | — | 83,094 | ||||||||||||||||
Income before interest, loss on extinguishment of debt, income taxes, and noncontrolling interest | (3,861 | ) | 152,074 | 7,342 | — | 155,555 | |||||||||||||||
Equity in income/(loss) of subsidiaries | 102,383 | 4,049 | — | (106,432 | ) | — | |||||||||||||||
Interest expense | (23,425 | ) | — | (1,030 | ) | 1,039 | (23,416 | ) | |||||||||||||
Interest income | — | 969 | 96 | (1,039 | ) | 26 | |||||||||||||||
Income before income taxes and noncontrolling interest | 75,097 | 157,092 | 6,408 | (106,432 | ) | 132,165 | |||||||||||||||
Income tax provision | (10,501 | ) | 54,948 | 2,051 | — | 46,498 | |||||||||||||||
Net income | 85,598 | 102,144 | 4,357 | (106,432 | ) | 85,667 | |||||||||||||||
Less net income attributable to noncontrolling interest | — | — | 69 | — | 69 | ||||||||||||||||
Net income attributable to Alliant Techsystems Inc. | $ | 85,598 | $ | 102,144 | $ | 4,288 | $ | (106,432 | ) | $ | 85,598 | ||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||
Net income | $ | 85,598 | $ | 102,144 | $ | 4,357 | $ | (106,432 | ) | $ | 85,667 | ||||||||||
Total other comprehensive income | $ | 18,590 | $ | 14,038 | $ | 1,196 | $ | (15,234 | ) | $ | 18,590 | ||||||||||
Comprehensive income | 104,188 | 116,182 | 5,553 | (121,666 | ) | 104,257 | |||||||||||||||
Less comprehensive income attributable to noncontrolling interest | — | — | 69 | — | 69 | ||||||||||||||||
Comprehensive income attributable to Alliant Techsystems Inc. | $ | 104,188 | $ | 116,182 | $ | 5,484 | $ | (121,666 | ) | $ | 104,188 | ||||||||||
Condensed Balance Sheet [Table Text Block] | ' | ||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||
(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 | |||||||||||||||||
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 | ||||||||||
29-Jun-14 | |||||||||||||||||||||
(Amounts in thousands except share data) | Parent Issuer | Guarantors | Non-Guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 115,948 | $ | 16,791 | $ | — | $ | 132,739 | |||||||||||
Net receivables | — | 1,629,506 | 57,163 | — | 1,686,669 | ||||||||||||||||
Due from affiliates | — | 7,194 | — | (7,194 | ) | — | |||||||||||||||
Net inventories | — | 506,131 | 56,085 | — | 562,216 | ||||||||||||||||
Deferred income tax assets | — | 88,875 | 5,039 | — | 93,914 | ||||||||||||||||
Other current assets | 1,547 | 53,783 | 9,226 | — | 64,556 | ||||||||||||||||
Total current assets | 1,547 | 2,401,437 | 144,304 | (7,194 | ) | 2,540,094 | |||||||||||||||
Net property, plant, and equipment | — | 679,823 | 13,530 | — | 693,353 | ||||||||||||||||
Investment in subsidiaries | 6,034,276 | 206,097 | — | (6,240,373 | ) | — | |||||||||||||||
Goodwill | — | 1,787,542 | 133,372 | — | 1,920,914 | ||||||||||||||||
Net intangible assets | — | 520,175 | 49,600 | — | 569,775 | ||||||||||||||||
Long-term due from affiliates | — | 1,995,925 | — | (1,995,925 | ) | — | |||||||||||||||
Deferred charges and other non-current assets | 23,101 | 96,996 | 724 | — | 120,821 | ||||||||||||||||
Total assets | $ | 6,058,924 | $ | 7,687,995 | $ | 341,530 | $ | (8,243,492 | ) | $ | 5,844,957 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Current portion of long-term debt | $ | 247,666 | $ | — | $ | — | $ | — | $ | 247,666 | |||||||||||
Accounts payable | — | 302,181 | 16,177 | — | 318,358 | ||||||||||||||||
Due to affiliates | — | — | 7,194 | (7,194 | ) | — | |||||||||||||||
Contract advances and allowances | — | 119,882 | 150 | — | 120,032 | ||||||||||||||||
Accrued compensation | — | 87,770 | 3,369 | — | 91,139 | ||||||||||||||||
Accrued income taxes | — | 33,852 | 2,603 | — | 36,455 | ||||||||||||||||
Other accrued liabilities | 15,939 | 264,771 | 12,433 | — | 293,143 | ||||||||||||||||
Total current liabilities | 263,605 | 808,456 | 41,926 | (7,194 | ) | 1,106,793 | |||||||||||||||
Long-term debt | 1,843,750 | — | — | — | 1,843,750 | ||||||||||||||||
Postretirement and postemployment benefits liabilities | — | 71,884 | — | — | 71,884 | ||||||||||||||||
Accrued pension liability | — | 550,244 | — | — | 550,244 | ||||||||||||||||
Deferred income tax liabilities | — | 115,023 | 14,340 | — | 129,363 | ||||||||||||||||
Long-term due to affiliates | 1,935,075 | — | 60,850 | (1,995,925 | ) | — | |||||||||||||||
Other long-term liabilities | 3,441 | 115,212 | 582 | — | 119,235 | ||||||||||||||||
Total liabilities | 4,045,871 | 1,660,819 | 117,698 | (2,003,119 | ) | 3,821,269 | |||||||||||||||
Equity | |||||||||||||||||||||
Shareholders’ equity attributable to ATK and subsidiaries | 2,013,053 | 6,027,176 | 213,200 | (6,240,373 | ) | 2,013,056 | |||||||||||||||
Noncontrolling interest | — | — | 10,632 | — | 10,632 | ||||||||||||||||
Total equity | 2,013,053 | 6,027,176 | 223,832 | (6,240,373 | ) | 2,023,688 | |||||||||||||||
Total liabilities and equity | $ | 6,058,924 | $ | 7,687,995 | $ | 341,530 | $ | (8,243,492 | ) | $ | 5,844,957 | ||||||||||
Condensed Cash Flow Statement [Table Text Block] | ' | ||||||||||||||||||||
Quarter Ended June 29, 2014 | |||||||||||||||||||||
(Amounts in thousands) | Parent | Guarantors | Non-Guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Operating Activities | |||||||||||||||||||||
Cash provided by (used for) operating activities | $ | (1,608 | ) | $ | (59,723 | ) | $ | (23,149 | ) | $ | (7,000 | ) | $ | (91,480 | ) | ||||||
Investing Activities | |||||||||||||||||||||
Capital expenditures | — | (29,616 | ) | 115 | (29,501 | ) | |||||||||||||||
Due to (from) Affiliates | — | (16,937 | ) | — | 16,937 | — | |||||||||||||||
Proceeds from the disposition of property, plant, and equipment | — | 2,168 | — | 2,168 | |||||||||||||||||
Cash used for investing activities | — | (44,385 | ) | 115 | 16,937 | (27,333 | ) | ||||||||||||||
Financing Activities | |||||||||||||||||||||
Due to (from) Affiliates | 16,937 | — | — | (16,937 | ) | — | |||||||||||||||
Borrowings on line of credit | 65,000 | — | — | 65,000 | |||||||||||||||||
Repayments of line of credit | (65,000 | ) | — | — | (65,000 | ) | |||||||||||||||
Payments made on bank debt | (3,489 | ) | — | — | (3,489 | ) | |||||||||||||||
Purchase of treasury shares | (8,360 | ) | — | — | (8,360 | ) | |||||||||||||||
Dividends paid | (10,219 | ) | — | (7,000 | ) | 7,000 | (10,219 | ) | |||||||||||||
Proceeds from employee stock compensation plans | — | — | — | — | |||||||||||||||||
Excess tax benefits from share-based plans | 6,739 | — | — | 6,739 | |||||||||||||||||
Cash provided by (used for) financing activities | 1,608 | — | (7,000 | ) | (9,937 | ) | (15,329 | ) | |||||||||||||
Effect of foreign currency exchange rate fluctuations on cash | — | — | 249 | — | 249 | ||||||||||||||||
Decrease in cash and cash equivalents | — | (104,108 | ) | (29,785 | ) | — | (133,893 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | — | 220,056 | 46,576 | — | 266,632 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 115,948 | $ | 16,791 | $ | — | $ | 132,739 | |||||||||||
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Jun. 29, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | derivative | derivative |
Fair value of assets and liabilities measured on a recurring basis | ' | ' |
Number of Interest Rate Derivatives Held | 5 | 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 | 10,395 | 10,130 |
Derivatives | 1,550 | 328 |
Liabilities | ' | ' |
Derivatives | 4,224 | 8,459 |
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 $) | Jun. 29, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Carrying Amount | ' | ' |
Assets and liabilities that are not measured on a recurring basis | ' | ' |
Fixed rate debt | $844,666 | $846,228 |
Variable rate debt | 1,246,750 | 1,246,750 |
Fair Value | ' | ' |
Assets and liabilities that are not measured on a recurring basis | ' | ' |
Fixed rate debt | 1,045,514 | 1,062,078 |
Variable rate debt | $1,244,880 | $1,247,062 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 3 Months Ended | 5 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 5 Months Ended | ||||
Jun. 29, 2014 | Mar. 31, 2014 | Jun. 21, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 21, 2013 | Jun. 29, 2014 | Mar. 31, 2014 | Oct. 31, 2013 | |
Entity | Savage Sports Corporation [Member] | Savage Sports Corporation [Member] | 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 | |||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Cash Paid | ' | $985,000,000 | ' | ' | ' | $315,000,000 | ' | ' | $985,000,000 | ' |
Number of employees of the acquired entity | ' | ' | ' | ' | ' | ' | 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 | ' | ' | ' | 41,847,000 | 6,400,000 | ' | ' | 124,778,000 | ' | ' |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | ' | ' | ' | 7,521,000 | 700,000 | ' | ' | 5,321,000 | ' | ' |
Business Combination, Acquired Inventory, Stepup adjustment | ' | ' | ' | ' | ' | $12,000 | ' | ' | ' | ' |
Number of acquisitions | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Details_2_Details
Acquisitions Details 2 (Details) (USD $) | 3 Months Ended | 5 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 29, 2014 | Oct. 31, 2013 |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Cash Paid | ' | $985,000 | ' | ' |
Business acquisition, cash paid for working capital adjustment | ' | 4,185 | ' | ' |
Business Acquisition, Pro Forma Revenue | 1,220,004 | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Purchase Price | ' | 989,185 | ' | ' |
Business Acquisition, Purchase Price Allocation, Current Assets, Receivables | ' | ' | ' | 111,036 |
Business Acquisition, Purchase Price Allocation, Current Assets, Inventory | ' | ' | ' | 153,748 |
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 Noncurrent Assets | ' | ' | ' | 9,820 |
Business Acquisition, Purchase Price Allocation, Assets Acquired | ' | ' | ' | 664,527 |
Business Acquisition, Purchase Price Allocation, Current Liabilities, Accounts Payable | ' | ' | ' | 80,092 |
Business Acquisition, Purchase Price Allocation, Deferred Tax Liabilities, Noncurrent | ' | ' | ' | 72,349 |
Business Acquisition, Purchase Price Allocation, Other Liabilities | ' | ' | ' | 28,746 |
Business Acquisition, Purchase Price Allocation, Liabilities Assumed | ' | ' | ' | 181,187 |
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net | ' | ' | ' | 483,340 |
Goodwill | ' | 1,916,921 | 1,920,914 | 505,845 |
Business Acquisition, Pro Forma Net Income (Loss) | $74,392 | ' | ' | ' |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $2.33 | ' | ' | ' |
Pro Forma Weighted Average Shares Outstanding, Diluted | 2.32 | ' | ' | ' |
Goodwill_and_Deferred_Charges_2
Goodwill and Deferred Charges and Other Non-Current Assets (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Oct. 31, 2013 |
Goodwill | ' | ' | ' | ' |
Amortization of intangible assets | $8,369 | $2,734 | ' | ' |
Goodwill, Acquired During Period | 3,358 | ' | ' | ' |
Changes in the carrying amount of goodwill | ' | ' | ' | ' |
Balance at the beginning of the period | 1,916,921 | ' | ' | 505,845 |
Balance at the end of the period | 1,920,914 | ' | ' | 505,845 |
Goodwill, Translation Adjustments | 635 | ' | ' | ' |
Deferred charges and other non-current assets | ' | ' | ' | ' |
Deferred Finance Costs, Noncurrent, Gross | 28,356 | ' | 28,356 | ' |
Less accumulated amortization | -5,258 | ' | -4,084 | ' |
Deferred Finance Costs, Noncurrent, Net | 23,098 | ' | 24,272 | ' |
Parts inventory, noncurrent | 11,117 | ' | 10,921 | ' |
Environmental remediation receivable | 21,421 | ' | 22,128 | ' |
Derivative Assets, Noncurrent | 3 | ' | 328 | ' |
Other Assets, Miscellaneous, Noncurrent | 65,182 | ' | 59,577 | ' |
Total deferred charges and other non-current assets | 120,821 | ' | 117,226 | ' |
Aerospace Group | ' | ' | ' | ' |
Goodwill | ' | ' | ' | ' |
Goodwill, Acquired During Period | 0 | ' | ' | ' |
Changes in the carrying amount of goodwill | ' | ' | ' | ' |
Balance at the beginning of the period | 676,516 | ' | ' | ' |
Balance at the end of the period | 676,516 | ' | ' | ' |
Accumulated impairment losses | 108,500 | ' | ' | ' |
Goodwill, Translation Adjustments | 0 | ' | ' | ' |
Defense Group | ' | ' | ' | ' |
Goodwill | ' | ' | ' | ' |
Goodwill, Acquired During Period | 0 | ' | ' | ' |
Changes in the carrying amount of goodwill | ' | ' | ' | ' |
Balance at the beginning of the period | 366,947 | ' | ' | ' |
Balance at the end of the period | 366,947 | ' | ' | ' |
Goodwill, Translation Adjustments | 0 | ' | ' | ' |
Sporting Group | ' | ' | ' | ' |
Goodwill | ' | ' | ' | ' |
Goodwill, Acquired During Period | 3,358 | ' | ' | ' |
Changes in the carrying amount of goodwill | ' | ' | ' | ' |
Balance at the beginning of the period | 873,458 | ' | ' | ' |
Balance at the end of the period | 877,451 | ' | ' | ' |
Goodwill, Translation Adjustments | $635 | ' | ' | ' |
Goodwill_and_Deferred_Charges_3
Goodwill and Deferred Charges and Other Non-Current Assets (Details 2) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Mar. 31, 2014 |
Trademarks and brand names | |||
Non-amortizing intangible assets | ' | ' | ' |
Indefinite lived intangible assets | ' | ' | $204,298 |
Amortization expense | $8,369 | $2,734 | ' |
Goodwill_and_Deferred_Charges_4
Goodwill and Deferred Charges and Other Non-Current Assets (Details 3) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 29, 2014 | Mar. 31, 2014 |
Amortizing assets | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '12 years 9 months 18 days | ' |
Gross carrying amount | $444,448 | $444,154 |
Accumulated amortization | -78,971 | -70,602 |
Total | 365,477 | 373,552 |
Expected future amortization expense | ' | ' |
Remainder of fiscal 2015 | 25,584 | ' |
Fiscal 2015 | 32,712 | ' |
Fiscal 2016 | 30,422 | ' |
Fiscal 2017 | 30,422 | ' |
Fiscal 2018 | 27,678 | ' |
Thereafter | 218,659 | ' |
Total | 365,477 | 373,552 |
Trade names | ' | ' |
Amortizing assets | ' | ' |
Gross carrying amount | 184,660 | 184,660 |
Accumulated amortization | -24,857 | -21,723 |
Total | 159,803 | 162,937 |
Expected future amortization expense | ' | ' |
Total | 159,803 | 162,937 |
Patented technology | ' | ' |
Amortizing assets | ' | ' |
Gross carrying amount | 33,389 | 33,389 |
Accumulated amortization | -11,225 | -10,325 |
Total | 22,164 | 23,064 |
Expected future amortization expense | ' | ' |
Total | 22,164 | 23,064 |
Customer relationships and other | ' | ' |
Amortizing assets | ' | ' |
Gross carrying amount | 226,399 | 226,105 |
Accumulated amortization | -42,889 | -38,554 |
Total | 183,510 | 187,551 |
Expected future amortization expense | ' | ' |
Total | $183,510 | $187,551 |
Earnings_Per_Share_Data_Detail
Earnings Per Share Data (Details) | 3 Months Ended | ||||
Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Mar. 31, 2014 | Mar. 31, 2011 | |
Convertible Senior Subordinated Notes 3.00 Percent Due 2024 [Member] | Convertible Senior Subordinated Notes 3.00 Percent Due 2024 [Member] | Convertible Senior Subordinated Notes 3.00 Percent Due 2024 [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' |
Debt instrument interest rate stated percentage | ' | ' | 3.00% | 3.00% | 3.00% |
Basic (in shares) | 31,640,000 | 31,892,000 | ' | ' | ' |
Dilutive effect of stock-based awards | 315,000 | 207,000 | ' | ' | ' |
Incremental Common Shares Attributable to Conversion of Debt Securities | 1,153,000 | 0 | ' | ' | ' |
Diluted (in shares) | 33,108,000 | 32,099,000 | ' | ' | ' |
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 | 44,000 | 110,000 | ' | ' | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | 3 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | |
derivative | derivative | ||
Derivative Financial Instruments | ' | ' | ' |
Derivative, Notional Amount | $400,000,000 | ' | ' |
Number of Interest Rate Derivatives Held | 5 | ' | 5 |
Fair value of derivative instruments designated as hedging instruments | ' | ' | ' |
Fair value of derivative assets designated as hedging instruments | 1,550,000 | ' | 328,000 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 3,000 | ' | 328,000 |
Interest Rate Cash Flow Hedge Liability at Fair Value | 3,441,000 | ' | 2,071,000 |
Fair value of derivative liabilities designated as hedging instruments | 4,224,000 | ' | 8,459,000 |
Pretax amount of gain (loss) reclassified from Accumulated Other Comprehensive Income (Loss) | ' | ' | ' |
Commodity forward contracts, (gain)/loss reclassified from accumulated other comprehensive income (loss) | -2,525,000 | -967,000 | ' |
Forward foreign currency contracts, (gain)/loss reclassified from accumulated other comprehensive income (loss) | 0 | 0 | ' |
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) | 0 | -1,637,000 | ' |
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 | -1,041,000 | 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 | 1,547,000 | ' | 0 |
Commodity forward contracts designated as hedging instruments, fair value of liabilities | 783,000 | ' | 6,212,000 |
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 | 0 | ' | 176,000 |
Copper | ' | ' | ' |
Derivative Financial Instruments | ' | ' | ' |
Outstanding commodity forward contract | 25,800,000 | ' | ' |
Zinc | ' | ' | ' |
Derivative Financial Instruments | ' | ' | ' |
Outstanding commodity forward contract | 10,025,000 | ' | ' |
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 | ' | ' | ' |
Derivative, Notional Amount | 100,000,000 | ' | ' |
Notional amount of $50 million. [Member] | ' | ' | ' |
Derivative Financial Instruments | ' | ' | ' |
Number of Interest Rate Derivatives Held | 2 | ' | ' |
Notional amount to mature August 2017 [Member] | ' | ' | ' |
Derivative Financial Instruments | ' | ' | ' |
Derivative, Notional Amount | 100,000,000 | ' | ' |
Notional amount to mature August 2018 [Member] | ' | ' | ' |
Derivative Financial Instruments | ' | ' | ' |
Derivative, Notional Amount | 100,000,000 | ' | ' |
NotionalamounttomatureNovember2017 [Member] | ' | ' | ' |
Derivative Financial Instruments | ' | ' | ' |
Derivative, Notional Amount | 50,000,000 | ' | ' |
NotionalamounttomatureNovember2016 [Member] | ' | ' | ' |
Derivative Financial Instruments | ' | ' | ' |
Derivative, Notional Amount | 50,000,000 | ' | ' |
Foreign Exchange Contract [Member] | ' | ' | ' |
Derivative Financial Instruments | ' | ' | ' |
Derivative, Notional Amount | $0 | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Derivatives | ($1,666) | ' | ($5,022) | ' |
Available-for-sale securities | 992 | ' | -1,505 | ' |
Pension and other postretirement benefit liabilities | -661,236 | ' | -675,114 | ' |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | -309 | ' | 832 | ' |
Total accumulated other comprehensive loss | -662,219 | -816,163 | -680,809 | -828,304 |
Net decrease in fair value of derivatives | 1,146 | -7,570 | ' | ' |
Net losses reclassified from AOCI, offsetting the price paid to suppliers | 2,210 | 590 | ' | ' |
Net actuarial losses reclassified from AOCI | 18,636 | 22,653 | ' | ' |
Prior service costs reclassified from AOCI | 4,758 | 4,511 | ' | ' |
Other | 160 | -20 | ' | ' |
Derivative Adjustments [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Derivatives | -1,666 | -8,173 | -5,022 | -2,192 |
Net decrease in fair value of derivatives | 1,146 | -7,570 | ' | ' |
Net losses reclassified from AOCI, offsetting the price paid to suppliers | 2,210 | 590 | ' | ' |
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Available-for-sale securities | -309 | ' | -1,505 | ' |
Pension and OPEB Adjustments [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Pension and other postretirement benefit liabilities | -661,236 | -808,756 | -675,114 | -826,898 |
Available for sale securities adjustments [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Available-for-sale securities | $992 | $766 | $832 | $786 |
Receivables_Details
Receivables (Details) (USD $) | Jun. 29, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Billed Contracts receivables | $664,250 | $479,950 |
Unbilled Contracts Receivable | 1,011,277 | 979,640 |
Other Receivables | 11,142 | 14,230 |
Net receivables | 1,686,669 | 1,473,820 |
Customer Advances and Progress Payments for Long-term Contracts or Programs | 509,937 | 527,670 |
Unbilled receivables | ' | ' |
Long-term unbilled receivables, relating to commercial aerospace programs | $258,200 | $264,400 |
Inventories_Details
Inventories (Details) (USD $) | Jun. 29, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $170,177 | $136,414 |
Work/Contracts in process | 128,132 | 150,071 |
Finished Goods | 263,907 | 271,765 |
Net inventories | $562,216 | $558,250 |
Other_Liabilities_Details
Other Liabilities (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 29, 2014 | Mar. 31, 2014 |
Other Liabilities Disclosure [Abstract] | ' | ' |
Employee benefits and insurance, including pension and other postretirement benefits | $67,738 | $65,858 |
Warranty | 19,107 | ' |
Interest | 15,156 | 8,341 |
Environmental remediation | 6,996 | 8,550 |
Rebate | 22,958 | 17,593 |
Deferred lease obligation | 24,005 | 26,257 |
Commodity forward contracts | 783 | 6,212 |
Federal excise tax | 33,926 | 35,892 |
Other | 102,474 | 135,049 |
Total other accrued liabilities - current | 293,143 | 322,832 |
Environmental remediation | 42,998 | 44,938 |
Management nonqualified deferred compensation plan | 16,069 | 17,043 |
Non-current portion of accrued income tax liability | 19,696 | 18,659 |
Deferred Rent Credit, Noncurrent | 19,949 | 19,791 |
Other | 20,523 | 24,513 |
Total other long-term liabilities | 119,235 | 124,944 |
Reconciliation of the changes in product warranty liability | ' | ' |
Balance at the beginning of the period | 19,080 | ' |
Payments made | 1,139 | ' |
Warranties issued | -686 | ' |
Changes related to preexisting warranties | -426 | ' |
Balance at the end of period | $19,107 | ' |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 3 Months Ended | 3 Months Ended | |||||||||||||||||||
Jun. 29, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 29, 2014 | Mar. 31, 2014 | Jun. 29, 2014 | Mar. 31, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Mar. 31, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Mar. 31, 2014 | Mar. 31, 2011 | Jun. 29, 2014 | Mar. 31, 2014 | Mar. 31, 2011 | Mar. 31, 2005 | Jun. 29, 2014 | Mar. 31, 2014 | |
Term A Loan due 2018 [Member] | Term A Loan due 2018 [Member] | Term B Loan due 2021 [Member] | Term B Loan due 2021 [Member] | 2013 Senior Credit Facility [Member] | 2013 Term Loan B notes [Member] | Line of Credit 2018 [Member] | Line of Credit 2018 [Member] | 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 | Senior Subordinated Notes 5.25 Percent Due 2021 [Member] | Senior Subordinated Notes 5.25 Percent Due 2021 [Member] | ||||
Long-Term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual commitment fee on the unused portion (as a percent) | ' | ' | ' | ' | ' | ' | ' | 0.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | $1,010,000,000 | ' | $250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200,000,000 | ' | ' |
Long-term Debt, Maturities, Repayments of Principal quarterly through maturity | ' | ' | ' | ' | ' | ' | ' | 12,625,000 | 625,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Weighted Average Interest Rate | ' | ' | ' | ' | ' | ' | ' | 2.56% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument interest rate stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.88% | 6.88% | ' | 3.00% | 3.00% | 3.00% | ' | 5.25% | ' |
Principal amount of the liability component | 2,092,701,000 | ' | 2,096,190,000 | 997,375,000 | 997,375,000 | 249,375,000 | 249,375,000 | ' | ' | 700,000,000 | ' | ' | 350,000,000 | 350,000,000 | 350,000,000 | 195,951,000 | 199,440,000 | ' | ' | 300,000,000 | 300,000,000 |
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 159,341,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 540,659,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Finance Costs Gross, Accordion Feature | ' | ' | ' | ' | ' | ' | ' | 19,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' |
Less: Unamortized discounts | 1,285,000 | ' | 3,212,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,285,000 | 3,212,000 | ' | ' | ' | ' |
Carrying amount of long-term debt | 2,091,416,000 | ' | 2,092,978,000 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | 194,666,000 | 196,228,000 | ' | ' | ' | ' |
Less: current portion | 247,666,000 | ' | 249,228,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying amount of long-term debt, excluding current portion | $1,843,750,000 | ' | $1,843,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental Common Shares Attributable to Conversion of Debt Securities | 1,153,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base rate margin (as a percent) | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Details_2
Long-Term Debt (Details 2) (USD $) | 1 Months Ended | 3 Months Ended | 3 Months Ended | 35 Months Ended | ||||||||||||||||
Aug. 08, 2014 | Jun. 29, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 29, 2014 | Mar. 31, 2014 | Mar. 31, 2011 | Jun. 29, 2014 | Mar. 31, 2014 | Mar. 31, 2011 | Mar. 31, 2006 | Mar. 31, 2005 | Oct. 01, 2016 | Jun. 29, 2014 | Mar. 31, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | |
derivative | derivative | 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 | 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] | Notional amount to mature August 2016 [Member] | Notional amount to mature August 2017 [Member] | Notional amount to mature August 2018 [Member] | NotionalamounttomatureNovember2016 [Member] | NotionalamounttomatureNovember2017 [Member] | |||
Long-Term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($753,000) | ($1,055,000) | ($1,523,000) | $3,000 | ($109,000) |
Derivative, Fixed Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.87% | 1.29% | 1.69% | 0.65% | 1.10% |
Derivative, Variable Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% |
Derivative, Notional Amount | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | 100,000,000 | 100,000,000 | 50,000,000 | 50,000,000 |
Ratio of Indebtedness to Net Capital | ' | 0.51 | ' | 0.52 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Annual principal repayments, year one | ' | 248,951,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying amount of long-term debt | ' | 2,091,416,000 | ' | 2,092,978,000 | ' | ' | ' | 194,666,000 | 196,228,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance costs | ' | ' | ' | ' | ' | ' | 7,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Finance Costs Gross, Accordion Feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' |
Borrowings on long term debt | ' | 2,092,701,000 | ' | 2,096,190,000 | 350,000,000 | 350,000,000 | 350,000,000 | 195,951,000 | 199,440,000 | ' | ' | ' | ' | 300,000,000 | 300,000,000 | ' | ' | ' | ' | ' |
Percentage of principal amount at which the entity may redeem some or all of the notes prior to specified date | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Redemption with Net Proceeds from Equity Offerings as Percentage of Original Principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Redemption Price with Net Proceeds from Equity Offerings as Percentage of Original Principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105.25% | ' | ' | ' | ' | ' | ' | ' |
Conversion ratio, number of shares per $1,000 principal amount, numerator | 13.1023 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion ratio, principal amount, denominator | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion price (in dollars per share) | $76.32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Closing Price | ' | $136.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible debt premium | ' | 154,758,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument interest rate stated percentage | ' | ' | ' | ' | 6.88% | 6.88% | ' | 3.00% | 3.00% | 3.00% | ' | ' | ' | 5.25% | ' | ' | ' | ' | ' | ' |
Subsidiary guarantors percentage owned | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale-and-leaseback transactions limit | ' | 913,249,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted payment limit | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for interest, total | ' | $12,291,000 | $3,726,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Interest Rate Derivatives Held | ' | 5 | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental Common Shares Attributable to Conversion of Debt Securities | ' | 1,153,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Details_3
Long-Term Debt (Details 3) (USD $) | 3 Months Ended | 12 Months Ended |
Jun. 29, 2014 | Mar. 31, 2014 | |
Additional information about convertible notes | ' | ' |
Principal amount of the liability component | $2,092,701,000 | $2,096,190,000 |
Unamortized discount of liability component | 1,285,000 | 3,212,000 |
Net carrying amount of liability component | 2,091,416,000 | 2,092,978,000 |
Minimum payments on outstanding long-term debt | ' | ' |
Remainder of fiscal 2015 | 248,951,000 | ' |
Fiscal 2016 | 53,000,000 | ' |
Fiscal 2016 | 53,000,000 | ' |
Fiscal 2018 | 53,000,000 | ' |
Fiscal 2019 | 797,875,000 | ' |
Thereafter | 886,875,000 | ' |
Total | 2,092,701,000 | 2,096,190,000 |
Line of Credit 2018 [Member] | ' | ' |
Additional information about convertible notes | ' | ' |
Principal amount of the liability component | 700,000,000 | ' |
Net carrying amount of liability component | 0 | 0 |
Minimum payments on outstanding long-term debt | ' | ' |
Total | 700,000,000 | ' |
2013 Senior Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Eurodollar margin (as a percent) | 2.00% | ' |
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 the liability component | 195,951,000 | 199,440,000 |
Unamortized discount of liability component | 1,285,000 | 3,212,000 |
Net carrying amount of liability component | 194,666,000 | 196,228,000 |
Remaining amortization period of discount (months) | '2 months | '5 months |
Minimum payments on outstanding long-term debt | ' | ' |
Total | 195,951,000 | 199,440,000 |
Debt Instrument, Interest Rate, Effective Percentage | 7.00% | 7.00% |
Line of Credit | ' | ' |
Additional information about convertible notes | ' | ' |
Net carrying amount of liability component | $0 | ' |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' |
Change in benefit obligation | ' | ' |
Service cost | $1 | $2 |
Interest cost | 1,203 | 1,302 |
Expected return on plan assets | -888 | -855 |
Amortization of unrecognized net loss | 409 | 572 |
Amortization of unrecognized prior service cost | -2,094 | -2,095 |
Defined Benefit Plan, Net Periodic Benefit Cost | -1,369 | -1,074 |
Pension Benefits | ' | ' |
Change in benefit obligation | ' | ' |
Service cost | 5,849 | 8,691 |
Interest cost | 32,596 | 32,563 |
Expected return on plan assets | -41,803 | -40,278 |
Amortization of unrecognized net loss | 29,814 | 36,473 |
Amortization of unrecognized prior service cost | -5,622 | -5,246 |
Defined Benefit Plan, Net Periodic Benefit Cost | $20,834 | $32,203 |
Employee_Benefit_Plans_Details1
Employee Benefit Plans (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Mar. 31, 2015 |
Pension Benefits | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Service cost | $5,849 | $8,691 | ' |
Contributions | ' | ' | ' |
Interest cost | 32,596 | 32,563 | ' |
Defined Benefit Plan, Expected Return on Plan Assets | -41,803 | -40,278 | ' |
Defined Benefit Plan, Amortization of Gains (Losses) | 29,814 | 36,473 | ' |
Amortization of unrecognized prior service cost | -5,622 | -5,246 | ' |
Defined Benefit Plan, Net Periodic Benefit Cost | 20,834 | 32,203 | ' |
Supplemental (nonqualified) executive retirement plan | ' | ' | ' |
Contributions | ' | ' | ' |
Employer contributions directly to the pension trust for the period | 3,000 | ' | ' |
Employer's contribution to retirees during the period | 1,174 | ' | ' |
Expected employer's contribution directly to retirees in next fiscal year | 3,326 | ' | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Service cost | 1 | 2 | ' |
Contributions | ' | ' | ' |
Employer contributions directly to the pension trust for the period | 3,162 | ' | ' |
Expected employer's contribution in next fiscal year | ' | ' | 7,644 |
Interest cost | 1,203 | 1,302 | ' |
Defined Benefit Plan, Expected Return on Plan Assets | -888 | -855 | ' |
Defined Benefit Plan, Amortization of Gains (Losses) | 409 | 572 | ' |
Amortization of unrecognized prior service cost | -2,094 | -2,095 | ' |
Defined Benefit Plan, Net Periodic Benefit Cost | ($1,369) | ($1,074) | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Income tax provision (as a percent) | 35.20% | 35.50% |
Potential reduction of uncertain tax benefits over the next 12 months from audit settlements | ($4,677) | ' |
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 | $4,286 | ' |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Mar. 31, 2014 |
award | Fiscal 2012 through fiscal 2014 period | Fiscal 2013 through fiscal 2015 period | Fiscal 2014 through fiscal 2016 period | Share-based Compensation Arrangements Activity for Fiscal 2015 through Fiscal 2017 [Member] [Domain] | Restricted stock | Restricted stock | Restricted stock | Stock options | Stock options | Stock options | 2005 Stock Incentive Plan | Performance awards | Total stockholder return performance awards ("TSR awards") | Total stockholder return performance awards ("TSR awards") | ||
plan | Minimum | Maximum | Minimum | Maximum | Fiscal 2012 through fiscal 2014 period | |||||||||||
Stock-Based Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of authorized shares of preferred stock | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Par value of preferred stock (in dollars per share) | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total pre-tax stock-based compensation expense | $3,861 | $3,012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total income tax benefit recognized in the income statement for share-based compensation | $1,482 | $1,169 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of stock-based incentive plans | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of authorized common shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,982,360 | ' | ' | ' |
Number of available shares to be granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 999,703 | ' | ' | ' |
Number of plans under which no new grants are being made | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of types of awards outstanding under the entity's stock incentive plans | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares reserved | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 280,714 | 27,647 | ' |
Number of shares payable only upon the achievement of certain financial performance goals | ' | ' | ' | 102,848 | 94,926 | 82,940 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares earned | ' | ' | 54,489 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,022 |
Number of shares forfeited in the period resulting from performance goals not being met | ' | ' | 165,951 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,958 |
Restricted stock granted to non-employee directors and certain key employees (in shares) | ' | ' | ' | ' | ' | ' | 38,015 | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Vesting period (in years) | ' | ' | ' | ' | ' | ' | ' | '1 year | '3 years | ' | '1 year | '3 years | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 2) (Stock options) | 3 Months Ended |
Jun. 30, 2013 | |
Stock options | ' |
Stock-Based Compensation | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 |
Contingencies_Details
Contingencies (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 29, 2014 | Mar. 31, 2014 |
Loss Contingency [Abstract] | ' | ' |
Unbilled receivables for contract claims | $32,074 | $35,113 |
Fair Value Inputs, Discount Rate | 1.25% | 1.50% |
Environmental liabilities discount rate, net of estimated inflation (as a percent) | 1.25% | 1.50% |
Environmental receivable discount rate, net of estimated inflation (as a percent) | 1.25% | 1.50% |
Treasury constant maturities rate used to estimate discount rate (in years) | '20 years | ' |
Estimated inflationary factor (as a percent) | 1.90% | ' |
Environmental remediation | ' | ' |
Amounts (payable) receivable | -55,107 | -58,194 |
Unamortized discount | 5,113 | 4,706 |
Amounts (payable) receivable | 28,062 | 28,540 |
Unamortized discount | -2,388 | -2,152 |
Present value amounts (payable) receivable | -49,994 | -53,488 |
Present value amounts (payable) receivable | 25,674 | 26,388 |
Discounted liability recorded in other current liabilities | 6,996 | 8,550 |
Discounted liability recorded in other long-term liabilities | 42,998 | 44,938 |
Discounted receivable recorded in other current assets | 4,253 | ' |
Discounted receivable recorded in other non-current assets | 21,421 | ' |
Minimum | ' | ' |
Business Acquisition [Line Items] | ' | ' |
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 | 49,994 | ' |
Maximum | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Estimated discounted reasonably possible costs of environmental remediation | $77,051 | ' |
Contingencies_Schedule_of_liti
Contingencies Schedule of litigation (Details) (USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Aug. 01, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' |
Loss Contingency, Damages Sought, Value | $100,000 |
Share_Repurchase_Details
Share Repurchase (Details) (USD $) | 3 Months Ended | 24 Months Ended | |
Jun. 30, 2013 | Jan. 31, 2014 | Jun. 29, 2014 | |
Share Repurchases [Abstract] | ' | ' | ' |
Stock repurchase program, authorized amount | ' | ' | $200,000,000 |
Stock repurchase program, period in force | ' | '2 years | ' |
Stock repurchased during period, shares | 321,956 | ' | ' |
Stock repurchased during period, value | $24,322,000 | ' | ' |
Changes_in_Estimates_Details
Changes in Estimates (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 |
Operating Income Adjustments Under Percentage of Completion Method [Line Items] | ' | ' |
Operating income adjustments under percentage of completion method | $23,845 | $26,010 |
Realignment_Obligations_Detail
Realignment Obligations (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Jun. 29, 2014 |
Realignment liability activity | ' |
Balance at the beginning of the period | $0 |
Expense | 10,624 |
Cash paid | -452 |
Non-cash settlements | -2,465 |
Balance at the end of the period | 7,707 |
Termination benefits | ' |
Realignment liability activity | ' |
Balance at the beginning of the period | 0 |
Expense | 6,774 |
Cash paid | 0 |
Non-cash settlements | 0 |
Balance at the end of the period | 6,774 |
Asset impairment | ' |
Realignment liability activity | ' |
Balance at the beginning of the period | 0 |
Expense | 2,465 |
Cash paid | 0 |
Non-cash settlements | -2,465 |
Balance at the end of the period | 0 |
Facility closure and other costs | ' |
Realignment liability activity | ' |
Balance at the beginning of the period | 0 |
Expense | 1,385 |
Cash paid | -452 |
Non-cash settlements | 0 |
Balance at the end of the period | $933 |
Operating_Segment_Information_1
Operating Segment Information (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Mar. 31, 2014 |
segment | |||
Segment Reporting [Abstract] | ' | ' | ' |
Number of operating segments | 3 | ' | ' |
Results by operating segment | ' | ' | ' |
Operating Income (Loss) | $155,555 | $125,625 | ' |
Sales to external customers | 1,275,391 | 1,078,743 | ' |
Segment Reporting Information, Intersegment Revenue | 0 | 0 | ' |
Total | 1,275,391 | 1,078,743 | ' |
Total assets | 5,844,957 | ' | 5,771,146 |
Aerospace Group | ' | ' | ' |
Results by operating segment | ' | ' | ' |
Operating Income (Loss) | 38,378 | 37,086 | ' |
Sales to external customers (as a percent) | 26.00% | ' | ' |
Sales to external customers | 327,046 | 301,614 | ' |
Segment Reporting Information, Intersegment Revenue | 5,874 | 5,574 | ' |
Total assets | 1,696,125 | ' | 1,646,563 |
Defense Group | ' | ' | ' |
Results by operating segment | ' | ' | ' |
Operating Income (Loss) | 45,144 | 62,088 | ' |
Sales to external customers (as a percent) | 30.00% | ' | ' |
Sales to external customers | 387,315 | 421,151 | ' |
Segment Reporting Information, Intersegment Revenue | 54,836 | 53,665 | ' |
Total assets | 1,341,788 | ' | 1,209,150 |
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) | ' | 15.00% | ' |
Sporting Group | ' | ' | ' |
Results by operating segment | ' | ' | ' |
Operating Income (Loss) | 78,963 | 44,117 | ' |
Sales to external customers (as a percent) | 44.00% | ' | ' |
Sales to external customers | 561,030 | 355,978 | ' |
Segment Reporting Information, Intersegment Revenue | 2,582 | 2,332 | ' |
Total assets | 2,494,175 | ' | 2,382,617 |
Corporate | ' | ' | ' |
Results by operating segment | ' | ' | ' |
Operating Income (Loss) | -6,930 | -17,666 | ' |
Segment Reporting Information, Intersegment Revenue | -63,292 | -61,571 | ' |
Total assets | 312,869 | ' | 532,816 |
Intersegment transactions | ' | ' | ' |
Results by operating segment | ' | ' | ' |
Operating Income (Loss) | $6,748 | $4,687 | ' |
Consolidating_Financial_statem2
Consolidating Financial statements (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Oct. 31, 2013 | Mar. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Cash and cash equivalents | $132,739 | $99,285 | $266,632 | ' | $417,289 |
Revenue, Net | 1,275,391 | 1,078,743 | ' | ' | ' |
Cost of sales | 964,806 | 836,731 | ' | ' | ' |
Gross profit | 310,585 | 242,012 | ' | ' | ' |
Research and development | 8,814 | 10,425 | ' | ' | ' |
Selling and Marketing Expense | 63,122 | 42,764 | ' | ' | ' |
General and Administrative Expense | 83,094 | 63,198 | ' | ' | ' |
Income before interest, income taxes, and noncontrolling interest | 155,555 | 125,625 | ' | ' | ' |
Income (Loss) from Equity Method Investments | 0 | ' | ' | ' | ' |
Interest and Debt Expense | -23,416 | -13,890 | ' | ' | ' |
Interest income | 26 | 67 | ' | ' | ' |
Income before income taxes and noncontrolling interest | 132,165 | 111,802 | ' | ' | ' |
Income tax provision | 46,498 | 39,661 | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 85,667 | 72,141 | ' | ' | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | 69 | 103 | ' | ' | ' |
Net income attributable to Alliant Techsystems Inc. | 85,598 | 72,038 | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 18,590 | 12,141 | ' | ' | ' |
Comprehensive income | 104,257 | 84,282 | ' | ' | ' |
Less comprehensive income attributable to noncontrolling interest | 69 | 103 | ' | ' | ' |
Comprehensive income attributable to Alliant Techsystems Inc. | 104,188 | 84,179 | ' | ' | ' |
Receivables, Net, Current | 1,686,669 | ' | 1,473,820 | ' | ' |
Due from Affiliate, Current | 0 | ' | 0 | ' | ' |
Net inventories | 562,216 | ' | 558,250 | ' | ' |
Deferred Tax Assets, Net, Current | 93,914 | ' | 93,616 | ' | ' |
Other current assets | 64,556 | ' | 69,280 | ' | ' |
Total current assets | 2,540,094 | ' | 2,461,598 | ' | ' |
Property, Plant and Equipment, Net | 693,353 | ' | 697,551 | ' | ' |
Investments in and Advances to Affiliates, Amount of Equity | 0 | ' | 0 | ' | ' |
Goodwill | 1,920,914 | ' | 1,916,921 | 505,845 | ' |
Intangible Assets, Net (Excluding Goodwill) | 569,775 | ' | 577,850 | ' | ' |
Due from Affiliate, Noncurrent | 0 | ' | 0 | ' | ' |
Deferred charges and other non-current assets | 120,821 | ' | 117,226 | ' | ' |
Total assets | 5,844,957 | ' | 5,771,146 | ' | ' |
Current portion of long-term debt | 247,666 | ' | 249,228 | ' | ' |
Accounts Payable, Current | 318,358 | ' | 315,605 | ' | ' |
Due to Affiliate, Current | 0 | ' | 0 | ' | ' |
Contract advances and allowances | 120,032 | ' | 105,787 | ' | ' |
Accrued compensation | 91,139 | ' | 128,821 | ' | ' |
Accrued Income Taxes, Current | 36,455 | ' | 7,877 | ' | ' |
Other accrued liabilities | 293,143 | ' | 322,832 | ' | ' |
Total current liabilities | 1,106,793 | ' | 1,130,150 | ' | ' |
Long-term debt | 1,843,750 | ' | 1,843,750 | ' | ' |
Deferred Tax Liabilities, Net, Noncurrent | 129,363 | ' | 117,515 | ' | ' |
Postretirement and postemployment benefits liabilities | 71,884 | ' | 74,874 | ' | ' |
Defined Benefit Pension Plan, Liabilities, Noncurrent | 550,244 | ' | 557,775 | ' | ' |
Due to Affiliate, Noncurrent | 0 | ' | 0 | ' | ' |
Other long-term liabilities | 119,235 | ' | 124,944 | ' | ' |
Total liabilities | 3,821,269 | ' | 3,849,008 | ' | ' |
Stockholders' Equity Attributable to Parent | 2,013,056 | ' | 1,911,575 | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 10,632 | ' | 10,563 | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,023,688 | 1,569,127 | 1,922,138 | ' | 1,512,561 |
Total liabilities and equity | 5,844,957 | ' | 5,771,146 | ' | ' |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | -91,480 | -135,763 | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | -29,501 | -29,552 | ' | ' | ' |
Proceeds from the disposition of property, plant, and equipment | 2,168 | 5,190 | ' | ' | ' |
Cash used for investing activities | -27,333 | -338,325 | ' | ' | ' |
Payments of Distributions to Affiliates | 0 | ' | ' | ' | ' |
Payments for (Proceeds from) Other Investing Activities | 0 | ' | ' | ' | ' |
Borrowings on line of credit | 65,000 | 200,000 | ' | ' | ' |
Repayments of Lines of Credit | -65,000 | 0 | ' | ' | ' |
Repayments of Long-term Debt | -3,489 | -12,500 | ' | ' | ' |
Payments for Repurchase of Common Stock | 8,360 | 24,322 | ' | ' | ' |
Payments of Ordinary Dividends, Common Stock | -10,219 | -8,372 | ' | ' | ' |
Proceeds from employee stock compensation plans | 0 | 656 | ' | ' | ' |
Excess tax benefits from share-based plans | 6,739 | 622 | ' | ' | ' |
Cash (used for) provided by financing activities | -15,329 | 156,084 | ' | ' | ' |
Effect of Exchange Rate on Cash and Cash Equivalents | 249 | 0 | ' | ' | ' |
(Decrease) increase in cash and cash equivalents | -133,893 | -318,004 | ' | ' | ' |
Parent Company [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | ' | 0 | ' | ' |
Revenue, Net | 0 | ' | ' | ' | ' |
Cost of sales | 0 | ' | ' | ' | ' |
Gross profit | 0 | ' | ' | ' | ' |
Research and development | 0 | ' | ' | ' | ' |
Selling and Marketing Expense | 0 | ' | ' | ' | ' |
General and Administrative Expense | 3,861 | ' | ' | ' | ' |
Income before interest, income taxes, and noncontrolling interest | -3,861 | ' | ' | ' | ' |
Income (Loss) from Equity Method Investments | 102,383 | ' | ' | ' | ' |
Interest and Debt Expense | -23,425 | ' | ' | ' | ' |
Interest income | 0 | ' | ' | ' | ' |
Income before income taxes and noncontrolling interest | 75,097 | ' | ' | ' | ' |
Income tax provision | -10,501 | ' | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 85,598 | ' | ' | ' | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | ' | ' | ' | ' |
Net income attributable to Alliant Techsystems Inc. | 85,598 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 18,590 | ' | ' | ' | ' |
Comprehensive income | 104,188 | ' | ' | ' | ' |
Less comprehensive income attributable to noncontrolling interest | 0 | ' | ' | ' | ' |
Comprehensive income attributable to Alliant Techsystems Inc. | 104,188 | ' | ' | ' | ' |
Receivables, Net, Current | 0 | ' | 0 | ' | ' |
Due from Affiliate, Current | 0 | ' | 0 | ' | ' |
Net inventories | 0 | ' | 0 | ' | ' |
Deferred Tax Assets, Net, Current | 0 | ' | 0 | ' | ' |
Other current assets | 1,547 | ' | 0 | ' | ' |
Total current assets | 1,547 | ' | 0 | ' | ' |
Property, Plant and Equipment, Net | 0 | ' | 0 | ' | ' |
Investments in and Advances to Affiliates, Amount of Equity | 6,034,276 | ' | 5,921,889 | ' | ' |
Goodwill | 0 | ' | 0 | ' | ' |
Intangible Assets, Net (Excluding Goodwill) | 0 | ' | 0 | ' | ' |
Due from Affiliate, Noncurrent | 0 | ' | 0 | ' | ' |
Deferred charges and other non-current assets | 23,101 | ' | 24,600 | ' | ' |
Total assets | 6,058,924 | ' | 5,946,489 | ' | ' |
Current portion of long-term debt | 247,666 | ' | 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 accrued liabilities | 15,939 | ' | 14,553 | ' | ' |
Total current liabilities | 263,605 | ' | 263,781 | ' | ' |
Long-term debt | 1,843,750 | ' | 1,843,750 | ' | ' |
Deferred Tax Liabilities, Net, Noncurrent | 0 | ' | 0 | ' | ' |
Postretirement and postemployment benefits liabilities | 0 | ' | 0 | ' | ' |
Defined Benefit Pension Plan, Liabilities, Noncurrent | 0 | ' | 0 | ' | ' |
Due to Affiliate, Noncurrent | 1,935,075 | ' | 1,925,136 | ' | ' |
Other long-term liabilities | 3,441 | ' | 2,247 | ' | ' |
Total liabilities | 4,045,871 | ' | 4,034,914 | ' | ' |
Stockholders' Equity Attributable to Parent | 2,013,053 | ' | 1,911,575 | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | ' | 0 | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,013,053 | ' | 1,911,575 | ' | ' |
Total liabilities and equity | 6,058,924 | ' | 5,946,489 | ' | ' |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | -1,608 | ' | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | 0 | ' | ' | ' | ' |
Proceeds from the disposition of property, plant, and equipment | 0 | ' | ' | ' | ' |
Cash used for investing activities | 0 | ' | ' | ' | ' |
Payments of Distributions to Affiliates | 16,937 | ' | ' | ' | ' |
Payments for (Proceeds from) Other Investing Activities | 0 | ' | ' | ' | ' |
Borrowings on line of credit | 65,000 | ' | ' | ' | ' |
Repayments of Lines of Credit | -65,000 | ' | ' | ' | ' |
Repayments of Long-term Debt | -3,489 | ' | ' | ' | ' |
Payments for Repurchase of Common Stock | 8,360 | ' | ' | ' | ' |
Payments of Ordinary Dividends, Common Stock | -10,219 | ' | ' | ' | ' |
Proceeds from employee stock compensation plans | 0 | ' | ' | ' | ' |
Excess tax benefits from share-based plans | 6,739 | ' | ' | ' | ' |
Cash (used for) provided by financing activities | 1,608 | ' | ' | ' | ' |
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 | 115,948 | ' | 220,056 | ' | ' |
Revenue, Net | 1,218,686 | ' | ' | ' | ' |
Cost of sales | 930,345 | ' | ' | ' | ' |
Gross profit | 288,341 | ' | ' | ' | ' |
Research and development | 7,646 | ' | ' | ' | ' |
Selling and Marketing Expense | 53,641 | ' | ' | ' | ' |
General and Administrative Expense | 74,980 | ' | ' | ' | ' |
Income before interest, income taxes, and noncontrolling interest | 152,074 | ' | ' | ' | ' |
Income (Loss) from Equity Method Investments | 4,049 | ' | ' | ' | ' |
Interest and Debt Expense | 0 | ' | ' | ' | ' |
Interest income | 969 | ' | ' | ' | ' |
Income before income taxes and noncontrolling interest | 157,092 | ' | ' | ' | ' |
Income tax provision | 54,948 | ' | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 102,144 | ' | ' | ' | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | ' | ' | ' | ' |
Net income attributable to Alliant Techsystems Inc. | 102,144 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 14,038 | ' | ' | ' | ' |
Comprehensive income | 116,182 | ' | ' | ' | ' |
Less comprehensive income attributable to noncontrolling interest | 0 | ' | ' | ' | ' |
Comprehensive income attributable to Alliant Techsystems Inc. | 116,182 | ' | ' | ' | ' |
Receivables, Net, Current | 1,629,506 | ' | 1,418,583 | ' | ' |
Due from Affiliate, Current | 7,194 | ' | 4,876 | ' | ' |
Net inventories | 506,131 | ' | 499,046 | ' | ' |
Deferred Tax Assets, Net, Current | 88,875 | ' | 88,543 | ' | ' |
Other current assets | 53,783 | ' | 57,324 | ' | ' |
Total current assets | 2,401,437 | ' | 2,288,428 | ' | ' |
Property, Plant and Equipment, Net | 679,823 | ' | 684,424 | ' | ' |
Investments in and Advances to Affiliates, Amount of Equity | 206,097 | ' | 203,738 | ' | ' |
Goodwill | 1,787,542 | ' | 1,783,737 | ' | ' |
Intangible Assets, Net (Excluding Goodwill) | 520,175 | ' | 527,565 | ' | ' |
Due from Affiliate, Noncurrent | 1,995,925 | ' | 1,997,307 | ' | ' |
Deferred charges and other non-current assets | 96,996 | ' | 92,475 | ' | ' |
Total assets | 7,687,995 | ' | 7,577,674 | ' | ' |
Current portion of long-term debt | 0 | ' | 0 | ' | ' |
Accounts Payable, Current | 302,181 | ' | 300,132 | ' | ' |
Due to Affiliate, Current | 0 | ' | 0 | ' | ' |
Contract advances and allowances | 119,882 | ' | 105,592 | ' | ' |
Accrued compensation | 87,770 | ' | 125,908 | ' | ' |
Accrued Income Taxes, Current | 33,852 | ' | 6,254 | ' | ' |
Other accrued liabilities | 264,771 | ' | 269,809 | ' | ' |
Total current liabilities | 808,456 | ' | 807,695 | ' | ' |
Long-term debt | 0 | ' | 0 | ' | ' |
Deferred Tax Liabilities, Net, Noncurrent | 115,023 | ' | 103,149 | ' | ' |
Postretirement and postemployment benefits liabilities | 71,884 | ' | 74,874 | ' | ' |
Defined Benefit Pension Plan, Liabilities, Noncurrent | 550,244 | ' | 557,775 | ' | ' |
Due to Affiliate, Noncurrent | 0 | ' | 0 | ' | ' |
Other long-term liabilities | 115,212 | ' | 122,153 | ' | ' |
Total liabilities | 1,660,819 | ' | 1,665,646 | ' | ' |
Stockholders' Equity Attributable to Parent | 6,027,176 | ' | 5,912,028 | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | ' | 0 | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 6,027,176 | ' | 5,912,028 | ' | ' |
Total liabilities and equity | 7,687,995 | ' | 7,577,674 | ' | ' |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | -59,723 | ' | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | -29,616 | ' | ' | ' | ' |
Proceeds from the disposition of property, plant, and equipment | 2,168 | ' | ' | ' | ' |
Cash used for investing activities | -44,385 | ' | ' | ' | ' |
Payments of Distributions to Affiliates | 0 | ' | ' | ' | ' |
Payments for (Proceeds from) Other Investing Activities | -16,937 | ' | ' | ' | ' |
Borrowings on line of credit | 0 | ' | ' | ' | ' |
Repayments of Lines of Credit | 0 | ' | ' | ' | ' |
Repayments of Long-term Debt | 0 | ' | ' | ' | ' |
Payments for Repurchase of Common Stock | 0 | ' | ' | ' | ' |
Payments of Ordinary Dividends, Common Stock | 0 | ' | ' | ' | ' |
Proceeds from employee stock compensation plans | 0 | ' | ' | ' | ' |
Excess tax benefits from share-based plans | 0 | ' | ' | ' | ' |
Cash (used for) provided by financing activities | 0 | ' | ' | ' | ' |
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | ' | ' | ' | ' |
(Decrease) increase in cash and cash equivalents | -104,108 | ' | ' | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Cash and cash equivalents | 16,791 | ' | 46,576 | ' | ' |
Revenue, Net | 40,198 | ' | ' | ' | ' |
Cost of sales | 17,954 | ' | ' | ' | ' |
Gross profit | 22,244 | ' | ' | ' | ' |
Research and development | 1,168 | ' | ' | ' | ' |
Selling and Marketing Expense | 9,481 | ' | ' | ' | ' |
General and Administrative Expense | 4,253 | ' | ' | ' | ' |
Income before interest, income taxes, and noncontrolling interest | 7,342 | ' | ' | ' | ' |
Income (Loss) from Equity Method Investments | 0 | ' | ' | ' | ' |
Interest and Debt Expense | -1,030 | ' | ' | ' | ' |
Interest income | 96 | ' | ' | ' | ' |
Income before income taxes and noncontrolling interest | 6,408 | ' | ' | ' | ' |
Income tax provision | 2,051 | ' | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 4,357 | ' | ' | ' | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | 69 | ' | ' | ' | ' |
Net income attributable to Alliant Techsystems Inc. | 4,288 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 1,196 | ' | ' | ' | ' |
Comprehensive income | 5,553 | ' | ' | ' | ' |
Less comprehensive income attributable to noncontrolling interest | 69 | ' | ' | ' | ' |
Comprehensive income attributable to Alliant Techsystems Inc. | 5,484 | ' | ' | ' | ' |
Receivables, Net, Current | 57,163 | ' | 55,237 | ' | ' |
Due from Affiliate, Current | 0 | ' | 0 | ' | ' |
Net inventories | 56,085 | ' | 59,204 | ' | ' |
Deferred Tax Assets, Net, Current | 5,039 | ' | 5,073 | ' | ' |
Other current assets | 9,226 | ' | 11,956 | ' | ' |
Total current assets | 144,304 | ' | 178,046 | ' | ' |
Property, Plant and Equipment, Net | 13,530 | ' | 13,127 | ' | ' |
Investments in and Advances to Affiliates, Amount of Equity | 0 | ' | 0 | ' | ' |
Goodwill | 133,372 | ' | 133,184 | ' | ' |
Intangible Assets, Net (Excluding Goodwill) | 49,600 | ' | 50,285 | ' | ' |
Due from Affiliate, Noncurrent | 0 | ' | 0 | ' | ' |
Deferred charges and other non-current assets | 724 | ' | 151 | ' | ' |
Total assets | 341,530 | ' | 374,793 | ' | ' |
Current portion of long-term debt | 0 | ' | 0 | ' | ' |
Accounts Payable, Current | 16,177 | ' | 15,473 | ' | ' |
Due to Affiliate, Current | 7,194 | ' | 4,876 | ' | ' |
Contract advances and allowances | 150 | ' | 195 | ' | ' |
Accrued compensation | 3,369 | ' | 2,913 | ' | ' |
Accrued Income Taxes, Current | 2,603 | ' | 1,623 | ' | ' |
Other accrued liabilities | 12,433 | ' | 38,470 | ' | ' |
Total current liabilities | 41,926 | ' | 63,550 | ' | ' |
Long-term debt | 0 | ' | 0 | ' | ' |
Deferred Tax Liabilities, Net, Noncurrent | 14,340 | ' | 14,366 | ' | ' |
Postretirement and postemployment benefits liabilities | 0 | ' | 0 | ' | ' |
Defined Benefit Pension Plan, Liabilities, Noncurrent | 0 | ' | 0 | ' | ' |
Due to Affiliate, Noncurrent | 60,850 | ' | 72,168 | ' | ' |
Other long-term liabilities | 582 | ' | 544 | ' | ' |
Total liabilities | 117,698 | ' | 150,628 | ' | ' |
Stockholders' Equity Attributable to Parent | 213,200 | ' | 213,602 | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 10,632 | ' | 10,563 | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 223,832 | ' | 224,165 | ' | ' |
Total liabilities and equity | 341,530 | ' | 374,793 | ' | ' |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | -23,149 | ' | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | 115 | ' | ' | ' | ' |
Proceeds from the disposition of property, plant, and equipment | 0 | ' | ' | ' | ' |
Cash used for investing activities | 115 | ' | ' | ' | ' |
Payments of Distributions to Affiliates | 0 | ' | ' | ' | ' |
Payments for (Proceeds from) Other Investing Activities | 0 | ' | ' | ' | ' |
Borrowings on line of credit | 0 | ' | ' | ' | ' |
Repayments of Lines of Credit | 0 | ' | ' | ' | ' |
Repayments of Long-term Debt | 0 | ' | ' | ' | ' |
Payments for Repurchase of Common Stock | 0 | ' | ' | ' | ' |
Payments of Ordinary Dividends, Common Stock | -7,000 | ' | ' | ' | ' |
Proceeds from employee stock compensation plans | 0 | ' | ' | ' | ' |
Excess tax benefits from share-based plans | 0 | ' | ' | ' | ' |
Cash (used for) provided by financing activities | -7,000 | ' | ' | ' | ' |
Effect of Exchange Rate on Cash and Cash Equivalents | 249 | ' | ' | ' | ' |
(Decrease) increase in cash and cash equivalents | -29,785 | ' | ' | ' | ' |
Consolidation, Eliminations [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | ' | 0 | ' | ' |
Revenue, Net | 16,507 | ' | ' | ' | ' |
Cost of sales | 16,507 | ' | ' | ' | ' |
Gross profit | 0 | ' | ' | ' | ' |
Research and development | 0 | ' | ' | ' | ' |
Selling and Marketing Expense | 0 | ' | ' | ' | ' |
General and Administrative Expense | 0 | ' | ' | ' | ' |
Income before interest, income taxes, and noncontrolling interest | 0 | ' | ' | ' | ' |
Income (Loss) from Equity Method Investments | -106,432 | ' | ' | ' | ' |
Interest and Debt Expense | 1,039 | ' | ' | ' | ' |
Interest income | -1,039 | ' | ' | ' | ' |
Income before income taxes and noncontrolling interest | -106,432 | ' | ' | ' | ' |
Income tax provision | 0 | ' | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | -106,432 | ' | ' | ' | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | ' | ' | ' | ' |
Net income attributable to Alliant Techsystems Inc. | -106,432 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | -15,234 | ' | ' | ' | ' |
Comprehensive income | -121,666 | ' | ' | ' | ' |
Less comprehensive income attributable to noncontrolling interest | 0 | ' | ' | ' | ' |
Comprehensive income attributable to Alliant Techsystems Inc. | -121,666 | ' | ' | ' | ' |
Receivables, Net, Current | 0 | ' | ' | ' | ' |
Due from Affiliate, Current | -7,194 | ' | -4,876 | ' | ' |
Net inventories | 0 | ' | ' | ' | ' |
Deferred Tax Assets, Net, Current | 0 | ' | ' | ' | ' |
Other current assets | 0 | ' | ' | ' | ' |
Total current assets | -7,194 | ' | -4,876 | ' | ' |
Property, Plant and Equipment, Net | 0 | ' | ' | ' | ' |
Investments in and Advances to Affiliates, Amount of Equity | -6,240,373 | ' | -6,125,627 | ' | ' |
Goodwill | 0 | ' | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) | 0 | ' | ' | ' | ' |
Due from Affiliate, Noncurrent | -1,995,925 | ' | -1,997,307 | ' | ' |
Deferred charges and other non-current assets | 0 | ' | ' | ' | ' |
Total assets | -8,243,492 | ' | -8,127,810 | ' | ' |
Current portion of long-term debt | 0 | ' | 0 | ' | ' |
Accounts Payable, Current | 0 | ' | 0 | ' | ' |
Due to Affiliate, Current | -7,194 | ' | -4,876 | ' | ' |
Contract advances and allowances | 0 | ' | 0 | ' | ' |
Accrued compensation | 0 | ' | 0 | ' | ' |
Accrued Income Taxes, Current | 0 | ' | 0 | ' | ' |
Other accrued liabilities | 0 | ' | 0 | ' | ' |
Total current liabilities | -7,194 | ' | -4,876 | ' | ' |
Long-term debt | 0 | ' | 0 | ' | ' |
Deferred Tax Liabilities, Net, Noncurrent | 0 | ' | 0 | ' | ' |
Postretirement and postemployment benefits liabilities | 0 | ' | 0 | ' | ' |
Defined Benefit Pension Plan, Liabilities, Noncurrent | 0 | ' | 0 | ' | ' |
Due to Affiliate, Noncurrent | -1,995,925 | ' | -1,997,304 | ' | ' |
Other long-term liabilities | 0 | ' | ' | ' | ' |
Total liabilities | -2,003,119 | ' | -2,002,180 | ' | ' |
Stockholders' Equity Attributable to Parent | -6,240,373 | ' | -6,125,630 | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | ' | 0 | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | -6,240,373 | ' | -6,125,630 | ' | ' |
Total liabilities and equity | -8,243,492 | ' | -8,127,810 | ' | ' |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | -7,000 | ' | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | ' | ' | ' | ' | ' |
Proceeds from the disposition of property, plant, and equipment | ' | ' | ' | ' | ' |
Cash used for investing activities | 16,937 | ' | ' | ' | ' |
Payments of Distributions to Affiliates | -16,937 | ' | ' | ' | ' |
Payments for (Proceeds from) Other Investing Activities | 16,937 | ' | ' | ' | ' |
Borrowings on line of credit | ' | ' | ' | ' | ' |
Repayments of Lines of Credit | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | ' | ' | ' |
Payments for Repurchase of Common Stock | ' | ' | ' | ' | ' |
Payments of Ordinary Dividends, Common Stock | 7,000 | ' | ' | ' | ' |
Proceeds from employee stock compensation plans | ' | ' | ' | ' | ' |
Excess tax benefits from share-based plans | ' | ' | ' | ' | ' |
Cash (used for) provided by financing activities | -9,937 | ' | ' | ' | ' |
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | ' | ' | ' | ' |
(Decrease) increase in cash and cash equivalents | $0 | ' | ' | ' | ' |
Subsequent_events_Details
Subsequent events (Details) (USD $) | 1 Months Ended |
Aug. 08, 2014 | |
Subsequent Event [Line Items] | ' |
Repayments of Convertible Debt | $187,635 |
Total convertible debt payment including premium | 337,988 |
Debt Instrument, Convertible, Conversion Ratio | 13.1023 |
Conversion ratio, principal amount, denominator | 1 |
Conversion price (in dollars per share) | $76.32 |
Debt repayment on Accordion | 7,500 |
2013 Term Loan B notes [Member] | ' |
Subsequent Event [Line Items] | ' |
Repayments of Debt | 50,000 |
Term A Loan due 2018 [Member] | ' |
Subsequent Event [Line Items] | ' |
Debt Instrument, Increase (Decrease) in Borrowing Capacity | $150,000 |