Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Jun. 30, 2019 | Aug. 02, 2019 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 1-12235 | |
Entity Registrant Name | TRIUMPH GROUP INC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 51-0347963 | |
Entity Address, Address Line One | 899 Cassatt Road, | |
Entity Address, Address Line Two | Suite 210, | |
Entity Address, City or Town | Berwyn, | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 19312 | |
City Area Code | 610 | |
Local Phone Number | 251-1000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 50,059,308 | |
Entity Central Index Key | 0001021162 | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
New York Stock Exchange | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $.001 per share | |
Trading Symbol | TGI | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 28,927 | $ 92,807 |
Trade and other receivables, less allowance for doubtful accounts of $4,315 and $3,646 | 331,509 | 373,590 |
Contract with Customer, Asset, Net, Current | 323,869 | 326,667 |
Inventory, net | 470,448 | 413,560 |
Prepaid and other current assets | 23,907 | 34,446 |
Total current assets | 1,178,660 | 1,241,070 |
Property and equipment, net | 515,212 | 543,710 |
Goodwill | 581,631 | 583,225 |
Intangible assets, net | 418,494 | 430,954 |
Other, net | 129,269 | 55,615 |
Total assets | 2,823,266 | 2,854,574 |
Current liabilities: | ||
Current portion of long-term debt | 8,150 | 8,201 |
Accounts payable | 426,587 | 433,783 |
Contract with Customer, Liability, Current | 309,985 | 293,719 |
Accrued expenses | 225,666 | 239,572 |
Total current liabilities | 970,388 | 975,275 |
Long-term debt, less current portion | 1,427,419 | 1,480,620 |
Accrued pension and other postretirement benefits, noncurrent | 522,916 | 540,479 |
Deferred income taxes, noncurrent | 10,989 | 6,964 |
Other Liabilities, Noncurrent | 449,473 | 424,549 |
Stockholders’ equity: | ||
Common stock, $.001 par value, 100,000,000 shares authorized, 52,460,920 and 52,460,920 shares issued; 50,005,153 and 49,887,268 shares outstanding | 52 | 52 |
Capital in excess of par value | 859,280 | 867,545 |
Treasury Stock, Value | (149,767) | (159,154) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (489,277) | (487,684) |
Retained Earnings (Accumulated Deficit) | (778,207) | (794,072) |
Total stockholders' equity | (557,919) | (573,313) |
Total liabilities and stockholders' equity | $ 2,823,266 | $ 2,854,574 |
Consolidated Balance Sheet Pare
Consolidated Balance Sheet Parenthetical (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 |
Allowance for doubtful accounts | $ 4,315 | $ 3,646 |
Unliquidated progress payments | $ 0 | $ 0 |
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 | 50,005,153 | 49,887,268 |
Treasury Stock, Shares | 2,455,767 | 2,573,652 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues | $ 730,231 | $ 832,900 |
Operating costs and expenses: | ||
Cost of sales (exclusive of depreciation and amortization shown separately below) | 582,233 | 770,214 |
Selling, General and Administrative Expense | 62,337 | 81,656 |
Depreciation and amortization | 44,050 | 38,812 |
Restructuring Charges | 2,964 | 4,047 |
Gain (Loss) on Disposition of Business | 3,136 | 4,719 |
Operating Expenses | 694,720 | 899,448 |
Operating Income (Loss) | 35,511 | (66,548) |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | (14,875) | (16,538) |
Interest expense and other | 27,491 | 25,493 |
Income (loss) from continuing operations before income taxes | 22,895 | (75,503) |
Income tax expense (benefit) | 4,807 | 1,031 |
Net Income (Loss) Attributable to Parent | $ 18,088 | $ (76,534) |
Earnings per share-basic: | ||
Earnings Per Share, Basic | $ 0.36 | $ (1.54) |
Weighted-average common shares outstanding-basic (in shares) | 49,854 | 49,552 |
Earnings per share-diluted: | ||
Earnings Per Share, Diluted | $ 0.36 | $ (1.54) |
Weighted-average common shares outstanding-diluted (in shares) | 50,295 | 49,552 |
Dividends declared and paid per common share (in dollars per share) | $ 0.04 | $ 0.04 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Net Income (Loss) Attributable to Parent | $ 18,088 | $ (76,534) |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Foreign currency translation adjustment | (2,683) | (14,524) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 2,851 | 1,676 |
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service (Cost) Credit, Net of Tax | (1,442) | (2,075) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | 1,409 | (399) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 95 | (965) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (414) | (70) |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | (319) | (1,035) |
Other Comprehensive Income (Loss), Net of Tax | (1,593) | (15,958) |
Total comprehensive income | $ 16,495 | $ (92,492) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income Parenthetical (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Tax | $ 0 | $ 0 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During the Period, Tax | 0 | 0 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Tax | 0 | 0 |
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service (Cost) Credit, Tax | 0 | 0 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During the Period, Tax | 0 | 125 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | $ 0 | $ 35 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity Consolidated Stockholders' Equity - USD ($) | Total | Retained Earnings [Member] | Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common [Member] |
Common Stock, Shares, Outstanding | 49,669,848 | |||||
Common stock, $.001 par value, 100,000,000 shares authorized, 52,460,920 and 52,460,920 shares issued; 50,005,153 and 49,887,268 shares outstanding | $ 51,000 | |||||
Capital in excess of par value | 851,280,000 | |||||
Treasury Stock, Value | (179,082,000) | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (367,870,000) | |||||
Retained Earnings (Accumulated Deficit) | 146,155,000 | |||||
Total stockholders' equity at Mar. 31, 2018 | 450,534,000 | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (76,534,000) | $ (76,534,000) | ||||
Foreign currency translation adjustment | (14,524,000) | |||||
Other Comprehensive Income (Loss), Net of Tax | (15,958,000) | $ (399,000) | $ (1,035,000) | |||
Dividends, Common Stock, Cash | (1,988,000) | (1,988,000) | ||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 102,248 | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $ 2,464,000 | $ (84,000) | ||||
Treasury Stock Reissued at Lower than Repurchase Price | (644,000) | $ (2,548,000) | ||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | (23,756) | |||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ (532,000) | 532,000 | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 16,020 | |||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 384,000 | 1,028,000 | ||||
Total stockholders' equity at Jun. 30, 2018 | $ (226,581,000) | |||||
Common Stock, Shares, Outstanding | 49,764,360 | |||||
Common stock, $.001 par value, 100,000,000 shares authorized, 52,460,920 and 52,460,920 shares issued; 50,005,153 and 49,887,268 shares outstanding | $ 51,000 | |||||
Capital in excess of par value | 850,552,000 | |||||
Treasury Stock, Value | (176,038,000) | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (383,828,000) | |||||
Retained Earnings (Accumulated Deficit) | $ (517,318,000) | |||||
Common Stock, Shares, Outstanding | 49,887,268 | |||||
Common stock, $.001 par value, 100,000,000 shares authorized, 52,460,920 and 52,460,920 shares issued; 50,005,153 and 49,887,268 shares outstanding | $ 52,000 | |||||
Capital in excess of par value | 867,545,000 | |||||
Treasury Stock, Value | (159,154,000) | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (487,684,000) | |||||
Retained Earnings (Accumulated Deficit) | (794,072,000) | |||||
Total stockholders' equity at Mar. 31, 2019 | (573,313,000) | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 18,088,000 | 18,088,000 | ||||
Foreign currency translation adjustment | (2,683,000) | |||||
Other Comprehensive Income (Loss), Net of Tax | (1,593,000) | $ 1,409,000 | $ (319,000) | |||
Dividends, Common Stock, Cash | (1,998,000) | (1,998,000) | ||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 154,802 | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $ 1,903,000 | (7,631,000) | ||||
Treasury Stock Reissued at Lower than Repurchase Price | $ (634,000) | (9,534,000) | ||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | (51,406) | |||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ (1,043,000) | 1,043,000 | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 14,489 | |||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 262,000 | $ 896,000 | ||||
Total stockholders' equity at Jun. 30, 2019 | $ (557,919,000) | |||||
Common Stock, Shares, Outstanding | 50,005,153 | |||||
Common stock, $.001 par value, 100,000,000 shares authorized, 52,460,920 and 52,460,920 shares issued; 50,005,153 and 49,887,268 shares outstanding | $ 52,000 | |||||
Capital in excess of par value | 859,280,000 | |||||
Treasury Stock, Value | (149,767,000) | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (489,277,000) | |||||
Retained Earnings (Accumulated Deficit) | (778,207,000) | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (225,000) | $ (225,000) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity Consolidated Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ 0 | $ 0 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During the Period, Tax | $ 0 | 125 |
Other Comprehensive Income (Loss), Tax | $ 160 | |
Dividends declared and paid per common share (in dollars per share) | $ 0.04 | $ 0.04 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating Activities | ||
Net Income (Loss) Attributable to Parent | $ 18,088 | $ (76,534) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 44,050 | 38,812 |
Amortization of acquired contract liabilities | (16,939) | (17,234) |
Gain (Loss) on Disposition of Business | 3,136 | 4,719 |
Other amortization included in interest expense | 1,958 | 1,887 |
Provision for doubtful accounts receivable | 671 | (14) |
Provision for deferred income taxes | 3,307 | 0 |
Employee stock-based compensation | 2,426 | 2,462 |
Changes in assets and liabilities, excluding the effects of acquisitions and dispositions of businesses: | ||
Trade and other receivables | 41,247 | 27,598 |
Contract assets | 2,767 | (23,221) |
Inventories | (56,623) | (30,833) |
Prepaid expenses and other current assets | 12,721 | 3,898 |
Accounts payable, accrued expenses and other current liabilities | (35,426) | 23,341 |
Accrued pension and other postretirement benefits | (15,792) | (18,691) |
Other | (573) | (1,904) |
Net cash (used in) provided by operating activities | 5,018 | (65,714) |
Investing Activities | ||
Capital expenditures | (8,090) | (12,200) |
Proceeds from sale of assets | 664 | |
Net cash used in investing activities | (10,660) | (11,536) |
Financing Activities | ||
Net increase in revolving credit facility | (30,000) | 113,186 |
Proceeds from issuance of long-term debt and capital leases | 5,600 | 19,046 |
Repayment of debt and capital lease obligations | (30,572) | (53,762) |
Payment of deferred financing costs | (104) | (64) |
Dividends paid | (1,998) | (1,988) |
Repurchase of restricted shares for minimum tax obligation | (1,043) | (532) |
Net cash (used in) provided by financing activities | (58,117) | 75,886 |
Effect of exchange rate changes on cash | (121) | (1,400) |
Net change in cash and cash equivalents | (63,880) | (2,764) |
Cash at beginning of period | 92,807 | 35,819 |
Cash at end of period | 28,927 | 33,055 |
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 2,570 | $ (664) |
BASIS OF PRESENTATION AND ORGAN
BASIS OF PRESENTATION AND ORGANIZATION | 3 Months Ended |
Jun. 30, 2019 | |
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 months ended June 30, 2019 , are not necessarily indicative of results that may be expected for the year ending March 31, 2020 . The accompanying condensed consolidated financial statements are unaudited and should be read in conjunction with the fiscal 2019 audited consolidated financial statements and notes thereto included in the Company's Form 10-K for the year ended March 31, 2019 , filed with the Securities and Exchange Commission (the "SEC") on May 23, 2019. 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. Triumph and its subsidiaries are organized based on the products and services that they provide. Under this organizational structure, the Company has three reportable segments: Integrated Systems, Aerospace Structures, and Product Support. Integrated Systems consists of the Company’s operations that provide 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 electromechanical 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; and hydromechanical and electromechanical primary and secondary flight controls. Aerospace Structures consists of the Company’s operations that supply commercial, business, regional and military manufacturers with large metallic and composite structures and aircraft interior systems, including air ducting and thermal acoustic insulations systems. Products include wings; wing boxes; fuselage panels; horizontal and vertical tails; subassemblies such as floor grids; and aircraft interior systems, including air ducting and thermal acoustic insulations systems. Aerospace Structures also has the capability to engineer detailed structural designs in metal and composites. Capabilities include 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, surface treatments, and integrated testing and certification services. 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 ground support equipment maintenance, component MRO and post-production supply chain activities, Product Support is positioned to provide integrated planeside repair solutions globally. Capabilities include metallic and composite aircraft structures; nacelles; thrust reversers; interiors; auxiliary power units; and a wide variety of pneumatic, hydraulic, fuel and mechanical accessories. Repair services generally involve the replacement and/or remanufacturing of parts, which is similar to the original manufacture of the part. The processes that the Company performs related to repair and overhaul services are essentially the repair of wear parts or replacement of parts that are beyond economic repair. The repair service generally involves remanufacturing a complete part or a component of a part. Standards Recently Implemented In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842) . This ASU requires lessees to recognize most leases on their balance sheets as lease liabilities with corresponding right-of-use ("ROU") assets. The Company adopted the standard as of April 1, 2019, using the modified retrospective approach and applying the standard’s transition provisions at the adoption date. Reporting periods beginning on or after April 1, 2019, are presented in accordance with Accounting Standards Codification ("ASC") 842, Leases . Prior periods have not been adjusted and continue to be reported in accordance with previous accounting standards. We elected the package of practical expedients permitted under the transition guidance, which among other things, allows us to carryforward the historical lease classification. Adoption of the new standard resulted in the recognition of operating lease ROU assets and lease liabilities of $76,444 and $84,663 , respectively, with the difference due to prepaid and deferred rent that were reclassified to the ROU asset value. An adjustment to opening retained earnings of $225 was also recognized. The standard did not materially affect our consolidated net income or cash flows. See Note 5 for further details. In February 2018, the FASB issued ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . This ASU permits a company to reclassify the income tax effects of the 2017 Tax Cuts and Jobs Act (“U.S. tax reform”) on items within AOCI to retained earnings. We adopted the provisions of this ASU in the first quarter of 2018 and elected not to reclassify the income tax effects of U.S. tax reform from items in accumulated other comprehensive income. Standards Issued Not Yet Implemented In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This ASU modifies the measurement of expected credit losses of certain financial instruments. ASU 2016-13 is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. The amendments in this ASU should be applied on a modified retrospective basis to all periods presented. We are currently evaluating the effect that ASU 2016-13 will have on our consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement . This ASU modifies the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. ASU 2018-13 is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods, with early adoption permitted. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. We are currently evaluating the effect that ASU 2018-13 will have on our consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Topic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans , which modifies the disclosure requirements for defined benefit pension plans and other postretirement plans. ASU 2018-14 is effective for annual periods beginning after December 15, 2020, with early adoption permitted. The amendments in this ASU should be applied on a retrospective basis to all periods presented. We are currently evaluating the effect that ASU 2018-14 will have on our consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . This ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). ASU 2018-15 is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods, with early adoption permitted. The amendments in this ASU should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We are currently evaluating the effect that ASU 2018-15 will have on our consolidated financial statements and related disclosures. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Jun. 30, 2019 | |
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 condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Revenue Recognition The Company's revenue is principally from contracts with customers to provide design, development, manufacturing, and support services associated with specific customer programs. The Company regularly enters into long-term master supply agreements that establish general terms and conditions and may define specific program requirements. Many agreements include clauses that provide sole supplier status to the Company for the duration of the program’s life. Purchase orders (or authorizations to proceed) are issued pursuant to the master supply agreements. Additionally, a majority of the Company’s agreements with customers include options for future purchases. Such options primarily reduce the administrative effort of issuing subsequent purchase orders and do not represent material rights granted to customers. The Company generally enters into agreements directly with its customers and is the principal in all current contracts. The identification of a contract with a customer for purposes of accounting and financial reporting requires an evaluation of the terms and conditions of agreements to determine whether presently enforceable rights and obligations exist. Management considers a number of factors when making this evaluation that include, but are not limited to, the nature and substance of the business exchange, the specific contractual terms and conditions, the promised products and services, the termination provisions in the contract, as well as the nature and execution of the customer’s ordering process and how the Company is authorized to perform work. Generally, presently enforceable rights and obligations are not created until a purchase order is issued by a customer for a specified number of units of product or services. Therefore, the issuance of a purchase order is generally the point at which a contract is identified for accounting and financial reporting purposes. Management identifies the promises to the customer. Promises are generally explicitly stated in each contract, but management also evaluates whether any promises are implied based on the terms of the agreement, past business practice, or other facts and circumstances. Each promise is evaluated to determine if it is a performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service. The Company considers a number of factors when determining whether a promise is contractual performance obligation, including whether the customer can benefit from the good or service on its own or together with other resources that are readily available to the customer, whether the Company provides a significant service of integrating goods or services to deliver a combined output to the customer, or whether the goods or services are highly interdependent. The Company’s performance obligations consist of a wide range of engineering design services and manufactured components, as well as spare parts and repairs for original equipment manufacturers (OEMs). The transaction price for a contract reflects the consideration the Company expects to receive for fully satisfying the performance obligations in the contract. Typically, the transaction price consists solely of fixed consideration but may include variable consideration for contractual provisions such as unpriced contract modifications, cost-sharing provisions, and other receipts or payments to customers. The Company identifies and estimates variable consideration, typically at the most likely amount the Company expects to receive from its customers. Variable consideration is only included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized for the contract will not occur, or when the uncertainty associated with the variable consideration is resolved. The Company's contracts with customers generally require payment under normal commercial terms after delivery with payment typically required within 30 to 120 days of delivery. However, a subset of the Company’s current contracts includes significant financing components because the timing of the transfer of the underlying products and services under contract are at the customers’ discretion. For these contracts, the Company adjusts the transaction price to reflect the effects of the time value of money. The Company generally is not subject to collecting sales tax and has made an accounting policy election to exclude from the transaction price any sales and other similar taxes collected from customers. As a result, any such collections are accounted for on a net basis. The total transaction price is allocated to each of the identified performance obligations using the relative stand-alone selling price. The objective of the allocation is to reflect the consideration that the Company expects to receive in exchange for the products or services associated with each performance obligation. Stand-alone selling price is the price at which the Company would sell a promised good or service separately to a customer. Stand-alone selling prices are established at contract inception, and subsequent changes in transaction price are allocated on the same basis as at contract inception. When stand-alone selling prices for the Company’s products and services are not observable, the Company uses either the “Expected Cost Plus a Margin” or "Adjusted Market Assessment" approaches to estimate stand-alone selling price. Expected costs are typically derived from the available periodic forecast information. Revenue is recognized when or as control of promised products or services transfers to a customer and is recognized at the amount allocated to each performance obligation associated with the transferred products or services. Service sales, principally representing repair, maintenance, and engineering activities are recognized over the contractual period or as services are rendered. Sales under long-term contracts with performance obligations satisfied over time are recognized using either an input or output method. The Company recognizes revenue over time as it performs on these contracts because of the continuous transfer of control to the customer as represented by contractual terms that entitle the Company to the reimbursement of costs plus a reasonable profit for work performed to manufacture products for which the Company has no alternate use or for work performed on a customer-owned asset. With control transferring over time, revenue is recognized based on the extent of progress toward completion of the performance obligation. The Company generally uses the cost-to-cost input method of progress for our contracts because it best depicts the transfer of control to the customer that occurs as work progresses. Under the cost-to-cost method, the extent of progress toward completion is measured based on the proportion of costs incurred to date to the total estimated costs at completion of the performance obligation. The Company reviews its cost estimates on significant contracts on a periodic basis, or when circumstances change and warrant a modification to a previous estimate. Cost estimates are largely based on negotiated or estimated purchase contract terms, historical performance trends and other economic projections. Significant factors that influence these estimates include inflationary trends, technical and schedule risk, internal and subcontractor performance trends, business volume assumptions, asset utilization, and anticipated labor agreements. Revenue and cost estimates are regularly monitored and revised based on changes in circumstances. Impacts from changes in estimates of net sales and cost of sales are recognized on a cumulative catch-up basis, which recognizes in the current period the cumulative effect of the changes on current and prior periods based on a performance obligation’s percentage of completion. Forward loss reserves for anticipated losses on long-term contracts are recorded in full when such losses become evident, to the extent required, and are included in contract liabilities on the accompanying consolidated balance sheets. For the three months ended June 30, 2019 , cumulative catch-up adjustments from changes in estimates, including changes in forward loss estimates, decreased net sales, operating income, net income, and earnings per share by approximately $(1,149) , $(4,967) , $(3,924) and $(0.08) , net of tax, respectively. For the three months ended June 30, 2018 , cumulative catch-up adjustments from changes in estimates decreased net sales, operating loss, net loss and loss per share by approximately $(6,423) , $(3,626) , $(3,626) and $(0.07) , net of tax, respectively. These cumulative catch-up adjustments do not include a non-cash charge the Company recorded as a result of the adoption of ASU 2017-07 of $87,241 due to a change in estimate from a change in accounting principles, which is presented on the accompanying consolidated statements of operations within cost of sales. Revenues for performance obligations that are not recognized over time are recognized at the point in time when control transfers to the customer. For performance obligations that are satisfied at a point in time, the Company evaluates the point in time when the customer can direct the use of and obtain the benefits from the products and services. Generally, the shipping terms determine the point in time when control transfers to customers. Shipping and handling activities are not considered performance obligations and related costs are included in cost of sales as incurred. Differences in the timing of revenue recognition and contractual billing and payment terms result in the recognition contract assets and liabilities. Refer to Note 4 for further discussion. The portion of the Company's revenue resulting from transactions other than contracts with customers pertains to the non-cash amortization of acquired contract liabilities that were recognized as fair value adjustments through purchase accounting from various acquisitions. Leases The Company leases office space, manufacturing facilities, land, vehicles, and equipment. The Company determines if an agreement is or contains a lease at the lease inception date and recognizes right-of-use assets and lease liabilities at the lease commencement date. A ROU asset and corresponding lease liability are not recorded for leases with an initial term of 12 months or less (short term leases). ROU assets represent the Company's right to use an underlying asset during the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease. The determination of the length of lease terms is affected by options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The existence of significant economic incentive is the primary consideration when assessing whether the Company is reasonably certain of exercising an option in a lease. Both finance and operating lease ROU assets and liabilities are recognized at commencement date and measured as the present value of lease payments to be made over the lease term. As the interest rate implicit in the lease is not readily available for most of the Company's leases, the Company uses its estimated incremental borrowing rate in determining the present value of lease payments. The estimated incremental borrowing rate is derived from information available at the lease commencement date. The lease ROU asset recognized at commencement is adjusted for any lease payments related to initial direct costs, prepayments, and lease incentives. For operating leases, lease expense is recognized on a straight-line basis over the lease term. For finance leases, lease expense comprises the amortization of the ROU assets recognized on a straight-line basis generally over the shorter of the lease term or the estimated useful life of the underlying asset and interest on the lease liability. Variable lease payments not dependent on a rate or index are recognized when the event, activity, or circumstance in the lease agreement upon which those payments are contingent is probable of occurring and are presented in the same line of the consolidated balance sheet as the rent expense arising from fixed payments. The Company has lease agreements with lease and non-lease components. Non-lease components are combined with the related lease components and accounted for as lease components for all classes of underlying assets. 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 The Boeing Company ("Boeing") (representing commercial, military and space) represented approximately 14% and 18% of total trade accounts receivable as of June 30, 2019 and March 31, 2019 , respectively. Trade accounts receivable from Gulfstream Aerospace Corporation ("Gulfstream") represented approximately 12% and 11% of total trade accounts receivable as of June 30, 2019 and March 31, 2019 , respectively. Trade accounts receivable from Bombardier Inc. ("Bombardier") represented approximately 13% and 13% as of June 30, 2019 and March 31, 2019 , respectively. The Company had no other concentrations of credit risk of more than 10% . Sales to Boeing for the three months ended June 30, 2019 , were $245,315 , or 34% of net sales, of which $55,785 , $184,282 , and $5,248 were from the Integrated Systems, Aerospace Structures and Product Support, respectively. Sales to Boeing for the three months ended June 30, 2018 , were $274,296 , or 33% of net sales, of which $51,593 , $219,461 and $3,242 were from the Integrated Systems, Aerospace Structures and Product Support, respectively. Sales to Gulfstream for the three months ended June 30, 2019 , were $102,315 , or 14% of net sales, of which $626 , $101,459 , and $230 were from the Integrated Systems, Aerospace Structures and Product Support, respectively. Sales to Gulfstream for the three months ended June 30, 2018 , were $90,771 , or 11% of net sales, of which $595 , $90,128 , and $48 were from the Integrated Systems, Aerospace Structures 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. Intangible Assets The components of intangible assets, net, are as follows: June 30, 2019 Weighted Average Life Gross Carrying Amount Accumulated Amortization Net Customer relationships 17.7 $ 550,584 $ (253,379 ) $ 297,205 Product rights, technology and licenses 11.4 54,758 (44,512 ) 10,246 Non-compete agreements and other 16.3 2,656 (1,082 ) 1,574 Tradenames 10.0 150,000 (40,531 ) 109,469 Total intangibles, net $ 757,998 $ (339,504 ) $ 418,494 March 31, 2019 Weighted Average Life Gross Carrying Amount Accumulated Amortization Net Customer relationships 17.7 $ 551,093 $ (245,626 ) $ 305,467 Product rights, technology and licenses 11.4 54,850 (43,978 ) 10,872 Non-compete agreements and other 16.7 2,656 (1,041 ) 1,615 Tradenames 10.0 150,000 (37,000 ) 113,000 Total intangibles, net $ 758,599 $ (327,645 ) $ 430,954 Amortization expense for the three months ended June 30, 2019 and 2018 , was $12,083 and $13,233 , respectively. Significant changes in expected cash flows generated by long-lived assets could result in the recognition of impairment losses; no such changes or losses were identified as of June 30, 2019 . 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 (see Note 3). 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 twenty years . The warranty reserves as of June 30, 2019 and March 31, 2019 , were $61,035 and $58,395 , respectively. Supplemental Cash Flow Information The Company made income tax payments, net of refunds of $1,280 during the three months ended June 30, 2019 . The Company received income tax refunds, net of payments of $7,715 during the three months ended June 30, 2018 . As of June 30, 2019 , 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. |
Revenue Recognition and Contrac
Revenue Recognition and Contracts with Customers Contract Assets and Liabilities (Notes) | 3 Months Ended |
Jun. 30, 2019 | |
Change in Contract with Customer, Asset and Liability [Abstract] | |
Revenue from Contract with Customer [Text Block] | 4. REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS Disaggregation of Revenue The Company disaggregates revenue based on the method of measuring satisfaction of the performance obligation either over time or at a point in time. Additionally, the Company disaggregates revenue based upon the end market where products and services are transferred to the customer. The Company’s principal operating segments and related revenue are discussed in Note 13, Segments. The following table shows disaggregated net sales satisfied overtime and at a point in time (excluding intercompany sales) for the three months ended June 30, 2019 : Three Months Ended June 30, 2019 Integrated Systems Aerospace Structures Product Support Total Satisfied over time $ 72,304 $ 372,237 $ 56,938 $ 501,479 Satisfied at a point in time 170,628 36,412 4,773 211,813 Revenue from contracts with customers 242,932 408,649 61,711 713,292 Amortization of acquired contract liabilities 8,125 8,814 — 16,939 Total revenue $ 251,057 $ 417,463 $ 61,711 $ 730,231 Three Months Ended June 30, 2018 Satisfied over time $ 64,359 $ 453,279 $ 59,425 $ 577,063 Satisfied at a point in time 165,178 68,684 4,741 238,603 Revenue from contracts with customers 229,537 521,963 64,166 815,666 Amortization of acquired contract liabilities 8,849 8,385 — 17,234 Total revenue $ 238,386 $ 530,348 $ 64,166 $ 832,900 The following table shows disaggregated net sales by end market (excluding intercompany sales) for the three months ended June 30, 2019 : Three Months Ended June 30, 2019 Integrated Systems Aerospace Structures Product Support Total Commercial aerospace $ 128,420 $ 229,640 $ 46,899 $ 404,959 Military 84,065 27,600 11,292 122,957 Business jets 15,707 121,149 440 137,296 Regional 7,322 30,255 3,051 40,628 Non-aviation 7,418 5 29 7,452 Revenue from contracts with customers 242,932 408,649 61,711 713,292 Amortization of acquired contract liabilities 8,125 8,814 — 16,939 Total revenue $ 251,057 $ 417,463 $ 61,711 $ 730,231 Three Months Ended June 30, 2018 Commercial aerospace $ 120,576 $ 282,164 $ 49,468 $ 452,208 Military 82,693 57,922 9,385 150,000 Business jets 12,836 167,447 1,395 181,678 Regional 6,617 6,402 3,918 16,937 Non-aviation 6,815 8,028 — 14,843 Revenue from contracts with customers 229,537 521,963 64,166 815,666 Amortization of acquired contract liabilities 8,849 8,385 — 17,234 Total revenue $ 238,386 $ 530,348 $ 64,166 $ 832,900 Contract Assets and Liabilities Contract assets primarily represent revenues recognized for performance obligations that have been satisfied or partially satisfied but for which amounts have not been billed. This typically occurs when revenue is recognized over time but the Company's contractual right to bill the customer and receive payment is conditional upon the satisfaction of additional performance obligations in the contract, such as final delivery of the product. Contract assets are recognized when the revenue associated with the contract is recognized prior to billing and derecognized when billed in accordance with the terms of the contract. The Company performs ongoing evaluations of the potential impairment of its contract assets based on prior experience and specific matters when they arise. No impairments to contract assets were recorded for the period ended June 30, 2019 . Contract liabilities are recorded when customers remit contractual cash payments in advance of the Company satisfying performance obligations under contractual arrangements, including those with performance obligations to be satisfied over a period of time. Contract liabilities other than those pertaining to forward loss reserves are derecognized when or as revenue is recognized. Contract modifications can also impact contract asset and liability balances. When contracts are modified to account for changes in contract specifications and requirements, we consider whether the modification either creates new or changes the existing enforceable rights and obligations. Contract modifications that are for goods or services that are not distinct from the existing contract, due to the significant integration with the original good or service provided, are accounted for as if they were part of that existing contract. The effect of a contract modification to an existing contract on the transaction price and our measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis. When the modifications include additional performance obligations that are distinct and at relative stand-alone selling price, they are accounted for as a new contract and performance obligation, which are recognized prospectively. Contract balances are classified as assets or liabilities on a contract-by-contract basis at the end of each reporting period. The following table summarizes our contract assets and liabilities balances: June 30, 2019 March 31, 2019 Change Contract assets $ 358,497 $ 326,667 $ 31,830 Contract liabilities (450,837 ) (450,051 ) (786 ) Net contract liability $ (92,340 ) $ (123,384 ) $ 31,044 The Company recorded reductions to revenue due changes in estimates associated with performance obligations satisfied or partially satisfied in previous periods of $(1,149) . The increase in contract liabilities reflects the receipt of additional customer advances in excess of revenue recognized during the period. For the period ended June 30, 2019 , the Company recognized $28,507 of revenue that was included in the contract liability balance at the beginning of the period. Noncurrent contract assets presented in other, net on the accompanying consolidated balance sheets as of June 30, 2019 and March 31, 2019 , were $34,628 and $34,185 , respectively. Noncurrent contract liabilities presented in other noncurrent liabilities on the accompanying consolidated balance sheets as of June 30, 2019 and March 31, 2019 , were $140,852 and $156,332 , respectively. Performance Obligations Customers generally contract with the Company for requirements in a segment relating to a specific program, and the Company’s performance obligations consist of a wide range of engineering design services and manufactured components, as well as spare parts and repairs for OEMs. A single contract may contain multiple performance obligations consisting of both recurring and nonrecurring elements. As of June 30, 2019 , the Company has the following unsatisfied, or partially unsatisfied, performance obligations that are expected to be recognized in the future as noted in the table below. The Company expects options to be exercised in addition to the amounts presented below. Total Less than 1-3 years 4-5 years More than 5 Unsatisfied performance obligations $ 4,275,887 $ 2,134,556 $ 1,379,910 $ 309,508 $ 451,913 |
INVENTORIES
INVENTORIES | 3 Months Ended |
Jun. 30, 2019 | |
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: June 30, 2019 March 31, 2019 Raw materials $ 38,868 $ 35,883 Work-in-process, including manufactured and purchased components 320,147 277,996 Finished goods 53,643 42,399 Rotable assets 57,790 57,282 Total inventories $ 470,448 $ 413,560 |
LONG-TERM DEBT
LONG-TERM DEBT | 3 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt consists of the following: June 30, 2019 March 31, 2019 Revolving line of credit $ 185,000 $ 215,000 Receivable securitization facility 58,400 80,700 Capital leases 29,388 31,292 Senior notes due 2021 375,000 375,000 Senior notes due 2022 300,000 300,000 Senior notes due 2025 500,000 500,000 Less: Debt issuance costs (12,219 ) (13,171 ) 1,435,569 1,488,821 Less: Current portion 8,150 8,201 $ 1,427,419 $ 1,480,620 Revolving Credit Facility In July 2018, the Company, its subsidiary co-borrowers and guarantors entered into a Tenth Amendment to the Credit Agreement (the “Tenth Amendment” and the existing Credit Agreement as amended by the Tenth Amendment, the "Credit Agreement") and with the Administrative Agent and the Lenders party thereto. Among other things, the Tenth Amendment modifies certain financial covenants and other terms and lowered the capacity to $700,000 as a result of certain asset sales occurring in the fiscal year ended March 31, 2019. The Tenth Amendment also adds an additional mandatory prepayment provision requiring that the Company prepay the outstanding revolving credit loans as set forth in the Tenth Amendment. In connection with the Tenth Amendment to the Credit Agreement, the Company incurred $1,694 of financing costs. These costs, along with the $8,961 of unamortized financing costs subsequent to the Ninth 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 existing prior to the Tenth Amendment. The obligations under the Credit Agreement 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 Agreement, 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 $700,000 outstanding at any time. The Credit Agreement bears interest at either: (i) London Interbank Offered Rate ("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 Agreement. The Company’s obligations under the Credit Agreement are guaranteed by the Company’s domestic subsidiaries. At June 30, 2019 , there were $185,000 in borrowings and $23,897 in letters of credit outstanding under the Revolving Line of Credit provisions of the Credit Agreement, primarily to support insurance policies. At March 31, 2019 , there were $215,000 in outstanding borrowings and $30,773 in letters of credit outstanding under the Revolving Line of Credit provisions of the Credit Agreement, primarily to support insurance policies. The level of unused borrowing capacity under the Revolving Line of Credit provisions of the Credit Agreement varies from time to time depending in part upon its compliance with financial and other covenants set forth in the related agreement. The Credit Agreement 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 Agreement, 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 Agreement could also cause the acceleration of obligations under certain other agreements. The Company is currently in compliance with all such covenants. As of June 30, 2019 , the Company had borrowing capacity under this agreement of $491,103 after reductions for borrowings, letters of credit outstanding under the facility and consideration of covenant limitations. Receivables Securitization Facility In November 2017, the Company amended its receivable securitization facility (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 eligible 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 June 30, 2019 , 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 ASC 860, Transfers and Servicing. 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. 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 condensed consolidated financial statements are as follows: June 30, 2019 March 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Long-term debt $ 1,435,569 $ 1,430,330 $ 1,488,821 $ 1,568,037 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. The Company made interest payments of $12,896 and $12,734 for the three months ended June 30, 2019 and 2018 , respectively. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 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 June 30, (in thousands) 2019 2018 Weighted average common shares outstanding – basic 49,854 49,552 Net effect of dilutive stock options and non-vested stock (1) 441 — Weighted average common shares outstanding – diluted 50,295 49,552 (1) For the three months ended June 30, 2019 and 2018 , shares of 7 and 206 , respectively, could potentially dilute EPS in the future but were not included in diluted weighted average common shares outstanding because to do so would have been anti-dilutive. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | The Company follows the Income Taxe s 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 de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. 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 and are not significant. As of June 30, 2019 and March 31, 2019 , the total amount of unrecognized tax benefits was $19,346 and $19,152 , respectively, most of which 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 June 30, 2019 , 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 2020 as well as the Company's income in future periods. The effective income tax rate for the three months ended June 30, 2019 , was 21.0% as compared with (1.4)% for the three months ended June 30, 2018 . For the three months ended June 30, 2018 , the effective tax rate reflected a limitation on the recognition of tax benefits due to the full valuation allowance. With few exceptions, the Company is no longer subject to U.S. federal, state, or local income tax examinations for fiscal years ended before March 31, 2014, or foreign income tax examinations by tax authorities for fiscal years ended before March 31, 2013. As of June 30, 2019 , 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 period ended June 16, 2010 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 | 3 Months Ended |
Jun. 30, 2019 | |
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, 2019 through June 30, 2019 : Integrated Systems Product Support Total Balance, March 31, 2019 $ 517,104 $ 66,121 $ 583,225 Effect of exchange rate changes (1,594 ) — (1,594 ) Balance, June 30, 2019 $ 515,510 $ 66,121 $ 581,631 As of June 30, 2019 and March 31, 2019 , Aerospace Structures had goodwill of $1,246,454 , which was fully impaired. |
PENSION AND OTHER POSTRETIREMEN
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | 3 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [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 (and for non-U.S. plans, acceptable under local 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 may also be 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 re-measurement, 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 re-measurement. 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 June 30, 2019 2018 Components of net periodic benefit costs: Service cost $ 581 $ 830 Interest cost 18,661 19,921 Expected return on plan assets (35,739 ) (37,107 ) Amortization of prior service credits (278 ) (907 ) Amortization of net loss 5,359 4,180 Net periodic benefit income $ (11,416 ) $ (13,083 ) Other Postretirement Benefits Three Months Ended June 30, 2019 2018 Components of net periodic benefit costs: Service cost $ 44 $ 57 Interest cost 863 1,010 Amortization of prior service credits (1,164 ) (1,164 ) Amortization of gain (2,442 ) (2,463 ) Net periodic benefit income $ (2,699 ) $ (2,560 ) |
STOCKHOLDERS' EQUITY STOCKHOLDE
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY | 3 Months Ended |
Jun. 30, 2019 | |
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 months ended June 30, 2019 and 2018 , 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, March 31, 2019 (48,606 ) (1,130 ) (437,948 ) (487,684 ) AOCI before reclassifications (2,683 ) 95 — (2,588 ) Amounts reclassified from AOCI — (414 ) 1,409 995 Net current period AOCI $ (2,683 ) $ (319 ) $ 1,409 $ (1,593 ) Balance, June 30, 2019 $ (51,289 ) $ (1,449 ) $ (436,539 ) $ (489,277 ) Balance, March 31, 2018 $ (58,683 ) $ 122 $ (309,309 ) $ (367,870 ) AOCI before reclassifications (14,524 ) (965 ) — (15,489 ) Amounts reclassified from AOCI — (70 ) (399 ) (469 ) Net current period AOCI (14,524 ) (1,035 ) (399 ) (15,958 ) Balance, June 30, 2018 $ (73,207 ) $ (913 ) $ (309,708 ) $ (383,828 ) (1) Net of tax. |
SEGMENTS
SEGMENTS | 3 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
SEGMENTS | SEGMENTS The Company reports financial performance based on the following three reportable segments: Integrated Systems, Aerospace Structures and Product Support. The Company’s reportable segments are aligned with how the business is managed, and the Company's views of the markets it 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, and pension (“Adjusted EBITDAP”) as a primary measure of segment profitability to evaluate performance of its segments and allocate resources. Segment Adjusted EBITDAP 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. 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 is as follows: Three Months Ended June 30, 2019 2018 Net sales: Integrated Systems $ 252,226 $ 241,039 Aerospace Structures 419,178 532,387 Product Support 61,756 66,215 Elimination of inter-segment sales (2,929 ) (6,741 ) $ 730,231 $ 832,900 Income (loss) before income taxes: Operating income (loss): Integrated Systems $ 34,772 $ 35,409 Aerospace Structures 12,283 (79,587 ) Product Support 9,276 7,669 Corporate (18,394 ) (27,577 ) Share-based compensation expense (2,426 ) (2,462 ) 35,511 (66,548 ) Non-service defined benefit income (14,875 ) (16,538 ) Interest expense and other 27,491 25,493 $ 22,895 $ (75,503 ) Depreciation and amortization: Integrated Systems $ 7,067 $ 7,555 Aerospace Structures 35,059 28,920 Product Support 1,090 1,670 Corporate 834 667 $ 44,050 $ 38,812 Amortization of acquired contract liabilities, net: Integrated Systems $ 8,125 $ 8,849 Aerospace Structures 8,814 8,385 $ 16,939 $ 17,234 Adjusted EBITDAP: Integrated Systems $ 33,714 $ 34,115 Aerospace Structures 38,528 28,189 Product Support 10,366 9,339 Corporate & share-based compensation (16,850 ) (24,653 ) $ 65,758 $ 46,990 Capital expenditures: Integrated Systems $ 2,851 $ 1,609 Aerospace Structures 3,973 10,138 Product Support 1,033 348 Corporate 233 105 $ 8,090 $ 12,200 June 30, 2019 3/31/2019 Total Assets: Integrated Systems $ 1,259,117 $ 1,215,350 Aerospace Structures 1,239,484 1,257,039 Product Support 273,714 271,813 Corporate 50,951 110,372 $ 2,823,266 $ 2,854,574 During the three months ended June 30, 2019 and 2018 , the Company had international sales of $175,340 and $226,571 , respectively. |
SELECTED CONSOLIDATING FINANCIA
SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS | 3 Months Ended |
Jun. 30, 2019 | |
Condensed Financial Information 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 June 30, 2019 and March 31, 2019 , condensed consolidating statements of comprehensive income for the three months ended June 30, 2019 and 2018 , and condensed consolidating statements of cash flows for the three months ended June 30, 2019 and 2018 . SUMMARY CONDENSED CONSOLIDATING BALANCE SHEETS: June 30, 2019 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Current assets: Cash and cash equivalents $ 6,825 $ 10 $ 22,092 $ — $ 28,927 Trade and other receivables, net 11,593 102,306 217,610 — 331,509 Contract assets — 319,742 4,127 — 323,869 Inventories — 389,958 80,490 — 470,448 Prepaid expenses and other 10,485 7,977 5,445 — 23,907 Total current assets 28,903 819,993 329,764 — 1,178,660 Property and equipment, net 11,163 422,697 81,352 — 515,212 Goodwill and other intangible assets, net — 900,689 99,436 — 1,000,125 Other, net 23,079 74,200 31,990 — 129,269 Intercompany investments and advances 1,219,331 150,673 85,836 (1,455,840 ) — Total assets $ 1,282,476 $ 2,368,252 $ 628,378 $ (1,455,840 ) $ 2,823,266 Current liabilities: Current portion of long-term debt $ 2,153 $ 5,997 $ — $ — $ 8,150 Accounts payable 4,648 390,559 31,380 — 426,587 Accrued expenses 49,987 455,749 29,915 — 535,651 Total current liabilities 56,788 852,305 61,295 — 970,388 Long-term debt, less current portion 1,417,595 9,824 — — 1,427,419 Intercompany advances 342,132 1,961,427 350,645 (2,654,204 ) — Accrued pension and other postretirement benefits, noncurrent 6,090 516,826 — — 522,916 Deferred income taxes and other 17,790 408,416 34,256 — 460,462 Total stockholders’ (deficit) equity (557,919 ) (1,380,546 ) 182,182 1,198,364 (557,919 ) Total liabilities and stockholders’ (deficit) equity $ 1,282,476 $ 2,368,252 $ 628,378 $ (1,455,840 ) $ 2,823,266 SUMMARY CONDENSED CONSOLIDATING BALANCE SHEETS: March 31, 2019 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Current assets: Cash and cash equivalents $ 70,192 $ 429 $ 22,186 $ — $ 92,807 Trade and other receivables, net 10,150 123,153 240,287 — 373,590 Contract assets — 322,698 3,969 — 326,667 Inventories — 339,038 74,522 — 413,560 Prepaid expenses and other 22,152 7,611 4,683 — 34,446 Total current assets 102,494 792,929 345,647 — 1,241,070 Property and equipment, net 11,276 449,489 82,945 — 543,710 Goodwill and other intangible assets, net — 912,279 101,900 — 1,014,179 Other, net 14,630 34,664 6,321 — 55,615 Intercompany investments and advances 1,112,100 230,437 88,697 (1,431,234 ) — Total assets $ 1,240,500 $ 2,419,798 $ 625,510 $ (1,431,234 ) $ 2,854,574 Current liabilities: Current portion of long-term debt $ 1,904 $ 6,297 $ — $ — $ 8,201 Accounts payable 6,571 396,542 30,670 — 433,783 Accrued expenses 58,301 445,542 29,448 — 533,291 Total current liabilities 66,776 848,381 60,118 — 975,275 Long-term debt, less current portion 1,469,543 11,077 — — 1,480,620 Intercompany advances 262,718 2,017,003 372,888 (2,652,609 ) — Accrued pension and other postretirement benefits, noncurrent 6,067 534,412 — — 540,479 Deferred income taxes and other 8,709 408,838 13,966 — 431,513 Total stockholders’ (deficit) equity (573,313 ) (1,399,913 ) 178,538 1,221,375 (573,313 ) Total liabilities and stockholders’ (deficit) equity $ 1,240,500 $ 2,419,798 $ 625,510 $ (1,431,234 ) $ 2,854,574 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Three Months Ended June 30, 2019 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 675,030 $ 75,042 $ (19,841 ) $ 730,231 Operating costs and expenses: Cost of sales — 543,147 58,927 (19,841 ) 582,233 Selling, general and administrative 16,258 39,134 6,945 — 62,337 Depreciation and amortization 834 40,401 2,815 — 44,050 Restructuring costs 540 2,424 — — 2,964 Loss on divestitures 3,136 — — — 3,136 20,768 625,106 68,687 (19,841 ) 694,720 Operating (loss) income (20,768 ) 49,924 6,355 — 35,511 Intercompany interest and charges (35,503 ) 33,754 1,749 — — Non-service defined benefit income — (14,372 ) (503 ) — (14,875 ) Interest expense and other 23,214 5,306 (1,029 ) — 27,491 (Loss) income before income taxes (8,479 ) 25,236 6,138 — 22,895 Income tax (benefit) expense (2,609 ) 6,442 974 — 4,807 Net (loss) income (5,870 ) 18,794 5,164 — 18,088 Other comprehensive loss (319 ) 1,497 (2,771 ) — (1,593 ) Total comprehensive (loss) income $ (6,189 ) $ 20,291 $ 2,393 $ — $ 16,495 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Three Months Ended June 30, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 764,895 $ 88,140 $ (20,135 ) $ 832,900 Operating costs and expenses: Cost of sales — 716,921 73,428 (20,135 ) 770,214 Selling, general and administrative 24,560 49,182 7,914 — 81,656 Depreciation and amortization 667 33,917 4,228 — 38,812 Restructuring costs — 4,047 — — 4,047 Loss on divestiture and assets held for sale 4,719 — — — 4,719 29,946 804,067 85,570 (20,135 ) 899,448 Operating (loss) income (29,946 ) (39,172 ) 2,570 — (66,548 ) Intercompany interest and charges (40,219 ) 38,075 2,144 — — Non-service defined benefit income — (16,188 ) (350 ) — (16,538 ) Interest expense and other 23,555 4,018 (2,080 ) — 25,493 (Loss) income before income taxes (13,282 ) (65,077 ) 2,856 — (75,503 ) Income tax expense (benefit) 24,482 (24,351 ) 900 — 1,031 Net (loss) income (37,764 ) (40,726 ) 1,956 — (76,534 ) Other comprehensive loss (1,035 ) (399 ) (14,524 ) — (15,958 ) Total comprehensive loss $ (38,799 ) $ (41,125 ) $ (12,568 ) $ — $ (92,492 ) CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS: Three Months Ended June 30, 2019 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net (loss) income $ (5,870 ) $ 18,794 $ 5,164 $ — $ 18,088 Adjustments to reconcile net income to net cash provided by (used in) operating activities (31,298 ) 6,740 11,488 — (13,070 ) Net cash (used in) provided by operating activities (37,168 ) 25,534 16,652 — 5,018 Capital expenditures (232 ) (6,584 ) (1,274 ) (8,090 ) (Payments on) proceeds from sale of assets (2,794 ) 46 178 — (2,570 ) Net cash (used in) provided by investing activities (3,026 ) (6,538 ) (1,096 ) — (10,660 ) Net increase in revolving credit facility (30,000 ) — — — (30,000 ) Proceeds on issuance of debt — — 5,600 — 5,600 Retirements and repayments of debt (839 ) (1,833 ) (27,900 ) — (30,572 ) Payments of deferred financing costs (104 ) — — — (104 ) Dividends paid (1,998 ) — — — (1,998 ) Repurchase of restricted shares for minimum tax obligation (1,043 ) — — — (1,043 ) Intercompany financing and advances 10,811 (17,582 ) 6,771 — — Net cash used in financing activities (23,173 ) (19,415 ) (15,529 ) — (58,117 ) Effect of exchange rate changes on cash — — (121 ) — (121 ) Net change in cash and cash equivalents (63,367 ) (419 ) (94 ) — (63,880 ) Cash and cash equivalents at beginning of period 70,192 429 22,186 — 92,807 Cash and cash equivalents at end of period $ 6,825 $ 10 $ 22,092 $ — $ 28,927 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS: Three Months Ended June 30, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net (loss) income $ (37,764 ) $ (40,726 ) $ 1,956 $ — $ (76,534 ) Adjustments to reconcile net income to net cash (used in) provided by operating activities 46,831 (76,449 ) 40,941 (503 ) 10,820 Net cash provided by (used in) operating activities 9,067 (117,175 ) 42,897 (503 ) (65,714 ) Capital expenditures (105 ) (10,524 ) (1,571 ) — (12,200 ) Reimbursed capital expenditures — — — — — Proceeds from sale of assets — 118 546 — 664 Net cash used in investing activities (105 ) (10,406 ) (1,025 ) — (11,536 ) Net increase in revolving credit facility 113,186 — — — 113,186 Proceeds on issuance of debt 1,214 632 17,200 — 19,046 Retirements and repayments of debt (365 ) (6,597 ) (46,800 ) — (53,762 ) Payments of deferred financing costs (64 ) — — — (64 ) Dividends paid (1,988 ) — — — (1,988 ) Repurchase of restricted shares for minimum tax obligations (532 ) — — — (532 ) Intercompany financing and advances (120,373 ) 133,966 (14,096 ) 503 — Net cash (used in) provided by financing activities (8,922 ) 128,001 (43,696 ) 503 75,886 Effect of exchange rate changes on cash — — (1,400 ) — (1,400 ) Net change in cash and cash equivalents 40 420 (3,224 ) — (2,764 ) Cash and cash equivalents at beginning of period 44 — 35,775 — 35,819 Cash and cash equivalents at end of period $ 84 $ 420 $ 32,551 $ — $ 33,055 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jun. 30, 2019 | |
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. |
Specific Accounting Policies
Specific Accounting Policies | 3 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Lessee, Leases [Policy Text Block] | Leases The Company leases office space, manufacturing facilities, land, vehicles, and equipment. The Company determines if an agreement is or contains a lease at the lease inception date and recognizes right-of-use assets and lease liabilities at the lease commencement date. A ROU asset and corresponding lease liability are not recorded for leases with an initial term of 12 months or less (short term leases). ROU assets represent the Company's right to use an underlying asset during the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease. The determination of the length of lease terms is affected by options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The existence of significant economic incentive is the primary consideration when assessing whether the Company is reasonably certain of exercising an option in a lease. Both finance and operating lease ROU assets and liabilities are recognized at commencement date and measured as the present value of lease payments to be made over the lease term. As the interest rate implicit in the lease is not readily available for most of the Company's leases, the Company uses its estimated incremental borrowing rate in determining the present value of lease payments. The estimated incremental borrowing rate is derived from information available at the lease commencement date. The lease ROU asset recognized at commencement is adjusted for any lease payments related to initial direct costs, prepayments, and lease incentives. For operating leases, lease expense is recognized on a straight-line basis over the lease term. For finance leases, lease expense comprises the amortization of the ROU assets recognized on a straight-line basis generally over the shorter of the lease term or the estimated useful life of the underlying asset and interest on the lease liability. Variable lease payments not dependent on a rate or index are recognized when the event, activity, or circumstance in the lease agreement upon which those payments are contingent is probable of occurring and are presented in the same line of the consolidated balance sheet as the rent expense arising from fixed payments. The Company has lease agreements with lease and non-lease components. Non-lease components are combined with the related lease components and accounted for as lease components for all classes of underlying assets. |
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 condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. |
Revenue Recognition | Revenue Recognition The Company's revenue is principally from contracts with customers to provide design, development, manufacturing, and support services associated with specific customer programs. The Company regularly enters into long-term master supply agreements that establish general terms and conditions and may define specific program requirements. Many agreements include clauses that provide sole supplier status to the Company for the duration of the program’s life. Purchase orders (or authorizations to proceed) are issued pursuant to the master supply agreements. Additionally, a majority of the Company’s agreements with customers include options for future purchases. Such options primarily reduce the administrative effort of issuing subsequent purchase orders and do not represent material rights granted to customers. The Company generally enters into agreements directly with its customers and is the principal in all current contracts. The identification of a contract with a customer for purposes of accounting and financial reporting requires an evaluation of the terms and conditions of agreements to determine whether presently enforceable rights and obligations exist. Management considers a number of factors when making this evaluation that include, but are not limited to, the nature and substance of the business exchange, the specific contractual terms and conditions, the promised products and services, the termination provisions in the contract, as well as the nature and execution of the customer’s ordering process and how the Company is authorized to perform work. Generally, presently enforceable rights and obligations are not created until a purchase order is issued by a customer for a specified number of units of product or services. Therefore, the issuance of a purchase order is generally the point at which a contract is identified for accounting and financial reporting purposes. Management identifies the promises to the customer. Promises are generally explicitly stated in each contract, but management also evaluates whether any promises are implied based on the terms of the agreement, past business practice, or other facts and circumstances. Each promise is evaluated to determine if it is a performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service. The Company considers a number of factors when determining whether a promise is contractual performance obligation, including whether the customer can benefit from the good or service on its own or together with other resources that are readily available to the customer, whether the Company provides a significant service of integrating goods or services to deliver a combined output to the customer, or whether the goods or services are highly interdependent. The Company’s performance obligations consist of a wide range of engineering design services and manufactured components, as well as spare parts and repairs for original equipment manufacturers (OEMs). The transaction price for a contract reflects the consideration the Company expects to receive for fully satisfying the performance obligations in the contract. Typically, the transaction price consists solely of fixed consideration but may include variable consideration for contractual provisions such as unpriced contract modifications, cost-sharing provisions, and other receipts or payments to customers. The Company identifies and estimates variable consideration, typically at the most likely amount the Company expects to receive from its customers. Variable consideration is only included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized for the contract will not occur, or when the uncertainty associated with the variable consideration is resolved. The Company's contracts with customers generally require payment under normal commercial terms after delivery with payment typically required within 30 to 120 days of delivery. However, a subset of the Company’s current contracts includes significant financing components because the timing of the transfer of the underlying products and services under contract are at the customers’ discretion. For these contracts, the Company adjusts the transaction price to reflect the effects of the time value of money. The Company generally is not subject to collecting sales tax and has made an accounting policy election to exclude from the transaction price any sales and other similar taxes collected from customers. As a result, any such collections are accounted for on a net basis. The total transaction price is allocated to each of the identified performance obligations using the relative stand-alone selling price. The objective of the allocation is to reflect the consideration that the Company expects to receive in exchange for the products or services associated with each performance obligation. Stand-alone selling price is the price at which the Company would sell a promised good or service separately to a customer. Stand-alone selling prices are established at contract inception, and subsequent changes in transaction price are allocated on the same basis as at contract inception. When stand-alone selling prices for the Company’s products and services are not observable, the Company uses either the “Expected Cost Plus a Margin” or "Adjusted Market Assessment" approaches to estimate stand-alone selling price. Expected costs are typically derived from the available periodic forecast information. Revenue is recognized when or as control of promised products or services transfers to a customer and is recognized at the amount allocated to each performance obligation associated with the transferred products or services. Service sales, principally representing repair, maintenance, and engineering activities are recognized over the contractual period or as services are rendered. Sales under long-term contracts with performance obligations satisfied over time are recognized using either an input or output method. The Company recognizes revenue over time as it performs on these contracts because of the continuous transfer of control to the customer as represented by contractual terms that entitle the Company to the reimbursement of costs plus a reasonable profit for work performed to manufacture products for which the Company has no alternate use or for work performed on a customer-owned asset. With control transferring over time, revenue is recognized based on the extent of progress toward completion of the performance obligation. The Company generally uses the cost-to-cost input method of progress for our contracts because it best depicts the transfer of control to the customer that occurs as work progresses. Under the cost-to-cost method, the extent of progress toward completion is measured based on the proportion of costs incurred to date to the total estimated costs at completion of the performance obligation. The Company reviews its cost estimates on significant contracts on a periodic basis, or when circumstances change and warrant a modification to a previous estimate. Cost estimates are largely based on negotiated or estimated purchase contract terms, historical performance trends and other economic projections. Significant factors that influence these estimates include inflationary trends, technical and schedule risk, internal and subcontractor performance trends, business volume assumptions, asset utilization, and anticipated labor agreements. Revenue and cost estimates are regularly monitored and revised based on changes in circumstances. Impacts from changes in estimates of net sales and cost of sales are recognized on a cumulative catch-up basis, which recognizes in the current period the cumulative effect of the changes on current and prior periods based on a performance obligation’s percentage of completion. Forward loss reserves for anticipated losses on long-term contracts are recorded in full when such losses become evident, to the extent required, and are included in contract liabilities on the accompanying consolidated balance sheets. For the three months ended June 30, 2019 , cumulative catch-up adjustments from changes in estimates, including changes in forward loss estimates, decreased net sales, operating income, net income, and earnings per share by approximately $(1,149) , $(4,967) , $(3,924) and $(0.08) , net of tax, respectively. For the three months ended June 30, 2018 , cumulative catch-up adjustments from changes in estimates decreased net sales, operating loss, net loss and loss per share by approximately $(6,423) , $(3,626) , $(3,626) and $(0.07) , net of tax, respectively. These cumulative catch-up adjustments do not include a non-cash charge the Company recorded as a result of the adoption of ASU 2017-07 of $87,241 due to a change in estimate from a change in accounting principles, which is presented on the accompanying consolidated statements of operations within cost of sales. Revenues for performance obligations that are not recognized over time are recognized at the point in time when control transfers to the customer. For performance obligations that are satisfied at a point in time, the Company evaluates the point in time when the customer can direct the use of and obtain the benefits from the products and services. Generally, the shipping terms determine the point in time when control transfers to customers. Shipping and handling activities are not considered performance obligations and related costs are included in cost of sales as incurred. Differences in the timing of revenue recognition and contractual billing and payment terms result in the recognition contract assets and liabilities. Refer to Note 4 for further discussion. The portion of the Company's revenue resulting from transactions other than contracts with customers pertains to the non-cash amortization of acquired contract liabilities that were recognized as fair value adjustments through purchase accounting from various acquisitions. |
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 The Boeing Company ("Boeing") (representing commercial, military and space) represented approximately 14% and 18% of total trade accounts receivable as of June 30, 2019 and March 31, 2019 , respectively. Trade accounts receivable from Gulfstream Aerospace Corporation ("Gulfstream") represented approximately 12% and 11% of total trade accounts receivable as of June 30, 2019 and March 31, 2019 , respectively. Trade accounts receivable from Bombardier Inc. ("Bombardier") represented approximately 13% and 13% as of June 30, 2019 and March 31, 2019 , respectively. The Company had no other concentrations of credit risk of more than 10% . Sales to Boeing for the three months ended June 30, 2019 , were $245,315 , or 34% of net sales, of which $55,785 , $184,282 , and $5,248 were from the Integrated Systems, Aerospace Structures and Product Support, respectively. Sales to Boeing for the three months ended June 30, 2018 , were $274,296 , or 33% of net sales, of which $51,593 , $219,461 and $3,242 were from the Integrated Systems, Aerospace Structures and Product Support, respectively. Sales to Gulfstream for the three months ended June 30, 2019 , were $102,315 , or 14% of net sales, of which $626 , $101,459 , and $230 were from the Integrated Systems, Aerospace Structures and Product Support, respectively. Sales to Gulfstream for the three months ended June 30, 2018 , were $90,771 , or 11% of net sales, of which $595 , $90,128 , and $48 were from the Integrated Systems, Aerospace Structures 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. |
Intangibles policy [Policy Text Block] | Intangible Assets The components of intangible assets, net, are as follows: June 30, 2019 Weighted Average Life Gross Carrying Amount Accumulated Amortization Net Customer relationships 17.7 $ 550,584 $ (253,379 ) $ 297,205 Product rights, technology and licenses 11.4 54,758 (44,512 ) 10,246 Non-compete agreements and other 16.3 2,656 (1,082 ) 1,574 Tradenames 10.0 150,000 (40,531 ) 109,469 Total intangibles, net $ 757,998 $ (339,504 ) $ 418,494 March 31, 2019 Weighted Average Life Gross Carrying Amount Accumulated Amortization Net Customer relationships 17.7 $ 551,093 $ (245,626 ) $ 305,467 Product rights, technology and licenses 11.4 54,850 (43,978 ) 10,872 Non-compete agreements and other 16.7 2,656 (1,041 ) 1,615 Tradenames 10.0 150,000 (37,000 ) 113,000 Total intangibles, net $ 758,599 $ (327,645 ) $ 430,954 Amortization expense for the three months ended June 30, 2019 and 2018 , was $12,083 and $13,233 , respectively. Significant changes in expected cash flows generated by long-lived assets could result in the recognition of impairment losses; no such changes or losses were identified as of June 30, 2019 . |
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 (see Note 3). |
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 twenty years . The warranty reserves as of June 30, 2019 and March 31, 2019 , were $61,035 and $58,395 |
Cash Flow, Supplemental Disclosures [Text Block] | Supplemental Cash Flow Information The Company made income tax payments, net of refunds of $1,280 during the three months ended June 30, 2019 . The Company received income tax refunds, net of payments of $7,715 during the three months ended June 30, 2018 . As of June 30, 2019 , 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. |
BASIS OF PRESENTATION AND ORG_2
BASIS OF PRESENTATION AND ORGANIZATION Description of New Accounting Policies - Adopted | 3 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Standards Recently Implemented In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842) . This ASU requires lessees to recognize most leases on their balance sheets as lease liabilities with corresponding right-of-use ("ROU") assets. The Company adopted the standard as of April 1, 2019, using the modified retrospective approach and applying the standard’s transition provisions at the adoption date. Reporting periods beginning on or after April 1, 2019, are presented in accordance with Accounting Standards Codification ("ASC") 842, Leases . Prior periods have not been adjusted and continue to be reported in accordance with previous accounting standards. We elected the package of practical expedients permitted under the transition guidance, which among other things, allows us to carryforward the historical lease classification. Adoption of the new standard resulted in the recognition of operating lease ROU assets and lease liabilities of $76,444 and $84,663 , respectively, with the difference due to prepaid and deferred rent that were reclassified to the ROU asset value. An adjustment to opening retained earnings of $225 was also recognized. The standard did not materially affect our consolidated net income or cash flows. See Note 5 for further details. In February 2018, the FASB issued ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . This ASU permits a company to reclassify the income tax effects of the 2017 Tax Cuts and Jobs Act (“U.S. tax reform”) on items within AOCI to retained earnings. We adopted the provisions of this ASU in the first quarter of 2018 and elected not to reclassify the income tax effects of U.S. tax reform from items in accumulated other comprehensive income. |
BASIS OF PRESENTATION AND ORG_3
BASIS OF PRESENTATION AND ORGANIZATION Description of New Accounting Policies - Not Yet Adopted | 3 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Standards Issued Not Yet Implemented In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This ASU modifies the measurement of expected credit losses of certain financial instruments. ASU 2016-13 is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. The amendments in this ASU should be applied on a modified retrospective basis to all periods presented. We are currently evaluating the effect that ASU 2016-13 will have on our consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement . This ASU modifies the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. ASU 2018-13 is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods, with early adoption permitted. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. We are currently evaluating the effect that ASU 2018-13 will have on our consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Topic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans , which modifies the disclosure requirements for defined benefit pension plans and other postretirement plans. ASU 2018-14 is effective for annual periods beginning after December 15, 2020, with early adoption permitted. The amendments in this ASU should be applied on a retrospective basis to all periods presented. We are currently evaluating the effect that ASU 2018-14 will have on our consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . This ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). ASU 2018-15 is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods, with early adoption permitted. The amendments in this ASU should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We are currently evaluating the effect that ASU 2018-15 will have on our consolidated financial statements and related disclosures. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Schedule of Intangible Assets (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | The components of intangible assets, net, are as follows: June 30, 2019 Weighted Average Life Gross Carrying Amount Accumulated Amortization Net Customer relationships 17.7 $ 550,584 $ (253,379 ) $ 297,205 Product rights, technology and licenses 11.4 54,758 (44,512 ) 10,246 Non-compete agreements and other 16.3 2,656 (1,082 ) 1,574 Tradenames 10.0 150,000 (40,531 ) 109,469 Total intangibles, net $ 757,998 $ (339,504 ) $ 418,494 March 31, 2019 Weighted Average Life Gross Carrying Amount Accumulated Amortization Net Customer relationships 17.7 $ 551,093 $ (245,626 ) $ 305,467 Product rights, technology and licenses 11.4 54,850 (43,978 ) 10,872 Non-compete agreements and other 16.7 2,656 (1,041 ) 1,615 Tradenames 10.0 150,000 (37,000 ) 113,000 Total intangibles, net $ 758,599 $ (327,645 ) $ 430,954 |
Revenue Recognition and Contr_2
Revenue Recognition and Contracts with Customers Contract Assets and Liabilities (Tables) | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | Total Less than 1-3 years 4-5 years More than 5 Unsatisfied performance obligations $ 4,275,887 $ 2,134,556 $ 1,379,910 $ 309,508 $ 451,913 | |
Disaggregation of Revenue [Table Text Block] | The following table shows disaggregated net sales by end market (excluding intercompany sales) for the three months ended June 30, 2019 : Three Months Ended June 30, 2019 Integrated Systems Aerospace Structures Product Support Total Commercial aerospace $ 128,420 $ 229,640 $ 46,899 $ 404,959 Military 84,065 27,600 11,292 122,957 Business jets 15,707 121,149 440 137,296 Regional 7,322 30,255 3,051 40,628 Non-aviation 7,418 5 29 7,452 Revenue from contracts with customers 242,932 408,649 61,711 713,292 Amortization of acquired contract liabilities 8,125 8,814 — 16,939 Total revenue $ 251,057 $ 417,463 $ 61,711 $ 730,231 Three Months Ended June 30, 2018 Commercial aerospace $ 120,576 $ 282,164 $ 49,468 $ 452,208 Military 82,693 57,922 9,385 150,000 Business jets 12,836 167,447 1,395 181,678 Regional 6,617 6,402 3,918 16,937 Non-aviation 6,815 8,028 — 14,843 Revenue from contracts with customers 229,537 521,963 64,166 815,666 Amortization of acquired contract liabilities 8,849 8,385 — 17,234 Total revenue $ 238,386 $ 530,348 $ 64,166 $ 832,900 | The following table shows disaggregated net sales satisfied overtime and at a point in time (excluding intercompany sales) for the three months ended June 30, 2019 : Three Months Ended June 30, 2019 Integrated Systems Aerospace Structures Product Support Total Satisfied over time $ 72,304 $ 372,237 $ 56,938 $ 501,479 Satisfied at a point in time 170,628 36,412 4,773 211,813 Revenue from contracts with customers 242,932 408,649 61,711 713,292 Amortization of acquired contract liabilities 8,125 8,814 — 16,939 Total revenue $ 251,057 $ 417,463 $ 61,711 $ 730,231 Three Months Ended June 30, 2018 Satisfied over time $ 64,359 $ 453,279 $ 59,425 $ 577,063 Satisfied at a point in time 165,178 68,684 4,741 238,603 Revenue from contracts with customers 229,537 521,963 64,166 815,666 Amortization of acquired contract liabilities 8,849 8,385 — 17,234 Total revenue $ 238,386 $ 530,348 $ 64,166 $ 832,900 |
Contract with Customer, Asset and Liability [Table Text Block] | June 30, 2019 March 31, 2019 Change Contract assets $ 358,497 $ 326,667 $ 31,830 Contract liabilities (450,837 ) (450,051 ) (786 ) Net contract liability $ (92,340 ) $ (123,384 ) $ 31,044 |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Lease, Cost [Abstract] | June 30, 2019 Weighted average remaining lease term (years) Operating leases 7.6 Finance leases 6.5 Weighted average discount rate Operating leases 6.4 % Finance leases 5.6 % |
Leases - Supplemental Cash Flow Information [Table Text Block] | Three Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used in operating leases $ 4,849 Operating cash flows used in finance leases 171 Financing cash flows used in finance leases 2,673 ROU assets obtained in exchange for lease liabilities Operating leases $ 1,831 Finance leases 767 |
Lessee Disclosure [Abstract] | |
Leases - Supplemental Balance Sheet Information [Table Text Block] | Lease cost Financial Statement Classification Three Months Ended June 30, 2019 Operating lease cost Cost of sales or Selling, general and administrative expense $ 6,502 Variable lease cost Cost of sales or Selling, general and administrative expense 1,842 Financing Lease Cost: Amortization of right-of-use assets Depreciation and amortization 1,349 Interest on lease liability Interest expense and other 170 Total lease cost (1) $ 9,863 |
Assets and Liabilities, Lessee [Abstract] | Leases Classification June 30, 2019 Assets Operating lease ROU assets Other, net $ 73,643 Finance lease ROU assets, cost Property and equipment, net 54,216 Accumulated amortization Property and equipment, net (22,532 ) Finance lease ROU assets, net 31,684 Total lease assets $ 105,327 Liabilities Current Operating Accrued expenses $ 15,718 Finance Current portion of long-term debt 8,150 Non-current Operating Other noncurrent liabilities 67,895 Finance Long-term debt, less current portion 21,238 Total lease liabilities $ 113,001 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The maturity of the Company's lease liabilities as of June 30, 2019 , is disclosed in the table below. Operating leases Finance leases Total FY2020 (remaining of year) $ 16,206 $ 7,196 $ 23,402 FY2021 16,451 8,915 25,366 FY2022 14,978 5,911 20,889 FY2023 11,647 2,861 14,508 FY2024 9,023 2,110 11,133 Thereafter 38,100 11,263 49,363 Total lease payments 106,405 38,256 144,661 Less: Imputed interest (22,792 ) (8,868 ) (31,660 ) Total lease liabilities $ 83,613 $ 29,388 $ 113,001 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Preproduction Costs Related to Long Term Supply Arrangements, Costs Capitalized [Line Items] | |
Schedule of components of inventories | June 30, 2019 March 31, 2019 Raw materials $ 38,868 $ 35,883 Work-in-process, including manufactured and purchased components 320,147 277,996 Finished goods 53,643 42,399 Rotable assets 57,790 57,282 Total inventories $ 470,448 $ 413,560 |
LONG-TERM DEBT LONG-TERM DEBT (
LONG-TERM DEBT LONG-TERM DEBT (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Long-term debt | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 30, 2019 March 31, 2019 Revolving line of credit $ 185,000 $ 215,000 Receivable securitization facility 58,400 80,700 Capital leases 29,388 31,292 Senior notes due 2021 375,000 375,000 Senior notes due 2022 300,000 300,000 Senior notes due 2025 500,000 500,000 Less: Debt issuance costs (12,219 ) (13,171 ) 1,435,569 1,488,821 Less: Current portion 8,150 8,201 $ 1,427,419 $ 1,480,620 |
LONG-TERM DEBT Fair Value Measu
LONG-TERM DEBT Fair Value Measurements (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | June 30, 2019 March 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Long-term debt $ 1,435,569 $ 1,430,330 $ 1,488,821 $ 1,568,037 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation between the weighted average outstanding shares used in calculation of basic and diluted earnings per share | Three Months Ended June 30, (in thousands) 2019 2018 Weighted average common shares outstanding – basic 49,854 49,552 Net effect of dilutive stock options and non-vested stock (1) 441 — Weighted average common shares outstanding – diluted 50,295 49,552 |
GOODWILL (Tables)
GOODWILL (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes in the carrying value of goodwill by reportable segment | Integrated Systems Product Support Total Balance, March 31, 2019 $ 517,104 $ 66,121 $ 583,225 Effect of exchange rate changes (1,594 ) — (1,594 ) Balance, June 30, 2019 $ 515,510 $ 66,121 $ 581,631 |
PENSION AND OTHER POSTRETIREM_2
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 2018 Components of net periodic benefit costs: Service cost $ 581 $ 830 Interest cost 18,661 19,921 Expected return on plan assets (35,739 ) (37,107 ) Amortization of prior service credits (278 ) (907 ) Amortization of net loss 5,359 4,180 Net periodic benefit income $ (11,416 ) $ (13,083 ) |
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 June 30, 2019 2018 Components of net periodic benefit costs: Service cost $ 44 $ 57 Interest cost 863 1,010 Amortization of prior service credits (1,164 ) (1,164 ) Amortization of gain (2,442 ) (2,463 ) Net periodic benefit income $ (2,699 ) $ (2,560 ) |
STOCKHOLDERS' EQUITY STOCKHOL_2
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
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 months ended June 30, 2019 and 2018 , 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, March 31, 2019 (48,606 ) (1,130 ) (437,948 ) (487,684 ) AOCI before reclassifications (2,683 ) 95 — (2,588 ) Amounts reclassified from AOCI — (414 ) 1,409 995 Net current period AOCI $ (2,683 ) $ (319 ) $ 1,409 $ (1,593 ) Balance, June 30, 2019 $ (51,289 ) $ (1,449 ) $ (436,539 ) $ (489,277 ) |
SEGMENTS (Tables)
SEGMENTS (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of selected financial information for each reportable segment and the reconciliation of EBITDA to operating income | Three Months Ended June 30, 2019 2018 Net sales: Integrated Systems $ 252,226 $ 241,039 Aerospace Structures 419,178 532,387 Product Support 61,756 66,215 Elimination of inter-segment sales (2,929 ) (6,741 ) $ 730,231 $ 832,900 Income (loss) before income taxes: Operating income (loss): Integrated Systems $ 34,772 $ 35,409 Aerospace Structures 12,283 (79,587 ) Product Support 9,276 7,669 Corporate (18,394 ) (27,577 ) Share-based compensation expense (2,426 ) (2,462 ) 35,511 (66,548 ) Non-service defined benefit income (14,875 ) (16,538 ) Interest expense and other 27,491 25,493 $ 22,895 $ (75,503 ) Depreciation and amortization: Integrated Systems $ 7,067 $ 7,555 Aerospace Structures 35,059 28,920 Product Support 1,090 1,670 Corporate 834 667 $ 44,050 $ 38,812 Amortization of acquired contract liabilities, net: Integrated Systems $ 8,125 $ 8,849 Aerospace Structures 8,814 8,385 $ 16,939 $ 17,234 Adjusted EBITDAP: Integrated Systems $ 33,714 $ 34,115 Aerospace Structures 38,528 28,189 Product Support 10,366 9,339 Corporate & share-based compensation (16,850 ) (24,653 ) $ 65,758 $ 46,990 Capital expenditures: Integrated Systems $ 2,851 $ 1,609 Aerospace Structures 3,973 10,138 Product Support 1,033 348 Corporate 233 105 $ 8,090 $ 12,200 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | June 30, 2019 3/31/2019 Total Assets: Integrated Systems $ 1,259,117 $ 1,215,350 Aerospace Structures 1,239,484 1,257,039 Product Support 273,714 271,813 Corporate 50,951 110,372 $ 2,823,266 $ 2,854,574 |
SELECTED CONSOLIDATING FINANC_2
SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Summary of consolidating balance sheets | SUMMARY CONDENSED CONSOLIDATING BALANCE SHEETS: June 30, 2019 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Current assets: Cash and cash equivalents $ 6,825 $ 10 $ 22,092 $ — $ 28,927 Trade and other receivables, net 11,593 102,306 217,610 — 331,509 Contract assets — 319,742 4,127 — 323,869 Inventories — 389,958 80,490 — 470,448 Prepaid expenses and other 10,485 7,977 5,445 — 23,907 Total current assets 28,903 819,993 329,764 — 1,178,660 Property and equipment, net 11,163 422,697 81,352 — 515,212 Goodwill and other intangible assets, net — 900,689 99,436 — 1,000,125 Other, net 23,079 74,200 31,990 — 129,269 Intercompany investments and advances 1,219,331 150,673 85,836 (1,455,840 ) — Total assets $ 1,282,476 $ 2,368,252 $ 628,378 $ (1,455,840 ) $ 2,823,266 Current liabilities: Current portion of long-term debt $ 2,153 $ 5,997 $ — $ — $ 8,150 Accounts payable 4,648 390,559 31,380 — 426,587 Accrued expenses 49,987 455,749 29,915 — 535,651 Total current liabilities 56,788 852,305 61,295 — 970,388 Long-term debt, less current portion 1,417,595 9,824 — — 1,427,419 Intercompany advances 342,132 1,961,427 350,645 (2,654,204 ) — Accrued pension and other postretirement benefits, noncurrent 6,090 516,826 — — 522,916 Deferred income taxes and other 17,790 408,416 34,256 — 460,462 Total stockholders’ (deficit) equity (557,919 ) (1,380,546 ) 182,182 1,198,364 (557,919 ) Total liabilities and stockholders’ (deficit) equity $ 1,282,476 $ 2,368,252 $ 628,378 $ (1,455,840 ) $ 2,823,266 SUMMARY CONDENSED CONSOLIDATING BALANCE SHEETS: March 31, 2019 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Current assets: Cash and cash equivalents $ 70,192 $ 429 $ 22,186 $ — $ 92,807 Trade and other receivables, net 10,150 123,153 240,287 — 373,590 Contract assets — 322,698 3,969 — 326,667 Inventories — 339,038 74,522 — 413,560 Prepaid expenses and other 22,152 7,611 4,683 — 34,446 Total current assets 102,494 792,929 345,647 — 1,241,070 Property and equipment, net 11,276 449,489 82,945 — 543,710 Goodwill and other intangible assets, net — 912,279 101,900 — 1,014,179 Other, net 14,630 34,664 6,321 — 55,615 Intercompany investments and advances 1,112,100 230,437 88,697 (1,431,234 ) — Total assets $ 1,240,500 $ 2,419,798 $ 625,510 $ (1,431,234 ) $ 2,854,574 Current liabilities: Current portion of long-term debt $ 1,904 $ 6,297 $ — $ — $ 8,201 Accounts payable 6,571 396,542 30,670 — 433,783 Accrued expenses 58,301 445,542 29,448 — 533,291 Total current liabilities 66,776 848,381 60,118 — 975,275 Long-term debt, less current portion 1,469,543 11,077 — — 1,480,620 Intercompany advances 262,718 2,017,003 372,888 (2,652,609 ) — Accrued pension and other postretirement benefits, noncurrent 6,067 534,412 — — 540,479 Deferred income taxes and other 8,709 408,838 13,966 — 431,513 Total stockholders’ (deficit) equity (573,313 ) (1,399,913 ) 178,538 1,221,375 (573,313 ) Total liabilities and stockholders’ (deficit) equity $ 1,240,500 $ 2,419,798 $ 625,510 $ (1,431,234 ) $ 2,854,574 |
Condensed consolidating statements of income | CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Three Months Ended June 30, 2019 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 675,030 $ 75,042 $ (19,841 ) $ 730,231 Operating costs and expenses: Cost of sales — 543,147 58,927 (19,841 ) 582,233 Selling, general and administrative 16,258 39,134 6,945 — 62,337 Depreciation and amortization 834 40,401 2,815 — 44,050 Restructuring costs 540 2,424 — — 2,964 Loss on divestitures 3,136 — — — 3,136 20,768 625,106 68,687 (19,841 ) 694,720 Operating (loss) income (20,768 ) 49,924 6,355 — 35,511 Intercompany interest and charges (35,503 ) 33,754 1,749 — — Non-service defined benefit income — (14,372 ) (503 ) — (14,875 ) Interest expense and other 23,214 5,306 (1,029 ) — 27,491 (Loss) income before income taxes (8,479 ) 25,236 6,138 — 22,895 Income tax (benefit) expense (2,609 ) 6,442 974 — 4,807 Net (loss) income (5,870 ) 18,794 5,164 — 18,088 Other comprehensive loss (319 ) 1,497 (2,771 ) — (1,593 ) Total comprehensive (loss) income $ (6,189 ) $ 20,291 $ 2,393 $ — $ 16,495 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME: For the Three Months Ended June 30, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net sales $ — $ 764,895 $ 88,140 $ (20,135 ) $ 832,900 Operating costs and expenses: Cost of sales — 716,921 73,428 (20,135 ) 770,214 Selling, general and administrative 24,560 49,182 7,914 — 81,656 Depreciation and amortization 667 33,917 4,228 — 38,812 Restructuring costs — 4,047 — — 4,047 Loss on divestiture and assets held for sale 4,719 — — — 4,719 29,946 804,067 85,570 (20,135 ) 899,448 Operating (loss) income (29,946 ) (39,172 ) 2,570 — (66,548 ) Intercompany interest and charges (40,219 ) 38,075 2,144 — — Non-service defined benefit income — (16,188 ) (350 ) — (16,538 ) Interest expense and other 23,555 4,018 (2,080 ) — 25,493 (Loss) income before income taxes (13,282 ) (65,077 ) 2,856 — (75,503 ) Income tax expense (benefit) 24,482 (24,351 ) 900 — 1,031 Net (loss) income (37,764 ) (40,726 ) 1,956 — (76,534 ) Other comprehensive loss (1,035 ) (399 ) (14,524 ) — (15,958 ) Total comprehensive loss $ (38,799 ) $ (41,125 ) $ (12,568 ) $ — $ (92,492 ) |
Condensed consolidating statements of cash flows | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS: Three Months Ended June 30, 2019 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net (loss) income $ (5,870 ) $ 18,794 $ 5,164 $ — $ 18,088 Adjustments to reconcile net income to net cash provided by (used in) operating activities (31,298 ) 6,740 11,488 — (13,070 ) Net cash (used in) provided by operating activities (37,168 ) 25,534 16,652 — 5,018 Capital expenditures (232 ) (6,584 ) (1,274 ) (8,090 ) (Payments on) proceeds from sale of assets (2,794 ) 46 178 — (2,570 ) Net cash (used in) provided by investing activities (3,026 ) (6,538 ) (1,096 ) — (10,660 ) Net increase in revolving credit facility (30,000 ) — — — (30,000 ) Proceeds on issuance of debt — — 5,600 — 5,600 Retirements and repayments of debt (839 ) (1,833 ) (27,900 ) — (30,572 ) Payments of deferred financing costs (104 ) — — — (104 ) Dividends paid (1,998 ) — — — (1,998 ) Repurchase of restricted shares for minimum tax obligation (1,043 ) — — — (1,043 ) Intercompany financing and advances 10,811 (17,582 ) 6,771 — — Net cash used in financing activities (23,173 ) (19,415 ) (15,529 ) — (58,117 ) Effect of exchange rate changes on cash — — (121 ) — (121 ) Net change in cash and cash equivalents (63,367 ) (419 ) (94 ) — (63,880 ) Cash and cash equivalents at beginning of period 70,192 429 22,186 — 92,807 Cash and cash equivalents at end of period $ 6,825 $ 10 $ 22,092 $ — $ 28,927 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS: Three Months Ended June 30, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Total Net (loss) income $ (37,764 ) $ (40,726 ) $ 1,956 $ — $ (76,534 ) Adjustments to reconcile net income to net cash (used in) provided by operating activities 46,831 (76,449 ) 40,941 (503 ) 10,820 Net cash provided by (used in) operating activities 9,067 (117,175 ) 42,897 (503 ) (65,714 ) Capital expenditures (105 ) (10,524 ) (1,571 ) — (12,200 ) Reimbursed capital expenditures — — — — — Proceeds from sale of assets — 118 546 — 664 Net cash used in investing activities (105 ) (10,406 ) (1,025 ) — (11,536 ) Net increase in revolving credit facility 113,186 — — — 113,186 Proceeds on issuance of debt 1,214 632 17,200 — 19,046 Retirements and repayments of debt (365 ) (6,597 ) (46,800 ) — (53,762 ) Payments of deferred financing costs (64 ) — — — (64 ) Dividends paid (1,988 ) — — — (1,988 ) Repurchase of restricted shares for minimum tax obligations (532 ) — — — (532 ) Intercompany financing and advances (120,373 ) 133,966 (14,096 ) 503 — Net cash (used in) provided by financing activities (8,922 ) 128,001 (43,696 ) 503 75,886 Effect of exchange rate changes on cash — — (1,400 ) — (1,400 ) Net change in cash and cash equivalents 40 420 (3,224 ) — (2,764 ) Cash and cash equivalents at beginning of period 44 — 35,775 — 35,819 Cash and cash equivalents at end of period $ 84 $ 420 $ 32,551 $ — $ 33,055 |
RESTRUCTURING COSTS Schedule of
RESTRUCTURING COSTS Schedule of Restructuring Expenses (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | 16. RESTRUCTURING COSTS As disclosed in the Company's Form 10-K for the year ended March 31, 2019 , during the fiscal years ended March 31, 2017 and 2016, the Company committed to restructuring plans involving certain of its businesses, as well as the consolidation of certain of its facilities. With the exception of certain consolidations to be completed in future years, these plans were substantially complete as of March 31, 2019. The Company incurred costs of $2,964 associated with new restructuring plans during the first quarter of fiscal year 2020. These costs, which are being incurred within the Integrated Systems segment, pertain to third-party consulting costs and are estimated to be approximately $8,000 to $10,000 |
BASIS OF PRESENTATION AND ORG_4
BASIS OF PRESENTATION AND ORGANIZATION Adoption of ASC 842 (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Apr. 01, 2019 |
Accounting Changes and Error Corrections [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 73,643 | $ 76,444 |
Operating Lease, Liability | $ 83,613 | 84,663 |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 225 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | |
Concentration of Credit Risk | |||
Revenues | $ 730,231 | $ 832,900 | |
Integrated Systems [Member] | |||
Concentration of Credit Risk | |||
Revenues | 252,226 | 241,039 | |
Aerospace Structures [Member] | |||
Concentration of Credit Risk | |||
Revenues | 419,178 | 532,387 | |
Product Support [Member] | |||
Concentration of Credit Risk | |||
Revenues | $ 61,756 | $ 66,215 | |
Boeing [Member] | Accounts Receivable [Member] | Credit Concentration Risk [Member] | |||
Concentration of Credit Risk | |||
Concentration of Risk, Accounts Receivable, Major Customer | 14.00% | 18.00% | |
Boeing [Member] | Net sales | Product Support [Member] | |||
Concentration of Credit Risk | |||
Revenues | $ 5,248 | ||
Boeing [Member] | Net sales | Credit Concentration Risk [Member] | |||
Concentration of Credit Risk | |||
Concentration Risk, Percentage | 34.00% | 33.00% | |
Revenues | $ 245,315 | $ 274,296 | |
Boeing [Member] | Net sales | Credit Concentration Risk [Member] | Integrated Systems [Member] | |||
Concentration of Credit Risk | |||
Revenues | 55,785 | 51,593 | |
Boeing [Member] | Net sales | Credit Concentration Risk [Member] | Aerospace Structures [Member] | |||
Concentration of Credit Risk | |||
Revenues | $ 184,282 | 219,461 | |
Boeing [Member] | Net sales | Credit Concentration Risk [Member] | Product Support [Member] | |||
Concentration of Credit Risk | |||
Revenues | 3,242 | ||
Gulfstream [Member] | Accounts Receivable [Member] | Credit Concentration Risk [Member] | |||
Concentration of Credit Risk | |||
Concentration of Risk, Accounts Receivable, Major Customer | 12.00% | 11.00% | |
Gulfstream [Member] | Net sales | Product Support [Member] | |||
Concentration of Credit Risk | |||
Revenues | $ 230 | $ 48 | |
Gulfstream [Member] | Net sales | Credit Concentration Risk [Member] | |||
Concentration of Credit Risk | |||
Concentration Risk, Percentage | 14.00% | 11.00% | |
Revenues | $ 102,315 | $ 90,771 | |
Gulfstream [Member] | Net sales | Credit Concentration Risk [Member] | Integrated Systems [Member] | |||
Concentration of Credit Risk | |||
Revenues | 626 | 595 | |
Gulfstream [Member] | Net sales | Credit Concentration Risk [Member] | Aerospace Structures [Member] | |||
Concentration of Credit Risk | |||
Revenues | $ 101,459 | $ 90,128 | |
Bombardier [Member] | Accounts Receivable [Member] | Credit Concentration Risk [Member] | |||
Concentration of Credit Risk | |||
Concentration of Risk, Accounts Receivable, Major Customer | 13.00% | 13.00% |
Intangibles (Details 3)
Intangibles (Details 3) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | |
Intangible Assets | |||
Accumulated Amortization | $ (339,504) | $ (327,645) | |
Total intangibles, gross | 757,998 | 758,599 | |
Total intangibles, net | 418,494 | 430,954 | |
Amortization expense | $ 12,083 | $ 13,233 | |
Customer relationships | |||
Intangible Assets | |||
Weighted-Average Life (in years) | 17 years 8 months 12 days | 17 years 8 months 12 days | |
Gross Carrying Amount | $ 550,584 | 551,093 | |
Accumulated Amortization | (253,379) | (245,626) | |
Finite-lived intangible assets, net | $ 297,205 | 305,467 | |
Product rights and licenses | |||
Intangible Assets | |||
Weighted-Average Life (in years) | 11 years 4 months 24 days | 11 years 4 months 24 days | |
Gross Carrying Amount | $ 54,758 | 54,850 | |
Accumulated Amortization | (44,512) | (43,978) | |
Finite-lived intangible assets, net | $ 10,246 | 10,872 | |
Non-compete agreements and other | |||
Intangible Assets | |||
Weighted-Average Life (in years) | 16 years 3 months 18 days | 16 years 8 months 12 days | |
Gross Carrying Amount | $ 2,656 | 2,656 | |
Accumulated Amortization | (1,082) | (1,041) | |
Finite-lived intangible assets, net | $ 1,574 | 1,615 | |
Tradename | |||
Intangible Assets | |||
Weighted-Average Life (in years) | 10 years | 10 years | |
Gross Carrying Amount | $ 150,000 | 150,000 | |
Accumulated Amortization | (40,531) | (37,000) | |
Finite-lived intangible assets, net | $ 109,469 | $ 113,000 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information (Details 4) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Business Acquisition [Line Items] | ||
Income taxes paid, net of refunds received | $ 1,280 | $ 7,715 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Changes in Accounting Estimates (Details 5) - USD ($) | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue Benchmark [Member] | ||
Change in Accounting Estimate [Line Items] | ||
Change in Accounting Estimate | $ (1,149,000) | $ (6,423,000) |
Operating Income (Loss) [Member] | ||
Change in Accounting Estimate [Line Items] | ||
Change in Accounting Estimate | (4,967,000) | (3,626,000) |
Income, net [Member] | ||
Change in Accounting Estimate [Line Items] | ||
Change in Accounting Estimate | (3,924,000) | (3,626,000) |
Diluted earings per share [Member] | ||
Change in Accounting Estimate [Line Items] | ||
Change in Accounting Estimate | $ (0.08) | (0.07) |
Accounting Standards Update 2017-07 [Member] | ||
Change in Accounting Estimate [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $ 87,241,000 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Product Warranty (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Mar. 31, 2019 | |
Product Warranties [Abstract] | ||
Standard Product Warranty | 3 years | |
Extended Product Warranty | 20 years | |
Product Warranty Accrual | $ 61,035 | $ 58,395 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Share Repurchase (Details) | Jun. 30, 2019shares |
Equity [Abstract] | |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 2,277,789 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Changes in Accounting Estimates (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating Income (Loss) [Member] | ||
Change in Accounting Estimate [Line Items] | ||
Change in Accounting Estimate | $ (4,967,000) | $ (3,626,000) |
Income, net [Member] | ||
Change in Accounting Estimate [Line Items] | ||
Change in Accounting Estimate | (3,924,000) | (3,626,000) |
Diluted earings per share [Member] | ||
Change in Accounting Estimate [Line Items] | ||
Change in Accounting Estimate | (0.08) | (0.07) |
Revenue Benchmark [Member] | ||
Change in Accounting Estimate [Line Items] | ||
Change in Accounting Estimate | $ (1,149,000) | $ (6,423,000) |
DISCONTINUED OPERATIONS AND ASS
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2018 | |
Discontinued operations and assets held for sale | |||||
Gain (Loss) on Disposition of Business | $ (3,136) | $ (4,719) | |||
TS-LA/TPI [Member] | |||||
Discontinued operations and assets held for sale | |||||
Gain (Loss) on Disposition of Business | $ 7,663 | 4,719 | $ 12,382 | ||
Proceeds from Divestiture of Businesses | $ 37,000 | ||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | 7,000 | ||||
Global 7500 [Member] | |||||
Discontinued operations and assets held for sale | |||||
Gain (Loss) on Disposition of Business | 169,000 | ||||
Machining [Member] | |||||
Discontinued operations and assets held for sale | |||||
Gain (Loss) on Disposition of Business | $ 3,000 | 116,000 | |||
Proceeds from Divestiture of Businesses | 43,000 | ||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | $ 10,000 | ||||
Fabrications [Member] | |||||
Discontinued operations and assets held for sale | |||||
Gain (Loss) on Disposition of Business | 54,000 | ||||
Proceeds from Divestiture of Businesses | 133,000 | ||||
NAAS [Member] | |||||
Discontinued operations and assets held for sale | |||||
Proceeds from Divestiture of Businesses | $ 18,000 |
Revenue Recognition and Contr_3
Revenue Recognition and Contracts with Customers Contract with Customer, Asset and Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | |
Contract with Customer, Asset and Liability [Line Items] | |||
Contract with Customer, Current and Noncurrent | $ 358,497 | $ 326,667 | |
Change in Contract with Customer, Asset [Abstract] | |||
Contract with Customer, Liability, Current | (450,837) | (450,051) | |
Change in Contract with Customer, Liability [Abstract] | |||
Contract with Customer, Net Asset (Liability), Current and Noncurrent | 92,340 | 123,384 | |
Contract with Customer, Liability, Revenue Recognized | 28,507 | ||
Contract with Customer, Asset, Net, Noncurrent | 34,628 | 34,185 | |
Contract with Customer, Liability, Noncurrent | 140,852 | $ 156,332 | |
ContractAssetChange [Member] | |||
Change in Contract with Customer, Liability [Abstract] | |||
Change in Accounting Estimate | 31,830 | ||
ContractLiabilitiesChange [Member] | |||
Change in Contract with Customer, Liability [Abstract] | |||
Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Measure of Progress | (786) | ||
NetContractLiabilitiesChange [Member] | |||
Change in Contract with Customer, Liability [Abstract] | |||
Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Measure of Progress | 31,044 | ||
Revenue Benchmark [Member] | |||
Contract with Customer, Asset and Liability [Line Items] | |||
Change in Accounting Estimate | $ (1,149) | $ (6,423) |
Revenue Recognition and Contr_4
Revenue Recognition and Contracts with Customers Contractual Performance Obligations (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 4,275,887 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 2,134,556 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 1,379,910 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 309,508 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 451,913 |
Revenue Recognition and Contr_5
Revenue Recognition and Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | $ 4,275,887 | |
Revenue from Contract with Customer, Excluding Assessed Tax | 713,292 | $ 815,666 |
Amortization of Acquired Contract Liabilities | 16,939 | 17,234 |
Revenues | 730,231 | 832,900 |
Transferred over Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 501,479 | 577,063 |
Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 211,813 | 238,603 |
Integrated Systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 242,932 | 229,537 |
Amortization of Acquired Contract Liabilities | 8,125 | 8,849 |
Revenues | 252,226 | 241,039 |
Integrated Systems [Member] | Transferred over Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 72,304 | 64,359 |
Integrated Systems [Member] | Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 170,628 | 165,178 |
Integrated Systems [Member] | Total - Timing of Transfer [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 251,057 | 238,386 |
Aerospace Structures [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 408,649 | 521,963 |
Amortization of Acquired Contract Liabilities | 8,814 | 8,385 |
Revenues | 419,178 | 532,387 |
Aerospace Structures [Member] | Transferred over Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 372,237 | 453,279 |
Aerospace Structures [Member] | Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 36,412 | 68,684 |
Aerospace Structures [Member] | Total - Timing of Transfer [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 417,463 | 530,348 |
Product Support [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 61,711 | 64,166 |
Amortization of Acquired Contract Liabilities | 0 | 0 |
Revenues | 61,756 | 66,215 |
Product Support [Member] | Transferred over Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 56,938 | 59,425 |
Product Support [Member] | Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,773 | 4,741 |
Product Support [Member] | Total - Timing of Transfer [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 61,711 | 64,166 |
Customer [Domain] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 404,959 | 452,208 |
Customer [Domain] | Integrated Systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 128,420 | 120,576 |
Customer [Domain] | Aerospace Structures [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 229,640 | 282,164 |
Customer [Domain] | Product Support [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 46,899 | 49,468 |
Military [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 122,957 | 150,000 |
Military [Member] | Integrated Systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 84,065 | 82,693 |
Military [Member] | Aerospace Structures [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 27,600 | 57,922 |
Military [Member] | Product Support [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 11,292 | 9,385 |
Business Jet [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 137,296 | 181,678 |
Business Jet [Member] | Integrated Systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 15,707 | 12,836 |
Business Jet [Member] | Aerospace Structures [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 121,149 | 167,447 |
Business Jet [Member] | Product Support [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 440 | 1,395 |
Regional [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 40,628 | 16,937 |
Regional [Member] | Integrated Systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,322 | 6,617 |
Regional [Member] | Aerospace Structures [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 30,255 | 6,402 |
Regional [Member] | Product Support [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,051 | 3,918 |
Nonaviation [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,452 | 14,843 |
Nonaviation [Member] | Integrated Systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,418 | 6,815 |
Nonaviation [Member] | Aerospace Structures [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 5 | 8,028 |
Nonaviation [Member] | Product Support [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 29 | 0 |
Total - Customer [Member] | Integrated Systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 251,057 | 238,386 |
Total - Customer [Member] | Aerospace Structures [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 417,463 | 530,348 |
Total - Customer [Member] | Product Support [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 61,711 | $ 64,166 |
LEASES (Details)
LEASES (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2019 | Apr. 01, 2019 | Mar. 31, 2019 | |
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Weighted Average Remaining Lease Term | 7 years 7 months 6 days | ||
Operating Lease, Right-of-Use Asset | $ 73,643 | $ 76,444 | |
Finance Lease - Right of Use Asset, Gross | 54,216 | ||
Finance Lease, Right-of-Use Asset | (31,684) | ||
Assets and Liabilities, Lessee [Abstract] | 105,327 | ||
Operating Lease, Liability, Current | 15,718 | ||
Current portion of long-term debt | 8,150 | $ 8,201 | |
Operating Lease, Payments | 4,849 | ||
Finance Lease, Interest Payment on Liability | 171 | ||
Finance Lease, Principal Payments | 2,673 | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 1,831 | ||
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 767 | ||
Operating Lease, Liability, Noncurrent | 67,895 | ||
Finance Lease, Liability, Noncurrent | 21,238 | ||
Total Lease Liabilities | $ 113,001 | ||
Finance Lease, Weighted Average Remaining Lease Term | 6 years 6 months | ||
Operating Lease, Weighted Average Discount Rate, Percent | 6.40% | ||
Finance Lease, Weighted Average Discount Rate, Percent | 5.60% | ||
Operating Lease, Cost | $ 6,502 | ||
Variable Lease, Cost | 1,842 | ||
Finance Lease, Right-of-Use Asset, Amortization | 1,349 | ||
Finance Lease, Interest Expense | 170 | ||
Lease, Cost | 9,863 | ||
Finance Lease Right of Use Asset Accumulated Amortization [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Finance Lease, Right-of-Use Asset | $ (22,532) |
LEASES Lease Maturity Table (De
LEASES Lease Maturity Table (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Apr. 01, 2019 |
Leases [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 16,206 | |
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 7,196 | |
Total Lease Payments - Remainder of Fiscal Year | 23,402 | |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 16,451 | |
Finance Lease, Liability, Payments, Due Year Two | 8,915 | |
Total Lease Payments - Due Year 2 | 25,366 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 14,978 | |
Finance Lease, Liability, Payments, Due Year Three | 5,911 | |
Total Lease Payments - Due Year 3 | 20,889 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 11,647 | |
Finance Lease, Liability, Payments, Due Year Four | 2,861 | |
Total Lease Payments - Due Year 4 | 14,508 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 9,023 | |
Finance Lease, Liability, Payments, Due Year Five | 2,110 | |
Total Lease Payments - Due Year 5 | 11,133 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 38,100 | |
Finance Lease, Liability, Payments, Due after Year Five | 11,263 | |
Total Lease Payments - Due After Year 5 | 49,363 | |
Lessee, Operating Lease, Liability, Payments, Due | 106,405 | |
Finance Lease, Liability, Payment, Due | 38,256 | |
Total Lease Payments - Due | 144,661 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (22,792) | |
Finance Lease, Liability, Undiscounted Excess Amount | (8,868) | |
Total Lease Payments - Undiscounted Excess | (31,660) | |
Operating Lease, Liability | 83,613 | $ 84,663 |
Finance Lease, Liability | 29,388 | |
Total Lease Liability | $ 113,001 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 |
Inventory [Line Items] | ||
Raw materials | $ 38,868 | $ 35,883 |
Work-in-process | 320,147 | 277,996 |
Finished goods | 53,643 | 42,399 |
Rotable Assets | 57,790 | 57,282 |
Total inventories | $ 470,448 | $ 413,560 |
LONG-TERM DEBT, BY TYPE (Detail
LONG-TERM DEBT, BY TYPE (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | |
Long-term debt | |||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | $ 12,896 | $ 12,734 | |
Unamortized Debt Issuance Expense | (12,219) | $ (13,171) | |
Long-term debt | 1,435,569 | 1,488,821 | |
Less current portion | 8,150 | 8,201 | |
Long-term debt, less current portion | 1,427,419 | 1,480,620 | |
Payments of Financing Costs | 104 | $ 64 | |
Revolving credit facility | |||
Long-term debt | |||
Line of Credit Facility, Maximum Borrowing Capacity | 700,000 | 700,000 | |
Long-term debt | 185,000 | 215,000 | |
Payments of Financing Costs | 1,694 | ||
Asset-backed Securities [Member] | |||
Long-term debt | |||
Line of Credit Facility, Maximum Borrowing Capacity | 125,000 | 225,000 | |
Long-term debt | 58,400 | 80,700 | |
Capital Lease Obligations [Member] | |||
Long-term debt | |||
Long-term debt | 29,388 | 31,292 | |
Senior notes due 2021 [Member] | |||
Long-term debt | |||
Long-term debt | $ 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 | |
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 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.75% |
LONG-TERM DEBT (Details 2)
LONG-TERM DEBT (Details 2) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | |
Long-term debt | |||
Payments of Financing Costs | $ 104 | $ 64 | |
Outstanding borrowing amount | 1,435,569 | $ 1,488,821 | |
Senior Notes Due 2025 [Member] | |||
Long-term debt | |||
Outstanding borrowing amount | 500,000 | 500,000 | |
Revolving credit facility | |||
Long-term debt | |||
Line of Credit Facility, Maximum Borrowing Capacity | 700,000 | 700,000 | |
Payments of Financing Costs | 1,694 | ||
Outstanding borrowing amount | 185,000 | 215,000 | |
Letters of Credit Outstanding, Amount | 23,897 | 30,773 | |
Borrowing capacity under revolving credit facility after reductions for borrowings and letters of credit outstanding | 491,103 | ||
Asset-backed Securities [Member] | |||
Long-term debt | |||
Line of Credit Facility, Maximum Borrowing Capacity | 125,000 | 225,000 | |
Outstanding borrowing amount | $ 58,400 | 80,700 | |
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 | $ 29,388 | 31,292 | |
Senior notes due 2021 [Member] | |||
Long-term debt | |||
Debt instrument principal amount | 375,000 | ||
Outstanding borrowing amount | $ 375,000 | $ 375,000 | |
Maximum [Member] | Revolving credit facility | |||
Long-term debt | |||
Commitment fees (as a percent) | 0.50% |
LONG-TERM DEBT (Details 3)
LONG-TERM DEBT (Details 3) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Long-term debt | ||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | $ 12,896 | $ 12,734 | ||
Payments of Financing Costs | 104 | $ 64 | ||
Long-term debt | 1,435,569 | $ 1,488,821 | ||
Revolving credit facility | ||||
Long-term debt | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 700,000 | 700,000 | ||
Payments of Financing Costs | 1,694 | |||
Deferred Finance Costs, Noncurrent, Net | $ 8,961 | |||
Letters of Credit Outstanding, Amount | 23,897 | 30,773 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 491,103 | |||
Long-term debt | 185,000 | 215,000 | ||
Asset-backed Securities [Member] | ||||
Long-term debt | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 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 | $ 58,400 | 80,700 | ||
Equipment leasing facility and other capital leases | ||||
Long-term debt | ||||
Long-term debt | $ 29,388 | 31,292 | ||
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 | ||
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 | ||
Senior Notes Due 2025 [Member] | ||||
Long-term debt | ||||
Debt instrument interest rate stated percentage (as a percent) | 7.75% | |||
Long-term debt | $ 500,000 | 500,000 | ||
Estimate of Fair Value Measurement [Member] | ||||
Long-term debt | ||||
Long-term debt | 1,430,330 | 1,568,037 | ||
Reported Value Measurement [Member] | ||||
Long-term debt | ||||
Long-term debt | $ 1,435,569 | $ 1,488,821 | ||
Maximum [Member] | Revolving credit facility | ||||
Long-term debt | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | |||
LIBOR | Minimum [Member] | Revolving credit facility | ||||
Long-term debt | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||
LIBOR | Maximum [Member] | Revolving credit facility | ||||
Long-term debt | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - shares | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 7 | 206 |
Weighted-average common shares outstanding-basic (in shares) | 49,854,000 | 49,552,000 |
Net effect of dilutive stock options (in shares) | 441,000 | 0 |
Weighted average common shares outstanding - diluted (in shares) | 50,295,000 | 49,552,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2019USD ($)jurisdiction | Jun. 30, 2018 | Mar. 31, 2019USD ($) | |
Income Tax Provision [Line Items] | |||
Total amount of unrecognized tax benefits | $ | $ 19,346 | $ 19,152 | |
Effective income tax rate (as a percent) | 21.00% | (1.40%) | |
State and Local Jurisdiction [Member] | |||
Income Tax Provision [Line Items] | |||
Income Tax Examination, Description | jurisdiction | 1 |
GOODWILL (Details)
GOODWILL (Details) $ in Thousands | 3 Months Ended |
Jun. 30, 2019USD ($) | |
Changes in the carrying value of goodwill | |
Balance at the beginning of the period | $ 583,225 |
Effect of exchange rate changes and other | (1,594) |
Balance at the end of the period | 581,631 |
Integrated Systems [Member] | |
Changes in the carrying value of goodwill | |
Balance at the beginning of the period | 517,104 |
Effect of exchange rate changes and other | (1,594) |
Balance at the end of the period | 515,510 |
Aerospace Structures [Member] | |
Changes in the carrying value of goodwill | |
Goodwill, Impaired, Accumulated Impairment Loss | 1,246,454 |
Product Support [Member] | |
Changes in the carrying value of goodwill | |
Balance at the beginning of the period | 66,121 |
Effect of exchange rate changes and other | 0 |
Balance at the end of the period | $ 66,121 |
PENSION AND OTHER POSTRETIREM_3
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Pension Plan [Member] | ||
Components of net periodic benefit costs: | ||
Service cost | $ 581 | $ 830 |
Interest cost | 18,661 | 19,921 |
Expected return on plan assets | (35,739) | (37,107) |
Amortization of prior service costs | (278) | (907) |
Defined Benefit Plan, Amortization of Gain (Loss) | 5,359 | 4,180 |
Net periodic benefit cost | (11,416) | (13,083) |
Other postretirement | ||
Components of net periodic benefit costs: | ||
Service cost | 44 | 57 |
Interest cost | 863 | 1,010 |
Amortization of prior service costs | (1,164) | (1,164) |
Defined Benefit Plan, Amortization of Gain (Loss) | (2,442) | (2,463) |
Net periodic benefit cost | $ (2,699) | $ (2,560) |
STOCKHOLDERS' EQUITY STOCKHOL_3
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (489,277) | $ (383,828) | $ (487,684) | $ (367,870) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (2,683) | (14,524) | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 95 | (965) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (2,588) | (15,489) | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 0 | 0 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (414) | (70) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 995 | (469) | ||
Other Comprehensive Income (Loss), Net of Tax | (1,593) | (15,958) | ||
Accumulated Translation Adjustment [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), before Tax | (51,289) | (73,207) | (48,606) | (58,683) |
Other Comprehensive Income (Loss), Net of Tax | (2,683) | (14,524) | ||
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 Income (Loss), Net of Tax | (1,449) | (913) | (1,130) | 122 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 95 | (965) | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (414) | (70) | ||
Other Comprehensive Income (Loss), Net of Tax | (319) | (1,035) | ||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (436,539) | (309,708) | $ (437,948) | $ (309,309) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1,409 | (399) | ||
Other Comprehensive Income (Loss), Net of Tax | $ 1,409 | $ (399) |
SEGMENTS (Details)
SEGMENTS (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | |
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||
Costs and Expenses | $ 694,720 | $ 899,448 | |
Gain (Loss) on Disposition of Business | (3,136) | (4,719) | |
Operating Income (Loss) | 35,511 | (66,548) | |
Employee Benefits and Share-based Compensation | (2,426) | (2,462) | |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | (14,875) | (16,538) | |
Interest expense and other | 27,491 | 25,493 | |
Income (loss) from continuing operations before income taxes | 22,895 | (75,503) | |
Depreciation and amortization | 44,050 | 38,812 | |
Amortization of Acquired Contract Liabilities | 16,939 | 17,234 | |
EBITDA | 65,758 | 46,990 | |
Capital expenditures | 8,090 | 12,200 | |
Total assets | 2,823,266 | $ 2,854,574 | |
Revenues | 730,231 | 832,900 | |
Integrated Systems [Member] | |||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||
Operating Income (Loss) | 34,772 | 35,409 | |
Depreciation and amortization | 7,067 | 7,555 | |
Amortization of Acquired Contract Liabilities | 8,125 | 8,849 | |
EBITDA | 33,714 | 34,115 | |
Capital expenditures | 2,851 | 1,609 | |
Total assets | 1,259,117 | 1,215,350 | |
Revenues | 252,226 | 241,039 | |
Aerospace Structures [Member] | |||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||
Operating Income (Loss) | 12,283 | (79,587) | |
Depreciation and amortization | 35,059 | 28,920 | |
Amortization of Acquired Contract Liabilities | 8,814 | 8,385 | |
EBITDA | 38,528 | 28,189 | |
Capital expenditures | 3,973 | 10,138 | |
Total assets | 1,239,484 | 1,257,039 | |
Revenues | 419,178 | 532,387 | |
Product Support [Member] | |||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||
Operating Income (Loss) | 9,276 | 7,669 | |
Depreciation and amortization | 1,090 | 1,670 | |
Amortization of Acquired Contract Liabilities | 0 | 0 | |
EBITDA | 10,366 | 9,339 | |
Capital expenditures | 1,033 | 348 | |
Total assets | 273,714 | 271,813 | |
Revenues | 61,756 | 66,215 | |
Elimination of inter-segment sales | |||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||
Revenues | (2,929) | (6,741) | |
Corporate | |||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||
Operating Income (Loss) | (18,394) | (27,577) | |
Depreciation and amortization | 834 | 667 | |
EBITDA | (16,850) | (24,653) | |
Capital expenditures | 233 | 105 | |
Total assets | 50,951 | 110,372 | |
Guarantor Subsidiaries [Member] | |||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||
Costs and Expenses | 625,106 | 804,067 | |
Gain (Loss) on Disposition of Business | 0 | 0 | |
Operating Income (Loss) | 49,924 | (39,172) | |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | (14,372) | (16,188) | |
Interest expense and other | 5,306 | 4,018 | |
Income (loss) from continuing operations before income taxes | 25,236 | (65,077) | |
Depreciation and amortization | 40,401 | 33,917 | |
Capital expenditures | 6,584 | 10,524 | |
Total assets | 2,368,252 | $ 2,419,798 | |
Revenues | 675,030 | 764,895 | |
Accounting Standards Update 2017-07 [Member] | |||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | 87,241 | ||
Non-US [Member] | |||
Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||
Revenues | $ 175,340 | $ 226,571 |
SELECTED CONSOLIDATING FINANC_3
SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS - Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 |
Consolidating Financial Statements, Captions | ||||
Cash and cash equivalents | $ 28,927 | $ 92,807 | $ 33,055 | $ 35,819 |
Trade and other receivables, net | 331,509 | 373,590 | ||
Contract with Customer, Asset, Net, Current | 323,869 | 326,667 | ||
Inventory, Net | 470,448 | 413,560 | ||
Prepaid and other current assets | 23,907 | 34,446 | ||
Total current assets | 1,178,660 | 1,241,070 | ||
Property and equipment, net | 515,212 | 543,710 | ||
Goodwill and other intangible assets, net | 1,000,125 | 1,014,179 | ||
Other, net | 129,269 | 55,615 | ||
Intercompany investments and advances | 0 | 0 | ||
Total assets | 2,823,266 | 2,854,574 | ||
Current liabilities: | ||||
Current portion of long-term debt | 8,150 | 8,201 | ||
Accounts payable | 426,587 | 433,783 | ||
Accrued expenses | 225,666 | 239,572 | ||
Accrued Liabilities and Other Liabilities | 535,651 | 533,291 | ||
Total current liabilities | 970,388 | 975,275 | ||
Long-term debt, less current portion | 1,427,419 | 1,480,620 | ||
Intercompany advances | 0 | 0 | ||
Accrued pension and other postretirement benefits, noncurrent | 522,916 | 540,479 | ||
Deferred income taxes and other | 460,462 | 431,513 | ||
Total stockholders’ equity | (557,919) | (573,313) | (226,581) | 450,534 |
Total liabilities and stockholders' equity | 2,823,266 | 2,854,574 | ||
Rotable Assets | 57,790 | 57,282 | ||
Consolidation, Eliminations [Member] | ||||
Consolidating Financial Statements, Captions | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Trade and other receivables, net | 0 | 0 | ||
Contract with Customer, Asset, Net, Current | 0 | 0 | ||
Inventory, Net | 0 | 0 | ||
Prepaid and other current assets | 0 | 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 | (1,455,840) | (1,431,234) | ||
Total assets | (1,455,840) | (1,431,234) | ||
Current liabilities: | ||||
Current portion of long-term debt | 0 | 0 | ||
Accounts payable | 0 | 0 | ||
Accrued Liabilities and Other Liabilities | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Long-term debt, less current portion | 0 | 0 | ||
Intercompany advances | (2,654,204) | (2,652,609) | ||
Accrued pension and other postretirement benefits, noncurrent | 0 | 0 | ||
Deferred income taxes and other | 0 | 0 | ||
Total stockholders’ equity | 1,198,364 | 1,221,375 | ||
Total liabilities and stockholders' equity | (1,455,840) | (1,431,234) | ||
Parent | ||||
Consolidating Financial Statements, Captions | ||||
Cash and cash equivalents | 6,825 | 70,192 | 84 | 44 |
Trade and other receivables, net | 11,593 | 10,150 | ||
Contract with Customer, Asset, Net, Current | 0 | 0 | ||
Inventory, Net | 0 | 0 | ||
Prepaid and other current assets | 10,485 | 22,152 | ||
Total current assets | 28,903 | 102,494 | ||
Property and equipment, net | 11,163 | 11,276 | ||
Goodwill and other intangible assets, net | 0 | 0 | ||
Other, net | 23,079 | 14,630 | ||
Intercompany investments and advances | 1,219,331 | 1,112,100 | ||
Total assets | 1,282,476 | 1,240,500 | ||
Current liabilities: | ||||
Current portion of long-term debt | 2,153 | 1,904 | ||
Accounts payable | 4,648 | 6,571 | ||
Accrued Liabilities and Other Liabilities | 49,987 | 58,301 | ||
Total current liabilities | 56,788 | 66,776 | ||
Long-term debt, less current portion | 1,417,595 | 1,469,543 | ||
Intercompany advances | 342,132 | 262,718 | ||
Accrued pension and other postretirement benefits, noncurrent | 6,090 | 6,067 | ||
Deferred income taxes and other | 17,790 | 8,709 | ||
Total stockholders’ equity | (557,919) | (573,313) | ||
Total liabilities and stockholders' equity | 1,282,476 | 1,240,500 | ||
Guarantor Subsidiaries [Member] | ||||
Consolidating Financial Statements, Captions | ||||
Cash and cash equivalents | 10 | 429 | 420 | 0 |
Trade and other receivables, net | 102,306 | 123,153 | ||
Contract with Customer, Asset, Net, Current | 319,742 | 322,698 | ||
Inventory, Net | 389,958 | 339,038 | ||
Prepaid and other current assets | 7,977 | 7,611 | ||
Total current assets | 819,993 | 792,929 | ||
Property and equipment, net | 422,697 | 449,489 | ||
Goodwill and other intangible assets, net | 900,689 | 912,279 | ||
Other, net | 74,200 | 34,664 | ||
Intercompany investments and advances | 150,673 | 230,437 | ||
Total assets | 2,368,252 | 2,419,798 | ||
Current liabilities: | ||||
Current portion of long-term debt | 5,997 | 6,297 | ||
Accounts payable | 390,559 | 396,542 | ||
Accrued Liabilities and Other Liabilities | 455,749 | 445,542 | ||
Total current liabilities | 852,305 | 848,381 | ||
Long-term debt, less current portion | 9,824 | 11,077 | ||
Intercompany advances | 1,961,427 | 2,017,003 | ||
Accrued pension and other postretirement benefits, noncurrent | 516,826 | 534,412 | ||
Deferred income taxes and other | 408,416 | 408,838 | ||
Total stockholders’ equity | (1,380,546) | (1,399,913) | ||
Total liabilities and stockholders' equity | 2,368,252 | 2,419,798 | ||
Non-Guarantor Subsidiaries | ||||
Consolidating Financial Statements, Captions | ||||
Cash and cash equivalents | 22,092 | 22,186 | $ 32,551 | $ 35,775 |
Trade and other receivables, net | 217,610 | 240,287 | ||
Contract with Customer, Asset, Net, Current | 4,127 | 3,969 | ||
Inventory, Net | 80,490 | 74,522 | ||
Prepaid and other current assets | 5,445 | 4,683 | ||
Total current assets | 329,764 | 345,647 | ||
Property and equipment, net | 81,352 | 82,945 | ||
Goodwill and other intangible assets, net | 99,436 | 101,900 | ||
Other, net | 31,990 | 6,321 | ||
Intercompany investments and advances | 85,836 | 88,697 | ||
Total assets | 628,378 | 625,510 | ||
Current liabilities: | ||||
Current portion of long-term debt | 0 | 0 | ||
Accounts payable | 31,380 | 30,670 | ||
Accrued Liabilities and Other Liabilities | 29,915 | 29,448 | ||
Total current liabilities | 61,295 | 60,118 | ||
Long-term debt, less current portion | 0 | 0 | ||
Intercompany advances | 350,645 | 372,888 | ||
Accrued pension and other postretirement benefits, noncurrent | 0 | 0 | ||
Deferred income taxes and other | 34,256 | 13,966 | ||
Total stockholders’ equity | 182,182 | 178,538 | ||
Total liabilities and stockholders' equity | $ 628,378 | $ 625,510 |
SELECTED CONSOLIDATING FINANC_4
SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Consolidating Financial Statements, Captions | ||
Revenues | $ 730,231 | $ 832,900 |
Cost of Goods and Services Sold | 582,233 | 770,214 |
Selling, General and Administrative Expense | 62,337 | 81,656 |
Depreciation and amortization | 44,050 | 38,812 |
Restructuring Charges | 2,964 | 4,047 |
Gain (Loss) on Disposition of Business | 3,136 | 4,719 |
Operating Income (Loss) | 694,720 | 899,448 |
Operating Income (Loss) | 35,511 | (66,548) |
Intercompany Interest and Charges | 0 | 0 |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | (14,875) | (16,538) |
Interest expense and other | 27,491 | 25,493 |
Income (loss) from continuing operations before income taxes | 22,895 | (75,503) |
Income tax expense (benefit) | 4,807 | 1,031 |
Net Income (Loss) Attributable to Parent | 18,088 | (76,534) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (1,593) | (15,958) |
Total comprehensive income | 16,495 | (92,492) |
Consolidation, Eliminations [Member] | ||
Consolidating Financial Statements, Captions | ||
Revenues | (19,841) | (20,135) |
Cost of Goods and Services Sold | (19,841) | (20,135) |
Selling, General and Administrative Expense | 0 | 0 |
Depreciation and amortization | 0 | 0 |
Restructuring Charges | 0 | 0 |
Gain (Loss) on Disposition of Business | 0 | 0 |
Operating Income (Loss) | (19,841) | (20,135) |
Operating Income (Loss) | 0 | 0 |
Intercompany Interest and Charges | 0 | 0 |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | 0 | 0 |
Interest expense and other | 0 | 0 |
Income (loss) from continuing operations before income taxes | 0 | 0 |
Income tax expense (benefit) | 0 | 0 |
Net Income (Loss) Attributable to Parent | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0 | 0 |
Total comprehensive income | 0 | 0 |
Parent | ||
Consolidating Financial Statements, Captions | ||
Revenues | 0 | 0 |
Cost of Goods and Services Sold | 0 | 0 |
Selling, General and Administrative Expense | 16,258 | 24,560 |
Depreciation and amortization | 834 | 667 |
Restructuring Charges | 540 | 0 |
Gain (Loss) on Disposition of Business | 3,136 | 4,719 |
Operating Income (Loss) | 20,768 | 29,946 |
Operating Income (Loss) | (20,768) | (29,946) |
Intercompany Interest and Charges | (35,503) | (40,219) |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | 0 | 0 |
Interest expense and other | 23,214 | 23,555 |
Income (loss) from continuing operations before income taxes | (8,479) | (13,282) |
Income tax expense (benefit) | (2,609) | 24,482 |
Net Income (Loss) Attributable to Parent | (5,870) | (37,764) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (319) | (1,035) |
Total comprehensive income | (6,189) | (38,799) |
Guarantor Subsidiaries [Member] | ||
Consolidating Financial Statements, Captions | ||
Revenues | 675,030 | 764,895 |
Cost of Goods and Services Sold | 543,147 | 716,921 |
Selling, General and Administrative Expense | 39,134 | 49,182 |
Depreciation and amortization | 40,401 | 33,917 |
Restructuring Charges | 2,424 | 4,047 |
Gain (Loss) on Disposition of Business | 0 | 0 |
Operating Income (Loss) | 625,106 | 804,067 |
Operating Income (Loss) | 49,924 | (39,172) |
Intercompany Interest and Charges | 33,754 | 38,075 |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | (14,372) | (16,188) |
Interest expense and other | 5,306 | 4,018 |
Income (loss) from continuing operations before income taxes | 25,236 | (65,077) |
Income tax expense (benefit) | 6,442 | (24,351) |
Net Income (Loss) Attributable to Parent | 18,794 | (40,726) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 1,497 | (399) |
Total comprehensive income | 20,291 | (41,125) |
Non-Guarantor Subsidiaries | ||
Consolidating Financial Statements, Captions | ||
Revenues | 75,042 | 88,140 |
Cost of Goods and Services Sold | 58,927 | 73,428 |
Selling, General and Administrative Expense | 6,945 | 7,914 |
Depreciation and amortization | 2,815 | 4,228 |
Restructuring Charges | 0 | 0 |
Gain (Loss) on Disposition of Business | 0 | 0 |
Operating Income (Loss) | 68,687 | 85,570 |
Operating Income (Loss) | 6,355 | 2,570 |
Intercompany Interest and Charges | 1,749 | 2,144 |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | (503) | (350) |
Interest expense and other | (1,029) | (2,080) |
Income (loss) from continuing operations before income taxes | 6,138 | 2,856 |
Income tax expense (benefit) | 974 | 900 |
Net Income (Loss) Attributable to Parent | 5,164 | 1,956 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (2,771) | (14,524) |
Total comprehensive income | $ 2,393 | $ (12,568) |
SELECTED CONSOLIDATING FINANC_5
SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Details 3) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Consolidating Financial Statements, Captions | ||||
Net Income (Loss) Attributable to Parent | $ 18,088 | $ (76,534) | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | (13,070) | 10,820 | ||
Net cash provided by (used in) operating activities | 5,018 | (65,714) | ||
Capital expenditures | (8,090) | (12,200) | ||
Proceeds from Divestiture of Businesses and Interests in Affiliates | 2,570 | (664) | ||
Proceeds from sale of assets | 664 | |||
Net cash used in investing activities | (10,660) | (11,536) | ||
Net increase in revolving credit facility | 30,000 | (113,186) | ||
Proceeds from issuance of long-term debt and capital leases | 5,600 | 19,046 | ||
Retirements and repayments of debt | 30,572 | 53,762 | ||
Payments of Financing Costs | 104 | 64 | ||
Dividends paid | 1,998 | 1,988 | ||
Repurchase of restricted shares for minimum tax obligation | (1,043) | (532) | ||
Intercompany financing and advances | 0 | 0 | ||
Net cash (used in) provided by financing activities | (58,117) | 75,886 | ||
Effect of exchange rate changes on cash | (121) | (1,400) | ||
Net change in cash and cash equivalents | (63,880) | (2,764) | ||
Cash and cash equivalents | 28,927 | 33,055 | $ 92,807 | $ 35,819 |
Consolidation, Eliminations [Member] | ||||
Consolidating Financial Statements, Captions | ||||
Net Income (Loss) Attributable to Parent | 0 | 0 | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | 0 | (503) | ||
Net cash provided by (used in) operating activities | 0 | (503) | ||
Capital expenditures | 0 | |||
Proceeds from Divestiture of Businesses and Interests in Affiliates | 0 | |||
Proceeds from sale of assets | 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 | ||
Repurchase of restricted shares for minimum tax obligation | 0 | 0 | ||
Intercompany financing and advances | 0 | 503 | ||
Net cash (used in) provided by financing activities | 0 | 503 | ||
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 |
Parent | ||||
Consolidating Financial Statements, Captions | ||||
Net Income (Loss) Attributable to Parent | (5,870) | (37,764) | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | (31,298) | 46,831 | ||
Net cash provided by (used in) operating activities | (37,168) | 9,067 | ||
Capital expenditures | (232) | (105) | ||
Proceeds from Divestiture of Businesses and Interests in Affiliates | 2,794 | |||
Proceeds from sale of assets | 0 | |||
Net cash used in investing activities | (3,026) | (105) | ||
Net increase in revolving credit facility | 30,000 | (113,186) | ||
Proceeds from issuance of long-term debt and capital leases | 0 | 1,214 | ||
Retirements and repayments of debt | 839 | 365 | ||
Payments of Financing Costs | 104 | 64 | ||
Dividends paid | 1,998 | 1,988 | ||
Repurchase of restricted shares for minimum tax obligation | (1,043) | (532) | ||
Intercompany financing and advances | 10,811 | (120,373) | ||
Net cash (used in) provided by financing activities | (23,173) | (8,922) | ||
Effect of exchange rate changes on cash | 0 | 0 | ||
Net change in cash and cash equivalents | (63,367) | 40 | ||
Cash and cash equivalents | 6,825 | 84 | 70,192 | 44 |
Guarantor Subsidiaries [Member] | ||||
Consolidating Financial Statements, Captions | ||||
Net Income (Loss) Attributable to Parent | 18,794 | (40,726) | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | 6,740 | (76,449) | ||
Net cash provided by (used in) operating activities | 25,534 | (117,175) | ||
Capital expenditures | (6,584) | (10,524) | ||
Proceeds from Divestiture of Businesses and Interests in Affiliates | (46) | |||
Proceeds from sale of assets | 118 | |||
Net cash used in investing activities | (6,538) | (10,406) | ||
Net increase in revolving credit facility | 0 | 0 | ||
Proceeds from issuance of long-term debt and capital leases | 0 | 632 | ||
Retirements and repayments of debt | 1,833 | 6,597 | ||
Payments of Financing Costs | 0 | 0 | ||
Dividends paid | 0 | 0 | ||
Repurchase of restricted shares for minimum tax obligation | 0 | 0 | ||
Intercompany financing and advances | (17,582) | 133,966 | ||
Net cash (used in) provided by financing activities | (19,415) | 128,001 | ||
Effect of exchange rate changes on cash | 0 | 0 | ||
Net change in cash and cash equivalents | (419) | 420 | ||
Cash and cash equivalents | 10 | 420 | 429 | 0 |
Non-Guarantor Subsidiaries | ||||
Consolidating Financial Statements, Captions | ||||
Net Income (Loss) Attributable to Parent | 5,164 | 1,956 | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | 11,488 | 40,941 | ||
Net cash provided by (used in) operating activities | 16,652 | 42,897 | ||
Capital expenditures | (1,274) | (1,571) | ||
Proceeds from Divestiture of Businesses and Interests in Affiliates | (178) | |||
Proceeds from sale of assets | 546 | |||
Net cash used in investing activities | (1,096) | (1,025) | ||
Net increase in revolving credit facility | 0 | 0 | ||
Proceeds from issuance of long-term debt and capital leases | 5,600 | 17,200 | ||
Retirements and repayments of debt | 27,900 | 46,800 | ||
Payments of Financing Costs | 0 | 0 | ||
Dividends paid | 0 | 0 | ||
Repurchase of restricted shares for minimum tax obligation | 0 | 0 | ||
Intercompany financing and advances | 6,771 | (14,096) | ||
Net cash (used in) provided by financing activities | (15,529) | (43,696) | ||
Effect of exchange rate changes on cash | (121) | (1,400) | ||
Net change in cash and cash equivalents | (94) | (3,224) | ||
Cash and cash equivalents | $ 22,092 | $ 32,551 | $ 22,186 | $ 35,775 |
RESTRUCTURING COSTS RESTRUCTURI
RESTRUCTURING COSTS RESTRUCTURING COSTS (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 2,964 | $ 4,047 | |
Forecast [Member] | Minimum [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 8,000 | ||
Forecast [Member] | Maximum [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 10,000 |
Uncategorized Items - a20196301
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (584,951,000) |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (584,951,000) |