Orbital Atk (OA) 10-Q 11 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jul. 05, 2015	Aug. 05, 2015
Document and Entity Information
Entity Registrant Name	ORBITAL ATK, INC.
Entity Central Index Key	866,121
Document Type	10-Q
Document Period End Date	Jul. 5, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		59,104,479
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 05, 2015		Jun. 29, 2014
Sales	$ 1,129,957		$ 714,360
Cost of sales	875,532		551,710
Gross profit	254,425		162,650
Operating expenses:
Research and development	24,664		5,163
Selling	32,504		23,075
General and administrative	71,463		62,593
Income from continuing operations, before interest, income taxes and noncontrolling interest	125,794		71,819
Net interest expense	(15,361)		(23,391)
Income from continuing operations, before income taxes and noncontrolling interest	110,433		48,428
Income taxes	37,563		16,586
Income from continuing operations, before noncontrolling interest	72,870		31,842
Less net income attributable to noncontrolling interest	117		69
Income from continuing operations of Orbital ATK, Inc.	72,753		31,773
Discontinued operations:
Income from discontinued operations, before income taxes	0		83,736
Income taxes	0		29,911
Income from discontinued operations	0		53,825
Net income attributable to Orbital ATK, Inc.	$ 72,753		$ 85,598
Basic earnings per common share from:
Continuing operations, basic (in dollars per share)	$ 1.23		$ 1.01
Discontinued operations, basic (in dollars per share)	0		1.70
Net income attributable to Orbital ATK, Inc., basic (in dollars per share)	$ 1.23		$ 2.71
Weighted-average number of common shares outstanding	59,144		31,640
Diluted earnings per common share from:
Continuing operations, diluted (in dollars per share)	$ 1.22		$ 0.96
Discontinued operations, diluted (in dollars per share)	0		1.63
Net income attributable to Orbital ATK, Inc., diluted (in dollars per share)	$ 1.22		$ 2.59
Weighted-average number of diluted common shares outstanding	59,749		33,108
Comprehensive income:
Net income attributable to Orbital ATK, Inc. and noncontrolling interest (from above)	$ 72,870		$ 85,667
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 $2,691 and $2,958, respectively	(4,335)	[1]	(4,758)	[2]
Reclassification of net actuarial loss for pension and postretirement benefit plans recorded to net income, net of tax expense of $(14,610) and $(11,587), respectively	23,536	[1]	18,636	[2]
Change in fair value of derivatives, net of tax (expense) benefit of $361 and $(2,101), respectively	(571)		3,356
Other, net of tax (expense) benefit of $17 and $(100), respectively	(27)		160
Change in cumulative translation adjustment, net of tax expense of $(749)	0		1,196
Total other comprehensive income	18,603		18,590
Comprehensive income	91,473		104,257
Less comprehensive income attributable to noncontrolling interest	117		69
Comprehensive income attributable to Orbital ATK, Inc.	91,356		104,188
Pension and Other Postretirement Benefits
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 $2,691 and $2,958, respectively	(4,335)	[1]	(4,758)	[2]
Reclassification of net actuarial loss for pension and postretirement benefit plans recorded to net income, net of tax expense of $(14,610) and $(11,587), respectively	$ 23,536	[1]	$ 18,636	[2]
[1]	Amounts related to pension and other postretirement benefits that were reclassified from AOCI and recorded as a component of net periodic benefit cost for each period presented.
[2]	Amounts related to pension and other postretirement benefits that were reclassified from AOCI and recorded as a component of net periodic benefit cost for each period presented.

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jul. 05, 2015	Jun. 29, 2014
Pension and other postretirement benefit liabilities:
Reclassification of prior service credits for pension and postretirement benefit plans recorded to net income, tax benefit	$ 2,691	$ 2,958
Reclassification of net actuarial loss for pension and postretirement benefit plans recorded to net income, tax expense	(14,610)	(11,587)
Change in fair value of derivatives, tax benefit (expense)	361	(2,101)
Other, tax benefit (expense)	17	(100)
Change in cumulative translation adjustment, tax expense	$ 0	$ (749)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 05, 2015	Mar. 31, 2015
Current assets:
Cash and cash equivalents	$ 49,595	$ 139,253
Net receivables	1,891,338	1,793,556
Net inventories	182,276	196,114
Income taxes receivable	0	31,415
Deferred income taxes	107,466	107,484
Prepaid expenses and other current assets	130,922	121,084
Total current assets	2,361,597	2,388,906
Net property, plant and equipment	802,134	807,057
Goodwill	1,875,269	1,875,269
Net intangibles	152,184	165,207
Deferred income taxes	129,220	140,321
Deferred charges and other noncurrent assets	122,509	127,642
Total assets	5,442,913	5,504,402
Current liabilities:
Current portion of long-term debt	59,997	59,997
Accounts payable	168,827	158,137
Contract-related accruals	314,642	357,296
Contract advances and allowances	178,182	173,198
Accrued compensation	99,458	135,528
Other current liabilities	167,847	212,628
Total current liabilities	988,953	1,096,784
Long-term debt	1,513,505	1,528,504
Postretirement and postemployment benefits	72,353	74,658
Pension	845,562	851,001
Other noncurrent liabilities	149,797	165,795
Total liabilities	$ 3,570,170	$ 3,716,742
Commitments and contingencies (Notes 13 and 16)
Common stock—$.01 par value: authorized—180,000,000 shares; issued and outstanding—59,274,189 shares at July 5, 2015 and 59,427,942 shares at March 31, 2015	$ 593	$ 594
Additional paid-in-capital	2,187,768	2,182,814
Retained earnings	1,233,006	1,160,272
Accumulated other comprehensive loss	(829,045)	(847,648)
Common stock in treasury, at cost—9,660,835 shares held at July 5, 2015 and 9,507,082 shares held at March 31, 2015	(730,358)	(719,034)
Total Orbital ATK, Inc. stockholders' equity	1,861,964	1,776,998
Noncontrolling interest	10,779	10,662
Total equity	1,872,743	1,787,660
Total liabilities and equity	$ 5,442,913	$ 5,504,402

CONDENSED CONSOLIDATED BALANCE5

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jul. 05, 2015	Mar. 31, 2015
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	59,274,189	59,427,942
Common stock, outstanding shares	59,274,189	59,427,942
Common stock in treasury, shares	9,660,835	9,507,082

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jul. 05, 2015	Jun. 29, 2014
Operating Activities
Net income attributable to Orbital ATK, Inc.	$ 72,870	$ 85,667
Net income from discontinued operations	0	53,825
Income from continuing operations	72,870	31,842
Adjustments to reconcile income from continuing operations to cash provided by (used for) operating activities of continuing operations:
Depreciation	31,955	17,644
Amortization of intangible assets	13,023	775
Amortization of debt discount	0	1,927
Amortization of deferred financing costs	1,021	1,174
Deferred income taxes	(422)	1,745
(Gain) loss on disposal of property	93	771
Share-based plans expense	9,003	3,861
Excess tax benefits from share-based plans	(2,508)	(6,739)
Changes in assets and liabilities:
Net receivables	(97,782)	(110,743)
Net inventories	13,838	(15,127)
Accounts payable	9,739	52,300
Contract advances and allowances	4,984	14,245
Accrued compensation	(26,942)	(32,340)
Contract-related accruals	(42,654)	40,682
Pension and other postretirement benefits	23,376	13,813
Other assets and liabilities	(20,615)	(38,202)
Cash provided by (used for) operating activities of continuing operations	(11,021)	(22,372)
Cash provided by (used for) operating activities of discontinued operations	0	(69,108)
Cash provided by (used for) operating activities	(11,021)	(91,480)
Investing Activities
Capital expenditures	(26,180)	(18,473)
Proceeds from the disposition of property, plant and equipment	6	2,153
Cash provided by (used for) investing activities of continuing operations	(26,174)	(16,320)
Cash provided by (used for) investing activities of discontinued operations	0	(11,013)
Cash provided by (used for) investing activities	(26,174)	(27,333)
Financing Activities
Borrowings on line of credit	325,000	65,000
Payments on line of credit	(325,000)	(65,000)
Payments made on bank debt	(14,999)	(3,489)
Purchase of treasury shares	(24,502)	(8,360)
Dividends paid	(15,470)	(10,219)
Excess tax benefits from share-based plans	2,508	6,739
Cash provided by (used for) financing activities	(52,463)	(15,329)
Effect of foreign exchange rate fluctuations on cash	0	249
Decrease in cash and cash equivalents	(89,658)	(133,893)
Cash and cash equivalents at beginning of period	139,253	266,632
Cash and cash equivalents at end of period	49,595	132,739
Supplemental Cash Flow Disclosures
Cash paid for interest, net	17,893	12,291
Cash paid for income taxes, net	3,302	2,860
Noncash investing and operating activity:
Capital expenditures included in accounts payable	$ 5,014	$ 4,851

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common Stock $.01 Par Value	Additional Paid-in- capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Noncontrolling Interest
Balance at Mar. 31, 2014	$ 1,922,138	$ 318	$ 534,015	$ 2,789,264	$ (680,809)	$ (731,213)	$ 10,563
Balance (in shares) at Mar. 31, 2014		31,842,642
Increase (Decrease) in Stockholders' Equity
Comprehensive income	104,257			85,598	18,590		69
Restricted stock grants			(2,862)			2,862
Restricted stock grants (in shares)		32,163
Share-based compensation	3,861		3,861
Shares issued net of treasury stock withheld	(5,807)	$ 1	(7,388)			1,580
Shares issued net of treasury stock withheld (in shares)		59,193
Tax benefit related to share-based plans and other	12,011		12,011
Dividends	(10,219)			(10,219)
Employee benefit plans and other	(2,553)	$ 0	443			(2,996)
Employee benefit plans and other (in shares)		(19,949)
Convertible debt premium		20,678
Balance at Jun. 29, 2014	2,023,688	$ 319	540,080	2,864,643	(662,219)	(729,767)	10,632
Balance (in shares) at Jun. 29, 2014		31,934,727
Balance at Mar. 31, 2015	1,787,660	$ 594	2,182,814	1,160,272	(847,648)	(719,034)	10,662
Balance (in shares) at Mar. 31, 2015		59,427,942
Increase (Decrease) in Stockholders' Equity
Comprehensive income	91,473			72,753	18,603		117
Exercise of stock options	6,873	$ 1	(1,461)			8,333
Exercise of stock options (in shares)		110,197
Restricted stock grants		$ 1	(5,249)			5,248
Restricted stock grants (in shares)		65,428
Share-based compensation	9,003		9,003
Treasury stock purchased	(24,502)	$ (3)				(24,499)
Treasury stock purchased (in shares)		(328,841)
Shares issued net of treasury stock withheld	(71)		(217)			146
Shares issued net of treasury stock withheld (in shares)		2,751
Tax benefit related to share-based plans and other	2,572		2,572
Dividends	(19)			(19)
Employee benefit plans and other	(246)	$ 0	306			(552)
Employee benefit plans and other (in shares)		(3,288)
Balance at Jul. 05, 2015	$ 1,872,743	$ 593	$ 2,187,768	$ 1,233,006	$ (829,045)	$ (730,358)	$ 10,779
Balance (in shares) at Jul. 05, 2015		59,274,189

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	Jul. 05, 2015	Mar. 31, 2015
Statement of Stockholders' Equity [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01

Basis of Presentation and Respo

Basis of Presentation and Responsiblity for Interim Financial Statements	3 Months Ended
	Jul. 05, 2015
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 Orbital ATK, Inc. ("the Company" or "Orbital 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. The Company’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, 2015 ("fiscal 2015 "). 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 the Company’s financial position as of July 5, 2015 , and its results of operations and cash flows for the quarters ended July 5, 2015 and June 29, 2014 . On February 9, 2015, the Company completed a tax-free spin-off of and distribution of Sporting Group to its stockholders (the "Distribution") as a new public company called Vista Outdoor Inc. ("Vista Outdoor"). Immediately following the Distribution, the Company combined with Orbital Sciences Corporation ("Orbital") through the merger of a Company subsidiary with Orbital (the "Merger"). These transactions are discussed in greater detail in Note 4. Following the Distribution and Merger, the Company changed its name from Alliant Techsystems Inc. to Orbital ATK, Inc. As a result of the Distribution, Sporting Group is no longer reported within the Company’s results from continuing operations but is reported as a discontinued operation for all prior periods presented. The Company used the acquisition method to account for the Merger; accordingly, the results of Orbital have been included in the Company's consolidated financial statements since the date of the Merger. Following the Distribution and Merger, the Company reorganized its business groups and realigned its reporting segments. The Company’s remaining businesses, combined with the businesses of Orbital, are now reported in three segments: Flight Systems Group, Defense Systems Group and Space Systems Group, as discussed in Note 20. The business comprising Sporting Group is presented as a discontinued operation - See Note 4. 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 2015 Annual Report on Form 10-K. Fiscal Year. The Company's interim quarterly periods are based on 13-week periods and end on Sundays. On March 10, 2015, the Company's Board of Directors approved a change in the Company's fiscal year end from March 31 to a fiscal year ending on December 31 of each year. The Company filed an annual report on Form 10-K for the fiscal year ended March 31, 2015. The period covered in this report on Form 10-Q will be included in the Company's transition period of April 1, 2015 to December 31, 2015 which will be reported on a Form 10-K.

New Accounting Pronoucements

New Accounting Pronoucements	3 Months Ended
	Jul. 05, 2015
Accounting Policies [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 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. On July 9, 2015 the FASB voted to approve a one year delay of the effective date of the new standard. Accordingly, the new standard will be effective for periods beginning after December 15, 2017, although companies may voluntarily adopt the new standard as of the original effective date. This guidance can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is in the process of evaluating the impact this standard will have on the Company. In February 2015, the FASB issued ASU No. 2015-02, "Amendments to the Consolidation Analysis." This update is intended to improve targeted areas of consolidation guidance by simplifying the consolidation evaluation process and by placing more emphasis on risk of loss when determining a controlling financial interest. The provisions of this ASU are effective for interim and annual periods beginning after December 15, 2015. The Company is in the process of evaluating the impact this standard will have on the Company. In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs." This ASU more closely aligns the treatment of debt issuance costs with debt discounts and premiums and requires debt issuance costs to be presented as a direct deduction from the carrying amount of the related debt. The amendments in this ASU are effective for financial statements issued for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. This ASU is not expected to have a significant impact on the Company's financial statements or disclosures. In May 2015, the FASB issued ASU No. 2015-07, "Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)." This ASU removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. Such investments should be disclosed separate from the fair value hierarchy. This ASU will be effective retrospectively for the Company for interim and annual periods beginning after December 15, 2015. The adoption of this guidance is not expected to have an impact on the Company's consolidated financial statements but will impact certain disclosures. Other new pronouncements issued but not effective for the Company until after July 5, 2015 are not expected to have a material impact on the Company's continuing financial position, results of operations or liquidity.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Jul. 05, 2015
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 the Company to measure its financial instruments at fair value. Investments in marketable securities —The Company'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 of its liabilities and dividing the resulting number 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 sheet. Derivative financial instruments and hedging activities —In order to manage its exposure to commodity pricing, foreign currency risk and interest rate risk on debt, the Company periodically utilizes commodity, foreign currency and interest rate derivatives, which are considered Level 2 instruments. As discussed further in Note 7 , the Company has outstanding commodity forward contracts that were entered into to hedge forecasted purchases of copper and zinc, as well as outstanding foreign currency forward contracts that were entered into to hedge forecasted transactions denominated in a foreign currency. Commodity derivatives are valued based on prices of futures exchanges and recently reported transactions in the marketplace. During the fiscal year ended March 31, 2014 ("fiscal 2014"), the Company 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. 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. The Company has considered these to be Level 2 instruments. The following table sets forth by level within the fair value hierarchy the Company's financial assets and liabilities that are measured at fair value on a recurring basis: As of July 5, 2015 Fair Value Measurements Using Inputs Considered as Level 1 Level 2 Level 3 Assets: Marketable securities $ — $ 10,995 $ — Derivatives — 3,130 — Liabilities: Derivatives $ — $ 7,377 $ — As of March 31, 2015 Fair Value Measurements Using Inputs Considered as Level 1 Level 2 Level 3 Assets: Marketable securities $ — $ 10,327 $ — Derivatives — 7,823 — Liabilities: Derivatives $ — $ 11,137 $ — The following table presents the Company's assets and liabilities that are not measured at fair value on a recurring basis. The carrying values and estimated fair values were as follows: As of July 5, 2015 As of March 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Fixed-rate debt $ 300,000 $ 307,500 $ 300,000 $ 306,000 Variable-rate debt 1,273,502 1,273,994 1,288,501 1,283,539

Mergers, Acquisitions and Dives

Mergers, Acquisitions and Divestiture	3 Months Ended
	Jul. 05, 2015
Business Combinations [Abstract]
Mergers, Acquisitions and Divestiture	Mergers, Acquisitions and Divestiture During the quarter ended July 5, 2015, the Company did not make any acquisitions or divestitures. Fiscal 2015 On February 9, 2015, the Company completed the spin-off and Distribution of Sporting Group to its stockholders and merged with Orbital pursuant to a transaction agreement, dated April 28, 2014 (the "Transaction Agreement"). The Company completed the Merger with Orbital in order to create a global aerospace and defense company with greater technical and industrial capabilities and increased financial resources. Both the Distribution and Merger were structured to be tax-free to U.S. stockholders for U.S. federal income tax purposes. Under the Transaction Agreement, a subsidiary of the Company merged with and into Orbital, with Orbital continuing as a wholly-owned subsidiary of the Company. Pursuant to the Distribution, Company stockholders received 2 shares of Vista Outdoor for each share of Company common stock held. The Company distributed a total of approximately 63.9 million shares of Vista Outdoor common stock to its stockholders of record as of the close of business on February 2, 2015 the record date for the Distribution. As a result of the Distribution, Sporting Group is no longer reported within the Company’s results from continuing operations but is reported as a discontinued operation for all prior periods presented in accordance with ASC Topic 205, "Presentation of Financial Statements." In connection with the Merger, each outstanding share of Orbital common stock was converted into the right to receive 0.449 shares of Company common stock. The Company issued approximately 27.4 million shares of common stock to Orbital stockholders. Immediately following the Merger, Orbital stockholders owned 46.2% of the common stock of the Company and existing stockholders owned 53.8% . Based on the closing price of the Company common stock following the Distribution on February 9, 2015 as reported on the New York Stock Exchange, the aggregate value of the consideration paid or payable to former holders of Orbital common stock was approximately $1.8 billion . The Company used the acquisition method to account for the Merger; accordingly, the results of Orbital have been included in the Company's consolidated financial statements since the date of the Merger. Preliminary Valuation of Net Assets Acquired Certain estimated values, including: goodwill, intangibles, property, plant and equipment, and deferred taxes, are not final and the preliminary purchase price allocations are subject to change as the Company completes the analysis of the fair value at the date of the Merger. The final determination of the fair value of assets and liabilities will be completed within the 12-month measurement period from the date of the Merger as required. Due to the significance of the Merger, the Company believes that it may use all of this measurement period to adequately analyze and assess the fair values of acquired assets and liabilities. This assessment includes the evaluation of the significant contractual and operational factors and assumptions associated with the fair values of contract-related intangibles and property, plant and equipment and the related tax impacts. No adjustments were made during the quarter ended July 5, 2015 to the preliminary purchase price allocations recorded in the Company's financial statements as of March 31, 2015. The consideration paid for Orbital's assets and liabilities was determined using the fair market value of the Company stock issued at the date of the Merger along with restricted stock awards granted to certain employees of Orbital. The following table summarizes the preliminary fair value of the assets acquired and liabilities assumed at the February 9, 2015 closing date of the Merger and the preliminary goodwill generated from the transaction: Purchase Price: Value of common shares issued to Orbital shareholders (1) $ 1,749,323 Value of replacement equity-based awards to holders of Orbital equity-based awards (2) 8,654 Total purchase price $ 1,757,977 Preliminary value of assets acquired and liabilities assumed: Cash $ 253,734 Net receivables 562,639 Net inventories 75,294 Intangibles 164,000 Property, plant and equipment 281,654 Other assets 36,878 Goodwill 866,106 Accounts payable (52,028 ) Deferred tax liabilities, net (51,537 ) Other liabilities (378,763 ) Total purchase price $ 1,757,977 (1) Equals 27.4 million Orbital ATK shares issued to Orbital shareholders multiplied by $63.94 , the closing share price of the Company’s common stock on the closing date of the Merger. (2) The fair value of replacement equity-based awards attributable to pre-Merger service was recorded as part of the consideration transferred in the Merger. Goodwill recognized from the Merger primarily relates to the expanded market opportunities, expected synergies and benefits of increased scale and scope of combined human, physical and financial resources attributable to merging the operations of the two companies. As stated above, the Merger was a tax-free transaction and as such, goodwill is not amortized for tax purposes. In determining the fair values of identifiable assets acquired and liabilities assumed, a review was conducted for any significant contingent assets or liabilities existing as of the Merger date. The preliminary assessment did not identify any significant contingencies related to any legal or government action. Discontinued Operations Sales from discontinued operations totaled $561,030 for the quarter ended June 29, 2014. Ongoing Business with Vista Outdoor In conjunction with the Distribution , the Company entered into two supply agreements and one transition services agreement ("TSA") with Vista Outdoor. The chairman and chief executive officer of Vista Outdoor is a member of the Company's board of directors. The supply agreements call for Vista Outdoor to purchase certain minimum quantities of ammunition and gun powder from the Company through March 2018. The supply agreements expire in 2017 and 2018 and may be extended in one -to- three year increments. Under the terms of the TSA, the Company provides various administrative services to Vista Outdoor for up to 12 months and tax assistance services for a term of 18 months that may be extended to 30 months. Costs incurred for services under the TSA are charged to Vista Outdoor. Sales to Vista Outdoor under the two supply agreements were $56,689 for the quarter ended July 5, 2015. Sales to Sporting Group, previously reported as intercompany sales and eliminated in consolidation were $52,418 for the quarter ended June 29, 2014.

Goodwill, Net Intangibles and D

Goodwill, Net Intangibles and Deferred Charges and Other Noncurrent Assets	3 Months Ended
	Jul. 05, 2015
Goodwill and Deferred Charges and Other Non-Current Assets
Goodwill, Net Intangibles and Deferred Charges and Other Noncurrent Assets	Goodwill, Net Intangibles and Deferred Charges and Other Noncurrent Assets The changes in the carrying amount of goodwill by segment were as follows: Flight Systems Group Defense Systems Group Space Systems Group Total Balance, March 31, 2015 $ 799,362 $ 366,947 $ 708,960 $ 1,875,269 No change — — — — Balance, July 5, 2015 $ 799,362 $ 366,947 $ 708,960 $ 1,875,269 Net intangible assets consisted of the following: July 5, 2015 March 31, 2015 Gross Accumulated Net Intangibles Gross Accumulated Net Intangibles Amortizing intangibles: Contract backlog $ 164,000 $ (18,416 ) $ 145,584 $ 164,000 $ (6,167 ) $ 157,833 Patented technology 10,700 (5,618 ) 5,082 10,700 (5,350 ) 5,350 Customer relationships and other 24,294 (22,776 ) 1,518 24,294 (22,270 ) 2,024 Net intangibles $ 198,994 $ (46,810 ) $ 152,184 $ 198,994 $ (33,787 ) $ 165,207 The assets in the table above are being amortized using a straight-line method over a weighted-average remaining period of 2.9 years. Amortization expense for the quarter ended July 5, 2015 and June 29, 2014 was $13,023 and $775 , respectively. The Company expects amortization expense related to these assets to be as follows: Contract Backlog Patents and Customer Relationships Total Remainder of 2015 $ 24,526 $ 1,547 $ 26,073 2016 49,053 1,576 50,629 2017 49,053 1,070 50,123 2018 10,637 1,070 11,707 2019 5,053 1,069 6,122 Thereafter 7,262 268 7,530 Total $ 145,584 $ 6,600 $ 152,184 Deferred charges and other noncurrent assets consisted of the following: July 5, 2015 March 31, 2015 Gross debt issuance costs $ 22,280 $ 22,280 Less accumulated amortization (6,732 ) (5,712 ) Net debt issuance costs 15,548 16,568 Parts inventory 10,483 9,973 Environmental remediation receivable 19,778 23,771 Other noncurrent assets 76,700 77,330 Total deferred charges and other noncurrent assets $ 122,509 $ 127,642

Earnings Per Share Data

Earnings Per Share Data	3 Months Ended
	Jul. 05, 2015
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 outstanding for each period. Common equivalent shares represent the effect of stock-based awards and contingently issuable shares related to the Company's Convertible Senior Subordinated Notes (see Note 12 ) during each period presented, which, if exercised, earned or converted, would have a dilutive effect on EPS. In computing EPS for the quarters ended July 5, 2015 and June 29, 2014 earnings reported for each respective period were divided by weighted-average shares outstanding, determined as follows (in thousands): Quarters Ended July 5, 2015 June 29, 2014 Basic 59,144 31,640 Dilutive effect of stock-based awards 605 315 Dilutive effect of contingently issuable shares — 1,153 Diluted 59,749 33,108 Anti-dilutive stock options excluded from the calculation of diluted earnings per share 75 44

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Jul. 05, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company is exposed to market risks arising from adverse changes in commodity prices affecting the cost of raw materials and energy, interest rates and foreign exchange risks. In the normal course of business, these risks are managed through a variety of strategies, including the use of derivative instruments. Commodity forward contracts are periodically used to hedge forecasted purchases of certain commodities, foreign currency exchange contracts are used to hedge forecasted transactions denominated in a foreign currency, and the Company periodically uses interest rate swaps to hedge forecasted interest payments and the risk associated with variable interest rates on long-term debt. The Company's copper and zinc forward 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. The Company entered into interest rate swaps in fiscal 2014 whereby the Company pays a fixed rate on a total notional amount of $400,000 and receives 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 determined the hedges to be highly effective. The counterparties to the interest rate swap agreements expose the Company to credit risk in the event of nonperformance. However, at July 5, 2015, five 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. The Company does not anticipate nonperformance by the Company's counterparties. The Company does not hold or issue derivative financial instruments for trading purposes. The Company entered into foreign currency forward contracts during fiscal 2015 to hedge forecasted cash receipts from a customer and forecasted inventory purchases and subsequent payments. These transactions were designated and qualified as effective cash flow hedges. Ineffectiveness with respect to forecasted inventory purchases or customer cash receipts was calculated based on changes in the forward rate until the anticipated purchase or cash receipt occurs; ineffectiveness of the hedge of the accounts payable was evaluated based on the change in fair value of its anticipated settlement. The fair value of the commodity and foreign currency forward contracts is recorded within other assets or liabilities, as appropriate, and the effective portion is reflected in accumulated other comprehensive income (loss) in the financial statements. The gains or losses on the commodity forward contracts are recorded in inventory as the commodities are purchased. The gains or losses on the foreign currency forward contracts are recorded in earnings when the related inventory is sold. As of July 5, 2015 , the Company had the following outstanding commodity forward contracts which hedge forecasted purchases: Number of Pounds Copper 14,000 Zinc 3,200 As of July 5, 2015 , the Company had three outstanding interest rate swaps with notional amounts of $100,000 each with maturity dates in August 2016, 2017 and 2018, as well as two interest rate swaps with notional amounts of $50,000 each with maturity dates in November 2016 and 2017. See Note 12 for additional information. As of July 5, 2015 , the Company had the following outstanding foreign currency forward contracts in place: Quantity Hedged Euros Sold 93,280 Euros Purchased 23,258 The table below presents the fair value and location of the Company's derivative instruments designated as hedging instruments in the consolidated balance sheets as of the periods presented. Asset Derivatives Fair Value Liability Derivatives Fair Value Location July 5, 2015 March 31, 2015 July 5, 2015 March 31, 2015 Commodity forward contracts Other current assets / $ 14 $ 1,054 $ 443 $ 899 Commodity forward contracts Deferred charges and — 271 — 2 Foreign currency forward contracts Other current assets / 1,503 2,664 3,079 5,101 Foreign currency forward contracts Deferred charges and 1,613 3,834 222 897 Interest rate contracts Deferred charges and — — 3,633 4,238 Total $ 3,130 $ 7,823 $ 7,377 $ 11,137 Due to the nature of the Company's business, the benefits associated with the commodity contracts may be passed on to the customer and not realized by the Company. For the periods presented below, the derivative gains and losses in the condensed consolidated statements of comprehensive income related to derivative instruments were as follows: Gain (Loss) Reclassified from AOCI Gain (Loss) Recognized in Income Location Amount Location Amount Quarter Ended July 5, 2015 Commodity forward contracts Cost of Sales $ (190 ) Cost of Sales $ — Interest rate contracts Interest expense (1,020 ) Interest expense — Foreign currency forward contracts Cost of Sales (557 ) Cost of Sales — Quarter ended June 29, 2014 Commodity forward contracts Cost of Sales $ (2,525 ) Cost of Sales $ — Interest rate contracts Interest expense (1,041 ) Interest expense — Foreign currency forward contracts Cost of Sales — Cost of Sales — All derivatives used by the Company during the periods presented were designated as hedging instruments for accounting purposes. The Company expects 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 Comprehensive

Accumulated Other Comprehensive Income (Loss) ("AOCI")	3 Months Ended
	Jul. 05, 2015
Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income (Loss) (AOCI)	Accumulated Other Comprehensive Income (Loss) ("AOCI") The components of AOCI, net of income taxes, were as follows: July 5, 2015 March 31, 2015 Derivatives $ (2,644 ) $ (2,073 ) Pension and other postretirement benefits (827,444 ) (846,645 ) Available-for-sale securities 1,043 1,070 Total accumulated other comprehensive loss $ (829,045 ) $ (847,648 ) The following table summarizes the changes in the balance of AOCI, net of income taxes: Quarter Ended July 5, 2015 Derivatives Pension and Other Postretirement Benefits Available-for-sale Securities Total Balance, March 31, 2015 $ (2,073 ) $ (846,645 ) $ 1,070 $ (847,648 ) Net increase in fair value of derivatives (1,660 ) — — (1,660 ) Net losses reclassified from AOCI, offsetting the price paid to suppliers (1) 1,089 — — 1,089 Net actuarial losses reclassified from AOCI (2) — 23,536 — 23,536 Prior service costs reclassified from AOCI (2) — (4,335 ) — (4,335 ) Other — — (27 ) (27 ) Balance, July 5, 2015 $ (2,644 ) $ (827,444 ) $ 1,043 $ (829,045 ) (1) Amounts related to derivative instruments that were reclassified from AOCI and recorded as a component of cost of sales or interest expense for each period presented. (2) Amounts related to pension and other postretirement benefits that were reclassified from AOCI and recorded as a component of net periodic benefit cost for each period presented. Quarter ended June 29, 2014 Derivatives Pension and Other Postretirement Benefits Available-for-sale Securities Cumulative Translation Adjustment Total Balance, March 31, 2014 $ (5,022 ) $ (675,114 ) $ 832 $ (1,505 ) $ (680,809 ) Net increase in fair value of derivatives 1,146 — — — 1,146 Net losses reclassified from AOCI, offsetting the price paid to suppliers (1) 2,210 — — — 2,210 Net losses reclassified from AOCI, due to ineffectiveness (1) — — — — — Net actuarial losses reclassified from AOCI (2) — 18,636 — — 18,636 Prior service costs reclassified from AOCI (2) — (4,758 ) — — (4,758 ) Valuation adjustment for pension and postretirement benefit plans (2) — — — — — Net change in cumulative translation adjustment — — — 1,196 1,196 Other — — 160 — 160 Balance, June 29, 2014 $ (1,666 ) $ (661,236 ) $ 992 $ (309 ) $ (662,219 ) (1) Amounts related to derivative instruments that were reclassified from AOCI and recorded as a component of cost of sales or interest expense for each period presented. (2) Amounts related to pension and other postretirement benefits that were reclassified from AOCI and recorded as a component of net periodic benefit cost for each period presented.

Net Receivables

Net Receivables	3 Months Ended
	Jul. 05, 2015
Receivables [Abstract]
Net Receivables	Net Receivables Net receivables, including amounts due under long-term contracts, consisted of the following: July 5, 2015 March 31, 2015 Billed receivables $ 272,138 $ 278,031 Unbilled receivables 1,620,613 1,520,217 Less allowance for doubtful accounts (1,413 ) (4,692 ) Net receivables $ 1,891,338 $ 1,793,556 Receivable balances are shown net of customer progress payments received of $597,725 as of July 5, 2015 and $585,932 as of March 31, 2015 . 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 July 5, 2015 and March 31, 2015 , the net receivable balance includes contract-related unbilled receivables which the Company does not expect to collect within the next fiscal year of $297,300 and $298,900 , respectively.

Net Inventories

Net Inventories	3 Months Ended
	Jul. 05, 2015
Inventory Disclosure [Abstract]
Net Inventories	Net Inventories Net inventories consisted of the following: July 5, 2015 March 31, 2015 Raw materials $ 62,667 $ 69,112 Contracts in process 118,713 126,038 Finished goods 896 964 Net inventories $ 182,276 $ 196,114

Other Current and Noncurrent Li

Other Current and Noncurrent Liabilities	3 Months Ended
	Jul. 05, 2015
Other Liabilities Disclosure [Abstract]
Other Current and Noncurrent Liabilities	Other Current and Noncurrent Liabilities Other current and noncurrent liabilities consisted of the following: July 5, 2015 March 31, 2015 Other current liabilities: Employee benefits and insurance, including pension and other postretirement benefits $ 64,455 $ 53,588 Deferred lease obligation 31,265 30,857 Warranty 5,745 9,555 Interest 4,387 7,801 Other 61,995 110,827 Total other current liabilities $ 167,847 $ 212,628 Other noncurrent liabilities: Environmental remediation $ 39,659 $ 43,326 Income taxes 34,870 34,415 Deferred lease obligation 20,424 21,036 Management nonqualified deferred compensation plan 17,455 14,853 Other 37,389 52,165 Total other noncurrent liabilities $ 149,797 $ 165,795 The Company provides product warranties, which entail repair or replacement of non-conforming items, in conjunction with sales of certain products. Estimated costs related to warranties are recorded in the period in which the related product sales occur. The warranty liability recorded at each balance sheet date reflects the estimated liability for warranty coverage for products delivered based on historical information and current trends. The following is a reconciliation of the changes in the Company's product warranty liability during the the period: Balance, March 31, 2015 $ 9,555 Payments made (350 ) Warranties issued 57 Changes related to preexisting warranties (3,517 ) Balance, July 5, 2015 $ 5,745

Long-term Debt

Long-term Debt	3 Months Ended
	Jul. 05, 2015
Debt Disclosure [Abstract]
Long-Term Debt	Long-term Debt Long-term debt, including the current portion, consisted of the following: July 5, 2015 March 31, 2015 Senior Credit Facility: Term A Loan due 2018 $ 934,250 $ 946,875 Term A Loan due 2019 142,500 144,375 Term B Loan due 2020 196,752 197,251 Revolving Credit Facility due 2018 — — 5.25% Senior Notes due 2021 300,000 300,000 Carrying amount of long-term debt 1,573,502 1,588,501 Less: Current portion of long-term debt 59,997 59,997 Long-term debt $ 1,513,505 $ 1,528,504 Senior Credit Facility The Company's Senior Credit Facility (the "Senior Credit Facility") is comprised of a Term A Loan of $1,010,000 and a $700,000 Revolving Credit Facility, both of which mature in 2018, and a Term B Loan of $250,000 , which matures in 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 Senior Credit Facility, the Company exercised its option to increase the Term A Loan by $150,000 (the "Accordion") during fiscal 2015. Terms of the Accordion are the same as the Term A Loan with the exception that it will mature on January 31, 2019. The Accordion is subject to quarterly principal payments of $1,875 , with the balance due on January 31, 2019. The Term B Loan is subject to quarterly principal payments of $499 , with the remaining balance due on November 1, 2020. Substantially all domestic tangible and intangible assets of the Company and its subsidiaries are pledged as collateral under the Senior Credit Facility. Borrowings under the 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 the Company's senior secured credit ratings. Based on the Company's current credit rating, the current base rate margin is 1.00% and the current Eurodollar margin is 2.00% . The weighted average interest rate for the Term A Loan, after taking into account the interest rate swaps discussed below, was 2.56% at July 5, 2015. The Company pays an annual commitment fee on the unused portion of the Revolving Credit Facility based on its senior secured credit ratings. Based on the Company's current rating, this current fee is 0.30% . As of July 5, 2015, the Company had no borrowings against its $700,000 Revolving Credit Facility and had outstanding letters of credit of $174,255 , which reduced amounts available on the Revolving Credit Facility to $525,745 . Debt issuance costs totaling approximately $19,655 are being amortized over the term of each related Term Loan and the Revolving Credit Facility. 5.25% Notes In fiscal 2014, the Company 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. The Company 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, the Company 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, the Company 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 $2,625 related to these notes are being amortized to interest expense over 8 years , the term of the notes. Interest Rate Swaps During fiscal 2014, the Company 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 July 5, 2015 , the Company 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 $ (505 ) 0.87 % 0.19 % August 2016 Non-amortizing swap 100,000 (1,049 ) 1.29 % 0.19 % August 2017 Non-amortizing swap 100,000 (1,756 ) 1.69 % 0.19 % August 2018 Non-amortizing swap 50,000 (71 ) 0.65 % 0.19 % November 2016 Non-amortizing swap 50,000 (252 ) 1.10 % 0.19 % November 2017 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 are the Company’s general unsecured and unsubordinated obligations and rank equally in right of payment with all of the Company’s existing and future unsecured and unsubordinated indebtedness, rank senior in right of payment to all of the Company’s existing and future subordinated indebtedness and are subordinated in right of payment to all existing and future senior secured indebtedness, including the Senior Credit Facility. The 5.25% Notes are guaranteed on an unsecured basis, jointly and severally and fully and unconditionally, by substantially all of the Company's domestic subsidiaries. The Senior Credit Facility obligations are guaranteed on a secured basis, jointly and severally and fully and unconditionally, by substantially all of the Company's domestic subsidiaries. The parent company has no independent assets or operations. All of these guarantor subsidiaries are 100% owned by the Company. The guarantee by any Subsidiary Guarantor of the Company's obligations in respect of the 5.25% 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; and • if such Subsidiary Guarantor has been released from its guarantees of indebtedness under the credit agreement governing the Senior Credit Facility (the "Senior Credit Facility Agreement") and all capital markets debt securities. Scheduled Minimum Loan Payments The scheduled minimum loan payments on outstanding long-term debt are as follows: Remainder of 2015 $ 29,999 Calendar 2016 59,997 Calendar 2017 59,997 Calendar 2018 817,497 Calendar 2019 118,246 Thereafter 487,766 Total $ 1,573,502 Covenants and Default Provisions The Company's Senior Credit Facility and the indentures governing the 5.25% Notes impose restrictions on the Company, 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 the Company's ability to enter into sale-and-leaseback transactions. The Company’s 5.25% Notes limit the aggregate sum of dividends, share repurchases, and other designated restricted payments to an amount based on the Company’s net income, stock issuance proceeds, and certain other items, less restricted payments made since April 1, 2001. The Senior Credit Facility allows the Company 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 the Company 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 the Company 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 the Company'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. The Company'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 Senior Credit Facility are subject to compliance with these covenants. As of July 5, 2015 , the Company was in compliance with the financial covenants.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Jul. 05, 2015
Compensation and Retirement Disclosure [Abstract]
Employee Benefit Plans	Employee Benefit Plans The components of net periodic benefit cost are as follows: Pension Benefits Quarters Ended July 5, 2015 June 29, 2014 Service cost $ 4,815 $ 5,849 Interest cost 30,259 32,596 Expected return on plan assets (39,875 ) (41,803 ) Amortization of unrecognized net loss 37,650 29,814 Amortization of unrecognized prior service cost (5,213 ) (5,622 ) Net periodic benefit cost $ 27,636 $ 20,834 The components of net periodic benefit income are as follows: Other Postretirement Benefits Quarters Ended July 5, 2015 June 29, 2014 Service cost $ — $ 1 Interest cost 1,126 1,203 Expected return on plan assets (922 ) (888 ) Amortization of unrecognized net loss 496 409 Amortization of unrecognized prior service cost (1,813 ) (2,094 ) Net periodic benefit income $ (1,113 ) $ (1,369 ) Employer Contributions. During the quarter ended July 5, 2015 , the Company contributed $0 directly to the pension trust and $638 directly to retirees under its nonqualified supplemental executive retirement plan. The Company also contributed $2,660 to its other postretirement benefit plans. The Company anticipates making additional pension contributions of approximately $41,000 in order to meet the minimum required contributions for 2015. The Company anticipates making additional contributions of approximately $2,136 directly to retirees under the nonqualified plan and $3,663 to its other postretirement benefit plans during the remainder of 2015 .

Income Taxes

Income Taxes	3 Months Ended
	Jul. 05, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s income taxes include federal, foreign and state income taxes. Income taxes for interim periods are based on estimated effective annual income tax rates. The effective income tax rates for the quarters ended July 5, 2015 and June 29, 2014 , were 34.0% and 34.2% , respectively. The decrease in the rate from the prior-year quarter is primarily due to the discrete revaluation of deferred tax liabilities resulting from a change in state tax apportionment method. The IRS released final regulations relating to the capitalization of tangible personal property on September 13, 2013. The Company is currently analyzing the impact of these new regulations. The Company does not believe they will have a material impact on the Company's financial statements The Company or one of its subsidiaries files income tax returns in the U.S. federal, various U.S. state and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or foreign income tax examinations by tax authorities for years prior to 2008. The IRS has completed the audits of the Company through fiscal 2012 and is currently auditing the Company's income tax returns for fiscal years 2013 and 2014. The Company believes appropriate provisions for all outstanding issues have been made for all remaining open years in all jurisdictions. Although the timing and outcome of audit settlements are uncertain, it is reasonably possible that a $464 reduction of the uncertain tax benefits will occur in the next 12 months . The settlement of these unrecognized tax benefits could result in an increase of $0 to $298 to net income.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Jul. 05, 2015
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity The Company 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 $9,003 and $3,861 was recognized during the quarters ended July 5, 2015 and June 29, 2014 , respectively. The total income tax benefit recognized in the income statement for share-based compensation was $3,466 and $1,482 during the quarters ended July 5, 2015 and June 29, 2014 , respectively. The Company sponsors five stock-based incentive plans, including: three legacy ATK plans (the Alliant Techsystems Inc. 2005 Stock Incentive Plan (the "2005 Stock Incentive Plan"), the Non-Employee Director Restricted Stock Plan and the 1990 Equity Incentive Plan) and two legacy Orbital plans, under which the Company assumed the obligation to issue Company common stock pursuant to the terms of the Transaction Agreement relating to the Merger (the Orbital Sciences Corporation 2005 Amended and Restated Stock Incentive Plan and the Orbital Sciences Corporation 1997 Stock Option and Incentive Plan). As of July 5, 2015 , the Company authorized up to 3,982,360 common shares under the 2005 Stock Incentive Plan, of which 349,110 common shares were available to be granted. No new grants will be made out of the other four plans. There are five types of awards outstanding under the Company's stock incentive plans: performance awards, total stockholder return performance awards ("TSR awards"), restricted stock units, restricted stock and stock options. The Company issues treasury shares upon (i) the payment of performance awards, TSR awards and restricted stock units, (ii) the grant of restricted stock, and (iii) the exercise of stock options. Pursuant to the terms of the Transaction Agreement and under the terms of the ATK 2005 Stock Incentive Plan, all of the performance awards and TSR awards outstanding as of February 9, 2015 were converted into time-vesting restricted stock units in connection with the Distribution, with vesting periods corresponding to the respective performance periods. On March 31, 2015, 107,976 shares were paid upon the vesting of restricted stock units for the fiscal 2013-2015 performance period. As of March 31, 2015, there were 40,707 shares reserved for the vesting of restricted stock units for the fiscal 2014-2016 performance period on March 31, 2016 and 65,157 shares reserved for the vesting of restricted stock units for the fiscal 2015-2017 performance period on March 31, 2017. As of July 5, 2015, there were 40,707 shares reserved for the vesting of restricted stock units for the fiscal 2014-2016 performance period on March 31, 2016 and 61,469 shares reserved for the vesting of restricted stock units for the fiscal 2015-2017 performance period on March 31, 2017. As of July 5, 2015 , there were up to 80,919 shares reserved for performance awards for executive officers and key employees. Performance shares are valued at the fair value of the Company 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 50% will become payable only upon achievement of a financial performance goal relating to absolute earnings per share growth for the performance period beginning April 1, 2015 and ending December 31, 2017; and • up to 50% will become payable only upon achievement of a performance goal relating to absolute sales growth for the performance period beginning April 1, 2015 and ending December 31, 2017. As of July 5, 2015 , there were up to 80,919 shares reserved for TSR awards for executive officers and key employees and will become payable upon satisfaction of the market conditions stipulated for the 2015 through 2017 period. The Company used an integrated Monte Carlo simulation model to determine the fair value of these awards. The Monte Carlo model calculates the probability of satisfying the market conditions stipulated in the award. This probability is an input into the trinomial lattice model used to determine the fair value of the awards as well as the assumptions of other variables, including the risk-free interest rate and expected volatility of the Company'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 820 TSR awards granted during the quarter ended July 5, 2015 . Restricted stock granted to non-employee directors and certain key employees totaled 69,405 shares during the quarter ended July 5, 2015 . 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 the Company'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 the Company'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 the Company 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 the Company'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 1,443 stock options granted during the quarter ended July 5, 2015 and no stock options granted during the quarter ended June 29, 2014 .

Contingencies

Contingencies	3 Months Ended
	Jul. 05, 2015
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Litigation. From time to time, the Company is subject to various legal proceedings, including lawsuits, which arise out of, and are incidental to, the conduct of the Company's business. The Company 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 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. U.S. Government Investigations. The Company 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. The Company 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 July 5, 2015 , based on progress to date on certain contracts, there was approximately $25,964 included in unbilled receivables for contract claims compared to $42,055 as of March 31, 2015 . Environmental Liabilities. The Company'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 the Company owns or operates or formerly owned or operated, there is known or potential contamination that the Company is required to investigate or remediate. The Company 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 the Company expects to recover, as discussed below. Both the liability and receivable have been discounted to reflect the present value of the expected future cash flows, using a discount rate of 1.00% and 0.5% as of July 5, 2015 and March 31, 2015 , respectively. The Company'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: July 5, 2015 March 31, 2015 Liability Receivable Liability Receivable Amounts (payable) receivable $ (47,836 ) $ 23,603 $ (51,749 ) $ 26,506 Unamortized discount 2,728 (1,183 ) 1,624 (750 ) Present value amounts (payable) receivable $ (45,108 ) $ 22,420 $ (50,125 ) $ 25,756 Amounts expected to be paid or received in periods more than one year from the balance sheet date are classified as noncurrent. Of the $45,108 discounted liability as of July 5, 2015 , $5,449 was recorded within other current liabilities and $39,659 was recorded within other long-term liabilities. Of the $22,420 discounted receivable, the Company recorded $2,642 within other current assets and $19,778 within other noncurrent assets. As of July 5, 2015 , the estimated discounted range of reasonably possible costs of environmental remediation was $45,108 to $80,153 . The Company 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, 2015 . The Company 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, the Company 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, the Company has concluded that these matters, individually or in the aggregate, will not have a material adverse effect on the Company's operating results, financial condition or cash flows.

Share Repurchase

Share Repurchase	3 Months Ended
	Jul. 05, 2015
Share Repurchases [Abstract]
Share Repurchases	Share Repurchases On March 11, 2015, the Company's Board of Directors authorized the Company to repurchase up to the lesser of $75 million or one million shares of its common stock through December 31, 2015. On August 4, 2015, the Board of Directors increased the amount authorized for repurchase to the lesser of $100 million or 1.4 million shares. Under the authorized repurchase program, shares of the Company common stock may be purchased from time to time in the open market, subject to compliance with applicable laws and regulations and the Company’s debt covenants, depending upon market conditions and other factors. The Company repurchased 328,841 shares for $24,502 during the quarter ended July 5, 2015.

Changes in Estimates

Changes in Estimates	3 Months Ended
	Jul. 05, 2015
Changes in Estimates [Abstract]
Changes in Estimates	Changes in Estimates The majority of the Company’s sales are accounted for as long-term contracts, which are accounted for under the percentage-of-completion method ("POC"). Accounting for contracts under POC 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. The cumulative effect of a change in estimate is recognized in the period a change in estimate occurs. The effect of the changes on future periods of contract performance is recognized as if the revised estimate had been used since contract inception. Changes in contract estimates occur for a variety of reasons including changes in contract scope, unforeseen changes in contract cost estimates due to unanticipated cost growth or risks affecting contract costs and/or the resolution of contract risks at lower costs than anticipated, as well as changes in contract overhead costs over the performance period. Changes in estimates could have a material effect on the Company’s consolidated financial position or annual results of operations. Aggregate net changes in contract estimates recognized using the cumulative catch-up method of accounting increased operating income by $39,595 and $23,845 for the quarters ended July 5, 2015 and June 29, 2014 , respectively. The current quarter changes in estimates were primarily attributable to options exercised on contracts and improved contract profit estimates within the Flight Systems Group and the Space Systems Group. The prior-year quarter adjustments were primarily driven by higher profit expectations in the Space Systems Operations division.

Restructuring Costs

Restructuring Costs	3 Months Ended
	Jul. 05, 2015
Realignment Obligations
Restructuring Costs	Restructuring Costs The following table summarizes activity in the current quarter pertaining to the Company's restructuring activities that were completed during fiscal 2015: Termination Benefits Remaining Lease Rentals Total Balance, March 31, 2015 $ 8,332 $ 10,427 $ 18,759 Cash paid (7,332 ) (684 ) (8,016 ) Balance, July 5, 2015 $ 1,000 $ 9,743 $ 10,743

Operating Segment Information

Operating Segment Information	3 Months Ended
	Jul. 05, 2015
Segment Reporting [Abstract]
Operating Segment Information	Operating Segment Information The Company operates its business structure within three operating groups. These operating segments ("groups") are defined based on the reporting and review process used by the Company's chief executive officer and other management. The operating structure aligns the Company's capabilities and resources with its customers and markets and positions the Company for long-term growth and improved profitability. As of July 5, 2015, the Company's three operating groups were: • The Flight Systems Group is comprised of a portion of the Company's former Aerospace Group (Aerospace Structures division and Space Systems Operations' Launch Systems business); and Orbital's former Launch Vehicles segment. The Flight Systems Group develops rockets that are used as small- and medium-class space launch vehicles to place satellites into Earth orbit and escape trajectories, interceptor and target vehicles for missile defense systems and suborbital launch vehicles that place payloads into a variety of high-altitude trajectories. The group also develops and produces medium- and large-class rocket propulsion systems for human and cargo launch vehicles, strategic missiles, missile defense interceptors and target vehicles. Additionally, the Flight Systems Group operates in the military and commercial aircraft and launch structures markets. Other products include illuminating flares and aircraft countermeasures. • The Defense Systems Group is comprised of all of the Company's former Defense Group (Armament Systems, Defense Electronic Systems, Missile Products and Small-caliber Systems divisions). The Defense Systems Group develops and produces military small-, medium- and large-caliber ammunition, small-caliber commercial ammunition, propulsion systems for tactical missiles and missile defense applications, strike weapons, precision weapons and munitions, high-performance gun systems, aircraft survivability systems, fuzes and warheads, energetic materials and special mission aircraft. • The Space Systems Group is comprised of a portion of the Company's former Aerospace Group (Space Components division and part of the Space Systems Operations division); and Orbital's former Advanced Space Programs and Satellite and Space Systems segments. The Space Systems Group develops and produces small- and medium-class satellites that are used to enable global and regional communications and broadcasting, conduct space-related scientific research, and perform other activities related to national security. In addition, the Space Systems Group develops and produces human-rated space systems for Earth-orbit and deep-space exploration, including re-supplying the International Space Station. This group is also a provider of spacecraft components and subsystems and specialized engineering and operations services to U.S. Government agencies. The military small-caliber ammunition contract, which is reported within the Defense Systems Group, contributed 14% to the Company's sales during the quarter ended June 29, 2014 . No other contract contributed more than 10% of total external sales during the quarters ended July 5, 2015 and June 29, 2014 . The following summarizes the Company's results by segment: Quarters Ended July 5, 2015 June 29, 2014 Sales to external customers: Flight Systems Group $ 386,812 $ 254,882 Defense Systems Group 437,780 387,315 Space Systems Group 305,365 72,163 Total external sales 1,129,957 714,360 Intercompany sales: Flight Systems Group 11,260 2,366 Defense Systems Group 1,990 54,836 Space Systems Group 4,703 4,058 Corporate (17,953 ) (61,260 ) Total intercompany sales — — Total sales $ 1,129,957 $ 714,360 Income from continuing operations, before interest, income taxes and noncontrolling interest: Flight Systems Group $ 58,060 $ 32,667 Defense Systems Group 39,164 45,144 Space Systems Group 41,428 5,710 Corporate (12,858 ) (11,702 ) Total income from continuing operations, before interest, income taxes and noncontrolling interest $ 125,794 $ 71,819 July 5, 2015 March 31, 2015 Total assets: Flight Systems Group $ 2,056,430 $ 2,047,966 Defense Systems Group 1,422,631 1,320,425 Space Systems Group 1,496,368 1,467,948 Corporate 467,484 668,063 Total assets $ 5,442,913 $ 5,504,402 Certain administrative functions are primarily managed by the Company 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, restructuring, pension and postretirement benefits, environmental liabilities, litigation 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 the Company's financial accounting policies. Intercompany balances and transactions involving different segments are eliminated at the Company's consolidated financial statements level and are shown above in Corporate. The amortization expense pertaining to intangible assets recorded in connection with the Merger is also reported in Corporate.

Basis of Presentation and Res29

Basis of Presentation and Responsibility for Interim Financial Statements (Policies)	3 Months Ended
	Jul. 05, 2015
Accounting Policies [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 the Company to measure its financial instruments at fair value. Investments in marketable securities —The Company'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 of its liabilities and dividing the resulting number 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 sheet. Derivative financial instruments and hedging activities —In order to manage its exposure to commodity pricing, foreign currency risk and interest rate risk on debt, the Company periodically utilizes commodity, foreign currency and interest rate derivatives, which are considered Level 2 instruments. As discussed further in Note 7 , the Company has outstanding commodity forward contracts that were entered into to hedge forecasted purchases of copper and zinc, as well as outstanding foreign currency forward contracts that were entered into to hedge forecasted transactions denominated in a foreign currency. Commodity derivatives are valued based on prices of futures exchanges and recently reported transactions in the marketplace. During the fiscal year ended March 31, 2014 ("fiscal 2014"), the Company 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. 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. The Company has considered these to be Level 2 instruments.

Fair Value of Financial Instr30

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Jul. 05, 2015
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 the Company's financial assets and liabilities that are measured at fair value on a recurring basis: As of July 5, 2015 Fair Value Measurements Using Inputs Considered as Level 1 Level 2 Level 3 Assets: Marketable securities $ — $ 10,995 $ — Derivatives — 3,130 — Liabilities: Derivatives $ — $ 7,377 $ — As of March 31, 2015 Fair Value Measurements Using Inputs Considered as Level 1 Level 2 Level 3 Assets: Marketable securities $ — $ 10,327 $ — Derivatives — 7,823 — Liabilities: Derivatives $ — $ 11,137 $ —
Schedule of carrying values and estimated fair values of assets and liabilities that are not measured on a recurring basis	The carrying values and estimated fair values were as follows: As of July 5, 2015 As of March 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Fixed-rate debt $ 300,000 $ 307,500 $ 300,000 $ 306,000 Variable-rate debt 1,273,502 1,273,994 1,288,501 1,283,539

Mergers, Acquisitions and Div31

Mergers, Acquisitions and Divestiture (Tables)	3 Months Ended
	Jul. 05, 2015
Business Combinations [Abstract]
Summary of preliminary fair value of assets acquired and liabilities assumed	The following table summarizes the preliminary fair value of the assets acquired and liabilities assumed at the February 9, 2015 closing date of the Merger and the preliminary goodwill generated from the transaction: Purchase Price: Value of common shares issued to Orbital shareholders (1) $ 1,749,323 Value of replacement equity-based awards to holders of Orbital equity-based awards (2) 8,654 Total purchase price $ 1,757,977 Preliminary value of assets acquired and liabilities assumed: Cash $ 253,734 Net receivables 562,639 Net inventories 75,294 Intangibles 164,000 Property, plant and equipment 281,654 Other assets 36,878 Goodwill 866,106 Accounts payable (52,028 ) Deferred tax liabilities, net (51,537 ) Other liabilities (378,763 ) Total purchase price $ 1,757,977 (1) Equals 27.4 million Orbital ATK shares issued to Orbital shareholders multiplied by $63.94 , the closing share price of the Company’s common stock on the closing date of the Merger. (2) The fair value of replacement equity-based awards attributable to pre-Merger service was recorded as part of the consideration transferred in the Merger.

Goodwill, Net Intangibles and32

Goodwill, Net Intangibles and Deferred Charges and Other Noncurrent Assets (Tables)	3 Months Ended
	Jul. 05, 2015
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: Flight Systems Group Defense Systems Group Space Systems Group Total Balance, March 31, 2015 $ 799,362 $ 366,947 $ 708,960 $ 1,875,269 No change — — — — Balance, July 5, 2015 $ 799,362 $ 366,947 $ 708,960 $ 1,875,269
Schedule of amortizing assets	Net intangible assets consisted of the following: July 5, 2015 March 31, 2015 Gross Accumulated Net Intangibles Gross Accumulated Net Intangibles Amortizing intangibles: Contract backlog $ 164,000 $ (18,416 ) $ 145,584 $ 164,000 $ (6,167 ) $ 157,833 Patented technology 10,700 (5,618 ) 5,082 10,700 (5,350 ) 5,350 Customer relationships and other 24,294 (22,776 ) 1,518 24,294 (22,270 ) 2,024 Net intangibles $ 198,994 $ (46,810 ) $ 152,184 $ 198,994 $ (33,787 ) $ 165,207
Schedule of expected future amortization expense	The Company expects amortization expense related to these assets to be as follows: Contract Backlog Patents and Customer Relationships Total Remainder of 2015 $ 24,526 $ 1,547 $ 26,073 2016 49,053 1,576 50,629 2017 49,053 1,070 50,123 2018 10,637 1,070 11,707 2019 5,053 1,069 6,122 Thereafter 7,262 268 7,530 Total $ 145,584 $ 6,600 $ 152,184
Schedule of deferred charges and other non-current assets	Deferred charges and other noncurrent assets consisted of the following: July 5, 2015 March 31, 2015 Gross debt issuance costs $ 22,280 $ 22,280 Less accumulated amortization (6,732 ) (5,712 ) Net debt issuance costs 15,548 16,568 Parts inventory 10,483 9,973 Environmental remediation receivable 19,778 23,771 Other noncurrent assets 76,700 77,330 Total deferred charges and other noncurrent assets $ 122,509 $ 127,642

Earnings Per Share Data (Tables

Earnings Per Share Data (Tables)	3 Months Ended
	Jul. 05, 2015
Earnings Per Share [Abstract]
Schedule of weighted average number of shares	In computing EPS for the quarters ended July 5, 2015 and June 29, 2014 earnings reported for each respective period were divided by weighted-average shares outstanding, determined as follows (in thousands): Quarters Ended July 5, 2015 June 29, 2014 Basic 59,144 31,640 Dilutive effect of stock-based awards 605 315 Dilutive effect of contingently issuable shares — 1,153 Diluted 59,749 33,108 Anti-dilutive stock options excluded from the calculation of diluted earnings per share 75 44

Derivative Financial Instrume34

Derivative Financial Instruments (Tables)	3 Months Ended
	Jul. 05, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of outstanding commodity forward contracts	As of July 5, 2015 , the Company had the following outstanding commodity forward contracts which hedge forecasted purchases: Number of Pounds Copper 14,000 Zinc 3,200 As of July 5, 2015 , the Company had the following outstanding foreign currency forward contracts in place: Quantity Hedged Euros Sold 93,280 Euros Purchased 23,258
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 the Company's derivative instruments designated as hedging instruments in the consolidated balance sheets as of the periods presented. Asset Derivatives Fair Value Liability Derivatives Fair Value Location July 5, 2015 March 31, 2015 July 5, 2015 March 31, 2015 Commodity forward contracts Other current assets / $ 14 $ 1,054 $ 443 $ 899 Commodity forward contracts Deferred charges and — 271 — 2 Foreign currency forward contracts Other current assets / 1,503 2,664 3,079 5,101 Foreign currency forward contracts Deferred charges and 1,613 3,834 222 897 Interest rate contracts Deferred charges and — — 3,633 4,238 Total $ 3,130 $ 7,823 $ 7,377 $ 11,137
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 condensed consolidated statements of comprehensive income related to derivative instruments were as follows: Gain (Loss) Reclassified from AOCI Gain (Loss) Recognized in Income Location Amount Location Amount Quarter Ended July 5, 2015 Commodity forward contracts Cost of Sales $ (190 ) Cost of Sales $ — Interest rate contracts Interest expense (1,020 ) Interest expense — Foreign currency forward contracts Cost of Sales (557 ) Cost of Sales — Quarter ended June 29, 2014 Commodity forward contracts Cost of Sales $ (2,525 ) Cost of Sales $ — Interest rate contracts Interest expense (1,041 ) Interest expense — Foreign currency forward contracts Cost of Sales — Cost of Sales —

Accumulated Other Comprehensi35

Accumulated Other Comprehensive Income (Loss) ("AOCI") (Tables)	3 Months Ended
	Jul. 05, 2015
Other Comprehensive Income [Abstract]
Schedule of components of accumulated OCI, net of income taxes	The components of AOCI, net of income taxes, were as follows: July 5, 2015 March 31, 2015 Derivatives $ (2,644 ) $ (2,073 ) Pension and other postretirement benefits (827,444 ) (846,645 ) Available-for-sale securities 1,043 1,070 Total accumulated other comprehensive loss $ (829,045 ) $ (847,648 )
Schedule of net of income tax activity in accumulated OCI	The following table summarizes the changes in the balance of AOCI, net of income taxes: Quarter Ended July 5, 2015 Derivatives Pension and Other Postretirement Benefits Available-for-sale Securities Total Balance, March 31, 2015 $ (2,073 ) $ (846,645 ) $ 1,070 $ (847,648 ) Net increase in fair value of derivatives (1,660 ) — — (1,660 ) Net losses reclassified from AOCI, offsetting the price paid to suppliers (1) 1,089 — — 1,089 Net actuarial losses reclassified from AOCI (2) — 23,536 — 23,536 Prior service costs reclassified from AOCI (2) — (4,335 ) — (4,335 ) Other — — (27 ) (27 ) Balance, July 5, 2015 $ (2,644 ) $ (827,444 ) $ 1,043 $ (829,045 ) (1) Amounts related to derivative instruments that were reclassified from AOCI and recorded as a component of cost of sales or interest expense for each period presented. (2) Amounts related to pension and other postretirement benefits that were reclassified from AOCI and recorded as a component of net periodic benefit cost for each period presented. Quarter ended June 29, 2014 Derivatives Pension and Other Postretirement Benefits Available-for-sale Securities Cumulative Translation Adjustment Total Balance, March 31, 2014 $ (5,022 ) $ (675,114 ) $ 832 $ (1,505 ) $ (680,809 ) Net increase in fair value of derivatives 1,146 — — — 1,146 Net losses reclassified from AOCI, offsetting the price paid to suppliers (1) 2,210 — — — 2,210 Net losses reclassified from AOCI, due to ineffectiveness (1) — — — — — Net actuarial losses reclassified from AOCI (2) — 18,636 — — 18,636 Prior service costs reclassified from AOCI (2) — (4,758 ) — — (4,758 ) Valuation adjustment for pension and postretirement benefit plans (2) — — — — — Net change in cumulative translation adjustment — — — 1,196 1,196 Other — — 160 — 160 Balance, June 29, 2014 $ (1,666 ) $ (661,236 ) $ 992 $ (309 ) $ (662,219 ) (1) Amounts related to derivative instruments that were reclassified from AOCI and recorded as a component of cost of sales or interest expense for each period presented. (2) Amounts related to pension and other postretirement benefits that were reclassified from AOCI and recorded as a component of net periodic benefit cost for each period presented.

Net Receivables (Tables)

Net Receivables (Tables)	3 Months Ended
	Jul. 05, 2015
Receivables [Abstract]
Schedule of receivables, including amounts due under long-term contracts (contract receivables)	Net receivables, including amounts due under long-term contracts, consisted of the following: July 5, 2015 March 31, 2015 Billed receivables $ 272,138 $ 278,031 Unbilled receivables 1,620,613 1,520,217 Less allowance for doubtful accounts (1,413 ) (4,692 ) Net receivables $ 1,891,338 $ 1,793,556

Net Inventories (Tables)

Net Inventories (Tables)	3 Months Ended
	Jul. 05, 2015
Inventory Disclosure [Abstract]
Schedule of net inventories	Net inventories consisted of the following: July 5, 2015 March 31, 2015 Raw materials $ 62,667 $ 69,112 Contracts in process 118,713 126,038 Finished goods 896 964 Net inventories $ 182,276 $ 196,114

Other Current and Noncurrent 38

Other Current and Noncurrent Liabilities (Tables)	3 Months Ended
	Jul. 05, 2015
Other Liabilities Disclosure [Abstract]
Schedule of major categories of other current and long-term accrued liabilities	Other current and noncurrent liabilities consisted of the following: July 5, 2015 March 31, 2015 Other current liabilities: Employee benefits and insurance, including pension and other postretirement benefits $ 64,455 $ 53,588 Deferred lease obligation 31,265 30,857 Warranty 5,745 9,555 Interest 4,387 7,801 Other 61,995 110,827 Total other current liabilities $ 167,847 $ 212,628 Other noncurrent liabilities: Environmental remediation $ 39,659 $ 43,326 Income taxes 34,870 34,415 Deferred lease obligation 20,424 21,036 Management nonqualified deferred compensation plan 17,455 14,853 Other 37,389 52,165 Total other noncurrent liabilities $ 149,797 $ 165,795
Schedule of reconciliation of the changes in product warranty liability	The following is a reconciliation of the changes in the Company's product warranty liability during the the period: Balance, March 31, 2015 $ 9,555 Payments made (350 ) Warranties issued 57 Changes related to preexisting warranties (3,517 ) Balance, July 5, 2015 $ 5,745

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Jul. 05, 2015
Debt Disclosure [Abstract]
Schedule of long-term debt, including the current portion	Long-term debt, including the current portion, consisted of the following: July 5, 2015 March 31, 2015 Senior Credit Facility: Term A Loan due 2018 $ 934,250 $ 946,875 Term A Loan due 2019 142,500 144,375 Term B Loan due 2020 196,752 197,251 Revolving Credit Facility due 2018 — — 5.25% Senior Notes due 2021 300,000 300,000 Carrying amount of long-term debt 1,573,502 1,588,501 Less: Current portion of long-term debt 59,997 59,997 Long-term debt $ 1,513,505 $ 1,528,504
Schedule of cash flow hedge interest rate swaps	As of July 5, 2015 , the Company 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 $ (505 ) 0.87 % 0.19 % August 2016 Non-amortizing swap 100,000 (1,049 ) 1.29 % 0.19 % August 2017 Non-amortizing swap 100,000 (1,756 ) 1.69 % 0.19 % August 2018 Non-amortizing swap 50,000 (71 ) 0.65 % 0.19 % November 2016 Non-amortizing swap 50,000 (252 ) 1.10 % 0.19 % November 2017
Schedule of minimum payments on outstanding long-term debt	The scheduled minimum loan payments on outstanding long-term debt are as follows: Remainder of 2015 $ 29,999 Calendar 2016 59,997 Calendar 2017 59,997 Calendar 2018 817,497 Calendar 2019 118,246 Thereafter 487,766 Total $ 1,573,502

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Jul. 05, 2015
Compensation and Retirement Disclosure [Abstract]
Schedule of components of net periodic benefit cost	The components of net periodic benefit cost are as follows: Pension Benefits Quarters Ended July 5, 2015 June 29, 2014 Service cost $ 4,815 $ 5,849 Interest cost 30,259 32,596 Expected return on plan assets (39,875 ) (41,803 ) Amortization of unrecognized net loss 37,650 29,814 Amortization of unrecognized prior service cost (5,213 ) (5,622 ) Net periodic benefit cost $ 27,636 $ 20,834 The components of net periodic benefit income are as follows: Other Postretirement Benefits Quarters Ended July 5, 2015 June 29, 2014 Service cost $ — $ 1 Interest cost 1,126 1,203 Expected return on plan assets (922 ) (888 ) Amortization of unrecognized net loss 496 409 Amortization of unrecognized prior service cost (1,813 ) (2,094 ) Net periodic benefit income $ (1,113 ) $ (1,369 )

Contingencies (Tables)

Contingencies (Tables)	3 Months Ended
	Jul. 05, 2015
Commitments and Contingencies Disclosure [Abstract]
Summary of the amounts recorded for environmental remediation	The following is a summary of the amounts recorded for environmental remediation: July 5, 2015 March 31, 2015 Liability Receivable Liability Receivable Amounts (payable) receivable $ (47,836 ) $ 23,603 $ (51,749 ) $ 26,506 Unamortized discount 2,728 (1,183 ) 1,624 (750 ) Present value amounts (payable) receivable $ (45,108 ) $ 22,420 $ (50,125 ) $ 25,756

Restructuring Costs (Tables)

Restructuring Costs (Tables)	3 Months Ended
	Jul. 05, 2015
Realignment Obligations
Schedule of restructuring costs liability activity	The following table summarizes activity in the current quarter pertaining to the Company's restructuring activities that were completed during fiscal 2015: Termination Benefits Remaining Lease Rentals Total Balance, March 31, 2015 $ 8,332 $ 10,427 $ 18,759 Cash paid (7,332 ) (684 ) (8,016 ) Balance, July 5, 2015 $ 1,000 $ 9,743 $ 10,743

Operating Segment Information (

Operating Segment Information (Tables)	3 Months Ended
	Jul. 05, 2015
Segment Reporting [Abstract]
Schedule of segment reporting information, by segment	The following summarizes the Company's results by segment: Quarters Ended July 5, 2015 June 29, 2014 Sales to external customers: Flight Systems Group $ 386,812 $ 254,882 Defense Systems Group 437,780 387,315 Space Systems Group 305,365 72,163 Total external sales 1,129,957 714,360 Intercompany sales: Flight Systems Group 11,260 2,366 Defense Systems Group 1,990 54,836 Space Systems Group 4,703 4,058 Corporate (17,953 ) (61,260 ) Total intercompany sales — — Total sales $ 1,129,957 $ 714,360 Income from continuing operations, before interest, income taxes and noncontrolling interest: Flight Systems Group $ 58,060 $ 32,667 Defense Systems Group 39,164 45,144 Space Systems Group 41,428 5,710 Corporate (12,858 ) (11,702 ) Total income from continuing operations, before interest, income taxes and noncontrolling interest $ 125,794 $ 71,819 July 5, 2015 March 31, 2015 Total assets: Flight Systems Group $ 2,056,430 $ 2,047,966 Defense Systems Group 1,422,631 1,320,425 Space Systems Group 1,496,368 1,467,948 Corporate 467,484 668,063 Total assets $ 5,442,913 $ 5,504,402

Basis of Presentation and Res44

Basis of Presentation and Responsibility for Interim Financial Statements (Details)	3 Months Ended
	Jul. 05, 2015segment
Accounting Policies [Abstract]
Number of operating segments	3

Fair Value of Financial Instr45

Fair Value of Financial Instruments (Fair value of assets and liabilities measured on a recurring basis) (Details) $ in Thousands	Jul. 05, 2015USD ($)derivative	Mar. 31, 2015USD ($)	Mar. 31, 2014derivative
Fair value of assets and liabilities measured on a recurring basis
Number of interest rate derivatives held | derivative	5		5
Fair value of assets and liabilities that are measured on a recurring basis | Fair Value Measurements Using Inputs Considered as Level 2
Assets
Marketable securities	$ 10,995	$ 10,327
Derivatives	3,130	7,823
Liabilities
Derivatives	$ 7,377	$ 11,137

Fair Value of Financial Instr46

Fair Value of Financial Instruments (Carrying values and estimated fair values of assets and liabilities not measured on a recurring basis) (Details 2) - Fair value of assets and liabilities that are not measured on a recurring basis - USD ($) $ in Thousands	Jul. 05, 2015	Mar. 31, 2015
Carrying Amount
Assets and liabilities that are not measured on a recurring basis
Fixed-rate debt	$ 300,000	$ 300,000
Variable-rate debt	1,273,502	1,288,501
Fair Value
Assets and liabilities that are not measured on a recurring basis
Fixed-rate debt	307,500	306,000
Variable-rate debt	$ 1,273,994	$ 1,283,539

Mergers, Acquisitions and Div47

Mergers, Acquisitions and Divestiture (Narrative) (Details) $ / shares in Units, $ in Thousands, shares in Millions	Feb. 09, 2015USD ($)agreement$ / sharesshares	Feb. 02, 2015shares	Jul. 05, 2015USD ($)Entity	Jun. 29, 2014USD ($)
Business Acquisition [Line Items]
Merger-date share price | $ / shares	$ 63.94
Number of Companies | Entity			2
Sales from discontinued operations				$ 561,030
Number of supply agreements | agreement	2
Number of transition services agreements | agreement	1
Administrative services agreement, term	12 months
Sales to Vista under supply agreement			$ 56,689
Sales to Sporting				$ 52,418
Common Stock
Business Acquisition [Line Items]
Stock issued during period related to merger | shares	27.4
Orbital
Business Acquisition [Line Items]
Aggregate value of the consideration paid or payable to former holders of Orbital common stock	$ 1,800,000
Orbital | Common Stock
Business Acquisition [Line Items]
Shares, conversion ratio	0.449
Orbital Stockholders | Orbital
Business Acquisition [Line Items]
Percent of OA common stock owned by Orbital Sciences stockholders	46.20%
Existing Stockholders
Business Acquisition [Line Items]
Percent of OA common stock owned by Company stockholders	53.80%
Common Stock | Vista Outdoor
Business Acquisition [Line Items]
Shares, conversion ratio	2
Company distributed shares of Vista Outdoor common stock to its stockholders | shares		63.9
Minimum
Business Acquisition [Line Items]
Supply agreement, term	1 year
Tax assistance services agreement, term	18 months
Maximum
Business Acquisition [Line Items]
Supply agreement, term	3 years
Tax assistance services agreement, term	30 months

Mergers, Acquisitions and Div48

Mergers, Acquisitions and Divestiture Tables (Details) - USD ($) $ in Thousands		Feb. 09, 2015	Jul. 05, 2015	Mar. 31, 2015
Business Acquisition [Line Items]
Purchase price		$ 1,757,977
Preliminary value of assets acquired and liabilities assumed:
Cash		253,734
Net receivables		562,639
Net inventories		75,294
Intangibles		164,000
Property, plant and equipment		281,654
Other assets		36,878
Goodwill		866,106	$ 1,875,269	$ 1,875,269
Accounts payable		(52,028)
Deferred tax liabilities, net		(51,537)
Other liabilities		(378,763)
Total purchase price		1,757,977
Common Stock
Business Acquisition [Line Items]
Purchase price	[1]	1,749,323
Preliminary value of assets acquired and liabilities assumed:
Total purchase price	[1]	1,749,323
Equity-based Awards
Business Acquisition [Line Items]
Purchase price	[2]	8,654
Preliminary value of assets acquired and liabilities assumed:
Total purchase price	[2]	$ 8,654
[1]	Equals 27.4 million Orbital ATK shares issued to Orbital shareholders multiplied by $63.94, the closing share price of the Company’s common stock on the closing date of the Merger.
[2]	The fair value of replacement equity-based awards attributable to pre-Merger service was recorded as part of the consideration transferred in the Merger.

Goodwill, Net Intangibles and49

Goodwill, Net Intangibles and Deferred Charges and Other Noncurrent Assets (Goodwill and Deferred Charges) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 05, 2015	Mar. 31, 2015
Changes in the carrying amount of goodwill
Balance at the beginning of the period	$ 1,875,269
No change	0
Balance at the end of the period	1,875,269
Deferred charges and other non-current assets
Gross debt issuance costs	22,280	$ 22,280
Less accumulated amortization	(6,732)	(5,712)
Net debt issuance costs	15,548	16,568
Parts inventory	10,483	9,973
Environmental remediation receivable	19,778	23,771
Other noncurrent assets	76,700	77,330
Total deferred charges and other noncurrent assets	122,509	$ 127,642
Flight Systems Group
Changes in the carrying amount of goodwill
Balance at the beginning of the period	799,362
No change	0
Balance at the end of the period	799,362
Defense Systems Group
Changes in the carrying amount of goodwill
Balance at the beginning of the period	366,947
No change	0
Balance at the end of the period	366,947
Space Systems Group
Changes in the carrying amount of goodwill
Balance at the beginning of the period	708,960
No change	0
Balance at the end of the period	$ 708,960

Goodwill, Net Intangibles and50

Goodwill, Net Intangibles and Deferred Charges and Other Noncurrent Assets (Intangibles Narrative) (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Jul. 05, 2015	Jun. 29, 2014
Goodwill and Deferred Charges and Other Non-Current Assets
Amortizing intangible assets weighted average remaining period for amortization (in years)	2 years 10 months 24 days
Amortization expense	$ 13,023	$ 775

Goodwill, Net Intangibles and51

Goodwill, Net Intangibles and Deferred Charges and Other Noncurrent Assets (Intangibles) (Details 3) - USD ($) $ in Thousands	Jul. 05, 2015	Mar. 31, 2015
Amortizing assets
Gross Carrying Amount	$ 198,994	$ 198,994
Accumulated Amortization	(46,810)	(33,787)
Net Intangibles	152,184	165,207
Expected future amortization expense
Remainder of 2015	26,073
Fiscal 2,016	50,629
Fiscal 2,017	50,123
Fiscal 2,018	11,707
Fiscal 2,019	6,122
Thereafter	7,530
Net Intangibles	152,184	165,207
Contract backlog
Amortizing assets
Gross Carrying Amount	164,000	164,000
Accumulated Amortization	(18,416)	(6,167)
Net Intangibles	145,584	157,833
Expected future amortization expense
Remainder of 2015	24,526
Fiscal 2,016	49,053
Fiscal 2,017	49,053
Fiscal 2,018	10,637
Fiscal 2,019	5,053
Thereafter	7,262
Net Intangibles	145,584	157,833
Patented technology
Amortizing assets
Gross Carrying Amount	10,700	10,700
Accumulated Amortization	(5,618)	(5,350)
Net Intangibles	5,082	5,350
Expected future amortization expense
Net Intangibles	5,082	5,350
Customer relationships and other
Amortizing assets
Gross Carrying Amount	24,294	24,294
Accumulated Amortization	(22,776)	(22,270)
Net Intangibles	1,518	2,024
Expected future amortization expense
Net Intangibles	1,518	$ 2,024
Patents and Customer Relationships
Amortizing assets
Net Intangibles	6,600
Expected future amortization expense
Remainder of 2015	1,547
Fiscal 2,016	1,576
Fiscal 2,017	1,070
Fiscal 2,018	1,070
Fiscal 2,019	1,069
Thereafter	268
Net Intangibles	$ 6,600

Earnings Per Share Data (Detail

Earnings Per Share Data (Details) - shares shares in Thousands	3 Months Ended
	Jul. 05, 2015	Jun. 29, 2014
Earnings Per Share [Abstract]
Basic (in shares)	59,144	31,640
Dilutive effect of stock-based awards (in shares)	605	315
Dilutive effect of contingently issuable shares (in shares)	0	1,153
Diluted (in shares)	59,749	33,108
Anti-dilutive stock options excluded from the calculation of diluted earnings per share	75	44

Derivative Financial Instrume53

Derivative Financial Instruments (Details)	3 Months Ended
	Jul. 05, 2015USD ($)lbderivative	Jun. 29, 2014USD ($)	Jul. 05, 2015EUR (€)lbderivative	Mar. 31, 2015USD ($)	Mar. 31, 2014derivative
Derivative Financial Instruments
Notional amount | €			€ 23,258
Number of interest rate derivatives held | derivative	5		5		5
Interest Rate Swap
Derivative Financial Instruments
Notional amount	$ 400,000,000
Number of interest rate derivatives held | derivative	5		5
Copper
Derivative Financial Instruments
Outstanding commodity forward contract | lb	14,000		14,000
Zinc
Derivative Financial Instruments
Outstanding commodity forward contract | lb	3,200		3,200
Euros Sold
Derivative Financial Instruments
Notional amount | €			€ 93,280
Notional amount of $100 million
Derivative Financial Instruments
Number of interest rate derivatives held | derivative	3		3
Notional amount of $50 million
Derivative Financial Instruments
Number of interest rate derivatives held | derivative	2		2
Notional amount to mature August 2016
Derivative Financial Instruments
Notional amount	$ 100,000,000
Notional amount to mature August 2017
Derivative Financial Instruments
Notional amount	100,000,000
Notional amount to mature August 2018
Derivative Financial Instruments
Notional amount	100,000,000
Notional amount to mature November 2016
Derivative Financial Instruments
Notional amount	50,000,000
Notional amount to mature November 2017
Derivative Financial Instruments
Notional amount	50,000,000
Designated as Hedging Instrument
Derivative Asset [Abstract]
Fair value of derivative assets	3,130,000			$ 7,823,000
Derivative Liability [Abstract]
Fair value of derivative liabilities	7,377,000			11,137,000
Designated as Hedging Instrument | Commodity forward contracts | Other current assets / other current liabilities
Derivative Asset [Abstract]
Commodity forward contracts, fair value of assets	14,000			1,054,000
Derivative Liability [Abstract]
Commodity forward contracts, fair value of liabilities	443,000			899,000
Designated as Hedging Instrument | Commodity forward contracts | Deferred charges and other noncurrent assets / other noncurrent liabilities
Derivative Asset [Abstract]
Commodity forward contracts, fair value of assets	0			271,000
Derivative Liability [Abstract]
Commodity forward contracts, fair value of liabilities	0			2,000
Designated as Hedging Instrument | Foreign currency forward contracts | Other current assets / other current liabilities
Derivative Asset [Abstract]
Foreign currency forward contracts, fair value of assets	1,503,000			2,664,000
Derivative Liability [Abstract]
Foreign currency forward contracts, fair value of liabilities	3,079,000			5,101,000
Designated as Hedging Instrument | Foreign currency forward contracts | Deferred charges and other noncurrent assets / other noncurrent liabilities
Derivative Asset [Abstract]
Foreign currency forward contracts, fair value of assets	1,613,000			3,834,000
Derivative Liability [Abstract]
Foreign currency forward contracts, fair value of liabilities	222,000			897,000
Designated as Hedging Instrument | Interest rate contracts | Deferred charges and other noncurrent assets / other noncurrent liabilities
Derivative Asset [Abstract]
Interest rate contracts, fair value of assets	0			0
Derivative Liability [Abstract]
Interest rate contracts, fair value of liabilities	3,633,000			$ 4,238,000
Cost of Sales | Commodity forward contracts
Pretax amount of gain (loss) reclassified from Accumulated Other Comprehensive Income (Loss)
Commodity forward contracts, (gain)/loss reclassified from accumulated other comprehensive income (loss)	(190,000)	$ (2,525,000)
Gain or (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)
Commodity forward contracts, gain or (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)	0	0
Cost of Sales | Foreign currency forward contracts
Pretax amount of gain (loss) reclassified from Accumulated Other Comprehensive Income (Loss)
Forward foreign currency contracts, (gain)/loss reclassified from accumulated other comprehensive income (loss)	(557,000)	0
Gain or (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)
Forward foreign currency contracts, gain or (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)	0	0
Interest expense | Interest rate contracts
Pretax amount of gain (loss) reclassified from Accumulated Other Comprehensive Income (Loss)
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net	(1,020,000)	(1,041,000)
Gain or (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness	$ 0	$ 0

Accumulated Other Comprehensi54

Accumulated Other Comprehensive Income (Loss) ("AOCI") (Details) - USD ($) $ in Thousands		3 Months Ended
		Jul. 05, 2015		Jun. 29, 2014		Jul. 05, 2015	Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Derivatives						$ (2,644)	$ (2,073)
Pension and other postretirement benefits						(827,444)	(846,645)
Available-for-sale securities						1,043	1,070
Total accumulated other comprehensive loss		$ (847,648)		$ (680,809)		(829,045)	(847,648)
Accumulated Other Comprehensive Income Loss Net of Tax [Roll Forward]
Beginning balance		(847,648)		(680,809)
Net increase in fair value of derivatives		(1,660)		1,146
Net losses reclassified from AOCI, offsetting the price paid to suppliers		1,089	[1]	2,210	[2]
Net actuarial losses reclassified from AOCI		23,536	[3]	18,636	[4]
Prior service costs reclassified from AOCI		(4,335)	[3]	(4,758)	[4]
Valuation adjustment for pension and postretirement benefit plans	[4]			0
Net change in cumulative translation adjustment		0		1,196
Other		(27)		160
Ending balance		(829,045)		(662,219)
Derivatives
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Total accumulated other comprehensive loss		(2,073)		(5,022)		(2,644)	(2,073)
Accumulated Other Comprehensive Income Loss Net of Tax [Roll Forward]
Beginning balance		(2,073)		(5,022)
Net increase in fair value of derivatives		(1,660)		1,146
Net losses reclassified from AOCI, offsetting the price paid to suppliers		1,089	[1]	2,210	[2]
Ending balance		(2,644)		(1,666)
Pension and Other Postretirement Benefits
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Total accumulated other comprehensive loss		(846,645)		(675,114)		(827,444)	(846,645)
Accumulated Other Comprehensive Income Loss Net of Tax [Roll Forward]
Beginning balance		(846,645)		(675,114)
Net actuarial losses reclassified from AOCI		23,536	[3]	18,636	[4]
Prior service costs reclassified from AOCI		(4,335)	[3]	(4,758)	[4]
Valuation adjustment for pension and postretirement benefit plans	[4]			0
Ending balance		(827,444)		(661,236)
Available-for-sale Securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Total accumulated other comprehensive loss		1,070		832		$ 1,043	$ 1,070
Accumulated Other Comprehensive Income Loss Net of Tax [Roll Forward]
Beginning balance		1,070		832
Other				160
Ending balance		$ 1,043		992
Cumulative Translation Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Total accumulated other comprehensive loss				(1,505)
Accumulated Other Comprehensive Income Loss Net of Tax [Roll Forward]
Beginning balance				(1,505)
Net change in cumulative translation adjustment				1,196
Ending balance				$ (309)
[1]	Amounts related to derivative instruments that were reclassified from AOCI and recorded as a component of cost of sales or interest expense for each period presented.
[2]	Amounts related to derivative instruments that were reclassified from AOCI and recorded as a component of cost of sales or interest expense for each period presented.
[3]	Amounts related to pension and other postretirement benefits that were reclassified from AOCI and recorded as a component of net periodic benefit cost for each period presented.
[4]	Amounts related to pension and other postretirement benefits that were reclassified from AOCI and recorded as a component of net periodic benefit cost for each period presented.

Net Receivables (Details)

Net Receivables (Details) - USD ($) $ in Thousands	Jul. 05, 2015	Mar. 31, 2015
Receivables [Abstract]
Billed receivables	$ 272,138	$ 278,031
Unbilled receivables	1,620,613	1,520,217
Less allowance for doubtful accounts	(1,413)	(4,692)
Net receivables	1,891,338	1,793,556
Customer Advances and Progress Payments for Long-term Contracts or Programs	597,725	585,932
Unbilled receivables
Long-term unbilled receivables, relating to commercial aerospace programs	$ 297,300	$ 298,900

Net Inventories (Details)

Net Inventories (Details) - USD ($) $ in Thousands	Jul. 05, 2015	Mar. 31, 2015
Inventory Disclosure [Abstract]
Raw materials	$ 62,667	$ 69,112
Contracts in process	118,713	126,038
Finished goods	896	964
Net inventories	$ 182,276	$ 196,114

Other Current and Noncurrent 57

Other Current and Noncurrent Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 05, 2015	Jul. 05, 2015	Mar. 31, 2015
Other Liabilities Disclosure [Abstract]
Employee benefits and insurance, including pension and other postretirement benefits		$ 64,455	$ 53,588
Deferred lease obligation		31,265	30,857
Warranty	$ 9,555	5,745	9,555
Interest		4,387	7,801
Other		61,995	110,827
Total other current liabilities		167,847	212,628
Environmental remediation		39,659	43,326
Income taxes		34,870	34,415
Deferred lease obligation		20,424	21,036
Management nonqualified deferred compensation plan		17,455	14,853
Other		37,389	52,165
Total other noncurrent liabilities		$ 149,797	$ 165,795
Reconciliation of the changes in product warranty liability
Balance at the beginning of the period	9,555
Payments made	(350)
Warranties issued	57
Changes related to preexisting warranties	(3,517)
Balance at the end of period	$ 5,745

Long-term Debt (Debt table and

Long-term Debt (Debt table and narrative) (Details)	3 Months Ended
	Jul. 05, 2015USD ($)derivative	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Mar. 31, 2014derivative
Long-term Debt Table
Total	$ 1,573,502,000	$ 1,588,501,000
Less: Current portion of long-term debt	59,997,000	59,997,000
Long-term debt	$ 1,513,505,000	1,528,504,000
Number of interest rate derivatives held | derivative	5			5
Subsidiary guarantors percentage owned	100.00%
Restricted payment limit	$ 250,000,000
Term A Loan due 2018
Long-term Debt Table
Total	934,250,000	946,875,000
Debt instrument, face amount	1,010,000,000
Quarterly repayments of principal	12,625,000
Term A Loan due 2019
Long-term Debt Table
Total	142,500,000	144,375,000
Term B Loan due 2020
Long-term Debt Table
Total	196,752,000	197,251,000
Debt instrument, face amount	250,000,000
Line of Credit 2018
Long-term Debt Table
Total	0	0
Long-term debt	700,000,000
5.25% Senior Notes due 2021
Long-term Debt Table
Total	$ 300,000,000	$ 300,000,000
Debt instrument interest rate stated percentage	5.25%
Debt instrument, face amount			$ 300,000,000
Debt issuance costs	$ 2,625,000
Percentage of principal amount at which the entity may redeem some or all of the notes prior to specified date	100.00%
Maximum redemption with net proceeds from equity offerings as percentage of original principal	35.00%
Redemption price with net proceeds from equity offerings as percentage of original principal	105.25%
Debt instrument, term (in years)	8 years
Term A Loan Accordion due January 2019
Long-term Debt Table
Debt instrument, face amount	$ 150,000,000
Quarterly repayments of principal	1,875,000
2013 Term Loan B notes
Long-term Debt Table
Quarterly repayments of principal	$ 499,000
2013 Senior Credit Facility
Long-term Debt Table
Base rate margin (as a percent)	1.00%
Basis spread on Eurodollar variable rate	2.00%
Weighted average interest rate	2.56%
Debt issuance costs	$ 19,655,000
Maximum amount of restricted payments as a percent of net income	50.00%
Revolving Credit Facility due 2015
Long-term Debt Table
Annual commitment fee on the unused portion (as a percent)	0.30%
Outstanding letters of credit	$ 174,255,000
Line of credit facility, remaining borrowing capacity	$ 525,745,000

Long-term Debt (Interest rate s

Long-term Debt (Interest rate swaps) (Details 2) - Jul. 05, 2015	USD ($)	EUR (€)
Long-Term Debt
Notional amount | €		€ 23,258
Notional amount to mature August 2016
Long-Term Debt
Notional amount	$ 100,000,000
Derivative at fair value	$ (505,000)
Derivative, fixed interest rate	0.87%	0.87%
Derivative, variable interest rate	0.19%	0.19%
Notional amount to mature August 2017
Long-Term Debt
Notional amount	$ 100,000,000
Derivative at fair value	$ (1,049,000)
Derivative, fixed interest rate	1.29%	1.29%
Derivative, variable interest rate	0.19%	0.19%
Notional amount to mature August 2018
Long-Term Debt
Notional amount	$ 100,000,000
Derivative at fair value	$ (1,756,000)
Derivative, fixed interest rate	1.69%	1.69%
Derivative, variable interest rate	0.19%	0.19%
Notional amount to mature November 2016
Long-Term Debt
Notional amount	$ 50,000,000
Derivative at fair value	$ (71,000)
Derivative, fixed interest rate	0.65%	0.65%
Derivative, variable interest rate	0.19%	0.19%
Notional amount to mature November 2017
Long-Term Debt
Notional amount	$ 50,000,000
Derivative at fair value	$ (252,000)
Derivative, fixed interest rate	1.10%	1.10%
Derivative, variable interest rate	0.19%	0.19%

Long-term Debt (Minimum loan pa

Long-term Debt (Minimum loan payments) (Details 3) - USD ($) $ in Thousands	Jul. 05, 2015	Mar. 31, 2015
Minimum payments on outstanding long-term debt
Remainder of 2015	$ 29,999
Calendar 2,016	59,997
Calendar 2,017	59,997
Calendar 2,018	817,497
Calendar 2,019	118,246
Thereafter	487,766
Total	$ 1,573,502	$ 1,588,501

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 05, 2015	Jun. 29, 2014
Pension Benefits
Change in benefit obligation
Service cost	$ 4,815	$ 5,849
Interest cost	30,259	32,596
Expected return on plan assets	(39,875)	(41,803)
Amortization of unrecognized net loss	37,650	29,814
Amortization of unrecognized prior service cost	(5,213)	(5,622)
Net periodic benefit cost (income)	27,636	20,834
Other Postretirement Benefits
Change in benefit obligation
Service cost	0	1
Interest cost	1,126	1,203
Expected return on plan assets	(922)	(888)
Amortization of unrecognized net loss	496	409
Amortization of unrecognized prior service cost	(1,813)	(2,094)
Net periodic benefit cost (income)	$ (1,113)	$ (1,369)

Employee Benefit Plans (Narrati

Employee Benefit Plans (Narrative) (Details)	3 Months Ended
	Jul. 05, 2015USD ($)
Supplemental (nonqualified) executive retirement plan
Contributions
Employer contributions directly to the pension trust for the period	$ 0
Employer's contribution to retirees during the period	638,000
Estimated future employer contributions in current fiscal year	2,136,000
Other Postretirement Benefits
Contributions
Employer contributions directly to the pension trust for the period	2,660,000
Estimated future employer contributions in current fiscal year	3,663,000
Pension Benefits
Contributions
Estimated future employer contributions in current fiscal year	$ 41,000,000

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
	Jul. 05, 2015	Jun. 29, 2014
Income Tax Disclosure [Abstract]
Income tax provision (as a percent)	34.00%	34.20%
Potential reduction of uncertain tax benefits over the next 12 months from audit settlements	$ 464,000
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	$ 298,000

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Jul. 05, 2015USD ($)planaward$ / sharesshares	Jun. 29, 2014USD ($)shares	Mar. 31, 2015shares
Stock-Based Compensation
Number of authorized shares of preferred stock	5,000,000
Par value of preferred stock (in dollars per share) | $ / shares	$ 1
Total pre-tax stock-based compensation expense | $	$ 9,003	$ 3,861
Total income tax benefit recognized in the income statement for share-based compensation | $	$ 3,466	$ 1,482
Number of stock-based incentive plans | plan	5
Number of plans under which no new grants are being made | plan	4
Number of types of awards outstanding under the entity's stock incentive plans | award	5
Shares paid upon vesting of restricted stock units			107,976
Share reserved for vesting of restricted stock units for fiscal 2014-2016			40,707
Shares reserved for vesting of restricted stock units fiscal 2015-2017			65,157
Stock options granted	1,443
Fiscal 2014 through fiscal 2016 period
Stock-Based Compensation
Number of shares payable only upon the achievement of certain financial performance goals	40,707
Fiscal 2015 through Fiscal 2017 period
Stock-Based Compensation
Number of shares payable only upon the achievement of certain financial performance goals	61,469
Restricted stock
Stock-Based Compensation
Restricted stock granted to non-employee directors and certain key employees (in shares)	69,405
Restricted stock | Minimum
Stock-Based Compensation
Vesting period	1 year
Restricted stock | Maximum
Stock-Based Compensation
Vesting period	3 years
Stock options
Stock-Based Compensation
Minimum terms of options	7 years
Maximum terms of options	10 years
Number of years upon which expected volatility is based	7 years
Stock options granted		0
Stock options | Minimum
Stock-Based Compensation
Vesting period	1 year
Stock options | Maximum
Stock-Based Compensation
Vesting period	3 years
Legacy ATK Plans
Stock-Based Compensation
Number of stock-based incentive plans | plan	3
Legacy Orbital Plans
Stock-Based Compensation
Number of stock-based incentive plans | plan	2
2005 Stock Incentive Plan
Stock-Based Compensation
Number of authorized common shares	3,982,360
Number of available shares to be granted	349,110
Performance awards
Stock-Based Compensation
Number of shares reserved	80,919
Maximum percentage payable upon achieving performance goal related to earnings	50.00%
Maximum percentage payable upon achieving performance goal related to sales growth	50.00%
Total stockholder return performance awards ("TSR awards")
Stock-Based Compensation
Number of shares reserved	80,919
Shares earned	820

Contingencies (Details)

Contingencies (Details) - USD ($) $ in Thousands	Jul. 05, 2015	Mar. 31, 2015	Jul. 05, 2015
Commitments and Contingencies Disclosure [Abstract]
Unbilled receivables for contract claims	$ 25,964	$ 42,055	$ 25,964
Discount rate	1.00%	0.50%
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)	$ (47,836)	$ (51,749)	$ (47,836)
Unamortized discount on liability	2,728	1,624	2,728
Present value amounts (payable)	(45,108)	(50,125)	(45,108)
Amounts receivable	23,603	26,506	23,603
Unamortized discount on receivable	(1,183)	(750)	(1,183)
Present value amounts receivable	22,420	25,756	22,420
Discounted liability recorded in other current liabilities	5,449		5,449
Discounted liability recorded in other long-term liabilities	39,659	$ 43,326	39,659
Discounted receivable recorded in other current assets	2,642		2,642
Discounted receivable recorded in other non-current assets	19,778		$ 19,778
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	45,108		$ 45,108
Maximum
Business Acquisition [Line Items]
Estimated discounted reasonably possible costs of environmental remediation	$ 80,153		$ 80,153

Share Repurchase (Details)

Share Repurchase (Details) - USD ($)	3 Months Ended
	Jul. 05, 2015	Aug. 04, 2015	Mar. 11, 2015
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount			$ 75,000,000
Stock repurchase program, number of shares authorized to be repurchased			1,000,000
Stock repurchased during period, shares	328,841
Stock repurchased during period, value	$ 24,502,000
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount		$ 100,000,000
Stock repurchase program, number of shares authorized to be repurchased		1,400,000

Changes in Estimates (Details)

Changes in Estimates (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 05, 2015	Jun. 29, 2014
Changes in Estimates [Abstract]
Operating income adjustments under percentage of completion method	$ 39,595	$ 23,845

Restructuring Costs (Details)

Restructuring Costs (Details) $ in Thousands	3 Months Ended
	Jul. 05, 2015USD ($)
Realignment liability activity
Balance at the beginning of the period	$ 18,759
Cash paid	(8,016)
Balance at the end of the period	10,743
Termination Benefits
Realignment liability activity
Balance at the beginning of the period	8,332
Cash paid	(7,332)
Balance at the end of the period	1,000
Remaining Lease Rentals
Realignment liability activity
Balance at the beginning of the period	10,427
Cash paid	(684)
Balance at the end of the period	$ 9,743

Operating Segment Information69

Operating Segment Information (Details) $ in Thousands	3 Months Ended
	Jul. 05, 2015USD ($)segment	Jun. 29, 2014USD ($)	Mar. 31, 2015USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment	3
Results by operating segment
Sales to external customers	$ 1,129,957	$ 714,360
Sales	1,129,957	714,360
Income from continuing operations, before interest, income taxes and noncontrolling interest	125,794	71,819
Total assets	5,442,913		$ 5,504,402
Flight Systems Group
Results by operating segment
Sales to external customers	386,812	254,882
Income from continuing operations, before interest, income taxes and noncontrolling interest	58,060	32,667
Total assets	2,056,430		2,047,966
Defense Systems Group
Results by operating segment
Sales to external customers	437,780	387,315
Income from continuing operations, before interest, income taxes and noncontrolling interest	39,164	$ 45,144
Total assets	1,422,631		1,320,425
Defense Systems Group | Military small caliber ammunition contract | Sales | Contract Concentration Risk
Results by operating segment
External sales generated from military small-caliber ammunition contract (as a percent)		14.00%
Space Systems Group
Results by operating segment
Sales to external customers	305,365	$ 72,163
Income from continuing operations, before interest, income taxes and noncontrolling interest	41,428	5,710
Total assets	1,496,368		1,467,948
Corporate
Results by operating segment
Income from continuing operations, before interest, income taxes and noncontrolling interest	(12,858)	(11,702)
Total assets	467,484		$ 668,063
Intercompany Sales
Results by operating segment
Sales to external customers	0	0
Intercompany Sales | Flight Systems Group
Results by operating segment
Sales to external customers	11,260	2,366
Intercompany Sales | Defense Systems Group
Results by operating segment
Sales to external customers	1,990	54,836
Intercompany Sales | Space Systems Group
Results by operating segment
Sales to external customers	4,703	4,058
Intercompany Sales | Corporate
Results by operating segment
Sales to external customers	$ (17,953)	$ (61,260)