Operating Segment Information

9 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Operating Segment Information

Operating Segment Information

The Company operates its business structure within three operating groups. These operating segments (“groups”) are defined based on the reporting and review process used by the Company's chief executive officer and other management.  The operating structure aligns the Company's capabilities and resources with its customers and markets and positions the company for long-term growth and improved profitability. At December 31, 2015, the Company's three operating groups were:

• Flight Systems Group develops rockets that are used as small- and medium-class space launch vehicles to place satellites into Earth orbit and escape trajectories, interceptor and target vehicles for missile defense systems and suborbital launch vehicles that place payloads into a variety of high-altitude trajectories. The group also develops and produces medium- and large-class rocket propulsion systems for human and cargo launch vehicles, strategic missiles, missile defense interceptors and target vehicles. Additionally, Flight Systems Group operates in the military and commercial aircraft and launch structures markets. Other products include illuminating flares and aircraft countermeasures.

• Defense Systems Group develops and produces military small-, medium-, and large-caliber ammunition, small-caliber commercial ammunition, propulsion systems for tactical missiles and missile defense applications, strike weapons, precision weapons and munitions, high-performance gun systems, aircraft survivability systems, fuzes and warheads, energetic materials and special mission aircraft.

• Space Systems Group develops and produces small- and medium-class satellites that are used to enable global and regional communications and broadcasting, conduct space-related scientific research, and perform other activities related to national security. In addition, Space Systems Group develops and produces human-rated space systems for Earth-orbit and deep-space exploration, including re-supplying the ISS. This group is also a provider of spacecraft components and subsystems and specialized engineering and operations services to U.S. Government agencies.

The Company derives the majority of its sales from contracts with, and prime contractors to, the U.S. Government. Sales to the U.S. Government and U.S. Government prime contractors were as follows:

	U.S. Government Sales		Percentage of sales
	As Restated		As Restated
Nine months ended December 31, 2015	$	2,359,302	70	%
Year ended March 31, 2015	$	2,332,297	75	%
Year ended March 31, 2014	$	2,431,704	84	%

The CRS I contract with NASA, which is reported within Flight Systems Group and Space Systems Group, comprised 10% (as restated) of total sales in the 2015 transition period.

The Company's small-caliber ammunition contract with the U.S. Army, which is reported within Defense Systems Group, comprised 6% (as restated), 12% (as restated), and 16% (as restated), of total sales in the 2015 transition period, fiscal 2015 and fiscal 2014, respectively.No other single contract accounted for more than 10% of the Company's sales in the 2015 transition period, fiscal 2015 or fiscal 2014.

No single commercial customer accounted for 10% or more of the Company's sales in the 2015 transition period, fiscal 2015, or fiscal 2014.

The Company's international sales were $766,441 (as restated) in the 2015 transition period, $608,140 (as restated) in fiscal 2015 and $347,502 (as restated) in fiscal 2014. During the 2015 transition period, 47% of these sales were in Defense Systems Group, 35% were in Space Systems Group and 18% of these sales were in Flight Systems Group. Sales to no individual country outside the United States accounted for more than 4%, 6%, or 5% (as restated) of the Company's sales in the 2015 transition period, fiscal 2015 and fiscal 2014, respectively. Substantially all of the Company's assets are held in the United States.

Operating results and total assets by segment were as follows:

	Nine Months Ended December 31, 2015
	Flight Systems Group		Defense Systems Group		Space Systems Group		Corporate			Total
	As Restated		As Restated		As Restated		As Restated			As Restated
Sales:
External customers	$	1,115,404	$	1,313,764	$	962,216	$	—		$	3,391,384
Intercompany	26,971		6,488		14,663		(48,122		)	—
Total	$	1,142,375	$	1,320,252	$	976,879	$	(48,122	)	$	3,391,384
Income (loss) from continuing operations, before interest, income taxes and noncontrolling interest	$	196,583	$	125,736	$	67,185	$	(56,899	)	$	332,605
Capital expenditures	$	48,342	$	22,443	$	31,217	$	2,632		$	104,634
Depreciation	$	39,183	$	15,308	$	23,825	$	11,058		$	89,374
Amortization of intangibles	$	410	$	514	$	54	$	32,393		$	33,371
Total assets	$	2,223,787	$	1,184,071	$	1,272,425	$	643,412		$	5,323,695

	Year Ended March 31, 2015
	Flight Systems Group		Defense Systems Group		Space Systems Group			Corporate			Total
	As Restated		As Restated		As Restated			As Restated			As Restated
Sales:
External customers	$	1,064,316	$	1,654,292	$	394,051		$	—		$	3,112,659
Intercompany	29,150		178,234		16,686			(224,070		)	—
Total	$	1,093,466	$	1,832,526	$	410,737		$	(224,070	)	$	3,112,659
Income (loss) from continuing operations, before interest, income taxes and noncontrolling interest	$	144,847	$	185,295	$	(5,859	)	$	(101,560	)	$	222,723
Capital expenditures	$	48,861	$	44,243	$	5,718		$	13,882		$	112,704
Depreciation	$	34,930	$	19,793	$	11,029		$	7,091		$	72,843
Amortization of intangibles	$	1,232	$	1,864	$	—		$	6,167		$	9,263
Total assets	$	2,044,201	$	1,173,336	$	1,454,344		$	805,651		$	5,477,532

	Year Ended March 31, 2014
	Flight Systems Group		Defense Systems Group			Space Systems Group		Corporate			Total
	As Restated		As Restated			As Restated		As Restated			As Restated
Sales:
External customers	$	902,683	$	1,633,181		$	354,847	$	—		$	2,890,711
Intercompany	8,549		283,077			16,353		(307,979		)	—
Total	$	911,232	$	1,916,258		$	371,200	$	(307,979	)	$	2,890,711
Income (loss) from continuing operations, before interest, income taxes and noncontrolling interest	$	110,807	$	(157,449	)	$	31,117	$	(43,360	)	$	(58,885	)
Capital expenditures	$	54,660	$	42,061		$	6,760	$	2,249		$	105,730
Depreciation	$	34,490	$	20,110		$	8,173	$	6,419		$	69,192
Amortization of intangibles	$	1,248	$	1,864		$	—	$	—		$	3,112
Total assets	$	1,361,544	$	1,143,050		$	285,019	$	701,093		$	3,490,706

During fiscal 2015, the Company recognized a goodwill impairment charge in Space Systems Group of $34,300. Defense Systems Group had sales to Vista Outdoor for the 2015 transition period of $137,815 (as restated) and for the period from Distribution to March 31, 2015 of $18,928, in conjunction with two supply agreements. Sales to Sporting Group were previously reported as intercompany sales and eliminated in consolidation and totaled $170,818 for the period April 1, 2014 through February 8, 2015 and $273,246 for fiscal 2014.

During fiscal 2014, the Company's Defense Systems Group recorded sales and EBIT of $27,400 in the fourth quarter for a pension segment close out associated with the Radford facility contract.

Certain administrative functions are primarily managed by the Company at the corporate headquarters ("Corporate"). Some examples of such functions are human resources, pension and postretirement benefits, corporate accounting, legal, tax and treasury. Significant assets and liabilities managed at Corporate include those associated with debt, restructuring, pension and postretirement benefits, environmental liabilities, litigation liabilities, strategic growth costs and income taxes.

Costs related to the administrative functions managed by Corporate are either recorded at Corporate or allocated to the business units based on the nature of the expense. The difference between pension and postretirement benefit expense calculated under Financial Accounting Standards and the expense calculated under U.S. Cost Accounting Standards is recorded at the corporate level which provides for greater clarity on the operating results of the business segments. Administrative expenses such as corporate accounting, legal and treasury costs are allocated out to the business segments. Environmental expenses are allocated to each segment based on the origin of the underlying environmental cost. Transactions between segments are recorded at the segment level, consistent with the Company's financial accounting policies. Intercompany balances and transactions involving different segments are eliminated at the Company's consolidated financial statements level and are shown above in Corporate. The amortization expense related to purchase accounting attributed to the acquisition of Orbital is also recorded in Corporate.