XML 64 R21.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
SEGMENTS
 9 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS
The Company reports financial performance based on the following three reportable segments: Integrated Systems, Aerospace Structures and Product Support. The Company’s reportable segments are aligned with how the business is managed, and the Company's views of the markets it serves. The Chief Operating Decision Maker (the “CODM”) evaluates performance and allocates resources based upon review of segment information. The CODM utilizes earnings before interest, income taxes, depreciation and amortization, and pension (“Adjusted EBITDAP”) as a primary measure of segment profitability to evaluate performance of its segments and allocate resources.
Segment Adjusted EBITDAP is total segment revenue reduced by revenue from the amortization of contract liabilities, operating expenses (less depreciation and amortization, gains and losses on the sale of assets, and certain nonrecurring transactions such as gains and losses associated with pension curtailments and related transactions) identifiable with that segment. Corporate includes general corporate administrative costs, and any other costs not identifiable with one of the Company’s segments, adjusted for gains and losses on the sale of businesses and certain nonrecurring transactions such as gains and losses from legal contingencies.
The Company does not accumulate net sales information by product or service or groups of similar products and services and, therefore, the Company does not disclose net sales by product or service because to do so would be impracticable.
Selected financial information for each reportable segment is as follows:
 
Three Months Ended December 31,
 
Nine Months Ended December 31,
 
2019
 
2018
 
2019
 
2018
Net sales:
 
 
 
 
 
 
 
Integrated Systems
$
275,248

 
$
252,437

 
$
813,454

 
$
754,193

Aerospace Structures
368,972

 
490,337

 
1,210,729

 
1,551,090

Product Support
63,978

 
71,446

 
193,127

 
209,860

Elimination of inter-segment sales
(3,532
)
 
(6,325
)
 
(10,303
)
 
(19,240
)
 
$
704,666

 
$
807,895

 
$
2,207,007

 
$
2,495,903

 
 
 
 
 
 
 
 
Income (loss) before income taxes:
 
 
 
 
 
 
 
Operating income (loss):
 
 
 
 
 
 
 
Integrated Systems
$
47,896

 
$
39,947

 
$
134,140

 
$
115,221

Aerospace Structures
18,039

 
(49,813
)
 
43,930

 
(152,143
)
Product Support
9,538

 
11,421

 
29,680

 
30,604

Corporate
(70,857
)
 
(15,222
)
 
(101,296
)
 
(70,655
)
     Share-based compensation expense
(2,955
)
 
(3,266
)
 
(8,245
)
 
(8,509
)
 
1,661

 
(16,933
)
 
98,209

 
(85,482
)
Non-service defined benefit income
(13,989
)
 
(16,520
)
 
(57,280
)
 
(49,581
)
Interest expense and other
33,178

 
29,309

 
96,069

 
83,515

 
$
(17,528
)
 
$
(29,722
)
 
$
59,420

 
$
(119,416
)
 
 
 
 
 
 
 
 
Depreciation and amortization:
 
 
 
 
 
 
 
Integrated Systems
$
6,992

 
$
7,376

 
$
21,042

 
$
22,316

Aerospace Structures
20,921

 
27,673

 
77,265

 
84,888

Product Support
1,083

 
1,611

 
3,272

 
4,944

Corporate
847

 
744

 
2,533

 
2,201

 
$
29,843

 
$
37,404

 
$
104,112

 
$
114,349

 
 
 
 
 
 
 
 
Amortization of acquired contract liabilities, net:
 
 
 
 
 
 
 
Integrated Systems
$
8,377

 
$
8,172

 
$
26,126

 
$
25,789

Aerospace Structures
8,220

 
6,559

 
30,027

 
22,980

 
$
16,597

 
$
14,731

 
$
56,153

 
$
48,769

 
 
 
 
 
 
 
 
Adjusted EBITDAP:
 
 
 
 
 
 
 
Integrated Systems
$
46,511

 
$
39,151

 
$
129,056

 
$
111,748

Aerospace Structures
32,140

 
(28,699
)
 
88,118

 
(2,994
)
Product Support
10,621

 
13,032

 
32,952

 
35,548

Corporate and share-based compensation
(16,803
)
 
(17,744
)
 
(50,954
)
 
(59,126
)
 
$
72,469

 
$
5,740

 
$
199,172

 
$
85,176

 
 
 
 
 
 
 
 
Capital expenditures:
 
 
 
 
 
 
 
Integrated Systems
$
2,974

 
$
3,951

 
$
9,734

 
$
9,388

Aerospace Structures
5,910

 
5,722

 
13,915

 
22,937

Product Support
955

 
852

 
2,621

 
1,871

Corporate
416

 
45

 
980

 
628

 
$
10,255

 
$
10,570

 
$
27,250

 
$
34,824


 
December 31, 2019
 
March 31, 2019
Total Assets:
 
 
 
Integrated Systems
$
1,277,654

 
$
1,215,350

Aerospace Structures
1,005,460

 
1,257,039

Product Support
276,717

 
271,813

Corporate
65,555

 
110,372

 
$
2,625,386

 
$
2,854,574

During the three months ended December 31, 2019 and 2018, the Company had international sales of $164,832 and $245,505, respectively.
During the nine months ended December 31, 2019 and 2018, the Company had international sales of $526,130 and $736,501, respectively.