Comprehensive Income

9 Months Ended

Jan. 01, 2012

Comprehensive Income.

Comprehensive Income

8. Comprehensive Income

The components of comprehensive income, net of income taxes, for the periods presented below were as follows:

	Quarters Ended					Nine Months Ended
	January 1, 2012			January 2,  2011		January 1, 2012			January 2, 2011
Net income	$	49,759		$	70,276	$	201,561		$	242,439
Other comprehensive (loss) income:
Pension and other postretirement benefit liabilities, net of income taxes of $(8,724), $(7,539), $(26,173), and $(22,804), respectively	13,812			12,366		41,436			36,860
Change in fair value of derivatives, net of income taxes of $(3,875), $(6,210), $20,495, and $169, respectively	6,061			9,711		(32,056		)	(264		)
Change in fair value of available-for-sale securities, net of income taxes of $60, $(43), $34 and $83, respectively	(95		)	67		(54		)	(130		)
Total other comprehensive income	19,778			22,144		9,326			36,466
Comprehensive income	69,537			92,420		210,887			278,905
Comprehensive income attributable to noncontrolling interest	74			95		368			367
Comprehensive income attributable to Alliant Techsystems Inc.	$	69,463		$	92,325	$	210,519		$	278,538

The components of accumulated OCI, net of income taxes, are as follows:

	January 1, 2012			March 31, 2011
Derivatives	$	(1,957	)	$	30,099
Pension and other postretirement benefit liabilities	(776,980		)	(818,416		)
Available-for-sale securities	1,186			1,240
Total accumulated other comprehensive loss	$	(777,751	)	$	(787,077	)

The pre-tax activity in OCI related to the forward contracts discussed in Note 7 was as follows:

	Quarters Ended						Nine Months Ended
	January 1, 2012			January 2, 2011			January 1, 2012			January 2, 2011
Beginning of period unrealized (loss) gain in accumulated OCI	$	(13,080	)	$	50,797		$	49,408		$	65,582
Increase (Decrease) in fair value of derivatives	12,845			26,610			(30,413		)	28,630
Gains reclassified from OCI, offsetting the price paid to suppliers	(2,908		)	(12,747		)	(22,138		)	(29,552		)
End of period unrealized (loss) gain in accumulated OCI	$	(3,143	)	$	64,660		$	(3,143	)	$	64,660

There was no ineffectiveness recognized in earnings for these contracts during fiscal 2012 or 2011.  ATK expects that any unrealized losses will be realized and reported in cost of sales as the cost of the commodities is included in cost of sales. Estimated and actual gains or losses will change as market prices change.