Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Dec. 28, 2014 | |
Document and Entity Information | |
Entity Registrant Name | ALLIANT TECHSYSTEMS INC |
Entity Central Index Key | 866121 |
Document Type | 10-Q |
Document Period End Date | 28-Dec-14 |
Amendment Flag | FALSE |
Current Fiscal Year End Date | -28 |
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 | 31,938,188 |
Document Fiscal Year Focus | 2015 |
Document Fiscal Period Focus | Q3 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Income Statement [Abstract] | ||||
Revenue, Net | $1,251,378 | $1,208,404 | $3,800,017 | $3,429,526 |
Cost of sales | 947,534 | 919,234 | 2,885,513 | 2,630,919 |
Gross profit | 303,844 | 289,170 | 914,504 | 798,607 |
Operating expenses: | ||||
Research and development | 12,194 | 11,899 | 31,024 | 34,126 |
Selling and Marketing Expense | 62,122 | 56,952 | 185,366 | 146,617 |
General and Administrative Expense | 72,537 | 74,344 | 224,891 | 198,003 |
goodwillandtradenameimpairment | 52,220 | 0 | 52,220 | 0 |
Income before interest, income taxes, and noncontrolling interest | 104,771 | 145,975 | 421,003 | 419,861 |
Interest expense | -21,394 | -28,501 | -68,169 | -57,634 |
Interest income | 28 | 1,793 | 72 | 1,884 |
Income before income taxes and noncontrolling interest | 83,405 | 119,267 | 352,906 | 364,111 |
Income tax provision | 37,617 | 38,954 | 126,262 | 118,991 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 45,788 | 80,313 | 226,644 | 245,120 |
Net Income (Loss) Attributable to Noncontrolling Interest | 141 | 27 | 291 | 210 |
Net income attributable to Alliant Techsystems Inc. | 45,647 | 80,286 | 226,353 | 244,910 |
Alliant Techsystems Inc. earnings per common share: | ||||
Basic (in dollars per share) | $1.44 | $2.55 | $7.15 | $7.73 |
Diluted (in dollars per share) | $1.43 | $2.46 | $6.98 | $7.55 |
Cash dividends paid per share (in dollars per share) | $0.32 | $0.26 | $0.96 | $0.78 |
Alliant Techsystems Inc. weighted-average number of common shares outstanding: | ||||
Basic (in shares) | 31,693 | 31,536 | 31,676 | 31,701 |
Diluted (in shares) | 31,998 | 32,613 | 32,410 | 32,418 |
Other comprehensive income (loss), net of tax: | ||||
Net income before noncontrolling interest | 45,788 | 80,313 | 226,644 | 245,120 |
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 $2,955, $2,810, $8,864, and $8,430, respectively | 4,761 | 4,531 | 14,285 | 13,594 |
Reclassification of net actuarial loss for pension and postretirement benefit plans recorded to net income, net of tax expense of $(11,582), $(14,198), and $(34,747) $(42,594), respectively | 18,638 | 22,847 | 55,919 | 68,541 |
Change in fair value of derivatives, net of tax benefit (expense) of $1,623, $(1,406), $(885) and $342, respectively | -2,592 | 2,246 | 1,414 | -547 |
Change in fair value of available-for-sale securities, net of tax (expense) benefit of $(18), $(35), $(172), and $29, respectively | 30 | 56 | 276 | -47 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -7,677 | -1,654 | -15,415 | -1,620 |
Total other comprehensive income | 3,638 | 18,964 | 27,909 | 52,733 |
Comprehensive income | 49,426 | 99,277 | 254,553 | 297,853 |
Less comprehensive income attributable to noncontrolling interest | 141 | 27 | 291 | 210 |
Comprehensive income attributable to Alliant Techsystems Inc. | $49,285 | $99,250 | $254,262 | $297,643 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 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 | $2,955 | $2,810 | $8,864 | $8,430 |
Reclassification, pension and other postretirement benefit plans, net gain (loss) recognized in net periodic benefit cost, tax | -11,582 | -14,198 | -34,747 | -42,594 |
Change in fair value of derivatives, tax expense | 1,623 | -1,406 | -885 | 342 |
Change in fair value of available-for-sale securities, tax benefit | -18 | -35 | -172 | 29 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | $4,806 | $1,035 | $9,650 | $1,011 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 28, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $112,920 | $266,632 |
Receivables, Net, Current | 1,711,654 | 1,473,820 |
Net inventories | 552,390 | 558,250 |
Income Taxes Receivable, Current | 33,233 | 0 |
Deferred Tax Assets, Net, Current | 97,855 | 93,616 |
Other current assets | 81,400 | 69,280 |
Total current assets | 2,589,452 | 2,461,598 |
Property, Plant and Equipment, Net | 692,992 | 697,551 |
Goodwill | 1,883,711 | 1,916,921 |
Intangible Assets, Net (Excluding Goodwill) | 537,168 | 577,850 |
Deferred charges and other non-current assets | 116,396 | 117,226 |
Total assets | 5,819,719 | 5,771,146 |
Current liabilities: | ||
Current portion of long-term debt | 159,997 | 249,228 |
Accounts Payable, Current | 341,697 | 315,605 |
Contract advances and allowances | 142,742 | 105,787 |
Accrued compensation | 100,317 | 128,821 |
Accrued Income Taxes, Current | 0 | 7,877 |
Other accrued liabilities | 315,129 | 322,832 |
Total current liabilities | 1,059,882 | 1,130,150 |
Long-term debt | 1,908,503 | 1,843,750 |
Deferred Tax Liabilities, Net, Noncurrent | 141,358 | 117,515 |
Postretirement and postemployment benefits liabilities | 67,253 | 74,874 |
Defined Benefit Pension Plan, Liabilities, Noncurrent | 464,869 | 557,775 |
Other long-term liabilities | 128,707 | 124,944 |
Total liabilities | 3,770,572 | 3,849,008 |
Commitments and contingencies (Note 16) | ||
Common stock | 319 | 318 |
Additional paid-in-capital | 435,746 | 534,015 |
Retained earnings | 2,984,960 | 2,789,264 |
Accumulated other comprehensive loss | -652,900 | -680,809 |
Common stock in treasury, at cost—9,638,009 shares held at December 28, 2014 and 9,712,877 shares held at March 31, 2014 | -729,832 | -731,213 |
Total Alliant Techsystems Inc. stockholders' equity | 2,038,293 | 1,911,575 |
Stockholders' Equity Attributable to Noncontrolling Interest | 10,854 | 10,563 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,049,147 | 1,922,138 |
Total liabilities and equity | 5,819,719 | 5,771,146 |
Parent Company [Member] | ||
Current assets: | ||
Cash and cash equivalents | 0 | 0 |
Receivables, Net, Current | 0 | 0 |
Net inventories | 0 | 0 |
Income Taxes Receivable, Current | 0 | |
Deferred Tax Assets, Net, Current | 0 | 0 |
Other current assets | 983 | 0 |
Total current assets | 983 | 0 |
Property, Plant and Equipment, Net | 0 | 0 |
Goodwill | 0 | 0 |
Intangible Assets, Net (Excluding Goodwill) | 0 | 0 |
Deferred charges and other non-current assets | 21,561 | 24,600 |
Total assets | 6,228,446 | 5,946,489 |
Current liabilities: | ||
Current portion of long-term debt | 159,997 | 249,228 |
Accounts Payable, Current | 0 | 0 |
Contract advances and allowances | 0 | 0 |
Accrued compensation | 0 | 0 |
Accrued Income Taxes, Current | 0 | |
Other accrued liabilities | 18,996 | 14,553 |
Total current liabilities | 178,993 | 263,781 |
Long-term debt | 1,908,503 | 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 |
Other long-term liabilities | 2,514 | 2,247 |
Total liabilities | 4,190,153 | 4,034,914 |
Total Alliant Techsystems Inc. stockholders' equity | 2,038,293 | 1,911,575 |
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,038,293 | 1,911,575 |
Total liabilities and equity | 6,228,446 | 5,946,489 |
Guarantor Subsidiaries [Member] | ||
Current assets: | ||
Cash and cash equivalents | 92,105 | 220,056 |
Receivables, Net, Current | 1,654,270 | 1,418,583 |
Net inventories | 489,808 | 499,046 |
Income Taxes Receivable, Current | 38,044 | |
Deferred Tax Assets, Net, Current | 93,300 | 88,543 |
Other current assets | 76,930 | 57,324 |
Total current assets | 2,444,457 | 2,288,428 |
Property, Plant and Equipment, Net | 680,137 | 684,424 |
Goodwill | 1,764,231 | 1,783,737 |
Intangible Assets, Net (Excluding Goodwill) | 493,968 | 527,565 |
Deferred charges and other non-current assets | 93,426 | 92,475 |
Total assets | 7,819,298 | 7,577,674 |
Current liabilities: | ||
Current portion of long-term debt | 0 | 0 |
Accounts Payable, Current | 324,974 | 300,132 |
Contract advances and allowances | 142,628 | 105,592 |
Accrued compensation | 96,959 | 125,908 |
Accrued Income Taxes, Current | 6,254 | |
Other accrued liabilities | 279,128 | 269,809 |
Total current liabilities | 847,771 | 807,695 |
Long-term debt | 0 | 0 |
Deferred Tax Liabilities, Net, Noncurrent | 128,404 | 103,149 |
Postretirement and postemployment benefits liabilities | 67,253 | 74,874 |
Defined Benefit Pension Plan, Liabilities, Noncurrent | 464,869 | 557,775 |
Other long-term liabilities | 125,661 | 122,153 |
Total liabilities | 1,633,958 | 1,665,646 |
Total Alliant Techsystems Inc. stockholders' equity | 6,185,340 | 5,912,028 |
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 6,185,340 | 5,912,028 |
Total liabilities and equity | 7,819,298 | 7,577,674 |
Non-Guarantor Subsidiaries [Member] | ||
Current assets: | ||
Cash and cash equivalents | 20,815 | 46,576 |
Receivables, Net, Current | 57,384 | 55,237 |
Net inventories | 62,582 | 59,204 |
Income Taxes Receivable, Current | -4,811 | |
Deferred Tax Assets, Net, Current | 4,555 | 5,073 |
Other current assets | 3,487 | 11,956 |
Total current assets | 148,094 | 178,046 |
Property, Plant and Equipment, Net | 12,855 | 13,127 |
Goodwill | 119,480 | 133,184 |
Intangible Assets, Net (Excluding Goodwill) | 43,200 | 50,285 |
Deferred charges and other non-current assets | 1,409 | 151 |
Total assets | 325,038 | 374,793 |
Current liabilities: | ||
Current portion of long-term debt | 0 | 0 |
Accounts Payable, Current | 16,723 | 15,473 |
Contract advances and allowances | 114 | 195 |
Accrued compensation | 3,358 | 2,913 |
Accrued Income Taxes, Current | 1,623 | |
Other accrued liabilities | 17,005 | 38,470 |
Total current liabilities | 37,200 | 63,550 |
Long-term debt | 0 | 0 |
Deferred Tax Liabilities, Net, Noncurrent | 12,954 | 14,366 |
Postretirement and postemployment benefits liabilities | 0 | 0 |
Defined Benefit Pension Plan, Liabilities, Noncurrent | 0 | 0 |
Other long-term liabilities | 532 | 544 |
Total liabilities | 109,075 | 150,628 |
Total Alliant Techsystems Inc. stockholders' equity | 205,109 | 213,602 |
Stockholders' Equity Attributable to Noncontrolling Interest | 10,854 | 10,563 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 215,963 | 224,165 |
Total liabilities and equity | 325,038 | 374,793 |
Consolidation, Eliminations [Member] | ||
Current assets: | ||
Cash and cash equivalents | 0 | 0 |
Receivables, Net, Current | 0 | |
Net inventories | 0 | |
Income Taxes Receivable, Current | 0 | |
Deferred Tax Assets, Net, Current | 0 | |
Other current assets | 0 | |
Total current assets | -4,082 | -4,876 |
Property, Plant and Equipment, Net | 0 | |
Goodwill | 0 | |
Intangible Assets, Net (Excluding Goodwill) | 0 | |
Deferred charges and other non-current assets | 0 | |
Total assets | -8,553,063 | -8,127,810 |
Current liabilities: | ||
Current portion of long-term debt | 0 | 0 |
Accounts Payable, Current | 0 | 0 |
Contract advances and allowances | 0 | 0 |
Accrued compensation | 0 | 0 |
Accrued Income Taxes, Current | 0 | |
Other accrued liabilities | 0 | 0 |
Total current liabilities | -4,082 | -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 |
Other long-term liabilities | 0 | |
Total liabilities | -2,162,614 | -2,002,180 |
Total Alliant Techsystems Inc. stockholders' equity | -6,390,449 | -6,125,630 |
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | -6,390,449 | -6,125,630 |
Total liabilities and equity | ($8,553,063) | ($8,127,810) |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 28, 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 | 31,938,188 | 31,842,642 |
Common stock, outstanding shares | 31,938,188 | 31,842,642 |
Common stock in treasury, shares | 9,638,009 | 9,712,877 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 |
Operating Activities | ||
Net income | $226,644 | $245,120 |
Adjustments to net income to arrive at cash provided by operating activities: | ||
Depreciation | 78,605 | 70,160 |
Amortization of intangible assets | 25,433 | 17,239 |
Amortization of debt discount | 3,212 | 5,481 |
Amortization of deferred financing costs | 3,887 | 9,047 |
goodwillandtradenameimpairment | 52,220 | 0 |
Deferred income taxes | 31,920 | 12,170 |
Loss on disposal of property | 2,448 | 3,908 |
Share-based plans expense | 12,005 | 9,437 |
Excess tax benefits from share-based plans | -6,983 | -833 |
Changes in assets and liabilities: | ||
Net receivables | -241,072 | 46,217 |
Net inventories | 3,515 | -47,679 |
Accounts payable | 39,455 | -177,435 |
Contract advances and allowances | 36,955 | -11,910 |
Accrued compensation | -32,445 | -35,570 |
Accrued income taxes | -22,135 | 9,726 |
Increase (Decrease) in Pension and Postretirement Obligations | -33,006 | 41,284 |
Other assets and liabilities | -26,472 | 25,922 |
Cash provided by operating activities | 154,186 | 222,284 |
Investing Activities | ||
Capital expenditures | -91,991 | -80,580 |
Acquisition of business, net of cash acquired | 0 | -1,301,597 |
Proceeds from the disposition of property, plant, and equipment | 2,154 | 5,326 |
Cash used for investing activities | -89,837 | -1,376,851 |
Financing Activities | ||
Borrowings on line of credit | 635,000 | 280,000 |
Repayments of Lines of Credit | -535,000 | -280,000 |
Payments made on bank debt | -28,250 | -25,000 |
Early Repayment of Senior Debt | -404,462 | -510,000 |
Proceeds from Issuance of Long-term Debt | 150,000 | 1,560,000 |
Payments of Financing Costs | -1,008 | -21,641 |
Purchase of treasury shares | -9,001 | -53,270 |
Dividends paid | -30,657 | -24,951 |
Proceeds from employee stock compensation plans | 0 | 729 |
Excess tax benefits from share-based plans | 6,983 | 833 |
Cash provided by (used for) financing activities | -216,395 | 926,700 |
Effect of Exchange Rate on Cash and Cash Equivalents | -1,666 | 335 |
(Decrease) increase in cash and cash equivalents | -153,712 | -227,532 |
Cash and cash equivalents at beginning of period | 266,632 | 417,289 |
Cash and cash equivalents at end of period | 112,920 | 189,757 |
Noncash investing activity: | ||
Capital expenditures included in accounts payable | $4,787 | $2,991 |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY (USD $) | Total | Common Stock $.01 Par Value | Additional Paid-In Capital | Retained Earnings | Convertible Debt [Member] | Accumulated Other Comprehensive Loss | Treasury Stock | Noncontrolling Interest |
Balance at Mar. 31, 2013 | $1,512,561,000 | $323,000 | $534,137,000 | $2,483,483,000 | ($828,304,000) | ($687,470,000) | $10,392,000 | |
Balance (in shares) at Mar. 31, 2013 | 32,318,295 | |||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Comprehensive income | 297,853,000 | 244,910,000 | 52,733,000 | 210,000 | ||||
Exercise of stock options | 729,000 | -252,000 | 981,000 | |||||
Exercise of stock options (in shares) | 13,173 | |||||||
Restricted stock grants | -6,017,000 | 6,017,000 | ||||||
Restricted stock grants (in shares) | 72,342 | |||||||
Share-based compensation | 9,437,000 | 9,437,000 | ||||||
Treasury stock purchased | -52,130,000 | -52,130,000 | ||||||
Treasury stock purchased (in shares) | -609,922 | |||||||
Performance shares issued net of treasury stock withheld | -1,406,000 | -3,856,000 | 2,450,000 | |||||
Performance shares issued net of treasury stock withheld (in shares) | 34,138 | |||||||
Tax benefit related to share based plans and other | 4,582,000 | 4,582,000 | ||||||
Dividends paid | -24,951,000 | -24,951,000 | ||||||
Employee benefit plans and other | -391,000 | -5,000 | 532,000 | -918,000 | ||||
Employee benefit plans and other (in shares) | -4,330 | |||||||
Balance at Dec. 29, 2013 | 1,746,284,000 | 318,000 | 538,563,000 | 2,703,442,000 | -775,571,000 | -731,070,000 | 10,602,000 | |
Balance (in shares) at Dec. 29, 2013 | 31,823,696 | |||||||
Balance at Mar. 31, 2014 | 1,922,138,000 | 318,000 | 534,015,000 | 2,789,264,000 | -680,809,000 | -731,213,000 | 10,563,000 | |
Balance (in shares) at Mar. 31, 2014 | 31,842,642 | |||||||
Adjustments to additional paid in capital, income tax effect | 42,322 | |||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Comprehensive income | 254,553,000 | 226,353,000 | 27,909,000 | 291,000 | ||||
Exercise of stock options | 0 | 0 | 0 | |||||
Exercise of stock options (in shares) | 0 | |||||||
Restricted stock grants | -3,312,000 | 3,312,000 | ||||||
Restricted stock grants (in shares) | 29,122 | |||||||
Share-based compensation | 12,005,000 | 12,005,000 | ||||||
Treasury stock purchased | 0 | 0 | ||||||
Treasury stock purchased (in shares) | 0 | |||||||
Performance shares issued net of treasury stock withheld | -6,323,000 | -8,290,000 | 1,967,000 | |||||
Performance shares issued net of treasury stock withheld (in shares) | 66,702 | |||||||
Tax benefit related to share based plans and other | 12,663,000 | 12,663,000 | ||||||
Dividends paid | -30,657,000 | -30,657,000 | ||||||
Adjustments to Additional Paid in Capital, Fair Value | -112,555,000 | -112,555,000 | ||||||
Employee benefit plans and other | -2,677,000 | 1,000 | 1,220,000 | -3,898,000 | ||||
Employee benefit plans and other (in shares) | -278 | |||||||
Balance at Dec. 28, 2014 | $2,049,147,000 | $319,000 | $435,746,000 | $2,984,960,000 | ($652,900,000) | ($729,832,000) | $10,854,000 | |
Balance (in shares) at Dec. 28, 2014 | 31,938,188 |
CONSOLIDATED_STATEMENTS_OF_EQU1
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (USD $) | Dec. 28, 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 | 9 Months Ended |
Dec. 28, 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 December 28, 2014, and its results of operations for the quarters and nine months ended December 28, 2014 and December 29, 2013, and cash flows for the nine months ended December 28, 2014 and December 29, 2013. | |
On April 28, 2014, the Company entered into a Transaction Agreement (the “Transaction Agreement”) with Vista Outdoor Inc. (formerly 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. The Sporting Group continues to be included as part of continuing operations. The stockholders of both ATK and Orbital approved the merger on January 27, 2015. The transaction is anticipated to close on February 9, 2015. | |
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 | 9 Months Ended |
Dec. 28, 2014 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements | 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. | |
On April 10, 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-08, Reporting Discontinued Operations and Disclosures of Components of an Entity. The new guidance amends the definition of a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. The new guidance will be effective prospectively in the first quarter of fiscal 2016, although early adoption is permitted. The Company is evaluating the impact adoption of the new guidance will have on our consolidated financial statements. | |
Other new pronouncements issued but not effective for the Company until after December 28, 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 | 9 Months Ended | ||||||||||||||||
Dec. 28, 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 noncurrent assets on the consolidated balance sheets. ATK considers these to be Level 2 instruments. | |||||||||||||||||
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. During the nine months ended December 28, 2014, the Company entered into various foreign currency forward contracts. There were no foreign currency derivatives outstanding as of March 31, 2014. | |||||||||||||||||
Long-term debt—The fair value of the variable-rate long-term debt is calculated based on current market rates for debt of the same risk and maturities. The fair value of the fixed-rate debt is based on market quotes for each issuance. ATK considers 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: | |||||||||||||||||
December 28, 2014 | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Using Inputs Considered as | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets: | |||||||||||||||||
Marketable securities | $ | — | $ | 11,902 | $ | — | |||||||||||
Derivatives | — | 1,150 | — | ||||||||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | — | $ | 6,982 | $ | — | |||||||||||
31-Mar-14 | |||||||||||||||||
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: | |||||||||||||||||
December 28, 2014 | 31-Mar-14 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Fixed-rate debt | $ | 650,000 | $ | 672,500 | $ | 846,228 | $ | 1,062,078 | |||||||||
Variable-rate debt | 1,418,500 | 1,414,956 | 1,246,750 | 1,247,062 | |||||||||||||
Acquisitions
Acquisitions | 9 Months Ended | ||||||||
Dec. 28, 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 400 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. | |||||||||
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 sports. 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 allocation was completed during the third quarter of fiscal 2015. A portion of the goodwill generated in this acquisition will be deductible for tax purposes. ATK has recorded sales of approximately $151,164 and $420,736 for the quarter and nine months ended December 28, 2014, respectively and income before interest, income taxes, and noncontrolling interest of approximately $19,994 and $40,365 for the quarter and nine months ended December 28, 2014 associated with the operations of this acquired business which reflects transition costs. Subsequent to November 1, 2013, ATK recorded sales of approximately $85,074 for the quarter and nine months ended December 29, 2013 and income before interest, income taxes, and noncontrolling interest of approximately $3,123 for the quarter and nine months ended December 29, 2013 associated with the operations of this acquired business which reflects transition costs and $1,377 of inventory step-up costs. | |||||||||
Allocation of Consideration Transferred to Net Assets Acquired: | |||||||||
The following amounts represent the final determination of the fair value of identifiable assets acquired and liabilities assumed from the Bushnell acquisition: | |||||||||
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 | $ | 109,429 | |||||||
Net inventories | 157,184 | ||||||||
Tradename, technology, and customer relationship intangibles | 365,579 | ||||||||
Property, plant, and equipment | 25,055 | ||||||||
Other assets | 6,886 | ||||||||
Total assets | 664,133 | ||||||||
Fair value of liabilities assumed: | |||||||||
Accounts payable | 80,099 | ||||||||
Deferred income taxes | 88,121 | ||||||||
Other liabilities | 30,932 | ||||||||
Total liabilities | 199,152 | ||||||||
Net assets acquired | 464,981 | ||||||||
Goodwill | $ | 524,204 | |||||||
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 and nine months ended December 29, 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 | Nine Months Ended | ||||||||
29-Dec-13 | 29-Dec-13 | ||||||||
Sales | $ | 1,264,430 | $ | 3,783,713 | |||||
Net income attributable to Alliant Techsystems Inc. | 96,640 | 293,024 | |||||||
Basic earnings per common share | 3.06 | 9.24 | |||||||
Diluted earnings per common share | 2.96 | 9.04 | |||||||
The unaudited supplemental pro forma data above include the following significant non-recurring adjustments made to account for certain costs which would have been incurred if the acquisition had been completed on April 1, 2012, as adjusted for the applicable tax impact: | |||||||||
Quarter Ended | Nine Months Ended | ||||||||
(Amounts in thousands) | 29-Dec-13 | 29-Dec-13 | |||||||
Inventory Step-up, net1 | $ | (847 | ) | $ | (847 | ) | |||
ATK/Bushnell fees for advisory, legal, accounting services2 | (8,369 | ) | (11,031 | ) | |||||
1. Adjustment reflects the increased cost of goods sold expense which results from the fair value step-up in inventory of $3,500 which was expensed over the first inventory cycle. | |||||||||
2. Removed the ATK/Bushnell fees that were incurred in connection with the acquisition of Bushnell from fiscal 2014, and considered those fees as incurred during the first quarter of fiscal 2013. Costs were recorded in General and administrative expense. | |||||||||
There were no acquisitions during fiscal 2015. |
Goodwill_and_Deferred_Charges_
Goodwill and Deferred Charges and Other Non-Current Assets | 9 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||||||||
Goodwill and Deferred Charges and Other Non-Current Assets | |||||||||||||||||||||||||
Goodwill and Deferred Charges and Other Non-Current Assets | The changes in the carrying amount of goodwill by segment were as follows: | ||||||||||||||||||||||||
Aerospace | Defense | Sporting | Total | ||||||||||||||||||||||
Group | Group | Group | |||||||||||||||||||||||
Balance, March 31, 2014 | $ | 676,516 | $ | 366,947 | $ | 873,458 | $ | 1,916,921 | |||||||||||||||||
Opening balance sheet adjustments | — | — | 22,648 | 22,648 | |||||||||||||||||||||
Impairment | — | — | (41,020 | ) | (41,020 | ) | |||||||||||||||||||
Effect of foreign currency exchange rates | — | — | (14,838 | ) | (14,838 | ) | |||||||||||||||||||
Balance, December 28, 2014 | $ | 676,516 | $ | 366,947 | $ | 840,248 | $ | 1,883,711 | |||||||||||||||||
The opening balance sheet adjustments in the Sporting Group related to the final purchase price allocation adjustments to the original purchase price allocation for Savage and Bushnell as previously discussed. | |||||||||||||||||||||||||
As a result of the current market correction impacting demand for firearms and a decline in the Company’s near-term projected cash flows in the Firearms reporting unit during the quarter ending December 28, 2014, ATK determined a triggering event had occurred which indicated it was more likely than not that the fair value of the reporting unit was less than the book value. The fair value of the reporting unit is determined using both an income and market approach. The value estimated using a discounted cash flow model is weighted against the estimated value derived from the guideline company market approach method. This market approach method estimates the price reasonably expected to be realized from the sale of the company based on comparable companies. | |||||||||||||||||||||||||
The goodwill recorded within the Sporting Group above is presented net of $41,020 of impairment losses. In addition as a result of market correction noted above ATK evaluated the fair value of the trade names as well. ATK determined the fair value of the tradenames based on the relief of royalty method and used a royalty rate of 6% for the Savage Arms tradename based on public guideline royalty-based transactions and a discount rate of 16%. This analysis resulted in a $11,200 noncash impairment charge was recorded within the Firearms reporting unit related to the non-amortizing Savage tradename intangible. | |||||||||||||||||||||||||
The goodwill recorded within Aerospace Group above is presented net of $108,500 of accumulated impairment losses. | |||||||||||||||||||||||||
Net intangibles includes amortizing and non-amortizing assets consisting of trademarks, tradenames and brand names that are not being amortized as their estimated useful lives are considered indefinite. | |||||||||||||||||||||||||
Net intangibles consisted of the following: | |||||||||||||||||||||||||
28-Dec-14 | 31-Mar-14 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
carrying | amortization | carrying | amortization | ||||||||||||||||||||||
amount | amount | ||||||||||||||||||||||||
Amortizing intangibles: | |||||||||||||||||||||||||
Tradename | $ | 184,660 | $ | (31,125 | ) | $ | 153,535 | $ | 184,660 | $ | (21,723 | ) | $ | 162,937 | |||||||||||
Patented technology | 33,389 | (13,027 | ) | 20,362 | 33,389 | (10,325 | ) | 23,064 | |||||||||||||||||
Customer relationships and other | 221,750 | (51,577 | ) | 170,173 | 226,105 | (38,554 | ) | 187,551 | |||||||||||||||||
Total amortizing intangibles | 439,799 | (95,729 | ) | 344,070 | 444,154 | (70,602 | ) | 373,552 | |||||||||||||||||
Non-amortizing intangibles | 193,098 | — | 193,098 | 204,298 | — | 204,298 | |||||||||||||||||||
Net intangibles | $ | 632,897 | $ | (95,729 | ) | $ | 537,168 | $ | 648,452 | $ | (70,602 | ) | $ | 577,850 | |||||||||||
The amortizing intangibles in the table above are being amortized using a straight-line method over a weighted-average remaining period of approximately 12.4 years. Amortization expense for the quarter and nine months ended December 28, 2014 was $8,508 and $25,433, respectively. Amortization expense for the quarter and nine months ended December 29, 2013 was $10,133 and $17,239, respectively. ATK expects amortization expense related to these assets to be as follows: | |||||||||||||||||||||||||
Remainder of fiscal 2015 | $ | 8,528 | |||||||||||||||||||||||
Fiscal 2016 | 32,712 | ||||||||||||||||||||||||
Fiscal 2017 | 30,422 | ||||||||||||||||||||||||
Fiscal 2018 | 30,422 | ||||||||||||||||||||||||
Fiscal 2019 | 27,678 | ||||||||||||||||||||||||
Thereafter | 214,308 | ||||||||||||||||||||||||
Total | $ | 344,070 | |||||||||||||||||||||||
Deferred charges and other noncurrent assets consisted of the following: | |||||||||||||||||||||||||
December 28, 2014 | March 31, 2014 | ||||||||||||||||||||||||
Gross debt issuance costs | $ | 28,995 | $ | 28,356 | |||||||||||||||||||||
Less accumulated amortization | (7,600 | ) | (4,084 | ) | |||||||||||||||||||||
Net debt issuance costs | 21,395 | 24,272 | |||||||||||||||||||||||
Parts inventory | 9,473 | 10,921 | |||||||||||||||||||||||
Environmental remediation receivable | 22,840 | 22,128 | |||||||||||||||||||||||
Derivative contracts | 167 | 328 | |||||||||||||||||||||||
Other | 62,521 | 59,577 | |||||||||||||||||||||||
Total deferred charges and other noncurrent assets | $ | 116,396 | $ | 117,226 | |||||||||||||||||||||
Earnings_Per_Share_Data
Earnings Per Share Data | 9 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share Data | Earnings Per Share Data | ||||||||||||
Basic earnings per share ("EPS") is computed based upon the weighted average number of common shares outstanding for each period. Diluted EPS is computed based on the weighted average number of common shares and common equivalent shares. Common equivalent shares represent the effect of stock-based awards and contingently issuable shares related to ATK's Convertible Senior Subordinated Notes prior to their redemption during the quarter ended September 28, 2014 (see Note 12) during each period presented, which, if exercised, earned, or converted, would have had dilutive effect on EPS. In computing EPS for the quarter and nine months ended December 28, 2014 and December 29, 2013 earnings, as reported for each respective period, is divided by weighted-average shares outstanding, determined as follows (in thousands): | |||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||
Weighted-average Shares Outstanding | December 28, 2014 | December 29, 2013 | December 28, 2014 | December 29, 2013 | |||||||||
Basic | 31,693 | 31,536 | 31,676 | 31,701 | |||||||||
Dilutive effect of stock-based awards | 305 | 256 | 340 | 241 | |||||||||
Dilutive effect of contingently issuable shares | — | 821 | 394 | 476 | |||||||||
Diluted | 31,998 | 32,613 | 32,410 | 32,418 | |||||||||
Anti-dilutive stock options excluded from the calculation of diluted earnings per share | 45 | 3 | 45 | 3 | |||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||||||||||||
Dec. 28, 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 performs 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. At December 28, 2014, three 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, and two of the outstanding swap agreements were in a net asset position which would require the counterparties to make the net settlement payments to ATK. ATK does not anticipate nonperformance by the Company's counterparties. ATK does not hold or issue derivative financial instruments for trading purposes. | |||||||||||||||||||
ATK entered into various foreign currency forward contracts during fiscal 2015. The contracts are 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 is calculated based on changes in the forward rate until the anticipated purchase occurs; ineffectiveness of the hedge of the accounts payable is 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 December 28, 2014, ATK had the following outstanding commodity forward contracts that were entered into to hedge forecasted purchases: | |||||||||||||||||||
Number of Pounds | |||||||||||||||||||
Copper | 9,825,000 | ||||||||||||||||||
Zinc | 4,350,000 | ||||||||||||||||||
As of December 28, 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 December 28, 2014, ATK had outstanding foreign currency forward contracts in place for the following amounts: | |||||||||||||||||||
Notional Amount of Currency | |||||||||||||||||||
Purchase of foreign currency: | |||||||||||||||||||
Euro | 40,654 | ||||||||||||||||||
Sale of foreign currency: | |||||||||||||||||||
Euro | 5,983 | ||||||||||||||||||
British Pound Sterling | 1,371 | ||||||||||||||||||
The table below presents the fair value and location of ATK's derivative instruments designated as hedging instruments in the consolidated balance sheets. | |||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Location | 28-Dec-14 | 31-Mar-14 | 28-Dec-14 | 31-Mar-14 | |||||||||||||||
Commodity forward contracts | Other current assets / | $ | 163 | $ | — | $ | 2,848 | $ | 6,212 | ||||||||||
other current liabilities | |||||||||||||||||||
Commodity forward contracts | Deferred charges and | — | — | — | 176 | ||||||||||||||
other noncurrent assets / | |||||||||||||||||||
other noncurrent liabilities | |||||||||||||||||||
Interest rate contracts | Deferred charges and | 167 | 328 | 2,259 | 2,071 | ||||||||||||||
other noncurrent assets / | |||||||||||||||||||
other noncurrent liabilities | |||||||||||||||||||
Foreign currency forward contracts | Other current assets / | 820 | — | 1,620 | — | ||||||||||||||
other current liabilities | |||||||||||||||||||
Foreign currency forward contracts | Deferred charges and | — | — | 255 | — | ||||||||||||||
other noncurrent assets / | |||||||||||||||||||
other noncurrent liabilities | |||||||||||||||||||
Total | $ | 1,150 | $ | 328 | $ | 6,982 | $ | 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 statements of comprehensive income related to commodity forward contracts, interest rate swaps, and foreign currency forward contracts were as follows: | |||||||||||||||||||
Pretax Gain | Gain (Loss) Recognized | ||||||||||||||||||
(Loss) Reclassified from | in Income on Derivative | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | (Ineffective Portion and | ||||||||||||||||||
Amount Excluded from | |||||||||||||||||||
Effectiveness Testing) | |||||||||||||||||||
Location | Amount | Location | Amount | ||||||||||||||||
Quarter Ended December 28, 2014 | |||||||||||||||||||
Commodity forward contracts | Cost of Sales | $ | (431 | ) | Cost of Sales | $ | — | ||||||||||||
Interest rate contracts | Interest expense | (1,037 | ) | Interest expense | — | ||||||||||||||
Foreign currency forward contracts | Cost of Sales | 718 | Cost of Sales | — | |||||||||||||||
Quarter Ended December 29, 2013 | |||||||||||||||||||
Commodity forward contracts | Cost of Sales | $ | (2,688 | ) | Cost of Sales | $ | — | ||||||||||||
Interest rate contracts | Interest expense | (869 | ) | Interest expense | — | ||||||||||||||
Foreign currency forward contracts | Cost of Sales | — | Cost of Sales | — | |||||||||||||||
Nine Months Ended December 28, 2014 | |||||||||||||||||||
Commodity forward contracts | Cost of Sales | $ | (2,204 | ) | Cost of Sales | $ | — | ||||||||||||
Interest rate contracts | Interest expense | (3,011 | ) | Interest expense | — | ||||||||||||||
Foreign currency forward contracts | Cost of Sales | 718 | Cost of Sales | — | |||||||||||||||
Nine Months Ended December 29, 2013 | |||||||||||||||||||
Commodity forward contracts | Cost of Sales | $ | (4,297 | ) | Cost of Sales | $ | (1,637 | ) | |||||||||||
Interest rate contracts | Interest expense | (869 | ) | 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 nine months ended December 29, 2013 there was a loss of $1,637 respectively, 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 | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||
Dec. 28, 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: | ||||||||||||||||||||||||||||||||||||||||
December 28, 2014 | March 31, 2014 | |||||||||||||||||||||||||||||||||||||||
Derivatives | $ | (3,608 | ) | $ | (5,022 | ) | ||||||||||||||||||||||||||||||||||
Pension and other postretirement benefits | (633,480 | ) | (675,114 | ) | ||||||||||||||||||||||||||||||||||||
Cumulative translation adjustment | (16,920 | ) | 832 | |||||||||||||||||||||||||||||||||||||
Available-for-sale securities | 1,108 | (1,505 | ) | |||||||||||||||||||||||||||||||||||||
Total accumulated other comprehensive loss | $ | (652,900 | ) | $ | (680,809 | ) | ||||||||||||||||||||||||||||||||||
The following table summarizes the changes in the balance of AOCI, net of income tax: | ||||||||||||||||||||||||||||||||||||||||
Quarter Ended December 28, 2014 | Nine Months Ended December 28, 2014 | |||||||||||||||||||||||||||||||||||||||
Derivatives | Pension and Other Postretire-ment Benefits | Available-for-sale Securities | Cumulative Translation Adjustment | Total | Derivatives | Pension and Other Postretire-ment Benefits | Available-for-sale Securities | Cumulative Translation Adjustment | Total | |||||||||||||||||||||||||||||||
Beginning of period unrealized gain (loss) in AOCI | $ | (1,016 | ) | $ | (647,357 | ) | $ | 1,078 | $ | (9,243 | ) | $ | (656,538 | ) | $ | (5,022 | ) | $ | (675,114 | ) | $ | 832 | $ | (1,505 | ) | $ | (680,809 | ) | ||||||||||||
Net decrease in fair value of derivatives | (3,054 | ) | — | — | — | (3,054 | ) | (1,368 | ) | — | — | — | (1,368 | ) | ||||||||||||||||||||||||||
Net losses reclassified from AOCI, offsetting the price paid to suppliers (1) | 462 | — | — | — | 462 | 2,782 | — | — | — | 2,782 | ||||||||||||||||||||||||||||||
Net actuarial losses reclassified from AOCI (2) | — | 18,638 | — | — | 18,638 | — | 55,919 | — | — | 55,919 | ||||||||||||||||||||||||||||||
Prior service costs reclassified from AOCI (2) | — | (4,761 | ) | — | — | (4,761 | ) | — | (14,285 | ) | — | — | (14,285 | ) | ||||||||||||||||||||||||||
Net change in cumulative translation adjustment | — | — | — | (7,677 | ) | (7,677 | ) | — | — | — | (15,415 | ) | (15,415 | ) | ||||||||||||||||||||||||||
Net change in available-for-sale securities | — | — | 30 | — | 30 | — | — | 276 | — | 276 | ||||||||||||||||||||||||||||||
End of period unrealized gain (loss) in AOCI | $ | (3,608 | ) | $ | (633,480 | ) | $ | 1,108 | $ | (16,920 | ) | $ | (652,900 | ) | $ | (3,608 | ) | $ | (633,480 | ) | $ | 1,108 | $ | (16,920 | ) | $ | (652,900 | ) | ||||||||||||
-1 | Amounts related to ATK derivative instruments that were reclassified from AOCI and recorded as a component of cost of sales for each period presented. | |||||||||||||||||||||||||||||||||||||||
-2 | Amounts related to ATK pension and other postretirement benefits that were reclassified from AOCI and recorded as a component of net periodic benefit cost for each period presented (Note 13). | |||||||||||||||||||||||||||||||||||||||
Quarter Ended December 29, 2013 | Nine Months Ended December 29, 2013 | |||||||||||||||||||||||||||||||||||||||
Derivatives | Pension and Other Postretire-ment Benefits | Available-for-sale Securities | Cumulative Translation Adjustment | Total | Derivatives | Pension and Other Postretire-ment Benefits | Available-for-sale Securities | Cumulative Translation Adjustment | Total | |||||||||||||||||||||||||||||||
Beginning of period unrealized gain (loss) in AOCI | $ | (4,985 | ) | $ | (790,267 | ) | $ | 683 | $ | 34 | $ | (794,535 | ) | $ | (2,192 | ) | $ | (826,898 | ) | $ | 786 | $ | — | $ | (828,304 | ) | ||||||||||||||
Net decrease in fair value of derivatives | 59 | — | — | — | 59 | (4,730 | ) | — | — | — | (4,730 | ) | ||||||||||||||||||||||||||||
Net losses reclassified from AOCI, offsetting the price paid to suppliers (1) | 2,187 | — | — | — | 2,187 | 3,184 | — | — | — | 3,184 | ||||||||||||||||||||||||||||||
Net losses reclassified from AOCI, due to ineffectiveness (1) | — | — | — | — | — | 999 | — | — | — | 999 | ||||||||||||||||||||||||||||||
Net actuarial losses reclassified from AOCI (2) | — | 22,847 | — | — | 22,847 | — | 68,541 | — | — | 68,541 | ||||||||||||||||||||||||||||||
Prior service costs reclassified from AOCI (2) | — | (4,531 | ) | — | — | (4,531 | ) | — | (13,594 | ) | — | — | (13,594 | ) | ||||||||||||||||||||||||||
Net change in cumulative translation adjustment | (1,654 | ) | (1,654 | ) | (1,620 | ) | (1,620 | ) | ||||||||||||||||||||||||||||||||
Net change in available-for-sale securities | — | — | 56 | 56 | — | — | (47 | ) | (47 | ) | ||||||||||||||||||||||||||||||
End of period unrealized gain (loss) in AOCI | $ | (2,739 | ) | $ | (771,951 | ) | $ | 739 | $ | (1,620 | ) | $ | (775,571 | ) | $ | (2,739 | ) | $ | (771,951 | ) | $ | 739 | $ | (1,620 | ) | $ | (775,571 | ) | ||||||||||||
-1 | Amounts related to our derivative instruments that were reclassified from AOCI and recorded as a component of cost of sales for each period presented. | |||||||||||||||||||||||||||||||||||||||
-2 | Amounts related to our pension and other postretirement benefits that were reclassified from AOCI and recorded as a component of net periodic benefit cost for each period presented (Note 13). |
Receivables
Receivables | 9 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Receivables [Abstract] | |||||||||
Receivables | Net Receivables | ||||||||
Net receivables, including amounts due under long-term contracts ("contract receivables"), consisted of the following: | |||||||||
December 28, 2014 | March 31, 2014 | ||||||||
Billed receivables | $ | 577,256 | $ | 479,950 | |||||
Unbilled receivables | 1,123,364 | 979,640 | |||||||
Other | 11,034 | 14,230 | |||||||
Net receivables | $ | 1,711,654 | $ | 1,473,820 | |||||
Receivable balances are shown net of customer progress payments received of $534,411 as of December 28, 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 December 28, 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 $309,200 and $264,400, respectively. |
Inventories
Inventories | 9 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | Net Inventories | ||||||||
Net inventories consist of the following: | |||||||||
28-Dec-14 | 31-Mar-14 | ||||||||
Raw materials | $ | 160,269 | $ | 136,414 | |||||
Work/contracts in process | 147,333 | 150,071 | |||||||
Finished goods | 244,788 | 271,765 | |||||||
Net inventories | $ | 552,390 | $ | 558,250 | |||||
Other_Liabilities
Other Liabilities | 9 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | |||||||||
Other Liabilities | |||||||||
December 28, 2014 | March 31, 2014 | ||||||||
Other current liabilities: | |||||||||
Employee benefits and insurance, including pension, and other postretirement and postemployment benefits | $ | 71,865 | $ | 65,858 | |||||
Warranties | 17,615 | 19,080 | |||||||
Interest | 14,528 | 8,341 | |||||||
Environmental remediation | 5,679 | 8,550 | |||||||
Rebates | 30,592 | 17,593 | |||||||
Deferred lease obligations | 19,391 | 26,257 | |||||||
Derivative contracts | 4,468 | 6,212 | |||||||
Federal excise tax | 25,559 | 35,892 | |||||||
Other | 125,432 | 135,049 | |||||||
Total other current liabilities | $ | 315,129 | $ | 322,832 | |||||
Other noncurrent liabilities: | |||||||||
Environmental remediation | $ | 45,375 | $ | 44,938 | |||||
Management nonqualified deferred compensation plans | 15,275 | 17,043 | |||||||
Income taxes | 24,830 | 18,659 | |||||||
Deferred lease obligations | 18,798 | 19,791 | |||||||
Other | 24,429 | 24,513 | |||||||
Total other noncurrent liabilities | $ | 128,707 | $ | 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 table summarizes the changes in the product warranty: | |||||||||
Balance, March 31, 2014 | $ | 19,080 | |||||||
Payments made | (686 | ) | |||||||
Warranties issued | 1,139 | ||||||||
Changes related to preexisting warranties | (426 | ) | |||||||
Balance, June 29, 2014 | 19,107 | ||||||||
Payments made | (1,852 | ) | |||||||
Warranties issued | 2,233 | ||||||||
Changes related to preexisting warranties | (734 | ) | |||||||
Balance, September 28, 2014 | 18,754 | ||||||||
Payments made | (1,146 | ) | |||||||
Warranties issued | 1,094 | ||||||||
Changes related to preexisting warranties | (1,087 | ) | |||||||
Balance, December 28, 2014 | $ | 17,615 | |||||||
LongTerm_Debt
Long-Term Debt | 9 Months Ended | |||||||||||||||
Dec. 28, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
Long-Term Debt | Long-term Debt | |||||||||||||||
Long-term debt, including the current portion, consisted of the following: | ||||||||||||||||
28-Dec-14 | 31-Mar-14 | |||||||||||||||
Senior Credit Facility dated November 1, 2013 (1): | ||||||||||||||||
Term A Loan due 2018 | $ | 972,125 | $ | 997,375 | ||||||||||||
Term A Loan due 2019 | 148,125 | — | ||||||||||||||
Term B Loan due 2020 | 198,250 | 249,375 | ||||||||||||||
Revolving Credit Facility due 2018 | 100,000 | — | ||||||||||||||
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) | — | 199,440 | ||||||||||||||
Principal amount of long-term debt | 2,068,500 | 2,096,190 | ||||||||||||||
Less: Unamortized discounts | — | 3,212 | ||||||||||||||
Carrying amount of long-term debt | 2,068,500 | 2,092,978 | ||||||||||||||
Less: Current portion of long-term debt | 159,997 | 249,228 | ||||||||||||||
Long-term debt | $ | 1,908,503 | $ | 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 B Loan 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. Under the terms of the 2013 Senior Credit Facility, ATK exercised its option to increase the Term A Loan by $150,000 (the "Accordion") during the quarter ended September 28, 2014. Proceeds of the Accordion were used to partially finance the redemption of the 3.00% Convertible Notes, as discussed below. Terms of the Accordion are the same as the existing Term A Loan with the exception that it will mature on January 31, 2019, approximately three months after the existing Term A Loan. The Accordion is subject to quarterly principal payments of $1,875, with the balance due on January 31, 2019. During the quarter ended September 28, 2014, ATK also repaid $50,000 of its Term B Loan. The Term B Loan is now subject to quarterly principal payments of $499, 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 2.52% at December 28, 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 fee is currently 0.30%. As of December 28, 2014, ATK had $100,000 of borrowings against its $700,000 Revolving Credit Facility and had outstanding letters of credit of $191,009, which reduced amounts available on the Revolving Credit Facility to $408,991. 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. In accordance with the terms of the Transaction Agreement ATK anticipates redeeming these notes as during the closing process of the Transaction. | ||||||||||||||||
(4) In fiscal 2005, ATK issued $200,000 aggregate principal amount of 3.00% Convertible Senior Subordinated Notes (the "3.00% Convertible Notes") that were scheduled to mature on August 15, 2024. During the second quarter of fiscal 2015, ATK retired these notes and paid a total of approximately $354,000 in cash for $199,440 in principal amount. The amount paid in excess of the principal balance was recorded as a reduction to additional paid in capital of approximately $154,000 in the second quarter. The convertible shares had no impact on diluted shares outstanding for the quarter ended December 28, 2014 as the notes were redeemed during the second quarter of fiscal 2015 and an impact of 821,000 for the quarter ended December 29, 2013 because ATK's average stock price exceeded the conversion price during that period. For the nine months ended December 28, 2014 and December 29, 2013 convertible shares had an impact of 394,000 and 476,000, respectively, because ATK's average stock price exceeded the conversion price during those periods. | ||||||||||||||||
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. | ||||||||||||||||
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 December 28, 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 | $ | (432 | ) | 0.87 | % | 0.16 | % | Aug-16 | ||||||
Non-amortizing swap | $ | 100,000 | $ | (647 | ) | 1.29 | % | 0.16 | % | Aug-17 | ||||||
Non-amortizing swap | $ | 100,000 | $ | (1,180 | ) | 1.69 | % | 0.16 | % | Aug-18 | ||||||
Non-amortizing swap | $ | 50,000 | $ | 105 | 0.65 | % | 0.16 | % | Nov-16 | |||||||
Non-amortizing swap | $ | 50,000 | $ | 62 | 1.1 | % | 0.16 | % | Nov-17 | |||||||
The amount to be paid or received under these swaps is recorded as an adjustment to interest expense. | ||||||||||||||||
Rank and Guarantees | ||||||||||||||||
The 5.25% Notes rank senior in right of payment to the 6.875% Notes, both 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 of fiscal 2014, ATK's non-guarantor subsidiaries become more than minor. See footnote 20 for condensed 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. | |||||||||||||||
Scheduled Minimum Payments of Long-term Debt | ||||||||||||||||
Remainder of fiscal 2015 | $ | 29,999 | ||||||||||||||
Fiscal 2016 | 59,997 | |||||||||||||||
Fiscal 2017 | 59,997 | |||||||||||||||
Fiscal 2018 | 59,997 | |||||||||||||||
Fiscal 2019 (1) | 1,019,247 | |||||||||||||||
Thereafter | 839,263 | |||||||||||||||
Total | $ | 2,068,500 | ||||||||||||||
(1) This balance includes $100,000 of borrowings on the Revolving Credit Facility which has been classified as current as ATK intends to repay the balance within the next 12 months. | ||||||||||||||||
ATK's total debt (current portion of debt and long-term debt) as a percentage of total capitalization (total debt and stockholders' equity) was 50% and 52% as of December 28, 2014 and March 31, 2014, respectively. | ||||||||||||||||
Covenants and Default Provisions | ||||||||||||||||
ATK's Senior Credit Facility and the indentures governing the 5.25% Notes and the 6.875% 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 December 28, 2014, this limit was approximately $967,000. 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 noncompliance 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 December 28, 2014, ATK was in compliance with the financial covenants. | ||||||||||||||||
Cash Paid for Interest on Debt | ||||||||||||||||
Cash paid for interest totaled $53,800 and $45,931 in the nine months ended December 28, 2014, and December 29, 2013. |
Employee_Benefit_Plans
Employee Benefit Plans | 9 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans | ||||||||||||||||
The components of net periodic benefit cost are as follows: | |||||||||||||||||
Pension Benefits | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
December 28, 2014 | December 29, 2013 | December 28, 2014 | December 29, 2013 | ||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||
Service cost | $ | 5,849 | $ | 8,691 | $ | 17,547 | $ | 26,072 | |||||||||
Interest cost | 32,596 | 32,563 | 97,788 | 97,690 | |||||||||||||
Expected return on plan assets | (41,803 | ) | (40,278 | ) | (125,409 | ) | (120,833 | ) | |||||||||
Amortization of unrecognized net loss | 29,814 | 36,473 | 89,442 | 109,418 | |||||||||||||
Amortization of unrecognized prior service cost | (5,622 | ) | (5,246 | ) | (16,866 | ) | (15,738 | ) | |||||||||
Net periodic benefit cost | $ | 20,834 | $ | 32,203 | $ | 62,502 | $ | 96,609 | |||||||||
Other Postretirement Benefits | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
December 28, 2014 | December 29, 2013 | December 28, 2014 | December 29, 2013 | ||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||
Service cost | $ | 1 | $ | 2 | $ | 3 | $ | 7 | |||||||||
Interest cost | 1,203 | 1,302 | 3,609 | 3,905 | |||||||||||||
Expected return on plan assets | (888 | ) | (855 | ) | (2,665 | ) | (2,564 | ) | |||||||||
Amortization of unrecognized net loss | 409 | 572 | 1,227 | 1,716 | |||||||||||||
Amortization of unrecognized prior service cost | (2,094 | ) | (2,095 | ) | (6,282 | ) | (6,286 | ) | |||||||||
Net periodic benefit income | $ | (1,369 | ) | $ | (1,074 | ) | $ | (4,108 | ) | $ | (3,222 | ) | |||||
Employer Contributions. During the nine months ended December 28, 2014, ATK contributed $80,400 directly to the pension trust and $2,432 directly to retirees under its nonqualified supplemental executive retirement plan. ATK also contributed $8,138 to its other postretirement benefit plans. ATK does not anticipate making any additional contributions to the pension trust during the remainder of FY 2015. ATK anticipates making additional contributions of approximately $2,068 directly to retirees under the nonqualified plan and $2,668 to its other postretirement benefit plans during the remainder of fiscal 2015. |
Income_Taxes
Income Taxes | 9 Months Ended |
Dec. 28, 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 December 28, 2014 and December 29, 2013 represent tax rates of 45.1% and 32.7%, respectively. The increase in the rate from the prior year quarter is primarily due to the nondeductible goodwill impairment partially offset by the retroactive extension of the Federal research and development (R&D) tax credit and the absence of the nondeductible acquisition costs in the prior year. | |
The income tax provisions for the nine months ended December 28, 2014 and December 29, 2013 represent tax rates of 35.8% and 32.7%, respectively. The increase in the rate from the prior year period is primarily due to the nondeductible goodwill impairment, absence of the prior year revaluation of unrecognized tax benefits due to proposed Treasury Department regulations, and the true-up of prior-year taxes partially offset by the benefit from an initiative resulting in a tax basis adjustment and the absence of the nondeductible acquisition costs in the prior year. | |
The IRS released final regulations relating to the capitalization of tangible personal property on September 13, 2013. ATK is currently analyzing the impact of these new regulations. We do not believe they will have a material impact on our financial statements. | |
ATK or one of its subsidiaries files income tax returns in the U.S. federal, various U.S. state, and foreign jurisdictions. With few exceptions, 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 is currently auditing ATK for fiscal 2013 and 2014. We believe 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 $2,243 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 $1,785. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |
Dec. 28, 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 pretax stock-based compensation expense of $4,078 and $3,129 was recognized during the quarters ended December 28, 2014 and December 29, 2013, respectively. Total pre-tax stock-based compensation expense of $12,005 and $9,437 was recognized during the nine months ended December 28, 2014 and December 29, 2013, respectively. | ||
The total income tax benefit recognized in the income statement for share-based compensation was $1,564 and $1,199 during the quarters ended December 28, 2014 and December 29, 2013, respectively. The total income tax benefit recognized in the income statement for share-based compensation was $4,606 and $3,620 during the nine months ended December 28, 2014 and December 29, 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 December 28, 2014, ATK has authorized up to 3,982,360 common shares under the 2005 Stock Incentive Plan, of which 997,719 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 December 28, 2014, there were up to 279,871 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 82,097 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 December 28, 2014, there were up to 27,366 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 nine months ended December 28, 2014. | ||
Of the shares reserved for TSR awards for key employees, 27,366 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 39,499 shares during the nine months ended December 28, 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 nine months ended December 28, 2014. The weighted average fair value of options granted was $23.00 during the nine months ended December 29, 2013. | ||
The following weighted average assumptions were used for grants: | ||
Nine Months Ended December 29, 2013 | ||
Risk-free rate | 1.86% | |
Expected volatility | 25.95% | |
Expected dividend yield | 1.58% | |
Expected option life | 7 years |
Contingencies
Contingencies | 9 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Loss Contingency [Abstract] | |||||||||||||||||
Contingencies | Contingencies | ||||||||||||||||
Litigation. From time to time, ATK is subject to various legal proceedings, including lawsuits, which arise out of, and are incidental to, the conduct of ATK's business. ATK does not consider any of such proceedings that are currently pending, individually or in the aggregate, notwithstanding that the unfavorable resolution of any matter may have a material effect on our net earnings in any particular quarter, to be material to its business or likely to result in a material adverse effect on its operating results, financial condition, or cash flows. | |||||||||||||||||
On 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). | |||||||||||||||||
On January 16, 2015, following arm's-length negotiation, the parties to In re Orbital Sciences Corporation Stockholder Litigation, C.A. No. 9635-VCN, entered into a Memorandum of Understanding (“MOU”) providing for the settlement in principle of all claims asserted in the action, subject to the approval of the court. Pursuant to the terms of the MOU, Orbital and ATK agreed to make additional information available to Orbital’s stockholders. That additional information, which should be read in concert with the previously filed joint proxy statement/prospectus, was included in a Form 8-K filing by Orbital on January 16, 2015. In addition, the defendants agreed to negotiate in good faith with plaintiffs’ counsel regarding an appropriate amount of fees and expenses to be paid to plaintiffs’ counsel by Orbital or its successor. | |||||||||||||||||
ATK, Orbital and the other defendants continue to deny all of the allegations in the lawsuit and believe the disclosures in the joint proxy statement/prospectus are adequate under the law. Nevertheless, ATK, Orbital and the other defendants have agreed to settle the lawsuit for legal expenses incurred to date in order to avoid the burden, expense, distraction and uncertainties inherent in further litigation. | |||||||||||||||||
If approved by the court, the settlement provides for dismissal with prejudice of the lawsuit and provides for the release of any and all claims arising from the merger, except for those relating to any alleged material inaccuracy in ATK's historical financial statements. | |||||||||||||||||
There can be no assurance that the parties will ultimately enter into a definitive settlement agreement or that the court will approve the settlement. In such event, or if the merger is not consummated for any reason, the proposed settlement will be null and void and of no force and effect. Payments made in connection with the settlement, which are subject to court approval, are not expected to be material. The settlement will not affect the consideration to be received by Orbital's stockholders in the merger or the timing of the anticipated closing of the merger. | |||||||||||||||||
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 December 28, 2014, based on progress to date on certain contracts, there is approximately $42,991 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 noncompliance 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 0.75% and 1.5% as of December 28, 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: | |||||||||||||||||
28-Dec-14 | 31-Mar-14 | ||||||||||||||||
Payable | Receivable | Payable | Receivable | ||||||||||||||
Amounts (payable) receivable | $ | (53,711 | ) | $ | 27,640 | $ | (58,194 | ) | $ | 28,540 | |||||||
Unamortized discount | 2,657 | (1,241 | ) | 4,706 | (2,152 | ) | |||||||||||
Present value amounts (payable) receivable | $ | (51,054 | ) | $ | 26,399 | $ | (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 noncurrent. Of the $51,054 discounted liability as of December 28, 2014, $5,679 was recorded within other current liabilities and $45,375 was recorded within other long-term liabilities. Of the $26,399 discounted receivable, ATK recorded $3,559 within other current assets and $22,840 within other noncurrent assets. As of December 28, 2014, the estimated discounted range of reasonably possible costs of environmental remediation was $51,054 to $80,730. | |||||||||||||||||
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 | 9 Months Ended |
Dec. 28, 2014 | |
Treasury Stock Transactions, Excluding Value of Shares Reissued [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 next two years. On January 29, 2014, ATK's Board of Directors extended the share repurchase program through March 31, 2015. The shares may be purchased from time to time in open market, block purchase, or negotiated transactions, subject to compliance with applicable laws and regulations. The repurchase authorization also allows the Company to make repurchases under Rule 10b5-1 of the Securities Exchange Act of 1934. During the quarter ended December 29, 2013, ATK repurchased 35,253 shares for $3,871. During the nine months ended December 29, 2013, ATK repurchased 609,922 shares for $52,130. 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 | 9 Months Ended |
Dec. 28, 2014 | |
Change in Accounting Estimate [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 $19,220 and $19,657 for the quarters ended December 28, 2014 and December 29, 2013, respectively. The current quarter adjustments were primarily driven by higher profit expectations in the Armament Systems and Aerospace Structures divisions. The prior year quarter adjustments were primarily driven by higher profit expectations in the Small Caliber Systems and Armament Systems divisions. | |
Aggregate net changes in contract estimates recognized using the cumulative catch-up method of accounting increased operating income by $62,201 and $86,937 for the nine months ended December 28, 2014 and December 29, 2013, respectively. The current year nine-month period adjustments were primarily driven by higher profit expectations in Space Systems Operations and Defense Electronics System, Armament Systems, and Missile Products divisions. The prior year nine-month period adjustments were primarily driven by higher profit expectations of $39,125 in the Small Caliber Systems division due to operational efficiencies, a successful in-sourcing initiative, and reduced operational risk as a contract nears completion, and for programs in the Space Systems Operations and Aerospace Structures divisions. |
Realignment_Obligations
Realignment Obligations | 9 Months Ended | ||||||||||||||||
Dec. 28, 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. In the quarter and nine months ended December 29, 2013, ATK incurred realignment expenses of approximately $2,600 and $8,000, respectively, associated with restructuring and facility rationalization costs in tactical military accessories within the Sporting Group. The charges related primarily to termination benefits offered to employees, asset impairment charges, and costs associated with the closure of certain facilities. ATK had no realignment liability as of March 31, 2014. 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 Impairment | Facility | Total | ||||||||||||||
Closure | |||||||||||||||||
and Other | |||||||||||||||||
Costs | |||||||||||||||||
Balance, March 31, 2014 | $ | — | $ | — | $ | — | $ | — | |||||||||
Expense | 6,774 | 2,465 | 1,385 | 10,624 | |||||||||||||
Cash paid | — | — | (1,385 | ) | (1,385 | ) | |||||||||||
Noncash settlements | — | (2,465 | ) | — | (2,465 | ) | |||||||||||
Balance, December 28, 2014 | $ | 6,774 | $ | — | $ | — | $ | 6,774 | |||||||||
Operating_Segment_Information
Operating Segment Information | 9 Months Ended | ||||||||||||||||
Dec. 28, 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 nine months ended December 28, 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 31% of ATK’s external sales in the nine months ended December 28, 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 43% of ATK’s external sales in the nine months ended December 28, 2014, develops, produces, and provides commercial ammunition, accessories, rifles and shotguns for the hunting, shooting, law enforcement, outdoor and sporting markets. | ||||||||||||||||
No contract contributed more than 10% of total external sales during the nine months ended December 28, 2014 and December 29, 2013 . | |||||||||||||||||
The following summarizes ATK's results by segment: | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||
Sales to external customers: | |||||||||||||||||
Aerospace Group | $ | 319,916 | $ | 313,222 | $ | 971,347 | $ | 930,080 | |||||||||
Defense Group | 426,950 | 373,304 | 1,233,081 | 1,203,743 | |||||||||||||
Sporting Group | 504,512 | 521,878 | 1,595,589 | 1,295,703 | |||||||||||||
Total sales to external customers | 1,251,378 | 1,208,404 | 3,800,017 | 3,429,526 | |||||||||||||
Intercompany sales: | |||||||||||||||||
Aerospace Group | 4,717 | 4,856 | 15,395 | 14,589 | |||||||||||||
Defense Group | 39,066 | 81,945 | 162,820 | 198,223 | |||||||||||||
Sporting Group | 2,369 | 2,350 | 7,406 | 8,191 | |||||||||||||
Eliminations | (46,152 | ) | (89,151 | ) | (185,621 | ) | (221,003 | ) | |||||||||
Total intercompany sales | — | — | — | — | |||||||||||||
Total sales | $ | 1,251,378 | $ | 1,208,404 | $ | 3,800,017 | $ | 3,429,526 | |||||||||
Income before interest, income taxes and noncontrolling interest: | |||||||||||||||||
Aerospace Group | $ | 40,000 | $ | 33,383 | $ | 117,725 | $ | 111,039 | |||||||||
Defense Group | 48,553 | 53,078 | 144,038 | 170,236 | |||||||||||||
Sporting Group | 18,322 | 81,119 | 171,744 | 183,059 | |||||||||||||
Corporate | (2,104 | ) | (21,605 | ) | (12,504 | ) | (44,473 | ) | |||||||||
Total income before interest, income taxes, and noncontrolling interest | $ | 104,771 | $ | 145,975 | $ | 421,003 | $ | 419,861 | |||||||||
28-Dec-14 | 31-Mar-14 | ||||||||||||||||
Assets: | |||||||||||||||||
Aerospace Group | $ | 1,711,185 | $ | 1,646,563 | |||||||||||||
Defense Group | 1,390,527 | 1,209,150 | |||||||||||||||
Sporting Group | 2,401,722 | 2,382,617 | |||||||||||||||
Corporate | 316,285 | 532,816 | |||||||||||||||
Total assets | $ | 5,819,719 | $ | 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 $5,254 and $9,689 for the quarters ended December 28, 2014 and December 29, 2013, respectively, and $18,787 and $21,258 for the nine months ended December 28, 2014 and December 29, 2013, respectively. |
Consolidating_Financial_statem
Consolidating Financial statements (Notes) | 9 Months Ended | ||||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||||
Condensed Consolidating Financial Statements [Abstract] | |||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | 20. Condensed Consolidated Financial Statements | ||||||||||||||||||||
In accordance with the provisions of 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 below. | |||||||||||||||||||||
ALLIANT TECHSYSTEMS INC. | |||||||||||||||||||||
Condensed Consolidated Statement of Comprehensive Income | |||||||||||||||||||||
Quarter Ended December 28, 2014 | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
Parent Issuer | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
Sales | $ | — | $ | 1,192,946 | $ | 69,519 | $ | (11,087 | ) | $ | 1,251,378 | ||||||||||
Cost of sales | — | 919,025 | 39,596 | (11,087 | ) | 947,534 | |||||||||||||||
Gross profit | — | 273,921 | 29,923 | — | 303,844 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Research and development | — | 12,195 | (1 | ) | — | 12,194 | |||||||||||||||
Selling | — | 52,327 | 9,795 | — | 62,122 | ||||||||||||||||
General and administrative | 4,078 | 63,771 | 4,688 | — | 72,537 | ||||||||||||||||
Goodwill/tradename impairment | — | 52,220 | — | — | 52,220 | ||||||||||||||||
Income before interest, income taxes, and noncontrolling interest | (4,078 | ) | 93,408 | 15,441 | — | 104,771 | |||||||||||||||
Equity in income/(loss) of subsidiaries | 61,345 | 10,272 | — | (71,617 | ) | — | |||||||||||||||
Interest expense | (21,438 | ) | 1 | (937 | ) | 980 | (21,394 | ) | |||||||||||||
Interest income | — | 912 | 96 | (980 | ) | 28 | |||||||||||||||
Income before income taxes and noncontrolling interest | 35,829 | 104,593 | 14,600 | (71,617 | ) | 83,405 | |||||||||||||||
Income taxes | (9,818 | ) | 43,104 | 4,331 | — | 37,617 | |||||||||||||||
Net income before noncontrolling interest | 45,647 | 61,489 | 10,269 | (71,617 | ) | 45,788 | |||||||||||||||
Less net income attributable to noncontrolling interest | — | — | 141 | — | 141 | ||||||||||||||||
Net income attributable to Alliant Techsystems Inc. | $ | 45,647 | $ | 61,489 | $ | 10,128 | $ | (71,617 | ) | $ | 45,647 | ||||||||||
Comprehensive income: | |||||||||||||||||||||
Net income before noncontrolling interest | $ | 45,647 | $ | 61,489 | $ | 10,269 | $ | (71,617 | ) | $ | 45,788 | ||||||||||
Total other comprehensive income (loss) | 3,638 | 11,315 | (7,677 | ) | (3,638 | ) | 3,638 | ||||||||||||||
Comprehensive income (loss) | 49,285 | 72,804 | 2,592 | (75,255 | ) | 49,426 | |||||||||||||||
Less comprehensive income attributable to noncontrolling interest | — | — | 141 | — | 141 | ||||||||||||||||
Comprehensive income (loss) attributable to Alliant Techsystems Inc. | $ | 49,285 | $ | 72,804 | $ | 2,451 | $ | (75,255 | ) | $ | 49,285 | ||||||||||
ALLIANT TECHSYSTEMS INC. | |||||||||||||||||||||
Condensed Consolidated Statement of Comprehensive Income | |||||||||||||||||||||
Nine Months Ended December 28, 2014 | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
Parent Issuer | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
Sales | $ | — | $ | 3,633,504 | $ | 164,339 | $ | 2,174 | $ | 3,800,017 | |||||||||||
Cost of sales | — | 2,787,795 | 95,544 | 2,174 | 2,885,513 | ||||||||||||||||
Gross profit | — | 845,709 | 68,795 | — | 914,504 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Research and development | — | 30,923 | 101 | 31,024 | |||||||||||||||||
Selling | — | 156,217 | 29,149 | 185,366 | |||||||||||||||||
General and administrative | 12,005 | 198,783 | 14,103 | 224,891 | |||||||||||||||||
Goodwill/tradename impairment | 52,220 | — | — | 52,220 | |||||||||||||||||
Income before interest, income taxes, and noncontrolling interest | (12,005 | ) | 407,566 | 25,442 | — | 421,003 | |||||||||||||||
Equity in income/(loss) of subsidiaries | 275,688 | 15,220 | — | (290,908 | ) | — | |||||||||||||||
Interest expense | (68,189 | ) | — | (2,865 | ) | (68,169 | ) | ||||||||||||||
Interest income | — | 2,667 | 290 | 72 | |||||||||||||||||
Income before income taxes and noncontrolling interest | 195,494 | 425,453 | 22,867 | (290,908 | ) | 352,906 | |||||||||||||||
Income taxes | (30,859 | ) | 149,661 | 7,460 | — | 126,262 | |||||||||||||||
Net income before noncontrolling interest | 226,353 | 275,792 | 15,407 | (290,908 | ) | 226,644 | |||||||||||||||
Less net income attributable to noncontrolling interest | — | — | 291 | — | 291 | ||||||||||||||||
Net income attributable to Alliant Techsystems Inc. | $ | 226,353 | $ | 275,792 | $ | 15,116 | $ | (290,908 | ) | $ | 226,353 | ||||||||||
Comprehensive income: | |||||||||||||||||||||
Net income before noncontrolling interest | $ | 226,353 | $ | 275,792 | $ | 15,407 | $ | (290,908 | ) | $ | 226,644 | ||||||||||
Total other comprehensive income (loss) | 27,909 | 43,324 | (15,415 | ) | (27,909 | ) | 27,909 | ||||||||||||||
Comprehensive income (loss) | 254,262 | 319,116 | (8 | ) | (318,817 | ) | 254,553 | ||||||||||||||
Less comprehensive income attributable to noncontrolling interest | — | — | 291 | — | 291 | ||||||||||||||||
Comprehensive income (loss) attributable to Alliant Techsystems Inc. | $ | 254,262 | $ | 319,116 | $ | (299 | ) | $ | (318,817 | ) | $ | 254,262 | |||||||||
ALLIANT TECHSYSTEMS INC. | |||||||||||||||||||||
Condensed Consolidated Statement of Comprehensive Income | |||||||||||||||||||||
Quarter Ended December 29, 2013 | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
Parent Issuer | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
Sales | $ | — | $ | 1,165,686 | $ | 62,901 | $ | (20,183 | ) | $ | 1,208,404 | ||||||||||
Cost of sales | — | 891,821 | 47,596 | (20,183 | ) | 919,234 | |||||||||||||||
Gross profit | — | 273,865 | 15,305 | — | 289,170 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Research and development | — | 11,853 | 46 | — | 11,899 | ||||||||||||||||
Selling | — | 50,441 | 6,511 | — | 56,952 | ||||||||||||||||
General and administrative | 3,129 | 66,738 | 4,477 | — | 74,344 | ||||||||||||||||
Income before interest, income taxes, and noncontrolling interest | (3,129 | ) | 144,833 | 4,271 | — | 145,975 | |||||||||||||||
Equity in income/(loss) of subsidiaries | 99,743 | 2,258 | — | (102,001 | ) | — | |||||||||||||||
Interest expense | (28,501 | ) | — | — | — | (28,501 | ) | ||||||||||||||
Interest income | — | 1,661 | 132 | — | 1,793 | ||||||||||||||||
Income before income taxes and noncontrolling interest | 68,113 | 148,752 | 4,403 | (102,001 | ) | 119,267 | |||||||||||||||
Income taxes | (12,173 | ) | 49,612 | 1,515 | — | 38,954 | |||||||||||||||
Net income before noncontrolling interest | 80,286 | 99,140 | 2,888 | (102,001 | ) | 80,313 | |||||||||||||||
Less net income attributable to noncontrolling interest | — | — | 27 | — | 27 | ||||||||||||||||
Net income attributable to Alliant Techsystems Inc. | $ | 80,286 | $ | 99,140 | $ | 2,861 | $ | (102,001 | ) | $ | 80,286 | ||||||||||
Comprehensive income: | |||||||||||||||||||||
Net income before noncontrolling interest | $ | 80,286 | $ | 99,140 | $ | 2,888 | $ | (102,001 | ) | $ | 80,313 | ||||||||||
Total other comprehensive income (loss) | 18,964 | 18,372 | (1,654 | ) | (16,718 | ) | 18,964 | ||||||||||||||
Comprehensive income (loss) | 99,250 | 117,512 | 1,234 | (118,719 | ) | 99,277 | |||||||||||||||
Less comprehensive income attributable to noncontrolling interest | — | — | 27 | — | 27 | ||||||||||||||||
Comprehensive income (loss) attributable to Alliant Techsystems Inc. | $ | 99,250 | $ | 117,512 | $ | 1,207 | $ | (118,719 | ) | $ | 99,250 | ||||||||||
ALLIANT TECHSYSTEMS INC. | |||||||||||||||||||||
Condensed Consolidated Statement of Comprehensive Income | |||||||||||||||||||||
Nine Months Ended December 29, 2013 | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
Parent Issuer | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
Sales | $ | — | $ | 3,366,598 | $ | 98,047 | $ | (35,119 | ) | $ | 3,429,526 | ||||||||||
Cost of sales | — | 2,585,195 | 80,843 | (35,119 | ) | 2,630,919 | |||||||||||||||
Gross profit | — | 781,403 | 17,204 | — | 798,607 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Research and development | — | 33,922 | 204 | — | 34,126 | ||||||||||||||||
Selling | — | 138,874 | 7,743 | — | 146,617 | ||||||||||||||||
General and administrative | 9,437 | 182,140 | 6,426 | — | 198,003 | ||||||||||||||||
Income before interest, income taxes, and noncontrolling interest | (9,437 | ) | 426,467 | 2,831 | — | 419,861 | |||||||||||||||
Equity in income/(loss) of subsidiaries | 286,172 | (1,432 | ) | — | (284,740 | ) | — | ||||||||||||||
Interest expense | (57,634 | ) | — | — | — | (57,634 | ) | ||||||||||||||
Interest income | — | 1,569 | 315 | — | 1,884 | ||||||||||||||||
Income before income taxes and noncontrolling interest | 219,101 | 426,604 | 3,146 | (284,740 | ) | 364,111 | |||||||||||||||
Income taxes | (25,809 | ) | 142,303 | 2,497 | — | 118,991 | |||||||||||||||
Net income before noncontrolling interest | 244,910 | 284,301 | 649 | (284,740 | ) | 245,120 | |||||||||||||||
Less net income attributable to noncontrolling interest | — | — | 210 | — | 210 | ||||||||||||||||
Net income attributable to Alliant Techsystems Inc. | $ | 244,910 | $ | 284,301 | $ | 439 | $ | (284,740 | ) | $ | 244,910 | ||||||||||
Comprehensive income: | |||||||||||||||||||||
Net income before noncontrolling interest | $ | 244,910 | $ | 284,301 | $ | 649 | $ | (284,740 | ) | $ | 245,120 | ||||||||||
Total other comprehensive income (loss) | 52,733 | 54,900 | (1,620 | ) | (53,280 | ) | 52,733 | ||||||||||||||
Comprehensive income (loss) | 297,643 | 339,201 | (971 | ) | (338,020 | ) | 297,853 | ||||||||||||||
Less comprehensive income attributable to noncontrolling interest | — | — | 210 | — | 210 | ||||||||||||||||
Comprehensive income (loss) attributable to Alliant Techsystems Inc. | $ | 297,643 | $ | 339,201 | $ | (1,181 | ) | $ | (338,020 | ) | $ | 297,643 | |||||||||
ALLIANT TECHSYSTEMS INC. | |||||||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||
28-Dec-14 | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
Parent Issuer | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 92,105 | $ | 20,815 | $ | — | $ | 112,920 | |||||||||||
Net receivables | — | 1,654,270 | 57,384 | — | 1,711,654 | ||||||||||||||||
Due from affiliates | — | — | 4,082 | (4,082 | ) | — | |||||||||||||||
Net inventories | — | 489,808 | 62,582 | — | 552,390 | ||||||||||||||||
Income tax receivable | — | 38,044 | (4,811 | ) | — | 33,233 | |||||||||||||||
Deferred income taxes | — | 93,300 | 4,555 | — | 97,855 | ||||||||||||||||
Other current assets | 983 | 76,930 | 3,487 | — | 81,400 | ||||||||||||||||
Total current assets | 983 | 2,444,457 | 148,094 | (4,082 | ) | 2,589,452 | |||||||||||||||
Net property, plant, and equipment | — | 680,137 | 12,855 | — | 692,992 | ||||||||||||||||
Investment in subsidiaries | 6,205,902 | 184,547 | — | (6,390,449 | ) | — | |||||||||||||||
Goodwill | — | 1,764,231 | 119,480 | — | 1,883,711 | ||||||||||||||||
Net intangibles | — | 493,968 | 43,200 | — | 537,168 | ||||||||||||||||
Due from affiliates | — | 2,158,532 | — | (2,158,532 | ) | — | |||||||||||||||
Deferred charges and other noncurrent assets | 21,561 | 93,426 | 1,409 | — | 116,396 | ||||||||||||||||
Total assets | $ | 6,228,446 | $ | 7,819,298 | $ | 325,038 | $ | (8,553,063 | ) | $ | 5,819,719 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Current portion of long-term debt | $ | 159,997 | $ | — | $ | — | $ | — | $ | 159,997 | |||||||||||
Accounts payable | — | 324,974 | 16,723 | — | 341,697 | ||||||||||||||||
Due to affiliates | — | 4,082 | — | (4,082 | ) | — | |||||||||||||||
Contract advances and allowances | — | 142,628 | 114 | — | 142,742 | ||||||||||||||||
Accrued compensation | — | 96,959 | 3,358 | — | 100,317 | ||||||||||||||||
Other current liabilities | 18,996 | 279,128 | 17,005 | — | 315,129 | ||||||||||||||||
Total current liabilities | 178,993 | 847,771 | 37,200 | (4,082 | ) | 1,059,882 | |||||||||||||||
Long-term debt | 1,908,503 | — | — | — | 1,908,503 | ||||||||||||||||
Postretirement and postemployment benefits | — | 67,253 | — | — | 67,253 | ||||||||||||||||
Pension | — | 464,869 | — | — | 464,869 | ||||||||||||||||
Deferred income taxes | — | 128,404 | 12,954 | — | 141,358 | ||||||||||||||||
Due to affiliates | 2,100,143 | — | 58,389 | (2,158,532 | ) | — | |||||||||||||||
Other noncurrent liabilities | 2,514 | 125,661 | 532 | — | 128,707 | ||||||||||||||||
Total liabilities | 4,190,153 | 1,633,958 | 109,075 | (2,162,614 | ) | 3,770,572 | |||||||||||||||
Shareholders’ equity attributable to ATK and subsidiaries | 2,038,293 | 6,185,340 | 205,109 | (6,390,449 | ) | 2,038,293 | |||||||||||||||
Noncontrolling interest | — | — | 10,854 | — | 10,854 | ||||||||||||||||
Total equity | 2,038,293 | 6,185,340 | 215,963 | (6,390,449 | ) | 2,049,147 | |||||||||||||||
Total liabilities and equity | $ | 6,228,446 | $ | 7,819,298 | $ | 325,038 | $ | (8,553,063 | ) | $ | 5,819,719 | ||||||||||
ALLIANT TECHSYSTEMS INC. | |||||||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
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 taxes | — | 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 intangibles | — | 527,565 | 50,285 | 577,850 | |||||||||||||||||
Due from affiliates | — | 1,997,307 | — | (1,997,307 | ) | — | |||||||||||||||
Deferred charges and other noncurrent 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 | ||||||||||||||||
Compensation | — | 125,908 | 2,913 | — | 128,821 | ||||||||||||||||
Income taxes | — | 6,254 | 1,623 | — | 7,877 | ||||||||||||||||
Other current 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 | ||||||||||||||||
Deferred income taxes | — | 103,149 | 14,366 | — | 117,515 | ||||||||||||||||
Postretirement and postemployment benefits | — | 74,874 | — | — | 74,874 | ||||||||||||||||
Pension | — | 557,775 | — | — | 557,775 | ||||||||||||||||
Due to affiliates | 1,925,136 | — | 72,168 | (1,997,304 | ) | — | |||||||||||||||
Other noncurrent liabilities | 2,247 | 122,153 | 544 | 124,944 | |||||||||||||||||
Total liabilities | 4,034,914 | 1,665,646 | 150,628 | (2,002,180 | ) | 3,849,008 | |||||||||||||||
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 Statement of Cash Flows | |||||||||||||||||||||
Nine Months Ended December 28, 2014 | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
Parent Issuer | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
Operating Activities: | |||||||||||||||||||||
Cash provided by (used for) operating activities | $ | (8,076 | ) | $ | 182,718 | $ | (13,456 | ) | $ | (7,000 | ) | $ | 154,186 | ||||||||
Investing Activities: | |||||||||||||||||||||
Capital expenditures | — | (88,356 | ) | (3,635 | ) | — | (91,991 | ) | |||||||||||||
Due to (from) Affiliates | — | (224,471 | ) | — | 224,471 | — | |||||||||||||||
Proceeds from the disposition of property, plant, and equipment | — | 2,158 | (4 | ) | — | 2,154 | |||||||||||||||
Cash provided by (used for) investing activities | — | (310,669 | ) | (3,639 | ) | 224,471 | (89,837 | ) | |||||||||||||
Financing Activities | |||||||||||||||||||||
Due to (from) Affiliates | 224,471 | — | — | (224,471 | ) | — | |||||||||||||||
Borrowings on line of credit | 635,000 | — | — | — | 635,000 | ||||||||||||||||
Repayments of line of credit | (535,000 | ) | — | — | — | (535,000 | ) | ||||||||||||||
Payments made on bank debt | (28,250 | ) | — | — | — | (28,250 | ) | ||||||||||||||
Payments made to extinguish debt | (404,462 | ) | — | — | — | (404,462 | ) | ||||||||||||||
Proceeds from issuance of long-term debt | 150,000 | — | — | — | 150,000 | ||||||||||||||||
Payments made for debt issue costs | (1,008 | ) | — | — | — | (1,008 | ) | ||||||||||||||
Purchase of treasury shares | (9,001 | ) | — | — | — | (9,001 | ) | ||||||||||||||
Dividends paid | (30,657 | ) | — | (7,000 | ) | 7,000 | (30,657 | ) | |||||||||||||
Excess tax benefits from share-based plans | 6,983 | — | — | — | 6,983 | ||||||||||||||||
Cash provided by (used for) financing activities | 8,076 | — | (7,000 | ) | (217,471 | ) | (216,395 | ) | |||||||||||||
Effect of foreign currency exchange rate fluctuations on cash | — | — | (1,666 | ) | — | (1,666 | ) | ||||||||||||||
Decrease in cash and cash equivalents | — | (127,951 | ) | (25,761 | ) | — | (153,712 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | — | 220,056 | 46,576 | — | 266,632 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 92,105 | $ | 20,815 | $ | — | $ | 112,920 | |||||||||||
ALLIANT TECHSYSTEMS INC. | |||||||||||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||
Nine Months Ended December 29, 2013 | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
Parent Issuer | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
Operating Activities: | |||||||||||||||||||||
Cash provided by (used for) operating activities | $ | 7,060 | $ | 202,788 | $ | 17,436 | $ | (5,000 | ) | $ | 222,284 | ||||||||||
Investing Activities | |||||||||||||||||||||
Capital expenditures | — | (79,997 | ) | (583 | ) | — | (80,580 | ) | |||||||||||||
Acquisition of business, net of cash acquired | (1,344,119 | ) | 36,978 | 5,544 | — | (1,301,597 | ) | ||||||||||||||
Due to (from) Affiliates | — | (410,359 | ) | — | 410,359 | — | |||||||||||||||
Proceeds from the disposition of property, plant, and equipment | — | 5,326 | — | — | 5,326 | ||||||||||||||||
Cash used for investing activities | (1,344,119 | ) | (448,052 | ) | 4,961 | 410,359 | (1,376,851 | ) | |||||||||||||
Financing Activities | |||||||||||||||||||||
Due to (from) Affiliates | 410,359 | — | — | (410,359 | ) | — | |||||||||||||||
Borrowings on line of credit | 280,000 | — | — | — | 280,000 | ||||||||||||||||
Repayments of line of credit | (280,000 | ) | — | — | — | (280,000 | ) | ||||||||||||||
Payments made on bank debt | (25,000 | ) | — | — | — | (25,000 | ) | ||||||||||||||
Payments made to extinguish debt | (510,000 | ) | — | — | — | (510,000 | ) | ||||||||||||||
Proceeds from issuance of long-term debt | 1,560,000 | — | — | — | 1,560,000 | ||||||||||||||||
Payments made for debt issue costs | (21,641 | ) | — | — | — | (21,641 | ) | ||||||||||||||
Purchase of treasury shares | (53,270 | ) | — | — | — | (53,270 | ) | ||||||||||||||
Dividends paid | (24,951 | ) | — | (5,000 | ) | 5,000 | (24,951 | ) | |||||||||||||
Proceeds from employee stock compensation plans | 729 | — | — | — | 729 | ||||||||||||||||
Excess tax benefits from share-based plans | 833 | — | — | — | 833 | ||||||||||||||||
Cash provided by (used for) financing activities | 1,337,059 | — | (5,000 | ) | (405,359 | ) | 926,700 | ||||||||||||||
Effect of foreign currency exchange rate fluctuations on cash | — | (820 | ) | 1,155 | — | 335 | |||||||||||||||
Decrease in cash and cash equivalents | — | (246,084 | ) | 18,552 | — | (227,532 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | — | 382,725 | 34,564 | — | 417,289 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 136,641 | $ | 53,116 | $ | — | $ | 189,757 | |||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 28, 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: | ||||||||||||||||
December 28, 2014 | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Using Inputs Considered as | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets: | |||||||||||||||||
Marketable securities | $ | — | $ | 11,902 | $ | — | |||||||||||
Derivatives | — | 1,150 | — | ||||||||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | — | $ | 6,982 | $ | — | |||||||||||
31-Mar-14 | |||||||||||||||||
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: | ||||||||||||||||
December 28, 2014 | 31-Mar-14 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Fixed-rate debt | $ | 650,000 | $ | 672,500 | $ | 846,228 | $ | 1,062,078 | |||||||||
Variable-rate debt | 1,418,500 | 1,414,956 | 1,246,750 | 1,247,062 | |||||||||||||
Acquisitions_Nonrecurring_Adju
Acquisitions Nonrecurring Adjustments (Tables) | 9 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Nonrecurring Adjustments [Abstract] | |||||||||
Schedule of Purchase Price Allocation [Table Text Block] | |||||||||
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 | $ | 109,429 | |||||||
Net inventories | 157,184 | ||||||||
Tradename, technology, and customer relationship intangibles | 365,579 | ||||||||
Property, plant, and equipment | 25,055 | ||||||||
Other assets | 6,886 | ||||||||
Total assets | 664,133 | ||||||||
Fair value of liabilities assumed: | |||||||||
Accounts payable | 80,099 | ||||||||
Deferred income taxes | 88,121 | ||||||||
Other liabilities | 30,932 | ||||||||
Total liabilities | 199,152 | ||||||||
Net assets acquired | 464,981 | ||||||||
Goodwill | $ | 524,204 | |||||||
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 and nine months ended December 29, 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 | Nine Months Ended | ||||||||
29-Dec-13 | 29-Dec-13 | ||||||||
Sales | $ | 1,264,430 | $ | 3,783,713 | |||||
Net income attributable to Alliant Techsystems Inc. | 96,640 | 293,024 | |||||||
Basic earnings per common share | 3.06 | 9.24 | |||||||
Diluted earnings per common share | 2.96 | 9.04 | |||||||
The unaudited supplemental pro forma data above include the following significant non-recurring adjustments made to account for certain costs which would have been incurred if the acquisition had been completed on April 1, 2012, as adjusted for the applicable tax impact: | |||||||||
Quarter Ended | Nine Months Ended | ||||||||
(Amounts in thousands) | 29-Dec-13 | 29-Dec-13 | |||||||
Inventory Step-up, net1 | $ | (847 | ) | $ | (847 | ) | |||
ATK/Bushnell fees for advisory, legal, accounting services2 | (8,369 | ) | (11,031 | ) | |||||
1. Adjustment reflects the increased cost of goods sold expense which results from the fair value step-up in inventory of $3,500 which was expensed over the first inventory cycle. | |||||||||
2. Removed the ATK/Bushnell fees that were incurred in connection with the acquisition of Bushnell from fiscal 2014, and considered those fees as incurred during the first quarter of fiscal 2013. Costs were recorded in General and administrative expense. |
Goodwill_and_Deferred_Charges_1
Goodwill and Deferred Charges and Other Non-Current Assets (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Dec. 28, 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 | — | — | 22,648 | 22,648 | |||||||||||||||||||||
Impairment | — | — | (41,020 | ) | (41,020 | ) | |||||||||||||||||||
Effect of foreign currency exchange rates | — | — | (14,838 | ) | (14,838 | ) | |||||||||||||||||||
Balance, December 28, 2014 | $ | 676,516 | $ | 366,947 | $ | 840,248 | $ | 1,883,711 | |||||||||||||||||
Schedule of deferred charges and other non-current assets | Deferred charges and other noncurrent assets consisted of the following: | ||||||||||||||||||||||||
December 28, 2014 | March 31, 2014 | ||||||||||||||||||||||||
Gross debt issuance costs | $ | 28,995 | $ | 28,356 | |||||||||||||||||||||
Less accumulated amortization | (7,600 | ) | (4,084 | ) | |||||||||||||||||||||
Net debt issuance costs | 21,395 | 24,272 | |||||||||||||||||||||||
Parts inventory | 9,473 | 10,921 | |||||||||||||||||||||||
Environmental remediation receivable | 22,840 | 22,128 | |||||||||||||||||||||||
Derivative contracts | 167 | 328 | |||||||||||||||||||||||
Other | 62,521 | 59,577 | |||||||||||||||||||||||
Total deferred charges and other noncurrent assets | $ | 116,396 | $ | 117,226 | |||||||||||||||||||||
Schedule of amortizing assets | Net intangibles includes amortizing and non-amortizing assets consisting of trademarks, tradenames and brand names that are not being amortized as their estimated useful lives are considered indefinite. | ||||||||||||||||||||||||
Net intangibles consisted of the following: | |||||||||||||||||||||||||
28-Dec-14 | 31-Mar-14 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
carrying | amortization | carrying | amortization | ||||||||||||||||||||||
amount | amount | ||||||||||||||||||||||||
Amortizing intangibles: | |||||||||||||||||||||||||
Tradename | $ | 184,660 | $ | (31,125 | ) | $ | 153,535 | $ | 184,660 | $ | (21,723 | ) | $ | 162,937 | |||||||||||
Patented technology | 33,389 | (13,027 | ) | 20,362 | 33,389 | (10,325 | ) | 23,064 | |||||||||||||||||
Customer relationships and other | 221,750 | (51,577 | ) | 170,173 | 226,105 | (38,554 | ) | 187,551 | |||||||||||||||||
Total amortizing intangibles | 439,799 | (95,729 | ) | 344,070 | 444,154 | (70,602 | ) | 373,552 | |||||||||||||||||
Non-amortizing intangibles | 193,098 | — | 193,098 | 204,298 | — | 204,298 | |||||||||||||||||||
Net intangibles | $ | 632,897 | $ | (95,729 | ) | $ | 537,168 | $ | 648,452 | $ | (70,602 | ) | $ | 577,850 | |||||||||||
Schedule of expected future amortization expense | ATK expects amortization expense related to these assets to be as follows: | ||||||||||||||||||||||||
Remainder of fiscal 2015 | $ | 8,528 | |||||||||||||||||||||||
Fiscal 2016 | 32,712 | ||||||||||||||||||||||||
Fiscal 2017 | 30,422 | ||||||||||||||||||||||||
Fiscal 2018 | 30,422 | ||||||||||||||||||||||||
Fiscal 2019 | 27,678 | ||||||||||||||||||||||||
Thereafter | 214,308 | ||||||||||||||||||||||||
Total | $ | 344,070 | |||||||||||||||||||||||
Earnings_Per_Share_Data_Tables
Earnings Per Share Data (Tables) | 9 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of weighted average number of shares | In computing EPS for the quarter and nine months ended December 28, 2014 and December 29, 2013 earnings, as reported for each respective period, is divided by weighted-average shares outstanding, determined as follows (in thousands): | ||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||
Weighted-average Shares Outstanding | December 28, 2014 | December 29, 2013 | December 28, 2014 | December 29, 2013 | |||||||||
Basic | 31,693 | 31,536 | 31,676 | 31,701 | |||||||||
Dilutive effect of stock-based awards | 305 | 256 | 340 | 241 | |||||||||
Dilutive effect of contingently issuable shares | — | 821 | 394 | 476 | |||||||||
Diluted | 31,998 | 32,613 | 32,410 | 32,418 | |||||||||
Anti-dilutive stock options excluded from the calculation of diluted earnings per share | 45 | 3 | 45 | 3 | |||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||
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 sheets. | ||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Location | 28-Dec-14 | 31-Mar-14 | 28-Dec-14 | 31-Mar-14 | |||||||||||||||
Commodity forward contracts | Other current assets / | $ | 163 | $ | — | $ | 2,848 | $ | 6,212 | ||||||||||
other current liabilities | |||||||||||||||||||
Commodity forward contracts | Deferred charges and | — | — | — | 176 | ||||||||||||||
other noncurrent assets / | |||||||||||||||||||
other noncurrent liabilities | |||||||||||||||||||
Interest rate contracts | Deferred charges and | 167 | 328 | 2,259 | 2,071 | ||||||||||||||
other noncurrent assets / | |||||||||||||||||||
other noncurrent liabilities | |||||||||||||||||||
Foreign currency forward contracts | Other current assets / | 820 | — | 1,620 | — | ||||||||||||||
other current liabilities | |||||||||||||||||||
Foreign currency forward contracts | Deferred charges and | — | — | 255 | — | ||||||||||||||
other noncurrent assets / | |||||||||||||||||||
other noncurrent liabilities | |||||||||||||||||||
Total | $ | 1,150 | $ | 328 | $ | 6,982 | $ | 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 statements of comprehensive income related to commodity forward contracts, interest rate swaps, and foreign currency forward contracts were as follows: | ||||||||||||||||||
Pretax Gain | Gain (Loss) Recognized | ||||||||||||||||||
(Loss) Reclassified from | in Income on Derivative | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | (Ineffective Portion and | ||||||||||||||||||
Amount Excluded from | |||||||||||||||||||
Effectiveness Testing) | |||||||||||||||||||
Location | Amount | Location | Amount | ||||||||||||||||
Quarter Ended December 28, 2014 | |||||||||||||||||||
Commodity forward contracts | Cost of Sales | $ | (431 | ) | Cost of Sales | $ | — | ||||||||||||
Interest rate contracts | Interest expense | (1,037 | ) | Interest expense | — | ||||||||||||||
Foreign currency forward contracts | Cost of Sales | 718 | Cost of Sales | — | |||||||||||||||
Quarter Ended December 29, 2013 | |||||||||||||||||||
Commodity forward contracts | Cost of Sales | $ | (2,688 | ) | Cost of Sales | $ | — | ||||||||||||
Interest rate contracts | Interest expense | (869 | ) | Interest expense | — | ||||||||||||||
Foreign currency forward contracts | Cost of Sales | — | Cost of Sales | — | |||||||||||||||
Nine Months Ended December 28, 2014 | |||||||||||||||||||
Commodity forward contracts | Cost of Sales | $ | (2,204 | ) | Cost of Sales | $ | — | ||||||||||||
Interest rate contracts | Interest expense | (3,011 | ) | Interest expense | — | ||||||||||||||
Foreign currency forward contracts | Cost of Sales | 718 | Cost of Sales | — | |||||||||||||||
Nine Months Ended December 29, 2013 | |||||||||||||||||||
Commodity forward contracts | Cost of Sales | $ | (4,297 | ) | Cost of Sales | $ | (1,637 | ) | |||||||||||
Interest rate contracts | Interest expense | (869 | ) | Interest expense | — | ||||||||||||||
Foreign currency forward contracts | Cost of Sales | — | Cost of Sales | — | |||||||||||||||
Commodity [Member] | |||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | As of December 28, 2014, ATK had the following outstanding commodity forward contracts that were entered into to hedge forecasted purchases: | ||||||||||||||||||
Number of Pounds | |||||||||||||||||||
Copper | 9,825,000 | ||||||||||||||||||
Zinc | 4,350,000 | ||||||||||||||||||
Foreign Exchange Contract [Member] | |||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | As of December 28, 2014, ATK had outstanding foreign currency forward contracts in place for the following amounts: | ||||||||||||||||||
Notional Amount of Currency | |||||||||||||||||||
Purchase of foreign currency: | |||||||||||||||||||
Euro | 40,654 | ||||||||||||||||||
Sale of foreign currency: | |||||||||||||||||||
Euro | 5,983 | ||||||||||||||||||
British Pound Sterling | 1,371 | ||||||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||
Dec. 28, 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: | |||||||||||||||||||||||||||||||||||||||
December 28, 2014 | March 31, 2014 | |||||||||||||||||||||||||||||||||||||||
Derivatives | $ | (3,608 | ) | $ | (5,022 | ) | ||||||||||||||||||||||||||||||||||
Pension and other postretirement benefits | (633,480 | ) | (675,114 | ) | ||||||||||||||||||||||||||||||||||||
Cumulative translation adjustment | (16,920 | ) | 832 | |||||||||||||||||||||||||||||||||||||
Available-for-sale securities | 1,108 | (1,505 | ) | |||||||||||||||||||||||||||||||||||||
Total accumulated other comprehensive loss | $ | (652,900 | ) | $ | (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 December 28, 2014 | Nine Months Ended December 28, 2014 | |||||||||||||||||||||||||||||||||||||||
Derivatives | Pension and Other Postretire-ment Benefits | Available-for-sale Securities | Cumulative Translation Adjustment | Total | Derivatives | Pension and Other Postretire-ment Benefits | Available-for-sale Securities | Cumulative Translation Adjustment | Total | |||||||||||||||||||||||||||||||
Beginning of period unrealized gain (loss) in AOCI | $ | (1,016 | ) | $ | (647,357 | ) | $ | 1,078 | $ | (9,243 | ) | $ | (656,538 | ) | $ | (5,022 | ) | $ | (675,114 | ) | $ | 832 | $ | (1,505 | ) | $ | (680,809 | ) | ||||||||||||
Net decrease in fair value of derivatives | (3,054 | ) | — | — | — | (3,054 | ) | (1,368 | ) | — | — | — | (1,368 | ) | ||||||||||||||||||||||||||
Net losses reclassified from AOCI, offsetting the price paid to suppliers (1) | 462 | — | — | — | 462 | 2,782 | — | — | — | 2,782 | ||||||||||||||||||||||||||||||
Net actuarial losses reclassified from AOCI (2) | — | 18,638 | — | — | 18,638 | — | 55,919 | — | — | 55,919 | ||||||||||||||||||||||||||||||
Prior service costs reclassified from AOCI (2) | — | (4,761 | ) | — | — | (4,761 | ) | — | (14,285 | ) | — | — | (14,285 | ) | ||||||||||||||||||||||||||
Net change in cumulative translation adjustment | — | — | — | (7,677 | ) | (7,677 | ) | — | — | — | (15,415 | ) | (15,415 | ) | ||||||||||||||||||||||||||
Net change in available-for-sale securities | — | — | 30 | — | 30 | — | — | 276 | — | 276 | ||||||||||||||||||||||||||||||
End of period unrealized gain (loss) in AOCI | $ | (3,608 | ) | $ | (633,480 | ) | $ | 1,108 | $ | (16,920 | ) | $ | (652,900 | ) | $ | (3,608 | ) | $ | (633,480 | ) | $ | 1,108 | $ | (16,920 | ) | $ | (652,900 | ) | ||||||||||||
-1 | Amounts related to ATK derivative instruments that were reclassified from AOCI and recorded as a component of cost of sales for each period presented. | |||||||||||||||||||||||||||||||||||||||
-2 | Amounts related to ATK pension and other postretirement benefits that were reclassified from AOCI and recorded as a component of net periodic benefit cost for each period presented (Note 13). | |||||||||||||||||||||||||||||||||||||||
Quarter Ended December 29, 2013 | Nine Months Ended December 29, 2013 | |||||||||||||||||||||||||||||||||||||||
Derivatives | Pension and Other Postretire-ment Benefits | Available-for-sale Securities | Cumulative Translation Adjustment | Total | Derivatives | Pension and Other Postretire-ment Benefits | Available-for-sale Securities | Cumulative Translation Adjustment | Total | |||||||||||||||||||||||||||||||
Beginning of period unrealized gain (loss) in AOCI | $ | (4,985 | ) | $ | (790,267 | ) | $ | 683 | $ | 34 | $ | (794,535 | ) | $ | (2,192 | ) | $ | (826,898 | ) | $ | 786 | $ | — | $ | (828,304 | ) | ||||||||||||||
Net decrease in fair value of derivatives | 59 | — | — | — | 59 | (4,730 | ) | — | — | — | (4,730 | ) | ||||||||||||||||||||||||||||
Net losses reclassified from AOCI, offsetting the price paid to suppliers (1) | 2,187 | — | — | — | 2,187 | 3,184 | — | — | — | 3,184 | ||||||||||||||||||||||||||||||
Net losses reclassified from AOCI, due to ineffectiveness (1) | — | — | — | — | — | 999 | — | — | — | 999 | ||||||||||||||||||||||||||||||
Net actuarial losses reclassified from AOCI (2) | — | 22,847 | — | — | 22,847 | — | 68,541 | — | — | 68,541 | ||||||||||||||||||||||||||||||
Prior service costs reclassified from AOCI (2) | — | (4,531 | ) | — | — | (4,531 | ) | — | (13,594 | ) | — | — | (13,594 | ) | ||||||||||||||||||||||||||
Net change in cumulative translation adjustment | (1,654 | ) | (1,654 | ) | (1,620 | ) | (1,620 | ) | ||||||||||||||||||||||||||||||||
Net change in available-for-sale securities | — | — | 56 | 56 | — | — | (47 | ) | (47 | ) | ||||||||||||||||||||||||||||||
End of period unrealized gain (loss) in AOCI | $ | (2,739 | ) | $ | (771,951 | ) | $ | 739 | $ | (1,620 | ) | $ | (775,571 | ) | $ | (2,739 | ) | $ | (771,951 | ) | $ | 739 | $ | (1,620 | ) | $ | (775,571 | ) | ||||||||||||
-1 | Amounts related to our derivative instruments that were reclassified from AOCI and recorded as a component of cost of sales for each period presented. | |||||||||||||||||||||||||||||||||||||||
-2 | Amounts related to our pension and other postretirement benefits that were reclassified from AOCI and recorded as a component of net periodic benefit cost for each period presented (Note 13). |
Receivables_Tables
Receivables (Tables) | 9 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Receivables [Abstract] | |||||||||
Schedule of receivables, including amounts due under long-term contracts (contract receivables) | Net receivables, including amounts due under long-term contracts ("contract receivables"), consisted of the following: | ||||||||
December 28, 2014 | March 31, 2014 | ||||||||
Billed receivables | $ | 577,256 | $ | 479,950 | |||||
Unbilled receivables | 1,123,364 | 979,640 | |||||||
Other | 11,034 | 14,230 | |||||||
Net receivables | $ | 1,711,654 | $ | 1,473,820 | |||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventory, Current | nventories consist of the following: | ||||||||
28-Dec-14 | 31-Mar-14 | ||||||||
Raw materials | $ | 160,269 | $ | 136,414 | |||||
Work/contracts in process | 147,333 | 150,071 | |||||||
Finished goods | 244,788 | 271,765 | |||||||
Net inventories | $ | 552,390 | $ | 558,250 | |||||
Other_Liabilities_Tables
Other Liabilities (Tables) | 9 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | |||||||||
Schedule of major categories of other current and long-term accrued liabilities | |||||||||
December 28, 2014 | March 31, 2014 | ||||||||
Other current liabilities: | |||||||||
Employee benefits and insurance, including pension, and other postretirement and postemployment benefits | $ | 71,865 | $ | 65,858 | |||||
Warranties | 17,615 | 19,080 | |||||||
Interest | 14,528 | 8,341 | |||||||
Environmental remediation | 5,679 | 8,550 | |||||||
Rebates | 30,592 | 17,593 | |||||||
Deferred lease obligations | 19,391 | 26,257 | |||||||
Derivative contracts | 4,468 | 6,212 | |||||||
Federal excise tax | 25,559 | 35,892 | |||||||
Other | 125,432 | 135,049 | |||||||
Total other current liabilities | $ | 315,129 | $ | 322,832 | |||||
Other noncurrent liabilities: | |||||||||
Environmental remediation | $ | 45,375 | $ | 44,938 | |||||
Management nonqualified deferred compensation plans | 15,275 | 17,043 | |||||||
Income taxes | 24,830 | 18,659 | |||||||
Deferred lease obligations | 18,798 | 19,791 | |||||||
Other | 24,429 | 24,513 | |||||||
Total other noncurrent liabilities | $ | 128,707 | $ | 124,944 | |||||
Schedule of reconciliation of the changes in product warranty liability | |||||||||
Balance, March 31, 2014 | $ | 19,080 | |||||||
Payments made | (686 | ) | |||||||
Warranties issued | 1,139 | ||||||||
Changes related to preexisting warranties | (426 | ) | |||||||
Balance, June 29, 2014 | 19,107 | ||||||||
Payments made | (1,852 | ) | |||||||
Warranties issued | 2,233 | ||||||||
Changes related to preexisting warranties | (734 | ) | |||||||
Balance, September 28, 2014 | 18,754 | ||||||||
Payments made | (1,146 | ) | |||||||
Warranties issued | 1,094 | ||||||||
Changes related to preexisting warranties | (1,087 | ) | |||||||
Balance, December 28, 2014 | $ | 17,615 | |||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | |||||||||||||||
Dec. 28, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
Schedule of long-term debt, including the current portion | Long-term debt, including the current portion, consisted of the following: | |||||||||||||||
28-Dec-14 | 31-Mar-14 | |||||||||||||||
Senior Credit Facility dated November 1, 2013 (1): | ||||||||||||||||
Term A Loan due 2018 | $ | 972,125 | $ | 997,375 | ||||||||||||
Term A Loan due 2019 | 148,125 | — | ||||||||||||||
Term B Loan due 2020 | 198,250 | 249,375 | ||||||||||||||
Revolving Credit Facility due 2018 | 100,000 | — | ||||||||||||||
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) | — | 199,440 | ||||||||||||||
Principal amount of long-term debt | 2,068,500 | 2,096,190 | ||||||||||||||
Less: Unamortized discounts | — | 3,212 | ||||||||||||||
Carrying amount of long-term debt | 2,068,500 | 2,092,978 | ||||||||||||||
Less: Current portion of long-term debt | 159,997 | 249,228 | ||||||||||||||
Long-term debt | $ | 1,908,503 | $ | 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 B Loan 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. Under the terms of the 2013 Senior Credit Facility, ATK exercised its option to increase the Term A Loan by $150,000 (the "Accordion") during the quarter ended September 28, 2014. Proceeds of the Accordion were used to partially finance the redemption of the 3.00% Convertible Notes, as discussed below. Terms of the Accordion are the same as the existing Term A Loan with the exception that it will mature on January 31, 2019, approximately three months after the existing Term A Loan. The Accordion is subject to quarterly principal payments of $1,875, with the balance due on January 31, 2019. During the quarter ended September 28, 2014, ATK also repaid $50,000 of its Term B Loan. The Term B Loan is now subject to quarterly principal payments of $499, 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 2.52% at December 28, 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 fee is currently 0.30%. As of December 28, 2014, ATK had $100,000 of borrowings against its $700,000 Revolving Credit Facility and had outstanding letters of credit of $191,009, which reduced amounts available on the Revolving Credit Facility to $408,991. 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. In accordance with the terms of the Transaction Agreement ATK anticipates redeeming these notes as during the closing process of the Transaction. | ||||||||||||||||
(4) In fiscal 2005, ATK issued $200,000 aggregate principal amount of 3.00% Convertible Senior Subordinated Notes (the "3.00% Convertible Notes") that were scheduled to mature on August 15, 2024. During the second quarter of fiscal 2015, ATK retired these notes and paid a total of approximately $354,000 in cash for $199,440 in principal amount. The amount paid in excess of the principal balance was recorded as a reduction to additional paid in capital of approximately $154,000 in the second quarter. The convertible shares had no impact on diluted shares outstanding for the quarter ended December 28, 2014 as the notes were redeemed during the second quarter of fiscal 2015 and an impact of 821,000 for the quarter ended December 29, 2013 because ATK's average stock price exceeded the conversion price during that period. For the nine months ended December 28, 2014 and December 29, 2013 convertible shares had an impact of 394,000 and 476,000, respectively, because ATK's average stock price exceeded the conversion price during those periods. | ||||||||||||||||
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. | ||||||||||||||||
Schedule of Interest Rate Derivatives [Table Text Block] | 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 December 28, 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 | $ | (432 | ) | 0.87 | % | 0.16 | % | Aug-16 | ||||||
Non-amortizing swap | $ | 100,000 | $ | (647 | ) | 1.29 | % | 0.16 | % | Aug-17 | ||||||
Non-amortizing swap | $ | 100,000 | $ | (1,180 | ) | 1.69 | % | 0.16 | % | Aug-18 | ||||||
Non-amortizing swap | $ | 50,000 | $ | 105 | 0.65 | % | 0.16 | % | Nov-16 | |||||||
Non-amortizing swap | $ | 50,000 | $ | 62 | 1.1 | % | 0.16 | % | Nov-17 | |||||||
The amount to be paid or received under these swaps is recorded as an adjustment to interest expense. | ||||||||||||||||
Schedule of minimum payments on outstanding long-term debt | ||||||||||||||||
Remainder of fiscal 2015 | $ | 29,999 | ||||||||||||||
Fiscal 2016 | 59,997 | |||||||||||||||
Fiscal 2017 | 59,997 | |||||||||||||||
Fiscal 2018 | 59,997 | |||||||||||||||
Fiscal 2019 (1) | 1,019,247 | |||||||||||||||
Thereafter | 839,263 | |||||||||||||||
Total | $ | 2,068,500 | ||||||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 28, 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 | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
December 28, 2014 | December 29, 2013 | December 28, 2014 | December 29, 2013 | ||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||
Service cost | $ | 5,849 | $ | 8,691 | $ | 17,547 | $ | 26,072 | |||||||||
Interest cost | 32,596 | 32,563 | 97,788 | 97,690 | |||||||||||||
Expected return on plan assets | (41,803 | ) | (40,278 | ) | (125,409 | ) | (120,833 | ) | |||||||||
Amortization of unrecognized net loss | 29,814 | 36,473 | 89,442 | 109,418 | |||||||||||||
Amortization of unrecognized prior service cost | (5,622 | ) | (5,246 | ) | (16,866 | ) | (15,738 | ) | |||||||||
Net periodic benefit cost | $ | 20,834 | $ | 32,203 | $ | 62,502 | $ | 96,609 | |||||||||
Other Postretirement Benefits | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
December 28, 2014 | December 29, 2013 | December 28, 2014 | December 29, 2013 | ||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||
Service cost | $ | 1 | $ | 2 | $ | 3 | $ | 7 | |||||||||
Interest cost | 1,203 | 1,302 | 3,609 | 3,905 | |||||||||||||
Expected return on plan assets | (888 | ) | (855 | ) | (2,665 | ) | (2,564 | ) | |||||||||
Amortization of unrecognized net loss | 409 | 572 | 1,227 | 1,716 | |||||||||||||
Amortization of unrecognized prior service cost | (2,094 | ) | (2,095 | ) | (6,282 | ) | (6,286 | ) | |||||||||
Net periodic benefit income | $ | (1,369 | ) | $ | (1,074 | ) | $ | (4,108 | ) | $ | (3,222 | ) |
StockBased_Compensation_Stock_
Stock-Based Compensation Stock Option weighted average assumptions (Tables) | 9 Months Ended | |
Dec. 29, 2013 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The following weighted average assumptions were used for grants: | |
Nine Months Ended December 29, 2013 | ||
Risk-free rate | 1.86% | |
Expected volatility | 25.95% | |
Expected dividend yield | 1.58% | |
Expected option life | 7 years |
Contingencies_Tables
Contingencies (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Loss Contingency [Abstract] | |||||||||||||||||
Summary of the amounts recorded for environmental remediation | The following is a summary of the amounts recorded for environmental remediation: | ||||||||||||||||
28-Dec-14 | 31-Mar-14 | ||||||||||||||||
Payable | Receivable | Payable | Receivable | ||||||||||||||
Amounts (payable) receivable | $ | (53,711 | ) | $ | 27,640 | $ | (58,194 | ) | $ | 28,540 | |||||||
Unamortized discount | 2,657 | (1,241 | ) | 4,706 | (2,152 | ) | |||||||||||
Present value amounts (payable) receivable | $ | (51,054 | ) | $ | 26,399 | $ | (53,488 | ) | $ | 26,388 | |||||||
Realignment_Obligations_Tables
Realignment Obligations (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 28, 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 Impairment | Facility | Total | ||||||||||||||
Closure | |||||||||||||||||
and Other | |||||||||||||||||
Costs | |||||||||||||||||
Balance, March 31, 2014 | $ | — | $ | — | $ | — | $ | — | |||||||||
Expense | 6,774 | 2,465 | 1,385 | 10,624 | |||||||||||||
Cash paid | — | — | (1,385 | ) | (1,385 | ) | |||||||||||
Noncash settlements | — | (2,465 | ) | — | (2,465 | ) | |||||||||||
Balance, December 28, 2014 | $ | 6,774 | $ | — | $ | — | $ | 6,774 | |||||||||
Operating_Segment_Information_
Operating Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Schedule of Segment Reporting Information, by Segment | The following summarizes ATK's results by segment: | ||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||
Sales to external customers: | |||||||||||||||||
Aerospace Group | $ | 319,916 | $ | 313,222 | $ | 971,347 | $ | 930,080 | |||||||||
Defense Group | 426,950 | 373,304 | 1,233,081 | 1,203,743 | |||||||||||||
Sporting Group | 504,512 | 521,878 | 1,595,589 | 1,295,703 | |||||||||||||
Total sales to external customers | 1,251,378 | 1,208,404 | 3,800,017 | 3,429,526 | |||||||||||||
Intercompany sales: | |||||||||||||||||
Aerospace Group | 4,717 | 4,856 | 15,395 | 14,589 | |||||||||||||
Defense Group | 39,066 | 81,945 | 162,820 | 198,223 | |||||||||||||
Sporting Group | 2,369 | 2,350 | 7,406 | 8,191 | |||||||||||||
Eliminations | (46,152 | ) | (89,151 | ) | (185,621 | ) | (221,003 | ) | |||||||||
Total intercompany sales | — | — | — | — | |||||||||||||
Total sales | $ | 1,251,378 | $ | 1,208,404 | $ | 3,800,017 | $ | 3,429,526 | |||||||||
Income before interest, income taxes and noncontrolling interest: | |||||||||||||||||
Aerospace Group | $ | 40,000 | $ | 33,383 | $ | 117,725 | $ | 111,039 | |||||||||
Defense Group | 48,553 | 53,078 | 144,038 | 170,236 | |||||||||||||
Sporting Group | 18,322 | 81,119 | 171,744 | 183,059 | |||||||||||||
Corporate | (2,104 | ) | (21,605 | ) | (12,504 | ) | (44,473 | ) | |||||||||
Total income before interest, income taxes, and noncontrolling interest | $ | 104,771 | $ | 145,975 | $ | 421,003 | $ | 419,861 | |||||||||
28-Dec-14 | 31-Mar-14 | ||||||||||||||||
Assets: | |||||||||||||||||
Aerospace Group | $ | 1,711,185 | $ | 1,646,563 | |||||||||||||
Defense Group | 1,390,527 | 1,209,150 | |||||||||||||||
Sporting Group | 2,401,722 | 2,382,617 | |||||||||||||||
Corporate | 316,285 | 532,816 | |||||||||||||||
Total assets | $ | 5,819,719 | $ | 5,771,146 | |||||||||||||
Consolidating_Financial_statem1
Consolidating Financial statements (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||
Dec. 28, 2014 | Dec. 29, 2013 | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||
Condensed Statement of Comprehensive Income [Table Text Block] | ||||||||||||||||||||||||||||||||||||||||||
ALLIANT TECHSYSTEMS INC. | ALLIANT TECHSYSTEMS INC. | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Comprehensive Income | Condensed Consolidated Statement of Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Quarter Ended December 28, 2014 | Nine Months Ended December 29, 2013 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||||||||||||||||||
Parent Issuer | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | Parent Issuer | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||||||||||||||||||
Sales | $ | — | $ | 1,192,946 | $ | 69,519 | $ | (11,087 | ) | $ | 1,251,378 | Sales | $ | — | $ | 3,366,598 | $ | 98,047 | $ | (35,119 | ) | $ | 3,429,526 | |||||||||||||||||||
Cost of sales | — | 919,025 | 39,596 | (11,087 | ) | 947,534 | Cost of sales | — | 2,585,195 | 80,843 | (35,119 | ) | 2,630,919 | |||||||||||||||||||||||||||||
Gross profit | — | 273,921 | 29,923 | — | 303,844 | Gross profit | — | 781,403 | 17,204 | — | 798,607 | |||||||||||||||||||||||||||||||
Operating expenses: | Operating expenses: | |||||||||||||||||||||||||||||||||||||||||
Research and development | — | 12,195 | (1 | ) | — | 12,194 | Research and development | — | 33,922 | 204 | — | 34,126 | ||||||||||||||||||||||||||||||
Selling | — | 52,327 | 9,795 | — | 62,122 | Selling | — | 138,874 | 7,743 | — | 146,617 | |||||||||||||||||||||||||||||||
General and administrative | 4,078 | 63,771 | 4,688 | — | 72,537 | General and administrative | 9,437 | 182,140 | 6,426 | — | 198,003 | |||||||||||||||||||||||||||||||
Goodwill/tradename impairment | — | 52,220 | — | — | 52,220 | Income before interest, income taxes, and noncontrolling interest | (9,437 | ) | 426,467 | 2,831 | — | 419,861 | ||||||||||||||||||||||||||||||
Income before interest, income taxes, and noncontrolling interest | (4,078 | ) | 93,408 | 15,441 | — | 104,771 | Equity in income/(loss) of subsidiaries | 286,172 | (1,432 | ) | — | (284,740 | ) | — | ||||||||||||||||||||||||||||
Equity in income/(loss) of subsidiaries | 61,345 | 10,272 | — | (71,617 | ) | — | Interest expense | (57,634 | ) | — | — | — | (57,634 | ) | ||||||||||||||||||||||||||||
Interest expense | (21,438 | ) | 1 | (937 | ) | 980 | (21,394 | ) | Interest income | — | 1,569 | 315 | — | 1,884 | ||||||||||||||||||||||||||||
Interest income | — | 912 | 96 | (980 | ) | 28 | Income before income taxes and noncontrolling interest | 219,101 | 426,604 | 3,146 | (284,740 | ) | 364,111 | |||||||||||||||||||||||||||||
Income before income taxes and noncontrolling interest | 35,829 | 104,593 | 14,600 | (71,617 | ) | 83,405 | Income taxes | (25,809 | ) | 142,303 | 2,497 | — | 118,991 | |||||||||||||||||||||||||||||
Income taxes | (9,818 | ) | 43,104 | 4,331 | — | 37,617 | Net income before noncontrolling interest | 244,910 | 284,301 | 649 | (284,740 | ) | 245,120 | |||||||||||||||||||||||||||||
Net income before noncontrolling interest | 45,647 | 61,489 | 10,269 | (71,617 | ) | 45,788 | Less net income attributable to noncontrolling interest | — | — | 210 | — | 210 | ||||||||||||||||||||||||||||||
Less net income attributable to noncontrolling interest | — | — | 141 | — | 141 | Net income attributable to Alliant Techsystems Inc. | $ | 244,910 | $ | 284,301 | $ | 439 | $ | (284,740 | ) | $ | 244,910 | |||||||||||||||||||||||||
Net income attributable to Alliant Techsystems Inc. | $ | 45,647 | $ | 61,489 | $ | 10,128 | $ | (71,617 | ) | $ | 45,647 | |||||||||||||||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||
Net income before noncontrolling interest | $ | 244,910 | $ | 284,301 | $ | 649 | $ | (284,740 | ) | $ | 245,120 | |||||||||||||||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||
Net income before noncontrolling interest | $ | 45,647 | $ | 61,489 | $ | 10,269 | $ | (71,617 | ) | $ | 45,788 | Total other comprehensive income (loss) | 52,733 | 54,900 | (1,620 | ) | (53,280 | ) | 52,733 | |||||||||||||||||||||||
Total other comprehensive income (loss) | 3,638 | 11,315 | (7,677 | ) | (3,638 | ) | 3,638 | Comprehensive income (loss) | 297,643 | 339,201 | (971 | ) | (338,020 | ) | 297,853 | |||||||||||||||||||||||||||
Comprehensive income (loss) | 49,285 | 72,804 | 2,592 | (75,255 | ) | 49,426 | Less comprehensive income attributable to noncontrolling interest | — | — | 210 | — | 210 | ||||||||||||||||||||||||||||||
Less comprehensive income attributable to noncontrolling interest | — | — | 141 | — | 141 | Comprehensive income (loss) attributable to Alliant Techsystems Inc. | $ | 297,643 | $ | 339,201 | $ | (1,181 | ) | $ | (338,020 | ) | $ | 297,643 | ||||||||||||||||||||||||
Comprehensive income (loss) attributable to Alliant Techsystems Inc. | $ | 49,285 | $ | 72,804 | $ | 2,451 | $ | (75,255 | ) | $ | 49,285 | |||||||||||||||||||||||||||||||
ALLIANT TECHSYSTEMS INC. | ||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Comprehensive Income | ||||||||||||||||||||||||||||||||||||||||||
Quarter Ended December 29, 2013 | ||||||||||||||||||||||||||||||||||||||||||
ALLIANT TECHSYSTEMS INC. | (unaudited) | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Comprehensive Income | Parent Issuer | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||||||||||||||||||||||
Nine Months Ended December 28, 2014 | Sales | $ | — | $ | 1,165,686 | $ | 62,901 | $ | (20,183 | ) | $ | 1,208,404 | ||||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||||||||||||||||
Parent Issuer | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | Cost of sales | — | 891,821 | 47,596 | (20,183 | ) | 919,234 | |||||||||||||||||||||||||||||||
Sales | $ | — | $ | 3,633,504 | $ | 164,339 | $ | 2,174 | $ | 3,800,017 | ||||||||||||||||||||||||||||||||
Gross profit | — | 273,865 | 15,305 | — | 289,170 | |||||||||||||||||||||||||||||||||||||
Cost of sales | — | 2,787,795 | 95,544 | 2,174 | 2,885,513 | |||||||||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||
Gross profit | — | 845,709 | 68,795 | — | 914,504 | Research and development | — | 11,853 | 46 | — | 11,899 | |||||||||||||||||||||||||||||||
Operating expenses: | Selling | — | 50,441 | 6,511 | — | 56,952 | ||||||||||||||||||||||||||||||||||||
Research and development | — | 30,923 | 101 | 31,024 | ||||||||||||||||||||||||||||||||||||||
General and administrative | 3,129 | 66,738 | 4,477 | — | 74,344 | |||||||||||||||||||||||||||||||||||||
Selling | — | 156,217 | 29,149 | 185,366 | ||||||||||||||||||||||||||||||||||||||
Income before interest, income taxes, and noncontrolling interest | (3,129 | ) | 144,833 | 4,271 | — | 145,975 | ||||||||||||||||||||||||||||||||||||
General and administrative | 12,005 | 198,783 | 14,103 | 224,891 | ||||||||||||||||||||||||||||||||||||||
Equity in income/(loss) of subsidiaries | 99,743 | 2,258 | — | (102,001 | ) | — | ||||||||||||||||||||||||||||||||||||
Goodwill/tradename impairment | 52,220 | — | — | 52,220 | ||||||||||||||||||||||||||||||||||||||
Interest expense | (28,501 | ) | — | — | — | (28,501 | ) | |||||||||||||||||||||||||||||||||||
Income before interest, income taxes, and noncontrolling interest | (12,005 | ) | 407,566 | 25,442 | — | 421,003 | ||||||||||||||||||||||||||||||||||||
Interest income | — | 1,661 | 132 | — | 1,793 | |||||||||||||||||||||||||||||||||||||
Equity in income/(loss) of subsidiaries | 275,688 | 15,220 | — | (290,908 | ) | — | ||||||||||||||||||||||||||||||||||||
Income before income taxes and noncontrolling interest | 68,113 | 148,752 | 4,403 | (102,001 | ) | 119,267 | ||||||||||||||||||||||||||||||||||||
Interest expense | (68,189 | ) | — | (2,865 | ) | (68,169 | ) | |||||||||||||||||||||||||||||||||||
Income taxes | (12,173 | ) | 49,612 | 1,515 | — | 38,954 | ||||||||||||||||||||||||||||||||||||
Interest income | — | 2,667 | 290 | 72 | ||||||||||||||||||||||||||||||||||||||
Net income before noncontrolling interest | 80,286 | 99,140 | 2,888 | (102,001 | ) | 80,313 | ||||||||||||||||||||||||||||||||||||
Income before income taxes and noncontrolling interest | 195,494 | 425,453 | 22,867 | (290,908 | ) | 352,906 | ||||||||||||||||||||||||||||||||||||
Less net income attributable to noncontrolling interest | — | — | 27 | — | 27 | |||||||||||||||||||||||||||||||||||||
Income taxes | (30,859 | ) | 149,661 | 7,460 | — | 126,262 | ||||||||||||||||||||||||||||||||||||
Net income attributable to Alliant Techsystems Inc. | $ | 80,286 | $ | 99,140 | $ | 2,861 | $ | (102,001 | ) | $ | 80,286 | |||||||||||||||||||||||||||||||
Net income before noncontrolling interest | 226,353 | 275,792 | 15,407 | (290,908 | ) | 226,644 | ||||||||||||||||||||||||||||||||||||
Less net income attributable to noncontrolling interest | — | — | 291 | — | 291 | Comprehensive income: | ||||||||||||||||||||||||||||||||||||
Net income before noncontrolling interest | $ | 80,286 | $ | 99,140 | $ | 2,888 | $ | (102,001 | ) | $ | 80,313 | |||||||||||||||||||||||||||||||
Net income attributable to Alliant Techsystems Inc. | $ | 226,353 | $ | 275,792 | $ | 15,116 | $ | (290,908 | ) | $ | 226,353 | |||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | 18,964 | 18,372 | (1,654 | ) | (16,718 | ) | 18,964 | |||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income (loss) | 99,250 | 117,512 | 1,234 | (118,719 | ) | 99,277 | |||||||||||||||||||||||||||||||||||
Net income before noncontrolling interest | $ | 226,353 | $ | 275,792 | $ | 15,407 | $ | (290,908 | ) | $ | 226,644 | |||||||||||||||||||||||||||||||
Less comprehensive income attributable to noncontrolling interest | — | — | 27 | — | 27 | |||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | 27,909 | 43,324 | (15,415 | ) | (27,909 | ) | 27,909 | |||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to Alliant Techsystems Inc. | $ | 99,250 | $ | 117,512 | $ | 1,207 | $ | (118,719 | ) | $ | 99,250 | |||||||||||||||||||||||||||||||
Comprehensive income (loss) | 254,262 | 319,116 | (8 | ) | (318,817 | ) | 254,553 | |||||||||||||||||||||||||||||||||||
Less comprehensive income attributable to noncontrolling interest | — | — | 291 | — | 291 | |||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to Alliant Techsystems Inc. | $ | 254,262 | $ | 319,116 | $ | (299 | ) | $ | (318,817 | ) | $ | 254,262 | ||||||||||||||||||||||||||||||
Condensed Balance Sheet [Table Text Block] | ||||||||||||||||||||||||||||||||||||||||||
ALLIANT TECHSYSTEMS INC. | ||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | ||||||||||||||||||||||||||||||||||||||||||
28-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||||||||||||||||
Parent Issuer | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 92,105 | $ | 20,815 | $ | — | $ | 112,920 | ||||||||||||||||||||||||||||||||
Net receivables | — | 1,654,270 | 57,384 | — | 1,711,654 | |||||||||||||||||||||||||||||||||||||
Due from affiliates | — | — | 4,082 | (4,082 | ) | — | ||||||||||||||||||||||||||||||||||||
Net inventories | — | 489,808 | 62,582 | — | 552,390 | |||||||||||||||||||||||||||||||||||||
Income tax receivable | — | 38,044 | (4,811 | ) | — | 33,233 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | — | 93,300 | 4,555 | — | 97,855 | |||||||||||||||||||||||||||||||||||||
Other current assets | 983 | 76,930 | 3,487 | — | 81,400 | |||||||||||||||||||||||||||||||||||||
Total current assets | 983 | 2,444,457 | 148,094 | (4,082 | ) | 2,589,452 | ||||||||||||||||||||||||||||||||||||
Net property, plant, and equipment | — | 680,137 | 12,855 | — | 692,992 | |||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 6,205,902 | 184,547 | — | (6,390,449 | ) | — | ||||||||||||||||||||||||||||||||||||
Goodwill | — | 1,764,231 | 119,480 | — | 1,883,711 | |||||||||||||||||||||||||||||||||||||
Net intangibles | — | 493,968 | 43,200 | — | 537,168 | |||||||||||||||||||||||||||||||||||||
Due from affiliates | — | 2,158,532 | — | (2,158,532 | ) | — | ||||||||||||||||||||||||||||||||||||
Deferred charges and other noncurrent assets | 21,561 | 93,426 | 1,409 | — | 116,396 | |||||||||||||||||||||||||||||||||||||
Total assets | $ | 6,228,446 | $ | 7,819,298 | $ | 325,038 | $ | (8,553,063 | ) | $ | 5,819,719 | |||||||||||||||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | $ | 159,997 | $ | — | $ | — | $ | — | $ | 159,997 | ||||||||||||||||||||||||||||||||
Accounts payable | — | 324,974 | 16,723 | — | 341,697 | |||||||||||||||||||||||||||||||||||||
Due to affiliates | — | 4,082 | — | (4,082 | ) | — | ||||||||||||||||||||||||||||||||||||
Contract advances and allowances | — | 142,628 | 114 | — | 142,742 | |||||||||||||||||||||||||||||||||||||
Accrued compensation | — | 96,959 | 3,358 | — | 100,317 | |||||||||||||||||||||||||||||||||||||
Other current liabilities | 18,996 | 279,128 | 17,005 | — | 315,129 | |||||||||||||||||||||||||||||||||||||
Total current liabilities | 178,993 | 847,771 | 37,200 | (4,082 | ) | 1,059,882 | ||||||||||||||||||||||||||||||||||||
Long-term debt | 1,908,503 | — | — | — | 1,908,503 | |||||||||||||||||||||||||||||||||||||
Postretirement and postemployment benefits | — | 67,253 | — | — | 67,253 | |||||||||||||||||||||||||||||||||||||
Pension | — | 464,869 | — | — | 464,869 | |||||||||||||||||||||||||||||||||||||
Deferred income taxes | — | 128,404 | 12,954 | — | 141,358 | |||||||||||||||||||||||||||||||||||||
Due to affiliates | 2,100,143 | — | 58,389 | (2,158,532 | ) | — | ||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 2,514 | 125,661 | 532 | — | 128,707 | |||||||||||||||||||||||||||||||||||||
Total liabilities | 4,190,153 | 1,633,958 | 109,075 | (2,162,614 | ) | 3,770,572 | ||||||||||||||||||||||||||||||||||||
Shareholders’ equity attributable to ATK and subsidiaries | 2,038,293 | 6,185,340 | 205,109 | (6,390,449 | ) | 2,038,293 | ||||||||||||||||||||||||||||||||||||
Noncontrolling interest | — | — | 10,854 | — | 10,854 | |||||||||||||||||||||||||||||||||||||
Total equity | 2,038,293 | 6,185,340 | 215,963 | (6,390,449 | ) | 2,049,147 | ||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 6,228,446 | $ | 7,819,298 | $ | 325,038 | $ | (8,553,063 | ) | $ | 5,819,719 | |||||||||||||||||||||||||||||||
ALLIANT TECHSYSTEMS INC. | ||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | ||||||||||||||||||||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||||||||||||||||
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 taxes | — | 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 intangibles | — | 527,565 | 50,285 | 577,850 | ||||||||||||||||||||||||||||||||||||||
Due from affiliates | — | 1,997,307 | — | (1,997,307 | ) | — | ||||||||||||||||||||||||||||||||||||
Deferred charges and other noncurrent 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 | |||||||||||||||||||||||||||||||||||||
Compensation | — | 125,908 | 2,913 | — | 128,821 | |||||||||||||||||||||||||||||||||||||
Income taxes | — | 6,254 | 1,623 | — | 7,877 | |||||||||||||||||||||||||||||||||||||
Other current 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 | |||||||||||||||||||||||||||||||||||||
Deferred income taxes | — | 103,149 | 14,366 | — | 117,515 | |||||||||||||||||||||||||||||||||||||
Postretirement and postemployment benefits | — | 74,874 | — | — | 74,874 | |||||||||||||||||||||||||||||||||||||
Pension | — | 557,775 | — | — | 557,775 | |||||||||||||||||||||||||||||||||||||
Due to affiliates | 1,925,136 | — | 72,168 | (1,997,304 | ) | — | ||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 2,247 | 122,153 | 544 | 124,944 | ||||||||||||||||||||||||||||||||||||||
Total liabilities | 4,034,914 | 1,665,646 | 150,628 | (2,002,180 | ) | 3,849,008 | ||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
Condensed Cash Flow Statement [Table Text Block] | ||||||||||||||||||||||||||||||||||||||||||
ALLIANT TECHSYSTEMS INC. | ALLIANT TECHSYSTEMS INC. | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Cash Flows | Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended December 28, 2014 | Nine Months Ended December 29, 2013 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||||||||||||||||||
Parent Issuer | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | Parent Issuer | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||||||||||||||||||
Operating Activities: | Operating Activities: | |||||||||||||||||||||||||||||||||||||||||
Cash provided by (used for) operating activities | $ | (8,076 | ) | $ | 182,718 | $ | (13,456 | ) | $ | (7,000 | ) | $ | 154,186 | Cash provided by (used for) operating activities | $ | 7,060 | $ | 202,788 | $ | 17,436 | $ | (5,000 | ) | $ | 222,284 | |||||||||||||||||
Investing Activities: | Investing Activities | |||||||||||||||||||||||||||||||||||||||||
Capital expenditures | — | (88,356 | ) | (3,635 | ) | — | (91,991 | ) | Capital expenditures | — | (79,997 | ) | (583 | ) | — | (80,580 | ) | |||||||||||||||||||||||||
Due to (from) Affiliates | — | (224,471 | ) | — | 224,471 | — | Acquisition of business, net of cash acquired | (1,344,119 | ) | 36,978 | 5,544 | — | (1,301,597 | ) | ||||||||||||||||||||||||||||
Proceeds from the disposition of property, plant, and equipment | — | 2,158 | (4 | ) | — | 2,154 | Due to (from) Affiliates | — | (410,359 | ) | — | 410,359 | — | |||||||||||||||||||||||||||||
Cash provided by (used for) investing activities | — | (310,669 | ) | (3,639 | ) | 224,471 | (89,837 | ) | Proceeds from the disposition of property, plant, and equipment | — | 5,326 | — | — | 5,326 | ||||||||||||||||||||||||||||
Financing Activities | Cash used for investing activities | (1,344,119 | ) | (448,052 | ) | 4,961 | 410,359 | (1,376,851 | ) | |||||||||||||||||||||||||||||||||
Due to (from) Affiliates | 224,471 | — | — | (224,471 | ) | — | ||||||||||||||||||||||||||||||||||||
Financing Activities | ||||||||||||||||||||||||||||||||||||||||||
Borrowings on line of credit | 635,000 | — | — | — | 635,000 | Due to (from) Affiliates | 410,359 | — | — | (410,359 | ) | — | ||||||||||||||||||||||||||||||
Repayments of line of credit | (535,000 | ) | — | — | — | (535,000 | ) | Borrowings on line of credit | 280,000 | — | — | — | 280,000 | |||||||||||||||||||||||||||||
Payments made on bank debt | (28,250 | ) | — | — | — | (28,250 | ) | Repayments of line of credit | (280,000 | ) | — | — | — | (280,000 | ) | |||||||||||||||||||||||||||
Payments made to extinguish debt | (404,462 | ) | — | — | — | (404,462 | ) | Payments made on bank debt | (25,000 | ) | — | — | — | (25,000 | ) | |||||||||||||||||||||||||||
Proceeds from issuance of long-term debt | 150,000 | — | — | — | 150,000 | Payments made to extinguish debt | (510,000 | ) | — | — | — | (510,000 | ) | |||||||||||||||||||||||||||||
Payments made for debt issue costs | (1,008 | ) | — | — | — | (1,008 | ) | Proceeds from issuance of long-term debt | 1,560,000 | — | — | — | 1,560,000 | |||||||||||||||||||||||||||||
Purchase of treasury shares | (9,001 | ) | — | — | — | (9,001 | ) | Payments made for debt issue costs | (21,641 | ) | — | — | — | (21,641 | ) | |||||||||||||||||||||||||||
Dividends paid | (30,657 | ) | — | (7,000 | ) | 7,000 | (30,657 | ) | Purchase of treasury shares | (53,270 | ) | — | — | — | (53,270 | ) | ||||||||||||||||||||||||||
Excess tax benefits from share-based plans | 6,983 | — | — | — | 6,983 | Dividends paid | (24,951 | ) | — | (5,000 | ) | 5,000 | (24,951 | ) | ||||||||||||||||||||||||||||
Cash provided by (used for) financing activities | 8,076 | — | (7,000 | ) | (217,471 | ) | (216,395 | ) | Proceeds from employee stock compensation plans | 729 | — | — | — | 729 | ||||||||||||||||||||||||||||
Effect of foreign currency exchange rate fluctuations on cash | — | — | (1,666 | ) | — | (1,666 | ) | Excess tax benefits from share-based plans | 833 | — | — | — | 833 | |||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | — | (127,951 | ) | (25,761 | ) | — | (153,712 | ) | Cash provided by (used for) financing activities | 1,337,059 | — | (5,000 | ) | (405,359 | ) | 926,700 | ||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 220,056 | 46,576 | — | 266,632 | Effect of foreign currency exchange rate fluctuations on cash | — | (820 | ) | 1,155 | — | 335 | ||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 92,105 | $ | 20,815 | $ | — | $ | 112,920 | Decrease in cash and cash equivalents | — | (246,084 | ) | 18,552 | — | (227,532 | ) | ||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 382,725 | 34,564 | — | 417,289 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 136,641 | $ | 53,116 | $ | — | $ | 189,757 | ||||||||||||||||||||||||||||||||
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Dec. 28, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair value of assets and liabilities measured on a recurring basis | ||
Number of Interest Rate Derivatives Held | 5 | |
Number of Foreign Currency Derivatives Held | 0 | |
Fair value of assets and liabilities that are measured on a recurring basis | Fair Value Measurements Using Inputs Considered as Level 2 | ||
Assets | ||
Marketable securities | $11,902 | $10,130 |
Derivatives | 1,150 | 328 |
Liabilities | ||
Derivatives | $6,982 | $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 $) | Dec. 28, 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 | $650,000 | $846,228 |
Variable rate debt | 1,418,500 | 1,246,750 |
Fair Value | ||
Assets and liabilities that are not measured on a recurring basis | ||
Fixed rate debt | 672,500 | 1,062,078 |
Variable rate debt | $1,414,956 | $1,247,062 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 5 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 28, 2014 | Mar. 31, 2014 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 29, 2013 | Jun. 21, 2013 | Oct. 31, 2013 |
Entity | employee | |||||||
Business Acquisition [Line Items] | ||||||||
Business Acquisition, Cost of Acquired Entity, Cash Paid | $985,000 | |||||||
Business Acquisition, Purchase Price Allocation, Goodwill, Expected Tax Deductible Amount | 0 | |||||||
Number of acquisitions | 0 | |||||||
Savage Sports Corporation [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Acquisition, Cost of Acquired Entity, Cash Paid | 315,000 | |||||||
Number of employees of the acquired entity | 400 | |||||||
Bushnell Group Holdings, Inc. [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Acquisition, Cost of Acquired Entity, Cash Paid | 985,000 | |||||||
Number of employees of the acquired entity | 1,100 | |||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 420,736 | 151,164 | 85,074 | |||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 40,365 | 19,994 | 3,123 | |||||
Business Combination, Acquired Inventory, Stepup adjustment expense | $1,377 |
Acquisitions_Details_2_Details
Acquisitions Details 2 (Details) (USD $) | 3 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 29, 2013 | Mar. 31, 2014 | Dec. 29, 2013 | Mar. 31, 2014 | Dec. 28, 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 | 1,264,430 | 3,783,713 | ||||
Business Acquisition, Cost of Acquired Entity, Purchase Price | 989,185 | |||||
Business Acquisition, Purchase Price Allocation, Current Assets, Receivables | 109,429 | |||||
Business Acquisition, Purchase Price Allocation, Current Assets, Inventory | 157,184 | |||||
Business Acquisition, Purchase Price Allocation, Amortizable Intangible Assets | 365,579 | |||||
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | 25,055 | |||||
Business Acquisition, Purchase Price Allocation, Other Noncurrent Assets | 6,886 | |||||
Business Acquisition, Purchase Price Allocation, Assets Acquired | 664,133 | |||||
Business Acquisition, Purchase Price Allocation, Current Liabilities, Accounts Payable | 80,099 | |||||
Business Acquisition, Purchase Price Allocation, Deferred Tax Liabilities, Noncurrent | 88,121 | |||||
Business Acquisition, Purchase Price Allocation, Other Liabilities | 30,932 | |||||
Business Acquisition, Purchase Price Allocation, Liabilities Assumed | 199,152 | |||||
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net | 464,981 | |||||
Goodwill | 1,916,921 | 1,916,921 | 1,883,711 | 524,204 | ||
Business Acquisition, Pro Forma Net Income (Loss) | 96,640 | 293,024 | ||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $3.06 | $9.24 | ||||
Pro Forma Weighted Average Shares Outstanding, Diluted | 2.96 | 9.04 | ||||
Bushnell Group Holdings, Inc. [Member] | ||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||||
Business Acquisition, Cost of Acquired Entity, Cash Paid | $985,000 | |||||
Fair Value Adjustment to Inventory [Member] | ||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||||
Business Acquisition, Transaction Costs | -846.855 | -846.855 | 3500 | |||
Acquisition-related Costs [Member] | ||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||||
Business Acquisition, Transaction Costs | -8368.86 | -11030.58 |
Goodwill_and_Deferred_Charges_2
Goodwill and Deferred Charges and Other Non-Current Assets (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Mar. 31, 2014 | Oct. 31, 2013 |
Goodwill | ||||||
Amortization of intangible assets | $8,508 | $10,133 | $25,433 | $17,239 | ||
Goodwill, Acquired During Period | 22,648 | |||||
Goodwill, Impairment Loss | -41,020 | |||||
Changes in the carrying amount of goodwill | ||||||
Balance at the beginning of the period | 1,916,921 | 524,204 | ||||
Balance at the end of the period | 1,883,711 | 1,883,711 | 524,204 | |||
Goodwill, Translation Adjustments | -14,838 | |||||
Deferred charges and other non-current assets | ||||||
Deferred Finance Costs, Noncurrent, Gross | 28,995 | 28,995 | 28,356 | |||
Less accumulated amortization | -7,600 | -7,600 | -4,084 | |||
Deferred Finance Costs, Noncurrent, Net | 21,395 | 21,395 | 24,272 | |||
Parts inventory, noncurrent | 9,473 | 9,473 | 10,921 | |||
Environmental remediation receivable | 22,840 | 22,840 | 22,128 | |||
Derivative Assets, Noncurrent | 167 | 167 | 328 | |||
Other Assets, Miscellaneous, Noncurrent | 62,521 | 62,521 | 59,577 | |||
Total deferred charges and other non-current assets | 116,396 | 116,396 | 117,226 | |||
Aerospace Group | ||||||
Goodwill | ||||||
Goodwill, Acquired During Period | 0 | |||||
Goodwill, Impairment Loss | 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 | 676,516 | ||||
Accumulated impairment losses | 108,500 | 108,500 | ||||
Goodwill, Translation Adjustments | 0 | |||||
Defense Group | ||||||
Goodwill | ||||||
Goodwill, Acquired During Period | 0 | |||||
Goodwill, Impairment Loss | 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 | 366,947 | ||||
Goodwill, Translation Adjustments | 0 | |||||
Sporting Group | ||||||
Goodwill | ||||||
Goodwill, Acquired During Period | 22,648 | |||||
Goodwill, Impairment Loss | 41,020 | -41,020 | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 11,200 | |||||
Changes in the carrying amount of goodwill | ||||||
Balance at the beginning of the period | 873,458 | |||||
Balance at the end of the period | 840,248 | 840,248 | ||||
Goodwill, Translation Adjustments | ($14,838) |
Goodwill_and_Deferred_Charges_3
Goodwill and Deferred Charges and Other Non-Current Assets (Details 2) (USD $) | Dec. 28, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Non-amortizing intangible assets | ||
Indefinite lived intangible assets | $193,098 | $204,298 |
Goodwill_and_Deferred_Charges_4
Goodwill and Deferred Charges and Other Non-Current Assets (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Mar. 31, 2014 |
Amortizing assets | |||||
Intangible Assets, Gross (Excluding Goodwill) | $632,897 | $632,897 | $648,452 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years 4 months 24 days | ||||
Gross carrying amount | 439,799 | 439,799 | 444,154 | ||
Accumulated amortization | -95,729 | -95,729 | -70,602 | ||
Intangible Assets, Net (Excluding Goodwill) | 537,168 | 537,168 | 577,850 | ||
Total | 344,070 | 344,070 | 373,552 | ||
Amortization expense | 8,508 | 10,133 | 25,433 | 17,239 | |
Expected future amortization expense | |||||
Remainder of fiscal 2015 | 8,528 | 8,528 | |||
Fiscal 2015 | 32,712 | 32,712 | |||
Fiscal 2016 | 30,422 | 30,422 | |||
Fiscal 2017 | 30,422 | 30,422 | |||
Fiscal 2018 | 27,678 | 27,678 | |||
Thereafter | 214,308 | 214,308 | |||
Total | 344,070 | 344,070 | 373,552 | ||
Trade names | |||||
Amortizing assets | |||||
Gross carrying amount | 184,660 | 184,660 | 184,660 | ||
Accumulated amortization | -31,125 | -31,125 | -21,723 | ||
Total | 153,535 | 153,535 | 162,937 | ||
Expected future amortization expense | |||||
Total | 153,535 | 153,535 | 162,937 | ||
Patented technology | |||||
Amortizing assets | |||||
Gross carrying amount | 33,389 | 33,389 | 33,389 | ||
Accumulated amortization | -13,027 | -13,027 | -10,325 | ||
Total | 20,362 | 20,362 | 23,064 | ||
Expected future amortization expense | |||||
Total | 20,362 | 20,362 | 23,064 | ||
Customer relationships and other | |||||
Amortizing assets | |||||
Gross carrying amount | 221,750 | 221,750 | 226,105 | ||
Accumulated amortization | -51,577 | -51,577 | -38,554 | ||
Total | 170,173 | 170,173 | 187,551 | ||
Expected future amortization expense | |||||
Total | $170,173 | $170,173 | $187,551 |
Earnings_Per_Share_Data_Detail
Earnings Per Share Data (Details) | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | |
Weighted Average Number of Shares Outstanding, Basic [Abstract] | ||||
Basic (in shares) | 31,693,000 | 31,536,000 | 31,676,000 | 31,701,000 |
Dilutive effect of stock-based awards | 305,000 | 256,000 | 340,000 | 241,000 |
Incremental Common Shares Attributable to Conversion of Debt Securities | 0 | 821,000 | 394,000 | 476,000 |
Diluted (in shares) | 31,998,000 | 32,613,000 | 32,410,000 | 32,418,000 |
Anti-dilutive stock options excluded from the calculation of diluted earnings per share | 45,000 | 3,000 | 45,000 | 3,000 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Mar. 31, 2014 | |
derivative | |||||
Derivative Financial Instruments | |||||
Number of Interest Rate Derivatives Held | 5 | ||||
Derivative, Notional Amount | $400,000,000 | $400,000,000 | |||
Fair value of derivative instruments designated as hedging instruments | |||||
Interest Rate Cash Flow Hedge Asset at Fair Value | 167,000 | 167,000 | 328,000 | ||
Fair value of derivative assets designated as hedging instruments | 1,150,000 | 1,150,000 | 328,000 | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | 2,259,000 | 2,259,000 | 2,071,000 | ||
Fair value of derivative liabilities designated as hedging instruments | 6,982,000 | 6,982,000 | 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) | -431,000 | -2,688,000 | -2,204,000 | -4,297,000 | |
Forward foreign currency contracts, (gain)/loss reclassified from accumulated other comprehensive income (loss) | 718,000 | 0 | 718,000 | 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 | 0 | 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 | 0 | 0 | |
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | -1,037,000 | -869,000 | -3,011,000 | -869,000 | |
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness | 0 | 0 | 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 | 163,000 | 163,000 | 0 | ||
Commodity forward contracts designated as hedging instruments, fair value of liabilities | 2,848,000 | 2,848,000 | 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 | 0 | ||
Commodity forward contracts designated as hedging instruments, fair value of liabilities | 0 | 0 | 176,000 | ||
Other Current Assets [Member] | |||||
Fair value of derivative instruments designated as hedging instruments | |||||
Foreign Currency Cash Flow Hedge Asset at Fair Value | 820,000 | 820,000 | 0 | ||
Other Current Liabilities [Member] | |||||
Fair value of derivative instruments designated as hedging instruments | |||||
Foreign Currency Cash Flow Hedge Liability at Fair Value | 1,620,000 | 1,620,000 | 0 | ||
Other Noncurrent Liabilities [Member] | |||||
Fair value of derivative instruments designated as hedging instruments | |||||
Foreign Currency Cash Flow Hedge Asset at Fair Value | 0 | 0 | 0 | ||
Foreign Currency Cash Flow Hedge Liability at Fair Value | 255,000 | 255,000 | 0 | ||
Commodity Contract Copper [Member] | |||||
Derivative Financial Instruments | |||||
Outstanding commodity forward contract | 9,825,000 | 9,825,000 | |||
Zinc | |||||
Derivative Financial Instruments | |||||
Outstanding commodity forward contract | 4,350,000 | 4,350,000 | |||
Euro foreign currency purchase forward contract [Member] | |||||
Derivative Financial Instruments | |||||
Outstanding commodity forward contract | 40,654 | 40,654 | |||
Euro foreign currency sale forward contract [Member] | |||||
Derivative Financial Instruments | |||||
Outstanding commodity forward contract | 5,983 | 5,983 | |||
British Pound Sterling foreign currency sale forward contract [Member] | |||||
Derivative Financial Instruments | |||||
Outstanding commodity forward contract | 1,371 | 1,371 | |||
Number of interest rate derivatives held in liability position [Member] | |||||
Derivative Financial Instruments | |||||
Number of Interest Rate Derivatives Held | 3 | 3 | |||
Number of interest rate derivatives held in asset position [Member] | |||||
Derivative Financial Instruments | |||||
Number of Interest Rate Derivatives Held | 2 | 2 | |||
Notional amount of $100 million [Member] | |||||
Derivative Financial Instruments | |||||
Number of Interest Rate Derivatives Held | 3 | 3 | |||
Notional amount to mature August 2016 [Member] | |||||
Derivative Financial Instruments | |||||
Derivative, Notional Amount | 100,000,000 | 100,000,000 | |||
Notional amount of $50 million. [Member] | |||||
Derivative Financial Instruments | |||||
Number of Interest Rate Derivatives Held | 2 | 2 | |||
Notional amount to mature August 2017 [Member] | |||||
Derivative Financial Instruments | |||||
Derivative, Notional Amount | 100,000,000 | 100,000,000 | |||
Notional amount to mature August 2018 [Member] | |||||
Derivative Financial Instruments | |||||
Derivative, Notional Amount | 100,000,000 | 100,000,000 | |||
NotionalamounttomatureNovember2017 [Member] | |||||
Derivative Financial Instruments | |||||
Derivative, Notional Amount | 50,000,000 | 50,000,000 | |||
NotionalamounttomatureNovember2016 [Member] | |||||
Derivative Financial Instruments | |||||
Derivative, Notional Amount | $50,000,000 | $50,000,000 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Mar. 31, 2014 | Sep. 29, 2013 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||
Derivatives | ($3,608) | ($3,608) | ($5,022) | |||||
Available-for-sale securities | 1,108 | 1,108 | -1,505 | |||||
Pension and other postretirement benefits | 633,480 | 633,480 | 675,114 | |||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | -16,920 | -16,920 | 832 | |||||
Total accumulated other comprehensive loss | -652,900 | -775,571 | -652,900 | -775,571 | -656,538 | -680,809 | -794,535 | -828,304 |
Net decrease in fair value of derivatives | -3,054 | 59 | -1,368 | -4,730 | ||||
Net losses reclassified from AOCI, offsetting the price paid to suppliers | 462 | 2,187 | 2,782 | 3,184 | ||||
Net losses reclassified from AOCI, due to ineffectiveness | 999 | |||||||
Net actuarial losses reclassified from AOCI (2) | 18,638 | 22,847 | 55,919 | 68,541 | ||||
Prior service costs reclassified from AOCI (2) | -4,761 | -4,531 | -14,285 | -13,594 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -7,677 | -1,654 | -15,415 | -1,620 | ||||
Net change in available-for-sale securities | 30 | 56 | 276 | -47 | ||||
Derivative Adjustments [Member] | ||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||
Derivatives | -3,608 | -2,739 | -3,608 | -2,739 | -1,016 | -5,022 | -4,985 | -2,192 |
Net decrease in fair value of derivatives | -3,054 | 59 | -1,368 | -4,730 | ||||
Net losses reclassified from AOCI, offsetting the price paid to suppliers | 462 | 2,187 | 2,782 | 3,184 | ||||
Net losses reclassified from AOCI, due to ineffectiveness | 999 | |||||||
Accumulated Translation Adjustment [Member] | ||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | -16,920 | -1,620 | -16,920 | -1,620 | -9,243 | -1,505 | 34 | 0 |
Pension and OPEB Adjustments [Member] | ||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||
Pension and other postretirement benefits | 633,480 | -771,951 | 633,480 | -771,951 | 647,357 | 675,114 | 790,267 | 826,898 |
Net actuarial losses reclassified from AOCI (2) | 18,638 | 22,847 | 55,919 | 68,541 | ||||
Prior service costs reclassified from AOCI (2) | 4,761 | 4,531 | 14,285 | 13,594 | ||||
Available for sale securities adjustments [Member] | ||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||
Available-for-sale securities | $1,108 | $739 | $1,108 | $739 | $1,078 | $832 | $683 | $786 |
Receivables_Details
Receivables (Details) (USD $) | Dec. 28, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ||
Billed Contracts receivables | $577,256 | $479,950 |
Unbilled Contracts Receivable | 1,123,364 | 979,640 |
Other Receivables | 11,034 | 14,230 |
Net receivables | 1,711,654 | 1,473,820 |
Customer Advances and Progress Payments for Long-term Contracts or Programs | 534,411 | 527,670 |
Unbilled receivables | ||
Long-term unbilled receivables, relating to commercial aerospace programs | $309,200 | $264,400 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 28, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $160,269 | $136,414 |
Work/contracts in process | 147,333 | 150,071 |
Finished goods | 244,788 | 271,765 |
Net inventories | $552,390 | $558,250 |
Other_Liabilities_Details
Other Liabilities (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 31, 2014 |
Other Liabilities Disclosure [Abstract] | ||||
Employee benefits and insurance, including pension and other postretirement benefits | $71,865 | $65,858 | ||
Warranty | 17,615 | 18,754 | 19,107 | |
Interest | 14,528 | 8,341 | ||
Environmental remediation | 5,679 | 8,550 | ||
Rebate | 30,592 | 17,593 | ||
Deferred lease obligation | 19,391 | 26,257 | ||
Commodity forward contracts | 4,468 | 6,212 | ||
Federal excise tax | 25,559 | 35,892 | ||
Other | 125,432 | 135,049 | ||
Total other accrued liabilities - current | 315,129 | 322,832 | ||
Environmental remediation | 45,375 | 44,938 | ||
Management nonqualified deferred compensation plan | 15,275 | 17,043 | ||
Non-current portion of accrued income tax liability | 24,830 | 18,659 | ||
Deferred Rent Credit, Noncurrent | 18,798 | 19,791 | ||
Other | 24,429 | 24,513 | ||
Total other long-term liabilities | 128,707 | 124,944 | ||
Reconciliation of the changes in product warranty liability | ||||
Balance at the beginning of the period | 18,754 | 19,107 | 19,080 | |
Payments made | -1,146 | -1,852 | -686 | |
Warranties issued | 1,094 | 2,233 | 1,139 | |
Changes related to preexisting warranties | -1,087 | -734 | -426 | |
Balance at the end of period | $17,615 | $18,754 | $19,107 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||||||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Mar. 31, 2014 | Oct. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2011 | Mar. 31, 2005 | |
Long-Term Debt | ||||||||||
Principal amount of the liability component | $2,068,500,000 | $2,068,500,000 | $2,096,190,000 | |||||||
Less: Unamortized discounts | 0 | 0 | 3,212,000 | |||||||
Carrying amount of long-term debt | 2,068,500,000 | 2,068,500,000 | 2,092,978,000 | |||||||
Less: current portion | 159,997,000 | 159,997,000 | 249,228,000 | |||||||
Carrying amount of long-term debt, excluding current portion | 1,908,503,000 | 1,908,503,000 | 1,843,750,000 | |||||||
Incremental Common Shares Attributable to Conversion of Debt Securities | 0 | 821,000 | 394,000 | 476,000 | ||||||
Term A Loan due 2018 [Member] | ||||||||||
Long-Term Debt | ||||||||||
Debt instrument, face amount | 1,010,000,000 | |||||||||
Principal amount of the liability component | 972,125,000 | 972,125,000 | 997,375,000 | |||||||
Term A Loan due 2019 [Member] | ||||||||||
Long-Term Debt | ||||||||||
Debt instrument, face amount | 150,000,000 | |||||||||
Long-term Debt, Maturities, Repayments of Principal quarterly through maturity | 1,875,000 | |||||||||
Principal amount of the liability component | 148,125,000 | 148,125,000 | ||||||||
Term B Loan due 2020 [Member] | ||||||||||
Long-Term Debt | ||||||||||
Debt instrument, face amount | 250,000,000 | |||||||||
Extinguishment of Debt, Amount | 50,000 | |||||||||
Principal amount of the liability component | 198,250,000 | 198,250,000 | 249,375,000 | |||||||
2013 Senior Credit Facility [Member] | ||||||||||
Long-Term Debt | ||||||||||
Annual commitment fee on the unused portion (as a percent) | 0.30% | |||||||||
Long-term Debt, Maturities, Repayments of Principal quarterly through maturity | 12,625,000 | |||||||||
Long-term Debt, Weighted Average Interest Rate | 2.52% | 2.52% | ||||||||
Deferred Finance Costs Gross, Accordion Feature | 19,000,000 | |||||||||
Base rate margin (as a percent) | 1.00% | 1.00% | ||||||||
2013 Term Loan B notes [Member] | ||||||||||
Long-Term Debt | ||||||||||
Long-term Debt, Maturities, Repayments of Principal quarterly through maturity | 499,000 | |||||||||
Line of Credit 2018 [Member] | ||||||||||
Long-Term Debt | ||||||||||
Principal amount of the liability component | 700,000,000 | |||||||||
Carrying amount of long-term debt | 100,000,000 | 100,000,000 | 0 | |||||||
Revolving Credit Facility due 2015 | ||||||||||
Long-Term Debt | ||||||||||
Letters of Credit Outstanding, Amount | 191,009,000 | 191,009,000 | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 408,991,000 | 408,991,000 | ||||||||
Carrying amount of long-term debt | 100,000,000 | 100,000,000 | ||||||||
6.875% Senior Subordinated Notes due 2020 | ||||||||||
Long-Term Debt | ||||||||||
Debt instrument interest rate stated percentage | 6.88% | 6.88% | 6.88% | |||||||
Principal amount of the liability component | 350,000,000 | 350,000,000 | 350,000,000 | 350,000,000 | ||||||
3.00% Convertible Senior Subordinated Notes due 2024 | ||||||||||
Long-Term Debt | ||||||||||
Debt instrument, face amount | 200,000,000 | |||||||||
Extinguishment of Debt, Amount | 199,440,000 | |||||||||
Principal amount of the liability component | 0 | 0 | 199,440,000 | |||||||
Senior Subordinated Notes 5.25 Percent Due 2021 [Member] | ||||||||||
Long-Term Debt | ||||||||||
Debt instrument interest rate stated percentage | 5.25% | 5.25% | ||||||||
Principal amount of the liability component | 300,000,000 | 300,000,000 | 300,000,000 | 300,000,000 | ||||||
Deferred Finance Costs Gross, Accordion Feature | $3,000,000 | $3,000,000 |
LongTerm_Debt_Details_2
Long-Term Debt (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | 35 Months Ended | |||||
Sep. 28, 2014 | Dec. 28, 2014 | Dec. 29, 2013 | Oct. 01, 2016 | Mar. 31, 2014 | Mar. 31, 2011 | Oct. 31, 2013 | Mar. 31, 2005 | |
derivative | ||||||||
Long-Term Debt | ||||||||
Derivative, Notional Amount | $400,000,000 | |||||||
Ratio of Indebtedness to Net Capital | 0.5 | 0.52 | ||||||
Annual principal repayments, year one | 29,999,000 | |||||||
Annual principal repayments, year two | 59,997,000 | |||||||
Annual principal repayments, year three | 59,997,000 | |||||||
Annual principal repayments, year four | 59,997,000 | |||||||
Annual principal repayments, year five | 1,019,247,000 | |||||||
Carrying amount of long-term debt | 2,068,500,000 | 2,092,978,000 | ||||||
Borrowings on long term debt | 2,068,500,000 | 2,096,190,000 | ||||||
Subsidiary guarantors percentage owned | 100.00% | |||||||
Sale-and-leaseback transactions limit | 967,000,000 | |||||||
Restricted payment limit | 250,000,000 | |||||||
Cash paid for interest, total | 53,800,000 | 45,931,000 | ||||||
Number of Interest Rate Derivatives Held | 5 | |||||||
Total convertible debt payment including premium | 354,000,000 | |||||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | 154,000,000 | |||||||
6.875% Senior Subordinated Notes due 2020 | ||||||||
Long-Term Debt | ||||||||
Debt issuance costs | 7,100,000 | |||||||
Borrowings on long term debt | 350,000,000 | 350,000,000 | 350,000,000 | |||||
Percentage of principal amount at which the entity may redeem some or all of the notes prior to specified date | 100.00% | |||||||
Debt instrument interest rate stated percentage | 6.88% | 6.88% | ||||||
Line of Credit 2018 [Member] | ||||||||
Long-Term Debt | ||||||||
Carrying amount of long-term debt | 100,000,000 | 0 | ||||||
Borrowings on long term debt | 700,000,000 | |||||||
3.00% Convertible Senior Subordinated Notes due 2024 | ||||||||
Long-Term Debt | ||||||||
Debt instrument, face amount | 200,000,000 | |||||||
Borrowings on long term debt | 0 | 199,440,000 | ||||||
Senior Subordinated Notes 5.25 Percent Due 2021 [Member] | ||||||||
Long-Term Debt | ||||||||
Deferred Finance Costs Gross, Accordion Feature | 3,000,000 | |||||||
Borrowings on long term debt | 300,000,000 | 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% | |||||||
Debt Instrument, Redemption with Net Proceeds from Equity Offerings as Percentage of Original Principal | 35.00% | |||||||
Debt Instrument, Redemption Price with Net Proceeds from Equity Offerings as Percentage of Original Principal | 105.25% | |||||||
Debt instrument interest rate stated percentage | 5.25% | |||||||
Notional amount to mature August 2016 [Member] | ||||||||
Long-Term Debt | ||||||||
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net | -432,000 | |||||||
Derivative, Fixed Interest Rate | 0.87% | |||||||
Derivative, Variable Interest Rate | 0.16% | |||||||
Derivative, Notional Amount | 100,000,000 | |||||||
Notional amount to mature August 2017 [Member] | ||||||||
Long-Term Debt | ||||||||
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net | -647,000 | |||||||
Derivative, Fixed Interest Rate | 1.29% | |||||||
Derivative, Variable Interest Rate | 0.16% | |||||||
Derivative, Notional Amount | 100,000,000 | |||||||
Notional amount to mature August 2018 [Member] | ||||||||
Long-Term Debt | ||||||||
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net | -1,180,000 | |||||||
Derivative, Fixed Interest Rate | 1.69% | |||||||
Derivative, Variable Interest Rate | 0.16% | |||||||
Derivative, Notional Amount | 100,000,000 | |||||||
NotionalamounttomatureNovember2016 [Member] | ||||||||
Long-Term Debt | ||||||||
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net | 105,000 | |||||||
Derivative, Fixed Interest Rate | 0.65% | |||||||
Derivative, Variable Interest Rate | 0.16% | |||||||
Derivative, Notional Amount | 50,000,000 | |||||||
NotionalamounttomatureNovember2017 [Member] | ||||||||
Long-Term Debt | ||||||||
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net | 62,000 | |||||||
Derivative, Fixed Interest Rate | 1.10% | |||||||
Derivative, Variable Interest Rate | 0.16% | |||||||
Derivative, Notional Amount | $50,000,000 |
LongTerm_Debt_Details_3
Long-Term Debt (Details 3) (USD $) | Dec. 28, 2014 | Sep. 28, 2014 | Mar. 31, 2014 | Oct. 31, 2013 |
Additional information about convertible notes | ||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | $154,000,000 | |||
Principal amount of the liability component | 2,068,500,000 | 2,096,190,000 | ||
Unamortized discount of liability component | 0 | 3,212,000 | ||
Net carrying amount of liability component | 2,068,500,000 | 2,092,978,000 | ||
Minimum payments on outstanding long-term debt | ||||
Remainder of fiscal 2015 | 29,999,000 | |||
Fiscal 2016 | 59,997,000 | |||
Fiscal 2017 | 59,997,000 | |||
Fiscal 2018 | 59,997,000 | |||
Fiscal 2019 (1) | 1,019,247,000 | |||
Thereafter | 839,263,000 | |||
Total | 2,068,500,000 | 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 | 100,000,000 | 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 | ||||
Principal amount of the liability component | 0 | 199,440,000 | ||
Minimum payments on outstanding long-term debt | ||||
Total | 0 | 199,440,000 | ||
Line of Credit | ||||
Additional information about convertible notes | ||||
Net carrying amount of liability component | $100,000,000 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Pension Benefits | ||||
Change in benefit obligation | ||||
Service cost | $5,849 | $8,691 | $17,547 | $26,072 |
Interest cost | 32,596 | 32,563 | 97,788 | 97,690 |
Expected return on plan assets | -41,803 | -40,278 | -125,409 | -120,833 |
Amortization of unrecognized net loss | 29,814 | 36,473 | 89,442 | 109,418 |
Amortization of unrecognized prior service cost | -5,622 | -5,246 | -16,866 | -15,738 |
Defined Benefit Plan, Net Periodic Benefit Cost | 20,834 | 32,203 | 62,502 | 96,609 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Change in benefit obligation | ||||
Service cost | 1 | 2 | 3 | 7 |
Interest cost | 1,203 | 1,302 | 3,609 | 3,905 |
Expected return on plan assets | -888 | -855 | -2,665 | -2,564 |
Amortization of unrecognized net loss | 409 | 572 | 1,227 | 1,716 |
Amortization of unrecognized prior service cost | -2,094 | -2,095 | -6,282 | -6,286 |
Defined Benefit Plan, Net Periodic Benefit Cost | -1,369 | -1,074 | -4,108 | -3,222 |
Supplemental Employee Retirement Plan [Member] | ||||
Defined Benefit Plans | ||||
Defined Benefit Plan, Estimated Future Employer Contribution Directly to Retirees in Next Fiscal Year | $2,068 | $2,068 |
Employee_Benefit_Plans_Details1
Employee Benefit Plans (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Pension Benefits | ||||
Defined Benefit Plans | ||||
Service cost | $5,849 | $8,691 | $17,547 | $26,072 |
Contributions | ||||
Interest cost | 32,596 | 32,563 | 97,788 | 97,690 |
Defined Benefit Plan, Expected Return on Plan Assets | -41,803 | -40,278 | -125,409 | -120,833 |
Defined Benefit Plan, Amortization of Gains (Losses) | 29,814 | 36,473 | 89,442 | 109,418 |
Amortization of unrecognized prior service cost | -5,622 | -5,246 | -16,866 | -15,738 |
Defined Benefit Plan, Net Periodic Benefit Cost | 20,834 | 32,203 | 62,502 | 96,609 |
Supplemental Employee Retirement Plan [Member] | ||||
Contributions | ||||
Employer contributions directly to the pension trust for the period | 80,400 | |||
Defined Benefit Plan, Estimated Future Employer Contribution Directly to Retirees in Next Fiscal Year | 2,068 | 2,068 | ||
Employer's contribution to retirees during the period | 2,432 | |||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plans | ||||
Service cost | 1 | 2 | 3 | 7 |
Contributions | ||||
Employer contributions directly to the pension trust for the period | 8,138 | |||
Defined Benefit Plan, Expected Contributions in Current Fiscal Year | 2,668 | |||
Interest cost | 1,203 | 1,302 | 3,609 | 3,905 |
Defined Benefit Plan, Expected Return on Plan Assets | -888 | -855 | -2,665 | -2,564 |
Defined Benefit Plan, Amortization of Gains (Losses) | 409 | 572 | 1,227 | 1,716 |
Amortization of unrecognized prior service cost | -2,094 | -2,095 | -6,282 | -6,286 |
Defined Benefit Plan, Net Periodic Benefit Cost | ($1,369) | ($1,074) | ($4,108) | ($3,222) |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Income Tax Disclosure [Abstract] | ||||
Income tax provision (as a percent) | 45.10% | 32.70% | 35.80% | 32.70% |
Potential reduction of uncertain tax benefits over the next 12 months from audit settlements | ($2,243) | ($2,243) | ||
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 | $1,785 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Mar. 31, 2013 | Mar. 31, 2014 |
award | award | |||||
plan | plan | |||||
Stock-Based Compensation | ||||||
Number of authorized shares of preferred stock | 5,000,000 | 5,000,000 | ||||
Par value of preferred stock (in dollars per share) | $1 | $1 | ||||
Total pre-tax stock-based compensation expense | $4,078 | $3,129 | $12,005 | $9,437 | ||
Total income tax benefit recognized in the income statement for share-based compensation | $1,564 | $1,199 | $4,606 | $3,620 | ||
Number of stock-based incentive plans | 3 | 3 | ||||
Number of plans under which no new grants are being made | 2 | 2 | ||||
Number of types of awards outstanding under the entity's stock incentive plans | 4 | 4 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $23 | |||||
Share-based Compensation Arrangements Activity for Fiscal 2013 through Fiscal 2015 [Member] | ||||||
Stock-Based Compensation | ||||||
Number of shares payable only upon the achievement of certain financial performance goals | 102,848 | 102,848 | ||||
Fiscal 2012 through fiscal 2014 period | ||||||
Stock-Based Compensation | ||||||
Shares earned | 54,489 | |||||
Number of shares forfeited in the period resulting from performance goals not being met | 165,951 | |||||
Fiscal 2014 through fiscal 2016 period | ||||||
Stock-Based Compensation | ||||||
Number of shares payable only upon the achievement of certain financial performance goals | 94,926 | 94,926 | ||||
Share-based Compensation Arrangements Activity for Fiscal 2015 through Fiscal 2017 [Member] [Domain] | ||||||
Stock-Based Compensation | ||||||
Number of shares payable only upon the achievement of certain financial performance goals | 82,097 | 82,097 | ||||
Restricted stock | ||||||
Stock-Based Compensation | ||||||
Restricted stock granted to non-employee directors and certain key employees (in shares) | 39,499 | |||||
Restricted stock | Minimum | ||||||
Stock-Based Compensation | ||||||
Vesting period (in years) | 1 year | |||||
Restricted stock | Maximum | ||||||
Stock-Based Compensation | ||||||
Vesting period (in years) | 3 years | |||||
Stock options | ||||||
Stock-Based Compensation | ||||||
Number of years upon which expected volatility is based | 7 years | |||||
Stock options | Minimum | ||||||
Stock-Based Compensation | ||||||
Vesting period (in years) | 1 year | |||||
Minimum terms of options (in years) | 7 years | |||||
Stock options | Maximum | ||||||
Stock-Based Compensation | ||||||
Vesting period (in years) | 3 years | |||||
Minimum terms of options (in years) | 10 years | |||||
2005 Stock Incentive Plan | ||||||
Stock-Based Compensation | ||||||
Number of authorized common shares | 3,982,360 | 3,982,360 | ||||
Number of available shares to be granted | 997,719 | 997,719 | ||||
Performance awards | ||||||
Stock-Based Compensation | ||||||
Number of shares reserved | 279,871 | 279,871 | ||||
Total stockholder return performance awards ("TSR awards") | ||||||
Stock-Based Compensation | ||||||
Restricted stock granted to non-employee directors and certain key employees (in shares) | 0 | |||||
Total stockholder return performance awards ("TSR awards") | Fiscal 2012 through fiscal 2014 period | ||||||
Stock-Based Compensation | ||||||
Shares earned | 42,022 | |||||
Number of shares forfeited in the period resulting from performance goals not being met | 3,958 | |||||
Total stockholder return performance awards ("TSR awards") | Share-based Compensation Arrangements Activity for Fiscal 2015 through Fiscal 2017 [Member] [Domain] | ||||||
Stock-Based Compensation | ||||||
Number of shares payable only upon satisfaction of the market conditions stipulated | 27,366 | 27,366 |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 2) (USD $) | 9 Months Ended |
Dec. 29, 2013 | |
Stock-Based Compensation | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.86% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 25.95% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.58% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 7 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $23 |
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 | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 28, 2014 | Mar. 31, 2014 |
Loss Contingency [Abstract] | |||
Unbilled receivables for contract claims | $42,991 | $42,991 | $35,113 |
Fair Value Inputs, Discount Rate | 0.75% | 1.50% | |
Environmental liabilities discount rate, net of estimated inflation (as a percent) | 1.50% | 1.50% | 0.80% |
Environmental receivable discount rate, net of estimated inflation (as a percent) | 1.50% | 1.50% | 0.80% |
Treasury constant maturities rate used to estimate discount rate (in years) | 20 years | ||
Estimated inflationary factor (as a percent) | 1.90% | 1.90% | |
Environmental remediation | |||
Amounts (payable) receivable | -53,711 | -53,711 | -58,194 |
Unamortized discount | 2,657 | 2,657 | 4,706 |
Amounts (payable) receivable | 27,640 | 27,640 | 28,540 |
Unamortized discount | -1,241 | -1,241 | -2,152 |
Present value amounts (payable) receivable | -51,054 | -51,054 | -53,488 |
Present value amounts (payable) receivable | 26,399 | 26,399 | 26,388 |
Discounted liability recorded in other current liabilities | 5,679 | 5,679 | 8,550 |
Discounted liability recorded in other long-term liabilities | 45,375 | 45,375 | 44,938 |
Discounted receivable recorded in other current assets | 3,559 | 3,559 | |
Discounted receivable recorded in other non-current assets | 22,840 | 22,840 | |
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 | 51,054 | 51,054 | |
Maximum | |||
Business Acquisition [Line Items] | |||
Estimated discounted reasonably possible costs of environmental remediation | $80,730 | $80,730 |
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 | 9 Months Ended | 24 Months Ended | |
Dec. 29, 2013 | Dec. 29, 2013 | Jan. 31, 2014 | Jan. 31, 2012 | |
Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract] | ||||
Stock repurchase program, authorized amount | $200,000,000 | |||
Stock repurchase program, period in force | 2 years | |||
Stock repurchased during period, shares | 35,253 | 609,922 | ||
Stock repurchased during period, value | $3,871,000 | $52,130,000 |
Changes_in_Estimates_Details
Changes in Estimates (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Operating Income Adjustments Under Percentage of Completion Method [Line Items] | ||||
Operating income adjustments under percentage of completion method | $19,220 | $19,657 | $62,201 | $86,937 |
Small Caliber Systems contract adjustment [Member] | ||||
Operating Income Adjustments Under Percentage of Completion Method [Line Items] | ||||
Operating income adjustments under percentage of completion method | $39,125 |
Realignment_Obligations_Detail
Realignment Obligations (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | |
Realignment liability activity | |||
Balance at the beginning of the period | $0 | ||
Expense | 2,600 | 10,624,000 | 8,000 |
Cash paid | -1,385,000 | ||
Non-cash settlements | -2,465,000 | ||
Balance at the end of the period | 6,774,000 | ||
Termination benefits | |||
Realignment liability activity | |||
Balance at the beginning of the period | 0 | ||
Expense | 6,774,000 | ||
Cash paid | 0 | ||
Non-cash settlements | 0 | ||
Balance at the end of the period | 6,774,000 | ||
Asset impairment | |||
Realignment liability activity | |||
Balance at the beginning of the period | 0 | ||
Expense | 2,465,000 | ||
Cash paid | 0 | ||
Non-cash settlements | -2,465,000 | ||
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 | 1,385,000 | ||
Cash paid | -1,385,000 | ||
Non-cash settlements | 0 | ||
Balance at the end of the period | $0 |
Operating_Segment_Information_1
Operating Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Mar. 31, 2014 |
segment | |||||
Segment Reporting [Abstract] | |||||
Number of operating segments | 3 | ||||
Results by operating segment | |||||
Income before interest, income taxes, and noncontrolling interest | $104,771 | $145,975 | $421,003 | $419,861 | |
Sales to external customers | 1,251,378 | 1,208,404 | 3,800,017 | 3,429,526 | |
Segment Reporting Information, Intersegment Revenue | 0 | 0 | 0 | 0 | |
Total | 1,251,378 | 1,208,404 | 3,800,017 | 3,429,526 | |
Total assets | 5,819,719 | 5,819,719 | 5,771,146 | ||
Aerospace Group | |||||
Results by operating segment | |||||
Income before interest, income taxes, and noncontrolling interest | 40,000 | 33,383 | 117,725 | 111,039 | |
Sales to external customers (as a percent) | 26.00% | ||||
Sales to external customers | 319,916 | 313,222 | 971,347 | 930,080 | |
Segment Reporting Information, Intersegment Revenue | 4,717 | 4,856 | 15,395 | 14,589 | |
Total assets | 1,711,185 | 1,711,185 | 1,646,563 | ||
Defense Group | |||||
Results by operating segment | |||||
Income before interest, income taxes, and noncontrolling interest | 48,553 | 53,078 | 144,038 | 170,236 | |
Sales to external customers (as a percent) | 31.00% | ||||
Sales to external customers | 426,950 | 373,304 | 1,233,081 | 1,203,743 | |
Segment Reporting Information, Intersegment Revenue | 39,066 | 81,945 | 162,820 | 198,223 | |
Total assets | 1,390,527 | 1,390,527 | 1,209,150 | ||
Sporting Group | |||||
Results by operating segment | |||||
Income before interest, income taxes, and noncontrolling interest | 18,322 | 81,119 | 171,744 | 183,059 | |
Sales to external customers (as a percent) | 43.00% | ||||
Sales to external customers | 504,512 | 521,878 | 1,595,589 | 1,295,703 | |
Segment Reporting Information, Intersegment Revenue | 2,369 | 2,350 | 7,406 | 8,191 | |
Total assets | 2,401,722 | 2,401,722 | 2,382,617 | ||
Corporate | |||||
Results by operating segment | |||||
Income before interest, income taxes, and noncontrolling interest | -2,104 | -21,605 | -12,504 | -44,473 | |
Segment Reporting Information, Intersegment Revenue | -46,152 | -89,151 | -185,621 | -221,003 | |
Total assets | 316,285 | 316,285 | 532,816 | ||
Intersegment transactions | |||||
Results by operating segment | |||||
Income before interest, income taxes, and noncontrolling interest | $5,254 | $9,689 | $18,787 | $21,258 |
Consolidating_Financial_statem2
Consolidating Financial statements (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Mar. 31, 2014 | Oct. 31, 2013 | Mar. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | |||||||
Revenue, Net | $1,251,378 | $1,208,404 | $3,800,017 | $3,429,526 | |||
Cost of sales | 947,534 | 919,234 | 2,885,513 | 2,630,919 | |||
Gross profit | 303,844 | 289,170 | 914,504 | 798,607 | |||
Research and development | 12,194 | 11,899 | 31,024 | 34,126 | |||
Selling and Marketing Expense | 62,122 | 56,952 | 185,366 | 146,617 | |||
General and Administrative Expense | 72,537 | 74,344 | 224,891 | 198,003 | |||
goodwillandtradenameimpairment | 52,220 | 0 | 52,220 | 0 | |||
Income before interest, income taxes, and noncontrolling interest | 104,771 | 145,975 | 421,003 | 419,861 | |||
Income (Loss) from Equity Method Investments | 0 | 0 | 0 | 0 | |||
Interest and Debt Expense | -21,394 | -28,501 | -68,169 | -57,634 | |||
Interest income | 28 | 1,793 | 72 | 1,884 | |||
Income before income taxes and noncontrolling interest | 83,405 | 119,267 | 352,906 | 364,111 | |||
Income tax provision | 37,617 | 38,954 | 126,262 | 118,991 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 45,788 | 80,313 | 226,644 | 245,120 | |||
Net Income (Loss) Attributable to Noncontrolling Interest | 141 | 27 | 291 | 210 | |||
Net income attributable to Alliant Techsystems Inc. | 45,647 | 80,286 | 226,353 | 244,910 | |||
Other Comprehensive Income (Loss), Net of Tax | 3,638 | 18,964 | 27,909 | 52,733 | |||
Comprehensive income | 49,426 | 99,277 | 254,553 | 297,853 | |||
Less comprehensive income attributable to noncontrolling interest | 141 | 27 | 291 | 210 | |||
Comprehensive income attributable to Alliant Techsystems Inc. | 49,285 | 99,250 | 254,262 | 297,643 | |||
Cash and cash equivalents | 112,920 | 189,757 | 112,920 | 189,757 | 266,632 | 417,289 | |
Receivables, Net, Current | 1,711,654 | 1,711,654 | 1,473,820 | ||||
Due from Affiliate, Current | 0 | 0 | 0 | ||||
Net inventories | 552,390 | 552,390 | 558,250 | ||||
Income Taxes Receivable, Current | 33,233 | 33,233 | 0 | ||||
Deferred Tax Assets, Net, Current | 97,855 | 97,855 | 93,616 | ||||
Other current assets | 81,400 | 81,400 | 69,280 | ||||
Total current assets | 2,589,452 | 2,589,452 | 2,461,598 | ||||
Property, Plant and Equipment, Net | 692,992 | 692,992 | 697,551 | ||||
Investments in and Advances to Affiliates, at Fair Value | 0 | 0 | 0 | ||||
Goodwill | 1,883,711 | 1,883,711 | 1,916,921 | 524,204 | |||
Intangible Assets, Net (Excluding Goodwill) | 537,168 | 537,168 | 577,850 | ||||
Due from Affiliate, Noncurrent | 0 | 0 | 0 | ||||
Deferred charges and other non-current assets | 116,396 | 116,396 | 117,226 | ||||
Total assets | 5,819,719 | 5,819,719 | 5,771,146 | ||||
Current portion of long-term debt | 159,997 | 159,997 | 249,228 | ||||
Accounts Payable, Current | 341,697 | 341,697 | 315,605 | ||||
Due to Affiliate, Current | 0 | 0 | 0 | ||||
Contract advances and allowances | 142,742 | 142,742 | 105,787 | ||||
Accrued compensation | 100,317 | 100,317 | 128,821 | ||||
Other accrued liabilities | 315,129 | 315,129 | 322,832 | ||||
Total current liabilities | 1,059,882 | 1,059,882 | 1,130,150 | ||||
Long-term debt | 1,908,503 | 1,908,503 | 1,843,750 | ||||
Postretirement and postemployment benefits liabilities | 67,253 | 67,253 | 74,874 | ||||
Defined Benefit Pension Plan, Liabilities, Noncurrent | 464,869 | 464,869 | 557,775 | ||||
Deferred Tax Liabilities, Net, Noncurrent | 141,358 | 141,358 | 117,515 | ||||
Due to Affiliate, Noncurrent | 0 | 0 | 0 | ||||
Other long-term liabilities | 128,707 | 128,707 | 124,944 | ||||
Total liabilities | 3,770,572 | 3,770,572 | 3,849,008 | ||||
Stockholders' Equity Attributable to Parent | 2,038,293 | 2,038,293 | 1,911,575 | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | 10,854 | 10,854 | 10,563 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,049,147 | 1,746,284 | 2,049,147 | 1,746,284 | 1,922,138 | 1,512,561 | |
Total liabilities and equity | 5,819,719 | 5,819,719 | 5,771,146 | ||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 154,186 | 222,284 | |||||
Payments to Acquire Property, Plant, and Equipment | -91,991 | -80,580 | |||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | -1,301,597 | |||||
Payments for (Proceeds from) Other Investing Activities | 0 | 0 | |||||
Proceeds from the disposition of property, plant, and equipment | 2,154 | 5,326 | |||||
Cash used for investing activities | -89,837 | -1,376,851 | |||||
Payments of Distributions to Affiliates | 0 | 0 | |||||
Borrowings on line of credit | 635,000 | 280,000 | |||||
Repayments of Lines of Credit | -535,000 | -280,000 | |||||
Repayments of Long-term Debt | -28,250 | -25,000 | |||||
Early Repayment of Senior Debt | -404,462 | -510,000 | |||||
Proceeds from Issuance of Long-term Debt | 150,000 | 1,560,000 | |||||
Payments of Financing Costs | -1,008 | -21,641 | |||||
Payments for Repurchase of Common Stock | -9,001 | -53,270 | |||||
Payments of Ordinary Dividends, Common Stock | -30,657 | -24,951 | |||||
Proceeds from Stock Plans | 729 | ||||||
Excess tax benefits from share-based plans | 6,983 | 833 | |||||
Cash provided by (used for) financing activities | -216,395 | 926,700 | |||||
Effect of Exchange Rate on Cash and Cash Equivalents | -1,666 | 335 | |||||
(Decrease) increase in cash and cash equivalents | -153,712 | -227,532 | |||||
Accrued Income Taxes, Current | 0 | 0 | 7,877 | ||||
Parent Company [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Revenue, Net | 0 | 0 | 0 | 0 | |||
Cost of sales | 0 | 0 | 0 | 0 | |||
Gross profit | 0 | 0 | 0 | 0 | |||
Research and development | 0 | 0 | 0 | 0 | |||
Selling and Marketing Expense | 0 | 0 | 0 | 0 | |||
General and Administrative Expense | 4,078 | 3,129 | 12,005 | 9,437 | |||
goodwillandtradenameimpairment | 0 | ||||||
Income before interest, income taxes, and noncontrolling interest | -4,078 | -3,129 | -12,005 | -9,437 | |||
Income (Loss) from Equity Method Investments | 61,345 | 99,743 | 275,688 | 286,172 | |||
Interest and Debt Expense | -21,438 | -28,501 | -68,189 | -57,634 | |||
Interest income | 0 | 0 | 0 | 0 | |||
Income before income taxes and noncontrolling interest | 35,829 | 68,113 | 195,494 | 219,101 | |||
Income tax provision | -9,818 | -12,173 | -30,859 | -25,809 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 45,647 | 80,286 | 226,353 | 244,910 | |||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 | |||
Net income attributable to Alliant Techsystems Inc. | 45,647 | 80,286 | 226,353 | 244,910 | |||
Other Comprehensive Income (Loss), Net of Tax | 3,638 | 18,964 | 27,909 | 52,733 | |||
Comprehensive income | 49,285 | 99,250 | 254,262 | 297,643 | |||
Less comprehensive income attributable to noncontrolling interest | 0 | 0 | 0 | 0 | |||
Comprehensive income attributable to Alliant Techsystems Inc. | 49,285 | 99,250 | 254,262 | 297,643 | |||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 | |
Receivables, Net, Current | 0 | 0 | 0 | ||||
Due from Affiliate, Current | 0 | 0 | 0 | ||||
Net inventories | 0 | 0 | 0 | ||||
Income Taxes Receivable, Current | 0 | 0 | |||||
Deferred Tax Assets, Net, Current | 0 | 0 | 0 | ||||
Other current assets | 983 | 983 | 0 | ||||
Total current assets | 983 | 983 | 0 | ||||
Property, Plant and Equipment, Net | 0 | 0 | 0 | ||||
Investments in and Advances to Affiliates, at Fair Value | 6,205,902 | 6,205,902 | 5,921,889 | ||||
Goodwill | 0 | 0 | 0 | ||||
Intangible Assets, Net (Excluding Goodwill) | 0 | 0 | 0 | ||||
Due from Affiliate, Noncurrent | 0 | 0 | 0 | ||||
Deferred charges and other non-current assets | 21,561 | 21,561 | 24,600 | ||||
Total assets | 6,228,446 | 6,228,446 | 5,946,489 | ||||
Current portion of long-term debt | 159,997 | 159,997 | 249,228 | ||||
Accounts Payable, Current | 0 | 0 | 0 | ||||
Due to Affiliate, Current | 0 | 0 | 0 | ||||
Contract advances and allowances | 0 | 0 | 0 | ||||
Accrued compensation | 0 | 0 | 0 | ||||
Other accrued liabilities | 18,996 | 18,996 | 14,553 | ||||
Total current liabilities | 178,993 | 178,993 | 263,781 | ||||
Long-term debt | 1,908,503 | 1,908,503 | 1,843,750 | ||||
Postretirement and postemployment benefits liabilities | 0 | 0 | 0 | ||||
Defined Benefit Pension Plan, Liabilities, Noncurrent | 0 | 0 | 0 | ||||
Deferred Tax Liabilities, Net, Noncurrent | 0 | 0 | 0 | ||||
Due to Affiliate, Noncurrent | 2,100,143 | 2,100,143 | 1,925,136 | ||||
Other long-term liabilities | 2,514 | 2,514 | 2,247 | ||||
Total liabilities | 4,190,153 | 4,190,153 | 4,034,914 | ||||
Stockholders' Equity Attributable to Parent | 2,038,293 | 2,038,293 | 1,911,575 | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,038,293 | 2,038,293 | 1,911,575 | ||||
Total liabilities and equity | 6,228,446 | 6,228,446 | 5,946,489 | ||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | -8,076 | 7,060 | |||||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | |||||
Payments to Acquire Businesses, Net of Cash Acquired | -1,344,119 | ||||||
Payments for (Proceeds from) Other Investing Activities | 0 | 0 | |||||
Proceeds from the disposition of property, plant, and equipment | 0 | 0 | |||||
Cash used for investing activities | 0 | -1,344,119 | |||||
Payments of Distributions to Affiliates | 224,471 | 410,359 | |||||
Borrowings on line of credit | 635,000 | 280,000 | |||||
Repayments of Lines of Credit | -535,000 | -280,000 | |||||
Repayments of Long-term Debt | -28,250 | -25,000 | |||||
Early Repayment of Senior Debt | -404,462 | -510,000 | |||||
Proceeds from Issuance of Long-term Debt | 150,000 | 1,560,000 | |||||
Payments of Financing Costs | -1,008 | -21,641 | |||||
Payments for Repurchase of Common Stock | -9,001 | -53,270 | |||||
Payments of Ordinary Dividends, Common Stock | -30,657 | -24,951 | |||||
Proceeds from Stock Plans | 729 | ||||||
Excess tax benefits from share-based plans | 6,983 | 833 | |||||
Cash provided by (used for) financing activities | 8,076 | 1,337,059 | |||||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | |||||
(Decrease) increase in cash and cash equivalents | 0 | 0 | |||||
Accrued Income Taxes, Current | 0 | ||||||
Guarantor Subsidiaries [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Revenue, Net | 1,192,946 | 1,165,686 | 3,633,504 | 3,366,598 | |||
Cost of sales | 919,025 | 891,821 | 2,787,795 | 2,585,195 | |||
Gross profit | 273,921 | 273,865 | 845,709 | 781,403 | |||
Research and development | 12,195 | 11,853 | 30,923 | 33,922 | |||
Selling and Marketing Expense | 52,327 | 50,441 | 156,217 | 138,874 | |||
General and Administrative Expense | 63,771 | 66,738 | 198,783 | 182,140 | |||
goodwillandtradenameimpairment | 52,220 | 52,220 | |||||
Income before interest, income taxes, and noncontrolling interest | 93,408 | 144,833 | 407,566 | 426,467 | |||
Income (Loss) from Equity Method Investments | 10,272 | 2,258 | 15,220 | -1,432 | |||
Interest and Debt Expense | 1 | 0 | 0 | 0 | |||
Interest income | 912 | 1,661 | 2,667 | 1,569 | |||
Income before income taxes and noncontrolling interest | 104,593 | 148,752 | 425,453 | 426,604 | |||
Income tax provision | 43,104 | 49,612 | 149,661 | 142,303 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 61,489 | 99,140 | 275,792 | 284,301 | |||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 | |||
Net income attributable to Alliant Techsystems Inc. | 61,489 | 99,140 | 275,792 | 284,301 | |||
Other Comprehensive Income (Loss), Net of Tax | 11,315 | 18,372 | 43,324 | 54,900 | |||
Comprehensive income | 72,804 | 117,512 | 319,116 | 339,201 | |||
Less comprehensive income attributable to noncontrolling interest | 0 | 0 | 0 | 0 | |||
Comprehensive income attributable to Alliant Techsystems Inc. | 72,804 | 117,512 | 319,116 | 339,201 | |||
Cash and cash equivalents | 92,105 | 136,641 | 92,105 | 136,641 | 220,056 | 382,725 | |
Receivables, Net, Current | 1,654,270 | 1,654,270 | 1,418,583 | ||||
Due from Affiliate, Current | 0 | 0 | 4,876 | ||||
Net inventories | 489,808 | 489,808 | 499,046 | ||||
Income Taxes Receivable, Current | 38,044 | 38,044 | |||||
Deferred Tax Assets, Net, Current | 93,300 | 93,300 | 88,543 | ||||
Other current assets | 76,930 | 76,930 | 57,324 | ||||
Total current assets | 2,444,457 | 2,444,457 | 2,288,428 | ||||
Property, Plant and Equipment, Net | 680,137 | 680,137 | 684,424 | ||||
Investments in and Advances to Affiliates, at Fair Value | 184,547 | 184,547 | 203,738 | ||||
Goodwill | 1,764,231 | 1,764,231 | 1,783,737 | ||||
Intangible Assets, Net (Excluding Goodwill) | 493,968 | 493,968 | 527,565 | ||||
Due from Affiliate, Noncurrent | 2,158,532 | 2,158,532 | 1,997,307 | ||||
Deferred charges and other non-current assets | 93,426 | 93,426 | 92,475 | ||||
Total assets | 7,819,298 | 7,819,298 | 7,577,674 | ||||
Current portion of long-term debt | 0 | 0 | 0 | ||||
Accounts Payable, Current | 324,974 | 324,974 | 300,132 | ||||
Due to Affiliate, Current | 4,082 | 4,082 | 0 | ||||
Contract advances and allowances | 142,628 | 142,628 | 105,592 | ||||
Accrued compensation | 96,959 | 96,959 | 125,908 | ||||
Other accrued liabilities | 279,128 | 279,128 | 269,809 | ||||
Total current liabilities | 847,771 | 847,771 | 807,695 | ||||
Long-term debt | 0 | 0 | 0 | ||||
Postretirement and postemployment benefits liabilities | 67,253 | 67,253 | 74,874 | ||||
Defined Benefit Pension Plan, Liabilities, Noncurrent | 464,869 | 464,869 | 557,775 | ||||
Deferred Tax Liabilities, Net, Noncurrent | 128,404 | 128,404 | 103,149 | ||||
Due to Affiliate, Noncurrent | 0 | 0 | 0 | ||||
Other long-term liabilities | 125,661 | 125,661 | 122,153 | ||||
Total liabilities | 1,633,958 | 1,633,958 | 1,665,646 | ||||
Stockholders' Equity Attributable to Parent | 6,185,340 | 6,185,340 | 5,912,028 | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 6,185,340 | 6,185,340 | 5,912,028 | ||||
Total liabilities and equity | 7,819,298 | 7,819,298 | 7,577,674 | ||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 182,718 | 202,788 | |||||
Payments to Acquire Property, Plant, and Equipment | -88,356 | -79,997 | |||||
Payments to Acquire Businesses, Net of Cash Acquired | 36,978 | ||||||
Payments for (Proceeds from) Other Investing Activities | -224,471 | -410,359 | |||||
Proceeds from the disposition of property, plant, and equipment | 2,158 | 5,326 | |||||
Cash used for investing activities | -310,669 | -448,052 | |||||
Payments of Distributions to Affiliates | 0 | 0 | |||||
Borrowings on line of credit | 0 | 0 | |||||
Repayments of Lines of Credit | 0 | 0 | |||||
Repayments of Long-term Debt | 0 | 0 | |||||
Early Repayment of Senior Debt | 0 | 0 | |||||
Proceeds from Issuance of Long-term Debt | 0 | 0 | |||||
Payments of Financing Costs | 0 | 0 | |||||
Payments for Repurchase of Common Stock | 0 | 0 | |||||
Payments of Ordinary Dividends, Common Stock | 0 | 0 | |||||
Proceeds from Stock Plans | 0 | ||||||
Excess tax benefits from share-based plans | 0 | 0 | |||||
Cash provided by (used for) financing activities | 0 | 0 | |||||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | -820 | |||||
(Decrease) increase in cash and cash equivalents | -127,951 | -246,084 | |||||
Accrued Income Taxes, Current | 6,254 | ||||||
Non-Guarantor Subsidiaries [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Revenue, Net | 69,519 | 62,901 | 164,339 | 98,047 | |||
Cost of sales | 39,596 | 47,596 | 95,544 | 80,843 | |||
Gross profit | 29,923 | 15,305 | 68,795 | 17,204 | |||
Research and development | -1 | 46 | 101 | 204 | |||
Selling and Marketing Expense | 9,795 | 6,511 | 29,149 | 7,743 | |||
General and Administrative Expense | 4,688 | 4,477 | 14,103 | 6,426 | |||
goodwillandtradenameimpairment | 0 | 0 | |||||
Income before interest, income taxes, and noncontrolling interest | 15,441 | 4,271 | 25,442 | 2,831 | |||
Income (Loss) from Equity Method Investments | 0 | 0 | 0 | 0 | |||
Interest and Debt Expense | -937 | 0 | -2,865 | 0 | |||
Interest income | 96 | 132 | 290 | 315 | |||
Income before income taxes and noncontrolling interest | 14,600 | 4,403 | 22,867 | 3,146 | |||
Income tax provision | 4,331 | 1,515 | 7,460 | 2,497 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 10,269 | 2,888 | 15,407 | 649 | |||
Net Income (Loss) Attributable to Noncontrolling Interest | 141 | 27 | 291 | 210 | |||
Net income attributable to Alliant Techsystems Inc. | 10,128 | 2,861 | 15,116 | 439 | |||
Other Comprehensive Income (Loss), Net of Tax | -7,677 | -1,654 | -15,415 | -1,620 | |||
Comprehensive income | 2,592 | 1,234 | -8 | -971 | |||
Less comprehensive income attributable to noncontrolling interest | 141 | 27 | 291 | 210 | |||
Comprehensive income attributable to Alliant Techsystems Inc. | 2,451 | 1,207 | -299 | -1,181 | |||
Cash and cash equivalents | 20,815 | 53,116 | 20,815 | 53,116 | 46,576 | 34,564 | |
Receivables, Net, Current | 57,384 | 57,384 | 55,237 | ||||
Due from Affiliate, Current | 4,082 | 4,082 | 0 | ||||
Net inventories | 62,582 | 62,582 | 59,204 | ||||
Income Taxes Receivable, Current | -4,811 | -4,811 | |||||
Deferred Tax Assets, Net, Current | 4,555 | 4,555 | 5,073 | ||||
Other current assets | 3,487 | 3,487 | 11,956 | ||||
Total current assets | 148,094 | 148,094 | 178,046 | ||||
Property, Plant and Equipment, Net | 12,855 | 12,855 | 13,127 | ||||
Investments in and Advances to Affiliates, at Fair Value | 0 | 0 | 0 | ||||
Goodwill | 119,480 | 119,480 | 133,184 | ||||
Intangible Assets, Net (Excluding Goodwill) | 43,200 | 43,200 | 50,285 | ||||
Due from Affiliate, Noncurrent | 0 | 0 | 0 | ||||
Deferred charges and other non-current assets | 1,409 | 1,409 | 151 | ||||
Total assets | 325,038 | 325,038 | 374,793 | ||||
Current portion of long-term debt | 0 | 0 | 0 | ||||
Accounts Payable, Current | 16,723 | 16,723 | 15,473 | ||||
Due to Affiliate, Current | 0 | 0 | 4,876 | ||||
Contract advances and allowances | 114 | 114 | 195 | ||||
Accrued compensation | 3,358 | 3,358 | 2,913 | ||||
Other accrued liabilities | 17,005 | 17,005 | 38,470 | ||||
Total current liabilities | 37,200 | 37,200 | 63,550 | ||||
Long-term debt | 0 | 0 | 0 | ||||
Postretirement and postemployment benefits liabilities | 0 | 0 | 0 | ||||
Defined Benefit Pension Plan, Liabilities, Noncurrent | 0 | 0 | 0 | ||||
Deferred Tax Liabilities, Net, Noncurrent | 12,954 | 12,954 | 14,366 | ||||
Due to Affiliate, Noncurrent | 58,389 | 58,389 | 72,168 | ||||
Other long-term liabilities | 532 | 532 | 544 | ||||
Total liabilities | 109,075 | 109,075 | 150,628 | ||||
Stockholders' Equity Attributable to Parent | 205,109 | 205,109 | 213,602 | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | 10,854 | 10,854 | 10,563 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 215,963 | 215,963 | 224,165 | ||||
Total liabilities and equity | 325,038 | 325,038 | 374,793 | ||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | -13,456 | 17,436 | |||||
Payments to Acquire Property, Plant, and Equipment | -3,635 | -583 | |||||
Payments to Acquire Businesses, Net of Cash Acquired | 5,544 | ||||||
Payments for (Proceeds from) Other Investing Activities | 0 | 0 | |||||
Proceeds from the disposition of property, plant, and equipment | -4 | 0 | |||||
Cash used for investing activities | -3,639 | 4,961 | |||||
Payments of Distributions to Affiliates | 0 | 0 | |||||
Borrowings on line of credit | 0 | 0 | |||||
Repayments of Lines of Credit | 0 | 0 | |||||
Repayments of Long-term Debt | 0 | 0 | |||||
Early Repayment of Senior Debt | 0 | 0 | |||||
Proceeds from Issuance of Long-term Debt | 0 | 0 | |||||
Payments of Financing Costs | 0 | 0 | |||||
Payments for Repurchase of Common Stock | 0 | 0 | |||||
Payments of Ordinary Dividends, Common Stock | -7,000 | -5,000 | |||||
Proceeds from Stock Plans | 0 | ||||||
Excess tax benefits from share-based plans | 0 | 0 | |||||
Cash provided by (used for) financing activities | -7,000 | -5,000 | |||||
Effect of Exchange Rate on Cash and Cash Equivalents | -1,666 | 1,155 | |||||
(Decrease) increase in cash and cash equivalents | -25,761 | 18,552 | |||||
Accrued Income Taxes, Current | 1,623 | ||||||
Consolidation, Eliminations [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Revenue, Net | -11,087 | -20,183 | 2,174 | -35,119 | |||
Cost of sales | -11,087 | -20,183 | 2,174 | -35,119 | |||
Gross profit | 0 | 0 | 0 | 0 | |||
Research and development | 0 | 0 | 0 | ||||
Selling and Marketing Expense | 0 | 0 | 0 | ||||
General and Administrative Expense | 0 | 0 | 0 | ||||
goodwillandtradenameimpairment | 0 | 0 | |||||
Income before interest, income taxes, and noncontrolling interest | 0 | 0 | 0 | 0 | |||
Income (Loss) from Equity Method Investments | -71,617 | -102,001 | -290,908 | -284,740 | |||
Interest and Debt Expense | 980 | 0 | 0 | ||||
Interest income | -980 | 0 | 0 | ||||
Income before income taxes and noncontrolling interest | -71,617 | -102,001 | -290,908 | -284,740 | |||
Income tax provision | 0 | 0 | 0 | 0 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | -71,617 | -102,001 | -290,908 | -284,740 | |||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 | |||
Net income attributable to Alliant Techsystems Inc. | -71,617 | -102,001 | -290,908 | -284,740 | |||
Other Comprehensive Income (Loss), Net of Tax | -3,638 | -16,718 | -27,909 | -53,280 | |||
Comprehensive income | -75,255 | -118,719 | -318,817 | -338,020 | |||
Less comprehensive income attributable to noncontrolling interest | 0 | 0 | 0 | 0 | |||
Comprehensive income attributable to Alliant Techsystems Inc. | -75,255 | -118,719 | -318,817 | -338,020 | |||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 | |
Receivables, Net, Current | 0 | 0 | |||||
Due from Affiliate, Current | -4,082 | -4,082 | -4,876 | ||||
Net inventories | 0 | 0 | |||||
Income Taxes Receivable, Current | 0 | 0 | |||||
Deferred Tax Assets, Net, Current | 0 | 0 | |||||
Other current assets | 0 | 0 | |||||
Total current assets | -4,082 | -4,082 | -4,876 | ||||
Property, Plant and Equipment, Net | 0 | 0 | |||||
Investments in and Advances to Affiliates, at Fair Value | -6,390,449 | -6,390,449 | -6,125,627 | ||||
Goodwill | 0 | 0 | |||||
Intangible Assets, Net (Excluding Goodwill) | 0 | 0 | |||||
Due from Affiliate, Noncurrent | -2,158,532 | -2,158,532 | -1,997,307 | ||||
Deferred charges and other non-current assets | 0 | 0 | |||||
Total assets | -8,553,063 | -8,553,063 | -8,127,810 | ||||
Current portion of long-term debt | 0 | 0 | 0 | ||||
Accounts Payable, Current | 0 | 0 | 0 | ||||
Due to Affiliate, Current | -4,082 | -4,082 | -4,876 | ||||
Contract advances and allowances | 0 | 0 | 0 | ||||
Accrued compensation | 0 | 0 | 0 | ||||
Other accrued liabilities | 0 | 0 | 0 | ||||
Total current liabilities | -4,082 | -4,082 | -4,876 | ||||
Long-term debt | 0 | 0 | 0 | ||||
Postretirement and postemployment benefits liabilities | 0 | 0 | 0 | ||||
Defined Benefit Pension Plan, Liabilities, Noncurrent | 0 | 0 | 0 | ||||
Deferred Tax Liabilities, Net, Noncurrent | 0 | 0 | 0 | ||||
Due to Affiliate, Noncurrent | -2,158,532 | -2,158,532 | -1,997,304 | ||||
Other long-term liabilities | 0 | 0 | |||||
Total liabilities | -2,162,614 | -2,162,614 | -2,002,180 | ||||
Stockholders' Equity Attributable to Parent | -6,390,449 | -6,390,449 | -6,125,630 | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | -6,390,449 | -6,390,449 | -6,125,630 | ||||
Total liabilities and equity | -8,553,063 | -8,553,063 | -8,127,810 | ||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | -7,000 | -5,000 | |||||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | |||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | ||||||
Payments for (Proceeds from) Other Investing Activities | 224,471 | 410,359 | |||||
Proceeds from the disposition of property, plant, and equipment | 0 | 0 | |||||
Cash used for investing activities | 224,471 | 410,359 | |||||
Payments of Distributions to Affiliates | -224,471 | -410,359 | |||||
Borrowings on line of credit | 0 | 0 | |||||
Repayments of Lines of Credit | 0 | 0 | |||||
Repayments of Long-term Debt | 0 | 0 | |||||
Early Repayment of Senior Debt | 0 | 0 | |||||
Proceeds from Issuance of Long-term Debt | 0 | 0 | |||||
Payments of Financing Costs | 0 | 0 | |||||
Payments for Repurchase of Common Stock | 0 | 0 | |||||
Payments of Ordinary Dividends, Common Stock | 7,000 | 5,000 | |||||
Proceeds from Stock Plans | 0 | ||||||
Excess tax benefits from share-based plans | 0 | 0 | |||||
Cash provided by (used for) financing activities | -217,471 | -405,359 | |||||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | |||||
(Decrease) increase in cash and cash equivalents | 0 | 0 | |||||
Accrued Income Taxes, Current | $0 |