(Mark One) | |
x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended March 31, 2012 | |
or | |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to |
Delaware (State or other jurisdiction of incorporation or organization) | 51-0347963 (I.R.S. Employer Identification Number) |
899 Cassatt Road, Suite 210, Berwyn, Pennsylvania 19312 (Address of principal executive offices, including zip code) | |
Registrant's telephone number, including area code:(610) 251-1000 |
Securities registered pursuant to Section 12(b) of the Act: | |
Common Stock, par value $.001 per share (Title of each class) | New York Stock Exchange (Name of each exchange on which registered) |
Large accelerated filer x | Accelerated filer o | Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company o |
Item No. | Page | |
Item 1. | Business |
Operation | Subsidiary | Operating Location | Business | Type of Customers | Number of Employees |
TRIUMPH AEROSTRUCTURES GROUP | |||||
Triumph Aerospace Systems—Wichita(1) | Triumph Aerospace Systems—Wichita, Inc. | Wichita, KS | Designs and manufactures aircraft windows, sheet metal assemblies (wing spars and leading edges), pilot/co-pilot control wheels, cockpit sun visors, and structural composite parts for the aerospace industry. | Commercial and General Aviation OEMs; General Aviation Aftermarket. | 189 |
Operation | Subsidiary | Operating Location | Business | Type of Customers | Number of Employees |
Triumph Aerostructures— Vought Aircraft Division | Triumph Aerostructures, LLC | Dallas, TX Grand Prairie, TX Hawthorne, CA Torrance, CA Nashville, TN Stuart, FL Milledgeville, GA | Develops and manufactures a wide range of complex aerostructures such as aircraft fuselages, wing and tail assemblies, wing panels and skins, engine nacelles, flight control surfaces and helicopter cabins. | Commercial, General Aviation and Military OEMs. | 5,647 |
Triumph Composite Systems | Triumph Composite Systems, Inc. | Spokane, WA | Designs and manufactures structural and non-structural composites for the aviation industry, including environmental control systems ducting, floor panels, structural thermoplastic clips/brackets as well as a variety of composite interior components. | Commercial, General Aviation, and Military OEMs; Commercial Aftermarket. | 608 |
Triumph Fabrications—Fort Worth(1) | Triumph Fabrications—Fort Worth, Inc. | Fort Worth, TX | Manufactures metallic/composite bonded components and assemblies. | Commercial, General Aviation and Military OEMs and Aftermarket. | 139 |
Triumph Fabrications—Hot Springs | Triumph Fabrications—Hot Springs, Inc. | Hot Springs, AR | Produces complex sheet metal parts and assemblies, titanium hot forming, and performs chem-milling and other metal finishing processes. | Commercial, General Aviation and Military OEMs and Aftermarket. | 334 |
Triumph Fabrications—Shelbyville | The Triumph Group Operations, Inc. | Shelbyville, IN | Produces aircraft fuselage skins, leading edges and web assemblies through the stretch forming of sheet, extrusion, rolled shape and light plate metals. | Commercial, General Aviation and Military OEMs. | 104 |
Triumph Fabrications—San Diego(1) | Triumph Fabrications—San Diego, Inc. | El Cajon, CA | Produces complex welded and riveted sheet metal assemblies for aerospace applications. Components include exhaust systems, ducting, doors, panels, control surfaces and engine components. | Commercial, General Aviation and Military OEMs. | 151 |
Triumph Insulation Systems | Triumph Insulation Systems, LLC | Hawthorne, CA Mexicali, Mexico Beijing, China(2) | Designs, manufactures and repairs thermal-acoustic insulation systems for commercial aerospace applications. | Commercial and Military OEMs. | 995 |
Triumph Processing | Triumph Processing, Inc. | Lynwood, CA | Provides high-quality finishing services to the aerospace, military and commercial industries. | Commercial, General Aviation, and Military OEMs. | 87 |
Triumph Structures—East Texas | Triumph Structures—East Texas, Inc. | Kilgore, TX | Manufactures structural components specializing in complex precision machining primarily for commercial and military aerospace programs. | Commercial and Military OEMs. | 125 |
Triumph Structures—Everett | Triumph Structures—Everett, Inc. | Everett, WA Brea, CA | Precision machining of complex aluminum and hard metal structural components and subassemblies, serving commercial and military aerospace customers, ranging in size from a few inches to 120 feet long. | Commercial, General Aviation and Military OEMs. | 214 |
Operation | Subsidiary | Operating Location | Business | Type of Customers | Number of Employees |
Triumph Structures—Kansas City | Triumph Structures—Kansas City, Inc. | Grandview, MO | Manufactures precision machined parts and mechanical assemblies for the aviation, aerospace and defense industries. | Commercial and Military OEMs. | 130 |
Triumph Structures—Long Island | Triumph Structures—Long Island, LLC | Westbury, NY | Manufactures high-quality structural and dynamic parts and assemblies for commercial and military aerospace programs. | Commercial and Military OEMs. | 130 |
Triumph Structures—Los Angeles | Triumph Structures—Los Angeles, Inc. | Chatsworth, CA City of Industry, CA Walnut, CA | Manufactures long structural components, such as stringers, cords, floor beams and spars, for the aviation industry. Machines, welds and assembles large, complex, precision structural components. | Commercial, General Aviation and Military OEMs. | 284 |
Triumph Structures—Wichita | Triumph Structures—Wichita, Inc. | Wichita, KS | Specializes in complex, high-speed monolithic precision machining, turning, subassemblies, and sheet metal fabrication, serving domestic and international aerospace customers. | Commercial and Military OEMs. | 139 |
TRIUMPH AEROSPACE SYSTEMS GROUP | |||||
Construction Brevetees d'Alfortville | Construction Brevetees d'Alfortville SAS | Alfortville, France | Manufactures mechanical ball bearing control assemblies for the aerospace, ground transportation, defense and marine industries. | Commercial and Military OEMs, Ground Transportation and Marine OEMs. | 65 |
Triumph Actuation & Motion Control Systems | Triumph Actuation & Motion Control Systems—UK, Ltd. | Buckley, UK | Designs and builds proprietary advanced control products for flight actuation and motor control applications in all electrical aircraft and Unmanned Aerial Vehicles ("UAVs"). | Commercial, General Aviation, and Military OEMs. | 49 |
Triumph Actuation Systems—Clemmons(1) Triumph Actuation Systems—Freeport | Triumph Actuation Systems, LLC | Clemmons, NC Freeport, NY | Designs, manufactures and repairs complex hydraulic and hydromechanical aircraft components and systems, such as variable displacement pumps and motors, linear actuators and valves, and cargo door actuation systems. | Commercial, General Aviation, and Military OEMs; Commercial Airlines, General Aviation and Military Aftermarket. | 250 |
Triumph Actuation Systems—Connecticut | Triumph Actuation Systems—Connecticut, LLC | Bloomfield, CT East Lyme, CT Bethel, CT | Designs, manufactures and repairs complex hydraulic, hydromechanical and mechanical components and systems, such as nose wheel steering motors, helicopter blade lag dampers, mechanical hold open rods, coupling and latching devices, as well as mechanical and electromechanical actuation products. | Commercial, General Aviation, and Military OEMs; Military Aftermarket. | 153 |
Operation | Subsidiary | Operating Location | Business | Type of Customers | Number of Employees |
Triumph Actuation Systems—Valencia(1) | Triumph Actuation Systems—Valencia, Inc. | Valencia, CA | Designs, manufactures and repairs complex hydraulic and hydromechanical aircraft components and systems, such as accumulators, actuators, complex valve packages, and landing gear retract actuators. | Commercial, General Aviation, and Military OEMs. | 190 |
Triumph Aerospace Systems—Newport News | Triumph Aerospace Systems—Newport News, Inc. | Newport News, VA San Diego, CA Huntsville, AL | Offers a fully integrated range of capabilities, including systems engineering, conceptual engineering, mechanical design and analysis, prototype and limited-rate production, instrumentation, assembly and testing services and complex structural composite design and manufacturing. | Commercial and Military OEMs; Commercial and Military Aftermarket. | 119 |
Triumph Aerospace Systems—Seattle | Triumph Actuation Systems—Connecticut, LLC | Redmond, WA Rochester, NY | System engineering and integration for landing gear, hydraulic, deployment, cargo door and electro-mechanical type systems. Capabilities include design, analysis and testing to support these types of systems and components. | Commercial, General Aviation and Military OEMs. | 111 |
Triumph Controls(1) | Triumph Controls, LLC | North Wales, PA Shelbyville, IN | Designs and manufactures mechanical and electromechanical control systems. | Commercial, General Aviation and Military OEMs and Aftermarket. | 149 |
Triumph Controls—Germany Triumph Controls—UK | Triumph Controls—Germany, GmbH Triumph Controls—UK, Ltd. | Heiligenhaus, Germany Basildon, UK | Produces and repairs cable control systems for ground, flight, engine management and cabin comfort features in aircraft. | Commercial and Military OEMs. | 39 |
Triumph Fabrications—St. Louis | Triumph Fabrications—St. Louis, Inc. | East Alton, IL Orangeburg, SC | Provides maintenance and manufactured solutions for aviation drive train, mechanical, hydraulic and electrical hardware items including gearboxes, cargo hooks and vibration absorbers. Also, produces fabricated textile items such as seat cushions and sound insulation blankets for military rotary-wing platforms. | Commercial, General Aviation and Military Aftermarket. | 65 |
Triumph Fabrications—Phoenix | Triumph Engineered Solutions, Inc. | Chandler, AZ | Produces complex welded and riveted sheet metal assemblies for aerospace applications. Components include exhaust systems, ducting, doors, panels, control surfaces and engine components. | Commercial, General Aviation and Military OEMs. | 78 |
Triumph Gear Systems—Park City(1) Triumph Gear Systems—Macomb(1) | Triumph Gear Systems, Inc. Triumph Gear Systems—Macomb, Inc. | Park City, UT Macomb, MI | Specializes in the design, development, manufacture, sale and repair of gearboxes, high-lift flight control actuators, gear-driven actuators and gears for the aerospace industry. | Commercial and Military OEMs and Aftermarket. | 443 |
Operation | Subsidiary | Operating Location | Business | Type of Customers | Number of Employees |
Triumph Northwest | The Triumph Group Operations, Inc. | Albany, OR | Machines and fabricates refractory, reactive, heat and corrosion-resistant precision products. | Military, Medical and Electronic OEMs. | 26 |
Triumph Thermal Systems(1) | Triumph Thermal Systems, Inc. | Forest, OH | Designs, manufactures and repairs engine and aircraft thermal transfer systems and components. | Commercial, General Aviation and Military OEMs. | 186 |
TRIUMPH AFTERMARKET SERVICES GROUP | |||||
Triumph Accessory Services—Wellington(1) | The Triumph Group Operations, Inc. | Wellington, KS | Provides maintenance services for aircraft heavy accessories and airborne electrical power generation devices, including constant speed drives, integrated drive generators, air cycle machines and electrical generators. | Commercial, General Aviation and Military Aftermarket. | 116 |
Triumph Accessory Services—Grand Prairie(1) | Triumph Accessory Services—Grand Prairie, Inc. | Grand Prairie, TX | Provides maintenance services for engine and airframe accessories including a variety of engine gearboxes, pneumatic starters, valves and drive units, hydraulic actuators, lube system pumps, fuel nozzles, fuel pumps and fuel controls. | Commercial and Military Aftermarket. | 114 |
Triumph Air Repair(1) | The Triumph Group Operations, Inc. | Phoenix, AZ | Repairs and overhauls auxiliary power units (APUs) and related accessories; sells, leases and exchanges APUs, related components and other aircraft material. | Commercial, General Aviation and Military Aftermarket. | 100 |
Triumph Airborne Structures(1) | Triumph Airborne Structures, Inc. | Hot Springs, AR | Repairs and overhauls fan reversers, nacelle components, flight control surfaces and other aerostructures. | Commercial Aftermarket. | 201 |
Triumph Aviation Services—Asia(1) | Triumph Aviation Services Asia Ltd. | Chonburi, Thailand | Repairs and overhauls complex aircraft operational components, such as auxiliary power units (APUs), nacelles, constant speed drives, fan reversers and related accessories. | Commercial Aftermarket. | 128 |
Triumph Engines—Tempe(1) | Triumph Engineered Solutions, Inc. | Tempe, AZ | Designs, engineers, manufactures, repairs and overhauls aftermarket aerospace gas turbine engine components and provides repair services and aftermarket parts and services to aircraft operators, maintenance providers, and third-party overhaul facilities. | Commercial, General Aviation and Military Aftermarket. | 97 |
Operation | Subsidiary | Operating Location | Business | Type of Customers | Number of Employees |
Triumph Instruments—Burbank(1) | Triumph Instruments—Burbank, Inc. | Burbank, CA Van Nuys, CA | Repairs and overhauls aircraft avionics, electrical accessories, power systems and instrumentation. Distributes and repairs smoke detectors, multiple OEM avionic and instrument components as well as industrial instrumentation, controls, valves, miscellaneous components and switches. Install, service and upgrade avionics. | Commercial, General Aviation and Military Aftermarket. | 65 |
Triumph Instruments— Ft. Lauderdale(1) | Triumph Instruments, Inc. | Ft. Lauderdale, FL | Specalizes in exchange, overhaul, and repair of electronic, electromechanical, gyroscopic, and pneumatic aircraft instruments, avionics, and antennas. | Commercial, General Aviation and Military Aftermarket. | 41 |
Triumph Interiors(1) | Triumph Interiors, LLC | Atlanta, GA Oakdale, PA Grand Prairie, TX | Refurbishes and repairs aircraft interiors such as sidewalls, ceiling panels, galleys and overhead storage bins and manufactures a full line of interior lighting and plastic components. | Commercial Aftermarket. | 191 |
Triumph San Antonio Support Center | The Triumph Group Operations, Inc. | San Antonio, TX | Provides maintenance services for aircraft ground support equipment. | Military Aftermarket. | 37 |
CORPORATE AND OTHER | |||||
Triumph Group, Inc. | Triumph Group, Inc. | Berwyn, PA | Parent company | N/A | 105 |
Triumph Group—Mexico | Triumph Group—Mexico, S. de R.L. de C.V. | Zacatecas, Mexico | Provides rough machining of gears, actuations and structure components, as well as assembly, fabrications, engineering and composites to Triumph companies and certain customers. | Commercial and General Aviation OEMs | 208 |
(1) | Designates FAA-certified repair station. |
(2) | Through an affiliate, Triumph Insulation Systems, LLC manages an 80% interest in a venture, operating in Beijing, China, with Beijing Kailan Aviation Technology Co., Ltd., an unrelated party based in China. |
Name | Age | Position | ||
Richard C. Ill | 68 | Chairman and Chief Executive Officer | ||
Jeffry D. Frisby | 57 | President and Chief Operating Officer | ||
M. David Kornblatt | 52 | Executive Vice President, Chief Financial Officer and Treasurer | ||
John B. Wright, II | 58 | Vice President, General Counsel and Secretary | ||
Kevin E. Kindig | 55 | Vice President and Controller |
Item 1A. | Risk Factors |
• | difficulty in enforcing agreements in some legal systems outside the United States; |
• | imposition of additional withholding taxes or other taxes on our foreign income, tariffs or other restrictions on foreign trade and investment, including currency exchange controls; |
• | fluctuations in exchange rates which may affect demand for our products and services and may adversely affect our profitability in U.S. dollars; |
• | inability to obtain, maintain or enforce intellectual property rights; |
• | changes in general economic and political conditions in the countries in which we operate; |
• | unexpected adverse changes in the laws or regulatory requirements outside the United States, including those with respect to environmental protection, export duties and quotas; |
• | failure by our employees or agents to comply with U.S. laws affecting the activities of U.S. companies abroad; |
• | difficulty with staffing and managing widespread operations; and |
• | difficulty of and costs relating to compliance with the different commercial and legal requirements of the countries in which we operate. |
• | availability of capital to our suppliers; |
• | the destruction of our suppliers' facilities or their distribution infrastructure; |
• | a work stoppage or strike by our suppliers' employees; |
• | the failure of our suppliers to provide raw materials or component parts of the requisite quality; |
• | the failure of essential equipment at our suppliers' plants; |
• | the failure or shortage of supply of raw materials to our suppliers; |
• | contractual amendments and disputes with our suppliers; and |
• | geopolitical conditions in the global supply base. |
Item 1B. | Unresolved Staff Comments |
Item 2. | Properties |
Location | Description | Square Footage | Owned/ Leased | |||
TRIUMPH AEROSTRUCTURES GROUP | ||||||
Hot Springs, AR | Manufacturing facility/office | 217,300 | Owned | |||
Brea, CA | Manufacturing facility | 90,000 | Leased | |||
Chatsworth, CA | Manufacturing facility/office | 101,900 | Owned | |||
Chatsworth, CA | Manufacturing facility | 21,600 | Leased | |||
City of Industry, CA | Manufacturing facility/office | 75,000 | Leased | |||
El Cajon, CA | Manufacturing facility/office | 122,400 | Leased | |||
Hawthorne, CA | Manufacturing facility | 1,348,700 | Leased | |||
Lynwood, CA | Processing and finishing facility/office | 59,700 | Leased | |||
Lynwood, CA | Office/warehouse/aerospace metal processing | 105,000 | Leased | |||
San Diego, CA | Force measurement systems facility | 7,000 | Leased | |||
Torrance, CA | Processing facility | 84,700 | Leased | |||
Walnut, CA | Manufacturing facility/office | 105,000 | Leased | |||
Bejing, China | Manufacturing facility/office | 43,700 | Leased | |||
New Haven, CT | Engineering/manufacturing | 2,400 | Leased | |||
Stuart, FL | Manufacturing facility | 519,700 | Leased | |||
Milledgeville, GA | Manufacturing facility/assembly facility | 566,200 | Owned | |||
Shelbyville, IN | Manufacturing facility/office | 193,900 | Owned | |||
Wichita, KS | Manufacturing facility/office | 145,200 | Leased | |||
Mexicali, Mexico | Manufacturing facility/office | 261,000 | Leased | |||
Grandview, MO | Manufacturing facility/office | 78,000 | Owned | |||
Westbury, NY | Manufacturing facility/office | 93,500 | Leased | |||
Westbury, NY | Aerospace metal processing | 12,500 | Leased | |||
Nashville, TN | Manufacturing facility/assembly facility/office | 2,198,700 | Owned | |||
Dallas, TX | High-speed wind tunnel | 28,900 | Owned | |||
Dallas, TX | Manufacturing facility/office | 4,855,300 | Leased | |||
Fort Worth, TX | Manufacturing facility/office | 114,100 | Owned | |||
Grand Prairie, TX | Manufacturing facility | 804,500 | Leased | |||
Kilgore, TX | Manufacturing facility/office | 83,000 | Owned | |||
Everett, WA | Manufacturing facility | 153,000 | Leased | |||
Spokane, WA | Manufacturing facility/office | 392,000 | Owned |
Location | Description | Square Footage | Owned/ Leased | |||
TRIUMPH AEROSPACE SYSTEMS GROUP | ||||||
Chandler, AZ | Manufacturing facility/office | 34,300 | Leased | |||
Valencia, CA | Manufacturing facility/office | 87,000 | Leased | |||
Bethel, CT | Office | 1,700 | Leased | |||
Bloomfield, CT | Manufacturing facility/office | 29,800 | Leased | |||
East Lyme, CT | Manufacturing facility/office | 59,600 | Owned | |||
Alfortville, France | Manufacturing facility/office | 7,500 | Leased | |||
Heiligenhaus, Germany | Manufacturing facility/office | 2,200 | Leased | |||
East Alton, IL | Machine shop/office | 25,000 | Leased | |||
Shelbyville, IN | Manufacturing facility/office | 100,000 | Owned | |||
Wichita, KS | Manufacturing facility/office | 130,300 | Leased | |||
Macomb, MI | Manufacturing facility/office | 86,000 | Leased | |||
Freeport, NY | Manufacturing facility/office/warehouse | 29,000 | Owned | |||
Rochester, NY | Engineering office | 5,000 | Leased | |||
Clemmons, NC | Manufacturing facility/repair/office | 110,000 | Owned | |||
Forest, OH | Manufacturing facility/office | 125,000 | Owned | |||
Albany, OR | Machine shop/office | 25,000 | Owned | |||
North Wales, PA | Manufacturing facility/office | 111,400 | Owned | |||
Orangeburg, SC | Machine shop | 52,000 | Owned | |||
Basildon, UK | Manufacturing facility/office | 1,900 | Leased | |||
Buckley, UK | Manufacturing facility/office | 8,000 | Leased | |||
Park City, UT | Manufacturing facility/office | 180,000 | Owned | |||
Newport News, VA | Engineering/manufacturing/office | 93,000 | Leased | |||
Redmond, WA | Manufacturing facility/office | 19,400 | Leased |
Location | Description | Square Footage | Owned/ Leased | |||
TRIUMPH AFTERMARKET SERVICES GROUP | ||||||
Hot Springs, AR | Machine shop/office | 219,700 | Owned | |||
Chandler, AZ | Thermal processing facility/office | 15,000 | Leased | |||
Phoenix, AZ | Repair and overhaul shop/office | 50,000 | Leased | |||
Phoenix, AZ | Repair and overhaul/office | 24,800 | Leased | |||
Tempe, AZ | Manufacturing facility/office | 13,500 | Owned | |||
Tempe, AZ | Machine shop | 9,300 | Owned | |||
Tempe, AZ | Machine shop | 32,000 | Owned | |||
Burbank, CA | Instrument shop/warehouse/office | 23,000 | Leased | |||
Ft. Lauderdale, FL | Instrument shop/warehouse/office | 11,700 | Leased | |||
Atlanta, GA | Manufacturing facility/office | 32,000 | Leased | |||
Wellington, KS | Repair and overhaul/office | 65,000 | Leased | |||
Oakdale, PA | Production/warehouse/office | 68,000 | Leased | |||
Dallas, TX | Production/office | 28,600 | Leased | |||
Grand Prairie, TX | Repair and overhaul shop/office | 60,000 | Leased | |||
San Antonio, TX | Repair and overhaul/office | 30,000 | Leased | |||
Chonburi, Thailand | Repair and overhaul shop/office | 85,000 | Owned | |||
CORPORATE AND OTHER | ||||||
Berwyn, PA | Office | 17,000 | Leased | |||
Zacatecas, Mexico | Manufacturing facility/office | 270,000 | Owned |
Item 3. | Legal Proceedings |
Item 4. | Mine Safety Disclosures |
Item 5. | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
High | Low | ||||||
Fiscal 2011 | |||||||
1st Quarter | $ | 40.94 | $ | 30.19 | |||
2nd Quarter | 40.73 | 31.85 | |||||
3rd Quarter | 46.28 | 37.00 | |||||
4th Quarter | 48.65 | 41.02 | |||||
Fiscal 2012 | |||||||
1st Quarter | $ | 50.47 | $ | 39.84 | |||
2nd Quarter | 54.82 | 42.78 | |||||
3rd Quarter | 60.90 | 43.92 | |||||
4th Quarter | 66.77 | 58.16 |
Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans | Maximum number of shares that may yet be purchased under the plans | ||||||
April 1, 2009 - March 31, 2012 | — | N/A | 499,200 | 500,800 |
3/07 | 3/08 | 3/09 | 3/10 | 3/11 | 3/12 | ||||||
Triumph Group, Inc. | 100.00 | 103.11 | 69.45 | 127.88 | 161.72 | 229.72 | |||||
Russell 2000 | 100.00 | 87.00 | 54.37 | 88.50 | 111.32 | 111.12 | |||||
S&P Aerospace & Defense | 100.00 | 105.11 | 61.14 | 104.51 | 115.55 | 120.78 |
Item 6. | Selected Financial Data |
Fiscal Years Ended March 31, | |||||||||||||||||||
2012(1) | 2011(2) | 2010(3) | 2009(4) | 2008(5)(6) | |||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||
Operating Data: | |||||||||||||||||||
Net sales | $ | 3,407,929 | $ | 2,905,348 | $ | 1,294,780 | $ | 1,240,378 | $ | 1,151,090 | |||||||||
Cost of sales | 2,564,995 | 2,231,864 | 927,211 | 877,744 | 822,288 | ||||||||||||||
842,934 | 673,484 | 367,569 | 362,634 | 328,802 | |||||||||||||||
Selling, general and administrative expense | 242,553 | 238,889 | 157,870 | 162,109 | 159,262 | ||||||||||||||
Depreciation and amortization | 119,724 | 99,657 | 54,418 | 48,611 | 43,215 | ||||||||||||||
Curtailment gain, net | (40,400 | ) | — | — | — | — | |||||||||||||
Acquisition and integration expenses | 6,342 | 20,902 | — | — | — | ||||||||||||||
Operating income | 514,715 | 314,036 | 155,281 | 151,914 | 126,325 | ||||||||||||||
Interest expense and other | 77,138 | 79,559 | 28,865 | 16,929 | 19,942 | ||||||||||||||
Gain on early extinguishment of debt | — | — | (39 | ) | (880 | ) | — | ||||||||||||
Income from continuing operations, before income taxes | 437,577 | 234,477 | 126,455 | 135,865 | 106,383 | ||||||||||||||
Income tax expense | 155,955 | 82,066 | 41,167 | 43,124 | 34,748 | ||||||||||||||
Income from continuing operations | 281,622 | 152,411 | 85,288 | 92,741 | 71,635 | ||||||||||||||
Loss from discontinued operations | (765 | ) | (2,512 | ) | (17,526 | ) | (4,745 | ) | (8,468 | ) | |||||||||
Net income | $ | 280,857 | $ | 149,899 | $ | 67,762 | $ | 87,996 | $ | 63,167 | |||||||||
Earnings per share: | |||||||||||||||||||
Income from continuing operations: | |||||||||||||||||||
Basic | $ | 5.77 | $ | 3.39 | $ | 2.59 | $ | 2.83 | $ | 2.17 | |||||||||
Diluted(7) | $ | 5.43 | $ | 3.21 | $ | 2.56 | $ | 2.80 | $ | 2.04 | |||||||||
Cash dividends declared per share | $ | 0.14 | $ | 0.08 | $ | 0.08 | $ | 0.08 | $ | 0.08 | |||||||||
Shares used in computing earnings per share: | |||||||||||||||||||
Basic | 48,821 | 45,006 | 32,918 | 32,768 | 32,994 | ||||||||||||||
Diluted(7) | 51,873 | 47,488 | 33,332 | 33,168 | 35,080 |
As of March 31, | |||||||||||||||||||
2012(1) | 2011(2) | 2010(3) | 2009(4) | 2008(5)(6) | |||||||||||||||
(in thousands) | |||||||||||||||||||
Balance Sheet Data: | |||||||||||||||||||
Working capital | $ | 698,402 | $ | 436,638 | $ | 487,411 | $ | 372,159 | $ | 416,842 | |||||||||
Total assets | 4,554,757 | 4,477,234 | 1,692,578 | 1,591,207 | 1,412,760 | ||||||||||||||
Long-term debt, including current portion | 1,158,862 | 1,312,004 | 505,780 | 459,396 | 395,981 | ||||||||||||||
Total stockholders' equity | $ | 1,793,369 | $ | 1,632,217 | $ | 860,686 | $ | 788,563 | $ | 706,436 |
(1) | Includes the acquisition of Aviation Network Services, LLC. (October 2011) from the date of acquisition. See Note 3 to the Consolidated Financial Statements. |
(2) | Includes the acquisition of Vought Aircraft Industries, Inc. (June 2010) from the date of acquisition. See Note 3 to the Consolidated Financial Statements. |
(3) | Includes the acquisition of DCL Avionics, Inc. (January 2010) and Fabritech, Inc. (March 2010) from the date of each respective acquisition. See Note 3 to the Consolidated Financial Statements. |
(4) | Includes the acquisition of Merritt Tool Company, Inc., Saygrove Defence and Aerospace Group Limited, The Mexmil Company, LLC and acquisition of the aviation segment of Kongsberg Automotive Holdings ASA from the date of each respective acquisition (March 2009). |
(5) | Includes the acquisition of the assets and business of B. & R. Machine & Tool Corp. from the date of acquisition (February 2008). |
(6) | During 2008, the Company sold the assets of Triumph Precision, Inc. and also decided to sell Triumph Precision Castings Co. These businesses have been classified as discontinued operations. See Note 4 to the Consolidated Financial Statements. |
(7) | Diluted earnings per share for the fiscal years ended March 31, 2012, 2011 and 2008, included 2,606,189, 2,040,896 and 1,554,118 shares, respectively, related to the dilutive effects of the Company's Convertible Notes. |
Item 7. | Management's Discussion and Analysis of Financial Condition and Results of Operations |
• | Net sales for fiscal 2012 increased 17.3% to $3.41 billion, including a 6.6% increase due to organic growth. |
• | Operating income in fiscal 2012 increased 63.9% to $514.7 million, which included a $40.4 million increase due to a net curtailment gain resulting from amendments to defined benefit plans, partially offset by $6.3 million of acquisition and integration expenses associated with the fiscal year 2011 acquisition of Vought. |
• | Net income for fiscal 2012 increased 87.4% to $280.9 million. |
• | Backlog increased 3.4% over the prior year to $3.91 billion. |
• | Curtailment gains (losses) may be useful for investors to consider because it represents the current period impact of the change in the defined benefit obligation due to the reduction in future service costs. We do not believe these earnings necessarily reflect the current and ongoing cash earnings related to our operations. |
• | Amortization of acquired contract liabilities may be useful for investors to consider because it represents the non-cash earnings on the fair value of off market contracts acquired through the acquisition of Vought. We do not believe these earnings necessarily reflect the current and ongoing cash earnings related to our operations. |
• | Amortization expense may be useful for investors to consider because it represents the estimated attrition of our acquired customer base and the diminishing value of product rights and licenses. We do not believe these charges necessarily reflect the current and ongoing cash charges related to our operating cost structure. |
• | Depreciation may be useful for investors to consider because it generally represents the wear and tear on our property and equipment used in our operations. We do not believe these charges necessarily reflect the current and ongoing cash charges related to our operating cost structure. |
• | The amount of interest expense and other we incur may be useful for investors to consider and may result in current cash inflows or outflows. However, we do not consider the amount of interest expense and other to be a representative component of the day-to-day operating performance of our business. |
• | Income tax expense may be useful for investors to consider because it generally represents the taxes which may be payable for the period and the change in deferred income taxes during the period and may reduce the amount of funds otherwise available for use in our business. However, we do not consider the amount of income tax expense to be a representative component of the day-to-day operating performance of our business. |
Fiscal year ended March 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Income from continuing operations | $ | 281,622 | $ | 152,411 | $ | 85,288 | |||||
Amortization of acquired contract liability | (26,684 | ) | (29,214 | ) | — | ||||||
Depreciation and amortization | 119,724 | 99,657 | 54,418 | ||||||||
Curtailment gain, net | (40,400 | ) | — | — | |||||||
Interest expense and other | 77,138 | 79,559 | 28,865 | ||||||||
Gain on early extinguishment of debt | — | — | (39 | ) | |||||||
Income tax expense | 155,955 | 82,066 | 41,167 | ||||||||
EBITDA | 567,355 | 384,479 | 209,699 | ||||||||
Acquisition and integration expenses | 6,342 | 20,902 | — | ||||||||
Adjusted EBITDA | $ | 573,697 | $ | 405,381 | $ | 209,699 |
Fiscal year ended March 31, 2012 | |||||||||||||||||||
Total | Aerostructures | Aerospace Systems | Aftermarket Services | Corporate/ Eliminations | |||||||||||||||
Operating income | $ | 514,715 | $ | 403,414 | $ | 90,035 | $ | 31,859 | $ | (10,593 | ) | ||||||||
Curtailment gain, net | (40,400 | ) | — | — | — | (40,400 | ) | ||||||||||||
Amortization of acquired contract liability | (26,684 | ) | (26,684 | ) | — | — | — | ||||||||||||
Depreciation and amortization | 119,724 | 89,113 | 17,363 | 9,487 | 3,761 | ||||||||||||||
EBITDA | $ | 567,355 | $ | 465,843 | $ | 107,398 | $ | 41,346 | $ | (47,232 | ) |
Fiscal year ended March 31, 2011 | |||||||||||||||||||
Total | Aerostructures | Aerospace Systems | Aftermarket Services | Corporate/ Eliminations | |||||||||||||||
Operating income | $ | 314,036 | $ | 267,783 | $ | 75,292 | $ | 28,774 | $ | (57,813 | ) | ||||||||
Amortization of acquired contract liability | (29,214 | ) | (29,214 | ) | — | — | — | ||||||||||||
Depreciation and amortization | 99,657 | 69,451 | 17,183 | 11,101 | 1,922 | ||||||||||||||
EBITDA | $ | 384,479 | $ | 308,020 | $ | 92,475 | $ | 39,875 | $ | (55,891 | ) |
Fiscal year ended March 31, 2010 | |||||||||||||||||||
Total | Aerostructures | Aerospace Systems | Aftermarket Services | Corporate/ Eliminations | |||||||||||||||
Operating income | $ | 155,281 | $ | 102,271 | $ | 68,069 | $ | 11,226 | $ | (26,285 | ) | ||||||||
Depreciation and amortization | 54,418 | 24,025 | 16,804 | 12,855 | 734 | ||||||||||||||
EBITDA | $ | 209,699 | $ | 126,296 | $ | 84,873 | $ | 24,081 | $ | (25,551 | ) |
Year Ended March 31, | |||||||
2012 | 2011 | ||||||
(in thousands) | |||||||
Net sales | $ | 3,407,929 | $ | 2,905,348 | |||
Segment operating income | $ | 525,308 | $ | 371,849 | |||
Corporate general and administrative expenses | (10,593 | ) | (57,813 | ) | |||
Total operating income | 514,715 | 314,036 | |||||
Interest expense and other | 77,138 | 79,559 | |||||
Income tax expense | 155,955 | 82,066 | |||||
Income from continuing operations | 281,622 | 152,411 | |||||
Loss from discontinued operations, net | (765 | ) | (2,512 | ) | |||
Net income | $ | 280,857 | $ | 149,899 |
Year Ended March 31, | |||||||
2011 | 2010 | ||||||
(in thousands) | |||||||
Net sales | $ | 2,905,348 | $ | 1,294,780 | |||
Segment operating income | $ | 371,849 | $ | 181,566 | |||
Corporate general and administrative expenses | (57,813 | ) | (26,285 | ) | |||
Total operating income | 314,036 | 155,281 | |||||
Interest expense and other | 79,559 | 28,865 | |||||
Gain on early extinguishment of debt | — | (39 | ) | ||||
Income tax expense | 82,066 | 41,167 | |||||
Income from continuing operations | 152,411 | 85,288 | |||||
Loss from discontinued operations, net | (2,512 | ) | (17,526 | ) | |||
Net income | $ | 149,899 | $ | 67,762 |
Year Ended March 31, | ||||||||
2012 | 2011 | 2010 | ||||||
Aerostructures | ||||||||
Commercial aerospace | 39.4 | % | 35.4 | % | 24.4 | % | ||
Military | 23.5 | 26.4 | 14.8 | |||||
Business Jets | 11.3 | 9.7 | 3.6 | |||||
Regional | 0.5 | 0.6 | 1.6 | |||||
Non-aviation | 0.7 | 1.0 | 2.2 | |||||
Total Aerostructures net sales | 75.4 | % | 73.1 | % | 46.6 | % | ||
Aerospace Systems | ||||||||
Commercial aerospace | 5.9 | % | 5.7 | % | 11.0 | % | ||
Military | 7.7 | 9.3 | 20.0 | |||||
Business Jets | 0.8 | 0.8 | 1.0 | |||||
Regional | 0.5 | 0.7 | 1.6 | |||||
Non-aviation | 1.1 | 1.0 | 2.5 | |||||
Total Aerospace Systems net sales | 16.0 | % | 17.5 | % | 36.1 | % | ||
Aftermarket Services | ||||||||
Commercial aerospace | 6.6 | % | 7.0 | % | 12.9 | % | ||
Military | 0.9 | 1.2 | 2.5 | |||||
Business Jets | 0.4 | 0.4 | 0.7 | |||||
Regional | 0.2 | 0.2 | 0.5 | |||||
Non-aviation | 0.5 | 0.6 | 0.7 | |||||
Total Aftermarket Services net sales | 8.6 | % | 9.4 | % | 17.3 | % | ||
Total Consolidated net sales | 100.0 | % | 100.0 | % | 100.0 | % |
Year Ended March 31, | % Change | % of Total Sales | |||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||
(in thousands) | |||||||||||||||||
NET SALES | |||||||||||||||||
Aerostructures | $ | 2,571,576 | $ | 2,126,040 | 21.0 | % | 75.5 | % | 73.2 | % | |||||||
Aerospace Systems | 551,800 | 513,435 | 7.5 | % | 16.2 | % | 17.6 | % | |||||||||
Aftermarket Services | 292,674 | 272,728 | 7.3 | % | 8.6 | % | 9.4 | % | |||||||||
Elimination of inter-segment sales | (8,121 | ) | (6,855 | ) | 18.5 | % | (0.2 | )% | (0.2 | )% | |||||||
Total net sales | $ | 3,407,929 | $ | 2,905,348 | 17.3 | % | 100.0 | % | 100.0 | % |
Year Ended March 31, | % Change | % of Segment Sales | |||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||
(in thousands) | |||||||||||||||||
SEGMENT OPERATING INCOME | |||||||||||||||||
Aerostructures | $ | 403,414 | $ | 267,783 | 50.6 | % | 15.7 | % | 12.6 | % | |||||||
Aerospace Systems | 90,035 | 75,292 | 19.6 | % | 16.3 | % | 14.7 | % | |||||||||
Aftermarket Services | 31,859 | 28,774 | 10.7 | % | 10.9 | % | 10.6 | % | |||||||||
Corporate | (10,593 | ) | (57,813 | ) | (81.7 | )% | n/a | n/a | |||||||||
Total segment operating income | $ | 514,715 | $ | 314,036 | 63.9 | % | 15.1 | % | 10.8 | % |
Year Ended March 31, | % Change | % of Segment Sales | |||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||
EBITDA | |||||||||||||||||
Aerostructures | $ | 465,843 | $ | 308,020 | 51.2 | % | 18.1 | % | 14.5 | % | |||||||
Aerospace Systems | 107,398 | 92,475 | 16.1 | % | 19.5 | % | 18.0 | % | |||||||||
Aftermarket Services | 41,346 | 39,875 | 3.7 | % | 14.1 | % | 14.6 | % | |||||||||
Corporate | (47,232 | ) | (55,891 | ) | (15.5 | )% | n/a | n/a | |||||||||
$ | 567,355 | $ | 384,479 | 47.6 | % | 16.6 | % | 13.2 | % |
Year Ended March 31, | % Change | % of Total Sales | |||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||||
(in thousands) | |||||||||||||||||
NET SALES | |||||||||||||||||
Aerostructures | $ | 2,126,040 | $ | 605,423 | 251.2 | % | 73.2 | % | 46.8 | % | |||||||
Aerospace Systems | 513,435 | 473,409 | 8.5 | % | 17.6 | % | 36.5 | % | |||||||||
Aftermarket Services | 272,728 | 224,663 | 21.4 | % | 9.4 | % | 17.4 | % | |||||||||
Elimination of inter-segment sales | (6,855 | ) | (8,715 | ) | (21.3 | )% | (0.2 | )% | (0.7 | )% | |||||||
Total net sales | $ | 2,905,348 | $ | 1,294,780 | 124.4 | % | 100.0 | % | 100.0 | % |
Year Ended March 31, | % Change | % of Segment Sales | ||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||
(in thousands) | ||||||||||||||
SEGMENT OPERATING INCOME | ||||||||||||||
Aerostructures | $ | 267,783 | $ | 102,271 | 161.8% | 12.6% | 16.9% | |||||||
Aerospace Systems | 75,292 | 68,069 | 10.6% | 14.7% | 14.4% | |||||||||
Aftermarket Services | 28,774 | 11,226 | 156.3% | 10.6% | 5.0% | |||||||||
Corporate | (57,813 | ) | (26,285 | ) | 119.9% | n/a | n/a | |||||||
Total segment operating income | $ | 314,036 | $ | 155,281 | 102.2% | 10.8% | 12.0% |
Year Ended March 31, | % Change | % of Total Sales | |||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||||
EBITDA | |||||||||||||||||
Aerostructures | $ | 308,020 | $ | 126,296 | 143.9 | % | 14.5 | % | 20.9 | % | |||||||
Aerospace Systems | 92,475 | 84,873 | 9.0 | % | 18.0 | % | 17.9 | % | |||||||||
Aftermarket Services | 39,875 | 24,081 | 65.6 | % | 14.6 | % | 10.7 | % | |||||||||
Corporate | (55,891 | ) | (25,551 | ) | 118.7 | % | n/a | n/a | |||||||||
$ | 384,479 | $ | 209,699 | 83.3 | % | 13.2 | % | 16.2 | % |
Payments Due by Period | |||||||||||||||||||
Contractual Obligations | Total | Less than 1 Year | 1 - 3 Years | 4 - 5 Years | After 5 Years | ||||||||||||||
(in thousands) | |||||||||||||||||||
Debt principal(1) | $ | 1,162,933 | $ | 142,237 | $ | 145,388 | $ | 334,310 | $ | 540,998 | |||||||||
Debt-interest(2) | 305,603 | 51,841 | 93,236 | 90,439 | 70,087 | ||||||||||||||
Operating leases | 93,138 | 22,331 | 41,652 | 8,401 | 20,754 | ||||||||||||||
Contingent payments(3) | 29,000 | — | 28,000 | 1,000 | — | ||||||||||||||
Purchase obligations | 1,266,372 | 878,171 | 364,168 | 23,166 | 867 | ||||||||||||||
Total | $ | 2,857,046 | $ | 1,094,580 | $ | 672,444 | $ | 457,316 | $ | 632,706 |
(1) | Included in the Company's consolidated balance sheet at March 31, 2012, plus discounts on 2017 Notes and 2018 Notes of $1.9 million and $2.1 million, respectively, being amortized to expense through November 2017 and July 2018, respectively. |
(2) | Includes fixed-rate interest only. |
(3) | Includes unrecorded contingent payments in connection with the fiscal 2009 acquisitions. |
Pension Benefits | Other Postretirement Benefits | ||||||
(in thousands) | |||||||
Projected benefit obligation at March 31, 2012 | $ | 2,241,741 | $ | 380,802 | |||
Plan assets at March 31, 2012 | 1,881,954 | — | |||||
Projected contributions by fiscal year | |||||||
2013 | 113,235 | 37,312 | |||||
2014 | 115,700 | 35,627 | |||||
2015 | 84,700 | 31,295 | |||||
2016 | 32,800 | 30,910 | |||||
2017 | 6,300 | 30,490 | |||||
Total 2013 - 2017 | $ | 352,735 | $ | 165,634 |
• | Under the cost-to-cost method, progress toward completion is measured as the ratio of total costs incurred to our estimate of total costs at completion. We recognize costs as incurred. Profit is determined based on our estimated profit margin on the contract multiplied by our progress toward completion. Revenue represents the sum of our costs and profit on the contract for the period. |
• | Under the units-of-delivery method, revenue on a contract is recorded as the units are delivered and accepted during the period at an amount equal to the contractual selling price of those units. The costs recorded on a contract under the units-of-delivery method are equal to the total costs at completion divided by the total units to be delivered. As our contracts can span multiple years, we often segment the contracts into production lots for the purposes of accumulating and allocating cost. Profit is recognized as the difference between revenue for the units delivered and the estimated costs for the units delivered. |
• | In February 2012, the Company's second largest union-represented group of production and maintenance employees ratified a new collective bargaining agreement. The agreement provides actively employed participants the option to elect a lump-sum distribution upon retirement effective April 1, 2012. This change resulted in reduction to the projected benefit obligation of approximately $7.1 million. |
• | In December 2011, the Company negotiated the termination of one its smaller defined benefit plans. This termination resulted in a $1.6 million special termination benefit, included in the Curtailment gain, net on the consolidated statement of income for the fiscal year ended March 31, 2012. |
• | In March 2012, the Company announced an amendment to the retirement plans of its non-represented employee |
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk |
Next 12 Months | 13 - 24 Months | 25 - 36 Months | 37 - 48 Months | 49 - 60 Months | Thereafter | Total | |||||||||||||||||||||
Fixed-rate cash flows (in thousands) | $ | 142,237 | $ | 13,400 | $ | 11,989 | $ | 12,398 | $ | 1,912 | $ | 538,820 | $ | 720,756 | |||||||||||||
Weighted-average interest rate (%) | 7.64 | % | 8.18 | % | 8.23 | % | 8.28 | % | 8.23 | % | 8.29 | % | |||||||||||||||
Variable-rate cash flows (in thousands) | $ | — | $ | — | $ | 120,000 | $ | 320,000 | $ | — | $ | 2,178 | $ | 442,178 | |||||||||||||
Weighted-average interest rate (%) | 2.26 | % | 2.26 | % | 2.26 | % | 5.05 | % | 2.53 | % | 2.50 | % |
Item 8. | Financial Statements and Supplementary Data |
/s/Ernst & Young LLP |
March 31, | |||||||
2012 | 2011 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 29,662 | $ | 39,328 | |||
Trade and other receivables, less allowance for doubtful accounts of $3,900 and $3,196 | 440,608 | 374,491 | |||||
Inventories, net of unliquidated progress payments of $164,450 and $138,206 | 817,956 | 781,714 | |||||
Rotable assets | 34,554 | 26,607 | |||||
Deferred income taxes | 72,259 | 68,536 | |||||
Prepaid expenses and other | 23,344 | 18,141 | |||||
Assets held for sale | — | 4,574 | |||||
Total current assets | 1,418,383 | 1,313,391 | |||||
Property and equipment, net | 733,380 | 734,879 | |||||
Goodwill | 1,546,374 | 1,530,580 | |||||
Intangible assets, net | 829,676 | 859,620 | |||||
Deferred income taxes, noncurrent | 527 | — | |||||
Other, net | 26,417 | 38,764 | |||||
Total assets | $ | 4,554,757 | $ | 4,477,234 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Current portion of long-term debt | $ | 142,237 | $ | 300,252 | |||
Accounts payable | 266,124 | 262,716 | |||||
Accrued expenses | 311,620 | 313,354 | |||||
Liabilities related to assets held for sale | — | 431 | |||||
Total current liabilities | 719,981 | 876,753 | |||||
Long-term debt, less current portion | 1,016,625 | 1,011,752 | |||||
Accrued pension and other postretirement benefits, noncurrent | 700,125 | 693,408 | |||||
Deferred income taxes, noncurrent | 188,370 | 92,810 | |||||
Other noncurrent liabilities | 136,287 | 167,788 | |||||
Temporary equity | — | 2,506 | |||||
Stockholders' equity: | |||||||
Common stock, $.001 par value, 100,000,000 shares authorized, 49,590,273 and 48,690,606 shares issued; 49,531,740 and 48,513,422 shares outstanding | 50 | 49 | |||||
Capital in excess of par value | 833,935 | 819,197 | |||||
Treasury stock, at cost, 58,533 and 177,184 shares | (1,716 | ) | (5,085 | ) | |||
Accumulated other comprehensive (loss) income | (9,306 | ) | 120,471 | ||||
Retained earnings | 970,406 | 697,585 | |||||
Total stockholders' equity | 1,793,369 | 1,632,217 | |||||
Total liabilities and stockholders' equity | $ | 4,554,757 | $ | 4,477,234 |
Year ended March 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Net sales | $ | 3,407,929 | $ | 2,905,348 | $ | 1,294,780 | |||||
Operating costs and expenses: | |||||||||||
Cost of sales (exclusive of depreciation shown separately below) | 2,564,995 | 2,231,864 | 927,211 | ||||||||
Selling, general and administrative | 242,553 | 238,889 | 157,870 | ||||||||
Depreciation and amortization | 119,724 | 99,657 | 54,418 | ||||||||
Acquisition and integration expenses | 6,342 | 20,902 | — | ||||||||
Curtailment gain | (40,400 | ) | — | — | |||||||
2,893,214 | 2,591,312 | 1,139,499 | |||||||||
Operating income | 514,715 | 314,036 | 155,281 | ||||||||
Interest expense and other | 77,138 | 79,559 | 28,865 | ||||||||
Gain on early extinguishment of debt | — | — | (39 | ) | |||||||
Income from continuing operations before income taxes | 437,577 | 234,477 | 126,455 | ||||||||
Income tax expense | 155,955 | 82,066 | 41,167 | ||||||||
Income from continuing operations | 281,622 | 152,411 | 85,288 | ||||||||
Loss from discontinued operations, net | (765 | ) | (2,512 | ) | (17,526 | ) | |||||
Net income | $ | 280,857 | $ | 149,899 | $ | 67,762 | |||||
Earnings per share—basic: | |||||||||||
Income from continuing operations | $ | 5.77 | $ | 3.39 | $ | 2.59 | |||||
Loss from discontinued operations, net | (0.02 | ) | (0.06 | ) | (0.53 | ) | |||||
Net income | $ | 5.75 | $ | 3.33 | $ | 2.06 | |||||
Weighted-average common shares outstanding—basic | 48,821 | 45,006 | 32,918 | ||||||||
Earnings per share—diluted: | |||||||||||
Income from continuing operations | $ | 5.43 | $ | 3.21 | $ | 2.56 | |||||
Loss from discontinued operations, net | (0.01 | ) | (0.05 | ) | (0.53 | ) | |||||
Net income | $ | 5.41 | * | $ | 3.16 | $ | 2.03 | ||||
Weighted-average common shares outstanding—diluted | 51,873 | 47,488 | 33,332 |
* | Difference due to rounding. |
Year ended March 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Net income | $ | 280,857 | $ | 149,899 | $ | 67,762 | |||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustment | (2,852 | ) | 3,798 | 2,215 | |||||||
Pension and postretirement adjustments, net of income taxes of ($77,523), $70,349 and ($10), respectively | (127,289 | ) | 114,780 | (17 | ) | ||||||
Change in fair value of cash flow hedge, net of income taxes of $222, $698 and $221, respectively | 364 | 1,188 | 740 | ||||||||
Total other comprehensive income (loss) | (129,777 | ) | 119,766 | 2,938 | |||||||
Total comprehensive income | $ | 151,080 | $ | 269,665 | $ | 70,700 |
Outstanding Shares | Common Stock All Classes | Capital in Excess of Par Value | Treasury Stock | Accumulated Other Comprehensive (Loss) Income | Retained Earnings | Total | ||||||||||||||||||||
Balance at March 31, 2009 | 33,179,134 | $ | 33 | $ | 311,417 | $ | (9,785 | ) | $ | (2,233 | ) | $ | 489,131 | $ | 788,563 | |||||||||||
Net income | — | — | — | — | — | 67,762 | 67,762 | |||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | 2,215 | — | 2,215 | |||||||||||||||||||
Pension liability adjustment, net of income taxes of ($10) | — | — | — | — | (17 | ) | — | (17 | ) | |||||||||||||||||
Change in fair value of interest rate swap, net of income taxes of $221 | — | — | — | — | 740 | — | 740 | |||||||||||||||||||
Gain on early extinguishment of debt | — | — | 11 | — | — | (39 | ) | (28 | ) | |||||||||||||||||
Exercise of stock options | 83,222 | — | — | 2,334 | — | (1,173 | ) | 1,161 | ||||||||||||||||||
Cash dividends ($0.08 per share) | — | — | — | — | — | (2,666 | ) | (2,666 | ) | |||||||||||||||||
Share-based compensation | 107,894 | — | 3,220 | — | — | — | 3,220 | |||||||||||||||||||
Repurchase of restricted shares for minimum tax obligation | (23,742 | ) | — | — | (470 | ) | — | — | (470 | ) | ||||||||||||||||
Excess tax benefit from exercise of stock options | — | — | 206 | — | — | — | 206 | |||||||||||||||||||
Balance at March 31, 2010 | 33,346,508 | 33 | 314,854 | (7,921 | ) | 705 | 553,015 | 860,686 | ||||||||||||||||||
Net income | — | — | — | — | — | 149,899 | 149,899 | |||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | 3,798 | — | 3,798 | |||||||||||||||||||
Pension liability adjustment, net of income taxes of $70,349 | — | — | — | — | 114,780 | — | 114,780 | |||||||||||||||||||
Change in fair value of interest rate swap, net of income taxes of $698 | — | — | — | — | 1,188 | — | 1,188 | |||||||||||||||||||
Vought acquisition consideration | 14,992,330 | 15 | 504,852 | — | — | — | 504,867 | |||||||||||||||||||
Reclassification adjustment to temporary equity for exercisable put on convertible notes | — | — | (2,506 | ) | — | — | — | (2,506 | ) | |||||||||||||||||
Exercise of stock options | 160,552 | — | — | 4,639 | — | (1,755 | ) | 2,884 | ||||||||||||||||||
Cash dividends ($0.08 per share) | — | — | — | — | — | (3,574 | ) | (3,574 | ) | |||||||||||||||||
Share-based compensation | 65,942 | 1 | 1,906 | — | — | — | 1,907 | |||||||||||||||||||
Repurchase of restricted shares for minimum tax obligation | (51,910 | ) | — | (59 | ) | (1,803 | ) | — | — | (1,862 | ) | |||||||||||||||
Excess tax benefit from exercise of stock options | — | — | 150 | — | — | — | 150 | |||||||||||||||||||
Balance at March 31, 2011 | 48,513,422 | 49 | 819,197 | (5,085 | ) | 120,471 | 697,585 | 1,632,217 | ||||||||||||||||||
Net income | — | — | — | — | — | 280,857 | 280,857 | |||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | (2,852 | ) | — | (2,852 | ) | |||||||||||||||||
Pension liability adjustment, net of income taxes of $77,523 | — | — | — | — | (127,289 | ) | — | (127,289 | ) | |||||||||||||||||
Change in fair value of derivatives, net of income taxes of $222 | — | — | — | — | 364 | — | 364 | |||||||||||||||||||
Issuance of stock upon conversion of convertible notes | 772,438 | — | 5,524 | — | — | — | 5,524 | |||||||||||||||||||
Reclassification adjustment from temporary equity for exercisable put on convertible notes | — | — | 2,506 | — | — | — | 2,506 | |||||||||||||||||||
Exercise of stock options | 136,254 | — | — | 3,978 | — | (1,137 | ) | 2,841 | ||||||||||||||||||
Cash dividends ($0.14 per share) | — | — | — | — | — | (6,899 | ) | (6,899 | ) | |||||||||||||||||
Share-based compensation | 123,890 | 1 | 4,828 | — | — | — | 4,829 | |||||||||||||||||||
Repurchase of restricted shares for minimum tax obligation | (14,264 | ) | — | — | (609 | ) | — | — | (609 | ) | ||||||||||||||||
Excess tax benefit from exercise of stock options | — | — | 1,880 | — | — | — | 1,880 | |||||||||||||||||||
Balance at March 31, 2012 | 49,531,740 | $ | 50 | $ | 833,935 | $ | (1,716 | ) | $ | (9,306 | ) | $ | 970,406 | $ | 1,793,369 |
Year ended March 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Operating Activities | |||||||||||
Net income | $ | 280,857 | $ | 149,899 | $ | 67,762 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 119,724 | 99,657 | 54,418 | ||||||||
Amortization of acquired contract liability | (26,684 | ) | (29,214 | ) | — | ||||||
Curtailment gain, net | (40,400 | ) | — | — | |||||||
Gain on early extinguishment of debt | — | — | (39 | ) | |||||||
Accretion of debt discount | 4,529 | 7,609 | 6,196 | ||||||||
Other amortization included in interest expense | 9,601 | 4,205 | 1,951 | ||||||||
Provision for doubtful accounts receivable | 1,282 | 152 | 773 | ||||||||
Provision for deferred income taxes | 153,453 | 82,083 | 7,524 | ||||||||
Employee stock compensation | 4,988 | 3,622 | 3,220 | ||||||||
Changes in other current assets and liabilities, excluding the effects of acquisitions: | |||||||||||
Accounts receivable | (82,062 | ) | (15,875 | ) | (6,172 | ) | |||||
Inventories | (47,487 | ) | (21,045 | ) | 30,192 | ||||||
Rotable assets | (8,206 | ) | (1,021 | ) | 65 | ||||||
Prepaid expenses and other current assets | (4,821 | ) | 13,411 | (3,822 | ) | ||||||
Accounts payable, accrued expenses and income taxes payable | 17,604 | (27,131 | ) | (15,742 | ) | ||||||
Accrued pension and other postretirement benefits | (157,111 | ) | (124,339 | ) | — | ||||||
Changes in discontinued operations | 241 | 7 | 21,773 | ||||||||
Other | 2,273 | 284 | 1,549 | ||||||||
Net cash provided by operating activities | 227,781 | 142,304 | 169,648 | ||||||||
Investing Activities | |||||||||||
Capital expenditures | (93,969 | ) | (90,025 | ) | (31,665 | ) | |||||
Reimbursements of capital expenditures | 3,437 | — | — | ||||||||
Proceeds from sale of assets | 8,758 | 4,213 | 615 | ||||||||
Acquisitions, net of cash acquired | 11,951 | (333,228 | ) | (31,493 | ) | ||||||
Net cash used in investing activities | (69,823 | ) | (419,040 | ) | (62,543 | ) | |||||
Financing Activities | |||||||||||
Net increase (decrease) in revolving credit facility | 235,000 | 85,000 | (127,730 | ) | |||||||
Proceeds from issuance of long-term debt | 92,253 | 846,105 | 186,930 | ||||||||
Retirement of debt and capital lease obligations | (484,538 | ) | (745,852 | ) | (13,811 | ) | |||||
Payment of deferred financing costs | (3,999 | ) | (22,790 | ) | (8,344 | ) | |||||
Dividends paid | (6,899 | ) | (3,574 | ) | (2,666 | ) | |||||
Repayment of government grant | (2,180 | ) | (1,695 | ) | — | ||||||
Repurchase of restricted shares for minimum tax obligations | (609 | ) | (1,861 | ) | (470 | ) | |||||
Proceeds from exercise of stock options, including excess tax benefit of $1,880, $150, and $206 in 2012, 2011, and 2010 | 4,721 | 3,034 | 1,367 | ||||||||
Net cash (used in) provided by financing activities | (166,251 | ) | 158,367 | 35,276 | |||||||
Effect of exchange rate changes on cash | (1,373 | ) | 479 | 359 | |||||||
Net change in cash and cash equivalents | (9,666 | ) | (117,890 | ) | 142,740 | ||||||
Cash and cash equivalents at beginning of year | 39,328 | 157,218 | 14,478 | ||||||||
Cash and cash equivalents at end of year | $ | 29,662 | $ | 39,328 | $ | 157,218 |
1. | BACKGROUND AND BASIS OF PRESENTATION |
2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
March 31, | |||||||
2012 | 2011 | ||||||
Billed | $ | 436,877 | $ | 339,823 | |||
Unbilled | 3,269 | 12,886 | |||||
Total trade receivables | 440,146 | 352,709 | |||||
Other receivables | 4,362 | 24,978 | |||||
Total trade and other receivables | 444,508 | 377,687 | |||||
Less: Allowance for doubtful accounts | (3,900 | ) | (3,196 | ) | |||
Total trade and other receivables, net | $ | 440,608 | $ | 374,491 |
• | Under the cost-to-cost method, progress toward completion is measured as the ratio of total costs incurred to estimated total costs at completion. Costs are recognized as incurred. Profit is determined based on estimated profit margin on the contract multiplied by progress toward completion. Revenue represents the sum of costs and profit on the contract for the period. |
• | Under the units-of-delivery method, revenue on a contract is recorded as the units are delivered and accepted during the period at an amount equal to the contractual selling price of those units. The costs recorded on a contract under the units-of-delivery method are equal to the total costs at completion divided by the total units to be delivered. As contracts can span multiple years, the Company often segments the contracts into production lots for the purposes of accumulating and allocating cost. Profit is recognized as the difference between revenue for the units delivered and the estimated costs for the units delivered. |
Balance, March 31, 2011 | $ | 19,711 | ||
Charges to costs and expenses | 3,261 | |||
Write-offs, net of recoveries | (8,483 | ) | ||
Exchange rate changes | (16 | ) | ||
Balance, March 31, 2012 | $ | 14,473 |
3. | ACQUISITIONS |
October 31, 2011 | |||
Trade and other receivables | $ | 625 | |
Inventory | 545 | ||
Prepaid expenses and other | 12 | ||
Property and equipment | 264 | ||
Goodwill | 3,753 | ||
Intangible assets | 4,222 | ||
Total assets | $ | 9,421 | |
Accounts payable | $ | 79 | |
Accrued expenses | 44 | ||
Deferred tax liabilities | 118 | ||
Other noncurrent liabilities | 1,926 | ||
Total liabilities | $ | 2,167 |
(in thousands, except share and per share amounts) | Shares | Estimated Fair Value | Form of Consideration | ||||||
Number of Triumph shares issued to Vought shareholders | 14,992,330 | ||||||||
Triumph share price as of the acquisition date | $ | 33.68 | $ | 504,867 | Triumph common stock | ||||
Cash consideration transferred to Vought shareholders | 547,950 | Cash | |||||||
Total fair value of consideration transferred | $ | 1,052,817 |
June 16, 2010 | |||
Cash | $ | 214,833 | |
Accounts receivable | 165,789 | ||
Inventory | 410,279 | ||
Prepaid expenses and other | 4,850 | ||
Property and equipment | 375,229 | ||
Goodwill | 1,026,763 | ||
Intangible assets | 807,000 | ||
Deferred tax assets | 244,895 | ||
Other assets | 384 | ||
Total assets | $ | 3,250,022 | |
Accounts payable | $ | 143,995 | |
Accrued expenses | 269,492 | ||
Deferred tax liabilities | 4,674 | ||
Debt | 590,710 | ||
Acquired contract liabilities, net | 124,548 | ||
Accrued pension and other postretirement benefits, noncurrent | 993,189 | ||
Other noncurrent liabilities | 70,597 | ||
Total liabilities | $ | 2,197,205 |
• | the expected synergies and other benefits that the Company believes will result from combining the operations of Vought with the operations of Triumph; |
• | any intangible assets that do not qualify for separate recognition such as assembled workforce; and |
• | the value of the going-concern element of Vought's existing businesses (the higher rate of return on the assembled collection of net assets versus acquiring all of the net assets separately). |
Fiscal year ended | |||
March 31, 2011 | |||
Net sales | $ | 1,527,326 | |
Operating income | $ | 161,629 |
Fiscal year ended | |||
March 31, 2011 | |||
Net sales | $ | 3,269,413 | |
Income from continuing operations | 154,999 | ||
Income from continuing operations—basic | $ | 3.22 | |
Income from continuing operations—diluted | $ | 3.07 |
4. | DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE |
March 31, 2011 | |||
Assets held for sale: | |||
Trade and other receivables, net | $ | 1,314 | |
Inventories | 237 | ||
Property, plant and equipment | 3,000 | ||
Other | 23 | ||
Total assets held for sale | $ | 4,574 | |
Liabilities held for sale: | |||
Accounts payable | $ | 99 | |
Accrued expenses | 154 | ||
Other noncurrent liabilities | 178 | ||
Total liabilities held for sale | $ | 431 |
5. | INVENTORIES |
March 31, | |||||||
2012 | 2011 | ||||||
Raw materials | $ | 53,103 | $ | 72,174 | |||
Work-in-process | 887,686 | 805,642 | |||||
Finished goods | 41,617 | 42,104 | |||||
Less: unliquidated progress payments | (164,450 | ) | (138,206 | ) | |||
Total inventories | $ | 817,956 | $ | 781,714 |
6. | PROPERTY AND EQUIPMENT |
March 31, | |||||||
2012 | 2011 | ||||||
Land | $ | 36,995 | $ | 37,270 | |||
Construction in process | 29,523 | 87,157 | |||||
Buildings and improvements | 234,088 | 201,183 | |||||
Furniture, fixtures and computer equipment | 113,523 | 62,641 | |||||
Machinery and equipment | 721,215 | 668,460 | |||||
1,135,344 | 1,056,711 | ||||||
Less accumulated depreciation | 401,964 | 321,832 | |||||
$ | 733,380 | $ | 734,879 |
7. | GOODWILL AND OTHER INTANGIBLE ASSETS |
Aerostructures | Aerospace Systems | Aftermarket Services | Total | ||||||||||||
Balance, March 31, 2011 | $ | 1,294,478 | $ | 183,633 | $ | 52,469 | $ | 1,530,580 | |||||||
Goodwill recognized in connection with acquisitions | 1,949 | — | 3,753 | 5,702 | |||||||||||
Purchase price adjustments | (215 | ) | — | — | (215 | ) | |||||||||
Purchase accounting adjustments | 11,497 | — | — | 11,497 | |||||||||||
Effect of exchange rate changes and other | — | (1,190 | ) | — | (1,190 | ) | |||||||||
Balance, March 31, 2012 | $ | 1,307,709 | $ | 182,443 | $ | 56,222 | $ | 1,546,374 |
Aerostructures | Aerospace Systems | Aftermarket Services | Total | ||||||||||||
Balance, March 31, 2010 | $ | 259,715 | $ | 178,581 | $ | 52,358 | $ | 490,654 | |||||||
Goodwill recognized in connection with acquisitions | 1,026,763 | — | — | 1,026,763 | |||||||||||
Purchase price adjustments | 8,000 | 3,048 | 111 | 11,159 | |||||||||||
Effect of exchange rate changes and other | — | 2,004 | — | 2,004 | |||||||||||
Balance, March 31, 2011 | $ | 1,294,478 | $ | 183,633 | $ | 52,469 | $ | 1,530,580 |
March 31, 2012 | ||||||||||||||
Weighted- Average Life (in Years) | Gross Carrying Amount | Accumulated Amortization | Net | |||||||||||
Customer relationships | 16.3 | $ | 460,054 | $ | (70,169 | ) | $ | 389,885 | ||||||
Product rights and licenses | 12.0 | 37,776 | (24,208 | ) | 13,568 | |||||||||
Noncompete agreements and other | 13.0 | 7,327 | (6,104 | ) | 1,223 | |||||||||
Tradename | Indefinite-lived | 425,000 | — | 425,000 | ||||||||||
Total intangibles, net | $ | 930,157 | $ | (100,481 | ) | $ | 829,676 |
March 31, 2011 | |||||||||||||
Weighted- Average Life (in Years) | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||
Customer relationships | 16.4 | $ | 456,282 | $ | (40,657 | ) | $ | 415,625 | |||||
Product rights and licenses | 12.0 | 73,739 | (56,640 | ) | 17,099 | ||||||||
Noncompete agreements and other | 12.7 | 13,239 | (11,343 | ) | 1,896 | ||||||||
Tradename | Indefinite-lived | 425,000 | — | 425,000 | |||||||||
Total intangibles, net | $ | 968,260 | $ | (108,640 | ) | $ | 859,620 |
8. | ACCRUED EXPENSES |
March 31, | |||||||
2012 | 2011 | ||||||
Accrued pension | $ | 3,938 | $ | 3,931 | |||
Deferred revenue, advances and progress billings | 29,916 | 42,439 | |||||
Accrued other postretirement benefits | 36,526 | 35,456 | |||||
Accrued compensation | 123,141 | 104,444 | |||||
Accrued interest | 14,773 | 19,711 | |||||
Warranty reserve | 11,416 | 15,242 | |||||
Accrued workers' compensation | 13,365 | 11,988 | |||||
Accrued insurance | 13,534 | 13,244 | |||||
All other | 65,011 | 66,899 | |||||
Total accrued expenses | $ | 311,620 | $ | 313,354 |
9. | LEASES |
10. | LONG-TERM DEBT |
March 31, | |||||||
2012 | 2011 | ||||||
Revolving credit facility | $ | 320,000 | $ | 85,000 | |||
Receivable securitization facility | 120,000 | 100,000 | |||||
Equipment leasing facility | 61,301 | 67,822 | |||||
Term loan credit agreement | — | 346,731 | |||||
Secured promissory notes | — | 7,505 | |||||
Senior subordinated notes due 2017 | 173,061 | 172,801 | |||||
Senior notes due 2018 | 347,867 | 347,623 | |||||
Convertible senior subordinated notes | 128,655 | 176,544 | |||||
Other debt | 7,978 | 7,978 | |||||
1,158,862 | 1,312,004 | ||||||
Less: current portion | 142,237 | 300,252 | |||||
$ | 1,016,625 | $ | 1,011,752 |
11. | OTHER NONCURRENT LIABILITIES |
March 31, | |||||||
2012 | 2011 | ||||||
Acquired contract liabilities, net | $ | 68,650 | $ | 95,334 | |||
Deferred grant income | 28,295 | 31,417 | |||||
Accrued workers' compensation | 20,861 | 21,055 | |||||
Accrued warranties | 3,057 | 4,469 | |||||
Income tax reserves | 1,531 | 1,266 | |||||
Contingent consideration | 2,019 | 2,870 | |||||
All other | 11,874 | 11,377 | |||||
Total other noncurrent liabilities | $ | 136,287 | $ | 167,788 |
12. | INCOME TAXES |
Year ended March 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Foreign | $ | 10,200 | $ | 10,423 | $ | 5,086 | |||||
Domestic | 427,377 | 224,054 | 121,369 | ||||||||
$ | 437,577 | $ | 234,477 | $ | 126,455 |
Year ended March 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Current: | |||||||||||
Federal | $ | 2,012 | $ | (2,955 | ) | $ | 30,095 | ||||
State | 352 | 1,331 | 2,819 | ||||||||
Foreign | 138 | 1,607 | 729 | ||||||||
2,502 | (17 | ) | 33,643 | ||||||||
Deferred: | |||||||||||
Federal | 137,642 | 74,084 | 6,790 | ||||||||
State | 16,359 | 7,999 | 472 | ||||||||
Foreign | (548 | ) | — | 262 | |||||||
153,453 | 82,083 | 7,524 | |||||||||
$ | 155,955 | $ | 82,066 | $ | 41,167 |
Year ended March 31, | ||||||||
2012 | 2011 | 2010 | ||||||
Statutory federal income tax rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
State and local income taxes, net of federal tax benefit | 2.5 | 2.6 | 2.1 | |||||
Miscellaneous permanent items and nondeductible accruals | (0.8 | ) | 0.1 | 0.1 | ||||
Research and development tax credit | (0.7 | ) | (1.4 | ) | (2.4 | ) | ||
Foreign tax credits | (0.1 | ) | — | (0.1 | ) | |||
Domestic production tax benefits | — | — | (1.9 | ) | ||||
Other | (0.3 | ) | (1.3 | ) | (0.9 | ) | ||
Effective income tax rate | 35.6 | % | 35.0 | % | 31.9 | % |
March 31, | |||||||
2012 | 2011 | ||||||
Deferred tax assets: | |||||||
Net operating loss carryforwards | $ | 144,616 | $ | 190,724 | |||
Inventory | 13,126 | 11,635 | |||||
Accruals and reserves | 56,033 | 55,224 | |||||
Pension and other postretirement benefits | 302,262 | 300,210 | |||||
Acquired contract liabilities, net | 25,960 | 36,100 | |||||
Other | 2,796 | 717 | |||||
544,793 | 594,610 | ||||||
Valuation allowance | (347 | ) | (734 | ) | |||
Net deferred tax assets | 544,446 | 593,876 | |||||
Deferred tax liabilities: | |||||||
Long-term contract accounting | 154,846 | 134,854 | |||||
Property and equipment | 153,086 | 128,589 | |||||
Goodwill and other intangible assets | 331,296 | 331,288 | |||||
Prepaid expenses and other | 20,802 | 23,419 | |||||
660,030 | 618,150 | ||||||
Net deferred tax liabilities | $ | 115,584 | $ | 24,274 |
Ending Balance—March 31, 2010 | $ | 4,169 | |
Additions for tax positions related to the current year | 517 | ||
Additions for tax positions of prior years | 629 | ||
Additions for the acquisition of Vought | 5,151 | ||
Reductions for tax positions of prior years | (2,502 | ) | |
Reductions as a result of a lapse of statute of limitations | — | ||
Settlements | (1,027 | ) | |
Ending Balance—March 31, 2011 | 6,937 | ||
Additions for tax positions related to the current year | 345 | ||
Additions for tax positions of prior years | — | ||
Reductions for tax positions of prior years | (149 | ) | |
Reductions as a result of a lapse of statute of limitations | — | ||
Settlements | — | ||
Ending Balance—March 31, 2012 | $ | 7,133 |
13. | STOCKHOLDERS' EQUITY |
March 31, | |||||||
2012 | 2011 | ||||||
Pension and postretirement adjustments, net of income taxes of $9,060 and $(68,955), respectively | $ | (14,783 | ) | $ | 112,506 | ||
Unrealized gains (losses) on derivatives, net of income taxes of ($80) and $142, respectively | 132 | (232 | ) | ||||
Foreign currency translation adjustments | 5,345 | 8,197 | |||||
$ | (9,306 | ) | $ | 120,471 |
14. | EARNINGS PER SHARE |
Year ended March 31, | ||||||||
2012 | 2011 | 2010 | ||||||
(thousands) | ||||||||
Weighted-average common shares outstanding—basic | 48,821 | 45,006 | 32,918 | |||||
Net effect of dilutive stock options and nonvested stock | 446 | 440 | 414 | |||||
Net effect of convertible debt | 2,606 | 2,042 | — | |||||
Weighted-average common shares outstanding—diluted | 51,873 | 47,488 | 33,332 |
15. | EMPLOYEE BENEFIT PLANS |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||
Year ended March 31, | Year ended March 31, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Change in projected benefit obligations | |||||||||||||||
Projected benefit obligation at beginning of year | $ | 2,022,561 | $ | 16,725 | $ | 369,826 | $ | — | |||||||
Acquisition of Vought | — | 1,995,620 | — | 398,549 | |||||||||||
Service cost | 16,456 | 17,020 | 3,393 | 3,115 | |||||||||||
Interest cost | 108,059 | 93,162 | 18,473 | 16,672 | |||||||||||
Actuarial loss | 290,276 | 84,586 | 26,951 | 7,297 | |||||||||||
Plan amendments | (7,145 | ) | (86,243 | ) | — | (27,177 | ) | ||||||||
Participant contributions | — | — | 5,662 | 3,736 | |||||||||||
Curtailments | (56,701 | ) | — | — | — | ||||||||||
Special termination benefits | 1,625 | — | 421 | — | |||||||||||
Benefits paid | (133,390 | ) | (98,309 | ) | (43,924 | ) | (32,366 | ) | |||||||
Projected benefit obligation at end of year | $ | 2,241,741 | $ | 2,022,561 | $ | 380,802 | $ | 369,826 | |||||||
Accumulated benefit obligation at end of year | $ | 2,214,640 | $ | 1,949,459 | $ | 380,802 | $ | 369,826 | |||||||
Weighted-average assumptions used to determine benefit obligations at end of year | |||||||||||||||
Discount rate | 4.62 | % | 5.58 | % | 4.35 | % | 5.25 | % | |||||||
Rate of compensation increase | 3.50 | % | 3.50 | % | N/A | N/A |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||
Year ended March 31, | Year ended March 31, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Change in fair value of plan assets | |||||||||||||||
Fair value of plan assets at beginning of year | $ | 1,659,592 | $ | 7,304 | $ | — | $ | — | |||||||
Acquisition of Vought | — | 1,360,211 | — | — | |||||||||||
Actual return on plan assets | 233,559 | 255,279 | — | — | |||||||||||
Participant contributions | — | — | 5,662 | 3,736 | |||||||||||
Company contributions | 122,193 | 135,107 | 38,262 | 28,630 | |||||||||||
Benefits paid | (133,390 | ) | (98,309 | ) | (43,924 | ) | (32,366 | ) | |||||||
Fair value of plan assets at end of year | $ | 1,881,954 | $ | 1,659,592 | $ | — | $ | — | |||||||
Funded status (underfunded) | |||||||||||||||
Funded status | $ | (359,787 | ) | $ | (362,969 | ) | $ | (380,802 | ) | $ | (369,826 | ) | |||
Reconciliation of amounts recognized in the consolidated balance sheets | |||||||||||||||
Accrued benefit liability—current | $ | (3,938 | ) | $ | (3,931 | ) | $ | (36,526 | ) | $ | (35,456 | ) | |||
Accrued benefit liability—noncurrent | (355,849 | ) | (359,038 | ) | (344,276 | ) | (334,370 | ) | |||||||
Net amount recognized | $ | (359,787 | ) | $ | (362,969 | ) | $ | (380,802 | ) | $ | (369,826 | ) | |||
Prior service costs | $ | (41,160 | ) | $ | (87,475 | ) | $ | (22,270 | ) | $ | (26,800 | ) | |||
Actuarial (gains) losses | 53,026 | (74,483 | ) | 34,247 | 7,297 | ||||||||||
Income tax (benefits) liabilities related to above items | (4,509 | ) | 61,544 | (4,551 | ) | 7,411 | |||||||||
Unamortized benefit plan (gains) costs | $ | 7,357 | $ | (100,414 | ) | $ | 7,426 | $ | (12,092 | ) |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
Year Ended March 31, | Year Ended March 31, | ||||||||||||||||||||||
2012 | 2011 | 2010 | 2012 | 2011 | 2010 | ||||||||||||||||||
Components of net periodic pension cost | |||||||||||||||||||||||
Service cost | $ | 16,456 | $ | 17,020 | $ | 81 | $ | 3,393 | $ | 3,115 | $ | — | |||||||||||
Interest cost | 108,059 | 93,162 | 1,058 | 18,473 | 16,672 | — | |||||||||||||||||
Expected return on plan assets | (127,603 | ) | (93,121 | ) | (439 | ) | — | — | — | ||||||||||||||
Amortization of prior service (credit) cost | (11,014 | ) | 1,631 | 165 | (4,529 | ) | (377 | ) | — | ||||||||||||||
Amortization of net loss | 109 | 123 | 137 | — | — | — | |||||||||||||||||
Curtailment gain | (42,446 | ) | — | — | — | — | — | ||||||||||||||||
Special termination benefits | 1,625 | — | — | 421 | — | — | |||||||||||||||||
Total net periodic benefit (income) expense | $ | (54,814 | ) | $ | 18,815 | $ | 1,002 | $ | 17,758 | $ | 19,410 | $ | — | ||||||||||
Weighted-average assumptions used to determine net periodic pension cost | |||||||||||||||||||||||
Discount rate | 5.58 | % | 6.00 | % | 7.25 | % | 5.25 | % | 5.58 | % | N/A | ||||||||||||
Expected long-term rate on assets | 8.50 | % | 8.50 | % | 8.00 | % | N/A | N/A | N/A | ||||||||||||||
Rate of compensation increase | 3.50 | % | 3.50 | % | N/A | N/A | N/A | N/A |
• | In February 2012, the Company's second largest union-represented group of production and maintenance employees ratified a new collective bargaining agreement. The agreement provides actively employed participants the option to elect a lump-sum distribution upon retirement effective April 1, 2012. This change resulted in reduction to the projected benefit obligation of approximately $7,145. |
• | In December 2011, the Company negotiated the termination of one its smaller defined benefit plans. This termination resulted in a $1,625 special termination benefit, included in the Curtailment gain, net on the Consolidated Statement of Income for the fiscal year ended March 31, 2012. |
• | In March 2012, the Company announced an amendment to the retirement plans of its non-represented employee participants. Effective April 1, 2013, most actively employed participants with 30 years of service and certain highly compensated employees as of April 1, 2012 will no longer continue to accrue a benefit. Those changes resulted in a reduction of the projected pension obligation of $56,701 and a related curtailment gain of $42,446 included in Curtailment gain, net on the Consolidated Statement of Income for the fiscal year ended March 31, 2012. |
• | In October 2010, the Company's largest union-represented group of production and maintenance employees ratified a new collective bargaining agreement. The agreement provided for an increase in the pension benefits payable to covered employees who retire on or after November 1, 2010. The aforementioned changes led to a remeasurement of the affected plan's assets and obligations as of October 2010, which resulted in a $31,800 increase in the projected benefit obligation. |
• | In February 2011, the Company announced an amendment to the medical plans of its non-represented participants. The amendment eliminates pre-Medicare health coverage for all active and retired participants beginning in 2014. Those changes resulted in a reduction to the accumulated postretirement benefit obligation for the OPEB plan of $27,177. |
• | In March 2011, the Company announced an amendment to the retirement plans of its non-represented employee participants. Effective April 1, 2012, actively employed participants through December 31, 2011 may elect a lump-sum distribution option upon retirement. Those changes resulted in a reduction to the projected and accumulated pension obligation for the plan of approximately $118,000. |
Pension Benefits | Other Postretirement Benefits | ||||||
Amounts expected to be recognized in FY 2013 net periodic benefit costs | |||||||
Prior service cost ($3,614 and $2,809 net of tax, respectively) | $ | (5,829 | ) | $ | (4,530 | ) | |
Actuarial loss ($218 net of tax) | 352 | — |
Year | Pension Benefits | Other Postretirement Benefits* | |||||
2013 | $ | 231,800 | $ | 37,312 | |||
2014 | 154,223 | 35,627 | |||||
2015 | 152,430 | 31,295 | |||||
2016 | 150,790 | 30,910 | |||||
2017 | 149,644 | 30,490 | |||||
2018 - 2022 | 725,915 | 144,037 |
Actual Allocation | |||||||
Target Allocation | |||||||
March 31, | |||||||
Asset Category | Fiscal 2013 | 2012 | 2011 | ||||
Equity securities | 50 - 65% | 50 | % | 58 | % | ||
Fixed income securities | 20 - 45% | 44 | 33 | ||||
Alternative investment funds | 2 - 10% | 6 | 6 | ||||
Other | 0 - 5% | — | 3 | ||||
Total | 100 | % | 100 | % |
March 31, 2012 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | |||||||||||||||
Cash and cash equivalents | $ | 152,009 | $ | 73,675 | $ | — | $ | 225,684 | |||||||
Equity securities | |||||||||||||||
International | 147,784 | — | — | 147,784 | |||||||||||
US equity | 24,250 | — | — | 24,250 | |||||||||||
US commingled fund | 45,019 | 165,308 | — | 210,327 | |||||||||||
International commingled fund | 567 | 111,394 | — | 111,961 | |||||||||||
Fixed income securities | |||||||||||||||
Corporate bonds (S&P rating of A or higher) | — | 39,351 | — | 39,351 | |||||||||||
Corporate bonds (S&P rating lower than A) | — | 75,965 | — | 75,965 | |||||||||||
Government securities | — | 180,385 | — | 180,385 | |||||||||||
Commingled fund | — | 413,268 | — | 413,268 | |||||||||||
Mortgage-backed securities | — | 114,271 | — | 114,271 | |||||||||||
Other fixed income | — | 60,396 | — | 60,396 | |||||||||||
Other | |||||||||||||||
Futures | — | 13,192 | — | 13,192 | |||||||||||
Private equity and infrastructure | — | — | 109,727 | 109,727 | |||||||||||
Commingled fund swaps | — | 166,411 | — | 166,411 | |||||||||||
Total investment in securities—assets | $ | 369,629 | $ | 1,413,616 | $ | 109,727 | $ | 1,892,972 | |||||||
Liabilities | |||||||||||||||
Other investments | |||||||||||||||
Futures | — | (3,523 | ) | — | (3,523 | ) | |||||||||
Total investment in securities—liabilities | $ | — | $ | (3,523 | ) | $ | — | $ | (3,523 | ) | |||||
Net investment in securities | $ | 369,629 | $ | 1,410,093 | $ | 109,727 | $ | 1,889,449 | |||||||
Receivables | 13,002 | ||||||||||||||
Payables | (20,497 | ) | |||||||||||||
Total plan assets | $ | 1,881,954 |
March 31, 2011 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | |||||||||||||||
Cash and cash equivalents | $ | 127,141 | $ | 20,000 | $ | — | $ | 147,141 | |||||||
Equity securities | |||||||||||||||
International | 150,079 | — | — | 150,079 | |||||||||||
US equity | 6,344 | — | — | 6,344 | |||||||||||
US commingled fund | 2,779 | 194,505 | — | 197,284 | |||||||||||
International commingled fund | 696 | 187,146 | — | 187,842 | |||||||||||
Fixed income securities | |||||||||||||||
Corporate bonds (S&P rating of A or higher) | — | 76,032 | — | 76,032 | |||||||||||
Corporate bonds (S&P rating lower than A) | — | 217,624 | — | 217,624 | |||||||||||
Government securities | — | 162,972 | — | 162,972 | |||||||||||
Commingled fund | 4,144 | 125,822 | — | 129,966 | |||||||||||
Mortgage-backed securities | — | 57,923 | — | 57,923 | |||||||||||
Other fixed income | — | 68,820 | — | 68,820 | |||||||||||
Other | |||||||||||||||
Futures | 10,648 | — | — | 10,648 | |||||||||||
Private equity and infrastructure | — | — | 98,674 | 98,674 | |||||||||||
Real estate | — | — | 51,734 | 51,734 | |||||||||||
Commingled fund swaps | — | 143,113 | — | 143,113 | |||||||||||
Total investment in securities—assets | $ | 301,831 | $ | 1,253,957 | $ | 150,408 | $ | 1,706,196 | |||||||
Liabilities | |||||||||||||||
Other investments | |||||||||||||||
Futures | — | (122 | ) | — | (122 | ) | |||||||||
Total investment in securities—liabilities | $ | — | $ | (122 | ) | $ | — | $ | (122 | ) | |||||
Net investment in securities | $ | 301,831 | $ | 1,253,835 | $ | 150,408 | $ | 1,706,074 | |||||||
Receivables | 43,990 | ||||||||||||||
Payables | (90,472 | ) | |||||||||||||
Total plan assets | $ | 1,659,592 |
March 31, 2011 Balance | Net Purchases (Sales) | Net Realized Appreciation (Depreciation) | Net Unrealized Appreciation (Depreciation) | March 31, 2012 Balance | |||||||||||||||
Private equity funds | $ | 98,674 | $ | 1,163 | $ | (1,729 | ) | $ | 11,619 | $ | 109,727 | ||||||||
Real estate | 51,734 | (54,510 | ) | 2,776 | — | — | |||||||||||||
Total | $ | 150,408 | $ | (53,347 | ) | $ | 1,047 | $ | 11,619 | $ | 109,727 |
June 16, 2010 Balance (1) | Net Purchases (Sales) | Net Realized Appreciation (Depreciation) | Net Unrealized Appreciation (Depreciation) | March 31, 2011 Balance | |||||||||||||||
Private equity funds | $ | 92,385 | $ | (9,662 | ) | $ | 370 | $ | 15,581 | $ | 98,674 | ||||||||
Real estate | 46,250 | — | — | 5,484 | 51,734 | ||||||||||||||
Total | $ | 138,635 | $ | (9,662 | ) | $ | 370 | $ | 21,065 | $ | 150,408 |
Pension Benefits | Other Postretirement Benefits | |||||||
Increase of 25 basis points | ||||||||
Obligation | * | $ | (62,500 | ) | $ | (7,800 | ) | |
Net periodic expense | 600 | 400 | ||||||
Decrease of 25 basis points | ||||||||
Obligation | * | $ | 64,600 | $ | 8,100 | |||
Net periodic expense | (400 | ) | (400 | ) |
Other Postretirement Benefits | |||||||
One-Percentage Point Increase | One-Percentage Point Decrease | ||||||
Net periodic expense | $ | (606 | ) | $ | 676 | ||
Obligation | (11,159 | ) | 12,404 |
16. | STOCK COMPENSATION PLANS |
Options | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term (in Years) | Aggregate Intrinsic Value | |||||||||
Outstanding at March 31, 2011 | 338,498 | $ | 18.20 | |||||||||
Granted | — | — | ||||||||||
Exercised | (136,254 | ) | 20.84 | |||||||||
Forfeited | (1,000 | ) | 19.18 | |||||||||
Outstanding at March 31, 2012 | 201,244 | $ | 16.42 | 2.1 | $ | 7,413 | ||||||
Exercisable at March 31, 2012 | 201,244 | $ | 16.42 | 2.1 | $ | 7,413 |
Shares | Weighted- Average Grant Date Fair Value | |||||
Nonvested restricted stock and deferred stock units at March 31, 2011 | 315,812 | $ | 28.15 | |||
Granted | 143,298 | 42.76 | ||||
Vested | (76,060 | ) | 30.09 | |||
Forfeited | (12,758 | ) | 29.95 | |||
Nonvested restricted stock and deferred stock units at March 31, 2012 | 370,292 | $ | 33.34 |
17. | COMMITMENTS AND CONTINGENCIES |
18. | FAIR VALUE MEASUREMENTS |
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 |
Level 3. | Unobservable inputs for the asset or liability |
March 31, 2012 | |||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Contingent consideration liabilities | $ | (2,019 | ) | $ | — | $ | — | $ | (2,019 | ) | |||||
Derivative assets | $ | 212 | $ | — | $ | 212 | $ | — |
March 31, 2011 | |||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Contingent consideration liabilities | $ | (2,870 | ) | $ | — | $ | — | $ | (2,870 | ) | |||||
Derivative liabilities | $ | (377 | ) | $ | — | $ | (377 | ) | $ | — |
Amount of Gain (Loss) in OCI (Effective Portion) Year ended March 31, | Reclassification Adjustment Gain (Loss) Amount Year ended March 31, | ||||||||||||||||
Reclassification Adjustment Gain (Loss) Location (Effective Portion) | |||||||||||||||||
Cash Flow Hedges | 2012 | 2011 | 2012 | 2011 | |||||||||||||
Derivatives | Interest expense and other | $ | (364 | ) | $ | (1,188 | ) | $ | 156 | $ | (2,282 | ) |
March 31, 2011 Balance | Net Purchases (Sales), Issues (Settlements) | Net Realized Appreciation (Depreciation) | Net Unrealized Appreciation (Depreciation) | March 31, 2012 Balance | |||||||||||||||
Contingent consideration | $ | 2,870 | $ | 1,926 | $ | (2,777 | ) | $ | — | $ | 2,019 |
March 31, 2010 Balance | Net Purchases (Sales), Issues (Settlements) | Net Realized Appreciation (Depreciation) | Net Unrealized Appreciation (Depreciation) | March 31, 2011 Balance | |||||||||||||||
Contingent consideration | $ | 2,545 | $ | — | $ | 325 | $ | — | $ | 2,870 |
March 31, 2012 | March 31, 2011 | ||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||
Long-term debt | $ | 1,158,862 | $ | 1,385,264 | 1,312,004,000 | $ | 1,312,004 | 1,483,796,000 | $ | 1,483,796 |
19. | CUSTOMER CONCENTRATION |
20. | COLLECTIVE BARGAINING AGREEMENTS |
21. | SEGMENTS |
Year Ended March 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Net sales: | |||||||||||
Aerostructures | $ | 2,571,576 | $ | 2,126,040 | $ | 605,423 | |||||
Aerospace systems | 551,800 | 513,435 | 473,409 | ||||||||
Aftermarket services | 292,674 | 272,728 | 224,663 | ||||||||
Elimination of inter-segment sales | (8,121 | ) | (6,855 | ) | (8,715 | ) | |||||
$ | 3,407,929 | $ | 2,905,348 | $ | 1,294,780 | ||||||
Income before income taxes: | |||||||||||
Operating income (loss): | |||||||||||
Aerostructures | $ | 403,414 | $ | 267,783 | $ | 102,271 | |||||
Aerospace systems | 90,035 | 75,292 | 68,069 | ||||||||
Aftermarket services | 31,859 | 28,774 | 11,226 | ||||||||
Corporate | (10,593 | ) | (57,813 | ) | (26,285 | ) | |||||
514,715 | 314,036 | 155,281 | |||||||||
Interest expense and other | 77,138 | 79,559 | 28,865 | ||||||||
Gain on early extinguishment of debt | — | — | (39 | ) | |||||||
$ | 437,577 | $ | 234,477 | $ | 126,455 | ||||||
Depreciation and amortization: | |||||||||||
Aerostructures | $ | 89,113 | $ | 69,451 | $ | 24,025 | |||||
Aerospace systems | 17,363 | 17,183 | 16,804 | ||||||||
Aftermarket services | 9,487 | 11,101 | 12,855 | ||||||||
Corporate | 3,761 | 1,922 | 734 | ||||||||
$ | 119,724 | $ | 99,657 | $ | 54,418 | ||||||
Amortization of acquired contract liabilities, net: | |||||||||||
Aerostructures | $ | 26,684 | $ | 29,214 | $ | — | |||||
EBITDA: | |||||||||||
Aerostructures | $ | 465,843 | $ | 308,020 | $ | 126,296 | |||||
Aerospace systems | 107,398 | 92,475 | 84,873 | ||||||||
Aftermarket services | 41,346 | 39,875 | 24,081 | ||||||||
Corporate | (47,232 | ) | (55,891 | ) | (25,551 | ) | |||||
$ | 567,355 | $ | 384,479 | $ | 209,699 |
Year Ended March 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Capital expenditures: | |||||||||||
Aerostructures | $ | 64,633 | $ | 57,390 | $ | 9,107 | |||||
Aerospace systems | 14,747 | 11,534 | 11,136 | ||||||||
Aftermarket services | 8,682 | 4,656 | 3,895 | ||||||||
Corporate | 5,907 | 16,445 | 7,527 | ||||||||
$ | 93,969 | $ | 90,025 | $ | 31,665 |
March 31, | |||||||
2012 | 2011 | ||||||
Total Assets: | |||||||
Aerostructures | $ | 3,593,091 | $ | 3,509,750 | |||
Aerospace systems | 556,485 | 554,235 | |||||
Aftermarket services | 317,440 | 307,413 | |||||
Corporate | 87,741 | 101,262 | |||||
Discontinued operations | — | 4,574 | |||||
$ | 4,554,757 | $ | 4,477,234 |
22. | SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS |
March 31, 2012 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated Total | |||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 7,969 | $ | 2,237 | $ | 19,456 | $ | — | $ | 29,662 | |||||||||
Trade and other receivables, net | 225 | 209,146 | 231,237 | — | 440,608 | ||||||||||||||
Inventories | — | 789,913 | 28,043 | — | 817,956 | ||||||||||||||
Rotable assets | — | 24,468 | 10,086 | — | 34,554 | ||||||||||||||
Deferred income taxes | — | 72,259 | — | — | 72,259 | ||||||||||||||
Prepaid expenses and other | 5,956 | 13,156 | 4,232 | — | 23,344 | ||||||||||||||
Total current assets | 14,150 | 1,111,179 | 293,054 | — | 1,418,383 | ||||||||||||||
Property and equipment, net | 10,444 | 674,036 | 48,900 | — | 733,380 | ||||||||||||||
Goodwill and other intangible assets, net | 1,006 | 2,326,112 | 48,932 | — | 2,376,050 | ||||||||||||||
Other, net | 25,060 | 1,488 | 396 | — | 26,944 | ||||||||||||||
Intercompany investments and advances | 555,684 | 318,713 | 1,957 | (876,354 | ) | — | |||||||||||||
Total assets | $ | 606,344 | $ | 4,431,528 | $ | 393,239 | $ | (876,354 | ) | $ | 4,554,757 | ||||||||
Current liabilities: | |||||||||||||||||||
Current portion of long-term debt | $ | 128,996 | $ | 13,241 | $ | — | $ | — | $ | 142,237 | |||||||||
Accounts payable | 2,548 | 257,136 | 6,440 | — | 266,124 | ||||||||||||||
Accrued expenses | 46,123 | 256,413 | 9,084 | — | 311,620 | ||||||||||||||
Total current liabilities | 177,667 | 526,790 | 15,524 | — | 719,981 | ||||||||||||||
Long-term debt, less current portion | 847,049 | 49,576 | 120,000 | — | 1,016,625 | ||||||||||||||
Intercompany debt | (2,227,499 | ) | 2,032,973 | 194,526 | — | — | |||||||||||||
Accrued pension and other postretirement benefits, noncurrent | 7,119 | 693,006 | — | — | 700,125 | ||||||||||||||
Deferred income taxes and other | 8,639 | 317,362 | (1,344 | ) | — | 324,657 | |||||||||||||
Total stockholders' equity | 1,793,369 | 811,821 | 64,533 | (876,354 | ) | 1,793,369 | |||||||||||||
Total liabilities and stockholders' equity | $ | 606,344 | $ | 4,431,528 | $ | 393,239 | $ | (876,354 | ) | $ | 4,554,757 |
March 31, 2011 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated Total | |||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 17,270 | $ | 1,753 | $ | 20,305 | $ | — | $ | 39,328 | |||||||||
Trade and other receivables, net | — | 155,126 | 219,365 | — | 374,491 | ||||||||||||||
Inventories | — | 750,311 | 31,403 | — | 781,714 | ||||||||||||||
Rotable assets | — | 22,032 | 4,575 | — | 26,607 | ||||||||||||||
Deferred income taxes | — | 68,536 | — | — | 68,536 | ||||||||||||||
Prepaid and other | 7,514 | 9,967 | 660 | — | 18,141 | ||||||||||||||
Assets held for sale | — | 4,574 | — | — | 4,574 | ||||||||||||||
Total current assets | 24,784 | 1,012,299 | 276,308 | — | 1,313,391 | ||||||||||||||
Property and equipment, net | 38,028 | 680,929 | 15,922 | — | 734,879 | ||||||||||||||
Goodwill and other intangible assets, net | 1,677 | 2,336,735 | 51,788 | — | 2,390,200 | ||||||||||||||
Other, net | 36,767 | 1,752 | 245 | — | 38,764 | ||||||||||||||
Intercompany investments and advances | 673,212 | 65,510 | 4,199 | (742,921 | ) | — | |||||||||||||
Total assets | $ | 774,468 | $ | 4,097,225 | $ | 348,462 | $ | (742,921 | ) | $ | 4,477,234 | ||||||||
Current liabilities: | |||||||||||||||||||
Current portion of long-term debt | $ | 180,669 | $ | 17,177 | $ | 102,406 | $ | — | $ | 300,252 | |||||||||
Accounts payable | 4,259 | 247,002 | 11,455 | — | 262,716 | ||||||||||||||
Accrued expenses | 44,887 | 257,518 | 10,949 | — | 313,354 | ||||||||||||||
Liabilities related to assets held for sale | — | 431 | — | — | 431 | ||||||||||||||
Total current liabilities | 229,815 | 522,128 | 124,810 | — | 876,753 | ||||||||||||||
Long-term debt, less current portion | 955,009 | 56,743 | — | — | 1,011,752 | ||||||||||||||
Intercompany debt | (2,060,150 | ) | 1,916,421 | 143,729 | — | — | |||||||||||||
Accrued pension and other postretirement benefits, noncurrent | 5,906 | 687,502 | — | — | 693,408 | ||||||||||||||
Deferred income taxes and other | 11,671 | 252,849 | (1,416 | ) | — | 263,104 | |||||||||||||
Total stockholders' equity | 1,632,217 | 661,582 | 81,339 | (742,921 | ) | 1,632,217 | |||||||||||||
Total liabilities and stockholders' equity | $ | 774,468 | $ | 4,097,225 | $ | 348,462 | $ | (742,921 | ) | $ | 4,477,234 |
Fiscal year ended March 31, 2012 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated Total | |||||||||||||||
Net sales | $ | — | $ | 3,310,929 | $ | 104,229 | $ | (7,229 | ) | $ | 3,407,929 | ||||||||
Operating costs and expenses: | |||||||||||||||||||
Cost of sales | — | 2,492,513 | 79,711 | (7,229 | ) | 2,564,995 | |||||||||||||
Selling, general and administrative | 33,936 | 190,145 | 18,472 | — | 242,553 | ||||||||||||||
Acquisition-related | 6,342 | — | — | — | 6,342 | ||||||||||||||
Curtailment gain | (40,400 | ) | — | — | — | (40,400 | ) | ||||||||||||
Depreciation and amortization | 1,933 | 112,477 | 5,314 | — | 119,724 | ||||||||||||||
1,811 | 2,795,135 | 103,497 | (7,229 | ) | 2,893,214 | ||||||||||||||
Operating (loss) income | (1,811 | ) | 515,794 | 732 | — | 514,715 | |||||||||||||
Intercompany interest and charges | (188,865 | ) | 185,282 | 3,583 | — | — | |||||||||||||
Interest expense and other | 75,959 | 4,322 | (3,143 | ) | — | 77,138 | |||||||||||||
Income from continuing operations, before income taxes | 111,095 | 326,190 | 292 | — | 437,577 | ||||||||||||||
Income tax expense | 22,467 | 133,371 | 117 | — | 155,955 | ||||||||||||||
Income from continuing operations | 88,628 | 192,819 | 175 | — | 281,622 | ||||||||||||||
Loss on discontinued operations, net | — | (765 | ) | — | — | (765 | ) | ||||||||||||
Net income | 88,628 | 192,054 | 175 | — | 280,857 | ||||||||||||||
Other comprehensive income (loss) | 232 | (127,157 | ) | (2,852 | ) | — | (129,777 | ) | |||||||||||
Total comprehensive income | $ | 88,860 | $ | 64,897 | $ | (2,677 | ) | $ | — | $ | 151,080 |
Fiscal year ended March 31, 2011 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated Total | |||||||||||||||
Net sales | $ | — | $ | 2,813,506 | $ | 97,630 | $ | (5,788 | ) | $ | 2,905,348 | ||||||||
Operating costs and expenses: | |||||||||||||||||||
Cost of sales | — | 2,169,678 | 67,974 | (5,788 | ) | 2,231,864 | |||||||||||||
Selling, general and administrative | 34,989 | 189,486 | 14,414 | — | 238,889 | ||||||||||||||
Acquisition-related | 20,902 | — | — | — | 20,902 | ||||||||||||||
Depreciation and amortization | 1,922 | 94,235 | 3,500 | — | 99,657 | ||||||||||||||
57,813 | 2,453,399 | 85,888 | (5,788 | ) | 2,591,312 | ||||||||||||||
Operating (loss) income | (57,813 | ) | 360,107 | 11,742 | — | 314,036 | |||||||||||||
Intercompany interest and charges | (163,530 | ) | 160,290 | 3,240 | — | — | |||||||||||||
Interest expense and other | 74,343 | 8,292 | (3,076 | ) | — | 79,559 | |||||||||||||
Income from continuing operations, before income taxes | 31,374 | 191,525 | 11,578 | — | 234,477 | ||||||||||||||
Income tax expense | 11,758 | 69,121 | 1,187 | — | 82,066 | ||||||||||||||
Income from continuing operations | 19,616 | 122,404 | 10,391 | — | 152,411 | ||||||||||||||
Loss on discontinued operations, net | — | (2,512 | ) | — | — | (2,512 | ) | ||||||||||||
Net income | 19,616 | 119,892 | 10,391 | — | 149,899 | ||||||||||||||
Other comprehensive income | 1,188 | 114,780 | 3,798 | — | 119,766 | ||||||||||||||
Total comprehensive income | $ | 20,804 | $ | 234,672 | $ | 14,189 | $ | — | $ | 269,665 |
Fiscal year ended March 31, 2010 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated Total | |||||||||||||||
Net sales | $ | — | $ | 1,227,738 | $ | 79,029 | $ | (11,987 | ) | $ | 1,294,780 | ||||||||
Operating costs and expenses: | |||||||||||||||||||
Cost of sales | — | 881,828 | 57,370 | (11,987 | ) | 927,211 | |||||||||||||
Selling, general and administrative | 25,551 | 122,521 | 9,798 | — | 157,870 | ||||||||||||||
Depreciation and amortization | 734 | 50,668 | 3,016 | — | 54,418 | ||||||||||||||
26,285 | 1,055,017 | 70,184 | (11,987 | ) | 1,139,499 | ||||||||||||||
Operating (loss) income | (26,285 | ) | 172,721 | 8,845 | — | 155,281 | |||||||||||||
Intercompany interest and charges | (87,564 | ) | 87,092 | 472 | — | — | |||||||||||||
Interest expense and other | 23,415 | 3,529 | 1,921 | — | 28,865 | ||||||||||||||
Gain on extinguishment of debt | (39 | ) | — | — | — | (39 | ) | ||||||||||||
Income from continuing operations, before income taxes | 37,903 | 82,100 | 6,452 | — | 126,455 | ||||||||||||||
Income tax expense | 9,365 | 30,188 | 1,614 | — | 41,167 | ||||||||||||||
Income from continuing operations | 28,538 | 51,912 | 4,838 | — | 85,288 | ||||||||||||||
Loss on discontinued operations, net | — | (17,526 | ) | — | — | (17,526 | ) | ||||||||||||
Net income | 28,538 | 34,386 | 4,838 | — | 67,762 | ||||||||||||||
Other comprehensive income (loss) | 740 | (17 | ) | 2,215 | — | 2,938 | |||||||||||||
Total comprehensive income | $ | 29,278 | $ | 34,369 | $ | 7,053 | $ | — | $ | 70,700 |
Fiscal year ended March 31, 2012 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated Total | |||||||||||||||
Net income | $ | 88,628 | $ | 192,054 | $ | 175 | $ | — | $ | 280,857 | |||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | (22,063 | ) | (16,455 | ) | (14,558 | ) | — | (53,076 | ) | ||||||||||
Net cash provided by (used in) operating activities | 66,565 | 175,599 | (14,383 | ) | — | 227,781 | |||||||||||||
Capital expenditures | (2,891 | ) | (85,441 | ) | (5,637 | ) | — | (93,969 | ) | ||||||||||
Reimbursements of capital expenditures | — | 3,437 | — | — | 3,437 | ||||||||||||||
Proceeds from sale of assets and businesses | 4,952 | 3,690 | 116 | — | 8,758 | ||||||||||||||
Cash used for businesses and intangible assets acquired | — | 11,951 | — | — | 11,951 | ||||||||||||||
Net cash provided by (used in) investing activities | 2,061 | (66,363 | ) | (5,521 | ) | — | (69,823 | ) | |||||||||||
Net increase in revolving credit facility | 235,000 | — | — | — | 235,000 | ||||||||||||||
Proceeds on issuance of debt | — | 5,853 | 86,400 | — | 92,253 | ||||||||||||||
Retirements and repayments of debt | (398,908 | ) | (16,857 | ) | (68,773 | ) | — | (484,538 | ) | ||||||||||
Payments of deferred financing costs | (3,999 | ) | — | — | — | (3,999 | ) | ||||||||||||
Dividends paid | (6,899 | ) | — | — | — | (6,899 | ) | ||||||||||||
Repayment of governmental grant | — | (2,180 | ) | — | — | (2,180 | ) | ||||||||||||
Repurchase of restricted shares for minimum tax obligation | (609 | ) | — | — | — | (609 | ) | ||||||||||||
Proceeds from exercise of stock options, including excess tax benefit | 4,721 | — | — | — | 4,721 | ||||||||||||||
Intercompany financing and advances | 92,767 | (95,568 | ) | 2,801 | — | — | |||||||||||||
Net cash (used in) provided by financing activities | (77,927 | ) | (108,752 | ) | 20,428 | — | (166,251 | ) | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (1,373 | ) | — | (1,373 | ) | ||||||||||||
Net change in cash and cash equivalents | (9,301 | ) | 484 | (849 | ) | — | (9,666 | ) | |||||||||||
Cash and cash equivalents at beginning of year | 17,270 | 1,753 | 20,305 | — | 39,328 | ||||||||||||||
Cash and cash equivalents at end of year | $ | 7,969 | $ | 2,237 | $ | 19,456 | $ | — | $ | 29,662 |
Fiscal year ended March 31, 2011 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated Total | |||||||||||||||
Net income | $ | 19,616 | $ | 119,892 | $ | 10,391 | $ | — | $ | 149,899 | |||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | 34,398 | (14,850 | ) | (27,143 | ) | — | (7,595 | ) | |||||||||||
Net cash provided by (used in) operating activities | 54,014 | 105,042 | (16,752 | ) | — | 142,304 | |||||||||||||
Capital expenditures | (16,445 | ) | (72,237 | ) | (1,343 | ) | — | (90,025 | ) | ||||||||||
Proceeds from sale of assets and businesses | — | 4,156 | 57 | — | 4,213 | ||||||||||||||
Cash used for businesses and intangible assets acquired | — | (333,228 | ) | — | — | (333,228 | ) | ||||||||||||
Net cash used in investing activities | (16,445 | ) | (401,309 | ) | (1,286 | ) | — | (419,040 | ) | ||||||||||
Net increase in revolving credit facility | 85,000 | — | — | — | 85,000 | ||||||||||||||
Proceeds on issuance of debt | 695,695 | 10 | 150,400 | — | 846,105 | ||||||||||||||
Retirements and repayments of debt | (593,104 | ) | (25,761 | ) | (126,987 | ) | — | (745,852 | ) | ||||||||||
Payments of deferred financing costs | (22,790 | ) | — | — | — | (22,790 | ) | ||||||||||||
Dividends paid | (3,574 | ) | — | — | — | (3,574 | ) | ||||||||||||
Repayment of governmental grant | — | (1,695 | ) | — | — | (1,695 | ) | ||||||||||||
Repurchase of restricted shares for minimum tax obligation | (1,861 | ) | — | — | — | (1,861 | ) | ||||||||||||
Proceeds from exercise of stock options, including excess tax benefit | 3,034 | — | — | — | 3,034 | ||||||||||||||
Intercompany financing and advances | (331,136 | ) | 323,754 | 7,382 | — | — | |||||||||||||
Net cash (used in) provided by financing activities | (168,736 | ) | 296,308 | 30,795 | — | 158,367 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 479 | — | 479 | ||||||||||||||
Net change in cash and cash equivalents | (131,167 | ) | 41 | 13,236 | — | (117,890 | ) | ||||||||||||
Cash and cash equivalents at beginning of year | 148,437 | 1,712 | 7,069 | — | 157,218 | ||||||||||||||
Cash and cash equivalents at end of year | $ | 17,270 | $ | 1,753 | $ | 20,305 | $ | — | $ | 39,328 |
Fiscal year ended March 31, 2010 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated Total | |||||||||||||||
Net income | $ | 28,538 | $ | 34,386 | $ | 4,838 | $ | — | $ | 67,762 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities | 23,247 | 73,207 | 5,432 | — | 101,886 | ||||||||||||||
Net cash provided by operating activities | 51,785 | 107,593 | 10,270 | — | 169,648 | ||||||||||||||
Capital expenditures | (1,815 | ) | (22,900 | ) | (6,950 | ) | — | (31,665 | ) | ||||||||||
Proceeds from sale of assets and businesses | — | 614 | 1 | — | 615 | ||||||||||||||
Cash used for businesses and intangible assets acquired | — | (27,674 | ) | (3,819 | ) | — | (31,493 | ) | |||||||||||
Net cash used in investing activities | (1,815 | ) | (49,960 | ) | (10,768 | ) | — | (62,543 | ) | ||||||||||
Net decrease in revolving credit facility | (127,730 | ) | — | — | — | (127,730 | ) | ||||||||||||
Proceeds on issuance of debt | 172,477 | 14,453 | — | — | 186,930 | ||||||||||||||
Retirements and repayments of debt | (4,446 | ) | (9,262 | ) | (103 | ) | — | (13,811 | ) | ||||||||||
Payments of deferred financing costs | (8,344 | ) | — | — | — | (8,344 | ) | ||||||||||||
Dividends paid | (2,666 | ) | — | — | — | (2,666 | ) | ||||||||||||
Withholding of restricted shares for minimum tax obligation | (470 | ) | — | — | — | (470 | ) | ||||||||||||
Proceeds from exercise of stock options, including excess tax benefit | 1,367 | — | — | — | 1,367 | ||||||||||||||
Intercompany financing and advances | 64,458 | (66,569 | ) | 2,111 | — | — | |||||||||||||
Net cash (used in) provided by financing activities | 94,646 | (61,378 | ) | 2,008 | — | 35,276 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 359 | — | 359 | ||||||||||||||
Net change in cash and cash equivalents | 144,616 | (3,745 | ) | 1,869 | — | 142,740 | |||||||||||||
Cash and cash equivalents at beginning of year | 3,821 | 5,457 | 5,200 | — | 14,478 | ||||||||||||||
Cash and cash equivalents at end of year | $ | 148,437 | $ | 1,712 | $ | 7,069 | $ | — | $ | 157,218 |
23. | RELATED PARTY TRANSACTIONS |
24. | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) |
Fiscal 2012 | Fiscal 2011 | ||||||||||||||||||||||||||||||
June 30 | Sept. 30 | Dec. 31 | Mar. 31 (4) | June 30 (5) (6) | Sept. 30 | Dec. 31 | Mar. 31 | ||||||||||||||||||||||||
BUSINESS SEGMENT SALES | |||||||||||||||||||||||||||||||
Aerostructures | $ | 643,306 | $ | 587,977 | $ | 626,046 | $ | 714,247 | $ | 231,335 | $ | 577,700 | $ | 613,544 | $ | 703,461 | |||||||||||||||
Aerospace Systems | 133,010 | 133,775 | 133,291 | 151,724 | 117,433 | 123,500 | 124,693 | 147,809 | |||||||||||||||||||||||
Aftermarket Services | 70,368 | 70,547 | 68,639 | 83,120 | 59,797 | 68,686 | 74,709 | 69,536 | |||||||||||||||||||||||
Inter-segment Elimination | (1,621 | ) | (1,771 | ) | (2,014 | ) | (2,715 | ) | (1,356 | ) | (1,686 | ) | (2,093 | ) | (1,720 | ) | |||||||||||||||
TOTAL SALES | $ | 845,063 | $ | 790,528 | $ | 825,962 | $ | 946,376 | $ | 407,209 | $ | 768,200 | $ | 810,853 | $ | 919,086 | |||||||||||||||
GROSS PROFIT(1) | $ | 176,965 | $ | 179,705 | $ | 187,296 | $ | 219,629 | $ | 98,425 | $ | 157,427 | $ | 163,300 | $ | 191,840 | |||||||||||||||
OPERATING INCOME | |||||||||||||||||||||||||||||||
Aerostructures | $ | 87,974 | $ | 92,489 | $ | 103,947 | $ | 119,004 | $ | 36,067 | $ | 69,964 | $ | 70,606 | $ | 91,146 | |||||||||||||||
Aerospace Systems | 22,417 | 22,644 | 18,623 | 26,351 | 18,348 | 17,149 | 17,436 | 22,359 | |||||||||||||||||||||||
Aftermarket Services | 6,961 | 7,015 | 6,917 | 10,966 | 4,121 | 8,163 | 9,494 | 6,996 | |||||||||||||||||||||||
Corporate | (11,972 | ) | (13,692 | ) | (11,847 | ) | 26,918 | (25,686 | ) | (9,159 | ) | (10,877 | ) | (12,091 | ) | ||||||||||||||||
TOTAL OPERATING INCOME | $ | 105,380 | $ | 108,456 | $ | 117,640 | $ | 183,239 | $ | 32,850 | $ | 86,117 | 86,659 | $ | 108,410 | ||||||||||||||||
INCOME (LOSS) FROM | |||||||||||||||||||||||||||||||
Continuing Operations | $ | 50,904 | $ | 58,564 | $ | 65,903 | $ | 106,251 | $ | 11,580 | $ | 41,821 | $ | 44,980 | $ | 54,030 | |||||||||||||||
Discontinued Operations | (689 | ) | (76 | ) | — | — | (208 | ) | (281 | ) | (336 | ) | (1,687 | ) | |||||||||||||||||
NET INCOME | $ | 50,215 | $ | 58,488 | $ | 65,903 | $ | 106,251 | $ | 11,372 | $ | 41,540 | $ | 44,644 | $ | 52,343 | |||||||||||||||
Basic Earnings (Loss) per share(2) | |||||||||||||||||||||||||||||||
Continuing Operations | $ | 1.05 | $ | 1.20 | $ | 1.35 | $ | 2.16 | $ | 0.33 | $ | 0.87 | $ | 0.93 | $ | 1.12 | |||||||||||||||
Discontinued Operations | (0.01 | ) | — | — | — | (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.03 | ) | ||||||||||||||||||
Net Income | $ | 1.04 | $ | 1.20 | $ | 1.35 | $ | 2.16 | $ | 0.32 | $ | 0.86 | $ | 0.93 | * | $ | 1.09 | ||||||||||||||
Diluted Earnings (Loss) per share(2)(3) | |||||||||||||||||||||||||||||||
Continuing Operations | $ | 0.99 | $ | 1.13 | $ | 1.27 | $ | 2.03 | $ | 0.31 | $ | 0.84 | $ | 0.88 | $ | 1.05 | |||||||||||||||
Discontinued Operations | (0.01 | ) | — | — | — | (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.03 | ) | ||||||||||||||||||
Net Income | $ | 0.98 | $ | 1.13 | $ | 1.27 | $ | 2.03 | $ | 0.30 | $ | 0.83 | $ | 0.88 | * | $ | 1.02 |
* | Difference due to rounding. |
(1) | Gross profit includes depreciation. |
(2) | The sum of the earnings for Continuing Operations and Discontinued Operations does not necessarily equal the earnings for the quarter due to rounding. |
(3) | The sum of the diluted earnings per share for the four quarters does not necessarily equal the total year diluted earnings per share due to the dilutive effect of the potential common shares related to the convertible debt. |
(4) | Includes a pre-tax curtailment gain, net of $40,400 due to amendments made to the Company's defined benefit plans as disclosed in Note 15. |
(5) | Includes the results of Vought from June 16, 2010 through June 30, 2010. |
(6) | Includes acquisition expenses of $17,367 from the acquisition of Vought. |
25. | SUBSEQUENT EVENTS |
Balance at beginning of year | Additions charged to expense | Additions(1) | (Deductions)(2) | Balance at end of year | |||||||||||||
For year ended March 31, 2012: | |||||||||||||||||
Allowance for doubtful accounts receivable | $ | 3,196 | 1,282 | 528 | (1,106 | ) | $ | 3,900 | |||||||||
For year ended March 31, 2011: | |||||||||||||||||
Allowance for doubtful accounts receivable | $ | 4,276 | 152 | 16 | (1,248 | ) | $ | 3,196 | |||||||||
For year ended March 31, 2010: | |||||||||||||||||
Allowance for doubtful accounts receivable | $ | 5,641 | 773 | 699 | (2,837 | ) | $ | 4,276 |
(1) | Additions consist of trade and other receivable recoveries and miscellaneous adjustments. |
(2) | Deductions represent write-offs of related account balances. |
Item 9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure |
Item 9A. | Controls and Procedures |
(i) | pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; |
(ii) | provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and |
(iii) | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company's assets that could have a material effect on the financial statements. |
/s/ RICHARD C. ILL | |
Richard C. Ill Chairman and Chief Executive Officer | |
/s/ M. DAVID KORNBLATT | |
M. David Kornblatt Executive Vice President, Chief Financial Officer & Treasurer | |
/s/ KEVIN E. KINDIG | |
Kevin E. Kindig Vice President and Controller |
/s/ Ernst & Young LLP |
Item 9B. | Other Information |
Item 10. | Directors, Executive Officers and Corporate Governance |
Item 11. | Executive Compensation |
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
Item 13. | Certain Relationships and Related Transactions, and Director Independence |
Item 14. | Principal Accountant Fees and Services |
Triumph Group, Inc. | Page |
Exhibit Number | Description | ||
2.1 | Agreement and Plan of Merger by and among Triumph Group, Inc., Vought Aircraft Industries, Inc., Spitfire Merger Corporation and TC Group, L.L.C., as the Holder Representative March 23, 2010.(14) | ||
3.1 | Amended and Restated Certificate of Incorporation of Triumph Group, Inc.(1) | ||
3.2 | Amended and Restated By-Laws of Triumph Group, Inc.(2) | ||
4.1 | Form of certificate evidencing Common Stock of Triumph Group, Inc.(2) | ||
4.2 | Indenture, dated as of September 18, 2006, between Triumph Group, Inc. and The Bank of New York Trust Company, N.A. relating to the 2.625% Convertible Senior Subordinated Notes Due 2026.(3) | ||
4.3 | Form of the 2.625% Convertible Senior Subordinated Note Due 2026. (Included as Exhibit A to Exhibit 4.2).(3) | ||
4.4 | Registration Rights Agreement, dated as of September 18, 2006, between Triumph Group, Inc. and Banc of America Securities LLC.(3) | ||
4.5 | Indenture, dated as of November 16, 2009, between Triumph Group, Inc. and U.S. Bank National Association, as trustee, relating to the 8% Senior Subordinated Notes due 2017.(15) | ||
4.6 | Form of 8% Senior Subordinated Notes due 2017.(15) | ||
4.7 | Registration Rights Agreement, dated November 16, 2009, by and among Triumph Group, Inc., the Guarantors party thereto, and the other parties thereto.(15) | ||
4.8 | Indenture, dated as of June 16, 2010, between Triumph Group, Inc. and U.S. Bank National Association, as trustee, relating to the 8.625% Senior Subordinated Notes Due 2018.(16) | ||
4.9 | Registration Rights Agreement, dated as of June 16, 2010, by and among Triumph Group, Inc., RBC Capital Markets Corporation, UBC Securities LLC, PNC Capital Markets LLC, BB&T Capital Markets, a division of Scott & Stringfellow LLC and US Bancorp Investments Inc.(16) | ||
10.1 | * | Amended and Restated Directors' Stock Incentive Plan. | |
10.2 | Form of Deferred Stock Unit Award Agreement under the Amended and Restated Directors' Stock Incentive Plan.(4) |
Exhibit Number | Description | ||
10.3 | *# | 2004 Stock Incentive Plan. | |
10.4 | Credit Agreement dated May 10, 2010 by and among Triumph Group, Inc., PNC Bank National Association, as Administrative Agent, Sovereign Bank, as Documentation Agent, Citizens Bank of Pennsylvania and U.S. Bank National Association, as Syndication Agent, and JPMorgan Chase Bank, N.A., Royal Bank of Canada, Branch Bank & Trust Company and Manufacturers and Traders Trust Company, in their capacity as managing agents for the Banks.(6) | ||
10.5 | # | Triumph Group, Inc. Supplemental Executive Retirement Plan effective January 1, 2003.(9) | |
10.6 | Compensation for the non-employee members of the Board of Directors of Triumph Group, Inc.(4) | ||
10.7 | # | Form of Stock Award Agreement under the 2004 Stock Incentive Plan.(10) | |
10.8 | # | Form of letter confirming Stock Award Agreement under the 2004 Stock Incentive Plan.(10) | |
10.9 | # | Description of the Triumph Group, Inc. Annual Cash Bonus Plan.(11) | |
10.1 | # | Change of Control Employment Agreement with: Richard C. Ill, M. David Kornblatt, John B. Wright, II and Kevin E. Kindig.(12) | |
10.11 | # | Restricted Stock Award Agreement for M. David Kornblatt.(13) | |
10.12 | Form of Receivables Purchase Agreement, by and among the Triumph Group, Inc., as Initial Servicer, Triumph Receivables, LLC, as Seller, the various Purchasers and Purchase Agents from time to time party thereto and PNC National Association, as Administrative Agent.(8) | ||
10.13 | Stockholders Agreement, dated as of March 23, 2010, among Triumph Group, Inc., Carlyle Partners III, L.P., Carlyle Partners II, L.P., Carlyle International Partners II, L.P., Carlyle-Aerostructures Partners, L.P., CHYP Holdings, L.L.C., Carlyle-Aerostructures Partners II, L.P., CP III Coinvestment, L.P., C/S International Partners, Carlyle-Aerostructures International Partners, L.P., Carlyle-Contour Partners, L.P., Carlyle SBC Partners II, L.P., Carlyle International Partners III, L.P., Carlyle-Aerostructures Management, L.P., Carlyle-Contour International Partners, L.P., Carlyle Investment Group, L.P. and TC Group, L.L.C.(14) | ||
10.14 | Form of Amended and Restated Credit Agreement, dated as of April 5, 2011, by and among Triumph Group, Inc., substantially all of its domestic subsidiaries and certain of its foreign subsidiaries, PNC Bank National Association, as Administrative Agent, the lenders party thereto, PNC Capital Markets LLC, RBS Securities Inc., J.P. Morgan Securities, LLC and RBC Capital Markets, as Joint Lead Arrangers, Citizens Bank of Pennsylvania, JPMorgan Chase Bank, N.A. and Royal Bank of Canada, as Syndication Agents, U.S. Bank National Association, Sovereign Bank, Manufacturers and Traders Trust Company and The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as Documentation Agents.(7) | ||
10.15 | Guarantee and Collateral Agreement, dated as of June 16, 2010, made by Triumph Group, Inc. in favor of PNC Bank, National Association, as Administrative and Collateral Agent for the other Secured Parties.(16) | ||
10.16 | Intercreditor Agreement, dated as of June 16, 2010, by and among Triumph Group, Inc., PNC Bank National Association and Royal Bank of Canada.(16) | ||
10.17 | First Amendment to the May 10, 2010 Credit Agreement, dated as of June 16, 2010, by and among Triumph Group, Inc., PNC Bank, National Association, as Administrative Agent, Sovereign Bank, as Documentation Agent, Citizens Bank of Pennsylvania and U.S. Bank National Association, as Syndication Agents, and JPMorgan Chase Bank, N.A., Royal Bank of Canada, Branch Bank & Trust Company and Manufacturers and Traders Trust Company, in their capacity as managing agents for the Banks.(16) | ||
10.18 | Credit Agreement, dated as of June 16, 2010, by and among Triumph Group, Inc., Royal Bank of Canada as Administrative Agent, RBC Capital Markets as Lead Arranger, RBC Capital Markets, PNC Bank, National Association and Citizens Bank of Pennsylvania as Joint Bookrunners, Citizens Bank of Pennsylvania and U.S. Bank National Association, as Documentation Agents and PNC Bank, National Association, as Syndication Agent.(16) | ||
10.19 | Guarantee and Collateral Agreement, dated as of June 16, 2010, made by Triumph Group, Inc. in favor of Royal Bank of Canada, as Administrative Agent.(16) | ||
10.20 | Third Amendment to Receivables Purchase Agreement, dated as of June 21, 2010, by and among Triumph Receivables LLC, Triumph Group, Inc., Market Street Funding LLC and PNC Bank, National Association.(17) | ||
10.21 | Triumph Group, Inc. Executive Incentive Plan, effective September 28, 2010.(18) | ||
10.22 | # | Form of letter informing Triumph Group, Inc. executives they are eligible to participate in the Company's Long Term Incentive Plan.(19) |
Exhibit Number | Description | ||
10.23 | # | Form of letter informing Triumph Group, Inc. executives they have earned an award under the Company's Long Term Incentive Plan and the amount of the award.(19) | |
10.24 | # | Change of Control Employment Agreement with Jeffry Frisby.(19) | |
10.25 | * | Second Amended and Restated Credit Agreement, dated as of May 23, 2012, by and among Triumph Group, Inc., substantially all of its domestic subsidiaries and certain of its foreign subsidiaries, PNC Bank National Association, as Administrative Agent, the lenders party thereto, PNC Capital Markets LLC, RBS Securities Inc., J.P. Morgan Securities, LLC, RBC Capital Markets and Sovereign Bank, N.A., as Joint Lead Arrangers and Joint Bookrunners, Citizens Bank of Pennsylvania, JPMorgan Chase Bank, N.A., Royal Bank of Canada, and Sovereign Bank, N.A., as Syndication Agents, The Bank of Tokyo-Mitsubishi UFJ, Ltd, U.S. Bank National Association, TD Bank, N.A., and Manufacturers and Traders Trust Company, as Documentation Agents. | |
21.1 | * | Subsidiaries of Triumph Group, Inc. | |
23.1 | * | Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm. | |
31.1 | * | Principal Executive Officer Certification Required by Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended. | |
31.2 | * | Principal Financial Officer Certification Required by Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended. | |
32.1 | * | Principal Executive Officer Certification Required by Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934, as amended, and 18 U.S.C. Section 1350. | |
32.2 | * | Principal Financial Officer Certification Required by Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934, as amended, and 18 U.S.C. Section 1350. | |
101 | * | The following financial information from Triumph Group, Inc.'s Annual Report on Form 10-K for the fiscal year ended March 31, 2012 formatted in XBRL: (i) Consolidated Balance Sheets as of March 31, 2012 and 2011; (ii) Consolidated Statements of Income for the fiscal years ended March 31, 2012, 2011 and 2010; (iii) Consolidated Statements of Stockholders' Equity for the fiscal years ended March 31, 2012, 2011 and 2010; (iv) Consolidated Statements of Cash Flows for the fiscal years ended March 31, 2012, 2011 and 2010; (v) Consolidated Statements of Comprehensive Income for the fiscal years ended March 31, 2012, 2011 and 2010; and (vi) Notes to the Consolidated Financial Statements. |
(1) | Incorporated by reference to our Proxy Statement on Schedule 14A for the 2008 Annual Meeting of Stockholders. |
(2) | Incorporated by reference to our Current Report on Form 8-K filed on April 26, 2012. |
(3) | Incorporated by reference to our Current Report on Form 8-K filed on September 22, 2006. |
(4) | Incorporated by reference to our Current Report on Form 8-K filed on August 1, 2006. |
(5) | Incorporated by reference to our Proxy Statement on Schedule 14A for the 2004 Annual Meeting of Stockholders. |
(6) | Incorporated by reference to our Annual Report on Form 10-K for the fiscal year ended March 31, 2010. |
(7) | Incorporated by reference to our Current Report on Form 8-K filed on April 11, 2011. |
(8) | Incorporated by reference to our Current Report on Form 8-K filed on August 12, 2008. |
(9) | Incorporated by reference to our Annual Report on Form 10-K for the fiscal year ended March 31, 2003. |
(10) | Incorporated by reference to our Annual Report on Form 10-K for the fiscal year ended March 31, 2009. |
(11) | Incorporated by reference to our Current Report on Form 8-K filed on July 31, 2007. |
(12) | Incorporated by reference to our Current Report on Form 8-K filed on March 13, 2008 |
(13) | Incorporated by reference to our Current Report on Form 8-K filed on June 14, 2007. |
(14) | Incorporated by reference to our Current Report on Form 8-K filed on March 23, 2010. |
(15) | Incorporated by reference to our Current Report on Form 8-K filed on November 19, 2009. |
(16) | Incorporated by reference to our Current Report on Form 8-K filed on June 22, 2010. |
(17) | Incorporated by reference to our Current Report on Form 8-K filed on June 25, 2010. |
(18) | Incorporated by reference to our Current Report on Form 8-K filed on November 5, 2010. |
(19) | Incorporated by reference to our Annual Report on Form 10-K for the fiscal year ended March 31, 2011. |
* | Filed herewith. |
# | Compensation plans and arrangements for executives and others. |
TRIUMPH GROUP, INC. | |||
/s/ RICHARD C. ILL | |||
Dated: | May 25, 2012 | By: | Richard C. Ill Chairman and Chief Executive Officer (Principal Executive Officer) |
/s/ RICHARD C. ILL | Chairman, Chief Executive Officer and Director (Principal Executive Officer) | May 25, 2012 | |
Richard C. Ill | |||
/s/ M. DAVID KORNBLATT | Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | May 25, 2012 | |
M. David Kornblatt | |||
/s/ KEVIN E. KINDIG | Vice President and Controller (Principal Accounting Officer) | May 25, 2012 | |
Kevin E. Kindig | |||
/s/ PAUL BOURGON | Director | May 25, 2012 | |
Paul Bourgon | |||
/s/ ELMER L. DOTY | Director | May 25, 2012 | |
Elmer L. Doty | |||
/s/ RALPH E. EBERHART | Director | May 25, 2012 | |
Ralph E. Eberhart | |||
/s/ RICHARD C. GOZON | Director | May 25, 2012 | |
Richard C. Gozon | |||
/s/ CLAUDE F. KRONK | Director | May 25, 2012 | |
Claude F. Kronk | |||
/s/ ADAM J. PALMER | Director | May 25, 2012 | |
Adam J. Palmer | |||
/s/ JOSEPH M. SILVESTRI | Director | May 25, 2012 | |
Joseph M. Silvestri | |||
/s/ GEORGE SIMPSON | Director | May 25, 2012 | |
George Simpson |
Exhibit Number | Description | ||
2.1 | Agreement and Plan of Merger by and among Triumph Group, Inc., Vought Aircraft Industries, Inc., Spitfire Merger Corporation and TC Group, L.L.C., as the Holder Representative March 23, 2010.(14) | ||
3.1 | Amended and Restated Certificate of Incorporation of Triumph Group, Inc.(1) | ||
3.2 | Amended and Restated By-Laws of Triumph Group, Inc.(2) | ||
4.1 | Form of certificate evidencing Common Stock of Triumph Group, Inc.(2) | ||
4.2 | Indenture, dated as of September 18, 2006, between Triumph Group, Inc. and The Bank of New York Trust Company, N.A. relating to the 2.625% Convertible Senior Subordinated Notes Due 2026.(3) | ||
4.3 | Form of the 2.625% Convertible Senior Subordinated Note Due 2026. (Included as Exhibit A to Exhibit 4.2).(3) | ||
4.4 | Registration Rights Agreement, dated as of September 18, 2006, between Triumph Group, Inc. and Banc of America Securities LLC.(3) | ||
4.5 | Indenture, dated as of November 16, 2009, between Triumph Group, Inc. and U.S. Bank National Association, as trustee, relating to the 8% Senior Subordinated Notes due 2017.(15) | ||
4.6 | Form of 8% Senior Subordinated Notes due 2017.(15) | ||
4.7 | Registration Rights Agreement, dated November 16, 2009, by and among Triumph Group, Inc., the Guarantors party thereto, and the other parties thereto.(15) | ||
4.8 | Indenture, dated as of June 16, 2010, between Triumph Group, Inc. and U.S. Bank National Association, as trustee, relating to the 8.625% Senior Subordinated Notes Due 2018.(16) | ||
4.9 | Registration Rights Agreement, dated as of June 16, 2010, by and among Triumph Group, Inc., RBC Capital Markets Corporation, UBC Securities LLC, PNC Capital Markets LLC, BB&T Capital Markets, a division of Scott & Stringfellow LLC and US Bancorp Investments Inc.(16) | ||
10.1 | * | Amended and Restated Directors' Stock Incentive Plan. | |
10.2 | Form of Deferred Stock Unit Award Agreement under the Amended and Restated Directors' Stock Incentive Plan.(4) | ||
10.3 | *# | 2004 Stock Incentive Plan. | |
10.4 | Credit Agreement dated May 10, 2010 by and among Triumph Group, Inc., PNC Bank National Association, as Administrative Agent, Sovereign Bank, as Documentation Agent, Citizens Bank of Pennsylvania and U.S. Bank National Association, as Syndication Agent, and JPMorgan Chase Bank, N.A., Royal Bank of Canada, Branch Bank & Trust Company and Manufacturers and Traders Trust Company, in their capacity as managing agents for the Banks.(6) | ||
10.5 | # | Triumph Group, Inc. Supplemental Executive Retirement Plan effective January 1, 2003.(9) | |
10.6 | Compensation for the non-employee members of the Board of Directors of Triumph Group, Inc.(4) | ||
10.7 | # | Form of Stock Award Agreement under the 2004 Stock Incentive Plan.(10) | |
10.8 | # | Form of letter confirming Stock Award Agreement under the 2004 Stock Incentive Plan.(10) | |
10.9 | # | Description of the Triumph Group, Inc. Annual Cash Bonus Plan.(11) | |
10.1 | # | Change of Control Employment Agreement with: Richard C. Ill, M. David Kornblatt, John B. Wright, II and Kevin E. Kindig.(12) | |
10.11 | # | Restricted Stock Award Agreement for M. David Kornblatt.(13) | |
10.12 | Form of Receivables Purchase Agreement, by and among the Triumph Group, Inc., as Initial Servicer, Triumph Receivables, LLC, as Seller, the various Purchasers and Purchase Agents from time to time party thereto and PNC National Association, as Administrative Agent.(8) | ||
10.13 | Stockholders Agreement, dated as of March 23, 2010, among Triumph Group, Inc., Carlyle Partners III, L.P., Carlyle Partners II, L.P., Carlyle International Partners II, L.P., Carlyle—Aerostructures Partners, L.P., CHYP Holdings, L.L.C., Carlyle—Aerostructures Partners II, L.P., CP III Coinvestment, L.P., C/S International Partners, Carlyle—Aerostructures International Partners, L.P., Carlyle—Contour Partners, L.P., Carlyle SBC Partners II, L.P., Carlyle International Partners III, L.P., Carlyle—Aerostructures Management, L.P., Carlyle—Contour International Partners, L.P., Carlyle Investment Group, L.P. and TC Group, L.L.C.(14) |
Exhibit Number | Description | ||
10.14 | Form of Amended and Restated Credit Agreement, dated as of April 5, 2011, by and among Triumph Group, Inc., substantially all of its domestic subsidiaries and certain of its foreign subsidiaries, PNC Bank National Association, as Administrative Agent, the lenders party thereto, PNC Capital Markets LLC, RBS Securities Inc., J.P. Morgan Securities, LLC and RBC Capital Markets, as Joint Lead Arrangers, Citizens Bank of Pennsylvania, JPMorgan Chase Bank, N.A. and Royal Bank of Canada, as Syndication Agents, U.S. Bank National Association, Sovereign Bank, Manufacturers and Traders Trust Company and The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as Documentation Agents.(7) | ||
10.15 | Guarantee and Collateral Agreement, dated as of June 16, 2010, made by Triumph Group, Inc. in favor of PNC Bank, National Association, as Administrative and Collateral Agent for the other Secured Parties.(16) | ||
10.16 | Intercreditor Agreement, dated as of June 16, 2010, by and among Triumph Group, Inc., PNC Bank National Association and Royal Bank of Canada.(16) | ||
10.17 | First Amendment to the May 10, 2010 Credit Agreement, dated as of June 16, 2010, by and among Triumph Group, Inc., PNC Bank, National Association, as Administrative Agent, Sovereign Bank, as Documentation Agent, Citizens Bank of Pennsylvania and U.S. Bank National Association, as Syndication Agents, and JPMorgan Chase Bank, N.A., Royal Bank of Canada, Branch Bank & Trust Company and Manufacturers and Traders Trust Company, in their capacity as managing agents for the Banks.(16) | ||
10.18 | Credit Agreement, dated as of June 16, 2010, by and among Triumph Group, Inc., Royal Bank of Canada as Administrative Agent, RBC Capital Markets as Lead Arranger, RBC Capital Markets, PNC Bank, National Association and Citizens Bank of Pennsylvania as Joint Bookrunners, Citizens Bank of Pennsylvania and U.S. Bank National Association, as Documentation Agents and PNC Bank, National Association, as Syndication Agent.(16) | ||
10.19 | Guarantee and Collateral Agreement, dated as of June 16, 2010, made by Triumph Group, Inc. in favor of Royal Bank of Canada, as Administrative Agent.(16) | ||
10.20 | Third Amendment to Receivables Purchase Agreement, dated as of June 21, 2010, by and among Triumph Receivables LLC, Triumph Group, Inc., Market Street Funding LLC and PNC Bank, National Association.(17) | ||
10.21 | Triumph Group, Inc. Executive Incentive Plan, effective September 28, 2010.(18) | ||
10.22 | # | Form of letter informing Triumph Group, Inc. executives they are eligible to participate in the Company's Long Term Incentive Plan.(19) | |
10.23 | # | Form of letter informing Triumph Group, Inc. executives they have earned an award under the Company's Long Term Incentive Plan and the amount of the award.(19) | |
10.24 | # | Change of Control Employment Agreement with Jeffry Frisby.(19) | |
10.25 | * | Second Amended and Restated Credit Agreement, dated as of May 23, 2012, by and among Triumph Group, Inc., substantially all of its domestic subsidiaries and certain of its foreign subsidiaries, PNC Bank National Association, as Administrative Agent, the lenders party thereto, PNC Capital Markets LLC, RBS Securities Inc., J.P. Morgan Securities, LLC, RBC Capital Markets and Sovereign Bank, N.A., as Joint Lead Arrangers and Joint Bookrunners, Citizens Bank of Pennsylvania, JPMorgan Chase Bank, N.A., Royal Bank of Canada, and Sovereign Bank, N.A., as Syndication Agents, The Bank of Tokyo-Mitsubishi UFJ, Ltd, U.S. Bank National Association, TD Bank, N.A., and Manufacturers and Traders Trust Company, as Documentation Agents. | |
21.1 | * | Subsidiaries of Triumph Group, Inc. | |
23.1 | * | Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm. | |
31.1 | * | Principal Executive Officer Certification Required by Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended. | |
31.2 | * | Principal Financial Officer Certification Required by Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended. | |
32.1 | * | Principal Executive Officer Certification Required by Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934, as amended, and 18 U.S.C. Section 1350. | |
32.2 | * | Principal Financial Officer Certification Required by Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934, as amended, and 18 U.S.C. Section 1350. | |
101 | * | The following financial information from Triumph Group, Inc.'s Annual Report on Form 10-K for the fiscal year ended March 31, 2012 formatted in XBRL: (i) Consolidated Balance Sheets as of March 31, 2012 and 2011; (ii) Consolidated Statements of Income for the fiscal years ended March 31, 2012, 2011 and 2010; (iii) Consolidated Statements of Stockholders' Equity for the fiscal years ended March 31, 2012, 2011 and 2010; (iv) Consolidated Statements of Cash Flows for the fiscal years ended March 31, 2012, 2011 and 2010; (v) Consolidated Statements of Comprehensive Income for the fiscal years ended March 31, 2012, 2011 and 2010; and (vi) Notes to the Consolidated Financial Statements. |
(1) | Incorporated by reference to our Proxy Statement on Schedule 14A for the 2008 Annual Meeting of Stockholders. |
(2) | Incorporated by reference to our Current Report on Form 8-K filed on April 26, 2012. |
(3) | Incorporated by reference to our Current Report on Form 8-K filed on September 22, 2006. |
(4) | Incorporated by reference to our Current Report on Form 8-K filed on August 1, 2006. |
(5) | Incorporated by reference to our Proxy Statement on Schedule 14A for the 2004 Annual Meeting of Stockholders. |
(6) | Incorporated by reference to our Annual Report on Form 10-K for the fiscal year ended March 31, 2010. |
(7) | Incorporated by reference to our Current Report on Form 8-K filed on April 11, 2011. |
(8) | Incorporated by reference to our Current Report on Form 8-K filed on August 12, 2008. |
(9) | Incorporated by reference to our Annual Report on Form 10-K for the fiscal year ended March 31, 2003. |
(10) | Incorporated by reference to our Annual Report on Form 10-K for the fiscal year ended March 31, 2009. |
(11) | Incorporated by reference to our Current Report on Form 8-K filed on July 31, 2007. |
(12) | Incorporated by reference to our Current Report on Form 8-K filed on March 13, 2008. |
(13) | Incorporated by reference to our Current Report on Form 8-K filed on June 14, 2007. |
(14) | Incorporated by reference to our Current Report on Form 8-K filed on March 23, 2010. |
(15) | Incorporated by reference to our Current Report on Form 8-K filed on November 19, 2009. |
(16) | Incorporated by reference to our Current Report on Form 8-K filed on June 22, 2010. |
(17) | Incorporated by reference to our Current Report on Form 8-K filed on June 25, 2010. |
(18) | Incorporated by reference to our Current Report on Form 8-K filed on November 5, 2010. |
(19) | Incorporated by reference to our Annual Report on Form 10-K for the fiscal year ended March 31, 2011. |
* | Filed herewith. |
# | Compensation plans and arrangements for executives and others. |
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MW87$6H:^]F\L;+'%IJ&-(V(X+.3O
Triumph Brands, Inc. | |
Triumph Group Charitable Foundation | |
Triumph Group Acquisition Corp. | |
Triumph Group Acquisition Holdings, Inc. | |
Triumph Controls - Germany GmbH | |
Triumph Processing, Inc. | |
Triumph Actuation Systems -Connecticut, LLC | |
Triumph Aerospace Systems Group, LLC | |
Triumph Precision Castings Co. | |
Triumph Fabrications - Fort Worth, Inc. | |
Triumph Actuation Systems, LLC | |
Triumph Controls, LLC | |
Triumph Instruments, Inc. | |
Triumph Structures - Los Angeles, Inc. | |
Triumph Engineered Solutions, Inc. | |
Triumph Structures -Kansas City, Inc. | |
Nu-Tech Brands, Inc. | |
CBA Acquisition, LLC | |
Triumph Controls (Europe) SAS | |
Constructions Brevetees d'Alfortville (SAS) | |
Triumph Fabrications - San Diego, Inc. | |
Triumph Aerospace Systems - Wichita, Inc. | |
Triumph Gear Systems -Macomb, Inc. | |
Triumph Airborne Structures, LLC | |
Triumph Fabrications - Hot Springs, LLC | |
Triumph Turbine Services, Inc. | |
Triumph Engineering Services, Inc. | |
Triumph Aviations Inc. | |
Triumph Actuation Systems -Valencia, Inc. | |
The Triumph Group Operations, Inc. | |
Triumph Gear Systems, Inc. | |
Triumph Thermal Systems, LLC | |
Triumph Composite Systems, Inc. | |
Triumph Aftermarket Services Group, LLC | |
HT Parts, L.L.C. | |
Triumph Metals Company | |
Triumph Aviation Services Asia, Ltd. | |
Triumph Structures -Wichita, Inc. | |
Triumph Interiors, LLC | |
Triumph Aerospace Systems -Newport News, Inc. | |
Triumph Accessory Services - Grand Prairie, Inc. | |
Triumph Structures - East Texas, Inc. | |
Triumph Precision, Inc. | |
Triumph Insulation Systems, LLC | |
Triumph Insulation Systems - Germany GmbH |
The Mexmil Holding Company LLC | |
Placas Termodinamicas S.A. de C.V. | |
Triumph Structures - Long Island, LLC | |
Triumph Investment Holdings, Inc. | |
Triumph Receivables, LLC | |
Triumph Instruments -Burbank, Inc. | |
Triumph Aerospace Systems Group - UK, Ltd. | |
Triumph Controls - UK, Ltd. | |
Triumph Group Holdings - UK, Ltd. | |
Triumph Actuation & Motion Controls Systems - UK, Ltd. | |
KAMEX Ltd. | |
Mexmil China, LLC | |
Triumph Group Holdings - Mexico, LLC | |
Triumph Group Investment -Mexico, LLC | |
Triumph Real Estate - Mexico, LLC | |
Triumph Group -Mexico S. de R.L. de C.V. | |
Triumph Group -Mexico Inmobiliaria, S de R.L. de C.V. | |
Triumph Fabrications - St. Louis, Inc. | |
Triumph Aerostructures, LLC | |
VAC Industries, Inc. | |
Triumph Structures - Everett, Inc. | |
Triumph Aerostructures Holdings, LLC | |
Triumph Aerostructures Real Estate Investment Co., LLC | |
Triumph Vought Aircraft Technical Services (Chengdu) Co. Ltd. |
1 | CERTAIN DEFINITITIONS | 1 | ||
1.1 | Certain Definitions. | 1 | ||
1.2 | Construction. | 33 | ||
1.3 | Accounting Principles. | 35 | ||
2 | REVOLVING CREDIT FACILITY | 35 | ||
2.1 | Revolving Credit Commitments. | 35 | ||
2.2 | Nature of Banks' Obligations with Respect to Revolving Credit Loans. | 36 | ||
2.3 | Commitment Fees. | 36 | ||
2.4 | Revolving Credit Loan Requests. | 37 | ||
2.5 | Making Revolving Credit Loans. | 37 | ||
2.6 | Revolving Credit Notes. | 38 | ||
2.7 | Use of Proceeds. | 38 | ||
2.8 | Letter of Subfacility. | 38 | ||
2.9 | Swing Loans. | 45 | ||
2.10 | Utilization of Optional Currency Swing Loans and Letters of Credit. | 49 | ||
2.11 | Currency Repayments. | 51 | ||
2.12 | Optional Currency Amounts. | 52 | ||
2.13 | Intentionally Omitted. | 52 | ||
2.14 | Defaulting Banks. | 52 | ||
3 | INTEREST RATES | 53 | ||
3.1 | Interest Rate Options. | 53 | ||
3.2 | Interest Periods. | 54 | ||
3.3 | Interest After Default. | 55 | ||
3.4 | Euro-Rate Unascertainable. | 55 | ||
3.5 | Selection of Interest Rate Options. | 57 | ||
4 | PAYMENTS | 57 | ||
4.1 | Payments. | 57 | ||
4.2 | Pro Rata Treatment of Banks. | 57 | ||
4.3 | Interest Payment Dates. | 58 | ||
4.4 | Voluntary Prepayments and Commitments Reductions. | 58 | ||
4.5 | Additional Compensation in Certain Circumstances. | 61 | ||
4.6 | Mandatory Prepayments. | 63 | ||
4.7 | Interbank Market Presumption. | 64 | ||
4.8 | Taxes. | 64 | ||
4.9 | Judgment Currency. | 68 | ||
5 | REPRESENTATIONS AND WARRANTIES | 69 | ||
5.1 | Representation and Warranties. | 69 | ||
5.2 | Updates to Schedules. | 79 |
6 | CONDITIONS OF LENDING | 79 | ||
6.1 | First Loans. | 79 | ||
6.2 | Each Additional Loan. | 83 | ||
7 | COVENANTS | 83 | ||
7.1 | Affirmative Covenants. | 83 | ||
7.2 | Negative Covenants. | 90 | ||
7.3 | Reporting Requirements. | 102 | ||
8 | DEFAULT | 107 | ||
8.1 | Events of Default. | 107 | ||
8.2 | Consequences of Event of Default. | 111 | ||
9 | THE ADMINISTRATIVE AGENT | 113 | ||
9.1 | Appointment. | 113 | ||
9.2 | Delegation of Duties. | 113 | ||
9.3 | Nature of Duties; Independent Credit Investigation. | 113 | ||
9.4 | Actions in Discretion of Administrative Agent; Instructions from the Banks. | 114 | ||
9.5 | Reimbursement and Indemnification of Administrative Agent by the Borrowers. | 114 | ||
9.6 | Exculpatory Provisions. | 115 | ||
9.7 | Reimbursement and Indemnification of Administrative Agent by Banks. | 115 | ||
9.8 | Reliance by Administrative Agent. | 116 | ||
9.9 | Notice of Default. | 116 | ||
9.10 | Notices. | 116 | ||
9.11 | Banks in Their Individual Capacities. | 116 | ||
9.12 | Intentionally Omitted. | 117 | ||
9.13 | Equalization of Banks. | 117 | ||
9.14 | Successor Administrative Agent. | 117 | ||
9.15 | Administrative Agent's Fee. | 118 | ||
9.16 | Availability of Funds. | 118 | ||
9.17 | Calculations. | 118 | ||
9.18 | No Reliance on Administrative Agent's Customer Identification Program. | 118 | ||
9.19 | Beneficiaries. | 119 | ||
9.20 | Authorization to Release Collateral and Guarantors. | 119 | ||
10 | MISCELLANEOUS | 120 | ||
10.1 | Modifications, Amendments or Waivers. | 120 | ||
10.2 | No Implied Waivers; Cumulative Remedies; Writing Required | 121 | ||
10.3 | Reimbursement and Indemnification of Banks by the Borrowers; Taxes. | 121 | ||
10.4 | Holidays. | 122 | ||
10.5 | Funding by Branch, Subsidiary or Affiliate. | 123 | ||
10.6 | Notices. | 123 |
10.7 | Severability. | 124 | ||
10.8 | Governing Law. | 124 | ||
10.9 | Prior Understanding. | 125 | ||
10.10 | Durations; Survival. | 125 | ||
10.11 | Successors and Assigns. | 125 | ||
10.12 | Confidentiality. | 130 | ||
10.13 | Counterparts. | 131 | ||
10.14 | Administrative Agent's or Bank's Consent. | 131 | ||
10.15 | Exceptions. | 131 | ||
10.16 | Consent to Forum; Waiver of Jury Trial. | 131 | ||
10.17 | Intentionally Omitted. | 131 | ||
10.18 | Public Filings. | 132 | ||
10.19 | Agent Titles. | 132 | ||
10.20 | Joinder of Borrowers and Guarantors. | 132 | ||
10.21 | USA Patriot Act. | 133 | ||
10.22 | Collateral Agency Agreements, Etc. | 134 | ||
10.23 | Amended and Restatement, Ratification, No Novation. | 134 |
Euro-Rate = | Bloomberg Page BBAM1 |
Euro-Rate = | Bloomberg Page BBAM1 |
1.2.1 | Number; Inclusion. |
1.2.2 | Determination. |
1.2.3 | Administrative Agent's Discretion and Consent. |
1.2.4 | Documents Taken as a Whole. |
1.2.5 | Headings. |
1.2.6 | Implied References to this Agreement. |
1.2.7 | Persons. |
1.2.8 | Modifications to Documents. |
1.2.9 | From, To and Through. |
1.2.10 | Shall; Will. |
2.1.1 | General. |
2.1.2 | Right to Increase Commitments. |
2.8.1 | Issuance of Letters of Credit. |
2.8.2 | Letter of Credit Fees. |
2.8.3 | Disbursements, Reimbursement. |
2.8.4 | Repayment of Participation Advances. |
2.8.5 | Documentation. |
2.8.6 | Determinations to Honor Drawing Requests. |
2.8.7 | Nature of Participation and Reimbursement Obligations. |
2.8.8 | Indemnity. |
2.8.9 | Liability for Acts and Omissions. |
2.9.1 | Making Swing Loans. |
2.9.2 | Swing Loan Request. |
2.9.3 | Swing Loan Notes. |
2.9.4 | Repayment. |
2.9.5 | Participations. |
2.9.6 | Termination. |
2.9.7 | Minimum Amounts. |
2.9.8 | Prepayment. |
2.9.9 | Swing Loans Under Cash Management Agreements. |
2.9.10 | Nature of Obligations. |
2.9.11 | Indemnity. |
2.10.1 | Periodic Computations of Dollar Equivalent Amounts of Loans and Letters of Credit Outstanding. |
2.10.2 | Notices From Banks That Optional Currencies Are Unavailable to Fund New Loans. |
2.10.3 | Intentionally Omitted. |
2.10.4 | Requests for Additional Optional Currencies. |
3.1.1 | Revolving Credit Interest Rate Options. |
3.1.2 | Rate Quotations. |
3.2.1 | Ending Date and Business Day. |
3.2.2 | Amount of Borrowing Tranche. |
3.2.3 | Termination Before Expiration Date. |
3.2.4 | Renewals. |
3.3.1 | Letter of Credit Fees, Interest Rate. |
3.3.2 | Other Obligations. |
3.3.3 | Acknowledgment. |
3.4.1 | Unascertainable. |
3.4.2 | Illegality; Increased Costs; Deposits Not Available. |
3.4.3 | Administrative Agent's and Banks' Rights. |
4.4.1 | Right to Prepay. |
4.4.2 | Replacement of a Bank. |
4.4.3 | Right to Reduce Commitments. |
4.4.4 | Change of Lending Office. |
4.5.1 | Increased Costs or Reduced Return Resulting From Reserves, Capital Adequacy Requirements, Expenses, Etc. |
4.5.2 | Indemnity. |
4.6.1 | Currency Fluctuations. |
4.6.2 | Application Among Interest Rate Options. |
4.8.1 | Payments Free of Taxes. |
4.8.2 | Payment of Other Taxes by the Loan Parties. |
4.8.3 | Indemnification by the Loan Parties. |
4.8.4 | Indemnification by the Banks. |
4.8.5 | Evidence of Payments. |
4.8.6 | Status of Banks. |
4.8.7 | Refund. |
4.8.8 | Survival. |
4.8.9 | United Kingdom Tax Information |
4.9.1 | Currency Conversion Procedures for Judgments. |
4.9.2 | Indemnity in Certain Events. |
5.1.1 | Organization and Qualification. |
5.1.2 | Capitalization and Ownership. |
5.1.3 | Subsidiaries. |
5.1.4 | Power and Authority. |
5.1.5 | Validity and Binding Effect. |
5.1.6 | No Conflict. |
5.1.7 | Litigation. |
5.1.8 | Title to Properties. |
5.1.9 | Financial Statements. |
5.1.10 | Margin Stock. |
5.1.11 | Full Disclosure. |
5.1.12 | Taxes. |
5.1.13 | Consents and Approvals. |
5.1.14 | No Event of Default; Compliance with Instruments. |
5.1.15 | Patents, Trademarks, Copyrights, Licenses, Etc. |
5.1.16 | Insurance. |
5.1.17 | Compliance with Laws. |
5.1.18 | Material Contracts. |
5.1.19 | Investment Companies. |
5.1.20 | Plans and Benefit Arrangements. |
5.1.21 | Employment Matters. |
5.1.22 | Environmental Matters. |
5.1.23 | Senior Debt Status. |
5.1.24 | Anti-Terrorism Laws. |
5.1.25 | Security Interests; Mortgage Liens. |
5.1.26 | Status of the Pledged Collateral. |
6.1.1 | Closing Representations. |
6.1.2 | Secretary's Certificate. |
6.1.3 | Delivery of Loan Documents. |
6.1.4 | Amendments to Convertible Debt Documents. |
6.1.5 | Opinion of Counsel. |
6.1.6 | Legal Details. |
6.1.7 | Payment of Fees. |
6.1.8 | Consents. |
6.1.9 | Officer's Certificate Regarding MACs. |
6.1.10 | No Violation of Laws. |
6.1.11 | No Actions or Proceedings. |
6.1.12 | Lien Search; Filing Receipts; Pledged Shares. |
6.1.13 | Flood Certifications. |
6.1.14 | Certain Amended and Restated Exhibits and other Loan Documents. |
6.1.15 | Repayment and Reborrowing of Loans. |
6.1.16 | Environmental Matters. |
6.1.17 | Insurance Policies, Certificates of Insurance; Endorsements. |
6.1.18 | Intentionally Omitted. |
6.1.19 | Intentionally Omitted. |
7.1.1 | Preservation of Existence, Etc. |
7.1.2 | Payment of Liabilities, Including Taxes, Etc. |
7.1.3 | Maintenance of Insurance. |
7.1.4 | Maintenance of Properties and Leases. |
7.1.5 | Maintenance of Patents, Trademarks, Etc. |
7.1.6 | Visitation Rights. |
7.1.7 | Keeping of Records and Books of Account. |
7.1.8 | Plans and Benefit Arrangements. |
7.1.9 | Compliance with Laws. |
7.1.10 | Use of Proceeds. |
7.1.11 | Subsidiary Dividends. |
7.1.12 | Subordination of Intercompany Loans. |
7.1.13 | Anti-Terrorism Laws. |
7.1.14 | Further Assurances. |
7.1.16 | Collateral and Additional Collateral; Execution and Delivery of Additional Security Documents. |
7.1.17 | Intentionally Omitted. |
7.1.18 | Intercreditor Issues. |
7.2.1 | Indebtedness. |
7.2.2 | Liens. |
7.2.3 | Guaranties. |
7.2.4 | Loans and Investments. |
7.2.5 | Dividends and Related Distributions. |
7.2.6 | Liquidations, Mergers, Consolidations, Acquisitions. |
7.2.7 | Dispositions of Assets or Subsidiaries. |
7.2.8 | Affiliate Transactions. |
7.2.9 | Subsidiaries, Partnerships and Joint Ventures. |
7.2.10 | Continuation of Present Business. |
7.2.11 | Plans and Benefit Arrangements. |
7.2.12 | Fiscal Year. |
7.2.13 | Issuance of Stock. |
7.2.14 | Changes in Organizational Documents. |
7.2.15 | Minimum Interest Coverage Ratio. |
7.2.16 | Total Leverage Ratio. |
7.2.17 | Senior Leverage Ratio. |
7.2.18 | Negative Pledges; Restrictions on Dividend Payments. |
7.2.19 | Minimum Availability. |
7.2.20 | Repayment of Convertible Notes; Repayment of other Subordinated Indebtedness. |
7.2.21 | Modification of Other Debt Documents |
7.3.1 | Quarterly Financial Statements. |
7.3.2 | Annual Financial Statement. |
7.3.3 | Compliance Certificate. |
7.3.4 | Notice of Default. |
7.3.5 | Notice of Litigation. |
7.3.6 | Certain Events; Events Under the Convertible Notes or Vought Acquisition Debt. |
7.3.7 | Budgets, Forecasts, Other Reports and Information. |
7.3.8 | Notices Regarding Plans and Benefit Arrangements. |
8.1.1 | Payments Under Loan Documents. |
8.1.2 | Breach of Warranty. |
8.1.3 | Refusal to Permit Inspections; Breach of Negative Covenants. |
8.1.4 | Breach of Other Covenants. |
8.1.5 | Defaults in Other Agreements or Indebtedness. |
8.1.6 | Final Judgments or Orders. |
8.1.7 | Loan Document Unenforceable. |
8.1.8 | Uninsured Losses; Proceedings Against Assets. |
8.1.9 | Notice of Lien or Assessment. |
8.1.10 | Insolvency. |
8.1.11 | Events Relating to Plans and Benefit Arrangements. |
8.1.12 | Cessation of Business. |
8.1.13 | Change of Control. |
8.1.14 | Involuntary Proceedings. |
8.1.15 | Voluntary Proceedings. |
8.2.1 | Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings. |
8.2.2 | Bankruptcy, Insolvency or Reorganization Proceedings. |
8.2.3 | Set-off. |
8.2.4 | Suits, Actions, Proceedings. |
8.2.5 | Application of Proceeds; Collateral Sharing. |
10.1.1 | Increase of Commitment; Extension of Expiration Date. |
10.1.2 | Extension of Payment; Reduction of Principal Interest or Fees; Modification of Terms of Payment. |
10.1.3 | Miscellaneous. |
10.1.4 | Release of Guarantor or Collateral. |
10.5.1 | Notional Funding. |
10.5.2 | Actual Funding. |
10.11.1 | Successors and Assigns Generally. |
10.11.2 | Assignments by Banks. |
(i) | Minimum Amounts. |
(iii) | Required Consents. |
(iv) | Assignment and Assumption Agreement. |
(v) | No Assignment to Borrower. |
(vi) | No Assignment to Natural Persons. |
(vii) | No Assignment to a Competitor. |
10.11.3 | Register. |
10.11.4 | Participations. |
10.11.5 | Limitations upon Participant Rights Successors and Assigns Generally. |
10.11.6 | Certain Pledges; Successors and Assigns Generally. |
10.12.1 | General. |
10.12.2 | Sharing Information With Affiliates of the Banks. |
BANK NAME | AMOUNT OF COMMITMENT FOR REVOLVING CREDIT LOANS | PERCENTAGE |
Address for Notices: PNC Bank, National Association 1600 Market Street, 22nd Floor Philadelphia, PA 19103 Attention:John T. Wilden Telephone No. (215) 585-4326 Telecopier No. (215) 585-4144 Email: john.wilden@pnc.com Lending Office: PNC Bank, National Association Attention:Lisa Pierce Telephone No. (412) 762-6442 Telecopier No. (412) 762-8672 Email: lisa.pierce@pncbank.com | $105,000,000.00 | 10.5% |
Address for Notices: Citizens Bank of Pennsylvania 3025 Chemical Road, 3rd Floor Plymouth Meeting, PA 19462 Attention:Leslie Broderick Telephone No.: (484) 530-7144 Telecopier No.: (610) 941-4136 Email:leslie.broderick@rbscitizens.com Lending Office: Citizens Bank of Pennsylvania Attention:Margaret Secatore Telephone No.: (781) 655-4404 Telecopier No.: (781) 655-4050 Email: margaret.secatore@rbscitizens.com | $90,000,000.00 | 9% |
Address for Notices: JPMorgan Chase Bank, N.A. 270 Park Avenue, 43th Floor New York, NY 10172 Attention:Deborah Winkler Telephone No.: (212) 622-3285 Telecopier No.: (917) 464-6130 Email:deborah.r.winkler@jpmorgan.com Lending Office: JPMorgan Chase Bank, N.A. Attention:Non-Agented Service Team Telephone No.: (312) 385-7072 Telecopier No.: (312) 256-2608 Email: cls.chicago.nonagented.service@chase.com | $90,000,000.00 | 9% |
Address of Notices: Royal Bank of Canada RBC Capital Markets Three World Financial Center, 200 Vesey Street, 12th Floor New York, NY 10281-8098 Attention:Richard Smith Telephone No.: (212) 905-5894 Telecopier No.: (212) 428-6201 Email:richard.smith@rbccm.com Lending Office: Royal Bank of Canada Attention:Ian Blaker Telephone No.: (212) 618-5572 Telecopier No.: (212) 428-6460 Email:ian.blaker@rbccm.com | $90,000,000.00 | 9% |
Address for Notices: Sovereign Bank, N.A. 1500 Market Street Philadelphia, PA 19102 Attention:Francis D. Phillips Telephone No.: (267) 256-8607 Telecopier No.: (215) 568-9587 Email:fphillip@sovereignbank.com Lending Office: Sovereign Bank, N.A. Attention:Ashley Brobst Telephone No.: (267) 256-8607 Telecopier No.: (215) 568-5914 Email: participations@sovereignbank.com | $90,000,000.00 | 9% |
Address for Notices: The Bank of Tokyo-Mitsubishi UFJ, Ltd. Address: 1251 Avenue of the Americas New York, NY 10020-1104 Attention:Joanne Nasuti Telephone No.: (212) 782-4458 Telecopier No.: (212) 782-6440 Email:jnasuti@us.mufg.jp | $80,000,000.00 | 8% |
Address for Notices: U.S. Bank National Association 425 Walnut Street Cincinnati, OH 45202 Attention:Patrick McGraw Telephone No.: (513) 632-3032 Telecopier No.: (513) 632-2068 Email:patrick.mcGraw@usbank.com Lending Office: U.S. Bank National Association Telephone No.: (920) 237-7367 Telecopier No.: (920) 237-7993 Email: Complex_Credits_Oshkosh@usbank.com | $75,000,000.00 | 7.5% |
Address for Notices: TD Bank, N.A. 2005 Market Street Philadelphia, PA 19103 Attention:Bernadette Collins Telephone No.: (215) 282-4458 Telecopier No.: (215) 282-2476 Email:bernadette.collins@td.com Lending Office: TD Bank, N.A. Attention:Marcella Brattan Telephone No.: (856) 533-4885 Telecopier No.: (856) 533-7128 Email:investor.process@yesbank.com | $65,000,000.00 | 6.5% |
Address for Notices: Manufacturers and Traders Trust Company 25 South Charlest Street, 19th Floor Baltimore, MD 21201 Attention:Derek Lynch Telephone No.: (410) 244-4576 Telecopier No.: (410) 244-4446 Email:dplynch@mtb.com Lending Office: Manufacturers and Traders Trust Company Attention:Scott Flower Telephone No.: (716) 848-3208 Telecopier No.: (888) 285-5880 Email:sflower@mtb.com | $50,000,000.00 | 5% |
Address of Notices: Branch Banking and Trust Company 8200 Greensboro Drive, Suite 800 McLean, VA 22102 Attention:James Davis Telephone No.: (703) 442-5561 Telecopier No.: (703) 442-5544 Email:jedavis@bbandt.com Lending Office: Branch Banking and Trust Company Attention:Divina Tamayo Telephone No.: (703) 442-4038 Telecopier No.: (703) 442-5544 Email:dtamayo@bbandt.com | $45,000,000.00 | 4.5% |
Address of Notices: Huntington National Bank 41 South High Street Columbus, OH 43215 Attention:Chad Lowe Telephone No.: (614) 480-5810 Telecopier No.: (877) 274-8593 Email:chad.lowe@huntington.com Lending Office: Huntington National Bank Attention:Debbie Cabungcal Telephone No.: (614) 480-1283 Telecopier No.: (614) 480-2249 Email: debbie.cabungcal@huntington.com | $35,000,000.00 | 3.5% |
Address for Notices: Capital One Leverage Finance Corp. Address: 275 Broadhollow Road Melville, NY 11747 Attention:Dennis Hultgren Telephone No.: (631) 531-2782 Telecopier No.: (800) 986-0323 Email:dennis.hultgren@capitalone.com | $25,000,000.00 | 2.5% |
Address for Notices: First Niagara Bank, N.A. 401 Plymouth Road, Suite 600 Plymouth Meeting, PA 19462 Attention:Thomas Keiser Telephone No.: (610) 832-1822 Telecopier No.: (484) 530-7317 Email: tom.keiser@fnfg.com Lending Office: First Niagara Bank, N.A. Attention:Paula Taggart Telephone No.: (716) 819-5754 Telecopier No.: (716) 819-5132 Email: paula.taggart@fnfg.com | $25,000,000.00 | 2.5% |
Address for Notices: National Penn Bank 1000 Chesterbrook Boulevard, Suite 105 Berwyn, PA 19312 Attention:Alfred Doody Telephone No.: (610) 727-0651 Telecopier No.: (610) 640-3378 Email: alfred.doody@nationalpenn.com Lending Office: National Penn Bank Attention:Renee Dotts Telephone No.: (610) 369-6180 Telecopier No.: (610) 369-6415 Email: renee.dotts@nationalpenn.com | $20,000,000.00 | 2% |
Address for Notices: The Northern Trust Company 50 South LaSalle, M-27 Chicago, IL 60603 Attention:Andrew Holtz Telephone No.: (312) 444-4243 Telecopier No.: (312) 557-1425 Email: Lending Office: The Northern Trust Company Attention:Heather Dreher Telephone No.: (312) 444-5419 Telecopier No.: (312) 630-1566 Email: | $20,000,000.00 | 2% |
Address for Notices and Lending Office: UBS AG, Stamford Branch Attention:Banking Products Services Telephone No.: (203) 719-1797 Telecopier No.: (203) 719-3888 Email:sh-obp@ubs.com | $20,000,000.00 | 2% |
Address for Notices: First Commonwealth Bank 437 Grant Street, Suite 1600 Pittsburgh, PA 15219 Attention: Lawrence C. Deihle Telephone No.: (412) 690-2203 Telecopier No.: (412) 690-2206 Email: LDeihle@fcbanking.com Lending Office: First Commonwealth Bank Attention: Lawrence C. Deihle Telephone No.: (412) 690-2203 Telecopier No.: (412) 690-2206 Email: LDeihle@fcbanking.com | $15,000,000.00 | 1.5% |
Address of Notices: TriState Capital Bank One Oxford Centre, 27th Floor 301 Grant Street Pittsburgh, PA 15219 Attention: Loan Administration Telephone No: (412) 304-0304 Telecopier No.: (412) 304-0391 Email: gdiachiazza@tscbank.com Lending Office: TriState Capital Bank Attention: Loan Administration Telephone No: (412) 304-0304 Telecopier No.: (412) 304-0391 Email: gdiachiazza@tscbank.com | $10,000,000.00 | 1% |
Address for Notices: Hua Nan Commercial Bank, Ltd. 707 Wilshire Blvd., Ste 3100 Los Angeles, CA 90017 Attention:Howard Hung Telephone No.: (213) 362-6666 Telecopier No.: (213) 362-6617 Email:howard.hung@hncbla.com | $10,000,000.00 | 1% |
Address for Notices: Mega International Commercial Bank Co. Ltd. Los Angeles Branch 445 S. Figueroa ST., #1900 Los Angeles, CA 90071 Attention:Angela Sheu Telephone No.: (213) 426-3872 Telecopier No.: (213) 489-1160 Email:icbcloan@pacbell.net | $10,000,000.00 | 1% |
Address for Notices: Taiwan Business Bank Los Angeles Branch 633 W. 5th Street, Suite 2280 Los Angeles, CA 90071 Attention:Chung Lo Telephone No.: (213) 892-1260 Telecopier No.: (213) 892-1270 Email:credit@tbbla.com Lending Office: Taiwan Business Bank Los Angeles Branch Attention:Flora Chen Telephone No: (213) 892-1260 Telecopier No.: (213) 892-1270 Email: loandisburse@tbbla.com | $10,000,000.00 | 1% |
Address for Notices: Taiwan Cooperative Bank Los Angeles Branch 601 S. Figueroa Street, Suite 3500 Los Angeles, CA 90017 Attention:Hogan Tsai Telephone No.: (213) 489-5433 Ext. 249 Telecopier No.: (213) 489-5195 Email: tcbla@tcbla.com | $10,000,000.00 | 1% |
Address for Notices: Metro Bank 3801 Paxton Street Harrisburg, PA 17111 Attention:Harry Hayman, III Telephone No.: (717) 412-6162 Telecopier No.: Email: harry.hayman@mymetrobank.com Lending Office: Metro Bank Attention: Chris Leber Telephone No: (717) 412-6225 Telecopier No.: (717) 901-8220 Email: christopher.leber@mymetrobank.com | $5,000,000.00 | 0.5% |
Address for Notices: Republic First Bank 50 South 16th Street Philadelphia, PA Attention:Stephen McWilliams Telephone No.: (215) 360-5159 Telecopier No.: (215) 735-5373 Email: smcwilliams@myrepublicbank.com Lending Office: Republic First Bank Attention:Judy Rose Telephone No: (215) 430-5888 Telecopier No.: (215) 735-5373 Email: jrose@myrepublicbank.com | $5,000,000.00 | 0.5% |
Total | $1,000,000,000 | 100% |
LEVEL I | LEVEL II | LEVEL III | LEVEL IV | LEVEL V | |
Basis for Pricing | If the Total Leverage Ratio is less than or equal to 2.00 to 1. | If the Total Leverage Ratio is greater than 2.00 to 1 but less than or equal to 2.50 to 1. | If the Total Leverage Ratio is greater than 2.50 to 1 but less than or equal to 3.00 to 1. | If the Total Leverage Ratio is greater than 3.00 to 1 but less than or equal to 3.50 to 1. | If the Total Leverage Ratio is greater than 3.50 to 1. |
Commitment Fee | 30 | 35 | 40 | 45 | 50 |
Euro-Rate plus | 150 | 175 | 200 | 225 | 275 |
Base Rate plus | 50 | 75 | 100 | 125 | 175 |
Letter of Credit Fee | 150 | 175 | 200 | 225 | 275 |
(1) | All prices are expressed in basis points per annum; basis points in "Euro-Rate" and "Base Rate" rows represent margins added to those rates in computing the interest rate(s) payable on the Revolving Credit Loans. Pricing levels are determined quarterly on the basis of the Total Leverage Ratio set forth in the compliance certificates submitted under Section 7.3.3. which shall be on a pro forma basis to take into account acquisitions made during such quarter, as more specifically described in Section 7.2.6(ii) and the requirements set forth in the definition of Consolidated Adjusted EBITDA. Changes in pricing levels will become effective on the date such compliance certificate is due to be delivered pursuant to Section 7.3.3, except that any changes in pricing levels relating to outstanding Borrowing Tranches of Loans in an Optional Currency shall be effective upon the expiration of the current Interest Period with respect to such Borrowing Tranches. |
(1) | Pricing as of the Closing Date shall be set at Level II and remain at such Level II until the date upon which the first compliance certificate immediately following the Closing Date is due to be delivered pursuant to Section 7.3.3. |
(2) | If, as a result of any restatement of or other adjustment to the financial statements of TGI or for any other reason, the Borrowers or the Banks determine that (i) the Total Leverage Ratio as calculated by the Borrowers as of any applicable date was inaccurate and (ii) a proper calculation of the Total Leverage Ratio would have resulted in higher pricing for such period, the Borrowers shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the applicable Banks, promptly on demand by the Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief with respect to any Borrower under the Bankruptcy Code of the United States, automatically and without further action by the Administrative Agent, any Bank or the Administrative Agent, as Letter of Credit issuer), an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period. This paragraph shall not limit the rights of Administrative Agent, any Bank or the Administrative Agent, as Letter of Credit issuer, as the case may be, under Sections 2.8 [Letter of Credit Subfacility] or 3.3 [Interest After Default] or 8 [Default]. The Borrowers' obligations under this paragraph shall survive the termination of the Commitments and the repayments of all other Obligations hereunder. |
(3) | Notwithstanding anything hereinabove in this Schedule to the contrary, if Consolidated Adjusted EBITDA is zero or negative, Level V pricing shall apply. |
[NAME OF LENDER] | |
By: | |
Name: | |
Title: |
[NAME OF PARTICIPANT] | |
By: | |
Name: | |
Title: |
[NAME OF PARTICIPANT] | |
By: | |
Name: | |
Title: |
[NAME OF LENDER] | |
By: | |
Name: | |
Title: |
1) | Registration Statements (Form S-8 No. 333-36957 and Form S-8 No. 333-50056) pertaining to the 1996 Stock Option Plan of Triumph Group, Inc., |
2) | Registration Statements (Form S-8 No. 333-81665 and Form S-8 No. 333-134861) pertaining to the Amended and Restated Directors' Stock Incentive Plan of Triumph Group, Inc., |
3) | Registration Statement (Form S-8 No. 333-125888) pertaining to the 2004 Stock Incentive Plan of Triumph Group, Inc., |
4) | Registration Statement (Form S-3 No. 333-174289) of Triumph Group, Inc.; |
1. | I have reviewed this annual report on Form 10-K of Triumph Group, Inc.; |
2. | Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ RICHARD C. ILL | ||
Richard C. Ill Chairman and Chief Executive Officer (Principal Executive Officer) |
1. | I have reviewed this annual report on Form 10-K of Triumph Group, Inc.; |
2. | Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ M. DAVID KORNBLATT | ||
M. David Kornblatt Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
By: | /s/ RICHARD C. ILL | ||
Richard C. Ill Chairman and Chief Executive Officer (Principal Executive Officer) | |||
May 25, 2012 |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
By: | /s/ M. DAVID KORNBLATT | ||
M. David Kornblatt Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | |||
May 25, 2012 |
ACQUISITIONS (Tables)
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Mar. 31, 2012
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Mar. 31, 2011
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Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
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Schedule of pro forma impact of the Vought acquisition |
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Schedule of actual results of acquiree since acquisition date[Table Text Block] |
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Acquisitions | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions by Acquisition, Equity Interest Issued or Issuable [Table Text Block] |
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SEGMENTS (Tables)
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Mar. 31, 2012
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Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of selected financial information for each reportable segment and the reconciliation of EBITDA to operating income |
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Reconciliation of Assets from Segment to Consolidated [Table Text Block] |
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INCOME TAXES INCOME TAXES (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2012
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] |
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Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] |
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Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
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Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
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Summary of Income Tax Contingencies [Table Text Block] |
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SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2012
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Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of consolidating balance sheets |
SUMMARY CONSOLIDATING BALANCE SHEETS:
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Condensed consolidating statements of income |
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME:
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME:
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Condensed consolidating statements of cash flows |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS:
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS:
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INCOME TAXES SUMMARY OF PRETAX INCOME BY JURISDICTION (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
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Mar. 31, 2012
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Mar. 31, 2011
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Mar. 31, 2010
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Income Tax Examination [Line Items] | |||
Income (loss) from continuing operations, before income taxes | $ 437,577 | $ 234,477 | $ 126,455 |
Foreign Country [Member]
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Income Tax Examination [Line Items] | |||
Income (loss) from continuing operations, before income taxes | 10,200 | 10,423 | 5,086 |
Domestic Country [Member]
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Income Tax Examination [Line Items] | |||
Income (loss) from continuing operations, before income taxes | $ 427,377 | $ 224,054 | $ 121,369 |
Valuation and Qualifying Accounts Valuation and Qualifying Accounts (Details) (Allowance for Doubtful Accounts [Member], USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
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Mar. 31, 2012
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Mar. 31, 2011
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Mar. 31, 2010
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Allowance for Doubtful Accounts [Member]
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Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances and Reserves, Balance (period start) | $ 3,196 | $ 4,276 | $ 5,641 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 1,282 | 152 | 773 |
Valuation Allowances and Reserves, Adjustments | 528 | 16 | 699 |
Valuation Allowances and Reserves, Deductions | (1,106) | (1,248) | (2,837) |
Valuation Allowances and Reserves, Balance (period end) | $ 3,900 | $ 3,196 | $ 4,276 |
LONG-TERM DEBT (Tables)
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Mar. 31, 2012
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of long-term debt |
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RELATED PARTIES
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12 Months Ended |
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Mar. 31, 2012
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Related Party Transactions [Abstract] | |
RELATED PARTIES | RELATED PARTY TRANSACTIONS The Company has commercial relationships with Wesco Aircraft Hardware Corp ("Wesco") and Sequa Corporation ("Sequa"). Wesco is a distributor of aerospace hardware and provider of inventory management services under which Wesco provides aerospace hardware to the Company pursuant to long-term contracts. Sequa is a diversified aerospace and industrial company comprised of six businesses with leading positions in niche markets. The Carlyle Group owns a majority stake in both Wesco and Sequa and is the Company's largest stockholder since the acquisition of Vought. The Carlyle Group may indirectly benefit from its economic interests in Wesco and Sequa from its contractual relationships with the Company. The total amounts paid to Wesco pursuant to the Company's respective contracts for the fiscal years ended March 31, 2012 and 2011 were $48,563 and $35,504, respectively. As of March 31, 2012, the Company had accounts payable to Wesco of $5,047. The total amounts paid to Sequa pursuant to the Company's respective contracts for the fiscal years ended March 31, 2012 and 2011 were $6,983 and $285, respectively. The Company also had net sales to Sequa of $5,760 and $5,639 for the fiscal years ended March 31, 2012 and 2011, respectively. As of March 31, 2012, the Company had accounts payable to Sequa of $83, as well as accounts receivable of $1,538. |
INCOME TAXES COMPONENTS OF INCOME TAX PROVISION (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
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Mar. 31, 2012
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Mar. 31, 2011
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Mar. 31, 2010
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Income Tax Disclosure [Abstract] | |||
Current Federal Tax Expense (Benefit) | $ 2,012 | $ (2,955) | $ 30,095 |
Current State and Local Tax Expense (Benefit) | 352 | 1,331 | 2,819 |
Current Foreign Tax Expense (Benefit) | 138 | 1,607 | 729 |
Current Income Tax Expense (Benefit) | 2,502 | (17) | 33,643 |
Deferred Federal Income Tax Expense (Benefit) | 137,642 | 74,084 | 6,790 |
Deferred State and Local Income Tax Expense (Benefit) | 16,359 | 7,999 | 472 |
Deferred Foreign Income Tax Expense (Benefit) | (548) | 0 | 262 |
Deferred Income Tax Expense (Benefit) | 153,453 | 82,083 | 7,524 |
Income tax expense | $ 155,955 | $ 82,066 | $ 41,167 |
LONG-TERM DEBT (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2012
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Mar. 31, 2011
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Long-term debt | ||
Long-term debt | $ 1,158,862 | $ 1,312,004 |
Less current portion | 142,237 | 300,252 |
Long-term debt, Net | 1,016,625 | 1,011,752 |
Revolving credit facility
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Long-term debt | ||
Long-term debt | 320,000 | 85,000 |
Receivable securitization facility
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Long-term debt | ||
Long-term debt | 120,000 | 100,000 |
Equipment leasing facility and other capital leases
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||
Long-term debt | ||
Long-term debt | 61,301 | 67,822 |
Term loan credit agreement
|
||
Long-term debt | ||
Long-term debt | 0 | 346,731 |
Secured promissory notes
|
||
Long-term debt | ||
Long-term debt | 0 | 7,505 |
Senior subordinated notes due 2017
|
||
Long-term debt | ||
Long-term debt | 173,061 | 172,801 |
Senior notes due 2018
|
||
Long-term debt | ||
Long-term debt | 347,867 | 347,623 |
Convertible senior subordinated notes
|
||
Long-term debt | ||
Long-term debt | 128,655 | 176,544 |
Other debt
|
||
Long-term debt | ||
Long-term debt | $ 7,978 | $ 7,978 |
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS BENEFIT PLAN ASSETS (Details) (USD $)
|
12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2012
|
Mar. 31, 2011
|
Mar. 31, 2013
Alternative Investments [Member]
|
Mar. 31, 2012
Alternative Investments [Member]
|
Mar. 31, 2011
Alternative Investments [Member]
|
Mar. 31, 2012
Cash and Cash Equivalents [Member]
|
Mar. 31, 2011
Cash and Cash Equivalents [Member]
|
Mar. 31, 2012
Cash and Cash Equivalents [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2011
Cash and Cash Equivalents [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2012
Cash and Cash Equivalents [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2011
Cash and Cash Equivalents [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2012
Cash and Cash Equivalents [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2011
Cash and Cash Equivalents [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2012
International Equity Securities [Member]
|
Mar. 31, 2011
International Equity Securities [Member]
|
Mar. 31, 2012
International Equity Securities [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2011
International Equity Securities [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2012
International Equity Securities [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2011
International Equity Securities [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2012
International Equity Securities [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2011
International Equity Securities [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2013
Equity Securities [Member]
|
Mar. 31, 2012
Equity Securities [Member]
|
Mar. 31, 2011
Equity Securities [Member]
|
Mar. 31, 2012
Equity Securities [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2011
Equity Securities [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2012
Equity Securities [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2011
Equity Securities [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2012
Equity Securities [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2011
Equity Securities [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2013
Fixed Income Securities [Member]
|
Mar. 31, 2012
Fixed Income Securities [Member]
|
Mar. 31, 2011
Fixed Income Securities [Member]
|
Mar. 31, 2012
Equity Funds [Member]
|
Mar. 31, 2011
Equity Funds [Member]
|
Mar. 31, 2012
Equity Funds [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2011
Equity Funds [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2012
Equity Funds [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2011
Equity Funds [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2012
Equity Funds [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2011
Equity Funds [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2012
Equity Funds, Foreign [Member]
|
Mar. 31, 2011
Equity Funds, Foreign [Member]
|
Mar. 31, 2012
Equity Funds, Foreign [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2011
Equity Funds, Foreign [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2012
Equity Funds, Foreign [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2011
Equity Funds, Foreign [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2012
Equity Funds, Foreign [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2011
Equity Funds, Foreign [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2012
Corporate Bond Securities [Member]
|
Mar. 31, 2011
Corporate Bond Securities [Member]
|
Mar. 31, 2012
Corporate Bond Securities [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2011
Corporate Bond Securities [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2012
Corporate Bond Securities [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2011
Corporate Bond Securities [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2012
Corporate Bond Securities [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2011
Corporate Bond Securities [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2012
All Other Corporate Bonds [Member]
|
Mar. 31, 2011
All Other Corporate Bonds [Member]
|
Mar. 31, 2012
All Other Corporate Bonds [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2011
All Other Corporate Bonds [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2012
All Other Corporate Bonds [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2011
All Other Corporate Bonds [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2012
All Other Corporate Bonds [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2011
All Other Corporate Bonds [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2012
US Government Debt Securities [Member]
|
Mar. 31, 2011
US Government Debt Securities [Member]
|
Mar. 31, 2012
US Government Debt Securities [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2011
US Government Debt Securities [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2012
US Government Debt Securities [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2011
US Government Debt Securities [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2012
US Government Debt Securities [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2011
US Government Debt Securities [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2012
Fixed Income Funds [Member]
|
Mar. 31, 2011
Fixed Income Funds [Member]
|
Mar. 31, 2012
Fixed Income Funds [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2011
Fixed Income Funds [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2012
Fixed Income Funds [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2011
Fixed Income Funds [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2012
Fixed Income Funds [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2011
Fixed Income Funds [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2012
Collateralized Mortgage Backed Securities [Member]
|
Mar. 31, 2011
Collateralized Mortgage Backed Securities [Member]
|
Mar. 31, 2012
Collateralized Mortgage Backed Securities [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2011
Collateralized Mortgage Backed Securities [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2012
Collateralized Mortgage Backed Securities [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2011
Collateralized Mortgage Backed Securities [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2012
Collateralized Mortgage Backed Securities [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2011
Collateralized Mortgage Backed Securities [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2012
Fixed Income Investments [Member]
|
Mar. 31, 2011
Fixed Income Investments [Member]
|
Mar. 31, 2012
Fixed Income Investments [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2011
Fixed Income Investments [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2012
Fixed Income Investments [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2011
Fixed Income Investments [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2012
Fixed Income Investments [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2011
Fixed Income Investments [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2012
Derivative Financial Instruments, Assets [Member]
|
Mar. 31, 2011
Derivative Financial Instruments, Assets [Member]
|
Mar. 31, 2012
Derivative Financial Instruments, Assets [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2011
Derivative Financial Instruments, Assets [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2012
Derivative Financial Instruments, Assets [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2011
Derivative Financial Instruments, Assets [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2012
Derivative Financial Instruments, Assets [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2011
Derivative Financial Instruments, Assets [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2012
Private Equity Funds [Member]
|
Mar. 31, 2011
Private Equity Funds [Member]
|
Mar. 31, 2012
Private Equity Funds [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2011
Private Equity Funds [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2012
Private Equity Funds [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2011
Private Equity Funds [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2012
Private Equity Funds [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2011
Private Equity Funds [Member]
Significant Unobservable Inputs (Level 3)
|
Jun. 16, 2010
Private Equity Funds [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2011
Real Estate Investment [Member]
|
Mar. 31, 2011
Real Estate Investment [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2011
Real Estate Investment [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2012
Real Estate Investment [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2011
Real Estate Investment [Member]
Significant Unobservable Inputs (Level 3)
|
Jun. 16, 2010
Real Estate Investment [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2013
Other Investments [Member]
|
Mar. 31, 2012
Other Investments [Member]
|
Mar. 31, 2011
Other Investments [Member]
|
Mar. 31, 2012
Other Investments [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2011
Other Investments [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2012
Other Investments [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2011
Other Investments [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2012
Other Investments [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2011
Other Investments [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2012
Investment [Domain]
|
Mar. 31, 2011
Investment [Domain]
|
Mar. 31, 2012
Investment [Domain]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2011
Investment [Domain]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2012
Investment [Domain]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2011
Investment [Domain]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2012
Investment [Domain]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2011
Investment [Domain]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2012
Derivative Financial Instruments, Liabilities [Member]
|
Mar. 31, 2011
Derivative Financial Instruments, Liabilities [Member]
|
Mar. 31, 2012
Derivative Financial Instruments, Liabilities [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2011
Derivative Financial Instruments, Liabilities [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2012
Derivative Financial Instruments, Liabilities [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2011
Derivative Financial Instruments, Liabilities [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2012
Derivative Financial Instruments, Liabilities [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2011
Derivative Financial Instruments, Liabilities [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2012
Investment in Securities - Liabilities [Member]
|
Mar. 31, 2011
Investment in Securities - Liabilities [Member]
|
Mar. 31, 2012
Investment in Securities - Liabilities [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2011
Investment in Securities - Liabilities [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2012
Investment in Securities - Liabilities [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2011
Investment in Securities - Liabilities [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2012
Investment in Securities - Liabilities [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2011
Investment in Securities - Liabilities [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2012
Net Investment in Securities [Member]
|
Mar. 31, 2011
Net Investment in Securities [Member]
|
Mar. 31, 2012
Net Investment in Securities [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2011
Net Investment in Securities [Member]
Fair Value, Inputs, Level 1 [Member]
|
Mar. 31, 2012
Net Investment in Securities [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2011
Net Investment in Securities [Member]
Fair Value, Inputs, Level 2 [Member]
|
Mar. 31, 2012
Net Investment in Securities [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2011
Net Investment in Securities [Member]
Significant Unobservable Inputs (Level 3)
|
Jun. 16, 2010
Net Investment in Securities [Member]
Significant Unobservable Inputs (Level 3)
|
Mar. 31, 2012
Accounts Receivable [Member]
|
Mar. 31, 2011
Accounts Receivable [Member]
|
Mar. 31, 2012
Accounts Payable [Member]
|
Mar. 31, 2011
Accounts Payable [Member]
|
|
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 1,881,954,000 | $ 1,659,592,000 | $ 225,684,000 | $ 147,141,000 | $ 152,009,000 | $ 127,141,000 | $ 73,675,000 | $ 20,000,000 | $ 0 | $ 0 | $ 147,784,000 | $ 150,079,000 | $ 147,784,000 | $ 150,079,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 24,250,000 | $ 6,344,000 | $ 24,250,000 | $ 6,344,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 210,327,000 | $ 197,284,000 | $ 45,019,000 | $ 2,779,000 | $ 165,308,000 | $ 194,505,000 | $ 0 | $ 0 | $ 111,961,000 | $ 187,842,000 | $ 567,000 | $ 696,000 | $ 111,394,000 | $ 187,146,000 | $ 0 | $ 0 | $ 39,351,000 | $ 76,032,000 | $ 0 | $ 0 | $ 39,351,000 | $ 76,032,000 | $ 0 | $ 0 | $ 75,965,000 | $ 217,624,000 | $ 0 | $ 0 | $ 75,965,000 | $ 217,624,000 | $ 0 | $ 0 | $ 180,385,000 | $ 162,972,000 | $ 0 | $ 0 | $ 180,385,000 | $ 162,972,000 | $ 0 | $ 0 | $ 413,268,000 | $ 129,966,000 | $ 0 | $ 4,144,000 | $ 413,268,000 | $ 125,822,000 | $ 0 | $ 0 | $ 114,271,000 | $ 57,923,000 | $ 0 | $ 0 | $ 114,271,000 | $ 57,923,000 | $ 0 | $ 0 | $ 60,396,000 | $ 68,820,000 | $ 0 | $ 0 | $ 60,396,000 | $ 68,820,000 | $ 0 | $ 0 | $ 13,192,000 | $ 10,648,000 | $ 0 | $ 10,648,000 | $ 13,192,000 | $ 0 | $ 0 | $ 0 | $ 109,727,000 | $ 98,674,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 109,727,000 | $ 98,674,000 | $ 92,385,000 | $ 51,734,000 | $ 0 | $ 0 | $ 0 | $ 51,734,000 | $ 46,250,000 | $ 166,411,000 | $ 143,113,000 | $ 0 | $ 0 | $ 166,411,000 | $ 143,113,000 | $ 0 | $ 0 | $ 1,892,972,000 | $ 1,706,196,000 | $ 369,629,000 | $ 301,831,000 | $ 1,413,616,000 | $ 1,253,957,000 | $ 109,727,000 | $ 150,408,000 | $ (3,523,000) | $ (122,000) | $ 0 | $ 0 | $ (3,523,000) | $ (122,000) | $ 0 | $ 0 | $ (3,523,000) | $ (122,000) | $ 0 | $ 0 | $ (3,523,000) | $ (122,000) | $ 0 | $ 0 | $ 1,889,449,000 | $ 1,706,074,000 | $ 369,629,000 | $ 301,831,000 | $ 1,410,093,000 | $ 1,253,835,000 | $ 109,727,000 | $ 150,408,000 | $ 138,635,000 | $ 13,002,000 | $ 43,990,000 | $ (20,497,000) | $ (90,472,000) | ||||||||
Defined Benefit Plan, Target Allocation Percentage | 2 - 10% | 50 - 65% | 20 - 45% | 0 - 5% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% | 6.00% | 6.00% | 50.00% | 58.00% | 44.00% | 33.00% | 0.00% | 3.00% |
LONG-TERM DEBT LONG-TERM DEBT (Details 4) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2012
|
Mar. 31, 2011
|
Mar. 31, 2010
|
|
Long-term Debt, Unclassified [Abstract] | |||
Cash paid for interest | $ 72,563 | $ 58,750 | $ 16,284 |
Interest Costs, Capitalized During Period | 1,077 | 1,289 | 0 |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 142,237 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 13,400 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 131,988 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 332,397 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 1,913 | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | $ 540,998 |
OTHER NONCURRENT LIABILITIES OTHER NONCURRENT LIABILITIES (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2012
|
Mar. 31, 2011
|
---|---|---|
Other Liabilities, Noncurrent [Abstract] | ||
Acquired contract liabilities, net | $ 68,650 | $ 95,334 |
Deferred Revenue and Credits, Noncurrent | 28,295 | 31,417 |
Workers' Compensation Liability, Noncurrent | 20,861 | 21,055 |
Product Warranty Accrual, Noncurrent | 3,057 | 4,469 |
Accrued Income Taxes, Noncurrent | 1,531 | 1,266 |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 2,019 | 2,870 |
Other noncurrent liabilities | 11,874 | 11,377 |
Liabilities, Noncurrent | $ 136,287 | $ 167,788 |
ACCRUED EXPENSES ACCRUED EXPENSES (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2012
|
Mar. 31, 2011
|
---|---|---|
Accrued Liabilities [Abstract] | ||
Defined Benefit Pension Plan Liabilities, Current | $ 3,938 | $ 3,931 |
Deferred Revenue, Current | 29,916 | 42,439 |
Other Postretirement Defined Benefit Plan, Liabilities, Current | 36,526 | 35,456 |
Employee-related Liabilities, Current | 123,141 | 104,444 |
Interest Payable, Current | 14,773 | 19,711 |
Product Warranty Accrual, Current | 11,416 | 15,242 |
Workers' Compensation Liability, Current | 13,365 | 11,988 |
Accrued Insurance, Current | 13,534 | 13,244 |
Other Accrued Liabilities, Current | 65,011 | 66,899 |
Accrued expenses | $ 311,620 | $ 313,354 |
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Defined Contribution Pension Plan The Company sponsors a defined contribution 401(k) plan, under which salaried and certain hourly employees may defer a portion of their compensation. Eligible participants may contribute to the plan up to the allowable amount as determined by the plan of their regular compensation before taxes. During fiscal 2011, the Company changed its method for matching contributions. The Company generally matches contributions up to 60% of the first 6% of compensation contributed by the participant, calculated as 100% of the first 2% contributed, plus 40% of the next 4% contributed. All contributions and Company matches are invested at the direction of the employee in one or more mutual funds. Company matching contributions vest immediately and aggregated $19,701, $22,853 and $5,568 for the fiscal years ended March 31, 2012, 2011 and 2010, respectively. Defined Benefit Pension and Other Postretirement Benefit Plans The Company sponsors several defined benefit pension plans covering some of its employees. Certain employee groups are ineligible to participate in the plans or have ceased to accrue additional benefits under the plans based upon their service to the Company or years of service accrued under the defined benefit pension plans. Benefits under the defined benefit plans are based on years of service and, for most non-represented employees, on average compensation for certain years. It is the Company's policy to fund at least the minimum amount required for all qualified plans, using actuarial cost methods and assumptions acceptable under U.S. Government regulations, by making payments into a trust separate from us. 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 as of March 31, 2012. Employees achieve eligibility to participate in these contributory plans upon retirement from active service if they meet specified age and years of service requirements. Election to participate for some employees must be made at the date of retirement. Qualifying dependents at the date of retirement are also eligible for medical coverage. Current plan documents reserve the right to amend or terminate the plans at any time, subject to applicable collective bargaining requirements for represented employees. From time to time, changes have been made to the benefits provided to various groups of plan participants. Premiums charged to most retirees for medical coverage prior to age 65 are based on years of service and are adjusted annually for changes in the cost of the plans as determined by an independent actuary. In addition to this medical inflation cost-sharing feature, the plans also have provisions for deductibles, co-payments, coinsurance percentages, out-of-pocket limits, schedules of reasonable fees, preferred provider networks, coordination of benefits with other plans and a Medicare carve-out. The Company also sponsors an unfunded supplemental executive retirement plan ("SERP") that provides retirement benefits to certain key employees. In accordance with the Compensation—Retirement Benefits topic of the ASC, the Company has recognized the funded status of the benefit obligation as of March 31, 2012, in the accompanying consolidated balance sheet. The funded status is measured as the difference between the fair value of the plans' assets and the PBO or accumulated postretirement benefit obligation of the plan. The majority of the plan assets are publicly traded investments which were valued based on the market price as of the measurement date. 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. The following table sets forth the Company's consolidated defined benefit pension plans for its union and non-union employees and its SERP as of March 31, 2012 and 2011, and the amounts recorded in the consolidated balance sheets at March 31, 2012 and 2011. Company contributions include amounts contributed directly to plan assets and indirectly as benefits are paid from the Company's assets. Benefit payments reflect the total benefits paid from the plans and the Company's assets. Information on the plans includes both the qualified and nonqualified plans.
The components of net periodic benefit cost for fiscal years ended March 31, 2012, 2011 and 2010 are as follows:
The discount rate is determined annually as of each measurement date, based on a review of yield rates associated with long-term, high-quality corporate bonds. At the end of each year, the discount rate is primarily determined using the results of bond yield curve models based on a portfolio of high-quality bonds matching notional cash inflows with the expected benefit payments for each significant benefit plan. In addition to the impact of the reduction in the discount rate, actuarial loss for the fiscal year ended March 31, 2012 included the impact of updated mortality assumptions of approximately $40,000. The Company periodically experiences events or makes changes to its benefit plans that result in special charges. Some require remeasurements. The following summarizes the key events whose effects on net periodic benefit cost and obligations are included in the tables above:
The following table shows those amounts expected to be recognized in net periodic benefit costs during the fiscal year ending March 31, 2013:
Expected Pension Benefit Payments The total estimated future benefit payments for the pension plans are expected to be paid from the plan assets and company funds. The other postretirement plan benefit payments reflect the Company's portion of the funding. Estimated future benefit payments from plan assets and Company funds for the next ten years are as follows:
* Net of expected Medicare Part D subsidies of $2.1 million to $2.2 million per year Plan Assets, Investment Policy and Strategy The table below sets forth the Company's target asset allocation for fiscal 2013 and the actual asset allocations at March 31, 2012 and 2011.
Pension plan assets are invested in various asset classes that are expected to produce a sufficient level of diversification and investment return over the long-term. The investment goals are to exceed the assumed actuarial rate of return over the long-term within reasonable and prudent levels of risks and to meet future obligations. Asset / liability studies are conducted on a regular basis to provide guidance in setting investment goals for the pension portfolio and its asset allocation. The asset allocation aims to prudently achieve a strong, risk-adjusted return while seeking to minimize funding level volatility and improve the funded status of the plans. The pension plans currently employ a liability-driven investment (LDI) approach, where assets and liabilities move in the same direction. The goal is to limit the volatility of the funding status and cover part, but not all, of the changes in liabilities. Most of the liabilities' changes are due to interest rate movements. To balance expected risk and return, allocation targets are established and monitored against acceptable ranges. All investment policies and procedures are designed to ensure that the plans' investments are in compliance with the Employee Retirement Income Security Act of 1974 (ERISA). Guidelines are established defining permitted investments within each asset class. Each investment manager has contractual guidelines to ensure that investments are made within the parameters of their asset class or in the case of multi-asset class managers, the parameters of their multi-asset class strategy. Certain investments are not permitted at any time including investment directly in employer securities and uncovered short sales. The table below provides the fair values of the Company's plan assets at March 31, 2012 and 2011 by asset category. The table also identifies the level of inputs used to determine the fair value of assets in each category (see Note 18 below for definition of levels).
Cash equivalents and other short-term investments are primarily held in registered short-term investment vehicles which are valued using a market approach based on quoted market prices of similar instruments. Public equity securities, including common stock, are primarily valued using a market approach based on the closing fair market prices of identical or comparable instruments, in the principal market on which they are traded. Commingled equity funds are public investment vehicles valued using the net asset value (NAV) provided by the fund manager. The NAV is the total value of the fund divided by the number of shares outstanding. Commingled equity funds are categorized as Level 1 if traded at their NAV on a nationally recognized securities exchange or categorized as Level 2 if the NAV is corroborated by observable market data (e.g., purchases or sale activity). Fixed income securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades. Other investments include the net unrealized gain/loss for the Company's futures, the fair value of the swaps, as well as private equity and real estate. Futures are financial contracts obligating the Company to purchase assets at a predetermined date and time. Swaps are an exchange of one security for another to change the maturity or the quality of the investments. These securities are valued using the most accurate pricing service. Private equity, real estate values, and infrastructure investments, which are not readily marketable, are carried at estimated fair value as determined based on an evaluation of data provided by fund managers, including valuations of the underlying investments derived using inputs such as cost, operating results, discounted future cash flows, and market-based comparable data. The following table represents a rollforward of the balances of our pension plan assets that are valued using Level 3 inputs:
(1) Prior to the acquisition of Vought on June 16, 2010, the Company did not have plan assets classified as Level 3. Assumptions and Sensitivities The discount rate is determined as of each measurement date, based on a review of yield rates associated with long-term, high-quality corporate bonds. The calculation separately discounts benefit payments using the spot rates from a long-term, high-quality corporate bond yield curve. During fiscal 2011, there were interim remeasurements for certain plans. The full year weighted-average discount rates for pension and postretirement benefit plans in fiscal 2011 were 5.58% and 5.25%, respectively. The effect of a 25 basis point change in discount rates as of March 31, 2012 is shown below:
* Excludes impact to plan assets due to the LDI investment approach discussed above under "Plan Assets, Investment Policy and Strategy." The long-term rate of return assumption represents the expected average rate of earnings on the funds invested to provide for the benefits included in the benefit obligations. The long-term rate of return assumption is determined based on a number of factors, including historical market index returns, the anticipated long-term asset allocation of the plans, historical plan return data, plan expenses and the potential to outperform market index returns. The expected long-term rate of return on assets was 8.50%. For fiscal 2013, the expected long-term rate of return is 8.25%. A significant factor used in estimating future per capita cost of covered healthcare benefits for our retirees and us is the healthcare cost trend rate assumption. The rate used at March 31, 2012 was 8.00% and is assumed to decrease gradually to 4.50% by fiscal 2019 and remain at that level thereafter. The effect of a one-percentage point change in the healthcare cost trend rate in each year is shown below:
Anticipated Contributions to Defined Benefit Plans Assuming a normal retirement age of 65, the Company expects to contribute approximately $113,235 to its defined benefit pension plans and $37,312 to its OPEB during fiscal 2013. No plan assets are expected to be returned to the Company in fiscal 2013. |
EARNINGS PER SHARE (Tables)
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Mar. 31, 2012
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation between the weighted average outstanding shares used in calculation of basic and diluted earnings per share |
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PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT (Tables)
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Mar. 31, 2012
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Property, Plant and Equipment [Table Text Block] |
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SEGMENTS (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||||||
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Mar. 31, 2012
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Dec. 31, 2011
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Sep. 30, 2011
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Jun. 30, 2011
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Mar. 31, 2011
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Dec. 31, 2010
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Sep. 30, 2010
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Jun. 30, 2010
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Mar. 31, 2012
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Mar. 31, 2011
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Mar. 31, 2010
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Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||||||||||
Reporting Segments Number | 3 | ||||||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | $ 40,400 | $ 0 | $ 0 | ||||||||
Net sales | 946,376 | 825,962 | 790,528 | 845,063 | 919,086 | 810,853 | 768,200 | 407,209 | 3,407,929 | 2,905,348 | 1,294,780 |
Operating income (loss) | 183,239 | 117,640 | 108,456 | 105,380 | 108,410 | 86,659 | 86,117 | 32,850 | 514,715 | 314,036 | 155,281 |
Interest expense and other | 77,138 | 79,559 | 28,865 | ||||||||
Gains (Losses) on Extinguishment of Debt | 0 | 0 | 39 | ||||||||
Income (loss) from continuing operations, before income taxes | 437,577 | 234,477 | 126,455 | ||||||||
Depreciation and amortization | 119,724 | 99,657 | 54,418 | ||||||||
Amortization of Acquired Contract Liabilities | 26,684 | 29,214 | 0 | ||||||||
EBITDA | 567,355 | 384,479 | 209,699 | ||||||||
Capital expenditures | 93,969 | 90,025 | 31,665 | ||||||||
Total assets from discontinued operations | 0 | 4,574 | 0 | 4,574 | |||||||
Total assets | 4,554,757 | 4,477,234 | 4,554,757 | 4,477,234 | |||||||
Foreign sales | 463,864 | 394,827 | 255,975 | ||||||||
Disclosure on Geographic Areas, Long-Lived Assets in Foreign Countries | 90,336 | 95,926 | 90,336 | 95,926 | |||||||
Aerostructures
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Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||||||||||
Net sales | 714,247 | 626,046 | 587,977 | 643,306 | 703,461 | 613,544 | 577,700 | 231,335 | 2,571,576 | 2,126,040 | 605,423 |
Operating income (loss) | 119,004 | 103,947 | 92,489 | 87,974 | 91,146 | 70,606 | 69,964 | 36,067 | 403,414 | 267,783 | 102,271 |
Depreciation and amortization | 89,113 | 69,451 | 24,025 | ||||||||
Amortization of Acquired Contract Liabilities | 26,684 | 29,214 | 0 | ||||||||
EBITDA | 465,843 | 308,020 | 126,296 | ||||||||
Capital expenditures | 64,633 | 57,390 | 9,107 | ||||||||
Total assets | 3,593,091 | 3,509,750 | 3,593,091 | 3,509,750 | |||||||
Aerospace Systems
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Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||||||||||
Net sales | 151,724 | 133,291 | 133,775 | 133,010 | 147,809 | 124,693 | 123,500 | 117,433 | 551,800 | 513,435 | 473,409 |
Operating income (loss) | 26,351 | 18,623 | 22,644 | 22,417 | 22,359 | 17,436 | 17,149 | 18,348 | 90,035 | 75,292 | 68,069 |
Depreciation and amortization | 17,363 | 17,183 | 16,804 | ||||||||
EBITDA | 107,398 | 92,475 | 84,873 | ||||||||
Capital expenditures | 14,747 | 11,534 | 11,136 | ||||||||
Total assets | 556,485 | 554,235 | 556,485 | 554,235 | |||||||
Aftermarket Services
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Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||||||||||
Net sales | 83,120 | 68,639 | 70,547 | 70,368 | 69,536 | 74,709 | 68,686 | 59,797 | 292,674 | 272,728 | 224,663 |
Operating income (loss) | 10,966 | 6,917 | 7,015 | 6,961 | 6,996 | 9,494 | 8,163 | 4,121 | 31,859 | 28,774 | 11,226 |
Depreciation and amortization | 9,487 | 11,101 | 12,855 | ||||||||
EBITDA | 41,346 | 39,875 | 24,081 | ||||||||
Capital expenditures | 8,682 | 4,656 | 3,895 | ||||||||
Total assets | 317,440 | 307,413 | 317,440 | 307,413 | |||||||
Elimination of inter-segment sales
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Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||||||||||
Net sales | (2,715) | (2,014) | (1,771) | (1,621) | (1,720) | (2,093) | (1,686) | (1,356) | (8,121) | (6,855) | (8,715) |
Corporate
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Financial information of reportable segment and the reconciliation of EBITDA to operating income | |||||||||||
Operating income (loss) | (10,593) | (57,813) | (26,285) | ||||||||
Depreciation and amortization | 3,761 | 1,922 | 734 | ||||||||
EBITDA | (47,232) | (55,891) | (25,551) | ||||||||
Capital expenditures | 5,907 | 16,445 | 7,527 | ||||||||
Total assets | $ 87,741 | $ 101,262 | $ 87,741 | $ 101,262 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
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Mar. 31, 2012
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents Cash equivalents consist of highly liquid investments with a maturity of three months or less at the time of purchase. Fair value of cash equivalents approximates carrying value. |
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Receivables, Policy [Policy Text Block] | Trade and Other Receivables, net Trade and other receivables are recorded net of an allowance for doubtful accounts. Trade and other receivables include amounts billed and currently due from customers, amounts currently due but unbilled, certain estimated contract changes and amounts retained by the customer pending contract completion. Unbilled amounts are usually billed and collected within one year. The Company performs ongoing credit evaluations of its customers and generally does not require collateral. The Company records the allowance for doubtful accounts based on prior experience and for specific collectibility matters when they arise. The Company writes off balances against the reserve when collectibility is deemed remote. The Company's trade and other receivables are exposed to credit risk; however, the risk is limited due to the diversity of the customer base. Trade and other receivables, net comprised of the following:
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Inventory, Policy [Policy Text Block] | Inventories The Company records inventories at the lower of cost or estimated net realizable value. Costs on long-term contracts and programs in progress represent recoverable costs incurred for production or contract-specific facilities and equipment, allocable operating overhead and advances to suppliers. Pursuant to contract provisions, agencies of the U.S. Government and certain other customers have title to, or a security interest in, inventories related to such contracts as a result of advances, performance-based payments, and progress payments. The Company reflects those advances and payments as an offset against the related inventory balances. The Company expenses general and administrative costs related to products and services provided essentially under commercial terms and conditions as incurred. The Company determines the costs of inventories by the first-in, first-out or average cost methods. Work-in-process inventory includes capitalized pre-production costs. Capitalized pre-production costs include certain contract costs, including applicable overhead, incurred before a product is manufactured on a recurring basis. Significant customer-directed work changes can also cause pre-production costs to be incurred. These costs are typically recovered over a contractually determined number of ship set deliveries and the Company believes these amounts will be fully recovered. |
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Customer Advances and Progress Payments for Long-term Contracts or Programs [Policy Text Block] | Advance Payments and Progress Payments Advance payments and progress payments received on contracts-in-process are first offset against related contract costs that are included in inventory, with any excess amount reflected in current liabilities under the Accrued expenses caption within the accompanying Consolidated Balance Sheets. |
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Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment, which includes equipment under capital lease and leasehold improvements, are recorded at cost and depreciated over the estimated useful lives of the related assets, or the lease term if shorter in the case of leasehold improvements, by the straight-line method. Buildings and improvements are depreciated over a period of 15 to 39.5 years, and machinery and equipment are depreciated over a period of 7 to 15 years (except for furniture, fixtures and computer equipment which are depreciated over a period of 3 to 10 years). |
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Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangible Assets The Company accounts for purchased goodwill and intangible assets in accordance with Accounting Standards Codification ("ASC") 350, Intangibles—Goodwill and Other. Under ASC 350, purchased goodwill and intangible assets with indefinite lives are not amortized; rather, they are tested for impairment on at least an annual basis. Intangible assets with finite lives are amortized over their useful lives. Upon acquisition, critical estimates are made in valuing acquired intangible assets, which include but are not limited to: future expected cash flows from customer contracts, customer lists, and estimating cash flows from projects when completed; tradename and market position, as well as assumptions about the period of time that customer relationships will continue; and discount rates. Management's estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from the assumptions used in determining the fair values. The Company's operating segments of Aerostructures, Aerospace Systems and Aftermarket Services are also its reporting units. The Chief Executive Officer, the Chief Operating Officer and the Chief Financial Officer comprise the Company's Chief Operating Decision Maker ("CODM"). The Company's CODM evaluates performance and allocates resources based upon review of segment information. Each of the operating segments is comprised of a number of operating units which are considered to be components. The components, for which discrete financial information exists, are aggregated for purposes of goodwill impairment testing. The Company's acquisition strategy is to acquire companies that complement and enhance the capabilities of the operating segments of the Company. Each acquisition is assigned to either the Aerostructures reporting unit, the Aerospace Systems reporting unit or the Aftermarket Services reporting unit. The goodwill that results from each acquisition is also assigned to the reporting unit to which the acquisition is allocated, because it is that reporting unit which is intended to benefit from the synergies of the acquisition. In order to test goodwill and intangible assets with indefinite lives, a determination of the fair value of the Company's reporting units and intangible assets with indefinite lives is required and is based, among other things, on estimates of future operating performance of the reporting unit and/or the component of the entity being valued. The Company is required to complete an impairment test for goodwill and intangible assets with indefinite lives and record any resulting impairment losses at least on an annual basis. Changes in market conditions, among other factors, may have an impact on these estimates and require interim impairment assessments. The Company completed its required annual impairment test in the fourth quarter of fiscal 2012 and determined that there was no impairment. The Company's methodology for determining the fair value of a reporting unit includes the use of an income approach which discounts future net cash flows to their present value at a rate that reflects the Company's cost of capital, otherwise known as the discounted cash flow method ("DCF"). These estimated fair values are based on estimates of future cash flows of the businesses. Factors affecting these future cash flows include the continued market acceptance of the products and services offered by the businesses, the development of new products and services by the businesses and the underlying cost of development, the future cost structure of the businesses, and future technological changes. The Company also incorporated market multiples for comparable companies in determining the fair value of the Company's reporting units. In the event that valuations in the aerospace and defense markets decrease, or the expected EBITDA for the Company's reporting units decreases, a goodwill impairment charge may be required, which would adversely affect the Company's operating results and financial condition. Any such impairment would be recognized in full in the reporting period in which it has been identified. The Company completed its required annual impairment tests in the fourth quarters of fiscal 2012, 2011 and 2010 and determined that there was no impairment. As of March 31, 2012, the Company had a $425,000 indefinite-lived intangible asset associated with the Vought tradename. The Company tests this intangible for impairment by comparing the carrying value to the fair value based on current revenue projections of the related operations, under the relief from royalty method. Any excess carrying value over the amount of fair value is recognized as an impairment. Finite-lived intangible assets are amortized over their useful lives ranging from 5 to 30 years. The Company continually evaluates whether events or circumstances have occurred that would indicate that the remaining estimated useful lives of long-lived assets, including intangible assets, may warrant revision or that the remaining balance may not be recoverable. Intangible assets are evaluated for indicators of impairment. When factors indicate that long-lived assets, including intangible assets, should be evaluated for possible impairment, an estimate of the related undiscounted cash flows over the remaining life of the long-lived assets, including intangible assets, is used to measure recoverability. Some of the more important factors management considers include the Company's financial performance relative to expected and historical performance, significant changes in the way the Company manages its operations, negative events that have occurred, and negative industry and economic trends. If the carrying amount is less than the estimated fair value, measurement of the impairment will be based on the difference between the carrying value and fair value of the asset group, generally determined based on the present value of expected future cash flows associated with the use of the asset. During the fiscal year ended March 31, 2012, a $2,870 favorable fair value adjustment due to the reduction of the fair value of a contingent earnout liability associated with a prior acquisition due to changes in the projected earnings over the respective earnout periods. The Company also considered these changes in projected earnings to be an indicator of impairment of the long-lived assets directly related to this acquisition and, as a result, tested these long-lived assets for recoverability and concluded that the asset group was recoverable. For the fiscal years ended March 31, 2012, 2011 and 2010, exclusive of the charges recorded in connection with discontinued operations, there were no reductions to the remaining useful lives and no write-downs of long-lived assets, including intangible assets, were required. |
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Deferred Charges, Policy [Policy Text Block] | Deferred Financing Costs Financing costs are deferred and amortized to Interest expense and other in the accompanying Consolidated Statements of Income over the related financing period using the effective interest method or the straight-line method when it does not differ materially from the effective interest method. Deferred financing costs, net of accumulated amortization of $17,710 and $23,384, respectively, are recorded in Other, net in the accompanying Consolidated Balance Sheets as of March 31, 2012 and 2011. Make-whole payments in connection with early debt retirements are classified as cash flows used in financing activities. |
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Acquired Contract Liabilities, net [Policy Text Block] | Acquired Contract Liabilities, net In connection with the acquisition of Vought, we assumed existing long-term contracts. Based on review of these contracts, the Company concluded that the terms of certain contracts to be either more or less favorable than could be realized in market transactions as of the date of the acquisition. As a result, the Company recognized acquired contract liabilities, net of acquired contract assets of $124,548 at the acquisition date based on the present value of the difference between the contractual cash flows of the executory contracts and the estimated cash flows had the contracts been executed at the acquisition date. The liabilities principally relate to long-term life of program contracts that were initially executed by Vought over 15 years ago, as well as loss contracts for which Vought had recognized significant pre-acquisition contract loss reserves. The acquired contract liabilities, net are being amortized as non-cash revenues over the terms of the respective contracts. In evaluating acquired contract liabilities, net, the Company's analysis involved considerable management judgment and assumptions, including determining the market rates that would be received if the existing contracts were executed at the acquisition date and the comparability of similar contracts executed at the acquisition date. The Company recognized net amortization of contract liabilities of $26,684 and $29,214 in the fiscal years ended March 31, 2012 and 2011, respectively, and such amounts have been included in revenues in results of operations. The balance of the liability as of March 31, 2012 is $68,650 and, based on the expected delivery schedule of the underlying contracts, the Company estimates annual amortization of the liability as follows: 2013—$22,189; 2014—$17,758; 2015—$10,338; 2016—$8,266; and 2017—$6,096. |
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Revenue Recognition | Revenue Recognition Revenues are generally recognized in accordance with the contract terms when products are shipped, delivery has occurred or services have been rendered, pricing is fixed or determinable, and collection is reasonably assured. The Company's policy with respect to sales returns and allowances generally provides that the customer may not return products or be given allowances, except at the Company's option. Accruals for sales returns, other allowances and estimated warranty costs are provided at the time of shipment based upon past experience. A significant portion of the Company's contracts are within the scope of ASC 605-35, Revenue—Construction-Type and Production-Type Contracts, and revenue and costs on contracts are recognized using the percentage-of-completion method of accounting. Accounting for the revenue and profit on a contract requires estimates of (1) the contract value or total contract revenue, (2) the total costs at completion, which is equal to the sum of the actual incurred costs to date on the contract and the estimated costs to complete the contract's scope of work and (3) the measurement of progress towards completion. Depending on the contract, the Company measures progress toward completion using either the cost-to-cost method or the units-of-delivery method, with the great majority measured under the units of delivery method.
Adjustments to original estimates for a contract's revenues, estimated costs at completion and estimated total profit are often required as work progresses under a contract, as experience is gained and as more information is obtained, even though the scope of work required under the contract may not change, or if contract modifications occur. These estimates are also sensitive to the assumed rate of production. Generally, the longer it takes to complete the contract quantity, the more relative overhead that contract will absorb. The impact of revisions in cost estimates is recognized on a cumulative catch-up basis in the period in which the revisions are made. Provisions for anticipated losses on contracts are recorded in the period in which they become probable ("forward losses") and are first offset against costs that are included in inventory, with any remaining amount reflected in accrued contract liabilities in accordance with ASC 605-35. Revisions in contract estimates, if significant, can materially affect results of operations and cash flows, as well as valuation of inventory. Furthermore, certain contracts are combined or segmented for revenue recognition in accordance with ASC 605-35. For the fiscal year ended March 31, 2012, cumulative catch-up adjustments resulting from changes in estimates increased operating income, net income and earnings per share by approximately $18,264, $11,755 and $0.23, respectively. The cumulative catch-up adjustments to operating income for the fiscal year ended March 31, 2012 included gross favorable adjustments of approximately $29,549 and gross unfavorable adjustments of approximately $11,285. For the fiscal year ended March 31, 2011, there were no significant changes in estimates to our contracts accounted for under the percentage-of-completion method that materially impacted the Company's results of operations, cash flows, or inventory valuation. Amounts representing contract change orders or claims are only included in revenue when such change orders or claims have been settled with the customer and to the extent that units have been delivered. Additionally, some contracts may contain provisions for revenue sharing, price re-determination, requests for equitable adjustments, change orders or cost and/or performance incentives. Such amounts or incentives are included in contract value when the amounts can be reliably estimated and their realization is reasonably assured. Although fixed-price contracts, which extend several years into the future, generally permit the Company to keep unexpected profits if costs are less than projected, the Company also bears the risk that increased or unexpected costs may reduce profit or cause the Company to sustain losses on the contract. In a fixed-price contract, the Company must fully absorb cost overruns, not withstanding the difficulty of estimating all of the costs the Company will incur in performing these contracts and in projecting the ultimate level of revenue that may otherwise be achieved. Failure to anticipate technical problems, estimate delivery reductions, estimate costs accurately or control costs during performance of a fixed-price contract may reduce the profitability of a fixed-price contract or cause a loss. The Company believes that it has recognized adequate provisions in the financial statements for losses on fixed-price contracts, but cannot be certain that the contract loss provisions will be adequate to cover all actual future losses. Included in net sales of the Aerostructures Group is the non-cash amortization of acquired contract liabilities recognized as fair value adjustments through purchase accounting of the acquisition of Vought. For the fiscal years ended March 31, 2012 and 2011, the Company recognized $26,684 and $29,214, into net sales in the accompanying Consolidated Statements of Income. The Aftermarket Services Group providers repair and overhaul services, certain of which services are provided under long-term power-by-the-hour contracts, comprising approximately 5% of the segment's net sales. The Company applies the proportional performance method to recognize revenue under these contracts. Revenue is recognized over the contract period as units are delivered based on the relative value in proportion to the total estimated contract consideration. In estimating the total contract consideration, management evaluates the projected utilization of its customer's fleet over the term of the contract, in connection with the related estimated repair and overhaul servicing requirements to the fleet based on such utilization. Changes in utilization of the fleet by customers, among other factors, may have an impact on these estimates and require adjustments to estimates of revenue to be realized |
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Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs The cost of shipping and handling products is included in cost of products sold |
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Research and Development Expense, Policy [Policy Text Block] | Research and Development Expense Research and development expense was approximately $50,116, $50,465 and $25,670 for the fiscal years ended March 31, 2012, 2011 and 2010, respectively |
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Pension and Other Postretirement Plans, Nonpension Benefits, Policy [Policy Text Block] | Retirement Benefits Accounting rules covering defined benefit pension plans require that amounts recognized in financial statements be determined on an actuarial basis. A significant element in determining the Company's pension income (expense) is the expected long-term rate of return on plan assets. This expected return is an assumption as to the average rate of earnings expected on the funds invested or to be invested to provide for the benefits included in the projected pension benefit obligation. The Company applies this assumed long-term rate of return to a calculated value of plan assets, which recognizes changes in the fair value of plan assets in a systematic manner over five years. This produces the expected return on plan assets that is included in pension income (expense). The difference between this expected return and the actual return on plan assets is deferred. The net deferral of past asset gains (losses) affects the calculated value of plan assets and, ultimately, future pension income (expense). At March 31 of each year, the Company determines the fair value of its pension plan assets as well as the discount rate to be used to calculate the present value of plan liabilities. The discount rate is an estimate of the interest rate at which the pension benefits could be effectively settled. In estimating the discount rate, the Company looks to rates of return on high-quality, fixed-income investments currently available and expected to be available during the period to maturity of the pension benefits. The Company uses a portfolio of fixed-income securities, which receive at least the second-highest rating given by a recognized ratings agency |
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Fair Value of Financial Instruments, 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—Quoted market prices in active markets for identical assets or liabilities; Level 2—Observable market-based inputs or unobservable inputs that are corroborated by market data; and Level 3—Unobservable inputs that are not corroborated by market data. The Company has applied fair value measurements to its derivatives and contingent consideration (see Note 18) and to its pension and postretirement plan assets (see Note 15) |
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Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation The determination of the functional currency for Triumph's foreign subsidiaries is made based on appropriate economic factors. The functional currency of the Company's subsidiary Triumph Aviation Services—Asia is the U.S. dollar since that is the currency in which that entity primarily generates and expends cash. The functional currency of the Company's remaining subsidiaries is the local currency, since that is the currency in which those entities primarily generate and expend cash. Assets and liabilities of these subsidiaries are translated at the rates of exchange at the balance sheet date. Income and expense items are translated at average monthly rates of exchange. The resultant translation adjustments are included in accumulated other comprehensive income (see Note 13). Gains and losses arising from foreign currency transactions of these subsidiaries are included in net income |
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Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes using the asset and liability method. The asset and liability method requires recognition of deferred tax assets and liabilities for expected future tax consequences of temporary differences that currently exist between tax bases and financial reporting bases of the Company's assets and liabilities. A valuation allowance is provided on deferred taxes if it is determined that it is more likely than not that the asset will not be realized. The Company recognizes penalties and interest accrued related to income tax liabilities in the provision for income taxes in its consolidated statements of income |
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Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Recently Issued Accounting Pronouncements |
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Stock-Based Compensation | Stock-Based Compensation The Company recognizes compensation expense for share-based awards based on the fair value of those awards at the date of grant. Stock-based compensation expense for fiscal years ended March 31, 2012, 2011 and 2010 was $4,988, $3,622 and $3,220, respectively. The benefits of tax deductions in excess of recognized compensation expense were $1,880, $150 and $206 for fiscal years ended March 31, 2012, 2011 and 2010, respectively. Included in the stock-based compensation for fiscal years ended March 31, 2012 and 2011, is $1,873 and $1,176, respectively, classified as a liability as of March 31, 2012 and 2011 associated with each year's grant. The Company has classified share-based compensation within selling, general and administrative expenses to correspond with the same line item as the majority of the cash compensation paid to employees. Upon the exercise of stock options or vesting of restricted stock, the Company first transfers treasury stock, then will issue new shares. (See Note 16 for further details. |
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Cash Flow, Supplemental Disclosures [Text Block] | Supplemental Cash Flow Information For the fiscal year ended March 31, 2012, the Company received $29,439 in income tax refunds, net of income tax payments. The Company paid $3,688 and $27,990 for income taxes, net of refunds received for the fiscal years ended March 31, 2011 and 2010, respectively. The Company made interest payments of $72,563, $58,750 and $16,284 for fiscal years ended March 31, 2012, 2011 and 2010, respectively, including $12,401 of interest on debt assumed in the acquisition of Vought (Note 3) during the fiscal year ended March 31, 2011. During the fiscal years ended March 31, 2012, 2011 and 2010, the Company financed $84, $11,569 and $13,942 of property and equipment additions through capital leases, respectively. During the fiscal year ended March 31, 2012, the Company issued 772,438 shares in connection with certain redemptions of convertible senior subordinated notes (Note 10). During the fiscal year ended March 31, 2011, the Company issued 14,992,330 shares valued at $504,867 as partial consideration for the acquisition of Vought (Note 3). |
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Standard Product Warranty, Policy [Policy Text Block] | Warranty Reserves A reserve has been established to provide for the estimated future cost of warranties on our delivered products. The Company periodically reviews the reserves and adjustments are made accordingly. A provision for warranty on products delivered is made on the basis of historical experience and identified warranty issues. Warranties cover such factors as non-conformance to specifications and defects in material and workmanship. The majority of the Company's agreements include a three-year warranty, although certain programs have warranties up to 20 year |
STOCK COMPENSATION PLANS STOCK COMPENSATION PLANS (Tables)
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] |
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Schedule of Nonvested Share Activity [Table Text Block] |
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INVENTORIES (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2012
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Mar. 31, 2011
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Inventory Disclosure [Abstract] | ||
Raw materials | $ 53,103 | $ 72,174 |
Work-in-process | 887,686 | 805,642 |
Finished goods | 41,617 | 42,104 |
Less: unliquidated progress payments | (164,450) | (138,206) |
Total inventories | 817,956 | 781,714 |
Inventory, Net, Government Contacts | 63,570 | 80,201 |
Preproduction Costs Related to Long-term Supply Arrangements, Costs Capitalized | $ 19,385 |
SUPPLEMENTAL CASH FLOW POLICIES (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
12 Months Ended | 1 Months Ended | 12 Months Ended | ||
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Mar. 31, 2012
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Mar. 31, 2011
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Mar. 31, 2010
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Apr. 30, 2012
Convertible senior subordinated notes
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Mar. 31, 2011
Vought Aircraft Industries, Inc.
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Supplemental Cash Flow Information | |||||
Deferred Finance Costs, Noncurrent, Net | $ 17,710 | $ 23,384 | |||
Income taxes paid, net of refunds received | (29,439) | 3,688 | 27,990 | ||
Cash paid for interest | 72,563 | 58,750 | 16,284 | 12,401 | |
Capital lease obligations entered into to finance capital additions | 84 | 11,569 | 13,942 | ||
Shares issued to settle the conversion benefit of the notes (in shares) | 772,438 | 310,632 | |||
Shares issued as partial consideration in the acquisition (in shares) | 14,992,330 | 14,992,330 | |||
Stock Issued During Period, Value, Acquisitions | $ 504,867 | $ 504,867 |
OTHER NONCURRENT LIABILITIES OTHER NONCURRENT LIABILITIES (Tables)
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Other Liabilities, Noncurrent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Assets and Other Liabilities [Table Text Block] |
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CHANGES IN ESTIMATES POLICIES (Details) (USD $)
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12 Months Ended |
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Mar. 31, 2012
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Operating Income [Member]
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Change in Accounting Estimate [Line Items] | |
Change in Accounting Estimate | $ 18,264,000 |
Net Income [Member]
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Change in Accounting Estimate [Line Items] | |
Change in Accounting Estimate | 11,755,000 |
Earnings Per Share, Diluted [Member]
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Change in Accounting Estimate [Line Items] | |
Change in Accounting Estimate | 0.23 |
Gross Favorable Change in Estimates [Member]
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Change in Accounting Estimate [Line Items] | |
Change in Accounting Estimate | 29,549,000 |
Gross Unfavorable Changes In Estimates [Member]
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Change in Accounting Estimate [Line Items] | |
Change in Accounting Estimate | $ (11,285,000) |