Quarterly Financial Data (unaudited) (Tables)

9 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Restatement Effect Of Adjustments On Income From Continuing Operations

The restated financial information related to the following errors: (i) Acquisition Adjustments - corrections resulting from the application of purchase accounting with respect to certain long-term contracts, which are accounted for under the percentage-of-completion method that should be based on the estimate of remaining effort on such contracts at the acquisition date instead of the inception-to-date progress of each contract.  These errors further resulted in reporting the settlement gain on the CRS1 contract as a discrete component of income from continuing operations. (ii) Accounting Review and Analysis Adjustments - corrections resulting from the reconciliation and analysis of certain accounts.

A summary of the impact of these matters on income from continuing operations, before income taxes and noncontrolling interest, by quarter is presented below:

	Increase / (Decrease) to Previously Reported Income from Continuing Operations, Before Income Taxes and Noncontrolling Interest
	Quarter Ended July 5, 2015			Quarter Ended October 4, 2015			Six Months Ended October 4, 2015
Purchase Accounting Adjustments	$	(24,405	)	$	24,171		$	(234	)
Account Review and Analysis Adjustments	(7,652		)	(10,011		)	(17,663		)
Total Adjustments	$	(32,057	)	$	14,160		$	(17,897	)

Restatement Effect On Condensed Consolidated Statements Of Comprehensive Income And Balance Sheets

The effect of the restatement on the condensed consolidated statement of comprehensive income for the quarter ended July 5, 2015 was as follows:

	Quarter Ended July 5, 2015
	As Reported			Adjustments			As Restated
Sales	$	1,129,957		$	(22,723	)	$	1,107,234
Cost of sales	875,532			10,841			886,373
Gross profit	254,425			(33,564		)	220,861
Operating expenses:
Research and development	24,664			—			24,664
Selling	32,504			—			32,504
General and administrative	71,463			(2,102		)	69,361
Income from continuing operations, before interest, income taxes and noncontrolling interest	125,794			(31,462		)	94,332
Net interest expense	(15,361		)	(595		)	(15,956		)
Income from continuing operations, before income taxes and noncontrolling interest	110,433			(32,057		)	78,376
Income taxes	37,563			(12,422		)	25,141
Income from continuing operations, before noncontrolling interest	72,870			(19,635		)	53,235
Less net income attributable to noncontrolling interest	117			—			117
Net income attributable to Orbital ATK, Inc.	$	72,753		$	(19,635	)	$	53,118
Basic earnings per common share from:
Net income attributable to Orbital ATK, Inc.	$	1.23		$	(0.33	)	$	0.90
Basic shares	59,144						59,144
Diluted earnings per common share from:
Net income attributable to Orbital ATK, Inc.	$	1.22		$	(0.33	)	$	0.89
Diluted shares	59,749						59,749
Comprehensive income attributable to Orbital ATK, Inc.	$	91,356		$	(19,635	)	$	71,721

The effect of the restatement on the condensed consolidated balance sheet as of July 5, 2015 was as follows:

	July 5, 2015
	As Reported			Adjustments			As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	49,595		$	—		$	49,595
Net receivables	1,891,338			(13,719		)	1,877,619
Net inventories	182,276			—			182,276
Deferred income taxes	107,466			—			107,466
Prepaid expenses and other current assets	130,922			—			130,922
Total current assets	2,361,597			(13,719		)	2,347,878
Net property, plant and equipment	802,134			(2,100		)	800,034
Goodwill	1,875,269			(9,314		)	1,865,955
Net intangibles	152,184			—			152,184
Deferred income taxes	129,220			3,286			132,506
Deferred charges and other noncurrent assets	122,509			—			122,509
Total assets	$	5,442,913		$	(21,847	)	$	5,421,066
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	59,997			—			$	59,997
Accounts payable	168,827			—			168,827
Contract-related liabilities	314,642			(27,783		)	286,859
Contract advances and allowances	178,182			—			178,182
Accrued compensation	99,458			—			99,458
Other current liabilities	167,847			15,616			183,463
Total current liabilities	988,953			(12,167		)	976,786
Long-term debt	1,513,505			—			1,513,505
Postretirement and postemployment benefits	72,353			—			72,353
Pension	845,562			—			845,562
Other noncurrent liabilities	149,797			9,955			159,752
Total liabilities	3,570,170			(2,212		)	3,567,958
Common stock	593			—			593
Additional paid-in-capital	2,187,768			—			2,187,768
Retained earnings	1,233,006			(19,635		)	1,213,371
Accumulated other comprehensive loss	(829,045		)	—			(829,045		)
Common stock in treasury, at cost	(730,358		)	—			(730,358		)
Total Orbital ATK, Inc. stockholders' equity	1,861,964			(19,635		)	1,842,329
Noncontrolling interest	10,779			—			10,779
Total equity	1,872,743			(19,635		)	1,853,108
Total liabilities and equity	$	5,442,913		$	(21,847	)	$	5,421,066

The effect of the restatement on the condensed consolidated statement of comprehensive income for the quarter and six months ended October 4, 2015 was as follows:

	Quarter Ended October 4, 2015									Six Months Ended October 4, 2015
	As Reported			Adjustments			As Restated			As Reported			Adjustments			As Restated
Sales	$	1,134,886		$	18,731		$	1,153,617		$	2,264,842		$	(3,992	)	$	2,260,850
Cost of sales	884,734			58,408			943,142			1,760,265			69,249			1,829,514
Gross profit	250,152			(39,677		)	210,475			504,577			(73,241		)	431,336
Operating expenses:
Research and development	28,666			—			28,666			53,330			—			53,330
Selling	28,137			—			28,137			60,641			—			60,641
General and administrative	69,384			(4,180		)	65,204			140,847			(6,282		)	134,565
Gain on settlement	—			50,000			50,000			—			50,000			50,000
Income from continuing operations, before interest, income taxes and noncontrolling interest	123,965			14,503			138,468			249,759			(16,959		)	232,800
Net interest expense	(24,293		)	(343		)	(24,636		)	(39,655		)	(938		)	(40,593		)
Income from continuing operations, before income taxes and noncontrolling interest	99,672			14,160			113,832			210,104			(17,897		)	192,207
Income taxes	33,123			5,487			38,610			70,685			(6,935		)	63,750
Income from continuing operations, before noncontrolling interest	66,549			8,673			75,222			139,419			(10,962		)	128,457
Less net income attributable to noncontrolling interest	147			—			147			264			—			264
Net income attributable to Orbital ATK, Inc.	$	66,402		$	8,673		$	75,075		$	139,155		$	(10,962	)	$	128,193
Basic earnings per common share from:
Net income attributable to Orbital ATK, Inc.	$	1.13		$	0.15		$	1.28		$	2.36		$	(0.19	)	$	2.17
Basic shares	58,746						58,746			58,944						58,944
Diluted earnings per common share from:
Net income attributable to Orbital ATK, Inc.	$	1.12		$	0.15		$	1.27		$	2.34		$	(0.18	)	$	2.15
Diluted shares	59,304						59,304			59,526						59,526
Comprehensive income attributable to Orbital ATK, Inc.	$	81,853		$	8,673		$	90,526		$	173,209		$	(10,962	)	$	162,247

The effect of the restatement on the condensed consolidated balance sheet as of October 4, 2015 was as follows:

	October 4, 2015
	As Reported			Adjustments			As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	65,087		$	—		$	65,087
Net receivables	1,882,675			15,986			1,898,661
Net inventories	175,317			—			175,317
Deferred income taxes	107,466			—			107,466
Prepaid expenses and other current assets	129,427			—			129,427
Total current assets	2,359,972			15,986			2,375,958
Net property, plant and equipment	797,524			(4,200		)	793,324
Goodwill	1,875,269			(9,314		)	1,865,955
Net intangibles	139,284			—			139,284
Deferred income taxes	121,319			(4,579		)	116,740
Deferred charges and other noncurrent assets	117,280			—			117,280
Total assets	$	5,410,648		$	(2,107	)	$	5,408,541
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$	40,000		$	—		$	40,000
Accounts payable	227,051			—			227,051
Contract-related liabilities	268,129			(13,274		)	254,855
Contract advances and allowances	154,845			—			154,845
Accrued compensation	140,800			—			140,800
Other current liabilities	144,192			15,875			160,067
Total current liabilities	975,017			2,601			977,618
Long-term debt	1,497,000			—			1,497,000
Postretirement and postemployment benefits	70,342			—			70,342
Pension	811,459			—			811,459
Other noncurrent liabilities	150,619			6,254			156,873
Total liabilities	3,504,437			8,855			3,513,292
Common stock	589			—			589
Additional paid-in-capital	2,181,288			—			2,181,288
Retained earnings	1,284,063			(10,962		)	1,273,101
Accumulated other comprehensive loss	(813,594		)	—			(813,594		)
Common stock in treasury, at cost	(757,061		)	—			(757,061		)
Total Orbital ATK, Inc. stockholders' equity	1,895,285			(10,962		)	1,884,323
Noncontrolling interest	10,926			—			10,926
Total equity	1,906,211			(10,962		)	1,895,249
Total liabilities and equity	$	5,410,648		$	(2,107	)	$	5,408,541

Schedule of Quarterly Financial Data

	Nine Months Ended December 31, 2015
	Quarter Ended
	July 5		October 4		December 31
	(restated)		(restated)
Sales	$	1,107,234	$	1,153,617	$	1,138,238
Gross profit	220,861		210,475		237,855
Income from continuing operations	53,118		75,075		53,229
Income from discontinued operations	—		—		1,008
Net income attributable to Orbital ATK, Inc.	53,118		75,075		54,237
Basic earnings per common share from: (1)
Continuing operations	$	0.90	$	1.28	$	0.90
Discontinued operations	—		—		0.02
Net income attributable to Orbital ATK, Inc.	$	0.90	$	1.28	$	0.92
Diluted earnings per common share from: (1)
Continuing operations	$	0.89	$	1.27	$	0.89
Discontinued operations	—		—		0.02
Net income attributable to Orbital ATK, Inc.	$	0.89	$	1.27	$	0.91
Cash dividends per common share:
Declared	$	—	$	0.26	$	0.26
Paid	0.26		0.26		0.26

	Year Ended March 31, 2015
	Quarter Ended
	June 29		September 28		December 28		March 31
Sales	$	714,360	$	743,202	$	746,866	$	969,539
Gross profit	162,650		163,384		165,527		212,541
Income from continuing operations	31,773		41,214		45,155		(40,707		)
Income from discontinued operations	53,825		53,895		492		16,837
Net income attributable to Orbital ATK, Inc.	85,598		95,109		45,647		(23,870		)
Basic earnings per common share from: (1)
Continuing operations	$	1.01	$	1.30	$	1.42	$	(0.87	)
Discontinued operations	1.70		1.70		0.02		0.36
Net income attributable to Orbital ATK, Inc.	$	2.71	$	3.00	$	1.44	$	(0.51	)
Diluted earnings per common share from: (1)
Continuing operations	$	0.96	$	1.29	$	1.41	$	(0.87	)
Discontinued operations	1.63		1.68		0.02		0.36
Net income attributable to Orbital ATK, Inc.	$	2.59	$	2.97	$	1.43	$	(0.51	)
Cash dividends per common share:
Declared	$	0.32	$	0.32	$	0.32	$	0.58
Paid	0.32		0.32		0.32		0.32

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(1) Quarterly earnings (loss) per common share amounts may not total to annual earnings per common share amounts because quarterly and annual earnings per share are calculated separately based on earnings and basic and diluted weighted-average common shares outstanding during the respective periods.