Segments

6 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Segments

13.    SEGMENTS

The Company reports financial performance based on the following two reportable segments: Systems & Support and Aerospace Structures. The Company’s reportable segments are aligned with how the business is managed, and the Company's views of the markets it serves. The Chief Operating Decision Maker (the "CODM") evaluates performance and allocates resources based upon review of segment information. The CODM utilizes earnings before interest, income taxes, depreciation and amortization, and pension (“Adjusted EBITDAP”) as a primary measure of segment profitability to evaluate performance of its segments and allocate resources.

Segment Adjusted EBITDAP is total segment revenue reduced by operating expenses (less depreciation and amortization) identifiable with that segment. Corporate includes general corporate administrative costs and any other costs not identifiable with one of the Company’s segments.

The Company does not accumulate net sales information by product or service or groups of similar products and services, and therefore the Company does not disclose net sales by product or service because to do so would be impracticable.

Selected financial information for each reportable segment is as follows:

	Three Months Ended September 30, 2020
	Total			Corporate & Eliminations			Systems & Support			Aerospace Structures
Net sales to external customers	$	481,815		$	—		$	253,637		$	228,178
Intersegment sales (eliminated in consolidation)		—			(1,134	)		534			600
Segment profit and reconciliation to consolidated income before income taxes:
Adjusted EBITDAP		31,208			—			34,169			(2,961	)
Reconciliation of segment profit to income (loss) before income taxes
Depreciation and amortization		(22,098	)		(807	)		(8,121	)		(13,170	)
Interest expense and other, net		(52,506	)
Corporate expenses		(15,483	)
Share-based compensation expense		(2,621	)
Loss on sale of assets and businesses		(747	)
Amortization of acquired contract liabilities		17,163
Non-service defined benefit income		12,427
Income before income taxes		(32,657	)
Total capital expenditures	$	5,081		$	232		$	3,228		$	1,621
Total assets	$	2,533,425		$	537,236		$	1,410,292		$	585,897

	Three Months Ended September 30, 2019 (1)
	Total			Corporate & Eliminations			Systems & Support			Aerospace Structures
Net sales to external customers	$	772,110		$	—		$	351,409		$	420,701
Intersegment sales (eliminated in consolidation)		—			(3,441	)		1,563			1,878
Segment profit and reconciliation to consolidated income before income taxes:
Adjusted EBITDAP		78,246			—			60,795			17,451
Reconciliation of segment profit to income (loss) before income taxes
Depreciation and amortization		(30,219	)		(852	)		(8,082	)		(21,285	)
Interest expense and other, net		(35,400	)
Corporate expenses		(14,436	)
Share-based compensation expense		(2,864	)
Gain on sale of assets and businesses		7,965
Amortization of acquired contract liabilities		22,616
Non-service defined benefit income		27,824
Union represented employee incentives		(5,671	)
Legal judgment gain, net		5,400
Income before income taxes		53,461
Total capital expenditures	$	8,905		$	331		$	4,542		$	4,032

	Six Months Ended September 30, 2020
	Total			Corporate & Eliminations			Systems & Support			Aerospace Structures
Net sales to external customers	$	976,892		$	—		$	491,652		$	485,240
Intersegment sales (eliminated in consolidation)		—			(3,821	)		2,406			1,415
Segment profit and reconciliation to consolidated income before income taxes:
Adjusted EBITDAP		69,660			—			64,237			5,423
Reconciliation of segment profit to income (loss) before income taxes
Depreciation and amortization		(50,700	)		(1,663	)		(16,477	)		(32,560	)
Interest expense and other, net		(87,463	)
Corporate expenses		(33,544	)
Share-based compensation expense		(5,407	)
Loss on sale of assets and businesses		(747	)
Amortization of acquired contract liabilities		28,150
Non-service defined benefit income		24,843
Impairment of long-lived assets		(252,382	)
Income before income taxes		(307,590	)
Total capital expenditures	$	12,804		$	643		$	9,511		$	2,650

	Six Months Ended September 30, 2019 (1)
	Total			Corporate & Eliminations			Systems & Support			Aerospace Structures
Net sales to external customers	$	1,502,341		$	—		$	664,176		$	838,165
Intersegment sales (eliminated in consolidation)		—			(5,993	)		2,401			3,592
Segment profit and reconciliation to consolidated income before income taxes:
Adjusted EBITDAP		160,854			—			104,876			55,978
Reconciliation of segment profit to income (loss) before income taxes
Depreciation and amortization		(74,269	)		(1,686	)		(16,239	)		(56,344	)
Interest expense and other, net		(62,891	)
Corporate expenses		(28,861	)
Share-based compensation expense		(5,290	)
Loss on sale of assets and businesses		4,829
Amortization of acquired contract liabilities		39,556
Non-service defined benefit income		41,226
Union represented employee incentives		(5,671	)
Legal judgment gain, net		5,400
Income before income taxes		74,883
Total capital expenditures	$	16,995		$	564		$	8,426		$	8,005

As adjusted; refer to Note 1.

During the three months ended September 30, 2020 and 2019, the Company had foreign sales of $96,734 and $185,957, respectively. During the six months ended September 30, 2020 and 2019, the Company had foreign sales of $188,931 and $361,297, respectively.