Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Dec. 29, 2013 | Feb. 03, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'ALLIANT TECHSYSTEMS INC | ' |
Entity Central Index Key | '0000866121 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 29-Dec-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--03-31 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 31,824,812 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenue, Net | $1,208,404 | $1,056,182 | $3,429,526 | $3,208,271 |
Cost of sales | 919,234 | 836,555 | 2,630,919 | 2,510,754 |
Gross profit | 289,170 | 219,627 | 798,607 | 697,517 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 11,899 | 13,947 | 34,126 | 43,869 |
Selling and Marketing Expense | 56,952 | 41,535 | 146,617 | 121,670 |
General and Administrative Expense | 74,344 | 57,286 | 198,003 | 183,874 |
Income before interest, loss on extinguishment of debt, income taxes, and noncontrolling interest | 145,975 | 106,859 | 419,861 | 348,104 |
Interest expense | -28,501 | -14,074 | -57,634 | -51,986 |
Interest income | 1,793 | 139 | 1,884 | 326 |
Gains (Losses) on Extinguishment of Debt | 0 | 0 | 0 | -11,773 |
Income before income taxes and noncontrolling interest | 119,267 | 92,924 | 364,111 | 284,671 |
Income tax provision | 38,954 | 29,693 | 118,991 | 85,330 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 80,313 | 63,231 | 245,120 | 199,341 |
Net Income (Loss) Attributable to Noncontrolling Interest | 27 | 56 | 210 | 276 |
Net income attributable to Alliant Techsystems Inc. | 80,286 | 63,175 | 244,910 | 199,065 |
Alliant Techsystems Inc. earnings per common share: | ' | ' | ' | ' |
Basic (in dollars per share) | $2.55 | $1.95 | $7.73 | $6.13 |
Diluted (in dollars per share) | $2.46 | $1.93 | $7.55 | $6.10 |
Cash dividends paid per share (in dollars per share) | $0.26 | $0.26 | $0.78 | $0.66 |
Alliant Techsystems Inc. weighted-average number of common shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 31,536 | 32,454 | 31,701 | 32,493 |
Diluted (in shares) | 32,613 | 32,652 | 32,418 | 32,641 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Net Income (from above) | 80,313 | 63,231 | 245,120 | 199,341 |
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 $2,810, $841, $8,430, and $2,524 | -4,531 | -1,352 | -13,594 | -4,055 |
Reclassification of net actuarial loss for pension and postretirement benefit plans recorded to net income, net of tax expense of $(14,198), $(12,279), and $(42,594) $(36,897) | 22,847 | 19,519 | 68,541 | 58,561 |
Valuation adjustment for pension and postretirement benefit plans, net of tax (expense) benefit of $0, $0, $0, and $(732) | 0 | 0 | 0 | 1,268 |
Change in fair value of derivatives, net of tax benefit (expense) of $(1,406), $681, $342 and $1,534, respectively | 2,246 | -1,064 | -547 | -2,399 |
Change in fair value of available-for-sale securities, net of tax benefit (expense) of $(35), $(26), $29, and $122, respectively | 56 | 41 | -47 | -191 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -1,654 | 0 | -1,620 | 0 |
Total other comprehensive income | 18,964 | 17,144 | 52,733 | 53,184 |
Comprehensive income | 99,277 | 80,375 | 297,853 | 252,525 |
Less comprehensive income attributable to noncontrolling interest | 27 | 56 | 210 | 276 |
Comprehensive income attributable to Alliant Techsystems Inc. | $99,250 | $80,319 | $297,643 | $252,249 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 |
Pension and other postretirement benefit liabilities: | ' | ' | ' | ' |
Amortization, pension and other postretirement benefit plans, net prior service cost recognized in net periodic pension cost, tax | $2,810 | $841 | $8,430 | $2,524 |
Reclassification, pension and other postretirement benefit plans, net gain (loss) recognized in net periodic benefit cost, tax | -14,198 | -12,279 | -42,594 | -36,897 |
Valuation adjustment for pension and postretirement benefit plans, tax (expense) benefit | 0 | 0 | 0 | -732 |
Change in fair value of derivatives, tax expense | -1,406 | 681 | 342 | 1,534 |
Change in fair value of available-for-sale securities, tax benefit | -35 | -26 | -47 | 122 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | $1,035 | $0 | $1,011 | $0 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 29, 2013 | Sep. 29, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 30, 2012 | Mar. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Current assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $189,757 | ' | $417,289 | $361,921 | ' | $568,813 |
Receivables, Net, Current | 1,411,301 | ' | 1,312,573 | ' | ' | ' |
Net inventories | 553,217 | ' | 315,064 | ' | ' | ' |
Income tax receivable | 6,584 | ' | 22,066 | ' | ' | ' |
Deferred Tax Assets, Net, Current | 77,953 | ' | 106,566 | ' | ' | ' |
Other current assets | 76,526 | ' | 45,174 | ' | ' | ' |
Total current assets | 2,315,338 | ' | 2,218,732 | ' | ' | ' |
Property, Plant and Equipment, Net | 655,575 | ' | 602,320 | ' | ' | ' |
Goodwill | 1,913,666 | ' | 1,251,536 | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) | 590,889 | ' | 109,954 | ' | ' | ' |
Noncurrent deferred income tax assets | 0 | ' | 95,007 | ' | ' | ' |
Deferred charges and other non-current assets | 115,947 | ' | 105,461 | ' | ' | ' |
Total assets | 5,591,415 | ' | 4,383,010 | ' | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt | 247,358 | ' | 50,000 | ' | ' | ' |
Accounts Payable, Current | 251,803 | ' | 337,713 | ' | ' | ' |
Contract advances and allowances | 107,581 | ' | 119,491 | ' | ' | ' |
Accrued compensation | 107,662 | ' | 137,630 | ' | ' | ' |
Other accrued liabilities | 343,386 | ' | 262,021 | ' | ' | ' |
Total current liabilities | 1,057,790 | ' | 906,855 | ' | ' | ' |
Long-term debt | 1,857,000 | ' | 1,023,877 | ' | ' | ' |
Deferred Tax Liabilities, Net, Noncurrent | 48,692 | ' | 0 | ' | ' | ' |
Postretirement and postemployment benefits liabilities | 85,449 | ' | 94,087 | ' | ' | ' |
Defined Benefit Pension Plan, Liabilities, Noncurrent | 679,984 | ' | 719,172 | ' | ' | ' |
Other long-term liabilities | 116,216 | ' | 126,458 | ' | ' | ' |
Total liabilities | 3,845,131 | ' | 2,870,449 | ' | ' | ' |
Commitments and contingencies (Notes 16) | ' | ' | ' | ' | ' | ' |
Common stock | 318 | ' | 323 | ' | ' | ' |
Additional paid-in-capital | 538,563 | ' | 534,137 | ' | ' | ' |
Retained earnings | 2,703,442 | ' | 2,483,483 | ' | ' | ' |
Accumulated other comprehensive loss | -775,571 | -794,535 | -828,304 | -857,413 | -874,557 | -909,330 |
Common stock in treasury, at cost—9,731,753 shares held at December 29, 2013 and 9,237,154 shares held at March 31, 2013 | -731,070 | ' | -687,470 | ' | ' | ' |
Total Alliant Techsystems Inc. stockholders' equity | 1,735,682 | ' | 1,502,169 | ' | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 10,602 | ' | 10,392 | ' | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,746,284 | ' | 1,512,561 | 1,457,797 | ' | 1,236,751 |
Total liabilities and equity | $5,591,415 | ' | $4,383,010 | ' | ' | ' |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 29, 2013 | Mar. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, authorized shares | 180,000,000 | 180,000,000 |
Common stock, issued shares | 31,823,696 | 32,318,295 |
Common stock, outstanding shares | 31,823,696 | 32,318,295 |
Common stock in treasury, shares | 9,731,753 | 9,237,154 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 |
Operating Activities | ' | ' |
Net income | $245,120 | $199,341 |
Adjustments to net income to arrive at cash provided by operating activities: | ' | ' |
Depreciation | 70,160 | 73,578 |
Amortization of intangible assets | 17,239 | 8,400 |
Amortization of debt discount | 5,481 | 5,116 |
Amortization of deferred financing costs | 9,047 | 2,948 |
Deferred income taxes | 12,170 | -17,655 |
Gains (Losses) on Extinguishment of Debt | 0 | 11,773 |
Loss on disposal of property | 3,908 | 638 |
Share-based plans expense | 9,437 | 10,878 |
Excess tax benefits from share-based plans | -833 | -2 |
Inventory Write-down | 17,627 | 8,957 |
Changes in assets and liabilities: | ' | ' |
Net receivables | 46,217 | 87,288 |
Net inventories | -65,306 | -53,714 |
Accounts payable | -177,435 | -113,411 |
Contract advances and allowances | -11,910 | 5,525 |
Accrued compensation | -35,570 | -7,076 |
Accrued income taxes | 9,726 | -22,976 |
Increase (Decrease) in Pension and Postretirement Obligations | 41,284 | -30,975 |
Other assets and liabilities | 25,922 | -50,233 |
Cash provided by operating activities | 222,284 | 118,400 |
Investing Activities | ' | ' |
Capital expenditures | -80,580 | -61,351 |
Acquisition of business, net of cash acquired | -1,301,597 | 0 |
Proceeds from the disposition of property, plant, and equipment | 5,326 | 19 |
Cash used for investing activities | -1,376,851 | -61,332 |
Financing Activities | ' | ' |
Borrowings on line of credit | 280,000 | 0 |
Repayments of Lines of Credit | -280,000 | 0 |
Payments made on bank debt | -25,000 | -10,000 |
Early Repayment of Senior Debt | -510,000 | -409,000 |
Proceeds from Issuance of Long-term Debt | 1,560,000 | 200,000 |
Payments of Financing Costs | -21,641 | -1,458 |
Purchase of treasury shares | -53,270 | -24,997 |
Dividends paid | -24,951 | -21,563 |
Proceeds from employee stock compensation plans | 729 | 3,056 |
Excess tax benefits from share-based plans | 833 | 2 |
Cash provided by (used for) financing activities | 926,700 | -263,960 |
Effect of Exchange Rate on Cash and Cash Equivalents | 335 | 0 |
(Decrease) increase in cash and cash equivalents | -227,532 | -206,892 |
Cash and cash equivalents at beginning of period | 417,289 | 568,813 |
Cash and cash equivalents at end of period | 189,757 | 361,921 |
Noncash investing activity: | ' | ' |
Capital expenditures included in accounts payable | $2,991 | $4,418 |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY (USD $) | Total | Common Stock $.01 Par Value | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Noncontrolling Interest |
In Thousands, except Share data, unless otherwise specified | |||||||
Balance at Mar. 31, 2012 | $1,236,751 | $332 | $537,921 | $2,241,711 | ($910,598) | ($642,571) | $9,956 |
Balance (in shares) at Mar. 31, 2012 | ' | 33,142,408 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Comprehensive income | 252,525 | ' | ' | 199,065 | 53,184 | ' | 276 |
Exercise of stock options | 3,056 | ' | -838 | ' | ' | 3,894 | ' |
Exercise of stock options (in shares) | ' | 51,975 | ' | ' | ' | ' | ' |
Restricted stock grants | ' | ' | -1,463 | ' | ' | 1,463 | ' |
Restricted stock grants (in shares) | ' | -6,914 | ' | ' | ' | ' | ' |
Share-based compensation | 10,878 | ' | 10,878 | ' | ' | ' | ' |
Treasury stock purchased | -24,997 | ' | ' | ' | ' | -24,997 | ' |
Treasury stock purchased (in shares) | ' | -482,044 | ' | ' | ' | ' | ' |
Performance shares issued net of treasury stock withheld | -1,460 | ' | -5,463 | ' | ' | 4,003 | ' |
Performance shares issued net of treasury stock withheld (in shares) | ' | 44,964 | ' | ' | ' | ' | ' |
Tax benefit related to share based plans and other | 3,006 | ' | 3,006 | ' | ' | ' | ' |
Dividends paid | -21,563 | ' | ' | -21,563 | ' | ' | ' |
Employee benefit plans and other | -399 | -4 | 1,877 | ' | ' | -2,272 | ' |
Employee benefit plans and other (in shares) | ' | -7,639 | ' | ' | ' | ' | ' |
Balance at Dec. 30, 2012 | 1,457,797 | 328 | 545,918 | 2,419,213 | -857,414 | -660,480 | 10,232 |
Balance (in shares) at Dec. 30, 2012 | ' | 32,742,750 | ' | ' | ' | ' | ' |
Balance at Mar. 31, 2013 | 1,512,561 | 323 | 534,137 | 2,483,483 | -828,304 | -687,470 | 10,392 |
Balance (in shares) at Mar. 31, 2013 | ' | 32,318,295 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Comprehensive income | 297,853 | ' | ' | 244,910 | 52,733 | ' | 210 |
Exercise of stock options | 729 | ' | -252 | ' | ' | 981 | ' |
Exercise of stock options (in shares) | ' | 13,173 | ' | ' | ' | ' | ' |
Restricted stock grants | ' | ' | -6,017 | ' | ' | 6,017 | ' |
Restricted stock grants (in shares) | ' | 72,342 | ' | ' | ' | ' | ' |
Share-based compensation | 9,437 | ' | 9,437 | ' | ' | ' | ' |
Treasury stock purchased | -52,130 | ' | ' | ' | ' | -52,130 | ' |
Treasury stock purchased (in shares) | ' | -609,922 | ' | ' | ' | ' | ' |
Performance shares issued net of treasury stock withheld | -1,406 | ' | -3,856 | ' | ' | 2,450 | ' |
Performance shares issued net of treasury stock withheld (in shares) | ' | 34,138 | ' | ' | ' | ' | ' |
Tax benefit related to share based plans and other | 4,582 | ' | 4,582 | ' | ' | ' | ' |
Dividends paid | -24,951 | ' | ' | -24,951 | ' | ' | ' |
Employee benefit plans and other | -391 | -5 | 532 | ' | ' | -918 | ' |
Employee benefit plans and other (in shares) | ' | -4,330 | ' | ' | ' | ' | ' |
Balance at Dec. 29, 2013 | $1,746,284 | $318 | $538,563 | $2,703,442 | ($775,571) | ($731,070) | $10,602 |
Balance (in shares) at Dec. 29, 2013 | ' | 31,823,696 | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_EQU1
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (USD $) | Dec. 29, 2013 | Mar. 31, 2013 |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Basis_of_Presentation_and_Resp
Basis of Presentation and Responsiblity for Interim Financial Statements | 9 Months Ended |
Dec. 29, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation and Responsibility for Interim Financial Statements | ' |
Basis of Presentation and Responsibility for Interim Financial Statements | |
The unaudited condensed consolidated financial statements of Alliant Techsystems Inc. (“the Company” or “ATK”) as set forth in this quarterly report have been prepared in accordance with the requirements of the U.S. Securities and Exchange Commission for interim reporting. As permitted under those rules, certain footnotes and other financial information that are normally required by accounting principles generally accepted in the United States can be condensed or omitted. ATK’s accounting policies are described in the notes to the consolidated financial statements in its Annual Report on Form 10-K for the fiscal year ended March 31, 2013 (“fiscal 2013”). Management is responsible for the unaudited condensed consolidated financial statements included in this document. The condensed consolidated financial statements included in this document are unaudited but, in the opinion of management, include all adjustments necessary for a fair presentation of ATK’s financial position as of December 29, 2013, and its results of operations for the quarters and nine months ended December 29, 2013 and December 30, 2012, and cash flows for the nine months ended December 29, 2013 and December 30, 2012. | |
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 2013 Annual Report on Form 10-K. |
New_Accounting_Pronoucements
New Accounting Pronoucements | 9 Months Ended |
Dec. 29, 2013 | |
Accounting Policies [Abstract] | ' |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | |
On February 5, 2013, the FASB issued ASU 2013-02 Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income requiring additional disclosure of items reclassified from other comprehensive income (loss) to net income. This guidance is effective for periods beginning after December 15, 2012 and early application was permitted. ATK has implemented this guidance. Refer to the Note 8 for further detail. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
The current authoritative guidance on fair value clarifies the definition of fair value, prescribes a framework for measuring fair value, establishes a fair value hierarchy based on the inputs used to measure fair value, and expands disclosures about the use of fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. | |||||||||||||||||
The valuation techniques required by the current authoritative literature are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect internal market assumptions. These two types of inputs create the following fair value hierarchy: | |||||||||||||||||
Level 1—Quoted prices for identical instruments in active markets. | |||||||||||||||||
Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. | |||||||||||||||||
Level 3—Significant inputs to the valuation model are unobservable. | |||||||||||||||||
The following section describes the valuation methodologies used by ATK to measure its financial instruments at fair value. | |||||||||||||||||
Investments in marketable securities—ATK's investments in marketable securities represent investments held in a common collective trust ("CCT") that primarily invests in fixed income securities which are used to pay benefits under a nonqualified supplemental executive retirement plan for certain executives and highly compensated employees. Investments in a collective investment vehicle are valued by multiplying the investee company's net asset value per share with the number of units or shares owned at the valuation date as determined by the investee company. Net asset value per share is determined by the investee company's custodian or fund administrator by deducting from the value of the assets of the investee company all its liabilities and the resulting number is divided by the outstanding number of shares or units. Investments held by the CCT, including collateral invested for securities on loan, are valued on the basis of valuations furnished by a pricing service approved by the CCT's investment manager, which determines valuations using methods based on market transactions for comparable securities and various relationships between securities which are generally recognized by institutional traders, or at fair value as determined in good faith by the CCT's investment manager. The fair value of these securities is included within other current assets and deferred charges and other non-current assets on the consolidated balance sheet. | |||||||||||||||||
Derivative financial instruments and hedging activities—In order to manage its exposure to commodity pricing, interest rate risk, and foreign currency risk, ATK periodically utilizes commodity, interest rate, and foreign currency derivatives, which are considered Level 2 instruments. As discussed further in Note 7, ATK has outstanding commodity forward contracts that were entered into to hedge forecasted purchases of copper and zinc. Commodity derivatives are valued based on prices of futures exchanges and recently reported transactions in the marketplace. During fiscal 2014, ATK entered into five interest rate swaps. These swaps are valued based on future LIBOR rates and the established fixed rate is based primarily on quotes from banks. Foreign currency derivatives are valued based on observable market transactions of spot currency rates and forward currency prices. No foreign currency derivatives were outstanding as of December 29, 2013. | |||||||||||||||||
Long-Term Debt—The fair value of the variable-rate long-term debt is calculated based on current market rates for debt of the same risk and maturities. The fair value of the fixed-rate debt is based on market quotes for each issuance. We have considered these to be Level 2 instruments. | |||||||||||||||||
The following table sets forth by level within the fair value hierarchy ATK's financial assets and liabilities that are measured at fair value on a recurring basis: | |||||||||||||||||
As of December 29, 2013 | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Using Inputs Considered as | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets | |||||||||||||||||
Marketable securities | $ | — | $ | 10,262 | $ | — | |||||||||||
Derivatives | — | 339 | — | ||||||||||||||
Liabilities | |||||||||||||||||
Derivatives | $ | — | $ | 5,542 | $ | — | |||||||||||
As of March 31, 2013 | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Using Inputs Considered as | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets | |||||||||||||||||
Marketable securities | $ | — | $ | 8,634 | $ | — | |||||||||||
Derivatives | — | — | — | ||||||||||||||
Liabilities | |||||||||||||||||
Derivatives | $ | — | $ | 3,530 | $ | — | |||||||||||
The following table presents ATK's assets and liabilities that are not measured at fair value on a recurring basis. The carrying values and estimated fair values were as follows: | |||||||||||||||||
As of December 29, 2013 | As of March 31, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Fixed rate debt | $ | 844,358 | $ | 997,170 | $ | 538,877 | $ | 596,467 | |||||||||
Variable rate debt | 1,260,000 | 1,260,625 | 535,000 | 534,513 | |||||||||||||
Acquisitions
Acquisitions | 9 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Acquisitions | ' | ||||||||||||||||
Acquisitions | |||||||||||||||||
In accordance with the accounting standards regarding business combinations, the results of acquired businesses are included in ATK’s consolidated financial statements from the date of acquisition. For each acquisition, the purchase price is allocated to the acquired assets and liabilities based on fair value. The excess purchase price over estimated fair value of the net assets acquired is recorded as goodwill. | |||||||||||||||||
Savage Acquisition | |||||||||||||||||
On June 21, 2013, ATK acquired Caliber Company, parent company of Savage Sports Corporation ("Savage"), a leading manufacturer of sporting long guns. Operating under the brand names of Savage Arms, Stevens and Savage Range Systems, the company designs, manufactures and markets centerfire and rimfire rifles, shotguns and shooting range systems used for hunting as well as competitive and recreational target shooting. The purchase price was $315,000 net of cash acquired, and is subject to purchase price adjustments expected to be settled in fiscal 2014. ATK believes the acquisition complements ATK's growing portfolio of leading consumer brands and will allow us to build upon our offerings with Savage's prominent, respected brands known for accuracy, quality, innovation, value and craftsmanship. Savage's sales distribution channels, new product development, and sophistication in manufacturing will significantly increase ATK's presence with a highly relevant product offering to distributors, retailers and consumers. Savage employs approximately 600 employees and is included in the Sporting Group. The purchase price allocation will be completed in fiscal 2014. None of the goodwill generated in this acquisition will be deductible for tax purposes. | |||||||||||||||||
ATK used the acquisition method of accounting to account for this acquisition and, accordingly, the results of Savage are included in ATK’s consolidated financial statements at the date of acquisition. The purchase price for the acquisition has been preliminarily allocated to the acquired assets and liabilities based on estimated fair value. The preliminary purchase price allocation is subject to further refinement and may require significant adjustments to arrive at the final purchase price allocation. These adjustments will primarily relate to intangible asset valuation, certain contingent liabilities and income tax-related items. We expect the purchase price allocation to be completed within 12 months of the acquisition date. Pro forma information on the results of operations for fiscal 2013 as if the acquisition had occurred at the beginning of fiscal 2013 is not being presented because the acquisition is not material to ATK for that purpose. Subsequent to June 21, 2013, ATK has recorded sales of approximately $116,908 for fiscal year 2014 and $53,920 for the quarter ended December 29, 2013 and income before interest, loss on extinguishment of debt, income taxes, and noncontrolling interest of approximately $18,887 for fiscal year 2014 and $13,266 for the quarter ended December 29, 2013 associated with the operations of this acquired business, which reflects the expense of the inventory step-up cost of $9,000 for inventory sold in fiscal year 2014 and none for inventory sold in the quarter ended December 29, 2013. | |||||||||||||||||
Bushnell Acquisition | |||||||||||||||||
On November 1, 2013, ATK acquired Bushnell Group Holdings, Inc. ("Bushnell"). Bushnell is a leading global designer, marketer and distributor of branded sports optics, outdoor accessories and performance eyewear. The purchase price was $985,000 net of cash acquired, subject to purchase price adjustments. ATK believes the acquisition broadens our existing capabilities in the commercial shooting sports market and expands our portfolio of branded shooting sports products. In addition, this transaction enables the Company to enter new sporting markets in golf and snow skiing. ATK will leverage Bushnell’s strong sourcing, marketing, branding and distribution capabilities and capitalize on Bushnell’s track record of successfully integrating acquisitions and delivering profitable growth. Bushnell employs approximately 1,100 employees and is included in the Sporting Group. The purchase price has been preliminarily allocated based on the estimated fair value of net assets acquired and liabilities assumed at the date of the acquisition. The preliminary purchase price allocation is subject to further refinement and may require significant adjustments to arrive at the final purchase price allocation. These adjustments will primarily relate to intangible asset valuation, certain contingent liabilities and income tax-related items. We expect the purchase price allocation to be completed within 12 months of the acquisition date. A portion of the goodwill generated in this acquisition will be deductible for tax purposes. Subsequent to November 1, 2013, ATK has recorded sales of approximately $85,074 for the quarter and nine months ended December 29, 2013 and income before interest, loss on extinguishment of debt, income taxes, and noncontrolling interest of approximately $3,123 for the quarter and nine months ended December 29, 2013 associated with the operations of this acquired business which reflects transition costs and $1,377 of inventory step-up costs. The income before interest, loss on extinguishment of debt, income taxes, and noncontrolling interest excludes transaction costs of $10,200 for the quarter ended December 29, 2013. | |||||||||||||||||
Preliminary Allocation of Consideration Transferred to Net Assets Acquired: | |||||||||||||||||
The following amounts represent the preliminary determination of the fair value of identifiable assets acquired and liabilities assumed from the Bushnell acquisition. The final determination of the fair value of certain assets and liabilities will be completed within the 12-month measurement period from the date of acquisition as required. The size and breadth of the Bushnell acquisition will necessitate the use of this measurement period to adequately analyze and assess a number of the factors used in establishing the asset and liability fair values as of the acquisition date, including the significant contractual and operational factors underlying the trade name and customer relationship intangible assets, the assumptions utilized on certain reserves such as those for inventory obsolescence, the assumptions used in transfer pricing analysis, and the related tax impacts of any changes made. Any potential adjustments made could be material in relation to the preliminary values presented below: | |||||||||||||||||
Purchase Price net of cash acquired: | |||||||||||||||||
Cash Paid | $ | 985,000 | |||||||||||||||
Cash Paid for additional working capital | 4,065 | ||||||||||||||||
Total purchase price | $ | 989,065 | |||||||||||||||
Fair value of assets acquired: | |||||||||||||||||
Net receivables | $ | 110,923 | |||||||||||||||
Net inventories | 154,388 | ||||||||||||||||
Tradename, technology, and customer relationship intangibles | 370,727 | ||||||||||||||||
Property, Plant, and Equipment | 25,080 | ||||||||||||||||
Other assets | 10,110 | ||||||||||||||||
Total assets | 671,228 | ||||||||||||||||
Fair value of liabilities assumed: | |||||||||||||||||
Accounts Payable | 80,113 | ||||||||||||||||
Deferred tax liabilities | 79,108 | ||||||||||||||||
Other liabilities | 27,263 | ||||||||||||||||
Total liabilities | $ | 186,484 | |||||||||||||||
Net assets acquired | $ | 484,744 | |||||||||||||||
Preliminary goodwill | $ | 504,321 | |||||||||||||||
Supplemental Pro Forma Data: | |||||||||||||||||
ATK used the acquisition method of accounting to account for this acquisition and, accordingly, the results of Bushnell are included in ATK’s consolidated financial statements for the period subsequent to the date of acquisition. The following unaudited supplemental pro forma data for the quarter and nine months ended December 29, 2013 and December 30, 2012 present consolidated information as if the acquisition had been completed on April 1, 2012. The pro forma results were calculated by combining the results of ATK with the stand-alone results of Bushnell for the pre-acquisition periods, which were adjusted to account for certain costs which would have been incurred during this pre-acquisition period: | |||||||||||||||||
QUARTERS ENDED | NINE MONTHS ENDED | ||||||||||||||||
(Amounts in thousands except per share data) | 29-Dec-13 | 30-Dec-12 | 29-Dec-13 | 30-Dec-12 | |||||||||||||
Sales | $ | 1,264,430 | $ | 1,203,804 | $ | 3,783,713 | $ | 3,636,039 | |||||||||
Net income attributable to Alliant Techsystems Inc. | 75,230 | 61,766 | 279,105 | 191,280 | |||||||||||||
Basic earnings per common share | 2.39 | 1.9 | 8.8 | 5.89 | |||||||||||||
Diluted earnings per common share | 2.31 | 1.89 | 8.61 | 5.86 | |||||||||||||
The unaudited supplemental pro forma data above include the following significant non-recurring adjustments made to account for certain costs which would have been incurred if the acquisition had been completed on April 1, 2012, as adjusted for the applicable tax impact: | |||||||||||||||||
QUARTERS ENDED | NINE MONTHS ENDED | ||||||||||||||||
(Amounts in thousands) | 29-Dec-13 | 30-Dec-12 | 29-Dec-13 | 30-Dec-12 | |||||||||||||
Inventory Step-up, net1 | $ | (847 | ) | $ | — | $ | (847 | ) | $ | 2,153 | |||||||
ATK/Bushnell fees for advisory, legal, accounting services2 | (8,369 | ) | — | (11,031 | ) | 11,031 | |||||||||||
1. Adjustment reflects the increased cost of goods sold expense which results from the fair value step-up in inventory of $3,500 which was expensed over the first inventory cycle. | |||||||||||||||||
2. Removed the ATK/Bushnell fees that were incurred in connection with the acquisition of Bushnell from fiscal 2014, and considered those fees as incurred during the first quarter of fiscal 2013. Costs were recorded in General and administrative expense. | |||||||||||||||||
There were no acquisitions during fiscal 2013. |
Goodwill_and_Deferred_Charges_
Goodwill and Deferred Charges and Other Non-Current Assets | 9 Months Ended | ||||||||||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||||||||||
Goodwill and Deferred Charges and Other Non-Current Assets | ' | ||||||||||||||||||||||||
Goodwill and Deferred Charges and Other Non-Current Assets | ' | ||||||||||||||||||||||||
Goodwill, Intangible Assets, and Deferred Charges and Other Non-Current Assets | |||||||||||||||||||||||||
The changes in the carrying amount of goodwill by segment were as follows: | |||||||||||||||||||||||||
Aerospace | Defense | Sporting | Total | ||||||||||||||||||||||
Group | Group | Group | |||||||||||||||||||||||
Balance, March 31, 2013 | $ | 676,516 | $ | 366,947 | $ | 208,073 | $ | 1,251,536 | |||||||||||||||||
Acquisitions | — | — | 660,913 | 660,913 | |||||||||||||||||||||
Effect of foreign currency exchange rates | — | — | 1,217 | 1,217 | |||||||||||||||||||||
Balance at December 29, 2013 | $ | 676,516 | $ | 366,947 | $ | 870,203 | $ | 1,913,666 | |||||||||||||||||
The acquisitions in the Sporting Group related to the preliminary purchase price allocation for Savage and Bushnell as previously discussed. | |||||||||||||||||||||||||
The goodwill recorded within Aerospace Group above is presented net of $108,500 of accumulated impairment losses. | |||||||||||||||||||||||||
Included in Net intangible assets as of December 29, 2013 and March 31, 2013 are $204,665 and $38,998, respectively, of other intangible assets consisting of trademarks and brand names that are not being amortized as their estimated useful lives are considered indefinite and amortizing assets, as follows: | |||||||||||||||||||||||||
29-Dec-13 | 31-Mar-13 | ||||||||||||||||||||||||
Gross | Accumulated | Total | Gross | Accumulated | Total | ||||||||||||||||||||
carrying | amortization | carrying | amortization | ||||||||||||||||||||||
amount | amount | ||||||||||||||||||||||||
Trade name | $ | 188,317 | $ | (19,707 | ) | $ | 168,610 | $ | 66,060 | $ | (13,531 | ) | $ | 52,529 | |||||||||||
Patented technology | 35,125 | (9,648 | ) | 25,477 | 17,400 | (7,230 | ) | 10,170 | |||||||||||||||||
Customer relationships and other | 226,710 | (34,573 | ) | 192,137 | 34,185 | (25,928 | ) | 8,257 | |||||||||||||||||
Total | $ | 450,152 | $ | (63,928 | ) | $ | 386,224 | $ | 117,645 | $ | (46,689 | ) | $ | 70,956 | |||||||||||
The gross amount of amortizable and non-amortizable intangible assets increased from March 31, 2013 due to the acquisition of Savage and Bushnell. The assets in the table above are being amortized using a straight-line method over a weighted average remaining period of approximately 9.8 years. Amortization expense for the quarter and nine months ended December 29, 2013 was $10,133 and $17,239, respectively. Amortization expense for the quarter and nine months ended December 30, 2012 was $2,665 and $8,400, respectively. ATK expects amortization expense related to these assets to be as follows: | |||||||||||||||||||||||||
Remainder of fiscal 2014 | $ | 15,956 | |||||||||||||||||||||||
Fiscal 2015 | 41,204 | ||||||||||||||||||||||||
Fiscal 2016 | 39,607 | ||||||||||||||||||||||||
Fiscal 2017 | 37,317 | ||||||||||||||||||||||||
Fiscal 2018 | 37,317 | ||||||||||||||||||||||||
Thereafter | 214,823 | ||||||||||||||||||||||||
Total | $ | 386,224 | |||||||||||||||||||||||
Deferred charges and other non-current assets consist of the following: | |||||||||||||||||||||||||
December 29, 2013 | March 31, 2013 | ||||||||||||||||||||||||
Gross debt issuance costs | $ | 28,356 | $ | 21,341 | |||||||||||||||||||||
Less accumulated amortization | (2,909 | ) | (8,489 | ) | |||||||||||||||||||||
Net debt issuance costs | 25,447 | 12,852 | |||||||||||||||||||||||
Parts inventory | 10,160 | 10,886 | |||||||||||||||||||||||
Environmental remediation receivable | 21,331 | 28,254 | |||||||||||||||||||||||
Derivative contracts | 339 | — | |||||||||||||||||||||||
Other non-current assets | 58,670 | 53,469 | |||||||||||||||||||||||
Total deferred charges and other non-current assets | $ | 115,947 | $ | 105,461 | |||||||||||||||||||||
Earnings_Per_Share_Data
Earnings Per Share Data | 9 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share Data | ' | ||||||||||||
Earnings Per Share Data | |||||||||||||
Basic earnings per share ("EPS") is computed based upon the weighted average number of common shares outstanding for each period. Diluted EPS is computed based on the weighted average number of common shares and common equivalent shares. Common equivalent shares represent the effect of stock-based awards and contingently issuable shares related to ATK's Convertible Senior Subordinated Notes (see Note 12) during each period presented, which, if exercised, earned, or converted, would have a dilutive effect on EPS. In computing EPS for the quarter and nine months ended December 29, 2013 and December 30, 2012 earnings, as reported for each respective period, is divided by (in thousands): | |||||||||||||
Quarters Ended | Nine months ended | ||||||||||||
December 29, 2013 | December 30, 2012 | December 29, 2013 | December 30, 2012 | ||||||||||
Basic EPS shares outstanding | 31,536 | 32,454 | 31,701 | 32,493 | |||||||||
Dilutive effect of stock-based awards | 256 | 198 | 241 | 148 | |||||||||
Dilutive effect of contingently issuable shares | 821 | — | 476 | — | |||||||||
Diluted EPS shares outstanding | 32,613 | 32,652 | 32,418 | 32,641 | |||||||||
Shares excluded from the calculation of diluted EPS because the option exercise/threshold price was greater than the average market price of the common shares | 3 | 150 | 3 | 151 | |||||||||
As discussed further in Note 12, contingently issuable shares related to ATK’s 3.00% Convertible Senior Subordinated Notes due 2024 are not included in diluted EPS for the three or nine months ended December 30, 2012 because ATK’s average stock price during these periods did not exceed the triggering price. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||
ATK is exposed to market risks arising from adverse changes in: | |||||||||||||||||||
• | commodity prices affecting the cost of raw materials and energy, | ||||||||||||||||||
• | interest rates, and | ||||||||||||||||||
• | foreign currency exchange risks. | ||||||||||||||||||
In the normal course of business, these risks are managed through a variety of strategies, including the use of derivative instruments. Commodity forward contracts are periodically used to hedge forecasted purchases of certain commodities, foreign currency exchange contracts are used to hedge forecasted transactions denominated in a foreign currency, and ATK periodically uses interest rate swaps to hedge forecasted interest payments and the risk associated with variable interest rates on long-term debt. | |||||||||||||||||||
ATK entered into forward contracts for copper and zinc during fiscal 2014 and 2013. The contracts essentially establish a fixed price for the underlying commodity and are designated and qualify as effective cash flow hedges of purchases of the commodity. Ineffectiveness is calculated as the amount by which the change in the fair value of the derivatives exceeds the change in the fair value of the anticipated commodity purchases. | |||||||||||||||||||
ATK entered into interest rate swaps in the second and third quarters of fiscal 2014 whereby we pay a fixed rate on a total notional amount of $400,000 and receive one-month LIBOR. The fair value of interest rate swap agreements approximates the amount at which they could be settled, based on estimates obtained from the counterparties. We perform assessments of the effectiveness of our hedge instruments on a quarterly basis and during fiscal 2014 determined the hedges to be highly effective. The counterparties to the interest rate swap agreements expose us to credit risk in the event of nonperformance. However, at December 29, 2013, three of the outstanding swap agreements were in a net liability position which would require us to make the net settlement payments to the counterparties, and two of the outstanding swap agreements were in a net asset position which would require the counterparties to make the net settlement payments to ATK. We do not anticipate nonperformance by our counterparties. We do not hold or issue derivative financial instruments for trading purposes. | |||||||||||||||||||
ATK has not entered into any foreign currency forward contracts during fiscal 2014 or 2013. Contracts entered into prior to fiscal 2013 were used to hedge forecasted inventory purchases and subsequent payments, or customer receivables, denominated in foreign currencies and were designated and qualified as effective cash flow hedges. Ineffectiveness with respect to forecasted inventory purchases was calculated based on changes in the forward rate until the anticipated purchase occurs; ineffectiveness of the hedge of the accounts payable was evaluated based on the change in fair value of its anticipated settlement. | |||||||||||||||||||
The fair value of the commodity, interest rate, and foreign currency forward contracts are recorded within other assets or liabilities, as appropriate, and the effective portion is reflected in accumulated Other Comprehensive Income (Loss) in the financial statements. The gains or losses on the commodity forward contracts are recorded in inventory as the commodities are purchased. The gains or losses on the foreign currency forward contracts are recorded in earnings when the related inventory is sold. The gains or losses on the interest rate swaps are recorded in interest expense when the interest payments are made. | |||||||||||||||||||
As of December 29, 2013, ATK had the following outstanding commodity forward contracts that were entered into to hedge forecasted purchases: | |||||||||||||||||||
Number of | |||||||||||||||||||
Pounds | |||||||||||||||||||
Copper | 15,252,000 | ||||||||||||||||||
Zinc | 5,478,000 | ||||||||||||||||||
As of December 29, 2013, ATK had three outstanding interest rate swaps with notional amounts of $100,000 each with maturity dates in August 2016, 2017, and 2018, as well as two interest rate swaps with notional amounts of $50,000 each with maturity dates in November 2016 and 2017. See footnote 12 for additional information. | |||||||||||||||||||
As of December 29, 2013, ATK had no outstanding foreign currency forward contracts in place. | |||||||||||||||||||
The table below presents the fair value and location of ATK's derivative instruments designated as hedging instruments in the consolidated balance sheet as of the periods presented. | |||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Fair value as of | Fair value as of | ||||||||||||||||||
Location | 29-Dec-13 | 31-Mar-13 | 29-Dec-13 | 31-Mar-13 | |||||||||||||||
Commodity forward contracts | Other current assets / | $ | — | $ | — | $ | 3,256 | $ | 2,871 | ||||||||||
other accrued liabilities | |||||||||||||||||||
Commodity forward contracts | Deferred charges and | — | — | — | 659 | ||||||||||||||
other non-current | |||||||||||||||||||
assets / other long-term liabilities | |||||||||||||||||||
Interest rate contracts | Deferred charges and | $ | 339 | $ | — | $ | 2,286 | $ | — | ||||||||||
other non-current | |||||||||||||||||||
assets / other long-term liabilities | |||||||||||||||||||
Total | $ | 339 | $ | — | $ | 5,542 | $ | 3,530 | |||||||||||
Due to the nature of ATK's business, the benefits associated with the commodity contracts may be passed on to the customer and not realized by ATK. | |||||||||||||||||||
For the periods presented below, the derivative gains and losses in the consolidated income statements related to commodity forward contracts, interest rate swaps, and foreign currency forward contracts were as follows: | |||||||||||||||||||
Pretax amount of gain | Gain or (loss) recognized | ||||||||||||||||||
(loss) reclassified from | in income on derivative | ||||||||||||||||||
Accumulated Other | (ineffective portion and | ||||||||||||||||||
Comprehensive Income | amount excluded from | ||||||||||||||||||
(Loss) | effectiveness testing) | ||||||||||||||||||
Location | Amount | Location | Amount | ||||||||||||||||
Quarter ended December 29, 2013 | |||||||||||||||||||
Commodity forward contracts | Cost of Sales | $ | (2,688 | ) | Cost of Sales | $ | — | ||||||||||||
Interest rate contracts | Interest expense | (869 | ) | Interest expense | — | ||||||||||||||
Foreign currency forward contracts | Cost of Sales | — | Cost of Sales | — | |||||||||||||||
Quarter ended December 30, 2012 | |||||||||||||||||||
Commodity forward contracts | Cost of Sales | $ | (1,884 | ) | Cost of Sales | $ | — | ||||||||||||
Interest rate contracts | Interest expense | — | Interest expense | — | |||||||||||||||
Foreign currency forward contracts | Cost of Sales | — | Cost of Sales | — | |||||||||||||||
Nine months ended December 29, 2013 | |||||||||||||||||||
Commodity forward contracts | Cost of Sales | $ | (4,297 | ) | Cost of Sales | $ | (1,637 | ) | |||||||||||
Interest rate contracts | Interest expense | (869 | ) | Interest expense | — | ||||||||||||||
Foreign currency forward contracts | Cost of Sales | — | Cost of Sales | — | |||||||||||||||
Nine months ended December 30, 2012 | |||||||||||||||||||
Commodity forward contracts | Cost of Sales | $ | (5,846 | ) | Cost of Sales | $ | — | ||||||||||||
Interest rate contracts | Interest expense | — | Interest expense | — | |||||||||||||||
Foreign currency forward contracts | Cost of Sales | (30 | ) | Cost of Sales | — | ||||||||||||||
All derivatives used by ATK during the periods presented were designated as hedging instruments. | |||||||||||||||||||
During the quarter and nine months ended December 29, 2013 there was a loss of $0 and $1,637, respectively, recognized in earnings as a result of ineffectiveness on forward contracts for copper and zinc. ATK expects that the remaining unrealized losses will be realized and reported in cost of sales as the cost of the commodities is included in cost of sales. Estimated and actual gains or losses will change as market prices change. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | ' | |||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||||||||||||||||||
The components of accumulated other comprehensive income (loss) ("AOCI"), net of income taxes, are as follows: | ||||||||||||||||||||||||||||||||||||||||
December 29, 2013 | March 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Derivatives | $ | (2,739 | ) | $ | (2,192 | ) | ||||||||||||||||||||||||||||||||||
Pension and other postretirement benefit liabilities | (771,951 | ) | (826,898 | ) | ||||||||||||||||||||||||||||||||||||
Cumulative translation adjustment | (1,620 | ) | — | |||||||||||||||||||||||||||||||||||||
Available-for-sale securities | 739 | 786 | ||||||||||||||||||||||||||||||||||||||
Total accumulated other comprehensive loss | $ | (775,571 | ) | $ | (828,304 | ) | ||||||||||||||||||||||||||||||||||
The following table summarizes the changes in the balance of AOCI, net of income tax: | ||||||||||||||||||||||||||||||||||||||||
Quarter ended December 29, 2013 | Nine months ended December 29, 2013 | |||||||||||||||||||||||||||||||||||||||
Derivatives | Pension and other Postretire-ment Benefits | Available for Sale Securities | Cumulative translation adjustment | Total | Derivatives | Pension and other Postretire-ment Benefits | Available for Sale Securities | Cumulative translation adjustment | Total | |||||||||||||||||||||||||||||||
Beginning of period unrealized gain (loss) in AOCI | $ | (4,985 | ) | $ | (790,267 | ) | $ | 683 | $ | 34 | $ | (794,535 | ) | $ | (2,192 | ) | $ | (826,898 | ) | $ | 786 | $ | — | $ | (828,304 | ) | ||||||||||||||
Net decrease in fair value of derivatives | 59 | — | — | — | 59 | (4,730 | ) | — | — | — | (4,730 | ) | ||||||||||||||||||||||||||||
Net losses reclassified from AOCI, offsetting the price paid to suppliers ± | 2,187 | — | — | — | 2,187 | 3,184 | — | — | — | 3,184 | ||||||||||||||||||||||||||||||
Net losses reclassified from AOCI, due to ineffectiveness ± | — | — | — | — | — | 999 | — | — | — | 999 | ||||||||||||||||||||||||||||||
Net actuarial losses reclassified from AOCI # | — | 22,847 | — | — | 22,847 | — | 68,541 | — | — | 68,541 | ||||||||||||||||||||||||||||||
Prior service costs reclassified from AOCI # | — | (4,531 | ) | — | — | (4,531 | ) | — | (13,594 | ) | — | — | (13,594 | ) | ||||||||||||||||||||||||||
Net change in cumulative translation adjustment | — | — | — | (1,654 | ) | (1,654 | ) | — | — | — | (1,620 | ) | (1,620 | ) | ||||||||||||||||||||||||||
Other | — | — | 56 | — | 56 | — | — | (47 | ) | — | (47 | ) | ||||||||||||||||||||||||||||
End of period unrealized loss in AOCI | $ | (2,739 | ) | $ | (771,951 | ) | $ | 739 | $ | (1,620 | ) | $ | (775,571 | ) | $ | (2,739 | ) | $ | (771,951 | ) | $ | 739 | $ | (1,620 | ) | $ | (775,571 | ) | ||||||||||||
± Amounts related to our derivative instruments that were reclassified from AOCI were recorded as a component of cost of sales for each period presented. | ||||||||||||||||||||||||||||||||||||||||
# Amounts related to our pension and other postretirement benefits that were reclassified from AOCI were recorded as a component of net periodic benefit cost for each period presented (Note 13). | ||||||||||||||||||||||||||||||||||||||||
Quarter ended December 30, 2012 | Nine months ended December 30, 2012 | |||||||||||||||||||||||||||||||||||||||
Derivatives | Pension and other Postretire-ment Benefits | Available for Sale Securities | Total | Derivatives | Pension and other Postretire-ment Benefits | Available for Sale Securities | Total | |||||||||||||||||||||||||||||||||
Beginning of period unrealized gain (loss) in AOCI | $ | 2,082 | $ | (877,403 | ) | $ | 764 | $ | (874,557 | ) | $ | 3,416 | $ | (913,742 | ) | $ | 996 | $ | (909,330 | ) | ||||||||||||||||||||
Net decrease in fair value of derivatives | (2,223 | ) | — | — | (2,223 | ) | (6,011 | ) | — | — | (6,011 | ) | ||||||||||||||||||||||||||||
Net losses reclassified from OCI, offsetting the price paid to suppliers ± | 1,159 | — | — | 1,159 | 3,613 | — | — | 3,613 | ||||||||||||||||||||||||||||||||
Net actuarial losses reclassified from AOCI # | — | 19,519 | — | 19,519 | — | 58,561 | — | 58,561 | ||||||||||||||||||||||||||||||||
Prior service costs reclassified from AOCI # | — | (1,352 | ) | — | (1,352 | ) | — | (4,055 | ) | — | (4,055 | ) | ||||||||||||||||||||||||||||
Other | — | — | 41 | 41 | — | — | (191 | ) | (191 | ) | ||||||||||||||||||||||||||||||
End of period unrealized loss in AOCI | $ | 1,018 | $ | (859,236 | ) | $ | 805 | $ | (857,413 | ) | $ | 1,018 | $ | (859,236 | ) | $ | 805 | $ | (857,413 | ) | ||||||||||||||||||||
± Amounts related to our derivative instruments that were reclassified from AOCI were recorded as a component of cost of sales for each period presented. | ||||||||||||||||||||||||||||||||||||||||
# Amounts related to our pension and other postretirement benefits that were reclassified from AOCI were recorded as a component of net periodic benefit cost for each period presented (Note 13). |
Receivables
Receivables | 9 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Receivables | ' | ||||||||
Receivables | |||||||||
Receivables, including amounts due under long-term contracts ("contract receivables"), are summarized as follows: | |||||||||
December 29, 2013 | March 31, 2013 | ||||||||
Billed receivables | $ | 522,623 | $ | 395,309 | |||||
Unbilled receivables | 871,607 | 892,577 | |||||||
Other | 17,071 | 24,687 | |||||||
Net receivables | $ | 1,411,301 | $ | 1,312,573 | |||||
Receivable balances are shown net of customer progress payments received of $500,833 as of December 29, 2013 and $381,503 as of March 31, 2013. | |||||||||
Unbilled receivables represent the balance of recoverable costs and accrued profit, comprised principally of revenue recognized on contracts for which billings have not been presented to the customer because the amounts were earned but not contractually billable as of the balance sheet date. These amounts include expected additional billable general overhead costs and fees on flexibly priced contracts awaiting final rate negotiations. | |||||||||
As of December 29, 2013 and March 31, 2013, the net receivable balance includes contract related unbilled receivables that ATK does not expect to collect within the next fiscal year of $284,512 and $282,068, respectively. |
Inventories
Inventories | 9 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories | |||||||||
Inventories consist of the following: | |||||||||
29-Dec-13 | 31-Mar-13 | ||||||||
Raw materials | $ | 135,481 | $ | 102,238 | |||||
Work/Contracts in process | 146,206 | 82,454 | |||||||
Finished Goods | 271,530 | 130,372 | |||||||
Net inventories | $ | 553,217 | $ | 315,064 | |||||
Other_Liabilities
Other Liabilities | 9 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Other Liabilities | ' | ||||||||
Other Accrued Liabilities | |||||||||
The major categories of other current and long-term accrued liabilities are as follows: | |||||||||
December 29, 2013 | March 31, 2013 | ||||||||
Employee benefits and insurance, including pension and other postretirement benefits | $ | 74,999 | $ | 75,882 | |||||
Warranty | 19,700 | 19,669 | |||||||
Interest | 16,014 | 1,887 | |||||||
Environmental remediation | 5,049 | 6,847 | |||||||
Rebate | 28,621 | 6,875 | |||||||
Deferred lease obligation | 27,942 | 28,424 | |||||||
Derivative contracts | 3,256 | 2,871 | |||||||
Federal excise tax | 38,722 | 22,367 | |||||||
Accrued Advertising | 10,310 | 1,296 | |||||||
Other | 118,773 | 95,903 | |||||||
Total other accrued liabilities—current | $ | 343,386 | $ | 262,021 | |||||
Environmental remediation | $ | 42,037 | $ | 49,373 | |||||
Management nonqualified deferred compensation plan | 17,064 | 17,409 | |||||||
Non-current portion of accrued income tax liability | 15,547 | 25,400 | |||||||
Deferred lease obligation | 15,795 | 14,342 | |||||||
Other | 25,773 | 19,934 | |||||||
Total other long-term liabilities | $ | 116,216 | $ | 126,458 | |||||
ATK provides product warranties, which entail repair or replacement of non-conforming items, in conjunction with sales of certain products. Estimated costs related to warranties are recorded in the period in which the related product sales occur. The warranty liability recorded at each balance sheet date reflects the estimated liability for warranty coverage for products delivered based on historical information and current trends. The following is a reconciliation of the changes in ATK's product warranty liability during fiscal 2014: | |||||||||
Balance at March 31, 2013 | $ | 19,669 | |||||||
Payments made | (2,313 | ) | |||||||
Warranties issued | 113 | ||||||||
Changes related to preexisting warranties | 33 | ||||||||
Balance at June 30, 2013 | $ | 17,502 | |||||||
Payments made | (2,576 | ) | |||||||
Warranties issued | 1,288 | ||||||||
Changes related to preexisting warranties | 77 | ||||||||
Balance at September 29, 2013 | $ | 16,291 | |||||||
Payments made | (429 | ) | |||||||
Warranties issued | 559 | ||||||||
Changes related to preexisting warranties | 387 | ||||||||
Warranties assumed in acquisition | 2,892 | ||||||||
Balance at December 29, 2013 | $ | 19,700 | |||||||
LongTerm_Debt
Long-Term Debt | 9 Months Ended | |||||||||||||||
Dec. 29, 2013 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Long-Term Debt | ' | |||||||||||||||
Long-Term Debt | ||||||||||||||||
On November 1, 2013, ATK refinanced its existing credit facility and also entered into $300,000 in Senior Notes, as further discussed below. As of December 29, 2013, long-term debt, including the current portion, consisted of the following: | ||||||||||||||||
29-Dec-13 | 31-Mar-13 | |||||||||||||||
Senior Credit Facility dated November 1, 2013 (1): | ||||||||||||||||
Term A Loan due 2018 | $ | 1,010,000 | $ | — | ||||||||||||
Term B Loan due 2020 | 250,000 | — | ||||||||||||||
Revolving Credit Facility due 2018 | — | — | ||||||||||||||
Senior Credit Facility dated October 7, 2010 (1): | ||||||||||||||||
Term A Loan due 2015 | — | 340,000 | ||||||||||||||
Term A Loan due 2017 | — | 195,000 | ||||||||||||||
Revolving Credit Facility due 2015 | — | — | ||||||||||||||
5.25% Senior Notes due 2021 (2) | 300,000 | — | ||||||||||||||
6.875% Senior Subordinated Notes due 2020 (3) | 350,000 | 350,000 | ||||||||||||||
3.00% Convertible Senior Subordinated Notes due 2024 (4) | 199,453 | 199,453 | ||||||||||||||
Principal amount of long-term debt | 2,109,453 | 1,084,453 | ||||||||||||||
Less: Unamortized discounts | 5,095 | 10,576 | ||||||||||||||
Carrying amount of long-term debt | 2,104,358 | 1,073,877 | ||||||||||||||
Less: current portion | 247,358 | 50,000 | ||||||||||||||
Carrying amount of long-term debt, excluding current portion | $ | 1,857,000 | $ | 1,023,877 | ||||||||||||
(1) On November 1, 2013, ATK entered into a Third Amended and Restated Credit Agreement (the "2013 Senior Credit Facility"), which replaced its 2010 Senior Credit Facility. The 2013 Senior Credit Facility is comprised of a Term A Loan of $1,010,000 and a $700,000 Revolving Credit Facility, both of which mature in 2018, and a Term Loan B of $250,000, which matures in 2020. The Term A Loan is subject to quarterly principal payments of $12,625 beginning on March 31, 2014, with the remaining balance due on November 1, 2018. The Term B Loan is subject to quarterly principal payments of $625 beginning on March 31, 2014, with the remaining balance due on November 1, 2020. Substantially all domestic tangible and intangible assets of ATK and its subsidiaries are pledged as collateral under the 2013 Senior Credit Facility. Borrowings under the 2013 Senior Credit Facility bear interest at a rate equal to either the sum of a base rate plus a margin or the sum of a Eurodollar rate plus a margin. Each margin is based on ATK's senior secured credit ratings. Based on ATK's current credit rating, the current base rate margin is 1.00% and the current Eurodollar margin is 2.00%. The weighted average interest rate for the Term A Loan, after taking into account the interest rate swaps discussed below, was 2.60% at December 29, 2013. ATK pays an annual commitment fee on the unused portion of the Revolving Credit Facility based on its senior secured credit ratings. Based on ATK's current rating, this current fee is 0.30%. As of December 29, 2013, ATK had no borrowings against its $700,000 Revolving Credit Facility and had outstanding letters of credit of $124,554, which reduced amounts available on the Revolving Credit Facility to $575,446. Debt issuance costs totaling approximately $19,000 will be amortized over the term of each related Term Loan. | ||||||||||||||||
In fiscal 2011, ATK entered into a Second Amended and Restated Credit Agreement (the "2010 Senior Credit Facility"), which was comprised of a Term A Loan of $400,000 and a $600,000 Revolving Credit Facility, both of which were to mature in 2015. During the third quarter of fiscal 2014, the Company refinanced this agreement as noted above. The transaction resulted in the write-off of the remaining $6,166 of unamortized debt issuance costs in the quarter ended December 29, 2013. | ||||||||||||||||
(2) On November 1, 2013, ATK issued $300,000 aggregate principal amount of 5.25% Senior Notes (the "5.25% Notes") that mature on October 1, 2021. These notes are general unsecured obligations. Interest on these notes is payable on April 1 and October 1 of each year. ATK has the right to redeem some or all of these notes from time to time on or after October 1, 2016, at specified redemption prices. Prior to October 1, 2016, ATK may redeem some or all of these notes at a price equal to 100% of their principal amount plus accrued and unpaid interest to the date of redemption and a specified make-whole premium. In addition, prior to October 1, 2016, ATK may redeem up to 35% of the aggregate principal amount of these notes with the net cash proceeds of certain equity offerings, at a price equal to 105.25% of their principal amount plus accrued and unpaid interest to the date of redemption. Debt issuance costs of approximately $3,000 related to these notes will be amortized to interest expense over the term of the notes. | ||||||||||||||||
(3) In fiscal 2011, ATK issued $350,000 aggregate principal amount of 6.875% Senior Subordinated Notes ("the 6.875% Notes") that mature on September 15, 2020. These notes are general unsecured obligations. Interest on these notes is payable on March 15 and September 15 of each year. ATK has the right to redeem some or all of these notes from time to time on or after September 15, 2015, at specified redemption prices. Prior to September 15, 2015, ATK may redeem some or all of these notes at a price equal to 100% of their principal amount plus accrued and unpaid interest to the date of redemption and a specified make-whole premium. Debt issuance costs of approximately $7,100 related to these notes are being amortized to interest expense over 10 years. | ||||||||||||||||
(4) In fiscal 2005, ATK issued $200,000 aggregate principal amount of 3.00% Convertible Senior Subordinated Notes (the 3.00% Convertible Notes) that mature on August 15, 2024. Interest on these notes is payable on February 15 and August 15 of each year. Under select conditions, ATK will pay contingent interest on these notes, which is treated as an embedded derivative; the fair value of this feature was insignificant at December 29, 2013 and March 31, 2013. ATK may redeem some or all of these notes in cash, for 100% of the principal amount plus any accrued but unpaid interest, at any time on or after August 20, 2014. Holders of these notes may require ATK to repurchase in cash, for 100% of the principal amount plus any accrued but unpaid interest, some or all of these notes on August 15, 2014 and August 15, 2019. Under specified conditions (including if, during any fiscal quarter, the last reported sale price of ATK’s common stock is greater than or equal to 130% of the conversion price for at least 20 trading days in the period of 30 consecutive trading days ending on the last trading day of the preceding fiscal quarter), holders may also convert their 3.00% Convertible Notes into shares of ATK’s common stock. These notes had an initial conversion rate of 12.5392 shares per $1 principal amount (a conversion price of $79.75). Pursuant to provisions in the indenture requiring adjustment of the conversion rate upon the payment of dividends, the conversion rate for these notes is now 13.0717, which correspondingly has changed the conversion price per share to $76.50. The stock price condition was met during the quarter ended December 29, 2013; accordingly, the notes are now convertible at any time, at the option of the holder, through March 31, 2014, and will remain convertible so long as ATK’s stock price continues to meet the 130%-of-conversion-price condition, as described above. The stock price condition was also met in fiscal 2009 and $547 of these notes were converted. Because the notes are now convertible and also will be putable within the next year, the remaining principal amount of $199,453 is classified as short-term. The convertible shares had an impact on diluted shares outstanding for the quarter and nine-month periods ended December 29, 2013 of 821,000 and 476,000, respectively, because ATK's average stock price exceeded the conversion price during those periods. These shares had no impact on the diluted shares outstanding for the quarter and nine-month period ended December 30, 2012 as the average stock price did not exceed the conversion price during those periods. | ||||||||||||||||
The current authoritative accounting literature requires that issuers of convertible debt instruments that may be settled in cash upon conversion separately account for the liability and equity components in a manner that reflects the entity’s nonconvertible debt borrowing rate when interest cost is recognized in subsequent periods. This provision applies to the convertible debt instrument discussed above. | ||||||||||||||||
The unamortized discount is amortized through interest expense into earnings over the expected term of the convertible notes. The following table provides additional information about ATK’s 3.00% Convertible Notes: | ||||||||||||||||
29-Dec-13 | 31-Mar-13 | |||||||||||||||
Carrying amount of the equity component | $ | 56,849 | $ | 56,849 | ||||||||||||
Principal amount of the liability component | $ | 199,453 | $ | 199,453 | ||||||||||||
Unamortized discount of liability component | $ | 5,095 | $ | 10,576 | ||||||||||||
Net carrying amount of liability component | $ | 194,358 | $ | 188,877 | ||||||||||||
Remaining amortization period of discount | 128 | 137 | ||||||||||||||
Effective interest rate on liability component | 7 | % | 7 | % | ||||||||||||
Based on ATK's closing stock price of $122.05 on December 29, 2013, the if-converted value of these notes exceeded the aggregate principal amount of the notes by $118,755. | ||||||||||||||||
Interest Rate Swaps | ||||||||||||||||
During fiscal 2014, ATK entered into five floating-to-fixed interest rate swap agreements in order to manage interest costs and the risk associated with variable interest rates. As of December 29, 2013, ATK had the following cash flow hedge interest rate swaps in place: | ||||||||||||||||
Notional | Fair Value | Pay Fixed | Receive Floating | Maturity Date | ||||||||||||
Non-amortizing swap | $ | 100,000 | $ | (661 | ) | 0.87 | % | 0.16 | % | Aug-16 | ||||||
Non-amortizing swap | $ | 100,000 | $ | (805 | ) | 1.29 | % | 0.16 | % | Aug-17 | ||||||
Non-amortizing swap | $ | 100,000 | $ | (820 | ) | 1.69 | % | 0.16 | % | Aug-18 | ||||||
Non-amortizing swap | $ | 50,000 | $ | 146 | 0.65 | % | 0.16 | % | Nov-16 | |||||||
Non-amortizing swap | $ | 50,000 | $ | 193 | 1.1 | % | 0.16 | % | Nov-17 | |||||||
The amount to be paid or received under these swaps is recorded as an adjustment to interest expense. | ||||||||||||||||
See Note 9 to the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2013 for additional information regarding the terms and conditions of the Company’s outstanding debt agreements. | ||||||||||||||||
Rank and Guarantees | ||||||||||||||||
The 5.25% Notes rank senior in right of payment to the 3.00% Convertible Notes and the 6.875% Notes (the latter two of which rank equal with each other), all of which are subordinated in right of payment to all existing and future senior secured indebtedness, including the Senior Credit Facility. The outstanding notes are guaranteed on an unsecured basis, jointly and severally and fully and unconditionally, by substantially all of ATK's domestic subsidiaries. The parent company has no independent assets or operations. As a result of the acquisition of Bushnell during the third quarter, ATK's non-guarantor subsidaries become more than minor. See footnote 20 for consolidating financial information of the guarantor and non-guarantor subsidiaries. All of these guarantor subsidiaries are 100% owned by ATK. These guarantees are senior or senior subordinated obligations, as applicable, of the applicable subsidiary guarantors. The guarantee by any Subsidiary Guarantor of ATK’s obligations in respect of the 5.25% Notes and the 6.875% Notes will be released in each of the following circumstances: | ||||||||||||||||
• | if, as a result of the sale of its capital stock, such Subsidiary Guarantor ceases to be a Restricted Subsidiary; | |||||||||||||||
• | if such Subsidiary Guarantor is designated as an “Unrestricted Subsidiary”; | |||||||||||||||
• | upon defeasance or satisfaction and discharge of the 5.25% Notes or the 6.875% Notes, as applicable; and | |||||||||||||||
• | if such Subsidiary Guarantor has been released from its guarantees of indebtedness under the Credit Agreement and all capital markets debt securities. | |||||||||||||||
The guarantee by any Subsidiary Guarantor of the Company’s obligations in respect of the 3.00% Convertible Notes due 2024 will be released if such Subsidiary Guarantor is released from its guarantee of the 5.25% Notes and the 6.875% Notes. | ||||||||||||||||
Scheduled Minimum Loan Payments | ||||||||||||||||
The scheduled minimum loan payments on outstanding long-term debt are as follows: | ||||||||||||||||
Remainder of fiscal 2014 | $ | 13,250 | ||||||||||||||
Fiscal 2015 | 252,453 | |||||||||||||||
Fiscal 2016 | 53,000 | |||||||||||||||
Fiscal 2017 | 53,000 | |||||||||||||||
Fiscal 2018 | 53,000 | |||||||||||||||
Thereafter | 1,684,750 | |||||||||||||||
Total | $ | 2,109,453 | ||||||||||||||
ATK's total debt (current portion of debt and long-term debt) as a percentage of total capitalization (total debt and stockholders' equity) was 55% and 42% as of December 29, 2013 and March 31, 2013, respectively. | ||||||||||||||||
Covenants and Default Provisions | ||||||||||||||||
ATK's Senior Credit Facility and the indentures governing the 5.25% Notes, the 6.875% Notes, and the 3.00% Convertible Notes impose restrictions on ATK, including limitations on its ability to incur additional debt, enter into capital leases, grant liens, pay dividends and make certain other payments, sell assets, or merge or consolidate with or into another entity. In addition, the Senior Credit Facility limits ATK's ability to enter into sale-and-leaseback transactions. ATK’s 5.25% Notes and its 6.875% Notes limit the aggregate sum of dividends, share repurchases, and other designated restricted payments to an amount based on ATK’s net income, stock issuance proceeds, and certain other items, less restricted payments made, since April 1, 2001. As of December 29, 2013, this limit was approximately $839,000. The 2013 Senior Credit Facility allows ATK to make unlimited “restricted payments” (as defined in the credit agreement), which, among other items, would allow payments for future stock repurchases, as long as ATK maintains a certain amount of liquidity and maintains certain senior debt limits, with a limit, when those senior debt limits are not met, of $250,000 plus proceeds of any equity issuances plus 50% of net income since October 7, 2010. The Senior Credit Facility also requires that ATK meet and maintain specified financial ratios, including a minimum interest coverage ratio, a maximum consolidated senior leverage ratio, and a maximum consolidated leverage ratio. Many of ATK's debt agreements contain cross-default provisions so that non-compliance with the covenants within one debt agreement could cause a default under other debt agreements as well. ATK's ability to comply with these covenants and to meet and maintain the financial ratios may be affected by events beyond its control. Borrowings under the 2013 Senior Credit Facility are subject to compliance with these covenants. As of December 29, 2013, ATK was in compliance with the financial covenants. | ||||||||||||||||
Cash Paid for Interest on Debt | ||||||||||||||||
Cash paid for interest totaled $27,757 in the nine months ended December 29, 2013, and $45,931 in the nine months ended December 30, 2012. |
Employee_Benefit_Plans
Employee Benefit Plans | 9 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
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 | Nine Months Ended | ||||||||||||||||
Components of Net Periodic Benefit Cost | December 29, 2013 | December 30, 2012 | December 29, 2013 | December 30, 2012 | |||||||||||||
Service cost | $ | 8,691 | $ | 16,007 | $ | 26,072 | $ | 48,022 | |||||||||
Interest cost | 32,563 | 36,145 | 97,690 | 108,458 | |||||||||||||
Expected return on plan assets | (40,278 | ) | (41,839 | ) | (120,833 | ) | (125,853 | ) | |||||||||
Amortization of unrecognized net loss | 36,473 | 31,134 | 109,418 | 93,467 | |||||||||||||
Amortization of unrecognized prior service cost | (5,246 | ) | (97 | ) | (15,738 | ) | (294 | ) | |||||||||
Net periodic benefit cost before special termination benefits cost / curtailment | 32,203 | 41,350 | 96,609 | 123,800 | |||||||||||||
Special termination benefits cost / curtailment | — | — | — | 2,000 | |||||||||||||
Net periodic benefit cost | $ | 32,203 | $ | 41,350 | $ | 96,609 | $ | 125,800 | |||||||||
Other Postretirement Benefits | |||||||||||||||||
Quarters Ended | Nine Months Ended | ||||||||||||||||
Components of Net Periodic Benefit Cost | December 29, 2013 | December 30, 2012 | December 29, 2013 | December 30, 2012 | |||||||||||||
Service cost | $ | 2 | $ | 1 | $ | 7 | $ | 3 | |||||||||
Interest cost | 1,302 | 1,623 | 3,905 | 4,870 | |||||||||||||
Expected return on plan assets | (855 | ) | (813 | ) | (2,564 | ) | (2,440 | ) | |||||||||
Amortization of unrecognized net loss | 572 | 663 | 1,716 | 1,990 | |||||||||||||
Amortization of unrecognized prior service cost | (2,095 | ) | (2,095 | ) | (6,286 | ) | (6,286 | ) | |||||||||
Net periodic benefit income | $ | (1,074 | ) | $ | (621 | ) | $ | (3,222 | ) | $ | (1,863 | ) | |||||
During the nine months ended December 30, 2012, ATK recorded a settlement expense of $2,000 to recognize the impact of lump sum benefit payments made under the nonqualified supplemental executive retirement plan. | |||||||||||||||||
Employer Contributions. During the nine months ended December 29, 2013, ATK contributed $40,000 directly to the pension trust and $2,118 directly to retirees under its nonqualified supplemental executive retirement plan. ATK also contributed $9,559 to its other postretirement benefit plans. ATK anticipates making additional contributions of approximately $1,479 directly to retirees under the nonqualified plan and $2,403 to its other postretirement benefit plans during the remainder of fiscal 2014. |
Income_Taxes
Income Taxes | 9 Months Ended |
Dec. 29, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
ATK’s provision for income taxes includes federal, foreign, and state income taxes. Income tax provisions for interim periods are based on estimated effective annual income tax rates. | |
The income tax provisions for the quarters ended December 29, 2013 and December 30, 2012 represent effective tax rates of 32.7% and 31.9%, respectively. The increase in the rate from the prior year quarter is primarily due to current year nondeductible acquisition-related costs and decreased benefits from the domestic manufacturing deduction, partially offset by the favorable true-up of prior-year taxes and the retroactive extension of the research and development credit ("R&D credit") that occurred after the prior year quarter. | |
The income tax provisions for the nine months ended December 29, 2013 and December 30, 2012 represent effective tax rates of 32.7% and 30.0%, respectively. The increase in the rate from the prior year period is primarily due to the prior year period settlement of the examination by the Internal Revenue Service ("IRS") of the fiscal 2009 and 2010 tax returns and nondeductible acquisition-related costs, partially offset by the revaluation of unrecognized tax benefits due to proposed IRS regulations enacted in the second quarter of the current fiscal year. | |
The IRS released final regulations relating to the capitalization of tangible personal property on September 13, 2013. ATK is currently analyzing the impact of these new regulations. We do not believe they will have a material impact on our financial statements. | |
ATK or one of its subsidiaries files income tax returns in the U.S. federal, various U.S. state, and foreign jurisdictions. With few exceptions, ATK is no longer subject to U.S. federal, state and local, or foreign income tax examinations by tax authorities for years prior to 2007. The IRS has completed the audits of ATK through fiscal 2010 and is currently auditing ATK's tax returns for fiscal years 2011 and 2012. We believe appropriate provisions for all outstanding issues have been made for all remaining open years in all jurisdictions. | |
Although the timing and outcome of audit settlements are uncertain, it is reasonably possible that a $4,686 reduction of the uncertain tax benefits will occur in the next 12 months. The settlement of these unrecognized tax benefits could result in earnings from $0 to $4,294. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |
Dec. 29, 2013 | ||
Equity [Abstract] | ' | |
Stock-Based Compensation | ' | |
Stock-Based Compensation | ||
ATK has authorized 5,000,000 shares of preferred stock, par value $1.00, none of which has been issued. | ||
Total pre-tax stock-based compensation expense of $3,129 and $4,441 was recognized during the quarters ended December 29, 2013 and December 30, 2012, respectively. Total pre-tax stock-based compensation expense of $9,437 and $10,878 was recognized during the nine months ended December 29, 2013 and December 30, 2012, respectively. | ||
The total income tax benefit recognized in the income statement for share-based compensation was $1,199 and $1,246 during the quarters ended December 29, 2013 and December 30, 2012, respectively. The total income tax benefit recognized in the income statement for share-based compensation was $3,620 and $2,496 during the nine months ended December 29, 2013 and December 30, 2012, respectively. | ||
ATK sponsors four stock-based incentive plans, which are the Alliant Techsystems Inc. 1990 Equity Incentive Plan, the Non-Employee Director Restricted Stock Plan, the 2000 Stock Incentive Plan, and the 2005 Stock Incentive Plan. As of December 29, 2013, ATK has authorized up to 3,982,360 common shares under the 2005 Stock Incentive Plan, of which 1,325,135 common shares are available to be granted. No new grants will be made out of the other three plans. Furthermore, as of December 29, 2013, no awards remained outstanding under the 2000 Stock Incentive Plan. | ||
There are four types of awards outstanding under ATK's stock incentive plans: performance awards, total stockholder return performance awards ("TSR awards"), restricted stock, and stock options. ATK issues treasury shares upon the payment of performance awards and TSR awards, grant of restricted stock, or exercise of stock options. | ||
As of December 29, 2013, there were up to 418,836 shares reserved for performance awards for key employees. Performance shares are valued at the fair value of ATK stock as of the grant date and expense is recognized based on the number of shares expected to vest under the terms of the award under which they are granted. Of these shares: | ||
• | up to 221,062 shares will become payable only upon achievement of certain financial performance goals, including sales and return on invested capital for the fiscal 2012 through fiscal 2014 period; | |
• | up to 102,848 shares will become payable only upon achievement of certain performance goals, including sales and return on invested capital, for the fiscal 2013 through fiscal 2015 period; and | |
• | up to 94,926 shares will become payable only upon achievement of certain performance goals, including sales and return on invested capital, for the fiscal 2014 through fiscal 2016 period. | |
There were 35,852 shares earned during fiscal 2013 upon achievement of certain financial performance goals, including EPS, for the fiscal 2011 through fiscal 2013 period, which were distributed or deferred in May 2013. As other financial performance goals were not met, 155,359 shares were forfeited during fiscal 2013. | ||
As of December 29, 2013, there were up to 45,980 shares reserved for TSR awards for key employees. ATK uses an integrated Monte Carlo simulation model to determine the fair value of the TSR awards. The Monte Carlo model calculates the probability of satisfying the market conditions stipulated in the award. This probability is an input into the trinomial lattice model used to determine the fair value of the awards as well as the assumptions of other variables, including the risk-free interest rate and expected volatility of ATK's stock price in future periods. The risk-free rate is based on the U.S. dollar-denominated U.S. Treasury strip rate with a remaining term that approximates the life assumed at the date of grant. There were no TSR awards granted during the nine months ended December 29, 2013. | ||
Of the shares reserved for TSR awards for key employees, | ||
• | 45,980 shares will become payable upon satisfaction of the market conditions stipulated for the fiscal 2012 through 2014 period. | |
No shares were earned during fiscal 2013 as the market conditions stipulated for the fiscal 2011 through 2013 period were not satisfied and, as such, 26,000 TSR awards were forfeited during fiscal 2013. | ||
Restricted stock granted to non-employee directors and certain key employees totaled 80,834 shares during the nine months ended December 29, 2013. Restricted shares vest over periods generally ranging from one to three years from the date of award and are valued at the fair value of ATK's common stock as of the grant date. | ||
Stock options may be granted periodically, with an exercise price equal to the fair market value of ATK's common stock on the date of grant, and generally vest from one to three years from the date of grant. Options are generally granted with seven-year or ten-year terms. The weighted average fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model and represents the difference between fair market value on the date of grant and the estimated market value on the expected exercise date. The option pricing model requires ATK to make assumptions. The risk-free rate is based on U.S. Treasury zero-coupon issues with a remaining term that approximates the expected life assumed at the date of grant. Expected volatility is based on the historical volatility of ATK's stock over the past seven years. The expected option life is based on the contractual term of the stock option and expected employee exercise and post-vesting employment termination trends. The weighted average fair value of options granted was $23.00 during the nine months ended December 29, 2013. There were no stock options granted during the nine months ended December 30, 2012. The following weighted average assumptions were used for grants: | ||
Nine Months ended December 29, 2013 | ||
Risk-free rate | 1.86% | |
Expected volatility | 25.95% | |
Expected dividend yield | 1.58% | |
Expected option life | 7 years |
Contingencies
Contingencies | 9 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Loss Contingency [Abstract] | ' | ||||||||||||||||
Contingencies | ' | ||||||||||||||||
Contingencies | |||||||||||||||||
Litigation. From time to time, ATK is subject to various legal proceedings, including lawsuits, which arise out of, and are incidental to, the conduct of ATK's business. ATK does not consider any of such proceedings that are currently pending, individually or in the aggregate, notwithstanding that the unfavorable resolution of any matter may have a material effect on our net earnings in any particular quarter, to be material to its business or likely to result in a material adverse effect on its operating results, financial condition, or cash flows. | |||||||||||||||||
On July 30, 2013, Raytheon Company filed a lawsuit against ATK in the Superior Court of the State of Arizona. The suit involves ATK's longstanding production of rocket motors used in Raytheon's Advanced Medium-Range Air-to-Air Missiles (AMRAAM). In the filing, Raytheon's primary allegation is that ATK breached certain of the production contracts by not delivering rocket motors. Raytheon is claiming damages exceeding $100,000. | |||||||||||||||||
ATK disputes the allegations of Raytheon's complaint. Although it is not possible at this time to predict the outcome of the litigation, ATK believes, based on all currently available information, that the outcome will not have a material adverse effect on its operating results, financial condition or cash flows. As a result of the uncertainty regarding the outcome of this matter, no provision has been made in the financial statements with respect to this contingent liability. | |||||||||||||||||
U.S. Government Investigations. ATK is also subject to U.S. Government investigations from which civil, criminal, or administrative proceedings could result. Such proceedings could involve claims by the U.S. Government for fines, penalties, compensatory and treble damages, restitution, and/or forfeitures. Under government regulations, a company, or one or more of its operating divisions or subdivisions, can also be suspended or debarred from government contracts, or lose its export privileges, based on the results of investigations. ATK believes, based upon all available information, that the outcome of any such pending government investigations will not have a material adverse effect on its operating results, financial condition, or cash flows. | |||||||||||||||||
Claim Recovery. Profits expected to be realized on contracts are based on management's estimates of total contract sales value and costs at completion. Estimated amounts for contract changes and claims are included in contract sales only when realization is estimated to be probable. At December 29, 2013, based on progress to date on certain contracts, there is approximately $34,490 included in unbilled receivables for contract claims compared to $27,797 as of March 31, 2013. | |||||||||||||||||
Environmental Liabilities. ATK's operations and ownership or use of real property are subject to a number of federal, state, and local environmental laws and regulations, including those for discharge of hazardous materials, remediation of contaminated sites, and restoration of damage to the environment. At certain sites that ATK owns or operates or formerly owned or operated, there is known or potential contamination that ATK is required to investigate or remediate. ATK could incur substantial costs, including remediation costs, resource restoration costs, fines, and penalties, or third party property damage or personal injury claims, as a result of liabilities associated with past practices or violations of environmental laws or non-compliance with environmental permits. | |||||||||||||||||
The liability for environmental remediation represents management's best estimate of the present value of the probable and reasonably estimable costs related to known remediation obligations. The receivable represents the present value of the amount that ATK expects to recover, as discussed below. Both the liability and receivable have been discounted to reflect the present value of the expected future cash flows, using a discount rate of 1.75% and 0.8% as of December 29, 2013 and March 31, 2013, respectively. ATK's discount rate is calculated using the 20-year Treasury constant maturities rate, net of an estimated inflationary factor of 1.9%, rounded to the nearest quarter percent. The following is a summary of the amounts recorded for environmental remediation: | |||||||||||||||||
29-Dec-13 | 31-Mar-13 | ||||||||||||||||
Liability | Receivable | Liability | Receivable | ||||||||||||||
Amounts (payable) receivable | $ | (52,949 | ) | $ | 28,685 | $ | (61,227 | ) | $ | 35,638 | |||||||
Unamortized discount | 5,863 | (2,704 | ) | 3,731 | (1,925 | ) | |||||||||||
Present value amounts (payable) receivable | $ | (47,086 | ) | $ | 25,981 | $ | (57,496 | ) | $ | 33,713 | |||||||
Amounts expected to be paid or received in periods more than one year from the balance sheet date are classified as non-current. Of the $47,086 discounted liability as of December 29, 2013, $5,049 was recorded within other current liabilities and $42,037 was recorded within other long-term liabilities. Of the $25,981 discounted receivable, ATK recorded $4,650 within other current assets and $21,331 within other non-current assets. As of December 29, 2013, the estimated discounted range of reasonably possible costs of environmental remediation was $47,086 to $75,526. | |||||||||||||||||
ATK expects that a portion of its environmental compliance and remediation costs will be recoverable under U.S. Government contracts. Some of the remediation costs that are not recoverable from the U.S. Government that are associated with facilities purchased in a business acquisition may be covered by various indemnification agreements, as described in Note 13 to the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2013. | |||||||||||||||||
ATK has been identified as a potentially responsible party (“PRP”), along with other parties, in several regulatory agency actions associated with hazardous waste sites. As a PRP, we may be required to pay a share of the costs of the investigation and clean-up of these sites. While uncertainties exist with respect to the amounts and timing of the ultimate environmental liabilities, based on currently available information, we have concluded that these matters, individually or in the aggregate, will not have a material adverse effect on our operating results, financial condition, or cash flows. |
Share_Repurchase
Share Repurchase | 9 Months Ended |
Dec. 29, 2013 | |
Share Repurchases [Abstract] | ' |
Share Repurchases | ' |
Share Repurchases | |
On January 31, 2012, ATK's Board of Directors authorized a share repurchase program of up to $200,000 worth of shares of ATK common stock, executable over the next two years. On January 29, 2014, ATK's Board of Directors extended the share repurchase program through March 31, 2015. The shares may be purchased from time to time in open market, block purchase, or negotiated transactions, subject to compliance with applicable laws and regulations. The repurchase authorization also allows the Company to make repurchases under Rule 10b5-1 of the Securities Exchange Act of 1934. During the quarter ended December 29, 2013, ATK repurchased 35,253 shares for $3,871 compared to no shares during the quarter ended December 30, 2012. During the nine months ended December 29, 2013, ATK repurchased 609,922 shares for $52,130 compared to 482,044 shares for $25,000 during the nine months ended December 30, 2012. |
Changes_in_Estimates
Changes in Estimates | 9 Months Ended |
Dec. 29, 2013 | |
Changes in Estimates [Abstract] | ' |
Changes in Estimates | ' |
Changes in Estimates | |
The majority of ATK’s sales are accounted for as long-term contracts, which are accounted for under the percentage-of-completion method (“POC”). Accounting for contracts under the POC method requires judgment relative to assessing risks and estimating contract revenues and costs. Profits expected to be realized on contracts are based on management’s estimates of total contract sales value and costs at completion. Estimated amounts for contract changes, including scope and claims, are included in contract sales only when realization is estimated to be probable. Assumptions used for recording sales and earnings are adjusted in the period of change to reflect revisions in contract value and estimated costs. In the period in which it is determined that a loss will be incurred on a contract, the entire amount of the estimated gross margin loss is charged to cost of sales. Changes in estimates of contract sales, costs, or profits are recognized using the cumulative catch-up method of accounting. This method recognizes in the current period the cumulative effect of the changes on current or prior periods. The effect of the changes on future periods of contract performance is recognized as if the revised estimate had been used since contract inception. | |
Changes in contract estimates occur for a variety of reasons including changes in contract scope, unforeseen changes in contract cost estimates, positive or negative, due to unanticipated cost growth or risks affecting contract costs and/or the resolution of contract risks at lower costs than anticipated, as well as changes in contract overhead costs over the performance period. Changes in estimates could have a material effect on the Company’s consolidated financial position or annual results of operations. Aggregate net changes in contract estimates recognized using the cumulative catch-up method of accounting increased operating income by $19,657 and $28,904 for the quarters ended December 29, 2013 and December 30, 2012, respectively. The current quarter adjustments were primarily driven by higher profit expectations in the Small Caliber Systems and Armament Systems divisions. The prior year quarter adjustments were primarily driven by changes in estimates in Small-Caliber Systems and Space System Operations offset by a reduction in Armament Systems divison. | |
Aggregate net changes in contract estimates recognized using the cumulative catch-up method of accounting increased operating income by $86,937 and $101,532 for the nine months ended December 29, 2013 and December 30, 2012, respectively. The current year nine-month period adjustments were primarily driven by higher profit expectations of $39,125 in the Small Caliber Systems division due to operational efficiencies, a successful in-sourcing initiative, and reduced operational risk as a contract nears completion, and for programs in the Space Systems Operations and Aerospace Structures divisions. The prior year nine-month period adjustments were primarily driven by changes in estimates in Small Caliber Systems and Energetic Systems as contracts near completion, and changes in estimates in Space System Operations due to performance improvements. |
Realignment_Obligations
Realignment Obligations | 9 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Realignment Obligations | ' | ||||||||||||||||
Realignment Obligations | ' | ||||||||||||||||
Realignment Obligations | |||||||||||||||||
In April 2012, ATK commenced operations under a three-group structure. In conjunction with this realignment, ATK incurred realignment charges in the fourth quarter of fiscal 2012. In the quarter and nine months ended December 29, 2013, ATK incurred realignment expenses of approximately $2,600 and $8,000, respectively, associated with restructuring and facility rationalization costs in tactical military accessories within the Sporting Group. The charges related primarily to termination benefits offered to employees, asset impairment charges, and costs associated with the closure of certain facilities. ATK had no realignment liability as of March 31, 2013 and December 29, 2013. The following table summarizes ATK’s realignment liability activity during fiscal 2013 related to the termination benefits and facility closure and other costs: | |||||||||||||||||
Termination | Asset | Facility | Total | ||||||||||||||
Benefits | Impairment | Closure | |||||||||||||||
and Other | |||||||||||||||||
Costs | |||||||||||||||||
Balance at March 31, 2012 | $ | 7,148 | $ | — | $ | 25 | $ | 7,173 | |||||||||
Expense | — | — | — | — | |||||||||||||
Cash paid | (5,744 | ) | — | — | (5,744 | ) | |||||||||||
Non-cash settlements | (1,090 | ) | — | — | (1,090 | ) | |||||||||||
Balance at December 30, 2012 | $ | 314 | $ | — | $ | 25 | $ | 339 | |||||||||
Operating_Segment_Information
Operating Segment Information | 9 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Operating Segment Information | ' | ||||||||||||||||
Operating Segment Information | |||||||||||||||||
ATK operates its business structure within three operating groups. These operating segments (“groups”) are defined based on the reporting and review process used by ATK’s chief executive officer and other management. The operating structure aligns ATK’s capabilities and resources with its customers and markets and positions the Company for long-term growth and improved profitability. Each group is described below: | |||||||||||||||||
• | Aerospace Group, which generated 27% of ATK’s external sales in the nine months ended December 29, 2013, develops and produces rocket motor systems for human and cargo launch vehicles, conventional and strategic missiles, and missile defense interceptors. They also produce small and micro-satellites, satellite components, structures and subsystems, lightweight space deployables and solar arrays, and provide engineering and technical services. Additionally, the Aerospace Group operates in the military and commercial aircraft and launch structures markets. Other products include ordnance, such as decoy and illuminating flares. | ||||||||||||||||
• | Defense Group, which generated 35% of ATK’s external sales in the nine months ended December 29, 2013, develops and produces military small-, medium-, and large-caliber ammunition, propulsion systems for tactical missiles and missile defense applications, strike weapons, precision munitions, gun systems, aircraft survivability systems, fuzes and warheads, energetic materials and special mission aircraft. | ||||||||||||||||
• | Sporting Group, which generated 38% of ATK’s external sales in the nine months ended December 29, 2013, develops and produces commercial ammunition, accessories, rifles and shotguns for the hunting, shooting, law enforcement, outdoor and sporting markets. | ||||||||||||||||
The military small-caliber ammunition contract, which is reported within the Defense Group, contributed approximately 16% of total external sales during the nine months ended December 30, 2012. No contract contributed more than 10% of total external sales during the nine months ended December 29, 2013. | |||||||||||||||||
The following summarizes ATK's results by segment: | |||||||||||||||||
Quarters Ended | Nine Months Ended | ||||||||||||||||
29-Dec-13 | 30-Dec-12 | 29-Dec-13 | 30-Dec-12 | ||||||||||||||
Sales to external customers: | |||||||||||||||||
Aerospace Group | $ | 313,222 | $ | 301,124 | $ | 930,080 | $ | 906,078 | |||||||||
Defense Group | 373,304 | 467,476 | 1,203,743 | 1,466,089 | |||||||||||||
Sporting Group | 521,878 | 287,582 | 1,295,703 | 836,104 | |||||||||||||
Total external Sales | 1,208,404 | 1,056,182 | 3,429,526 | 3,208,271 | |||||||||||||
Intercompany sales: | |||||||||||||||||
Aerospace Group | 4,856 | 3,926 | 14,589 | 13,984 | |||||||||||||
Defense Group | 81,945 | 40,679 | 198,223 | 109,084 | |||||||||||||
Sporting Group | 2,350 | 6,545 | 8,191 | 21,476 | |||||||||||||
Eliminations | (89,151 | ) | (51,150 | ) | (221,003 | ) | (144,544 | ) | |||||||||
Total intercompany Sales | — | — | — | — | |||||||||||||
Total sales | $ | 1,208,404 | $ | 1,056,182 | $ | 3,429,526 | $ | 3,208,271 | |||||||||
Income before interest, loss on extinguishment of debt, income taxes and noncontrolling interest | |||||||||||||||||
Aerospace Group | $ | 33,383 | $ | 37,478 | $ | 111,039 | $ | 109,506 | |||||||||
Defense Group | 53,078 | 53,389 | 170,236 | 209,295 | |||||||||||||
Sporting Group | 81,119 | 30,215 | 183,059 | 76,142 | |||||||||||||
Corporate | (21,605 | ) | (14,223 | ) | (44,473 | ) | (46,839 | ) | |||||||||
Total Income before interest, loss on extinguishment of debt, income taxes and noncontrolling interest | $ | 145,975 | $ | 106,859 | $ | 419,861 | $ | 348,104 | |||||||||
Period Ended | |||||||||||||||||
29-Dec-13 | 31-Mar-13 | ||||||||||||||||
Total assets: | |||||||||||||||||
Aerospace Group | $ | 1,579,475 | $ | 1,580,775 | |||||||||||||
Defense Group | 1,179,613 | 1,122,416 | |||||||||||||||
Sporting Group | 2,396,166 | 803,493 | |||||||||||||||
Corporate | 436,161 | 876,326 | |||||||||||||||
Total assets | $ | 5,591,415 | $ | 4,383,010 | |||||||||||||
Certain administrative functions are primarily managed by ATK at the corporate headquarters ("Corporate"). Some examples of such functions are human resources, pension and postretirement benefits, corporate accounting, legal, tax, and treasury. Significant assets and liabilities managed at Corporate include those associated with debt, pension and postretirement benefits, environmental liabilities, strategic growth costs, and income taxes. | |||||||||||||||||
Costs related to the administrative functions managed by Corporate are either recorded at Corporate or allocated to the business units based on the nature of the expense. The difference between pension and postretirement benefit expense calculated under Financial Accounting Standards and the expense calculated under U.S. Cost Accounting Standards is recorded at the corporate level which provides for greater clarity on the operating results of the business segments. Administrative expenses, such as corporate accounting, legal, and treasury costs, are allocated out to the business segments. Environmental expenses are allocated to each segment based on the origin of the underlying environmental cost. Transactions between segments are recorded at the segment level, consistent with ATK's financial accounting policies. Intercompany balances and transactions involving different segments are eliminated at ATK's consolidated financial statements level. These eliminations are shown above in "Corporate" and were $9,689 and $4,935 for the quarters ended December 29, 2013 and December 30, 2012, respectively, and $21,258 and $14,361 for the nine months ended December 29, 2013 and December 30, 2012, respectively. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of fair value of assets and liabilities measured on a recurring basis | ' | ||||||||||||||||
The following table sets forth by level within the fair value hierarchy ATK's financial assets and liabilities that are measured at fair value on a recurring basis: | |||||||||||||||||
As of December 29, 2013 | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Using Inputs Considered as | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets | |||||||||||||||||
Marketable securities | $ | — | $ | 10,262 | $ | — | |||||||||||
Derivatives | — | 339 | — | ||||||||||||||
Liabilities | |||||||||||||||||
Derivatives | $ | — | $ | 5,542 | $ | — | |||||||||||
As of March 31, 2013 | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Using Inputs Considered as | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets | |||||||||||||||||
Marketable securities | $ | — | $ | 8,634 | $ | — | |||||||||||
Derivatives | — | — | — | ||||||||||||||
Liabilities | |||||||||||||||||
Derivatives | $ | — | $ | 3,530 | $ | — | |||||||||||
Schedule of carrying values and estimated fair values of assets and liabilities that are not measured on a recurring basis | ' | ||||||||||||||||
The following table presents ATK's assets and liabilities that are not measured at fair value on a recurring basis. The carrying values and estimated fair values were as follows: | |||||||||||||||||
As of December 29, 2013 | As of March 31, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Fixed rate debt | $ | 844,358 | $ | 997,170 | $ | 538,877 | $ | 596,467 | |||||||||
Variable rate debt | 1,260,000 | 1,260,625 | 535,000 | 534,513 | |||||||||||||
Acquisitions_Nonrecurring_Adju
Acquisitions Nonrecurring Adjustments (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Nonrecurring Adjustments [Abstract] | ' | ||||||||||||||||
Schedule of Purchase Price Allocation [Table Text Block] | ' | ||||||||||||||||
The following amounts represent the preliminary determination of the fair value of identifiable assets acquired and liabilities assumed from the Bushnell acquisition. The final determination of the fair value of certain assets and liabilities will be completed within the 12-month measurement period from the date of acquisition as required. The size and breadth of the Bushnell acquisition will necessitate the use of this measurement period to adequately analyze and assess a number of the factors used in establishing the asset and liability fair values as of the acquisition date, including the significant contractual and operational factors underlying the trade name and customer relationship intangible assets, the assumptions utilized on certain reserves such as those for inventory obsolescence, the assumptions used in transfer pricing analysis, and the related tax impacts of any changes made. Any potential adjustments made could be material in relation to the preliminary values presented below: | |||||||||||||||||
Purchase Price net of cash acquired: | |||||||||||||||||
Cash Paid | $ | 985,000 | |||||||||||||||
Cash Paid for additional working capital | 4,065 | ||||||||||||||||
Total purchase price | $ | 989,065 | |||||||||||||||
Fair value of assets acquired: | |||||||||||||||||
Net receivables | $ | 110,923 | |||||||||||||||
Net inventories | 154,388 | ||||||||||||||||
Tradename, technology, and customer relationship intangibles | 370,727 | ||||||||||||||||
Property, Plant, and Equipment | 25,080 | ||||||||||||||||
Other assets | 10,110 | ||||||||||||||||
Total assets | 671,228 | ||||||||||||||||
Fair value of liabilities assumed: | |||||||||||||||||
Accounts Payable | 80,113 | ||||||||||||||||
Deferred tax liabilities | 79,108 | ||||||||||||||||
Other liabilities | 27,263 | ||||||||||||||||
Total liabilities | $ | 186,484 | |||||||||||||||
Net assets acquired | $ | 484,744 | |||||||||||||||
Preliminary goodwill | $ | 504,321 | |||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||||||||||
ATK used the acquisition method of accounting to account for this acquisition and, accordingly, the results of Bushnell are included in ATK’s consolidated financial statements for the period subsequent to the date of acquisition. The following unaudited supplemental pro forma data for the quarter and nine months ended December 29, 2013 and December 30, 2012 present consolidated information as if the acquisition had been completed on April 1, 2012. The pro forma results were calculated by combining the results of ATK with the stand-alone results of Bushnell for the pre-acquisition periods, which were adjusted to account for certain costs which would have been incurred during this pre-acquisition period: | |||||||||||||||||
QUARTERS ENDED | NINE MONTHS ENDED | ||||||||||||||||
(Amounts in thousands except per share data) | 29-Dec-13 | 30-Dec-12 | 29-Dec-13 | 30-Dec-12 | |||||||||||||
Sales | $ | 1,264,430 | $ | 1,203,804 | $ | 3,783,713 | $ | 3,636,039 | |||||||||
Net income attributable to Alliant Techsystems Inc. | 75,230 | 61,766 | 279,105 | 191,280 | |||||||||||||
Basic earnings per common share | 2.39 | 1.9 | 8.8 | 5.89 | |||||||||||||
Diluted earnings per common share | 2.31 | 1.89 | 8.61 | 5.86 | |||||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustments [Table Text Block] | ' | ||||||||||||||||
The unaudited supplemental pro forma data above include the following significant non-recurring adjustments made to account for certain costs which would have been incurred if the acquisition had been completed on April 1, 2012, as adjusted for the applicable tax impact: | |||||||||||||||||
QUARTERS ENDED | NINE MONTHS ENDED | ||||||||||||||||
(Amounts in thousands) | 29-Dec-13 | 30-Dec-12 | 29-Dec-13 | 30-Dec-12 | |||||||||||||
Inventory Step-up, net1 | $ | (847 | ) | $ | — | $ | (847 | ) | $ | 2,153 | |||||||
ATK/Bushnell fees for advisory, legal, accounting services2 | (8,369 | ) | — | (11,031 | ) | 11,031 | |||||||||||
1. Adjustment reflects the increased cost of goods sold expense which results from the fair value step-up in inventory of $3,500 which was expensed over the first inventory cycle. | |||||||||||||||||
2. Removed the ATK/Bushnell fees that were incurred in connection with the acquisition of Bushnell from fiscal 2014, and considered those fees as incurred during the first quarter of fiscal 2013. |
Goodwill_and_Deferred_Charges_1
Goodwill and Deferred Charges and Other Non-Current Assets (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||||||||||
Goodwill and Deferred Charges and Other Non-Current Assets | ' | ||||||||||||||||||||||||
Schedule of carrying amount of goodwill by operating segment | ' | ||||||||||||||||||||||||
The changes in the carrying amount of goodwill by segment were as follows: | |||||||||||||||||||||||||
Aerospace | Defense | Sporting | Total | ||||||||||||||||||||||
Group | Group | Group | |||||||||||||||||||||||
Balance, March 31, 2013 | $ | 676,516 | $ | 366,947 | $ | 208,073 | $ | 1,251,536 | |||||||||||||||||
Acquisitions | — | — | 660,913 | 660,913 | |||||||||||||||||||||
Effect of foreign currency exchange rates | — | — | 1,217 | 1,217 | |||||||||||||||||||||
Balance at December 29, 2013 | $ | 676,516 | $ | 366,947 | $ | 870,203 | $ | 1,913,666 | |||||||||||||||||
Schedule of deferred charges and other non-current assets | ' | ||||||||||||||||||||||||
Deferred charges and other non-current assets consist of the following: | |||||||||||||||||||||||||
December 29, 2013 | March 31, 2013 | ||||||||||||||||||||||||
Gross debt issuance costs | $ | 28,356 | $ | 21,341 | |||||||||||||||||||||
Less accumulated amortization | (2,909 | ) | (8,489 | ) | |||||||||||||||||||||
Net debt issuance costs | 25,447 | 12,852 | |||||||||||||||||||||||
Parts inventory | 10,160 | 10,886 | |||||||||||||||||||||||
Environmental remediation receivable | 21,331 | 28,254 | |||||||||||||||||||||||
Derivative contracts | 339 | — | |||||||||||||||||||||||
Other non-current assets | 58,670 | 53,469 | |||||||||||||||||||||||
Total deferred charges and other non-current assets | $ | 115,947 | $ | 105,461 | |||||||||||||||||||||
Schedule of amortizing assets | ' | ||||||||||||||||||||||||
Included in Net intangible assets as of December 29, 2013 and March 31, 2013 are $204,665 and $38,998, respectively, of other intangible assets consisting of trademarks and brand names that are not being amortized as their estimated useful lives are considered indefinite and amortizing assets, as follows: | |||||||||||||||||||||||||
29-Dec-13 | 31-Mar-13 | ||||||||||||||||||||||||
Gross | Accumulated | Total | Gross | Accumulated | Total | ||||||||||||||||||||
carrying | amortization | carrying | amortization | ||||||||||||||||||||||
amount | amount | ||||||||||||||||||||||||
Trade name | $ | 188,317 | $ | (19,707 | ) | $ | 168,610 | $ | 66,060 | $ | (13,531 | ) | $ | 52,529 | |||||||||||
Patented technology | 35,125 | (9,648 | ) | 25,477 | 17,400 | (7,230 | ) | 10,170 | |||||||||||||||||
Customer relationships and other | 226,710 | (34,573 | ) | 192,137 | 34,185 | (25,928 | ) | 8,257 | |||||||||||||||||
Total | $ | 450,152 | $ | (63,928 | ) | $ | 386,224 | $ | 117,645 | $ | (46,689 | ) | $ | 70,956 | |||||||||||
Schedule of expected future amortization expense | ' | ||||||||||||||||||||||||
ATK expects amortization expense related to these assets to be as follows: | |||||||||||||||||||||||||
Remainder of fiscal 2014 | $ | 15,956 | |||||||||||||||||||||||
Fiscal 2015 | 41,204 | ||||||||||||||||||||||||
Fiscal 2016 | 39,607 | ||||||||||||||||||||||||
Fiscal 2017 | 37,317 | ||||||||||||||||||||||||
Fiscal 2018 | 37,317 | ||||||||||||||||||||||||
Thereafter | 214,823 | ||||||||||||||||||||||||
Total | $ | 386,224 | |||||||||||||||||||||||
Earnings_Per_Share_Data_Tables
Earnings Per Share Data (Tables) | 9 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of weighted average number of shares | ' | ||||||||||||
In computing EPS for the quarter and nine months ended December 29, 2013 and December 30, 2012 earnings, as reported for each respective period, is divided by (in thousands): | |||||||||||||
Quarters Ended | Nine months ended | ||||||||||||
December 29, 2013 | December 30, 2012 | December 29, 2013 | December 30, 2012 | ||||||||||
Basic EPS shares outstanding | 31,536 | 32,454 | 31,701 | 32,493 | |||||||||
Dilutive effect of stock-based awards | 256 | 198 | 241 | 148 | |||||||||
Dilutive effect of contingently issuable shares | 821 | — | 476 | — | |||||||||
Diluted EPS shares outstanding | 32,613 | 32,652 | 32,418 | 32,641 | |||||||||
Shares excluded from the calculation of diluted EPS because the option exercise/threshold price was greater than the average market price of the common shares | 3 | 150 | 3 | 151 | |||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||
Schedule of outstanding commodity forward contracts | ' | ||||||||||||||||||
As of December 29, 2013, ATK had the following outstanding commodity forward contracts that were entered into to hedge forecasted purchases: | |||||||||||||||||||
Number of | |||||||||||||||||||
Pounds | |||||||||||||||||||
Copper | 15,252,000 | ||||||||||||||||||
Zinc | 5,478,000 | ||||||||||||||||||
Schedule of fair value and location of derivative instruments designated as hedging instruments in the consolidated balance sheet | ' | ||||||||||||||||||
The table below presents the fair value and location of ATK's derivative instruments designated as hedging instruments in the consolidated balance sheet as of the periods presented. | |||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Fair value as of | Fair value as of | ||||||||||||||||||
Location | 29-Dec-13 | 31-Mar-13 | 29-Dec-13 | 31-Mar-13 | |||||||||||||||
Commodity forward contracts | Other current assets / | $ | — | $ | — | $ | 3,256 | $ | 2,871 | ||||||||||
other accrued liabilities | |||||||||||||||||||
Commodity forward contracts | Deferred charges and | — | — | — | 659 | ||||||||||||||
other non-current | |||||||||||||||||||
assets / other long-term liabilities | |||||||||||||||||||
Interest rate contracts | Deferred charges and | $ | 339 | $ | — | $ | 2,286 | $ | — | ||||||||||
other non-current | |||||||||||||||||||
assets / other long-term liabilities | |||||||||||||||||||
Total | $ | 339 | $ | — | $ | 5,542 | $ | 3,530 | |||||||||||
Schedule of derivative gains and losses in the consolidated income statements related to commodity forward contracts and foreign currency forward contracts | ' | ||||||||||||||||||
For the periods presented below, the derivative gains and losses in the consolidated income statements related to commodity forward contracts, interest rate swaps, and foreign currency forward contracts were as follows: | |||||||||||||||||||
Pretax amount of gain | Gain or (loss) recognized | ||||||||||||||||||
(loss) reclassified from | in income on derivative | ||||||||||||||||||
Accumulated Other | (ineffective portion and | ||||||||||||||||||
Comprehensive Income | amount excluded from | ||||||||||||||||||
(Loss) | effectiveness testing) | ||||||||||||||||||
Location | Amount | Location | Amount | ||||||||||||||||
Quarter ended December 29, 2013 | |||||||||||||||||||
Commodity forward contracts | Cost of Sales | $ | (2,688 | ) | Cost of Sales | $ | — | ||||||||||||
Interest rate contracts | Interest expense | (869 | ) | Interest expense | — | ||||||||||||||
Foreign currency forward contracts | Cost of Sales | — | Cost of Sales | — | |||||||||||||||
Quarter ended December 30, 2012 | |||||||||||||||||||
Commodity forward contracts | Cost of Sales | $ | (1,884 | ) | Cost of Sales | $ | — | ||||||||||||
Interest rate contracts | Interest expense | — | Interest expense | — | |||||||||||||||
Foreign currency forward contracts | Cost of Sales | — | Cost of Sales | — | |||||||||||||||
Nine months ended December 29, 2013 | |||||||||||||||||||
Commodity forward contracts | Cost of Sales | $ | (4,297 | ) | Cost of Sales | $ | (1,637 | ) | |||||||||||
Interest rate contracts | Interest expense | (869 | ) | Interest expense | — | ||||||||||||||
Foreign currency forward contracts | Cost of Sales | — | Cost of Sales | — | |||||||||||||||
Nine months ended December 30, 2012 | |||||||||||||||||||
Commodity forward contracts | Cost of Sales | $ | (5,846 | ) | Cost of Sales | $ | — | ||||||||||||
Interest rate contracts | Interest expense | — | Interest expense | — | |||||||||||||||
Foreign currency forward contracts | Cost of Sales | (30 | ) | Cost of Sales | — | ||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||
Schedule of components of accumulated OCI, net of income taxes | ' | |||||||||||||||||||||||||||||||||||||||
The components of accumulated other comprehensive income (loss) ("AOCI"), net of income taxes, are as follows: | ||||||||||||||||||||||||||||||||||||||||
December 29, 2013 | March 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Derivatives | $ | (2,739 | ) | $ | (2,192 | ) | ||||||||||||||||||||||||||||||||||
Pension and other postretirement benefit liabilities | (771,951 | ) | (826,898 | ) | ||||||||||||||||||||||||||||||||||||
Cumulative translation adjustment | (1,620 | ) | — | |||||||||||||||||||||||||||||||||||||
Available-for-sale securities | 739 | 786 | ||||||||||||||||||||||||||||||||||||||
Total accumulated other comprehensive loss | $ | (775,571 | ) | $ | (828,304 | ) | ||||||||||||||||||||||||||||||||||
Schedule of net of income tax activity in accumulated OCI | ' | |||||||||||||||||||||||||||||||||||||||
The following table summarizes the changes in the balance of AOCI, net of income tax: | ||||||||||||||||||||||||||||||||||||||||
Quarter ended December 29, 2013 | Nine months ended December 29, 2013 | |||||||||||||||||||||||||||||||||||||||
Derivatives | Pension and other Postretire-ment Benefits | Available for Sale Securities | Cumulative translation adjustment | Total | Derivatives | Pension and other Postretire-ment Benefits | Available for Sale Securities | Cumulative translation adjustment | Total | |||||||||||||||||||||||||||||||
Beginning of period unrealized gain (loss) in AOCI | $ | (4,985 | ) | $ | (790,267 | ) | $ | 683 | $ | 34 | $ | (794,535 | ) | $ | (2,192 | ) | $ | (826,898 | ) | $ | 786 | $ | — | $ | (828,304 | ) | ||||||||||||||
Net decrease in fair value of derivatives | 59 | — | — | — | 59 | (4,730 | ) | — | — | — | (4,730 | ) | ||||||||||||||||||||||||||||
Net losses reclassified from AOCI, offsetting the price paid to suppliers ± | 2,187 | — | — | — | 2,187 | 3,184 | — | — | — | 3,184 | ||||||||||||||||||||||||||||||
Net losses reclassified from AOCI, due to ineffectiveness ± | — | — | — | — | — | 999 | — | — | — | 999 | ||||||||||||||||||||||||||||||
Net actuarial losses reclassified from AOCI # | — | 22,847 | — | — | 22,847 | — | 68,541 | — | — | 68,541 | ||||||||||||||||||||||||||||||
Prior service costs reclassified from AOCI # | — | (4,531 | ) | — | — | (4,531 | ) | — | (13,594 | ) | — | — | (13,594 | ) | ||||||||||||||||||||||||||
Net change in cumulative translation adjustment | — | — | — | (1,654 | ) | (1,654 | ) | — | — | — | (1,620 | ) | (1,620 | ) | ||||||||||||||||||||||||||
Other | — | — | 56 | — | 56 | — | — | (47 | ) | — | (47 | ) | ||||||||||||||||||||||||||||
End of period unrealized loss in AOCI | $ | (2,739 | ) | $ | (771,951 | ) | $ | 739 | $ | (1,620 | ) | $ | (775,571 | ) | $ | (2,739 | ) | $ | (771,951 | ) | $ | 739 | $ | (1,620 | ) | $ | (775,571 | ) | ||||||||||||
± Amounts related to our derivative instruments that were reclassified from AOCI were recorded as a component of cost of sales for each period presented. | ||||||||||||||||||||||||||||||||||||||||
# Amounts related to our pension and other postretirement benefits that were reclassified from AOCI were recorded as a component of net periodic benefit cost for each period presented (Note 13). | ||||||||||||||||||||||||||||||||||||||||
Quarter ended December 30, 2012 | Nine months ended December 30, 2012 | |||||||||||||||||||||||||||||||||||||||
Derivatives | Pension and other Postretire-ment Benefits | Available for Sale Securities | Total | Derivatives | Pension and other Postretire-ment Benefits | Available for Sale Securities | Total | |||||||||||||||||||||||||||||||||
Beginning of period unrealized gain (loss) in AOCI | $ | 2,082 | $ | (877,403 | ) | $ | 764 | $ | (874,557 | ) | $ | 3,416 | $ | (913,742 | ) | $ | 996 | $ | (909,330 | ) | ||||||||||||||||||||
Net decrease in fair value of derivatives | (2,223 | ) | — | — | (2,223 | ) | (6,011 | ) | — | — | (6,011 | ) | ||||||||||||||||||||||||||||
Net losses reclassified from OCI, offsetting the price paid to suppliers ± | 1,159 | — | — | 1,159 | 3,613 | — | — | 3,613 | ||||||||||||||||||||||||||||||||
Net actuarial losses reclassified from AOCI # | — | 19,519 | — | 19,519 | — | 58,561 | — | 58,561 | ||||||||||||||||||||||||||||||||
Prior service costs reclassified from AOCI # | — | (1,352 | ) | — | (1,352 | ) | — | (4,055 | ) | — | (4,055 | ) | ||||||||||||||||||||||||||||
Other | — | — | 41 | 41 | — | — | (191 | ) | (191 | ) | ||||||||||||||||||||||||||||||
End of period unrealized loss in AOCI | $ | 1,018 | $ | (859,236 | ) | $ | 805 | $ | (857,413 | ) | $ | 1,018 | $ | (859,236 | ) | $ | 805 | $ | (857,413 | ) | ||||||||||||||||||||
± Amounts related to our derivative instruments that were reclassified from AOCI were recorded as a component of cost of sales for each period presented. | ||||||||||||||||||||||||||||||||||||||||
# Amounts related to our pension and other postretirement benefits that were reclassified from AOCI were recorded as a component of net periodic benefit cost for each period presented (Note 13). |
Receivables_Tables
Receivables (Tables) | 9 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Schedule of receivables, including amounts due under long-term contracts (contract receivables) | ' | ||||||||
Receivables, including amounts due under long-term contracts ("contract receivables"), are summarized as follows: | |||||||||
December 29, 2013 | March 31, 2013 | ||||||||
Billed receivables | $ | 522,623 | $ | 395,309 | |||||
Unbilled receivables | 871,607 | 892,577 | |||||||
Other | 17,071 | 24,687 | |||||||
Net receivables | $ | 1,411,301 | $ | 1,312,573 | |||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current | ' | ||||||||
Inventories consist of the following: | |||||||||
29-Dec-13 | 31-Mar-13 | ||||||||
Raw materials | $ | 135,481 | $ | 102,238 | |||||
Work/Contracts in process | 146,206 | 82,454 | |||||||
Finished Goods | 271,530 | 130,372 | |||||||
Net inventories | $ | 553,217 | $ | 315,064 | |||||
Other_Liabilities_Tables
Other Liabilities (Tables) | 9 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Schedule of major categories of other current and long-term accrued liabilities | ' | ||||||||
The major categories of other current and long-term accrued liabilities are as follows: | |||||||||
December 29, 2013 | March 31, 2013 | ||||||||
Employee benefits and insurance, including pension and other postretirement benefits | $ | 74,999 | $ | 75,882 | |||||
Warranty | 19,700 | 19,669 | |||||||
Interest | 16,014 | 1,887 | |||||||
Environmental remediation | 5,049 | 6,847 | |||||||
Rebate | 28,621 | 6,875 | |||||||
Deferred lease obligation | 27,942 | 28,424 | |||||||
Derivative contracts | 3,256 | 2,871 | |||||||
Federal excise tax | 38,722 | 22,367 | |||||||
Accrued Advertising | 10,310 | 1,296 | |||||||
Other | 118,773 | 95,903 | |||||||
Total other accrued liabilities—current | $ | 343,386 | $ | 262,021 | |||||
Environmental remediation | $ | 42,037 | $ | 49,373 | |||||
Management nonqualified deferred compensation plan | 17,064 | 17,409 | |||||||
Non-current portion of accrued income tax liability | 15,547 | 25,400 | |||||||
Deferred lease obligation | 15,795 | 14,342 | |||||||
Other | 25,773 | 19,934 | |||||||
Total other long-term liabilities | $ | 116,216 | $ | 126,458 | |||||
Schedule of reconciliation of the changes in product warranty liability | ' | ||||||||
The following is a reconciliation of the changes in ATK's product warranty liability during fiscal 2014: | |||||||||
Balance at March 31, 2013 | $ | 19,669 | |||||||
Payments made | (2,313 | ) | |||||||
Warranties issued | 113 | ||||||||
Changes related to preexisting warranties | 33 | ||||||||
Balance at June 30, 2013 | $ | 17,502 | |||||||
Payments made | (2,576 | ) | |||||||
Warranties issued | 1,288 | ||||||||
Changes related to preexisting warranties | 77 | ||||||||
Balance at September 29, 2013 | $ | 16,291 | |||||||
Payments made | (429 | ) | |||||||
Warranties issued | 559 | ||||||||
Changes related to preexisting warranties | 387 | ||||||||
Warranties assumed in acquisition | 2,892 | ||||||||
Balance at December 29, 2013 | $ | 19,700 | |||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | |||||||||||||||
Dec. 29, 2013 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Schedule of long-term debt, including the current portion | ' | |||||||||||||||
ong-term debt, including the current portion, consisted of the following: | ||||||||||||||||
29-Dec-13 | 31-Mar-13 | |||||||||||||||
Senior Credit Facility dated November 1, 2013 (1): | ||||||||||||||||
Term A Loan due 2018 | $ | 1,010,000 | $ | — | ||||||||||||
Term B Loan due 2020 | 250,000 | — | ||||||||||||||
Revolving Credit Facility due 2018 | — | — | ||||||||||||||
Senior Credit Facility dated October 7, 2010 (1): | ||||||||||||||||
Term A Loan due 2015 | — | 340,000 | ||||||||||||||
Term A Loan due 2017 | — | 195,000 | ||||||||||||||
Revolving Credit Facility due 2015 | — | — | ||||||||||||||
5.25% Senior Notes due 2021 (2) | 300,000 | — | ||||||||||||||
6.875% Senior Subordinated Notes due 2020 (3) | 350,000 | 350,000 | ||||||||||||||
3.00% Convertible Senior Subordinated Notes due 2024 (4) | 199,453 | 199,453 | ||||||||||||||
Principal amount of long-term debt | 2,109,453 | 1,084,453 | ||||||||||||||
Less: Unamortized discounts | 5,095 | 10,576 | ||||||||||||||
Carrying amount of long-term debt | 2,104,358 | 1,073,877 | ||||||||||||||
Less: current portion | 247,358 | 50,000 | ||||||||||||||
Carrying amount of long-term debt, excluding current portion | $ | 1,857,000 | $ | 1,023,877 | ||||||||||||
(1) On November 1, 2013, ATK entered into a Third Amended and Restated Credit Agreement (the "2013 Senior Credit Facility"), which replaced its 2010 Senior Credit Facility. The 2013 Senior Credit Facility is comprised of a Term A Loan of $1,010,000 and a $700,000 Revolving Credit Facility, both of which mature in 2018, and a Term Loan B of $250,000, which matures in 2020. The Term A Loan is subject to quarterly principal payments of $12,625 beginning on March 31, 2014, with the remaining balance due on November 1, 2018. The Term B Loan is subject to quarterly principal payments of $625 beginning on March 31, 2014, with the remaining balance due on November 1, 2020. Substantially all domestic tangible and intangible assets of ATK and its subsidiaries are pledged as collateral under the 2013 Senior Credit Facility. Borrowings under the 2013 Senior Credit Facility bear interest at a rate equal to either the sum of a base rate plus a margin or the sum of a Eurodollar rate plus a margin. Each margin is based on ATK's senior secured credit ratings. Based on ATK's current credit rating, the current base rate margin is 1.00% and the current Eurodollar margin is 2.00%. The weighted average interest rate for the Term A Loan, after taking into account the interest rate swaps discussed below, was 2.60% at December 29, 2013. ATK pays an annual commitment fee on the unused portion of the Revolving Credit Facility based on its senior secured credit ratings. Based on ATK's current rating, this current fee is 0.30%. As of December 29, 2013, ATK had no borrowings against its $700,000 Revolving Credit Facility and had outstanding letters of credit of $124,554, which reduced amounts available on the Revolving Credit Facility to $575,446. Debt issuance costs totaling approximately $19,000 will be amortized over the term of each related Term Loan. | ||||||||||||||||
In fiscal 2011, ATK entered into a Second Amended and Restated Credit Agreement (the "2010 Senior Credit Facility"), which was comprised of a Term A Loan of $400,000 and a $600,000 Revolving Credit Facility, both of which were to mature in 2015. During the third quarter of fiscal 2014, the Company refinanced this agreement as noted above. The transaction resulted in the write-off of the remaining $6,166 of unamortized debt issuance costs in the quarter ended December 29, 2013. | ||||||||||||||||
(2) On November 1, 2013, ATK issued $300,000 aggregate principal amount of 5.25% Senior Notes (the "5.25% Notes") that mature on October 1, 2021. These notes are general unsecured obligations. Interest on these notes is payable on April 1 and October 1 of each year. ATK has the right to redeem some or all of these notes from time to time on or after October 1, 2016, at specified redemption prices. Prior to October 1, 2016, ATK may redeem some or all of these notes at a price equal to 100% of their principal amount plus accrued and unpaid interest to the date of redemption and a specified make-whole premium. In addition, prior to October 1, 2016, ATK may redeem up to 35% of the aggregate principal amount of these notes with the net cash proceeds of certain equity offerings, at a price equal to 105.25% of their principal amount plus accrued and unpaid interest to the date of redemption. Debt issuance costs of approximately $3,000 related to these notes will be amortized to interest expense over the term of the notes. | ||||||||||||||||
(3) In fiscal 2011, ATK issued $350,000 aggregate principal amount of 6.875% Senior Subordinated Notes ("the 6.875% Notes") that mature on September 15, 2020. These notes are general unsecured obligations. Interest on these notes is payable on March 15 and September 15 of each year. ATK has the right to redeem some or all of these notes from time to time on or after September 15, 2015, at specified redemption prices. Prior to September 15, 2015, ATK may redeem some or all of these notes at a price equal to 100% of their principal amount plus accrued and unpaid interest to the date of redemption and a specified make-whole premium. Debt issuance costs of approximately $7,100 related to these notes are being amortized to interest expense over 10 years. | ||||||||||||||||
(4) In fiscal 2005, ATK issued $200,000 aggregate principal amount of 3.00% Convertible Senior Subordinated Notes (the 3.00% Convertible Notes) that mature on August 15, 2024. Interest on these notes is payable on February 15 and August 15 of each year. Under select conditions, ATK will pay contingent interest on these notes, which is treated as an embedded derivative; the fair value of this feature was insignificant at December 29, 2013 and March 31, 2013. ATK may redeem some or all of these notes in cash, for 100% of the principal amount plus any accrued but unpaid interest, at any time on or after August 20, 2014. Holders of these notes may require ATK to repurchase in cash, for 100% of the principal amount plus any accrued but unpaid interest, some or all of these notes on August 15, 2014 and August 15, 2019. Under specified conditions (including if, during any fiscal quarter, the last reported sale price of ATK’s common stock is greater than or equal to 130% of the conversion price for at least 20 trading days in the period of 30 consecutive trading days ending on the last trading day of the preceding fiscal quarter), holders may also convert their 3.00% Convertible Notes into shares of ATK’s common stock. These notes had an initial conversion rate of 12.5392 shares per $1 principal amount (a conversion price of $79.75). Pursuant to provisions in the indenture requiring adjustment of the conversion rate upon the payment of dividends, the conversion rate for these notes is now 13.0717, which correspondingly has changed the conversion price per share to $76.50. The stock price condition was met during the quarter ended December 29, 2013; accordingly, the notes are now convertible at any time, at the option of the holder, through March 31, 2014, and will remain convertible so long as ATK’s stock price continues to meet the 130%-of-conversion-price condition, as described above. The stock price condition was also met in fiscal 2009 and $547 of these notes were converted. Because the notes are now convertible and also will be putable within the next year, the remaining principal amount of $199,453 is classified as short-term. The convertible shares had an impact on diluted shares outstanding for the quarter and nine-month periods ended December 29, 2013 of 821,000 and 476,000, respectively, because ATK's average stock price exceeded the conversion price during those periods. These shares had no impact on the diluted shares outstanding for the quarter and nine-month period ended December 30, 2012 as the average stock price did not exceed the conversion price during those periods. | ||||||||||||||||
Schedule of Interest Rate Derivatives [Table Text Block] | ' | |||||||||||||||
As of December 29, 2013, ATK had the following cash flow hedge interest rate swaps in place: | ||||||||||||||||
Notional | Fair Value | Pay Fixed | Receive Floating | Maturity Date | ||||||||||||
Non-amortizing swap | $ | 100,000 | $ | (661 | ) | 0.87 | % | 0.16 | % | Aug-16 | ||||||
Non-amortizing swap | $ | 100,000 | $ | (805 | ) | 1.29 | % | 0.16 | % | Aug-17 | ||||||
Non-amortizing swap | $ | 100,000 | $ | (820 | ) | 1.69 | % | 0.16 | % | Aug-18 | ||||||
Non-amortizing swap | $ | 50,000 | $ | 146 | 0.65 | % | 0.16 | % | Nov-16 | |||||||
Non-amortizing swap | $ | 50,000 | $ | 193 | 1.1 | % | 0.16 | % | Nov-17 | |||||||
Schedule of debt and equity components of convertible notes | ' | |||||||||||||||
The unamortized discount is amortized through interest expense into earnings over the expected term of the convertible notes. The following table provides additional information about ATK’s 3.00% Convertible Notes: | ||||||||||||||||
29-Dec-13 | 31-Mar-13 | |||||||||||||||
Carrying amount of the equity component | $ | 56,849 | $ | 56,849 | ||||||||||||
Principal amount of the liability component | $ | 199,453 | $ | 199,453 | ||||||||||||
Unamortized discount of liability component | $ | 5,095 | $ | 10,576 | ||||||||||||
Net carrying amount of liability component | $ | 194,358 | $ | 188,877 | ||||||||||||
Remaining amortization period of discount | 128 | 137 | ||||||||||||||
Effective interest rate on liability component | 7 | % | 7 | % | ||||||||||||
Schedule of minimum payments on outstanding long-term debt | ' | |||||||||||||||
The scheduled minimum loan payments on outstanding long-term debt are as follows: | ||||||||||||||||
Remainder of fiscal 2014 | $ | 13,250 | ||||||||||||||
Fiscal 2015 | 252,453 | |||||||||||||||
Fiscal 2016 | 53,000 | |||||||||||||||
Fiscal 2017 | 53,000 | |||||||||||||||
Fiscal 2018 | 53,000 | |||||||||||||||
Thereafter | 1,684,750 | |||||||||||||||
Total | $ | 2,109,453 | ||||||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
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 | Nine Months Ended | ||||||||||||||||
Components of Net Periodic Benefit Cost | December 29, 2013 | December 30, 2012 | December 29, 2013 | December 30, 2012 | |||||||||||||
Service cost | $ | 8,691 | $ | 16,007 | $ | 26,072 | $ | 48,022 | |||||||||
Interest cost | 32,563 | 36,145 | 97,690 | 108,458 | |||||||||||||
Expected return on plan assets | (40,278 | ) | (41,839 | ) | (120,833 | ) | (125,853 | ) | |||||||||
Amortization of unrecognized net loss | 36,473 | 31,134 | 109,418 | 93,467 | |||||||||||||
Amortization of unrecognized prior service cost | (5,246 | ) | (97 | ) | (15,738 | ) | (294 | ) | |||||||||
Net periodic benefit cost before special termination benefits cost / curtailment | 32,203 | 41,350 | 96,609 | 123,800 | |||||||||||||
Special termination benefits cost / curtailment | — | — | — | 2,000 | |||||||||||||
Net periodic benefit cost | $ | 32,203 | $ | 41,350 | $ | 96,609 | $ | 125,800 | |||||||||
Other Postretirement Benefits | |||||||||||||||||
Quarters Ended | Nine Months Ended | ||||||||||||||||
Components of Net Periodic Benefit Cost | December 29, 2013 | December 30, 2012 | December 29, 2013 | December 30, 2012 | |||||||||||||
Service cost | $ | 2 | $ | 1 | $ | 7 | $ | 3 | |||||||||
Interest cost | 1,302 | 1,623 | 3,905 | 4,870 | |||||||||||||
Expected return on plan assets | (855 | ) | (813 | ) | (2,564 | ) | (2,440 | ) | |||||||||
Amortization of unrecognized net loss | 572 | 663 | 1,716 | 1,990 | |||||||||||||
Amortization of unrecognized prior service cost | (2,095 | ) | (2,095 | ) | (6,286 | ) | (6,286 | ) | |||||||||
Net periodic benefit income | $ | (1,074 | ) | $ | (621 | ) | $ | (3,222 | ) | $ | (1,863 | ) |
StockBased_Compensation_Stock_
Stock-Based Compensation Stock Option weighted average assumptions (Tables) | 9 Months Ended | |
Dec. 29, 2013 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |
The following weighted average assumptions were used for grants: | ||
Nine Months ended December 29, 2013 | ||
Risk-free rate | 1.86% | |
Expected volatility | 25.95% | |
Expected dividend yield | 1.58% | |
Expected option life | 7 years |
Contingencies_Tables
Contingencies (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Loss Contingency [Abstract] | ' | ||||||||||||||||
Summary of the amounts recorded for environmental remediation | ' | ||||||||||||||||
The following is a summary of the amounts recorded for environmental remediation: | |||||||||||||||||
29-Dec-13 | 31-Mar-13 | ||||||||||||||||
Liability | Receivable | Liability | Receivable | ||||||||||||||
Amounts (payable) receivable | $ | (52,949 | ) | $ | 28,685 | $ | (61,227 | ) | $ | 35,638 | |||||||
Unamortized discount | 5,863 | (2,704 | ) | 3,731 | (1,925 | ) | |||||||||||
Present value amounts (payable) receivable | $ | (47,086 | ) | $ | 25,981 | $ | (57,496 | ) | $ | 33,713 | |||||||
Realignment_Obligations_Tables
Realignment Obligations (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Realignment Obligations | ' | ||||||||||||||||
Schedule of realignment liability activity | ' | ||||||||||||||||
The following table summarizes ATK’s realignment liability activity during fiscal 2013 related to the termination benefits and facility closure and other costs: | |||||||||||||||||
Termination | Asset | Facility | Total | ||||||||||||||
Benefits | Impairment | Closure | |||||||||||||||
and Other | |||||||||||||||||
Costs | |||||||||||||||||
Balance at March 31, 2012 | $ | 7,148 | $ | — | $ | 25 | $ | 7,173 | |||||||||
Expense | — | — | — | — | |||||||||||||
Cash paid | (5,744 | ) | — | — | (5,744 | ) | |||||||||||
Non-cash settlements | (1,090 | ) | — | — | (1,090 | ) | |||||||||||
Balance at December 30, 2012 | $ | 314 | $ | — | $ | 25 | $ | 339 | |||||||||
Operating_Segment_Information_
Operating Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||||||||||||
The following summarizes ATK's results by segment: | |||||||||||||||||
Quarters Ended | Nine Months Ended | ||||||||||||||||
29-Dec-13 | 30-Dec-12 | 29-Dec-13 | 30-Dec-12 | ||||||||||||||
Sales to external customers: | |||||||||||||||||
Aerospace Group | $ | 313,222 | $ | 301,124 | $ | 930,080 | $ | 906,078 | |||||||||
Defense Group | 373,304 | 467,476 | 1,203,743 | 1,466,089 | |||||||||||||
Sporting Group | 521,878 | 287,582 | 1,295,703 | 836,104 | |||||||||||||
Total external Sales | 1,208,404 | 1,056,182 | 3,429,526 | 3,208,271 | |||||||||||||
Intercompany sales: | |||||||||||||||||
Aerospace Group | 4,856 | 3,926 | 14,589 | 13,984 | |||||||||||||
Defense Group | 81,945 | 40,679 | 198,223 | 109,084 | |||||||||||||
Sporting Group | 2,350 | 6,545 | 8,191 | 21,476 | |||||||||||||
Eliminations | (89,151 | ) | (51,150 | ) | (221,003 | ) | (144,544 | ) | |||||||||
Total intercompany Sales | — | — | — | — | |||||||||||||
Total sales | $ | 1,208,404 | $ | 1,056,182 | $ | 3,429,526 | $ | 3,208,271 | |||||||||
Income before interest, loss on extinguishment of debt, income taxes and noncontrolling interest | |||||||||||||||||
Aerospace Group | $ | 33,383 | $ | 37,478 | $ | 111,039 | $ | 109,506 | |||||||||
Defense Group | 53,078 | 53,389 | 170,236 | 209,295 | |||||||||||||
Sporting Group | 81,119 | 30,215 | 183,059 | 76,142 | |||||||||||||
Corporate | (21,605 | ) | (14,223 | ) | (44,473 | ) | (46,839 | ) | |||||||||
Total Income before interest, loss on extinguishment of debt, income taxes and noncontrolling interest | $ | 145,975 | $ | 106,859 | $ | 419,861 | $ | 348,104 | |||||||||
Period Ended | |||||||||||||||||
29-Dec-13 | 31-Mar-13 | ||||||||||||||||
Total assets: | |||||||||||||||||
Aerospace Group | $ | 1,579,475 | $ | 1,580,775 | |||||||||||||
Defense Group | 1,179,613 | 1,122,416 | |||||||||||||||
Sporting Group | 2,396,166 | 803,493 | |||||||||||||||
Corporate | 436,161 | 876,326 | |||||||||||||||
Total assets | $ | 5,591,415 | $ | 4,383,010 | |||||||||||||
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Dec. 29, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair value of assets and liabilities measured on a recurring basis | ' | ' |
Number of Interest Rate Derivatives Held | 5 | ' |
Number of Foreign Currency Derivatives Held | 0 | ' |
Fair value of assets and liabilities that are measured on a recurring basis | Fair Value Measurements Using Inputs Considered as Level 2 | ' | ' |
Assets | ' | ' |
Marketable securities | $10,262 | $8,634 |
Derivatives | 339 | 0 |
Liabilities | ' | ' |
Derivatives | $5,542 | $3,530 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Details 2) (Fair value of assets and liabilities that are not measured on a recurring basis, USD $) | Dec. 29, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying Amount | ' | ' |
Assets and liabilities that are not measured on a recurring basis | ' | ' |
Fixed rate debt | $844,358 | $538,877 |
Variable rate debt | 1,260,000 | 535,000 |
Fair Value | ' | ' |
Assets and liabilities that are not measured on a recurring basis | ' | ' |
Fixed rate debt | 997,170 | 596,467 |
Variable rate debt | $1,260,625 | $534,513 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 12 Months Ended | 3 Months Ended | 6 Months Ended | 2 Months Ended | 5 Months Ended | ||||
Mar. 31, 2013 | Oct. 31, 2013 | Jun. 21, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Jun. 21, 2013 | Dec. 29, 2013 | Mar. 31, 2014 | Oct. 31, 2013 | |
Entity | Savage Sports Corporation [Member] | Savage Sports Corporation [Member] | Savage Sports Corporation [Member] | Bushnell Group Holdings, Inc. [Member] | Bushnell Group Holdings, Inc. [Member] | Bushnell Group Holdings, Inc. [Member] | |||
employee | employee | ||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Cash Paid | ' | $985,000,000 | ' | ' | ' | $315,000,000 | ' | ' | $985,000,000 |
Number of employees of the acquired entity | ' | ' | ' | ' | ' | 600 | ' | ' | 1,100 |
Business Acquisition, Purchase Price Allocation, Goodwill, Expected Tax Deductible Amount | ' | ' | 0 | ' | ' | ' | ' | ' | ' |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | ' | ' | ' | 53,920,000 | 116,908,000 | ' | 85,074,000 | ' | ' |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | ' | ' | ' | 13,266,000 | 18,887,000 | ' | 3,123,000 | ' | ' |
Business Combination, Acquired Inventory, Stepup adjustment | ' | ' | ' | 0 | 9,000,000 | ' | 1,377,000 | 3,500 | ' |
Number of acquisitions | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | ' | ' | ' | ' | ' | ' | $10,200,000 | ' | ' |
Acquisitions_Details_2_Details
Acquisitions Details 2 (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Oct. 31, 2013 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Cash Paid | ' | ' | ' | ' | $985,000,000 |
Business acquisition, cash paid for working capital adjustment | ' | ' | ' | ' | 4,065,000 |
Business Acquisition, Pro Forma Revenue | 1,264,430,000 | 1,203,804,000 | 3,783,713,000 | 3,636,039,000 | ' |
Business Acquisition, Cost of Acquired Entity, Purchase Price | ' | ' | ' | ' | 989,065,000 |
Business Acquisition, Purchase Price Allocation, Current Assets, Receivables | ' | ' | ' | ' | 110,923,000 |
Business Acquisition, Purchase Price Allocation, Current Assets, Inventory | ' | ' | ' | ' | 154,388,000 |
Business Acquisition, Purchase Price Allocation, Amortizable Intangible Assets | ' | ' | ' | ' | 370,727,000 |
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | ' | ' | ' | ' | 25,080,000 |
Business Acquisition, Purchase Price Allocation, Other Noncurrent Assets | ' | ' | ' | ' | 10,110,000 |
Business Acquisition, Purchase Price Allocation, Assets Acquired | ' | ' | ' | ' | 671,228,000 |
Business Acquisition, Purchase Price Allocation, Current Liabilities, Accounts Payable | ' | ' | ' | ' | 80,113,000 |
Business Acquisition, Purchase Price Allocation, Deferred Tax Liabilities, Noncurrent | ' | ' | ' | ' | 79,108,000 |
Business Acquisition, Purchase Price Allocation, Other Liabilities | ' | ' | ' | ' | 27,263,000 |
Business Acquisition, Purchase Price Allocation, Liabilities Assumed | ' | ' | ' | ' | 186,484,000 |
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net | ' | ' | ' | ' | 484,744,000 |
Business Acquisition, Purchase Price Allocation, Goodwill Amount | ' | ' | ' | ' | 504,321,000 |
Business Acquisition, Pro Forma Net Income (Loss) | 75,230,000 | 61,766,000 | 279,105,000 | 191,280,000 | ' |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $2.39 | $1.90 | $8.80 | $5.89 | ' |
Pro Forma Weighted Average Shares Outstanding, Diluted | 2.31 | 1.89 | 8.61 | 5.86 | ' |
Fair Value Adjustment to Inventory [Member] | ' | ' | ' | ' | ' |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' | ' | ' | ' |
Business Combination, Acquired Inventory, Stepup adjustment | -847,000 | 0 | -847,000 | 2,153,000 | ' |
Acquisition-related Costs [Member] | ' | ' | ' | ' | ' |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | ($8,369,000) | $0 | ($11,031,000) | $11,031,000 | ' |
Goodwill_and_Deferred_Charges_2
Goodwill and Deferred Charges and Other Non-Current Assets (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Mar. 31, 2013 |
Goodwill | ' | ' | ' | ' | ' |
Amortization of intangible assets | $10,133 | $2,665 | $17,239 | $8,400 | ' |
Goodwill, Acquired During Period | ' | ' | 660,913 | ' | ' |
Changes in the carrying amount of goodwill | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | 1,251,536 | ' | ' |
Balance at the end of the period | 1,913,666 | ' | 1,913,666 | ' | ' |
Goodwill, Translation Adjustments | ' | ' | 1,217 | ' | ' |
Deferred charges and other non-current assets | ' | ' | ' | ' | ' |
Deferred Finance Costs, Noncurrent, Gross | 28,356 | ' | 28,356 | ' | 21,341 |
Less accumulated amortization | -2,909 | ' | -2,909 | ' | -8,489 |
Deferred Finance Costs, Noncurrent, Net | 25,447 | ' | 25,447 | ' | 12,852 |
Parts inventory, noncurrent | 10,160 | ' | 10,160 | ' | 10,886 |
Environmental remediation receivable | 21,331 | ' | 21,331 | ' | 28,254 |
Derivative Assets, Noncurrent | 339 | ' | 339 | ' | 0 |
Other Assets, Miscellaneous, Noncurrent | 58,670 | ' | 58,670 | ' | 53,469 |
Total deferred charges and other non-current assets | 115,947 | ' | 115,947 | ' | 105,461 |
Aerospace Group | ' | ' | ' | ' | ' |
Goodwill | ' | ' | ' | ' | ' |
Goodwill, Acquired During Period | ' | ' | 0 | ' | ' |
Changes in the carrying amount of goodwill | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | 676,516 | ' | ' |
Balance at the end of the period | 676,516 | ' | 676,516 | ' | ' |
Accumulated impairment losses | 108,500 | ' | 108,500 | ' | ' |
Goodwill, Translation Adjustments | ' | ' | 0 | ' | ' |
Defense Group | ' | ' | ' | ' | ' |
Goodwill | ' | ' | ' | ' | ' |
Goodwill, Acquired During Period | ' | ' | 0 | ' | ' |
Changes in the carrying amount of goodwill | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | 366,947 | ' | ' |
Balance at the end of the period | 366,947 | ' | 366,947 | ' | ' |
Goodwill, Translation Adjustments | ' | ' | 0 | ' | ' |
Sporting Group | ' | ' | ' | ' | ' |
Goodwill | ' | ' | ' | ' | ' |
Goodwill, Acquired During Period | ' | ' | 660,913 | ' | ' |
Changes in the carrying amount of goodwill | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | 208,073 | ' | ' |
Balance at the end of the period | 870,203 | ' | 870,203 | ' | ' |
Goodwill, Translation Adjustments | ' | ' | $1,217 | ' | ' |
Goodwill_and_Deferred_Charges_3
Goodwill and Deferred Charges and Other Non-Current Assets (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Mar. 31, 2013 |
Trademarks and brand names | Trademarks and brand names | |||||
Non-amortizing intangible assets | ' | ' | ' | ' | ' | ' |
Indefinite lived intangible assets | ' | ' | ' | ' | $204,665 | $38,998 |
Amortization expense | $10,133 | $2,665 | $17,239 | $8,400 | ' | ' |
Goodwill_and_Deferred_Charges_4
Goodwill and Deferred Charges and Other Non-Current Assets (Details 3) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 29, 2013 | Mar. 31, 2013 |
Amortizing assets | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '9 years 10 months | ' |
Gross carrying amount | $450,152 | $117,645 |
Accumulated amortization | -63,928 | -46,689 |
Total | 386,224 | 70,956 |
Expected future amortization expense | ' | ' |
Remainder of fiscal 2014 | 15,956 | ' |
Fiscal 2015 | 41,204 | ' |
Fiscal 2016 | 39,607 | ' |
Fiscal 2017 | 37,317 | ' |
Fiscal 2018 | 37,317 | ' |
Thereafter | 214,823 | ' |
Total | 386,224 | 70,956 |
Trade names | ' | ' |
Amortizing assets | ' | ' |
Gross carrying amount | 188,317 | 66,060 |
Accumulated amortization | -19,707 | -13,531 |
Total | 168,610 | 52,529 |
Expected future amortization expense | ' | ' |
Total | 168,610 | 52,529 |
Patented technology | ' | ' |
Amortizing assets | ' | ' |
Gross carrying amount | 35,125 | 17,400 |
Accumulated amortization | -9,648 | -7,230 |
Total | 25,477 | 10,170 |
Expected future amortization expense | ' | ' |
Total | 25,477 | 10,170 |
Customer relationships and other | ' | ' |
Amortizing assets | ' | ' |
Gross carrying amount | 226,710 | 34,185 |
Accumulated amortization | -34,573 | -25,928 |
Total | 192,137 | 8,257 |
Expected future amortization expense | ' | ' |
Total | $192,137 | $8,257 |
Earnings_Per_Share_Data_Detail
Earnings Per Share Data (Details) | 3 Months Ended | 9 Months Ended | |||||
Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Mar. 31, 2013 | Mar. 31, 2011 | |
Convertible Senior Subordinated Notes 3.00 Percent Due 2024 [Member] | Convertible Senior Subordinated Notes 3.00 Percent Due 2024 [Member] | Convertible Senior Subordinated Notes 3.00 Percent Due 2024 [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Debt instrument interest rate stated percentage | ' | ' | ' | ' | 3.00% | 3.00% | 3.00% |
Basic (in shares) | 31,536,000 | 32,454,000 | 31,701,000 | 32,493,000 | ' | ' | ' |
Dilutive effect of stock-based awards | 256,000 | 198,000 | 241,000 | 148,000 | ' | ' | ' |
Incremental Common Shares Attributable to Conversion of Debt Securities | 821,000 | 0 | 476,000 | 0 | ' | ' | ' |
Diluted (in shares) | 32,613,000 | 32,652,000 | 32,418,000 | 32,641,000 | ' | ' | ' |
Shares excluded from the calculation of diluted EPS because the option exercise/threshold price was greater than the average market price of the common shares | 3,000 | 150,000 | 3,000 | 151,000 | ' | ' | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Mar. 31, 2013 | |
derivative | derivative | ||||
Derivative Financial Instruments | ' | ' | ' | ' | ' |
Number of Interest Rate Derivatives Held | 5 | ' | 5 | ' | ' |
Notional Amount of Interest Rate Cash Flow Hedge Derivatives | $400,000,000 | ' | $400,000,000 | ' | ' |
Notional Amount of Foreign Currency Derivatives | 0 | ' | 0 | ' | ' |
Fair value of derivative instruments designated as hedging instruments | ' | ' | ' | ' | ' |
Fair value of derivative assets designated as hedging instruments | 339,000 | ' | 339,000 | ' | 0 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 339,000 | ' | 339,000 | ' | 0 |
Interest Rate Cash Flow Hedge Liability at Fair Value | 2,286,000 | ' | 2,286,000 | ' | 0 |
Fair value of derivative liabilities designated as hedging instruments | 5,542,000 | ' | 5,542,000 | ' | 3,530,000 |
Pretax amount of gain (loss) reclassified from Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' | ' |
Commodity forward contracts, (gain)/loss reclassified from accumulated other comprehensive income (loss) | -2,688,000 | -1,884,000 | -4,297,000 | -5,846,000 | ' |
Forward foreign currency contracts, (gain)/loss reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 | -30,000 | ' |
Gain or (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | ' | ' | ' | ' | ' |
Commodity forward contracts, gain or (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | 0 | 0 | -1,637,000 | 0 | ' |
Forward foreign currency contracts, gain or (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | 0 | 0 | 0 | 0 | ' |
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | -869,000 | 0 | -869,000 | 0 | ' |
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness | 0 | 0 | 0 | 0 | ' |
Other current assets / other accrued liabilities | ' | ' | ' | ' | ' |
Fair value of derivative instruments designated as hedging instruments | ' | ' | ' | ' | ' |
Commodity forward contracts designated as hedging instruments, fair value of assets | 0 | ' | 0 | ' | 0 |
Commodity forward contracts designated as hedging instruments, fair value of liabilities | 3,256,000 | ' | 3,256,000 | ' | 2,871,000 |
Deferred charges and other non-current assets / other long-term liabilities | ' | ' | ' | ' | ' |
Fair value of derivative instruments designated as hedging instruments | ' | ' | ' | ' | ' |
Commodity forward contracts designated as hedging instruments, fair value of assets | 0 | ' | 0 | ' | 0 |
Commodity forward contracts designated as hedging instruments, fair value of liabilities | 0 | ' | 0 | ' | 659,000 |
Copper | ' | ' | ' | ' | ' |
Derivative Financial Instruments | ' | ' | ' | ' | ' |
Outstanding commodity forward contract | 15,252,000 | ' | 15,252,000 | ' | ' |
Zinc | ' | ' | ' | ' | ' |
Derivative Financial Instruments | ' | ' | ' | ' | ' |
Outstanding commodity forward contract | 5,478,000 | ' | 5,478,000 | ' | ' |
Notional amount of $100 million [Member] | ' | ' | ' | ' | ' |
Derivative Financial Instruments | ' | ' | ' | ' | ' |
Number of Interest Rate Derivatives Held | 3 | ' | 3 | ' | ' |
Notional amount to mature August 2016 [Member] | ' | ' | ' | ' | ' |
Derivative Financial Instruments | ' | ' | ' | ' | ' |
Notional Amount of Interest Rate Cash Flow Hedge Derivatives | 100,000,000 | ' | 100,000,000 | ' | ' |
Notional amount of $50 million. [Member] | ' | ' | ' | ' | ' |
Derivative Financial Instruments | ' | ' | ' | ' | ' |
Number of Interest Rate Derivatives Held | 2 | ' | 2 | ' | ' |
Notional amount to mature August 2017 [Member] | ' | ' | ' | ' | ' |
Derivative Financial Instruments | ' | ' | ' | ' | ' |
Notional Amount of Interest Rate Cash Flow Hedge Derivatives | 100,000,000 | ' | 100,000,000 | ' | ' |
Notional amount to mature August 2018 [Member] | ' | ' | ' | ' | ' |
Derivative Financial Instruments | ' | ' | ' | ' | ' |
Notional Amount of Interest Rate Cash Flow Hedge Derivatives | 100,000,000 | ' | 100,000,000 | ' | ' |
NotionalamounttomatureNovember2017 [Member] | ' | ' | ' | ' | ' |
Derivative Financial Instruments | ' | ' | ' | ' | ' |
Notional Amount of Interest Rate Cash Flow Hedge Derivatives | 50,000,000 | ' | 50,000,000 | ' | ' |
NotionalamounttomatureNovember2016 [Member] | ' | ' | ' | ' | ' |
Derivative Financial Instruments | ' | ' | ' | ' | ' |
Notional Amount of Interest Rate Cash Flow Hedge Derivatives | $50,000,000 | ' | $50,000,000 | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Mar. 31, 2012 |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives | ($2,739) | ' | ($2,739) | ' | ' | ($2,192) | ' | ' |
Available-for-sale securities | 739 | ' | 739 | ' | ' | 786 | ' | ' |
Pension and other postretirement benefit liabilities | -771,951 | ' | -771,951 | ' | ' | -826,898 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | -1,620 | ' | -1,620 | ' | ' | 0 | ' | ' |
Total accumulated other comprehensive loss | -775,571 | -857,413 | -775,571 | -857,413 | -794,535 | -828,304 | -874,557 | -909,330 |
Net decrease in fair value of derivatives | 59 | -2,223 | -4,730 | -6,011 | ' | ' | ' | ' |
Net losses reclassified from AOCI, offsetting the price paid to suppliers | 2,187 | 1,159 | 3,184 | 3,613 | ' | ' | ' | ' |
Net losses reclassified from AOCI, due to ineffectiveness | ' | ' | 999 | ' | ' | ' | ' | ' |
Net actuarial losses reclassified from AOCI | 22,847 | 19,519 | 68,541 | 58,561 | ' | ' | ' | ' |
Prior service costs reclassified from AOCI | -4,531 | -1,352 | -13,594 | -4,055 | ' | ' | ' | ' |
Valuation adjustment for pension and postretirement benefit plans, net of tax (expense) benefit of $0, and $(771) | 0 | 0 | 0 | 1,268 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -1,654 | 0 | -1,620 | 0 | ' | ' | ' | ' |
Other | 56 | 41 | -47 | -191 | ' | ' | ' | ' |
Derivative Adjustments [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives | -2,739 | 1,018 | -2,739 | 1,018 | -4,985 | -2,192 | 2,082 | 3,416 |
Net decrease in fair value of derivatives | 59 | -2,223 | -4,730 | -6,011 | ' | ' | ' | ' |
Net losses reclassified from AOCI, offsetting the price paid to suppliers | 2,187 | 1,159 | 3,184 | 3,613 | ' | ' | ' | ' |
Net losses reclassified from AOCI, due to ineffectiveness | 0 | ' | 999 | ' | ' | ' | ' | ' |
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale securities | -1,620 | ' | -1,620 | ' | 34 | 0 | ' | ' |
Pension and OPEB Adjustments [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Pension and other postretirement benefit liabilities | -771,951 | -859,236 | -771,951 | -859,236 | -790,267 | -826,898 | -877,403 | -913,742 |
Available for sale securities adjustments [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale securities | $739 | $805 | $739 | $805 | $683 | $786 | $764 | $996 |
Receivables_Details
Receivables (Details) (USD $) | Dec. 29, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Billed Contracts receivables | $522,623 | $395,309 |
Unbilled Contracts Receivable | 871,607 | 892,577 |
Other Receivables | 17,071 | 24,687 |
Net receivables | 1,411,301 | 1,312,573 |
Customer Advances and Progress Payments for Long-term Contracts or Programs | 500,833 | 381,503 |
Unbilled receivables | ' | ' |
Long-term unbilled receivables, relating to commercial aerospace programs | $284,512 | $282,068 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 29, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $135,481 | $102,238 |
Work/Contracts in process | 146,206 | 82,454 |
Finished Goods | 271,530 | 130,372 |
Net inventories | $553,217 | $315,064 |
Other_Liabilities_Details
Other Liabilities (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 |
Other Liabilities Disclosure [Abstract] | ' | ' | ' | ' |
Employee benefits and insurance, including pension and other postretirement benefits | $74,999 | ' | ' | $75,882 |
Warranty | 19,700 | 16,291 | 17,502 | ' |
Interest | 16,014 | ' | ' | 1,887 |
Environmental remediation | 5,049 | ' | ' | 6,847 |
Rebate | 28,621 | ' | ' | 6,875 |
Deferred lease obligation | 27,942 | ' | ' | 28,424 |
Commodity forward contracts | 3,256 | ' | ' | 2,871 |
Federal excise tax | 38,722 | ' | ' | 22,367 |
Accrued Advertising, Current | 10,310 | ' | ' | 1,296 |
Other | 118,773 | ' | ' | 95,903 |
Total other accrued liabilities - current | 343,386 | ' | ' | 262,021 |
Environmental remediation | 42,037 | ' | ' | 49,373 |
Management nonqualified deferred compensation plan | 17,064 | ' | ' | 17,409 |
Non-current portion of accrued income tax liability | 15,547 | ' | ' | 25,400 |
Deferred Rent Credit, Noncurrent | 15,795 | ' | ' | 14,342 |
Other | 25,773 | ' | ' | 19,934 |
Total other long-term liabilities | 116,216 | ' | ' | 126,458 |
Reconciliation of the changes in product warranty liability | ' | ' | ' | ' |
Balance at the beginning of the period | 16,291 | 17,502 | 19,669 | ' |
Payments made | -429 | -2,576 | -2,313 | ' |
Warranties issued | 559 | 1,288 | 113 | ' |
Changes related to preexisting warranties | 387 | 77 | 33 | ' |
Balance at the end of period | 19,700 | 16,291 | 17,502 | ' |
Warranties acquired through acquisitions | $2,892 | ' | ' | ' |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||
Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Mar. 31, 2013 | Dec. 29, 2013 | Mar. 31, 2013 | Dec. 29, 2013 | Mar. 31, 2013 | Dec. 29, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Dec. 29, 2013 | Mar. 31, 2013 | Oct. 31, 2013 | Dec. 29, 2013 | Mar. 31, 2013 | Mar. 31, 2011 | Dec. 29, 2013 | Mar. 31, 2013 | Dec. 29, 2013 | Mar. 31, 2013 | Mar. 31, 2011 | Dec. 29, 2013 | Mar. 31, 2013 | Mar. 31, 2011 | Dec. 29, 2013 | Mar. 31, 2013 | Mar. 31, 2011 | Mar. 31, 2005 | Dec. 29, 2013 | Mar. 31, 2013 | |
Term A Loan due 2018 [Member] | Term A Loan due 2018 [Member] | Term B Loan due 2021 [Member] | Term B Loan due 2021 [Member] | 2013 Senior Credit Facility [Member] | 2013 Senior Credit Facility [Member] | 2013 Term Loan B notes [Member] | Line of Credit 2018 [Member] | Line of Credit 2018 [Member] | Senior Notes 5.25 Percent Due 2021 [Member] | Term A Loan due 2015 | Term A Loan due 2015 | Term A Loan due 2015 | Term A Loan due 2017 | Term A Loan due 2017 | Revolving Credit Facility due 2015 | Revolving Credit Facility due 2015 | Revolving Credit Facility due 2015 | 6.875% Senior Subordinated Notes due 2020 | 6.875% Senior Subordinated Notes due 2020 | 6.875% Senior Subordinated Notes due 2020 | 3.00% Convertible Senior Subordinated Notes due 2024 | 3.00% Convertible Senior Subordinated Notes due 2024 | 3.00% Convertible Senior Subordinated Notes due 2024 | 3.00% Convertible Senior Subordinated Notes due 2024 | Senior Subordinated Notes 5.25 Percent Due 2021 [Member] | Senior Subordinated Notes 5.25 Percent Due 2021 [Member] | ||||||
Long-Term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual commitment fee on the unused portion (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | $1,010,000,000 | ' | $250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $400,000,000 | ' | ' | ' | ' | $600,000,000 | ' | ' | ' | ' | ' | ' | $200,000,000 | ' | ' |
Long-term Debt, Maturities, Repayments of Principal quarterly through maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,625,000 | 625,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Weighted Average Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument interest rate stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.88% | 6.88% | ' | 3.00% | 3.00% | 3.00% | ' | 5.25% | ' |
Principal amount of the liability component | 2,109,453,000 | ' | 2,109,453,000 | ' | 1,084,453,000 | 1,010,000,000 | 0 | 250,000,000 | 0 | ' | ' | ' | 700,000,000 | ' | 300,000,000 | 0 | 340,000,000 | ' | 0 | 195,000,000 | 0 | 0 | ' | 350,000,000 | 350,000,000 | 350,000,000 | 199,453,000 | 199,453,000 | ' | ' | 300,000,000 | 0 |
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 124,554,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 575,446,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Finance Costs Gross, Accordion Feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' |
Less: Unamortized discounts | 5,095,000 | ' | 5,095,000 | ' | 10,576,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,095,000 | 10,576,000 | ' | ' | ' | ' |
Carrying amount of long-term debt | 2,104,358,000 | ' | 2,104,358,000 | ' | 1,073,877,000 | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 194,358,000 | 188,877,000 | ' | ' | ' | ' |
Less: current portion | 247,358,000 | ' | 247,358,000 | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying amount of long-term debt, excluding current portion | $1,857,000,000 | ' | $1,857,000,000 | ' | $1,023,877,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental Common Shares Attributable to Conversion of Debt Securities | 821,000 | 0 | 476,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base rate margin (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Details_2
Long-Term Debt (Details 2) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 35 Months Ended | |||||||||||||||||||||
Dec. 29, 2013 | Dec. 30, 2012 | Mar. 31, 2013 | Dec. 29, 2013 | Mar. 31, 2013 | Mar. 31, 2011 | Dec. 29, 2013 | Mar. 31, 2013 | Mar. 31, 2011 | Dec. 29, 2013 | Mar. 31, 2013 | Mar. 31, 2011 | Dec. 29, 2013 | Mar. 31, 2009 | Mar. 31, 2006 | Mar. 31, 2013 | Mar. 31, 2011 | Mar. 31, 2005 | Oct. 01, 2016 | Dec. 29, 2013 | Mar. 31, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | |
derivative | Term A Loan due 2015 | Term A Loan due 2015 | Term A Loan due 2015 | Revolving Credit Facility due 2015 | Revolving Credit Facility due 2015 | Revolving Credit Facility due 2015 | 6.875% Senior Subordinated Notes due 2020 | 6.875% Senior Subordinated Notes due 2020 | 6.875% Senior Subordinated Notes due 2020 | 3.00% Convertible Senior Subordinated Notes due 2024 | 3.00% Convertible Senior Subordinated Notes due 2024 | 3.00% Convertible Senior Subordinated Notes due 2024 | 3.00% Convertible Senior Subordinated Notes due 2024 | 3.00% Convertible Senior Subordinated Notes due 2024 | 3.00% Convertible Senior Subordinated Notes due 2024 | Senior Subordinated Notes 5.25 Percent Due 2021 [Member] | Senior Subordinated Notes 5.25 Percent Due 2021 [Member] | Senior Subordinated Notes 5.25 Percent Due 2021 [Member] | Notional amount to mature August 2016 [Member] | Notional amount to mature August 2017 [Member] | Notional amount to mature August 2018 [Member] | NotionalamounttomatureNovember2016 [Member] | NotionalamounttomatureNovember2017 [Member] | |||
Long-Term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount of Interest Rate Cash Flow Hedge Derivatives | $400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000,000 | $100,000,000 | $100,000,000 | $50,000,000 | $50,000,000 |
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -661,000 | -805,000 | -820,000 | 146,000 | 193,000 |
Derivative, Fixed Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.87% | 1.29% | 1.69% | 0.65% | 1.10% |
Derivative, Variable Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.16% | 0.16% | 0.16% | 0.16% | 0.16% |
Ratio of Indebtedness to Net Capital | 0.55 | ' | 0.42 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | 600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Annual principal repayments, year one | 13,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual principal repayments, year two | 252,453,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual principal repayments, year three | 53,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual principal repayments, year four | 53,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual principal repayments, year five | 53,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying amount of long-term debt | 2,104,358,000 | ' | 1,073,877,000 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 194,358,000 | ' | ' | 188,877,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | ' | ' | 124,554,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | 575,446,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Finance Costs Gross, Accordion Feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' |
Borrowings on long term debt | 2,109,453,000 | ' | 1,084,453,000 | 0 | 340,000,000 | ' | 0 | 0 | ' | 350,000,000 | 350,000,000 | 350,000,000 | 199,453,000 | ' | ' | 199,453,000 | ' | ' | ' | 300,000,000 | 0 | ' | ' | ' | ' | ' |
Percentage of principal amount at which the entity may redeem some or all of the notes prior to specified date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Redemption Price with Net Proceeds from Equity Offerings as Percentage of Original Principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105.25% | ' | ' | ' | ' | ' | ' | ' |
Conversion ratio, number of shares per $1,000 principal amount, numerator | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13.07 | ' | $12.54 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion ratio, principal amount, denominator | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $76.50 | ' | $79.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of notes converted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 547,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Closing Price | $122.05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible debt premium | 118,755,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument interest rate stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.88% | 6.88% | ' | 3.00% | ' | ' | 3.00% | 3.00% | ' | ' | 5.25% | ' | ' | ' | ' | ' | ' |
Subsidiary guarantors percentage owned | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale-and-leaseback transactions limit | 839,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted payment limit | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for interest, total | $27,757,000 | $45,931,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Interest Rate Derivatives Held | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Details_3
Long-Term Debt (Details 3) (USD $) | Dec. 29, 2013 | Mar. 31, 2013 | Dec. 29, 2013 | Mar. 31, 2013 | Dec. 29, 2013 | Oct. 31, 2013 | Dec. 29, 2013 | Mar. 31, 2013 | Dec. 29, 2013 | Mar. 31, 2013 | Dec. 29, 2013 |
Line of Credit 2018 [Member] | Line of Credit 2018 [Member] | 2013 Senior Credit Facility [Member] | Senior Notes 5.25 Percent Due 2021 [Member] | 3.00% Convertible Senior Subordinated Notes due 2024 | 3.00% Convertible Senior Subordinated Notes due 2024 | Line of Credit | Line of Credit | Senior Credit Facility | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Eurodollar margin (as a percent) | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' |
Write off of Deferred Debt Issuance Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,166,000 |
Additional information about convertible notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying amount of the equity component | ' | ' | ' | ' | ' | ' | 56,849,000 | 56,849,000 | ' | ' | ' |
Principal amount of the liability component | 2,109,453,000 | 1,084,453,000 | 700,000,000 | ' | ' | 300,000,000 | 199,453,000 | 199,453,000 | 0 | 0 | ' |
Unamortized discount of liability component | 5,095,000 | 10,576,000 | ' | ' | ' | ' | 5,095,000 | 10,576,000 | ' | ' | ' |
Net carrying amount of liability component | 2,104,358,000 | 1,073,877,000 | 0 | 0 | ' | ' | 194,358,000 | 188,877,000 | 0 | ' | ' |
Remaining amortization period of discount | ' | ' | ' | ' | ' | ' | '128 months | '137 months | ' | ' | ' |
Effective interest rate on liability component (as a percent) | ' | ' | ' | ' | ' | ' | 7.00% | 7.00% | ' | ' | ' |
Minimum payments on outstanding long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remainder of fiscal 2014 | 13,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fiscal 2015 | 252,453,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fiscal 2016 | 53,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fiscal 2017 | 53,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fiscal 2018 | 53,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | 1,684,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | $2,109,453,000 | $1,084,453,000 | $700,000,000 | ' | ' | $300,000,000 | $199,453,000 | $199,453,000 | $0 | $0 | ' |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Change in benefit obligation | ' | ' | ' | ' |
Service cost | $2 | $1 | $7 | $3 |
Interest cost | 1,302 | 1,623 | 3,905 | 4,870 |
Expected return on plan assets | -855 | -813 | -2,564 | -2,440 |
Amortization of unrecognized net loss | 572 | 663 | 1,716 | 1,990 |
Amortization of unrecognized prior service cost | -2,095 | -2,095 | -6,286 | -6,286 |
Defined Benefit Plan, Net Periodic Benefit Cost | -1,074 | -621 | -3,222 | -1,863 |
Pension Benefits | ' | ' | ' | ' |
Change in benefit obligation | ' | ' | ' | ' |
Service cost | 8,691 | 16,007 | 26,072 | 48,022 |
Interest cost | 32,563 | 36,145 | 97,690 | 108,458 |
Expected return on plan assets | -40,278 | -41,839 | -120,833 | -125,853 |
Amortization of unrecognized net loss | 36,473 | 31,134 | 109,418 | 93,467 |
Amortization of unrecognized prior service cost | -5,246 | -97 | -15,738 | -294 |
Net periodic benefit cost before special termination benefits cost / curtailment | 32,203 | 41,350 | 96,609 | 123,800 |
Special termination benefits cost / curtailment | 0 | 0 | 0 | 2,000 |
Defined Benefit Plan, Net Periodic Benefit Cost | $32,203 | $41,350 | $96,609 | $125,800 |
Employee_Benefit_Plans_Details1
Employee Benefit Plans (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 |
Pension Benefits | ' | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' | ' |
Service cost | $8,691 | $16,007 | $26,072 | $48,022 |
Contributions | ' | ' | ' | ' |
Interest cost | 32,563 | 36,145 | 97,690 | 108,458 |
Defined Benefit Plan, Expected Return on Plan Assets | -40,278 | -41,839 | -120,833 | -125,853 |
Defined Benefit Plan, Amortization of Gains (Losses) | 36,473 | 31,134 | 109,418 | 93,467 |
Amortization of unrecognized prior service cost | -5,246 | -97 | -15,738 | -294 |
Defined Benefit Plan, Net, Periodic Benefit Cost before Gain (Loss) Due to Curtailments | 32,203 | 41,350 | 96,609 | 123,800 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | 0 | 0 | 2,000 |
Defined Benefit Plan, Net Periodic Benefit Cost | 32,203 | 41,350 | 96,609 | 125,800 |
Supplemental (nonqualified) executive retirement plan | ' | ' | ' | ' |
Contributions | ' | ' | ' | ' |
Employer contributions directly to the pension trust for the period | ' | ' | 40,000 | ' |
Employer's contribution to retirees during the period | ' | ' | 2,118 | ' |
Expected employer's contribution directly to retirees in next fiscal year | 1,479 | ' | 1,479 | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' | ' |
Service cost | 2 | 1 | 7 | 3 |
Contributions | ' | ' | ' | ' |
Employer contributions directly to the pension trust for the period | ' | ' | 9,559 | ' |
Expected employer's contribution in next fiscal year | 2,403 | ' | 2,403 | ' |
Interest cost | 1,302 | 1,623 | 3,905 | 4,870 |
Defined Benefit Plan, Expected Return on Plan Assets | -855 | -813 | -2,564 | -2,440 |
Defined Benefit Plan, Amortization of Gains (Losses) | 572 | 663 | 1,716 | 1,990 |
Amortization of unrecognized prior service cost | -2,095 | -2,095 | -6,286 | -6,286 |
Defined Benefit Plan, Net Periodic Benefit Cost | ($1,074) | ($621) | ($3,222) | ($1,863) |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Income tax provision (as a percent) | 32.70% | 31.90% | 32.70% | 30.00% |
Potential reduction of uncertain tax benefits over the next 12 months from audit settlements | ($4,686) | ' | ($4,686) | ' |
Minimum increase in earnings from settlement of unrecognized tax benefits based on current estimates | ' | ' | 0 | ' |
Maximum increase in earnings from settlement of unrecognized tax benefits based on current estimates | ' | ' | $4,294 | ' |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Mar. 31, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Mar. 31, 2013 |
award | award | Fiscal 2011 through fiscal 2013 period | Fiscal 2012 through fiscal 2014 period | Fiscal 2013 through fiscal 2015 period | Fiscal 2014 through fiscal 2016 period | Restricted stock | Restricted stock | Restricted stock | Stock options | Stock options | Stock options | 2005 Stock Incentive Plan | Performance awards | Total stockholder return performance awards ("TSR awards") | Total stockholder return performance awards ("TSR awards") | |||
plan | plan | Minimum | Maximum | Minimum | Maximum | Fiscal 2011 through fiscal 2013 period | ||||||||||||
Stock-Based Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of authorized shares of preferred stock | 5,000,000 | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Par value of preferred stock (in dollars per share) | $1 | ' | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total pre-tax stock-based compensation expense | $3,129 | $4,441 | $9,437 | $10,878 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total income tax benefit recognized in the income statement for share-based compensation | $1,199 | $1,246 | $3,620 | $2,496 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of stock-based incentive plans | 4 | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of authorized common shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,982,360 | ' | ' | ' |
Number of available shares to be granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,325,135 | ' | ' | ' |
Number of plans under which no new grants are being made | 3 | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of types of awards outstanding under the entity's stock incentive plans | 4 | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares reserved | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 418,836 | 45,980 | ' |
Number of shares payable only upon the achievement of certain financial performance goals | ' | ' | ' | ' | ' | 221,062 | 102,848 | 94,926 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares earned | ' | ' | ' | ' | 35,852 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares forfeited in the period resulting from performance goals not being met | ' | ' | ' | ' | 155,359 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,000 |
Restricted stock granted to non-employee directors and certain key employees (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 80,834 | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Number of shares payable only upon satisfaction of the market conditions stipulated | ' | ' | ' | ' | ' | 45,980 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '3 years | ' | '1 year | '3 years | ' | ' | ' | ' |
Minimum terms of options (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'P7Y | ' | ' | ' | ' | ' | ' |
Maximum terms of options (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'P10Y | ' | ' | ' | ' | ' | ' |
Number of years upon which expected volatility is based | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | ' | ' |
Options granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $23 | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 2) (Stock options) | 9 Months Ended | |
Dec. 29, 2013 | Dec. 30, 2012 | |
Stock options | ' | ' |
Stock-Based Compensation | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.86% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 25.95% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.58% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '7 years | ' |
Contingencies_Details
Contingencies (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 29, 2013 | Mar. 31, 2013 | Dec. 29, 2013 |
Loss Contingency [Abstract] | ' | ' | ' |
Unbilled receivables for contract claims | $34,490 | $27,797 | $34,490 |
Fair Value Inputs, Discount Rate | 1.75% | 0.80% | ' |
Environmental liabilities discount rate, net of estimated inflation (as a percent) | 1.50% | 0.80% | 1.50% |
Environmental receivable discount rate, net of estimated inflation (as a percent) | 1.50% | 0.80% | 1.50% |
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) receivable | -52,949 | -61,227 | -52,949 |
Unamortized discount | 5,863 | 3,731 | 5,863 |
Amounts (payable) receivable | 28,685 | 35,638 | 28,685 |
Unamortized discount | -2,704 | -1,925 | -2,704 |
Present value amounts (payable) receivable | -47,086 | -57,496 | -47,086 |
Present value amounts (payable) receivable | 25,981 | 33,713 | 25,981 |
Discounted liability recorded in other current liabilities | 5,049 | 6,847 | 5,049 |
Discounted liability recorded in other long-term liabilities | 42,037 | 49,373 | 42,037 |
Discounted receivable recorded in other current assets | 4,650 | ' | 4,650 |
Discounted receivable recorded in other non-current assets | 21,331 | ' | 21,331 |
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 | 47,086 | ' | 47,086 |
Maximum | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Estimated discounted reasonably possible costs of environmental remediation | $75,526 | ' | $75,526 |
Contingencies_Schedule_of_liti
Contingencies Schedule of litigation (Details) (USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Aug. 01, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' |
Loss Contingency, Damages Sought, Value | $100,000 |
Share_Repurchase_Details
Share Repurchase (Details) (USD $) | 3 Months Ended | 9 Months Ended | 24 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 31, 2014 | |
Share Repurchases [Abstract] | ' | ' | ' | ' | ' |
Stock repurchase program, authorized amount | ' | ' | ' | ' | $200,000,000 |
Stock repurchase program, period in force | ' | ' | ' | ' | '2 years |
Stock repurchased during period, shares | 35,253 | 0 | 609,922 | 482,044 | ' |
Stock repurchased during period, value | $3,871,000 | ' | $52,130,000 | $25,000,000 | ' |
Changes_in_Estimates_Details
Changes in Estimates (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 |
Operating Income Adjustments Under Percentage of Completion Method [Line Items] | ' | ' | ' | ' |
Operating income adjustments under percentage of completion method | $19,657 | $28,904 | $86,937 | $101,532 |
Small Caliber Systems contract adjustment [Member] | ' | ' | ' | ' |
Operating Income Adjustments Under Percentage of Completion Method [Line Items] | ' | ' | ' | ' |
Operating income adjustments under percentage of completion method | ' | ' | $39,125 | ' |
Realignment_Obligations_Detail
Realignment Obligations (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2012 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 30, 2012 |
groupstructure | ||||
Realignment obligations | ' | ' | ' | ' |
Number of group structures | 3 | ' | ' | ' |
Realignment liability activity | ' | ' | ' | ' |
Balance at the beginning of the period | $7,173 | ' | $0 | $7,173 |
Expense | ' | 2,600 | 8,000 | 0 |
Cash paid | ' | ' | ' | -5,744 |
Non-cash settlements | ' | ' | ' | -1,090 |
Balance at the end of the period | ' | 0 | 0 | 339 |
Termination benefits | ' | ' | ' | ' |
Realignment liability activity | ' | ' | ' | ' |
Balance at the beginning of the period | 7,148 | ' | ' | 7,148 |
Expense | ' | ' | ' | 0 |
Cash paid | ' | ' | ' | -5,744 |
Non-cash settlements | ' | ' | ' | -1,090 |
Balance at the end of the period | ' | ' | ' | 314 |
Asset impairment | ' | ' | ' | ' |
Realignment liability activity | ' | ' | ' | ' |
Balance at the beginning of the period | 0 | ' | ' | 0 |
Expense | ' | ' | ' | 0 |
Cash paid | ' | ' | ' | 0 |
Non-cash settlements | ' | ' | ' | 0 |
Balance at the end of the period | ' | ' | ' | 0 |
Facility closure and other costs | ' | ' | ' | ' |
Realignment liability activity | ' | ' | ' | ' |
Balance at the beginning of the period | 25 | ' | ' | 25 |
Expense | ' | ' | ' | 0 |
Cash paid | ' | ' | ' | 0 |
Non-cash settlements | ' | ' | ' | 0 |
Balance at the end of the period | ' | ' | ' | $25 |
Operating_Segment_Information_1
Operating Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Mar. 31, 2013 |
segment | |||||
Segment Reporting [Abstract] | ' | ' | ' | ' | ' |
Number of operating segments | ' | ' | 3 | ' | ' |
Results by operating segment | ' | ' | ' | ' | ' |
Operating Income (Loss) | $145,975 | $106,859 | $419,861 | $348,104 | ' |
Sales to external customers | 1,208,404 | 1,056,182 | 3,429,526 | 3,208,271 | ' |
Intercompany sales | 0 | 0 | 0 | 0 | ' |
Total | 1,208,404 | 1,056,182 | 3,429,526 | 3,208,271 | ' |
Total assets | 5,591,415 | ' | 5,591,415 | ' | 4,383,010 |
Aerospace Group | ' | ' | ' | ' | ' |
Results by operating segment | ' | ' | ' | ' | ' |
Operating Income (Loss) | 33,383 | 37,478 | 111,039 | 109,506 | ' |
Sales to external customers (as a percent) | ' | ' | 27.00% | ' | ' |
Sales to external customers | 313,222 | 301,124 | 930,080 | 906,078 | ' |
Intercompany sales | 4,856 | 3,926 | 14,589 | 13,984 | ' |
Total assets | 1,579,475 | ' | 1,579,475 | ' | 1,580,775 |
Defense Group | ' | ' | ' | ' | ' |
Results by operating segment | ' | ' | ' | ' | ' |
Operating Income (Loss) | 53,078 | 53,389 | 170,236 | 209,295 | ' |
Sales to external customers (as a percent) | ' | ' | 35.00% | ' | ' |
Sales to external customers | 373,304 | 467,476 | 1,203,743 | 1,466,089 | ' |
Intercompany sales | 81,945 | 40,679 | 198,223 | 109,084 | ' |
Total assets | 1,179,613 | ' | 1,179,613 | ' | 1,122,416 |
Defense Group | Military small caliber ammunition contract | Sales | Contract Concentration Risk | ' | ' | ' | ' | ' |
Results by operating segment | ' | ' | ' | ' | ' |
External sales generated from military small-caliber ammunition contract (as a percent) | ' | ' | ' | 16.00% | ' |
Sporting Group | ' | ' | ' | ' | ' |
Results by operating segment | ' | ' | ' | ' | ' |
Operating Income (Loss) | 81,119 | 30,215 | 183,059 | 76,142 | ' |
Sales to external customers (as a percent) | ' | ' | 38.00% | ' | ' |
Sales to external customers | 521,878 | 287,582 | 1,295,703 | 836,104 | ' |
Intercompany sales | 2,350 | 6,545 | 8,191 | 21,476 | ' |
Total assets | 2,396,166 | ' | 2,396,166 | ' | 803,493 |
Corporate | ' | ' | ' | ' | ' |
Results by operating segment | ' | ' | ' | ' | ' |
Operating Income (Loss) | -21,605 | -14,223 | -44,473 | -46,839 | ' |
Intercompany sales | -89,151 | -51,150 | -221,003 | -144,544 | ' |
Total assets | 436,161 | ' | 436,161 | ' | 876,326 |
Intersegment transactions | ' | ' | ' | ' | ' |
Results by operating segment | ' | ' | ' | ' | ' |
Operating Income (Loss) | $9,689 | $4,935 | $21,258 | $14,361 | ' |
Consolidating_Financial_statem
Consolidating Financial statements (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Mar. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization, pension and other postretirement benefit plans, net prior service cost recognized in net periodic pension cost, tax | $2,810 | $841 | $8,430 | $2,524 | ' | ' | ' | ' |
Cash and cash equivalents | 189,757 | 361,921 | 189,757 | 361,921 | ' | 417,289 | ' | 568,813 |
Revenue, Net | 1,208,404 | 1,056,182 | 3,429,526 | 3,208,271 | ' | ' | ' | ' |
Cost of sales | 919,234 | 836,555 | 2,630,919 | 2,510,754 | ' | ' | ' | ' |
Gross profit | 289,170 | 219,627 | 798,607 | 697,517 | ' | ' | ' | ' |
Research and development | 11,899 | 13,947 | 34,126 | 43,869 | ' | ' | ' | ' |
Selling and Marketing Expense | 56,952 | 41,535 | 146,617 | 121,670 | ' | ' | ' | ' |
General and Administrative Expense | 74,344 | 57,286 | 198,003 | 183,874 | ' | ' | ' | ' |
Income before interest, loss on extinguishment of debt, income taxes, and noncontrolling interest | 145,975 | 106,859 | 419,861 | 348,104 | ' | ' | ' | ' |
Income (Loss) from Equity Method Investments | 0 | ' | 0 | ' | ' | ' | ' | ' |
Interest and Debt Expense | -28,501 | -14,074 | -57,634 | -51,986 | ' | ' | ' | ' |
Interest income | 1,793 | 139 | 1,884 | 326 | ' | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt | 0 | 0 | 0 | 11,773 | ' | ' | ' | ' |
Income before income taxes and noncontrolling interest | 119,267 | 92,924 | 364,111 | 284,671 | ' | ' | ' | ' |
Income tax provision | 38,954 | 29,693 | 118,991 | 85,330 | ' | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 80,313 | 63,231 | 245,120 | 199,341 | ' | ' | ' | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | 27 | 56 | 210 | 276 | ' | ' | ' | ' |
Net income attributable to Alliant Techsystems Inc. | 80,286 | 63,175 | 244,910 | 199,065 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Pension Cost, Net of Tax | 4,531 | 1,352 | 13,594 | 4,055 | ' | ' | ' | ' |
Reclassification of net actuarial loss for pension and postretirement benefit plans recorded to net income, net of tax expense of $(14,198), $(12,279), and $(42,594) $(36,897) | 22,847 | 19,519 | 68,541 | 58,561 | ' | ' | ' | ' |
Valuation adjustment for pension and postretirement benefit plans, net of tax (expense) benefit of $0, $0, $0, and $(732) | 0 | 0 | 0 | 1,268 | ' | ' | ' | ' |
Change in fair value of derivatives, net of tax benefit (expense) of $(1,406), $681, $342 and $1,534, respectively | 2,246 | -1,064 | -547 | -2,399 | ' | ' | ' | ' |
Change in fair value of available-for-sale securities, net of tax benefit (expense) of $(35), $(26), $29, and $122, respectively | 56 | 41 | -47 | -191 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -1,654 | 0 | -1,620 | 0 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 18,964 | 17,144 | 52,733 | 53,184 | ' | ' | ' | ' |
Comprehensive income | 99,277 | 80,375 | 297,853 | 252,525 | ' | ' | ' | ' |
Less comprehensive income attributable to noncontrolling interest | 27 | 56 | 210 | 276 | ' | ' | ' | ' |
Comprehensive income attributable to Alliant Techsystems Inc. | 99,250 | 80,319 | 297,643 | 252,249 | ' | ' | ' | ' |
Receivables, Net, Current | 1,411,301 | ' | 1,411,301 | ' | ' | 1,312,573 | ' | ' |
Due from Affiliate, Current | 0 | ' | 0 | ' | ' | ' | ' | ' |
Net inventories | 553,217 | ' | 553,217 | ' | ' | 315,064 | ' | ' |
Income tax receivable | 6,584 | ' | 6,584 | ' | ' | 22,066 | ' | ' |
Deferred Tax Assets, Net, Current | 77,953 | ' | 77,953 | ' | ' | 106,566 | ' | ' |
Other current assets | 76,526 | ' | 76,526 | ' | ' | 45,174 | ' | ' |
Total current assets | 2,315,338 | ' | 2,315,338 | ' | ' | 2,218,732 | ' | ' |
Property, Plant and Equipment, Net | 655,575 | ' | 655,575 | ' | ' | 602,320 | ' | ' |
Investments in and Advances to Affiliates, Amount of Equity | 0 | ' | 0 | ' | ' | ' | ' | ' |
Goodwill | 1,913,666 | ' | 1,913,666 | ' | ' | 1,251,536 | ' | ' |
Intangible Assets, Net (Excluding Goodwill) | 590,889 | ' | 590,889 | ' | ' | 109,954 | ' | ' |
Noncurrent deferred income tax assets | 0 | ' | 0 | ' | ' | 95,007 | ' | ' |
Due from Affiliate, Noncurrent | 0 | ' | 0 | ' | ' | ' | ' | ' |
Deferred charges and other non-current assets | 115,947 | ' | 115,947 | ' | ' | 105,461 | ' | ' |
Total assets | 5,591,415 | ' | 5,591,415 | ' | ' | 4,383,010 | ' | ' |
Current portion of long-term debt | 247,358 | ' | 247,358 | ' | ' | 50,000 | ' | ' |
Accounts Payable, Current | 251,803 | ' | 251,803 | ' | ' | 337,713 | ' | ' |
Due to Affiliate, Current | 0 | ' | 0 | ' | ' | ' | ' | ' |
Contract advances and allowances | 107,581 | ' | 107,581 | ' | ' | 119,491 | ' | ' |
Accrued compensation | 107,662 | ' | 107,662 | ' | ' | 137,630 | ' | ' |
Other accrued liabilities | 343,386 | ' | 343,386 | ' | ' | 262,021 | ' | ' |
Total current liabilities | 1,057,790 | ' | 1,057,790 | ' | ' | 906,855 | ' | ' |
Long-term debt | 1,857,000 | ' | 1,857,000 | ' | ' | 1,023,877 | ' | ' |
Postretirement and postemployment benefits liabilities | 85,449 | ' | 85,449 | ' | ' | 94,087 | ' | ' |
Defined Benefit Pension Plan, Liabilities, Noncurrent | 679,984 | ' | 679,984 | ' | ' | 719,172 | ' | ' |
Deferred Tax Liabilities, Net, Noncurrent | 48,692 | ' | 48,692 | ' | ' | 0 | ' | ' |
Due to Affiliate, Noncurrent | 0 | ' | 0 | ' | ' | ' | ' | ' |
Other long-term liabilities | 116,216 | ' | 116,216 | ' | ' | 126,458 | ' | ' |
Total liabilities | 3,845,131 | ' | 3,845,131 | ' | ' | 2,870,449 | ' | ' |
Commitments and contingencies (Notes 16) | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Value, Issued | 318 | ' | 318 | ' | ' | 323 | ' | ' |
Additional paid-in-capital | 538,563 | ' | 538,563 | ' | ' | 534,137 | ' | ' |
Retained earnings | 2,703,442 | ' | 2,703,442 | ' | ' | 2,483,483 | ' | ' |
Accumulated other comprehensive loss | -775,571 | -857,413 | -775,571 | -857,413 | -794,535 | -828,304 | -874,557 | -909,330 |
Treasury Stock, Value | -731,070 | ' | -731,070 | ' | ' | -687,470 | ' | ' |
Stockholders' Equity Attributable to Parent | 1,735,682 | ' | 1,735,682 | ' | ' | 1,502,169 | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 10,602 | ' | 10,602 | ' | ' | 10,392 | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,746,284 | 1,457,797 | 1,746,284 | 1,457,797 | ' | 1,512,561 | ' | 1,236,751 |
Total liabilities and equity | 5,591,415 | ' | 5,591,415 | ' | ' | 4,383,010 | ' | ' |
Depreciation | ' | ' | 70,160 | 73,578 | ' | ' | ' | ' |
Amortization of intangible assets | 10,133 | 2,665 | 17,239 | 8,400 | ' | ' | ' | ' |
Amortization of debt discount | ' | ' | 5,481 | 5,116 | ' | ' | ' | ' |
Amortization of deferred financing costs | ' | ' | 9,047 | 2,948 | ' | ' | ' | ' |
Deferred income taxes | ' | ' | 12,170 | -17,655 | ' | ' | ' | ' |
Gain (Loss) on Disposition of Property | ' | ' | 3,908 | 638 | ' | ' | ' | ' |
Share-based plans expense | ' | ' | 9,437 | 10,878 | ' | ' | ' | ' |
Excess Tax Benefit (Tax Deficiency) from Share-based Compensation, Operating Activities | ' | ' | -833 | -2 | ' | ' | ' | ' |
Increase (Decrease) in Receivables | ' | ' | 46,217 | 87,288 | ' | ' | ' | ' |
Increase (Decrease) in Inventories | ' | ' | -65,306 | -53,714 | ' | ' | ' | ' |
Accounts payable | ' | ' | -177,435 | -113,411 | ' | ' | ' | ' |
Contract advances and allowances | ' | ' | -11,910 | 5,525 | ' | ' | ' | ' |
Accrued compensation | ' | ' | -35,570 | -7,076 | ' | ' | ' | ' |
Accrued income taxes | ' | ' | 9,726 | -22,976 | ' | ' | ' | ' |
Increase (Decrease) in Pension and Postretirement Obligations | ' | ' | 41,284 | -30,975 | ' | ' | ' | ' |
Increase (Decrease) in Other Operating Assets and Liabilities, Net | ' | ' | 25,922 | -50,233 | ' | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | ' | ' | 222,284 | 118,400 | ' | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | ' | ' | -80,580 | -61,351 | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | ' | -1,301,597 | 0 | ' | ' | ' | ' |
Proceeds from the disposition of property, plant, and equipment | ' | ' | 5,326 | 19 | ' | ' | ' | ' |
Cash used for investing activities | ' | ' | -1,376,851 | -61,332 | ' | ' | ' | ' |
Payments of Distributions to Affiliates | ' | ' | 0 | ' | ' | ' | ' | ' |
Payments for (Proceeds from) Other Investing Activities | ' | ' | 0 | ' | ' | ' | ' | ' |
Borrowings on line of credit | ' | ' | 280,000 | 0 | ' | ' | ' | ' |
Repayments of Lines of Credit | ' | ' | -280,000 | 0 | ' | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | -25,000 | -10,000 | ' | ' | ' | ' |
Early Repayment of Senior Debt | ' | ' | -510,000 | -409,000 | ' | ' | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | 1,560,000 | 200,000 | ' | ' | ' | ' |
Payments of Financing Costs | ' | ' | -21,641 | -1,458 | ' | ' | ' | ' |
Payments for Repurchase of Common Stock | ' | ' | -53,270 | -24,997 | ' | ' | ' | ' |
Payments of Ordinary Dividends, Common Stock | ' | ' | -24,951 | -21,563 | ' | ' | ' | ' |
Proceeds from employee stock compensation plans | ' | ' | 729 | 3,056 | ' | ' | ' | ' |
Excess tax benefits from share-based plans | ' | ' | 833 | 2 | ' | ' | ' | ' |
Cash provided by (used for) financing activities | ' | ' | 926,700 | -263,960 | ' | ' | ' | ' |
Effect of Exchange Rate on Cash and Cash Equivalents | ' | ' | 335 | 0 | ' | ' | ' | ' |
(Decrease) increase in cash and cash equivalents | ' | ' | -227,532 | -206,892 | ' | ' | ' | ' |
Reclassification, pension and other postretirement benefit plans, net gain (loss) recognized in net periodic benefit cost, tax | -14,198 | -12,279 | -42,594 | -36,897 | ' | ' | ' | ' |
Valuation adjustment for pension and postretirement benefit plans, tax (expense) benefit | 0 | 0 | 0 | -732 | ' | ' | ' | ' |
Change in fair value of derivatives, tax expense | -1,406 | 681 | 342 | 1,534 | ' | ' | ' | ' |
Change in fair value of available-for-sale securities, tax benefit | -35 | -26 | -47 | 122 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | 1,035 | 0 | 1,011 | 0 | ' | ' | ' | ' |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Revenue, Net | 0 | ' | 0 | ' | ' | ' | ' | ' |
Cost of sales | 0 | ' | 0 | ' | ' | ' | ' | ' |
Gross profit | 0 | ' | 0 | ' | ' | ' | ' | ' |
Research and development | 0 | ' | 0 | ' | ' | ' | ' | ' |
Selling and Marketing Expense | 0 | ' | 0 | ' | ' | ' | ' | ' |
General and Administrative Expense | 3,129 | ' | 9,437 | ' | ' | ' | ' | ' |
Income before interest, loss on extinguishment of debt, income taxes, and noncontrolling interest | -3,129 | ' | -9,437 | ' | ' | ' | ' | ' |
Income (Loss) from Equity Method Investments | 99,743 | ' | 286,172 | ' | ' | ' | ' | ' |
Interest and Debt Expense | -28,501 | ' | -57,634 | ' | ' | ' | ' | ' |
Interest income | 0 | ' | 0 | ' | ' | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt | 0 | ' | 0 | ' | ' | ' | ' | ' |
Income before income taxes and noncontrolling interest | 68,113 | ' | 219,101 | ' | ' | ' | ' | ' |
Income tax provision | -12,173 | ' | -25,809 | ' | ' | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 80,286 | ' | 244,910 | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | ' | 0 | ' | ' | ' | ' | ' |
Net income attributable to Alliant Techsystems Inc. | 80,286 | ' | 244,910 | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 18,964 | ' | 52,733 | ' | ' | ' | ' | ' |
Comprehensive income | 99,250 | ' | 297,643 | ' | ' | ' | ' | ' |
Less comprehensive income attributable to noncontrolling interest | 0 | ' | 0 | ' | ' | ' | ' | ' |
Comprehensive income attributable to Alliant Techsystems Inc. | 99,250 | ' | 297,643 | ' | ' | ' | ' | ' |
Receivables, Net, Current | 0 | ' | 0 | ' | ' | ' | ' | ' |
Due from Affiliate, Current | 0 | ' | 0 | ' | ' | ' | ' | ' |
Net inventories | 0 | ' | 0 | ' | ' | ' | ' | ' |
Income tax receivable | 0 | ' | 0 | ' | ' | ' | ' | ' |
Deferred Tax Assets, Net, Current | 0 | ' | 0 | ' | ' | ' | ' | ' |
Other current assets | 0 | ' | 0 | ' | ' | ' | ' | ' |
Total current assets | 0 | ' | 0 | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Net | 0 | ' | 0 | ' | ' | ' | ' | ' |
Investments in and Advances to Affiliates, Amount of Equity | 5,716,899 | ' | 5,716,899 | ' | ' | ' | ' | ' |
Goodwill | 0 | ' | 0 | ' | ' | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) | 0 | ' | 0 | ' | ' | ' | ' | ' |
Noncurrent deferred income tax assets | 0 | ' | 0 | ' | ' | ' | ' | ' |
Due from Affiliate, Noncurrent | 0 | ' | 0 | ' | ' | ' | ' | ' |
Deferred charges and other non-current assets | 25,785 | ' | 25,785 | ' | ' | ' | ' | ' |
Total assets | 5,742,684 | ' | 5,742,684 | ' | ' | ' | ' | ' |
Current portion of long-term debt | 247,358 | ' | 247,358 | ' | ' | ' | ' | ' |
Accounts Payable, Current | 0 | ' | 0 | ' | ' | ' | ' | ' |
Due to Affiliate, Current | 0 | ' | 0 | ' | ' | ' | ' | ' |
Contract advances and allowances | 0 | ' | 0 | ' | ' | ' | ' | ' |
Accrued compensation | 0 | ' | 0 | ' | ' | ' | ' | ' |
Other accrued liabilities | 19,270 | ' | 19,270 | ' | ' | ' | ' | ' |
Total current liabilities | 266,628 | ' | 266,628 | ' | ' | ' | ' | ' |
Long-term debt | 1,857,000 | ' | 1,857,000 | ' | ' | ' | ' | ' |
Postretirement and postemployment benefits liabilities | 0 | ' | 0 | ' | ' | ' | ' | ' |
Defined Benefit Pension Plan, Liabilities, Noncurrent | 0 | ' | 0 | ' | ' | ' | ' | ' |
Deferred Tax Liabilities, Net, Noncurrent | 0 | ' | 0 | ' | ' | ' | ' | ' |
Due to Affiliate, Noncurrent | 1,881,089 | ' | 1,881,089 | ' | ' | ' | ' | ' |
Other long-term liabilities | 2,285 | ' | 2,285 | ' | ' | ' | ' | ' |
Total liabilities | 4,007,002 | ' | 4,007,002 | ' | ' | ' | ' | ' |
Stockholders' Equity Attributable to Parent | 1,735,682 | ' | 1,735,682 | ' | ' | ' | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | ' | 0 | ' | ' | ' | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,735,682 | ' | 1,735,682 | ' | ' | ' | ' | ' |
Total liabilities and equity | 5,742,684 | ' | 5,742,684 | ' | ' | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | ' | ' | 7,060 | ' | ' | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | ' | ' | 0 | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | ' | -1,344,119 | ' | ' | ' | ' | ' |
Proceeds from the disposition of property, plant, and equipment | ' | ' | 0 | ' | ' | ' | ' | ' |
Cash used for investing activities | ' | ' | -1,344,119 | ' | ' | ' | ' | ' |
Payments of Distributions to Affiliates | ' | ' | 410,359 | ' | ' | ' | ' | ' |
Payments for (Proceeds from) Other Investing Activities | ' | ' | 0 | ' | ' | ' | ' | ' |
Borrowings on line of credit | ' | ' | 280,000 | ' | ' | ' | ' | ' |
Repayments of Lines of Credit | ' | ' | -280,000 | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | -25,000 | ' | ' | ' | ' | ' |
Early Repayment of Senior Debt | ' | ' | -510,000 | ' | ' | ' | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | 1,560,000 | ' | ' | ' | ' | ' |
Payments of Financing Costs | ' | ' | -21,641 | ' | ' | ' | ' | ' |
Payments for Repurchase of Common Stock | ' | ' | -53,270 | ' | ' | ' | ' | ' |
Payments of Ordinary Dividends, Common Stock | ' | ' | -24,951 | ' | ' | ' | ' | ' |
Proceeds from employee stock compensation plans | ' | ' | 729 | ' | ' | ' | ' | ' |
Excess tax benefits from share-based plans | ' | ' | 833 | ' | ' | ' | ' | ' |
Cash provided by (used for) financing activities | ' | ' | 1,337,059 | ' | ' | ' | ' | ' |
Effect of Exchange Rate on Cash and Cash Equivalents | ' | ' | 0 | ' | ' | ' | ' | ' |
(Decrease) increase in cash and cash equivalents | ' | ' | 0 | ' | ' | ' | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 136,641 | ' | 136,641 | ' | ' | 382,725 | ' | ' |
Revenue, Net | 1,165,686 | ' | 3,366,598 | ' | ' | ' | ' | ' |
Cost of sales | 891,821 | ' | 2,585,195 | ' | ' | ' | ' | ' |
Gross profit | 273,865 | ' | 781,403 | ' | ' | ' | ' | ' |
Research and development | 11,853 | ' | 33,922 | ' | ' | ' | ' | ' |
Selling and Marketing Expense | 50,441 | ' | 138,874 | ' | ' | ' | ' | ' |
General and Administrative Expense | 66,738 | ' | 182,140 | ' | ' | ' | ' | ' |
Income before interest, loss on extinguishment of debt, income taxes, and noncontrolling interest | 144,833 | ' | 426,467 | ' | ' | ' | ' | ' |
Income (Loss) from Equity Method Investments | 2,258 | ' | -1,432 | ' | ' | ' | ' | ' |
Interest and Debt Expense | 0 | ' | 0 | ' | ' | ' | ' | ' |
Interest income | 1,661 | ' | 1,569 | ' | ' | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt | 0 | ' | 0 | ' | ' | ' | ' | ' |
Income before income taxes and noncontrolling interest | 148,752 | ' | 426,604 | ' | ' | ' | ' | ' |
Income tax provision | 49,612 | ' | 142,303 | ' | ' | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 99,140 | ' | 284,301 | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | ' | 0 | ' | ' | ' | ' | ' |
Net income attributable to Alliant Techsystems Inc. | 99,140 | ' | 284,301 | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 18,372 | ' | 54,900 | ' | ' | ' | ' | ' |
Comprehensive income | 117,512 | ' | 339,201 | ' | ' | ' | ' | ' |
Less comprehensive income attributable to noncontrolling interest | 0 | ' | 0 | ' | ' | ' | ' | ' |
Comprehensive income attributable to Alliant Techsystems Inc. | 117,512 | ' | 339,201 | ' | ' | ' | ' | ' |
Receivables, Net, Current | 1,353,495 | ' | 1,353,495 | ' | ' | ' | ' | ' |
Due from Affiliate, Current | 2,627 | ' | 2,627 | ' | ' | ' | ' | ' |
Net inventories | 492,597 | ' | 492,597 | ' | ' | ' | ' | ' |
Income tax receivable | 4,005 | ' | 4,005 | ' | ' | ' | ' | ' |
Deferred Tax Assets, Net, Current | 71,594 | ' | 71,594 | ' | ' | ' | ' | ' |
Other current assets | 62,975 | ' | 62,975 | ' | ' | ' | ' | ' |
Total current assets | 2,123,934 | ' | 2,123,934 | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Net | 643,822 | ' | 643,822 | ' | ' | ' | ' | ' |
Investments in and Advances to Affiliates, Amount of Equity | 200,394 | ' | 200,394 | ' | ' | ' | ' | ' |
Goodwill | 1,795,274 | ' | 1,795,274 | ' | ' | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) | 535,212 | ' | 535,212 | ' | ' | ' | ' | ' |
Noncurrent deferred income tax assets | 0 | ' | 0 | ' | ' | ' | ' | ' |
Due from Affiliate, Noncurrent | 1,951,472 | ' | 1,951,472 | ' | ' | ' | ' | ' |
Deferred charges and other non-current assets | 90,162 | ' | 90,162 | ' | ' | ' | ' | ' |
Total assets | 7,340,270 | ' | 7,340,270 | ' | ' | ' | ' | ' |
Current portion of long-term debt | 0 | ' | 0 | ' | ' | ' | ' | ' |
Accounts Payable, Current | 225,474 | ' | 225,474 | ' | ' | ' | ' | ' |
Due to Affiliate, Current | 0 | ' | 0 | ' | ' | ' | ' | ' |
Contract advances and allowances | 107,226 | ' | 107,226 | ' | ' | ' | ' | ' |
Accrued compensation | 104,464 | ' | 104,464 | ' | ' | ' | ' | ' |
Other accrued liabilities | 287,091 | ' | 287,091 | ' | ' | ' | ' | ' |
Total current liabilities | 724,255 | ' | 724,255 | ' | ' | ' | ' | ' |
Long-term debt | 0 | ' | 0 | ' | ' | ' | ' | ' |
Postretirement and postemployment benefits liabilities | 85,449 | ' | 85,449 | ' | ' | ' | ' | ' |
Defined Benefit Pension Plan, Liabilities, Noncurrent | 679,984 | ' | 679,984 | ' | ' | ' | ' | ' |
Deferred Tax Liabilities, Net, Noncurrent | 31,246 | ' | 31,246 | ' | ' | ' | ' | ' |
Due to Affiliate, Noncurrent | 0 | ' | 0 | ' | ' | ' | ' | ' |
Other long-term liabilities | 113,385 | ' | 113,385 | ' | ' | ' | ' | ' |
Total liabilities | 1,634,319 | ' | 1,634,319 | ' | ' | ' | ' | ' |
Stockholders' Equity Attributable to Parent | 5,705,951 | ' | 5,705,951 | ' | ' | ' | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | ' | 0 | ' | ' | ' | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 5,705,951 | ' | 5,705,951 | ' | ' | ' | ' | ' |
Total liabilities and equity | 7,340,270 | ' | 7,340,270 | ' | ' | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | ' | ' | 202,788 | ' | ' | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | ' | ' | -79,997 | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | ' | 36,978 | ' | ' | ' | ' | ' |
Proceeds from the disposition of property, plant, and equipment | ' | ' | 5,326 | ' | ' | ' | ' | ' |
Cash used for investing activities | ' | ' | -448,052 | ' | ' | ' | ' | ' |
Payments of Distributions to Affiliates | ' | ' | 0 | ' | ' | ' | ' | ' |
Payments for (Proceeds from) Other Investing Activities | ' | ' | -410,359 | ' | ' | ' | ' | ' |
Borrowings on line of credit | ' | ' | 0 | ' | ' | ' | ' | ' |
Repayments of Lines of Credit | ' | ' | 0 | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | 0 | ' | ' | ' | ' | ' |
Early Repayment of Senior Debt | ' | ' | 0 | ' | ' | ' | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | 0 | ' | ' | ' | ' | ' |
Payments of Financing Costs | ' | ' | 0 | ' | ' | ' | ' | ' |
Payments for Repurchase of Common Stock | ' | ' | 0 | ' | ' | ' | ' | ' |
Payments of Ordinary Dividends, Common Stock | ' | ' | 0 | ' | ' | ' | ' | ' |
Proceeds from employee stock compensation plans | ' | ' | 0 | ' | ' | ' | ' | ' |
Excess tax benefits from share-based plans | ' | ' | 0 | ' | ' | ' | ' | ' |
Cash provided by (used for) financing activities | ' | ' | 0 | ' | ' | ' | ' | ' |
Effect of Exchange Rate on Cash and Cash Equivalents | ' | ' | -820 | ' | ' | ' | ' | ' |
(Decrease) increase in cash and cash equivalents | ' | ' | -246,084 | ' | ' | ' | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 53,116 | ' | 53,116 | ' | ' | 34,564 | ' | ' |
Revenue, Net | 62,901 | ' | 98,047 | ' | ' | ' | ' | ' |
Cost of sales | 47,596 | ' | 80,843 | ' | ' | ' | ' | ' |
Gross profit | 15,305 | ' | 17,204 | ' | ' | ' | ' | ' |
Research and development | 46 | ' | 204 | ' | ' | ' | ' | ' |
Selling and Marketing Expense | 6,511 | ' | 7,743 | ' | ' | ' | ' | ' |
General and Administrative Expense | 4,477 | ' | 6,426 | ' | ' | ' | ' | ' |
Income before interest, loss on extinguishment of debt, income taxes, and noncontrolling interest | 4,271 | ' | 2,831 | ' | ' | ' | ' | ' |
Income (Loss) from Equity Method Investments | 0 | ' | 0 | ' | ' | ' | ' | ' |
Interest and Debt Expense | 0 | ' | 0 | ' | ' | ' | ' | ' |
Interest income | 132 | ' | 315 | ' | ' | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt | 0 | ' | 0 | ' | ' | ' | ' | ' |
Income before income taxes and noncontrolling interest | 4,403 | ' | 3,146 | ' | ' | ' | ' | ' |
Income tax provision | 1,515 | ' | 2,497 | ' | ' | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 2,888 | ' | 649 | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | 27 | ' | 210 | ' | ' | ' | ' | ' |
Net income attributable to Alliant Techsystems Inc. | 2,861 | ' | 439 | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | -1,654 | ' | -1,620 | ' | ' | ' | ' | ' |
Comprehensive income | 1,234 | ' | -971 | ' | ' | ' | ' | ' |
Less comprehensive income attributable to noncontrolling interest | 27 | ' | 210 | ' | ' | ' | ' | ' |
Comprehensive income attributable to Alliant Techsystems Inc. | 1,207 | ' | -1,181 | ' | ' | ' | ' | ' |
Receivables, Net, Current | 57,806 | ' | 57,806 | ' | ' | ' | ' | ' |
Due from Affiliate, Current | 0 | ' | 0 | ' | ' | ' | ' | ' |
Net inventories | 60,620 | ' | 60,620 | ' | ' | ' | ' | ' |
Income tax receivable | 2,579 | ' | 2,579 | ' | ' | ' | ' | ' |
Deferred Tax Assets, Net, Current | 6,359 | ' | 6,359 | ' | ' | ' | ' | ' |
Other current assets | 13,551 | ' | 13,551 | ' | ' | ' | ' | ' |
Total current assets | 194,031 | ' | 194,031 | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Net | 11,753 | ' | 11,753 | ' | ' | ' | ' | ' |
Investments in and Advances to Affiliates, Amount of Equity | 0 | ' | 0 | ' | ' | ' | ' | ' |
Goodwill | 118,392 | ' | 118,392 | ' | ' | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) | 55,677 | ' | 55,677 | ' | ' | ' | ' | ' |
Noncurrent deferred income tax assets | 0 | ' | 0 | ' | ' | ' | ' | ' |
Due from Affiliate, Noncurrent | 0 | ' | 0 | ' | ' | ' | ' | ' |
Deferred charges and other non-current assets | 0 | ' | 0 | ' | ' | ' | ' | ' |
Total assets | 379,853 | ' | 379,853 | ' | ' | ' | ' | ' |
Current portion of long-term debt | 0 | ' | 0 | ' | ' | ' | ' | ' |
Accounts Payable, Current | 26,329 | ' | 26,329 | ' | ' | ' | ' | ' |
Due to Affiliate, Current | 2,627 | ' | 2,627 | ' | ' | ' | ' | ' |
Contract advances and allowances | 355 | ' | 355 | ' | ' | ' | ' | ' |
Accrued compensation | 3,198 | ' | 3,198 | ' | ' | ' | ' | ' |
Other accrued liabilities | 37,025 | ' | 37,025 | ' | ' | ' | ' | ' |
Total current liabilities | 69,534 | ' | 69,534 | ' | ' | ' | ' | ' |
Long-term debt | 0 | ' | 0 | ' | ' | ' | ' | ' |
Postretirement and postemployment benefits liabilities | 0 | ' | 0 | ' | ' | ' | ' | ' |
Defined Benefit Pension Plan, Liabilities, Noncurrent | 0 | ' | 0 | ' | ' | ' | ' | ' |
Deferred Tax Liabilities, Net, Noncurrent | 17,446 | ' | 17,446 | ' | ' | ' | ' | ' |
Due to Affiliate, Noncurrent | 70,383 | ' | 70,383 | ' | ' | ' | ' | ' |
Other long-term liabilities | 546 | ' | 546 | ' | ' | ' | ' | ' |
Total liabilities | 157,909 | ' | 157,909 | ' | ' | ' | ' | ' |
Stockholders' Equity Attributable to Parent | 211,342 | ' | 211,342 | ' | ' | ' | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 10,602 | ' | 10,602 | ' | ' | ' | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 221,944 | ' | 221,944 | ' | ' | ' | ' | ' |
Total liabilities and equity | 379,853 | ' | 379,853 | ' | ' | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | ' | ' | 17,436 | ' | ' | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | ' | ' | -583 | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | ' | 5,544 | ' | ' | ' | ' | ' |
Proceeds from the disposition of property, plant, and equipment | ' | ' | 0 | ' | ' | ' | ' | ' |
Cash used for investing activities | ' | ' | 4,961 | ' | ' | ' | ' | ' |
Payments of Distributions to Affiliates | ' | ' | 0 | ' | ' | ' | ' | ' |
Payments for (Proceeds from) Other Investing Activities | ' | ' | 0 | ' | ' | ' | ' | ' |
Borrowings on line of credit | ' | ' | 0 | ' | ' | ' | ' | ' |
Repayments of Lines of Credit | ' | ' | 0 | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | 0 | ' | ' | ' | ' | ' |
Early Repayment of Senior Debt | ' | ' | 0 | ' | ' | ' | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | 0 | ' | ' | ' | ' | ' |
Payments of Financing Costs | ' | ' | 0 | ' | ' | ' | ' | ' |
Payments for Repurchase of Common Stock | ' | ' | 0 | ' | ' | ' | ' | ' |
Payments of Ordinary Dividends, Common Stock | ' | ' | -5,000 | ' | ' | ' | ' | ' |
Proceeds from employee stock compensation plans | ' | ' | 0 | ' | ' | ' | ' | ' |
Excess tax benefits from share-based plans | ' | ' | 0 | ' | ' | ' | ' | ' |
Cash provided by (used for) financing activities | ' | ' | -5,000 | ' | ' | ' | ' | ' |
Effect of Exchange Rate on Cash and Cash Equivalents | ' | ' | 1,155 | ' | ' | ' | ' | ' |
(Decrease) increase in cash and cash equivalents | ' | ' | 18,552 | ' | ' | ' | ' | ' |
Consolidation, Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Revenue, Net | -20,183 | ' | -35,119 | ' | ' | ' | ' | ' |
Cost of sales | -20,183 | ' | -35,119 | ' | ' | ' | ' | ' |
Gross profit | 0 | ' | 0 | ' | ' | ' | ' | ' |
Research and development | 0 | ' | ' | ' | ' | ' | ' | ' |
Selling and Marketing Expense | 0 | ' | ' | ' | ' | ' | ' | ' |
General and Administrative Expense | 0 | ' | ' | ' | ' | ' | ' | ' |
Income before interest, loss on extinguishment of debt, income taxes, and noncontrolling interest | 0 | ' | 0 | ' | ' | ' | ' | ' |
Income (Loss) from Equity Method Investments | -102,001 | ' | -284,740 | ' | ' | ' | ' | ' |
Interest and Debt Expense | 0 | ' | ' | ' | ' | ' | ' | ' |
Interest income | 0 | ' | ' | ' | ' | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt | 0 | ' | 0 | ' | ' | ' | ' | ' |
Income before income taxes and noncontrolling interest | -102,001 | ' | -284,740 | ' | ' | ' | ' | ' |
Income tax provision | 0 | ' | 0 | ' | ' | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | -102,001 | ' | -284,740 | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | ' | 0 | ' | ' | ' | ' | ' |
Net income attributable to Alliant Techsystems Inc. | -102,001 | ' | -284,740 | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | -16,718 | ' | -53,280 | ' | ' | ' | ' | ' |
Comprehensive income | -118,719 | ' | -338,020 | ' | ' | ' | ' | ' |
Less comprehensive income attributable to noncontrolling interest | 0 | ' | 0 | ' | ' | ' | ' | ' |
Comprehensive income attributable to Alliant Techsystems Inc. | -118,719 | ' | -338,020 | ' | ' | ' | ' | ' |
Receivables, Net, Current | 0 | ' | 0 | ' | ' | ' | ' | ' |
Due from Affiliate, Current | -2,627 | ' | -2,627 | ' | ' | ' | ' | ' |
Net inventories | 0 | ' | 0 | ' | ' | ' | ' | ' |
Income tax receivable | 0 | ' | 0 | ' | ' | ' | ' | ' |
Deferred Tax Assets, Net, Current | 0 | ' | 0 | ' | ' | ' | ' | ' |
Other current assets | 0 | ' | 0 | ' | ' | ' | ' | ' |
Total current assets | -2,627 | ' | -2,627 | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Net | 0 | ' | 0 | ' | ' | ' | ' | ' |
Investments in and Advances to Affiliates, Amount of Equity | -5,917,293 | ' | -5,917,293 | ' | ' | ' | ' | ' |
Goodwill | 0 | ' | 0 | ' | ' | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) | 0 | ' | 0 | ' | ' | ' | ' | ' |
Noncurrent deferred income tax assets | 0 | ' | 0 | ' | ' | ' | ' | ' |
Due from Affiliate, Noncurrent | -1,951,472 | ' | -1,951,472 | ' | ' | ' | ' | ' |
Deferred charges and other non-current assets | 0 | ' | 0 | ' | ' | ' | ' | ' |
Total assets | -7,871,392 | ' | -7,871,392 | ' | ' | ' | ' | ' |
Current portion of long-term debt | 0 | ' | 0 | ' | ' | ' | ' | ' |
Accounts Payable, Current | 0 | ' | 0 | ' | ' | ' | ' | ' |
Due to Affiliate, Current | -2,627 | ' | -2,627 | ' | ' | ' | ' | ' |
Contract advances and allowances | 0 | ' | 0 | ' | ' | ' | ' | ' |
Accrued compensation | 0 | ' | 0 | ' | ' | ' | ' | ' |
Other accrued liabilities | 0 | ' | 0 | ' | ' | ' | ' | ' |
Total current liabilities | -2,627 | ' | -2,627 | ' | ' | ' | ' | ' |
Long-term debt | 0 | ' | 0 | ' | ' | ' | ' | ' |
Postretirement and postemployment benefits liabilities | 0 | ' | 0 | ' | ' | ' | ' | ' |
Defined Benefit Pension Plan, Liabilities, Noncurrent | 0 | ' | 0 | ' | ' | ' | ' | ' |
Deferred Tax Liabilities, Net, Noncurrent | 0 | ' | 0 | ' | ' | ' | ' | ' |
Due to Affiliate, Noncurrent | -1,951,472 | ' | -1,951,472 | ' | ' | ' | ' | ' |
Other long-term liabilities | 0 | ' | 0 | ' | ' | ' | ' | ' |
Total liabilities | -1,954,099 | ' | -1,954,099 | ' | ' | ' | ' | ' |
Stockholders' Equity Attributable to Parent | -5,917,293 | ' | -5,917,293 | ' | ' | ' | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | ' | 0 | ' | ' | ' | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | -5,917,293 | ' | -5,917,293 | ' | ' | ' | ' | ' |
Total liabilities and equity | -7,871,392 | ' | -7,871,392 | ' | ' | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | ' | ' | -5,000 | ' | ' | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | ' | ' | 0 | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | ' | 0 | ' | ' | ' | ' | ' |
Proceeds from the disposition of property, plant, and equipment | ' | ' | 0 | ' | ' | ' | ' | ' |
Cash used for investing activities | ' | ' | 410,359 | ' | ' | ' | ' | ' |
Payments of Distributions to Affiliates | ' | ' | -410,359 | ' | ' | ' | ' | ' |
Payments for (Proceeds from) Other Investing Activities | ' | ' | 410,359 | ' | ' | ' | ' | ' |
Borrowings on line of credit | ' | ' | 0 | ' | ' | ' | ' | ' |
Repayments of Lines of Credit | ' | ' | 0 | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | 0 | ' | ' | ' | ' | ' |
Early Repayment of Senior Debt | ' | ' | 0 | ' | ' | ' | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | 0 | ' | ' | ' | ' | ' |
Payments of Financing Costs | ' | ' | 0 | ' | ' | ' | ' | ' |
Payments for Repurchase of Common Stock | ' | ' | 0 | ' | ' | ' | ' | ' |
Payments of Ordinary Dividends, Common Stock | ' | ' | 5,000 | ' | ' | ' | ' | ' |
Proceeds from employee stock compensation plans | ' | ' | 0 | ' | ' | ' | ' | ' |
Excess tax benefits from share-based plans | ' | ' | 0 | ' | ' | ' | ' | ' |
Cash provided by (used for) financing activities | ' | ' | -405,359 | ' | ' | ' | ' | ' |
Effect of Exchange Rate on Cash and Cash Equivalents | ' | ' | 0 | ' | ' | ' | ' | ' |
(Decrease) increase in cash and cash equivalents | ' | ' | $0 | ' | ' | ' | ' | ' |