10-Q

United States

Securities and Exchange Commission

Washington, D.C. 20549

FORM 10-Q

ý Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended June 30, 2014

or

¨Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Transition Period From _________ to ________

Commission File Number: 1-12235

TRIUMPH GROUP, INC.

(Exact name of registrant as specified in its charter)

Delaware	51-0347963
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

899 Cassatt Road, Suite 210, Berwyn, PA	19312
(Address of principal executive offices)	(Zip Code)

(610) 251-1000

(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes S No £

Indicate by check mark whether the registrant has submitted electronically and has posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes S No £

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer”, and “smaller reporting company” in Rule 12b‑2 of the Exchange Act. (Check one)

Large accelerated filer	ý	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	¨
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes £ No S

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

Common Stock, par value $0.001 per share, 51,423,808 shares outstanding as of July 31, 2014.

TRIUMPH GROUP, INC.

INDEX

			Page Number
Part I. Financial Information
Item 1.		Financial Statements (Unaudited)
	Condensed Consolidated Balance Sheets at June 30, 2014 and March 31, 2014		1
	Condensed Consolidated Statements of Income Three months ended June 30, 2014 and 2013		2
	Condensed Consolidated Statements of Comprehensive Income Three months ended June 30, 2014 and 2013		3
	Condensed Consolidated Statements of Cash Flows                                                                                            Three months ended June 30, 2014 and 2013		4
	Notes to Condensed Consolidated Financial Statements June 30, 2014		5
Item 2.		Management's Discussion and Analysis of Financial Condition and Results of Operations	34
Item 3.		Quantitative and Qualitative Disclosures About Market Risk	45
Item 4.		Controls and Procedures	45
Part II. Other Information
Item 1.		Legal Proceedings	47
Item 3.		Unregistered Sales of Equity Securities and Use of Proceeds	47
Item 6.		Exhibits	47
Signatures			48

Part I. Financial Information

Item 1. Financial Statements.

Triumph Group, Inc.
Condensed Consolidated Balance Sheets
(dollars in thousands, except per share data)

	June 30, 2014			March 31, 2014
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	25,465		$	28,998
Trade and other receivables, less allowance for doubtful accounts of $6,528 and $6,535	667,202			517,707
Inventories, net of unliquidated progress payments of $189,976 and $165,019	1,202,163			1,111,767
Rotable assets	43,230			41,666
Deferred income taxes	46,898			57,308
Prepaid and other current assets	25,249			24,897
Total current assets	2,010,207			1,782,343
Property and equipment, net	965,424			930,973
Goodwill	1,867,668			1,791,831
Intangible assets, net	976,464			978,182
Other, net	38,849			69,954
Total assets	$	5,858,612		$	5,553,283
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt	$	43,323		$	49,575
Accounts payable	301,808			317,334
Accrued expenses	237,814			273,290
Total current liabilities	582,945			640,199
Long-term debt, less current portion	1,714,310			1,500,808
Accrued pension and other postretirement benefits, noncurrent	448,767			508,524
Deferred income taxes, noncurrent	386,686			385,085
Other noncurrent liabilities	372,356			234,756
Stockholders’ equity:
Common stock, $.001 par value, 100,000,000 shares authorized, 52,460,920 and 52,459,020 shares issued; 51,423,808 and 52,159,020 shares outstanding	52			52
Capital in excess of par value	856,496			866,281
Treasury stock, at cost, 1,037,112 and 300,000 shares	(70,178		)	(19,134		)
Accumulated other comprehensive loss	(14,629		)	(18,908		)
Retained earnings	1,581,807			1,455,620
Total stockholders’ equity	2,353,548			2,283,911
Total liabilities and stockholders’ equity	$	5,858,612		$	5,553,283

SEE ACCOMPANYING NOTES.

1

Triumph Group, Inc.
Condensed Consolidated Statements of Income
(in thousands, except per share data)

(unaudited)

	Three Months Ended June 30,
	2014			2013
Net sales	$	896,905		$	943,683
Operating costs and expenses:
Cost of sales (exclusive of depreciation and amortization shown separately below)	684,816			696,471
Selling, general and administrative	65,710			66,717
Depreciation and amortization	37,551			37,934
Relocation costs	2,997			1,215
Gain on legal settlement, net of expenses	(134,693		)	—
	656,381			802,337
Operating income	240,524			141,346
Interest expense and other	42,360			19,710
Income before income taxes	198,164			121,636
Income tax expense	69,921			42,593
Net income	$	128,243		$	79,043
Earnings per share—basic:	$	2.48		$	1.56
Weighted-average common shares outstanding—basic	51,691			50,815
Earnings per share—diluted:	$	2.46		$	1.50
Weighted-average common shares outstanding—diluted	52,089			52,806
Dividends declared and paid per common share	$	0.04		$	0.04

SEE ACCOMPANYING NOTES.

2

Triumph Group, Inc.

Condensed Consolidated Statements of Comprehensive Income

(dollars in thousands)

(unaudited)

	Three Months Ended June 30,
	2014			2013
Net income	$	128,243		$	79,043
Other comprehensive (loss) income:
Foreign currency translation adjustment	7,204			(509		)
Defined benefit pension plans and other postretirement benefits:
Reclassifications from accumulated other comprehensive income - (gains) losses, net of tax expense (benefits):
Amortization of net loss, net of taxes of $0 and ($1,700) for the three months ended	—			2,831
Recognized prior service credits, net of taxes of $921 and $1,056 for the three months ended	(1,533		)	(1,759		)
Total defined benefit pension plans and other postretirement benefits, net of taxes	(1,533		)	1,072
Cash flow hedges:
Unrealized gain (loss) arising during period, net of tax of $905 and $140 for the three months ended	(1,357		)	(235		)
Reclassification of (gain) loss included in net earnings, net of tax of $20 and ($9) for the three months ended	(35		)	15
Net unrealized loss cash flow hedges, net of tax	(1,392		)	(220		)
Total other comprehensive income	4,279			343
Total comprehensive income	$	132,522		$	79,386

SEE ACCOMPANYING NOTES.

3

Triumph Group, Inc.
Condensed Consolidated Statements of Cash Flows
(dollars in thousands)

(unaudited)

	Three Months Ended June 30,
	2014			2013
Operating Activities
Net income	$	128,243		$	79,043
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	37,551			37,934
Amortization of acquired contract liabilities	(8,967		)	(11,150		)
Accretion of debt discount	1,577			145
Other amortization included in interest expense	5,323			1,064
Provision for doubtful accounts receivable	(40		)	678
Provision for deferred income taxes	71,106			41,924
Employee stock-based compensation	996			1,328
Changes in assets and liabilities, excluding the effects of acquisitions and dispositions of businesses:
Trade and other receivables	(84,970		)	42,082
Rotable assets	(1,564		)	1,705
Inventories	(49,274		)	(72,569		)
Prepaid expenses and other current assets	2,388			3,225
Accounts payable, accrued expenses and other current liabilities	(93,657		)	(74,490		)
Accrued pension and other postretirement benefits	(62,636		)	(37,458		)
Other	1,872			(1,579		)
Net cash (used in) provided by operating activities	(52,052		)	11,882
Investing Activities
Capital expenditures	(23,077		)	(56,229		)
Reimbursements of capital expenditures	—			2,869
Proceeds from sale of assets	651			10,321
Acquisitions, net of cash acquired	(60,901		)	(31,329		)
Net cash used in investing activities	(83,327		)	(74,368		)
Financing Activities
Net increase in revolving credit facility	259,534			153,935
Proceeds from issuance of long-term debt and capital leases	323,505			25,000
Repayment of debt and capital lease obligations	(390,223		)	(125,186		)
Purchase of common stock	(51,043		)	—
Payment of deferred financing costs	(5,194		)	(357		)
Dividends paid	(2,056		)	(2,069		)
Repayment of government grant	(3,198		)	—
Repurchase of restricted shares for minimum tax obligation	(673		)	(2,726		)
Proceeds from exercise of stock options	356			109
Net cash provided by financing activities	131,008			48,706
Effect of exchange rate changes on cash	838			272
Net change in cash	(3,533		)	(13,508		)
Cash and cash equivalents at beginning of period	28,998			32,037
Cash and cash equivalents at end of period	$	25,465		$	18,529

SEE ACCOMPANYING NOTES.

4

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

1.     BASIS OF PRESENTATION AND ORGANIZATION

The accompanying unaudited condensed consolidated financial statements of Triumph Group, Inc. (the "Company") have been prepared in conformity with accounting principles generally accepted in the United States ('U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of the results of operations, financial position and cash flows. The results of operations for the three months ended June 30, 2014 are not necessarily indicative of results that may be expected for the year ending March 31, 2015. The accompanying condensed consolidated financial statements are unaudited and should be read in conjunction with the fiscal 2014 audited condensed consolidated financial statements and notes thereto included in the Company's Form 10-K for the year ended March 31, 2014 filed in May 2014.

The Company designs, engineers, manufactures, repairs and overhauls a broad portfolio of aerostructures, aircraft components, accessories, subassemblies and systems. The Company serves a broad, worldwide spectrum of the aviation industry, including original equipment manufacturers of commercial, regional, business and military aircraft and aircraft components, as well as commercial and regional airlines and air cargo carriers.

In May 2014, the Financial Accounting Standards Board ("FASB") issued guidance codified in Accounting Standards Codification ("ASC") 606, Revenue Recognition - Revenue from Contracts with Customers, which amends the guidance in former ASC 605, Revenue Recognition. The objective of ASC 606 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance. The principle of ASC 606 is that an entity will recognize revenue at the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled. ASC 606 is effective for interim and annual reporting periods beginning after December 15, 2016 and can be adopted by the Company using either a full retrospective or modified retrospective approach, with early adoption prohibited. The Company is currently evaluating ASC 606 and has not determined the impact it may have on the Company’s consolidated results of operations, financial position or cash flows nor decided on the method of adoption.

2.     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Revenue Recognition

Revenues are generally recognized in accordance with the contract terms when products are shipped, delivery has occurred or services have been rendered, pricing is fixed and determinable, and collection is reasonably assured. A significant portion of the Company’s contracts are within the scope of the Revenue Recognition - Construction-Type and Production-Type Contracts topic of the ASC and revenue and costs on contracts are recognized using the percentage-of-completion method of accounting. Accounting for the revenue and profit on a contract requires estimates of (1) the contract value or total contract revenue, (2) the total costs at completion, which is equal to the sum of the actual incurred costs to date on the contract and the estimated costs to complete the contract’s scope of work, and (3) the measurement of progress towards completion. Depending on the contract, the Company measures progress toward completion using either the cost-to-cost method or the units-of-delivery method of accounting, with the great majority measured under the units-of-delivery method of accounting.

• Under the cost-to-cost method of accounting, progress toward completion is measured as the ratio of total costs incurred to estimated total costs at completion. Costs are recognized as incurred. Profit is determined based on estimated profit margin on the contract multiplied by the progress toward completion. Revenue represents the sum of costs and profit on the contract for the period.

5

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

2.     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

• Under the units-of-delivery method of accounting, revenue on a contract is recorded as the units are delivered and accepted during the period at an amount equal to the contractual selling price of those units. The costs recorded on a contract under the units-of-delivery method of accounting are equal to the total costs at completion divided by the total units to be delivered. As contracts can span multiple years, the Company often segments the contracts into production lots for the purposes of accumulating and allocating cost. Profit is recognized as the difference between revenue for the units delivered and the estimated costs for the units delivered.

Adjustments to original estimates for a contract’s revenues, estimated costs at completion and estimated total profit are often required as work progresses under a contract, as experience is gained and as more information is obtained, even though the scope of work required under the contract may not change, or if contract modifications occur. These estimates are also sensitive to the assumed rate of production. Generally, the longer it takes to complete the contract quantity, the more relative overhead that contract will absorb. The impact of revisions in cost estimates is recognized on a cumulative catch-up basis in the period in which the revisions are made. Provisions for anticipated losses on contracts are recorded in the period in which they become evident (‘‘forward losses’’) and are first offset against costs that are included in inventory, with any remaining amount reflected in accrued contract liabilities in accordance with the Revenue Recognition - Construction-Type and Production-Type Contracts topic. Revisions in contract estimates, if significant, can materially affect results of operations and cash flows, as well as valuation of inventory. Furthermore, certain contracts are combined or segmented for revenue recognition in accordance with the Revenue Recognition - Construction-Type and Production-Type Contracts topic.

For the three months ended June 30, 2014, cumulative catch-up adjustments from changes in estimates decreased operating income, net income and earnings per share by approximately $(723), $(468) and $(0.01) net of tax, respectively. The cumulative catch-up adjustments to operating income for the three months ended June 30, 2014 included gross favorable adjustments of approximately $5,279 and gross unfavorable adjustments of approximately $(6,002). For the three months ended June 30, 2013, cumulative catch-up adjustments from changes in estimates decreased operating income, net income and earnings per share by approximately $(4,685), $(3,044) and $(0.06) net of tax, respectively.

Amounts representing contract change orders or claims are only included in revenue when such change orders or claims have been settled with the customer and to the extent that units have been delivered. Additionally, some contracts may contain provisions for revenue sharing, price re-determination, requests for equitable adjustments, change orders or cost and/or performance incentives. Such amounts or incentives are included in contract value when the amounts can be reliably estimated and their realization is reasonably assured.

Although fixed-price contracts, which extend several years into the future, generally permit the Company to keep unexpected profits if costs are less than projected, the Company also bears the risk that increased or unexpected costs may reduce profit or cause the Company to sustain losses on the contract. In a fixed-price contract, the Company must fully absorb cost overruns, notwithstanding the difficulty of estimating all of the costs the Company will incur in performing these contracts and in projecting the ultimate level of revenue that may otherwise be achieved.

Failure to anticipate technical problems, estimate delivery reductions, estimate costs accurately or control costs during performance of a fixed-price contract may reduce the profitability of a fixed-price contract or cause a loss. The Company believes that it has recognized adequate provisions in the financial statements for losses on fixed-price contracts, but cannot be certain that the contract loss provisions will be adequate to cover all actual future losses.

While the Company is currently projecting its recurring production contracts to be profitable, there is still a substantial amount of risk similar to what the Company has experienced on certain programs. Particularly, the Company's ability to manage risks related to supplier performance, execution of cost reduction strategies, hiring and retaining skilled production and management personnel, quality and manufacturing execution, program schedule delays and many other risks, will determine the ultimate performance of these programs.

For example, significant cost growth experienced on the 747-8 program during prior fiscal year resulted in lower-than-expected margins during the year, but the deliveries are still profitable. We have assessed the profitability of future production related to the 747-8 program and currently projected that the program will continue to be profitable. However, if significant cost growth is experienced, cost reduction strategies are not successfully implemented and/or production rates are further

6

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

2.     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

reduced by our customers, profit margin on the 747-8 program could continue to deteriorate or a loss might be incurred on future recurring production blocks.

Included in net sales of the Aerostructures and Aerospace Systems group is the non-cash amortization of acquired contract liabilities recognized as fair value adjustments through purchase accounting from various acquisitions. For the three months ended June 30, 2014 and 2013, the Company recognized $8,967 and $11,150, respectively, into net sales in the accompanying condensed consolidated statements of income.

The Aftermarket Services Group provides repair and overhaul services, a small portion of which services are provided under long-term power-by-the-hour contracts. The Company applies the proportional performance method of accounting to recognize revenue under these contracts. Revenue is recognized over the contract period as units are delivered based on the relative value in proportion to the total estimated contract consideration. In estimating the total contract consideration, management evaluates the projected utilization of its customers’ fleet over the term of the contract, in connection with the related estimated repair and overhaul servicing requirements to the fleet based on such utilization. Changes in utilization of the fleet by customers, among other factors, may have an impact on these estimates and require adjustments to estimates of revenue to be realized.

Concentration of Credit Risk

The Company’s trade accounts receivable are exposed to credit risk. However, the risk is limited due to the diversity of the customer base and the customer base’s wide geographical area. Trade accounts receivable from The Boeing Company (“Boeing”) (representing commercial, military and space) represented approximately 27% and 32% of total trade accounts receivable as of June 30, 2014 and March 31, 2014, respectively. The Company had no other concentrations of credit risk of more than 10%. Sales to Boeing for the three months ended June 30, 2014 were $382,106, or 43% of net sales, of which $355,678, $20,691 and $5,737 were from the Aerostructures segment, the Aerospace Systems segment and Aftermarket Services segment, respectively. Sales to Boeing for the three months ended June 30, 2013 were $425,114, or 45% of net sales, of which $397,314, $20,774 and $7,026 were from the Aerostructures segment, the Aerospace Systems segment and Aftermarket Services segment, respectively. No other single customer accounted for more than 10% of the Company’s net sales. However, the loss of any significant customer, including Boeing, could have a material adverse effect on the Company and its operating subsidiaries.

Stock-Based Compensation

The Company recognizes compensation expense for share-based awards based on the fair value of those awards at the date of grant. Stock-based compensation expense for the three months ended June 30, 2014 and 2013 was $996 and $1,328, respectively. The Company has classified share-based compensation within selling, general and administrative expenses to correspond with the same line item as the majority of the cash compensation paid to employees. Upon the exercise of stock options or vesting of restricted stock, the Company first transfers treasury stock, then issues new shares.

7

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

2.     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Intangible Assets

The components of intangible assets, net, are as follows:

	June 30, 2014
	Weighted- Average Life	Gross Carrying Amount		Accumulated Amortization			Net
Customer relationships	16.5	$	660,166	$	(147,403	)	$	512,763
Product rights, technology and licenses	11.7	52,405		(29,629		)	22,776
Non-compete agreements and other	15.9	2,929		(404		)	2,525
Tradenames	Indefinite-lived	438,400		—			438,400
Total intangibles, net		$	1,153,900	$	(177,436	)	$	976,464

	March 31, 2014
	Weighted- Average Life	Gross Carrying Amount		Accumulated Amortization			Net
Customer relationships	16.7	$	650,210	$	(136,970	)	$	513,240
Product rights, technology and licenses	11.7	52,405		(28,437		)	23,968
Non-compete agreements and other	13.6	3,679		(1,105		)	2,574
Tradenames	Indefinite-lived	438,400		—			438,400
Total intangibles, net		$	1,144,694	$	(166,512	)	$	978,182

Amortization expense for the three months ended June 30, 2014 and 2013 was $11,631 and $11,533, respectively.

Fair Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. When determining fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and also considers assumptions that market participants would use when pricing an asset or liability. The fair value hierarchy has three levels of inputs that may be used to measure fair value: Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2—Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability; and Level 3—Unobservable inputs for the asset or liability. The Company has applied fair value measurements to its interest rate swap (see Note 6).

Warranty Reserves

A reserve has been established to provide for the estimated future cost of warranties on our delivered products. The Company periodically reviews the reserves and adjustments are made accordingly. A provision for warranty on products delivered is made on the basis of historical experience and identified warranty issues. Warranties cover such factors as non-conformance to specifications and defects in material and workmanship. The majority of the Company's agreements include a three-year warranty, although certain programs have warranties up to 20 years. The warranty reserves as of ended June 30, 2014 and 2013, were $37,751 and $22,066, respectively.

8

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

2.     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Supplemental Cash Flow Information

The Company paid $591 and $672 for income taxes, net of refunds received, for the three months ended June 30, 2014 and 2013, respectively. The Company made interest payments of $45,589 and $11,589 for the three months ended June 30, 2014 and 2013, respectively.

During the three months ended June 30, 2014 and 2013, the Company financed $0 and $26 of property and equipment additions through capital leases, respectively. During the three months ended June 30, 2014 and 2013, the Company issued 0 and 1,849,548 shares, respectively, in connection with certain conversions of convertible senior subordinated notes (see Note 6).

During the three months ended June 30, 2014, under the existing stock repurchase program, the Company repurchased 750,000 shares for $51,044. As a result, as of June 30, 2014, the Company remains able to purchase an additional 4,450,800 shares under the existing stock repurchase program.

3.     ACQUISITIONS

Acquisition of GE Aviation - Hydraulic Actuation

Effective June 27, 2014, the Company acquired the hydraulic actuation business of GE Aviation ("GE"). GE's hydraulic actuation business consists of three facilities located in Yakima, Washington, Cheltenham, England and the Isle of Man and is a technology leader in actuation systems. GE's key product offerings include complete landing gear actuation systems, door actuation, nose-wheel steerings, hydraulic fuses, manifolds flight control actuation and locking mechanisms for the commercial, military and business jet markets. The acquired business will operate as Triumph Actuation Systems-Yakima and Triumph Actuation Systems-UK & IOM and its results are included in Aerospace Systems Group from the date of acquisition.

The purchase price for the GE acquisition was $71,509, which includes cash paid at closing and deferred payments. Goodwill in the amount of $70,209 was recognized for this acquisition and is calculated as the excess of consideration transferred over the net assets recognized and represents future economic benefits arising from other assets acquired that could not be individually identified and separately recognized such as assembled workforce. The goodwill is deductible for tax purposes. The Company has also identified an intangible asset related to customer relationships valued at $9,000 with a weighted-average life of 13.0 years.

The accounting for the business combination is dependent upon obtaining valuations and other information for certain assets and liabilities which have not yet been completed or obtained to a point where definitive estimates can be made. The process for estimating the fair values of identified intangible assets, certain tangible assets and assumed liabilities requires the use of judgment to determine the appropriate assumptions.

As the acquisition date occurred at the end of our fiscal quarter, substantially all of the purchase price allocation for GE is provisional. As the Company finalizes estimates of the fair value of assets acquired and liabilities assumed, additional purchase price adjustments will be recorded during the measurement period not to exceed one year beyond the acquisition date. These adjustments may have a material impact on the Company's results of operations and financial position.

The table below presents the provisional estimated fair value of assets acquired and liabilities assumed on the acquisition date based on the best information the Company has received to date, in accordance with Accounting Standards Codification Topic 805, Business Combinations ("ASC 805"). These estimates will be revised as the Company receives final appraisal of tangible and intangible assets, certain liabilities assumed and other information related to the GE acquisition. Accordingly, the amounts below report the Company's best estimate of fair value based on the information available at this time:

9

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

3.     ACQUISITIONS (Continued)

	June 27, 2014
Cash	$	4,608
Accounts receivable	36,730
Inventory	47,601
Property and equipment	41,004
Goodwill	70,209
Intangible assets	9,000
Deferred taxes	53,919
Other assets	2,506
Total assets	$	265,577
Accounts payable	$	19,080
Accrued expenses	26,104
Acquired contract liabilities	148,884
Total liabilities	$	194,068

The provisional amounts recognized are based on the Company's best estimate using information that is has obtained as of the reporting date. The Company will finalize its estimate once it is able to determine that it has obtained all necessary information that existed as of the acquisition date related to this matter or one year following the acquisition of GE, whichever is earlier.

The GE acquisition has been accounted for under the acquisition method and, accordingly, is included in the condensed consolidated financial statements from the effective date of acquisition. The GE acquisition was funded by the Company's long-term borrowings in place at the date of acquisition. The Company incurred $812 in acquisition-related costs in connection with the GE acquisition, which is recorded in selling, general and administrative expenses in the accompanying Condensed Consolidated Statement of Income.

FISCAL 2014 ACQUISITIONS

Acquisition of Insulfab Product Line (Chase Corporation)

Effective October 7, 2013, the Company's wholly-owned subsidiary, Triumph Insulation Systems, LLC, acquired substantially all of the assets comprising the Insulfab product line from Chase Corporation ("Insulfab"). Insulfab primarily focuses on manufacturing high-quality, engineered barrier laminates used in aerospace applications. The results for Triumph Insulation Systems, LLC will continue to be included in the Aerostructures group from the date of acquisition.

The Company paid $7,394 in cash at closing for Insulfab, and in January 2014, paid $2,516 in cash after the working capital was finalized. Goodwill in the amount of $4,660 was recognized for this acquisition and is calculated as the excess of consideration transferred over the net assets recognized and represents future economic benefits arising from other assets acquired that could not be individually identified and separately recognized such as assembled workforce. The goodwill is deductible for tax purposes.

Acquisition of General Donlee Canada, Inc.

Effective October 4, 2013, the Company acquired all of the issued and outstanding shares of General Donlee Canada Inc. ("General Donlee"). General Donlee is based in Toronto, Canada and is a leading manufacturer of precision machined products for the aerospace, nuclear and oil and gas industries. The acquired business now operates as Triumph Gear Systems-Toronto ULC and its results are included in the Aerospace Systems Group from the date of acquisition.

The purchase price for the General Donlee acquisition was $56,622 plus assumed debt of $32,382, which was settled at closing. Additionally, on October 7, 2013, the Company, at its option, called General Donlee's Convertible Notes for $26,000, which were paid on November 12, 2013. Goodwill in the amount of $46,468 was recognized for this acquisition and is

10

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

3.     ACQUISITIONS (Continued)

calculated as the excess of consideration transferred over the net assets recognized and represents future economic benefits arising from other assets acquired that could not be individually identified and separately recognized such as assembled workforce. The goodwill is not deductible for tax purposes. The Company has also identified intangible assets related to customer relationships valued at approximately $24,607 with a weighted-average life of 15.0 years.

The accounting for a business combination is dependent upon obtaining valuations and other information for certain assets and liabilities which have not yet been completed or obtained to a point where definitive estimates can be made. The process for estimating the fair values of identified intangible assets, certain tangible assets and assumed liabilities require the use of judgment to determine the appropriate assumptions.

As the Company finalizes estimates of the fair value of assets acquired and liabilities assumed, substantially all of the purchase price allocation for General Donlee is provisional. Additional purchase price adjustments will be recorded during the measurement period not to exceed one year beyond the acquisition date. These adjustments may have a material impact on the Company's results of operations and financial position.

The table below presents the provisional estimated fair value of assets acquired and liabilities assumed on the acquisition date based on the best information it has received to date, in accordance with ASC 805. The Company is awaiting final appraisal of tangible assets, intangible assets and certain contingent liabilities related to the General Donlee acquisition. Accordingly, the Company has recorded the value of intangible assets and property and equipment to draft appraisals. The allocation of the purchase price of the General Donlee acquisition is not complete and the amounts below represent the Company's best estimates of the fair value based on the current information:

	October 4, 2013
Accounts receivable	$	10,976
Inventory	15,645
Prepaid expenses and other	184
Property and equipment	31,495
Goodwill	46,468
Intangibles assets	24,607
Total assets	$	129,375
Accounts payable	$	2,841
Accrued expenses	3,620
Deferred taxes	11,336
Debt	54,956
Total liabilities	$	72,753

The provisional amounts recognized above are based on the Company's best estimates using information that it has obtained as of the reporting date. The Company will finalize its estimates once it is able to determine that it has obtained all necessary information that existed as of the acquisition date related to these matters or one year following the acquisition of General Donlee, whichever is earlier.

The General Donlee acquisition has been accounted for under the acquisition method and, accordingly, is included in the condensed consolidated financial statements from the effective date of the acquisition. The General Donlee acquisition was funded by the Company's long-term borrowings in place at the date of acquisition. The Company incurred $766 in acquisition-related costs in connection with the General Donlee acquisition, which were recorded in selling, general and administrative expenses in the Condensed Consolidated Statements of Income for the fiscal year ended March 31, 2014.

Acquisition of Primus Composites

Effective May 6, 2013, the Company acquired four related entities collectively comprising the Primus Composites ("Primus") business from Precision Castparts Corp. The acquired business, which includes two manufacturing facilities in Farnborough, England and Rayong, Thailand, will operate as Triumph Structures - Farnborough and Triumph Structures -

11

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

3.     ACQUISITIONS (Continued)

Thailand and be included in the Aerostructures Group from the date of acquisition. Together, Triumph Structures - Farnborough and Triumph Structures - Thailand constitute a global supplier of composite and metallic propulsion and structural composites and assemblies. In addition to its composite operations, the Thailand operation also machines and processes metal components.

The purchase price for the Primus acquisition was $33,530 in cash and $30,000 in assumed debt settled at closing. Goodwill in the amount of $29,138 was recognized for this acquisition and is calculated as the excess of consideration transferred over the net assets recognized and represents future economic benefits arising from other assets acquired that could not be individually identified and separately recognized such as assembled workforce. The goodwill is not deductible for tax purposes. The Company has also identified intangible assets related to customer relationships valued at approximately $3,514 with a weighted-average life of 16.0 years. Prior to the anniversary of the acquisition date, the Company finalized the purchase price allocation.

The following condensed balance sheet represents the amounts assigned to each major asset and liability caption in the aggregate from the acquisition of Primus, in accordance with ASC 805:

	May 6, 2013
Cash	$	2,201
Accounts receivable	17,392
Inventory	21,053
Prepaid expenses and other	883
Property and equipment	28,457
Goodwill	29,138
Intangibles assets	3,514
Other noncurrent assets	13,138
Total assets	$	115,776
Accounts payable	$	10,027
Accrued expenses	15,939
Other noncurrent liabilities	26,280
Total liabilities	$	52,246

The Company finalized its estimates after it was able to determine that it had obtained all necessary information that existed as of the acquisition date related to these matters.

The Primus acquisition has been accounted for under the acquisition method and, accordingly, is included in the condensed consolidated financial statements from the effective date of the acquisition. The Primus acquisition was funded by the Company's long-term borrowings in place at the date of acquisition. The Company incurred $743 in acquisition-related costs in connection with the Primus acquisition, which is recorded in selling, general and administrative expenses in the Condensed Consolidated Statements of Income for the fiscal year ended March 31, 2014.

12

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

3.     ACQUISITIONS (Continued)

The pro forma results presented below include the effects of the GE, General Donlee and Primus acquisitions of as if they had been consummated as of April 1, 2013. The pro forma results include the amortization associated with an estimate of acquired intangible assets and interest expense on debt to fund these acquisitions, as well as fair value adjustments for property and equipment and off-market contracts. To better reflect the combined operating results, nonrecurring charges directly attributable to the transaction have been excluded. In addition, the pro forma results do not include any expected benefits of the acquisitions. Accordingly, the pro forma results are not necessarily indicative of either future results of operations or results that might have been achieved had the acquisitions been consummated as of April 1, 2013 and have been included in the Company's results of operations for fiscal years 2015 and 2014.

	Three Months Ended June 30,
	2014		2013
Net Sales	$	947,842	$	1,015,825
Net income	129,467		82,244
Earnings per share—basic	$	2.50	$	1.62
Earnings per share—diluted	$	2.49	$	1.56

4.     DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE

Sale of Triumph Aerospace Systems - Wichita

In January 2014, the Company sold all of the shares of Triumph Aerospace Systems-Wichita, Inc. ("TAS-Wichita") for total cash proceeds of $23,000. As a result of the sale of TAS-Wichita, the Company recognized no gain or loss. The operating results of TAS-Wichita were included in the Aerostructures Group through the date of disposal.

Sale of Triumph Instruments - Burbank and Triumph Instruments - Ft. Lauderdale

In April 2013, the Company sold the assets and liabilities of Triumph Instruments - Burbank and Triumph Instruments - Ft. Lauderdale (collectively, "Triumph Instruments") for total proceeds of $11,200 including cash received at closing of $9,676, a note of $1,500, and the remaining amount which was held in escrow and received in the second quarter of fiscal 2014, resulting in a loss of $1,462 recognized during the year ended March 31, 2013. The assets and liabilities of Triumph Instruments were classified as held for sale as of March 31, 2013. The loss on the sale of the assets and liabilities of Triumph Instruments is included in the Condensed Consolidated Statements of Income within selling, general and administrative expenses for the year ended March 31, 2013. The operating results of Triumph Instruments were included in the Aftermarket Services Group through the date of disposal.

The Company expects to have significant continuing involvement in the businesses and markets of the disposed entities, as defined by ASC 205-20, Discontinued Operations, and, therefore, as a result,the disposal groups do not meet the criteria to be classified as discontinued operations.

13

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

5.    INVENTORIES

Inventories are stated at the lower of cost (average-cost or specific-identification methods) or market. The components of inventories are as follows:

	June 30, 2014			March 31, 2014
Raw materials	$	83,605		$	106,552
Work-in-process, including manufactured and purchased components	1,199,720			1,102,626
Finished goods	108,814			67,608
Less: unliquidated progress payments	(189,976		)	(165,019		)
Total inventories	$	1,202,163		$	1,111,767

Work-in-process inventory includes capitalized pre-production costs. Capitalized pre-production costs include nonrecurring engineering, planning and design, including applicable overhead, incurred before production is manufactured on a regular basis. Significant customer-directed work changes can also cause pre-production costs to be incurred. These costs are typically recovered over a contractually determined number of ship-set deliveries and the Company believes these amounts will be fully recovered. The balance of capitalized pre-production costs related to the Company's contracts with Bombardier for the Global 7000/8000 program ("Bombardier") and Embraer for the second generation E-Jet ("Embraer") as of June 30, 2014 is $165,764. The balance of capitalized pre-production costs related to the Company's contracts with Bombardier and Embraer as of March 31, 2014 was $131,358.

The Company is still in the early-development stages for the Bombardier and Embraer programs, as these aircrafts are not scheduled to enter service until 2016 and 2018, respectively, or later. Transition of these programs from development to recurring production levels is dependent upon the success of the programs achieving flight testing and certification, as well as the ability of the Bombardier and Embraer programs to generate acceptable levels of aircraft sales. The failure to achieve these milestones and level of sales or significant cost overruns may result in an impairment of the capitalized pre-production costs.

6.    LONG-TERM DEBT

Long-term debt consists of the following:

	June 30, 2014		March 31, 2014
Revolving line of credit	$	453,940	$	194,406
Term loan	370,313		375,000
Receivable securitization facility	164,600		162,400
Equipment leasing facility and other capital leases	80,720		74,342
Senior notes due 2018	—		348,423
Senior notes due 2021	375,000		375,000
Senior notes due 2022	300,000		—
Convertible senior subordinated notes	5,082		12,834
Other debt	7,978		7,978
	1,757,633		1,550,383
Less current portion	43,323		49,575
	$	1,714,310	$	1,500,808

14

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

6. LONG-TERM DEBT (Continued)

Revolving Credit Facility

In May 2014, the Company amended its existing credit agreement (the “Credit Facility”) with its lenders to (i) to increase the maximum amount allowed for the receivable securitization facility (the “Securitization Facility”) and (ii) amend certain other terms and covenants.

In November 2013, the Company amended and restated its Credit Facility with its lenders to (i) provide for a $375,000 Term Loan with a maturity date of May 14, 2019 (the "2013 Term Loan"), (ii) maintain a Revolving Line of Credit under the Credit Facility of $1,000,000 with a $250,000 accordion feature, (iii) extend the maturity date to November 19, 2018, and (iv) amend certain other terms and covenants. In connection with the amendment to the Credit Facility, the Company incurred $2,795 of financing costs. These costs, along with the $6,507 of unamortized financing costs prior to the amendment, are being amortized over the remaining term of the Credit Facility.

The Company will repay the outstanding principal amount of the 2013 Term Loan in quarterly installments, on the first business day of each January, April, July and October, commencing April 2014.

The obligations under the Credit Facility and related documents are secured by liens on substantially all assets of the Company and its domestic subsidiaries pursuant to a Second Amended and Restated Guarantee and Collateral Agreement, dated as of November 19, 2013, among the administrative agent, the Company and the subsidiaries of the Company party thereto.

Pursuant to the Credit Facility, the Company can borrow, repay and re-borrow revolving credit loans, and cause to be issued letters of credit, in an aggregate principal amount not to exceed $1,000,000 outstanding at any time. The Credit Facility bears interest at either: (i) LIBOR plus between 1.38% and 2.50%; (ii) the prime rate; or (iii) an overnight rate at the option of the Company. The applicable interest rate is based upon the Company’s ratio of total indebtedness to earnings before interest, taxes, depreciation and amortization. In addition, the Company is required to pay a commitment fee of between 0.25% and 0.45% on the unused portion of the Credit Facility. The Company’s obligations under the Credit Facility are guaranteed by the Company’s domestic subsidiaries.

At June 30, 2014, there were $453,940 in borrowings and $36,907 in letters of credit outstanding under the Revolving Line of Credit provisions of the Credit Facility primarily to support insurance policies. At March 31, 2014, there were $194,406 in borrowings and $36,445 in letters of credit outstanding under the Revolving Line of Credit provisions of the Credit Facility primarily to support insurance policies. The level of unused borrowing capacity under the Revolving Line of Credit provisions of the Credit Facility varies from time to time depending in part upon its compliance with financial and other covenants set forth in the related agreement. The Credit Facility contains certain affirmative and negative covenants including limitations on specified levels of indebtedness to earnings before interest, taxes, depreciation and amortization, and interest coverage requirements, and includes limitations on, among other things, liens, mergers, consolidations, sales of assets, and incurrence of debt. If an event of default were to occur under the Credit Facility, the lenders would be entitled to declare all amounts borrowed under it immediately due and payable. The occurrence of an event of default under the Credit Facility could also cause the acceleration of obligations under certain other agreements. The Company is currently in compliance with all such covenants. As of June 30, 2014, the Company had borrowing capacity under this facility of $509,153 after reductions for borrowings and letters of credit outstanding under the facility.

In connection with the Company amending and restating the Credit Facility to add the 2013 Term Loan, the Company also entered into an interest rate swap agreement through November 2018 to reduce its exposure to interest on the variable rate portion of its long-term debt. On the date of inception, the Company designated the interest rate swap as a cash flow hedge in accordance with FASB guidance on accounting for derivatives and hedges and linked the interest rate swap to the 2013 Term Loan. The Company formally documented the hedging relationship between 2013 Term Loan and the interest rate swap, as well as its risk-management objective and strategy for undertaking the hedge, the nature of the risk being hedged, how the hedging instrument's effectiveness will be assessed and a description of the method of measuring the ineffectiveness. The

15

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

6. LONG-TERM DEBT (Continued)

Company also formally assesses, both at the hedge's inception and on a quarterly basis, whether the derivative item is highly effective offsetting changes in cash flows.

As of June 30, 2014 and March 31, 2014, the interest rate swap agreement had a notional amount of $370,313 and $375,000, respectively. As of June 30, 2014 and March 31, 2014, the interest rate swap agreement had a fair value of $(96) and $2,426, respectively, which is recorded in other comprehensive income net of applicable taxes (Level 2). The interest rate swap settles on a monthly basis when interest payments are made. These settlements occur through the maturity date.

Receivables Securitization Facility

In February 2013, the Company amended its $175,000 Securitization Facility, extending the term through February 2016. In connection with the Securitization Facility, the Company sells on a revolving basis certain trade accounts receivable to Triumph Receivables, LLC, a wholly-owned special-purpose entity, which in turn sells a percentage ownership interest in the receivables to commercial paper conduits sponsored by financial institutions. The Company is the servicer of the trade accounts receivable under the Securitization Facility. As of June 30, 2014, the maximum amount available under the Securitization Facility was $175,000. Interest rates are based on LIBOR plus a program fee and a commitment fee. The program fee is 0.43% on the amount outstanding under the Securitization Facility. Additionally, the commitment fee is 0.43% on 100.00% of the maximum amount available under the Securitization Facility. At June 30, 2014, there was $164,600 outstanding under the Securitization Facility. In connection with amending the Securitization Facility, the Company incurred approximately $196 of financing costs. These costs, along with the $537 of unamortized financing costs prior to the amendment, are being amortized over the life of the Securitization Facility. The Company securitizes its trade accounts receivable, which are generally non-interest bearing, in transactions that are accounted for as borrowings pursuant to the Transfers and Servicing topic of the ASC.

The agreement governing the Securitization Facility contains restrictions and covenants which include limitations on the making of certain restricted payments, creation of certain liens, and certain corporate acts such as mergers, consolidations and the sale of all or substantially all of the Company's assets.

Capital Leases

During the three months ended June 30, 2014 and 2013, the Company entered into new capital leases in the amount of $0 and $26, respectively, to finance a portion of the Company’s capital additions for the period. During the three months ended June 30, 2014 and 2013, the Company obtained financing for existing fixed assets in the amount of $10,905 and $0, respectively.

Senior Subordinated Notes Due 2017

On November 16, 2009, the Company issued $175,000 principal amount of 8.00% Senior Subordinated Notes due 2017 (the “2017 Notes”).  The 2017 Notes were sold at 98.56% of principal amount and have an effective interest yield of 8.25%. Interest on the 2017 Notes is payable semiannually in cash in arrears on May 15 and November 15 of each year. In connection with the issuance of the 2017 Notes, the Company incurred approximately $4,390 of costs, which were deferred and are being amortized on the effective interest method over the term of the 2017 Notes.

On November 15, 2013, the Company completed the redemption of the 2017 Notes. The principal amount of $175,000 was redeemed at a price of 104% plus accrued and unpaid interest. As a result of the redemption, the Company recognized a pre-tax loss on redemption of $11,069, consisting of early termination premium, write-off of unamortized discount and deferred financing fees and was recorded on the Consolidated Statements of Income as a component of "Interest expense and other" for the fiscal year ended March 31, 2014.

16

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

6. LONG-TERM DEBT (Continued)

Senior Notes Due 2018

On June 16, 2010, in connection with the acquisition of Vought, the Company issued $350,000 principal amount of 8.63% Senior Notes due 2018 (the “2018 Notes”). The 2018 Notes were sold at 99.27% of principal amount and had an effective interest yield of 8.75%. Interest on the 2018 Notes accrued at the rate of 8.63% per annum and was payable semiannually in cash in arrears on January 15 and July 15 of each year. In connection with the issuance of the 2018 Notes, the Company incurred approximately $7,307 of costs, which were deferred and were amortized on the effective interest method over the term of the 2018 Notes.

On June 23, 2014, the Company completed the redemption of the 2018 Notes. The principal amount of $350,000 was redeemed at a price of 104.79% plus accrued and unpaid interest. As a result of the redemption, the Company recognized a pre-tax loss on redemption of $22,615, consisting of early termination premium, write-off of unamortized discount and deferred financing fees and was recorded on the Condensed Consolidated Statements of Income as a component of "Interest expense and other" for the three months ended June 30, 2014.

Senior Notes Due 2021

On February 26, 2013, the Company issued $375,000 principal amount of 4.875% Senior Notes due 2021 (the "2021 Notes"). The 2021 Notes were sold at 100% of principal amount and have an effective interest yield of 4.875%. Interest on the 2021 Notes accrues at the rate of 4.875% per annum and is payable semiannually in cash in arrears on April 1 and October 1 of each year, commencing on October 1, 2013. In connection with the issuance of the 2021 Notes, the Company incurred approximately $6,327 of costs, which were deferred and are being amortized on the effective interest method over the term of the 2021 Notes.

The 2021 Notes are the Company's senior unsecured obligations and rank equally in right of payment with all of its other existing and future senior unsecured indebtedness and senior in right of payment to all of its existing and future subordinated indebtedness. The 2021 Notes are guaranteed on a full, joint and several basis by each of the Guarantor Subsidiaries.

The Company may redeem some or all of the 2021 Notes prior to April 1, 2017 by paying a "make-whole" premium. The Company may redeem some or all of the 2021 Notes on or after April 1, 2017 at specified redemption prices. In addition, prior to April 1, 2016, the Company may redeem up to 35% of the 2021 Notes with the net proceeds of certain equity offerings at a redemption price equal to 104.875% of the aggregate principal amount plus accrued and unpaid interest, if any, subject to certain limitations set forth in the indenture governing the 2021 Notes (the "2021 Indenture").

The Company is obligated to offer to repurchase the 2021 Notes at a price of (i) 101% of their principal amount plus accrued and unpaid interest, if any, as a result of certain change-of-control events and (ii) 100% of their principal amount plus accrued and unpaid interest, if any, in the event of certain asset sales. These restrictions and prohibitions are subject to certain qualifications and exceptions.

The 2021 Indenture contains covenants that, among other things, limit the Company's ability and the ability of any of the Guarantor Subsidiaries to (i) grant liens on its assets, (ii) make dividend payments, other distributions or other restricted payments, (iii) incur restrictions on the ability of the Guarantor Subsidiaries to pay dividends or make other payments, (iv) enter into sale and leaseback transactions, (v) merge, consolidate, transfer or dispose of substantially all of their assets, (vi) incur additional indebtedness, (vii) use the proceeds from sales of assets, including capital stock of restricted subsidiaries, and (viii) enter into transactions with affiliates.

Senior Notes Due 2022

On June 3, 2014, the Company issued $300,000 principal amount of 5.250% Senior Notes due 2022 (the "2022 Notes"). The 2022 Notes were sold at 100% of principal amount and have an effective interest yield of 5.250%. Interest on the 2022 Notes accrues at the rate of 5.250% per annum and is payable semiannually in cash in arrears on June 1 and December 1 of each year, commencing on December 1, 2014. In connection with the issuance of the 2022 Notes, the Company incurred approximately $4,990 of costs, which were deferred and are being amortized on the effective interest method over the term of the 2022 Notes.

17

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

6. LONG-TERM DEBT (Continued)

The 2022 Notes are the Company's senior unsecured obligations and rank equally in right of payment with all of its other existing and future senior unsecured indebtedness and senior in right of payment to all of its existing and future subordinated indebtedness. The 2022 Notes are guaranteed on a full, joint and several basis by each of the Guarantor Subsidiaries.

The Company may redeem some or all of the 2022 Notes prior to June 1, 2017 by paying a "make-whole" premium. The Company may redeem some or all of the 2022 Notes on or after June 1, 2017 at specified redemption prices. In addition, prior to June 1, 2017, the Company may redeem up to 35% of the 2022 Notes with the net proceeds of certain equity offerings at a redemption price equal to 105.250% of the aggregate principal amount plus accrued and unpaid interest, if any, subject to certain limitations set forth in the indenture governing the 2022 Notes (the "2022 Indenture").

The Company is obligated to offer to repurchase the 2022 Notes at a price of (i) 101% of their principal amount plus accrued and unpaid interest, if any, as a result of certain change-of-control events and (ii) 100% of their principal amount plus accrued and unpaid interest, if any, in the event of certain asset sales. These restrictions and prohibitions are subject to certain qualifications and exceptions.

The 2022 Indenture contains covenants that, among other things, limit the Company's ability and the ability of any of the Guarantor Subsidiaries to (i) grant liens on its assets, (ii) make dividend payments, other distributions or other restricted payments, (iii) incur restrictions on the ability of the Guarantor Subsidiaries to pay dividends or make other payments, (iv) enter into sale and leaseback transactions, (v) merge, consolidate, transfer or dispose of substantially all of their assets, (vi) incur additional indebtedness, (vii) use the proceeds from sales of assets, including capital stock of restricted subsidiaries, and (viii) enter into transactions with affiliates.

Convertible Senior Subordinated Notes

On September 18, 2006, the Company issued $201,250 in convertible senior subordinated notes (the “Convertible Notes”). The Convertible Notes are direct, unsecured, senior subordinated obligations of the Company, and rank (i) junior in right of payment to all of the Company’s existing and future senior indebtedness, (ii) equal in right of payment with any other future senior subordinated indebtedness, and (iii) senior in right of payment to all subordinated indebtedness.

The Convertible Notes bear interest at a fixed rate of 2.63% per annum, payable in cash semiannually in arrears on each April 1 and October 1. During the period commencing on October 6, 2011 and ending on, but excluding, April 1, 2012, and for each six-month period from October 1 to March 31 or from April 1 to September 30 thereafter, the Company will pay contingent interest during the applicable interest period if the average trading price of a note for the five consecutive trading days ending on the third trading day immediately preceding the first day of the relevant six-month period equals or exceeds 120% of the principal amount of the Convertible Notes. The contingent interest payable per note in respect of any six-month period will equal 0.25% per annum, calculated on the average trading price of a note for the relevant five trading day period. The Company expects that this contingent interest will continue to be payable on principal that remains outstanding. This contingent interest feature represents an embedded derivative. The value of the derivative was not deemed material at June 30, 2014 due to overall market volatility, recent conversions by holders of the Convertible Notes, as well as the Company's ability to call the Convertible Notes at any time after October 6, 2011.

The Convertible Notes mature on October 1, 2026, unless earlier redeemed, repurchased or converted. The Company may redeem the Convertible Notes for cash, in whole or in part, at any time on or after October 6, 2011 at a redemption price equal to 100% of the principal amount of the Convertible Notes to be redeemed plus accrued and unpaid interest, including contingent interest and additional amounts, if any, up to but not including the date of redemption. In addition, holders of the Convertible Notes will have the right to require the Company to repurchase for cash all or a portion of their Convertible Notes on October 1, 2016 and 2021, at a repurchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased plus accrued and unpaid interest, including contingent interest and additional amounts, if any, up to, but not including, the date of repurchase. On September 2, 2011, the Company submitted a tender offer of repurchase to the holders of the Convertible Notes, expiring October 3, 2011, and no notes were tendered for repurchase. The Convertible Notes are convertible into the Company’s common stock at a rate equal to 36.8679 shares per $1 principal amount of the Convertible Notes

18

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

6. LONG-TERM DEBT (Continued)

(equal to an initial conversion price of approximately $27.12 per share), subject to adjustment as described in the indenture governing the Convertible Notes. Upon conversion, the Company will deliver to the holder surrendering the Convertible Notes for conversion, for each $1 principal amount of Convertible Notes, an amount consisting of cash equal to the lesser of $1 and the Company’s total conversion obligation and, to the extent that the Company’s total conversion obligation exceeds $1, at the Company’s election, cash or shares of the Company’s common stock in respect of the remainder.

The Convertible Notes are eligible for conversion upon meeting certain conditions as provided in the indenture governing the Convertible Notes. For the periods from January 1, 2011 through June 30, 2014, the Convertible Notes were eligible for conversion. During the three months ended June 30, 2014, the Company settled the conversion of $7,752 in principal value of the Convertible Notes, as requested by the respective holders, with the principal and the conversion benefit settled in cash. During the three months ended June 30, 2013, the Company settled the conversion of $77,260 in principal value of the Convertible Notes, as requested by the respective holders, with the principal settled in cash and the conversion benefit settled through the issuance of 1,849,548 shares. During June 2014, the Company received notice of conversion from holders of $5,082 in principal value of the Convertible Notes. These conversions were settled in the second quarter of fiscal 2015 with the principal and the conversion benefit settled in cash. Accordingly, the balance sheet classification of the Convertible Notes was short term.

On May 22, 2014, the Company announced the redemption of the Convertible Notes. The redemption price for the Convertible Notes was equal to the sum of 100% of the principal amount of the Convertible Notes outstanding, plus accrued and unpaid interest on the Convertible Notes up to, but not including, the redemption date of June 23, 2014. The Convertible Notes were able to be converted at the option of the holder. Holders of $34 in Convertible Notes elected not to convert prior to the redemption date.

To be included in the calculation of diluted earnings per share, the average price of the Company’s common stock for the quarter must exceed the conversion price per share of $27.12. The average price of the Company’s common stock for the three months ended June 30, 2014 and 2013 was $67.45 and $77.45, respectively. Therefore, for the three months ended June 30, 2014 and 2013, there were 197,830 and 1,692,709 additional shares, respectively, included in the calculation of diluted earnings per share.

Financial Instruments Not Recorded at Fair Value

The carrying amounts of certain of our financial instruments, including cash and cash equivalents, accounts receivable and accounts payable, approximate fair value because of their short maturities (Level 1 inputs). Carrying amounts and the related estimated fair values of the Company’s financial instruments not recorded at fair value in the financial statements are as follows:

	June 30, 2014				March 31, 2014
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt	$	1,757,633	$	1,761,503	$	1,550,383	$	1,580,447

The fair value of the long-term debt was calculated based on interest rates available for debt with terms and maturities similar to the Company’s existing debt arrangements, unless quoted market prices were available (Level 2 inputs).

19

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

7.    EARNINGS PER SHARE

The following is a reconciliation between the weighted-average outstanding shares used in the calculation of basic and diluted earnings per share:

	Three Months Ended June 30,
	(in thousands)
	2014	2013
Weighted-average common shares outstanding – basic	51,691	50,815
Net effect of dilutive stock options and nonvested stock	200	298
Potential common shares – convertible debt	198	1,693
Weighted-average common shares outstanding – diluted	52,089	52,806

8.    INCOME TAXES

The Company follows the Income Taxes topic of the ASC, which prescribes a recognition threshold and measurement attribute criteria for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, as well as guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.

The Company has classified uncertain tax positions as noncurrent income tax liabilities unless expected to be paid in one year. Penalties and tax-related interest expense are reported as a component of income tax expense. As of June 30, 2014 and March 31, 2014, the total amount of accrued income tax-related interest and penalties was $185 and $204, respectively.

As of June 30, 2014 and March 31, 2014, the total amount of unrecognized tax benefits was $7,814 and $8,865, respectively, of which $6,031 and $7,082, respectively, would impact the effective rate, if recognized. The Company does not anticipate that total unrecognized tax benefits will be reduced in the next 12 months.

The effective income tax rate for the three months ended June 30, 2014 was 35.3% as compared to 35.0% for the three months ended June 30, 2013. For the three months ended June 30, 2014, the income tax provision was reduced to reflect

unrecognized tax benefits of $1,051 and an additional tax benefit related to the a net operating loss carryback claim of $367.

With few exceptions, the Company is no longer subject to U.S. federal income tax examinations for fiscal years ended before March 31, 2011, state or local examinations for fiscal years ended before March 31, 2011, or foreign income tax examinations by tax authorities for fiscal years ended before March 31, 2009.

As of June 30, 2014, the Company was not subject to examination in any state jurisdiction. The Company has filed appeals in a prior state examination related to fiscal years ended March 31, 1999 through March 31, 2005. The IRS examination of the fiscal year ended March 31, 2011 was completed during the quarter, with no material changes. Because of net operating losses acquired as part of the acquisition of Vought, the Company is subject to U.S. federal income tax examinations and various state jurisdictions for the years ended December 31, 2004 and after related to previously filed Vought tax returns. The Company believes appropriate provisions for all outstanding issues have been made for all jurisdictions and all open years.

The Company expects to receive a refund claim of $26,001, which had previously been filed for in the second quarter of the fiscal year ended March 31, 2013. The refund claim receivable is included in "Trade and other receivables" in the Condensed Consolidated Balance Sheet as of June 30, 2014.

20

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

9.    GOODWILL

The following is a summary of the changes in the carrying value of goodwill by reportable segment, from March 31, 2014 through June 30, 2014:

	Aerostructures		Aerospace  Systems		Aftermarket Services		Total
Balance, March 31, 2014	$	1,339,993	$	395,852	$	55,986	$	1,791,831
Goodwill recognized in connection with acquisitions	—		70,209		—		70,209
Effect of exchange rate changes	3,734		1,894		—		5,628
Balance, June 30, 2014	$	1,343,727	$	467,955	$	55,986	$	1,867,668

10.     PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

The Company sponsors several defined benefit pension plans covering some of its employees. Certain employee groups are ineligible to participate in the plans or have ceased to accrue additional benefits under the plans based upon their service to the Company or years of service accrued under the defined benefit pension plans. Benefits under the defined benefit plans are based on years of service and, for most non-represented employees, on average compensation for certain years. It is the Company’s policy to fund at least the minimum amount required for all qualified plans, using actuarial cost methods and assumptions acceptable under U.S. Government regulations, by making payments into a separate trust.

In addition to the defined benefit pension plans, the Company provides certain healthcare and life insurance benefits for eligible retired employees. Such benefits are unfunded. Employees achieve eligibility to participate in these contributory plans upon retirement from active service if they meet specified age and years of service requirements. Election to participate for some employees must be made at the date of retirement. Qualifying dependents at the date of retirement are also eligible for medical coverage. Current plan documents reserve the right to amend or terminate the plans at any time, subject to applicable collective bargaining requirements for represented employees. From time to time, changes have been made to the benefits provided to various groups of plan participants. Premiums charged to most retirees for medical coverage prior to age 65 are based on years of service and are adjusted annually for changes in the cost of the plans as determined by an independent actuary. In addition to this medical inflation cost-sharing feature, the plans also have provisions for deductibles, co-payments, coinsurance percentages, out-of-pocket limits, schedules of reasonable fees, preferred provider networks, coordination of benefits with other plans and a Medicare carve-out.

In accordance with the Compensation – Retirement Benefits topic of the ASC, the Company has recognized the funded status of the benefit obligation as of the date of the last remeasurement, in the accompanying Condensed Consolidated Balance Sheets. The funded status is measured as the difference between the fair value of the plan’s assets and the PBO or accumulated postretirement benefit obligation of the plan. In order to recognize the funded status, the Company determined the fair value of the plan assets. The majority of the plan assets are publicly traded investments which were valued based on the market price as of the date of remeasurement. Investments that are not publicly traded were valued based on the estimated fair value of those investments based on our evaluation of data from fund managers and comparable market data.

21

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

10.     PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Continued)

Net Periodic Benefit Plan Costs

The components of net periodic benefit costs for our postretirement benefit plans are shown in the following table:

	Pension benefits
	Three Months Ended June 30,
	2014			2013
Components of net periodic benefit expense (income):
Service cost	$	3,256		$	3,293
Interest cost	21,951			23,216
Expected return on plan assets	(36,913		)	(37,018		)
Amortization of prior service credits	(1,321		)	(1,683		)
Amortization of net loss	—			4,531
Net periodic benefit income	$	(13,027	)	$	(7,661	)

	Other postretirement benefits
	Three Months Ended June 30,
	2014			2013
Components of net periodic benefit expense:
Service cost	$	717		$	765
Interest cost	3,082			3,138
Amortization of prior service credits	(1,132		)	(1,132		)
Net periodic benefit expense	$	2,667		$	2,771

22

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

11.     STOCKHOLDERS' EQUITY

Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive income (loss) ("AOCI") by component for the three months ended June 30, 2014 and 2013, respectively, were as follows:

	Currency Translation Adjustment		Unrealized Gains and Losses on Derivative Instruments			Defined Benefit Pension Plans and Other Postretirement Benefits					Total (1)
Balance March 31, 2014	$	198	$	1,496		$	(20,602	)			$	(18,908	)
AOCI before reclassifications	7,204		(1,357		)	—					5,847
Amounts reclassified from AOCI	—		(35		)	(1,533		)	(2	)	(1,568		)
Net current period AOCI	7,204		(1,392		)	(1,533		)			4,279
Balance June 30, 2014	$	7,402	$	104		$	(22,135	)			$	(14,629	)

	Currency Translation Adjustment			Unrealized Gains and Losses on Derivative Instruments			Defined Benefit Pension Plans and Other Postretirement Benefits					Total (1)
Balance March 31, 2013	$	3,513		$	131		$	(64,616	)			$	(60,972	)
AOCI before reclassifications	(509		)	(235		)	—					(744		)
Amounts reclassified from AOCI	—			15			1,072			(2	)	1,087
Net current period AOCI	(509		)	(220		)	1,072					343
Balance June 30, 2013	$	3,004		$	(89	)	$	(63,544	)			$	(60,629	)

(1) Net of tax.

(2) Primarily relates to amortization of actuarial losses and recognized prior service (credits) costs, which are included in the net periodic pension cost of which a portion is allocated to production as inventoried costs.

23

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

12.     SEGMENTS

The Company has three reportable segments: the Aerostructures Group, the Aerospace Systems Group and the Aftermarket Services Group. The Company’s reportable segments are aligned with how the business is managed and the markets that the Company serves are viewed. The Chief Operating Decision Maker (the "CODM") evaluates performance and allocates resources based upon review of segment information. The CODM utilizes earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”) as a primary measure of segment profitability to evaluate performance of its segments and allocate resources.

The Aerostructures segment consists of the Company’s operations that manufacture products primarily for the aerospace original equipment manufacturer ("OEM") market. The Aerostructures segment’s revenues are derived from the design, manufacture, assembly and integration of metallic and composite aerostructures and structural components, including aircraft wings, fuselage sections, tail assemblies, engine nacelles, flight control surfaces as well as helicopter cabins. Further, the segment’s operations also design and manufacture composite assemblies for floor panels and environmental control system ducts. These products are sold to various aerospace OEMs on a global basis.

The Aerospace Systems segment consists of the Company’s operations that also manufacture products primarily for the aerospace OEM market, as well as the related aftermarket. The segment’s operations design and engineer mechanical and electromechanical controls, such as hydraulic systems, main engine gearbox assemblies, accumulators, mechanical control cables and non-structural cockpit components. These products are sold primarily to various aerospace OEMs on a global basis.

The Aftermarket Services segment consists of the Company’s operations that provide maintenance, repair and overhaul services to both commercial and military markets on components and accessories manufactured by third parties. Maintenance, repair and overhaul revenues are derived from services on auxiliary power units, airframe and engine accessories, including constant-speed drives, cabin compressors, starters and generators, and pneumatic drive units. In addition, the segment’s operations repair and overhaul thrust reversers, nacelle components and flight control surfaces. The segment’s operations also perform repair and overhaul services and supply spare parts for various types of gauges for a broad range of commercial airlines on a worldwide basis.

Segment Adjusted EBITDA is total segment revenue reduced by operating expenses (less depreciation and amortization) identifiable with that segment. Corporate includes general corporate administrative costs and any other costs not identifiable with one of the Company’s segments, including a gain on legal settlement, net of expenses, of $134,693 for the three months ended June 30, 2014.

The Company does not accumulate net sales information by product or service or groups of similar products and services and, therefore, the Company does not disclose net sales by product or service because to do so would be impracticable. Selected financial information for each reportable segment and the reconciliation of Adjusted EBITDA to operating income is as follows:

24

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

12.     SEGMENTS (Continued)

	Three Months Ended June 30,
	2014			2013
Net sales:
Aerostructures	$	611,863		$	651,888
Aerospace systems	219,852			219,526
Aftermarket services	67,608			74,353
Elimination of inter-segment sales	(2,418		)	(2,084		)
	$	896,905		$	943,683
Income before income taxes:
Operating income (expense):
Aerostructures	$	70,866		$	100,387
Aerospace systems	37,352			42,643
Aftermarket services	10,504			11,279
Corporate	121,802			(12,963		)
	240,524			141,346
Interest expense and other	42,360			19,710
	$	198,164		$	121,636
Depreciation and amortization:
Aerostructures	$	24,979		$	26,313
Aerospace systems	9,517			8,539
Aftermarket services	1,877			1,877
Corporate	1,178			1,205
	$	37,551		$	37,934
Amortization of acquired contract liabilities, net:
Aerostructures	$	5,117		$	6,141
Aerospace systems	3,850			5,009
	$	8,967		$	11,150
Adjusted EBITDA:
Aerostructures	$	90,728		$	120,559
Aerospace systems	43,019			46,173
Aftermarket services	12,381			13,156
Corporate	(11,713		)	(11,758		)
	$	134,415		$	168,130
Capital expenditures:
Aerostructures	$	15,369		$	45,945
Aerospace systems	5,663			4,432
Aftermarket services	1,680			4,152
Corporate	365			1,700
	$	23,077		$	56,229

25

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

12.     SEGMENTS (Continued)

	June 30, 2014		March 31, 2014
Total Assets:
Aerostructures	$	3,867,170	$	3,880,645
Aerospace systems	1,457,601		1,255,033
Aftermarket services	318,067		316,643
Corporate	215,774		100,962
	$	5,858,612	$	5,553,283

During the three months ended June 30, 2014 and 2013, the Company had international sales of $159,834 and $145,091, respectively.

13. SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS

The 2021 Notes and the 2022 Notes are fully and unconditionally guaranteed on a joint and several basis by the Guarantor Subsidiaries. The total assets, stockholders' equity, revenue, earnings and cash flows from operating activities of the Guarantor Subsidiaries exceeded a majority of the consolidated total of such items as of and for the periods reported. The only consolidated subsidiaries of the Company that are not guarantors of the 2021 Notes and the 2022 Notes (the “Non-Guarantor Subsidiaries”) are: (a) the receivables securitization special-purpose entity; and (b) the international operating subsidiaries. The following tables present condensed consolidating financial statements including the Company (the “Parent”), the Guarantor Subsidiaries, and the Non-Guarantor Subsidiaries. Such financial statements include summary condensed consolidating balance sheets as of June 30, 2014 and March 31, 2014, condensed consolidating statements of comprehensive income for the three months ended June 30, 2014 and 2013, and condensed consolidating statements of cash flows for the three months ended June 30, 2014 and 2013.

26

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

13. SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Continued)

SUMMARY CONDENSED CONSOLIDATING BALANCE SHEETS:

	June 30, 2014
	Parent		Guarantor  Subsidiaries		Non-Guarantor  Subsidiaries		Eliminations			Consolidated  Total
Current assets:
Cash and cash equivalents	$	621	$	1,631	$	23,213	$	—		$	25,465
Trade and other receivables, net	164,290		188,213		314,699		—			667,202
Inventories	—		1,114,818		87,345		—			1,202,163
Rotable assets	—		29,677		13,553		—			43,230
Deferred income taxes	—		46,898		—		—			46,898
Prepaid expenses and other	6,249		11,260		7,740		—			25,249
Total current assets	171,160		1,392,497		446,550		—			2,010,207
Property and equipment, net	9,420		803,131		152,873		—			965,424
Goodwill and other intangible assets, net	—		2,672,046		172,086		—			2,844,132
Other, net	26,566		8,399		3,884		—			38,849
Intercompany investments and advances	4,196,184		266,885		37,192		(4,500,261		)	—
Total assets	$	4,403,330	$	5,142,958	$	812,585	$	(4,500,261	)	$	5,858,612
Current liabilities:
Current portion of long-term debt	$	24,096	$	19,227	$	—	$	—		$	43,323
Accounts payable	—		274,250		27,558		—			301,808
Accrued expenses	30,312		170,846		36,656		—			237,814
Total current liabilities	54,408		464,323		64,214		—			582,945
Long-term debt, less current portion	1,488,250		63,660		162,400		—			1,714,310
Intercompany advances	492,141		2,234,875		261,296		(2,988,312		)	—
Accrued pension and other postretirement benefits, noncurrent	6,894		441,873		—		—			448,767
Deferred income taxes and other	8,088		718,319		32,635		—			759,042
Total stockholders’ equity	2,353,549		1,219,908		292,040		(1,511,949		)	2,353,548
Total liabilities and stockholders’ equity	$	4,403,330	$	5,142,958	$	812,585	$	(4,500,261	)	$	5,858,612

27

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

13. SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Continued)

SUMMARY CONDENSED CONSOLIDATING BALANCE SHEETS:

	March 31, 2014
	Parent		Guarantor  Subsidiaries		Non-Guarantor  Subsidiaries		Eliminations			Consolidated  Total
Current assets:
Cash and cash equivalents	$	2,820	$	1,149	$	25,029	$	—		$	28,998
Trade and other receivables, net	1,591		226,407		289,709		—			517,707
Inventories	—		1,041,719		70,048		—			1,111,767
Rotable assets	—		28,113		13,553		—			41,666
Deferred income taxes	—		57,291		17		—			57,308
Prepaid expenses and other	6,977		13,674		4,246		—			24,897
Total current assets	11,388		1,368,353		402,602		—			1,782,343
Property and equipment, net	9,933		801,560		119,480		—			930,973
Goodwill and other intangible assets, net	—		2,625,121		144,892		—			2,770,013
Other, net	58,536		7,860		3,558		—			69,954
Intercompany investments and advances	4,094,443		84,180		12,333		(4,190,956		)	—
Total assets	$	4,174,300	$	4,887,074	$	682,865	$	(4,190,956	)	$	5,553,283
Current liabilities:
Current portion of long-term debt	$	31,844	$	17,731	$	—	$	—		$	49,575
Accounts payable	1,150		296,968		19,216		—			317,334
Accrued expenses	36,034		212,984		24,272		—			273,290
Total current liabilities	69,028		527,683		43,488		—			640,199
Long-term debt, less current portion	1,279,694		58,714		162,400		—			1,500,808
Intercompany advances	525,216		2,021,330		304,613		(2,851,159		)	—
Accrued pension and other postretirement benefits, noncurrent	6,795		501,716		13		—			508,524
Deferred income taxes and other	9,656		586,174		24,011		—			619,841
Total stockholders’ equity	2,283,911		1,191,457		148,340		(1,339,797		)	2,283,911
Total liabilities and stockholders’ equity	$	4,174,300	$	4,887,074	$	682,865	$	(4,190,956	)	$	5,553,283

28

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

13. SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Continued)

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME:

	Three Months Ended June 30, 2014
	Parent			Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries			Eliminations			Consolidated  Total
Net sales	$	—		$	842,294		$	56,593		$	(1,982	)	$	896,905
Operating costs and expenses:
Cost of sales	—			637,887			48,911			(1,982		)	684,816
Selling, general and administrative	10,171			48,384			7,155			—			65,710
Depreciation and amortization	637			34,063			2,851			—			37,551
Relocation costs	—			2,997			—			—			2,997
Gain on legal settlement, net of expenses	(134,693		)	—			—			—			(134,693		)
	(123,885		)	723,331			58,917			(1,982		)	656,381
Operating income (loss)	123,885			118,963			(2,324		)	—			240,524
Intercompany interest and charges	(53,289		)	51,529			1,760			—			—
Interest expense and other	41,283			2,155			(1,078		)	—			42,360
Income (loss) before income taxes	135,891			65,279			(3,006		)	—			198,164
Income tax expense (benefit)	46,185			25,075			(1,339		)	—			69,921
Net income (loss)	89,706			40,204			(1,667		)	—			128,243
Other comprehensive income (loss)	(1,541		)	(1,533		)	7,353			—			4,279
Total comprehensive income	$	88,165		$	38,671		$	5,686		$	—		$	132,522

29

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

13. SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Continued)

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME:

	Three Months Ended June 30, 2013
	Parent			Guarantor  Subsidiaries		Non-Guarantor  Subsidiaries			Eliminations			Consolidated  Total
Net sales	$	—		$	905,058	$	39,809		$	(1,184	)	$	943,683
Operating costs and expenses:
Cost of sales	—			669,202		28,453			(1,184		)	696,471
Selling, general and administrative	10,593			50,726		5,398			—			66,717
Depreciation and amortization	633			35,667		1,634			—			37,934
Relocation costs	—			1,215		—			—			1,215
	11,226			756,810		35,485			(1,184		)	802,337
Operating (loss) income	(11,226		)	148,248		4,324			—			141,346
Intercompany interest and charges	(57,390		)	56,430		960			—			—
Interest expense and other	18,649			1,675		(614		)	—			19,710
Income before income taxes	27,515			90,143		3,978			—			121,636
Income tax expense	8,390			33,912		291			—			42,593
Net income	19,125			56,231		3,687			—			79,043
Other comprehensive income (loss)	—			823		(480		)	—			343
Total comprehensive income	$	19,125		$	57,054	$	3,207		$	—		$	79,386

30

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

13. SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Continued)

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS:

	Three Months Ended June 30, 2014
	Parent			Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries			Eliminations			Consolidated  Total
Net income (loss)	$	89,706		$	40,204		$	(1,667	)	$	—		$	128,243
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities	(389,152		)	150,053			7,792			51,012			(180,295		)
Net cash provided by (used in)operating activities	(299,446		)	190,257			6,125			51,012			(52,052		)
Capital expenditures	(123		)	(21,876		)	(1,078		)	—			(23,077		)
Proceeds from sale of assets	—			599			52			—			651
Acquisitions, net of cash acquired	—			—			(60,901		)	—			(60,901		)
Net cash used in investing activities	(123		)	(21,277		)	(61,927		)	—			(83,327		)
Net increase in revolving credit facility	259,534			—			—			—			259,534
Proceeds on issuance of debt	300,000			10,905			12,600			—			323,505
Retirements and repayments of debt	(374,260		)	(5,563		)	(10,400		)	—			(390,223		)
Purchase of common stock	(51,043		)	—			—			—			(51,043		)
Payments of deferred financing costs	(5,194		)	—			—			—			(5,194		)
Dividends paid	(2,056		)	—			—			—			(2,056		)
Repayment of governmental grant	—			(3,198		)	—			—			(3,198		)
Repurchase of restricted shares for minimum tax obligation	(673		)	—			—			—			(673		)
Proceeds from exercise of stock options, including excess tax benefit	356			—			—			—			356
Intercompany financing and advances	170,706			(170,642		)	50,948			(51,012		)	—
Net cash (used in) provided by financing activities	297,370			(168,498		)	53,148			(51,012		)	131,008
Effect of exchange rate changes on cash	—			—			838			—			838
Net change in cash and cash equivalents	(2,199		)	482			(1,816		)	—			(3,533		)
Cash and cash equivalents at beginning of period	2,820			1,149			25,029			—			28,998
Cash and cash equivalents at end of period	$	621		$	1,631		$	23,213		$	—		$	25,465

31

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

13. SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Continued)

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS:

	Three Months Ended June 30, 2013
	Parent			Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries			Eliminations		Consolidated  Total
Net income	$	19,125		$	56,231		$	3,687		$	—	$	79,043
Adjustments to reconcile net income to net cash provided by (used in) operating activities	15,244			(104,913		)	22,508			—		(67,161		)
Net cash provided by (used in) operating activities	34,369			(48,682		)	26,195			—		11,882
Capital expenditures	(1,466		)	(52,897		)	(1,866		)	—		(56,229		)
Reimbursed capital expenditures	—			2,869			—			—		2,869
Proceeds from sale of assets	—			10,321			—			—		10,321
Acquisitions, net of cash acquired	—			(22,255		)	(9,074		)	—		(31,329		)
Net cash used in investing activities	(1,466		)	(61,962		)	(10,940		)	—		(74,368		)
Net increase in revolving credit facility	153,935			—			—			—		153,935
Proceeds on issuance of debt	—			—			25,000			—		25,000
Retirements and repayments of debt	(107,320		)	(3,766		)	(14,100		)	—		(125,186		)
Payments of deferred financing costs	(357		)	—			—			—		(357		)
Dividends paid	(2,069		)	—			—			—		(2,069		)
Withholding of restricted shares for minimum tax obligation	(2,726		)	—			—			—		(2,726		)
Proceeds from exercise of stock options, including excess tax benefit	109			—			—			—		109
Intercompany financing and advances	(74,473		)	114,731			(40,258		)	—		—
Net cash (used in) provided by financing activities	(32,901		)	110,965			(29,358		)	—		48,706
Effect of exchange rate changes on cash	—			—			272			—		272
Net change in cash and cash equivalents	2			321			(13,831		)	—		(13,508		)
Cash and cash equivalents at beginning of period	3,110			1,537			27,390			—		32,037
Cash and cash equivalents at end of period	$	3,112		$	1,858		$	13,559		$	—	$	18,529

32

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

14.    COMMITMENTS AND CONTINGENCIES

Trade Secret Litigation over Claims of Eaton Corporation

On July 9, 2004, Eaton Corporation and several of its subsidiaries ("Eaton") sued the Company, a subsidiary and certain employees of the Company and the subsidiary on claims alleging misappropriation of trade secrets and intellectual property allegedly belonging to Eaton relating to the design and manufacture of hydraulic pumps and motors used in military and commercial aviation. The subsidiary and the individual engineer defendants answered Eaton's claims and filed counterclaims. In the course of discovery in the suit, the court began an investigation of allegations of wrongdoing by Eaton in its conduct of the litigation. On December 22, 2010, the court dismissed all of Eaton's claims with prejudice based on the court's conclusion that a fraud had been perpetrated on the court by counsel for Eaton, of which Eaton was aware or should have been aware. Eaton appealed, but on November 21, 2013, the Supreme Court of Mississippi, in a unanimous en banc decision, affirmed the lower court’s dismissal. Eaton moved for a rehearing of the Mississippi Supreme Court's affirmance but on March 20, 2014, the Supreme Court denied Eaton's motion for rehearing. Meanwhile, the Company, several subsidiaries, and the employees sued by Eaton pursued claims (including antitrust claims) and counterclaims against Eaton based on the Eaton misconduct that led to the dismissal of Eaton's claims.

On June 18, 2014, the Company announced it had settled all pending litigation involving the Company, its subsidiary the employees and Eaton. As part of the settlement, Eaton agreed to pay the Company $135,300 in cash. The Company has reflected the gain on legal settlement, net of expense, $134,693, on the Condensed Consolidated Statements of Income for the three months ended June 30, 2014 due to the fact that all contingencies have been resolved as of that date. The Company received the legal settlement from Eaton during the second quarter of the fiscal year ended March 31, 2015, while the amount of the settlement is included in "Trade and other receivables" in the Condensed Consolidated Balance Sheet as of June 30, 2014.

Other

In the ordinary course of business, the Company is also involved in disputes, claims, lawsuits, and governmental and regulatory inquiries that it deems to be immaterial. Some may involve claims or potential claims of substantial damages, fines or penalties. While the Company cannot predict the outcome of any pending or future litigation or proceeding and no assurances can be given, the Company does not believe that any pending matter will have a material effect, individually or in the aggregate, on its financial position or results of operations.

15.    RELOCATION COSTS

During the fiscal year ended March 31, 2013, the Company committed to relocate the operations of its largest facility in Dallas, Texas and to expand its Red Oak, Texas ("Red Oak") facility to accommodate this relocation. The Company incurred approximately $2,997 and $1,215 of expenses related to the relocation during the three months ended June 30, 2014 and 2013, respectively, shown separately on the Condensed Consolidated Statement of Income. The relocation was substantially completed during the fiscal year ended March 31, 2014.

16.     SUBSEQUENT EVENTS

In June 2014, the Company received notice of conversion from holders of $5,082 in principal value of the Convertible Notes. These conversions will be settled during the second quarter of fiscal 2015 with the principal and the conversion benefit settled in cash.

33

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

(The following discussion should be read in conjunction with the Condensed Consolidated Financial Statements contained elsewhere herein.)

OVERVIEW

We are a major supplier to the aerospace industry and have three operating segments: (i) Triumph Aerostructures Group, whose companies’ revenues are derived from the design, manufacture, assembly and integration of both build-to-print and proprietary metallic and composite aerostructures and structural components for the global aerospace original equipment manufacturers, or OEM, market; (ii) Triumph Aerospace Systems Group, whose companies design, engineer and manufacture a wide range of proprietary and build-to-print components, assemblies and systems also for the OEM market and the related aftermarket; and (iii) Triumph Aftermarket Services Group, whose companies serve aircraft fleets, notably commercial airlines, the U.S. military and cargo carriers, through the maintenance, repair and overhaul of aircraft components and accessories manufactured by third parties.

Effective June 27, 2014, the Company acquired the hydraulic actuation business of GE Aviation ("GE"). GE's hydraulic actuation business consists of three facilities located in Yakima, Washington, Cheltenham, England and the Isle of Man and is a technology leader in actuation systems. GE's key product offerings include complete landing gear actuation systems, door actuation, nose-wheel steerings, hydraulic fuses, manifolds flight control actuation and locking mechanisms for the commercial, military and business jet markets. The acquired business will operate as Triumph Actuation Systems-Yakima and Triumph Actuation Systems-UK & IOM and its results are included in Aerospace Systems Group from the date of acquisition.

On June 18, 2014, the Company announced it had settled all pending litigation involving the Company, its subsidiary, certain employees of the Company and its subsidiary and Eaton Corporation and several of its subsidiaries ("Eaton"). As part of the settlement, Eaton agreed to pay the Company $135,300 in cash. The Company has reflected the gain on legal settlement, net of expense, of $134,693, on the Condensed Consolidated Statements of Income for the three months ended June 30, 2014 due to the fact that all contingencies have been resolved as of that date. The Company received the legal settlement from Eaton during the second quarter of the fiscal year ended March 31, 2015, while the amount of the settlement is included in "Trade and other receivables" in the Condensed Consolidated Balance Sheet as of June 30, 2014.

Highlights for the first quarter of the fiscal year ending March 31, 2015 included:

• Net sales for the first quarter of the fiscal year ending March 31, 2015decreased5.0% over the prior year period to $896.9 million.

• Operating income in the first quarter of fiscal 2015 was $240.5 million, and included a gain on legal settlement, net of related legal expense, of $134.7 million.

• Net income for the first quarter of fiscal 2015increased62.2% over the prior year period to $128.2 million.

• Backlog as of June 30, 2014 increased 5.5% year over year to $5.01 billion, and includes expected milestone payments on development contracts. Of our existing backlog of $5.01 billion, we estimate that approximately $2.10 billion will not be shipped by June 30, 2015.

• Net income for the first quarter of fiscal 2015 was $2.46 per diluted common share, as compared to $1.50 per diluted share in the prior year period.

• We used $52.1 million of cash flow from operating activities for the three months ended June 30, 2014, after $45.2 million in pension contributions, as compared to cash provided by operations of $11.9 million in the prior year period.

As of June 30, 2014, we have incurred approximately $165.8 million in inventory costs associated with the Bombardier Global 7000/8000 and the Embraer second generation E-Jet programs, for which we have not yet begun to deliver. We expect to incur additional costs related to these programs as they continue to develop.

As disclosed during the second quarter of fiscal 2014, we identified additional program costs in the prior fiscal year of approximately $85.0 million, primarily related to the 747-8 program. These changes in program cost estimates were largely due to production rate changes, continued inefficiency, rework, high overtime levels, increased costs from suppliers and expedited delivery charges. While we have experienced improvements in performance metrics since the issues were identified, we have not yet recovered to the levels previously expected or as quickly as expected. These amounts have resulted primarily

34

Management's Discussion and Analysis of

Financial Condition and Results of Operations

(continued)

from reductions to the profitability estimates of our previous 747-8 production lots. Both the current and future production lots are expected to be profitable and not result in loss reserves.

While we are currently projecting the recurring production contracts to be profitable, there is still a substantial amount of risk similar to what we have experienced on these programs (particularly the 747-8). Particularly, our ability to manage risks related to supplier performance, execution of cost reduction strategies, hiring and retaining skilled production and management personnel, quality and manufacturing execution, program schedule delays and many other risks, will determine the ultimate performance of these programs. Additionally, further production rate reductions by our customers would be expected to have a negative impact on our profitability.

The next twelve months will be a critical time for these programs as we attempt to return to baseline performance for the recurring cost structure. Recognition of forward-losses in the future periods continues to be a significant risk and will depend upon several factors including our market forecast, possible airplane program delays or customer production rate changes, our ability to successfully perform under revised design and manufacturing plans, achievement of forecasted cost reductions as we continue production and our ability to successfully resolve claims and assertions with our customers and suppliers.

Our union contract with Local 848 of the United Auto Workers with employees at our Dallas and Grand Prairie, Texas, facilities expired in October 2013. The employees are currently working without a contract. If we are unable to negotiate a new contract with that workforce, our operations may be disrupted and we may be prevented from completing production and delivery of products from those facilities, which would negatively impact our results. A contingency plan has been developed that would allow production to continue in the event of a strike.

As previously announced by Boeing in September 2013 and then subsequently revised in March 2014 to curtail production by an additional three months, the decision has been made to cease production of the C-17 during calendar year 2015. Major production related to this program is expected to cease by the end of fiscal 2015. We have received inquiries regarding proposal for spares which could extend production through the end of fiscal 2016, as we believe the United States Air Force will want to have continued contractor support for the C-17 program.

Effective October 4, 2013, the Company acquired all of the issued and outstanding shares of General Donlee Canada, Inc. ("General Donlee"). General Donlee is based in Toronto, Canada and is a leading manufacturer of precision machined products for the aerospace, nuclear and oil and gas industries. The acquired business now operates as Triumph Gear Systems-Toronto and its results are included in the Aerospace Systems Group from the date of acquisition.

Effective May 6, 2013, the Company acquired four related entities collectively comprising the Primus Composites business ("Primus") from Precision Castparts Corp. The acquired business, which includes two manufacturing facilities in Farnborough, England and Rayong, Thailand, operates as Triumph Structures - Farnborough and Triumph Structures - Thailand and is included in the Aerostructures segment from the date of acquisition. Together, Triumph Structures - Farnborough and Triumph Structures - Thailand constitute a global supplier of composite and metallic propulsion and structural composites and assemblies. In addition to its composite operations, the Thailand operation also machines and processes metal components.

35

Management's Discussion and Analysis of

Financial Condition and Results of Operations

(continued)

RESULTS OF OPERATIONS

The following includes a discussion of our consolidated and business segment results of operations. The Company's diverse structure and customer base do not provide for precise comparisons of the impact of price and volume changes to our results. However, we have disclosed the significant variances between the respective periods.

Non-GAAP Financial Measures

We prepare and publicly release quarterly unaudited financial statements prepared in accordance with GAAP. In accordance with Securities and Exchange Commission (the "SEC") guidance on Compliance and Disclosure Interpretations, we also disclose and discuss certain non-GAAP financial measures in our public releases. Currently, the non-GAAP financial measure that we disclose is Adjusted EBITDA, which is our income from continuing operations before interest, income taxes, amortization of acquired contract liabilities, curtailments, settlements and early retirement incentives, legal settlements and depreciation and amortization. We disclose Adjusted EBITDA on a consolidated and a reportable segment basis in our earnings releases, investor conference calls and filings with the SEC. The non-GAAP financial measures that we use may not be comparable to similarly titled measures reported by other companies. Also, in the future, we may disclose different non-GAAP financial measures in order to help our investors more meaningfully evaluate and compare our future results of operations to our previously reported results of operations.

We view Adjusted EBITDA as an operating performance measure and, as such, we believe that the GAAP financial measure most directly comparable to it is income from continuing operations. In calculating Adjusted EBITDA, we exclude from income from continuing operations the financial items that we believe should be separately identified to provide additional analysis of the financial components of the day-to-day operation of our business. We have outlined below the type and scope of these exclusions and the material limitations on the use of these non-GAAP financial measures as a result of these exclusions. Adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as a measure of liquidity, as an alternative to net income (loss), income from continuing operations, or as an indicator of any other measure of performance derived in accordance with GAAP. Investors and potential investors in our securities should not rely on Adjusted EBITDA as a substitute for any GAAP financial measure, including net income (loss) or income from continuing operations. In addition, we urge investors and potential investors in our securities to carefully review the reconciliation of Adjusted EBITDA to income from continuing operations set forth below, in our earnings releases and in other filings with the SEC and to carefully review the GAAP financial information included as part of our Quarterly Reports on Form 10-Q and our Annual Reports on Form 10-K that are filed with the SEC, as well as our quarterly earnings releases, and compare the GAAP financial information with our Adjusted EBITDA.

Adjusted EBITDA is used by management to internally measure our operating and management performance and by investors as a supplemental financial measure to evaluate the performance of our business that, when viewed with our GAAP results and the accompanying reconciliation, we believe provides additional information that is useful to gain an understanding of the factors and trends affecting our business. We have spent more than 15 years expanding our product and service capabilities partially through acquisitions of complementary businesses. Due to the expansion of our operations, which included acquisitions, our income from continuing operations has included significant charges for depreciation and amortization. Adjusted EBITDA excludes these charges and provides meaningful information about the operating performance of our business, apart from charges for depreciation and amortization. We believe the disclosure of Adjusted EBITDA helps investors meaningfully evaluate and compare our performance from quarter to quarter and from year to year. We also believe Adjusted EBITDA is a measure of our ongoing operating performance because the isolation of non-cash charges, such as depreciation and amortization, and non-operating items, such as interest and income taxes, provides additional information about our cost structure, and, over time, helps track our operating progress. In addition, investors, securities analysts and others have regularly relied on Adjusted EBITDA to provide a financial measure by which to compare our operating performance against that of other companies in our industry.

Set forth below are descriptions of the financial items that have been excluded from our income from continuing operations to calculate Adjusted EBITDA and the material limitations associated with using this non-GAAP financial measure as compared to income from continuing operations:

• Legal settlements may be useful for investors to consider because it reflects gains or losses from disputes with third parties. We do not believe these earnings necessarily reflect the current and ongoing cash earnings related to our operations.

36

Management's Discussion and Analysis of

Financial Condition and Results of Operations

(continued)

• Curtailments, settlements and early retirement incentives may be useful for investors to consider because it represents the current period impact of the change in the defined benefit obligation due to the reduction in future service costs as well as the incremental cost of retirement incentive benefits paid to participants. We do not believe these earnings necessarily reflect the current and ongoing cash earnings related to our operations.

• Amortization of acquired contract liabilities may be useful for investors to consider because it represents the non-cash earnings on the fair value of off-market contracts acquired through acquisitions. We do not believe these earnings necessarily reflect the current and ongoing cash earnings related to our operations.

• Amortization expense may be useful for investors to consider because it represents the estimated attrition of our acquired customer base and the diminishing value of product rights and licenses. We do not believe these charges necessarily reflect the current and ongoing cash charges related to our operating cost structure.

• Depreciation may be useful for investors to consider because it generally represents the wear and tear on our property and equipment used in our operations. We do not believe these charges necessarily reflect the current and ongoing cash charges related to our operating cost structure.

• The amount of interest expense and other we incur may be useful for investors to consider and may result in current cash inflows or outflows. However, we do not consider the amount of interest expense and other to be a representative component of the day-to-day operating performance of our business.

• Income tax expense may be useful for investors to consider because it generally represents the taxes which may be payable for the period and the change in deferred income taxes during the period and may reduce the amount of funds otherwise available for use in our business. However, we do not consider the amount of income tax expense to be a representative component of the day-to-day operating performance of our business.

Management compensates for the above-described limitations of using non-GAAP measures by using a non-GAAP measure only to supplement our GAAP results and to provide additional information that is useful to gain an understanding of the factors and trends affecting our business.

The following table shows our Adjusted EBITDA reconciled to our net income for the indicated periods (in thousands):

	Three Months Ended June 30,
	2014			2013
Net income	$	128,243		$	79,043
Gain on legal settlement, net of expenses	(134,693		)	—
Amortization of acquired contract liabilities, net	(8,967		)	(11,150		)
Depreciation and amortization	37,551			37,934
Interest expense and other	42,360			19,710
Income tax expense	69,921			42,593
Adjusted EBITDA	$	134,415		$	168,130

The following tables show our Adjusted EBITDA by reportable segment reconciled to our operating income for the indicated periods (in thousands):

	Three Months Ended June 30, 2014
	Total			Aerostructures			Aerospace  Systems			Aftermarket  Services		Corporate/ Eliminations
Operating income	$	240,524		$	70,866		$	37,352		$	10,504	$	121,802
Gain on legal settlement, net of expenses	(134,693		)	—			—			—		(134,693		)
Amortization of acquired contract liabilities, net	(8,967		)	(5,117		)	(3,850		)	—		—
Depreciation and amortization	37,551			24,979			9,517			1,877		1,178
Adjusted EBITDA	$	134,415		$	90,728		$	43,019		$	12,381	$	(11,713	)

37

Management's Discussion and Analysis of

Financial Condition and Results of Operations

(continued)

	Three Months Ended June 30, 2013
	Total			Aerostructures			Aerospace  Systems			Aftermarket  Services		Corporate/ Eliminations
Operating income	$	141,346		$	100,387		$	42,643		$	11,279	$	(12,963	)
Amortization of acquired contract liabilities, net	(11,150		)	(6,141		)	(5,009		)	—		—
Depreciation and amortization	37,934			26,313			8,539			1,877		1,205
Adjusted EBITDA	$	168,130		$	120,559		$	46,173		$	13,156	$	(11,758	)

The fluctuations from period to period within the amounts of the components of the reconciliations above are discussed further below within Results of Operations.

Three months ended June 30, 2014 compared to three months ended June 30, 2013

	Three Months Ended June 30,
	2014		2013
	(dollars in thousands)
Net sales	$	896,905	$	943,683
Segment operating income	$	118,722	$	154,309
Corporate income (expenses)	121,802		(12,963		)
Total operating income	240,524		141,346
Interest expense and other	42,360		19,710
Income tax expense	69,921		42,593
Net income	$	128,243	$	79,043

Net sales decreased by $46.8 million, or 5.0%, to $896.9 million for the three months ended June 30, 2014 from $943.7 million for the three months ended June 30, 2013. The fiscal 2014 acquisitions, net of the prior year divestitures, contributed $7.0 million in net sales. Organic sales decreased $53.8 million, or 5.7%, due to production rate reductions by our customers on the 747-8, 767 and V-22 programs. Net sales for the three months ended June 30, 2014 included $5.5 million in total non-recurring revenues, as compared to $4.8 million in non-recurring revenues for the three months ended June 30, 2013. The prior year period was negatively impacted by our customers' decreased production rates on existing programs and decreased military sales.

Cost of sales decreased$11.7 million, or 1.7%, to $684.8 million for the three months ended June 30, 2014 from $696.5 million for the three months ended June 30, 2013. This decrease was largely due to decreased sales. Gross margin for the three months ended June 30, 2014 was 23.6%, as compared to 26.2% for the prior year period. This change is impacted by reductions in profitability estimates on the 747-8 program, driven largely by production rate changes and performance issues previously mentioned and identified in the prior fiscal year, additional program costs resulting from disruption and accelerated depreciation associated with the relocation from our Jefferson Street facilities ($3.4 million), and sales mix changes, offset by improved pension and other postretirement benefit expenses ($5.4 million).

Gross margin included net unfavorable cumulative catch-up adjustments on long-term contracts ($0.7 million). The cumulative catch-up adjustments to gross margin included gross favorable adjustments of $5.3 million and gross unfavorable adjustments of $6.0 million. The cumulative catch-up adjustments for the three months ended June 30, 2014 were due primarily to labor cost growths, partially offset by other minor improvements. Gross margin for the three months ended June 30, 2013 included net unfavorable cumulative catch-up adjustments of $4.7 million.

Segment operating income decreased by $35.6 million, or 23.1%, to $118.7 million for the three months ended June 30, 2014 from $154.3 million for the three months ended June 30, 2013. The segment operating income decreased as a result of the decreased sales and gross margin changes noted above, costs related to the relocation from our Jefferson Street facilities ($1.8 million), offset by decreased legal fees ($1.6 million).

38

Management's Discussion and Analysis of

Financial Condition and Results of Operations

(continued)

Corporate income (expenses) increased by $134.8 million, or 1,039.6%, to $121.8 million for the three months ended June 30, 2014 from $(13.0) million for the three months ended June 30, 2013. This increase is due to the previously announced legal settlement between the Company and Eaton, a net gain of $134.7 million.

Interest expense and other increased by $22.7 million, or 114.9%, to $42.4 million for the three months ended June 30, 2014 compared to $19.7 million for the prior year period. Interest expense and other for the three months ended June 30, 2014 increased due to the redemption of the 2018 Notes, which included $22.7 million of pre-tax losses associated with the 4.79% redemption premium, and the write-off of the remaining related unamortized discount and deferred financing fees.

The effective income tax rate for the three months ended June 30, 2014 was 35.3% compared to 35.0% for the three months ended June 30, 2013. For the three months ended June 30, 2014, the income tax provision was reduced to reflect the release of previously reserved for unrecognized tax benefits ($1.1 million) and offset by the expiration of the research and development tax credit as of December 31, 2013. For the three months ended June 30, 2013, the income tax provision was reduced to reflect unrecognized tax benefits of $0.7 million and additional research and development tax credit carryforward and NOL carryforward of $2.3 million. For the fiscal year ending March 31, 2015, the Company expects its effective tax rate to be approximately 35.5%, assuming the retroactive reinstatement of the research and development tax credit.

Business Segment Performance

We report our financial performance based on the following three reportable segments: the Aerostructures Group, the Aerospace Systems Group and the Aftermarket Services Group. The results of operations among our operating segments vary due to differences in competitors, customers, extent of proprietary deliverables and performance. For example, our Aerostructures segment generally includes long-term sole-source or preferred supplier contracts and the success of these programs provides a strong foundation for our business and positions us well for future growth on new programs and new derivatives. This compares to our Aerospace Systems segment which generally includes proprietary products and/or arrangements where we become the primary source or one of a few primary sources to our customers, where our unique manufacturing capabilities command a higher margin. Also, OEMs are increasingly focusing on assembly activities while outsourcing more manufacturing and repair to third parties, and as a result, are less of a competitive force than in previous years. In contrast, our Aftermarket Services segment provides MRO services on components and accessories manufactured by third parties, with more diverse competition, including airlines, OEMs and other third-party service providers. In addition, variability in the timing and extent of customer requests performed in the Aftermarket Services segment can provide for greater volatility and less predictability in revenue and earnings than that experienced in the Aerostructures and Aerospace Systems segments.

The Aerostructures segment consists of the Company’s operations that manufacture products primarily for the aerospace OEM market. The Aerostructures segment’s revenues are derived from the design, manufacture, assembly and integration of both build-to-print and proprietary metallic and composite aerostructures and structural components, including aircraft wings, fuselage sections, tail assemblies, engine nacelles, flight control surfaces as well as helicopter cabins. Further, the segment’s operations also design and manufacture composite assemblies for floor panels and environmental control system ducts. These products are sold to various aerospace OEMs on a global basis.

The Aerospace Systems segment consists of the Company’s operations that also manufacture products primarily for the aerospace OEM market. The segment’s operations design a wide range of proprietary and build-to-print components and engineer mechanical and electromechanical controls, such as hydraulic systems, main engine gearbox assemblies, accumulators, mechanical control cables and non-structural cockpit components. These products are sold to various aerospace OEMs on a global basis and the related aftermarket.

The Aftermarket Services segment consists of the Company’s operations that provide maintenance, repair and overhaul services to both commercial and military markets on components and accessories manufactured by third parties. Maintenance, repair and overhaul revenues are derived from services on auxiliary power units, airframe and engine accessories, including constant-speed drives, cabin compressors, starters and generators, and pneumatic drive units. In addition, the segment’s operations repair and overhaul thrust reversers, nacelle components and flight control surfaces. The segment’s operations also perform repair and overhaul services and supply spare parts for various types of cockpit instruments and gauges for a broad range of commercial airlines on a worldwide basis.

39

Management's Discussion and Analysis of

Financial Condition and Results of Operations

(continued)

We currently generate a majority of our revenue from clients in the commercial aerospace industry, the military, the business jet industry and the regional airline industry. Our growth and financial results are largely dependent on continued demand for our products and services from clients in these industries. If any of these industries experiences a downturn, our clients in these sectors may conduct less business with us. The following table summarizes our net sales by end market by business segment. The loss of one or more of our major customers or an economic downturn in the commercial airline or the military and defense markets could have a material adverse effect on our business.

	Three Months Ended June 30,
Aerostructures	2014		2013
Commercial aerospace	42.8	%	41.9	%
Military	14.4	%	15.0	%
Business Jets	10.1	%	11.2	%
Regional	0.6	%	0.3	%
Non-aviation	0.2	%	0.6	%
Total Aerostructures net sales	68.1	%	69.0	%
Aerospace Systems
Commercial aerospace	9.5	%	8.1	%
Military	10.8	%	11.8	%
Business Jets	1.5	%	1.0	%
Regional	1.0	%	1.0	%
Non-aviation	1.6	%	1.2	%
Total Aerospace Systems net sales	24.4	%	23.1	%
Aftermarket Services
Commercial aerospace	5.8	%	6.6	%
Military	0.7	%	0.9	%
Business Jets	—	%	0.1	%
Regional	0.5	%	0.1	%
Non-aviation	0.5	%	0.2	%
Total Aftermarket Services net sales	7.5	%	7.9	%
Total Consolidated net sales	100.0	%	100.0	%

We continue to experience a higher proportion of our sales mix in the commercial aerospace end market. We recently have experienced a slight decrease in our military end market due to reductions in defense spending. Due to our continued expected growth in the commercial aerospace end market and the planned reductions in defense spending under the Budget Act, we expect the declining trend in the military end market to continue.

	Three Months Ended June 30,								% of Total Sales
	2014			2013			% Change		2014		2013
	(in thousands)
NET SALES
Aerostructures	$	611,863		$	651,888		(6.1	)%	68.2	%	69.1	%
Aerospace Systems	219,852			219,526			0.1	%	24.5	%	23.2	%
Aftermarket Services	67,608			74,353			(9.1	)%	7.5	%	7.9	%
Elimination of inter-segment sales	(2,418		)	(2,084		)	16.0	%	(0.3	)%	(0.2	)%
Total Net Sales	$	896,905		$	943,683		(5.0	)%	100.0	%	100.0	%

40

Management's Discussion and Analysis of

Financial Condition and Results of Operations

(continued)

	Three Months Ended June 30,							% of Segment Sales
	2014		2013			% Change		2014		2013
	(in thousands)
SEGMENT OPERATING INCOME
Aerostructures	$	70,866	$	100,387		(29.4	)%	11.6	%	15.4	%
Aerospace Systems	37,352		42,643			(12.4	)%	17.0	%	19.4	%
Aftermarket Services	10,504		11,279			(6.9	)%	15.5	%	15.2	%
Corporate	121,802		(12,963		)	1,039.6	%	n/a		n/a
Total Operating Income	$	240,524	$	141,346		70.2	%	26.8	%	15.0	%

	Three Months Ended June 30,								% of Segment Sales
	2014			2013			% Change		2014		2013
	(in thousands)
Adjusted EBITDA
Aerostructures	$	90,728		$	120,559		(24.7	)%	14.8	%	18.5	%
Aerospace Systems	43,019			46,173			(6.8	)%	19.6	%	21.0	%
Aftermarket Services	12,381			13,156			(5.9	)%	18.3	%	17.7	%
Corporate	(11,713		)	(11,758		)	0.4	%	n/a		n/a
	$	134,415		$	168,130		(20.1	)%	15.0	%	17.8	%

Aerostructures: The Aerostructures segment net sales decreased by $40.0 million, or 6.1%, to $611.9 million for the three months ended June 30, 2014 from $651.9 million for the three months ended June 30, 2013. Organic sales decreased $37.0 million, or 5.9%, and the acquisition of Primus net of divestitures resulted in a $3.2 million decrease in net sales. Organic sales decreased primarily due to production rate cuts by our customers on the 747-8 and 767 programs. Net sales for the three months ended June 30, 2014 included $5.5 million in total non-recurring revenues, as compared to $4.8 million in total non-recurring revenues for the three months ended June 30, 2013.

Aerostructures segment cost of sales decreased by $9.8 million, or 1.9%, to $492.0 million for the three months ended June 30, 2014 from $501.8 million for the three months ended June 30, 2013. Cost of sales decrease resulted from the net sales decrease noted above. The gross margin for the three months ended June 30, 2014 was 19.6% compared with 23.0% for the three months ended June 30, 2013. Gross margin decreased due to reductions in profitability estimates on the 747-8 program, driven largely by the production rate changes and performance issues previously mentioned and identified in the prior fiscal year, additional program costs resulting from disruption and accelerated depreciation associated with the relocation from our Jefferson Street facilities ($3.4 million), offset by improved pension and other postretirement benefit expenses ($5.4 million).

Segment cost of sales for the three months ended June 30, 2014 included net unfavorable cumulative catch-up adjustments of ($0.7 million). The gross margin percent decreased during the three months ended June 30, 2014 as the result of net unfavorable cumulative catch-up adjustments with gross favorable adjustments of $5.3 million and gross unfavorable adjustments of $6.0 million. The cumulative catch-up adjustments for the three months ended June 30, 2014 were due primarily to labor cost growths, partially offset by other minor improvements. Segment operating income for the three months ended June 30, 2013 included net unfavorable cumulative catch-up adjustments of $4.7 million

Aerostructures segment operating income decreased by $29.5 million, or 29.4%, to $70.9 million for the three months ended June 30, 2014 from $100.4 million for the three months ended June 30, 2013. Operating income for the three months ended June 30, 2014 was directly affected by the decreases to the gross margin as discussed above and costs related to the relocation from our Jefferson Street facilities ($1.8 million). These same factors contributed to the decrease in Adjusted EBITDA year over year.

Aerostructures segment operating income as a percentage of segment sales decreased to 11.6% for the three months ended June 30, 2014 as compared to 15.4% for the three months ended June 30, 2013, due to the decrease in organic sales and other specific variances noted above.

41

Management's Discussion and Analysis of

Financial Condition and Results of Operations

(continued)

Aerospace Systems: The Aerospace Systems segment net sales increased by $0.3 million, or 0.1%, to $219.9 million for the three months ended June 30, 2014 from $219.5 million for the three months ended June 30, 2013. Organic sales decreased $10.1 million, or 4.6%, primarily due to production rate reductions on the V-22 program and decreased military sales. The General Donlee acquisition contributed $10.4 million in net sales.

Aerospace Systems segment cost of sales increased by $3.6 million, or 2.5%, to $144.9 million for the three months ended June 30, 2014 from $141.3 million for the three months ended June 30, 2013. Organic cost of sales decreased $5.8 million, or 4.1%, and the General Donlee acquisition contributed $9.4 million in cost of sales. Organic gross margin for the three months ended June 30, 2014 was 35.3% compared with 35.6% for the three months ended June 30, 2013.

Aerospace Systems segment operating income decreased by $5.3 million, or 12.4%, to $37.4 million for the three months ended June 30, 2014 from $42.6 million for the three months ended June 30, 2013. Operating income decreased primarily due to the decline in gross margin as noted above. These same factors contributed to the decrease in Adjusted EBITDA year over year.

Aerospace Systems segment operating income as a percentage of segment sales decreased to 17.0% for the three months ended June 30, 2014 as compared to 19.4% for the three months ended June 30, 2013, due to the decline in gross margin as noted above. These same factors contributed to the decrease in Adjusted EBITDA margin year over year.

Aftermarket Services: The Aftermarket Services segment net sales decreased by $6.7 million, or 9.1%, to $67.6 million for the three months ended June 30, 2014 from $74.4 million for the three months ended June 30, 2013. Organic net sales decreased $6.4 million, or 8.6%, and the previously divested Triumph Instruments companies contributed $0.4 million in net sales for the three months ended June 30, 2013. Organic net sales decreased primarily due to decreased military sales.

Aftermarket Services segment cost of sales decreased by $5.3 million, or 9.8%, to $49.2 million for the three months ended June 30, 2014 from $54.6 million for the three months ended June 30, 2013. The organic cost of sales decreased $5.0 million, or 9.2%, and the previously divested Triumph Instruments companies contributed $0.3 million to cost of sales for the three months ended June 30, 2013. Organic gross margin for the three months ended June 30, 2014 was 27.2% compared with 26.7% for the three months ended June 30, 2013.

Aftermarket Services segment operating income decreased by $0.8 million, or 6.9%, to $10.5 million for the three months ended June 30, 2014 from $11.3 million for the three months ended June 30, 2013. Operating income decreased primarily due to the decrease in organic sales as noted above. These same factors contributed to the decrease in Adjusted EBITDA year over year.

Aftermarket Services segment operating income as a percentage of segment sales increased to 15.5% for the three months ended June 30, 2014, as compared to 15.2% for the three months ended June 30, 2013.

Liquidity and Capital Resources

Our working capital needs are generally funded through cash flows from operations and borrowings under our credit arrangements. During the three months ended June 30, 2014, we used approximately $52.1 million of cash flows from operating activities, used approximately $83.3 million in investing activities and received approximately $131.0 million in financing activities.

For the three months ended June 30, 2014, we had a net cash outflow of $43.7 million from operating activities, a decrease of $55.6 million, compared to a net cash inflow of $11.9 million from the three months ended June 30, 2013. During the three months ended June 30, 2014, net cash used in operating activities was primarily due to increased payments on pension and other postretirement benefits, and timing of payments on accounts payable and other accrued expenses.

We continue to invest in inventory for new programs and additional production costs for ramp-up activities in support of increasing build rates on several programs and build ahead in anticipation of our relocation from our largest facility. During the three months ended June 30, 2014, inventory build for capitalized pre-production costs on new programs, including the Bombardier Global 7000/8000 program and the Embraer E-Jet, were $26.7 million and $7.8 million, respectively. Additionally, inventory build for mature programs, including costs associated with deferred shipments on several programs, was approximately $14.8 million. Unliquidated progress payments netted against inventory increased $25.0 million, due to timing of receipts.

Cash flows used in investing activities for the three months ended June 30, 2014increased$9.0 million from the three months ended June 30, 2013. Cash flows used in investing activities for the three months ended June 30, 2014, included the

42

Management's Discussion and Analysis of

Financial Condition and Results of Operations

(continued)

acquisition of GE ($60.9 million) and $63.5 million in capital expenditures associated with our new facilities in Red Oak, Texas. Cash flows provided by financing activities for the three months ended June 30, 2014 increased $82.3 million from the three months ended June 30, 2013 due to additional borrowings on our Credit Facility to fund the acquisitions of GE, the redemption of the 2018 Notes, settlement of the Convertible Senior Subordinated Notes ("Convertible Notes") redemptions and the purchase of our common stock ($51.0 million), offset by the issuance of the 2022 Notes.

As of June 30, 2014, $509.2 million was available under our revolving credit facility (the “Credit Facility”).  On June 30, 2014, an aggregate amount of approximately $453.9 million was outstanding under the Credit Facility, all of which was accruing interest at LIBOR plus applicable basis points totaling 2.0% per annum. Amounts repaid under the Credit Facility may be reborrowed.

In May 2014, the Company amended its existing Credit Facility with its lenders to (i) to increase the maximum amount allowed for the receivable securitization facility (the “Securitization Facility”) and (ii) amend certain other terms and covenants.

In November 2013, the Company amended the Credit Facility with its lenders to (i) provide for a $370.3 million Term Loan with a maturity date of May 14, 2019, (ii) maintain a Revolving Line of Credit under the Credit Facility to $1.0 billion, with a $250.0 million accordion feature, (iii) extend the maturity date of November 19, 2018 and (iv) amend certain other terms and covenants.

At June 30, 2014, there was $164.6 million outstanding under our Securitization Facility. Interest rates on the Securitization Facility are based on prevailing market rates for short-term commercial paper, plus a program fee and a commitment fee.

In June 2014, the Company issued the Senior Notes due 2022 (the "2022 Notes") for $300.0 million in principal amount. The 2022 Notes were sold at 100% of principal amount and have an effective yield of 5.25%. Interest on the 2022 Notes is payable semiannually in cash in arrears on June 1 and December 1 of each year. We used the net proceeds to redeem the 2018 Notes and pay related fees and expenses. In connection with the issuance of the 2022 Notes, the Company incurred approximately $5.0 million of costs, which were deferred and are being amortized on the effective interest method over the term of the notes.

In February 2013, the Company issued the Senior Notes due 2021 (the "2021 Notes") for $375.0 million in principal amount. The 2021 Notes were sold at 100% of principal amount and have an effective yield of 4.875%. Interest on the 2021 Notes is payable semiannually in cash in arrears on April 1 and October 1 of each year. We used the net proceeds to repay borrowings under our Credit Facility and pay related fees and expenses, and for general corporate purposes. In connection with the issuance of the 2021 Notes, the Company incurred approximately $6.3 million of costs, which were deferred and are being amortized on the effective interest method over the term of the notes.

In June 2010, the Company issued the Senior Notes due 2018 (the "2018 Notes") for $350.0 million in principal amount. The 2018 Notes were sold at 99.27% of principal amount for net proceeds of $347.5 million, and have an effective interest yield of 8.75%. Interest on the 2018 Notes is payable semiannually in cash in arrears on January 15 and May 15 of each year. We used the net proceeds as partial consideration of the acquisition of Vought. In connection with the issuance of the 2018 Notes, the Company incurred approximately $7.3 million of costs, which were deferred and are being amortized on the effective interest method over the term of the notes.

On June 23, 2014, the Company completed the redemption of the 2018 Notes. The principal amount of $350.0 million was redeemed at a price of 104.79% plus accrued and unpaid interest. As a result of the redemption, we recognized a pre-tax loss in the first quarter of fiscal 2015 of $22.6 million, consisting of early termination premium, unamortized discount and deferred financing fees.

In November 2009, the Company issued the Senior Subordinated Notes due 2017 (the "2017 Notes") for $175.0 million in principal amount.  The 2017 Notes were sold at 98.56% of principal amount for net proceeds of $172.5 million, and have an effective interest yield of 8.25%. Interest on the 2017 Notes is payable semiannually in cash in arrears on May 15 and November 15 of each year. We used the net proceeds for general corporate purposes, which included debt reduction, including repayment of amounts outstanding under the Credit Facility, without any permanent reduction of the commitments thereunder. In connection with the issuance of the 2017 Notes, the Company incurred approximately $4.4 million of costs, which were deferred and are being amortized on the effective interest method over the term of the notes.

43

Management's Discussion and Analysis of

Financial Condition and Results of Operations

(continued)

On November 15, 2013, the Company completed the redemption of the 2017 Notes. The principal amount of $175.0 million was redeemed at a price of 104% plus accrued and unpaid interest. As a result of the redemption, we recognized a pre-tax loss in the third quarter of fiscal 2014 of $11.1 million, consisting of early termination premium, unamortized discount and deferred financing fees.

In September 2006, the Company issued the Convertible Notes. The Convertible Notes are direct, unsecured, senior subordinated obligations of the Company, and rank (i) junior in right of payment to all of the Company’s existing and future senior indebtedness, (ii) equal in right of payment with any other future senior subordinated indebtedness, and (iii) senior in right of payment to all subordinated indebtedness. The Convertible Notes mature on October 1, 2026, unless earlier redeemed, repurchased or converted. The Company may redeem the Convertible Notes for cash, either in whole or in part, at any time on or after October 6, 2011 at a redemption price equal to 100% of the principal amount of the Convertible Notes to be redeemed plus accrued and unpaid interest, including contingent interest and additional amounts, if any, up to but not including the date of redemption. The Convertible Notes are eligible for conversion upon meeting certain conditions as provided in the indenture governing the Convertible Notes. For the periods from January 1, 2011 through June 30, 2014, the Convertible Notes were eligible for conversion. During the three months ended June 30, 2014, the Company settled the conversion of $7,752 in principal value of the Convertible Notes, as requested by the respective holders, with the principal and the conversion benefit settled in cash. During the three months ended June 30, 2013, the Company settled the conversion of $77,260 in principal value of the Convertible Notes, as requested by the respective holders, with the principal settled in cash and the conversion benefit settled through the issuance of 1,849,548 shares. During June 2014, the Company received notice of conversion from holders of $5,082 in principal value of the Convertible Notes. These conversions were settled in the second quarter of fiscal 2015 with the principal and the conversion benefit settled in cash.

On May 22, 2014, the Company announced the redemption of the Convertible Notes. The redemption price for the Convertible Notes was equal to the sum of 100% of the principal amount of the Convertible Notes outstanding, plus accrued and unpaid interest on the Convertible Notes up to, but not including, the redemption date of June 23, 2014. The Convertible Notes were able to be converted at the option of the holder. Holders of $34 in Convertible Notes elected not to convert prior to the redemption date. Accordingly, the balance sheet classification of the Convertible Notes will be short term for as long as the put option remains in effect.

Capital expenditures were approximately $23.1 million for the three months ended June 30, 2014. We funded these expenditures through cash generated from operations and borrowings under the Credit Facility. We expect capital expenditures and investments in new major programs of approximately $240.0 million to $260.0 million for our fiscal year ending March 31, 2015, of which $125.0 million will be reflected in inventory. The expenditures are expected to be used mainly to expand capacity or replace old equipment at several facilities.

The expected future cash flows for the next five years for long-term debt, leases and other obligations are as follows:

	Payments Due by Period (dollars in thousands)
Contractual Obligations	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
Debt principal (1)	$	1,757,633	$	43,323	$	699,953	$	320,798	$	693,559
Debt interest (2)	365,147		69,240		138,019		128,184		29,704
Operating leases	126,209		21,277		33,716		21,122		50,094
Contingent payments	1,900		900		1,000		—		—
Purchase obligations	1,551,406		1,237,385		299,735		2,645		11,641
Total	$	3,802,295	$	1,372,125	$	1,172,423	$	472,749	$	784,998

(1) Included in the Company’s balance sheet at June 30, 2014.

(2) Includes fixed-rate interest only.

The above table excludes unrecognized tax benefits of $7.8 million as of June 30, 2014 since we cannot predict with reasonable certainty the timing of cash settlements with the respective taxing authorities.

The table also excludes our defined pension benefit obligations. We made contributions to our defined benefit pension plans of $46.3 million and $109.8 million in fiscal 2014 and 2013, respectively. We expect to make total pension and postretirement plan contributions of $114.8 million to our benefit plans during fiscal 2015. For the three months ended June 30, 2014, the Company made pension contributions of $45.2 million versus $25.8 million for the three months ended

44

Management's Discussion and Analysis of

Financial Condition and Results of Operations

(continued)

June 30, 2013. For the fiscal year ended March 31, 2015, the Company is not required to make minimum contributions to its U.S. defined benefit pension plans under the minimum funding requirements of the Employee Retirement Income Security Act of 1974 and the Pension Protection Act of 2006.

We believe that cash generated by operations and borrowings under the Credit Facility will be sufficient to meet anticipated cash requirements for our current operations for the foreseeable future. However, we have a stated policy to grow through acquisitions and are continuously evaluating various acquisition opportunities, while opportunistically buying back shares to return capital to our shareholders. As a result, we currently are pursuing the potential purchase of a number of candidates. In the event that more than one of these transactions are successfully consummated, the availability under the Credit Facility might be fully utilized and additional funding sources may be needed. There can be no assurance that such funding sources will be available to us on terms favorable to us, if at all.

Critical Accounting Policies

The Company's critical accounting policies are discussed in Management's Discussion and Analysis of Financial Condition and Results of Operations and notes accompanying the condensed consolidated financial statements that appear in the Annual Report on Form 10-K for the fiscal year ended March 31, 2014. Except as otherwise disclosed in the financial statements and accompanying notes included in this report, there were no material changes subsequent to the filing of the Annual Report on Form 10-K for the fiscal year ended March 31, 2014 in the Company's critical accounting policies or in the assumptions or estimates used to prepare the financial information appearing in this report.

Forward-Looking Statements

This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 relating to our future operations and prospects, including statements that are based on current projections and expectations about the markets in which we operate, and our beliefs concerning future performance and capital requirements based upon current available information. Such statements are based on our beliefs as well as assumptions made by and information currently available to us. When used in this document, words like “may,” “might,” “will,” “expect,” “anticipate,” “believe,” “potential,” and similar expressions are intended to identify forward-looking statements. Actual results could differ materially from our current expectations. For example, there can be no assurance that additional capital will not be required or that additional capital, if required, will be available on reasonable terms, if at all, at such times and in such amounts as may be needed by us. In addition to these factors, among other factors that could cause actual results to differ materially are uncertainties relating to the integration of acquired businesses, general economic conditions affecting our business, dependence of certain of our businesses on certain key customers as well as competitive factors relating to the aviation industry. For a more detailed discussion of these and other factors affecting us, see the risk factors described in our Annual Report on Form 10-K for the fiscal year ended March 31, 2014, filed with the SEC in May 2014.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

For information regarding our exposure to certain market risks, see “Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in our Annual Report on Form 10-K for the fiscal year ended March 31, 2014. There has been no material change in this information during the period covered by this report.

Item 4. Controls and Procedures.

(a) Evaluation of disclosure controls and procedures.

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports pursuant to the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

45

Management's Discussion and Analysis of

Financial Condition and Results of Operations

(continued)

As of June 30, 2014, we completed an evaluation, under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of June 30, 2014.

(b) Changes in internal control over financial reporting.

There were no changes that occurred during the fiscal quarter covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

46

TRIUMPH GROUP, INC.

Part II. Other Information

Item 1. Legal Proceedings.

On July 9, 2004, Eaton Corporation and several of its subsidiaries ("Eaton") sued the Company, a subsidiary and certain employees of the Company and the subsidiary on claims alleging misappropriation of trade secrets and intellectual property allegedly belonging to Eaton relating to the design and manufacture of hydraulic pumps and motors used in military and commercial aviation. The subsidiary and the individual engineer defendants answered Eaton's claims and filed counterclaims. In the course of discovery in the suit, the court began an investigation of allegations of wrongdoing by Eaton in its conduct of the litigation. On December 22, 2010, the court dismissed all of Eaton's claims with prejudice based on the court's conclusion that a fraud had been perpetrated on the court by counsel for Eaton, of which Eaton was aware or should have been aware. Eaton appealed, but on November 21, 2013, the Supreme Court of Mississippi, in a unanimous en banc decision, affirmed the lower court’s dismissal. Eaton moved for a rehearing of the Mississippi Supreme Court's affirmance, but on March 20, 2014, the Supreme Court denied Eaton's motion for rehearing. Meanwhile, the Company, several subsidiaries, and the employees sued by Eaton pursued claims (including antitrust claims) and counterclaims against Eaton based on the Eaton misconduct that led to the dismissal of Eaton's claims.

On June 18, 2014, the Company announced it had settled all pending litigation involving the Company, its subsidiary, the employees of the Company and its subsidiary and Eaton. As part of the settlement, Eaton agreed to pay the Company $135,300,000 in cash. The Company received Eaton’s settlement payment early in the Company’s second fiscal quarter.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

The table below summarizes repurchases made pursuant to the Company's share repurchase plan during the three months ended June 30, 2014.

Period	Total number of shares purchased	Average price paid per share		Total number of shares purchased as part of publicly announced plans	Maximum number of shares that may yet be purchased under the plans
April 1 - 30, 2014	—	$	—	—	5,200,800
May 1 - 31, 2014	750,000	$	68.06	1,549,200	4,450,800
June 1 - 30, 2014	—	$	—	—	4,450,800
Total	750,000	$	68.06	1,549,200	4,450,800

Item 6. Exhibits.

Exhibit 31.1	Certification by President and CEO Pursuant to Rule 13a-14(a)/15d-14(a).
Exhibit 31.2	Certification by Executive Vice President and CFO Pursuant to Rule 13a-14(a)/15d-14(a).
Exhibit 32.1	Certification of Periodic Report by President and CEO Furnished Pursuant to 18 U.S.C. Section 1350 Adopted Pursuant to Section 906 Sarbanes-Oxley Act of 2002.
Exhibit 32.2	Certification of Periodic Report by Executive Vice President and CFO Furnished Pursuant to 18 U.S.C. Section 1350 Adopted Pursuant to Section 906 Sarbanes-Oxley Act of 2002.
Exhibit 101	The following financial information from Triumph Group, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2014 formatted in XBRL: (i) Condensed Consolidated Balance Sheets as of June 30, 2014 and March 31, 2014; (ii) Condensed Consolidated Statements of Income for the three months ended June 30, 2014 and 2013; (iii) Condensed Consolidated Statements of Comprehensive Income for the three months ended June 30, 2014 and 2013; (iv) Condensed Consolidated Statements of Cash Flows for the three months ended June 30, 2014 and 2013; and (1) Notes to Condensed Consolidated Financial Statements.

47

Management's Discussion and Analysis of

Financial Condition and Results of Operations

(continued)

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Triumph Group, Inc.
	(Registrant)
/s/ Jeffry D. Frisby		August 4, 2014
Jeffry D. Frisby, President & CEO
	(Principal Executive Officer)
/s/ Jeffrey L. McRae		August 4, 2014
Jeffrey L. McRae, Senior Vice President & CFO
	(Principal Financial Officer)
/s/ Thomas A. Quigley, III		August 4, 2014
Thomas A. Quigley, III, Vice President and Controller
	(Principal Accounting Officer)

48

EXHIBIT INDEX

Exhibit Number	Description
31.1	Certification by President and Chief Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a).
31.2	Certification by Executive Vice President and Chief Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a).
32.1	Certification of Periodic Report by President and Chief Executive Officer Furnished Pursuant to 18 U.S.C. Section 1350 Adopted Pursuant to Section 906 Sarbanes-Oxley Act of 2002.
32.2	Certification of Periodic Report by Executive Vice President and Chief Financial Officer Furnished Pursuant to 18 U.S.C. Section 1350 Adopted Pursuant to Section 906 Sarbanes-Oxley Act of 2002.
101	The following financial information from Triumph Group, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2014 formatted in XBRL: (i) Condensed Consolidated Balance Sheets as of June 30, 2014 and March 31, 2014; (ii) Condensed Consolidated Statements of Income for the three months ended June 30, 2014 and 2013; (iii) Condensed Consolidated Statements of Comprehensive Income for the three months ended June 30, 2014 and 2013; (iv) Condensed Consolidated Statements of Cash Flows for the three months ended June 30, 2014 and 2013; and (v) Notes to Condensed Consolidated Financial Statements.

49

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO RULE 13A-14 OR 15D-14 OF
THE SECURITIES AND EXCHANGE ACT OF 1934

I, Jeffry D. Frisby, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Triumph Group, Inc.;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors:

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:      August 4, 2014

/s/ Jeffry D. Frisby

--------------------------------------------

Jeffry D. Frisby

President and Chief Executive Officer

(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO RULE 13A-14 OR 15D-14 OF
THE SECURITIES AND EXCHANGE ACT OF 1934

I, Jeffrey L. McRae, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Triumph Group, Inc.;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors:

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:     August 4, 2014

/s/ Jeffrey L. McRae

------------------------------------------------

Jeffrey L. McRae

Senior Vice President and Chief Financial Officer

(Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Triumph Group, Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2014, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jeffry D. Frisby, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

By:    /s/Jeffry D. Frisby

Jeffry D. Frisby

President and Chief Executive Officer

(Principal Executive Officer)

August 4, 2014

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Triumph Group, Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2014, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jeffrey L. McRae, Senior Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

By: /s/ Jeffrey L. McRae

Jeffrey L. McRae

Senior Vice President and Chief Financial Officer (Principal Financial Officer)

August 4, 2014

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Intangibles (Details 3) (USD $) In Thousands, unless otherwise specified	3 Months Ended			3 Months Ended	12 Months Ended	3 Months Ended		3 Months Ended	12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Mar. 31, 2014	Jun. 30, 2014 Customer relationships	Mar. 31, 2014 Customer relationships	Jun. 30, 2014 Product rights and licenses	Mar. 31, 2014 Product rights and licenses	Jun. 30, 2014 Non-compete agreements and other	Mar. 31, 2014 Non-compete agreements and other	Jun. 30, 2014 Tradename	Mar. 31, 2014 Tradename
Intangible Assets
Weighted-Average Life (in years)				16 years 6 months	16 years 8 months	11 years 8 months		15 years 11 months	13 years 7 months
Gross Carrying Amount				$ 660,166	$ 650,210	$ 52,405	$ 52,405	$ 2,929	$ 3,679
Accumulated Amortization	(177,436)		(166,512)	(147,403)	(136,970)	(29,629)	(28,437)	(404)	(1,105)	0	0
Finite-lived intangible assets, net				512,763	513,240	22,776	23,968	2,525	2,574	438,400	438,400
Indefinite-lived intangible assets, net										438,400	438,400
Total intangibles, gross	1,153,900		1,144,694
Total intangibles, net	976,464		978,182
Amortization expense	$ 11,631	$ 11,533

XML

STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Mar. 31, 2014	Mar. 31, 2013
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive loss	$ (14,629)	$ (60,629)	$ (18,908)	$ (60,972)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	7,204	(509)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax	(1,357)	(235)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	5,847	(744)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax	0	0
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	(35)	15
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(1,568)	1,087
Other Comprehensive Income (Loss), Net of Tax	4,279	343
Accumulated Translation Adjustment [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated Other Comprehensive Income (Loss), before Tax	7,402	3,004	198	3,513
Other Comprehensive Income (Loss), Net of Tax	7,204	(509)
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive loss	104	(89)	1,496	131
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax	(1,357)	(235)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	(35)	15
Other Comprehensive Income (Loss), Net of Tax	(1,392)	(220)
Accumulated Defined Benefit Plans Adjustment [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive loss	(22,135)	(63,544)	(20,602)	(64,616)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(1,533)	1,072
Other Comprehensive Income (Loss), Net of Tax	$ (1,533)	$ 1,072

XML

LONG-TERM DEBT (Details 2) (USD $) In Thousands, unless otherwise specified	3 Months Ended			3 Months Ended			3 Months Ended						3 Months Ended				3 Months Ended	12 Months Ended		3 Months Ended				3 Months Ended				3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Mar. 31, 2014	Jun. 30, 2014 Convertible senior subordinated notes	Mar. 31, 2014 Convertible senior subordinated notes	Sep. 18, 2006 Convertible senior subordinated notes	Jun. 30, 2014 Revolving credit facility	Dec. 31, 2013 Revolving credit facility	Mar. 31, 2014 Revolving credit facility	Jun. 30, 2013 Revolving credit facility	Jun. 30, 2014 Term loan credit agreement	Mar. 31, 2014 Term loan credit agreement	Jun. 30, 2014 Asset-backed Securities [Member]	Mar. 31, 2014 Asset-backed Securities [Member]	Jun. 30, 2014 Capital Lease Obligations [Member]	Mar. 31, 2014 Capital Lease Obligations [Member]	Dec. 31, 2013 Senior subordinated notes due 2017	Mar. 31, 2012 Senior subordinated notes due 2017	Jun. 30, 2014 Senior subordinated notes due 2017	Dec. 31, 2013 Senior notes due 2018	Jun. 30, 2012 Senior notes due 2018	Jun. 30, 2014 Senior notes due 2018	Mar. 31, 2014 Senior notes due 2018	Mar. 31, 2014 Senior notes due 2021 [Member]	Jun. 30, 2014 Senior notes due 2021 [Member]	Jun. 30, 2014 Notes Payable, Other Payables [Member]	Mar. 31, 2014 Notes Payable, Other Payables [Member]	Jun. 30, 2014 Minimum [Member] Revolving credit facility	Jun. 30, 2014 Maximum [Member] Revolving credit facility
Long-term debt
Debt Instrument, Convertible, Conversion Ratio				36.8679
Line of Credit Facility, Maximum Borrowing Capacity							$ 1,000,000						$ 175,000	$ 175,000
Accordion feature							250,000
Payments of Financing Costs	5,194	357						2,795					196					4,390			7,307			6,327
Unamortized financing costs prior to amendment										6,507				537
Debt instrument principal amount						201,250													175,000			350,000		375,000
Gains (Losses) on Extinguishment of Debt																	(11,069)			(22,615)
Debt Instrument, Description of Variable Rate Basis							LIBOR
Debt Instrument, Basis Spread on Variable Rate																												1.38%	2.50%
Outstanding borrowing amount	1,757,633		1,550,383	5,082	12,834		453,940		194,406		370,313	375,000	164,600	162,400	80,720	74,342						0	348,423	375,000	375,000	7,978	7,978
Letters of credit outstanding amount							36,907		36,445
Commitment fees (as a percent)																												0.25%	0.45%
Borrowing capacity under revolving credit facility after reductions for borrowings and letters of credit outstanding							$ 509,153
Program fee on the amount outstanding (as a percent)													0.43%
Line of Credit Facility, Commitment Fee Percentage													0.43%
Percentage of line of credit on which commitment fees are charged (as a percent)													100.00%

XML

SEGMENTS (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Mar. 31, 2014
Financial information of reportable segment and the reconciliation of EBITDA to operating income
Gain (Loss) Related to Litigation Settlement	$ 134,693	$ 0
Net sales	896,905	943,683
Operating income (loss)	240,524	141,346
Interest expense and other	42,360	19,710
Income from continuing operations before income taxes	198,164	121,636
Depreciation and amortization	37,551	37,934
Amortization of Acquired Contract Liabilities	8,967	11,150
EBITDA	134,415	168,130
Capital expenditures	23,077	56,229
Total assets	5,858,612		5,553,283
Revenues	159,834	145,091
Aerostructures
Financial information of reportable segment and the reconciliation of EBITDA to operating income
Net sales	611,863	651,888
Operating income (loss)	70,866	100,387
Depreciation and amortization	24,979	26,313
Amortization of Acquired Contract Liabilities	5,117	6,141
EBITDA	90,728	120,559
Capital expenditures	15,369	45,945
Total assets	3,867,170		3,880,645
Aerospace Systems
Financial information of reportable segment and the reconciliation of EBITDA to operating income
Net sales	219,852	219,526
Operating income (loss)	37,352	42,643
Depreciation and amortization	9,517	8,539
Amortization of Acquired Contract Liabilities	3,850	5,009
EBITDA	43,019	46,173
Capital expenditures	5,663	4,432
Total assets	1,457,601		1,255,033
Aftermarket Services
Financial information of reportable segment and the reconciliation of EBITDA to operating income
Net sales	67,608	74,353
Operating income (loss)	10,504	11,279
Depreciation and amortization	1,877	1,877
EBITDA	12,381	13,156
Capital expenditures	1,680	4,152
Total assets	318,067		316,643
Elimination of inter-segment sales
Financial information of reportable segment and the reconciliation of EBITDA to operating income
Net sales	(2,418)	(2,084)
Corporate
Financial information of reportable segment and the reconciliation of EBITDA to operating income
Operating income (loss)	121,802	(12,963)
Depreciation and amortization	1,178	1,205
EBITDA	(11,713)	(11,758)
Capital expenditures	365	1,700
Total assets	$ 215,774		$ 100,962

XML

INVENTORIES (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Mar. 31, 2014
Inventory Disclosure [Abstract]
Raw materials	$ 83,605	$ 106,552
Work-in-process	1,199,720	1,102,626
Finished goods	108,814	67,608
Less: unliquidated progress payments	(189,976)	(165,019)
Total inventories	1,202,163	1,111,767
Preproduction Costs Related to Long-term Supply Arrangements, Costs Capitalized	$ 165,764	$ 131,358

XML

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)

3 Months Ended

Jun. 30, 2014

Pension benefits

Components of net periodic benefit costs:

Schedule of components of net periodic benefit cost and postretirement benefit plan

	Pension benefits
	Three Months Ended June 30,
	2014			2013
Components of net periodic benefit expense (income):
Service cost	$	3,256		$	3,293
Interest cost	21,951			23,216
Expected return on plan assets	(36,913		)	(37,018		)
Amortization of prior service credits	(1,321		)	(1,683		)
Amortization of net loss	—			4,531
Net periodic benefit income	$	(13,027	)	$	(7,661	)

Other postretirement

Components of net periodic benefit costs:

Schedule of components of net periodic benefit cost and postretirement benefit plan

	Other postretirement benefits
	Three Months Ended June 30,
	2014			2013
Components of net periodic benefit expense:
Service cost	$	717		$	765
Interest cost	3,082			3,138
Amortization of prior service credits	(1,132		)	(1,132		)
Net periodic benefit expense	$	2,667		$	2,771

XML

SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Details 2) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Consolidating Financial Statements, Captions
Net sales	$ 896,905	$ 943,683
Operating costs and expenses:
Cost of sales	684,816	696,471
Selling, general and administrative	65,710	66,717
Depreciation and amortization	37,551	37,934
Restructuring Charges	2,997	1,215
Gain (Loss) Related to Litigation Settlement	(134,693)	0
Total operating costs and expenses	656,381	802,337
Operating income	240,524	141,346
Intercompany interest and charges	0	0
Interest expense and other	42,360	19,710
Income from continuing operations before income taxes	198,164	121,636
Income tax expense (benefit)	69,921	42,593
Net Income (Loss) Attributable to Parent	128,243	79,043
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	4,279	343
Total comprehensive income	132,522	79,386
Parent
Consolidating Financial Statements, Captions
Net sales	0	0
Operating costs and expenses:
Cost of sales	0	0
Selling, general and administrative	10,171	10,593
Depreciation and amortization	637	633
Restructuring Charges	0	0
Gain (Loss) Related to Litigation Settlement	(134,693)
Total operating costs and expenses	(123,885)	11,226
Operating income	123,885	(11,226)
Intercompany interest and charges	(53,289)	(57,390)
Interest expense and other	41,283	18,649
Income from continuing operations before income taxes	135,891	27,515
Income tax expense (benefit)	46,185	8,390
Net Income (Loss) Attributable to Parent	89,706	19,125
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(1,541)	0
Total comprehensive income	88,165	19,125
Guarantors Subsidiaries
Consolidating Financial Statements, Captions
Net sales	842,294	905,058
Operating costs and expenses:
Cost of sales	637,887	669,202
Selling, general and administrative	48,384	50,726
Depreciation and amortization	34,063	35,667
Restructuring Charges	2,997	1,215
Gain (Loss) Related to Litigation Settlement	0
Total operating costs and expenses	723,331	756,810
Operating income	118,963	148,248
Intercompany interest and charges	51,529	56,430
Interest expense and other	2,155	1,675
Income from continuing operations before income taxes	65,279	90,143
Income tax expense (benefit)	25,075	33,912
Net Income (Loss) Attributable to Parent	40,204	56,231
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(1,533)	823
Total comprehensive income	38,671	57,054
Non-Guarantor Subsidiaries
Consolidating Financial Statements, Captions
Net sales	56,593	39,809
Operating costs and expenses:
Cost of sales	48,911	28,453
Selling, general and administrative	7,155	5,398
Depreciation and amortization	2,851	1,634
Restructuring Charges	0	0
Gain (Loss) Related to Litigation Settlement	0
Total operating costs and expenses	58,917	35,485
Operating income	(2,324)	4,324
Intercompany interest and charges	1,760	960
Interest expense and other	(1,078)	(614)
Income from continuing operations before income taxes	(3,006)	3,978
Income tax expense (benefit)	(1,339)	291
Net Income (Loss) Attributable to Parent	(1,667)	3,687
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	7,353	(480)
Total comprehensive income	5,686	3,207
Eliminations
Consolidating Financial Statements, Captions
Net sales	(1,982)	(1,184)
Operating costs and expenses:
Cost of sales	(1,982)	(1,184)
Selling, general and administrative	0	0
Depreciation and amortization		0
Restructuring Charges	0	0
Gain (Loss) Related to Litigation Settlement	0
Total operating costs and expenses	(1,982)	(1,184)
Operating income	0	0
Intercompany interest and charges	0	0
Interest expense and other	0	0
Income from continuing operations before income taxes	0	0
Income tax expense (benefit)	0	0
Net Income (Loss) Attributable to Parent	0	0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	0	0
Total comprehensive income	$ 0	$ 0

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

Use of Estimates

Use of Estimates

The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Revenue Recognition

Revenue Recognition

Revenues are generally recognized in accordance with the contract terms when products are shipped, delivery has occurred or services have been rendered, pricing is fixed and determinable, and collection is reasonably assured. A significant portion of the Company’s contracts are within the scope of the Revenue Recognition - Construction-Type and Production-Type Contracts topic of the ASC and revenue and costs on contracts are recognized using the percentage-of-completion method of accounting. Accounting for the revenue and profit on a contract requires estimates of (1) the contract value or total contract revenue, (2) the total costs at completion, which is equal to the sum of the actual incurred costs to date on the contract and the estimated costs to complete the contract’s scope of work, and (3) the measurement of progress towards completion. Depending on the contract, the Company measures progress toward completion using either the cost-to-cost method or the units-of-delivery method of accounting, with the great majority measured under the units-of-delivery method of accounting.

• Under the cost-to-cost method of accounting, progress toward completion is measured as the ratio of total costs incurred to estimated total costs at completion. Costs are recognized as incurred. Profit is determined based on estimated profit margin on the contract multiplied by the progress toward completion. Revenue represents the sum of costs and profit on the contract for the period.

• Under the units-of-delivery method of accounting, revenue on a contract is recorded as the units are delivered and accepted during the period at an amount equal to the contractual selling price of those units. The costs recorded on a contract under the units-of-delivery method of accounting are equal to the total costs at completion divided by the total units to be delivered. As contracts can span multiple years, the Company often segments the contracts into production lots for the purposes of accumulating and allocating cost. Profit is recognized as the difference between revenue for the units delivered and the estimated costs for the units delivered.

Adjustments to original estimates for a contract’s revenues, estimated costs at completion and estimated total profit are often required as work progresses under a contract, as experience is gained and as more information is obtained, even though the scope of work required under the contract may not change, or if contract modifications occur. These estimates are also sensitive to the assumed rate of production. Generally, the longer it takes to complete the contract quantity, the more relative overhead that contract will absorb. The impact of revisions in cost estimates is recognized on a cumulative catch-up basis in the period in which the revisions are made. Provisions for anticipated losses on contracts are recorded in the period in which they become evident (‘‘forward losses’’) and are first offset against costs that are included in inventory, with any remaining amount reflected in accrued contract liabilities in accordance with the Revenue Recognition - Construction-Type and Production-Type Contracts topic. Revisions in contract estimates, if significant, can materially affect results of operations and cash flows, as well as valuation of inventory. Furthermore, certain contracts are combined or segmented for revenue recognition in accordance with the Revenue Recognition - Construction-Type and Production-Type Contracts topic.

For the three months ended June 30, 2014, cumulative catch-up adjustments from changes in estimates decreased operating income, net income and earnings per share by approximately $(723), $(468) and $(0.01) net of tax, respectively. The cumulative catch-up adjustments to operating income for the three months ended June 30, 2014 included gross favorable adjustments of approximately $5,279 and gross unfavorable adjustments of approximately $(6,002). For the three months ended June 30, 2013, cumulative catch-up adjustments from changes in estimates decreased operating income, net income and earnings per share by approximately $(4,685), $(3,044) and $(0.06) net of tax, respectively.

Amounts representing contract change orders or claims are only included in revenue when such change orders or claims have been settled with the customer and to the extent that units have been delivered. Additionally, some contracts may contain provisions for revenue sharing, price re-determination, requests for equitable adjustments, change orders or cost and/or performance incentives. Such amounts or incentives are included in contract value when the amounts can be reliably estimated and their realization is reasonably assured.

Although fixed-price contracts, which extend several years into the future, generally permit the Company to keep unexpected profits if costs are less than projected, the Company also bears the risk that increased or unexpected costs may reduce profit or cause the Company to sustain losses on the contract. In a fixed-price contract, the Company must fully absorb cost overruns, notwithstanding the difficulty of estimating all of the costs the Company will incur in performing these contracts and in projecting the ultimate level of revenue that may otherwise be achieved.

Failure to anticipate technical problems, estimate delivery reductions, estimate costs accurately or control costs during performance of a fixed-price contract may reduce the profitability of a fixed-price contract or cause a loss. The Company believes that it has recognized adequate provisions in the financial statements for losses on fixed-price contracts, but cannot be certain that the contract loss provisions will be adequate to cover all actual future losses.

While the Company is currently projecting its recurring production contracts to be profitable, there is still a substantial amount of risk similar to what the Company has experienced on certain programs. Particularly, the Company's ability to manage risks related to supplier performance, execution of cost reduction strategies, hiring and retaining skilled production and management personnel, quality and manufacturing execution, program schedule delays and many other risks, will determine the ultimate performance of these programs.

For example, significant cost growth experienced on the 747-8 program during prior fiscal year resulted in lower-than-expected margins during the year, but the deliveries are still profitable. We have assessed the profitability of future production related to the 747-8 program and currently projected that the program will continue to be profitable. However, if significant cost growth is experienced, cost reduction strategies are not successfully implemented and/or production rates are further reduced by our customers, profit margin on the 747-8 program could continue to deteriorate or a loss might be incurred on future recurring production blocks.

Included in net sales of the Aerostructures and Aerospace Systems group is the non-cash amortization of acquired contract liabilities recognized as fair value adjustments through purchase accounting from various acquisitions. For the three months ended June 30, 2014 and 2013, the Company recognized $8,967 and $11,150, respectively, into net sales in the accompanying condensed consolidated statements of income.

The Aftermarket Services Group provides repair and overhaul services, a small portion of which services are provided under long-term power-by-the-hour contracts. The Company applies the proportional performance method of accounting to recognize revenue under these contracts. Revenue is recognized over the contract period as units are delivered based on the relative value in proportion to the total estimated contract consideration. In estimating the total contract consideration, management evaluates the projected utilization of its customers’ fleet over the term of the contract, in connection with the related estimated repair and overhaul servicing requirements to the fleet based on such utilization. Changes in utilization of the fleet by customers, among other factors, may have an impact on these estimates and require adjustments to estimates of revenue to be realized.

Concentration of Credit Risk

Concentration of Credit Risk

The Company’s trade accounts receivable are exposed to credit risk. However, the risk is limited due to the diversity of the customer base and the customer base’s wide geographical area. Trade accounts receivable from The Boeing Company (“Boeing”) (representing commercial, military and space) represented approximately 27% and 32% of total trade accounts receivable as of June 30, 2014 and March 31, 2014, respectively. The Company had no other concentrations of credit risk of more than 10%. Sales to Boeing for the three months ended June 30, 2014 were $382,106, or 43% of net sales, of which $355,678, $20,691 and $5,737 were from the Aerostructures segment, the Aerospace Systems segment and Aftermarket Services segment, respectively. Sales to Boeing for the three months ended June 30, 2013 were $425,114, or 45% of net sales, of which $397,314, $20,774 and $7,026 were from the Aerostructures segment, the Aerospace Systems segment and Aftermarket Services segment, respectively. No other single customer accounted for more than 10% of the Company’s net sales. However, the loss of any significant customer, including Boeing, could have a material adverse effect on the Company and its operating subsidiaries.

Stock-Based Compensation

Stock-Based Compensation

The Company recognizes compensation expense for share-based awards based on the fair value of those awards at the date of grant. Stock-based compensation expense for the three months ended June 30, 2014 and 2013 was $996 and $1,328, respectively. The Company has classified share-based compensation within selling, general and administrative expenses to correspond with the same line item as the majority of the cash compensation paid to employees. Upon the exercise of stock options or vesting of restricted stock, the Company first transfers treasury stock, then issues new shares.

Intangibles policy [Policy Text Block]

Intangible Assets

The components of intangible assets, net, are as follows:

	June 30, 2014
	Weighted- Average Life	Gross Carrying Amount		Accumulated Amortization			Net
Customer relationships	16.5	$	660,166	$	(147,403	)	$	512,763
Product rights, technology and licenses	11.7	52,405		(29,629		)	22,776
Non-compete agreements and other	15.9	2,929		(404		)	2,525
Tradenames	Indefinite-lived	438,400		—			438,400
Total intangibles, net		$	1,153,900	$	(177,436	)	$	976,464

	March 31, 2014
	Weighted- Average Life	Gross Carrying Amount		Accumulated Amortization			Net
Customer relationships	16.7	$	650,210	$	(136,970	)	$	513,240
Product rights, technology and licenses	11.7	52,405		(28,437		)	23,968
Non-compete agreements and other	13.6	3,679		(1,105		)	2,574
Tradenames	Indefinite-lived	438,400		—			438,400
Total intangibles, net		$	1,144,694	$	(166,512	)	$	978,182

Amortization expense for the three months ended June 30, 2014 and 2013 was $11,631 and $11,533, respectively.

Fair Value Measurement, Policy [Policy Text Block]

Fair Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. When determining fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and also considers assumptions that market participants would use when pricing an asset or liability. The fair value hierarchy has three levels of inputs that may be used to measure fair value: Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2—Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability; and Level 3—Unobservable inputs for the asset or liability. The Company has applied fair value measurements to its interest rate swap (see Note 6).

Product Warranty Disclosure [Text Block]

Warranty Reserves

A reserve has been established to provide for the estimated future cost of warranties on our delivered products. The Company periodically reviews the reserves and adjustments are made accordingly. A provision for warranty on products delivered is made on the basis of historical experience and identified warranty issues. Warranties cover such factors as non-conformance to specifications and defects in material and workmanship. The majority of the Company's agreements include a three-year warranty, although certain programs have warranties up to 20 years. The warranty reserves as of ended June 30, 2014 and 2013, were $37,751 and $22,066, respectively

Cash Flow, Supplemental Disclosures [Text Block]

Supplemental Cash Flow Information

The Company paid $591 and $672 for income taxes, net of refunds received, for the three months ended June 30, 2014 and 2013, respectively. The Company made interest payments of $45,589 and $11,589 for the three months ended June 30, 2014 and 2013, respectively.

During the three months ended June 30, 2014 and 2013, the Company financed $0 and $26 of property and equipment additions through capital leases, respectively. During the three months ended June 30, 2014 and 2013, the Company issued 0 and 1,849,548 shares, respectively, in connection with certain conversions of convertible senior subordinated notes (see Note 6).

XML

EARNINGS PER SHARE (Details) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Earnings Per Share [Abstract]
Weighted-average common shares outstanding-basic (in shares)	51,691	50,815
Net effect of dilutive stock options (in shares)	200	298
Potential common shares - convertible debt (in shares)	198	1,693
Weighted average common shares outstanding - diluted (in shares)	52,089	52,806

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Product Warranty (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Product Warranties [Abstract]
Standard Product Warranty Description	3
Extended Product Warranty Description	20
Product Warranty Accrual	$ 37,751	$ 22,066

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Revenue Recognition
Amortization of acquired contract liabilities	$ (8,967)	$ (11,150)
Aerostructures
Revenue Recognition
Amortization of acquired contract liabilities	(5,117)	(6,141)
Aerospace Systems [Member]
Revenue Recognition
Amortization of acquired contract liabilities	$ (3,850)	$ (5,009)

XML

GOODWILL (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2014
Changes in the carrying value of goodwill
Balance at the beginning of the period	$ 1,791,831
Goodwill, Acquired During Period	70,209
Effect of exchange rate changes and other	5,628
Balance at the end of the period	1,867,668
Aerostructures
Changes in the carrying value of goodwill
Balance at the beginning of the period	1,339,993
Goodwill, Acquired During Period	0
Effect of exchange rate changes and other	3,734
Balance at the end of the period	1,343,727
Aerospace Systems [Member]
Changes in the carrying value of goodwill
Balance at the beginning of the period	395,852
Goodwill, Acquired During Period	70,209
Effect of exchange rate changes and other	1,894
Balance at the end of the period	467,955
Aftermarket Services
Changes in the carrying value of goodwill
Balance at the beginning of the period	55,986
Goodwill, Acquired During Period	0
Effect of exchange rate changes and other	0
Balance at the end of the period	$ 55,986

XML

SUBSEQUENT EVENTS SUBSEQUENT EVENTS (Details) (Convertible senior subordinated notes, USD $) In Thousands, unless otherwise specified	3 Months Ended
	Sep. 30, 2014	Jun. 30, 2013
Convertible senior subordinated notes
Subsequent Event [Line Items]
Extinguishment of Debt, Amount	$ 5,082	$ 77,260

XML

LONG-TERM DEBT, BY TYPE (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended			3 Months Ended			3 Months Ended							3 Months Ended			12 Months Ended	3 Months Ended				3 Months Ended											3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Mar. 31, 2014	Dec. 31, 2013 Revolving credit facility	Jun. 30, 2014 Revolving credit facility	Mar. 31, 2014 Revolving credit facility	Jun. 30, 2014 Asset-backed Securities [Member]	Mar. 31, 2014 Asset-backed Securities [Member]	Jun. 30, 2014 Capital Lease Obligations [Member]	Mar. 31, 2014 Capital Lease Obligations [Member]	Jun. 30, 2014 Term loan credit agreement	Mar. 31, 2014 Term loan credit agreement	Dec. 31, 2013 Term loan credit agreement	Jun. 30, 2014 Senior subordinated notes due 2017	Dec. 31, 2013 Senior subordinated notes due 2017	Jun. 30, 2012 Senior subordinated notes due 2017	Mar. 31, 2012 Senior subordinated notes due 2017	Jun. 30, 2014 Senior notes due 2018	Dec. 31, 2013 Senior notes due 2018	Jun. 30, 2012 Senior notes due 2018	Mar. 31, 2014 Senior notes due 2018	Jun. 30, 2014 Senior notes due 2021 [Member]	Mar. 31, 2014 Senior notes due 2021 [Member]	Jun. 30, 2014 Senior Notes Due 2022 [Member]	Mar. 31, 2014 Senior Notes Due 2022 [Member]	Sep. 30, 2014 Convertible senior subordinated notes	Jun. 30, 2014 Convertible senior subordinated notes	Jun. 30, 2013 Convertible senior subordinated notes	Mar. 31, 2014 Convertible senior subordinated notes	Sep. 18, 2006 Convertible senior subordinated notes	Jun. 30, 2014 Notes Payable, Other Payables [Member]	Mar. 31, 2014 Notes Payable, Other Payables [Member]	Jun. 30, 2014 Debt Conversion, Nonredeemer [Member] Convertible senior subordinated notes
Long-term debt
Long-term debt	$ 1,757,633		$ 1,550,383		$ 453,940	$ 194,406	$ 164,600	$ 162,400	$ 80,720	$ 74,342	$ 370,313	$ 375,000						$ 0			$ 348,423	$ 375,000	$ 375,000	$ 300,000	$ 0		$ 5,082		$ 12,834		$ 7,978	$ 7,978
Less current portion	43,323		49,575
Long-term Debt and Capital Lease Obligations	1,714,310		1,500,808										375,000
Debt Instrument, Interest Rate, Effective Percentage														8.25%				8.75%					4.875%		5.25%
Debt Instrument, Face Amount														175,000				350,000					375,000		300,000					201,250
Debt Instrument, Future Redemption Price as Percentage of Original Principal in Fifth Year														104.00%				104.79%
Gains (Losses) on Extinguishment of Debt															(11,069)				(22,615)
Debt Instrument, Interest Rate, Stated Percentage														8.00%				8.62%					4.875%		5.25%
Proceeds from Debt Instrument Percentage of Original Principal																98.56%				99.27%		100.00%		100.00%
Payments of Financing Costs	5,194	357		2,795			196										4,390			7,307			6,327		4,990
Debt Instrument, Redemption with Net Proceeds from Equity Offerings as Percentage of Original Principal																						35.00%		35.00%
Debt Instrument Redemption Price With Net Proceeds From Equity Offerings As Percentage Of Original Principal																						104.875%		105.25%
Debt Instrument, Repurchase Obligation Due to Change of Control, Percentage of Original Principal																						101.00%		101.00%
Debt Instrument, Repurchase Obligation Due to Certain Asset Sales Percentage of Original Principal																						100.00%		100.00%
Debt Instrument, Repurchase Requirement Percentage of Original Principal																											100.00%
Debt Instrument, Convertible, Conversion Ratio																											36.8679
Stock Issued During Period, Shares, Conversion of Convertible Securities																											0	1,849,548
Extinguishment of Debt, Amount																										$ 5,082		$ 77,260					$ 34

XML

BASIS OF PRESENTATION AND ORGANIZATION

3 Months Ended

Jun. 30, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

BASIS OF PRESENTATION AND ORGANIZATION

The accompanying unaudited condensed consolidated financial statements of Triumph Group, Inc. (the "Company") have been prepared in conformity with accounting principles generally accepted in the United States ('U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of the results of operations, financial position and cash flows. The results of operations for the three months ended June 30, 2014 are not necessarily indicative of results that may be expected for the year ending March 31, 2015. The accompanying condensed consolidated financial statements are unaudited and should be read in conjunction with the fiscal 2014 audited condensed consolidated financial statements and notes thereto included in the Company's Form 10-K for the year ended March 31, 2014 filed in May 2014.

The Company designs, engineers, manufactures, repairs and overhauls a broad portfolio of aerostructures, aircraft components, accessories, subassemblies and systems. The Company serves a broad, worldwide spectrum of the aviation industry, including original equipment manufacturers of commercial, regional, business and military aircraft and aircraft components, as well as commercial and regional airlines and air cargo carriers.

In May 2014, the Financial Accounting Standards Board ("FASB") issued guidance codified in Accounting Standards Codification ("ASC") 606, Revenue Recognition - Revenue from Contracts with Customers, which amends the guidance in former ASC 605, Revenue Recognition. The objective of ASC 606 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance. The principle of ASC 606 is that an entity will recognize revenue at the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled. ASC 606 is effective for interim and annual reporting periods beginning after December 15, 2016 and can be adopted by the Company using either a full retrospective or modified retrospective approach, with early adoption prohibited. The Company is currently evaluating ASC 606 and has not determined the impact it may have on the Company’s consolidated results of operations, financial position or cash flows nor decided on the method of adoption.

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Share Repurchase (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Jun. 30, 2014
Equity, Class of Treasury Stock [Line Items]
Treasury Stock, Shares, Acquired	750,000
Stock Repurchased During Period, Value	$ 51,044
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	4,450,800

XML

LONG-TERM DEBT LONG-TERM DEBT (Tables)

3 Months Ended

Jun. 30, 2014

Long-term debt

Schedule of Long-term Debt Instruments [Table Text Block]

	June 30, 2014		March 31, 2014
Revolving line of credit	$	453,940	$	194,406
Term loan	370,313		375,000
Receivable securitization facility	164,600		162,400
Equipment leasing facility and other capital leases	80,720		74,342
Senior notes due 2018	—		348,423
Senior notes due 2021	375,000		375,000
Senior notes due 2022	300,000		—
Convertible senior subordinated notes	5,082		12,834
Other debt	7,978		7,978
	1,757,633		1,550,383
Less current portion	43,323		49,575
	$	1,714,310	$	1,500,808

XML

INVENTORIES (Tables)

3 Months Ended

Jun. 30, 2014

Inventory Disclosure [Abstract]

Schedule of components of inventories

	June 30, 2014			March 31, 2014
Raw materials	$	83,605		$	106,552
Work-in-process, including manufactured and purchased components	1,199,720			1,102,626
Finished goods	108,814			67,608
Less: unliquidated progress payments	(189,976		)	(165,019		)
Total inventories	$	1,202,163		$	1,111,767

XML

SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2013	Mar. 31, 2013
Current assets:
Cash and cash equivalents	$ 25,465	$ 28,998	$ 18,529	$ 32,037
Trade and other receivables, net	667,202	517,707
Inventories	1,202,163	1,111,767
Rotable assets	43,230	41,666
Deferred income taxes	46,898	57,308
Prepaid expenses and other	25,249	24,897
Total current assets	2,010,207	1,782,343
Property and equipment, net	965,424	930,973
Goodwill and other intangible assets, net	2,844,132	2,770,013
Other, net	38,849	69,954
Intercompany investments and advances	0	0
Total assets	5,858,612	5,553,283
Current liabilities:
Current portion of long-term debt	43,323	49,575
Accounts payable	301,808	317,334
Accrued expenses	237,814	273,290
Total current liabilities	582,945	640,199
Long-term debt, less current portion	1,714,310	1,500,808
Intercompany debt	0	0
Accrued pension and other postretirement benefits, noncurrent	448,767	508,524
Deferred income taxes and other	759,042	619,841
Total stockholders' equity	2,353,548	2,283,911
Total liabilities and stockholders' equity	5,858,612	5,553,283
Parent
Current assets:
Cash and cash equivalents	621	2,820	3,112	3,110
Trade and other receivables, net	164,290	1,591
Inventories	0	0
Rotable assets	0	0
Deferred income taxes	0	0
Prepaid expenses and other	6,249	6,977
Total current assets	171,160	11,388
Property and equipment, net	9,420	9,933
Goodwill and other intangible assets, net	0	0
Other, net	26,566	58,536
Intercompany investments and advances	4,196,184	4,094,443
Total assets	4,403,330	4,174,300
Current liabilities:
Current portion of long-term debt	24,096	31,844
Accounts payable	0	1,150
Accrued expenses	30,312	36,034
Total current liabilities	54,408	69,028
Long-term debt, less current portion	1,488,250	1,279,694
Intercompany debt	492,141	525,216
Accrued pension and other postretirement benefits, noncurrent	6,894	6,795
Deferred income taxes and other	8,088	9,656
Total stockholders' equity	2,353,549	2,283,911
Total liabilities and stockholders' equity	4,403,330	4,174,300
Guarantors Subsidiaries
Current assets:
Cash and cash equivalents	1,631	1,149	1,858	1,537
Trade and other receivables, net	188,213	226,407
Inventories	1,114,818	1,041,719
Rotable assets	29,677	28,113
Deferred income taxes	46,898	57,291
Prepaid expenses and other	11,260	13,674
Total current assets	1,392,497	1,368,353
Property and equipment, net	803,131	801,560
Goodwill and other intangible assets, net	2,672,046	2,625,121
Other, net	8,399	7,860
Intercompany investments and advances	266,885	84,180
Total assets	5,142,958	4,887,074
Current liabilities:
Current portion of long-term debt	19,227	17,731
Accounts payable	274,250	296,968
Accrued expenses	170,846	212,984
Total current liabilities	464,323	527,683
Long-term debt, less current portion	63,660	58,714
Intercompany debt	2,234,875	2,021,330
Accrued pension and other postretirement benefits, noncurrent	441,873	501,716
Deferred income taxes and other	718,319	586,174
Total stockholders' equity	1,219,908	1,191,457
Total liabilities and stockholders' equity	5,142,958	4,887,074
Non-Guarantor Subsidiaries
Current assets:
Cash and cash equivalents	23,213	25,029	13,559	27,390
Trade and other receivables, net	314,699	289,709
Inventories	87,345	70,048
Rotable assets	13,553	13,553
Deferred income taxes	0	17
Prepaid expenses and other	7,740	4,246
Total current assets	446,550	402,602
Property and equipment, net	152,873	119,480
Goodwill and other intangible assets, net	172,086	144,892
Other, net	3,884	3,558
Intercompany investments and advances	37,192	12,333
Total assets	812,585	682,865
Current liabilities:
Current portion of long-term debt	0	0
Accounts payable	27,558	19,216
Accrued expenses	36,656	24,272
Total current liabilities	64,214	43,488
Long-term debt, less current portion	162,400	162,400
Intercompany debt	261,296	304,613
Accrued pension and other postretirement benefits, noncurrent	0	13
Deferred income taxes and other	32,635	24,011
Total stockholders' equity	292,040	148,340
Total liabilities and stockholders' equity	812,585	682,865
Eliminations
Current assets:
Cash and cash equivalents	0	0	0	0
Trade and other receivables, net	0	0
Inventories	0	0
Rotable assets	0	0
Deferred income taxes	0	0
Prepaid expenses and other	0	0
Total current assets	0	0
Property and equipment, net	0	0
Goodwill and other intangible assets, net	0	0
Other, net	0	0
Intercompany investments and advances	(4,500,261)	(4,190,956)
Total assets	(4,500,261)	(4,190,956)
Current liabilities:
Current portion of long-term debt	0	0
Accounts payable	0	0
Accrued expenses	0	0
Total current liabilities	0	0
Long-term debt, less current portion	0	0
Intercompany debt	(2,988,312)	(2,851,159)
Accrued pension and other postretirement benefits, noncurrent	0	0
Deferred income taxes and other	0	0
Total stockholders' equity	(1,511,949)	(1,339,797)
Total liabilities and stockholders' equity	$ (4,500,261)	$ (4,190,956)

XML

ACQUISITIONS (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended				3 Months Ended		3 Months Ended			3 Months Ended		3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Mar. 31, 2014	May 06, 2013	Jun. 30, 2014 GEActuation [Member]	Jun. 27, 2014 GEActuation [Member]	Mar. 31, 2014 Insulfab Product Line [Member]	Dec. 31, 2013 Insulfab Product Line [Member]	Oct. 07, 2013 Insulfab Product Line [Member]	Dec. 31, 2013 General Donlee [Member]	Oct. 04, 2013 General Donlee [Member]	Jun. 30, 2013 Primus Composites [Member]	May 06, 2013 Primus Composites [Member]	Oct. 04, 2013 Secured Debt [Member] General Donlee [Member]	Oct. 04, 2013 Convertible Debt [Member] General Donlee [Member]
Acquisitions
Payments to Acquire Businesses, Gross					$ 71,509		$ 2,516	$ 7,394		$ 56,622		$ 33,530
Business Combination, Consideration Transferred, Liabilities Incurred												30,000
Business Acquisition, Transaction Costs						812					766		743
Business Acquisition, Goodwill, Expected Tax Deductible Amount									4,660				29,138
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents						4,608							2,201
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables						36,730					10,976		17,392
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory						47,601					15,645		21,053
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets											184		883
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment						41,004					31,495		28,457
Goodwill	1,867,668		1,791,831			70,209					46,468		29,138
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles						9,000					24,607		3,514
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life					13 years					15 years 0 months		16 years
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent						53,919							13,138
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets						2,506
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets						265,577					129,375		115,776
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable						19,080					2,841		10,027
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other						26,104					3,620		15,939
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent						148,884					11,336
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt											54,956			32,382	26,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other													26,280
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities						194,068					72,753		52,246
Finite-Lived Customer Relationships, Gross				3,514
Amortization of Acquired Contract Liabilities	8,967	11,150
Business Acquisition, Pro Forma Revenue	947,842	1,015,825
Business Acquisition, Pro Forma Net Income (Loss)	$ 129,467	$ 82,244
Business Acquisition, Pro Forma Earnings Per Share, Basic	$ 2.50	$ 1.62
Business Acquisition, Pro Forma Earnings Per Share, Diluted	$ 2.49	$ 1.56

XML

LONG-TERM DEBT Fair Value Measurements (Tables)

3 Months Ended

Jun. 30, 2014

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, by Balance Sheet Grouping [Table Text Block]

	June 30, 2014				March 31, 2014
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt	$	1,757,633	$	1,761,503	$	1,550,383	$	1,580,447

XML

EARNINGS PER SHARE (Tables)

3 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Reconciliation between the weighted average outstanding shares used in calculation of basic and diluted earnings per share

	Three Months Ended June 30,
	(in thousands)
	2014	2013
Weighted-average common shares outstanding – basic	51,691	50,815
Net effect of dilutive stock options and nonvested stock	200	298
Potential common shares – convertible debt	198	1,693
Weighted-average common shares outstanding – diluted	52,089	52,806

XML

Consolidated Statements of Cash Flows Parenthetical (Parentheticals) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Excess tax benefit	$ 0	$ 0

XML

GOODWILL (Tables)

3 Months Ended

Jun. 30, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of changes in the carrying value of goodwill by reportable segment

	Aerostructures		Aerospace  Systems		Aftermarket Services		Total
Balance, March 31, 2014	$	1,339,993	$	395,852	$	55,986	$	1,791,831
Goodwill recognized in connection with acquisitions	—		70,209		—		70,209
Effect of exchange rate changes	3,734		1,894		—		5,628
Balance, June 30, 2014	$	1,343,727	$	467,955	$	55,986	$	1,867,668

XML

Supplemental Cash Flow Information (Details 4) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Business Acquisition [Line Items]
Income taxes paid, net of refunds received	$ 591	$ 672
Cash paid for interest	45,589	11,589
Additional capital lease obligation to finance property and equipment	10,905	0
Convertible senior subordinated notes
Business Acquisition [Line Items]
Shares issued in connection with certain redemptions (in shares)	0	1,849,548
Capital Lease Obligations [Member]
Business Acquisition [Line Items]
Additional capital lease obligation to finance property and equipment	$ 0	$ 26

XML

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Pension benefits
Components of net periodic benefit costs:
Service cost	$ 3,256	$ 3,293
Interest cost	21,951	23,216
Expected return on plan assets	36,913	37,018
Amortization of prior service costs	(1,321)	(1,683)
Amortization of net loss	0	4,531
Net periodic benefit cost	(13,027)	(7,661)
Other postretirement
Components of net periodic benefit costs:
Service cost	717	765
Interest cost	3,082	3,138
Amortization of prior service costs	(1,132)	(1,132)
Net periodic benefit cost	$ 2,667	$ 2,771

XML

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Mar. 31, 2014
Current assets:
Cash and cash equivalents	$ 25,465	$ 28,998
Trade and other receivables, less allowance for doubtful accounts of $6,528 and $6,535	667,202	517,707
Inventories, net of unliquidated progress payments of $189,976 and $165,019	1,202,163	1,111,767
Rotable assets	43,230	41,666
Deferred income taxes	46,898	57,308
Prepaid and other current assets	25,249	24,897
Total current assets	2,010,207	1,782,343
Property and equipment, net	965,424	930,973
Goodwill	1,867,668	1,791,831
Intangible assets, net	976,464	978,182
Other, net	38,849	69,954
Total assets	5,858,612	5,553,283
Current liabilities:
Current portion of long-term debt	43,323	49,575
Accounts payable	301,808	317,334
Accrued expenses	237,814	273,290
Total current liabilities	582,945	640,199
Long-term debt, less current portion	1,714,310	1,500,808
Accrued pension and other postretirement benefits, noncurrent	448,767	508,524
Deferred income taxes, noncurrent	386,686	385,085
Other noncurrent liabilities	372,356	234,756
Stockholders’ equity:
Common stock, $.001 par value, 100,000,000 shares authorized, 52,460,920 and 52,459,020 shares issued; 51,423,808 and 52,159,020 shares outstanding	52	52
Capital in excess of par value	856,496	866,281
Treasury Stock, Value	(70,178)	(19,134)
Accumulated other comprehensive loss	(14,629)	(18,908)
Retained earnings	1,581,807	1,455,620
Total stockholders' equity	2,353,548	2,283,911
Total liabilities and stockholders' equity	$ 5,858,612	$ 5,553,283

XML

DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2013
Discontinued operations and assets held for sale
Proceeds from sale of assets	$ 651	$ 23,000	$ 10,321
Proceeds from Sale of Property Held-for-sale			9,676
Notes Issued			1,500
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal			1,462
Triumph Instruments [Member]
Discontinued operations and assets held for sale
Proceeds from sale of assets			$ 11,200

XML

Consolidated Statements of Comprehensive Income Parenthetical (Parentheticals) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit), Tax	$ 0	$ 0
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During the Period, Tax	0	0
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Tax	0
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service (Cost) Credit, Tax	921
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During the Period, Tax	905
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax	$ 20

XML

COMMITMENTS AND CONTINGENCIES Litigation Settlement (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Loss Contingencies [Line Items]
Litigation Settlement, Amount	$ 135,300
Gain (Loss) Related to Litigation Settlement	$ 134,693	$ 0

XML

SEGMENTS (Tables)

3 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

Schedule of selected financial information for each reportable segment and the reconciliation of EBITDA to operating income

	Three Months Ended June 30,
	2014			2013
Net sales:
Aerostructures	$	611,863		$	651,888
Aerospace systems	219,852			219,526
Aftermarket services	67,608			74,353
Elimination of inter-segment sales	(2,418		)	(2,084		)
	$	896,905		$	943,683
Income before income taxes:
Operating income (expense):
Aerostructures	$	70,866		$	100,387
Aerospace systems	37,352			42,643
Aftermarket services	10,504			11,279
Corporate	121,802			(12,963		)
	240,524			141,346
Interest expense and other	42,360			19,710
	$	198,164		$	121,636
Depreciation and amortization:
Aerostructures	$	24,979		$	26,313
Aerospace systems	9,517			8,539
Aftermarket services	1,877			1,877
Corporate	1,178			1,205
	$	37,551		$	37,934
Amortization of acquired contract liabilities, net:
Aerostructures	$	5,117		$	6,141
Aerospace systems	3,850			5,009
	$	8,967		$	11,150
Adjusted EBITDA:
Aerostructures	$	90,728		$	120,559
Aerospace systems	43,019			46,173
Aftermarket services	12,381			13,156
Corporate	(11,713		)	(11,758		)
	$	134,415		$	168,130
Capital expenditures:
Aerostructures	$	15,369		$	45,945
Aerospace systems	5,663			4,432
Aftermarket services	1,680			4,152
Corporate	365			1,700
	$	23,077		$	56,229

Reconciliation of Assets from Segment to Consolidated [Table Text Block]

	June 30, 2014		March 31, 2014
Total Assets:
Aerostructures	$	3,867,170	$	3,880,645
Aerospace systems	1,457,601		1,255,033
Aftermarket services	318,067		316,643
Corporate	215,774		100,962
	$	5,858,612	$	5,553,283

XML

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Jun. 30, 2014

Commitments and Contingencies [Abstract]

Commitments and Contingencies Disclosure [Text Block]

COMMITMENTS AND CONTINGENCIES

Trade Secret Litigation over Claims of Eaton Corporation

On July 9, 2004, Eaton Corporation and several of its subsidiaries ("Eaton") sued the Company, a subsidiary and certain employees of the Company and the subsidiary on claims alleging misappropriation of trade secrets and intellectual property allegedly belonging to Eaton relating to the design and manufacture of hydraulic pumps and motors used in military and commercial aviation. The subsidiary and the individual engineer defendants answered Eaton's claims and filed counterclaims. In the course of discovery in the suit, the court began an investigation of allegations of wrongdoing by Eaton in its conduct of the litigation. On December 22, 2010, the court dismissed all of Eaton's claims with prejudice based on the court's conclusion that a fraud had been perpetrated on the court by counsel for Eaton, of which Eaton was aware or should have been aware. Eaton appealed, but on November 21, 2013, the Supreme Court of Mississippi, in a unanimous en banc decision, affirmed the lower court’s dismissal. Eaton moved for a rehearing of the Mississippi Supreme Court's affirmance but on March 20, 2014, the Supreme Court denied Eaton's motion for rehearing. Meanwhile, the Company, several subsidiaries, and the employees sued by Eaton pursued claims (including antitrust claims) and counterclaims against Eaton based on the Eaton misconduct that led to the dismissal of Eaton's claims.

On June 18, 2014, the Company announced it had settled all pending litigation involving the Company, its subsidiary the employees and Eaton. As part of the settlement, Eaton agreed to pay the Company $135,300 in cash. The Company has reflected the gain on legal settlement, net of expense, $134,693, on the Condensed Consolidated Statements of Income for the three months ended June 30, 2014 due to the fact that all contingencies have been resolved as of that date. The Company received the legal settlement from Eaton during the second quarter of the fiscal year ended March 31, 2015, while the amount of the settlement is included in "Trade and other receivables" in the Condensed Consolidated Balance Sheet as of June 30, 2014.

Other

In the ordinary course of business, the Company is also involved in disputes, claims, lawsuits, and governmental and regulatory inquiries that it deems to be immaterial. Some may involve claims or potential claims of substantial damages, fines or penalties. While the Company cannot predict the outcome of any pending or future litigation or proceeding and no assurances can be given, the Company does not believe that any pending matter will have a material effect, individually or in the aggregate, on its financial position or results of operations.

XML

SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Tables)

3 Months Ended

Jun. 30, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Summary of consolidating balance sheets

	June 30, 2014
	Parent		Guarantor  Subsidiaries		Non-Guarantor  Subsidiaries		Eliminations			Consolidated  Total
Current assets:
Cash and cash equivalents	$	621	$	1,631	$	23,213	$	—		$	25,465
Trade and other receivables, net	164,290		188,213		314,699		—			667,202
Inventories	—		1,114,818		87,345		—			1,202,163
Rotable assets	—		29,677		13,553		—			43,230
Deferred income taxes	—		46,898		—		—			46,898
Prepaid expenses and other	6,249		11,260		7,740		—			25,249
Total current assets	171,160		1,392,497		446,550		—			2,010,207
Property and equipment, net	9,420		803,131		152,873		—			965,424
Goodwill and other intangible assets, net	—		2,672,046		172,086		—			2,844,132
Other, net	26,566		8,399		3,884		—			38,849
Intercompany investments and advances	4,196,184		266,885		37,192		(4,500,261		)	—
Total assets	$	4,403,330	$	5,142,958	$	812,585	$	(4,500,261	)	$	5,858,612
Current liabilities:
Current portion of long-term debt	$	24,096	$	19,227	$	—	$	—		$	43,323
Accounts payable	—		274,250		27,558		—			301,808
Accrued expenses	30,312		170,846		36,656		—			237,814
Total current liabilities	54,408		464,323		64,214		—			582,945
Long-term debt, less current portion	1,488,250		63,660		162,400		—			1,714,310
Intercompany advances	492,141		2,234,875		261,296		(2,988,312		)	—
Accrued pension and other postretirement benefits, noncurrent	6,894		441,873		—		—			448,767
Deferred income taxes and other	8,088		718,319		32,635		—			759,042
Total stockholders’ equity	2,353,549		1,219,908		292,040		(1,511,949		)	2,353,548
Total liabilities and stockholders’ equity	$	4,403,330	$	5,142,958	$	812,585	$	(4,500,261	)	$	5,858,612

13. SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Continued)

SUMMARY CONDENSED CONSOLIDATING BALANCE SHEETS:

	March 31, 2014
	Parent		Guarantor  Subsidiaries		Non-Guarantor  Subsidiaries		Eliminations			Consolidated  Total
Current assets:
Cash and cash equivalents	$	2,820	$	1,149	$	25,029	$	—		$	28,998
Trade and other receivables, net	1,591		226,407		289,709		—			517,707
Inventories	—		1,041,719		70,048		—			1,111,767
Rotable assets	—		28,113		13,553		—			41,666
Deferred income taxes	—		57,291		17		—			57,308
Prepaid expenses and other	6,977		13,674		4,246		—			24,897
Total current assets	11,388		1,368,353		402,602		—			1,782,343
Property and equipment, net	9,933		801,560		119,480		—			930,973
Goodwill and other intangible assets, net	—		2,625,121		144,892		—			2,770,013
Other, net	58,536		7,860		3,558		—			69,954
Intercompany investments and advances	4,094,443		84,180		12,333		(4,190,956		)	—
Total assets	$	4,174,300	$	4,887,074	$	682,865	$	(4,190,956	)	$	5,553,283
Current liabilities:
Current portion of long-term debt	$	31,844	$	17,731	$	—	$	—		$	49,575
Accounts payable	1,150		296,968		19,216		—			317,334
Accrued expenses	36,034		212,984		24,272		—			273,290
Total current liabilities	69,028		527,683		43,488		—			640,199
Long-term debt, less current portion	1,279,694		58,714		162,400		—			1,500,808
Intercompany advances	525,216		2,021,330		304,613		(2,851,159		)	—
Accrued pension and other postretirement benefits, noncurrent	6,795		501,716		13		—			508,524
Deferred income taxes and other	9,656		586,174		24,011		—			619,841
Total stockholders’ equity	2,283,911		1,191,457		148,340		(1,339,797		)	2,283,911
Total liabilities and stockholders’ equity	$	4,174,300	$	4,887,074	$	682,865	$	(4,190,956	)	$	5,553,283

Condensed consolidating statements of income

. SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Continued)

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME:

	Three Months Ended June 30, 2014
	Parent			Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries			Eliminations			Consolidated  Total
Net sales	$	—		$	842,294		$	56,593		$	(1,982	)	$	896,905
Operating costs and expenses:
Cost of sales	—			637,887			48,911			(1,982		)	684,816
Selling, general and administrative	10,171			48,384			7,155			—			65,710
Depreciation and amortization	637			34,063			2,851			—			37,551
Relocation costs	—			2,997			—			—			2,997
Gain on legal settlement, net of expenses	(134,693		)	—			—			—			(134,693		)
	(123,885		)	723,331			58,917			(1,982		)	656,381
Operating income (loss)	123,885			118,963			(2,324		)	—			240,524
Intercompany interest and charges	(53,289		)	51,529			1,760			—			—
Interest expense and other	41,283			2,155			(1,078		)	—			42,360
Income (loss) before income taxes	135,891			65,279			(3,006		)	—			198,164
Income tax expense (benefit)	46,185			25,075			(1,339		)	—			69,921
Net income (loss)	89,706			40,204			(1,667		)	—			128,243
Other comprehensive income (loss)	(1,541		)	(1,533		)	7,353			—			4,279
Total comprehensive income	$	88,165		$	38,671		$	5,686		$	—		$	132,522

13. SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Continued)

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME:

	Three Months Ended June 30, 2013
	Parent			Guarantor  Subsidiaries		Non-Guarantor  Subsidiaries			Eliminations			Consolidated  Total
Net sales	$	—		$	905,058	$	39,809		$	(1,184	)	$	943,683
Operating costs and expenses:
Cost of sales	—			669,202		28,453			(1,184		)	696,471
Selling, general and administrative	10,593			50,726		5,398			—			66,717
Depreciation and amortization	633			35,667		1,634			—			37,934
Relocation costs	—			1,215		—			—			1,215
	11,226			756,810		35,485			(1,184		)	802,337
Operating (loss) income	(11,226		)	148,248		4,324			—			141,346
Intercompany interest and charges	(57,390		)	56,430		960			—			—
Interest expense and other	18,649			1,675		(614		)	—			19,710
Income before income taxes	27,515			90,143		3,978			—			121,636
Income tax expense	8,390			33,912		291			—			42,593
Net income	19,125			56,231		3,687			—			79,043
Other comprehensive income (loss)	—			823		(480		)	—			343
Total comprehensive income	$	19,125		$	57,054	$	3,207		$	—		$	79,386

Condensed consolidating statements of cash flows

	Three Months Ended June 30, 2014
	Parent			Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries			Eliminations			Consolidated  Total
Net income (loss)	$	89,706		$	40,204		$	(1,667	)	$	—		$	128,243
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities	(389,152		)	150,053			7,792			51,012			(180,295		)
Net cash provided by (used in)operating activities	(299,446		)	190,257			6,125			51,012			(52,052		)
Capital expenditures	(123		)	(21,876		)	(1,078		)	—			(23,077		)
Proceeds from sale of assets	—			599			52			—			651
Acquisitions, net of cash acquired	—			—			(60,901		)	—			(60,901		)
Net cash used in investing activities	(123		)	(21,277		)	(61,927		)	—			(83,327		)
Net increase in revolving credit facility	259,534			—			—			—			259,534
Proceeds on issuance of debt	300,000			10,905			12,600			—			323,505
Retirements and repayments of debt	(374,260		)	(5,563		)	(10,400		)	—			(390,223		)
Purchase of common stock	(51,043		)	—			—			—			(51,043		)
Payments of deferred financing costs	(5,194		)	—			—			—			(5,194		)
Dividends paid	(2,056		)	—			—			—			(2,056		)
Repayment of governmental grant	—			(3,198		)	—			—			(3,198		)
Repurchase of restricted shares for minimum tax obligation	(673		)	—			—			—			(673		)
Proceeds from exercise of stock options, including excess tax benefit	356			—			—			—			356
Intercompany financing and advances	170,706			(170,642		)	50,948			(51,012		)	—
Net cash (used in) provided by financing activities	297,370			(168,498		)	53,148			(51,012		)	131,008
Effect of exchange rate changes on cash	—			—			838			—			838
Net change in cash and cash equivalents	(2,199		)	482			(1,816		)	—			(3,533		)
Cash and cash equivalents at beginning of period	2,820			1,149			25,029			—			28,998
Cash and cash equivalents at end of period	$	621		$	1,631		$	23,213		$	—		$	25,465

13. SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Continued)

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS:

	Three Months Ended June 30, 2013
	Parent			Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries			Eliminations		Consolidated  Total
Net income	$	19,125		$	56,231		$	3,687		$	—	$	79,043
Adjustments to reconcile net income to net cash provided by (used in) operating activities	15,244			(104,913		)	22,508			—		(67,161		)
Net cash provided by (used in) operating activities	34,369			(48,682		)	26,195			—		11,882
Capital expenditures	(1,466		)	(52,897		)	(1,866		)	—		(56,229		)
Reimbursed capital expenditures	—			2,869			—			—		2,869
Proceeds from sale of assets	—			10,321			—			—		10,321
Acquisitions, net of cash acquired	—			(22,255		)	(9,074		)	—		(31,329		)
Net cash used in investing activities	(1,466		)	(61,962		)	(10,940		)	—		(74,368		)
Net increase in revolving credit facility	153,935			—			—			—		153,935
Proceeds on issuance of debt	—			—			25,000			—		25,000
Retirements and repayments of debt	(107,320		)	(3,766		)	(14,100		)	—		(125,186		)
Payments of deferred financing costs	(357		)	—			—			—		(357		)
Dividends paid	(2,069		)	—			—			—		(2,069		)
Withholding of restricted shares for minimum tax obligation	(2,726		)	—			—			—		(2,726		)
Proceeds from exercise of stock options, including excess tax benefit	109			—			—			—		109
Intercompany financing and advances	(74,473		)	114,731			(40,258		)	—		—
Net cash (used in) provided by financing activities	(32,901		)	110,965			(29,358		)	—		48,706
Effect of exchange rate changes on cash	—			—			272			—		272
Net change in cash and cash equivalents	2			321			(13,831		)	—		(13,508		)
Cash and cash equivalents at beginning of period	3,110			1,537			27,390			—		32,037
Cash and cash equivalents at end of period	$	3,112		$	1,858		$	13,559		$	—	$	18,529

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS:

	Three Months Ended June 30, 2014
	Parent			Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries			Eliminations			Consolidated  Total
Net income (loss)	$	89,706		$	40,204		$	(1,667	)	$	—		$	128,243
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities	(389,152		)	150,053			7,792			51,012			(180,295		)
Net cash provided by (used in)operating activities	(299,446		)	190,257			6,125			51,012			(52,052		)
Capital expenditures	(123		)	(21,876		)	(1,078		)	—			(23,077		)
Proceeds from sale of assets	—			599			52			—			651
Acquisitions, net of cash acquired	—			—			(60,901		)	—			(60,901		)
Net cash used in investing activities	(123		)	(21,277		)	(61,927		)	—			(83,327		)
Net increase in revolving credit facility	259,534			—			—			—			259,534
Proceeds on issuance of debt	300,000			10,905			12,600			—			323,505
Retirements and repayments of debt	(374,260		)	(5,563		)	(10,400		)	—			(390,223		)
Purchase of common stock	(51,043		)	—			—			—			(51,043		)
Payments of deferred financing costs	(5,194		)	—			—			—			(5,194		)
Dividends paid	(2,056		)	—			—			—			(2,056		)
Repayment of governmental grant	—			(3,198		)	—			—			(3,198		)
Repurchase of restricted shares for minimum tax obligation	(673		)	—			—			—			(673		)
Proceeds from exercise of stock options, including excess tax benefit	356			—			—			—			356
Intercompany financing and advances	170,706			(170,642		)	50,948			(51,012		)	—
Net cash (used in) provided by financing activities	297,370			(168,498		)	53,148			(51,012		)	131,008
Effect of exchange rate changes on cash	—			—			838			—			838
Net change in cash and cash equivalents	(2,199		)	482			(1,816		)	—			(3,533		)
Cash and cash equivalents at beginning of period	2,820			1,149			25,029			—			28,998
Cash and cash equivalents at end of period	$	621		$	1,631		$	23,213		$	—		$	25,465

XML

SUBSEQUENT EVENTS

3 Months Ended

Jun. 30, 2014

Subsequent Event [Line Items]

Subsequent Events [Text Block]

SUBSEQUENT EVENTS

In June 2014, the Company received notice of conversion from holders of $5,082 in principal value of the Convertible Notes. These conversions will be settled during the second quarter of fiscal 2015 with the principal and the conversion benefit settled in cash.

XML

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Operating Activities
Net Income (Loss) Attributable to Parent	$ 128,243	$ 79,043
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	37,551	37,934
Amortization of acquired contract liabilities	(8,967)	(11,150)
Accretion of debt discount	1,577	145
Other amortization included in interest expense	5,323	1,064
Provision for doubtful accounts receivable	(40)	678
Provision for deferred income taxes	71,106	41,924
Employee stock-based compensation	996	1,328
Changes in assets and liabilities, excluding the effects of acquisitions and dispositions of businesses:
Trade and other receivables	(84,970)	42,082
Rotable assets	(1,564)	1,705
Inventories	(49,274)	(72,569)
Prepaid expenses and other current assets	2,388	3,225
Accounts payable, accrued expenses and other current liabilities	(93,657)	(74,490)
Accrued pension and other postretirement benefits	(62,636)	(37,458)
Other	1,872	(1,579)
Net cash (used in) provided by operating activities	(52,052)	11,882
Investing Activities
Capital expenditures	(23,077)	(56,229)
Reimbursement Revenue	0	2,869
Proceeds from sale of assets	651	10,321
Acquisitions, net of cash acquired	(60,901)	(31,329)
Net cash used in investing activities	(83,327)	(74,368)
Financing Activities
Net increase in revolving credit facility	259,534	153,935
Proceeds from issuance of long-term debt	323,505	25,000
Repayment of debt and capital lease obligations	(390,223)	(125,186)
Payments for Repurchase of Common Stock	(51,043)	0
Payment of deferred financing costs	(5,194)	(357)
Dividends paid	(2,056)	(2,069)
Repayments of government grant	(3,198)	0
Repurchase of restricted shares for minimum tax obligation	(673)	(2,726)
Proceeds from exercise of stock options	356	109
Net cash (used in) provided by financing activities	131,008	48,706
Effect of exchange rate changes on cash	838	272
Net change in cash	(3,533)	(13,508)
Cash at beginning of period	28,998	32,037
Cash at end of period	$ 25,465	$ 18,529

XML

Consolidated Balance Sheet Parenthetical (Parentheticals) (USD $) In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Mar. 31, 2014
Allowance for doubtful accounts	$ 6,528	$ 6,535
Unliquidated progress payments	$ 189,976	$ 165,019
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	52,460,920	52,459,020
Common stock, shares outstanding	51,423,808	52,159,020
Treasury Stock, Shares	1,037,112	300,000

XML

GOODWILL

3 Months Ended

Jun. 30, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL

GOODWILL

The following is a summary of the changes in the carrying value of goodwill by reportable segment, from March 31, 2014 through June 30, 2014:

	Aerostructures		Aerospace  Systems		Aftermarket Services		Total
Balance, March 31, 2014	$	1,339,993	$	395,852	$	55,986	$	1,791,831
Goodwill recognized in connection with acquisitions	—		70,209		—		70,209
Effect of exchange rate changes	3,734		1,894		—		5,628
Balance, June 30, 2014	$	1,343,727	$	467,955	$	55,986	$	1,867,668

XML

Document and Entity Information Document	3 Months Ended
	Jun. 30, 2014	Jul. 31, 2014
Entity Information [Line Items]
Entity Registrant Name	TRIUMPH GROUP INC
Entity Central Index Key	0001021162
Current Fiscal Year End Date	--03-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2014
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		51,423,808
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

XML

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

3 Months Ended

Jun. 30, 2014

Compensation and Retirement Disclosure [Abstract]

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

The Company sponsors several defined benefit pension plans covering some of its employees. Certain employee groups are ineligible to participate in the plans or have ceased to accrue additional benefits under the plans based upon their service to the Company or years of service accrued under the defined benefit pension plans. Benefits under the defined benefit plans are based on years of service and, for most non-represented employees, on average compensation for certain years. It is the Company’s policy to fund at least the minimum amount required for all qualified plans, using actuarial cost methods and assumptions acceptable under U.S. Government regulations, by making payments into a separate trust.

In addition to the defined benefit pension plans, the Company provides certain healthcare and life insurance benefits for eligible retired employees. Such benefits are unfunded. Employees achieve eligibility to participate in these contributory plans upon retirement from active service if they meet specified age and years of service requirements. Election to participate for some employees must be made at the date of retirement. Qualifying dependents at the date of retirement are also eligible for medical coverage. Current plan documents reserve the right to amend or terminate the plans at any time, subject to applicable collective bargaining requirements for represented employees. From time to time, changes have been made to the benefits provided to various groups of plan participants. Premiums charged to most retirees for medical coverage prior to age 65 are based on years of service and are adjusted annually for changes in the cost of the plans as determined by an independent actuary. In addition to this medical inflation cost-sharing feature, the plans also have provisions for deductibles, co-payments, coinsurance percentages, out-of-pocket limits, schedules of reasonable fees, preferred provider networks, coordination of benefits with other plans and a Medicare carve-out.

In accordance with the Compensation – Retirement Benefits topic of the ASC, the Company has recognized the funded status of the benefit obligation as of the date of the last remeasurement, in the accompanying Condensed Consolidated Balance Sheets. The funded status is measured as the difference between the fair value of the plan’s assets and the PBO or accumulated postretirement benefit obligation of the plan. In order to recognize the funded status, the Company determined the fair value of the plan assets. The majority of the plan assets are publicly traded investments which were valued based on the market price as of the date of remeasurement. Investments that are not publicly traded were valued based on the estimated fair value of those investments based on our evaluation of data from fund managers and comparable market data.

10.     PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Continued)

Net Periodic Benefit Plan Costs

The components of net periodic benefit costs for our postretirement benefit plans are shown in the following table:

	Pension benefits
	Three Months Ended June 30,
	2014			2013
Components of net periodic benefit expense (income):
Service cost	$	3,256		$	3,293
Interest cost	21,951			23,216
Expected return on plan assets	(36,913		)	(37,018		)
Amortization of prior service credits	(1,321		)	(1,683		)
Amortization of net loss	—			4,531
Net periodic benefit income	$	(13,027	)	$	(7,661	)

	Other postretirement benefits
	Three Months Ended June 30,
	2014			2013
Components of net periodic benefit expense:
Service cost	$	717		$	765
Interest cost	3,082			3,138
Amortization of prior service credits	(1,132		)	(1,132		)
Net periodic benefit expense	$	2,667		$	2,771

XML

Consolidated Statements of Income (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Net sales	$ 896,905	$ 943,683
Operating costs and expenses:
Cost of sales (exclusive of depreciation and amortization shown separately below)	684,816	696,471
Selling, general and administrative	65,710	66,717
Depreciation and amortization	37,551	37,934
Restructuring Charges	2,997	1,215
Gain (Loss) Related to Litigation Settlement	(134,693)	0
Operating expenses	656,381	802,337
Operating income	240,524	141,346
Interest expense and other	42,360	19,710
Income from continuing operations before income taxes	198,164	121,636
Income tax expense	69,921	42,593
Net Income (Loss) Attributable to Parent	$ 128,243	$ 79,043
Earnings per share—basic:	$ 2.48	$ 1.56
Weighted-average common shares outstanding-basic (in shares)	51,691	50,815
Earnings per share—diluted:	$ 2.46	$ 1.50
Weighted-average common shares outstanding-diluted (in shares)	52,089	52,806
Dividends declared and paid per common share (in dollars per share)	$ 0.04	$ 0.04

XML

DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE

3 Months Ended

Jun. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE

4.     DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE

Sale of Triumph Aerospace Systems - Wichita

In January 2014, the Company sold all of the shares of Triumph Aerospace Systems-Wichita, Inc. ("TAS-Wichita") for total cash proceeds of $23,000. As a result of the sale of TAS-Wichita, the Company recognized no gain or loss. The operating results of TAS-Wichita were included in the Aerostructures Group through the date of disposal.

Sale of Triumph Instruments - Burbank and Triumph Instruments - Ft. Lauderdale

In April 2013, the Company sold the assets and liabilities of Triumph Instruments - Burbank and Triumph Instruments - Ft. Lauderdale (collectively, "Triumph Instruments") for total proceeds of $11,200 including cash received at closing of $9,676, a note of $1,500, and the remaining amount which was held in escrow and received in the second quarter of fiscal 2014, resulting in a loss of $1,462 recognized during the year ended March 31, 2013. The assets and liabilities of Triumph Instruments were classified as held for sale as of March 31, 2013. The loss on the sale of the assets and liabilities of Triumph Instruments is included in the Condensed Consolidated Statements of Income within selling, general and administrative expenses for the year ended March 31, 2013. The operating results of Triumph Instruments were included in the Aftermarket Services Group through the date of disposal.

The Company expects to have significant continuing involvement in the businesses and markets of the disposed entities, as defined by ASC 205-20, Discontinued Operations, and, therefore, as a result,the disposal groups do not meet the criteria to be classified as discontinued operations.

XML

ACQUISITIONS

3 Months Ended

Jun. 30, 2014

Business Combinations [Abstract]

ACQUISITIONS

    ACQUISITIONS

Acquisition of GE Aviation - Hydraulic Actuation

Effective June 27, 2014, the Company acquired the hydraulic actuation business of GE Aviation ("GE"). GE's hydraulic actuation business consists of three facilities located in Yakima, Washington, Cheltenham, England and the Isle of Man and is a technology leader in actuation systems. GE's key product offerings include complete landing gear actuation systems, door actuation, nose-wheel steerings, hydraulic fuses, manifolds flight control actuation and locking mechanisms for the commercial, military and business jet markets. The acquired business will operate as Triumph Actuation Systems-Yakima and Triumph Actuation Systems-UK & IOM and its results are included in Aerospace Systems Group from the date of acquisition.

The purchase price for the GE acquisition was $71,509, which includes cash paid at closing and deferred payments. Goodwill in the amount of $70,209 was recognized for this acquisition and is calculated as the excess of consideration transferred over the net assets recognized and represents future economic benefits arising from other assets acquired that could not be individually identified and separately recognized such as assembled workforce. The goodwill is deductible for tax purposes. The Company has also identified an intangible asset related to customer relationships valued at $9,000 with a weighted-average life of 13.0 years.

The accounting for the business combination is dependent upon obtaining valuations and other information for certain assets and liabilities which have not yet been completed or obtained to a point where definitive estimates can be made. The process for estimating the fair values of identified intangible assets, certain tangible assets and assumed liabilities requires the use of judgment to determine the appropriate assumptions.

As the acquisition date occurred at the end of our fiscal quarter, substantially all of the purchase price allocation for GE is provisional. As the Company finalizes estimates of the fair value of assets acquired and liabilities assumed, additional purchase price adjustments will be recorded during the measurement period not to exceed one year beyond the acquisition date. These adjustments may have a material impact on the Company's results of operations and financial position.

The table below presents the provisional estimated fair value of assets acquired and liabilities assumed on the acquisition date based on the best information the Company has received to date, in accordance with Accounting Standards Codification Topic 805, Business Combinations ("ASC 805"). These estimates will be revised as the Company receives final appraisal of tangible and intangible assets, certain liabilities assumed and other information related to the GE acquisition. Accordingly, the amounts below report the Company's best estimate of fair value based on the information available at this time:

	June 27, 2014
Cash	$	4,608
Accounts receivable	36,730
Inventory	47,601
Property and equipment	41,004
Goodwill	70,209
Intangible assets	9,000
Deferred taxes	53,919
Other assets	2,506
Total assets	$	265,577
Accounts payable	$	19,080
Accrued expenses	26,104
Acquired contract liabilities	148,884
Total liabilities	$	194,068

The provisional amounts recognized are based on the Company's best estimate using information that is has obtained as of the reporting date. The Company will finalize its estimate once it is able to determine that it has obtained all necessary information that existed as of the acquisition date related to this matter or one year following the acquisition of GE, whichever is earlier.

The GE acquisition has been accounted for under the acquisition method and, accordingly, is included in the condensed consolidated financial statements from the effective date of acquisition. The GE acquisition was funded by the Company's long-term borrowings in place at the date of acquisition. The Company incurred $812 in acquisition-related costs in connection with the GE acquisition, which is recorded in selling, general and administrative expenses in the accompanying Condensed Consolidated Statement of Income.

FISCAL 2014 ACQUISITIONS

Acquisition of Insulfab Product Line (Chase Corporation)

Effective October 7, 2013, the Company's wholly-owned subsidiary, Triumph Insulation Systems, LLC, acquired substantially all of the assets comprising the Insulfab product line from Chase Corporation ("Insulfab"). Insulfab primarily focuses on manufacturing high-quality, engineered barrier laminates used in aerospace applications. The results for Triumph Insulation Systems, LLC will continue to be included in the Aerostructures group from the date of acquisition.

The Company paid $7,394 in cash at closing for Insulfab, and in January 2014, paid $2,516 in cash after the working capital was finalized. Goodwill in the amount of $4,660 was recognized for this acquisition and is calculated as the excess of consideration transferred over the net assets recognized and represents future economic benefits arising from other assets acquired that could not be individually identified and separately recognized such as assembled workforce. The goodwill is deductible for tax purposes.

Acquisition of General Donlee Canada, Inc.

Effective October 4, 2013, the Company acquired all of the issued and outstanding shares of General Donlee Canada Inc. ("General Donlee"). General Donlee is based in Toronto, Canada and is a leading manufacturer of precision machined products for the aerospace, nuclear and oil and gas industries. The acquired business now operates as Triumph Gear Systems-Toronto ULC and its results are included in the Aerospace Systems Group from the date of acquisition.

The purchase price for the General Donlee acquisition was $56,622 plus assumed debt of $32,382, which was settled at closing. Additionally, on October 7, 2013, the Company, at its option, called General Donlee's Convertible Notes for $26,000, which were paid on November 12, 2013. Goodwill in the amount of $46,468 was recognized for this acquisition and is calculated as the excess of consideration transferred over the net assets recognized and represents future economic benefits arising from other assets acquired that could not be individually identified and separately recognized such as assembled workforce. The goodwill is not deductible for tax purposes. The Company has also identified intangible assets related to customer relationships valued at approximately $24,607 with a weighted-average life of 15.0 years.

The accounting for a business combination is dependent upon obtaining valuations and other information for certain assets and liabilities which have not yet been completed or obtained to a point where definitive estimates can be made. The process for estimating the fair values of identified intangible assets, certain tangible assets and assumed liabilities require the use of judgment to determine the appropriate assumptions.

As the Company finalizes estimates of the fair value of assets acquired and liabilities assumed, substantially all of the purchase price allocation for General Donlee is provisional. Additional purchase price adjustments will be recorded during the measurement period not to exceed one year beyond the acquisition date. These adjustments may have a material impact on the Company's results of operations and financial position.

The table below presents the provisional estimated fair value of assets acquired and liabilities assumed on the acquisition date based on the best information it has received to date, in accordance with ASC 805. The Company is awaiting final appraisal of tangible assets, intangible assets and certain contingent liabilities related to the General Donlee acquisition. Accordingly, the Company has recorded the value of intangible assets and property and equipment to draft appraisals. The allocation of the purchase price of the General Donlee acquisition is not complete and the amounts below represent the Company's best estimates of the fair value based on the current information:

	October 4, 2013
Accounts receivable	$	10,976
Inventory	15,645
Prepaid expenses and other	184
Property and equipment	31,495
Goodwill	46,468
Intangibles assets	24,607
Total assets	$	129,375
Accounts payable	$	2,841
Accrued expenses	3,620
Deferred taxes	11,336
Debt	54,956
Total liabilities	$	72,753

The provisional amounts recognized above are based on the Company's best estimates using information that it has obtained as of the reporting date. The Company will finalize its estimates once it is able to determine that it has obtained all necessary information that existed as of the acquisition date related to these matters or one year following the acquisition of General Donlee, whichever is earlier.

The General Donlee acquisition has been accounted for under the acquisition method and, accordingly, is included in the condensed consolidated financial statements from the effective date of the acquisition. The General Donlee acquisition was funded by the Company's long-term borrowings in place at the date of acquisition. The Company incurred $766 in acquisition-related costs in connection with the General Donlee acquisition, which were recorded in selling, general and administrative expenses in the Condensed Consolidated Statements of Income for the fiscal year ended March 31, 2014.

Acquisition of Primus Composites

Effective May 6, 2013, the Company acquired four related entities collectively comprising the Primus Composites ("Primus") business from Precision Castparts Corp. The acquired business, which includes two manufacturing facilities in Farnborough, England and Rayong, Thailand, will operate as Triumph Structures - Farnborough and Triumph Structures - Thailand and be included in the Aerostructures Group from the date of acquisition. Together, Triumph Structures - Farnborough and Triumph Structures - Thailand constitute a global supplier of composite and metallic propulsion and structural composites and assemblies. In addition to its composite operations, the Thailand operation also machines and processes metal components.

The purchase price for the Primus acquisition was $33,530 in cash and $30,000 in assumed debt settled at closing. Goodwill in the amount of $29,138 was recognized for this acquisition and is calculated as the excess of consideration transferred over the net assets recognized and represents future economic benefits arising from other assets acquired that could not be individually identified and separately recognized such as assembled workforce. The goodwill is not deductible for tax purposes. The Company has also identified intangible assets related to customer relationships valued at approximately $3,514 with a weighted-average life of 16.0 years. Prior to the anniversary of the acquisition date, the Company finalized the purchase price allocation.

The following condensed balance sheet represents the amounts assigned to each major asset and liability caption in the aggregate from the acquisition of Primus, in accordance with ASC 805:

	May 6, 2013
Cash	$	2,201
Accounts receivable	17,392
Inventory	21,053
Prepaid expenses and other	883
Property and equipment	28,457
Goodwill	29,138
Intangibles assets	3,514
Other noncurrent assets	13,138
Total assets	$	115,776
Accounts payable	$	10,027
Accrued expenses	15,939
Other noncurrent liabilities	26,280
Total liabilities	$	52,246

The Company finalized its estimates after it was able to determine that it had obtained all necessary information that existed as of the acquisition date related to these matters.

The Primus acquisition has been accounted for under the acquisition method and, accordingly, is included in the condensed consolidated financial statements from the effective date of the acquisition. The Primus acquisition was funded by the Company's long-term borrowings in place at the date of acquisition. The Company incurred $743 in acquisition-related costs in connection with the Primus acquisition, which is recorded in selling, general and administrative expenses in the Condensed Consolidated Statements of Income for the fiscal year ended March 31, 2014.

The pro forma results presented below include the effects of the GE, General Donlee and Primus acquisitions of as if they had been consummated as of April 1, 2013. The pro forma results include the amortization associated with an estimate of acquired intangible assets and interest expense on debt to fund these acquisitions, as well as fair value adjustments for property and equipment and off-market contracts. To better reflect the combined operating results, nonrecurring charges directly attributable to the transaction have been excluded. In addition, the pro forma results do not include any expected benefits of the acquisitions. Accordingly, the pro forma results are not necessarily indicative of either future results of operations or results that might have been achieved had the acquisitions been consummated as of April 1, 2013 and have been included in the Company's results of operations for fiscal years 2015 and 2014.

	Three Months Ended June 30,
	2014		2013
Net Sales	$	947,842	$	1,015,825
Net income	129,467		82,244
Earnings per share—basic	$	2.50	$	1.62
Earnings per share—diluted	$	2.49	$	1.56

XML

RELOCATION COSTS RELOCATION COSTS

3 Months Ended

Jun. 30, 2014

Restructuring Cost and Reserve [Line Items]

Restructuring and Related Costs [Table Text Block]

15.    RELOCATION COSTS

During the fiscal year ended March 31, 2013, the Company committed to relocate the operations of its largest facility in Dallas, Texas and to expand its Red Oak, Texas ("Red Oak") facility to accommodate this relocation. The Company incurred approximately $2,997 and $1,215 of expenses related to the relocation during the three months ended June 30, 2014 and 2013, respectively, shown separately on the Condensed Consolidated Statement of Income. The relocation was substantially completed during the fiscal year ended March 31, 2014.

XML

STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY

3 Months Ended

Jun. 30, 2014

Equity [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

STOCKHOLDERS' EQUITY

Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive income (loss) ("AOCI") by component for the three months ended June 30, 2014 and 2013, respectively, were as follows:

	Currency Translation Adjustment		Unrealized Gains and Losses on Derivative Instruments			Defined Benefit Pension Plans and Other Postretirement Benefits					Total (1)
Balance March 31, 2014	$	198	$	1,496		$	(20,602	)			$	(18,908	)
AOCI before reclassifications	7,204		(1,357		)	—					5,847
Amounts reclassified from AOCI	—		(35		)	(1,533		)	(2	)	(1,568		)
Net current period AOCI	7,204		(1,392		)	(1,533		)			4,279
Balance June 30, 2014	$	7,402	$	104		$	(22,135	)			$	(14,629	)

	Currency Translation Adjustment			Unrealized Gains and Losses on Derivative Instruments			Defined Benefit Pension Plans and Other Postretirement Benefits					Total (1)
Balance March 31, 2013	$	3,513		$	131		$	(64,616	)			$	(60,972	)
AOCI before reclassifications	(509		)	(235		)	—					(744		)
Amounts reclassified from AOCI	—			15			1,072			(2	)	1,087
Net current period AOCI	(509		)	(220		)	1,072					343
Balance June 30, 2013	$	3,004		$	(89	)	$	(63,544	)			$	(60,629	)

(1) Net of tax.

(2) Primarily relates to amortization of actuarial losses and recognized prior service (credits) costs, which are included in the net periodic pension cost of which a portion is allocated to production as inventoried costs.

XML

EARNINGS PER SHARE

3 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE

The following is a reconciliation between the weighted-average outstanding shares used in the calculation of basic and diluted earnings per share:

	Three Months Ended June 30,
	(in thousands)
	2014	2013
Weighted-average common shares outstanding – basic	51,691	50,815
Net effect of dilutive stock options and nonvested stock	200	298
Potential common shares – convertible debt	198	1,693
Weighted-average common shares outstanding – diluted	52,089	52,806

XML

RELOCATION COSTS RELOCATION COSTS (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	$ 2,997	$ 1,215

XML

INVENTORIES

3 Months Ended

Jun. 30, 2014

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

Inventories are stated at the lower of cost (average-cost or specific-identification methods) or market. The components of inventories are as follows:

	June 30, 2014			March 31, 2014
Raw materials	$	83,605		$	106,552
Work-in-process, including manufactured and purchased components	1,199,720			1,102,626
Finished goods	108,814			67,608
Less: unliquidated progress payments	(189,976		)	(165,019		)
Total inventories	$	1,202,163		$	1,111,767

Work-in-process inventory includes capitalized pre-production costs. Capitalized pre-production costs include nonrecurring engineering, planning and design, including applicable overhead, incurred before production is manufactured on a regular basis. Significant customer-directed work changes can also cause pre-production costs to be incurred. These costs are typically recovered over a contractually determined number of ship-set deliveries and the Company believes these amounts will be fully recovered. The balance of capitalized pre-production costs related to the Company's contracts with Bombardier for the Global 7000/8000 program ("Bombardier") and Embraer for the second generation E-Jet ("Embraer") as of June 30, 2014 is $165,764. The balance of capitalized pre-production costs related to the Company's contracts with Bombardier and Embraer as of March 31, 2014 was $131,358.

The Company is still in the early-development stages for the Bombardier and Embraer programs, as these aircrafts are not scheduled to enter service until 2016 and 2018, respectively, or later. Transition of these programs from development to recurring production levels is dependent upon the success of the programs achieving flight testing and certification, as well as the ability of the Bombardier and Embraer programs to generate acceptable levels of aircraft sales. The failure to achieve these milestones and level of sales or significant cost overruns may result in an impairment of the capitalized pre-production costs.

XML

LONG-TERM DEBT

3 Months Ended

Jun. 30, 2014

Debt Disclosure [Abstract]

LONG-TERM DEBT

LONG-TERM DEBT

Long-term debt consists of the following:

	June 30, 2014		March 31, 2014
Revolving line of credit	$	453,940	$	194,406
Term loan	370,313		375,000
Receivable securitization facility	164,600		162,400
Equipment leasing facility and other capital leases	80,720		74,342
Senior notes due 2018	—		348,423
Senior notes due 2021	375,000		375,000
Senior notes due 2022	300,000		—
Convertible senior subordinated notes	5,082		12,834
Other debt	7,978		7,978
	1,757,633		1,550,383
Less current portion	43,323		49,575
	$	1,714,310	$	1,500,808

6. LONG-TERM DEBT (Continued)

Revolving Credit Facility

In May 2014, the Company amended its existing credit agreement (the “Credit Facility”) with its lenders to (i) to increase the maximum amount allowed for the receivable securitization facility (the “Securitization Facility”) and (ii) amend certain other terms and covenants.

In November 2013, the Company amended and restated its Credit Facility with its lenders to (i) provide for a $375,000 Term Loan with a maturity date of May 14, 2019 (the "2013 Term Loan"), (ii) maintain a Revolving Line of Credit under the Credit Facility of $1,000,000 with a $250,000 accordion feature, (iii) extend the maturity date to November 19, 2018, and (iv) amend certain other terms and covenants. In connection with the amendment to the Credit Facility, the Company incurred $2,795 of financing costs. These costs, along with the $6,507 of unamortized financing costs prior to the amendment, are being amortized over the remaining term of the Credit Facility.

The Company will repay the outstanding principal amount of the 2013 Term Loan in quarterly installments, on the first business day of each January, April, July and October, commencing April 2014.

The obligations under the Credit Facility and related documents are secured by liens on substantially all assets of the Company and its domestic subsidiaries pursuant to a Second Amended and Restated Guarantee and Collateral Agreement, dated as of November 19, 2013, among the administrative agent, the Company and the subsidiaries of the Company party thereto.

Pursuant to the Credit Facility, the Company can borrow, repay and re-borrow revolving credit loans, and cause to be issued letters of credit, in an aggregate principal amount not to exceed $1,000,000 outstanding at any time. The Credit Facility bears interest at either: (i) LIBOR plus between 1.38% and 2.50%; (ii) the prime rate; or (iii) an overnight rate at the option of the Company. The applicable interest rate is based upon the Company’s ratio of total indebtedness to earnings before interest, taxes, depreciation and amortization. In addition, the Company is required to pay a commitment fee of between 0.25% and 0.45% on the unused portion of the Credit Facility. The Company’s obligations under the Credit Facility are guaranteed by the Company’s domestic subsidiaries.

At June 30, 2014, there were $453,940 in borrowings and $36,907 in letters of credit outstanding under the Revolving Line of Credit provisions of the Credit Facility primarily to support insurance policies. At March 31, 2014, there were $194,406 in borrowings and $36,445 in letters of credit outstanding under the Revolving Line of Credit provisions of the Credit Facility primarily to support insurance policies. The level of unused borrowing capacity under the Revolving Line of Credit provisions of the Credit Facility varies from time to time depending in part upon its compliance with financial and other covenants set forth in the related agreement. The Credit Facility contains certain affirmative and negative covenants including limitations on specified levels of indebtedness to earnings before interest, taxes, depreciation and amortization, and interest coverage requirements, and includes limitations on, among other things, liens, mergers, consolidations, sales of assets, and incurrence of debt. If an event of default were to occur under the Credit Facility, the lenders would be entitled to declare all amounts borrowed under it immediately due and payable. The occurrence of an event of default under the Credit Facility could also cause the acceleration of obligations under certain other agreements. The Company is currently in compliance with all such covenants. As of June 30, 2014, the Company had borrowing capacity under this facility of $509,153 after reductions for borrowings and letters of credit outstanding under the facility.

In connection with the Company amending and restating the Credit Facility to add the 2013 Term Loan, the Company also entered into an interest rate swap agreement through November 2018 to reduce its exposure to interest on the variable rate portion of its long-term debt. On the date of inception, the Company designated the interest rate swap as a cash flow hedge in accordance with FASB guidance on accounting for derivatives and hedges and linked the interest rate swap to the 2013 Term Loan. The Company formally documented the hedging relationship between 2013 Term Loan and the interest rate swap, as well as its risk-management objective and strategy for undertaking the hedge, the nature of the risk being hedged, how the hedging instrument's effectiveness will be assessed and a description of the method of measuring the ineffectiveness. The

6. LONG-TERM DEBT (Continued)

Company also formally assesses, both at the hedge's inception and on a quarterly basis, whether the derivative item is highly effective offsetting changes in cash flows.

As of June 30, 2014 and March 31, 2014, the interest rate swap agreement had a notional amount of $370,313 and $375,000, respectively. As of June 30, 2014 and March 31, 2014, the interest rate swap agreement had a fair value of $(96) and $2,426, respectively, which is recorded in other comprehensive income net of applicable taxes (Level 2). The interest rate swap settles on a monthly basis when interest payments are made. These settlements occur through the maturity date.

Receivables Securitization Facility

In February 2013, the Company amended its $175,000 Securitization Facility, extending the term through February 2016. In connection with the Securitization Facility, the Company sells on a revolving basis certain trade accounts receivable to Triumph Receivables, LLC, a wholly-owned special-purpose entity, which in turn sells a percentage ownership interest in the receivables to commercial paper conduits sponsored by financial institutions. The Company is the servicer of the trade accounts receivable under the Securitization Facility. As of June 30, 2014, the maximum amount available under the Securitization Facility was $175,000. Interest rates are based on LIBOR plus a program fee and a commitment fee. The program fee is 0.43% on the amount outstanding under the Securitization Facility. Additionally, the commitment fee is 0.43% on 100.00% of the maximum amount available under the Securitization Facility. At June 30, 2014, there was $164,600 outstanding under the Securitization Facility. In connection with amending the Securitization Facility, the Company incurred approximately $196 of financing costs. These costs, along with the $537 of unamortized financing costs prior to the amendment, are being amortized over the life of the Securitization Facility. The Company securitizes its trade accounts receivable, which are generally non-interest bearing, in transactions that are accounted for as borrowings pursuant to the Transfers and Servicing topic of the ASC.

The agreement governing the Securitization Facility contains restrictions and covenants which include limitations on the making of certain restricted payments, creation of certain liens, and certain corporate acts such as mergers, consolidations and the sale of all or substantially all of the Company's assets.

Capital Leases

During the three months ended June 30, 2014 and 2013, the Company entered into new capital leases in the amount of $0 and $26, respectively, to finance a portion of the Company’s capital additions for the period. During the three months ended June 30, 2014 and 2013, the Company obtained financing for existing fixed assets in the amount of $10,905 and $0, respectively.

Senior Subordinated Notes Due 2017

On November 16, 2009, the Company issued $175,000 principal amount of 8.00% Senior Subordinated Notes due 2017 (the “2017 Notes”).  The 2017 Notes were sold at 98.56% of principal amount and have an effective interest yield of 8.25%. Interest on the 2017 Notes is payable semiannually in cash in arrears on May 15 and November 15 of each year. In connection with the issuance of the 2017 Notes, the Company incurred approximately $4,390 of costs, which were deferred and are being amortized on the effective interest method over the term of the 2017 Notes.

On November 15, 2013, the Company completed the redemption of the 2017 Notes. The principal amount of $175,000 was redeemed at a price of 104% plus accrued and unpaid interest. As a result of the redemption, the Company recognized a pre-tax loss on redemption of $11,069, consisting of early termination premium, write-off of unamortized discount and deferred financing fees and was recorded on the Consolidated Statements of Income as a component of "Interest expense and other" for the fiscal year ended March 31, 2014.

6. LONG-TERM DEBT (Continued)

Senior Notes Due 2018

On June 16, 2010, in connection with the acquisition of Vought, the Company issued $350,000 principal amount of 8.63% Senior Notes due 2018 (the “2018 Notes”). The 2018 Notes were sold at 99.27% of principal amount and had an effective interest yield of 8.75%. Interest on the 2018 Notes accrued at the rate of 8.63% per annum and was payable semiannually in cash in arrears on January 15 and July 15 of each year. In connection with the issuance of the 2018 Notes, the Company incurred approximately $7,307 of costs, which were deferred and were amortized on the effective interest method over the term of the 2018 Notes.

On June 23, 2014, the Company completed the redemption of the 2018 Notes. The principal amount of $350,000 was redeemed at a price of 104.79% plus accrued and unpaid interest. As a result of the redemption, the Company recognized a pre-tax loss on redemption of $22,615, consisting of early termination premium, write-off of unamortized discount and deferred financing fees and was recorded on the Condensed Consolidated Statements of Income as a component of "Interest expense and other" for the three months ended June 30, 2014.

Senior Notes Due 2021

On February 26, 2013, the Company issued $375,000 principal amount of 4.875% Senior Notes due 2021 (the "2021 Notes"). The 2021 Notes were sold at 100% of principal amount and have an effective interest yield of 4.875%. Interest on the 2021 Notes accrues at the rate of 4.875% per annum and is payable semiannually in cash in arrears on April 1 and October 1 of each year, commencing on October 1, 2013. In connection with the issuance of the 2021 Notes, the Company incurred approximately $6,327 of costs, which were deferred and are being amortized on the effective interest method over the term of the 2021 Notes.

The 2021 Notes are the Company's senior unsecured obligations and rank equally in right of payment with all of its other existing and future senior unsecured indebtedness and senior in right of payment to all of its existing and future subordinated indebtedness. The 2021 Notes are guaranteed on a full, joint and several basis by each of the Guarantor Subsidiaries.

The Company may redeem some or all of the 2021 Notes prior to April 1, 2017 by paying a "make-whole" premium. The Company may redeem some or all of the 2021 Notes on or after April 1, 2017 at specified redemption prices. In addition, prior to April 1, 2016, the Company may redeem up to 35% of the 2021 Notes with the net proceeds of certain equity offerings at a redemption price equal to 104.875% of the aggregate principal amount plus accrued and unpaid interest, if any, subject to certain limitations set forth in the indenture governing the 2021 Notes (the "2021 Indenture").

The Company is obligated to offer to repurchase the 2021 Notes at a price of (i) 101% of their principal amount plus accrued and unpaid interest, if any, as a result of certain change-of-control events and (ii) 100% of their principal amount plus accrued and unpaid interest, if any, in the event of certain asset sales. These restrictions and prohibitions are subject to certain qualifications and exceptions.

The 2021 Indenture contains covenants that, among other things, limit the Company's ability and the ability of any of the Guarantor Subsidiaries to (i) grant liens on its assets, (ii) make dividend payments, other distributions or other restricted payments, (iii) incur restrictions on the ability of the Guarantor Subsidiaries to pay dividends or make other payments, (iv) enter into sale and leaseback transactions, (v) merge, consolidate, transfer or dispose of substantially all of their assets, (vi) incur additional indebtedness, (vii) use the proceeds from sales of assets, including capital stock of restricted subsidiaries, and (viii) enter into transactions with affiliates.

Senior Notes Due 2022

On June 3, 2014, the Company issued $300,000 principal amount of 5.250% Senior Notes due 2022 (the "2022 Notes"). The 2022 Notes were sold at 100% of principal amount and have an effective interest yield of 5.250%. Interest on the 2022 Notes accrues at the rate of 5.250% per annum and is payable semiannually in cash in arrears on June 1 and December 1 of each year, commencing on December 1, 2014. In connection with the issuance of the 2022 Notes, the Company incurred approximately $4,990 of costs, which were deferred and are being amortized on the effective interest method over the term of the 2022 Notes.

6. LONG-TERM DEBT (Continued)

The 2022 Notes are the Company's senior unsecured obligations and rank equally in right of payment with all of its other existing and future senior unsecured indebtedness and senior in right of payment to all of its existing and future subordinated indebtedness. The 2022 Notes are guaranteed on a full, joint and several basis by each of the Guarantor Subsidiaries.

The Company may redeem some or all of the 2022 Notes prior to June 1, 2017 by paying a "make-whole" premium. The Company may redeem some or all of the 2022 Notes on or after June 1, 2017 at specified redemption prices. In addition, prior to June 1, 2017, the Company may redeem up to 35% of the 2022 Notes with the net proceeds of certain equity offerings at a redemption price equal to 105.250% of the aggregate principal amount plus accrued and unpaid interest, if any, subject to certain limitations set forth in the indenture governing the 2022 Notes (the "2022 Indenture").

The Company is obligated to offer to repurchase the 2022 Notes at a price of (i) 101% of their principal amount plus accrued and unpaid interest, if any, as a result of certain change-of-control events and (ii) 100% of their principal amount plus accrued and unpaid interest, if any, in the event of certain asset sales. These restrictions and prohibitions are subject to certain qualifications and exceptions.

The 2022 Indenture contains covenants that, among other things, limit the Company's ability and the ability of any of the Guarantor Subsidiaries to (i) grant liens on its assets, (ii) make dividend payments, other distributions or other restricted payments, (iii) incur restrictions on the ability of the Guarantor Subsidiaries to pay dividends or make other payments, (iv) enter into sale and leaseback transactions, (v) merge, consolidate, transfer or dispose of substantially all of their assets, (vi) incur additional indebtedness, (vii) use the proceeds from sales of assets, including capital stock of restricted subsidiaries, and (viii) enter into transactions with affiliates.

Convertible Senior Subordinated Notes

On September 18, 2006, the Company issued $201,250 in convertible senior subordinated notes (the “Convertible Notes”). The Convertible Notes are direct, unsecured, senior subordinated obligations of the Company, and rank (i) junior in right of payment to all of the Company’s existing and future senior indebtedness, (ii) equal in right of payment with any other future senior subordinated indebtedness, and (iii) senior in right of payment to all subordinated indebtedness.

The Convertible Notes bear interest at a fixed rate of 2.63% per annum, payable in cash semiannually in arrears on each April 1 and October 1. During the period commencing on October 6, 2011 and ending on, but excluding, April 1, 2012, and for each six-month period from October 1 to March 31 or from April 1 to September 30 thereafter, the Company will pay contingent interest during the applicable interest period if the average trading price of a note for the five consecutive trading days ending on the third trading day immediately preceding the first day of the relevant six-month period equals or exceeds 120% of the principal amount of the Convertible Notes. The contingent interest payable per note in respect of any six-month period will equal 0.25% per annum, calculated on the average trading price of a note for the relevant five trading day period. The Company expects that this contingent interest will continue to be payable on principal that remains outstanding. This contingent interest feature represents an embedded derivative. The value of the derivative was not deemed material at June 30, 2014 due to overall market volatility, recent conversions by holders of the Convertible Notes, as well as the Company's ability to call the Convertible Notes at any time after October 6, 2011.

The Convertible Notes mature on October 1, 2026, unless earlier redeemed, repurchased or converted. The Company may redeem the Convertible Notes for cash, in whole or in part, at any time on or after October 6, 2011 at a redemption price equal to 100% of the principal amount of the Convertible Notes to be redeemed plus accrued and unpaid interest, including contingent interest and additional amounts, if any, up to but not including the date of redemption. In addition, holders of the Convertible Notes will have the right to require the Company to repurchase for cash all or a portion of their Convertible Notes on October 1, 2016 and 2021, at a repurchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased plus accrued and unpaid interest, including contingent interest and additional amounts, if any, up to, but not including, the date of repurchase. On September 2, 2011, the Company submitted a tender offer of repurchase to the holders of the Convertible Notes, expiring October 3, 2011, and no notes were tendered for repurchase. The Convertible Notes are convertible into the Company’s common stock at a rate equal to 36.8679 shares per $1 principal amount of the Convertible Notes

6. LONG-TERM DEBT (Continued)

(equal to an initial conversion price of approximately $27.12 per share), subject to adjustment as described in the indenture governing the Convertible Notes. Upon conversion, the Company will deliver to the holder surrendering the Convertible Notes for conversion, for each $1 principal amount of Convertible Notes, an amount consisting of cash equal to the lesser of $1 and the Company’s total conversion obligation and, to the extent that the Company’s total conversion obligation exceeds $1, at the Company’s election, cash or shares of the Company’s common stock in respect of the remainder.

The Convertible Notes are eligible for conversion upon meeting certain conditions as provided in the indenture governing the Convertible Notes. For the periods from January 1, 2011 through June 30, 2014, the Convertible Notes were eligible for conversion. During the three months ended June 30, 2014, the Company settled the conversion of $7,752 in principal value of the Convertible Notes, as requested by the respective holders, with the principal and the conversion benefit settled in cash. During the three months ended June 30, 2013, the Company settled the conversion of $77,260 in principal value of the Convertible Notes, as requested by the respective holders, with the principal settled in cash and the conversion benefit settled through the issuance of 1,849,548 shares. During June 2014, the Company received notice of conversion from holders of $5,082 in principal value of the Convertible Notes. These conversions were settled in the second quarter of fiscal 2015 with the principal and the conversion benefit settled in cash. Accordingly, the balance sheet classification of the Convertible Notes was short term.

On May 22, 2014, the Company announced the redemption of the Convertible Notes. The redemption price for the Convertible Notes was equal to the sum of 100% of the principal amount of the Convertible Notes outstanding, plus accrued and unpaid interest on the Convertible Notes up to, but not including, the redemption date of June 23, 2014. The Convertible Notes were able to be converted at the option of the holder. Holders of $34 in Convertible Notes elected not to convert prior to the redemption date.

To be included in the calculation of diluted earnings per share, the average price of the Company’s common stock for the quarter must exceed the conversion price per share of $27.12. The average price of the Company’s common stock for the three months ended June 30, 2014 and 2013 was $67.45 and $77.45, respectively. Therefore, for the three months ended June 30, 2014 and 2013, there were 197,830 and 1,692,709 additional shares, respectively, included in the calculation of diluted earnings per share.

Financial Instruments Not Recorded at Fair Value

The carrying amounts of certain of our financial instruments, including cash and cash equivalents, accounts receivable and accounts payable, approximate fair value because of their short maturities (Level 1 inputs). Carrying amounts and the related estimated fair values of the Company’s financial instruments not recorded at fair value in the financial statements are as follows:

	June 30, 2014				March 31, 2014
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt	$	1,757,633	$	1,761,503	$	1,550,383	$	1,580,447

The fair value of the long-term debt was calculated based on interest rates available for debt with terms and maturities similar to the Company’s existing debt arrangements, unless quoted market prices were available (Level 2 inputs).

XML

INCOME TAXES

3 Months Ended

Jun. 30, 2014

Income Tax Disclosure [Abstract]

INCOME TAXES

The Company follows the Income Taxes topic of the ASC, which prescribes a recognition threshold and measurement attribute criteria for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, as well as guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.

The Company has classified uncertain tax positions as noncurrent income tax liabilities unless expected to be paid in one year. Penalties and tax-related interest expense are reported as a component of income tax expense. As of June 30, 2014 and March 31, 2014, the total amount of accrued income tax-related interest and penalties was $185 and $204, respectively.

As of June 30, 2014 and March 31, 2014, the total amount of unrecognized tax benefits was $7,814 and $8,865, respectively, of which $6,031 and $7,082, respectively, would impact the effective rate, if recognized. The Company does not anticipate that total unrecognized tax benefits will be reduced in the next 12 months.

The effective income tax rate for the three months ended June 30, 2014 was 35.3% as compared to 35.0% for the three months ended June 30, 2013. For the three months ended June 30, 2014, the income tax provision was reduced to reflect

unrecognized tax benefits of $1,051 and an additional tax benefit related to the a net operating loss carryback claim of $367.

With few exceptions, the Company is no longer subject to U.S. federal income tax examinations for fiscal years ended before March 31, 2011, state or local examinations for fiscal years ended before March 31, 2011, or foreign income tax examinations by tax authorities for fiscal years ended before March 31, 2009.

As of June 30, 2014, the Company was not subject to examination in any state jurisdiction. The Company has filed appeals in a prior state examination related to fiscal years ended March 31, 1999 through March 31, 2005. The IRS examination of the fiscal year ended March 31, 2011 was completed during the quarter, with no material changes. Because of net operating losses acquired as part of the acquisition of Vought, the Company is subject to U.S. federal income tax examinations and various state jurisdictions for the years ended December 31, 2004 and after related to previously filed Vought tax returns. The Company believes appropriate provisions for all outstanding issues have been made for all jurisdictions and all open years.

The Company expects to receive a refund claim of $26,001, which had previously been filed for in the second quarter of the fiscal year ended March 31, 2013. The refund claim receivable is included in "Trade and other receivables" in the Condensed Consolidated Balance Sheet as of June 30, 2014.

XML

STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY (Tables)

3 Months Ended

Jun. 30, 2014

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

Comprehensive Income (Loss) Note [Text Block]

	Currency Translation Adjustment			Unrealized Gains and Losses on Derivative Instruments			Defined Benefit Pension Plans and Other Postretirement Benefits					Total (1)
Balance March 31, 2013	$	3,513		$	131		$	(64,616	)			$	(60,972	)
AOCI before reclassifications	(509		)	(235		)	—					(744		)
Amounts reclassified from AOCI	—			15			1,072			(2	)	1,087
Net current period AOCI	(509		)	(220		)	1,072					343
Balance June 30, 2013	$	3,004		$	(89	)	$	(63,544	)			$	(60,629	)

Changes in accumulated other comprehensive income (loss) ("AOCI") by component for the three months ended June 30, 2014 and 2013, respectively, were as follows:

	Currency Translation Adjustment		Unrealized Gains and Losses on Derivative Instruments			Defined Benefit Pension Plans and Other Postretirement Benefits					Total (1)
Balance March 31, 2014	$	198	$	1,496		$	(20,602	)			$	(18,908	)
AOCI before reclassifications	7,204		(1,357		)	—					5,847
Amounts reclassified from AOCI	—		(35		)	(1,533		)	(2	)	(1,568		)
Net current period AOCI	7,204		(1,392		)	(1,533		)			4,279
Balance June 30, 2014	$	7,402	$	104		$	(22,135	)			$	(14,629	)

XML

INCOME TAXES (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Mar. 31, 2014
Income Tax Disclosure [Abstract]
Total accrued income tax related interest and penalties	$ 185		$ 204
Total amount of unrecognized tax benefits	7,814		8,865
Amount of unrecognized tax benefits that would impact the effective tax rate, if recognized	6,031		7,082
Effective income tax rate (as a percent)	35.30%	35.00%
Income Tax Reconciliation, Nondeductible Expense	1,051
Other Tax Expense (Benefit)	367
Income Taxes Receivable	$ 26,001

XML

SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS

3 Months Ended

Jun. 30, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS

SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS

The 2021 Notes and the 2022 Notes are fully and unconditionally guaranteed on a joint and several basis by the Guarantor Subsidiaries. The total assets, stockholders' equity, revenue, earnings and cash flows from operating activities of the Guarantor Subsidiaries exceeded a majority of the consolidated total of such items as of and for the periods reported. The only consolidated subsidiaries of the Company that are not guarantors of the 2021 Notes and the 2022 Notes (the “Non-Guarantor Subsidiaries”) are: (a) the receivables securitization special-purpose entity; and (b) the international operating subsidiaries. The following tables present condensed consolidating financial statements including the Company (the “Parent”), the Guarantor Subsidiaries, and the Non-Guarantor Subsidiaries. Such financial statements include summary condensed consolidating balance sheets as of June 30, 2014 and March 31, 2014, condensed consolidating statements of comprehensive income for the three months ended June 30, 2014 and 2013, and condensed consolidating statements of cash flows for the three months ended June 30, 2014 and 2013.

13. SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Continued)

SUMMARY CONDENSED CONSOLIDATING BALANCE SHEETS:

	June 30, 2014
	Parent		Guarantor  Subsidiaries		Non-Guarantor  Subsidiaries		Eliminations			Consolidated  Total
Current assets:
Cash and cash equivalents	$	621	$	1,631	$	23,213	$	—		$	25,465
Trade and other receivables, net	164,290		188,213		314,699		—			667,202
Inventories	—		1,114,818		87,345		—			1,202,163
Rotable assets	—		29,677		13,553		—			43,230
Deferred income taxes	—		46,898		—		—			46,898
Prepaid expenses and other	6,249		11,260		7,740		—			25,249
Total current assets	171,160		1,392,497		446,550		—			2,010,207
Property and equipment, net	9,420		803,131		152,873		—			965,424
Goodwill and other intangible assets, net	—		2,672,046		172,086		—			2,844,132
Other, net	26,566		8,399		3,884		—			38,849
Intercompany investments and advances	4,196,184		266,885		37,192		(4,500,261		)	—
Total assets	$	4,403,330	$	5,142,958	$	812,585	$	(4,500,261	)	$	5,858,612
Current liabilities:
Current portion of long-term debt	$	24,096	$	19,227	$	—	$	—		$	43,323
Accounts payable	—		274,250		27,558		—			301,808
Accrued expenses	30,312		170,846		36,656		—			237,814
Total current liabilities	54,408		464,323		64,214		—			582,945
Long-term debt, less current portion	1,488,250		63,660		162,400		—			1,714,310
Intercompany advances	492,141		2,234,875		261,296		(2,988,312		)	—
Accrued pension and other postretirement benefits, noncurrent	6,894		441,873		—		—			448,767
Deferred income taxes and other	8,088		718,319		32,635		—			759,042
Total stockholders’ equity	2,353,549		1,219,908		292,040		(1,511,949		)	2,353,548
Total liabilities and stockholders’ equity	$	4,403,330	$	5,142,958	$	812,585	$	(4,500,261	)	$	5,858,612

13. SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Continued)

SUMMARY CONDENSED CONSOLIDATING BALANCE SHEETS:

	March 31, 2014
	Parent		Guarantor  Subsidiaries		Non-Guarantor  Subsidiaries		Eliminations			Consolidated  Total
Current assets:
Cash and cash equivalents	$	2,820	$	1,149	$	25,029	$	—		$	28,998
Trade and other receivables, net	1,591		226,407		289,709		—			517,707
Inventories	—		1,041,719		70,048		—			1,111,767
Rotable assets	—		28,113		13,553		—			41,666
Deferred income taxes	—		57,291		17		—			57,308
Prepaid expenses and other	6,977		13,674		4,246		—			24,897
Total current assets	11,388		1,368,353		402,602		—			1,782,343
Property and equipment, net	9,933		801,560		119,480		—			930,973
Goodwill and other intangible assets, net	—		2,625,121		144,892		—			2,770,013
Other, net	58,536		7,860		3,558		—			69,954
Intercompany investments and advances	4,094,443		84,180		12,333		(4,190,956		)	—
Total assets	$	4,174,300	$	4,887,074	$	682,865	$	(4,190,956	)	$	5,553,283
Current liabilities:
Current portion of long-term debt	$	31,844	$	17,731	$	—	$	—		$	49,575
Accounts payable	1,150		296,968		19,216		—			317,334
Accrued expenses	36,034		212,984		24,272		—			273,290
Total current liabilities	69,028		527,683		43,488		—			640,199
Long-term debt, less current portion	1,279,694		58,714		162,400		—			1,500,808
Intercompany advances	525,216		2,021,330		304,613		(2,851,159		)	—
Accrued pension and other postretirement benefits, noncurrent	6,795		501,716		13		—			508,524
Deferred income taxes and other	9,656		586,174		24,011		—			619,841
Total stockholders’ equity	2,283,911		1,191,457		148,340		(1,339,797		)	2,283,911
Total liabilities and stockholders’ equity	$	4,174,300	$	4,887,074	$	682,865	$	(4,190,956	)	$	5,553,283

13. SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Continued)

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME:

	Three Months Ended June 30, 2014
	Parent			Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries			Eliminations			Consolidated  Total
Net sales	$	—		$	842,294		$	56,593		$	(1,982	)	$	896,905
Operating costs and expenses:
Cost of sales	—			637,887			48,911			(1,982		)	684,816
Selling, general and administrative	10,171			48,384			7,155			—			65,710
Depreciation and amortization	637			34,063			2,851			—			37,551
Relocation costs	—			2,997			—			—			2,997
Gain on legal settlement, net of expenses	(134,693		)	—			—			—			(134,693		)
	(123,885		)	723,331			58,917			(1,982		)	656,381
Operating income (loss)	123,885			118,963			(2,324		)	—			240,524
Intercompany interest and charges	(53,289		)	51,529			1,760			—			—
Interest expense and other	41,283			2,155			(1,078		)	—			42,360
Income (loss) before income taxes	135,891			65,279			(3,006		)	—			198,164
Income tax expense (benefit)	46,185			25,075			(1,339		)	—			69,921
Net income (loss)	89,706			40,204			(1,667		)	—			128,243
Other comprehensive income (loss)	(1,541		)	(1,533		)	7,353			—			4,279
Total comprehensive income	$	88,165		$	38,671		$	5,686		$	—		$	132,522

13. SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Continued)

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME:

	Three Months Ended June 30, 2013
	Parent			Guarantor  Subsidiaries		Non-Guarantor  Subsidiaries			Eliminations			Consolidated  Total
Net sales	$	—		$	905,058	$	39,809		$	(1,184	)	$	943,683
Operating costs and expenses:
Cost of sales	—			669,202		28,453			(1,184		)	696,471
Selling, general and administrative	10,593			50,726		5,398			—			66,717
Depreciation and amortization	633			35,667		1,634			—			37,934
Relocation costs	—			1,215		—			—			1,215
	11,226			756,810		35,485			(1,184		)	802,337
Operating (loss) income	(11,226		)	148,248		4,324			—			141,346
Intercompany interest and charges	(57,390		)	56,430		960			—			—
Interest expense and other	18,649			1,675		(614		)	—			19,710
Income before income taxes	27,515			90,143		3,978			—			121,636
Income tax expense	8,390			33,912		291			—			42,593
Net income	19,125			56,231		3,687			—			79,043
Other comprehensive income (loss)	—			823		(480		)	—			343
Total comprehensive income	$	19,125		$	57,054	$	3,207		$	—		$	79,386

13. SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Continued)

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS:

	Three Months Ended June 30, 2014
	Parent			Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries			Eliminations			Consolidated  Total
Net income (loss)	$	89,706		$	40,204		$	(1,667	)	$	—		$	128,243
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities	(389,152		)	150,053			7,792			51,012			(180,295		)
Net cash provided by (used in)operating activities	(299,446		)	190,257			6,125			51,012			(52,052		)
Capital expenditures	(123		)	(21,876		)	(1,078		)	—			(23,077		)
Proceeds from sale of assets	—			599			52			—			651
Acquisitions, net of cash acquired	—			—			(60,901		)	—			(60,901		)
Net cash used in investing activities	(123		)	(21,277		)	(61,927		)	—			(83,327		)
Net increase in revolving credit facility	259,534			—			—			—			259,534
Proceeds on issuance of debt	300,000			10,905			12,600			—			323,505
Retirements and repayments of debt	(374,260		)	(5,563		)	(10,400		)	—			(390,223		)
Purchase of common stock	(51,043		)	—			—			—			(51,043		)
Payments of deferred financing costs	(5,194		)	—			—			—			(5,194		)
Dividends paid	(2,056		)	—			—			—			(2,056		)
Repayment of governmental grant	—			(3,198		)	—			—			(3,198		)
Repurchase of restricted shares for minimum tax obligation	(673		)	—			—			—			(673		)
Proceeds from exercise of stock options, including excess tax benefit	356			—			—			—			356
Intercompany financing and advances	170,706			(170,642		)	50,948			(51,012		)	—
Net cash (used in) provided by financing activities	297,370			(168,498		)	53,148			(51,012		)	131,008
Effect of exchange rate changes on cash	—			—			838			—			838
Net change in cash and cash equivalents	(2,199		)	482			(1,816		)	—			(3,533		)
Cash and cash equivalents at beginning of period	2,820			1,149			25,029			—			28,998
Cash and cash equivalents at end of period	$	621		$	1,631		$	23,213		$	—		$	25,465

13. SELECTED CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Continued)

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS:

	Three Months Ended June 30, 2013
	Parent			Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries			Eliminations		Consolidated  Total
Net income	$	19,125		$	56,231		$	3,687		$	—	$	79,043
Adjustments to reconcile net income to net cash provided by (used in) operating activities	15,244			(104,913		)	22,508			—		(67,161		)
Net cash provided by (used in) operating activities	34,369			(48,682		)	26,195			—		11,882
Capital expenditures	(1,466		)	(52,897		)	(1,866		)	—		(56,229		)
Reimbursed capital expenditures	—			2,869			—			—		2,869
Proceeds from sale of assets	—			10,321			—			—		10,321
Acquisitions, net of cash acquired	—			(22,255		)	(9,074		)	—		(31,329		)
Net cash used in investing activities	(1,466		)	(61,962		)	(10,940		)	—		(74,368		)
Net increase in revolving credit facility	153,935			—			—			—		153,935
Proceeds on issuance of debt	—			—			25,000			—		25,000
Retirements and repayments of debt	(107,320		)	(3,766		)	(14,100		)	—		(125,186		)
Payments of deferred financing costs	(357		)	—			—			—		(357		)
Dividends paid	(2,069		)	—			—			—		(2,069		)
Withholding of restricted shares for minimum tax obligation	(2,726		)	—			—			—		(2,726		)
Proceeds from exercise of stock options, including excess tax benefit	109			—			—			—		109
Intercompany financing and advances	(74,473		)	114,731			(40,258		)	—		—
Net cash (used in) provided by financing activities	(32,901		)	110,965			(29,358		)	—		48,706
Effect of exchange rate changes on cash	—			—			272			—		272
Net change in cash and cash equivalents	2			321			(13,831		)	—		(13,508		)
Cash and cash equivalents at beginning of period	3,110			1,537			27,390			—		32,037
Cash and cash equivalents at end of period	$	3,112		$	1,858		$	13,559		$	—	$	18,529

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block]

	June 30, 2014
	Weighted- Average Life	Gross Carrying Amount		Accumulated Amortization			Net
Customer relationships	16.5	$	660,166	$	(147,403	)	$	512,763
Product rights, technology and licenses	11.7	52,405		(29,629		)	22,776
Non-compete agreements and other	15.9	2,929		(404		)	2,525
Tradenames	Indefinite-lived	438,400		—			438,400
Total intangibles, net		$	1,153,900	$	(177,436	)	$	976,464

	March 31, 2014
	Weighted- Average Life	Gross Carrying Amount		Accumulated Amortization			Net
Customer relationships	16.7	$	650,210	$	(136,970	)	$	513,240
Product rights, technology and licenses	11.7	52,405		(28,437		)	23,968
Non-compete agreements and other	13.6	3,679		(1,105		)	2,574
Tradenames	Indefinite-lived	438,400		—			438,400
Total intangibles, net		$	1,144,694	$	(166,512	)	$	978,182

XML

LONG-TERM DEBT (Details 3) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended			3 Months Ended					3 Months Ended		3 Months Ended			3 Months Ended			12 Months Ended	3 Months Ended				3 Months Ended											3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Mar. 31, 2014	Dec. 31, 2013 Revolving credit facility	Jun. 30, 2014 Revolving credit facility	Mar. 31, 2014 Revolving credit facility	Jun. 30, 2014 Secured Debt [Member]	Mar. 31, 2014 Secured Debt [Member]	Jun. 30, 2014 Asset-backed Securities [Member]	Mar. 31, 2014 Asset-backed Securities [Member]	Jun. 30, 2014 Equipment leasing facility and other capital leases	Jun. 30, 2013 Equipment leasing facility and other capital leases	Mar. 31, 2014 Equipment leasing facility and other capital leases	Jun. 30, 2014 Senior subordinated notes due 2017	Dec. 31, 2013 Senior subordinated notes due 2017	Jun. 30, 2012 Senior subordinated notes due 2017	Mar. 31, 2012 Senior subordinated notes due 2017	Jun. 30, 2014 Senior notes due 2018	Dec. 31, 2013 Senior notes due 2018	Jun. 30, 2012 Senior notes due 2018	Mar. 31, 2014 Senior notes due 2018	Jun. 30, 2014 Senior notes due 2021 [Member]	Mar. 31, 2014 Senior notes due 2021 [Member]	Jun. 30, 2014 Senior Notes Due 2022 [Member]	Mar. 31, 2014 Senior Notes Due 2022 [Member]	Sep. 30, 2014 Convertible senior subordinated notes	Jun. 30, 2014 Convertible senior subordinated notes trading_days	Jun. 30, 2013 Convertible senior subordinated notes	Mar. 31, 2014 Convertible senior subordinated notes	Sep. 18, 2006 Convertible senior subordinated notes	Jun. 30, 2014 Notes Payable, Other Payables [Member]	Mar. 31, 2014 Notes Payable, Other Payables [Member]	Jun. 30, 2014 Debt Conversion, Redeemer [Member] Convertible senior subordinated notes	Jun. 30, 2014 Reported Value Measurement [Member]	Mar. 31, 2014 Reported Value Measurement [Member]	Jun. 30, 2014 Estimate of Fair Value Measurement [Member]	Mar. 31, 2014 Estimate of Fair Value Measurement [Member]
Long-term debt
Line of Credit Facility, Maximum Borrowing Capacity					$ 1,000,000				$ 175,000	$ 175,000
Line of Credit Facility, Accordion Feature					250,000
Capital lease obligations entered into to finance capital additions	10,905	0									0	26
Debt instrument principal amount														175,000				350,000					375,000		300,000					201,250
Debt instrument interest rate stated percentage (as a percent)														8.00%				8.62%					4.875%		5.25%
Proceeds from loan, percentage of principal (as a percent)																98.56%				99.27%		100.00%		100.00%
Payments of Financing Costs	5,194	357		2,795					196								4,390			7,307			6,327		4,990
Percentage of principal amount at which the entity may redeem the note before November 15, 2014 (as a percent)														104.00%				104.79%
Gains (Losses) on Extinguishment of Debt															11,069				22,615
Contingent interest rate per annum calculated on the average trading price for the relevant five day trading period (as a percent)																											0.25%
Trading period used to determine payment of contingent interest (in days)																											5
Debt Instrument, Redemption with Net Proceeds from Equity Offerings as Percentage of Original Principal																						35.00%		35.00%
Extinguishment of Debt, Amount																										5,082		77,260					7,752
Debt Instrument, Repurchase Option Percentage of Original Principal																											100.00%
Effective interest yield on principal amount (as a percent)														8.25%				8.75%					4.875%		5.25%
Debt Instrument, Repurchase Obligation Due to Change of Control, Percentage of Original Principal																						101.00%		101.00%
Percentage of principal amount which triggers payment of contingent interest if it occurs over the specified trading period (as a percent)																											120.00%
Percentage of principal amount that the holder of the note may require the entity to repurchase the debt instrument on October 1, 2011, 2016, and 2021 (as a percent)																											100.00%
Asset sales redemption price, percentage of principal (as a percent)																						100.00%		100.00%
Debt instrument fixed interest rate (as a percent)																														2.625%
Number of common stock shares per $1,000 principal amount of the convertible notes (in shares)																											36.8679
Principal amount of notes which are convertible into 36.731 shares of common stock																											1
Conversion price (in dollars per share)																											$ 27.12
Stock Issued During Period, Shares, Conversion of Convertible Securities																											0	1,849,548
Average price of common stock (in dollars per share)																											$ 67.45	$ 77.45
Additional number of shares included in diluted earning per share calculation (in shares)	198,000	1,693,000																									197,830	1,692,709
The limit of the principal amount of the debt instrument which the entity may redeem (as a percent)																						104.875%		105.25%
Derivative Asset, Fair Value, Gross Liability							(96)	2,426
Long-term debt	$ 1,757,633		$ 1,550,383		$ 453,940	$ 194,406	$ 370,313	$ 375,000	$ 164,600	$ 162,400	$ 80,720		$ 74,342					$ 0			$ 348,423	$ 375,000	$ 375,000	$ 300,000	$ 0		$ 5,082		$ 12,834		$ 7,978	$ 7,978		$ 1,757,633	$ 1,550,383	$ 1,761,503	$ 1,580,447

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Changes in Accounting Estimates (Details 5) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Gross Favorable Change in Estimates [Member]
Change in Accounting Estimate [Line Items]
Change in Accounting Estimate	$ 5,279
Gross Unfavorable Changes In Estimates [Member]
Change in Accounting Estimate [Line Items]
Change in Accounting Estimate	(6,002)
Comprehensive Income [Member]
Change in Accounting Estimate [Line Items]
Change in Accounting Estimate	(723)	(4,685)
Income, net [Member]
Change in Accounting Estimate [Line Items]
Change in Accounting Estimate	(468)	(3,044)
Diluted earings per share [Member]
Change in Accounting Estimate [Line Items]
Change in Accounting Estimate	$ 0	$ 0

XML

Consolidated Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Net Income (Loss) Attributable to Parent	$ 128,243	$ 79,043
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign currency translation adjustment	7,204	(509)
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax	0	2,831
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service (Cost) Credit, Net of Tax	(1,533)	(1,759)
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent	(1,533)	1,072
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax	(1,357)	(235)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	(35)	15
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	(1,392)	(220)
Other Comprehensive Income (Loss), Net of Tax	4,279	343
Total comprehensive income	$ 132,522	$ 79,386

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Revenue Recognition

Revenues are generally recognized in accordance with the contract terms when products are shipped, delivery has occurred or services have been rendered, pricing is fixed and determinable, and collection is reasonably assured. A significant portion of the Company’s contracts are within the scope of the Revenue Recognition - Construction-Type and Production-Type Contracts topic of the ASC and revenue and costs on contracts are recognized using the percentage-of-completion method of accounting. Accounting for the revenue and profit on a contract requires estimates of (1) the contract value or total contract revenue, (2) the total costs at completion, which is equal to the sum of the actual incurred costs to date on the contract and the estimated costs to complete the contract’s scope of work, and (3) the measurement of progress towards completion. Depending on the contract, the Company measures progress toward completion using either the cost-to-cost method or the units-of-delivery method of accounting, with the great majority measured under the units-of-delivery method of accounting.

• Under the cost-to-cost method of accounting, progress toward completion is measured as the ratio of total costs incurred to estimated total costs at completion. Costs are recognized as incurred. Profit is determined based on estimated profit margin on the contract multiplied by the progress toward completion. Revenue represents the sum of costs and profit on the contract for the period.

• Under the units-of-delivery method of accounting, revenue on a contract is recorded as the units are delivered and accepted during the period at an amount equal to the contractual selling price of those units. The costs recorded on a contract under the units-of-delivery method of accounting are equal to the total costs at completion divided by the total units to be delivered. As contracts can span multiple years, the Company often segments the contracts into production lots for the purposes of accumulating and allocating cost. Profit is recognized as the difference between revenue for the units delivered and the estimated costs for the units delivered.

Adjustments to original estimates for a contract’s revenues, estimated costs at completion and estimated total profit are often required as work progresses under a contract, as experience is gained and as more information is obtained, even though the scope of work required under the contract may not change, or if contract modifications occur. These estimates are also sensitive to the assumed rate of production. Generally, the longer it takes to complete the contract quantity, the more relative overhead that contract will absorb. The impact of revisions in cost estimates is recognized on a cumulative catch-up basis in the period in which the revisions are made. Provisions for anticipated losses on contracts are recorded in the period in which they become evident (‘‘forward losses’’) and are first offset against costs that are included in inventory, with any remaining amount reflected in accrued contract liabilities in accordance with the Revenue Recognition - Construction-Type and Production-Type Contracts topic. Revisions in contract estimates, if significant, can materially affect results of operations and cash flows, as well as valuation of inventory. Furthermore, certain contracts are combined or segmented for revenue recognition in accordance with the Revenue Recognition - Construction-Type and Production-Type Contracts topic.

For the three months ended June 30, 2014, cumulative catch-up adjustments from changes in estimates decreased operating income, net income and earnings per share by approximately $(723), $(468) and $(0.01) net of tax, respectively. The cumulative catch-up adjustments to operating income for the three months ended June 30, 2014 included gross favorable adjustments of approximately $5,279 and gross unfavorable adjustments of approximately $(6,002). For the three months ended June 30, 2013, cumulative catch-up adjustments from changes in estimates decreased operating income, net income and earnings per share by approximately $(4,685), $(3,044) and $(0.06) net of tax, respectively.

Amounts representing contract change orders or claims are only included in revenue when such change orders or claims have been settled with the customer and to the extent that units have been delivered. Additionally, some contracts may contain provisions for revenue sharing, price re-determination, requests for equitable adjustments, change orders or cost and/or performance incentives. Such amounts or incentives are included in contract value when the amounts can be reliably estimated and their realization is reasonably assured.

Although fixed-price contracts, which extend several years into the future, generally permit the Company to keep unexpected profits if costs are less than projected, the Company also bears the risk that increased or unexpected costs may reduce profit or cause the Company to sustain losses on the contract. In a fixed-price contract, the Company must fully absorb cost overruns, notwithstanding the difficulty of estimating all of the costs the Company will incur in performing these contracts and in projecting the ultimate level of revenue that may otherwise be achieved.

Failure to anticipate technical problems, estimate delivery reductions, estimate costs accurately or control costs during performance of a fixed-price contract may reduce the profitability of a fixed-price contract or cause a loss. The Company believes that it has recognized adequate provisions in the financial statements for losses on fixed-price contracts, but cannot be certain that the contract loss provisions will be adequate to cover all actual future losses.

While the Company is currently projecting its recurring production contracts to be profitable, there is still a substantial amount of risk similar to what the Company has experienced on certain programs. Particularly, the Company's ability to manage risks related to supplier performance, execution of cost reduction strategies, hiring and retaining skilled production and management personnel, quality and manufacturing execution, program schedule delays and many other risks, will determine the ultimate performance of these programs.

For example, significant cost growth experienced on the 747-8 program during prior fiscal year resulted in lower-than-expected margins during the year, but the deliveries are still profitable. We have assessed the profitability of future production related to the 747-8 program and currently projected that the program will continue to be profitable. However, if significant cost growth is experienced, cost reduction strategies are not successfully implemented and/or production rates are further reduced by our customers, profit margin on the 747-8 program could continue to deteriorate or a loss might be incurred on future recurring production blocks.

Included in net sales of the Aerostructures and Aerospace Systems group is the non-cash amortization of acquired contract liabilities recognized as fair value adjustments through purchase accounting from various acquisitions. For the three months ended June 30, 2014 and 2013, the Company recognized $8,967 and $11,150, respectively, into net sales in the accompanying condensed consolidated statements of income.

The Aftermarket Services Group provides repair and overhaul services, a small portion of which services are provided under long-term power-by-the-hour contracts. The Company applies the proportional performance method of accounting to recognize revenue under these contracts. Revenue is recognized over the contract period as units are delivered based on the relative value in proportion to the total estimated contract consideration. In estimating the total contract consideration, management evaluates the projected utilization of its customers’ fleet over the term of the contract, in connection with the related estimated repair and overhaul servicing requirements to the fleet based on such utilization. Changes in utilization of the fleet by customers, among other factors, may have an impact on these estimates and require adjustments to estimates of revenue to be realized.

Concentration of Credit Risk

The Company’s trade accounts receivable are exposed to credit risk. However, the risk is limited due to the diversity of the customer base and the customer base’s wide geographical area. Trade accounts receivable from The Boeing Company (“Boeing”) (representing commercial, military and space) represented approximately 27% and 32% of total trade accounts receivable as of June 30, 2014 and March 31, 2014, respectively. The Company had no other concentrations of credit risk of more than 10%. Sales to Boeing for the three months ended June 30, 2014 were $382,106, or 43% of net sales, of which $355,678, $20,691 and $5,737 were from the Aerostructures segment, the Aerospace Systems segment and Aftermarket Services segment, respectively. Sales to Boeing for the three months ended June 30, 2013 were $425,114, or 45% of net sales, of which $397,314, $20,774 and $7,026 were from the Aerostructures segment, the Aerospace Systems segment and Aftermarket Services segment, respectively. No other single customer accounted for more than 10% of the Company’s net sales. However, the loss of any significant customer, including Boeing, could have a material adverse effect on the Company and its operating subsidiaries.

Stock-Based Compensation

The Company recognizes compensation expense for share-based awards based on the fair value of those awards at the date of grant. Stock-based compensation expense for the three months ended June 30, 2014 and 2013 was $996 and $1,328, respectively. The Company has classified share-based compensation within selling, general and administrative expenses to correspond with the same line item as the majority of the cash compensation paid to employees. Upon the exercise of stock options or vesting of restricted stock, the Company first transfers treasury stock, then issues new shares.

Intangible Assets

The components of intangible assets, net, are as follows:

	June 30, 2014
	Weighted- Average Life	Gross Carrying Amount		Accumulated Amortization			Net
Customer relationships	16.5	$	660,166	$	(147,403	)	$	512,763
Product rights, technology and licenses	11.7	52,405		(29,629		)	22,776
Non-compete agreements and other	15.9	2,929		(404		)	2,525
Tradenames	Indefinite-lived	438,400		—			438,400
Total intangibles, net		$	1,153,900	$	(177,436	)	$	976,464

	March 31, 2014
	Weighted- Average Life	Gross Carrying Amount		Accumulated Amortization			Net
Customer relationships	16.7	$	650,210	$	(136,970	)	$	513,240
Product rights, technology and licenses	11.7	52,405		(28,437		)	23,968
Non-compete agreements and other	13.6	3,679		(1,105		)	2,574
Tradenames	Indefinite-lived	438,400		—			438,400
Total intangibles, net		$	1,144,694	$	(166,512	)	$	978,182

Amortization expense for the three months ended June 30, 2014 and 2013 was $11,631 and $11,533, respectively.

Fair Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. When determining fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and also considers assumptions that market participants would use when pricing an asset or liability. The fair value hierarchy has three levels of inputs that may be used to measure fair value: Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2—Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability; and Level 3—Unobservable inputs for the asset or liability. The Company has applied fair value measurements to its interest rate swap (see Note 6).

Warranty Reserves

A reserve has been established to provide for the estimated future cost of warranties on our delivered products. The Company periodically reviews the reserves and adjustments are made accordingly. A provision for warranty on products delivered is made on the basis of historical experience and identified warranty issues. Warranties cover such factors as non-conformance to specifications and defects in material and workmanship. The majority of the Company's agreements include a three-year warranty, although certain programs have warranties up to 20 years. The warranty reserves as of ended June 30, 2014 and 2013, were $37,751 and $22,066, respectively.

Supplemental Cash Flow Information

The Company paid $591 and $672 for income taxes, net of refunds received, for the three months ended June 30, 2014 and 2013, respectively. The Company made interest payments of $45,589 and $11,589 for the three months ended June 30, 2014 and 2013, respectively.

During the three months ended June 30, 2014 and 2013, the Company financed $0 and $26 of property and equipment additions through capital leases, respectively. During the three months ended June 30, 2014 and 2013, the Company issued 0 and 1,849,548 shares, respectively, in connection with certain conversions of convertible senior subordinated notes (see Note 6).

During the three months ended June 30, 2014, under the existing stock repurchase program, the Company repurchased 750,000 shares for $51,044. As a result, as of June 30, 2014, the Company remains able to purchase an additional 4,450,800 shares under the existing stock repurchase program.

XML

SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Details 3) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2013
Consolidating Financial Statements, Captions
Net Income (Loss) Attributable to Parent	$ 128,243		$ 79,043
Adjustments to reconcile net income to net cash (used in) provided by operating activities	(180,295)		(67,161)
Net cash (used in) provided by operating activities	(52,052)		11,882
Capital expenditures	(23,077)		(56,229)
Reimbursement Revenue	0		2,869
Proceeds from sale of assets	651	23,000	10,321
Acquisitions, net of cash acquired	(60,901)		(31,329)
Net cash used in investing activities	(83,327)		(74,368)
Net increase in revolving credit facility	259,534		153,935
Proceeds on issuance of debt	323,505		25,000
Retirements and repayments of debt	(390,223)		(125,186)
Payments for Repurchase of Common Stock	(51,043)		0
Payment of deferred financing costs	(5,194)		(357)
Dividends paid	(2,056)		(2,069)
Repayments of government grant	(3,198)		0
Repurchase of restricted shares for minimum tax obligation	(673)		(2,726)
Proceeds from exercise of stock options, including excess tax benefit	356		109
Intercompany financing and advances	0		0
Net cash (used in) provided by financing activities	131,008		48,706
Effect of exchange rate changes on cash and cash equivalents	838		272
Net change in cash and cash equivalents	(3,533)		(13,508)
Cash at beginning of period	28,998		32,037
Cash at end of period	25,465	28,998	18,529
Parent
Consolidating Financial Statements, Captions
Net Income (Loss) Attributable to Parent	89,706		19,125
Adjustments to reconcile net income to net cash (used in) provided by operating activities	(389,152)		15,244
Net cash (used in) provided by operating activities	299,446		34,369
Capital expenditures	(123)		(1,466)
Reimbursement Revenue			0
Proceeds from sale of assets	0		0
Acquisitions, net of cash acquired	0		0
Net cash used in investing activities	(123)		(1,466)
Net increase in revolving credit facility	259,534		153,935
Proceeds on issuance of debt	300,000		0
Retirements and repayments of debt	(374,260)		(107,320)
Payments for Repurchase of Common Stock	(51,043)
Payment of deferred financing costs	(5,194)		(357)
Dividends paid	(2,056)		(2,069)
Repayments of government grant	0
Repurchase of restricted shares for minimum tax obligation	(673)		(2,726)
Proceeds from exercise of stock options, including excess tax benefit	356		109
Intercompany financing and advances	170,706		(74,473)
Net cash (used in) provided by financing activities	297,370		(32,901)
Effect of exchange rate changes on cash and cash equivalents	0		0
Net change in cash and cash equivalents	(2,199)		2
Cash at beginning of period	2,820		3,110
Cash at end of period	621		3,112
Guarantors Subsidiaries
Consolidating Financial Statements, Captions
Net Income (Loss) Attributable to Parent	40,204		56,231
Adjustments to reconcile net income to net cash (used in) provided by operating activities	150,053		(104,913)
Net cash (used in) provided by operating activities	(190,257)		(48,682)
Capital expenditures	(21,876)		(52,897)
Reimbursement Revenue			2,869
Proceeds from sale of assets	599		(10,321)
Acquisitions, net of cash acquired	0		(22,255)
Net cash used in investing activities	(21,277)		(61,962)
Net increase in revolving credit facility	0		0
Proceeds on issuance of debt	10,905		0
Retirements and repayments of debt	(5,563)		(3,766)
Payments for Repurchase of Common Stock	0
Payment of deferred financing costs	0		0
Dividends paid	0		0
Repayments of government grant	(3,198)
Repurchase of restricted shares for minimum tax obligation	0		0
Proceeds from exercise of stock options, including excess tax benefit	0		0
Intercompany financing and advances	(170,642)		114,731
Net cash (used in) provided by financing activities	(168,498)		110,965
Effect of exchange rate changes on cash and cash equivalents	0		0
Net change in cash and cash equivalents	482		321
Cash at beginning of period	1,149		1,537
Cash at end of period	1,631		1,858
Non-Guarantor Subsidiaries
Consolidating Financial Statements, Captions
Net Income (Loss) Attributable to Parent	(1,667)		3,687
Adjustments to reconcile net income to net cash (used in) provided by operating activities	7,792		22,508
Net cash (used in) provided by operating activities	6,125		26,195
Capital expenditures	(1,078)		(1,866)
Reimbursement Revenue			0
Proceeds from sale of assets	52		0
Acquisitions, net of cash acquired	60,901		(9,074)
Net cash used in investing activities	(61,927)		(10,940)
Net increase in revolving credit facility	0		0
Proceeds on issuance of debt	12,600		25,000
Retirements and repayments of debt	(10,400)		(14,100)
Payments for Repurchase of Common Stock	0
Payment of deferred financing costs	0		0
Dividends paid	0		0
Repayments of government grant	0
Repurchase of restricted shares for minimum tax obligation	0		0
Proceeds from exercise of stock options, including excess tax benefit	0		0
Intercompany financing and advances	50,948		(40,258)
Net cash (used in) provided by financing activities	53,148		(29,358)
Effect of exchange rate changes on cash and cash equivalents	838		272
Net change in cash and cash equivalents	(1,816)		(13,831)
Cash at beginning of period	25,029		27,390
Cash at end of period	23,213		13,559
Eliminations
Consolidating Financial Statements, Captions
Net Income (Loss) Attributable to Parent	0		0
Adjustments to reconcile net income to net cash (used in) provided by operating activities	51,012		0
Net cash (used in) provided by operating activities	(51,012)		0
Capital expenditures	0		0
Reimbursement Revenue			0
Proceeds from sale of assets	0		0
Acquisitions, net of cash acquired	0		0
Net cash used in investing activities	0		0
Net increase in revolving credit facility	0		0
Proceeds on issuance of debt	0		0
Retirements and repayments of debt	0		0
Payments for Repurchase of Common Stock	0
Payment of deferred financing costs	0		0
Dividends paid	0		0
Repayments of government grant	0
Repurchase of restricted shares for minimum tax obligation	0		0
Proceeds from exercise of stock options, including excess tax benefit	0		0
Intercompany financing and advances	(51,012)		0
Net cash (used in) provided by financing activities	(51,012)		0
Effect of exchange rate changes on cash and cash equivalents	0		0
Net change in cash and cash equivalents	0		0
Cash at beginning of period	0		0
Cash at end of period	$ 0		$ 0

XML

ACQUISITIONS (Tables)

3 Months Ended

Jun. 30, 2014

Jun. 30, 2014

GEActuation [Member]

Dec. 31, 2013

General Donlee [Member]

Jun. 30, 2013

Primus Corporation [Member]

Business Acquisition [Line Items]

Business Acquisition, Pro Forma Information [Table Text Block]

	Three Months Ended June 30,
	2014		2013
Net Sales	$	947,842	$	1,015,825
Net income	129,467		82,244
Earnings per share—basic	$	2.50	$	1.62
Earnings per share—diluted	$	2.49	$	1.56

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

	June 27, 2014
Cash	$	4,608
Accounts receivable	36,730
Inventory	47,601
Property and equipment	41,004
Goodwill	70,209
Intangible assets	9,000
Deferred taxes	53,919
Other assets	2,506
Total assets	$	265,577
Accounts payable	$	19,080
Accrued expenses	26,104
Acquired contract liabilities	148,884
Total liabilities	$	194,068

	October 4, 2013
Accounts receivable	$	10,976
Inventory	15,645
Prepaid expenses and other	184
Property and equipment	31,495
Goodwill	46,468
Intangibles assets	24,607
Total assets	$	129,375
Accounts payable	$	2,841
Accrued expenses	3,620
Deferred taxes	11,336
Debt	54,956
Total liabilities	$	72,753

	May 6, 2013
Cash	$	2,201
Accounts receivable	17,392
Inventory	21,053
Prepaid expenses and other	883
Property and equipment	28,457
Goodwill	29,138
Intangibles assets	3,514
Other noncurrent assets	13,138
Total assets	$	115,776
Accounts payable	$	10,027
Accrued expenses	15,939
Other noncurrent liabilities	26,280
Total liabilities	$	52,246

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) (USD $) In Thousands, unless otherwise specified	3 Months Ended										3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014 Aerostructures Group [Member]	Jun. 30, 2013 Aerostructures Group [Member]	Jun. 30, 2014 Aerospace Systems	Jun. 30, 2013 Aerospace Systems	Jun. 30, 2014 Aftermarket Services	Jun. 30, 2013 Aftermarket Services	Jun. 30, 2014 Accounts receivables The Boeing Company ("Boeing")	Mar. 31, 2014 Accounts receivables The Boeing Company ("Boeing")	Jun. 30, 2014 Net sales	Jun. 30, 2013 Net sales	Jun. 30, 2014 Net sales The Boeing Company ("Boeing") Aerostructures Group [Member]	Jun. 30, 2013 Net sales The Boeing Company ("Boeing") Aerostructures Group [Member]	Jun. 30, 2014 Net sales The Boeing Company ("Boeing") Aerospace Systems	Jun. 30, 2013 Net sales The Boeing Company ("Boeing") Aerospace Systems	Jun. 30, 2014 Net sales The Boeing Company ("Boeing") Aftermarket Services	Jun. 30, 2013 Net sales The Boeing Company ("Boeing") Aftermarket Services
Concentration of Credit Risk
Concentration of Risk, Accounts Receivable, Major Customer									27.00%	32.00%
Percentage from Boeing compared to total											43.00%	45.00%
Net sales	$ 896,905	$ 943,683	$ 611,863	$ 651,888	$ 219,852	$ 219,526	$ 67,608	$ 74,353			$ 382,106	$ 425,114	$ 355,678	$ 397,314	$ 20,691	$ 20,774	$ 5,737	$ 7,026
Concentration Risk, Customer											.1
Stock-Based Compensation
Share-based Compensation	$ 996	$ 1,328

XML

SEGMENTS

3 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

SEGMENTS

SEGMENTS

The Company has three reportable segments: the Aerostructures Group, the Aerospace Systems Group and the Aftermarket Services Group. The Company’s reportable segments are aligned with how the business is managed and the markets that the Company serves are viewed. The Chief Operating Decision Maker (the "CODM") evaluates performance and allocates resources based upon review of segment information. The CODM utilizes earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”) as a primary measure of segment profitability to evaluate performance of its segments and allocate resources.

The Aerostructures segment consists of the Company’s operations that manufacture products primarily for the aerospace original equipment manufacturer ("OEM") market. The Aerostructures segment’s revenues are derived from the design, manufacture, assembly and integration of metallic and composite aerostructures and structural components, including aircraft wings, fuselage sections, tail assemblies, engine nacelles, flight control surfaces as well as helicopter cabins. Further, the segment’s operations also design and manufacture composite assemblies for floor panels and environmental control system ducts. These products are sold to various aerospace OEMs on a global basis.

The Aerospace Systems segment consists of the Company’s operations that also manufacture products primarily for the aerospace OEM market, as well as the related aftermarket. The segment’s operations design and engineer mechanical and electromechanical controls, such as hydraulic systems, main engine gearbox assemblies, accumulators, mechanical control cables and non-structural cockpit components. These products are sold primarily to various aerospace OEMs on a global basis.

The Aftermarket Services segment consists of the Company’s operations that provide maintenance, repair and overhaul services to both commercial and military markets on components and accessories manufactured by third parties. Maintenance, repair and overhaul revenues are derived from services on auxiliary power units, airframe and engine accessories, including constant-speed drives, cabin compressors, starters and generators, and pneumatic drive units. In addition, the segment’s operations repair and overhaul thrust reversers, nacelle components and flight control surfaces. The segment’s operations also perform repair and overhaul services and supply spare parts for various types of gauges for a broad range of commercial airlines on a worldwide basis.

Segment Adjusted EBITDA is total segment revenue reduced by operating expenses (less depreciation and amortization) identifiable with that segment. Corporate includes general corporate administrative costs and any other costs not identifiable with one of the Company’s segments, including a gain on legal settlement, net of expenses, of $134,693 for the three months ended June 30, 2014.

The Company does not accumulate net sales information by product or service or groups of similar products and services and, therefore, the Company does not disclose net sales by product or service because to do so would be impracticable. Selected financial information for each reportable segment and the reconciliation of Adjusted EBITDA to operating income is as follows:

12.     SEGMENTS (Continued)

	Three Months Ended June 30,
	2014			2013
Net sales:
Aerostructures	$	611,863		$	651,888
Aerospace systems	219,852			219,526
Aftermarket services	67,608			74,353
Elimination of inter-segment sales	(2,418		)	(2,084		)
	$	896,905		$	943,683
Income before income taxes:
Operating income (expense):
Aerostructures	$	70,866		$	100,387
Aerospace systems	37,352			42,643
Aftermarket services	10,504			11,279
Corporate	121,802			(12,963		)
	240,524			141,346
Interest expense and other	42,360			19,710
	$	198,164		$	121,636
Depreciation and amortization:
Aerostructures	$	24,979		$	26,313
Aerospace systems	9,517			8,539
Aftermarket services	1,877			1,877
Corporate	1,178			1,205
	$	37,551		$	37,934
Amortization of acquired contract liabilities, net:
Aerostructures	$	5,117		$	6,141
Aerospace systems	3,850			5,009
	$	8,967		$	11,150
Adjusted EBITDA:
Aerostructures	$	90,728		$	120,559
Aerospace systems	43,019			46,173
Aftermarket services	12,381			13,156
Corporate	(11,713		)	(11,758		)
	$	134,415		$	168,130
Capital expenditures:
Aerostructures	$	15,369		$	45,945
Aerospace systems	5,663			4,432
Aftermarket services	1,680			4,152
Corporate	365			1,700
	$	23,077		$	56,229

12.     SEGMENTS (Continued)

	June 30, 2014		March 31, 2014
Total Assets:
Aerostructures	$	3,867,170	$	3,880,645
Aerospace systems	1,457,601		1,255,033
Aftermarket services	318,067		316,643
Corporate	215,774		100,962
	$	5,858,612	$	5,553,283

During the three months ended June 30, 2014 and 2013, the Company had international sales of $159,834 and $145,091, respectively.