Restatement

9 Months Ended

Dec. 31, 2015

Accounting Changes and Error Corrections [Abstract]

The Company restated its consolidated financial statements for the 2015 transition period, fiscal 2015, fiscal 2014, the quarters in the 2015 transition period and fiscal 2015 (the "Restatement"). The Restatement corrects misstatements primarily related to (i) the estimation of contract costs at completion on the long-term contract (the “Lake City Contract”) with the U.S. Army to manufacture and supply small caliber ammunition at the Lake City Army Ammunition Plant ("LCAAP") causing a forward loss provision to not be identified timely and recorded in prior periods; and (ii) correcting the Company’s accounting policy for measurement of forward loss provisions. In the consolidated financial statements, the impacts of the restatement for fiscal 2013 are reflected in this Amendment as an adjustment to the beginning retained earnings for fiscal 2014.

The Audit Committee of the Board of Directors, in consultation with senior management, determined that the Company should conduct an internal investigation, under its supervision, of the circumstances surrounding the misstatements in the accounting for the Lake City Contract and related matters. The investigation was undertaken by outside counsel, along with independent counsel for the Audit Committee. Counsel received assistance from outside forensic accountants. The investigation is complete.

Based on the internal investigation, the Audit Committee and senior management concluded as follows: Certain personnel at the Small Caliber Systems Division and, in some cases, Defense Systems Group, acted inappropriately and failed to adhere to the high standards established in the Company’s policies and expected by senior management and the Board of Directors. Specifically, with respect to the Lake City Contract: (a) there likely was a bias toward maintaining a targeted profit rate; (b) in some cases, there appears to have been inappropriate use of management reserves to maintain the targeted profit rate; (c) some members of the Small Caliber Systems Division finance staff failed to follow up and inquire further into indicators that cost overruns were occurring, and if such inquiries had been made, it could have led to further contemporaneous discussion and an earlier conclusion that the Lake City Contract was in a forward loss position; and (d) negative information was suppressed, and concerns at the Small Caliber Systems Division about cost overruns were not escalated appropriately to higher-level Company management or finance staff, nor were they communicated to the Audit Committee, the Board of Directors or the independent registered public accounting firms.

The Lake City Contract is within the Small Caliber Systems Division, a business unit within the Company’s Defense Systems Group, and is a fixed price contract accounted for under the percentage of completion revenue recognition method. The Lake City Contract was entered into in September 2012. It has an initial term of seven years plus the possibility of an award term extension of an additional three years if by July 17, 2017 the Company does not provide written notice of rejection to the U.S. Army. It is probable that the Company will provide written notice of rejection to the U.S. Army. As a result, the Restatement presents the total estimated forward loss provision for the initial seven-year term.

Management identified that the underlying contract costs estimated at completion for the Lake City Contract in prior periods contained misstatements which, when corrected, resulted in the Lake City Contract’s estimated costs at completion exceeding the contracted revenues. This necessitated a forward loss charge for the seven-year term of the Lake City Contract to be recorded for the entire anticipated forward loss on the contract in the period in which the loss became evident. The Company determined that $31,500 of the loss was evident at contract signing (second quarter of fiscal 2013) and $342,000 became evident at the time of initial production (second quarter of fiscal 2014) and restated those periods and the consequential impact in subsequent periods. The $31,500 loss recorded at contract signing was the projected operating loss at that time after the inclusion of the related risks and opportunities on the Lake City Contract. The remaining $342,000 loss recorded at the time of first production was the result of updated estimates when it should have been apparent at that time that the previously expected cost reductions would not be fully realized.

As a result of this contract loss, the Company determined that the goodwill for the Small Caliber Systems reporting unit of $3,700 was impaired due to the implied fair value of the reporting unit being less than the carrying value and has written down the entire carrying value of the goodwill to zero in fiscal 2014. Additionally due to the contract loss identified at the Lake City facility, the Company recognized an impairment charge for the long lived assets capitalized for the Lake City Ammunition Plant asset group in fiscal 2014. Subsequent to the impairments, costs incurred for the purchase or construction of additional long-lived assets related to this contract were expensed in the periods incurred, as such costs will not be recovered, and the depreciation expense recorded in subsequent periods was revised. The impairment charge recognized on long lived assets was $7,619, $17,559 and $23,369 in the 2015 transition period, fiscal 2015 and fiscal 2014, respectively.

The Company corrected its accounting policy from measurement of a forward loss provision based on gross profit to measurement based on gross profit along with general and administrative costs and adjusted the previously recorded forward loss provisions. The Company's prior accounting policy for measurement of a forward loss excluded general and administrative costs from the forward loss determination resulting in an incorrect measurement of a forward loss as these costs should be included in the measurement. The aggregate impact of this correction to the contract loss reserve liability, excluding the adjustment for the Lake City Contract, was an increase of $5,419 and $2,945 at December 31, 2015 and March 31, 2015, respectively. As part of the correction in accounting policy, the Company also reclassified certain forward loss provisions recorded in net receivables to the contract loss reserve liability.

In addition to the matters in (i) and (ii) described above, the Company also corrected for (iii) certain immaterial out of period adjustments previously recorded in the Original Filing that related to misstatements in the application of purchase accounting with respect to acquired long-term contracts accounted for under the percentage of completion revenue recognition method as well as purchase price allocation misstatements; and (iv) immaterial misstatements, including misstatements in certain footnotes, identified during an account review and analysis exercise.

The immaterial out of period adjustments referred to in (iii) above were previously recorded in the Original Filing and primarily relate to errors in the application of purchase accounting. In the Original Filing, the Company recorded the correction of certain immaterial errors related to fiscal 2015 as an out of period adjustment in the restatement adjustment for the quarter ending July 5, 2015 (during the 2015 transition period); this Restatement reflects the out of period adjustments in the appropriate period (fiscal 2015). The effect of this adjustment resulted in a decrease of $8,471 for fiscal 2015 in Income (Loss) from Continuing Operations before Taxes and Noncontrolling Interest and a corresponding increase for the 2015 transition period. Additionally, the Company reflected purchase accounting allocation balance sheet adjustments that were recorded in the Original Filing in the restatement adjustment for the quarter ending July 5, 2015 (during the 2015 transition period) in the appropriate period (fiscal 2015) in this Restatement.

The immaterial account review and analysis adjustments referred to in (iv) above were made in the Restatement and related to post acquisition accounting for fixed assets, the spin-off and Distribution of the Company's former Sporting Group, revenue recognition and various other matters, including footnote disclosures.

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



	Increase / (Decrease) Restatement Impact
	Nine Months Ended December 31, 2015			Years Ended March 31,
	Nine Months Ended December 31, 2015			2015			2014
Lake City Contract Loss and Related Adjustments:
Sales	$	(12,995	)	$	(58,008	)	$	(34,526	)
Cost of sales	$	(24,911	)	$	(57,567	)	$	322,495
Gross profit	$	11,916		$	(441	)	$	(357,021	)
Income (loss) from continuing operations, before interest expense, income taxes and noncontrolling interest	$	11,916		$	(441	)	$	(360,721	)
Income (loss) from continuing operations, before income taxes and noncontrolling interest	$	11,916		$	(441	)	$	(360,721	)

Contract Loss Reserve Adjustment:
Sales	$	—		$	—		$	—
Cost of sales	$	2,474		$	(743	)	$	182
Gross profit	$	(2,474	)	$	743		$	(182	)
Income (loss) from continuing operations, before interest expense, income taxes and noncontrolling interest	$	(2,474	)	$	743		$	(182	)
Income (loss) from continuing operations, before income taxes and noncontrolling interest	$	(2,474	)	$	743		$	(182	)

Account Review and Analysis and Other:
Sales	$	5,290		$	(3,300	)	$	—
Cost of sales	$	9,775		$	201		$	(9	)
Gross profit	$	(4,485	)	$	(3,501	)	$	9
General and administrative	$	(5,261	)	$	6,031		$	(52	)
Income (loss) from continuing operations, before interest expense, income taxes and noncontrolling interest	$	776		$	(9,532	)	$	61
Income (loss) from continuing operations, before income taxes and noncontrolling interest	$	(2,431	)	$	(9,704	)	$	61

A summary of the impact of these matters on the consolidated balance sheets is presented below, excluding any associated tax effect from the restatement adjustments in the aggregate:



	Increase / (Decrease) Restatement Impact
		December 31, 2015			March 31, 2015
Lake City Contract Loss and Related Adjustments:
Net receivables		$	(105,529	)	$	(92,534	)
Total current assets		$	(105,529	)	$	(92,534	)
Net property, plant & equipment		$	(41,855	)	$	(37,594	)
Total assets		$	(151,084	)	$	(133,828	)
Contract loss reserve		$	229,663		$	258,834
Total current liabilities		$	229,663		$	258,834
Total liabilities		$	229,663		$	258,834

Contract Loss Reserve Adjustment:
Net receivables		$	759		$	545
Total current assets		$	759		$	545
Net property, plant & equipment		$	—		$	—
Total assets		$	759		$	545
Contract loss reserve		$	6,178		$	3,490
Total current liabilities		$	6,178		$	3,490
Total liabilities		$	6,178		$	3,490

Account Review and Analysis and Other:
Net receivables		$	(8,843	)	$	(5,038	)
Total current assets		$	(7,174	)	$	(7,631	)
Net property, plant and equipment		$	(2,639	)	$	(413	)
Goodwill		$	—		$	(9,314	)
Other noncurrent assets		$	(6,773	)	$	(7,005	)
Total assets		$	(15,671	)	$	(30,380	)
Contract-related liabilities		$	40,824		$	1,222
Accrued compensation		$	2,650		$	8,657
Total current liabilities		$	51,634		$	18,000
Other noncurrent liabilities		$	(40,434	)	$	(24,173	)
Total liabilities		$	11,200		$	(6,173	)

The restatement adjustments related to fiscal 2013 are reflected in the beginning retained earnings in the consolidated financial statements for fiscal 2014. The cumulative impact of these adjustments decreased retained earnings by approximately $21,000 at the beginning of fiscal 2014. The restatement adjustments were tax effected and any tax adjustments reflected in the consolidated financial statements relate entirely to the tax effect on the restatement adjustments. The correction of the errors described above resulted in the following summary of impact by period to the previously issued consolidated financial statements:



Net income (loss) attributable to Orbital ATK, Inc.	Increase / (Decrease) Restatement Impact
Nine month period ending December 31, 2015		$	3,757
Fiscal 2015		$	(7,584	)
Fiscal 2014		$	(223,881	)



	Increase / (Decrease) Restatement Impact
(including the associated tax effect from the restatement adjustments)	Total Assets			Total Liabilities
As of December 31, 2015	$	(15,697	)	$	246,810
As of March 31, 2015	$	(10,302	)	$	255,962

The account balances labeled “As Reported” in the following tables for the 2015 transition period, fiscal 2015 and fiscal 2014 represent the previously reported financial statements as presented in the Original Filing. The effects of these prior period errors on the consolidated financial statements are as follows:



	December 31, 2015
Consolidated Balance Sheets	As Reported			Adjustments			As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	104,032		$	—		$	104,032
Net receivables	1,784,434			(113,613		)	1,670,821
Net inventories	211,712			1,500			213,212
Income taxes receivable	50,769			—			50,769
Other current assets	89,495			150			89,645
Total current assets	2,240,442			(111,963		)	2,128,479
Net property, plant, and equipment	806,187			(44,493		)	761,694
Goodwill	1,832,066			(3,700		)	1,828,366
Net intangibles	147,156			—			147,156
Deferred income taxes	209,861			108,677			318,538
Other noncurrent assets ⁽¹⁾	103,680			35,782			139,462
Total assets	$	5,339,392		$	(15,697	)	$	5,323,695
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$	40,000		$	—		$	40,000
Accounts payable	129,312			1,500			130,812
Contract-related liabilities	340,888			40,824			381,712
Contract loss reserves	—			235,841			235,841
Contract advances and allowances	172,046			—			172,046
Accrued compensation	125,278			2,650			127,928
Other current liabilities	159,455			6,641			166,096
Total current liabilities	966,979			287,456			1,254,435
Long-term debt ⁽¹⁾	1,435,836			—			1,435,836
Postretirement and postemployment benefits	59,202			—			59,202
Pension	761,632			—			761,632
Other noncurrent liabilities	167,798			(40,646		)	127,152
Total liabilities	3,391,447			246,810			3,638,257
Commitments and contingencies
Common stock—$.01 par value: authorized—180,000,000 shares; issued and outstanding— 58,729,995 shares held December 31, 2015	587			—			587
Additional paid-in-capital	2,187,940			—			2,187,940
Retained earnings	1,305,550			(262,507		)	1,043,043
Accumulated other comprehensive loss	(785,908		)	—			(785,908		)
Common stock in treasury, at cost— 10,205,029 shares held at December 31, 2015	(771,029		)	—			(771,029		)
Total Orbital ATK, Inc. stockholders' equity	1,937,140			(262,507		)	1,674,633
Noncontrolling interest	10,805			—			10,805
Total equity	1,947,945			(262,507		)	1,685,438
Total liabilities and equity	$	5,339,392		$	(15,697	)	$	5,323,695

⁽¹⁾The As Reported amounts includes a reclassification of debt issuance costs related to the Company's notes of $14,000 from Other noncurrent assets to Long-term debt, net of current portion due to the retrospective adoption of ASU 2015-03 and ASU 2015-15.



	March 31, 2015
Consolidated Balance Sheets	As Reported			Adjustments			As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	139,253		$	—		$	139,253
Net receivables	1,793,556			(97,027		)	1,696,529
Net inventories	196,114			—			196,114
Income taxes receivable	31,415			—			31,415
Deferred income taxes	107,484			104,237			211,721
Other current assets	121,084			(2,593		)	118,491
Total current assets	2,388,906			4,617			2,393,523
Net property, plant, and equipment	807,057			(38,007		)	769,050
Goodwill	1,875,269			(13,014		)	1,862,255
Net intangibles	165,207			—			165,207
Deferred income taxes	140,321			4,715			145,036
Other noncurrent assets⁽¹⁾	111,074			31,387			142,461
Total assets	$	5,487,834		$	(10,302	)	$	5,477,532
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$	59,997		$	—		$	59,997
Accounts payable	158,137			—			158,137
Contract-related liabilities	357,296			1,222			358,518
Contract loss reserves	—			262,324			262,324
Contract advances and allowances	173,198			—			173,198
Accrued compensation	135,528			8,657			144,185
Other current liabilities	212,628			8,121			220,749
Total current liabilities	1,096,784			280,324			1,377,108
Long-term debt ⁽¹⁾	1,511,936			—			1,511,936
Postretirement and postemployment benefits	74,658			—			74,658
Pension	851,001			—			851,001
Other noncurrent liabilities	165,795			(24,362		)	141,433
Total liabilities	3,700,174			255,962			3,956,136
Commitments and contingencies
Common stock—$.01 par value: authorized—180,000,000 shares; issued and outstanding— 59,427,942 shares at March 31, 2015	594			—			594
Additional paid-in-capital	2,182,814			—			2,182,814
Retained earnings	1,160,272			(266,264		)	894,008
Accumulated other comprehensive loss	(847,648		)	—			(847,648		)
Common stock in treasury, at cost - 9,507,082 shares held at March 31, 2015	(719,034		)	—			(719,034		)
Total Orbital ATK, Inc. stockholders' equity	1,776,998			(266,264		)	1,510,734
Noncontrolling interest	10,662			—			10,662
Total equity	1,787,660			(266,264		)	1,521,396
Total liabilities and equity	$	5,487,834		$	(10,302	)	$	5,477,532

⁽¹⁾ The As Reported amounts include a reclassification of debt issuance costs related to the Company's notes of $17,000 from Other noncurrent assets to Long-term debt, net of current portion due to the retrospective adoption of ASU 2015-03 and ASU 2015-15.



	Nine Months Ended December 31, 2015
Consolidated Statements of Comprehensive Income	As Reported			Adjustments			As Restated

Sales	$	3,399,089		$	(7,705	)	$	3,391,384
Cost of sales	2,729,898			(12,662		)	2,717,236
Gross profit	669,191			4,957			674,148
Operating expenses:
Research and development	83,209			—			83,209
Selling	88,177			—			88,177
General and administrative	225,418			(5,261		)	220,157
Gain on settlement	50,000			—			50,000
Income from continuing operations, before interest, income taxes and noncontrolling interest	322,387			10,218			332,605
Interest expense, net	(57,163		)	(3,207		)	(60,370		)
Income from continuing operations, before income taxes and noncontrolling interest	265,224			7,011			272,235
Income taxes	83,659			3,254			86,913
Income from continuing operations, before noncontrolling interest	181,565			3,757			185,322
Less net income attributable to noncontrolling interest	143			—			143
Income from continuing operations of Orbital ATK, Inc.	181,422			3,757			185,179
Discontinued operations:
Income from discontinued operations, before income taxes	—			—			—
Income taxes	(1,008		)	—			(1,008		)
Income from discontinued operations	1,008			—			1,008
Net income attributable to Orbital ATK, Inc.	$	182,430		$	3,757		$	186,187

Basic earnings per common share from:
Continuing operations	$	3.06					$	3.12
Discontinued operations	0.02						0.02
Net income attributable to Orbital ATK, Inc.	$	3.07					$	3.14
Weighted-average number of common shares outstanding	59,358						59,358
Diluted earnings per common share from:
Continuing operations	$	3.03					$	3.09
Discontinued operations	0.02						0.02
Net income attributable to Orbital ATK, Inc.	$	3.04					$	3.11
Weighted-average number of diluted common shares outstanding	59,915						59,915
Comprehensive income attributable to Orbital ATK, Inc.	$	244,171		$	3,756		$	247,927

Note: earnings per share amounts may not recalculate due to rounding.



	Year Ended March 31, 2015
Consolidated Statements of Comprehensive Income	As Reported			Adjustments			As Restated

Sales	$	3,173,967		$	(61,308	)	$	3,112,659
Cost of sales	2,469,865			(58,109		)	2,411,756
Gross profit	704,102			(3,199		)	700,903
Operating expenses:
Research and development	49,349			—			49,349
Selling	89,941			—			89,941
General and administrative	298,559			6,031			304,590
Goodwill impairment	34,300			—			34,300
Income from continuing operations, before interest, income taxes and noncontrolling interest	231,953			(9,230		)	222,723
Interest expense, net	(88,676		)	(172		)	(88,848		)
Loss on extinguishment of debt	(26,626		)	—			(26,626		)
Income from continuing operations, before income taxes and noncontrolling interest	116,651			(9,402		)	107,249
Income taxes	39,117			(1,818		)	37,299
Income from continuing operations, before noncontrolling interest	77,534			(7,584		)	69,950
Less net income attributable to noncontrolling interest	99			—			99
Income from continuing operations of Orbital ATK, Inc.	77,435			(7,584		)	69,851
Discontinued operations:
Income from discontinued operations, before income taxes	205,463			—			205,463
Income taxes	80,414			—			80,414
Income from discontinued operations	125,049			—			125,049
Net income attributable to Orbital ATK, Inc.	$	202,484		$	(7,584	)	$	194,900

Basic earnings per common share from:
Continuing operations	$	2.18					$	1.96
Discontinued operations	3.53						3.53
Net income attributable to Orbital ATK, Inc.	$	5.71					$	5.49
Weighted-average number of common shares outstanding	35,469						35,469
Diluted earnings per common share from:
Continuing operations	$	2.14					$	1.93
Discontinued operations	3.46						3.46
Net income attributable to Orbital ATK, Inc.	$	5.60					$	5.39
Weighted-average number of diluted common shares outstanding	36,140						36,140
Comprehensive loss attributable to Orbital ATK, Inc.	$	(60,579	)	$	(7,584	)	$	(68,163	)



	Year Ended March 31, 2014
Consolidated Statements of Comprehensive Income	As Reported			Adjustments			As Restated

Sales	$	2,925,237		$	(34,526	)	$	2,890,711
Cost of sales	2,277,939			322,668			2,600,607
Gross profit	647,298			(357,194		)	290,104
Operating expenses:
Research and development	48,536			—			48,536
Selling	87,554			—			87,554
General and administrative	209,251			(52		)	209,199
Goodwill impairment	—			3,700			3,700
Income (loss) from continuing operations, before interest, income taxes and noncontrolling interest	301,957			(360,842		)	(58,885		)
Interest expense, net	(79,792		)	—			(79,792		)
Income (loss) from continuing operations, before income taxes and noncontrolling interest	222,165			(360,842		)	(138,677		)
Income taxes	62,542			(136,961		)	(74,419		)
Income (loss) from continuing operations, before noncontrolling interest	159,623			(223,881		)	(64,258		)
Less net income attributable to noncontrolling interest	171			—			171
Income (loss) from continuing operations of Orbital ATK, Inc.	159,452			(223,881		)	(64,429		)
Discontinued operations:
Income from discontinued operations, before income taxes	288,349			—			288,349
Income taxes	106,886			—			106,886
Income from discontinued operations	181,463			—			181,463
Net income attributable to Orbital ATK, Inc.	$	340,915		$	(223,881	)	$	117,034

Basic earnings (loss) per common share from:
Continuing operations	$	5.03					$	(2.03	)
Discontinued operations	5.73						5.73
Net income attributable to Orbital ATK, Inc.	$	10.76					$	3.70
Weighted-average number of common shares outstanding	31,671						31,671
Diluted earnings (loss) per common share from:
Continuing operations	$	4.87					$	(1.97	)
Discontinued operations	5.55						5.55
Net income attributable to Orbital ATK, Inc.	$	10.42					$	3.58
Weighted-average number of diluted common shares outstanding	32,723						32,723
Comprehensive income attributable to Orbital ATK, Inc.	$	488,410		$	(223,881	)	$	264,529



	Nine Months Ended December 31, 2015
Consolidated Statements of Cash Flows	As Reported			Adjustments			As Restated
Operating Activities
Continuing operations:
Net income	$	182,573		$	3,757		$	186,330
Net income from discontinued operations	(1,008		)	—			(1,008		)
Income from continuing operations	181,565			3,757			185,322
Adjustments to reconcile income from continuing operations to cash provided by operating activities of continuing operations:
Depreciation	90,507			(1,133		)	89,374
Amortization of intangible assets	33,371			—			33,371
Amortization and write-off of deferred financing costs	12,666			—			12,666
Fixed asset impairment	—			7,619			7,619
Deferred income taxes	51,295			6,292			57,587
Loss on disposal of property	11,197			—			11,197
Share-based plans expense	19,589			—			19,589
Excess tax benefits from share-based plans	(4,997		)	—			(4,997		)
Changes in assets and liabilities:
Net receivables	5,122			11,717			16,839
Net inventories	(15,598		)	—			(15,598		)
Accounts payable	(29,276		)	—			(29,276		)
Contract advances and allowances	(1,152		)	—			(1,152		)
Contract loss reserve	—			(26,697		)	(26,697		)
Accrued compensation	(10,243		)	—			(10,243		)
Contract-related liabilities	(16,408		)	(3,027		)	(19,435		)
Pension and other postretirement benefits	(3,736		)	—			(3,736		)
Other assets and liabilities	(20,500		)	1,472			(19,028		)
Cash provided by operating activities of continuing operations	303,402			—			303,402
Cash provided by operating activities of discontinued operations	—			—			—
Cash provided by operating activities	303,402			—			303,402
Investing Activities
Continuing operations:
Capital expenditures	(104,634		)	—			(104,634		)
Cash dividend refunded to Vista Outdoor in conjunction with the Distribution of Sporting Group	(6,500		)	—			(6,500		)
Proceeds from the disposition of property plant and equipment	40			—			40
Cash used for investing activities of continuing operations	(111,094		)	—			(111,094		)
Cash used for investing activities of discontinued operations	—			—			—
Cash used for investing activities	(111,094		)	—			(111,094		)
Financing Activities
Credit Facility Borrowings	1,040,000			(295,000		)	745,000
Credit Facility Payments	(1,040,000		)	295,000			(745,000		)
Cash used for financing activities of continuing operations	(227,529		)	—			(227,529		)
Effect of foreign currency exchange rate fluctuations on cash	—			—			—
Decrease in cash and cash equivalents	(35,221		)	—			(35,221		)
Cash and cash equivalents at beginning of period	139,253			—			139,253
Cash and cash equivalents at end of period	$	104,032		$	—		$	104,032



	Year Ended March 31, 2015
Consolidated Statements of Cash Flows	As Reported			Adjustments			As Restated
Operating Activities
Continuing operations:
Net income	$	202,583		$	(7,584	)	$	194,999
Net income from discontinued operations	(125,049		)	—			(125,049		)
Income from continuing operations	77,534			(7,584		)	69,950
Adjustments to reconcile income from continuing operations to cash provided by operating activities of continuing operations:
Depreciation	75,764			(2,921		)	72,843
Amortization of intangible assets	9,263			—			9,263
Amortization of debt discount	3,212			—			3,212
Amortization and write-off of deferred financing costs	5,157			—			5,157
Goodwill impairment	34,300			—			34,300
Fixed asset impairment	—			17,559			17,559
Loss on the extinguishment of debt	26,626			—			26,626
Deferred income taxes	(6,119		)	18,497			12,378
Loss on disposal of property	2,114			—			2,114
Share-based plans expense	25,325			—			25,325
Excess tax benefits from share-based plans	(7,004		)	—			(7,004		)
Changes in assets and liabilities:
Net receivables	(55,243		)	64,979			9,736
Net inventories	13,570			—			13,570
Accounts payable	55,710			—			55,710
Contract advances and allowances	27,123			(32,758		)	(5,635		)
Contract loss reserve	—			(74,468		)	(74,468		)
Accrued compensation	(39,950		)	8,657			(31,293		)
Contract-related liabilities	93,298			1,222			94,520
Pension and other postretirement benefits	(41,569		)	—			(41,569		)
Other assets and liabilities	(108,256		)	6,817			(101,439		)
Cash provided by operating activities of continuing operations	190,855			—			190,855
Cash provided by operating activities of discontinued operations	120,476			—			120,476
Cash provided by operating activities	311,331			—			311,331
Investing Activities
Continuing operations:
Capital expenditures	(112,704		)	—			(112,704		)
Cash acquired in Merger with Orbital	253,734			—			253,734
Cash dividend received from Vista Outdoor, net of cash transferred to Vista Outdoor in conjunction with the Distribution of Sporting Group	188,878			—			188,878
Proceeds from the disposition of property plant and equipment	2,290			—			2,290
Cash provided by investing activities of continuing operations	332,198			—			332,198
Cash used for investing activities of discontinued operations	(30,585		)	—			(30,585		)
Cash provided by investing activities	301,613			—			301,613
Financing Activities
Credit Facility Borrowings	798,000			80,000			878,000
Credit Facility Payments	(798,000		)	(80,000		)	(878,000		)
Cash used for financing activities of continuing operations	(737,317		)	—			(737,317		)
Effect of foreign currency exchange rate fluctuations on cash	(3,006		)	—			(3,006		)
Decrease in cash and cash equivalents	(127,379		)	—			(127,379		)
Cash and cash equivalents at beginning of period	266,632			—			266,632
Cash and cash equivalents at end of period	$	139,253		$	—		$	139,253



	Year Ended March 31, 2014
Consolidated Statements of Cash Flows	As Reported			Adjustments			As Restated
Operating Activities
Continuing operations:
Net income	$	341,086		$	(223,881	)	$	117,205
Net income from discontinued operations	(181,463		)	—			(181,463		)
Income (loss) from continuing operations	159,623			(223,881		)	(64,258		)
Adjustments to reconcile income (loss) from continuing operations to cash provided by operating activities of continuing operations:
Depreciation	69,192			—			69,192
Amortization of intangible assets	3,112			—			3,112
Amortization of debt discount	7,364			—			7,364
Amortization and write-off of deferred financing costs	10,222			—			10,222
Goodwill impairment	—			3,700			3,700
Fixed asset impairment	—			23,369			23,369
Deferred income taxes	6,828			(119,829		)	(113,001		)
Forward loss	—			342,000			342,000
Loss on disposal of property	594			—			594
Share-based plans expense	12,701			—			12,701
Excess tax benefits from share-based plans	(833		)	—			(833		)
Changes in assets and liabilities:
Net receivables	5,533			74,294			79,827
Net inventories	(63,437		)	—			(63,437		)
Accounts payable	(71,314		)	—			(71,314		)
Contract advances and allowances	(39,465		)	(4,642		)	(44,107		)
Contract loss reserve	—			(45,060		)	(45,060		)
Accrued compensation	(16,362		)	—			(16,362		)
Contract-related liabilities	(13,725		)	—			(13,725		)
Pension and other postretirement benefits	70,750			—			70,750
Other assets and liabilities	21,178			(49,951		)	(28,773		)
Cash provided by operating activities of continuing operations	161,961			—			161,961
Cash provided by operating activities of discontinued operations	226,060			—			226,060
Cash provided by operating activities	388,021			—			388,021
Investing Activities
Continuing operations:
Capital expenditures	(105,730		)	—			(105,730		)
Proceeds from the disposition of property plant and equipment	5,488			—			5,488
Cash used for investing activities of continuing operations	(100,242		)	—			(100,242		)
Cash used for investing activities of discontinued operations	(1,341,747		)	—			(1,341,747		)
Cash used for investing activities	(1,441,989		)	—			(1,441,989		)
Financing Activities
Cash provided by financing activities of continuing operations	903,254			—			903,254
Effect of foreign currency exchange rate fluctuations on cash	58			—			58
Decrease in cash and cash equivalents	(150,656		)	—			(150,656		)
Cash and cash equivalents at beginning of period	417,288			—			417,288
Cash and cash equivalents at end of period	$	266,632		$	—		$	266,632

Restatement information related to unaudited quarterly periods

The following tables present the unaudited condensed consolidated interim financial statements for the quarters in the 2015 transition period and fiscal 2015. For the interim financial statements for the quarters ended July 5, 2015 and October 4, 2015, the columns labeled First Restatement Adjustments and Second Restatement Adjustments represents the restatement adjustments reported in the Original Filing and the restatement adjustments being reported in this Amended Transition Report for the 2015 transition period, respectively. The effects of these prior period errors on the consolidated financial statements are as follows:



	October 4, 2015
Consolidated Balance Sheets (Unaudited)	As Reported			First Restatement Adjustments			Second Restatement Adjustments			As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	65,087		$	—		$	—		$	65,087
Net receivables	1,882,675			15,986			(108,698		)	1,789,963
Net inventories	175,317			—			—			175,317
Deferred income taxes	107,466			—			104,221			211,687
Other current assets	129,427			—			(2,612		)	126,815
Total current assets	2,359,972			15,986			(7,089		)	2,368,869
Net property, plant, and equipment	797,524			(4,200		)	(43,244		)	750,080
Goodwill	1,875,269			(9,314		)	(3,700		)	1,862,255
Net intangibles	139,284			—			—			139,284
Deferred income taxes	121,319			(4,579		)	10,780			127,520
Other noncurrent assets ⁽¹⁾	102,026			—			29,328			131,354
Total assets	$	5,395,394		$	(2,107	)	$	(13,925	)	$	5,379,362
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		)	21,586			276,441
Contract advances and allowances	154,845			—			—			154,845
Contract loss reserve	—			—			242,744			242,744
Accrued compensation	140,800			—			2,650			143,450
Other current liabilities	144,192			15,875			7,391			167,458
Total current liabilities	975,017			2,601			274,371			1,251,989
Long-term debt ⁽¹⁾	1,481,746			—			—			1,481,746
Postretirement and postemployment benefits	70,342			—			—			70,342
Pension	811,459			—			—			811,459
Other noncurrent liabilities	150,619			6,254			(25,722		)	131,151
Total liabilities	3,489,183			8,855			248,649			3,746,687
Commitments and contingencies
Common stock—$.01 par value: authorized—180,000,000 shares; issued and outstanding— 58,898,248 shares	589			—			—			589
Additional paid-in-capital	2,181,288			—			—			2,181,288
Retained earnings	1,284,063			(10,962		)	(262,574		)	1,010,527
Accumulated other comprehensive loss	(813,594		)	—			—			(813,594		)
Common stock in treasury, at cost— 10,036,776 shares held	(757,061		)	—			—			(757,061		)
Total Orbital ATK, Inc. stockholders' equity	1,895,285			(10,962		)	(262,574		)	1,621,749
Noncontrolling interest	10,926			—			—			10,926
Total equity	1,906,211			(10,962		)	(262,574		)	1,632,675
Total liabilities and equity	$	5,395,394		$	(2,107	)	$	(13,925	)	$	5,379,362

⁽¹⁾The As Reported amounts includes a reclassification of debt issuance costs related to the Company's notes of $15,000 from Other noncurrent assets to Long-term debt, net of current portion due to the retrospective adoption of ASU 2015-03 and ASU 2015-15.



	July 5, 2015
Consolidated Balance Sheets (Unaudited)	As Reported			First Restatement Adjustments			Second Restatement Adjustments			As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	49,595		$	—		$	—		$	49,595
Net receivables	1,891,338			(13,719		)	(102,904		)	1,774,715
Net inventories	182,276			—			—			182,276
Income taxes receivable	—			—			19			19
Deferred income taxes	107,466			—			104,229			211,695
Other current assets	130,922			—			(2,612		)	128,310
Total current assets	2,361,597			(13,719		)	(1,268		)	2,346,610
Net property, plant, and equipment	802,134			(2,100		)	(41,214		)	758,820
Goodwill	1,875,269			(9,314		)	(3,700		)	1,862,255
Net intangibles	152,184			—			—			152,184
Deferred income taxes	129,220			3,286			10,756			143,262
Other noncurrent assets ⁽¹⁾	106,962			—			28,716			135,678
Total assets	$	5,427,366		$	(21,847	)	$	(6,710	)	$	5,398,809
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		)	25,286			312,145
Contract advances and allowances	178,182			—			—			178,182
Contract loss reserve	—			—			253,410			253,410
Accrued compensation	99,458			—			2,650			102,108
Other current liabilities	167,847			15,616			2,910			186,373
Total current liabilities	988,953			(12,167		)	284,256			1,261,042
Long-term debt ⁽¹⁾	1,497,958						—			1,497,958
Postretirement and postemployment benefits	72,353			—			—			72,353
Pension	845,562			—			—			845,562
Other noncurrent liabilities	149,797			9,955			(29,420		)	130,332
Total liabilities	3,554,623			(2,212		)	254,836			3,807,247
Commitments and contingencies
Common stock—$.01 par value: authorized—180,000,000 shares; issued and outstanding— 59,274,189 shares	593			—			—			593
Additional paid-in-capital	2,187,768			—			—			2,187,768
Retained earnings	1,233,006			(19,635		)	(261,546		)	951,825
Accumulated other comprehensive loss	(829,045		)	—			—			(829,045		)
Common stock in treasury, at cost— 9,660,835 shares held	(730,358		)	—			—			(730,358		)
Total Orbital ATK, Inc. stockholders' equity	1,861,964			(19,635		)	(261,546		)	1,580,783
Noncontrolling interest	10,779			—			—			10,779
Total equity	1,872,743			(19,635		)	(261,546		)	1,591,562
Total liabilities and equity	$	5,427,366		$	(21,847	)	$	(6,710	)	$	5,398,809

⁽¹⁾The As Reported amounts includes a reclassification of debt issuance costs related to the Company's notes of $16,000 from Other noncurrent assets to Long-term debt, net of current portion due to the retrospective adoption of ASU 2015-03 and ASU 2015-15.



	December 28, 2014									September 28, 2014
Consolidated Balance Sheets (Unaudited)	As Reported			Adjustments			As Restated			As Reported			Adjustments			As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	112,920		$	—		$	112,920		$	42,668		$	—		$	42,668
Net receivables	1,352,062			(96,688		)	1,255,374			1,288,281			(71,919		)	1,216,362
Net inventories	134,241			—			134,241			130,962			—			130,962
Income taxes receivable	37,388			—			37,388			—			—			—
Deferred income taxes	48,999			126,764			175,763			83,701			126,764			210,465
Other current assets	71,531			(117		)	71,414			39,401			(117		)	39,284
Current assets of discontinued operations	832,311			—			832,311			898,640			—			898,640
Total current assets	2,589,452			29,959			2,619,411			2,483,653			54,728			2,538,381
Net property, plant, and equipment	508,583			(29,578		)	479,005			506,083			(27,174		)	478,909
Goodwill	1,043,463			(3,700		)	1,039,763			1,043,463			(3,700		)	1,039,763
Net intangibles	8,148			—			8,148			8,922			—			8,922
Deferred income taxes	70,611			6,702			77,313			79,269			6,702			85,971
Other noncurrent assets ⁽¹⁾	86,756			22,198			108,954			89,420			20,655			110,075
Noncurrent assets of discontinued operations	1,491,312			—			1,491,312			1,612,176			—			1,612,176
Total assets	$	5,798,325		$	25,581		$	5,823,906		$	5,822,986		$	51,211		$	5,874,197
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$	159,997		$	—		$	159,997		$	159,997		$	—		$	159,997
Accounts payable	218,321			—			218,321			185,779			—			185,779
Contract advances and allowances	142,742			—			142,742			118,600			—			118,600
Contract loss reserve	—			279,874			279,874			—			302,716			302,716
Accrued compensation	78,965			—			78,965			66,096			—			66,096
Accrued income taxes	—			—			—			14,996			—			14,996
Other current liabilities	181,880			—			181,880			182,619			—			182,619
Current liabilities of discontinued operations	277,977			—			277,977			274,512			—			274,512
Total current liabilities	1,059,882			279,874			1,339,756			1,002,599			302,716			1,305,315
Long-term debt ⁽¹⁾	1,887,109			—			1,887,109			1,901,421			—			1,901,421
Noncurrent deferred income tax liabilities	—			—			—			—			—			—
Postretirement and postemployment benefits	64,657			—			64,657			66,117			—			66,117
Pension	439,469			—			439,469			490,664			—			490,664
Other noncurrent liabilities	102,011			(105		)	101,906			100,637			(99		)	100,538
Noncurrent liabilities of discontinued operations	196,050			—			196,050			255,689			—			255,689
Total liabilities	3,749,178			279,769			4,028,947			3,817,127			302,617			4,119,744
Commitments and contingencies
Common stock—$.01 par value: authorized—180,000,000 shares; issued and outstanding— 31,938,188 shares at December 28, 2014 and 31,931,354 shares held at September 28, 2014	319			—			319			319			—			319
Additional paid-in-capital	435,746			—			435,746			431,967			—			431,967
Retained earnings	2,984,960			(254,188		)	2,730,772			2,949,533			(251,406		)	2,698,127
Accumulated other comprehensive loss	(652,900		)	—			(652,900		)	(656,538		)	—			(656,538		)
Common stock in treasury, at cost— 9,638,009 shares held at December 28, 2014 and 9,644,843 shares held at September 28, 2014	(729,832		)	—			(729,832		)	(730,135		)	—			(730,135		)
Total Orbital ATK, Inc. stockholders' equity	2,038,293			(254,188		)	1,784,105			1,995,146			(251,406		)	1,743,740
Noncontrolling interest	10,854			—			10,854			10,713			—			10,713
Total equity	2,049,147			(254,188		)	1,794,959			2,005,859			(251,406		)	1,754,453
Total liabilities and equity	$	5,798,325		$	25,581		$	5,823,906		$	5,822,986		$	51,211		$	5,874,197

⁽¹⁾The As Reported amounts includes a reclassification of debt issuance costs related to the Company's notes of $21,000 and $22,000 at December 28, 2014 and September 28, 2014, respectively, from Other noncurrent assets to Long-term debt, net of current portion due to the retrospective adoption of ASU 2015-03 and ASU 2015-15.



	June 29, 2014
Consolidated Balance Sheets (Unaudited)	As Reported			Adjustments			As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	132,739		$	—		$	132,739
Net receivables	1,290,540			(49,648		)	1,240,892
Net inventories	148,056			—			148,056
Deferred income taxes	41,880			126,764			168,644
Other current assets	47,440			(117		)	47,323
Current assets of discontinued operations	879,439			—			879,439
Total current assets	2,540,094			76,999			2,617,093
Net property, plant, and equipment	505,947			(25,165		)	480,782
Goodwill	1,043,463			(3,700		)	1,039,763
Net intangibles	9,695			—			9,695
Deferred income taxes	78,609			6,702			85,311
Other noncurrent assets ⁽¹⁾	90,750			18,793			109,543
Noncurrent assets of discontinued operations	1,631,911			—			1,631,911
Total assets	$	5,900,469		$	73,629		$	5,974,098
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$	247,666		$	—		$	247,666
Accounts payable	185,930			—			185,930
Contract-related liabilities	—			—			—
Contract advances and allowances	120,032			—			120,032
Contract loss reserve	—			321,807			321,807
Accrued compensation	70,076			—			70,076
Accrued income taxes	35,425			—			35,425
Other current liabilities	174,829			—			174,829
Current liabilities of discontinued operations	272,835			—			272,835
Total current liabilities	1,106,793			321,807			1,428,600
Long-term debt ⁽¹⁾	1,820,653			—			1,820,653
Postretirement and postemployment benefits	69,194			—			69,194
Pension	518,744			—			518,744
Other noncurrent liabilities	101,471			(92		)	101,379
Noncurrent liabilities of discontinued operations	259,926			—			259,926
Total liabilities	3,876,781			321,715			4,198,496
Commitments and contingencies
Common stock—$.01 par value: authorized—180,000,000 shares; issued and outstanding— 31,934,727 shares at June 29, 2014	319			—			319
Additional paid-in-capital	540,080			—			540,080
Retained earnings	2,864,643			(248,086		)	2,616,557
Accumulated other comprehensive loss	(662,219		)	—			(662,219		)
Common stock in treasury, at cost— 9,641,470 shares held at June 29, 2014	(729,767		)	—			(729,767		)
Total Orbital ATK, Inc. stockholders' equity	2,013,056			(248,086		)	1,764,970
Noncontrolling interest	10,632			—			10,632
Total equity	2,023,688			(248,086		)	1,775,602
Total liabilities and equity	$	5,900,469		$	73,629		$	5,974,098

⁽¹⁾The As Reported amounts includes a reclassification of debt issuance costs related to the Company's notes of $23,000 from Other noncurrent assets to Long-term debt, net of current portion due to the retrospective adoption of ASU 2015-03 and ASU 2015-15.



	Three Months Ended December 31, 2015
Consolidated Statements of Comprehensive Income (Unaudited)	As Reported			Adjustments			As Restated

Sales	$	1,138,238		$	6,322		$	1,144,560
Cost of sales	900,383			1,707			902,090
Gross profit	237,855			4,615			242,470
Operating expenses:
Research and development	29,879			—			29,879
Selling	27,536			—			27,536
General and administrative	90,853			(50		)	90,803
Income from continuing operations, before interest, income taxes and noncontrolling interest	89,587			4,665			94,252
Interest expense, net	(16,571		)	(3,379		)	(19,950		)
Income from continuing operations, before income taxes and noncontrolling interest	73,016			1,286			74,302
Income taxes	19,908			1,219			21,127
Income from continuing operations, before noncontrolling interest	53,108			67			53,175
Less net loss attributable to noncontrolling interest	(121		)	—			(121		)
Income from continuing operations of Orbital ATK, Inc.	53,229			67			53,296
Discontinued operations:
Income from discontinued operations, before income taxes	—			—			—
Income taxes	(1,008		)	—			(1,008		)
Income from discontinued operations	1,008			—			1,008
Net income attributable to Orbital ATK, Inc.	$	54,237		$	67		$	54,304

Basic earnings per common share from:
Continuing operations	$	0.90					$	0.90
Discontinued operations	0.02						0.02
Net income attributable to Orbital ATK, Inc.	$	0.92					$	0.92
Weighted-average number of common shares outstanding	59,054						59,054
Diluted earnings per common share from:
Continuing operations	$	0.89					$	0.89
Discontinued operations	0.02						0.02
Net income attributable to Orbital ATK, Inc.	$	0.91					$	0.91
Weighted-average number of diluted common shares outstanding	59,574						59,574
Comprehensive income attributable to Orbital ATK, Inc.	$	81,924		$	67		$	81,991



	Three Months Ended October 4, 2015
Consolidated Statements of Comprehensive Income (Unaudited)	As Reported			First Restatement Adjustments			Second Restatement Adjustments			As Restated

Sales	$	1,134,886		$	18,731		$	(10,371	)	$	1,143,246
Cost of sales	884,734			58,408			(8,713		)	934,429
Gross profit	250,152			(39,677		)	(1,658		)	208,817
Operating expenses:
Research and development	28,666			—			—			28,666
Selling	28,137			—			—			28,137
General and administrative	69,384			(4,180		)	—			65,204
Gain on settlement	—			50,000			—			50,000
Income from continuing operations, before interest, income taxes and noncontrolling interest	123,965			14,503			(1,658		)	136,810
Interest expense, net	(24,293		)	(343		)	—			(24,636		)
Loss on extinguishment of debt	—			—			—
Income from continuing operations, before income taxes and noncontrolling interest	99,672			14,160			(1,658		)	112,174
Income taxes	33,123			5,487			(630		)	37,980
Income from continuing operations, before noncontrolling interest	66,549			8,673			(1,028		)	74,194
Less net income attributable to noncontrolling interest	147			—			—			147
Income from continuing operations of Orbital ATK, Inc.	66,402			8,673			(1,028		)	74,047
Discontinued operations:
Income from discontinued operations, before income taxes	—			—			—			—
Income taxes	—			—			—			—
Income from discontinued operations	—			—			—			—
Net income attributable to Orbital ATK, Inc.	$	66,402		$	8,673		$	(1,028	)	$	74,047

Basic earnings per common share from:
Continuing operations	$	1.13								$	1.26
Discontinued operations	—									—
Net income attributable to Orbital ATK, Inc.	$	1.13								$	1.26
Weighted-average number of common shares outstanding	58,746									58,746
Diluted earnings per common share from:
Continuing operations	$	1.12								$	1.25
Discontinued operations	—									—
Net income attributable to Orbital ATK, Inc.	$	1.12								$	1.25
Weighted-average number of diluted common shares outstanding	59,304									59,304
Comprehensive income attributable to Orbital ATK, Inc.	$	81,853		$	8,673		$	(1,028	)	$	89,498



	Six Months Ended October 4, 2015
Consolidated Statements of Comprehensive Income (Unaudited)	As Reported			First Restatement Adjustments			Second Restatement Adjustments			As Restated

Sales	$	2,264,842		$	(3,992	)	$	(14,027	)	$	2,246,823
Cost of sales	1,760,265			69,249			(14,369		)	1,815,145
Gross profit	504,577			(73,241		)	342			431,678
Operating expenses:
Research and development	53,330			—			—			53,330
Selling	60,641			—			—			60,641
General and administrative	140,847			(6,282		)	(5,211		)	129,354
Gain on settlement	—			50,000			—			50,000
Income from continuing operations, before interest, income taxes and noncontrolling interest	249,759			(16,959		)	5,553			238,353
Interest expense, net	(39,655		)	(938		)	172			(40,421		)
Loss on extinguishment of debt	—			—			—			—
Income from continuing operations, before income taxes and noncontrolling interest	210,104			(17,897		)	5,725			197,932
Income taxes	70,685			(6,935		)	2,035			65,785
Income from continuing operations, before noncontrolling interest	139,419			(10,962		)	3,690			132,147
Less net income attributable to noncontrolling interest	264			—			—			264
Income from continuing operations of Orbital ATK, Inc.	139,155			(10,962		)	3,690			131,883
Discontinued operations:
Income from discontinued operations, before income taxes	—			—			—			—
Income taxes	—			—			—			—
Income from discontinued operations	—			—			—			—
Net income attributable to Orbital ATK, Inc.	$	139,155		$	(10,962	)	$	3,690		$	131,883

Basic earnings per common share from:
Continuing operations	$	2.36								$	2.24
Discontinued operations	—									—
Net income attributable to Orbital ATK, Inc.	$	2.36								$	2.24
Weighted-average number of common shares outstanding	58,944									58,944
Diluted earnings per common share from:
Continuing operations	$	2.34								$	2.22
Discontinued operations	—									—
Net income attributable to Orbital ATK, Inc.	$	2.34								$	2.22
Weighted-average number of diluted common shares outstanding	59,526									59,526
Comprehensive income attributable to Orbital ATK, Inc.	$	173,209		$	(10,962	)	$	3,690		$	165,937



	Three Months Ended July 5, 2015
Consolidated Statements of Comprehensive Income (Unaudited)	As Reported			First Restatement Adjustments			Second Restatement Adjustments			As Restated

Sales	$	1,129,957		$	(22,723	)	$	(3,656	)	$	1,103,578
Cost of sales	875,532			10,841			(5,656		)	880,717
Gross profit	254,425			(33,564		)	2,000			222,861
Operating expenses:
Research and development	24,664			—			—			24,664
Selling	32,504			—			—			32,504
General and administrative	71,463			(2,102		)	(5,211		)	64,150
Gain on settlement	—			—			—			—
Income from continuing operations, before interest, income taxes and noncontrolling interest	125,794			(31,462		)	7,211			101,543
Interest expense, net	(15,361		)	(595		)	172			(15,784		)
Loss on extinguishment of debt	—			—			—			—
Income from continuing operations, before income taxes and noncontrolling interest	110,433			(32,057		)	7,383			85,759
Income taxes	37,563			(12,422		)	2,665			27,806
Income from continuing operations, before noncontrolling interest	72,870			(19,635		)	4,718			57,953
Less net income attributable to noncontrolling interest	117			—			—			117
Income from continuing operations of Orbital ATK, Inc.	72,753			(19,635		)	4,718			57,836
Discontinued operations:
Income from discontinued operations, before income taxes	—			—			—			—
Income taxes	—			—			—			—
Income from discontinued operations	—			—			—			—
Net income attributable to Orbital ATK, Inc.	$	72,753		$	(19,635	)	$	4,718		$	57,836

Basic earnings per common share from:
Continuing operations	$	1.23								$	0.98
Discontinued operations	—									—
Net income attributable to Orbital ATK, Inc.	$	1.23								$	0.98
Weighted-average number of common shares outstanding	59,144									59,144
Diluted earnings per common share from:
Continuing operations	$	1.22								$	0.97
Discontinued operations	—									—
Net income attributable to Orbital ATK, Inc.	$	1.22								$	0.97
Weighted-average number of diluted common shares outstanding	59,749									59,749
Comprehensive income attributable to Orbital ATK, Inc.	$	91,356		$	(19,635	)	$	4,718		$	76,439



	Three Months Ended March 31, 2015
Consolidated Statements of Comprehensive Income (Unaudited)	As Reported			Adjustments			As Restated

Sales	$	969,539		$	1,611		$	971,150
Cost of sales	756,998			(9,121		)	747,877
Gross profit	212,541			10,732			223,273
Operating expenses:
Research and development	25,368			—			25,368
Selling	20,908			—			20,908
General and administrative	133,057			6,031			139,088
Goodwill impairment	34,300			—			34,300
(Loss) income from continuing operations, before interest, income taxes and noncontrolling interest	(1,092		)	4,701			3,609
Interest expense, net	(20,579		)	(172		)	(20,751		)
Loss on extinguishment of debt	(26,626		)	—			(26,626		)
Loss from continuing operations, before income taxes and noncontrolling interest	(48,297		)	4,529			(43,768		)
Income taxes	(7,398		)	3,175			(4,223		)
Loss from continuing operations, before noncontrolling interest	(40,899		)	1,354			(39,545		)
Less net income attributable to noncontrolling interest	(192		)	—			(192		)
Loss from continuing operations of Orbital ATK, Inc.	(40,707		)	1,354			(39,353		)
Discontinued operations:
Income from discontinued operations, before income taxes	17,504			—			17,504
Income taxes	667			—			667
Income from discontinued operations	16,837			—			16,837
Loss attributable to Orbital ATK, Inc.	$	(23,870	)	$	1,354		$	(22,516	)

Basic earnings (loss) per common share from:
Continuing operations	$	(0.87	)				$	(0.84	)
Discontinued operations	0.36						0.36
Net loss attributable to Orbital ATK, Inc.	$	(0.51	)				$	(0.48	)
Weighted-average number of common shares outstanding	46,465						46,465
Diluted earnings (loss per common share from:
Continuing operations	$	(0.87	)				$	(0.84	)
Discontinued operations	0.36						0.36
Net loss attributable to Orbital ATK, Inc.	$	(0.51	)				$	(0.48	)
Weighted-average number of diluted common shares outstanding	46,928						46,928
Comprehensive loss attributable to Orbital ATK, Inc.	$	(314,841	)	$	1,354		$	(313,487	)



Consolidated Statements of	Three Months Ended December 28,2014									Nine Months Ended December 28, 2014
Comprehensive Income (Unaudited)	As Reported			Adjustments			As Restated			As Reported			Adjustments			As Restated

Sales	$	746,866		$	(22,325	)	$	724,541		$	2,204,428		$	(62,919	)	$	2,141,509
Cost of sales	581,339			(17,994		)	563,345			1,712,867			(48,988		)	1,663,879
Gross profit	165,527			(4,331		)	161,196			491,561			(13,931		)	477,630
Operating expenses:
Research and development	9,876			—			9,876			23,981			—			23,981
Selling	22,745			—			22,745			69,033			—			69,033
General and administrative	51,947			—			51,947			165,502			—			165,502
Income from continuing operations, before interest, income taxes and noncontrolling interest	80,959			(4,331		)	76,628			233,045			(13,931		)	219,114
Interest expense, net	(21,366		)	—			(21,366		)	(68,097		)	—			(68,097		)
Income from continuing operations, before income taxes and noncontrolling interest	59,593			(4,331		)	55,262			164,948			(13,931		)	151,017
Income taxes	14,297			(1,549		)	12,748			46,514			(4,993		)	41,521
Income from continuing operations, before noncontrolling interest	45,296			(2,782		)	42,514			118,434			(8,938		)	109,496
Less net income attributable to noncontrolling interest	141			—			141			291			—			291
Income from continuing operations of Orbital ATK, Inc.	45,155			(2,782		)	42,373			118,143			(8,938		)	109,205
Discontinued operations:
Income from discontinued operations, before income taxes	23,812			—			23,812			187,958			—			187,958
Income taxes	23,320			—			23,320			79,748						79,748
Income from discontinued operations	492			—			492			108,210			—			108,210
Net income attributable to Orbital ATK, Inc.	$	45,647		$	(2,782	)	$	42,865		$	226,353		$	(8,938	)	$	217,415

Basic earnings per common share from:
Continuing operations	$	1.42					$	1.33		$	3.73					$	3.44
Discontinued operations	0.02						0.02			3.42						3.42
Net income attributable to Orbital ATK, Inc.	$	1.44					$	1.35		$	7.15					$	6.86
Weighted-average number of common shares outstanding	31,693						31,693			31,676						31,676
Diluted earnings per common share from:
Continuing operations	$	1.41					$	1.32		$	3.64					$	3.37
Discontinued operations	0.02						0.02			3.34						3.34
Net income attributable to Orbital ATK, Inc.	$	1.43					$	1.34		$	6.98					$	6.71
Weighted-average number of diluted common shares outstanding	31,998						31,998			32,410						32,410
Comprehensive income attributable to Orbital ATK, Inc.	$	49,285		$	(2,782	)	$	46,503		$	254,262		$	(8,938	)	$	245,324



Consolidated Statements of	Three Months Ended September 28, 2014									Six Months Ended September 28, 2014
Comprehensive Income (Unaudited)	As reported			Adjustments			As restated			As reported			Adjustments			As restated

Sales	$	743,202		$	(21,190	)	$	722,012		$	1,457,562		$	(40,594	)	$	1,416,968
Cost of sales	579,818			(16,001		)	563,817			1,131,528			(30,994		)	1,100,534
Gross profit	163,384			(5,189		)	158,195			326,034			(9,600		)	316,434
Operating expenses:
Research and development	8,942			—			8,942			14,105			—			14,105
Selling	23,213			—			23,213			46,288			—			46,288
General and administrative	50,962			—			50,962			113,555			—			113,555
Income from continuing operations, before interest, income taxes and noncontrolling interest	80,267			(5,189		)	75,078			152,086			(9,600		)	142,486
Interest expense, net	(23,340		)	—			(23,340		)	(46,731		)	—			(46,731		)
Loss on extinguishment of debt	—			—			—			—			—			—
Income from continuing operations, before income taxes and noncontrolling interest	56,927			(5,189		)	51,738			105,355			(9,600		)	95,755
Income taxes	15,632			(1,869		)	13,763			32,218			(3,444		)	28,774
Income from continuing operations, before noncontrolling interest	41,295			(3,320		)	37,975			73,137			(6,156		)	66,981
Less net income attributable to noncontrolling interest	81			—			81			150			—			150
Income from continuing operations of Orbital ATK, Inc.	41,214			(3,320		)	37,894			72,987			(6,156		)	66,831
Discontinued operations:
Income from discontinued operations, before income taxes	80,411			—			80,411			164,147			—			164,147
Income taxes	26,516			—			26,516			56,427			—			56,427
Income from discontinued operations	53,895			—			53,895			107,720			—			107,720
Net income attributable to Orbital ATK, Inc.	$	95,109		$	(3,320	)	$	91,789		$	180,707		$	(6,156	)	$	174,551

Basic earnings per common share from:
Continuing operations	$	1.30					$	1.20		$	2.31					$	2.11
Discontinued operations	1.70						1.70			3.40						3.40
Net income attributable to Orbital ATK, Inc.	$	3.00					$	2.90		$	5.71					$	5.51
Weighted-average number of common shares outstanding	31,689						31,689			31,666						31,666
Diluted earnings per common share from:
Continuing operations	$	1.29					$	1.18		$	2.24					$	2.05
Discontinued operations	1.68						1.68			3.30						3.30
Net income attributable to Orbital ATK, Inc.	$	2.97					$	2.86		$	5.54					$	5.35
Weighted-average number of diluted common shares outstanding	32,058						32,058			32,605						32,605
Comprehensive income attributable to Orbital ATK, Inc.	$	100,790		$	(3,320	)	$	97,470		$	204,978		$	(6,156	)	$	198,822



	Three Months Ended June 29, 2014
Consolidated Statements of Comprehensive Income (Unaudited)	As Reported			Adjustments			As Restated

Sales	$	714,360		$	(19,404	)	$	694,956
Cost of sales	551,710			(14,993		)	536,717
Gross profit	162,650			(4,411		)	158,239
Operating expenses:
Research and development	5,163			—			5,163
Selling	23,075			—			23,075
General and administrative	62,593			—			62,593
Income from continuing operations, before interest, income taxes and noncontrolling interest	71,819			(4,411		)	67,408
Interest expense, net	(23,391		)	—			(23,391		)
Income from continuing operations, before income taxes and noncontrolling interest	48,428			(4,411		)	44,017
Income taxes	16,586			(1,575		)	15,011
Income from continuing operations, before noncontrolling interest	31,842			(2,836		)	29,006
Less net income attributable to noncontrolling interest	69			—			69
Income from continuing operations of Orbital ATK, Inc.	31,773			(2,836		)	28,937
Discontinued operations:
Income from discontinued operations, before income taxes	83,736			—			83,736
Income taxes	29,911			—			29,911
Income from discontinued operations	53,825			—			53,825
Net income attributable to Orbital ATK, Inc.	$	85,598		$	(2,836	)	$	82,762

Basic earnings per common share from:
Continuing operations	$	1.01					$	0.91
Discontinued operations	1.70						1.70
Net income attributable to Orbital ATK, Inc.	$	2.71					$	2.61
Weighted-average number of common shares outstanding	31,640						31,640
Diluted earnings per common share from:
Continuing operations	$	0.96					$	0.87
Discontinued operations	1.63						1.63
Net income attributable to Orbital ATK, Inc.	$	2.59					$	2.50
Weighted-average number of diluted common shares outstanding	33,108						33,108
Comprehensive income attributable to Orbital ATK, Inc.	$	104,188		$	(2,836	)	$	101,352



	Six Months Ended October 4, 2015
Consolidated Statements of Cash Flows (Unaudited)	As Reported			Adjustments			As Restated

Operating Activities
Continuing operations:
Net income	$	139,419		$	(7,272	)	$	132,147
Net income from discontinued operations	—			—			—
Income from continuing operations	139,419			(7,272		)	132,147
Adjustments to reconcile income from continuing operations to cash provided by operating activities of continuing operations:
Depreciation	63,057			3,566			66,623
Amortization of intangible assets	26,241			—			26,241
Amortization and write-off of deferred financing costs	11,211			—			11,211
Fixed asset impairment	—			5,871			5,871
Deferred income taxes	(2,076		)	(1,470		)	(3,546		)
Loss on disposal of property	802			—			802
Share-based plans expense	15,049			—			15,049
Excess tax benefits from share-based plans	(4,460		)	—			(4,460		)
Changes in assets and liabilities:
Net receivables	(89,119		)	(5,197		)	(94,316		)
Net inventories	20,797			—			20,797
Accounts payable	64,703			—			64,703
Contract advances and allowances	(18,353		)	—			(18,353		)
Contract loss reserve	—			(19,818		)	(19,818		)
Accrued compensation	12,184			—			12,184
Contract-related liabilities	(89,167		)	7,090			(82,077		)
Pension and other postretirement benefits	17,303			—			17,303
Other assets and liabilities	(37,614		)	17,230			(20,384		)
Cash provided by operating activities of continuing operations	129,977			—			129,977
Cash provided by operating activities of discontinued operations	—			—			—
Cash provided by operating activities	129,977			—			129,977
Investing Activities
Continuing operations:
Capital expenditures	(53,424		)	—			(53,424		)
Proceeds from the disposition of property plant and equipment	13			—			13
Cash used for investing activities of continuing operations	(53,411		)	—			(53,411		)
Cash used for investing activities of discontinued operations	—			—			—
Cash used for investing activities	(53,411		)	—			(53,411		)
Financing Activities
Credit Facility Borrowings	775,000			(295,000		)	480,000
Credit Facility Payments	(725,000		)	295,000			(430,000		)
Cash used for financing activities of continuing operations	(150,732		)	—			(150,732		)
Effect of foreign currency exchange rate fluctuations on cash	—			—			—
Decrease in cash and cash equivalents	(74,166		)	—			(74,166		)
Cash and cash equivalents at beginning of period	139,253			—			139,253
Cash and cash equivalents at end of period	$	65,087		$	—		$	65,087



	Three Months Ended July 5, 2015
Consolidated Statements of Cash Flows (Unaudited)	As Reported			Adjustments			As Restated

Operating Activities
Continuing operations:
Net income	$	72,870		$	(14,917	)	$	57,953
Net income from discontinued operations	—			—			—
Income from continuing operations	72,870			(14,917		)	57,953
Adjustments to reconcile income from continuing operations to cash used for operating activities of continuing operations:
Depreciation	31,955			1,731			33,686
Amortization of intangible assets	13,023			—			13,023
Amortization of deferred financing costs	1,021			—			1,021
Fixed asset impairment	—			3,576			3,576
Deferred income taxes	(422		)	(9,319		)	(9,741		)
Loss on disposal of property	93			—			93
Share-based plans expense	9,003			—			9,003
Excess tax benefits from share-based plans	(2,508		)	—			(2,508		)
Changes in assets and liabilities:
Net receivables	(97,782		)	18,637			(79,145		)
Net inventories	13,838			—			13,838
Accounts payable	9,739			—			9,739
Contract advances and allowances	4,984			—			4,984
Contract loss reserve	—			(9,075		)	(9,075		)
Accrued compensation	(26,942		)	—			(26,942		)
Contract-related liabilities	(42,654		)	(3,719		)	(46,373		)
Pension and other postretirement benefits	23,376			—			23,376
Other assets and liabilities	(20,615		)	13,086			(7,529		)
Cash used for operating activities of continuing operations	(11,021		)	—			(11,021		)
Cash used for operating activities of discontinued operations	—			—			—
Cash used for operating activities	(11,021		)	—			(11,021		)
Investing Activities
Continuing operations:
Capital expenditures	(26,180		)	—			(26,180		)
Cash acquired in Merger with Orbital	—			—			—
Cash dividend (refunded to) received from Vista Outdoor, net of cash transferred to Vista Outdoor in conjunction with the Distribution of Sporting Group	—			—			—
Proceeds from the disposition of property plant and equipment	6			—			6
Cash used for investing activities of continuing operations	(26,174		)	—			(26,174		)
Cash used for investing activities of discontinued operations	—			—			—
Cash used for investing activities	(26,174		)	—			(26,174		)
Financing Activities
Continuing operations:
Credit Facility Borrowings	325,000			(100,000		)	225,000
Credit Facility Payments	(325,000		)	100,000			(225,000		)
Cash used for financing activities of continuing operations	(52,463		)	—			(52,463		)
Effect of foreign currency exchange rate fluctuations on cash	—			—			—
Decrease in cash and cash equivalents	(89,658		)	—			(89,658		)
Cash and cash equivalents at beginning of period	139,253			—			139,253
Cash and cash equivalents at end of period	$	49,595		$	—		$	49,595



	Nine Months Ended December 28, 2014
Consolidated Statements of Cash Flows (Unaudited)	As Reported			Adjustments			As Restated

Operating Activities
Continuing operations:
Net income	$	226,644		$	(8,938	)	$	217,706
Net income from discontinued operations	(108,210		)	—			(108,210		)
Income from continuing operations	118,434			(8,938		)	109,496
Adjustments to reconcile income from continuing operations to cash provided by operating activities of continuing operations:
Depreciation	54,221			(2,388		)	51,833
Amortization of intangible assets	2,321			—			2,321
Amortization of debt discount	3,212			—			3,212
Amortization of deferred financing costs	3,887			—			3,887
Fixed asset impairment	—			8,597			8,597
Deferred income taxes	34,086			—			34,086
Loss on disposal of property	1,319			—			1,319
Share-based plans expense	12,005			—			12,005
Excess tax benefits from share-based plans	(6,983		)	—			(6,983		)
Changes in assets and liabilities:
Net receivables	(168,627		)	64,640			(103,987		)
Net inventories	(2,277		)	—			(2,277		)
Accounts payable	87,579			—			87,579
Contract advances and allowances	36,955			(32,758		)	4,197
Contract loss reserve	—			(56,918		)	(56,918		)
Accrued compensation	(23,033		)	—			(23,033		)
Pension and other postretirement benefits	(25,959		)	—			(25,959		)
Other assets and liabilities	(82,689		)	27,765			(54,924		)
Cash provided by operating activities of continuing operations	44,451			—			44,451
Cash provided by operating activities of discontinued operations	109,735			—			109,735
Cash provided by operating activities	154,186			—			154,186
Investing Activities
Continuing operations:
Capital expenditures	(61,361		)	—			(61,361		)
Proceeds from the disposition of property plant and equipment	2,158			—			2,158
Cash (used for) provided by investing activities of continuing operations	(59,203		)	—			(59,203		)
Cash used for investing activities of discontinued operations	(30,634		)	—			(30,634		)
Cash (used for) provided by investing activities	(89,837		)	—			(89,837		)
Financing Activities
Continuing operations:
Cash used for financing activities of continuing operations	(216,395		)	—			(216,395		)
Effect of foreign currency exchange rate fluctuations on cash	(1,666		)	—			(1,666		)
Decrease in cash and cash equivalents	(153,712		)	—			(153,712		)
Cash and cash equivalents at beginning of period	266,632			—			266,632
Cash and cash equivalents at end of period	$	112,920		$	—		$	112,920



	Six Months Ended September 28, 2014
Consolidated Statements of Cash Flows (Unaudited)	As Reported			Adjustments			As Restated

Operating Activities
Continuing operations:
Net income	$	180,857		$	(6,156	)	$	174,701
Net income from discontinued operations	(107,720		)	—			(107,720		)
Income from continuing operations	73,137			(6,156		)	66,981
Adjustments to reconcile income from continuing operations to cash provided by operating activities of continuing operations:
Depreciation	35,317			(674		)	34,643
Amortization of intangible assets	1,547			—			1,547
Amortization of debt discount	3,212			—			3,212
Amortization and write-off of deferred financing costs	2,698			—			2,698
Fixed asset impairment	—			4,479			4,479
Deferred income taxes	(7,353		)	—			(7,353		)
Loss on disposal of property	1,008			—			1,008
Share-based plans expense	7,927			—			7,927
Excess tax benefits from share-based plans	(6,783		)	—			(6,783		)
Changes in assets and liabilities:
Net receivables	(107,869		)	39,871			(67,998		)
Net inventories	4,847			—			4,847
Accounts payable	54,635			—			54,635
Contract advances and allowances	12,813			(32,758		)	(19,945		)
Contract loss reserve	—			(34,076		)	(34,076		)
Accrued compensation	(36,126		)	—			(36,126		)
Pension and other postretirement benefits	5,365			—			5,365
Other assets and liabilities	(4,264		)	29,314			25,050
Cash provided by operating activities of continuing operations	40,111			—			40,111
Cash used for operating activities of discontinued operations	(15,596		)	—			(15,596		)
Cash provided by operating activities	24,515			—			24,515
Investing Activities
Continuing operations:
Capital expenditures	(39,346		)	—			(39,346		)
Proceeds from the disposition of property plant and equipment	2,158			—			2,158
Cash used for investing activities of continuing operations	(37,188		)	—			(37,188		)
Cash used for investing activities of discontinued operations	(20,337		)	—			(20,337		)
Cash used for investing activities	(57,525		)	—			(57,525		)
Financing Activities
Cash used for financing activities of continuing operations	(190,325		)	—			(190,325		)
Effect of foreign currency exchange rate fluctuations on cash	(629		)	—			(629		)
Decrease in cash and cash equivalents	(223,964		)	—			(223,964		)
Cash and cash equivalents at beginning of period	266,632			—			266,632
Cash and cash equivalents at end of period	$	42,668		$	—		$	42,668



	Three Months Ended June 29, 2014
Consolidated Statements of Cash Flows (Unaudited)	As Reported			Adjustments			As Restated

Operating Activities
Continuing operations:
Net income	$	85,667		$	(2,836	)	$	82,831
Net income from discontinued operations	(53,825		)	—			(53,825		)
Income from continuing operations	31,842			(2,836		)	29,006
Adjustments to reconcile income from continuing operations to cash used for operating activities of continuing operations:
Depreciation	17,644			(317		)	17,327
Amortization of intangible assets	775			—			775
Amortization of debt discount	1,927			—			1,927
Amortization of deferred financing costs	1,174			—			1,174
Fixed asset impairment	—			2,113			2,113
Deferred income taxes	1,745			—			1,745
Loss on disposal of property	771			—			771
Share-based plans expense	3,861			—			3,861
Excess tax benefits from share-based plans	(6,739		)	—			(6,739		)
Changes in assets and liabilities:
Net receivables	(110,743		)	17,600			(93,143		)
Net inventories	(15,127		)	—			(15,127		)
Accounts payable	52,300			—			52,300
Contract advances and allowances	14,245			(32,758		)	(18,513		)
Contract loss reserve	—			(14,985		)	(14,985		)
Accrued compensation	(32,340		)	—			(32,340		)
Pension and other postretirement benefits	13,813			—			13,813
Other assets and liabilities	2,480			31,183			33,663
Cash used for operating activities of continuing operations	(22,372		)	—			(22,372		)
Cash used for operating activities of discontinued operations	(69,108		)	—			(69,108		)
Cash used for operating activities	(91,480		)	—			(91,480		)
Investing Activities
Continuing operations:
Capital expenditures	(18,473		)	—			(18,473		)
Proceeds from the disposition of property plant and equipment	2,153			—			2,153
Cash used for investing activities of continuing operations	(16,320		)	—			(16,320		)
Cash used for investing activities of discontinued operations	(11,013		)	—			(11,013		)
Cash used for investing activities	(27,333		)	—			(27,333		)
Financing Activities
Cash used for financing activities of continuing operations	(15,329		)	—			(15,329		)
Effect of foreign currency exchange rate fluctuations on cash	249			—			249
Decrease in cash and cash equivalents	(133,893		)	—			(133,893		)
Cash and cash equivalents at beginning of period	266,632			—			266,632
Cash and cash equivalents at end of period	$	132,739		$	—		$	132,739