Employee Benefit Plans (Tables)

9 Months Ended

Dec. 31, 2015

Compensation and Retirement Disclosure [Abstract]

Schedule of change in benefit obligation and change in plan assets

The following table shows changes in the benefit obligation, plan assets and funded status of the Company's qualified and non-qualified pension plans and other PRB plans, including Orbital Plans. Benefit obligation balances presented below reflect the projected benefit obligation ("PBO") for pension plans and accumulated PRB obligations ("APBO") or other PRB plans.

	Pension Benefits						Other Postretirement Benefits
	Nine Months Ended December 31, 2015			Year Ended March 31, 2015			Nine Months Ended December 31, 2015			Year Ended March 31, 2015
Change in benefit obligation:
Benefit obligation at beginning of period	$	3,199,221		$	2,988,288		$	131,620		$	128,065
Service cost	14,445			23,182			1			3
Interest cost	91,044			129,236			3,378			4,803
Plan Amendments	(2,295		)	—			—			—
Actuarial loss (gain) (1)	(211,581		)	465,524			(13,106		)	12,255
Retiree contributions	—			—			3,302			4,729
Benefits paid	(138,166		)	(192,756		)	(10,858		)	(16,272		)
Impact of Distribution	—			(223,790		)	—			(1,963		)
Merger with Orbital Sciences	—			9,537			—			—
Benefit obligation at end of period	2,952,668			3,199,221			114,337			131,620
Change in plan assets:
Fair value of plan assets at beginning of period	2,348,795			2,426,013			63,678			61,055
Actual return on plan assets	(94,573		)	177,776			(1,716		)	4,397
Retiree contributions	—			—			3,302			4,729
Employer contributions	73,844			87,150			5,644			9,769
Benefits paid	(138,166		)	(192,756		)	(10,858		)	(16,272		)
Fair value of assets at February 9, 2015, transferred to Vista Outdoor (2)	—			(163,034		)	—			—
Merger with Orbital Sciences	—			13,646			—			—
Fair value of plan assets at end of period	2,189,900			2,348,795			60,050			63,678
Funded status	$	(762,768	)	$	(850,426	)	$	(54,287	)	$	(67,942	)

_________________________________________

(1) The mortality projection scale was updated from MP-2014 to MP-2015 at December 31, 2015. This change resulted in an actuarial gain of $50,000 and $4,000 for the Pension Benefits and Other Postretirement Benefits, respectively. The mortality table assumption was changed to the RP-2014 Aggregate table (employee and annuitant) with generational projection using Scale MP-2014 at March 31, 2015 resulting in actuarial losses of $189,000 and $13,000 for the Pension Benefits and Other Postretirement Benefits, respectively.

(2) The actual amount transferred to Vista Outdoor on February 9, 2015 was determined to be $158,514. The difference between this amount and the fair value of these assets at the time of transfer of $163,034 was treated as gain/loss on plan assets.

Schedule of amounts recognized in the balance sheet

	Pension Benefits						Other Postretirement Benefits
	December 31, 2015			March 31, 2015			December 31, 2015			March 31, 2015
Noncurrent assets	$	4,264		$	4,318		$	—		$	—
Other current liabilities	(5,400		)	(3,743		)	(3,381		)	(3,436		)
Postretirement and postemployment benefit liabilities	—			—			(50,906		)	(64,506		)
Pension liabilities	(761,632		)	(851,001		)	—			—
Net amount recognized	$	(762,768	)	$	(850,426	)	$	(54,287	)	$	(67,942	)
Accumulated other comprehensive loss (income) related to:
Unrecognized net actuarial losses	$	1,407,947		$	1,520,459		$	15,795		$	25,906
Unrecognized prior service benefits	(131,068		)	(144,410		)	(9,724		)	(15,163		)
Accumulated other comprehensive loss (income)	$	1,276,879		$	1,376,049		$	6,071		$	10,743

Schedule of estimated amount that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in fiscal 2016

The estimated amount that will be amortized from AOCI into net periodic benefit cost in 2016 is as follows:

	Pension			Other Postretirement Benefits
Recognized net actuarial losses	$	123,195		$	1,589
Amortization of prior service benefits	(20,605		)	(5,162		)
Total	$	102,590		$	(3,573	)

Schedule of information for pension plans with an accumulated benefit obligation in excess of plan assets

The accumulated benefit obligation for all defined benefit pension plans was $2,952,599 at December 31, 2015 and $3,197,143 at March 31, 2015.

	December 31, 2015		March 31, 2015
Information for pension plans with an accumulated benefit obligation in excess of plan assets:
Projected benefit obligation	$	2,952,668	$	3,189,805
Accumulated benefit obligation	$	2,952,599	$	3,187,727
Fair value of plan assets	$	2,189,900	$	2,335,060

Schedule of components of net periodic benefit cost

Components of net periodic benefit cost were as follows:

	Pension Benefits									Other Postretirement Benefits
	Nine Months Ended December 31,  2015			Years Ended						Nine Months Ended December 31, 2015			Years Ended
				March 31, 2015			March 31, 2014						March 31, 2015			March 31, 2014
Components of net periodic benefit cost:
Service cost	$	14,445		$	23,182		$	34,763		$	1		$	3		$	9
Interest cost	91,044			129,236			130,253			3,378			4,803			5,207
Expected return on plan assets	(120,352		)	(165,780		)	(161,111		)	(2,767		)	(3,553		)	(3,419		)
Amortization of unrecognized net loss	112,949			118,163			145,891			1,488			1,629			2,288
Amortization of unrecognized prior service cost	(15,638		)	(22,284		)	(20,984		)	(5,439		)	(8,362		)	(8,381		)
Net periodic benefit cost before special termination benefits cost / curtailment	82,448			82,517			128,812			(3,339		)	(5,480		)	(4,296		)
Special termination benefits cost / curtailment	—			2,469			—			—			—			—
Net periodic benefit cost	$	82,448		$	84,986		$	128,812		$	(3,339	)	$	(5,480	)	$	(4,296	)
Amounts reported in:
Continuing operations	$	82,448		$	81,038		$	120,812		$	(3,339	)	$	(5,496	)	$	(4,340	)
Discontinued operations	—			3,948			8,000			—			16			44
Net periodic benefit cost	$	82,448		$	84,986		$	128,812		$	(3,339	)	$	(5,480	)	$	(4,296	)

Schedule of weighted average assumptions used to determine benefit obligations and net periodic benefit cost

	Pension Benefits						Other Postretirement Benefits
	Nine Months Ended December 31,  2015		Years Ended				Nine Months Ended December 31,  2015		Years Ended
			March 31, 2015		March 31, 2014				March 31, 2015		March 31, 2014
Weighted-average assumptions used to determine benefit obligations at the end of each period
Discount rate	4.40	%	3.90	%	4.50	%	3.98	%	3.55	%	3.95	%
Rate of compensation increase:
Union	3.13	%	3.66	%	3.22	%
Salaried	3.62		3.14		3.47

	Pension Benefits						Other Postretirement Benefits
	Nine Months Ended December 31, 2015		Years Ended				Nine Months Ended December 31, 2015		Years Ended
			March 31, 2015		March 31, 2014				March 31, 2015		March 31, 2014
Weighted-average assumptions used to determine net periodic benefit cost for each period
Discount rate	3.90	%	4.50	%	4.35	%	3.55	%	3.95	%	3.80	%
Expected long-term rate of return on plan assets	7.25		7.25		7.25		5.00% / 6.25%		5.00% / 6.25%		5.00% / 6.25%
Rate of compensation increase:
Union	3.66	%	3.22	%	3.23	%
Salaried	3.14		3.47		3.49

Schedule of assumed health care cost trend rates used to measure expected cost of benefits

	December 31, 2016		December 31, 2015
Weighted average health care cost trend rate	6.10	%	6.10	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.50	%	4.50	%
Fiscal year that the rate reaches the ultimate trend rate	2027		2027

Schedule of effect of one-percentage point increase or decrease in the assumed health care cost trend rates

A one percentage point increase or decrease in the assumed health care cost trend rates would have the following effects:

	One Percentage Point Increase		One Percentage Point Decrease
Effect on total of service and interest cost	$	286	$	(253	)
Effect on postretirement benefit obligation	$	6,888	$	(6,118	)

Schedule of allocation of plan assets

Pension plan weighted-average asset allocations:

	Anticipated 2016				Actual
	Low		High		December 31, 2015		March 31, 2015
Asset Category:
Domestic equity	10.0	%	25.0	%	19.9	%	20.7	%
International equity	10.0	%	20.0	%	13.1	%	13.7	%
Fixed income	35.0	%	50.0	%	40.5	%	42.5	%
Real estate	—	%	10.0	%	5.0	%	4.8	%
Hedge funds/private equity	15.0	%	30.0	%	16.8	%	14.8	%
Other investments/cash	—	%	6.0	%	4.7	%	3.5	%

Schedule of fair value of pension plan investments

Fair Value: Pension plan investments using the fair value hierarchy discussed in Note 3 at December 31, 2015 consisted of the following:

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Interest-bearing cash	$	—	$	33,271	$	—	$	33,271
U.S. Government securities	62,428		5,939		—		68,367
Corporate debt	—		405,898		95		405,993
Common stock	88,928		6,842		—		95,770
Partnership/joint venture interest	—		—		709,251		709,251
Other investments	156		1,940		—		2,096
Common/collective trusts	—		609,852		—		609,852
Registered investment companies	59,366		164,696		—		224,062
Value of funds in insurance company accounts	—		40,195		1,043		41,238
Total	$	210,878	$	1,268,633	$	710,389	$	2,189,900

Pension plan investments using the fair value hierarchy discussed in Note 3 at March 31, 2015 consisted of the following:

	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total
Interest-bearing cash	$	—		$	3,279		$	—		$	3,279
U.S. Government securities	158,938			11,546			—			170,484
Corporate debt	—			410,035			187			410,222
Common stock	110,932			5,289			—			116,221
Partnership/joint venture interest	—			—			746,305			746,305
Other investments	5			3,121			—			3,126
Common/collective trusts	—			743,960			—			743,960
Registered investment companies	131,251			145,649			—			276,900
Value of funds in insurance company accounts	—			42,190			1,076			43,266
Total	401,126			1,365,069			747,568			2,513,763
Fair value of assets at March 31, 2015 transferred to Vista Outdoor	(26,324		)	(89,584		)	(49,060		)	(164,968		)
Fair Value of plan assets at end of year	$	374,802		$	1,275,485		$	698,508		$	2,348,795

Schedule of reconciliation of Level 3 assets held during the year

Changes in Level 3 assets consisted of the following:

	Corporate Debt			Insurance Contracts			Partnerships/ Joint Ventures
Balance, March 31, 2014	$	199		$	1,131		$	689,073
Realized (losses) gains	—			6			38,614
Net unrealized (losses) gains	1			(2		)	(5,558		)
Net purchases, issuances, and settlements	(13		)	(59		)	24,176
Net transfers into (out of) Level 3	—			—			—
Balance, March 31, 2015	187			1,076			746,305
Realized (losses) gains	1			16			24,088
Net unrealized (losses) gains	1			(7		)	(37,868		)
Net purchases, issuances and settlements	(94		)	(42		)	(23,274		)
Net transfers into (out of) Level 3	—			—			—
Balance, December 31, 2015	$	95		$	1,043		$	709,251

Schedule of expected future benefit payments

The following benefit payments, which reflect expected future service, are expected to be paid in the years ending December 31. The pension benefits will be paid primarily out of the pension trust. The postretirement benefit payments are shown net of the expected subsidy for the Medicare prescription drug benefit under the Medicare Prescription Drug, Improvement and Modernization Act of 2003 which are not material to be presented separately.

	Pension Benefits		Other Postretirement Benefits
2016	$	189,200	$	10,547
2017	191,900		10,359
2018	195,800		10,106
2019	200,800		9,801
2020	204,400		9,482
2021 through 2025	1,043,300		41,164