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Segments
3 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Segments

11.    SEGMENTS

The Company reports financial performance based on the following two reportable segments: Systems & Support and Aerospace Structures. 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, 2021

 

 

 

Total

 

 

Corporate &
Eliminations

 

 

Systems &
Support

 

 

Aerospace
Structures

 

Net sales to external customers

 

$

396,646

 

 

$

 

 

$

258,405

 

 

$

138,241

 

Intersegment sales (eliminated in consolidation)

 

 

 

 

 

(19

)

 

 

8

 

 

 

11

 

Segment profit and reconciliation to consolidated income before income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

     Adjusted EBITDAP

 

 

60,218

 

 

 

 

 

 

42,848

 

 

 

17,370

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of segment profit to income (loss) before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

     Depreciation and amortization

 

 

(15,431

)

 

 

(768

)

 

 

(8,504

)

 

 

(6,159

)

     Interest expense and other, net

 

 

(38,558

)

 

 

 

 

 

 

 

 

 

     Corporate expenses

 

 

(16,953

)

 

 

 

 

 

 

 

 

 

     Share-based compensation expense

 

 

(2,247

)

 

 

 

 

 

 

 

 

 

     Loss on sale of assets and businesses

 

 

(5,969

)

 

 

 

 

 

 

 

 

 

     Amortization of acquired contract liabilities

 

 

1,214

 

 

 

 

 

 

 

 

 

 

     Non-service defined benefit expense (income)

 

 

(1,722

)

 

 

 

 

 

 

 

 

 

     Debt extinguishment loss

 

 

(9,689

)

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

 

(29,137

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total capital expenditures

 

$

2,112

 

 

$

358

 

 

$

1,102

 

 

$

652

 

Total assets

 

$

1,883,493

 

 

$

211,881

 

 

$

1,443,582

 

 

$

228,030

 

 

 

 

Three Months Ended June 30, 2020

 

 

 

Total

 

 

Corporate &
Eliminations

 

 

Systems &
Support

 

 

Aerospace
Structures

 

Net sales to external customers

 

$

495,077

 

 

$

 

 

$

238,015

 

 

$

257,062

 

Intersegment sales (eliminated in consolidation)

 

 

 

 

 

(2,687

)

 

 

1,872

 

 

 

815

 

Segment profit and reconciliation to consolidated income before income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

     Adjusted EBITDAP

 

 

38,452

 

 

 

 

 

 

30,068

 

 

 

8,384

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of segment profit to income (loss) before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

     Depreciation and amortization

 

 

(28,602

)

 

 

(856

)

 

 

(8,356

)

 

 

(19,390

)

     Interest expense and other, net

 

 

(34,957

)

 

 

 

 

 

 

 

 

 

     Corporate expenses

 

 

(18,061

)

 

 

 

 

 

 

 

 

 

     Share-based compensation expense

 

 

(2,786

)

 

 

 

 

 

 

 

 

 

     Loss on sale of assets and businesses

 

 

 

 

 

 

 

 

 

 

 

 

     Amortization of acquired contract liabilities

 

 

10,987

 

 

 

 

 

 

 

 

 

 

     Non-service defined benefit income

 

 

12,416

 

 

 

 

 

 

 

 

 

 

     Impairment of long-lived assets

 

 

(252,382

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

 

(274,933

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total capital expenditures

 

$

7,723

 

 

$

411

 

 

$

6,283

 

 

$

1,029

 

 

During the three months ended June 30, 2021 and 2020, the Company had foreign sales of $76,924 and $92,197, respectively.