Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2017 | Feb. 06, 2018 | |
Entity Information [Line Items] | |||
Entity Registrant Name | TRIUMPH GROUP INC | ||
Entity Central Index Key | 1,021,162 | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-Q | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | Q3 | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 49,672,041 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 64,388 | $ 69,633 |
Trade and other receivables, less allowance for doubtful accounts of $4,028 and $4,559 | 320,999 | 311,792 |
Inventories, net of unliquidated progress payments of $409,040 and $222,485 | 1,462,724 | 1,340,175 |
Prepaid and other current assets | 43,500 | 30,064 |
Assets Held-for-sale, Not Part of Disposal Group, Current | 0 | 21,255 |
Total current assets | 1,891,611 | 1,772,919 |
Property and equipment, net | 749,922 | 805,030 |
Goodwill | 934,500 | 1,142,605 |
Intangible assets, net | 520,820 | 592,364 |
Other, net | 89,079 | 101,682 |
Total assets | 4,185,932 | 4,414,600 |
Current liabilities: | ||
Current portion of long-term debt | 15,135 | 160,630 |
Accounts payable | 387,081 | 481,243 |
Accrued expenses | 627,411 | 674,379 |
Disposal Group, Including Discontinued Operation, Liabilities, Current | 0 | 18,008 |
Total current liabilities | 1,029,627 | 1,334,260 |
Long-term debt, less current portion | 1,359,476 | 1,035,670 |
Accrued pension and other postretirement benefits, noncurrent | 509,641 | 592,134 |
Deferred income taxes, noncurrent | 41,969 | 68,107 |
Other noncurrent liabilities | 496,705 | 537,956 |
Stockholders’ equity: | ||
Common stock, $.001 par value, 100,000,000 shares authorized, 52,460,920 and 52,460,920 shares issued; 49,662,507 and 49,573,029 shares outstanding | 51 | 51 |
Capital in excess of par value | 849,806 | 846,807 |
Treasury Stock, Value | (179,692) | (183,696) |
Accumulated other comprehensive loss | (374,624) | (396,178) |
Retained earnings | 452,973 | 579,489 |
Total stockholders' equity | 748,514 | 846,473 |
Total liabilities and stockholders' equity | $ 4,185,932 | $ 4,414,600 |
Consolidated Balance Sheet Pare
Consolidated Balance Sheet Parenthetical (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 |
Allowance for doubtful accounts | $ 4,028 | $ 4,559 |
Unliquidated progress payments | $ 409,040 | $ 222,485 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 52,460,920 | 52,460,920 |
Common stock, shares outstanding | 49,662,507 | 49,573,029 |
Treasury Stock, Shares | 2,798,413 | 2,887,891 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net sales | $ 775,246 | $ 844,863 | $ 2,302,091 | $ 2,612,885 |
Operating costs and expenses: | ||||
Cost of sales (exclusive of depreciation and amortization shown separately below) | 612,206 | 653,199 | 1,821,513 | 2,052,900 |
Selling, General and Administrative Expense | 62,147 | 66,750 | 213,934 | 205,222 |
Depreciation and amortization | 39,320 | 44,331 | 119,318 | 135,080 |
Restructuring Charges | 6,149 | 11,067 | 33,751 | 28,180 |
Gain (Loss) on Disposition of Business | 0 | (14,350) | 20,371 | (19,124) |
Operating Expenses | 894,950 | 789,697 | 2,384,538 | 2,440,506 |
Operating Income (Loss) | (119,704) | 55,166 | (82,447) | 172,379 |
Interest expense and other | 25,836 | 19,698 | 72,229 | 55,721 |
Income from continuing operations before income taxes | (145,540) | 35,468 | (154,676) | 116,658 |
Income Tax Expense | (32,288) | 6,136 | (34,115) | 32,786 |
Net Income (Loss) Attributable to Parent | $ (113,252) | $ 29,332 | $ (120,561) | $ 83,872 |
Earnings per share-basic: | ||||
Earnings per share—basic: | $ (2.29) | $ 0.59 | $ (2.44) | $ 1.70 |
Weighted-average common shares outstanding-basic (in shares) | 49,459 | 49,329 | 49,425 | 49,294 |
Earnings per share-diluted: | ||||
Earnings per share—diluted: | $ (2.29) | $ 0.59 | $ (2.44) | $ 1.70 |
Weighted-average common shares outstanding-diluted (in shares) | 49,459 | 49,440 | 49,425 | 49,421 |
Dividends declared and paid per common share (in dollars per share) | $ 0.04 | $ 0.04 | $ 0.12 | $ 0.12 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Prior service loss | $ 0 | $ 0 | $ (523) | $ 0 |
Actuarial gain, net of taxes of $0 | 23,378 | 0 | 23,378 | 0 |
Net Income (Loss) Attributable to Parent | (113,252) | 29,332 | (120,561) | 83,872 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Foreign currency translation adjustment | (1,824) | (15,066) | 19,502 | (36,684) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 1,690 | 834 | 5,080 | 2,507 |
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service (Cost) Credit, Net of Tax | (17,833) | (2,407) | (23,917) | (7,226) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent | 7,235 | (1,573) | 5,064 | (4,719) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (816) | 1,726 | (835) | 2,100 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 203 | 5 | (2,177) | (6) |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | (613) | 1,731 | (3,012) | 2,094 |
Other Comprehensive Income (Loss), Net of Tax | 4,798 | (14,908) | 21,554 | (39,309) |
Total comprehensive income | $ (108,454) | $ 14,424 | $ (99,007) | $ 44,563 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income Parenthetical (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit), Tax | $ 0 | $ 0 | $ 0 | $ 0 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During the Period, Tax | 0 | 0 | 0 | 0 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Tax | 0 | (489) | 0 | (1,466) |
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service (Cost) Credit, Tax | 0 | 1,408 | 0 | 4,225 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During the Period, Tax | 0 | (1,407) | 9 | (1,285) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | $ 0 | $ (3) | $ 21 | $ 2 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Activities | ||
Net Income (Loss) Attributable to Parent | $ (120,561) | $ 83,872 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 119,318 | 135,080 |
Amortization of acquired contract liabilities | (91,862) | (89,031) |
Gain (Loss) on Disposition of Business | 20,371 | (19,124) |
Other amortization included in interest expense | 9,791 | 4,070 |
Provision for doubtful accounts receivable | (365) | 14 |
Provision for deferred income taxes | (24,432) | 18,703 |
Employee stock-based compensation | 6,137 | 6,140 |
Changes in assets and liabilities, excluding the effects of acquisitions and dispositions of businesses: | ||
Trade and other receivables | (10,554) | 102,915 |
Inventories | (154,090) | (323,389) |
Prepaid expenses and other current assets | (1,376) | 15,876 |
Accounts payable, accrued expenses and other current liabilities | (53,208) | (71,232) |
Accrued pension and other postretirement benefits | (67,368) | (72,813) |
Other | (5,731) | (1,980) |
Net cash (used in) provided by operating activities | (198,279) | (172,651) |
Investing Activities | ||
Capital expenditures | (31,932) | (33,123) |
Proceeds from sale of assets | 68,412 | 23,185 |
Acquisitions, net of cash acquired | 0 | 9 |
Net cash used in investing activities | 36,480 | (9,929) |
Financing Activities | ||
Net increase in revolving credit facility | 20,000 | 316,121 |
Proceeds from issuance of long-term debt and capital leases | 531,500 | 12,901 |
Repayment of debt and capital lease obligations | (369,261) | (95,744) |
Payment of deferred financing costs | (17,729) | (14,012) |
Dividends paid | (5,956) | (5,944) |
Repayments of government grant | 0 | (14,570) |
Repurchase of restricted shares for minimum tax obligation | (369) | (182) |
Net cash (used in) provided by financing activities | 158,185 | 198,570 |
Effect of exchange rate changes on cash | (1,631) | (1,513) |
Net change in cash and cash equivalents | (5,245) | 14,477 |
Cash at beginning of period | 69,633 | 20,984 |
Cash at end of period | 64,388 | 35,461 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | $ 14,576 | $ 0 |
Consolidated Statements of Cas8
Consolidated Statements of Cash Flows Parenthetical (Parentheticals) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Excess tax benefit | $ 0 | $ 0 |
BASIS OF PRESENTATION AND ORGAN
BASIS OF PRESENTATION AND ORGANIZATION | 9 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | BASIS OF PRESENTATION AND ORGANIZATION The accompanying unaudited condensed consolidated financial statements of Triumph Group, Inc. (the "Company") have been prepared in conformity with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of the results of operations, financial position and cash flows. The results of operations for the three and nine months ended December 31, 2017 are not necessarily indicative of results that may be expected for the year ending March 31, 2018 . The accompanying condensed consolidated financial statements are unaudited and should be read in conjunction with the fiscal 2017 audited condensed consolidated financial statements and notes thereto included in the Company's Form 10-K for the year ended March 31, 2017 filed with the Securities and Exchange Commission (the "SEC") on May 24, 2017. The Company designs, engineers, manufactures, repairs and overhauls a broad portfolio of aerostructures, aircraft components, accessories, subassemblies and systems. The Company serves a broad, worldwide spectrum of the aviation industry, including original equipment manufacturers of commercial, regional, business and military aircraft and aircraft components, as well as commercial and regional airlines and air cargo carriers. Effective January 1, 2018, the Company combined its Aerospace Structures and Precision Components reporting segments into one reporting segment, Aerospace Structures. Aerospace Structures and Precision Components share many of the same customers and suppliers and have substantial inter-company work on common programs. As a single operating segment, the Company believes it will be able to leverage their combined resources to make it more cost competitive and to enhance performance. The newly formed operating segment will also be a reportable segment. As a result, effective January 1, 2018, the Company will have three reporting segments for future financial reporting purposes - Integrated Systems, Product Support and Aerospace Structures. Standards Recently Implemented In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). ASU 2016-09 identifies areas for simplification involving several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. The Company adopted ASU 2016-09 effective April 1, 2017. The adoption of ASU 2016-09 did not have a material impact on the Company's consolidated financial statements. Standards Issued Not Yet Implemented In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”, “ASC 606”), which requires recognition of revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The FASB has issued several updates to ASU 2014-09 which must be adopted concurrently with ASU 2014-09. Under ASC 606, revenue is recognized when control of promised goods or services transfers to a customer and is recognized in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. The major provisions include determining enforceable rights and obligation between parties, defining performance obligations as the units of accounting under contract, accounting for variable consideration, and determining whether performance obligations are satisfied over time or at a point of time. Additionally, ASC 606 requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. ASC 606 will be effective for the Company beginning April 1, 2018. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (the “full retrospective method”), or retrospectively with the cumulative effect of initially applying ASC 606 recognized at the date of initial application (the "modified retrospective method”). The Company is adopting ASC 606 effective April 1, 2018 and the Company expects to do so using the modified retrospective method. During the fiscal year ended March 31, 2016, we established a cross-functional team to assess and prepare for implementation of the new standard. We are analyzing the impact of the new standard on the Company’s revenue contracts, comparing our current accounting policies and practices to the requirements of the new standard, and identifying potential differences that would result from applying the new standard to our contracts, as well as any potential impacts. While further analysis of ASC 606 and a review of all material contracts is underway, the adoption of ASC 606 will impact the amount and timing of revenue recognition and the accounting treatment of capitalized pre-production costs for certain of our contracts. Under ASC 606, the units-of-delivery method is no longer viable and some performance obligations may be satisfied over time which will change the timing of recognition of revenue and associated production costs for certain contracts. ASC 606 is applied by analyzing each contract, or a combination of contracts, to determine if revenue is recognized over time or at a point in time. The Company has determined that some of its contracts will have performance obligations that are satisfied over time and some at a point in time based on when control of goods and services transfers to the customer. For performance obligations that are satisfied over time, the Company will most likely use an input method as the basis for recognizing revenue. Input methods recognize revenue on the basis of an entity’s efforts or inputs toward satisfying a performance obligation (for example, resources consumed, labor hours expended, costs incurred, time lapsed, or machine hours used) relative to the total expected inputs to satisfy the performance obligation. Performance obligations that are not recognized over time will be recognized at a point in time. ASC 606 requires the Company to record performance obligations for material rights granted to the customer when contracts offer the customer future purchase options at an incremental discount. The Company is evaluating whether performance obligations for material rights exist for certain contracts which may result in deferral of revenues attributable to such rights. When the material rights are identified, the revenue recognized under ASC 606 results in a different revenue recognition pattern when compared to the revenue recognized under legacy GAAP. However, the Company’s operating cash flows from our contracts with customers will not change. The Transition Adjustment will include the establishment of contract assets and liabilities for billings that are lower than, or in excess of, revenue that has been recognized. The adoption of ASC 606 will not change the Company's accounting method for forward losses. Forward losses relating to unfulfilled contracts and options will continue to be recorded consistent with historical accounting policies. Under ASC 606, production costs are generally expensed as incurred and not deferred. Additionally, ASC 340-40 is to be applied if existing guidance is not applicable. The Company’s accounting for preproduction, tooling, and certain other costs is expected to continue under existing guidance since they generally do not fall within the scope of ASC 340-40. The Company typically does not incur costs for obtaining contracts that would be capitalized under ASC 340-40. In March 2017, the FASB issued ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (“ASU 2017-07”). ASU 2017-07 amends ASC 715, Compensation — Retirement Benefits , to require employers that present a measure of operating income in their statement of income to include only the service cost component of net periodic pension cost and net periodic postretirement benefit cost in operating expenses (together with other employee compensation costs). The other components of net benefit cost, including amortization of prior service cost/credit, and settlement and curtailment effects, are to be included in nonoperating expenses. Employers that do not present a measure of operating income are required to include the service cost component in the same line item as other employee compensation costs. Employers are required to include all other components of net benefit cost in a separate line item(s). The line item(s) in which the components of net benefit cost other than the service cost are included need to be identified as such on the income statement or in the disclosures. ASU 2017-07 also stipulates that only the service cost component of net benefit cost is eligible for capitalization. ASU 2017-07 is effective for reporting periods beginning after December 15, 2017, with early adoption permitted. The Company is currently performing its assessment of the impact of adopting the guidance; however based on its expectations for the fiscal year ending March 31, 2018, the Company believes it will likely have a material impact due to the reclassification of certain components of pension and OPEB income from capitalized costs (Operating Income) to Other Income. The Company will adopt the new standard on April 1, 2018. Upon adoption, the cumulative affect, approximately $130,000 to $150,000 will be recorded as a current period charge to earnings in our fiscal year ended March 31, 2019. Excluding the service costs, the net periodic pension benefit for the fiscal year ending March 31, 2018 is expected to be $67,000 . In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02"). This update requires recognition of lease assets and lease liabilities on the balance sheet of lessees. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 and interim reporting periods within those years. Early adoption is permitted. ASU 2016-02 requires a modified retrospective transition approach and provides certain optional transition relief. The Company is currently evaluating the guidance to determine the impact it will have to the Company's consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Revenue Recognition Revenues are generally recognized in accordance with the contract terms when products are shipped, delivery has occurred or services have been rendered, pricing is fixed and determinable, and collection is reasonably assured. A significant portion of the Company’s contracts are within the scope of the Revenue Recognition - Construction-Type and Production-Type Contracts topic of the Accounting Standards Codification ("ASC") 605-35 and revenue and costs on contracts are recognized using the percentage-of-completion method of accounting. Accounting for the revenue and profit on a contract requires estimates of (1) the contract value or total contract revenue, (2) the total costs at completion, which is equal to the sum of the actual incurred costs to date on the contract and the estimated costs to complete the contract’s scope of work, and (3) the measurement of progress toward completion. Depending on the contract, the Company measures progress toward completion using either the cost-to-cost method or the units-of-delivery method of accounting, with the great majority measured under the units-of-delivery method of accounting. • Under the cost-to-cost method of accounting, progress toward completion is measured as the ratio of total costs incurred to estimated total costs at completion. Costs are recognized as incurred. Profit is determined based on estimated profit margin on the contract multiplied by the progress toward completion. Revenue represents the sum of costs and profit on the contract for the period. • Under the units-of-delivery method of accounting, revenue on a contract is recorded as the units are delivered and accepted during the period at an amount equal to the contractual selling price of those units. The costs recorded on a contract under the units-of-delivery method of accounting are equal to the total costs at completion divided by the total units to be delivered. As contracts can span multiple years, the Company often segments the contracts into production lots for the purposes of accumulating and allocating cost. Profit is recognized as the difference between revenue for the units delivered and the estimated costs for the units delivered. Adjustments to original estimates for a contract’s revenues, estimated costs at completion and estimated total profit are often required as work progresses under a contract, as experience is gained and as more information is obtained, even though the scope of work required under the contract may not change, or if contract modifications occur. These estimates are also sensitive to the assumed rate of production. Generally, the longer it takes to complete the contract quantity, the more relative overhead that contract will absorb. The impact of revisions in cost estimates is recognized on a cumulative catch-up basis in the period in which the revisions are made. Provisions for anticipated losses on contracts are recorded in the period in which they become evident (‘‘forward losses’’) and are first offset against costs that are included in inventory, with any remaining amount reflected in accrued contract liabilities in accordance with the Revenue Recognition - Construction-Type and Production-Type Contracts topic. Revisions in contract estimates, if significant, can materially affect results of operations and cash flows, as well as valuation of inventory. Furthermore, certain contracts are combined or segmented for revenue recognition in accordance with the Revenue Recognition - Construction-Type and Production-Type Contracts topic. During the quarter ended September 30, 2016, the Company discovered an immaterial error in its percentage-of-completion accounting for one of its contracts, which understated cost of sales and overstated net income for the three months ended June 30, 2016, in the amount of $11,800 and $8,142 , respectively, and overstated retained earnings as of March 31, 2016 in the amount of $12,700 . The Company assessed the materiality of this error on previously issued financial statements in accordance with the ASC 250, Presentation of Financial Statements , and Securities and Exchange Commission (SEC) Staff Accounting Bulletin No. 99, Materialit y. The Company concluded, based on a review of the quantitative and qualitative factors of the materiality of the amount, that the error was not material to any previously issued financial statements and that the correction of the error in the three months ended September 30, 2016 was not material to that period’s financial statements. Accordingly, in order to correct this immaterial error, the Company recorded a charge to "Cost of sales" in the amount of $24,500 , which is presented on the accompanying Condensed Consolidated Statements of Income during the nine months ended December 31, 2016 . For the three months ended December 31, 2017 , cumulative catch-up adjustments from changes in estimates, inclusive of changes in forward loss estimates, increased operating income, net income and earnings per share by approximately $5,319 , $4,255 and $0.09 , net of tax, respectively. For the three months ended December 31, 2016 cumulative catch-up adjustments were balanced between positive and negative variances. For the nine months ended December 31, 2017 , cumulative catch-up adjustments from changes in estimates, inclusive of changes in forward loss estimates, increased operating income, net income and earnings per share by approximately $11,979 , $9,583 and $0.19 , net of tax, respectively. For the nine months ended December 31, 2016 , cumulative catch-up adjustments from changes in estimates decreased operating income, net income and earnings per share by approximately $(6,290) , $(4,522) and $(0.09) , net of tax, respectively. Amounts representing contract change orders or claims are only included in revenue when such change orders or claims have been settled with the customer and to the extent that units have been delivered. Additionally, some contracts may contain provisions for revenue sharing, price re-determination, requests for equitable adjustments, change orders or cost and/or performance incentives. Such amounts or incentives are included in contract value when the amounts can be reliably estimated and their realization is reasonably assured. Although fixed-price contracts, which extend several years into the future, generally permit the Company to keep unexpected profits if costs are less than projected, the Company also bears the risk that increased or unexpected costs may reduce profit or cause the Company to sustain losses on the contract. In a fixed-price contract, the Company must fully absorb cost overruns, notwithstanding the difficulty of estimating all of the costs the Company will incur in performing these contracts and in projecting the ultimate level of revenue that may otherwise be achieved. As previously disclosed, the Company recognized provisions for forward losses associated with our long-term contracts on the 747-8 and Bombardier programs. There is still risk similar to what the Company has experienced on the 747-8 and Bombardier programs. Particularly, the Company's ability to manage risks related to supplier performance, execution of cost reduction strategies, hiring and retaining skilled production and management personnel, quality and manufacturing execution, program schedule delays, potential need to negotiate facility lease extensions or alternatively relocate work and many other risks, will determine the ultimate performance of these programs. Included in net sales of Integrated Systems, Aerospace Structures and Precision Components, is the non-cash amortization of acquired contract liabilities that were recognized as fair value adjustments through purchase accounting from various acquisitions. For the three months ended December 31, 2017 and 2016 , the Company recognized $34,492 and $29,206 , respectively, into net sales on the accompanying Condensed Consolidated Statements of Income. For the nine months ended December 31, 2017 and 2016 , the Company recognized $91,862 and $89,031 , respectively, into net sales on the accompanying Condensed Consolidated Statements of Income. Product Support provides repair and overhaul services, of which a small portion of services are provided under long-term power-by-the-hour contracts. The Company applies the proportional performance method of accounting to recognize revenue under these contracts. Revenue is recognized over the contract period as units are delivered based on the relative value in proportion to the total estimated contract consideration. In estimating the total contract consideration, management evaluates the projected utilization of its customers’ fleet over the term of the contract, in connection with the related estimated repair and overhaul servicing requirements to the fleet based on such utilization. Changes in utilization of the fleet by customers, among other factors, may have an impact on these estimates and require adjustments to estimates of revenue to be realized. Concentration of Credit Risk The Company’s trade accounts receivable are exposed to credit risk. However, the risk is limited due to the diversity of the customer base and the customer base’s wide geographical area. Trade accounts receivable from Boeing (representing commercial, military and space) represented approximately 11% and 5% of total trade accounts receivable as of December 31, 2017 and March 31, 2017 , respectively. Trade accounts receivable from Gulfstream (representing commercial, military and space) represented approximately 14% and 3% of total trade accounts receivable as of December 31, 2017 and March 31, 2017 , respectively. The Company had no other concentrations of credit risk of more than 10% . Sales to Boeing for the nine months ended December 31, 2017 , were $743,271 , or 32% of net sales, of which $151,803 , $302,980 , $282,068 and $6,420 were from the Integrated Systems, Aerospace Structures, Precision Components and Product Support, respectively. Sales to Boeing for the nine months ended December 31, 2016 , were $928,020 , or 36% of net sales, of which $157,772 , $427,960 , $317,426 and $24,862 were from the Integrated Systems, Aerospace Structures, Precision Components and Product Support, respectively. Sales to Gulfstream for the nine months ended December 31, 2017 , were $304,157 , or 13% of net sales, of which $897 , $293,749 , $9,203 and $308 were from the Integrated Systems, Aerospace Structures, Precision Components and Product Support, respectively. Sales to Gulfstream for the nine months ended December 31, 2016 , were $321,671 , or 12% of net sales, of which $1,418 , $311,207 , $8,855 and $191 were from the Integrated Systems, Aerospace Structures, Precision Components and Product Support, respectively. No other single customer accounted for more than 10% of the Company’s net sales. However, the loss of any significant customer, including Boeing and Gulfstream, could have a material adverse effect on the Company and its operating subsidiaries. Stock-Based Compensation The Company recognizes compensation expense for share-based awards based on the fair value of those awards at the date of grant. Stock-based compensation expense for the three months ended December 31, 2017 and 2016 , was $2,719 and $2,163 , respectively. Stock-based compensation expense for the nine months ended December 31, 2017 and 2016 , was $6,137 and $6,140 , respectively. The Company has classified share-based compensation within selling, general and administrative expenses to correspond with the same line item as the majority of the cash compensation paid to employees. Upon the exercise of stock options or vesting of restricted stock, the Company first transfers treasury stock, then issues new shares. Intangible Assets The components of intangible assets, net, are as follows: December 31, 2017 Weighted- Average Life Gross Carrying Amount Accumulated Amortization Net Customer relationships 17.0 $ 621,524 $ (247,058 ) $ 374,466 Product rights, technology and licenses 11.4 55,104 (41,241 ) 13,863 Non-compete agreements and other 16.3 2,756 (921 ) 1,835 Tradenames 10.0 150,000 (19,344 ) 130,656 Total intangibles, net $ 829,384 $ (308,564 ) $ 520,820 March 31, 2017 Weighted- Average Life Gross Carrying Amount Accumulated Amortization Net Customer relationships 16.6 $ 663,165 $ (241,124 ) $ 422,041 Product rights, technology and licenses 11.4 54,347 (39,486 ) 14,861 Non-compete agreements and other 16.3 2,756 (786 ) 1,970 Tradenames 10.3 163,000 (9,508 ) 153,492 Total intangibles, net $ 883,268 $ (290,904 ) $ 592,364 Amortization expense for the three months ended December 31, 2017 and 2016 , was $13,618 and $13,348 , respectively. Amortization expense for the nine months ended December 31, 2017 and 2016 , was $42,993 and $40,565 , respectively. Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. When determining fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and also considers assumptions that market participants would use when pricing an asset or liability. The fair value hierarchy has three levels of inputs that may be used to measure fair value: Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2—Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability; and Level 3—Unobservable inputs for the asset or liability. The Company has applied fair value measurements to its divestitures and interest rate swap (see Note 3 and Note 5). Warranty Reserves A reserve has been established to provide for the estimated future cost of warranties on our delivered products. The Company periodically reviews the reserves and adjustments are made accordingly. A provision for warranty on products delivered is made on the basis of historical experience and identified warranty issues. Warranties cover such factors as non-conformance to specifications and defects in material and workmanship. The majority of the Company's agreements include a three -year warranty, although certain programs have warranties up to 20 years. The warranty reserves as of December 31, 2017 and March 31, 2017 , were $85,516 and $107,088 , respectively. The decrease in warranty reserves during the first nine months of the fiscal year ended March 31, 2018, were offset by a corresponding decrease to the related indemnification asset, which is included in other assets on the accompanying Condensed Consolidated Balance Sheets. Supplemental Cash Flow Information The Company paid $11,013 and $5,936 for income taxes, net of refunds, for the nine months ended December 31, 2017 and 2016 , respectively. The Company made interest payments of $54,013 and $61,251 for the nine months ended December 31, 2017 and 2016 , respectively. During the nine months ended December 31, 2017 and 2016 , the Company financed $2,206 and $11,504 , respectively, of property and equipment additions through capital leases. As of December 31, 2017 , the Company remains able to purchase an additional 2,277,789 shares under the existing stock repurchase program. However, there are certain restrictions placed on the repurchase program by the Company's lenders that prevent any repurchases at this time. |
INVENTORIES
INVENTORIES | 9 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories are stated at the lower of cost (average-cost or specific-identification methods) or market. The components of inventories are as follows: December 31, 2017 March 31, 2017 Raw materials $ 82,768 $ 89,069 Work-in-process, including manufactured and purchased components 1,613,881 1,297,989 Finished goods 117,820 118,265 Rotable assets 57,295 57,337 Less: unliquidated progress payments (409,040 ) (222,485 ) Total inventories $ 1,462,724 $ 1,340,175 Work-in-process inventory includes capitalized pre-production costs on newer development programs. Capitalized pre-production costs include nonrecurring engineering, planning and design, including applicable overhead, incurred before production is manufactured on a regular basis. Significant customer-directed work changes can also cause pre-production costs to be incurred. These costs are typically recovered over a contractually determined number of ship set deliveries. The balance of development program inventory, comprised principally of capitalized pre-production costs, excluding progress payments related to the Company's contracts with Bombardier for the Global 7000/8000 program ("Bombardier") and Embraer for the second generation E-Jet program ("Embraer") are as follows: December 31, 2017 Inventory Capitalized Pre-Production Forward Loss Provision Total Inventory, net Bombardier $ 265,137 $ 670,010 $ (352,900 ) $ 582,247 Embraer 33,669 179,121 (5,762 ) 207,028 Total $ 298,806 $ 849,131 $ (358,662 ) $ 789,275 March 31, 2017 Inventory Capitalized Pre-Production Forward Loss Provision Total Inventory, net Bombardier $ 89,650 $ 589,449 $ (399,758 ) $ 279,341 Embraer 14,987 173,169 (5,800 ) 182,356 Total $ 104,637 $ 762,618 $ (405,558 ) $ 461,697 Under our contract for the Bombardier Global 7000/8000 wing program ("Global 7000"), the Company has the right to design, develop and manufacture wing components for the Global 7000 program. The Global 7000 contract provides for fixed pricing and requires the Company to fund certain up-front development expenses, with certain milestone payments made by Bombardier. The Global 7000 program charge resulted in the impairment of previously capitalized pre-production costs due to the combination of cost recovery uncertainty, higher than anticipated non-recurring costs and increased forecasted costs on recurring production. The increases in costs were driven by several factors, including: changing technical requirements, increased spending on the design and engineering phase of the program, and uncertainty regarding cost reduction and cost recovery initiatives with our customer and suppliers. The Global 7000 program has continued to incur costs since March 2016 in support of the development and transition to production. In May 2017, Triumph Aerostructures and Bombardier entered into a comprehensive settlement agreement that resolved all outstanding commercial disputes between them, including all pending litigation, related to the design, manufacture and supply of wing components for the Global 7000 business aircraft. The settlement resets the commercial relationship between the companies and allows each company to better achieve its business objectives going forward. Further cost increases or an inability to meet revised recurring cost forecasts on the Global 7000 program may result in additional forward loss reserves in future periods, while improvements in future costs compared to current estimates may result in favorable adjustments if forward loss reserves are no longer required. The Company is still in the pre-production stages for the Bombardier and Embraer programs, as these aircrafts are not scheduled to enter service until calendar year 2018, or later. Transition of these programs from development to recurring production levels is dependent upon the success of the programs achieving flight testing and certification, as well as the ability of the Bombardier and Embraer programs to generate acceptable levels of aircraft sales. The failure to achieve these milestones and level of sales or significant cost overruns may result in additional forward losses. |
LONG-TERM DEBT
LONG-TERM DEBT | 9 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt consists of the following: December 31, 2017 March 31, 2017 Revolving line of credit $ 50,000 $ 29,999 Term loan — 309,375 Receivable securitization facility 109,200 112,900 Capital leases 58,297 72,800 Senior notes due 2021 375,000 375,000 Senior notes due 2022 300,000 300,000 Senior notes due 2025 500,000 — Other debt — 7,978 Less: Debt issuance costs (17,886 ) (11,752 ) 1,374,611 1,196,300 Less: Current portion 15,135 160,630 $ 1,359,476 $ 1,035,670 Revolving Credit Facility In July 2017, the Company entered into a Ninth Amendment to the Credit Agreement (the “Ninth Amendment” and the Existing Credit Agreement as amended by the Ninth Amendment, the “Credit Agreement”) with the Administrative Agent and the Lenders party thereto to, among other things, (i) permit the Company to incur High Yield Indebtedness (as defined in the Credit Agreement) in an aggregate principal amount of up to $500,000 , subject to the Company’s obligations to apply the net proceeds from this offering to repay the outstanding principal amount of the term loans in full, (ii) limit the mandatory prepayment provisions to eliminate the requirement that net proceeds received from the incurrence of Permitted Indebtedness (as defined in the Credit Agreement), including the High Yield Indebtedness, be applied to reduce the revolving credit commitments once the revolving credit commitments have been reduced to $800,000 , (iii) amend certain covenants and other terms and (iv) modify the current interest rate and letter of credit pricing tiers. In connection with the amendment to the Credit Agreement, the Company incurred $633 of financing costs. These costs, along with the $13,226 of unamortized financing costs subsequent to the amendment, are being amortized over the remaining term of the Credit Agreement. In accordance with the reduction in the capacity of the Credit Agreement, the Company wrote-off a proportional amount of unamortized financing fees prior to the amendment. In May 2017, the Company entered into an Eighth Amendment to the Third Amended and Restated Credit Agreement, among the Company and its lenders to, among other things, (i) eliminate the total leverage ratio financial covenant, (ii) increase the maximum permitted senior secured leverage ratio financial covenant applicable to each fiscal quarter, commencing with the fiscal quarter ended March 31, 2017, and to revise the step-downs applicable to such financial covenant, (iii) reduce the aggregate principal amount of commitments under the revolving line of credit to $850,000 from $1,000,000 , (iv) modify the maturity date of the term loans so that all of the term loans will mature on March 31, 2019, and (v) establish a new higher pricing tier for the interest rate, commitment fee and letter of credit fee pricing provisions. The obligations under the Credit Facility and related documents are secured by liens on substantially all assets of the Company and its domestic subsidiaries pursuant to a Second Amended and Restated Guarantee and Collateral Agreement, dated as of November 19, 2013, among the administrative agent, the Company and the subsidiaries of the Company party thereto. Pursuant to the Credit Facility, the Company can borrow, repay and re-borrow revolving credit loans, and cause to be issued letters of credit, in an aggregate principal amount not to exceed $800,000 outstanding at any time. The Credit Facility bears interest at either: (i) LIBOR plus between 1.50% and 3.50% ; (ii) the prime rate; or (iii) an overnight rate at the option of the Company. The applicable interest rate is based upon the Company’s ratio of total indebtedness to earnings before interest, taxes, depreciation and amortization. In addition, the Company is required to pay a commitment fee of 0.50% on the unused portion of the Credit Facility. The Company’s obligations under the Credit Facility are guaranteed by the Company’s domestic subsidiaries. At December 31, 2017 , there were $50,000 in borrowings and $30,152 in letters of credit outstanding under the Revolving Line of Credit provisions of the Credit Facility, primarily to support insurance policies. At March 31, 2017 , there were $29,999 in borrowings and $27,240 in letters of credit outstanding under the Revolving Line of Credit provisions of the Credit Facility, primarily to support insurance policies. The level of unused borrowing capacity under the Revolving Line of Credit provisions of the Credit Facility varies from time to time depending in part upon its compliance with financial and other covenants set forth in the related agreement. The Credit Facility contains certain affirmative and negative covenants, including limitations on specified levels of indebtedness to earnings before interest, taxes, depreciation and amortization, and interest coverage requirements, and includes limitations on, among other things, liens, mergers, consolidations, sales of assets, and incurrence of debt. If an event of default were to occur under the Credit Facility, the lenders would be entitled to declare all amounts borrowed under it immediately due and payable. The occurrence of an event of default under the Credit Facility could also cause the acceleration of obligations under certain other agreements. The Company is currently in compliance with all such covenants. Although the Company does not anticipate any violations of the financial covenants, its ability to comply with these covenants is dependent upon achieving earnings and cash flow projections. As of December 31, 2017 , the Company had borrowing capacity under this facility of $719,848 after reductions for borrowings, letters of credit outstanding under the facility and consideration of covenant limitations. The Credit Facility also provided for a variable rate term loan (the "2013 Term Loan"). The Company repaid the outstanding principal amount of the 2013 Term Loan in quarterly installments, on the first business day of each January, April, July and October. The 2013 Term Loan was paid in full with the proceeds from the Senior Notes due 2025 (see below). The Company previously maintained an interest rate swap agreement to reduce its exposure to interest on the variable rate portion of its long-term debt. In conjunction with the repayment of the 2013 Term Loan, the Company terminated the interest rate swap receiving $280 upon settlement which is included in Interest expense and other on the accompanying Condensed Consolidated Statements of Operations. Receivables Securitization Facility In November 2017, the Company amended the Securitization Facility decreasing the purchase limit from $225,000 to $125,000 and extending the term through November 2020. In connection with the Securitization Facility, the Company sells on a revolving basis certain trade accounts receivable to Triumph Receivables, LLC, a wholly-owned special-purpose entity, which in turn sells a percentage ownership interest in the receivables to commercial paper conduits sponsored by financial institutions. The Company is the servicer of the trade accounts receivable under the Securitization Facility. As of December 31, 2017 , the maximum amount available under the Securitization Facility was $125,000 . Interest rates are based on LIBOR plus a program fee and a commitment fee. The program fee is 0.13% on the amount outstanding under the Securitization Facility. Additionally, the commitment fee is 0.50% on 100.00% of the maximum amount available under the Securitization Facility. The Company secures its trade accounts receivable, which are generally non-interest bearing, in transactions that are accounted for as borrowings pursuant to the Transfers and Servicing topic of the ASC 860. The agreement governing the Securitization Facility contains restrictions and covenants, including limitations on the making of certain restricted payments, creation of certain liens, and certain corporate acts such as mergers, consolidations and the sale of all or substantially all of the Company's assets. Senior Notes Due 2021 On February 26, 2013, the Company issued $375,000 principal amount of 4.875% Senior Notes due 2021 (the "2021 Notes"). The 2021 Notes were sold at 100% of principal amount and have an effective interest yield of 4.875% . Interest on the 2021 Notes accrues at the rate of 4.875% per annum and is payable semiannually in cash in arrears on April 1 and October 1 of each year, commencing on October 1, 2013. Senior Notes Due 2022 On June 3, 2014, the Company issued $300,000 principal amount of 5.250% Senior Notes due 2022 (the "2022 Notes"). The 2022 Notes were sold at 100% of principal amount and have an effective interest yield of 5.250% . Interest on the 2022 Notes accrues at the rate of 5.250% per annum and is payable semiannually in cash in arrears on June 1 and December 1 of each year, commencing on December 1, 2014. Senior Notes Due 2025 On August 17, 2017, the Company issued $500,000 principal amount of 7.750% Senior Notes due 2025 (the "2025 Notes"). The 2025 Notes were sold at 100% of principal amount and have an effective interest yield of 7.750% . Interest on the 2025 Notes accrues at the rate of 7.750% per annum and is payable semiannually in cash in arrears on February 15 and August 15 of each year, commencing on February 15 , 2018. In connection with the issuance of the 2025 Notes, the Company incurred approximately $8,779 of costs, which were deferred and are being amortized on the effective interest method over the term of the 2025 Notes. The 2025 Notes are the Company's senior unsecured obligations and rank equally in right of payment with all of its other existing and future senior unsecured indebtedness and senior in right of payment to all of its existing and future subordinated indebtedness. The 2025 Notes are guaranteed on a full, joint and several basis by each of the Guarantor Subsidiaries. The Company may redeem some or all of the 2025 Notes prior to August 15, 2020 by paying a "make-whole" premium. The Company may redeem some or all of the 2025 Notes on or after August 15, 2020, at specified redemption prices. In addition, prior to August 15, 2020, the Company may redeem up to 35% of the 2025 Notes with the net proceeds of certain equity offerings at a redemption price equal to 107.750% of the aggregate principal amount plus accrued and unpaid interest, if any, subject to certain limitations set forth in the indenture governing the 2025 Notes (the "2025 Indenture"). The Company is obligated to offer to repurchase the 2025 Notes at a price of (i) 101% of their principal amount plus accrued and unpaid interest, if any, as a result of certain change-of-control events and (ii) 100% of their principal amount plus accrued and unpaid interest, if any, in the event of certain asset sales. These restrictions and prohibitions are subject to certain qualifications and exceptions. The 2025 Indenture contains covenants that, among other things, limit the Company's ability and the ability of any of the guarantor subsidiaries to (i) grant liens on its assets, (ii) make dividend payments, other distributions or other restricted payments, (iii) incur restrictions on the ability of the Guarantor Subsidiaries to pay dividends or make other payments, (iv) enter into sale and leaseback transactions, (v) merge, consolidate, transfer or dispose of substantially all of their assets, (vi) incur additional indebtedness, (vii) use the proceeds from sales of assets, including capital stock of restricted subsidiaries, and (viii) enter into transactions with affiliates. Receivables Purchase Agreement On March 28, 2016, the Company entered into a Purchase Agreement ("Receivables Purchase Agreement") to sell certain accounts receivables to a financial institution without recourse. The Company is the servicer of the accounts receivable under the Receivables Purchase Agreement. As of December 31, 2017 , the maximum amount available under the Receivables Purchase Agreement was $90,000 . Interest rates are based on LIBOR plus 0.65% - 0.70% . As of December 31, 2017 and March 31, 2017 , the Company sold $0 and $78,006 , respectively, worth of eligible accounts receivable. Financial Instruments Not Recorded at Fair Value The carrying amounts of certain of our financial instruments, including cash and cash equivalents, accounts receivable and accounts payable, approximate fair value because of their short maturities (Level 1 inputs). Carrying amounts and the related estimated fair values of the Company’s financial instruments not recorded at fair value in the financial statements are as follows: December 31, 2017 March 31, 2017 Carrying Value Fair Value Carrying Value Fair Value Long-term debt $ 1,374,611 $ 1,432,240 $ 1,196,300 $ 1,178,968 The fair value of the long-term debt was calculated based on interest rates available for debt with terms and maturities similar to the Company’s existing debt arrangements (Level 2 inputs), unless quoted market prices were available. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The following is a reconciliation between the weighted-average outstanding shares used in the calculation of basic and diluted earnings per share: Three Months Ended December 31, Nine Months Ended December 31, (in thousands) (in thousands) 2017 2016 2017 2016 Weighted-average common shares outstanding – basic 49,459 49,329 49,425 49,294 Net effect of dilutive stock options and nonvested stock — 111 — 127 Weighted-average common shares outstanding – diluted 49,459 49,440 49,425 49,421 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | The Company follows the Income Taxes topic of ASC 740, which prescribes a recognition threshold and measurement attribute criteria for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, as well as guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. On December 22, 2017, the U.S. government enacted comprehensive tax legislation referred to as the Tax Cuts and Jobs Act (the “Act”). The Act introduces tax reform that reduces the current corporate federal income tax rate from 35% to 21% , among other changes. The Act makes broad and complex changes to the U.S. tax code and it will take time to fully evaluate the impact of these changes on the Company. The Company has recorded a provisional tax benefit of $24,573 related to the impact of the Act’s reduction in the statutory tax rate on its net deferred tax liability, as well as a provisional tax liability of $2,175 imposed on unremitted foreign earnings under the Act’s mandatory repatriation provisions. The Company has prepared a reasonable estimate around the impact of the Act and has recorded the provisional impact (as described in SAB 118)as discrete adjustments noted above to the tax provision for the three months ended December 31, 2017 . While the Company believes these are reasonable estimates of the impact of the Act, additional time is needed to finalize these estimates. While the Company has computed and recorded these provisional amounts, these will be finalized within the established measurement period (not to exceed one year) as additional data and information is gathered. The Company determined that the amounts recorded are provisional as adjustments may occur due to additional guidance from the IRS, the earnings and profit at March 31, 2018, and as certain tax positions are finalized when the Company files its 2018 tax returns. Due to the legislative changes aforementioned, companies need to continually reevaluate their indefinite assertion. Additional withholding taxes and/or deferred tax liability associated with basis differences may be required, but due to the legislative uncertainty around the withholding taxes on distributions under the act, no estimate has been recorded as of December 31, 2017. This will be analyzed within the proscribed measurement period. The Company continues to review the anticipated impacts around the base erosion anti-abuse tax (“BEAT”) and the global intangible low taxed income (“GILTI”) which are not effective until the year ended March 31, 2019. The Company has not recorded any impact of these provisions as of December 31, 2017, but plans to perform a full analysis within the proscribed measurement period. The Company has classified uncertain tax positions as noncurrent income tax liabilities unless expected to be paid in one year. Penalties and tax-related interest expense are reported as a component of income tax expense. As of December 31, 2017 and March 31, 2017 , the total amount of accrued income tax-related interest and penalties was $312 and $282 , respectively. As of December 31, 2017 and March 31, 2017 , the total amount of unrecognized tax benefits was $11,403 and $10,266 , respectively, of which $11,403 and $10,266 , respectively, would impact the effective rate, if recognized. The Company does not anticipate that total unrecognized tax benefits will be reduced in the next 12 months. As of December 31, 2017 , the Company has a valuation allowance against principally all of its net deferred tax assets given insufficient positive evidence to support the realization of the Company’s deferred tax assets. The Company intends to continue maintaining a valuation allowance on its deferred tax assets until there is sufficient positive evidence to support the reversal of all or some portion of these allowances. A reduction in the valuation allowance could result in a significant decrease in income tax expense in the period that the release is recorded. However, the exact timing and amount of the reduction in its valuation allowance is unknown at this time and will be subject to the earnings level the Company achieves during fiscal 2018 as well as the Company's income in future periods. The effective income tax rate for the three months ended December 31, 2017 , was 22.2% as compared to 17.3% for the three months ended December 31, 2016 . For the three months ended December 31, 2017 , the effective tax rate reflected a $22,398 tax benefit related to the Act, a $4,758 tax benefit related to the return to provision true up adjustment, the impact of the non-deductible portion of the goodwill impairment, and the partial reversal of previously established valuation allowance related to the current year activity. For the three months ended December 31, 2016 , the income tax provision reflected the partial reversal of previously established valuation allowance related to the capital loss generated from the divestiture of TAS-Newport News. The effective income tax rate for the nine months ended December 31, 2017 , was 22.1% as compared to 28.1% for the nine months ended December 31, 2016 . For the nine months ended December 31, 2017 , the effective tax rate reflected a $22,398 tax benefit from the Tax Act, a $4,758 tax benefit from the return to provision true up adjustment, the impact of the non-deductible portion of the goodwill impairment, the partial reversal of previously established valuation allowance related to the current year activity, as well as the disallowed capital loss generated from the divestiture of Embee. For the nine months ended December 31, 2016 , the income tax provision reflected the disallowed tax benefit of $1,277 related to the capital loss generated from the divestiture of Newport News. With few exceptions, the Company is no longer subject to U.S. federal income tax examinations for fiscal years ended before March 31, 2011, U.S. federal income tax examinations for fiscal years ended March 31, 2012 and 2013, state or local examinations for fiscal years ended before March 31, 2013, or foreign income tax examinations by tax authorities for fiscal years ended before March 31, 2011. As of December 31, 2017 , the Company is subject to examination in one state jurisdiction. The Company has filed appeals in a prior state examination related to fiscal years ended March 31, 1999 through March 31, 2005. Because of net operating losses acquired as part of the acquisition of Vought, the Company is subject to U.S. federal income tax examinations and various state jurisdictions for the years ended December 31, 2001 and after related to previously filed Vought tax returns. The Company believes appropriate provisions for all outstanding issues have been made for all jurisdictions and all open years. |
GOODWILL
GOODWILL | 9 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL | GOODWILL The following is a summary of the changes in the carrying value of goodwill by reportable segment, from March 31, 2017 through December 31, 2017 : Integrated Systems Precision Components Product Support Total Balance, March 31, 2017 $ 541,155 $ 532,418 $ 69,032 $ 1,142,605 Impairment of goodwill — (190,227 ) — (190,227 ) Goodwill derecognized in connection with divestitures and assets held for sale (27,709 ) — — (27,709 ) Effect of exchange rate changes 7,126 2,810 (105 ) 9,831 Balance, December 31, 2017 $ 520,572 $ 345,001 $ 68,927 $ 934,500 The Company's most recent annual goodwill impairment test was performed for all reporting units as of February 1, 2017. The Company also performs the goodwill impairment test on an interim basis upon the occurrence of events or substantive changes in circumstances that indicate a reporting unit's carrying value may be less than its fair value. The Company performed an interim assessment of the fair value of its goodwill due to the Company's decision to combine the Aerospace Structures and Precision Components reporting segments into one reporting segment as noted above. In accordance with ASC 350-20-35-3C, there are several potential events and circumstances that could be indicators of goodwill impairment. A change in a company's reporting unit structure is one of these events, and when this does occur, a company must perform a "before and after" test of the reporting units (see Note 1). Additionally, the Company's enhanced visibility into its future cash flows based on its annual planning process was also an indicator. Consistent with the Company's policy described in the Form 10-K for the fiscal year ended March 31, 2017, the Company performed the goodwill impairment test which includes using a combination of both the market and income approaches to estimate the fair value of each reporting unit. After performing the "before" portion of the test of the reporting units and concluded that the Precision Component's reporting unit had a fair value that was lower then its carrying value by an amount of $(190,227) . Accordingly, the Company recorded a non-cash impairment charge during the quarter ended December 31, 2017 of $(190,227) , which is presented on the accompanying Consolidated Statements of Operations as "Impairment of intangible assets”. The decline in fair value is the result of declining revenues from production rate reductions on sun-setting programs and the slower than previously projected ramp in our development programs and the timing of associated earnings and cash flows. The Company then performed the "after" portion of the test of the reporting units and concluded that the new reporting unit of Aerospace Structure's goodwill had a fair value that was lower then its carrying value by an amount that exceeded the remaining goodwill for the reporting unit. Following the applicable accounting guidance, this impairment charge is deemed to have occurred during the Company's fiscal fourth quarter. Therefore, the Company will record a non-cash impairment charge during the quarter ended March 31, 2018 of $345,001 , which will be presented on the Consolidated Statements of Operations as "Impairment of intangible assets” for the fiscal year ended March 31, 2018. The decline in fair value is the result of declining revenues from production rate reductions on sun-setting programs and the slower than previously projected ramp in our development programs and the timing of associated earnings and cash flows (See Note 2 for definition of fair value levels). As of December 31, 2017, Aerospace Structures has goodwill of $861,270 , which was fully impaired and the Precision Components' impairment charge noted above represents its accumulated impairment charges. |
PENSION AND OTHER POSTRETIREMEN
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | 9 Months Ended |
Dec. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS The Company sponsors several defined benefit pension plans covering some of its employees. Certain employee groups are ineligible to participate in the plans or have ceased to accrue additional benefits under the plans based upon their service to the Company or years of service accrued under the defined benefit pension plans. Benefits under the defined benefit plans are based on years of service and, for most non-represented employees, on average compensation for certain years. It is the Company’s policy to fund at least the minimum amount required for all qualified plans, using actuarial cost methods and assumptions acceptable under U.S. government regulations, by making payments into a separate trust. In addition to the defined benefit pension plans, the Company provides certain healthcare and life insurance benefits for eligible retired employees. Such benefits are unfunded. Employees achieve eligibility to participate in these contributory plans upon retirement from active service if they meet specified age and years of service requirements. Election to participate for some employees must be made at the date of retirement. Qualifying dependents at the date of retirement are also eligible for medical coverage. Current plan documents reserve the right to amend or terminate the plans at any time, subject to applicable collective bargaining requirements for represented employees. From time to time, changes have been made to the benefits provided to various groups of plan participants. Premiums charged to most retirees for medical coverage prior to age 65 are based on years of service and are adjusted annually for changes in the cost of the plans as determined by an independent actuary. In addition to this medical inflation cost-sharing feature, the plans also have provisions for deductibles, co-payments, coinsurance percentages, out-of-pocket limits, schedules of reasonable fees, preferred provider networks, coordination of benefits with other plans and a Medicare carve-out. In accordance with the Compensation – Retirement Benefits topic of ASC 715, the Company has recognized the funded status of the benefit obligation as of the date of the last remeasurement, on the accompanying Condensed Consolidated Balance Sheets. The funded status is measured as the difference between the fair value of the plan’s assets and the pension benefit obligation or accumulated postretirement benefit obligation, of the plan. In order to recognize the funded status, the Company determined the fair value of the plan assets. The majority of the plan assets are publicly traded investments which were valued based on the market price as of the date of remeasurement. Investments that are not publicly traded were valued based on the estimated fair value of those investments based on our evaluation of data from fund managers and comparable market data. Net Periodic Benefit Plan Costs The components of net periodic benefit costs (income) for our postretirement benefit plans are shown in the following table: Pension benefits Three Months Ended December 31, Nine Months Ended December 31, 2017 2016 2017 2016 Components of net periodic benefit costs: Service cost $ 1,126 $ 1,628 $ 3,371 $ 4,911 Interest cost 18,803 18,144 56,391 54,494 Expected return on plan assets (38,090 ) (38,966 ) (114,222 ) (117,025 ) Amortization of prior service credits (710 ) (445 ) (2,131 ) (1,337 ) Amortization of net loss 3,478 3,027 10,403 9,088 Settlement charge — — 523 — Net periodic benefit income $ (15,393 ) $ (16,612 ) $ (45,665 ) $ (49,869 ) Other postretirement benefits Three Months Ended December 31, Nine Months Ended December 31, 2017 2016 2017 2016 Components of net periodic benefit costs: Service cost $ 102 $ 179 $ 305 $ 537 Interest cost 1,219 1,247 3,656 3,740 Amortization of prior service credits (2,328 ) (3,366 ) (6,984 ) (10,097 ) Amortization of gain (1,775 ) (1,647 ) (5,324 ) (4,941 ) Settlement gain (15,099 ) — (15,099 ) — Net periodic benefit income $ (17,881 ) $ (3,587 ) $ (23,446 ) $ (10,761 ) The following summarizes the key events whose effects on net periodic benefit cost and obligations are included in the tables above: • In November 2017, the Company announced an amendment to the retirement plan of its non-represented employee participants. Effective November 30, 2017, the Company eliminated and reduced certain welfare benefits for retirees. Those changes resulted in a decrease in the projected OPEB obligation of $17,652 and a related curtailment gain of $15,099 included in "Curtailment and settlement gain, net" on the Consolidated Statement of Operations for the three and nine months ended December 31, 2017. |
STOCKHOLDERS' EQUITY STOCKHOLDE
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY | 9 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | STOCKHOLDERS' EQUITY Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive income (loss) ("AOCI") by component for the three and nine months ended December 31, 2017 and 2016 , respectively, were as follows: Currency Translation Adjustment Unrealized Gains and Losses on Derivative Instruments Defined Benefit Pension Plans and Other Postretirement Benefits Total (1) Balance September 30, 2017 $ (65,886 ) $ (246 ) $ (313,290 ) $ (379,422 ) AOCI before reclassifications (1,824 ) (816 ) 23,378 20,738 Amounts reclassified from AOCI — 203 (16,143 ) (2 ) (15,940 ) Net current period AOCI (1,824 ) (613 ) 7,235 4,798 Balance December 31, 2017 $ (67,710 ) $ (859 ) $ (306,055 ) $ (374,624 ) Balance September 30, 2016 $ (80,434 ) $ (2,557 ) $ (288,572 ) $ (371,563 ) AOCI before reclassifications (15,066 ) 1,726 — (13,340 ) Amounts reclassified from AOCI — 5 (1,573 ) (2 ) (1,568 ) Net current period AOCI (15,066 ) 1,731 (1,573 ) (14,908 ) Balance December 31, 2016 $ (95,500 ) $ (826 ) $ (290,145 ) $ (386,471 ) Balance March 31, 2017 $ (87,212 ) $ 2,153 $ (311,119 ) $ (396,178 ) AOCI before reclassifications 19,502 (835 ) 23,901 42,568 Amounts reclassified from AOCI — (2,177 ) (18,837 ) (2 ) (21,014 ) Net current period AOCI 19,502 (3,012 ) 5,064 21,554 Balance December 31, 2017 $ (67,710 ) $ (859 ) $ (306,055 ) $ (374,624 ) Balance March 31, 2016 $ (58,816 ) $ (2,920 ) $ (285,426 ) $ (347,162 ) AOCI before reclassifications (36,684 ) 2,100 — (34,584 ) Amounts reclassified from AOCI — (6 ) (4,719 ) (2 ) (4,725 ) Net current period AOCI (36,684 ) 2,094 (4,719 ) (39,309 ) Balance December 31, 2016 $ (95,500 ) $ (826 ) $ (290,145 ) $ (386,471 ) (1) Net of tax. (2) Includes amortization of actuarial losses and recognized prior service (credits) costs, which are included in the net periodic pension cost of which a portion is allocated to production as inventoried costs. Issuance of Restricted Stock Awards and Stock Options Included in the employment agreement for the Company's CEO were restricted stock awards totaling 179,134 shares. The awards generally vest in full after four to seven years. The fair value of the awards is determined by the product of the number of shares granted, the grant date market price of the Company's stock and adjusted for the market conditions necessary to achieve the awards. Certain of these awards contain performance conditions, in addition to service conditions. The fair value of the awards is expensed over a graded vesting period of the requisite service period of four to seven years. In addition the employment agreement included 150,000 stock options with an exercise price of $30.86 , a contractual term of 10 years and vesting over a 4 -year period. |
SEGMENTS
SEGMENTS | 9 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
SEGMENTS | SEGMENTS The Company has four reportable segments: Integrated Systems, Aerospace Structures, Precision Components and Product Support. The Company’s reportable segments are aligned with how the business is managed and views the markets that the Company serves. The Chief Operating Decision Maker (the "CODM") evaluates performance and allocates resources based upon review of segment information. The CODM utilizes earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”) as a primary measure of segment profitability to evaluate performance of its segments and allocate resources. Integrated Systems consists of the Company’s operations that provides integrated solutions including design, development and support of proprietary components, subsystems and systems, as well as production of complex assemblies using external designs. Capabilities include hydraulic, mechanical and electro-mechanical actuation, power and control; a complete suite of aerospace gearbox solutions including engine accessory gearboxes and helicopter transmissions; active and passive heat exchange technology; fuel pumps, fuel metering units and Full Authority Digital Electronic Control fuel systems; hydro-mechanical and electromechanical primary and secondary flight controls; and a broad spectrum of surface treatment options. Aerospace Structures consists of the Company’s operations that supply commercial, business, regional and military manufacturers with large metallic and composite structures. Products include wings, wing boxes, fuselage panels, horizontal and vertical tails and sub-assemblies such as floor grids. Inclusive of most of the former Vought Aircraft Division, Aerospace Structures also has the capability to engineer detailed structural designs in metal and composites. Precision Components consists of the Company’s operations that produce close-tolerance parts primarily to customer designs and model-based definition, including a wide range of aluminum, hard metal and composite structure capabilities. Capabilities include complex machining, gear manufacturing, sheet metal fabrication, forming, advanced composite and interior structures, joining processes such as welding, autoclave bonding and conventional mechanical fasteners and a variety of special processes including: super plastic titanium forming, aluminum and titanium chemical milling and surface treatments. Product Support consists of the Company’s operations that provide full life cycle solutions for commercial, regional and military aircraft. The Company’s extensive product and service offerings include full post-delivery value chain services that simplify the MRO supply chain. Through its line maintenance, component MRO and postproduction supply chain activities, Product Support is positioned to provide integrated planeside repair solutions globally. Capabilities include fuel tank repair, metallic and composite aircraft structures, nacelles, thrust reversers, interiors, auxiliary power units and a wide variety of pneumatic, hydraulic, fuel and mechanical accessories. Segment Adjusted EBITDA is total segment revenue reduced by operating expenses (less depreciation and amortization) identifiable with that segment. Corporate includes general corporate administrative costs and any other costs not identifiable with one of the Company’s segments, including restructuring of $17,089 for the nine months ended December 31, 2017 . The Company does not accumulate net sales information by product or service or groups of similar products and services and, therefore, the Company does not disclose net sales by product or service because to do so would be impracticable. Selected financial information for each reportable segment and the reconciliation of Adjusted EBITDA to operating income is as follows: Three Months Ended December 31, Nine Months Ended December 31, 2017 2016 2017 2016 Net sales: Integrated Systems $ 239,198 $ 256,080 $ 711,099 $ 758,803 Aerospace Structures 282,495 304,235 807,754 956,114 Precision Components 219,675 226,294 685,701 740,354 Product Support 68,039 87,292 202,839 257,317 Elimination of inter-segment sales (34,161 ) (29,038 ) (105,302 ) (99,703 ) $ 775,246 $ 844,863 $ 2,302,091 $ 2,612,885 Three Months Ended December 31, Nine Months Ended December 31, 2017 2016 2017 2016 (Loss) income before income taxes: Operating income (expense): Integrated Systems $ 42,667 $ 51,596 $ 132,171 $ 145,379 Aerospace Structures 12,022 23,867 23,253 57,898 Precision Components (186,225 ) 2,942 (191,100 ) 7,223 Product Support 12,399 14,662 32,069 42,986 Corporate (567 ) (37,901 ) (78,840 ) (81,107 ) (119,704 ) 55,166 (82,447 ) 172,379 Interest expense and other 25,836 19,698 72,229 55,721 $ (145,540 ) $ 35,468 $ (154,676 ) $ 116,658 Depreciation and amortization: Integrated Systems $ 8,318 $ 9,766 $ 27,857 $ 30,228 Aerospace Structures 19,048 17,942 57,484 54,289 Precision Components 9,850 13,999 27,858 42,344 Product Support 1,663 2,294 5,068 7,230 Corporate 441 330 1,051 989 $ 39,320 $ 44,331 $ 119,318 $ 135,080 Impairment charge of intangible assets: Precision Components $ 190,227 $ — $ 190,227 $ — Amortization of acquired contract liabilities, net: Integrated Systems $ 11,634 $ 7,628 $ 28,235 $ 27,101 Aerospace Structures 21,352 21,105 60,315 60,190 Precision Components 1,506 473 3,312 1,740 $ 34,492 $ 29,206 $ 91,862 $ 89,031 Adjusted EBITDA: Integrated Systems $ 39,351 $ 53,734 $ 131,793 $ 148,506 Aerospace Structures 9,718 20,704 20,422 51,997 Precision Components 12,346 16,468 23,673 47,827 Product Support 14,062 16,956 37,137 50,216 Corporate (15,225 ) (23,221 ) (71,994 ) (60,994 ) $ 60,252 $ 84,641 $ 141,031 $ 237,552 Capital expenditures: Integrated Systems $ 1,903 $ 2,763 $ 5,923 $ 8,586 Aerospace Structures 2,384 2,228 9,503 9,820 Precision Components 3,407 2,636 12,563 11,040 Product Support 599 687 1,629 2,020 Corporate 864 843 2,314 1,657 $ 9,157 $ 9,157 $ 31,932 $ 33,123 December 31, 2017 March 31, 2017 Total Assets: Integrated Systems $ 1,220,259 $ 1,281,828 Aerospace Structures 1,573,942 1,548,239 Precision Components 1,056,015 1,262,691 Product Support 285,302 284,231 Corporate 50,414 37,611 $ 4,185,932 $ 4,414,600 During the three months ended December 31, 2017 and 2016 , the Company had international sales of $184,182 and $198,052 , respectively. During the nine months ended December 31, 2017 and 2016 , the Company had international sales of $529,226 and $561,177 , respectively. |
SELECTED CONSOLIDATING FINANCIA
SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS | 9 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS | SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS The 2021 Notes, the 2022 Notes and the 2025 Notes are fully and unconditionally guaranteed on a joint and several basis by the Guarantor Subsidiaries. The total assets, stockholders' equity, revenue, earnings and cash flows from operating activities of the Guarantor Subsidiaries exceeded a majority of the consolidated total of such items as of and for the periods reported. The only consolidated subsidiaries of the Company that are not guarantors of the 2021 Notes, the 2022 Notes and the 2025 Notes (the “Non-Guarantor Subsidiaries”) are: (a) the receivables securitization special-purpose entity; and (b) the foreign operating subsidiaries. The following tables present condensed consolidating financial statements including the Company (the “Parent”), the Guarantor Subsidiaries, and the Non-Guarantor Subsidiaries. Such financial statements include summary Condensed Consolidating Balance Sheets as of December 31, 2017 and March 31, 2017 , Condensed Consolidating Statements of Comprehensive Income for the three and nine months ended December 31, 2017 and 2016 , and Condensed Consolidating Statements of Cash Flows for the nine months ended December 31, 2017 and 2016 . SUMMARY CONDENSED CONSOLIDATING BALANCE SHEETS: December 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Current assets: Cash and cash equivalents $ 12,628 $ 8,396 $ 43,364 $ — $ 64,388 Trade and other receivables, net — 69,305 251,694 — 320,999 Inventories — 1,342,611 120,113 — 1,462,724 Prepaid expenses and other 20,027 10,469 13,004 — 43,500 Total current assets 32,655 1,430,781 428,175 — 1,891,611 Property and equipment, net 10,920 618,925 120,077 — 749,922 Goodwill and other intangible assets, net — 1,321,175 134,145 — 1,455,320 Other, net 21,496 45,329 22,254 — 89,079 Intercompany investments and advances 2,354,461 81,541 72,512 (2,508,514 ) — Total assets $ 2,419,532 $ 3,497,751 $ 777,163 $ (2,508,514 ) $ 4,185,932 Current liabilities: Current portion of long-term debt $ 574 $ 14,561 $ — $ — $ 15,135 Accounts payable 3,324 340,106 43,651 — 387,081 Accrued expenses 49,520 531,133 46,758 — 627,411 Total current liabilities 53,418 885,800 90,409 — 1,029,627 Long-term debt, less current portion 1,317,662 41,814 — — 1,359,476 Intercompany advances 283,926 2,080,159 488,955 (2,853,040 ) — Accrued pension and other postretirement benefits, noncurrent 6,608 503,033 — — 509,641 Deferred income taxes and other 9,404 495,634 33,636 — 538,674 Total stockholders’ equity 748,514 (508,689 ) 164,163 344,526 748,514 Total liabilities and stockholders’ equity $ 2,419,532 $ 3,497,751 $ 777,163 $ (2,508,514 ) $ 4,185,932 SUMMARY CONDENSED CONSOLIDATING BALANCE SHEETS: March 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Current assets: Cash and cash equivalents $ 19,942 $ 24,137 $ 25,554 $ — $ 69,633 Trade and other receivables, net 546 34,874 276,372 — 311,792 Inventories — 1,243,461 96,714 — 1,340,175 Prepaid expenses and other 7,763 11,678 10,623 — 30,064 Assets held for sale — 3,250 18,005 — 21,255 Total current assets 28,251 1,317,400 427,268 — 1,772,919 Property and equipment, net 8,315 673,153 123,562 — 805,030 Goodwill and other intangible assets, net — 1,560,050 174,919 — 1,734,969 Other, net 17,902 67,955 15,825 — 101,682 Intercompany investments and advances 2,057,534 81,541 77,090 (2,216,165 ) — Total assets $ 2,112,002 $ 3,700,099 $ 818,664 $ (2,216,165 ) $ 4,414,600 Current liabilities: Current portion of long-term debt $ 33,298 $ 14,432 $ 112,900 $ — $ 160,630 Accounts payable 17,291 426,646 37,306 — 481,243 Accrued expenses 53,829 578,457 42,093 — 674,379 Liabilities related to assets held for sale — — 18,008 — 18,008 Total current liabilities 104,418 1,019,535 210,307 — 1,334,260 Long-term debt, less current portion 974,693 60,977 — — 1,035,670 Intercompany advances 178,381 1,754,529 370,907 (2,303,817 ) — Accrued pension and other postretirement benefits, noncurrent 6,633 585,501 — — 592,134 Deferred income taxes and other 1,403 564,358 40,302 — 606,063 Total stockholders’ equity 846,474 (284,801 ) 197,148 87,652 846,473 Total liabilities and stockholders’ equity $ 2,112,002 $ 3,700,099 $ 818,664 $ (2,216,165 ) $ 4,414,600 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Three Months Ended December 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 705,792 $ 88,443 $ (18,989 ) $ 775,246 Operating costs and expenses: Cost of sales — 563,033 68,162 (18,989 ) 612,206 Selling, general and administrative 27,914 27,331 6,902 — 62,147 Depreciation and amortization 441 34,606 4,273 — 39,320 Impairment of intangible assets — 135,013 55,214 — 190,227 Restructuring 2,382 2,637 1,130 — 6,149 Curtailment and settlement gain, net (15,099 ) — — — (15,099 ) 15,638 762,620 135,681 (18,989 ) 894,950 Operating (loss) income (15,638 ) (56,828 ) (47,238 ) — (119,704 ) Intercompany interest and charges (39,386 ) 38,877 509 — — Interest expense and other 23,686 2,796 (646 ) — 25,836 Income (loss) before income taxes 62 (98,501 ) (47,101 ) — (145,540 ) Income (benefit) tax expense (49,074 ) 15,715 1,071 — (32,288 ) Net income (loss) 49,136 (114,216 ) (48,172 ) — (113,252 ) Other comprehensive (loss) income (613 ) 7,235 (1,824 ) — 4,798 Total comprehensive (loss) income $ 48,523 $ (106,981 ) $ (49,996 ) $ — $ (108,454 ) CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Three Months Ended December 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 772,916 $ 90,526 $ (18,579 ) $ 844,863 Operating costs and expenses: Cost of sales — 599,381 72,397 (18,579 ) 653,199 Selling, general and administrative 16,955 41,991 7,804 — 66,750 Depreciation and amortization 331 39,850 4,150 — 44,331 Restructuring 6,231 4,449 387 — 11,067 Loss on divestiture and assets held for sale 14,350 — — — 14,350 37,867 685,671 84,738 (18,579 ) 789,697 Operating (loss) income (37,867 ) 87,245 5,788 — 55,166 Intercompany interest and charges (45,597 ) 43,466 2,131 — — Interest expense and other 18,542 3,963 (2,807 ) — 19,698 (Loss) income before income taxes (10,812 ) 39,816 6,464 — 35,468 Income (benefit) tax expense (8,980 ) 13,666 1,450 — 6,136 Net (loss) income (1,832 ) 26,150 5,014 — 29,332 Other comprehensive (loss) income 1,731 (1,573 ) (15,066 ) — (14,908 ) Total comprehensive (loss) income $ (101 ) $ 24,577 $ (10,052 ) $ — $ 14,424 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Nine Months Ended December 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 2,096,894 $ 266,101 $ (60,904 ) $ 2,302,091 Operating costs and expenses: Cost of sales — 1,667,935 214,482 (60,904 ) 1,821,513 Selling, general and administrative 69,820 118,006 26,108 — 213,934 Depreciation and amortization 1,050 105,781 12,487 — 119,318 Impairment of intangible assets — 135,013 55,214 — 190,227 Restructuring 17,089 13,883 2,779 — 33,751 Loss on divestiture 20,371 — — — 20,371 Curtailment and settlement gain, net (14,576 ) — — — (14,576 ) 93,754 2,040,618 311,070 (60,904 ) 2,384,538 Operating (loss) income (93,754 ) 56,276 (44,969 ) — (82,447 ) Intercompany interest and charges (122,339 ) 116,076 6,263 — — Interest expense and other 63,092 8,181 956 — 72,229 (Loss) income before income taxes (34,507 ) (67,981 ) (52,188 ) — (154,676 ) Income tax (benefit) expense (64,823 ) 31,414 (706 ) — (34,115 ) Net income (loss) 30,316 (99,395 ) (51,482 ) — (120,561 ) Other comprehensive (loss) income (3,012 ) 5,064 19,502 — 21,554 Total comprehensive income (loss) $ 27,304 $ (94,331 ) $ (31,980 ) $ — $ (99,007 ) CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Nine Months Ended December, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 2,388,881 $ 281,978 $ (57,974 ) $ 2,612,885 Operating costs and expenses: Cost of sales — 1,883,122 227,752 (57,974 ) 2,052,900 Selling, general and administrative 45,052 137,609 22,561 — 205,222 Depreciation and amortization 989 121,412 12,679 — 135,080 Restructuring 15,831 11,735 614 — 28,180 Loss on divestiture and assets held for sale 19,124 — — — 19,124 80,996 2,153,878 263,606 (57,974 ) 2,440,506 Operating (loss) income (80,996 ) 235,003 18,372 — 172,379 Intercompany interest and charges (144,666 ) 137,909 6,757 — — Interest expense and other 53,657 8,729 (6,665 ) — 55,721 Income before income taxes 10,013 88,365 18,280 — 116,658 Income tax (benefit) expense (7,359 ) 35,783 4,362 — 32,786 Net income 17,372 52,582 13,918 — 83,872 Other comprehensive income (loss) 2,094 (4,719 ) (36,684 ) — (39,309 ) Total comprehensive income (loss) $ 19,466 $ 47,863 $ (22,766 ) $ — $ 44,563 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS: For the Nine Months Ended December 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net income (loss) $ 30,316 $ (99,395 ) $ (51,482 ) $ — $ (120,561 ) Adjustments to reconcile net income to net cash (used in) operating activities provided by (54,460 ) (139,525 ) 73,560 42,707 (77,718 ) Net cash (used in) provided by operating activities (24,144 ) (238,920 ) 22,078 42,707 (198,279 ) Capital expenditures (2,314 ) (25,507 ) (4,111 ) — (31,932 ) Proceeds from sale of assets — 68,009 403 — 68,412 Net cash (used in) provided by investing activities (2,314 ) 42,502 (3,708 ) — 36,480 Net increase in revolving credit facility 20,000 — — — 20,000 Proceeds on issuance of debt 500,000 — 31,500 — 531,500 Retirements and repayments of debt (314,628 ) (19,333 ) (35,300 ) — (369,261 ) Payments of deferred financing costs (17,729 ) — — — (17,729 ) Dividends paid (5,956 ) — — — (5,956 ) Repurchase of restricted shares for minimum tax obligation (369 ) — — — (369 ) Intercompany financing and advances (162,174 ) 200,010 4,871 (42,707 ) — Net cash provided by (used in)financing activities 19,144 180,677 1,071 (42,707 ) 158,185 Effect of exchange rate changes on cash — — (1,631 ) — (1,631 ) Net change in cash and cash equivalents (7,314 ) (15,741 ) 17,810 — (5,245 ) Cash and cash equivalents at beginning of period 19,942 24,137 25,554 — 69,633 Cash and cash equivalents at end of period $ 12,628 $ 8,396 $ 43,364 $ — $ 64,388 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS: For the Nine Months Ended December, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net income $ 17,372 $ 52,582 $ 13,918 $ — $ 83,872 Adjustments to reconcile net income to net cash provided by (used in) operating activities (2,419 ) (294,036 ) 27,922 12,010 (256,523 ) Net cash provided by (used in) operating activities 14,953 (241,454 ) 41,840 12,010 (172,651 ) Capital expenditures (1,657 ) (22,442 ) (9,024 ) — (33,123 ) Proceeds from sale of assets — 22,253 932 — 23,185 Acquisitions, net of cash acquired — 9 — — 9 Net cash used in investing activities (1,657 ) (180 ) (8,092 ) — (9,929 ) Net increase in revolving credit facility 316,121 — — — 316,121 Proceeds on issuance of debt 201 — 12,700 — 12,901 Retirements and repayments of debt (21,368 ) (10,676 ) (63,700 ) — (95,744 ) Payments of deferred financing costs (14,012 ) — — — (14,012 ) Dividends paid (5,944 ) — — — (5,944 ) Repayment of government grant — (14,570 ) — — (14,570 ) Repurchase of restricted shares for minimum tax obligations (182 ) — — — (182 ) Intercompany financing and advances (288,995 ) 275,159 25,846 (12,010 ) — Net cash (used in) provided by financing activities (14,179 ) 249,913 (25,154 ) (12,010 ) 198,570 Effect of exchange rate changes on cash — — (1,513 ) — (1,513 ) Net change in cash and cash equivalents (883 ) 8,279 7,081 — 14,477 Cash and cash equivalents at beginning of period 1,544 201 19,239 — 20,984 Cash and cash equivalents at end of period $ 661 $ 8,480 $ 26,320 $ — $ 35,461 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENCIES In the ordinary course of business, the Company is involved in disputes, claims and lawsuits with employees, suppliers and customers, as well as governmental and regulatory inquiries, that it deems to be immaterial. Some may involve claims or potential claims of substantial damages, fines, penalties or injunctive relief. While the Company cannot predict the outcome of any pending or future litigation or proceeding and no assurances can be given, the Company does not believe that any pending matter will have a material effect, individually or in the aggregate, on its financial position or results of operations. |
RESTRUCTURING COSTS RESTRUCTURI
RESTRUCTURING COSTS RESTRUCTURING COSTS | 9 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Costs [Table Text Block] | The restructuring charges recognized for the three and nine months ended December 31, 2017 and 2016 , by type and by segment consisted of the following: For the Three Months Ended December 31, 2017 Integrated Systems Aerospace Structures Precision Components Product Support Corporate Total Termination benefits $ 26 $ — $ 1,121 $ — $ — $ 1,147 Facility closure and other exit costs — — 474 — — 474 Other 929 980 218 19 2,382 4,528 Total Restructuring 955 980 1,813 19 2,382 6,149 Depreciation and amortization 382 — — — — 382 Total $ 1,337 $ 980 $ 1,813 $ 19 $ 2,382 $ 6,531 For the Three Months Ended December 31, 2016 Integrated Systems Aerospace Structures Precision Components Product Support Corporate Total Termination benefits $ — $ — $ 494 $ 57 $ — $ 551 Facility closure and other exit costs — 297 1,209 180 — 1,686 Other 49 2,296 133 121 6,231 8,830 Total Restructuring 49 2,593 1,836 358 6,231 11,067 Depreciation and amortization 46 — 3,006 13 — 3,065 Total $ 95 $ 2,593 $ 4,842 $ 371 $ 6,231 $ 14,132 For the Nine Months Ended December 31, 2017 Integrated Systems Aerospace Structures Precision Components Product Support Corporate Total Termination benefits $ 26 $ — $ 1,868 $ — $ — $ 1,894 Facility closure and other exit costs 70 3,504 4,761 — — 8,335 Other 1,673 980 3,001 779 17,089 23,522 Total Restructuring 1,769 4,484 9,630 779 17,089 33,751 Depreciation and amortization 1,909 — 629 — — 2,538 Total $ 3,678 $ 4,484 $ 10,259 $ 779 $ 17,089 $ 36,289 For the Nine Months Ended December, 2016 Integrated Systems Aerospace Structures Precision Components Product Support Corporate Total Termination benefits $ 286 $ 250 $ 966 $ 147 $ — $ 1,649 Facility closure and other exit costs — 297 1,456 215 — 1,968 Other 49 6,307 2,185 191 15,831 24,563 Total Restructuring 335 6,854 4,607 553 15,831 28,180 Depreciation and amortization 139 — 9,854 303 — 10,296 Total $ 474 $ 6,854 $ 14,461 $ 856 $ 15,831 $ 38,476 | 14. RESTRUCTURING COSTS During the fiscal year ended March 31, 2017, the Company committed to a restructuring of certain of its businesses as well as the consolidation of certain of its facilities ("2017 Restructuring Plan"). The Company expects to reduce its footprint by approximately 1.0 million square feet, to reduce head count by approximately 100 employees and to amend certain contracts. Over the next few fiscal years, the Company estimates that it will record aggregate pre-tax charges of $55,000 to $60,000 related to these programs, which represent employee termination benefits, contract termination costs, accelerated depreciation and facility closure and other exit costs, and will result in future cash outlays. During the fiscal year ended March 31, 2016, the Company committed to a restructuring of certain of its businesses as well as the consolidation of certain of its facilities ("2016 Restructuring Plan"). The Company expects to reduce its footprint by approximately 3.5 million square feet and to reduce head count by approximately 1,200 employees. Over the next few fiscal years, the Company estimates that it will record aggregate pre-tax charges of $140,000 to $150,000 related to these programs, which represent employee termination benefits, contract termination costs, accelerated depreciation and facility closure and other exit costs, and will result in future cash outlays. The following table provides a summary of the Company's current aggregate cost estimates by major type of expense associated with the restructuring plans noted above: Type of expense: Total estimated amount expected to be incurred Termination benefits $ 21,000 Facility closure and other exit costs (1) 44,000 Contract termination costs 18,000 Accelerated depreciation charges (2) 37,000 Other (3) 89,000 $ 209,000 (1) I ncludes costs to transfer product lines among facilities and outplacement and employee relocation costs. (2) Accelerated depreciation charges are recorded as part of Depreciation and amortization on the Consolidated Statement of Operations. (3) Consists of other costs directly related to the plan, including project management, legal, regulatory costs and other transformation related costs, such as costs to amend certain contracts. The restructuring charges recognized for the three and nine months ended December 31, 2017 and 2016 , by type and by segment consisted of the following: For the Three Months Ended December 31, 2017 Integrated Systems Aerospace Structures Precision Components Product Support Corporate Total Termination benefits $ 26 $ — $ 1,121 $ — $ — $ 1,147 Facility closure and other exit costs — — 474 — — 474 Other 929 980 218 19 2,382 4,528 Total Restructuring 955 980 1,813 19 2,382 6,149 Depreciation and amortization 382 — — — — 382 Total $ 1,337 $ 980 $ 1,813 $ 19 $ 2,382 $ 6,531 For the Three Months Ended December 31, 2016 Integrated Systems Aerospace Structures Precision Components Product Support Corporate Total Termination benefits $ — $ — $ 494 $ 57 $ — $ 551 Facility closure and other exit costs — 297 1,209 180 — 1,686 Other 49 2,296 133 121 6,231 8,830 Total Restructuring 49 2,593 1,836 358 6,231 11,067 Depreciation and amortization 46 — 3,006 13 — 3,065 Total $ 95 $ 2,593 $ 4,842 $ 371 $ 6,231 $ 14,132 For the Nine Months Ended December 31, 2017 Integrated Systems Aerospace Structures Precision Components Product Support Corporate Total Termination benefits $ 26 $ — $ 1,868 $ — $ — $ 1,894 Facility closure and other exit costs 70 3,504 4,761 — — 8,335 Other 1,673 980 3,001 779 17,089 23,522 Total Restructuring 1,769 4,484 9,630 779 17,089 33,751 Depreciation and amortization 1,909 — 629 — — 2,538 Total $ 3,678 $ 4,484 $ 10,259 $ 779 $ 17,089 $ 36,289 For the Nine Months Ended December, 2016 Integrated Systems Aerospace Structures Precision Components Product Support Corporate Total Termination benefits $ 286 $ 250 $ 966 $ 147 $ — $ 1,649 Facility closure and other exit costs — 297 1,456 215 — 1,968 Other 49 6,307 2,185 191 15,831 24,563 Total Restructuring 335 6,854 4,607 553 15,831 28,180 Depreciation and amortization 139 — 9,854 303 — 10,296 Total $ 474 $ 6,854 $ 14,461 $ 856 $ 15,831 $ 38,476 Termination benefits include employee retention, severance and benefit payments for terminated employees. Facility closure costs include general operating costs incurred subsequent to production shutdown as well as equipment relocation and other associated costs. Contract termination costs include costs associated with terminating existing leases and supplier agreements. Other transformation costs include legal, outplacement and employee relocation costs, and other employee-related costs and costs to amend certain contracts. |
SUMMARY OF SIGNIFICANT ACCOUN22
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Revenue Recognition | Revenue Recognition Revenues are generally recognized in accordance with the contract terms when products are shipped, delivery has occurred or services have been rendered, pricing is fixed and determinable, and collection is reasonably assured. A significant portion of the Company’s contracts are within the scope of the Revenue Recognition - Construction-Type and Production-Type Contracts topic of the Accounting Standards Codification ("ASC") 605-35 and revenue and costs on contracts are recognized using the percentage-of-completion method of accounting. Accounting for the revenue and profit on a contract requires estimates of (1) the contract value or total contract revenue, (2) the total costs at completion, which is equal to the sum of the actual incurred costs to date on the contract and the estimated costs to complete the contract’s scope of work, and (3) the measurement of progress toward completion. Depending on the contract, the Company measures progress toward completion using either the cost-to-cost method or the units-of-delivery method of accounting, with the great majority measured under the units-of-delivery method of accounting. • Under the cost-to-cost method of accounting, progress toward completion is measured as the ratio of total costs incurred to estimated total costs at completion. Costs are recognized as incurred. Profit is determined based on estimated profit margin on the contract multiplied by the progress toward completion. Revenue represents the sum of costs and profit on the contract for the period. • Under the units-of-delivery method of accounting, revenue on a contract is recorded as the units are delivered and accepted during the period at an amount equal to the contractual selling price of those units. The costs recorded on a contract under the units-of-delivery method of accounting are equal to the total costs at completion divided by the total units to be delivered. As contracts can span multiple years, the Company often segments the contracts into production lots for the purposes of accumulating and allocating cost. Profit is recognized as the difference between revenue for the units delivered and the estimated costs for the units delivered. Adjustments to original estimates for a contract’s revenues, estimated costs at completion and estimated total profit are often required as work progresses under a contract, as experience is gained and as more information is obtained, even though the scope of work required under the contract may not change, or if contract modifications occur. These estimates are also sensitive to the assumed rate of production. Generally, the longer it takes to complete the contract quantity, the more relative overhead that contract will absorb. The impact of revisions in cost estimates is recognized on a cumulative catch-up basis in the period in which the revisions are made. Provisions for anticipated losses on contracts are recorded in the period in which they become evident (‘‘forward losses’’) and are first offset against costs that are included in inventory, with any remaining amount reflected in accrued contract liabilities in accordance with the Revenue Recognition - Construction-Type and Production-Type Contracts topic. Revisions in contract estimates, if significant, can materially affect results of operations and cash flows, as well as valuation of inventory. Furthermore, certain contracts are combined or segmented for revenue recognition in accordance with the Revenue Recognition - Construction-Type and Production-Type Contracts topic. During the quarter ended September 30, 2016, the Company discovered an immaterial error in its percentage-of-completion accounting for one of its contracts, which understated cost of sales and overstated net income for the three months ended June 30, 2016, in the amount of $11,800 and $8,142 , respectively, and overstated retained earnings as of March 31, 2016 in the amount of $12,700 . The Company assessed the materiality of this error on previously issued financial statements in accordance with the ASC 250, Presentation of Financial Statements , and Securities and Exchange Commission (SEC) Staff Accounting Bulletin No. 99, Materialit y. The Company concluded, based on a review of the quantitative and qualitative factors of the materiality of the amount, that the error was not material to any previously issued financial statements and that the correction of the error in the three months ended September 30, 2016 was not material to that period’s financial statements. Accordingly, in order to correct this immaterial error, the Company recorded a charge to "Cost of sales" in the amount of $24,500 , which is presented on the accompanying Condensed Consolidated Statements of Income during the nine months ended December 31, 2016 . For the three months ended December 31, 2017 , cumulative catch-up adjustments from changes in estimates, inclusive of changes in forward loss estimates, increased operating income, net income and earnings per share by approximately $5,319 , $4,255 and $0.09 , net of tax, respectively. For the three months ended December 31, 2016 cumulative catch-up adjustments were balanced between positive and negative variances. For the nine months ended December 31, 2017 , cumulative catch-up adjustments from changes in estimates, inclusive of changes in forward loss estimates, increased operating income, net income and earnings per share by approximately $11,979 , $9,583 and $0.19 , net of tax, respectively. For the nine months ended December 31, 2016 , cumulative catch-up adjustments from changes in estimates decreased operating income, net income and earnings per share by approximately $(6,290) , $(4,522) and $(0.09) , net of tax, respectively. Amounts representing contract change orders or claims are only included in revenue when such change orders or claims have been settled with the customer and to the extent that units have been delivered. Additionally, some contracts may contain provisions for revenue sharing, price re-determination, requests for equitable adjustments, change orders or cost and/or performance incentives. Such amounts or incentives are included in contract value when the amounts can be reliably estimated and their realization is reasonably assured. Although fixed-price contracts, which extend several years into the future, generally permit the Company to keep unexpected profits if costs are less than projected, the Company also bears the risk that increased or unexpected costs may reduce profit or cause the Company to sustain losses on the contract. In a fixed-price contract, the Company must fully absorb cost overruns, notwithstanding the difficulty of estimating all of the costs the Company will incur in performing these contracts and in projecting the ultimate level of revenue that may otherwise be achieved. As previously disclosed, the Company recognized provisions for forward losses associated with our long-term contracts on the 747-8 and Bombardier programs. There is still risk similar to what the Company has experienced on the 747-8 and Bombardier programs. Particularly, the Company's ability to manage risks related to supplier performance, execution of cost reduction strategies, hiring and retaining skilled production and management personnel, quality and manufacturing execution, program schedule delays, potential need to negotiate facility lease extensions or alternatively relocate work and many other risks, will determine the ultimate performance of these programs. Included in net sales of Integrated Systems, Aerospace Structures and Precision Components, is the non-cash amortization of acquired contract liabilities that were recognized as fair value adjustments through purchase accounting from various acquisitions. For the three months ended December 31, 2017 and 2016 , the Company recognized $34,492 and $29,206 , respectively, into net sales on the accompanying Condensed Consolidated Statements of Income. For the nine months ended December 31, 2017 and 2016 , the Company recognized $91,862 and $89,031 , respectively, into net sales on the accompanying Condensed Consolidated Statements of Income. Product Support provides repair and overhaul services, of which a small portion of services are provided under long-term power-by-the-hour contracts. The Company applies the proportional performance method of accounting to recognize revenue under these contracts. Revenue is recognized over the contract period as units are delivered based on the relative value in proportion to the total estimated contract consideration. In estimating the total contract consideration, management evaluates the projected utilization of its customers’ fleet over the term of the contract, in connection with the related estimated repair and overhaul servicing requirements to the fleet based on such utilization. Changes in utilization of the fleet by customers, among other factors, may have an impact on these estimates and require adjustments to estimates of revenue to be realized. |
Concentration of Credit Risk | Concentration of Credit Risk The Company’s trade accounts receivable are exposed to credit risk. However, the risk is limited due to the diversity of the customer base and the customer base’s wide geographical area. Trade accounts receivable from Boeing (representing commercial, military and space) represented approximately 11% and 5% of total trade accounts receivable as of December 31, 2017 and March 31, 2017 , respectively. Trade accounts receivable from Gulfstream (representing commercial, military and space) represented approximately 14% and 3% of total trade accounts receivable as of December 31, 2017 and March 31, 2017 , respectively. The Company had no other concentrations of credit risk of more than 10% . Sales to Boeing for the nine months ended December 31, 2017 , were $743,271 , or 32% of net sales, of which $151,803 , $302,980 , $282,068 and $6,420 were from the Integrated Systems, Aerospace Structures, Precision Components and Product Support, respectively. Sales to Boeing for the nine months ended December 31, 2016 , were $928,020 , or 36% of net sales, of which $157,772 , $427,960 , $317,426 and $24,862 were from the Integrated Systems, Aerospace Structures, Precision Components and Product Support, respectively. Sales to Gulfstream for the nine months ended December 31, 2017 , were $304,157 , or 13% of net sales, of which $897 , $293,749 , $9,203 and $308 were from the Integrated Systems, Aerospace Structures, Precision Components and Product Support, respectively. Sales to Gulfstream for the nine months ended December 31, 2016 , were $321,671 , or 12% of net sales, of which $1,418 , $311,207 , $8,855 and $191 were from the Integrated Systems, Aerospace Structures, Precision Components and Product Support, respectively. No other single customer accounted for more than 10% of the Company’s net sales. However, the loss of any significant customer, including Boeing and Gulfstream, could have a material adverse effect on the Company and its operating subsidiaries. |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes compensation expense for share-based awards based on the fair value of those awards at the date of grant. Stock-based compensation expense for the three months ended December 31, 2017 and 2016 , was $2,719 and $2,163 , respectively. Stock-based compensation expense for the nine months ended December 31, 2017 and 2016 , was $6,137 and $6,140 , respectively. The Company has classified share-based compensation within selling, general and administrative expenses to correspond with the same line item as the majority of the cash compensation paid to employees. Upon the exercise of stock options or vesting of restricted stock, the Company first transfers treasury stock, then issues new shares. |
Intangibles policy [Policy Text Block] | Intangible Assets The components of intangible assets, net, are as follows: December 31, 2017 Weighted- Average Life Gross Carrying Amount Accumulated Amortization Net Customer relationships 17.0 $ 621,524 $ (247,058 ) $ 374,466 Product rights, technology and licenses 11.4 55,104 (41,241 ) 13,863 Non-compete agreements and other 16.3 2,756 (921 ) 1,835 Tradenames 10.0 150,000 (19,344 ) 130,656 Total intangibles, net $ 829,384 $ (308,564 ) $ 520,820 March 31, 2017 Weighted- Average Life Gross Carrying Amount Accumulated Amortization Net Customer relationships 16.6 $ 663,165 $ (241,124 ) $ 422,041 Product rights, technology and licenses 11.4 54,347 (39,486 ) 14,861 Non-compete agreements and other 16.3 2,756 (786 ) 1,970 Tradenames 10.3 163,000 (9,508 ) 153,492 Total intangibles, net $ 883,268 $ (290,904 ) $ 592,364 Amortization expense for the three months ended December 31, 2017 and 2016 , was $13,618 and $13,348 , respectively. Amortization expense for the nine months ended December 31, 2017 and 2016 , was $42,993 and $40,565 , respectively. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. When determining fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and also considers assumptions that market participants would use when pricing an asset or liability. The fair value hierarchy has three levels of inputs that may be used to measure fair value: Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2—Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability; and Level 3—Unobservable inputs for the asset or liability. The Company has applied fair value measurements to its divestitures and interest rate swap (see Note 3 and Note 5). |
Product Warranty Disclosure [Text Block] | Warranty Reserves A reserve has been established to provide for the estimated future cost of warranties on our delivered products. The Company periodically reviews the reserves and adjustments are made accordingly. A provision for warranty on products delivered is made on the basis of historical experience and identified warranty issues. Warranties cover such factors as non-conformance to specifications and defects in material and workmanship. The majority of the Company's agreements include a three -year warranty, although certain programs have warranties up to 20 years. The warranty reserves as of December 31, 2017 and March 31, 2017 , were $85,516 and $107,088 , respectively |
Cash Flow, Supplemental Disclosures [Text Block] | Supplemental Cash Flow Information The Company paid $11,013 and $5,936 for income taxes, net of refunds, for the nine months ended December 31, 2017 and 2016 , respectively. The Company made interest payments of $54,013 and $61,251 for the nine months ended December 31, 2017 and 2016 , respectively. During the nine months ended December 31, 2017 and 2016 , the Company financed $2,206 and $11,504 , respectively, of property and equipment additions through capital leases. As of December 31, 2017 , the Company remains able to purchase an additional 2,277,789 shares under the existing stock repurchase program. However, there are certain restrictions placed on the repurchase program by the Company's lenders that prevent any repurchases at this time. |
SUMMARY OF SIGNIFICANT ACCOUN23
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block] | December 31, 2017 Weighted- Average Life Gross Carrying Amount Accumulated Amortization Net Customer relationships 17.0 $ 621,524 $ (247,058 ) $ 374,466 Product rights, technology and licenses 11.4 55,104 (41,241 ) 13,863 Non-compete agreements and other 16.3 2,756 (921 ) 1,835 Tradenames 10.0 150,000 (19,344 ) 130,656 Total intangibles, net $ 829,384 $ (308,564 ) $ 520,820 March 31, 2017 Weighted- Average Life Gross Carrying Amount Accumulated Amortization Net Customer relationships 16.6 $ 663,165 $ (241,124 ) $ 422,041 Product rights, technology and licenses 11.4 54,347 (39,486 ) 14,861 Non-compete agreements and other 16.3 2,756 (786 ) 1,970 Tradenames 10.3 163,000 (9,508 ) 153,492 Total intangibles, net $ 883,268 $ (290,904 ) $ 592,364 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Preproduction Costs Related to Long Term Supply Arrangements, Costs Capitalized [Line Items] | |
Preproduction Costs Related to Long Term Supply Arrangements, Costs Capitalized [Table Text Block] | The balance of development program inventory, comprised principally of capitalized pre-production costs, excluding progress payments related to the Company's contracts with Bombardier for the Global 7000/8000 program ("Bombardier") and Embraer for the second generation E-Jet program ("Embraer") are as follows: December 31, 2017 Inventory Capitalized Pre-Production Forward Loss Provision Total Inventory, net Bombardier $ 265,137 $ 670,010 $ (352,900 ) $ 582,247 Embraer 33,669 179,121 (5,762 ) 207,028 Total $ 298,806 $ 849,131 $ (358,662 ) $ 789,275 March 31, 2017 Inventory Capitalized Pre-Production Forward Loss Provision Total Inventory, net Bombardier $ 89,650 $ 589,449 $ (399,758 ) $ 279,341 Embraer 14,987 173,169 (5,800 ) 182,356 Total $ 104,637 $ 762,618 $ (405,558 ) $ 461,697 |
Schedule of components of inventories | December 31, 2017 March 31, 2017 Raw materials $ 82,768 $ 89,069 Work-in-process, including manufactured and purchased components 1,613,881 1,297,989 Finished goods 117,820 118,265 Rotable assets 57,295 57,337 Less: unliquidated progress payments (409,040 ) (222,485 ) Total inventories $ 1,462,724 $ 1,340,175 |
LONG-TERM DEBT LONG-TERM DEBT (
LONG-TERM DEBT LONG-TERM DEBT (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Long-term debt | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 2017 March 31, 2017 Revolving line of credit $ 50,000 $ 29,999 Term loan — 309,375 Receivable securitization facility 109,200 112,900 Capital leases 58,297 72,800 Senior notes due 2021 375,000 375,000 Senior notes due 2022 300,000 300,000 Senior notes due 2025 500,000 — Other debt — 7,978 Less: Debt issuance costs (17,886 ) (11,752 ) 1,374,611 1,196,300 Less: Current portion 15,135 160,630 $ 1,359,476 $ 1,035,670 |
LONG-TERM DEBT Fair Value Measu
LONG-TERM DEBT Fair Value Measurements (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2017 March 31, 2017 Carrying Value Fair Value Carrying Value Fair Value Long-term debt $ 1,374,611 $ 1,432,240 $ 1,196,300 $ 1,178,968 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Reconciliation between the weighted average outstanding shares used in calculation of basic and diluted earnings per share | Three Months Ended December 31, Nine Months Ended December 31, (in thousands) (in thousands) 2017 2016 2017 2016 Weighted-average common shares outstanding – basic 49,459 49,329 49,425 49,294 Net effect of dilutive stock options and nonvested stock — 111 — 127 Weighted-average common shares outstanding – diluted 49,459 49,440 49,425 49,421 |
GOODWILL (Tables)
GOODWILL (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes in the carrying value of goodwill by reportable segment | Integrated Systems Precision Components Product Support Total Balance, March 31, 2017 $ 541,155 $ 532,418 $ 69,032 $ 1,142,605 Impairment of goodwill — (190,227 ) — (190,227 ) Goodwill derecognized in connection with divestitures and assets held for sale (27,709 ) — — (27,709 ) Effect of exchange rate changes 7,126 2,810 (105 ) 9,831 Balance, December 31, 2017 $ 520,572 $ 345,001 $ 68,927 $ 934,500 |
PENSION AND OTHER POSTRETIREM29
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Pension Plan [Member] | |
Components of net periodic benefit costs: | |
Schedule of components of net periodic benefit cost and postretirement benefit plan | Pension benefits Three Months Ended December 31, Nine Months Ended December 31, 2017 2016 2017 2016 Components of net periodic benefit costs: Service cost $ 1,126 $ 1,628 $ 3,371 $ 4,911 Interest cost 18,803 18,144 56,391 54,494 Expected return on plan assets (38,090 ) (38,966 ) (114,222 ) (117,025 ) Amortization of prior service credits (710 ) (445 ) (2,131 ) (1,337 ) Amortization of net loss 3,478 3,027 10,403 9,088 Settlement charge — — 523 — Net periodic benefit income $ (15,393 ) $ (16,612 ) $ (45,665 ) $ (49,869 ) |
Other postretirement | |
Components of net periodic benefit costs: | |
Schedule of components of net periodic benefit cost and postretirement benefit plan | Other postretirement benefits Three Months Ended December 31, Nine Months Ended December 31, 2017 2016 2017 2016 Components of net periodic benefit costs: Service cost $ 102 $ 179 $ 305 $ 537 Interest cost 1,219 1,247 3,656 3,740 Amortization of prior service credits (2,328 ) (3,366 ) (6,984 ) (10,097 ) Amortization of gain (1,775 ) (1,647 ) (5,324 ) (4,941 ) Settlement gain (15,099 ) — (15,099 ) — Net periodic benefit income $ (17,881 ) $ (3,587 ) $ (23,446 ) $ (10,761 ) |
STOCKHOLDERS' EQUITY STOCKHOL30
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |
Comprehensive Income (Loss) Note [Text Block] | Changes in accumulated other comprehensive income (loss) ("AOCI") by component for the three and nine months ended December 31, 2017 and 2016 , respectively, were as follows: Currency Translation Adjustment Unrealized Gains and Losses on Derivative Instruments Defined Benefit Pension Plans and Other Postretirement Benefits Total (1) Balance September 30, 2017 $ (65,886 ) $ (246 ) $ (313,290 ) $ (379,422 ) AOCI before reclassifications (1,824 ) (816 ) 23,378 20,738 Amounts reclassified from AOCI — 203 (16,143 ) (2 ) (15,940 ) Net current period AOCI (1,824 ) (613 ) 7,235 4,798 Balance December 31, 2017 $ (67,710 ) $ (859 ) $ (306,055 ) $ (374,624 ) Balance September 30, 2016 $ (80,434 ) $ (2,557 ) $ (288,572 ) $ (371,563 ) AOCI before reclassifications (15,066 ) 1,726 — (13,340 ) Amounts reclassified from AOCI — 5 (1,573 ) (2 ) (1,568 ) Net current period AOCI (15,066 ) 1,731 (1,573 ) (14,908 ) Balance December 31, 2016 $ (95,500 ) $ (826 ) $ (290,145 ) $ (386,471 ) Balance March 31, 2017 $ (87,212 ) $ 2,153 $ (311,119 ) $ (396,178 ) AOCI before reclassifications 19,502 (835 ) 23,901 42,568 Amounts reclassified from AOCI — (2,177 ) (18,837 ) (2 ) (21,014 ) Net current period AOCI 19,502 (3,012 ) 5,064 21,554 Balance December 31, 2017 $ (67,710 ) $ (859 ) $ (306,055 ) $ (374,624 ) Balance March 31, 2016 $ (58,816 ) $ (2,920 ) $ (285,426 ) $ (347,162 ) AOCI before reclassifications (36,684 ) 2,100 — (34,584 ) Amounts reclassified from AOCI — (6 ) (4,719 ) (2 ) (4,725 ) Net current period AOCI (36,684 ) 2,094 (4,719 ) (39,309 ) Balance December 31, 2016 $ (95,500 ) $ (826 ) $ (290,145 ) $ (386,471 ) |
SEGMENTS (Tables)
SEGMENTS (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of selected financial information for each reportable segment and the reconciliation of EBITDA to operating income | Three Months Ended December 31, Nine Months Ended December 31, 2017 2016 2017 2016 Net sales: Integrated Systems $ 239,198 $ 256,080 $ 711,099 $ 758,803 Aerospace Structures 282,495 304,235 807,754 956,114 Precision Components 219,675 226,294 685,701 740,354 Product Support 68,039 87,292 202,839 257,317 Elimination of inter-segment sales (34,161 ) (29,038 ) (105,302 ) (99,703 ) $ 775,246 $ 844,863 $ 2,302,091 $ 2,612,885 Three Months Ended December 31, Nine Months Ended December 31, 2017 2016 2017 2016 (Loss) income before income taxes: Operating income (expense): Integrated Systems $ 42,667 $ 51,596 $ 132,171 $ 145,379 Aerospace Structures 12,022 23,867 23,253 57,898 Precision Components (186,225 ) 2,942 (191,100 ) 7,223 Product Support 12,399 14,662 32,069 42,986 Corporate (567 ) (37,901 ) (78,840 ) (81,107 ) (119,704 ) 55,166 (82,447 ) 172,379 Interest expense and other 25,836 19,698 72,229 55,721 $ (145,540 ) $ 35,468 $ (154,676 ) $ 116,658 Depreciation and amortization: Integrated Systems $ 8,318 $ 9,766 $ 27,857 $ 30,228 Aerospace Structures 19,048 17,942 57,484 54,289 Precision Components 9,850 13,999 27,858 42,344 Product Support 1,663 2,294 5,068 7,230 Corporate 441 330 1,051 989 $ 39,320 $ 44,331 $ 119,318 $ 135,080 Impairment charge of intangible assets: Precision Components $ 190,227 $ — $ 190,227 $ — Amortization of acquired contract liabilities, net: Integrated Systems $ 11,634 $ 7,628 $ 28,235 $ 27,101 Aerospace Structures 21,352 21,105 60,315 60,190 Precision Components 1,506 473 3,312 1,740 $ 34,492 $ 29,206 $ 91,862 $ 89,031 Adjusted EBITDA: Integrated Systems $ 39,351 $ 53,734 $ 131,793 $ 148,506 Aerospace Structures 9,718 20,704 20,422 51,997 Precision Components 12,346 16,468 23,673 47,827 Product Support 14,062 16,956 37,137 50,216 Corporate (15,225 ) (23,221 ) (71,994 ) (60,994 ) $ 60,252 $ 84,641 $ 141,031 $ 237,552 Capital expenditures: Integrated Systems $ 1,903 $ 2,763 $ 5,923 $ 8,586 Aerospace Structures 2,384 2,228 9,503 9,820 Precision Components 3,407 2,636 12,563 11,040 Product Support 599 687 1,629 2,020 Corporate 864 843 2,314 1,657 $ 9,157 $ 9,157 $ 31,932 $ 33,123 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | December 31, 2017 March 31, 2017 Total Assets: Integrated Systems $ 1,220,259 $ 1,281,828 Aerospace Structures 1,573,942 1,548,239 Precision Components 1,056,015 1,262,691 Product Support 285,302 284,231 Corporate 50,414 37,611 $ 4,185,932 $ 4,414,600 |
SELECTED CONSOLIDATING FINANC32
SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Summary of consolidating balance sheets | December 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Current assets: Cash and cash equivalents $ 12,628 $ 8,396 $ 43,364 $ — $ 64,388 Trade and other receivables, net — 69,305 251,694 — 320,999 Inventories — 1,342,611 120,113 — 1,462,724 Prepaid expenses and other 20,027 10,469 13,004 — 43,500 Total current assets 32,655 1,430,781 428,175 — 1,891,611 Property and equipment, net 10,920 618,925 120,077 — 749,922 Goodwill and other intangible assets, net — 1,321,175 134,145 — 1,455,320 Other, net 21,496 45,329 22,254 — 89,079 Intercompany investments and advances 2,354,461 81,541 72,512 (2,508,514 ) — Total assets $ 2,419,532 $ 3,497,751 $ 777,163 $ (2,508,514 ) $ 4,185,932 Current liabilities: Current portion of long-term debt $ 574 $ 14,561 $ — $ — $ 15,135 Accounts payable 3,324 340,106 43,651 — 387,081 Accrued expenses 49,520 531,133 46,758 — 627,411 Total current liabilities 53,418 885,800 90,409 — 1,029,627 Long-term debt, less current portion 1,317,662 41,814 — — 1,359,476 Intercompany advances 283,926 2,080,159 488,955 (2,853,040 ) — Accrued pension and other postretirement benefits, noncurrent 6,608 503,033 — — 509,641 Deferred income taxes and other 9,404 495,634 33,636 — 538,674 Total stockholders’ equity 748,514 (508,689 ) 164,163 344,526 748,514 Total liabilities and stockholders’ equity $ 2,419,532 $ 3,497,751 $ 777,163 $ (2,508,514 ) $ 4,185,932 SUMMARY CONDENSED CONSOLIDATING BALANCE SHEETS: March 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Current assets: Cash and cash equivalents $ 19,942 $ 24,137 $ 25,554 $ — $ 69,633 Trade and other receivables, net 546 34,874 276,372 — 311,792 Inventories — 1,243,461 96,714 — 1,340,175 Prepaid expenses and other 7,763 11,678 10,623 — 30,064 Assets held for sale — 3,250 18,005 — 21,255 Total current assets 28,251 1,317,400 427,268 — 1,772,919 Property and equipment, net 8,315 673,153 123,562 — 805,030 Goodwill and other intangible assets, net — 1,560,050 174,919 — 1,734,969 Other, net 17,902 67,955 15,825 — 101,682 Intercompany investments and advances 2,057,534 81,541 77,090 (2,216,165 ) — Total assets $ 2,112,002 $ 3,700,099 $ 818,664 $ (2,216,165 ) $ 4,414,600 Current liabilities: Current portion of long-term debt $ 33,298 $ 14,432 $ 112,900 $ — $ 160,630 Accounts payable 17,291 426,646 37,306 — 481,243 Accrued expenses 53,829 578,457 42,093 — 674,379 Liabilities related to assets held for sale — — 18,008 — 18,008 Total current liabilities 104,418 1,019,535 210,307 — 1,334,260 Long-term debt, less current portion 974,693 60,977 — — 1,035,670 Intercompany advances 178,381 1,754,529 370,907 (2,303,817 ) — Accrued pension and other postretirement benefits, noncurrent 6,633 585,501 — — 592,134 Deferred income taxes and other 1,403 564,358 40,302 — 606,063 Total stockholders’ equity 846,474 (284,801 ) 197,148 87,652 846,473 Total liabilities and stockholders’ equity $ 2,112,002 $ 3,700,099 $ 818,664 $ (2,216,165 ) $ 4,414,600 |
Condensed consolidating statements of income | CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Three Months Ended December 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 705,792 $ 88,443 $ (18,989 ) $ 775,246 Operating costs and expenses: Cost of sales — 563,033 68,162 (18,989 ) 612,206 Selling, general and administrative 27,914 27,331 6,902 — 62,147 Depreciation and amortization 441 34,606 4,273 — 39,320 Impairment of intangible assets — 135,013 55,214 — 190,227 Restructuring 2,382 2,637 1,130 — 6,149 Curtailment and settlement gain, net (15,099 ) — — — (15,099 ) 15,638 762,620 135,681 (18,989 ) 894,950 Operating (loss) income (15,638 ) (56,828 ) (47,238 ) — (119,704 ) Intercompany interest and charges (39,386 ) 38,877 509 — — Interest expense and other 23,686 2,796 (646 ) — 25,836 Income (loss) before income taxes 62 (98,501 ) (47,101 ) — (145,540 ) Income (benefit) tax expense (49,074 ) 15,715 1,071 — (32,288 ) Net income (loss) 49,136 (114,216 ) (48,172 ) — (113,252 ) Other comprehensive (loss) income (613 ) 7,235 (1,824 ) — 4,798 Total comprehensive (loss) income $ 48,523 $ (106,981 ) $ (49,996 ) $ — $ (108,454 ) CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Three Months Ended December 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 772,916 $ 90,526 $ (18,579 ) $ 844,863 Operating costs and expenses: Cost of sales — 599,381 72,397 (18,579 ) 653,199 Selling, general and administrative 16,955 41,991 7,804 — 66,750 Depreciation and amortization 331 39,850 4,150 — 44,331 Restructuring 6,231 4,449 387 — 11,067 Loss on divestiture and assets held for sale 14,350 — — — 14,350 37,867 685,671 84,738 (18,579 ) 789,697 Operating (loss) income (37,867 ) 87,245 5,788 — 55,166 Intercompany interest and charges (45,597 ) 43,466 2,131 — — Interest expense and other 18,542 3,963 (2,807 ) — 19,698 (Loss) income before income taxes (10,812 ) 39,816 6,464 — 35,468 Income (benefit) tax expense (8,980 ) 13,666 1,450 — 6,136 Net (loss) income (1,832 ) 26,150 5,014 — 29,332 Other comprehensive (loss) income 1,731 (1,573 ) (15,066 ) — (14,908 ) Total comprehensive (loss) income $ (101 ) $ 24,577 $ (10,052 ) $ — $ 14,424 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Nine Months Ended December 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 2,096,894 $ 266,101 $ (60,904 ) $ 2,302,091 Operating costs and expenses: Cost of sales — 1,667,935 214,482 (60,904 ) 1,821,513 Selling, general and administrative 69,820 118,006 26,108 — 213,934 Depreciation and amortization 1,050 105,781 12,487 — 119,318 Impairment of intangible assets — 135,013 55,214 — 190,227 Restructuring 17,089 13,883 2,779 — 33,751 Loss on divestiture 20,371 — — — 20,371 Curtailment and settlement gain, net (14,576 ) — — — (14,576 ) 93,754 2,040,618 311,070 (60,904 ) 2,384,538 Operating (loss) income (93,754 ) 56,276 (44,969 ) — (82,447 ) Intercompany interest and charges (122,339 ) 116,076 6,263 — — Interest expense and other 63,092 8,181 956 — 72,229 (Loss) income before income taxes (34,507 ) (67,981 ) (52,188 ) — (154,676 ) Income tax (benefit) expense (64,823 ) 31,414 (706 ) — (34,115 ) Net income (loss) 30,316 (99,395 ) (51,482 ) — (120,561 ) Other comprehensive (loss) income (3,012 ) 5,064 19,502 — 21,554 Total comprehensive income (loss) $ 27,304 $ (94,331 ) $ (31,980 ) $ — $ (99,007 ) CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Nine Months Ended December, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 2,388,881 $ 281,978 $ (57,974 ) $ 2,612,885 Operating costs and expenses: Cost of sales — 1,883,122 227,752 (57,974 ) 2,052,900 Selling, general and administrative 45,052 137,609 22,561 — 205,222 Depreciation and amortization 989 121,412 12,679 — 135,080 Restructuring 15,831 11,735 614 — 28,180 Loss on divestiture and assets held for sale 19,124 — — — 19,124 80,996 2,153,878 263,606 (57,974 ) 2,440,506 Operating (loss) income (80,996 ) 235,003 18,372 — 172,379 Intercompany interest and charges (144,666 ) 137,909 6,757 — — Interest expense and other 53,657 8,729 (6,665 ) — 55,721 Income before income taxes 10,013 88,365 18,280 — 116,658 Income tax (benefit) expense (7,359 ) 35,783 4,362 — 32,786 Net income 17,372 52,582 13,918 — 83,872 Other comprehensive income (loss) 2,094 (4,719 ) (36,684 ) — (39,309 ) Total comprehensive income (loss) $ 19,466 $ 47,863 $ (22,766 ) $ — $ 44,563 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Three Months Ended December 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 705,792 $ 88,443 $ (18,989 ) $ 775,246 Operating costs and expenses: Cost of sales — 563,033 68,162 (18,989 ) 612,206 Selling, general and administrative 27,914 27,331 6,902 — 62,147 Depreciation and amortization 441 34,606 4,273 — 39,320 Impairment of intangible assets — 135,013 55,214 — 190,227 Restructuring 2,382 2,637 1,130 — 6,149 Curtailment and settlement gain, net (15,099 ) — — — (15,099 ) 15,638 762,620 135,681 (18,989 ) 894,950 Operating (loss) income (15,638 ) (56,828 ) (47,238 ) — (119,704 ) Intercompany interest and charges (39,386 ) 38,877 509 — — Interest expense and other 23,686 2,796 (646 ) — 25,836 Income (loss) before income taxes 62 (98,501 ) (47,101 ) — (145,540 ) Income (benefit) tax expense (49,074 ) 15,715 1,071 — (32,288 ) Net income (loss) 49,136 (114,216 ) (48,172 ) — (113,252 ) Other comprehensive (loss) income (613 ) 7,235 (1,824 ) — 4,798 Total comprehensive (loss) income $ 48,523 $ (106,981 ) $ (49,996 ) $ — $ (108,454 ) CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Three Months Ended December 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 772,916 $ 90,526 $ (18,579 ) $ 844,863 Operating costs and expenses: Cost of sales — 599,381 72,397 (18,579 ) 653,199 Selling, general and administrative 16,955 41,991 7,804 — 66,750 Depreciation and amortization 331 39,850 4,150 — 44,331 Restructuring 6,231 4,449 387 — 11,067 Loss on divestiture and assets held for sale 14,350 — — — 14,350 37,867 685,671 84,738 (18,579 ) 789,697 Operating (loss) income (37,867 ) 87,245 5,788 — 55,166 Intercompany interest and charges (45,597 ) 43,466 2,131 — — Interest expense and other 18,542 3,963 (2,807 ) — 19,698 (Loss) income before income taxes (10,812 ) 39,816 6,464 — 35,468 Income (benefit) tax expense (8,980 ) 13,666 1,450 — 6,136 Net (loss) income (1,832 ) 26,150 5,014 — 29,332 Other comprehensive (loss) income 1,731 (1,573 ) (15,066 ) — (14,908 ) Total comprehensive (loss) income $ (101 ) $ 24,577 $ (10,052 ) $ — $ 14,424 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Nine Months Ended December 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 2,096,894 $ 266,101 $ (60,904 ) $ 2,302,091 Operating costs and expenses: Cost of sales — 1,667,935 214,482 (60,904 ) 1,821,513 Selling, general and administrative 69,820 118,006 26,108 — 213,934 Depreciation and amortization 1,050 105,781 12,487 — 119,318 Impairment of intangible assets — 135,013 55,214 — 190,227 Restructuring 17,089 13,883 2,779 — 33,751 Loss on divestiture 20,371 — — — 20,371 Curtailment and settlement gain, net (14,576 ) — — — (14,576 ) 93,754 2,040,618 311,070 (60,904 ) 2,384,538 Operating (loss) income (93,754 ) 56,276 (44,969 ) — (82,447 ) Intercompany interest and charges (122,339 ) 116,076 6,263 — — Interest expense and other 63,092 8,181 956 — 72,229 (Loss) income before income taxes (34,507 ) (67,981 ) (52,188 ) — (154,676 ) Income tax (benefit) expense (64,823 ) 31,414 (706 ) — (34,115 ) Net income (loss) 30,316 (99,395 ) (51,482 ) — (120,561 ) Other comprehensive (loss) income (3,012 ) 5,064 19,502 — 21,554 Total comprehensive income (loss) $ 27,304 $ (94,331 ) $ (31,980 ) $ — $ (99,007 ) CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Three Months Ended December 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 705,792 $ 88,443 $ (18,989 ) $ 775,246 Operating costs and expenses: Cost of sales — 563,033 68,162 (18,989 ) 612,206 Selling, general and administrative 27,914 27,331 6,902 — 62,147 Depreciation and amortization 441 34,606 4,273 — 39,320 Impairment of intangible assets — 135,013 55,214 — 190,227 Restructuring 2,382 2,637 1,130 — 6,149 Curtailment and settlement gain, net (15,099 ) — — — (15,099 ) 15,638 762,620 135,681 (18,989 ) 894,950 Operating (loss) income (15,638 ) (56,828 ) (47,238 ) — (119,704 ) Intercompany interest and charges (39,386 ) 38,877 509 — — Interest expense and other 23,686 2,796 (646 ) — 25,836 Income (loss) before income taxes 62 (98,501 ) (47,101 ) — (145,540 ) Income (benefit) tax expense (49,074 ) 15,715 1,071 — (32,288 ) Net income (loss) 49,136 (114,216 ) (48,172 ) — (113,252 ) Other comprehensive (loss) income (613 ) 7,235 (1,824 ) — 4,798 Total comprehensive (loss) income $ 48,523 $ (106,981 ) $ (49,996 ) $ — $ (108,454 ) CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Three Months Ended December 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 772,916 $ 90,526 $ (18,579 ) $ 844,863 Operating costs and expenses: Cost of sales — 599,381 72,397 (18,579 ) 653,199 Selling, general and administrative 16,955 41,991 7,804 — 66,750 Depreciation and amortization 331 39,850 4,150 — 44,331 Restructuring 6,231 4,449 387 — 11,067 Loss on divestiture and assets held for sale 14,350 — — — 14,350 37,867 685,671 84,738 (18,579 ) 789,697 Operating (loss) income (37,867 ) 87,245 5,788 — 55,166 Intercompany interest and charges (45,597 ) 43,466 2,131 — — Interest expense and other 18,542 3,963 (2,807 ) — 19,698 (Loss) income before income taxes (10,812 ) 39,816 6,464 — 35,468 Income (benefit) tax expense (8,980 ) 13,666 1,450 — 6,136 Net (loss) income (1,832 ) 26,150 5,014 — 29,332 Other comprehensive (loss) income 1,731 (1,573 ) (15,066 ) — (14,908 ) Total comprehensive (loss) income $ (101 ) $ 24,577 $ (10,052 ) $ — $ 14,424 |
Condensed consolidating statements of cash flows | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS: For the Nine Months Ended December 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net income (loss) $ 30,316 $ (99,395 ) $ (51,482 ) $ — $ (120,561 ) Adjustments to reconcile net income to net cash (used in) operating activities provided by (54,460 ) (139,525 ) 73,560 42,707 (77,718 ) Net cash (used in) provided by operating activities (24,144 ) (238,920 ) 22,078 42,707 (198,279 ) Capital expenditures (2,314 ) (25,507 ) (4,111 ) — (31,932 ) Proceeds from sale of assets — 68,009 403 — 68,412 Net cash (used in) provided by investing activities (2,314 ) 42,502 (3,708 ) — 36,480 Net increase in revolving credit facility 20,000 — — — 20,000 Proceeds on issuance of debt 500,000 — 31,500 — 531,500 Retirements and repayments of debt (314,628 ) (19,333 ) (35,300 ) — (369,261 ) Payments of deferred financing costs (17,729 ) — — — (17,729 ) Dividends paid (5,956 ) — — — (5,956 ) Repurchase of restricted shares for minimum tax obligation (369 ) — — — (369 ) Intercompany financing and advances (162,174 ) 200,010 4,871 (42,707 ) — Net cash provided by (used in)financing activities 19,144 180,677 1,071 (42,707 ) 158,185 Effect of exchange rate changes on cash — — (1,631 ) — (1,631 ) Net change in cash and cash equivalents (7,314 ) (15,741 ) 17,810 — (5,245 ) Cash and cash equivalents at beginning of period 19,942 24,137 25,554 — 69,633 Cash and cash equivalents at end of period $ 12,628 $ 8,396 $ 43,364 $ — $ 64,388 For the Nine Months Ended December 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net income (loss) $ 30,316 $ (99,395 ) $ (51,482 ) $ — $ (120,561 ) Adjustments to reconcile net income to net cash (used in) operating activities provided by (54,460 ) (139,525 ) 73,560 42,707 (77,718 ) Net cash (used in) provided by operating activities (24,144 ) (238,920 ) 22,078 42,707 (198,279 ) Capital expenditures (2,314 ) (25,507 ) (4,111 ) — (31,932 ) Proceeds from sale of assets — 68,009 403 — 68,412 Net cash (used in) provided by investing activities (2,314 ) 42,502 (3,708 ) — 36,480 Net increase in revolving credit facility 20,000 — — — 20,000 Proceeds on issuance of debt 500,000 — 31,500 — 531,500 Retirements and repayments of debt (314,628 ) (19,333 ) (35,300 ) — (369,261 ) Payments of deferred financing costs (17,729 ) — — — (17,729 ) Dividends paid (5,956 ) — — — (5,956 ) Repurchase of restricted shares for minimum tax obligation (369 ) — — — (369 ) Intercompany financing and advances (162,174 ) 200,010 4,871 (42,707 ) — Net cash provided by (used in)financing activities 19,144 180,677 1,071 (42,707 ) 158,185 Effect of exchange rate changes on cash — — (1,631 ) — (1,631 ) Net change in cash and cash equivalents (7,314 ) (15,741 ) 17,810 — (5,245 ) Cash and cash equivalents at beginning of period 19,942 24,137 25,554 — 69,633 Cash and cash equivalents at end of period $ 12,628 $ 8,396 $ 43,364 $ — $ 64,388 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS: For the Nine Months Ended December, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net income $ 17,372 $ 52,582 $ 13,918 $ — $ 83,872 Adjustments to reconcile net income to net cash provided by (used in) operating activities (2,419 ) (294,036 ) 27,922 12,010 (256,523 ) Net cash provided by (used in) operating activities 14,953 (241,454 ) 41,840 12,010 (172,651 ) Capital expenditures (1,657 ) (22,442 ) (9,024 ) — (33,123 ) Proceeds from sale of assets — 22,253 932 — 23,185 Acquisitions, net of cash acquired — 9 — — 9 Net cash used in investing activities (1,657 ) (180 ) (8,092 ) — (9,929 ) Net increase in revolving credit facility 316,121 — — — 316,121 Proceeds on issuance of debt 201 — 12,700 — 12,901 Retirements and repayments of debt (21,368 ) (10,676 ) (63,700 ) — (95,744 ) Payments of deferred financing costs (14,012 ) — — — (14,012 ) Dividends paid (5,944 ) — — — (5,944 ) Repayment of government grant — (14,570 ) — — (14,570 ) Repurchase of restricted shares for minimum tax obligations (182 ) — — — (182 ) Intercompany financing and advances (288,995 ) 275,159 25,846 (12,010 ) — Net cash (used in) provided by financing activities (14,179 ) 249,913 (25,154 ) (12,010 ) 198,570 Effect of exchange rate changes on cash — — (1,513 ) — (1,513 ) Net change in cash and cash equivalents (883 ) 8,279 7,081 — 14,477 Cash and cash equivalents at beginning of period 1,544 201 19,239 — 20,984 Cash and cash equivalents at end of period $ 661 $ 8,480 $ 26,320 $ — $ 35,461 |
RESTRUCTURING COSTS Schedule of
RESTRUCTURING COSTS Schedule of Restructuring Expenses (Tables) | 9 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table provides a summary of the Company's current aggregate cost estimates by major type of expense associated with the restructuring plans noted above: Type of expense: Total estimated amount expected to be incurred Termination benefits $ 21,000 Facility closure and other exit costs (1) 44,000 Contract termination costs 18,000 Accelerated depreciation charges (2) 37,000 Other (3) 89,000 $ 209,000 | |
Restructuring and Related Costs [Table Text Block] | The restructuring charges recognized for the three and nine months ended December 31, 2017 and 2016 , by type and by segment consisted of the following: For the Three Months Ended December 31, 2017 Integrated Systems Aerospace Structures Precision Components Product Support Corporate Total Termination benefits $ 26 $ — $ 1,121 $ — $ — $ 1,147 Facility closure and other exit costs — — 474 — — 474 Other 929 980 218 19 2,382 4,528 Total Restructuring 955 980 1,813 19 2,382 6,149 Depreciation and amortization 382 — — — — 382 Total $ 1,337 $ 980 $ 1,813 $ 19 $ 2,382 $ 6,531 For the Three Months Ended December 31, 2016 Integrated Systems Aerospace Structures Precision Components Product Support Corporate Total Termination benefits $ — $ — $ 494 $ 57 $ — $ 551 Facility closure and other exit costs — 297 1,209 180 — 1,686 Other 49 2,296 133 121 6,231 8,830 Total Restructuring 49 2,593 1,836 358 6,231 11,067 Depreciation and amortization 46 — 3,006 13 — 3,065 Total $ 95 $ 2,593 $ 4,842 $ 371 $ 6,231 $ 14,132 For the Nine Months Ended December 31, 2017 Integrated Systems Aerospace Structures Precision Components Product Support Corporate Total Termination benefits $ 26 $ — $ 1,868 $ — $ — $ 1,894 Facility closure and other exit costs 70 3,504 4,761 — — 8,335 Other 1,673 980 3,001 779 17,089 23,522 Total Restructuring 1,769 4,484 9,630 779 17,089 33,751 Depreciation and amortization 1,909 — 629 — — 2,538 Total $ 3,678 $ 4,484 $ 10,259 $ 779 $ 17,089 $ 36,289 For the Nine Months Ended December, 2016 Integrated Systems Aerospace Structures Precision Components Product Support Corporate Total Termination benefits $ 286 $ 250 $ 966 $ 147 $ — $ 1,649 Facility closure and other exit costs — 297 1,456 215 — 1,968 Other 49 6,307 2,185 191 15,831 24,563 Total Restructuring 335 6,854 4,607 553 15,831 28,180 Depreciation and amortization 139 — 9,854 303 — 10,296 Total $ 474 $ 6,854 $ 14,461 $ 856 $ 15,831 $ 38,476 | 14. RESTRUCTURING COSTS During the fiscal year ended March 31, 2017, the Company committed to a restructuring of certain of its businesses as well as the consolidation of certain of its facilities ("2017 Restructuring Plan"). The Company expects to reduce its footprint by approximately 1.0 million square feet, to reduce head count by approximately 100 employees and to amend certain contracts. Over the next few fiscal years, the Company estimates that it will record aggregate pre-tax charges of $55,000 to $60,000 related to these programs, which represent employee termination benefits, contract termination costs, accelerated depreciation and facility closure and other exit costs, and will result in future cash outlays. During the fiscal year ended March 31, 2016, the Company committed to a restructuring of certain of its businesses as well as the consolidation of certain of its facilities ("2016 Restructuring Plan"). The Company expects to reduce its footprint by approximately 3.5 million square feet and to reduce head count by approximately 1,200 employees. Over the next few fiscal years, the Company estimates that it will record aggregate pre-tax charges of $140,000 to $150,000 related to these programs, which represent employee termination benefits, contract termination costs, accelerated depreciation and facility closure and other exit costs, and will result in future cash outlays. The following table provides a summary of the Company's current aggregate cost estimates by major type of expense associated with the restructuring plans noted above: Type of expense: Total estimated amount expected to be incurred Termination benefits $ 21,000 Facility closure and other exit costs (1) 44,000 Contract termination costs 18,000 Accelerated depreciation charges (2) 37,000 Other (3) 89,000 $ 209,000 (1) I ncludes costs to transfer product lines among facilities and outplacement and employee relocation costs. (2) Accelerated depreciation charges are recorded as part of Depreciation and amortization on the Consolidated Statement of Operations. (3) Consists of other costs directly related to the plan, including project management, legal, regulatory costs and other transformation related costs, such as costs to amend certain contracts. The restructuring charges recognized for the three and nine months ended December 31, 2017 and 2016 , by type and by segment consisted of the following: For the Three Months Ended December 31, 2017 Integrated Systems Aerospace Structures Precision Components Product Support Corporate Total Termination benefits $ 26 $ — $ 1,121 $ — $ — $ 1,147 Facility closure and other exit costs — — 474 — — 474 Other 929 980 218 19 2,382 4,528 Total Restructuring 955 980 1,813 19 2,382 6,149 Depreciation and amortization 382 — — — — 382 Total $ 1,337 $ 980 $ 1,813 $ 19 $ 2,382 $ 6,531 For the Three Months Ended December 31, 2016 Integrated Systems Aerospace Structures Precision Components Product Support Corporate Total Termination benefits $ — $ — $ 494 $ 57 $ — $ 551 Facility closure and other exit costs — 297 1,209 180 — 1,686 Other 49 2,296 133 121 6,231 8,830 Total Restructuring 49 2,593 1,836 358 6,231 11,067 Depreciation and amortization 46 — 3,006 13 — 3,065 Total $ 95 $ 2,593 $ 4,842 $ 371 $ 6,231 $ 14,132 For the Nine Months Ended December 31, 2017 Integrated Systems Aerospace Structures Precision Components Product Support Corporate Total Termination benefits $ 26 $ — $ 1,868 $ — $ — $ 1,894 Facility closure and other exit costs 70 3,504 4,761 — — 8,335 Other 1,673 980 3,001 779 17,089 23,522 Total Restructuring 1,769 4,484 9,630 779 17,089 33,751 Depreciation and amortization 1,909 — 629 — — 2,538 Total $ 3,678 $ 4,484 $ 10,259 $ 779 $ 17,089 $ 36,289 For the Nine Months Ended December, 2016 Integrated Systems Aerospace Structures Precision Components Product Support Corporate Total Termination benefits $ 286 $ 250 $ 966 $ 147 $ — $ 1,649 Facility closure and other exit costs — 297 1,456 215 — 1,968 Other 49 6,307 2,185 191 15,831 24,563 Total Restructuring 335 6,854 4,607 553 15,831 28,180 Depreciation and amortization 139 — 9,854 303 — 10,296 Total $ 474 $ 6,854 $ 14,461 $ 856 $ 15,831 $ 38,476 Termination benefits include employee retention, severance and benefit payments for terminated employees. Facility closure costs include general operating costs incurred subsequent to production shutdown as well as equipment relocation and other associated costs. Contract termination costs include costs associated with terminating existing leases and supplier agreements. Other transformation costs include legal, outplacement and employee relocation costs, and other employee-related costs and costs to amend certain contracts. |
BASIS OF PRESENTATION AND ORG34
BASIS OF PRESENTATION AND ORGANIZATION New Accounting Pronouncements (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $ 67,000 | |
Minimum [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $ 130,000 | |
Maximum [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $ 150,000 |
SUMMARY OF SIGNIFICANT ACCOUN35
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | |
Concentration of Credit Risk | ||||||
Net sales | $ 775,246 | $ 844,863 | $ 2,302,091 | $ 2,612,885 | ||
Stock-Based Compensation | ||||||
Share-based Compensation | 2,719 | 2,163 | 6,137 | 6,140 | ||
Integrated Systems [Member] | ||||||
Concentration of Credit Risk | ||||||
Net sales | 239,198 | 256,080 | 711,099 | 758,803 | ||
Aerospace Structures [Member] | ||||||
Concentration of Credit Risk | ||||||
Net sales | 282,495 | 304,235 | 807,754 | 956,114 | ||
Precision Components [Member] | ||||||
Concentration of Credit Risk | ||||||
Net sales | 219,675 | 226,294 | 685,701 | 740,354 | ||
Product Support [Member] | ||||||
Concentration of Credit Risk | ||||||
Net sales | $ 68,039 | $ 87,292 | $ 202,839 | $ 257,317 | ||
Net sales | ||||||
Concentration of Credit Risk | ||||||
Concentration Risk, Customer | .1 | |||||
Boeing [Member] | Accounts Receivable [Member] | Credit Concentration Risk [Member] | ||||||
Concentration of Credit Risk | ||||||
Concentration of Risk, Accounts Receivable, Major Customer | 11.00% | 11.00% | 5.00% | |||
Boeing [Member] | Net sales | Product Support [Member] | ||||||
Concentration of Credit Risk | ||||||
Net sales | $ 6,420 | |||||
Boeing [Member] | Net sales | Credit Concentration Risk [Member] | ||||||
Concentration of Credit Risk | ||||||
Concentration Risk, Percentage | 32.00% | 36.00% | ||||
Net sales | $ 928,020 | $ 743,271 | ||||
Boeing [Member] | Net sales | Credit Concentration Risk [Member] | Integrated Systems [Member] | ||||||
Concentration of Credit Risk | ||||||
Net sales | 151,803 | $ 157,772 | ||||
Boeing [Member] | Net sales | Credit Concentration Risk [Member] | Aerospace Structures [Member] | ||||||
Concentration of Credit Risk | ||||||
Net sales | 302,980 | 427,960 | ||||
Boeing [Member] | Net sales | Credit Concentration Risk [Member] | Precision Components [Member] | ||||||
Concentration of Credit Risk | ||||||
Net sales | $ 282,068 | 317,426 | ||||
Boeing [Member] | Net sales | Credit Concentration Risk [Member] | Product Support [Member] | ||||||
Concentration of Credit Risk | ||||||
Net sales | 24,862 | |||||
Gulfstream [Member] | Accounts Receivable [Member] | Credit Concentration Risk [Member] | ||||||
Concentration of Credit Risk | ||||||
Concentration of Risk, Accounts Receivable, Major Customer | 14.00% | 14.00% | 3.00% | |||
Gulfstream [Member] | Net sales | Product Support [Member] | ||||||
Concentration of Credit Risk | ||||||
Net sales | $ 308 | $ 191 | ||||
Gulfstream [Member] | Net sales | Credit Concentration Risk [Member] | ||||||
Concentration of Credit Risk | ||||||
Concentration Risk, Percentage | 13.00% | 12.00% | ||||
Net sales | $ 304,157 | $ 321,671 | ||||
Gulfstream [Member] | Net sales | Credit Concentration Risk [Member] | Integrated Systems [Member] | ||||||
Concentration of Credit Risk | ||||||
Net sales | 897 | 1,418 | ||||
Gulfstream [Member] | Net sales | Credit Concentration Risk [Member] | Aerospace Structures [Member] | ||||||
Concentration of Credit Risk | ||||||
Net sales | 293,749 | 311,207 | ||||
Gulfstream [Member] | Net sales | Credit Concentration Risk [Member] | Precision Components [Member] | ||||||
Concentration of Credit Risk | ||||||
Net sales | $ 9,203 | $ 8,855 |
Intangibles (Details 3)
Intangibles (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | |
Intangible Assets | |||||
Amortization of Acquired Contract Liabilities | $ 34,492 | $ 29,206 | $ 91,862 | $ 89,031 | |
Accumulated Amortization | (308,564) | (308,564) | $ (290,904) | ||
Total intangibles, gross | 829,384 | 829,384 | 883,268 | ||
Total intangibles, net | 520,820 | 520,820 | 592,364 | ||
Amortization expense | 13,618 | $ 13,348 | $ 42,993 | $ 40,565 | |
Customer relationships | |||||
Intangible Assets | |||||
Weighted-Average Life (in years) | 17 years | 16 years 7 months | |||
Gross Carrying Amount | 621,524 | $ 621,524 | 663,165 | ||
Accumulated Amortization | (247,058) | (247,058) | (241,124) | ||
Finite-lived intangible assets, net | 374,466 | $ 374,466 | 422,041 | ||
Product rights and licenses | |||||
Intangible Assets | |||||
Weighted-Average Life (in years) | 11 years 5 months | 11 years 5 months | |||
Gross Carrying Amount | 55,104 | $ 55,104 | 54,347 | ||
Accumulated Amortization | (41,241) | (41,241) | (39,486) | ||
Finite-lived intangible assets, net | 13,863 | $ 13,863 | 14,861 | ||
Non-compete agreements and other | |||||
Intangible Assets | |||||
Weighted-Average Life (in years) | 16 years 3 months | 16 years 4 months | |||
Gross Carrying Amount | 2,756 | $ 2,756 | 2,756 | ||
Accumulated Amortization | (921) | (921) | (786) | ||
Finite-lived intangible assets, net | 1,835 | $ 1,835 | 1,970 | ||
Tradename | |||||
Intangible Assets | |||||
Weighted-Average Life (in years) | 10 years | 10 years 4 months | |||
Gross Carrying Amount | 150,000 | $ 150,000 | 163,000 | ||
Accumulated Amortization | (19,344) | (19,344) | (9,508) | ||
Finite-lived intangible assets, net | $ 130,656 | $ 130,656 | $ 153,492 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information (Details 4) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | ||
Income taxes paid, net of refunds received | $ 11,013 | $ 5,936 |
Cash paid for interest | 54,013 | 61,251 |
Capital Lease Obligations Incurred | $ 2,206 | $ 11,504 |
SUMMARY OF SIGNIFICANT ACCOUN38
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Changes in Accounting Estimates (Details 5) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Change in Accounting Estimate [Line Items] | ||||
Amortization of Acquired Contract Liabilities | $ 34,492 | $ 29,206 | $ 91,862 | $ 89,031 |
Comprehensive Income [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Change in Accounting Estimate | 5,319 | 11,979 | (6,290) | |
Income, net [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Change in Accounting Estimate | 4,255 | 9,583 | (4,522) | |
Diluted earings per share [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Change in Accounting Estimate | $ 0 | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN39
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Product Warranty (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2017 | Mar. 31, 2017 | |
Product Warranties [Abstract] | ||
Standard Product Warranty Description | 3 | |
Extended Product Warranty Description | 20 | |
Product Warranty Accrual | $ 85,516 | $ 107,088 |
SUMMARY OF SIGNIFICANT ACCOUN40
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Share Repurchase (Details) | Dec. 31, 2017shares |
Equity, Class of Treasury Stock [Line Items] | |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 2,277,789 |
SUMMARY OF SIGNIFICANT ACCOUN41
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Share Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Share-based Compensation | $ 2,719 | $ 2,163 | $ 6,137 | $ 6,140 |
SUMMARY OF SIGNIFICANT ACCOUN42
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CORRECTION OF ERROR (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Jun. 30, 2016 | Dec. 31, 2016 | |
Cost of Sales [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Quantifying Misstatement in Current Year Financial Statements, Amount | $ 11,800 | $ 24,500 |
Income, net [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Quantifying Misstatement in Current Year Financial Statements, Amount | 8,142 | |
Retained Earnings [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Quantifying Misstatement in Current Year Financial Statements, Amount | $ 12,700 |
ACQUISITIONS (Details)
ACQUISITIONS (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 |
Acquisitions | ||
Goodwill | $ 934,500 | $ 1,142,605 |
DISCONTINUED OPERATIONS AND ASS
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | |
Discontinued operations and assets held for sale | |||||
Gain (Loss) on Disposition of Business | $ 0 | $ 14,350 | $ (20,371) | $ 19,124 | |
Proceeds from Divestiture of Businesses | 64,986 | $ 9,000 | |||
Embee [Member] | |||||
Discontinued operations and assets held for sale | |||||
Gain (Loss) on Disposition of Business | $ 17,857 | ||||
TAS - Newport News [Member] | |||||
Discontinued operations and assets held for sale | |||||
Gain (Loss) on Disposition of Business | 4,774 | ||||
Engines and APU [Member] | |||||
Discontinued operations and assets held for sale | |||||
Gain (Loss) on Disposition of Business | $ 14,263 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 |
Inventory [Line Items] | ||
Raw materials | $ 82,768 | $ 89,069 |
Work-in-process | 1,613,881 | 1,297,989 |
Finished goods | 117,820 | 118,265 |
Rotable Assets | 57,295 | 57,337 |
Less: unliquidated progress payments | (409,040) | (222,485) |
Total inventories | 1,462,724 | 1,340,175 |
Bombardier [Member] | ||
Inventory [Line Items] | ||
Total inventories | 582,247 | 279,341 |
Inventory, Work in Process and Raw Materials | 265,137 | 89,650 |
Preproduction Costs Related to Long-term Supply Arrangements, Costs Capitalized | 670,010 | 589,449 |
Provision for Loss on Contracts | (352,900) | (399,758) |
Total Bombardier & Embraer [Member] | ||
Inventory [Line Items] | ||
Total inventories | 789,275 | 461,697 |
Inventory, Work in Process and Raw Materials | 298,806 | 104,637 |
Preproduction Costs Related to Long-term Supply Arrangements, Costs Capitalized | 849,131 | 762,618 |
Provision for Loss on Contracts | (358,662) | (405,558) |
Embraer [Member] | ||
Inventory [Line Items] | ||
Total inventories | 207,028 | 182,356 |
Inventory, Work in Process and Raw Materials | 33,669 | 14,987 |
Preproduction Costs Related to Long-term Supply Arrangements, Costs Capitalized | 179,121 | 173,169 |
Provision for Loss on Contracts | $ (5,762) | $ (5,800) |
LONG-TERM DEBT, BY TYPE (Detail
LONG-TERM DEBT, BY TYPE (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2017 | Mar. 31, 2017 | |
Long-term debt | |||||
Unamortized Debt Issuance Expense | $ (17,886) | $ (17,886) | $ (11,752) | ||
Long-term debt | 1,374,611 | 1,374,611 | 1,196,300 | ||
Less current portion | 15,135 | 15,135 | 160,630 | ||
Long-term debt, less current portion | 1,359,476 | 1,359,476 | 1,035,670 | ||
Payments of Financing Costs | 17,729 | $ 14,012 | |||
Revolving credit facility | |||||
Long-term debt | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 800,000 | 800,000 | $ 850,000 | 1,000,000 | |
Long-term debt | 50,000 | 50,000 | 29,999 | ||
Payments of Financing Costs | 633 | ||||
Term loan credit agreement | |||||
Long-term debt | |||||
Long-term debt | 0 | 0 | 309,375 | ||
Asset-backed Securities [Member] | |||||
Long-term debt | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 125,000 | 125,000 | $ 225,000 | ||
Long-term debt | 109,200 | 109,200 | 112,900 | ||
Capital Lease Obligations [Member] | |||||
Long-term debt | |||||
Long-term debt | 58,297 | 58,297 | 72,800 | ||
Senior notes due 2021 [Member] | |||||
Long-term debt | |||||
Long-term debt | $ 375,000 | 375,000 | $ 375,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.875% | ||||
Debt Instrument, Face Amount | $ 375,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | ||||
Proceeds from Debt Instrument Percentage of Original Principal | 100.00% | ||||
Senior Notes Due 2022 [Member] | |||||
Long-term debt | |||||
Long-term debt | $ 300,000 | 300,000 | $ 300,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 5.25% | ||||
Debt Instrument, Face Amount | $ 300,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | ||||
Proceeds from Debt Instrument Percentage of Original Principal | 100.00% | ||||
Senior Notes Due 2025 [Member] | |||||
Long-term debt | |||||
Long-term debt | $ 500,000 | $ 500,000 | $ 0 | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.75% | 7.75% | |||
Payments of Financing Costs | $ 8,779 | ||||
Notes Payable, Other Payables [Member] | |||||
Long-term debt | |||||
Long-term debt | $ 0 | $ 0 | $ 7,978 |
LONG-TERM DEBT (Details 2)
LONG-TERM DEBT (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2017 | Mar. 31, 2017 | Mar. 31, 2015 | |
Long-term debt | ||||||
Payments of Financing Costs | $ 17,729 | $ 14,012 | ||||
Outstanding borrowing amount | $ 1,374,611 | 1,374,611 | $ 1,196,300 | |||
Transfer of Financial Assets Accounted for as Sales, Amount Derecognized | $ 0 | 0 | 78,006 | |||
Senior Notes Due 2025 [Member] | ||||||
Long-term debt | ||||||
Debt Instrument, Repurchase Obligation Due to Change of Control, Percentage of Original Principal | 100.00% | |||||
Payments of Financing Costs | $ 8,779 | |||||
Outstanding borrowing amount | 500,000 | 500,000 | 0 | |||
Receivables Purchase Agreement [Member] | ||||||
Long-term debt | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 90,000 | 90,000 | ||||
Term loan credit agreement | ||||||
Long-term debt | ||||||
Outstanding borrowing amount | 0 | 0 | 309,375 | |||
Revolving credit facility | ||||||
Long-term debt | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 800,000 | 800,000 | $ 850,000 | 1,000,000 | ||
Payments of Financing Costs | $ 633 | |||||
Unamortized financing costs prior to amendment | $ 13,226 | |||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||
Outstanding borrowing amount | 50,000 | $ 50,000 | 29,999 | |||
Letters of Credit Outstanding, Amount | 30,152 | 30,152 | 27,240 | |||
Borrowing capacity under revolving credit facility after reductions for borrowings and letters of credit outstanding | 719,848 | 719,848 | ||||
Asset-backed Securities [Member] | ||||||
Long-term debt | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 125,000 | 125,000 | $ 225,000 | |||
Outstanding borrowing amount | $ 109,200 | 109,200 | 112,900 | |||
Program fee on the amount outstanding (as a percent) | 0.13% | |||||
Line of Credit Facility, Commitment Fee Percentage | 0.50% | |||||
Percentage of line of credit on which commitment fees are charged (as a percent) | 100.00% | |||||
Capital Lease Obligations [Member] | ||||||
Long-term debt | ||||||
Outstanding borrowing amount | $ 58,297 | 58,297 | 72,800 | |||
Senior notes due 2021 [Member] | ||||||
Long-term debt | ||||||
Debt instrument principal amount | 375,000 | |||||
Outstanding borrowing amount | 375,000 | 375,000 | 375,000 | |||
Notes Payable, Other Payables [Member] | ||||||
Long-term debt | ||||||
Outstanding borrowing amount | $ 0 | $ 0 | $ 7,978 | |||
Minimum [Member] | Receivables Purchase Agreement [Member] | ||||||
Long-term debt | ||||||
Program fee on the amount outstanding (as a percent) | 0.65% | |||||
Minimum [Member] | Revolving credit facility | ||||||
Long-term debt | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||
Maximum [Member] | Receivables Purchase Agreement [Member] | ||||||
Long-term debt | ||||||
Program fee on the amount outstanding (as a percent) | 0.70% | |||||
Maximum [Member] | Revolving credit facility | ||||||
Long-term debt | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||
Commitment fees (as a percent) | 0.50% |
LONG-TERM DEBT (Details 3)
LONG-TERM DEBT (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2017 | Mar. 31, 2017 | Mar. 31, 2015 | |
Long-term debt | ||||||
Payments of Financing Costs | $ 17,729 | $ 14,012 | ||||
Gain (Loss) on Contract Termination | 280 | |||||
Transfer of Financial Assets Accounted for as Sales, Amount Derecognized | $ 0 | 0 | $ 78,006 | |||
Long-term debt | 1,374,611 | 1,374,611 | 1,196,300 | |||
Revolving credit facility | ||||||
Long-term debt | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 800,000 | $ 800,000 | $ 850,000 | 1,000,000 | ||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||
Payments of Financing Costs | $ 633 | |||||
Deferred Finance Costs, Noncurrent, Net | $ 13,226 | |||||
Letters of Credit Outstanding, Amount | 30,152 | 30,152 | 27,240 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 719,848 | 719,848 | ||||
Long-term debt | 50,000 | 50,000 | 29,999 | |||
Secured Debt [Member] | ||||||
Long-term debt | ||||||
Long-term debt | 0 | 0 | 309,375 | |||
Asset-backed Securities [Member] | ||||||
Long-term debt | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125,000 | 125,000 | $ 225,000 | |||
Line of Credit Facility, Commitment Fee Percentage | 0.50% | |||||
Line of Credit, Commitment Fee on Maximum Amount Available, Percentage | 100.00% | |||||
Line of Credit Facility, Amount Outstanding Commitment Fee, Percentage | 0.13% | |||||
Long-term debt | $ 109,200 | 109,200 | 112,900 | |||
Equipment leasing facility and other capital leases | ||||||
Long-term debt | ||||||
Long-term debt | $ 58,297 | 58,297 | 72,800 | |||
Senior notes due 2021 [Member] | ||||||
Long-term debt | ||||||
Debt instrument principal amount | $ 375,000 | |||||
Debt instrument interest rate stated percentage (as a percent) | 4.875% | |||||
Proceeds from loan, percentage of principal (as a percent) | 100.00% | |||||
Effective interest yield on principal amount (as a percent) | 4.875% | |||||
Long-term debt | $ 375,000 | 375,000 | $ 375,000 | |||
Senior Notes Due 2022 [Member] | ||||||
Long-term debt | ||||||
Debt instrument principal amount | $ 300,000 | |||||
Debt instrument interest rate stated percentage (as a percent) | 5.25% | |||||
Proceeds from loan, percentage of principal (as a percent) | 100.00% | |||||
Effective interest yield on principal amount (as a percent) | 5.25% | |||||
Long-term debt | $ 300,000 | $ 300,000 | $ 300,000 | |||
Senior Notes Due 2025 [Member] | ||||||
Long-term debt | ||||||
Debt instrument interest rate stated percentage (as a percent) | 7.75% | 7.75% | ||||
Payments of Financing Costs | $ 8,779 | |||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 35.00% | |||||
Debt Instrument, Redemption Price, Percentage | 107.80% | |||||
Debt Instrument, Repurchase Obligation Due to Change of Control, Percentage of Original Principal | 100.00% | |||||
Debt Instrument, Repurchase Obligation Due to Certain Asset Sales Percentage of Original Principal | 100.00% | |||||
Long-term debt | $ 500,000 | $ 500,000 | 0 | |||
Notes Payable, Other Payables [Member] | ||||||
Long-term debt | ||||||
Long-term debt | 0 | 0 | 7,978 | |||
Receivables Purchase Agreement [Member] | ||||||
Long-term debt | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 90,000 | 90,000 | ||||
Estimate of Fair Value Measurement [Member] | ||||||
Long-term debt | ||||||
Long-term debt | 1,432,240 | 1,432,240 | 1,178,968 | |||
Reported Value Measurement [Member] | ||||||
Long-term debt | ||||||
Long-term debt | $ 1,374,611 | $ 1,374,611 | $ 1,196,300 | |||
Minimum [Member] | Revolving credit facility | ||||||
Long-term debt | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||
Minimum [Member] | Receivables Purchase Agreement [Member] | ||||||
Long-term debt | ||||||
Line of Credit Facility, Amount Outstanding Commitment Fee, Percentage | 0.65% | |||||
Maximum [Member] | Revolving credit facility | ||||||
Long-term debt | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | |||||
Maximum [Member] | Receivables Purchase Agreement [Member] | ||||||
Long-term debt | ||||||
Line of Credit Facility, Amount Outstanding Commitment Fee, Percentage | 0.70% |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Weighted-average common shares outstanding-basic (in shares) | 49,459 | 49,329 | 49,425 | 49,294 |
Net effect of dilutive stock options (in shares) | 0 | 111 | 0 | 127 |
Weighted average common shares outstanding - diluted (in shares) | 49,459 | 49,440 | 49,425 | 49,421 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | |
Income Tax Provision [Line Items] | ||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 21.00% | ||||
Income Tax Examination, Description | one | |||||
Total accrued income tax related interest and penalties | $ 312 | $ 312 | $ 282 | |||
Total amount of unrecognized tax benefits | 11,403 | 11,403 | 10,266 | |||
Amount of unrecognized tax benefits that would impact the effective tax rate, if recognized | $ 11,403 | $ 1,277 | $ 11,403 | $ 1,277 | $ 10,266 | |
Effective income tax rate (as a percent) | 20.00% | 20.00% | 20.00% | 30.00% | ||
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Amount | $ 22,398 | |||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amortization, Amount | $ 4,758 | |||||
Tax Reform Act [Member] | ||||||
Income Tax Provision [Line Items] | ||||||
Tax Adjustments, Settlements, and Unusual Provisions | $ 24,573 | |||||
Unremitted Forgein Earnings [Member] | ||||||
Income Tax Provision [Line Items] | ||||||
Tax Adjustments, Settlements, and Unusual Provisions | $ 2,175 |
GOODWILL (Details)
GOODWILL (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Goodwill | ||
Goodwill, Impairment Loss | $ (190,227) | |
Goodwill, Written off Related to Sale of Business Unit | 27,709 | |
Changes in the carrying value of goodwill | ||
Balance at the beginning of the period | $ 934,500 | 1,142,605 |
Effect of exchange rate changes and other | 9,831 | |
Balance at the end of the period | 934,500 | |
Goodwill, Impaired, Accumulated Impairment Loss | 861,270 | |
Integrated Systems [Member] | ||
Goodwill | ||
Goodwill, Impairment Loss | 0 | |
Goodwill, Written off Related to Sale of Business Unit | 27,709 | |
Changes in the carrying value of goodwill | ||
Balance at the beginning of the period | 520,572 | 541,155 |
Effect of exchange rate changes and other | 7,126 | |
Balance at the end of the period | 520,572 | |
Precision Components [Member] | ||
Goodwill | ||
Goodwill, Impairment Loss | (345,001) | 190,227 |
Goodwill, Written off Related to Sale of Business Unit | 0 | |
Changes in the carrying value of goodwill | ||
Balance at the beginning of the period | 345,001 | 532,418 |
Effect of exchange rate changes and other | 2,810 | |
Balance at the end of the period | 345,001 | |
Product Support [Member] | ||
Goodwill | ||
Goodwill, Impairment Loss | 0 | |
Goodwill, Written off Related to Sale of Business Unit | 0 | |
Changes in the carrying value of goodwill | ||
Balance at the beginning of the period | $ 68,927 | 69,032 |
Effect of exchange rate changes and other | (105) | |
Balance at the end of the period | $ 68,927 |
PENSION AND OTHER POSTRETIREM52
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Components of net periodic benefit costs: | ||||
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | 17,652 | |||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | $ 15,099 | $ 0 | $ 14,576 | $ 0 |
Pension Plan [Member] | ||||
Components of net periodic benefit costs: | ||||
Service cost | 1,126 | 1,628 | 3,371 | 4,911 |
Interest cost | 18,803 | 18,144 | 56,391 | 54,494 |
Expected return on plan assets | (38,090) | (38,966) | (114,222) | (117,025) |
Amortization of prior service costs | (710) | (445) | (2,131) | (1,337) |
Defined Benefit Plan, Amortization of Gains (Losses) | 3,478 | 3,027 | 10,403 | 9,088 |
Net periodic benefit cost | (15,393) | (16,612) | (45,665) | (49,869) |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 0 | 0 | (523) | 0 |
Other postretirement | ||||
Components of net periodic benefit costs: | ||||
Service cost | 102 | 179 | 305 | 537 |
Interest cost | 1,219 | 1,247 | 3,656 | 3,740 |
Amortization of prior service costs | (2,328) | (3,366) | (6,984) | (10,097) |
Defined Benefit Plan, Amortization of Gains (Losses) | (1,775) | (1,647) | (5,324) | (4,941) |
Net periodic benefit cost | (17,881) | (3,587) | (23,446) | (10,761) |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | $ 15,099 | $ 0 | $ 15,099 | $ 0 |
STOCKHOLDERS' EQUITY STOCKHOL53
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Mar. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Accumulated other comprehensive loss | $ (374,624) | $ (386,471) | $ (374,624) | $ (386,471) | $ (379,422) | $ (396,178) | $ (371,563) | $ (347,162) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (1,824) | (15,066) | 19,502 | (36,684) | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (816) | 1,726 | (835) | 2,100 | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 20,738 | (13,340) | 42,568 | (34,584) | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 0 | 0 | 0 | 0 | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 203 | 5 | (2,177) | (6) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 15,940 | 1,568 | 21,014 | 4,725 | ||||
Other Comprehensive Income (Loss), Net of Tax | (4,798) | 14,908 | (21,554) | 39,309 | ||||
Accumulated Translation Adjustment [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), before Tax | (67,710) | (95,500) | (67,710) | (95,500) | (65,886) | (87,212) | (80,434) | (58,816) |
Other Comprehensive Income (Loss), Net of Tax | 1,824 | 15,066 | (19,502) | 36,684 | ||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Accumulated other comprehensive loss | (859) | (826) | (859) | (826) | (246) | 2,153 | (2,557) | (2,920) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (816) | 1,726 | (835) | 2,100 | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (203) | (5) | (2,177) | (6) | ||||
Other Comprehensive Income (Loss), Net of Tax | 613 | (1,731) | 3,012 | (2,094) | ||||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Accumulated other comprehensive loss | (306,055) | (290,145) | (306,055) | (290,145) | $ (313,290) | $ (311,119) | $ (288,572) | $ (285,426) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 23,378 | 0 | 23,901 | 0 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 16,143 | 1,573 | 18,837 | (4,719) | ||||
Other Comprehensive Income (Loss), Net of Tax | $ 7,235 | $ (1,573) | $ (5,064) | $ (4,719) |
STOCKHOLDERS' EQUITY SHARE BASE
STOCKHOLDERS' EQUITY SHARE BASE COMPENSATION (Details) - $ / shares | 9 Months Ended | |
Dec. 31, 2016 | Mar. 31, 2017 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 179,134 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Number of Shares, Period Increase (Decrease) | 150,000 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 30.86 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 10 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
SEGMENTS (Details)
SEGMENTS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | |
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||||
Costs and Expenses | $ 894,950 | $ 789,697 | $ 2,384,538 | $ 2,440,506 | |
Restructuring and Related Cost, Incurred Cost | 6,531 | 14,132 | 36,289 | 38,476 | |
Gain (Loss) on Disposition of Business | 0 | 14,350 | (20,371) | 19,124 | |
Net sales | 775,246 | 844,863 | 2,302,091 | 2,612,885 | |
Operating Income (Loss) | (119,704) | 55,166 | (82,447) | 172,379 | |
Interest expense and other | 25,836 | 19,698 | 72,229 | 55,721 | |
Income from continuing operations before income taxes | (145,540) | 35,468 | (154,676) | 116,658 | |
Depreciation and amortization | 39,320 | 44,331 | 119,318 | 135,080 | |
Asset Impairment Charges | 190,227 | 0 | 190,227 | 0 | |
Amortization of Acquired Contract Liabilities | 34,492 | 29,206 | 91,862 | 89,031 | |
EBITDA | 60,252 | 84,641 | 141,031 | 237,552 | |
Capital expenditures | 9,157 | 9,157 | 31,932 | 33,123 | |
Total assets | 4,185,932 | 4,185,932 | $ 4,414,600 | ||
Revenues | 184,182 | 198,052 | 529,226 | 561,177 | |
Corporate Segment [Member] | |||||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||||
Restructuring and Related Cost, Incurred Cost | 2,382 | 6,231 | 17,089 | 15,831 | |
Integrated Systems [Member] | |||||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||||
Restructuring and Related Cost, Incurred Cost | 1,337 | 95 | 3,678 | 474 | |
Net sales | 239,198 | 256,080 | 711,099 | 758,803 | |
Operating Income (Loss) | 42,667 | 51,596 | 132,171 | 145,379 | |
Depreciation and amortization | 8,318 | 9,766 | 27,857 | 30,228 | |
Amortization of Acquired Contract Liabilities | 11,634 | 7,628 | 28,235 | 27,101 | |
EBITDA | 39,351 | 53,734 | 131,793 | 148,506 | |
Capital expenditures | 1,903 | 2,763 | 5,923 | 8,586 | |
Total assets | 1,220,259 | 1,220,259 | 1,281,828 | ||
Aerospace Structures [Member] | |||||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||||
Restructuring and Related Cost, Incurred Cost | 980 | 2,593 | 4,484 | 6,854 | |
Net sales | 282,495 | 304,235 | 807,754 | 956,114 | |
Operating Income (Loss) | 12,022 | 23,867 | 23,253 | 57,898 | |
Depreciation and amortization | 19,048 | 17,942 | 57,484 | 54,289 | |
Amortization of Acquired Contract Liabilities | 21,352 | 21,105 | 60,315 | 60,190 | |
EBITDA | 9,718 | 20,704 | 20,422 | 51,997 | |
Capital expenditures | 2,384 | 2,228 | 9,503 | 9,820 | |
Total assets | 1,573,942 | 1,573,942 | 1,548,239 | ||
Precision Components [Member] | |||||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||||
Restructuring and Related Cost, Incurred Cost | 1,813 | 4,842 | 10,259 | 14,461 | |
Net sales | 219,675 | 226,294 | 685,701 | 740,354 | |
Operating Income (Loss) | (186,225) | 2,942 | (191,100) | 7,223 | |
Depreciation and amortization | 9,850 | 13,999 | 27,858 | 42,344 | |
Asset Impairment Charges | 190,227 | 0 | 190,227 | 0 | |
Amortization of Acquired Contract Liabilities | 1,506 | 473 | 3,312 | 1,740 | |
EBITDA | 12,346 | 16,468 | 23,673 | 47,827 | |
Capital expenditures | 3,407 | 2,636 | 12,563 | 11,040 | |
Total assets | 1,056,015 | 1,056,015 | 1,262,691 | ||
Product Support [Member] | |||||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||||
Restructuring and Related Cost, Incurred Cost | 19 | 371 | 779 | 856 | |
Net sales | 68,039 | 87,292 | 202,839 | 257,317 | |
Operating Income (Loss) | 12,399 | 14,662 | 32,069 | 42,986 | |
Depreciation and amortization | 1,663 | 2,294 | 5,068 | 7,230 | |
EBITDA | 14,062 | 16,956 | 37,137 | 50,216 | |
Capital expenditures | 599 | 687 | 1,629 | 2,020 | |
Total assets | 285,302 | 285,302 | 284,231 | ||
Elimination of inter-segment sales | |||||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||||
Net sales | (34,161) | (29,038) | (105,302) | (99,703) | |
Corporate | |||||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||||
Operating Income (Loss) | (567) | (37,901) | (78,840) | (81,107) | |
Depreciation and amortization | 441 | 330 | 1,051 | 989 | |
EBITDA | (15,225) | (23,221) | (71,994) | (60,994) | |
Capital expenditures | 864 | 843 | 2,314 | 1,657 | |
Total assets | 50,414 | 50,414 | 37,611 | ||
Restructuring Charges [Member] | |||||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||||
Restructuring and Related Cost, Incurred Cost | 6,149 | 11,067 | 33,751 | 28,180 | |
Restructuring Charges [Member] | Corporate Segment [Member] | |||||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||||
Restructuring and Related Cost, Incurred Cost | 2,382 | 6,231 | 17,089 | 15,831 | |
Restructuring Charges [Member] | Integrated Systems [Member] | |||||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||||
Restructuring and Related Cost, Incurred Cost | 955 | 49 | 1,769 | 335 | |
Restructuring Charges [Member] | Aerospace Structures [Member] | |||||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||||
Restructuring and Related Cost, Incurred Cost | 980 | 2,593 | 4,484 | 6,854 | |
Restructuring Charges [Member] | Precision Components [Member] | |||||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||||
Restructuring and Related Cost, Incurred Cost | 1,813 | 1,836 | 9,630 | 4,607 | |
Restructuring Charges [Member] | Product Support [Member] | |||||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||||
Restructuring and Related Cost, Incurred Cost | 19 | 358 | 779 | 553 | |
Guarantor Subsidiaries [Member] | |||||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||||
Costs and Expenses | 762,620 | 685,671 | 2,040,618 | 2,153,878 | |
Gain (Loss) on Disposition of Business | 0 | 0 | |||
Net sales | 705,792 | 772,916 | 2,096,894 | 2,388,881 | |
Operating Income (Loss) | (56,828) | 87,245 | 56,276 | 235,003 | |
Interest expense and other | 2,796 | 3,963 | 8,181 | 8,729 | |
Income from continuing operations before income taxes | (98,501) | 39,816 | (67,981) | 88,365 | |
Depreciation and amortization | 34,606 | $ 39,850 | 105,781 | 121,412 | |
Asset Impairment Charges | 135,013 | ||||
Capital expenditures | 25,507 | $ 22,442 | |||
Total assets | $ 3,497,751 | $ 3,497,751 | $ 3,700,099 |
SELECTED CONSOLIDATING FINANC56
SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Consolidating Financial Statements, Captions | ||||
Cash and cash equivalents | $ 64,388 | $ 69,633 | $ 35,461 | $ 20,984 |
Trade and other receivables, net | 320,999 | 311,792 | ||
Inventories | 1,462,724 | 1,340,175 | ||
Prepaid and other current assets | 43,500 | 30,064 | ||
Assets Held-for-sale, Not Part of Disposal Group | 21,255 | |||
Total current assets | 1,891,611 | 1,772,919 | ||
Property and equipment, net | 749,922 | 805,030 | ||
Goodwill and other intangible assets, net | 1,455,320 | 1,734,969 | ||
Other, net | 89,079 | 101,682 | ||
Intercompany investments and advances | 0 | 0 | ||
Total assets | 4,185,932 | 4,414,600 | ||
Current liabilities: | ||||
Current portion of long-term debt | 15,135 | 160,630 | ||
Accounts payable | 387,081 | 481,243 | ||
Accrued expenses | 627,411 | 674,379 | ||
Disposal Group, Including Discontinued Operation, Liabilities | 18,008 | |||
Total current liabilities | 1,029,627 | 1,334,260 | ||
Long-term debt, less current portion | 1,359,476 | 1,035,670 | ||
Intercompany advances | 0 | 0 | ||
Accrued pension and other postretirement benefits, noncurrent | 509,641 | 592,134 | ||
Deferred income taxes and other | 538,674 | 606,063 | ||
Total stockholders’ equity | 748,514 | 846,473 | ||
Total liabilities and stockholders' equity | 4,185,932 | 4,414,600 | ||
Consolidation, Eliminations [Member] | ||||
Consolidating Financial Statements, Captions | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Trade and other receivables, net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Prepaid and other current assets | 0 | 0 | ||
Assets Held-for-sale, Not Part of Disposal Group | 0 | |||
Total current assets | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Goodwill and other intangible assets, net | 0 | 0 | ||
Other, net | 0 | 0 | ||
Intercompany investments and advances | (2,508,514) | (2,216,165) | ||
Total assets | (2,508,514) | (2,216,165) | ||
Current liabilities: | ||||
Current portion of long-term debt | 0 | 0 | ||
Accounts payable | 0 | 0 | ||
Accrued expenses | 0 | 0 | ||
Disposal Group, Including Discontinued Operation, Liabilities | 0 | |||
Total current liabilities | 0 | 0 | ||
Long-term debt, less current portion | 0 | 0 | ||
Intercompany advances | (2,853,040) | (2,303,817) | ||
Accrued pension and other postretirement benefits, noncurrent | 0 | 0 | ||
Deferred income taxes and other | 0 | 0 | ||
Total stockholders’ equity | 344,526 | 87,652 | ||
Total liabilities and stockholders' equity | (2,508,514) | (2,216,165) | ||
Parent | ||||
Consolidating Financial Statements, Captions | ||||
Cash and cash equivalents | 12,628 | 19,942 | 661 | 1,544 |
Trade and other receivables, net | 0 | 546 | ||
Inventories | 0 | 0 | ||
Prepaid and other current assets | 20,027 | 7,763 | ||
Assets Held-for-sale, Not Part of Disposal Group | 0 | |||
Total current assets | 32,655 | 28,251 | ||
Property and equipment, net | 10,920 | 8,315 | ||
Goodwill and other intangible assets, net | 0 | 0 | ||
Other, net | 21,496 | 17,902 | ||
Intercompany investments and advances | 2,354,461 | 2,057,534 | ||
Total assets | 2,419,532 | 2,112,002 | ||
Current liabilities: | ||||
Current portion of long-term debt | 574 | 33,298 | ||
Accounts payable | 3,324 | 17,291 | ||
Accrued expenses | 49,520 | 53,829 | ||
Disposal Group, Including Discontinued Operation, Liabilities | 0 | |||
Total current liabilities | 53,418 | 104,418 | ||
Long-term debt, less current portion | 1,317,662 | 974,693 | ||
Intercompany advances | 283,926 | 178,381 | ||
Accrued pension and other postretirement benefits, noncurrent | 6,608 | 6,633 | ||
Deferred income taxes and other | 9,404 | 1,403 | ||
Total stockholders’ equity | 748,514 | 846,474 | ||
Total liabilities and stockholders' equity | 2,419,532 | 2,112,002 | ||
Guarantor Subsidiaries [Member] | ||||
Consolidating Financial Statements, Captions | ||||
Cash and cash equivalents | 8,396 | 24,137 | 8,480 | 201 |
Trade and other receivables, net | 69,305 | 34,874 | ||
Inventories | 1,342,611 | 1,243,461 | ||
Prepaid and other current assets | 10,469 | 11,678 | ||
Assets Held-for-sale, Not Part of Disposal Group | 3,250 | |||
Total current assets | 1,430,781 | 1,317,400 | ||
Property and equipment, net | 618,925 | 673,153 | ||
Goodwill and other intangible assets, net | 1,321,175 | 1,560,050 | ||
Other, net | 45,329 | 67,955 | ||
Intercompany investments and advances | 81,541 | 81,541 | ||
Total assets | 3,497,751 | 3,700,099 | ||
Current liabilities: | ||||
Current portion of long-term debt | 14,561 | 14,432 | ||
Accounts payable | 340,106 | 426,646 | ||
Accrued expenses | 531,133 | 578,457 | ||
Disposal Group, Including Discontinued Operation, Liabilities | 0 | |||
Total current liabilities | 885,800 | 1,019,535 | ||
Long-term debt, less current portion | 41,814 | 60,977 | ||
Intercompany advances | 2,080,159 | 1,754,529 | ||
Accrued pension and other postretirement benefits, noncurrent | 503,033 | 585,501 | ||
Deferred income taxes and other | 495,634 | 564,358 | ||
Total stockholders’ equity | (508,689) | (284,801) | ||
Total liabilities and stockholders' equity | 3,497,751 | 3,700,099 | ||
Non-Guarantor Subsidiaries | ||||
Consolidating Financial Statements, Captions | ||||
Cash and cash equivalents | 43,364 | 25,554 | $ 26,320 | $ 19,239 |
Trade and other receivables, net | 251,694 | 276,372 | ||
Inventories | 120,113 | 96,714 | ||
Prepaid and other current assets | 13,004 | 10,623 | ||
Assets Held-for-sale, Not Part of Disposal Group | 18,005 | |||
Total current assets | 428,175 | 427,268 | ||
Property and equipment, net | 120,077 | 123,562 | ||
Goodwill and other intangible assets, net | 134,145 | 174,919 | ||
Other, net | 22,254 | 15,825 | ||
Intercompany investments and advances | 72,512 | 77,090 | ||
Total assets | 777,163 | 818,664 | ||
Current liabilities: | ||||
Current portion of long-term debt | 0 | 112,900 | ||
Accounts payable | 43,651 | 37,306 | ||
Accrued expenses | 46,758 | 42,093 | ||
Disposal Group, Including Discontinued Operation, Liabilities | 18,008 | |||
Total current liabilities | 90,409 | 210,307 | ||
Long-term debt, less current portion | 0 | 0 | ||
Intercompany advances | 488,955 | 370,907 | ||
Accrued pension and other postretirement benefits, noncurrent | 0 | 0 | ||
Deferred income taxes and other | 33,636 | 40,302 | ||
Total stockholders’ equity | 164,163 | 197,148 | ||
Total liabilities and stockholders' equity | $ 777,163 | $ 818,664 |
SELECTED CONSOLIDATING FINANC57
SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Consolidating Financial Statements, Captions | ||||
Net sales | $ 775,246 | $ 844,863 | $ 2,302,091 | $ 2,612,885 |
Cost of Goods and Services Sold | 612,206 | 653,199 | 1,821,513 | 2,052,900 |
Selling, General and Administrative Expense | 62,147 | 66,750 | 213,934 | 205,222 |
Depreciation and amortization | 39,320 | 44,331 | 119,318 | 135,080 |
Asset Impairment Charges | 190,227 | 0 | 190,227 | 0 |
Restructuring Charges | 6,149 | 11,067 | 33,751 | 28,180 |
Gain (Loss) on Disposition of Business | 0 | (14,350) | 20,371 | (19,124) |
Costs and Expenses | 894,950 | 789,697 | 2,384,538 | 2,440,506 |
Operating Income (Loss) | (119,704) | 55,166 | (82,447) | 172,379 |
Intercompany Interest and Charges | 0 | 0 | 0 | 0 |
Interest expense and other | 25,836 | 19,698 | 72,229 | 55,721 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | (145,540) | 35,468 | (154,676) | 116,658 |
Income Tax Expense (Benefit) | (32,288) | 6,136 | (34,115) | 32,786 |
Net Income (Loss) Attributable to Parent | (113,252) | 29,332 | (120,561) | 83,872 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 4,798 | (14,908) | 21,554 | (39,309) |
Total comprehensive income | (108,454) | 14,424 | (99,007) | 44,563 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | (15,099) | 0 | (14,576) | 0 |
Gain (Loss) Related to Litigation Settlement | (19,124) | |||
Consolidation, Eliminations [Member] | ||||
Consolidating Financial Statements, Captions | ||||
Net sales | (18,989) | (18,579) | (60,904) | (57,974) |
Cost of Goods and Services Sold | (18,989) | (18,579) | (60,904) | (57,974) |
Selling, General and Administrative Expense | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Asset Impairment Charges | 0 | |||
Restructuring Charges | 0 | 0 | 0 | 0 |
Gain (Loss) on Disposition of Business | 0 | 0 | ||
Costs and Expenses | (18,989) | (18,579) | (60,904) | (57,974) |
Operating Income (Loss) | 0 | 0 | 0 | 0 |
Intercompany Interest and Charges | 0 | 0 | 0 | 0 |
Interest expense and other | 0 | 0 | 0 | 0 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 0 | 0 | 0 | 0 |
Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 |
Net Income (Loss) Attributable to Parent | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0 | 0 | 0 | 0 |
Total comprehensive income | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 0 | 0 | ||
Gain (Loss) Related to Litigation Settlement | 0 | |||
Parent | ||||
Consolidating Financial Statements, Captions | ||||
Net sales | 0 | 0 | 0 | 0 |
Cost of Goods and Services Sold | 0 | 0 | 0 | 0 |
Selling, General and Administrative Expense | 27,914 | 16,955 | 69,820 | 45,052 |
Depreciation and amortization | 441 | 331 | 1,050 | 989 |
Asset Impairment Charges | 0 | |||
Restructuring Charges | 2,382 | 6,231 | 17,089 | 15,831 |
Gain (Loss) on Disposition of Business | (14,350) | (20,371) | ||
Costs and Expenses | 15,638 | 37,867 | 93,754 | 80,996 |
Operating Income (Loss) | (15,638) | (37,867) | (93,754) | (80,996) |
Intercompany Interest and Charges | (39,386) | (45,597) | (122,339) | (144,666) |
Interest expense and other | 23,686 | 18,542 | 63,092 | 53,657 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 62 | (10,812) | (34,507) | 10,013 |
Income Tax Expense (Benefit) | (49,074) | (8,980) | (64,823) | (7,359) |
Net Income (Loss) Attributable to Parent | 49,136 | (1,832) | 30,316 | 17,372 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (613) | 1,731 | (3,012) | 2,094 |
Total comprehensive income | 48,523 | (101) | 27,304 | 19,466 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | (15,099) | 14,576 | ||
Gain (Loss) Related to Litigation Settlement | 19,124 | |||
Guarantor Subsidiaries [Member] | ||||
Consolidating Financial Statements, Captions | ||||
Net sales | 705,792 | 772,916 | 2,096,894 | 2,388,881 |
Cost of Goods and Services Sold | 563,033 | 599,381 | 1,667,935 | 1,883,122 |
Selling, General and Administrative Expense | 27,331 | 41,991 | 118,006 | 137,609 |
Depreciation and amortization | 34,606 | 39,850 | 105,781 | 121,412 |
Asset Impairment Charges | 135,013 | |||
Restructuring Charges | 2,637 | 4,449 | 13,883 | 11,735 |
Gain (Loss) on Disposition of Business | 0 | 0 | ||
Costs and Expenses | 762,620 | 685,671 | 2,040,618 | 2,153,878 |
Operating Income (Loss) | (56,828) | 87,245 | 56,276 | 235,003 |
Intercompany Interest and Charges | 38,877 | 43,466 | 116,076 | 137,909 |
Interest expense and other | 2,796 | 3,963 | 8,181 | 8,729 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | (98,501) | 39,816 | (67,981) | 88,365 |
Income Tax Expense (Benefit) | 15,715 | 13,666 | 31,414 | 35,783 |
Net Income (Loss) Attributable to Parent | (114,216) | 26,150 | (99,395) | 52,582 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 7,235 | (1,573) | 5,064 | (4,719) |
Total comprehensive income | (106,981) | 24,577 | (94,331) | 47,863 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 0 | 0 | ||
Gain (Loss) Related to Litigation Settlement | 0 | |||
Non-Guarantor Subsidiaries | ||||
Consolidating Financial Statements, Captions | ||||
Net sales | 88,443 | 90,526 | 266,101 | 281,978 |
Cost of Goods and Services Sold | 68,162 | 72,397 | 214,482 | 227,752 |
Selling, General and Administrative Expense | 6,902 | 7,804 | 26,108 | 22,561 |
Depreciation and amortization | 4,273 | 4,150 | 12,487 | 12,679 |
Asset Impairment Charges | 55,214 | |||
Restructuring Charges | 1,130 | 387 | 2,779 | 614 |
Gain (Loss) on Disposition of Business | 0 | 0 | ||
Costs and Expenses | 135,681 | 84,738 | 311,070 | 263,606 |
Operating Income (Loss) | (47,238) | 5,788 | (44,969) | 18,372 |
Intercompany Interest and Charges | 509 | 2,131 | 6,263 | 6,757 |
Interest expense and other | (646) | (2,807) | 956 | (6,665) |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | (47,101) | 6,464 | (52,188) | 18,280 |
Income Tax Expense (Benefit) | 1,071 | 1,450 | (706) | 4,362 |
Net Income (Loss) Attributable to Parent | (48,172) | 5,014 | (51,482) | 13,918 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (1,824) | (15,066) | 19,502 | (36,684) |
Total comprehensive income | (49,996) | (10,052) | (31,980) | (22,766) |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 0 | 0 | ||
Gain (Loss) Related to Litigation Settlement | 0 | |||
Pension Plan [Member] | ||||
Consolidating Financial Statements, Captions | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | $ 0 | $ 0 | $ 523 | $ 0 |
SELECTED CONSOLIDATING FINANC58
SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Consolidating Financial Statements, Captions | ||||||
Net Income (Loss) Attributable to Parent | $ (113,252) | $ 29,332 | $ (120,561) | $ 83,872 | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | (77,718) | (256,523) | ||||
Net cash provided by (used in) operating activities | (198,279) | (172,651) | ||||
Capital expenditures | (9,157) | (9,157) | (31,932) | (33,123) | ||
Proceeds from sale of assets | 68,412 | 23,185 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 9 | ||||
Net cash used in investing activities | 36,480 | (9,929) | ||||
Net increase in revolving credit facility | (20,000) | (316,121) | ||||
Proceeds from issuance of long-term debt and capital leases | 531,500 | 12,901 | ||||
Retirements and repayments of debt | 369,261 | 95,744 | ||||
Payments of Financing Costs | 17,729 | 14,012 | ||||
Dividends paid | 5,956 | 5,944 | ||||
Repayments of government grant | 0 | (14,570) | ||||
Repurchase of restricted shares for minimum tax obligation | (369) | (182) | ||||
Intercompany financing and advances | 0 | 0 | ||||
Net cash (used in) provided by financing activities | 158,185 | 198,570 | ||||
Effect of exchange rate changes on cash | (1,631) | (1,513) | ||||
Net change in cash and cash equivalents | (5,245) | 14,477 | ||||
Cash and cash equivalents | 64,388 | 35,461 | 64,388 | 35,461 | $ 69,633 | $ 20,984 |
Consolidation, Eliminations [Member] | ||||||
Consolidating Financial Statements, Captions | ||||||
Net Income (Loss) Attributable to Parent | 0 | 0 | 0 | 0 | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | 42,707 | 12,010 | ||||
Net cash provided by (used in) operating activities | 42,707 | 12,010 | ||||
Capital expenditures | 0 | 0 | ||||
Proceeds from sale of assets | 0 | 0 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | |||||
Net cash used in investing activities | 0 | 0 | ||||
Net increase in revolving credit facility | 0 | 0 | ||||
Proceeds from issuance of long-term debt and capital leases | 0 | 0 | ||||
Retirements and repayments of debt | 0 | 0 | ||||
Payments of Financing Costs | 0 | 0 | ||||
Dividends paid | 0 | 0 | ||||
Repayments of government grant | 0 | |||||
Repurchase of restricted shares for minimum tax obligation | 0 | 0 | ||||
Intercompany financing and advances | (42,707) | (12,010) | ||||
Net cash (used in) provided by financing activities | (42,707) | (12,010) | ||||
Effect of exchange rate changes on cash | 0 | 0 | ||||
Net change in cash and cash equivalents | 0 | 0 | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 |
Parent | ||||||
Consolidating Financial Statements, Captions | ||||||
Net Income (Loss) Attributable to Parent | 49,136 | (1,832) | 30,316 | 17,372 | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | (54,460) | (2,419) | ||||
Net cash provided by (used in) operating activities | (24,144) | 14,953 | ||||
Capital expenditures | (2,314) | (1,657) | ||||
Proceeds from sale of assets | 0 | 0 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | |||||
Net cash used in investing activities | (2,314) | (1,657) | ||||
Net increase in revolving credit facility | (20,000) | (316,121) | ||||
Proceeds from issuance of long-term debt and capital leases | 500,000 | 201 | ||||
Retirements and repayments of debt | 314,628 | 21,368 | ||||
Payments of Financing Costs | 17,729 | 14,012 | ||||
Dividends paid | 5,956 | 5,944 | ||||
Repayments of government grant | 0 | |||||
Repurchase of restricted shares for minimum tax obligation | (369) | (182) | ||||
Intercompany financing and advances | (162,174) | (288,995) | ||||
Net cash (used in) provided by financing activities | 19,144 | (14,179) | ||||
Effect of exchange rate changes on cash | 0 | 0 | ||||
Net change in cash and cash equivalents | (7,314) | (883) | ||||
Cash and cash equivalents | 12,628 | 661 | 12,628 | 661 | 19,942 | 1,544 |
Guarantor Subsidiaries [Member] | ||||||
Consolidating Financial Statements, Captions | ||||||
Net Income (Loss) Attributable to Parent | (114,216) | 26,150 | (99,395) | 52,582 | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | (139,525) | (294,036) | ||||
Net cash provided by (used in) operating activities | (238,920) | (241,454) | ||||
Capital expenditures | (25,507) | (22,442) | ||||
Proceeds from sale of assets | 68,009 | 22,253 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 9 | |||||
Net cash used in investing activities | 42,502 | (180) | ||||
Net increase in revolving credit facility | 0 | 0 | ||||
Proceeds from issuance of long-term debt and capital leases | 0 | 0 | ||||
Retirements and repayments of debt | 19,333 | 10,676 | ||||
Payments of Financing Costs | 0 | 0 | ||||
Dividends paid | 0 | 0 | ||||
Repayments of government grant | (14,570) | |||||
Repurchase of restricted shares for minimum tax obligation | 0 | 0 | ||||
Intercompany financing and advances | 200,010 | 275,159 | ||||
Net cash (used in) provided by financing activities | 180,677 | 249,913 | ||||
Effect of exchange rate changes on cash | 0 | 0 | ||||
Net change in cash and cash equivalents | (15,741) | 8,279 | ||||
Cash and cash equivalents | 8,396 | 8,480 | 8,396 | 8,480 | 24,137 | 201 |
Non-Guarantor Subsidiaries | ||||||
Consolidating Financial Statements, Captions | ||||||
Net Income (Loss) Attributable to Parent | (48,172) | 5,014 | (51,482) | 13,918 | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | 73,560 | 27,922 | ||||
Net cash provided by (used in) operating activities | 22,078 | 41,840 | ||||
Capital expenditures | (4,111) | (9,024) | ||||
Proceeds from sale of assets | 403 | 932 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | |||||
Net cash used in investing activities | (3,708) | (8,092) | ||||
Net increase in revolving credit facility | 0 | 0 | ||||
Proceeds from issuance of long-term debt and capital leases | 31,500 | 12,700 | ||||
Retirements and repayments of debt | 35,300 | 63,700 | ||||
Payments of Financing Costs | 0 | 0 | ||||
Dividends paid | 0 | 0 | ||||
Repayments of government grant | 0 | |||||
Repurchase of restricted shares for minimum tax obligation | 0 | 0 | ||||
Intercompany financing and advances | 4,871 | 25,846 | ||||
Net cash (used in) provided by financing activities | 1,071 | (25,154) | ||||
Effect of exchange rate changes on cash | (1,631) | (1,513) | ||||
Net change in cash and cash equivalents | 17,810 | 7,081 | ||||
Cash and cash equivalents | $ 43,364 | $ 26,320 | $ 43,364 | $ 26,320 | $ 25,554 | $ 19,239 |
RESTRUCTURING COSTS RESTRUCTU59
RESTRUCTURING COSTS RESTRUCTURING COSTS (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Mar. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | $ 6,531 | $ 14,132 | $ 36,289 | $ 38,476 | |
Restructuring and Related Cost, Expected Cost | 209,000 | 209,000 | |||
2017 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Activities, Reduction of Square Footage | 1,000,000 | 1,000,000 | |||
Restructuring and Related Activities, Reduction to Workforce | 100 | 100 | |||
2016 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Activities, Reduction of Square Footage | 4,000,000 | ||||
Restructuring and Related Activities, Reduction to Workforce | 1,200 | ||||
Employee Severance [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 1,147 | $ 551 | 1,894 | $ 1,649 | |
Restructuring and Related Cost, Expected Cost | 21,000 | 21,000 | |||
Facility Closing [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 474 | 1,686 | 8,335 | 1,968 | |
Restructuring and Related Cost, Expected Cost | 44,000 | 44,000 | |||
Contract Termination [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Expected Cost | 18,000 | 18,000 | |||
Accelerated Depreciation [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Expected Cost | 37,000 | 37,000 | |||
Accelerated Depreciation [Member] | Depreciation and Amortization [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 382 | 3,065 | 2,538 | 10,296 | |
Other Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 4,528 | 8,830 | 23,522 | 24,563 | |
Restructuring and Related Cost, Expected Cost | 89,000 | 89,000 | |||
Restructuring Charges [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 6,149 | 11,067 | 33,751 | 28,180 | |
Integrated Systems [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 1,337 | 95 | 3,678 | 474 | |
Integrated Systems [Member] | Employee Severance [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 26 | 0 | 26 | 286 | |
Integrated Systems [Member] | Facility Closing [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 0 | 0 | 70 | 0 | |
Integrated Systems [Member] | Accelerated Depreciation [Member] | Depreciation and Amortization [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 382 | 1,909 | 139 | ||
Integrated Systems [Member] | Other Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 929 | 49 | 1,673 | 49 | |
Integrated Systems [Member] | Restructuring Charges [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 955 | 49 | 1,769 | 335 | |
Aerospace Structures [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 980 | 2,593 | 4,484 | 6,854 | |
Aerospace Structures [Member] | Employee Severance [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 0 | 0 | 0 | 250 | |
Aerospace Structures [Member] | Facility Closing [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 0 | 297 | 3,504 | 297 | |
Aerospace Structures [Member] | Accelerated Depreciation [Member] | Depreciation and Amortization [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 0 | 0 | 0 | ||
Aerospace Structures [Member] | Other Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 980 | 2,296 | 980 | 6,307 | |
Aerospace Structures [Member] | Restructuring Charges [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 980 | 2,593 | 4,484 | 6,854 | |
Precision Components [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 1,813 | 4,842 | 10,259 | 14,461 | |
Precision Components [Member] | Employee Severance [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 1,121 | 494 | 1,868 | 966 | |
Precision Components [Member] | Facility Closing [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 474 | 1,209 | 4,761 | 1,456 | |
Precision Components [Member] | Accelerated Depreciation [Member] | Depreciation and Amortization [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 0 | 629 | 9,854 | ||
Precision Components [Member] | Other Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 218 | 133 | 3,001 | 2,185 | |
Precision Components [Member] | Restructuring Charges [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 1,813 | 1,836 | 9,630 | 4,607 | |
Product Support [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 19 | 371 | 779 | 856 | |
Product Support [Member] | Employee Severance [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 0 | 57 | 0 | 147 | |
Product Support [Member] | Facility Closing [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 0 | 180 | 0 | 215 | |
Product Support [Member] | Accelerated Depreciation [Member] | Depreciation and Amortization [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 0 | 0 | 303 | ||
Product Support [Member] | Other Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 19 | 121 | 779 | 191 | |
Product Support [Member] | Restructuring Charges [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 19 | 358 | 779 | 553 | |
Corporate Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 2,382 | 6,231 | 17,089 | 15,831 | |
Corporate Segment [Member] | Employee Severance [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 0 | 0 | 0 | 0 | |
Corporate Segment [Member] | Facility Closing [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 0 | 0 | 0 | 0 | |
Corporate Segment [Member] | Accelerated Depreciation [Member] | Depreciation and Amortization [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 0 | 0 | 0 | ||
Corporate Segment [Member] | Other Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 6,231 | 15,831 | |||
Corporate Segment [Member] | Restructuring Charges [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 2,382 | 6,231 | 17,089 | 15,831 | |
Minimum [Member] | 2017 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Expected Cost | 55,000 | 55,000 | |||
Minimum [Member] | 2016 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Expected Cost | 140,000 | 140,000 | |||
Maximum [Member] | 2017 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Expected Cost | $ 60,000 | $ 60,000 | |||
Maximum [Member] | 2016 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Expected Cost | $ 150,000 | $ 150,000 |