SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Tables)

9 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Summary of consolidating balance sheets

SUMMARY CONDENSED CONSOLIDATING BALANCE SHEETS:

	December 31, 2019
	Parent			Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries		Eliminations			Consolidated  Total
Current assets:
Cash and cash equivalents	$	19,319		$	—		$	34,275	$	—		$	53,594
Trade and other receivables, net	8,391			85,193			207,146		—			300,730
Contract assets	—			237,383			4,492		—			241,875
Inventory, net	—			393,159			80,704		—			473,863
Prepaid expenses and other	12,031			7,330			6,772		—			26,133
Total current assets	39,741			723,065			333,389		—			1,096,195
Property and equipment, net	10,227			343,902			79,346		—			433,475
Goodwill and other intangible assets, net	—			877,509			100,972		—			978,481
Other, net	27,536			59,031			30,668		—			117,235
Intercompany investments and advances	1,353,361			44,362			89,687		(1,487,410		)	—
Total assets	$	1,430,865		$	2,047,869		$	634,062	$	(1,487,410	)	$	2,625,386
Current liabilities:
Current portion of long-term debt	$	1,900		$	5,888		$	7	$	—		$	7,795
Accounts payable	5,301			343,977			30,711		—			379,989
Accrued expenses	52,940			411,624			30,964		—			495,528
Total current liabilities	60,141			761,489			61,682		—			883,312
Long-term debt, less current portion	1,319,259			6,616			75,018		—			1,400,893
Intercompany advances	562,434			1,827,108			262,188		(2,651,730		)	—
Accrued pension and other postretirement benefits, noncurrent	5,889			490,395			—		—			496,284
Deferred income taxes and other	16,039			331,845			29,910		—			377,794
Total stockholders’ (deficit) equity	(532,897		)	(1,369,584		)	205,264		1,164,320			(532,897		)
Total liabilities and stockholders’ (deficit) equity	$	1,430,865		$	2,047,869		$	634,062	$	(1,487,410	)	$	2,625,386

SUMMARY CONDENSED CONSOLIDATING BALANCE SHEETS:

	March 31, 2019
	Parent			Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries		Eliminations			Consolidated  Total
Current assets:
Cash and cash equivalents	$	70,192		$	429		$	22,186	$	—		$	92,807
Trade and other receivables, net	10,150			123,153			240,287		—			373,590
Contract assets	—			322,698			3,969		—			326,667
Inventory, net	—			339,038			74,522		—			413,560
Prepaid expenses and other	22,152			7,611			4,683		—			34,446
Total current assets	102,494			792,929			345,647		—			1,241,070
Property and equipment, net	11,276			449,489			82,945		—			543,710
Goodwill and other intangible assets, net	—			912,279			101,900		—			1,014,179
Other, net	14,630			34,664			6,321		—			55,615
Intercompany investments and advances	1,112,100			230,437			88,697		(1,431,234		)	—
Total assets	$	1,240,500		$	2,419,798		$	625,510	$	(1,431,234	)	$	2,854,574
Current liabilities:
Current portion of long-term debt	$	1,904		$	6,297		$	—	$	—		$	8,201
Accounts payable	6,571			396,542			30,670		—			433,783
Accrued expenses	58,301			445,542			29,448		—			533,291
Total current liabilities	66,776			848,381			60,118		—			975,275
Long-term debt, less current portion	1,469,543			11,077			—		—			1,480,620
Intercompany advances	262,718			2,017,003			372,888		(2,652,609		)	—
Accrued pension and other postretirement benefits, noncurrent	6,067			534,412			—		—			540,479
Deferred income taxes and other	8,709			408,838			13,966		—			431,513
Total stockholders’ (deficit) equity	(573,313		)	(1,399,913		)	178,538		1,221,375			(573,313		)
Total liabilities and stockholders’ (deficit) equity	$	1,240,500		$	2,419,798		$	625,510	$	(1,431,234	)	$	2,854,574

Condensed consolidating statements of income

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME:

	For the Three Months Ended December 31, 2019
	Parent			Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries			Eliminations			Consolidated  Total
Net sales	$	—		$	646,198		$	79,869		$	(21,401	)	$	704,666
Operating costs and expenses:
Cost of sales	—			505,420			62,263			(21,401		)	546,282
Selling, general and administrative	16,785			42,854			6,335			—			65,974
Depreciation and amortization	847			26,089			2,907			—			29,843
Restructuring costs	—			4,744			—			—			4,744
Loss on sale of assets and businesses, net	60,019			—			—			—			60,019
Legal judgment gain, net	(3,857		)	—			—			—			(3,857		)
	73,794			579,107			71,505			(21,401		)	703,005
Operating (loss) income	(73,794		)	67,091			8,364			—			1,661
Intercompany interest and charges	(33,662		)	32,005			1,657			—			—
Non-service defined benefit income	—			(13,485		)	(504		)	—			(13,989		)
Interest expense and other, net	26,362			5,871			945			—			33,178
(Loss) income before income taxes	(66,494		)	42,700			6,266			—			(17,528		)
Income tax (benefit) expense	(15,067		)	10,319			1,066			—			(3,682		)
Net (loss) income	(51,427		)	32,381			5,200			—			(13,846		)
Other comprehensive loss	4,501			4,617			11,484			—			20,602
Total comprehensive (loss) income	$	(46,926	)	$	36,998		$	16,684		$	—		$	6,756

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME:

	For the Three Months Ended December 31, 2018
	Parent			Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries			Eliminations			Consolidated  Total
Net sales	$	—		$	735,753		$	91,528		$	(19,386	)	$	807,895
Operating costs and expenses:
Cost of sales	—			660,002			72,658			(19,386		)	713,274
Selling, general and administrative	17,720			46,033			8,070			—			71,823
Depreciation and amortization	744			32,640			4,020			—			37,404
Restructuring costs	—			2,327			—			—			2,327
	18,464			741,002			84,748			(19,386		)	824,828
Operating (loss) income	(18,464		)	(5,249		)	6,780			—			(16,933		)
Intercompany interest and charges	(39,513		)	37,484			2,029			—			—
Non-service defined benefit income	—			(16,188		)	(332		)	—			(16,520		)
Interest expense and other, net	25,476			4,007			(174		)	—			29,309
(Loss) income before income taxes	(4,427		)	(30,552		)	5,257			—			(29,722		)
Income tax (benefit) expense	(14,248		)	14,325			1,146			—			1,223
Net income (loss)	9,821			(44,877		)	4,111			—			(30,945		)
Other comprehensive loss	(279		)	(174		)	(7,951		)	—			(8,404		)
Total comprehensive income (loss)	$	9,542		$	(45,051	)	$	(3,840	)	$	—		$	(39,349	)

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME:

	For the Nine Months Ended December 31, 2019
	Parent			Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries			Eliminations			Consolidated  Total
Net sales	$	—		$	2,027,649		$	243,361		$	(64,003	)	$	2,207,007
Operating costs and expenses:
Cost of sales	—			1,625,567			189,187			(64,003		)	1,750,751
Selling, general and administrative	50,340			123,664			20,508			—			194,512
Depreciation and amortization	2,532			93,109			8,471			—			104,112
Restructuring costs	540			12,950			—			—			13,490
Legal judgment gain, net of expenses	(9,257		)	—			—			—			(9,257		)
Loss (gain) on sale of assets and businesses, net	65,311			(10,121		)	—			—			55,190
	109,466			1,845,169			218,166			(64,003		)	2,108,798
Operating (loss) income	(109,466		)	182,480			25,195			—			98,209
Intercompany interest and charges	(103,245		)	98,297			4,948			—			—
Non-service defined benefit income	—			(55,788		)	(1,492		)	—			(57,280		)
Interest expense and other, net	80,016			17,423			(1,370		)	—			96,069
(Loss) income before income taxes	(86,237		)	122,548			23,109			—			59,420
Income tax (benefit) expense	(20,635		)	30,398			2,714			—			12,477
Net (loss) income	(65,602		)	92,150			20,395			—			46,943
Other comprehensive income (loss)	3,105			(62,995		)	2,275			—			(57,615		)
Total comprehensive (loss) income	$	(62,497	)	$	29,155		$	22,670		$	—		$	(10,672	)

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME:

	For the Nine Months Ended December 31, 2018
	Parent			Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries			Eliminations			Consolidated  Total
Net sales	$	—		$	2,286,932		$	268,808		$	(59,837	)	$	2,495,903
Operating costs and expenses:
Cost of sales	—			2,052,427			215,372			(59,837		)	2,207,962
Selling, general and administrative	57,210			140,892			24,929			—			223,031
Depreciation and amortization	2,200			99,302			12,847			—			114,349
Restructuring costs	2,766			15,440			—			—			18,206
Loss on sale of assets and businesses, net	16,890			947			—			—			17,837
	79,066			2,309,008			253,148			(59,837		)	2,581,385
Operating (loss) income	(79,066		)	(22,076		)	15,660			—			(85,482		)
Intercompany interest and charges	(118,352		)	112,281			6,071			—			—
Non-service defined benefit income	—			(48,562		)	(1,019		)	—			(49,581		)
Interest expense and other, net	73,855			13,334			(3,674		)	—			83,515
(Loss) income before income taxes	(34,569		)	(99,129		)	14,282			—			(119,416		)
Income tax expense (benefit)	16,297			(15,761		)	2,203			—			2,739
Net (loss) income	(50,866		)	(83,368		)	12,079			—			(122,155		)
Other comprehensive loss	(349		)	(609		)	(21,801		)	—			(22,759		)
Total comprehensive loss	$	(51,215	)	$	(83,977	)	$	(9,722	)	$	—		$	(144,914	)

Condensed consolidating statements of cash flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS:

	For the Nine Months Ended December 31, 2019
	Parent			Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries			Eliminations		Consolidated  Total
Net (loss) income	$	(65,602	)	$	92,150		$	20,395		$	—	$	46,943
Adjustments to reconcile net income to net cash (used in) provided by operating activities	(35,640		)	(2,285		)	30,270			—		(7,655		)
Net cash (used in) provided by operating activities	(101,242		)	89,865			50,665			—		39,288
Capital expenditures	(980		)	(22,874		)	(3,396		)	—		(27,250		)
Proceeds from sale of assets	44,414			5,155			387			—		49,956
Net cash used in investing activities	43,434			(17,719		)	(3,009		)	—		22,706
Net increase in revolving credit facility	(215,000		)	—			—			—		(215,000		)
Proceeds on issuance of debt	525,000			—			45,980			—		570,980
Retirements and repayments of debt	(376,665		)	(4,852		)	(51,680		)	—		(433,197		)
Payments of deferred financing costs	(17,545		)	—			—			—		(17,545		)
Dividends paid	(6,005		)	—			—			—		(6,005		)
Repurchase of restricted shares for minimum tax obligation	(1,179		)	—			—			—		(1,179		)
Intercompany financing and advances	98,329			(67,723		)	(30,606		)	—		—
Net cash provided by (used in) financing activities	6,935			(72,575		)	(36,306		)	—		(101,946		)
Effect of exchange rate changes on cash	—			—			739			—		739
Net change in cash and cash equivalents	(50,873		)	(429		)	12,089			—		(39,213		)
Cash and cash equivalents at beginning of period	70,192			429			22,186			—		92,807
Cash and cash equivalents at end of period	$	19,319		$	—		$	34,275		$	—	$	53,594

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS:

	For the Nine Months Ended December 31, 2018
	Parent			Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries			Eliminations			Consolidated  Total
Net (loss) income	$	(50,866	)	$	(83,368	)	$	12,079		$	—		$	(122,155	)
Adjustments to reconcile net income to net cash (used in) provided by operating activities	38,356			(154,793		)	27,597			17,879			(70,961		)
Net cash (used in) provided by operating activities	(12,510		)	(238,161		)	39,676			17,879			(193,116		)
Capital expenditures	(628		)	(30,398		)	(3,798		)	—			(34,824		)
Proceeds from sale of assets	—			40,235			1,182			—			41,417
Net cash (used in) provided by investing activities	(628		)	9,837			(2,616		)	—			6,593
Net increase in revolving credit facility	218,066			—			—			—			218,066
Proceeds on issuance of debt	—			—			45,000			—			45,000
Retirements and repayments of debt	(1,091		)	(15,120		)	(56,800		)	—			(73,011		)
Payments of deferred financing costs	(1,941		)	—			—			—			(1,941		)
Dividends paid	(5,975		)	—			—			—			(5,975		)
Repurchase of restricted shares for minimum tax obligations	(645		)	—			—			—			(645		)
Intercompany financing and advances	(195,320		)	243,505			(30,306		)	(17,879		)	—
Net cash provided by (used in) financing activities	13,094			228,385			(42,106		)	(17,879		)	181,494
Effect of exchange rate changes on cash	—			—			(2,126		)	—			(2,126		)
Net change in cash and cash equivalents	(44		)	61			(7,172		)	—			(7,155		)
Cash and cash equivalents at beginning of period	44			—			35,775			—			35,819
Cash and cash equivalents at end of period	$	—		$	61		$	28,603		$	—		$	28,664