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, 2016

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, 49,529,579 shares outstanding as of August 1, 2016.

TRIUMPH GROUP, INC.

INDEX

			Page Number
Part I. Financial Information
Item 1.		Financial Statements (Unaudited)
	Condensed Consolidated Balance Sheets at June 30, 2016 and March 31, 2016		1
	Condensed Consolidated Statements of Income Three months ended June 30, 2016 and 2015		2
	Condensed Consolidated Statements of Comprehensive Income Three months ended June 30, 2016 and 2015		3
	Condensed Consolidated Statements of Cash Flows Three months ended June 30, 2016 and 2015		4
	Notes to Condensed Consolidated Financial Statements June 30, 2016		5
Item 2.		Management's Discussion and Analysis of Financial Condition and Results of Operations	30
Item 3.		Quantitative and Qualitative Disclosures About Market Risk	42
Item 4.		Controls and Procedures	42
Part II. Other Information
Item 6.		Exhibits	43
Signatures			44

Part I. Financial Information

Item 1. Financial Statements.

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

	June 30, 2016			March 31, 2016
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	31,299		$	20,984
Trade and other receivables, less allowance for doubtful accounts of $6,727 and $6,492	388,119			444,208
Inventories, net of unliquidated progress payments of $99,403 and $123,155	1,355,154			1,236,190
Prepaid and other current assets	25,640			41,259
Total current assets	1,800,212			1,742,641
Property and equipment, net	867,729			889,734
Goodwill	1,435,653			1,444,254
Intangible assets, net	634,690			649,612
Other, net	108,123			108,852
Total assets	$	4,846,407		$	4,835,093
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt	$	47,087		$	42,441
Accounts payable	431,063			410,225
Accrued expenses	606,368			683,208
Total current liabilities	1,084,518			1,135,874
Long-term debt, less current portion	1,492,325			1,374,879
Accrued pension and other postretirement benefits	642,454			664,664
Deferred income taxes	68,540			62,453
Other noncurrent liabilities	620,636			662,279
Stockholders’ equity:
Common stock, $.001 par value, 100,000,000 shares authorized, 52,460,920 and 52,460,920 shares issued; 49,516,612 and 49,328,999 shares outstanding	51			51
Capital in excess of par value	841,181			851,102
Treasury stock, at cost, 2,944,308 and 3,131,921 shares	(187,322		)	(199,415		)
Accumulated other comprehensive loss	(364,097		)	(347,162		)
Retained earnings	648,121			630,368
Total stockholders’ equity	937,934			934,944
Total liabilities and stockholders’ equity	$	4,846,407		$	4,835,093

SEE ACCOMPANYING NOTES.

1

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

(unaudited)

	Three Months Ended June 30,
	2016		2015
Net sales	$	893,253	$	959,638
Operating costs and expenses:
Cost of sales (exclusive of depreciation and amortization shown separately below)	726,388		732,094
Selling, general and administrative	68,026		73,281
Depreciation and amortization	45,462		43,534
Restructuring costs	6,651		—
Curtailment charge	—		2,863
	846,527		851,772
Operating income	46,726		107,866
Interest expense and other	18,126		18,116
Income before income taxes	28,600		89,750
Income tax expense	8,866		27,018
Net income	$	19,734	$	62,732
Earnings per share—basic:	$	0.40	$	1.28
Weighted-average common shares outstanding—basic	49,271		49,198
Earnings per share—diluted:	$	0.40	$	1.27
Weighted-average common shares outstanding—diluted	49,413		49,314
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,
	2016			2015
Net income	$	19,734		$	62,732
Other comprehensive (loss) income:
Foreign currency translation adjustment	(14,797		)	10,933
Defined benefit pension plans and other postretirement benefits:
Amounts arising during the period - gains (losses), net of tax (expense) benefit:
Prior service credit, net of taxes of ($211)	—			360
Actuarial gain, net of taxes ($3,110)	—			5,306
Reclassifications from accumulated other comprehensive income - (gains) losses, net of tax expense (benefits):
Amortization of net loss, net of taxes of ($489) and ($548), respectively	836			935
Recognized prior service credits, net of taxes of $1,408 and ($138), respectively	(2,408		)	235
Total defined benefit pension plans and other postretirement benefits, net of taxes	(1,572		)	6,836
Cash flow hedges:
Unrealized (loss) gain arising during period, net of tax of $339 and ($534), respectively	(553		)	1,012
Reclassification of (loss) gain included in net earnings, net of tax of $2 and ($3), respectively	(13		)	7
Net unrealized (loss) gain cash flow hedges, net of tax	(566		)	1,019
Total other comprehensive (loss) income	(16,935		)	18,788
Total comprehensive income	$	2,799		$	81,520

SEE ACCOMPANYING NOTES.

3

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

	Three Months Ended June 30,
	2016			2015
Operating Activities
Net income	$	19,734		$	62,732
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	45,462			43,534
Amortization of acquired contract liabilities	(29,349		)	(35,098		)
Curtailment charge	—			2,863
Other amortization included in interest expense	1,284			969
Provision for doubtful accounts receivable	(207		)	(294		)
Provision for deferred income taxes	4,996			20,463
Employee stock-based compensation	1,956			792
Changes in assets and liabilities, excluding the effects of acquisitions and dispositions of businesses:
Trade and other receivables	55,413			(33,592		)
Inventories	(123,589		)	(166,590		)
Prepaid expenses and other current assets	15,096			4,573
Accounts payable, accrued expenses	(47,419		)	(24,384		)
Accrued pension and other postretirement benefits	(24,558		)	(19,991		)
Other	(2,854		)	(4,367		)
Net cash used in operating activities	(84,035		)	(148,390		)
Investing Activities
Capital expenditures	(12,723		)	(18,016		)
Proceeds from sale of assets	948			554
Acquisitions, net of cash acquired	9			(5,986		)
Net cash used in investing activities	(11,766		)	(23,448		)
Financing Activities
Net increase in revolving credit facility	174,091			96,541
Proceeds from issuance of long-term debt and capital leases	—			98,932
Repayment of debt and capital lease obligations	(46,989		)	(16,026		)
Payment of deferred financing costs	(10,689		)	(71		)
Dividends paid	(1,981		)	(1,971		)
Repayment of government grant	(7,285		)	(82		)
Repurchase of restricted shares for minimum tax obligation	(171		)	(96		)
Net cash provided by financing activities	106,976			177,227
Effect of exchange rate changes on cash	(860		)	1,665
Net change in cash	10,315			7,054
Cash and cash equivalents at beginning of period	20,984			32,617
Cash and cash equivalents at end of period	$	31,299		$	39,671

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, 2016 are not necessarily indicative of results that may be expected for the year ending March 31, 2017. The accompanying condensed consolidated financial statements are unaudited and should be read in conjunction with the fiscal 2016 audited condensed consolidated financial statements and notes thereto included in the Company's Form 10-K for the year ended March 31, 2016 filed with the Securities and Exchange Commission (the "SEC") on May 27, 2016.

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.

Effective April 1, 2016, the Company realigned into four reportable segments: Integrated Systems, Aerospace Structures, Precision Components and Product Support segments (see Note 11).

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 605-35 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.

5

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

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, 2016, cumulative catch-up adjustments from changes in estimates, inclusive of changes in forward loss estimates, decreased operating income, net income and earnings per share by approximately $(27,968), $(19,298) and $(0.39), net of tax, respectively. The cumulative catch-up adjustments to operating income for the three months ended June 30, 2016, included gross favorable adjustments of approximately $9,698 and gross unfavorable adjustments of approximately $(37,666). For the three months ended June 30, 2015, cumulative catch-up adjustments from changes in estimates increased operating income, net income and earnings per share by approximately $1,307, $863 and $0.02, 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.

As disclosed during fiscal 2016, the Company recognized a provision for forward losses associated with our long-term contract on the 747-8 and Bombardier programs. There is still risk similar to what the Company has experienced on the 747-8 and Bombardier 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, potential need to negotiate facility lease extensions or alternatively relocate work and many other risks, will determine the ultimate performance of these programs.

Included in net sales of the Integrated Systems, Aerospace Structures and Precision Components is the non-cash amortization of acquired contract liabilities that were recognized as fair value adjustments through purchase accounting from various acquisitions. For the three months ended June 30, 2016 and 2015, the Company recognized $29,349 and $35,098, respectively, into net sales in the accompanying Condensed Consolidated Statements of Income.

The Product Support provides repair and overhaul services, of which a small portion of 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.

6

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

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 Boeing (representing commercial, military and space) represented approximately 15% and 18% of total trade accounts receivable as of June 30, 2016 and March 31, 2016, respectively. The Company had no other concentrations of credit risk of more than 10%.

Sales to Boeing for the three months ended June 30, 2016, were $337,988, or 38% of net sales, of which $53,760, $162,935, $112,823 and $8,470 were from the Integrated Systems, Aerospace Structures, Precision Components and Product Support, respectively. Sales to Boeing for the three months ended June 30, 2015, were $374,704, or 39% of net sales, of which $48,683, $229,556, $86,787 and $9,678 were from the Integrated Systems, Aerospace Structures, Precision Components and Product Support, respectively.

Sales to Gulfstream Aerospace Corporation for the three months ended June 30, 2016, were $107,627, or 12% of net sales, of which $558, $104,795, $2,254 and $20 were from the Integrated Systems, Aerospace Structures, Precision Components and Product Support,respectively. Sales to Gulfstream for the three months ended June 30, 2015, were $125,135, or 13% of net sales, of which $737, $122,647, $1,749 and $2 were from the Integrated Systems, Aerospace Structures, Precision Components and Product Support, 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 and Gulfstream, 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, 2016 and 2015, was $1,956 and $792, 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, 2016
	Weighted- Average Life	Gross Carrying Amount		Accumulated Amortization			Net
Customer relationships	16.4	$	679,503	$	(223,804	)	$	455,699
Product rights, technology and licenses	11.7	55,501		(38,229		)	17,272
Non-compete agreements and other	16.1	2,881		(767		)	2,114
Tradenames	20.0	163,000		(3,395		)	159,605
Total intangibles, net		$	900,885	$	(266,195	)	$	634,690

7

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

	March 31, 2016
	Weighted- Average Life	Gross Carrying Amount		Accumulated Amortization			Net
Customer relationships	16.4	$	683,309	$	(215,546	)	$	467,763
Product rights, technology and licenses	11.7	55,739		(37,695		)	18,044
Non-compete agreements and other	16.1	2,881		(718		)	2,163
Tradenames	20.0	163,000		(1,358		)	161,642
Total intangibles, net		$	904,929	$	(255,317	)	$	649,612

During the fiscal year ended March 31, 2016, the Company performed interim and annual assessments of the fair value of indefinite-lived intangible assets. The Company concluded the fair value of the Vought and Embee tradenames did not exceed their carrying value. Accordingly, the Company recorded non-cash impairment charges during the fiscal year ended March 31, 2016. Additionally, the Company determined that the tradenames will be amortized over their remaining useful life of 20 years.

Amortization expense for the three months ended June 30, 2016 and 2015, was $13,631 and $15,964, 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 5).

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 June 30, 2016 and March 31, 2016, were $110,476 and $112,937, respectively.

Supplemental Cash Flow Information

The Company paid $1,198 and $620 for income taxes, net of refunds, for the three months ended June 30, 2016 and 2015, respectively. The Company made interest payments of $25,751 and $23,336 for the three months ended June 30, 2016 and 2015.

During the three months ended June 30, 2016 and 2015, the Company did not finance any property or equipment additions through capital leases.

As of June 30, 2016, the Company remains able to purchase an additional 2,277,789 shares under the existing stock repurchase program. However, there are certain restrictions placed on the repurchase program by the Company lenders that prevent any repurchases at this time.

8

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

3.     ACQUISITIONS

Acquisition of Fairchild Controls Corporation

Effective October 21, 2015, the Company acquired all of the outstanding shares of Fairchild Controls Corporation ("Fairchild"). Fairchild is a leading provider of proprietary thermal management systems, auxiliary power generation systems and related aftermarket spares and repairs. The acquired business operates as Triumph Thermal Systems-Maryland, Inc. and its results are included in Integrated Systems from the date of acquisition.

The purchase price for Fairchild was $57,130, including a working capital adjustment paid in January 2016. Goodwill in the amount of $14,695 was provisionally 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 an intangible asset related to customer relationships valued at $18,000 with a weighted-average life of 12.0 years.

The accounting for the business combination is provisional and dependent upon valuations and other information for certain assets and liabilities which have not yet been identified, 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 Company finalizes estimates of the fair value of assets acquired and liabilities assumed, the purchase price allocation for Fairchild 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 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 finalizes valuations of tangible and intangible assets, certain liabilities assumed and other information related to the Fairchild acquisition. Accordingly, the amounts below report the Company's best estimate of fair value based on the information available at this time:

	October 21, 2015
Cash	$	9,075
Accounts receivable	8,841
Inventory	15,069
Prepaid expenses	263
Property and equipment	6,632
Goodwill	14,695
Intangible assets	18,000
Deferred taxes	5,889
Total assets	$	78,464
Accounts payable	$	1,284
Accrued expenses	12,183
Other noncurrent liabilities	7,867
Total liabilities	$	21,334

9

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

The provisional amounts recognized are based on the Company's best estimate using information that it 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 Fairchild, whichever is earlier.

The Fairchild 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 Company incurred $569 in acquisition-related costs in connection with the Fairchild acquisition.

4.    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, 2016			March 31, 2016
Raw materials	$	99,233		$	81,989
Work-in-process, including manufactured and purchased components	1,166,602			1,100,660
Finished goods	133,035			124,744
Rotable assets	55,687			51,952
Less: unliquidated progress payments	(99,403		)	(123,155		)
Total inventories	$	1,355,154		$	1,236,190

Work-in-process inventory includes capitalized pre-production costs on newer development programs. 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. The balance of development program inventory, comprised principally of capitalized pre-production costs, excluding progress payments related to the Company's contracts with Bombardier for the Global 7000/8000 program ("Bombardier") and Embraer for the second generation E-Jet ("Embraer") are as follows:

	June 30, 2016
	Inventory		Capitalized Pre-Production		Forward Loss Provision			Total Inventory, net
Bombardier	$	13,848	$	450,429	$	(399,758	)	$	64,519
Embraer	8,745		156,796		—			165,541
Total	$	22,593	$	607,225	$	(399,758	)	$	230,060
	March 31, 2016
	Inventory		Capitalized Pre-Production		Forward Loss Provision			Total Inventory, net
Bombardier	$	6,662	$	406,147	$	(399,758	)	$	13,051
Embraer	5,139		146,765		—			151,904
Total	$	11,801	$	552,912	$	(399,758	)	$	164,955

During the fiscal year ended March 31, 2016, the Company recorded a $399,758 forward loss charge for the Bombardier Global 7000/8000 wing program. Under our contract for this program, the Company has the right to design, develop and manufacture wing components over the initial 300 ship sets. The Global 7000/8000 contract provides for fixed pricing and requires the Company to fund certain up-front development expenses, with certain milestone payments made by Bombardier.

10

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

The Global 7000/8000 program charge resulted in the impairment of previously capitalized pre-production costs due to the combination of cost recovery uncertainty, higher than anticipated non-recurring costs and increased forecasted costs on recurring production. The increases in costs were driven by several factors, including: changing technical requirements, increased spending on the design and engineering phase of the program and uncertainty regarding cost reduction and cost recovery initiatives with our customer and suppliers. Further cost increases or an inability to meet revised recurring cost forecasts on the Global 7000/8000 program may result in additional forward loss reserves in future periods, while improvements in future costs compared to current estimates may result in favorable adjustments if forward loss reserves are no longer required.

The Company is still in the pre-production stages for the Bombardier and Embraer programs, as these aircrafts are not scheduled to enter service until 2018, or later. Transition of these programs from development to recurring production levels is dependent upon the success of the programs at 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 additional forward losses.

5.    LONG-TERM DEBT

Long-term debt consists of the following:

	June 30, 2016			March 31, 2016
Revolving line of credit	$	314,091		$	140,000
Term loan	330,469			337,500
Receivable securitization facility	155,100			191,300
Capital leases	70,697			74,513
Senior notes due 2021	375,000			375,000
Senior notes due 2022	300,000			300,000
Other debt	7,978			7,978
Less: Debt issuance costs	(13,923		)	(8,971		)
	1,539,412			1,417,320
Less: Current portion	47,087			42,441
	$	1,492,325		$	1,374,879

Revolving Credit Facility

In May 2016, the Company entered into a Sixth Amendment to the Third Amended and Restated Credit Agreement, among the Company, the Subsidiary Co-Borrowers, the lenders party thereto and the Administrative Agent (the “Sixth Amendment” and the Credit Facility, as amended by the Sixth Amendment, the “Credit Facility”), pursuant to which those lenders electing to enter into the Sixth Amendment extended the expiration date for the revolving line of credit and the maturity date for the term loan by five years to May 3, 2021. Lenders holding revolving credit commitments aggregating $940,000 elected to extend the expiration date for the revolving line of credit, and Lenders holding approximately $324,500 of term loans (out of an aggregate outstanding term loan balance of approximately $330,000) elected to extend the term loan maturity date. In connection with the amendment to the Credit Facility, the Company incurred $5,126 of financing costs. These costs, along with the $4,626 of unamortized financing costs prior to the amendment, are being amortized over the remaining term of the Credit Facility.

In addition, the Sixth Amendment amended the Credit Facility to, among other things, (i) modify certain financial covenants to allow for the add-back of certain cash and non-cash charges, (ii) amend the total leverage ratio financial covenant to provide for a gradual reduction in the maximum permitted total leverage ratio commencing with the fiscal year ending March 31, 2018, (iii) increase the interest rate, commitment fee and letter of credit fee pricing provisions for the highest pricing tier, (iv) establish the interest rate, commitment fee and letter of credit fee pricing at the highest pricing tier until the Company delivers its compliance certificate for its fiscal year ending March 31, 2017, (v) increase the minimum revolver availability

11

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

threshold test in connection with the Company making certain permitted investments, certain additional permitted dividends, permitted acquisitions and permitted payments of certain types of indebtedness, and (vi) decrease the maximum senior secured leverage ratio threshold test in connection with the Company making certain permitted investments, certain permitted dividends, permitted acquisitions and permitted payments of certain types of indebtedness during the period from the date of the Sixth Amendment until the Company delivers its compliance certificate for the fiscal year ending March 31, 2017.

In May 2014, the Company amended the Credit Facility with its lenders to (i) 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 existing 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.

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, 2016, there were $314,091 in borrowings and $27,313 in letters of credit outstanding under the Revolving Line of Credit provisions of the Credit Facility, primarily to support insurance policies. At March 31, 2016, there were $140,000 in borrowings and $25,709 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. Although the Company does not anticipate any violations of the financial covenants, its ability to comply with these covenants is dependent upon achieving earnings and cash flow projections. As of June 30, 2016, the Company had borrowing capacity under this facility of $658,596 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

12

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

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, 2016 and March 31, 2016, the interest rate swap agreement had a notional amount of $330,469 and $337,500, respectively. As of June 30, 2016 and March 31, 2016, the interest rate swap agreement had a fair value of $5,187 and $4,526, respectively, which is recorded in other noncurrent liabilities with an offset to 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 November 2014, the Company amended its Securitization Facility, increasing the purchase limit from $175,000 to $225,000 and extending the term through November 2017. 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, 2016, the maximum amount available under the Securitization Facility was $225,000. Interest rates are based on LIBOR plus a program fee and a commitment fee. The program fee is 0.40% on the amount outstanding under the Securitization Facility. Additionally, the commitment fee is 0.40% on 100.00% of the maximum amount available under the Securitization Facility. At June 30, 2016, there was $155,100 outstanding under the Securitization Facility. In connection with amending the Securitization Facility, the Company incurred approximately $252 of financing costs. These costs, along with the $341 of unamortized financing costs prior to the amendment, are being amortized over the life of the Securitization Facility. The Company secures 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 860.

The agreement governing the Securitization Facility contains restrictions and covenants, including 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, 2016 and 2015, the Company did not finance any property and equipment additions through capital leases. During the three months ended June 30, 2015, the Company obtained financing for existing fixed assets in the amount of $2,632.

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 are a direct deduction to the face amount of the note and are being amortized on the effective interest method over the term of the 2021 Notes.

During the quarter ended June 30, 2016, to ensure that the Company had full access to our Revolving Credit Facility (the "Credit Facility") during fiscal 2017, the Company obtained approval from the holders of the 2021 Notes to amend the terms of the indenture to conform with the 2022 Notes (as defined below) which allows for a higher level of secured debt. Absent this consent, the Company would have been restricted as to the level of new borrowings under the Credit Facility during fiscal 2017. As part of obtaining the consent, the Company paid the holders of the 2021 Notes $5,466, which is being amortized on the effective interest method over the remaining term of the 2021 Notes.

Further, to mitigate the risk of failing to obtain the consent and to ensure the Company had adequate liquidity through fiscal 2017, the Company chose to make a significant draw on the Credit Facility in early April 2016, taking the outstanding balance to approximately $800,000. The Company paid down substantially all of the draw to the Credit Facility upon receiving consent from the holders of the 2021 Notes in May 2016.

13

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

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 are a direct deduction to the face amount of the note and are being amortized on the effective interest method over the term of the 2022 Notes.

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.

Receivables Purchase Agreement

On March 28, 2016, the Company entered into a Purchase Agreement ("Receivables Purchase Agreement") to sell certain accounts receivables to a financial institution without recourse. The Company is the servicer of the accounts receivable under

14

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

the Receivables Purchase Agreement. As of March 31, 2016, the maximum amount available under the Receivables Purchase Agreement was $90,000. Interest rates are based on LIBOR plus 0.65% - 0.70%. As of June 30, 2016 and March 31, 2016, the Company sold $78,513 and $89,900, respectively, worth of eligible accounts receivable.

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, 2016				March 31, 2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt	$	1,539,412	$	1,505,767	$	1,417,320	$	1,354,961

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).

6.    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)
	2016	2015
Weighted-average common shares outstanding – basic	49,271	49,198
Net effect of dilutive stock options and nonvested stock	142	116
Weighted-average common shares outstanding – diluted	49,413	49,314

7.    INCOME TAXES

The Company follows the Income Taxes topic of the ASC 740, 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, 2016 and March 31, 2016, the total amount of accrued income tax-related interest and penalties was $249 and $239, respectively.

As of June 30, 2016 and March 31, 2016, the total amount of unrecognized tax benefits was $9,219 and $9,212, respectively, of which $9,219 and $9,212, 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.

As of June 30, 2016, the Company is in a three year cumulative book loss position and has recorded a valuation allowance against substantially all of our net deferred tax assets given this evidence and the insufficient positive evidence to support the realization of the Company’s deferred tax assets.  The Company intends to continue maintaining a valuation allowance on its deferred tax assets until there is sufficient positive evidence to support the reversal of all or some portion of these allowances. 

15

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

A reduction in the valuation allowance could result in a significant decrease in income tax expense in the period that the release is recorded.  However, the exact timing and amount of the reduction in its valuation allowance is unknown at this time and will be subject to the earnings level the Company achieves during fiscal 2017 as well as the Company's projected income in future periods.

The effective income tax rate for the three months ended June 30, 2016, was 31.0% as compared to 30.1% for the three months ended June 30, 2015. For the three months ended June 30, 2015, the income tax provision was reduced to reflect the benefit of $4,213 from the decrease to the state deferred tax rates,

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, 2016, the Company is subject to examination in one state jurisdiction. The Company has filed appeals in a prior state examination related to fiscal years ended March 31, 1999 through March 31, 2005. 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, 2001 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.

8.    GOODWILL

The following is a summary of the changes in the carrying value of goodwill by reportable segment, from March 31, 2016 through June 30, 2016:

	Integrated Systems			Aerospace Structures		Precision Components			Product Support		Total
Balance, March 31, 2016	$	560,696		$	266,298	$	535,804		$	81,456	$	1,444,254
Goodwill recognized in connection with acquisitions	(1,835		)	—		—			—		(1,835		)
Effect of exchange rate changes	(5,629		)	—		(1,263		)	126		(6,766		)
Balance, June 30, 2016	$	553,232		$	266,298	$	534,541		$	81,582	$	1,435,653

9.     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.

16

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

In accordance with the Compensation – Retirement Benefits topic of ASC 715, 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 pension benefit obligation 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.

Net Periodic Benefit Plan Costs

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

	Pension benefits
		Three Months Ended June 30,
		2016			2015
Components of net periodic benefit costs:
Service cost		$	1,649		$	2,767
Interest cost		18,189			22,677
Expected return on plan assets		(39,058		)	(40,853		)
Amortization of prior service credits		(446		)	(1,146		)
Amortization of net loss		3,031			2,522
Curtailment charge		—			2,863
Net periodic benefit income		$	(16,635	)	$	(11,170	)

	Other postretirement benefits
		Three Months Ended June 30,
		2016			2015
Components of net periodic benefit costs:
Service cost		$	179		$	326
Interest cost		1,247			2,070
Amortization of prior service credits		(3,366		)	(1,345		)
Amortization of gain		(1,647		)	(1,643		)
Net periodic benefit income		$	(3,587	)	$	(592	)

The Company periodically experiences events or makes changes to its benefit plans that result in special charges. Some require remeasurements. The following summarizes the key events whose effects on net periodic benefit costs are included in the tables above:

• In April 2015, the Company's largest union-represented group of employees ratified a new collective bargaining agreement. The agreement includes an amendment to the retirement plan, for which actively employed participants will no longer continue to accrue a benefit after 30 years of service. This change resulted in a curtailment charge of approximately $2,863 and is presented on the accompanying Condensed Consolidated Statements of Income as "Curtailment charge."

17

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

10.     STOCKHOLDERS' EQUITY

Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive income (loss) ("AOCI") by component for the three months ended June 30, 2016 and 2015, 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, 2016	$	(58,816	)	$	(2,920	)	$	(285,426	)			$	(347,162	)
AOCI before reclassifications	(14,797		)	(553		)	—					(15,350		)
Amounts reclassified from AOCI	—			(13		)	(1,572		)	(2	)	(1,585		)
Net current period AOCI	(14,797		)	(566		)	(1,572		)			(16,935		)
Balance June 30, 2016	$	(73,613	)	$	(3,486	)	$	(286,998	)			$	(364,097	)

Balance March 31, 2015	$	(46,751	)	$	(2,757	)	$	(149,402	)			$	(198,910	)
AOCI before reclassifications	10,933			1,012			5,666					17,611
Amounts reclassified from AOCI	—			7			1,170			(2	)	1,177
Net current period AOCI	10,933			1,019			6,836					18,788
Balance June 30, 2015	$	(35,818	)	$	(1,738	)	$	(142,566	)			$	(180,122	)

(1) Net of tax.

(2) Includes 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.

Issuance of Restricted Stock Awards and Stock Options

Included in the employment agreement for the Company's new CEO were restricted stock awards totaling 179,134 shares. The awards generally vest in full after four to seven years. The fair value of the awards is determined by the product of the number of shares granted, the grant date market price of the Company's stock and adjusted for the market conditions necessary to achieve the awards. Certain of these awards contain performance conditions, in addition to service conditions. The fair value of the awards is expensed over a graded vesting period of the requisite service period of four to seven years.

In addition the employment agreement included 150,000 stock options with an exercise price of $30.86, a contractual term of 10 years and vesting over a 4 year period.

18

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

11.     SEGMENTS

Effective April 2016, the Company realigned into four reportable segments: the Integrated Systems, the Aerospace Structures, the Precision Components and the Product Support segments. The Company’s reportable segments are aligned with how the business is managed and views the markets that the Company serves. 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 Integrated Systems consists of the Company’s operations that provides integrated solutions including design, development and support of proprietary components, subsystems and systems, as well as production of complex assemblies using external designs.  Capabilities include hydraulic, mechanical and electro-mechanical actuation, power and control; a complete suite of aerospace gearbox solutions including engine accessory gearboxes and helicopter transmissions; active and passive heat exchange technology; fuel pumps, fuel metering units and Full Authority Digital Electronic Control fuel systems; hydro-mechanical and electromechanical primary and secondary flight controls; and a broad spectrum of surface treatment options.

The Aerospace Structures consists of the Company’s operations that supply commercial, business, regional and military manufacturers with large metallic and composite structures. Products include wings, wing boxes, fuselage panels, horizontal and vertical tails and sub-assemblies such as floor grids. Inclusive of most of the former Vought Aircraft Division, Aerospace Structures also has the capability to engineer detailed structural designs in metal and composites.

The Precision Components consists of the Company’s operations that produce close-tolerance parts primarily to customer designs and model-based definition, including a wide range of aluminum, hard metal and composite structure capabilities. Capabilities include complex machining, gear manufacturing, sheet metal fabrication, forming, advanced composite and interior structures, joining processes such as welding, autoclave bonding and conventional mechanical fasteners and a variety of special processes including: super plastic titanium forming, aluminum and titanium chemical milling and surface treatments.

The Product Support consists of the Company’s operations that provides full life cycle solutions for commercial, regional and military aircraft. The Company’s extensive product and service offerings include full post-delivery value chain services that simplify the MRO supply chain. Through its line maintenance, component MRO and postproduction supply chain activities, The Company’s Product Support is positioned to provide integrated planeside repair solutions globally. Capabilities include fuel tank repair, metallic and composite aircraft structures, nacelles, thrust reversers, interiors, auxiliary power units and a wide variety of pneumatic, hydraulic, fuel and mechanical accessories.

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 curtailment charge of $2,863 for the three months ended June 30, 2015.

19

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

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:

	Three Months Ended June 30,
	2016			2015
Net sales:
Integrated Systems	$	257,356		$	258,571
Aerospace Structures	331,596			395,119
Precision Components	254,561			265,141
Product Support	84,199			74,745
Elimination of inter-segment sales	(34,459		)	(33,938		)
	$	893,253		$	959,638
Income before income taxes:
Operating income (expense):
Integrated Systems	$	47,986		$	50,557
Aerospace Structures	9,163			41,797
Precision Components	(7,782		)	24,906
Product Support	14,059			9,987
Corporate	(16,700		)	(19,381		)
	46,726			107,866
Interest expense and other	18,126			18,116
	$	28,600		$	89,750
Depreciation and amortization:
Integrated Systems	$	10,303		$	10,518
Aerospace Structures	17,962			15,933
Precision Components	14,330			14,221
Product Support	2,484			2,462
Corporate	383			400
	$	45,462		$	43,534
Amortization of acquired contract liabilities, net:
Integrated Systems	$	10,337		$	10,501
Aerospace Structures	18,438			23,778
Precision Components	574			819
	$	29,349		$	35,098
Adjusted EBITDA:
Integrated Systems	$	47,952		$	50,574
Aerospace Structures	8,687			33,952
Precision Components	5,974			38,308
Product Support	16,543			12,449
Corporate	(16,317		)	(16,118		)
	$	62,839		$	119,165

20

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

	Three Months Ended June 30,
	2016		2015
Capital expenditures:
Integrated Systems	$	3,228	$	3,853
Aerospace Structures	3,833		7,163
Precision Components	4,902		6,121
Product Support	630		622
Corporate	130		257
	$	12,723	$	18,016

	June 30, 2016		March 31, 2016
Total Assets:
Integrated Systems	$	1,345,521	$	1,371,178
Aerospace Structures	1,840,505		1,792,397
Precision Components	1,282,977		1,298,294
Product Support	352,413		350,674
Corporate	24,991		22,550
	$	4,846,407	$	4,835,093

During the three months ended June 30, 2016 and 2015, the Company had international sales of $180,419 and $191,318, respectively.

12. 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 foreign 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, 2016 and March 31, 2016, Condensed Consolidating Statements of Comprehensive Income for the three months ended June 30, 2016 and 2015, and Condensed Consolidating Statements of Cash Flows for the three months ended June 30, 2016 and 2015.

21

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

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

SUMMARY CONDENSED CONSOLIDATING BALANCE SHEETS:

	June 30, 2016
	Parent		Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries		Eliminations			Consolidated  Total
Current assets:
Cash and cash equivalents	$	617	$	806		$	29,876	$	—		$	31,299
Trade and other receivables, net	2,801		114,446			270,872		—			388,119
Inventories	—		1,232,020			123,134		—			1,355,154
Prepaid expenses and other	5,173		11,487			8,980		—			25,640
Total current assets	8,591		1,358,759			432,862		—			1,800,212
Property and equipment, net	7,029		730,404			130,296		—			867,729
Goodwill and other intangible assets, net	—		1,883,835			186,508		—			2,070,343
Other, net	16,348		71,135			20,640		—			108,123
Intercompany investments and advances	2,484,939		81,540			82,432		(2,648,911		)	—
Total assets	$	2,516,907	$	4,125,673		$	852,738	$	(2,648,911	)	$	4,846,407
Current liabilities:
Current portion of long-term debt	$	33,393	$	13,694		$	—	$	—		$	47,087
Accounts payable	7,647		374,596			48,820		—			431,063
Accrued expenses	40,538		530,910			34,920		—			606,368
Total current liabilities	81,578		919,200			83,740		—			1,084,518
Long-term debt, less current portion	1,277,630		59,595			155,100		—			1,492,325
Intercompany advances	200,845		2,111,492			357,239		(2,669,576		)	—
Accrued pension and other postretirement benefits, noncurrent	7,564		632,402			2,488		—			642,454
Deferred income taxes and other	11,356		628,440			49,380		—			689,176
Total stockholders’ equity	937,934		(225,456		)	204,791		20,665			937,934
Total liabilities and stockholders’ equity	$	2,516,907	$	4,125,673		$	852,738	$	(2,648,911	)	$	4,846,407

22

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

SUMMARY CONDENSED CONSOLIDATING BALANCE SHEETS:

	March 31, 2016
	Parent		Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries		Eliminations			Consolidated  Total
Current assets:
Cash and cash equivalents	$	1,544	$	201		$	19,239	$	—		$	20,984
Trade and other receivables, net	2,057		127,968			314,183		—			444,208
Inventories	—		1,127,275			108,915		—			1,236,190
Prepaid expenses and other	6,524		26,433			8,302		—			41,259
Total current assets	10,125		1,281,877			450,639		—			1,742,641
Property and equipment, net	7,324		746,455			135,955		—			889,734
Goodwill and other intangible assets, net	—		1,898,401			195,465		—			2,093,866
Other, net	11,878		76,262			20,712		—			108,852
Intercompany investments and advances	2,301,054		81,540			82,930		(2,465,524		)	—
Total assets	$	2,330,381	$	4,084,535		$	885,701	$	(2,465,524	)	$	4,835,093
Current liabilities:
Current portion of long-term debt	$	28,473	$	13,968		$	—	$	—		$	42,441
Accounts payable	11,154		346,602			52,469		—			410,225
Accrued expenses	44,856		599,921			38,431		—			683,208
Total current liabilities	84,483		960,491			90,900		—			1,135,874
Long-term debt, less current portion	1,120,570		63,009			191,300		—			1,374,879
Intercompany advances	171,480		1,972,729			330,176		(2,474,385		)	—
Accrued pension and other postretirement benefits, noncurrent	7,315		654,201			3,148		—			664,664
Deferred income taxes and other	11,589		658,873			54,270		—			724,732
Total stockholders’ equity	934,944		(224,768		)	215,907		8,861			934,944
Total liabilities and stockholders’ equity	$	2,330,381	$	4,084,535		$	885,701	$	(2,465,524	)	$	4,835,093

23

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME:

	For the Three Months Ended June 30, 2016
	Parent			Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries			Eliminations			Consolidated  Total
Net sales	$	—		$	817,345		$	94,651		$	(18,743	)	$	893,253
Operating costs and expenses:
Cost of sales	—			668,539			76,592			(18,743		)	726,388
Selling, general and administrative	14,444			45,907			7,675			—			68,026
Depreciation and amortization	383			40,766			4,313			—			45,462
Restructuring	1,860			4,791			—			—			6,651
	16,687			760,003			88,580			(18,743		)	846,527
Operating (loss) income	(16,687		)	57,342			6,071			—			46,726
Intercompany interest and charges	(51,564		)	49,173			2,391			—			—
Interest expense and other	17,375			2,282			(1,531		)	—			18,126
Income before income taxes	17,502			5,887			5,211			—			28,600
Income tax expense	2,050			5,289			1,527			—			8,866
Net income	15,452			598			3,684			—			19,734
Other comprehensive loss	(566		)	(1,572		)	(14,797		)	—			(16,935		)
Total comprehensive income (loss)	$	14,886		$	(974	)	$	(11,113	)	$	—		$	2,799

24

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME:

	For the Three Months Ended June 30, 2015
	Parent			Guarantor  Subsidiaries		Non-Guarantor  Subsidiaries			Eliminations			Consolidated  Total
Net sales	$	—		$	885,443	$	86,137		$	(11,942	)	$	959,638
Operating costs and expenses:
Cost of sales	—			672,310		71,726			(11,942		)	732,094
Selling, general and administrative	13,151			52,439		7,691			—			73,281
Depreciation and amortization	399			35,042		8,093			—			43,534
Curtailment charge	2,863			—		—			—			2,863
	16,413			759,791		87,510			(11,942		)	851,772
Operating (loss) income	(16,413		)	125,652		(1,373		)	—			107,866
Intercompany interest and charges	(53,590		)	51,511		2,079			—			—
Interest expense and other	14,517			2,890		709			—			18,116
Income before income taxes	22,660			71,251		(4,161		)	—			89,750
Income tax (benefit) expense	(13		)	26,395		636			—			27,018
Net income (loss)	22,673			44,856		(4,797		)	—			62,732
Other comprehensive income	1,019			6,836		10,933			—			18,788
Total comprehensive income	$	23,692		$	51,692	$	6,136		$	—		$	81,520

25

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS:

	For the Three Months Ended June 30, 2016
	Parent			Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries			Eliminations			Consolidated  Total
Net income	$	15,452		$	598		$	3,684		$	—		$	19,734
Adjustments to reconcile net income to net cash provided by (used in) operating activities	(2,131		)	(121,953		)	19,688			627			(103,769		)
Net cash provided by (used in) operating activities	13,321			(121,355		)	23,372			627			(84,035		)
Capital expenditures	(130		)	(8,961		)	(3,632		)	—			(12,723		)
Proceeds from sale of assets	—			108			840			—			948
Acquisitions, net of cash acquired	—			9			—			—			9
Net cash used in investing activities	(130		)	(8,844		)	(2,792		)	—			(11,766		)
Net increase in revolving credit facility	174,091			—			—			—			174,091
Retirements and repayments of debt	(7,102		)	(3,687		)	(36,200		)	—			(46,989		)
Payments of deferred financing costs	(10,689		)	—			—			—			(10,689		)
Dividends paid	(1,981		)	—			—			—			(1,981		)
Repayment of governmental grant	—			(7,285		)	—			—			(7,285		)
Repurchase of restricted shares for minimum tax obligation	(171		)	—			—			—			(171		)
Intercompany financing and advances	(168,266		)	141,776			27,117			(627		)	—
Net cash (used in) provided by financing activities	(14,118		)	130,804			(9,083		)	(627		)	106,976
Effect of exchange rate changes on cash	—			—			(860		)	—			(860		)
Net change in cash and cash equivalents	(927		)	605			10,637			—			10,315
Cash and cash equivalents at beginning of period	1,544			201			19,239			—			20,984
Cash and cash equivalents at end of period	$	617		$	806		$	29,876		$	—		$	31,299

26

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS:

	For the Three Months Ended June 30, 2015
	Parent			Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries			Eliminations			Consolidated  Total
Net income	$	22,673		$	44,856		$	(4,797	)	$	—		$	62,732
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities	(13,821		)	(207,408		)	11,497			(1,390		)	(211,122		)
Net cash provided by (used in) operating activities	8,852			(162,552		)	6,700			(1,390		)	(148,390		)
Capital expenditures	(257		)	(15,286		)	(2,473		)	—			(18,016		)
Proceeds from sale of assets	—			402			152			—			554
Acquisitions, net of cash acquired	—			14			(6,000		)	—			(5,986		)
Net cash used in investing activities	(257		)	(14,870		)	(8,321		)	—			(23,448		)
Net increase in revolving credit facility	96,541			—			—			—			96,541
Proceeds on issuance of debt	—			2,632			96,300			—			98,932
Retirements and repayments of debt	(4,754		)	(5,672		)	(5,600		)	—			(16,026		)
Payments of deferred financing costs	(71		)	—			—			—			(71		)
Dividends paid	(1,971		)	—			—			—			(1,971		)
Repurchase of restricted shares for minimum tax obligation	(96		)	—			—			—			(96		)
Repayment of government grant	—			—			(82		)	—			(82		)
Intercompany financing and advances	(98,318		)	180,313			(83,385		)	1,390			—
Net cash (used in) provided by financing activities	(8,669		)	177,273			7,233			1,390			177,227
Effect of exchange rate changes on cash	—			—			1,665			—			1,665
Net change in cash and cash equivalents	(74		)	(149		)	7,277			—			7,054
Cash and cash equivalents at beginning of period	620			419			31,578			—			32,617
Cash and cash equivalents at end of period	$	546		$	270		$	38,855		$	—		$	39,671

27

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

13.    COMMITMENTS AND CONTINGENCIES

In the ordinary course of business, the Company is 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.

14.    RESTRUCTURING COSTS

Fiscal 2016 Restructuring

During the fiscal year ended March 31, 2016, the Company committed to a restructuring of certain of its businesses as well as the consolidation of certain of its facilities ("2016 Restructuring Plan"). The Company expects to reduce its footprint by approximately 3.5 million square feet and to reduce head count by 1,200 employees. Over the next few fiscal years, the Company estimates that it will record aggregate pre-tax charges of $150,000 to $160,000 related to these programs, which represent employee termination benefits, contract termination costs, accelerated depreciation and facility closure and other exit costs, and will result in future cash outlays. For the three months ended June 30, 2016, the Company recorded charges of $10,142 related to this program including, accelerated depreciation of $3,491 and severance of $52.

The following table provides a summary of the Company's current aggregate cost estimates by major type of expense associated with the 2016 Restructuring Plan:

Type of expense	Total estimated amount expected to be incurred
Termination benefits	$	26,000
Facility closure and other exit costs (1)	40,000
Contract termination costs	25,000
Accelerated depreciation charges (2)	34,000
Other (3)	30,000
	$	155,000

(1) Includes costs to transfer product lines among facilities and outplacement and employee relocation costs.

(2) Accelerated depreciation charges are recorded as part of Depreciation and amortization on the Consolidated Statement of Operations.

(3) Consists of other costs directly related to the plan, including project management, legal and regulatory costs.

The restructuring charges recognized for the three months ended June 30, 2016, by type and by segment consisted of the following:

	Integrated Systems		Aerospace Structures		Precision Components		Product Support		Corporate		Total
Termination benefits	$	—	$	—	$	27	$	25	$	—	$	52
Facility closure and other exit costs	—		—		247		—		—		247
Other	—		3,052		1,440		—		1,860		6,352
Total Restructuring	—		3,052		1,714		25		1,860		6,651
Depreciation and Amortization	46		—		3,300		145		—		3,491
Total	$	46	$	3,052	$	5,014	$	170	$	1,860	$	10,142

28

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

Termination benefits include employee retention, severance and benefit payments for terminated employees. Facility closure costs include general operating costs incurred subsequent to production shutdown as well as equipment relocation and other associated costs. Contract termination costs include costs associated with terminating existing leases and supplier agreements. Other costs include legal, outplacement and employee relocation costs and other employee-related costs.

29

Triumph Group, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

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 four operating segments: (i) Integrated Systems, whose companies’ revenues are derived from integrated solutions including design, development and support of proprietary components, subsystems and systems, as well as production of complex assemblies using external designs; (ii) Aerospace Structures, whose companies supply commercial, business, regional and military manufacturers with large metallic and composite structures; (iii) Precision Components, whose companies produce close-tolerance parts primarily to customer designs and model-based definition, including a wide range of aluminum, hard metal and composite structure capabilities; and (iv) Product Support, whose companies provide full life cycle solutions for commercial, regional and military aircraft.

Highlights for the first quarter of the fiscal year ending March 31, 2017 included:

• Net sales for the first quarter of the fiscal year ending March 31, 2017decreased6.9% from the prior year period to $893.3 million.

• Operating income in the first quarter of fiscal 2017 was $46.7 million, compared to operating income of $107.9 million for the first quarter of fiscal 2016.

• Net income for the first quarter of fiscal 2017 was $19.7 million, compared to net income of $62.7 million for the first quarter of fiscal 2016.

• Backlog as of June 30, 2016 was $4.01 billion. Of our existing backlog of $4.01 billion, we estimate that approximately $1.53 billion will not be shipped by June 30, 2017.

• Net income for the first quarter of fiscal 2017 was $0.40 per diluted common share, as compared to $1.27 per diluted share in the prior year period.

• We used$84.0 million of cash flow from operating activities for the three months ended June 30, 2016, as compared to cash used in operations of $148.4 million in the prior year period.

During the fiscal year ended March 31, 2016, the Company committed to a restructuring of certain of its businesses as well as the consolidation of certain of its facilities (the "2016 Restructuring Plan"). The Company expects to reduce its footprint by approximately 3.5 million square feet and to reduce head count by 1,200 employees. Over the next few fiscal years, the Company estimates that it will record aggregate pre-tax charges of $150.0 million to $160.0 million related to these programs, which represent employee termination benefits, contract termination costs, accelerated depreciation and facility closure and other exit costs, and will result in future cash outlays. For the three months ended June 30, 2016, the Company recorded charges of $10.1 million related to this program, including accelerated depreciation of $0.0 million and severance of $0.1 million.

We are currently performing work on several new programs, which are in various stages of development. Several of the these programs are expected to enter flight testing during our fiscal 2018, including the Bombardier Global 7000/8000 ("Bombardier"), and Embraer second generation E-Jet ("E2-Jets") and we expect to deliver revenue generating production units for these programs in late fiscal 2017 or early fiscal 2018. Historically, low-rate production commences during flight testing, followed by an increase to full-rate production, assuming that successful testing and certification are achieved. Accordingly, we anticipate that each of these programs will begin generating full-rate production level revenues between fiscal 2019 and fiscal 2021. We are still in the early development stages for the Gulfstream G500/G600 programs, as these aircraft are not expected to enter service until fiscal 2019. Transition of each of these programs from development to recurring production levels is dependent upon the success of each program at achieving flight testing and certification, as well as the ability of the OEM to generate acceptable levels of aircraft sales.

30

Management's Discussion and Analysis of

Financial Condition and Results of Operations

(continued)

During the quarter ended June 30, 2016, we incurred approximately $54.3 million in capitalized pre-production costs associated with the Bombardier Global 7000/8000 and the Embraer second generation E-Jet programs, for which we have not yet begun deliveries. We expect to incur additional costs related to these programs as they continue to develop. We expect that capitalized pre-production balances will continue to grow between $20.0 million - $30.0 million for the remainder of fiscal 2017, net of anticipated advances. Inventory costs are evaluated for recoverability through their inclusion in the total costs used in the calculation of each contract's estimated profit margin. When the estimated total contract costs exceed total estimated contract revenues, an inventory reserve is established. We may incur additional costs related to these programs if there are further delays due to our customer or our capability to execute timely.

Fiscal 2016 was a challenging year for certain of our new programs. While work progressed on these development programs, we experienced difficulties in achieving estimated cost targets particularly in the areas of engineering and estimated recurring costs. We recorded a $399.8 million forward loss on our Bombardier wing contract in the fiscal fourth quarter of 2016. The Bombardier contract provides for fixed pricing and requires us to fund certain up-front development expenses, with certain milestone payments made by Bombardier. The Bombardier program charge resulted in the impairment of previously capitalized pre-production costs due to the combination of cost recovery uncertainty, higher than anticipated non-recurring costs and increased forecasted costs on recurring production. The increases in costs were driven by several factors, including: changing technical requirements, increased spending on the design and engineering phase of the program and uncertainty regarding cost reduction and cost recovery initiatives with our customer and suppliers. Further cost increases or an inability to meet revised recurring cost forecasts on the Bombardier program may result in additional forward loss reserves in future periods, while improvements in future costs compared to current estimates may result in favorable adjustments if forward loss reserves are no longer required.

     Under our contract with Embraer, we have the exclusive right to design, develop and manufacture the center fuselage section III, rear fuselage section and various tail section components (rudder and elevator) for the E2-Jets over the initial 600 ship sets. The contract provides for funding on a fixed amount of non-recurring costs, which will be paid over a specified number of production units. Higher than expected spending on the E2-Jets program has resulted in a low single digit estimated profit margin percentage, with additional potential future cost pressures as well as opportunities for improved performance. While we still estimate positive margins for this contract, risks related to additional engineering as well as the recurring cost profile remains as this program enters flight testing.

     We seek additional consideration for customer work statement changes throughout the development process as a standard course of business. The ability to recover or negotiate additional consideration is not certain and varies by contract. Varying market conditions for these products may also impact future profitability.

     Although none of these new programs individually are expected to have a material impact on our net revenues, they do have the potential, either individually or in the aggregate, to materially and negatively impact our consolidated results of operations if future changes in estimates result in the need for a forward loss provision. Absent any such loss provisions, we do not anticipate that any of these new programs will significantly dilute our future consolidated margins.

In January 2016, Boeing announced a rate reduction to the 747-8 program, which lowers production to one plane every two months. We assessed the impact of the rate reduction and recorded an additional $161.4 million forward loss during the fiscal year ended March 31, 2016. Additional costs associated with exiting the facilities where the 747-8 program is manufactured, such as asset impairment, supplier and lease termination charges, as well as severance and retention payments to employees and contractors have been included in the 2016 Restructuring Plan.

As previously disclosed, we recognized a provision for forward losses associated with our long-term contract on the 747-8 and Bombardier programs. There is still risk similar to what we have experienced on the 747-8 and Bombardier programs. 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, potential need to negotiate facility lease extensions or alternatively relocate work and many other risks, will determine the ultimate performance of these long-term programs.

Recognition of additional forward losses in the future periods continues to be a risk and will depend upon several factors, including the impact of the above discussed production rate change, our ability to successfully perform under current 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.

During the quarter ended June 30, 2016, we settled the strike and agreed to a new collective bargaining agreement with our union employees with IAM District 751 at our Spokane, Washington facility which had expired during the quarter, resulting in

31

Management's Discussion and Analysis of

Financial Condition and Results of Operations

(continued)

a current period charge of $15.7 million. Our union employees with UAW Local 848 at our Red Oak, Texas facility and UAW Local 952 at our Tulsa, Oklahoma facility are currently working without a contract. If we are unable to negotiate a contract with each of those workforces, 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. Contingency plans have been developed that would allow production to continue in the event of an additional strike.

Effective October 21, 2015, the Company acquired the ownership of all of the outstanding shares of Fairchild Controls Corporation ("Fairchild"). Fairchild is a leading provider of proprietary thermal management systems, auxiliary power generation systems and related aftermarket spares and repairs. The acquired business operates as Triumph Thermal Systems-Maryland, Inc. and its results are included in Integrated Systems from the date of acquisition.

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 allow 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 U.S. 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 U.S. 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 U.S. 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 U.S. GAAP. Investors and potential investors in our securities should not rely on Adjusted EBITDA as a substitute for any U.S. 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 U.S. 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 U.S. 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 20 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

32

Management's Discussion and Analysis of

Financial Condition and Results of Operations

(continued)

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.

• Curtailments, settlements and early retirement incentives may be useful for investors to consider because they represent 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 (including intangible asset impairments) 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 only to supplement our U.S. 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,
	2016			2015
Net income	$	19,734		$	62,732
Curtailment charge	—			2,863
Amortization of acquired contract liabilities, net	(29,349		)	(35,098		)
Depreciation and amortization	45,462			43,534
Interest expense and other	18,126			18,116
Income tax expense	8,866			27,018
Adjusted EBITDA	$	62,839		$	119,165

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Management's Discussion and Analysis of

Financial Condition and Results of Operations

(continued)

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, 2016
	Total			Integrated Systems			Aerospace Structures			Precision Components			Product Support		Corporate/ Eliminations
Operating income (loss)	$	46,726		$	47,986		$	9,163		$	(7,782	)	$	14,059	$	(16,700	)
Amortization of acquired contract liabilities, net	(29,349		)	(10,337		)	(18,438		)	(574		)	—		—
Depreciation and amortization	45,462			10,303			17,962			14,330			2,484		383
Adjusted EBITDA	$	62,839		$	47,952		$	8,687		$	5,974		$	16,543	$	(16,317	)

	Three Months Ended June 30, 2015
	Total			Integrated Systems			Aerospace Structures			Precision Components			Product Support		Corporate/ Eliminations
Operating income (loss)	$	107,866		50,557			$	41,797		$	24,906		$	9,987	$	(19,381	)
Curtailment charge	2,863			—			—			—			—		2,863
Amortization of acquired contract liabilities, net	(35,098		)	(10,501		)	(23,778		)	(819		)	—		—
Depreciation and amortization	43,534			10,518			15,933			14,221			2,462		400
Adjusted EBITDA	$	119,165		$	50,574		$	33,952		$	38,308		$	12,449	$	(16,118	)

Three months ended June 30, 2016 compared to three months ended June 30, 2015

	Three Months Ended June 30,
	2016			2015
	(dollars in thousands)
Net sales	$	893,253		$	959,638
Segment operating income	$	63,426		$	127,247
Corporate expense	(16,700		)	(19,381		)
Total operating income	46,726			107,866
Interest expense and other	18,126			18,116
Income tax expense	8,866			27,018
Net income	$	19,734		$	62,732

Net sales decreased by $66.4 million, or 6.9%, to $893.3 million for the three months ended June 30, 2016, from $959.6 million for the three months ended June 30, 2015. The acquisition of Fairchild contributed $10.7 million in net sales. Organic sales decreased $77.1 million, or 7.5%, due to production rate reductions by our customers on the 747-8, Gulfstream G450/550 and A330 programs. Net sales for the three months ended June 30, 2016, included $6.9 million in total non-recurring revenues, as compared to $1.8 million in non-recurring revenues for the three months ended June 30, 2015.

Cost of sales decreased$5.7 million, or 0.8%, to $726.4 million for the three months ended June 30, 2016, from $732.1 million for the three months ended June 30, 2015. The acquisition of Fairchild contributed $6.8 million to cost of sales.

34

Management's Discussion and Analysis of

Financial Condition and Results of Operations

(continued)

Organic cost of sales decreased $12.5 million, or 1.6%, due to the decrease in organic sales mentioned above. In addition, results for the three months ended June 30, 2016, were negatively impacted by a provision for forward losses of $22.1 million on the high altitude long endurance unmanned aircraft system (UAS) and A350 programs and the strike at our Spokane, Washington facility resulted in charges of $15.7 million. Excluding the impact of the provision for forward losses in the current year and the effect of the strike, the comparable organic gross margin for the three months ended June 30, 2016 was 20.8%, as compared to 22.9%.

Gross margin included net unfavorable cumulative catch-up adjustments on long-term contracts ($28.0 million). The cumulative catch-up adjustments to gross margin included gross favorable adjustments ($9.7 million) and gross unfavorable adjustments ($37.7 million). The cumulative catch-up adjustments for the three months ended June 30, 2016 were mainly due to forward losses mentioned above. Gross margin for the three months ended June 30, 2015 included net unfavorable cumulative catch-up adjustments ($1.3 million).

Segment operating income decreased by $63.8 million, or 83.2%, to $63.4 million for the three months ended June 30, 2016, from $127.2 million for the three months ended June 30, 2015. The acquisition of Fairchild contributed $1.0 million to segment operating income. Organic segment operating income decreased $64.8 million. Organic operating income for the three months June 30, 2016, decreased due to the decrease in the gross margin noted of $64.6 million as noted above and included costs related to the 2016 Restructuring Plan of $4.8 million.

Corporate expenses were $16.7 million for the three months ended June 30, 2016, as compared to $19.4 million for the three months ended June 30, 2015. The improvement in corporate expenses of $2.7 million, or 13.8%, was impacted by decreased compensation expense largely due to severance for the former CEO of $2.8 million and a pension curtailment charge of $2.9 million in the prior year, offset by increased legal fees of $1.4 million and 2016 Restructuring Plan charges of $1.9 million in the current year.

Interest expense and other increased by $0.01 million, or 0.1%, to $18.13 million for the three months ended June 30, 2016, compared to $18.12 million for the three months ended June 30, 2015.

The effective income tax rate for the three months ended June 30, 2016 was 31.0% compared to 30.1% for the three months ended June 30, 2015. As of June 30, 2016, we are in a three year cumulative book loss position and have recorded a valuation allowance against substantially all of our net deferred tax assets given this evidence and the insufficient positive evidence to support the realization of our deferred tax assets.  We intend to continue maintaining a valuation allowance on our deferred tax assets until there is sufficient positive evidence to support the reversal of all or some portion of these allowances.  A reduction in the valuation allowance could result in a significant decrease in income tax expense in the period that the release is recorded.  However, the exact timing and amount of the reduction in our valuation allowance are unknown at this time and will be subject to the earnings level we achieve during fiscal 2017 as well as our projected income in future periods. For the three months ended June 30, 2015, the income tax provision reflected the benefit from the decrease of the state deferred tax rate ($4.2 million). For the fiscal year ending March 31, 2017, the Company expects its effective tax rate to be approximately 18.0%.

Business Segment Performance - Three months ended June 30, 2016 compared to three months ended June 30, 2015

Effective April 1, 2016, we realigned the way we report our financial performance based on the following four reportable segments: the Integrated Systems, the Aerospace Structures, the Precision Components and the Product Support segments. The results of operations among our operating segments vary due to differences in competitors, customers, extent of proprietary deliverables and performance. For example, our Integrated Systems, 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. This compares to our Aerospace Structures, which 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. In contrast, our Product Support 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 Product Support can provide for greater volatility and less predictability in revenue and earnings than that experienced in the Integrated Systems, Aerospace Structures and Precision Components segments.

35

Management's Discussion and Analysis of

Financial Condition and Results of Operations

(continued)

The Integrated Systems consists of the Company’s operations that provides integrated solutions including design, development and support of proprietary components, subsystems and systems, as well as production of complex assemblies using external designs.  Capabilities include hydraulic, mechanical and electro-mechanical actuation, power and control; a complete suite of aerospace gearbox solutions including engine accessory gearboxes and helicopter transmissions; active and passive heat exchange technology; fuel pumps, fuel metering units and Full Authority Digital Electronic Control fuel systems; hydro-mechanical and electromechanical primary and secondary flight controls; and a broad spectrum of surface treatment options.

The Aerospace Structures consists of the Company’s operations that supply commercial, business, regional and military manufacturers with large metallic and composite structures. Products include wings, wing boxes, fuselage panels, horizontal and vertical tails and sub-assemblies such as floor grids. Inclusive of most of the former Vought Aircraft Division, Aerospace Structures also has the capability to engineer detailed structural designs in metal and composites.

The Precision Components consists of the Company’s operations that produce close-tolerance parts primarily to customer designs and model-based definition, including a wide range of aluminum, hard metal and composite structure capabilities. Capabilities include complex machining, gear manufacturing, sheet metal fabrication, forming, advanced composite and interior structures, joining processes such as welding, autoclave bonding and conventional mechanical fasteners and a variety of special processes including: super plastic titanium forming, aluminum and titanium chemical milling and surface treatments.

The Product Support consists of the Company’s operations that provides full life cycle solutions for commercial, regional and military aircraft. The Company’s extensive product and service offerings include full post-delivery value chain services that simplify the MRO supply chain. Through its line maintenance, component MRO and postproduction supply chain activities. The Company’s Product Support is positioned to provide integrated planeside repair solutions globally. Capabilities include fuel tank repair, metallic and composite aircraft structures, nacelles, thrust reversers, interiors, auxiliary power units and a wide variety of pneumatic, hydraulic, fuel and mechanical accessories.

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.

36

Management's Discussion and Analysis of

Financial Condition and Results of Operations

(continued)

	Three Months Ended June 30,
	2016		2015
Integrated Systems
Commercial aerospace	15.4	%	13.5	%
Military	9.5	%	9.9	%
Business Jets	1.5	%	1.6	%
Regional	0.8	%	0.9	%
Non-aviation	1.3	%	1.0	%
Total Integrated Systems net sales	28.5	%	26.9	%
Aerospace Structures
Commercial aerospace	20.4	%	23.3	%
Military	6.5	%	6.5	%
Business Jets	14.1	%	15.1	%
Regional	—	%	—	%
Non-aviation	—	%	—	%
Total Aerospace Structures net sales	41.0	%	44.9	%
Precision Components
Commercial aerospace	14.8	%	13.9	%
Military	4.3	%	4.2	%
Business Jets	1.4	%	1.6	%
Regional	0.4	%	0.4	%
Non-aviation	0.3	%	0.4	%
Total Precision Components net sales	21.2	%	20.5	%
Product Services
Commercial aerospace	7.2	%	5.9	%
Military	1.5	%	1.4	%
Regional	0.6	%	0.4	%
Non-aviation	—	%	—	%
Total Product Services net sales	9.3	%	7.7	%
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 an increase in our business jet end market due to the acquisition of the Tulsa Programs and a decrease in our military end market due to the wind-down of the C-17 program.

	Three Months Ended June 30,								% of Total Sales
	2016			2015			% Change		2016		2015
	(in thousands)
NET SALES
Integrated Systems	$	257,356		$	258,571		(0.5	)%	28.8	%	26.9	%
Aerospace Structures	331,596			395,119			(16.1	)%	37.1	%	41.2	%
Precision Components	254,561			265,141			(4.0	)%	28.5	%	27.6	%
Product Support	84,199			74,745			12.6	%	9.4	%	7.8	%
Elimination of inter-segment sales	(34,459		)	(33,938		)	1.5	%	(3.9	)%	(3.5	)%
Total Net Sales	$	893,253		$	959,638		(6.9	)%	100.0	%	100.0	%

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Management's Discussion and Analysis of

Financial Condition and Results of Operations

(continued)

	Three Months Ended June 30,								% of Segment Sales
	2016			2015			% Change		2016		2015
	(in thousands)
SEGMENT OPERATING INCOME
Integrated Systems	$	47,986		$	50,557		(5.1	)%	18.6	%	19.6	%
Aerospace Structures	9,163			41,797			(78.1	)%	2.8	%	10.6	%
Precision Components	(7,782		)	24,906			(131.2	)%	(3.1	)%	9.4	%
Product Support	14,059			9,987			40.8	%	16.7	%	13.4	%
Corporate	(16,700		)	(19,381		)	13.8	%	n/a		n/a
Total Operating Income	$	46,726		$	107,866		(56.7	)%	5.2	%	11.2	%

	Three Months Ended June 30,								% of Segment Sales
	2016			2015			% Change		2016		2015
	(in thousands)
Adjusted EBITDA
Integrated Systems	$	47,952		$	50,574		(5.2	)%	18.6	%	19.6	%
Aerospace Structures	8,687			33,952			(74.4	)%	2.6	%	8.6	%
Precision Components	5,974			38,308			(84.4	)%	2.3	%	14.4	%
Product Support	16,543			12,449			32.9	%	19.6	%	16.7	%
Corporate	(16,317		)	(16,118		)	(1.2	)%	n/a		n/a
	$	62,839		$	119,165		(47.3	)%	7.0	%	12.4	%

Integrated Systems: Integrated Systems net sales decreased by $1.2 million, or 0.5%, to $257.4 million for the three months ended June 30, 2016, from $258.6 million for the three months ended June 30, 2015. Organic sales decreased $11.9 million, or 4.6%. The Fairchild acquisition contributed $10.7 million in net sales. Organic sales decreased primarily due to timing of deliveries on key military programs and customer deferrals on rotorcraft.

Integrated Systems cost of sales decreased by $0.5 million, or 0.3%, to $170.6 million for the three months ended June 30, 2016, from $171.1 million for the three months ended June 30, 2015. Organic cost of sales decreased $7.3 million, or 4.6%, the Fairchild acquisition contributed $6.8 million in cost of sales. The organic cost of sales decreased due to the decrease in net sales noted above. The comparable organic gross margin for the three months ended June 30, 2016 was 33.6% compared with 33.8% for the three months ended June 30, 2015.

Integrated Systems operating income decreased by $2.6 million, or 5.1%, to $48.0 million for the three months ended June 30, 2016, from $50.6 million for the three months ended June 30, 2015. Operating income decreased for the three months ended June 30, 2016, due to the decreased sales as noted above. The decrease in Adjusted EBITDA year over year is due to the same factors that decreased operating income.

Integrated Systems operating income as a percentage of segment sales decreased to 18.6% for the three months ended June 30, 2016, as compared to 19.6% for the three months ended June 30, 2015, being impacted by the Fairchild acquisition, whose margins are below the segment average. These same factors contributed to the decrease in Adjusted EBITDA year over year.

Aerospace Structures: Aerospace Structures net sales decreased by $63.5 million, or 16.1%, to $331.6 million for the three months ended June 30, 2016, from $395.1 million for the three months ended June 30, 2015. Sales decreased primarily due to production rate reductions by our customers on the 747-8, Gulfstream G450/550 programs and A330 programs. Net sales for the three months ended June 30, 2016 included $6.9 million in total non-recurring revenues, as compared to $1.8 million in total non-recurring revenues for the three months ended June 30, 2015.

Aerospace Structures cost of sales decreased by $30.5 million, or 9.3%, to $298.2 million for the three months ended June 30, 2016, from $328.7 million for the three months ended June 30, 2015. The cost of sales were negatively impacted by a

38

Management's Discussion and Analysis of

Financial Condition and Results of Operations

(continued)

provision for forward losses of $22.1 million on the UAS and A350 programs. The comparable gross margin for the three months ended June 30, 2016 was 10.1% compared with 16.8% for the three months ended June 30, 2015.

Aerospace Structures cost of sales for the three months ended June 30, 2016 included net unfavorable cumulative catch-up adjustments ($28.0 million). The cumulative catch-up adjustments to gross margin for the three months ended June 30, 2016 included gross favorable adjustments ($9.7 million) and gross unfavorable adjustments ($37.7 million). The cumulative catch-up adjustments for the three months ended June 30, 2016, were mainly due to forward losses mentioned above. Segment cost of sales for the three months ended June 30, 2015 included net unfavorable cumulative catch-up adjustments ($1.3 million).

Aerospace Structures operating income decreased by $32.6 million, or 78.1%, to $9.2 million for the three months ended June 30, 2016, from $41.8 million for the three months ended June 30, 2015. Operating income decreased for the three months ended June 30, 2016, due to the decreased sales and forward losses included in cost of sales noted above. Additionally, amortization increased ($1.9 million) due to the amortization of the Vought tradename. The decrease in Adjusted EBITDA year over year is due to the same factors that decreased operating income.

Aerospace Structures operating income as a percentage of segment sales decreased to 2.8% for the three months ended June 30, 2016, as compared to 10.6% for the three months ended June 30, 2015, due to the decrease in operating income as noted above. These same factors contributed to the decrease in Adjusted EBITDA year over year.

Precision Components: Precision Components net sales decreased by $10.6 million, or 4.0%, to $254.6 million for the three months ended June 30, 2016, from $265.1 million for the three months ended June 30, 2015. Sales declined was driven primarily by our customers' production rate reductions.

Precision Components cost of sales increased by $20.4 million, or 9.7%, to $231.0 million for the three months ended June 30, 2016, from $210.7 million for the three months ended June 30, 2015. The cost of sales increased due to the strike at our Spokane, Washington facility ($15.7 million) and was partially offset by the decreased sales noted above. Gross margin for the three months ended June 30, 2016 was 12.6%, compared with 20.5% for the three months ended June 30, 2015.

Precision Components operating income decreased by $32.7 million, or 131.2%, to $7.8 million for the three months ended June 30, 2016, from $24.9 million for the three months ended June 30, 2015. Operating income decreased due to the decreased sales and the increased cost of sales note above. These same factors contributed to the decrease in Adjusted EBITDA year over year.

Precision Components operating income as a percentage of segment sales decreased to 3.1% for the three months ended June 30, 2016, as compared to 9.4% for the three months ended June 30, 2015, due to the sales and cost of sales factors noted above. These same factors contributed to the decrease in Adjusted EBITDA margin year over year.

Product Support: Product Support net sales increased by $9.5 million, or 12.6%, to $84.2 million for the three months ended June 30, 2016, from $74.7 million for the three months ended June 30, 2015. Sales increased due to increased demand from commercial customers.

Product Support cost of sales increased by $5.5 million, or 10.0%, to $61.0 million for the three months ended June 30, 2016, from $55.5 million for the three months ended June 30, 2015. Cost of sales due to the increased sales noted above. Gross margin for the three months ended June 30, 2016 increased to 26.9% compared to 25.8% for the three months ended June 30, 2015, due to the sale mix and greater efficiency driven by the higher volume.

Product Support operating income increased by $4.1 million, or 40.8%, to $14.1 million for the three months ended June 30, 2016, from $10.0 million for the three months ended June 30, 2015. Operating income increased due to sales factors noted above. These same factors contributed to the increase in Adjusted EBITDA year over year.

Product Support operating income as a percentage of segment sales increased to 16.7% for the three months ended June 30, 2016, as compared to 13.4% for the three months ended June 30, 2015, due to the increased sales noted above. These same factors contributed to the increase in Adjusted EBITDA margin year over year.

39

Management's Discussion and Analysis of

Financial Condition and Results of Operations

(continued)

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, 2016, we used approximately $84.0 million of cash flows from operating activities, used approximately $11.8 million in investing activities and received approximately $107.0 million in financing activities.

Cash flows used in operating activities for the three months ended June 30, 2016 were $84.0 million, compared to cash flows used in operating activities for the three months ended June 30, 2015 of $148.4 million. During the three months ended June 30, 2016, net cash used in operating activities was primarily due the timing of payments on accounts payable and other accrued expenses ($88.1 million) driven by pre-production costs, net spending on the Tulsa Programs discussed below and a $5.5 million payment related to a previously resolved legal settlement offset by increased receipts from customers and others related to the impact of customer advances in the prior year ($145.4 million).

We continue to invest in inventory for new programs which impacts our cash flows from operating activities. During the three months ended June 30, 2016, inventory build for capitalized pre-production costs on new programs excluding progress payments, including the Bombardier Global 7000/8000 program and the Embraer E-Jet, were $44.3 million and $10.0 million, respectively. Net spending on the Tulsa Programs for the three months ended June 30, 2016 was approximately $29.2 million. Additionally, production inventory build, including build ahead on several programs subject to relocation, was approximately $33.8 million. Unliquidated progress payments netted against inventory decreased $23.6 million, due to timing of receipts.

Cash flows used in investing activities for the three months ended June 30, 2016decreased$11.7 million from the three months ended June 30, 2015. Cash flows used in investing activities for the three months ended June 30, 2016, included capital expenditures ($12.7 million). The three months ended June 30, 2015 included cash used in investing activities included a payment to settle a working capital adjustment related to the GE acquisition ($6.0 million) and capital expenditures ($18.0 million).

Cash flows provided by financing activities for the three months ended June 30, 2016 were $107.0 million, compared to cash flows used in financing activities for the three months ended June 30, 2015 of $177.2 million. Cash flows provided by financing activities for the three months ended June 30, 2016 and 2015, respectively, included additional borrowings on our Credit Facility (as defined below) to fund operations.

As of June 30, 2016, $658.6 million was available under our revolving credit facility (the “Credit Facility”).  On June 30, 2016, an aggregate amount of approximately $314.1 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.

At June 30, 2016, there was $155.1 million outstanding under our receivable securitization facility ("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.

On March 28, 2016, the Company entered into a Purchase Agreement (the "Receivables Purchase Agreement") to sell certain accounts receivables to a financial institution without recourse. The Company is the servicer of the accounts receivable under the Receivables Purchase Agreement. As of March 31, 2016, the maximum amount available under the Receivables Purchase Agreement was $90.0 million. Interest rates are based on LIBOR plus 0.65% - 0.70%. As of June 30, 2016 and March 31, 2016, the Company sold $78.5 million and $89.9 million, respectively, worth of eligible accounts receivable.

In May 2016, the Company entered into a Sixth Amendment to the Third Amended and Restated Credit Agreement, among the Company, the Subsidiary Co-Borrowers, the lenders party thereto and the Administrative Agent (the “Sixth Amendment” and the Credit Facility, as amended by the Sixth Amendment, the “Credit Facility”), pursuant to which those lenders electing to enter into the Sixth Amendment extended the expiration date for the revolving line of credit and the maturity date for the term loan by five years to May 3, 2021. Lenders holding revolving credit commitments aggregating $940.0 million elected to extend the expiration date for the revolving line of credit, and Lenders holding approximately $324.5 million of term loans (out of an aggregate outstanding term loan balance of approximately $330.0 million) elected to extend the term loan maturity date.

In addition, the Sixth Amendment amended the Credit Facility to, among other things, (i) modify certain financial covenants to allow for the add-back of certain cash and non-cash charges, (ii) amend the total leverage ratio financial covenant to provide for a gradual reduction in the maximum permitted total leverage ratio commencing with the fiscal year ending March 31, 2018, (iii) increase the interest rate, commitment fee and letter of credit fee pricing provisions for the highest pricing tier, (iv) establish the interest rate, commitment fee and letter of credit fee pricing at the highest pricing tier until the Company

40

Management's Discussion and Analysis of

Financial Condition and Results of Operations

(continued)

delivers its compliance certificate for its fiscal year ending March 31, 2017, (v) increase the minimum revolver availability threshold test in connection with the Company making certain permitted investments, certain additional permitted dividends, permitted acquisitions and permitted payments of certain types of indebtedness, and (vi) decrease the maximum senior secured leverage ratio threshold test in connection with the Company making certain permitted investments, certain permitted dividends, permitted acquisitions and permitted payments of certain types of indebtedness during the period from the date of the Sixth Amendment until the Company delivers its compliance certificate for the fiscal year ending March 31, 2017.

The Company is currently in compliance with all such covenants. Although the Company does not anticipate any violations of the financial covenants, its ability to comply with these covenants is dependent upon achieving earnings and cash flow projections.

During the quarter ended June 30, 2016, to ensure that the Company had full access to our the Credit Facility during fiscal 2017, the Company obtained approval from the holders of the 2021 Notes to amend the terms of the indenture to conform with the 2022 Notes (as defined below) which allows for a higher level of secured debt. Absent this consent, the Company would have been restricted as to the level of new borrowings under the Credit Facility during fiscal 2017.

Capital expenditures were approximately $12.7 million for the three months ended June 30, 2016. We funded these expenditures through borrowings under the Credit Facility. For our fiscal year ending March 31, 2016, we expect capital expenditures of approximately $80.0 million to $100.0 million and investments in new major programs of $50.0 million to $60.0 million, which 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 (in thousands)
Contractual Obligations	Total		Less than 1 year		1-3 years		4-5 years		More than 5 years
Debt principal (1)	$	1,553,335	$	47,087	$	250,902	$	951,682	$	303,664
Debt interest (2)	225,428		45,866		91,255		73,628		14,679
Operating leases	162,172		27,694		45,414		31,583		57,481
Purchase obligations	1,883,384		1,401,517		465,303		15,938		626
Total	$	3,824,319	$	1,522,164	$	852,874	$	1,072,831	$	376,450

(1) Included in the Company’s balance sheet at June 30, 2016.

(2) Includes fixed-rate interest only.

The above table excludes unrecognized tax benefits of $9.2 million as of June 30, 2016, since we cannot predict with reasonable certainty the timing of cash settlements with the respective taxing authorities.

For the fiscal year ending March 31, 2017, 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 and divestiture 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, 2016. Except as otherwise disclosed in the financial statements and

41

Management's Discussion and Analysis of

Financial Condition and Results of Operations

(continued)

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, 2016, 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, 2016, filed with the SEC on May 27, 2016.

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, 2016. 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.

As of June 30, 2016, 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, 2016.

(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.

42

TRIUMPH GROUP, INC.

Part II. Other Information

Item 6. Exhibits.

Exhibit 10.1	Employment agreement between Triumph Group, Inc. and Daniel J. Crowley, dated as of April 1, 2016 (incorporated by reference to Exhibit 10.1 to the Form 8-K filed on April 7, 2016).
Exhibit 10.2	Form of Sixth Amendment to Third Amended and Restated Credit Agreement, dated May 3, 2016 (incorporated by reference to Exhibit 10.1 to the Form 8-K filed on May 4, 2016).
Exhibit 10.3	Separation Letter between Triumph Group, Inc. and Jeffrey McRae dated May 26, 2016 (incorporated by reference to Exhibit 10.1 to the Form 8-K filed on June 30, 2016).
Exhibit 31.1	Certification by President and Chief Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a).
Exhibit 31.2	Certification by Senior Vice President and Chief Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a).
Exhibit 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.
Exhibit 32.2	Certification of Periodic Report by Senior 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.
Exhibit 101	The following financial information from Triumph Group, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 formatted in XBRL: (i) Condensed Consolidated Balance Sheets as of June 30, 2016 and March 31, 2016; (ii) Condensed Consolidated Statements of Income for the three months ended June 30, 2016 and 2015; (iii) Condensed Consolidated Statements of Comprehensive Income for the three months ended June 30, 2016 and 2015; (iv) Condensed Consolidated Statements of Cash Flows for the three months ended June 30, 2016 and 2015; and (1) Notes to Condensed Consolidated Financial Statements.

43

TRIUMPH GROUP, INC.

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/ Daniel J. Crowley		August 3, 2016
Daniel J. Crowley, President, Chief Executive Officer and Director
	(Principal Executive Officer)
/s/ Thomas E. Powers		August 3, 2016
Thomas E. Powers, Vice President & Interim Chief Financial Officer
	(Principal Financial Officer)
/s/ Thomas A. Quigley, III		August 3, 2016
Thomas A. Quigley, III, Vice President and Controller
	(Principal Accounting Officer)

44

EXHIBIT INDEX

Exhibit Number	Description
10.1	Employment agreement between Triumph Group, Inc. and Daniel J. Crowley, dated as of April 1, 2016 (incorporated by reference to Exhibit 10.1 to the Form 8-K filed on April 7, 2016).
10.2	Form of Sixth Amendment to Third Amended and Restated Credit Agreement, dated May 3, 2016 (incorporated by reference to Exhibit 10.1 to the Form 8-K filed on May 4, 2016).
10.3	Separation Letter between Triumph Group, Inc. and Jeffrey McRae dated May 26, 2016 (incorporated by reference to Exhibit 10.1 to the Form 8-K filed on June 30, 2016).
31.1	Certification by President and Chief Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a).
31.2	Certification by Senior 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 Senior 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, 2016 formatted in XBRL: (i) Condensed Consolidated Balance Sheets as of June 30, 2016 and March 31, 2016; (ii) Condensed Consolidated Statements of Income for the three months ended June 30, 2016 and 2015; (iii) Condensed Consolidated Statements of Comprehensive Income for the three months ended June 30, 2016 and 2015; (iv) Condensed Consolidated Statements of Cash Flows for the three months ended June 30, 2016 and 2015; and (v) Notes to Condensed Consolidated Financial Statements.

EX-31.1

Exhibit 31.1

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

I, Daniel J. Crowley, 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 3, 2016

/s/ Daniel J. Crowley

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

Daniel J. Crowley

President, Chief Executive Officer and Director

(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, Thomas E. Powers, 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 3, 2016

/s/ Thomas E. Powers

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

Thomas E. Powers

Vice President and Interim 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, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Daniel J. Crowley, President, Chief Executive Officer and Director 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/ Daniel J. Crowley

Daniel J. Crowley

President, Chief Executive Officer and Director

(Principal Executive Officer)

August 3, 2016

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, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Thomas E. Powers, Vice President and Interim 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/ Thomas E. Powers

Thomas E. Powers

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

August 3, 2016

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

Document and Entity Information Document - shares	3 Months Ended
	Jun. 30, 2016	Aug. 01, 2016
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, 2016
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		49,529,579
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
Current assets:
Cash and cash equivalents	$ 31,299	$ 20,984
Trade and other receivables, less allowance for doubtful accounts of $6,727 and $6,492	388,119	444,208
Inventories, net of unliquidated progress payments of $99,403 and $123,155	1,355,154	1,236,190
Prepaid and other current assets	25,640	41,259
Total current assets	1,800,212	1,742,641
Property and equipment, net	867,729	889,734
Goodwill	1,435,653	1,444,254
Intangible assets, net	634,690	649,612
Other, net	108,123	108,852
Total assets	4,846,407	4,835,093
Current liabilities:
Current portion of long-term debt	47,087	42,441
Accounts payable	431,063	410,225
Accrued expenses	606,368	683,208
Total current liabilities	1,084,518	1,135,874
Long-term debt, less current portion	1,492,325	1,374,879
Accrued pension and other postretirement benefits, noncurrent	642,454	664,664
Deferred income taxes, noncurrent	68,540	62,453
Other noncurrent liabilities	620,636	662,279
Stockholders’ equity:
Common stock, $.001 par value, 100,000,000 shares authorized, 52,460,920 and 52,460,920 shares issued; 49,516,612 and 49,328,999 shares outstanding	51	51
Capital in excess of par value	841,181	851,102
Treasury Stock, Value	(187,322)	(199,415)
Accumulated other comprehensive loss	(364,097)	(347,162)
Retained earnings	648,121	630,368
Total stockholders' equity	937,934	934,944
Total liabilities and stockholders' equity	$ 4,846,407	$ 4,835,093

XML

Consolidated Balance Sheet Parenthetical (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
Allowance for doubtful accounts	$ 6,727	$ 6,492
Unliquidated progress payments	$ 99,403	$ 123,155
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	52,460,920
Common stock, shares outstanding	49,516,612	49,328,999
Treasury Stock, Shares	2,944,308	3,131,921

XML

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Net sales	$ 893,253	$ 959,638
Operating costs and expenses:
Cost of sales (exclusive of depreciation and amortization shown separately below)	726,388	732,094
Selling, General and Administrative Expense	68,026	73,281
Depreciation and amortization	45,462	43,534
Restructuring Charges	6,651	0
Settlements and Curtailments	0	2,863
Operating expenses	846,527	851,772
Operating Income	46,726	107,866
Interest expense and other	18,126	18,116
Income from continuing operations before income taxes	28,600	89,750
Income Tax Expense	8,866	27,018
Net Income	$ 19,734	$ 62,732
Earnings per share-basic:
Earnings per share—basic:	$ 0.40	$ 1.28
Weighted-average common shares outstanding-basic (in shares)	49,271	49,198
Earnings per share-diluted:
Earnings per share—diluted:	$ 0.40	$ 1.27
Weighted-average common shares outstanding-diluted (in shares)	49,413	49,314
Dividends declared and paid per common share (in dollars per share)	$ 0.04	$ 0.04
Pension Plan [Member]
Operating costs and expenses:
Settlements and Curtailments	$ 0	$ 2,863

XML

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Net Income (Loss) Attributable to Parent	$ 19,734	$ 62,732
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign currency translation adjustment	(14,797)	10,933
Prior service credit, net of taxes of $0 and ($7,023) for the three months ended and $0 and ($7,023) for the nine months ended	0	360
Actuarial gain, net of taxes ($3,110)	0	5,306
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax	836	935
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service (Cost) Credit, Net of Tax	(2,408)	235
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent	(1,572)	6,836
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax	(553)	1,012
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	(13)	7
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	(566)	1,019
Other Comprehensive Income (Loss), Net of Tax	(16,935)	18,788
Total comprehensive income	$ 2,799	$ 81,520

XML

Consolidated Statements of Comprehensive Income Parenthetical (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit), Tax	$ 0	$ (211)
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During the Period, Tax	0	(3,110)
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Tax	489	(548)
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service (Cost) Credit, Tax	(1,408)	(138)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During the Period, Tax	339	(534)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax	$ 2	$ (3)

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating Activities
Net Income (Loss) Attributable to Parent	$ 19,734	$ 62,732
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	45,462	43,534
Amortization of acquired contract liabilities	(29,349)	(35,098)
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements	0	2,863
Other amortization included in interest expense	1,284	969
Provision for doubtful accounts receivable	(207)	(294)
Provision for deferred income taxes	4,996	20,463
Employee stock-based compensation	1,956	792
Changes in assets and liabilities, excluding the effects of acquisitions and dispositions of businesses:
Trade and other receivables	55,413	(33,592)
Inventories	(123,589)	(166,590)
Prepaid expenses and other current assets	15,096	4,573
Accounts payable, accrued expenses and other current liabilities	(47,419)	(24,384)
Accrued pension and other postretirement benefits	(24,558)	(19,991)
Other	(2,854)	(4,367)
Net cash (used in) provided by operating activities	(84,035)	(148,390)
Investing Activities
Capital expenditures	(12,723)	(18,016)
Proceeds from sale of assets	948	554
Acquisitions, net of cash acquired	9	(5,986)
Net cash used in investing activities	(11,766)	(23,448)
Financing Activities
Net increase in revolving credit facility	174,091	96,541
Proceeds from issuance of long-term debt	0	98,932
Repayment of debt and capital lease obligations	(46,989)	(16,026)
Payment of deferred financing costs	(10,689)	(71)
Dividends paid	(1,981)	(1,971)
Repayments of government grant	(7,285)	(82)
Repurchase of restricted shares for minimum tax obligation	(171)	(96)
Net cash (used in) provided by financing activities	106,976	177,227
Effect of exchange rate changes on cash	(860)	1,665
Net change in cash and cash equivalents	10,315	7,054
Cash at beginning of period	20,984	32,617
Cash at end of period	$ 31,299	$ 39,671

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Consolidated Statements of Cash Flows Parenthetical (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Excess tax benefit	$ 0	$ 0

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BASIS OF PRESENTATION AND ORGANIZATION

3 Months Ended

Jun. 30, 2016

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, 2016 are not necessarily indicative of results that may be expected for the year ending March 31, 2017. The accompanying condensed consolidated financial statements are unaudited and should be read in conjunction with the fiscal 2016 audited condensed consolidated financial statements and notes thereto included in the Company's Form 10-K for the year ended March 31, 2016 filed with the Securities and Exchange Commission (the "SEC") on May 27, 2016.

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.

Effective April 1, 2016, the Company realigned into four reportable segments: Integrated Systems, Aerospace Structures, Precision Components and Product Support segments (see Note 11).

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Jun. 30, 2016

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 605-35 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, 2016, cumulative catch-up adjustments from changes in estimates, inclusive of changes in forward loss estimates, decreased operating income, net income and earnings per share by approximately $(27,968), $(19,298) and $(0.39), net of tax, respectively. The cumulative catch-up adjustments to operating income for the three months ended June 30, 2016, included gross favorable adjustments of approximately $9,698 and gross unfavorable adjustments of approximately $(37,666). For the three months ended June 30, 2015, cumulative catch-up adjustments from changes in estimates increased operating income, net income and earnings per share by approximately $1,307, $863 and $0.02, 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.

As disclosed during fiscal 2016, the Company recognized a provision for forward losses associated with our long-term contract on the 747-8 and Bombardier programs. There is still risk similar to what the Company has experienced on the 747-8 and Bombardier 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, potential need to negotiate facility lease extensions or alternatively relocate work and many other risks, will determine the ultimate performance of these programs.

Included in net sales of the Integrated Systems, Aerospace Structures and Precision Components is the non-cash amortization of acquired contract liabilities that were recognized as fair value adjustments through purchase accounting from various acquisitions. For the three months ended June 30, 2016 and 2015, the Company recognized $29,349 and $35,098, respectively, into net sales in the accompanying Condensed Consolidated Statements of Income.

The Product Support provides repair and overhaul services, of which a small portion of 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 Boeing (representing commercial, military and space) represented approximately 15% and 18% of total trade accounts receivable as of June 30, 2016 and March 31, 2016, respectively. The Company had no other concentrations of credit risk of more than 10%.

Sales to Boeing for the three months ended June 30, 2016, were $337,988, or 38% of net sales, of which $53,760, $162,935, $112,823 and $8,470 were from the Integrated Systems, Aerospace Structures, Precision Components and Product Support, respectively. Sales to Boeing for the three months ended June 30, 2015, were $374,704, or 39% of net sales, of which $48,683, $229,556, $86,787 and $9,678 were from the Integrated Systems, Aerospace Structures, Precision Components and Product Support, respectively.

Sales to Gulfstream Aerospace Corporation for the three months ended June 30, 2016, were $107,627, or 12% of net sales, of which $558, $104,795, $2,254 and $20 were from the Integrated Systems, Aerospace Structures, Precision Components and Product Support,respectively. Sales to Gulfstream for the three months ended June 30, 2015, were $125,135, or 13% of net sales, of which $737, $122,647, $1,749 and $2 were from the Integrated Systems, Aerospace Structures, Precision Components and Product Support, 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 and Gulfstream, 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, 2016 and 2015, was $1,956 and $792, 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, 2016
	Weighted- Average Life	Gross Carrying Amount		Accumulated Amortization			Net
Customer relationships	16.4	$	679,503	$	(223,804	)	$	455,699
Product rights, technology and licenses	11.7	55,501		(38,229		)	17,272
Non-compete agreements and other	16.1	2,881		(767		)	2,114
Tradenames	20.0	163,000		(3,395		)	159,605
Total intangibles, net		$	900,885	$	(266,195	)	$	634,690

	March 31, 2016
	Weighted- Average Life	Gross Carrying Amount		Accumulated Amortization			Net
Customer relationships	16.4	$	683,309	$	(215,546	)	$	467,763
Product rights, technology and licenses	11.7	55,739		(37,695		)	18,044
Non-compete agreements and other	16.1	2,881		(718		)	2,163
Tradenames	20.0	163,000		(1,358		)	161,642
Total intangibles, net		$	904,929	$	(255,317	)	$	649,612

During the fiscal year ended March 31, 2016, the Company performed interim and annual assessments of the fair value of indefinite-lived intangible assets. The Company concluded the fair value of the Vought and Embee tradenames did not exceed their carrying value. Accordingly, the Company recorded non-cash impairment charges during the fiscal year ended March 31, 2016. Additionally, the Company determined that the tradenames will be amortized over their remaining useful life of 20 years.

Amortization expense for the three months ended June 30, 2016 and 2015, was $13,631 and $15,964, 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 5).

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 June 30, 2016 and March 31, 2016, were $110,476 and $112,937, respectively.

Supplemental Cash Flow Information

The Company paid $1,198 and $620 for income taxes, net of refunds, for the three months ended June 30, 2016 and 2015, respectively. The Company made interest payments of $25,751 and $23,336 for the three months ended June 30, 2016 and 2015.

During the three months ended June 30, 2016 and 2015, the Company did not finance any property or equipment additions through capital leases.

As of June 30, 2016, the Company remains able to purchase an additional 2,277,789 shares under the existing stock repurchase program. However, there are certain restrictions placed on the repurchase program by the Company lenders that prevent any repurchases at this time.

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ACQUISITIONS

3 Months Ended

Jun. 30, 2016

Business Combinations [Abstract]

ACQUISITIONS

    ACQUISITIONS

Acquisition of Fairchild Controls Corporation

Effective October 21, 2015, the Company acquired all of the outstanding shares of Fairchild Controls Corporation ("Fairchild"). Fairchild is a leading provider of proprietary thermal management systems, auxiliary power generation systems and related aftermarket spares and repairs. The acquired business operates as Triumph Thermal Systems-Maryland, Inc. and its results are included in Integrated Systems from the date of acquisition.

The purchase price for Fairchild was $57,130, including a working capital adjustment paid in January 2016. Goodwill in the amount of $14,695 was provisionally 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 an intangible asset related to customer relationships valued at $18,000 with a weighted-average life of 12.0 years.

The accounting for the business combination is provisional and dependent upon valuations and other information for certain assets and liabilities which have not yet been identified, 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 Company finalizes estimates of the fair value of assets acquired and liabilities assumed, the purchase price allocation for Fairchild 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 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 finalizes valuations of tangible and intangible assets, certain liabilities assumed and other information related to the Fairchild acquisition. Accordingly, the amounts below report the Company's best estimate of fair value based on the information available at this time:

	October 21, 2015
Cash	$	9,075
Accounts receivable	8,841
Inventory	15,069
Prepaid expenses	263
Property and equipment	6,632
Goodwill	14,695
Intangible assets	18,000
Deferred taxes	5,889
Total assets	$	78,464
Accounts payable	$	1,284
Accrued expenses	12,183
Other noncurrent liabilities	7,867
Total liabilities	$	21,334

The provisional amounts recognized are based on the Company's best estimate using information that it 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 Fairchild, whichever is earlier.

The Fairchild 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 Company incurred $569 in acquisition-related costs in connection with the Fairchild acquisition.

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INVENTORIES

3 Months Ended

Jun. 30, 2016

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, 2016			March 31, 2016
Raw materials	$	99,233		$	81,989
Work-in-process, including manufactured and purchased components	1,166,602			1,100,660
Finished goods	133,035			124,744
Rotable assets	55,687			51,952
Less: unliquidated progress payments	(99,403		)	(123,155		)
Total inventories	$	1,355,154		$	1,236,190

Work-in-process inventory includes capitalized pre-production costs on newer development programs. 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. The balance of development program inventory, comprised principally of capitalized pre-production costs, excluding progress payments related to the Company's contracts with Bombardier for the Global 7000/8000 program ("Bombardier") and Embraer for the second generation E-Jet ("Embraer") are as follows:

	June 30, 2016
	Inventory		Capitalized Pre-Production		Forward Loss Provision			Total Inventory, net
Bombardier	$	13,848	$	450,429	$	(399,758	)	$	64,519
Embraer	8,745		156,796		—			165,541
Total	$	22,593	$	607,225	$	(399,758	)	$	230,060
	March 31, 2016
	Inventory		Capitalized Pre-Production		Forward Loss Provision			Total Inventory, net
Bombardier	$	6,662	$	406,147	$	(399,758	)	$	13,051
Embraer	5,139		146,765		—			151,904
Total	$	11,801	$	552,912	$	(399,758	)	$	164,955

During the fiscal year ended March 31, 2016, the Company recorded a $399,758 forward loss charge for the Bombardier Global 7000/8000 wing program. Under our contract for this program, the Company has the right to design, develop and manufacture wing components over the initial 300 ship sets. The Global 7000/8000 contract provides for fixed pricing and requires the Company to fund certain up-front development expenses, with certain milestone payments made by Bombardier. The Global 7000/8000 program charge resulted in the impairment of previously capitalized pre-production costs due to the combination of cost recovery uncertainty, higher than anticipated non-recurring costs and increased forecasted costs on recurring production. The increases in costs were driven by several factors, including: changing technical requirements, increased spending on the design and engineering phase of the program and uncertainty regarding cost reduction and cost recovery initiatives with our customer and suppliers. Further cost increases or an inability to meet revised recurring cost forecasts on the Global 7000/8000 program may result in additional forward loss reserves in future periods, while improvements in future costs compared to current estimates may result in favorable adjustments if forward loss reserves are no longer required.

The Company is still in the pre-production stages for the Bombardier and Embraer programs, as these aircrafts are not scheduled to enter service until 2018, or later. Transition of these programs from development to recurring production levels is dependent upon the success of the programs at 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 additional forward losses.

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LONG-TERM DEBT

3 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

LONG-TERM DEBT

LONG-TERM DEBT

Long-term debt consists of the following:

	June 30, 2016			March 31, 2016
Revolving line of credit	$	314,091		$	140,000
Term loan	330,469			337,500
Receivable securitization facility	155,100			191,300
Capital leases	70,697			74,513
Senior notes due 2021	375,000			375,000
Senior notes due 2022	300,000			300,000
Other debt	7,978			7,978
Less: Debt issuance costs	(13,923		)	(8,971		)
	1,539,412			1,417,320
Less: Current portion	47,087			42,441
	$	1,492,325		$	1,374,879

Revolving Credit Facility

In May 2016, the Company entered into a Sixth Amendment to the Third Amended and Restated Credit Agreement, among the Company, the Subsidiary Co-Borrowers, the lenders party thereto and the Administrative Agent (the “Sixth Amendment” and the Credit Facility, as amended by the Sixth Amendment, the “Credit Facility”), pursuant to which those lenders electing to enter into the Sixth Amendment extended the expiration date for the revolving line of credit and the maturity date for the term loan by five years to May 3, 2021. Lenders holding revolving credit commitments aggregating $940,000 elected to extend the expiration date for the revolving line of credit, and Lenders holding approximately $324,500 of term loans (out of an aggregate outstanding term loan balance of approximately $330,000) elected to extend the term loan maturity date. In connection with the amendment to the Credit Facility, the Company incurred $5,126 of financing costs. These costs, along with the $4,626 of unamortized financing costs prior to the amendment, are being amortized over the remaining term of the Credit Facility.

In addition, the Sixth Amendment amended the Credit Facility to, among other things, (i) modify certain financial covenants to allow for the add-back of certain cash and non-cash charges, (ii) amend the total leverage ratio financial covenant to provide for a gradual reduction in the maximum permitted total leverage ratio commencing with the fiscal year ending March 31, 2018, (iii) increase the interest rate, commitment fee and letter of credit fee pricing provisions for the highest pricing tier, (iv) establish the interest rate, commitment fee and letter of credit fee pricing at the highest pricing tier until the Company delivers its compliance certificate for its fiscal year ending March 31, 2017, (v) increase the minimum revolver availability threshold test in connection with the Company making certain permitted investments, certain additional permitted dividends, permitted acquisitions and permitted payments of certain types of indebtedness, and (vi) decrease the maximum senior secured leverage ratio threshold test in connection with the Company making certain permitted investments, certain permitted dividends, permitted acquisitions and permitted payments of certain types of indebtedness during the period from the date of the Sixth Amendment until the Company delivers its compliance certificate for the fiscal year ending March 31, 2017.

In May 2014, the Company amended the Credit Facility with its lenders to (i) 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 existing 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.

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, 2016, there were $314,091 in borrowings and $27,313 in letters of credit outstanding under the Revolving Line of Credit provisions of the Credit Facility, primarily to support insurance policies. At March 31, 2016, there were $140,000 in borrowings and $25,709 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. Although the Company does not anticipate any violations of the financial covenants, its ability to comply with these covenants is dependent upon achieving earnings and cash flow projections. As of June 30, 2016, the Company had borrowing capacity under this facility of $658,596 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 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, 2016 and March 31, 2016, the interest rate swap agreement had a notional amount of $330,469 and $337,500, respectively. As of June 30, 2016 and March 31, 2016, the interest rate swap agreement had a fair value of $5,187 and $4,526, respectively, which is recorded in other noncurrent liabilities with an offset to 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 November 2014, the Company amended its Securitization Facility, increasing the purchase limit from $175,000 to $225,000 and extending the term through November 2017. 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, 2016, the maximum amount available under the Securitization Facility was $225,000. Interest rates are based on LIBOR plus a program fee and a commitment fee. The program fee is 0.40% on the amount outstanding under the Securitization Facility. Additionally, the commitment fee is 0.40% on 100.00% of the maximum amount available under the Securitization Facility. At June 30, 2016, there was $155,100 outstanding under the Securitization Facility. In connection with amending the Securitization Facility, the Company incurred approximately $252 of financing costs. These costs, along with the $341 of unamortized financing costs prior to the amendment, are being amortized over the life of the Securitization Facility. The Company secures 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 860.

The agreement governing the Securitization Facility contains restrictions and covenants, including 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, 2016 and 2015, the Company did not finance any property and equipment additions through capital leases. During the three months ended June 30, 2015, the Company obtained financing for existing fixed assets in the amount of $2,632.

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 are a direct deduction to the face amount of the note and are being amortized on the effective interest method over the term of the 2021 Notes.

During the quarter ended June 30, 2016, to ensure that the Company had full access to our Revolving Credit Facility (the "Credit Facility") during fiscal 2017, the Company obtained approval from the holders of the 2021 Notes to amend the terms of the indenture to conform with the 2022 Notes (as defined below) which allows for a higher level of secured debt. Absent this consent, the Company would have been restricted as to the level of new borrowings under the Credit Facility during fiscal 2017. As part of obtaining the consent, the Company paid the holders of the 2021 Notes $5,466, which is being amortized on the effective interest method over the remaining term of the 2021 Notes.

Further, to mitigate the risk of failing to obtain the consent and to ensure the Company had adequate liquidity through fiscal 2017, the Company chose to make a significant draw on the Credit Facility in early April 2016, taking the outstanding balance to approximately $800,000. The Company paid down substantially all of the draw to the Credit Facility upon receiving consent from the holders of the 2021 Notes in May 2016.

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 are a direct deduction to the face amount of the note and are being amortized on the effective interest method over the term of the 2022 Notes.

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.

Receivables Purchase Agreement

On March 28, 2016, the Company entered into a Purchase Agreement ("Receivables Purchase Agreement") to sell certain accounts receivables to a financial institution without recourse. The Company is the servicer of the accounts receivable under the Receivables Purchase Agreement. As of March 31, 2016, the maximum amount available under the Receivables Purchase Agreement was $90,000. Interest rates are based on LIBOR plus 0.65% - 0.70%. As of June 30, 2016 and March 31, 2016, the Company sold $78,513 and $89,900, respectively, worth of eligible accounts receivable.

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, 2016				March 31, 2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt	$	1,539,412	$	1,505,767	$	1,417,320	$	1,354,961

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).

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EARNINGS PER SHARE

3 Months Ended

Jun. 30, 2016

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)
	2016	2015
Weighted-average common shares outstanding – basic	49,271	49,198
Net effect of dilutive stock options and nonvested stock	142	116
Weighted-average common shares outstanding – diluted	49,413	49,314

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INCOME TAXES

3 Months Ended

Jun. 30, 2016

Income Tax Disclosure [Abstract]

INCOME TAXES

The Company follows the Income Taxes topic of the ASC 740, 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, 2016 and March 31, 2016, the total amount of accrued income tax-related interest and penalties was $249 and $239, respectively.

As of June 30, 2016 and March 31, 2016, the total amount of unrecognized tax benefits was $9,219 and $9,212, respectively, of which $9,219 and $9,212, 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.

As of June 30, 2016, the Company is in a three year cumulative book loss position and has recorded a valuation allowance against substantially all of our net deferred tax assets given this evidence and the insufficient positive evidence to support the realization of the Company’s deferred tax assets.  The Company intends to continue maintaining a valuation allowance on its deferred tax assets until there is sufficient positive evidence to support the reversal of all or some portion of these allowances.  A reduction in the valuation allowance could result in a significant decrease in income tax expense in the period that the release is recorded.  However, the exact timing and amount of the reduction in its valuation allowance is unknown at this time and will be subject to the earnings level the Company achieves during fiscal 2017 as well as the Company's projected income in future periods.

The effective income tax rate for the three months ended June 30, 2016, was 31.0% as compared to 30.1% for the three months ended June 30, 2015. For the three months ended June 30, 2015, the income tax provision was reduced to reflect the benefit of $4,213 from the decrease to the state deferred tax rates,

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, 2016, the Company is subject to examination in one state jurisdiction. The Company has filed appeals in a prior state examination related to fiscal years ended March 31, 1999 through March 31, 2005. 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, 2001 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.

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GOODWILL

3 Months Ended

Jun. 30, 2016

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, 2016 through June 30, 2016:

	Integrated Systems			Aerospace Structures		Precision Components			Product Support		Total
Balance, March 31, 2016	$	560,696		$	266,298	$	535,804		$	81,456	$	1,444,254
Goodwill recognized in connection with acquisitions	(1,835		)	—		—			—		(1,835		)
Effect of exchange rate changes	(5,629		)	—		(1,263		)	126		(6,766		)
Balance, June 30, 2016	$	553,232		$	266,298	$	534,541		$	81,582	$	1,435,653

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PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

3 Months Ended

Jun. 30, 2016

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 ASC 715, 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 pension benefit obligation 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.

Net Periodic Benefit Plan Costs

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

	Pension benefits
		Three Months Ended June 30,
		2016			2015
Components of net periodic benefit costs:
Service cost		$	1,649		$	2,767
Interest cost		18,189			22,677
Expected return on plan assets		(39,058		)	(40,853		)
Amortization of prior service credits		(446		)	(1,146		)
Amortization of net loss		3,031			2,522
Curtailment charge		—			2,863
Net periodic benefit income		$	(16,635	)	$	(11,170	)

	Other postretirement benefits
		Three Months Ended June 30,
		2016			2015
Components of net periodic benefit costs:
Service cost		$	179		$	326
Interest cost		1,247			2,070
Amortization of prior service credits		(3,366		)	(1,345		)
Amortization of gain		(1,647		)	(1,643		)
Net periodic benefit income		$	(3,587	)	$	(592	)

The Company periodically experiences events or makes changes to its benefit plans that result in special charges. Some require remeasurements. The following summarizes the key events whose effects on net periodic benefit costs are included in the tables above:

• In April 2015, the Company's largest union-represented group of employees ratified a new collective bargaining agreement. The agreement includes an amendment to the retirement plan, for which actively employed participants will no longer continue to accrue a benefit after 30 years of service. This change resulted in a curtailment charge of approximately $2,863 and is presented on the accompanying Condensed Consolidated Statements of Income as "Curtailment charge."

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STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY

3 Months Ended

Jun. 30, 2016

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, 2016 and 2015, 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, 2016	$	(58,816	)	$	(2,920	)	$	(285,426	)			$	(347,162	)
AOCI before reclassifications	(14,797		)	(553		)	—					(15,350		)
Amounts reclassified from AOCI	—			(13		)	(1,572		)	(2	)	(1,585		)
Net current period AOCI	(14,797		)	(566		)	(1,572		)			(16,935		)
Balance June 30, 2016	$	(73,613	)	$	(3,486	)	$	(286,998	)			$	(364,097	)

Balance March 31, 2015	$	(46,751	)	$	(2,757	)	$	(149,402	)			$	(198,910	)
AOCI before reclassifications	10,933			1,012			5,666					17,611
Amounts reclassified from AOCI	—			7			1,170			(2	)	1,177
Net current period AOCI	10,933			1,019			6,836					18,788
Balance June 30, 2015	$	(35,818	)	$	(1,738	)	$	(142,566	)			$	(180,122	)

(1) Net of tax.

(2) Includes 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.

Issuance of Restricted Stock Awards and Stock Options

Included in the employment agreement for the Company's new CEO were restricted stock awards totaling 179,134 shares. The awards generally vest in full after four to seven years. The fair value of the awards is determined by the product of the number of shares granted, the grant date market price of the Company's stock and adjusted for the market conditions necessary to achieve the awards. Certain of these awards contain performance conditions, in addition to service conditions. The fair value of the awards is expensed over a graded vesting period of the requisite service period of four to seven years.

In addition the employment agreement included 150,000 stock options with an exercise price of $30.86, a contractual term of 10 years and vesting over a 4 year period.

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SEGMENTS

3 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

SEGMENTS

SEGMENTS

Effective April 2016, the Company realigned into four reportable segments: the Integrated Systems, the Aerospace Structures, the Precision Components and the Product Support segments. The Company’s reportable segments are aligned with how the business is managed and views the markets that the Company serves. 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 Integrated Systems consists of the Company’s operations that provides integrated solutions including design, development and support of proprietary components, subsystems and systems, as well as production of complex assemblies using external designs.  Capabilities include hydraulic, mechanical and electro-mechanical actuation, power and control; a complete suite of aerospace gearbox solutions including engine accessory gearboxes and helicopter transmissions; active and passive heat exchange technology; fuel pumps, fuel metering units and Full Authority Digital Electronic Control fuel systems; hydro-mechanical and electromechanical primary and secondary flight controls; and a broad spectrum of surface treatment options.

The Aerospace Structures consists of the Company’s operations that supply commercial, business, regional and military manufacturers with large metallic and composite structures. Products include wings, wing boxes, fuselage panels, horizontal and vertical tails and sub-assemblies such as floor grids. Inclusive of most of the former Vought Aircraft Division, Aerospace Structures also has the capability to engineer detailed structural designs in metal and composites.

The Precision Components consists of the Company’s operations that produce close-tolerance parts primarily to customer designs and model-based definition, including a wide range of aluminum, hard metal and composite structure capabilities. Capabilities include complex machining, gear manufacturing, sheet metal fabrication, forming, advanced composite and interior structures, joining processes such as welding, autoclave bonding and conventional mechanical fasteners and a variety of special processes including: super plastic titanium forming, aluminum and titanium chemical milling and surface treatments.

The Product Support consists of the Company’s operations that provides full life cycle solutions for commercial, regional and military aircraft. The Company’s extensive product and service offerings include full post-delivery value chain services that simplify the MRO supply chain. Through its line maintenance, component MRO and postproduction supply chain activities, The Company’s Product Support is positioned to provide integrated planeside repair solutions globally. Capabilities include fuel tank repair, metallic and composite aircraft structures, nacelles, thrust reversers, interiors, auxiliary power units and a wide variety of pneumatic, hydraulic, fuel and mechanical accessories.

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 curtailment charge of $2,863 for the three months ended June 30, 2015.

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:

	Three Months Ended June 30,
	2016			2015
Net sales:
Integrated Systems	$	257,356		$	258,571
Aerospace Structures	331,596			395,119
Precision Components	254,561			265,141
Product Support	84,199			74,745
Elimination of inter-segment sales	(34,459		)	(33,938		)
	$	893,253		$	959,638
Income before income taxes:
Operating income (expense):
Integrated Systems	$	47,986		$	50,557
Aerospace Structures	9,163			41,797
Precision Components	(7,782		)	24,906
Product Support	14,059			9,987
Corporate	(16,700		)	(19,381		)
	46,726			107,866
Interest expense and other	18,126			18,116
	$	28,600		$	89,750
Depreciation and amortization:
Integrated Systems	$	10,303		$	10,518
Aerospace Structures	17,962			15,933
Precision Components	14,330			14,221
Product Support	2,484			2,462
Corporate	383			400
	$	45,462		$	43,534
Amortization of acquired contract liabilities, net:
Integrated Systems	$	10,337		$	10,501
Aerospace Structures	18,438			23,778
Precision Components	574			819
	$	29,349		$	35,098
Adjusted EBITDA:
Integrated Systems	$	47,952		$	50,574
Aerospace Structures	8,687			33,952
Precision Components	5,974			38,308
Product Support	16,543			12,449
Corporate	(16,317		)	(16,118		)
	$	62,839		$	119,165

	Three Months Ended June 30,
	2016		2015
Capital expenditures:
Integrated Systems	$	3,228	$	3,853
Aerospace Structures	3,833		7,163
Precision Components	4,902		6,121
Product Support	630		622
Corporate	130		257
	$	12,723	$	18,016

	June 30, 2016		March 31, 2016
Total Assets:
Integrated Systems	$	1,345,521	$	1,371,178
Aerospace Structures	1,840,505		1,792,397
Precision Components	1,282,977		1,298,294
Product Support	352,413		350,674
Corporate	24,991		22,550
	$	4,846,407	$	4,835,093

During the three months ended June 30, 2016 and 2015, the Company had international sales of $180,419 and $191,318, respectively.

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

3 Months Ended

Jun. 30, 2016

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 foreign 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, 2016 and March 31, 2016, Condensed Consolidating Statements of Comprehensive Income for the three months ended June 30, 2016 and 2015, and Condensed Consolidating Statements of Cash Flows for the three months ended June 30, 2016 and 2015.

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

SUMMARY CONDENSED CONSOLIDATING BALANCE SHEETS:

	June 30, 2016
	Parent		Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries		Eliminations			Consolidated  Total
Current assets:
Cash and cash equivalents	$	617	$	806		$	29,876	$	—		$	31,299
Trade and other receivables, net	2,801		114,446			270,872		—			388,119
Inventories	—		1,232,020			123,134		—			1,355,154
Prepaid expenses and other	5,173		11,487			8,980		—			25,640
Total current assets	8,591		1,358,759			432,862		—			1,800,212
Property and equipment, net	7,029		730,404			130,296		—			867,729
Goodwill and other intangible assets, net	—		1,883,835			186,508		—			2,070,343
Other, net	16,348		71,135			20,640		—			108,123
Intercompany investments and advances	2,484,939		81,540			82,432		(2,648,911		)	—
Total assets	$	2,516,907	$	4,125,673		$	852,738	$	(2,648,911	)	$	4,846,407
Current liabilities:
Current portion of long-term debt	$	33,393	$	13,694		$	—	$	—		$	47,087
Accounts payable	7,647		374,596			48,820		—			431,063
Accrued expenses	40,538		530,910			34,920		—			606,368
Total current liabilities	81,578		919,200			83,740		—			1,084,518
Long-term debt, less current portion	1,277,630		59,595			155,100		—			1,492,325
Intercompany advances	200,845		2,111,492			357,239		(2,669,576		)	—
Accrued pension and other postretirement benefits, noncurrent	7,564		632,402			2,488		—			642,454
Deferred income taxes and other	11,356		628,440			49,380		—			689,176
Total stockholders’ equity	937,934		(225,456		)	204,791		20,665			937,934
Total liabilities and stockholders’ equity	$	2,516,907	$	4,125,673		$	852,738	$	(2,648,911	)	$	4,846,407

SUMMARY CONDENSED CONSOLIDATING BALANCE SHEETS:

	March 31, 2016
	Parent		Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries		Eliminations			Consolidated  Total
Current assets:
Cash and cash equivalents	$	1,544	$	201		$	19,239	$	—		$	20,984
Trade and other receivables, net	2,057		127,968			314,183		—			444,208
Inventories	—		1,127,275			108,915		—			1,236,190
Prepaid expenses and other	6,524		26,433			8,302		—			41,259
Total current assets	10,125		1,281,877			450,639		—			1,742,641
Property and equipment, net	7,324		746,455			135,955		—			889,734
Goodwill and other intangible assets, net	—		1,898,401			195,465		—			2,093,866
Other, net	11,878		76,262			20,712		—			108,852
Intercompany investments and advances	2,301,054		81,540			82,930		(2,465,524		)	—
Total assets	$	2,330,381	$	4,084,535		$	885,701	$	(2,465,524	)	$	4,835,093
Current liabilities:
Current portion of long-term debt	$	28,473	$	13,968		$	—	$	—		$	42,441
Accounts payable	11,154		346,602			52,469		—			410,225
Accrued expenses	44,856		599,921			38,431		—			683,208
Total current liabilities	84,483		960,491			90,900		—			1,135,874
Long-term debt, less current portion	1,120,570		63,009			191,300		—			1,374,879
Intercompany advances	171,480		1,972,729			330,176		(2,474,385		)	—
Accrued pension and other postretirement benefits, noncurrent	7,315		654,201			3,148		—			664,664
Deferred income taxes and other	11,589		658,873			54,270		—			724,732
Total stockholders’ equity	934,944		(224,768		)	215,907		8,861			934,944
Total liabilities and stockholders’ equity	$	2,330,381	$	4,084,535		$	885,701	$	(2,465,524	)	$	4,835,093

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME:

	For the Three Months Ended June 30, 2016
	Parent			Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries			Eliminations			Consolidated  Total
Net sales	$	—		$	817,345		$	94,651		$	(18,743	)	$	893,253
Operating costs and expenses:
Cost of sales	—			668,539			76,592			(18,743		)	726,388
Selling, general and administrative	14,444			45,907			7,675			—			68,026
Depreciation and amortization	383			40,766			4,313			—			45,462
Restructuring	1,860			4,791			—			—			6,651
	16,687			760,003			88,580			(18,743		)	846,527
Operating (loss) income	(16,687		)	57,342			6,071			—			46,726
Intercompany interest and charges	(51,564		)	49,173			2,391			—			—
Interest expense and other	17,375			2,282			(1,531		)	—			18,126
Income before income taxes	17,502			5,887			5,211			—			28,600
Income tax expense	2,050			5,289			1,527			—			8,866
Net income	15,452			598			3,684			—			19,734
Other comprehensive loss	(566		)	(1,572		)	(14,797		)	—			(16,935		)
Total comprehensive income (loss)	$	14,886		$	(974	)	$	(11,113	)	$	—		$	2,799

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME:

	For the Three Months Ended June 30, 2015
	Parent			Guarantor  Subsidiaries		Non-Guarantor  Subsidiaries			Eliminations			Consolidated  Total
Net sales	$	—		$	885,443	$	86,137		$	(11,942	)	$	959,638
Operating costs and expenses:
Cost of sales	—			672,310		71,726			(11,942		)	732,094
Selling, general and administrative	13,151			52,439		7,691			—			73,281
Depreciation and amortization	399			35,042		8,093			—			43,534
Curtailment charge	2,863			—		—			—			2,863
	16,413			759,791		87,510			(11,942		)	851,772
Operating (loss) income	(16,413		)	125,652		(1,373		)	—			107,866
Intercompany interest and charges	(53,590		)	51,511		2,079			—			—
Interest expense and other	14,517			2,890		709			—			18,116
Income before income taxes	22,660			71,251		(4,161		)	—			89,750
Income tax (benefit) expense	(13		)	26,395		636			—			27,018
Net income (loss)	22,673			44,856		(4,797		)	—			62,732
Other comprehensive income	1,019			6,836		10,933			—			18,788
Total comprehensive income	$	23,692		$	51,692	$	6,136		$	—		$	81,520

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS:

	For the Three Months Ended June 30, 2016
	Parent			Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries			Eliminations			Consolidated  Total
Net income	$	15,452		$	598		$	3,684		$	—		$	19,734
Adjustments to reconcile net income to net cash provided by (used in) operating activities	(2,131		)	(121,953		)	19,688			627			(103,769		)
Net cash provided by (used in) operating activities	13,321			(121,355		)	23,372			627			(84,035		)
Capital expenditures	(130		)	(8,961		)	(3,632		)	—			(12,723		)
Proceeds from sale of assets	—			108			840			—			948
Acquisitions, net of cash acquired	—			9			—			—			9
Net cash used in investing activities	(130		)	(8,844		)	(2,792		)	—			(11,766		)
Net increase in revolving credit facility	174,091			—			—			—			174,091
Retirements and repayments of debt	(7,102		)	(3,687		)	(36,200		)	—			(46,989		)
Payments of deferred financing costs	(10,689		)	—			—			—			(10,689		)
Dividends paid	(1,981		)	—			—			—			(1,981		)
Repayment of governmental grant	—			(7,285		)	—			—			(7,285		)
Repurchase of restricted shares for minimum tax obligation	(171		)	—			—			—			(171		)
Intercompany financing and advances	(168,266		)	141,776			27,117			(627		)	—
Net cash (used in) provided by financing activities	(14,118		)	130,804			(9,083		)	(627		)	106,976
Effect of exchange rate changes on cash	—			—			(860		)	—			(860		)
Net change in cash and cash equivalents	(927		)	605			10,637			—			10,315
Cash and cash equivalents at beginning of period	1,544			201			19,239			—			20,984
Cash and cash equivalents at end of period	$	617		$	806		$	29,876		$	—		$	31,299

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS:

	For the Three Months Ended June 30, 2015
	Parent			Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries			Eliminations			Consolidated  Total
Net income	$	22,673		$	44,856		$	(4,797	)	$	—		$	62,732
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities	(13,821		)	(207,408		)	11,497			(1,390		)	(211,122		)
Net cash provided by (used in) operating activities	8,852			(162,552		)	6,700			(1,390		)	(148,390		)
Capital expenditures	(257		)	(15,286		)	(2,473		)	—			(18,016		)
Proceeds from sale of assets	—			402			152			—			554
Acquisitions, net of cash acquired	—			14			(6,000		)	—			(5,986		)
Net cash used in investing activities	(257		)	(14,870		)	(8,321		)	—			(23,448		)
Net increase in revolving credit facility	96,541			—			—			—			96,541
Proceeds on issuance of debt	—			2,632			96,300			—			98,932
Retirements and repayments of debt	(4,754		)	(5,672		)	(5,600		)	—			(16,026		)
Payments of deferred financing costs	(71		)	—			—			—			(71		)
Dividends paid	(1,971		)	—			—			—			(1,971		)
Repurchase of restricted shares for minimum tax obligation	(96		)	—			—			—			(96		)
Repayment of government grant	—			—			(82		)	—			(82		)
Intercompany financing and advances	(98,318		)	180,313			(83,385		)	1,390			—
Net cash (used in) provided by financing activities	(8,669		)	177,273			7,233			1,390			177,227
Effect of exchange rate changes on cash	—			—			1,665			—			1,665
Net change in cash and cash equivalents	(74		)	(149		)	7,277			—			7,054
Cash and cash equivalents at beginning of period	620			419			31,578			—			32,617
Cash and cash equivalents at end of period	$	546		$	270		$	38,855		$	—		$	39,671

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COMMITMENTS AND CONTINGENCIES

3 Months Ended

Jun. 30, 2016

Commitments and Contingencies [Abstract]

Commitments and Contingencies Disclosure [Text Block]

COMMITMENTS AND CONTINGENCIES

In the ordinary course of business, the Company is 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.

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RESTRUCTURING COSTS RESTRUCTURING COSTS

3 Months Ended

Jun. 30, 2016

Jun. 30, 2015

Restructuring Cost and Reserve [Line Items]

Restructuring and Related Costs [Table Text Block]

The restructuring charges recognized for the three months ended June 30, 2016, by type and by segment consisted of the following:

	Integrated Systems		Aerospace Structures		Precision Components		Product Support		Corporate		Total
Termination benefits	$	—	$	—	$	27	$	25	$	—	$	52
Facility closure and other exit costs	—		—		247		—		—		247
Other	—		3,052		1,440		—		1,860		6,352
Total Restructuring	—		3,052		1,714		25		1,860		6,651
Depreciation and Amortization	46		—		3,300		145		—		3,491
Total	$	46	$	3,052	$	5,014	$	170	$	1,860	$	10,142

14.    RESTRUCTURING COSTS

Fiscal 2016 Restructuring

During the fiscal year ended March 31, 2016, the Company committed to a restructuring of certain of its businesses as well as the consolidation of certain of its facilities ("2016 Restructuring Plan"). The Company expects to reduce its footprint by approximately 3.5 million square feet and to reduce head count by 1,200 employees. Over the next few fiscal years, the Company estimates that it will record aggregate pre-tax charges of $150,000 to $160,000 related to these programs, which represent employee termination benefits, contract termination costs, accelerated depreciation and facility closure and other exit costs, and will result in future cash outlays. For the three months ended June 30, 2016, the Company recorded charges of $10,142 related to this program including, accelerated depreciation of $3,491 and severance of $52.

The following table provides a summary of the Company's current aggregate cost estimates by major type of expense associated with the 2016 Restructuring Plan:

Type of expense	Total estimated amount expected to be incurred
Termination benefits	$	26,000
Facility closure and other exit costs (1)	40,000
Contract termination costs	25,000
Accelerated depreciation charges (2)	34,000
Other (3)	30,000
	$	155,000

(1) Includes costs to transfer product lines among facilities and outplacement and employee relocation costs.

(2) Accelerated depreciation charges are recorded as part of Depreciation and amortization on the Consolidated Statement of Operations.

(3) Consists of other costs directly related to the plan, including project management, legal and regulatory costs.

The restructuring charges recognized for the three months ended June 30, 2016, by type and by segment consisted of the following:

	Integrated Systems		Aerospace Structures		Precision Components		Product Support		Corporate		Total
Termination benefits	$	—	$	—	$	27	$	25	$	—	$	52
Facility closure and other exit costs	—		—		247		—		—		247
Other	—		3,052		1,440		—		1,860		6,352
Total Restructuring	—		3,052		1,714		25		1,860		6,651
Depreciation and Amortization	46		—		3,300		145		—		3,491
Total	$	46	$	3,052	$	5,014	$	170	$	1,860	$	10,142

Termination benefits include employee retention, severance and benefit payments for terminated employees. Facility closure costs include general operating costs incurred subsequent to production shutdown as well as equipment relocation and other associated costs. Contract termination costs include costs associated with terminating existing leases and supplier agreements. Other costs include legal, outplacement and employee relocation costs and other employee-related costs.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Jun. 30, 2016

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 605-35 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, 2016, cumulative catch-up adjustments from changes in estimates, inclusive of changes in forward loss estimates, decreased operating income, net income and earnings per share by approximately $(27,968), $(19,298) and $(0.39), net of tax, respectively. The cumulative catch-up adjustments to operating income for the three months ended June 30, 2016, included gross favorable adjustments of approximately $9,698 and gross unfavorable adjustments of approximately $(37,666). For the three months ended June 30, 2015, cumulative catch-up adjustments from changes in estimates increased operating income, net income and earnings per share by approximately $1,307, $863 and $0.02, 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.

As disclosed during fiscal 2016, the Company recognized a provision for forward losses associated with our long-term contract on the 747-8 and Bombardier programs. There is still risk similar to what the Company has experienced on the 747-8 and Bombardier 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, potential need to negotiate facility lease extensions or alternatively relocate work and many other risks, will determine the ultimate performance of these programs.

Included in net sales of the Integrated Systems, Aerospace Structures and Precision Components is the non-cash amortization of acquired contract liabilities that were recognized as fair value adjustments through purchase accounting from various acquisitions. For the three months ended June 30, 2016 and 2015, the Company recognized $29,349 and $35,098, respectively, into net sales in the accompanying Condensed Consolidated Statements of Income.

The Product Support provides repair and overhaul services, of which a small portion of 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 Boeing (representing commercial, military and space) represented approximately 15% and 18% of total trade accounts receivable as of June 30, 2016 and March 31, 2016, respectively. The Company had no other concentrations of credit risk of more than 10%.

Sales to Boeing for the three months ended June 30, 2016, were $337,988, or 38% of net sales, of which $53,760, $162,935, $112,823 and $8,470 were from the Integrated Systems, Aerospace Structures, Precision Components and Product Support, respectively. Sales to Boeing for the three months ended June 30, 2015, were $374,704, or 39% of net sales, of which $48,683, $229,556, $86,787 and $9,678 were from the Integrated Systems, Aerospace Structures, Precision Components and Product Support, respectively.

Sales to Gulfstream Aerospace Corporation for the three months ended June 30, 2016, were $107,627, or 12% of net sales, of which $558, $104,795, $2,254 and $20 were from the Integrated Systems, Aerospace Structures, Precision Components and Product Support,respectively. Sales to Gulfstream for the three months ended June 30, 2015, were $125,135, or 13% of net sales, of which $737, $122,647, $1,749 and $2 were from the Integrated Systems, Aerospace Structures, Precision Components and Product Support, 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 and Gulfstream, 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, 2016 and 2015, was $1,956 and $792, 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, 2016
	Weighted- Average Life	Gross Carrying Amount		Accumulated Amortization			Net
Customer relationships	16.4	$	679,503	$	(223,804	)	$	455,699
Product rights, technology and licenses	11.7	55,501		(38,229		)	17,272
Non-compete agreements and other	16.1	2,881		(767		)	2,114
Tradenames	20.0	163,000		(3,395		)	159,605
Total intangibles, net		$	900,885	$	(266,195	)	$	634,690

	March 31, 2016
	Weighted- Average Life	Gross Carrying Amount		Accumulated Amortization			Net
Customer relationships	16.4	$	683,309	$	(215,546	)	$	467,763
Product rights, technology and licenses	11.7	55,739		(37,695		)	18,044
Non-compete agreements and other	16.1	2,881		(718		)	2,163
Tradenames	20.0	163,000		(1,358		)	161,642
Total intangibles, net		$	904,929	$	(255,317	)	$	649,612

During the fiscal year ended March 31, 2016, the Company performed interim and annual assessments of the fair value of indefinite-lived intangible assets. The Company concluded the fair value of the Vought and Embee tradenames did not exceed their carrying value. Accordingly, the Company recorded non-cash impairment charges during the fiscal year ended March 31, 2016. Additionally, the Company determined that the tradenames will be amortized over their remaining useful life of 20 years.

Amortization expense for the three months ended June 30, 2016 and 2015, was $13,631 and $15,964, 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 5).

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 June 30, 2016 and March 31, 2016, were $110,476 and $112,937, respectively

Cash Flow, Supplemental Disclosures [Text Block]

Supplemental Cash Flow Information

The Company paid $1,198 and $620 for income taxes, net of refunds, for the three months ended June 30, 2016 and 2015, respectively. The Company made interest payments of $25,751 and $23,336 for the three months ended June 30, 2016 and 2015.

During the three months ended June 30, 2016 and 2015, the Company did not finance any property or equipment additions through capital leases.

As of June 30, 2016, the Company remains able to purchase an additional 2,277,789 shares under the existing stock repurchase program. However, there are certain restrictions placed on the repurchase program by the Company lenders that prevent any repurchases at this time.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Jun. 30, 2016

Accounting Policies [Abstract]

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

	June 30, 2016
	Weighted- Average Life	Gross Carrying Amount		Accumulated Amortization			Net
Customer relationships	16.4	$	679,503	$	(223,804	)	$	455,699
Product rights, technology and licenses	11.7	55,501		(38,229		)	17,272
Non-compete agreements and other	16.1	2,881		(767		)	2,114
Tradenames	20.0	163,000		(3,395		)	159,605
Total intangibles, net		$	900,885	$	(266,195	)	$	634,690

	March 31, 2016
	Weighted- Average Life	Gross Carrying Amount		Accumulated Amortization			Net
Customer relationships	16.4	$	683,309	$	(215,546	)	$	467,763
Product rights, technology and licenses	11.7	55,739		(37,695		)	18,044
Non-compete agreements and other	16.1	2,881		(718		)	2,163
Tradenames	20.0	163,000		(1,358		)	161,642
Total intangibles, net		$	904,929	$	(255,317	)	$	649,612

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ACQUISITIONS (Tables)

3 Months Ended

Jun. 30, 2016

Fairchild [Member]

Business Acquisition [Line Items]

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

Accordingly, the amounts below report the Company's best estimate of fair value based on the information available at this time:

	October 21, 2015
Cash	$	9,075
Accounts receivable	8,841
Inventory	15,069
Prepaid expenses	263
Property and equipment	6,632
Goodwill	14,695
Intangible assets	18,000
Deferred taxes	5,889
Total assets	$	78,464
Accounts payable	$	1,284
Accrued expenses	12,183
Other noncurrent liabilities	7,867
Total liabilities	$	21,334

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INVENTORIES (Tables)

3 Months Ended

Jun. 30, 2016

Preproduction Costs Related to Long Term Supply Arrangements, Costs Capitalized [Line Items]

Preproduction Costs Related to Long Term Supply Arrangements, Costs Capitalized [Table Text Block]

The balance of development program inventory, comprised principally of capitalized pre-production costs, excluding progress payments related to the Company's contracts with Bombardier for the Global 7000/8000 program ("Bombardier") and Embraer for the second generation E-Jet ("Embraer") are as follows:

	June 30, 2016
	Inventory		Capitalized Pre-Production		Forward Loss Provision			Total Inventory, net
Bombardier	$	13,848	$	450,429	$	(399,758	)	$	64,519
Embraer	8,745		156,796		—			165,541
Total	$	22,593	$	607,225	$	(399,758	)	$	230,060
	March 31, 2016
	Inventory		Capitalized Pre-Production		Forward Loss Provision			Total Inventory, net
Bombardier	$	6,662	$	406,147	$	(399,758	)	$	13,051
Embraer	5,139		146,765		—			151,904
Total	$	11,801	$	552,912	$	(399,758	)	$	164,955

Schedule of components of inventories

	June 30, 2016			March 31, 2016
Raw materials	$	99,233		$	81,989
Work-in-process, including manufactured and purchased components	1,166,602			1,100,660
Finished goods	133,035			124,744
Rotable assets	55,687			51,952
Less: unliquidated progress payments	(99,403		)	(123,155		)
Total inventories	$	1,355,154		$	1,236,190

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LONG-TERM DEBT LONG-TERM DEBT (Tables)

3 Months Ended

Jun. 30, 2016

Long-term debt

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

	June 30, 2016			March 31, 2016
Revolving line of credit	$	314,091		$	140,000
Term loan	330,469			337,500
Receivable securitization facility	155,100			191,300
Capital leases	70,697			74,513
Senior notes due 2021	375,000			375,000
Senior notes due 2022	300,000			300,000
Other debt	7,978			7,978
Less: Debt issuance costs	(13,923		)	(8,971		)
	1,539,412			1,417,320
Less: Current portion	47,087			42,441
	$	1,492,325		$	1,374,879

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LONG-TERM DEBT Fair Value Measurements (Tables)

3 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

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

	June 30, 2016				March 31, 2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt	$	1,539,412	$	1,505,767	$	1,417,320	$	1,354,961

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EARNINGS PER SHARE (Tables)

3 Months Ended

Jun. 30, 2016

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)
	2016	2015
Weighted-average common shares outstanding – basic	49,271	49,198
Net effect of dilutive stock options and nonvested stock	142	116
Weighted-average common shares outstanding – diluted	49,413	49,314

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GOODWILL (Tables)

3 Months Ended

Jun. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

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

	Integrated Systems			Aerospace Structures		Precision Components			Product Support		Total
Balance, March 31, 2016	$	560,696		$	266,298	$	535,804		$	81,456	$	1,444,254
Goodwill recognized in connection with acquisitions	(1,835		)	—		—			—		(1,835		)
Effect of exchange rate changes	(5,629		)	—		(1,263		)	126		(6,766		)
Balance, June 30, 2016	$	553,232		$	266,298	$	534,541		$	81,582	$	1,435,653

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PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)

3 Months Ended

Jun. 30, 2016

Pension Plan [Member]

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,
		2016			2015
Components of net periodic benefit costs:
Service cost		$	1,649		$	2,767
Interest cost		18,189			22,677
Expected return on plan assets		(39,058		)	(40,853		)
Amortization of prior service credits		(446		)	(1,146		)
Amortization of net loss		3,031			2,522
Curtailment charge		—			2,863
Net periodic benefit income		$	(16,635	)	$	(11,170	)

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,
		2016			2015
Components of net periodic benefit costs:
Service cost		$	179		$	326
Interest cost		1,247			2,070
Amortization of prior service credits		(3,366		)	(1,345		)
Amortization of gain		(1,647		)	(1,643		)
Net periodic benefit income		$	(3,587	)	$	(592	)

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STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY (Tables)

3 Months Ended

Jun. 30, 2016

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

Comprehensive Income (Loss) Note [Text Block]

Changes in accumulated other comprehensive income (loss) ("AOCI") by component for the three months ended June 30, 2016 and 2015, 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, 2016	$	(58,816	)	$	(2,920	)	$	(285,426	)			$	(347,162	)
AOCI before reclassifications	(14,797		)	(553		)	—					(15,350		)
Amounts reclassified from AOCI	—			(13		)	(1,572		)	(2	)	(1,585		)
Net current period AOCI	(14,797		)	(566		)	(1,572		)			(16,935		)
Balance June 30, 2016	$	(73,613	)	$	(3,486	)	$	(286,998	)			$	(364,097	)

Balance March 31, 2015	$	(46,751	)	$	(2,757	)	$	(149,402	)			$	(198,910	)
AOCI before reclassifications	10,933			1,012			5,666					17,611
Amounts reclassified from AOCI	—			7			1,170			(2	)	1,177
Net current period AOCI	10,933			1,019			6,836					18,788
Balance June 30, 2015	$	(35,818	)	$	(1,738	)	$	(142,566	)			$	(180,122	)

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SEGMENTS (Tables)

3 Months Ended

Jun. 30, 2016

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,
	2016			2015
Net sales:
Integrated Systems	$	257,356		$	258,571
Aerospace Structures	331,596			395,119
Precision Components	254,561			265,141
Product Support	84,199			74,745
Elimination of inter-segment sales	(34,459		)	(33,938		)
	$	893,253		$	959,638
Income before income taxes:
Operating income (expense):
Integrated Systems	$	47,986		$	50,557
Aerospace Structures	9,163			41,797
Precision Components	(7,782		)	24,906
Product Support	14,059			9,987
Corporate	(16,700		)	(19,381		)
	46,726			107,866
Interest expense and other	18,126			18,116
	$	28,600		$	89,750
Depreciation and amortization:
Integrated Systems	$	10,303		$	10,518
Aerospace Structures	17,962			15,933
Precision Components	14,330			14,221
Product Support	2,484			2,462
Corporate	383			400
	$	45,462		$	43,534
Amortization of acquired contract liabilities, net:
Integrated Systems	$	10,337		$	10,501
Aerospace Structures	18,438			23,778
Precision Components	574			819
	$	29,349		$	35,098
Adjusted EBITDA:
Integrated Systems	$	47,952		$	50,574
Aerospace Structures	8,687			33,952
Precision Components	5,974			38,308
Product Support	16,543			12,449
Corporate	(16,317		)	(16,118		)
	$	62,839		$	119,165

	Three Months Ended June 30,
	2016		2015
Capital expenditures:
Integrated Systems	$	3,228	$	3,853
Aerospace Structures	3,833		7,163
Precision Components	4,902		6,121
Product Support	630		622
Corporate	130		257
	$	12,723	$	18,016

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

	June 30, 2016		March 31, 2016
Total Assets:
Integrated Systems	$	1,345,521	$	1,371,178
Aerospace Structures	1,840,505		1,792,397
Precision Components	1,282,977		1,298,294
Product Support	352,413		350,674
Corporate	24,991		22,550
	$	4,846,407	$	4,835,093

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

3 Months Ended

Jun. 30, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Summary of consolidating balance sheets

	June 30, 2016
	Parent		Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries		Eliminations			Consolidated  Total
Current assets:
Cash and cash equivalents	$	617	$	806		$	29,876	$	—		$	31,299
Trade and other receivables, net	2,801		114,446			270,872		—			388,119
Inventories	—		1,232,020			123,134		—			1,355,154
Prepaid expenses and other	5,173		11,487			8,980		—			25,640
Total current assets	8,591		1,358,759			432,862		—			1,800,212
Property and equipment, net	7,029		730,404			130,296		—			867,729
Goodwill and other intangible assets, net	—		1,883,835			186,508		—			2,070,343
Other, net	16,348		71,135			20,640		—			108,123
Intercompany investments and advances	2,484,939		81,540			82,432		(2,648,911		)	—
Total assets	$	2,516,907	$	4,125,673		$	852,738	$	(2,648,911	)	$	4,846,407
Current liabilities:
Current portion of long-term debt	$	33,393	$	13,694		$	—	$	—		$	47,087
Accounts payable	7,647		374,596			48,820		—			431,063
Accrued expenses	40,538		530,910			34,920		—			606,368
Total current liabilities	81,578		919,200			83,740		—			1,084,518
Long-term debt, less current portion	1,277,630		59,595			155,100		—			1,492,325
Intercompany advances	200,845		2,111,492			357,239		(2,669,576		)	—
Accrued pension and other postretirement benefits, noncurrent	7,564		632,402			2,488		—			642,454
Deferred income taxes and other	11,356		628,440			49,380		—			689,176
Total stockholders’ equity	937,934		(225,456		)	204,791		20,665			937,934
Total liabilities and stockholders’ equity	$	2,516,907	$	4,125,673		$	852,738	$	(2,648,911	)	$	4,846,407

SUMMARY CONDENSED CONSOLIDATING BALANCE SHEETS:

	March 31, 2016
	Parent		Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries		Eliminations			Consolidated  Total
Current assets:
Cash and cash equivalents	$	1,544	$	201		$	19,239	$	—		$	20,984
Trade and other receivables, net	2,057		127,968			314,183		—			444,208
Inventories	—		1,127,275			108,915		—			1,236,190
Prepaid expenses and other	6,524		26,433			8,302		—			41,259
Total current assets	10,125		1,281,877			450,639		—			1,742,641
Property and equipment, net	7,324		746,455			135,955		—			889,734
Goodwill and other intangible assets, net	—		1,898,401			195,465		—			2,093,866
Other, net	11,878		76,262			20,712		—			108,852
Intercompany investments and advances	2,301,054		81,540			82,930		(2,465,524		)	—
Total assets	$	2,330,381	$	4,084,535		$	885,701	$	(2,465,524	)	$	4,835,093
Current liabilities:
Current portion of long-term debt	$	28,473	$	13,968		$	—	$	—		$	42,441
Accounts payable	11,154		346,602			52,469		—			410,225
Accrued expenses	44,856		599,921			38,431		—			683,208
Total current liabilities	84,483		960,491			90,900		—			1,135,874
Long-term debt, less current portion	1,120,570		63,009			191,300		—			1,374,879
Intercompany advances	171,480		1,972,729			330,176		(2,474,385		)	—
Accrued pension and other postretirement benefits, noncurrent	7,315		654,201			3,148		—			664,664
Deferred income taxes and other	11,589		658,873			54,270		—			724,732
Total stockholders’ equity	934,944		(224,768		)	215,907		8,861			934,944
Total liabilities and stockholders’ equity	$	2,330,381	$	4,084,535		$	885,701	$	(2,465,524	)	$	4,835,093

Condensed consolidating statements of income

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME:

	For the Three Months Ended June 30, 2016
	Parent			Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries			Eliminations			Consolidated  Total
Net sales	$	—		$	817,345		$	94,651		$	(18,743	)	$	893,253
Operating costs and expenses:
Cost of sales	—			668,539			76,592			(18,743		)	726,388
Selling, general and administrative	14,444			45,907			7,675			—			68,026
Depreciation and amortization	383			40,766			4,313			—			45,462
Restructuring	1,860			4,791			—			—			6,651
	16,687			760,003			88,580			(18,743		)	846,527
Operating (loss) income	(16,687		)	57,342			6,071			—			46,726
Intercompany interest and charges	(51,564		)	49,173			2,391			—			—
Interest expense and other	17,375			2,282			(1,531		)	—			18,126
Income before income taxes	17,502			5,887			5,211			—			28,600
Income tax expense	2,050			5,289			1,527			—			8,866
Net income	15,452			598			3,684			—			19,734
Other comprehensive loss	(566		)	(1,572		)	(14,797		)	—			(16,935		)
Total comprehensive income (loss)	$	14,886		$	(974	)	$	(11,113	)	$	—		$	2,799

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME:

	For the Three Months Ended June 30, 2015
	Parent			Guarantor  Subsidiaries		Non-Guarantor  Subsidiaries			Eliminations			Consolidated  Total
Net sales	$	—		$	885,443	$	86,137		$	(11,942	)	$	959,638
Operating costs and expenses:
Cost of sales	—			672,310		71,726			(11,942		)	732,094
Selling, general and administrative	13,151			52,439		7,691			—			73,281
Depreciation and amortization	399			35,042		8,093			—			43,534
Curtailment charge	2,863			—		—			—			2,863
	16,413			759,791		87,510			(11,942		)	851,772
Operating (loss) income	(16,413		)	125,652		(1,373		)	—			107,866
Intercompany interest and charges	(53,590		)	51,511		2,079			—			—
Interest expense and other	14,517			2,890		709			—			18,116
Income before income taxes	22,660			71,251		(4,161		)	—			89,750
Income tax (benefit) expense	(13		)	26,395		636			—			27,018
Net income (loss)	22,673			44,856		(4,797		)	—			62,732
Other comprehensive income	1,019			6,836		10,933			—			18,788
Total comprehensive income	$	23,692		$	51,692	$	6,136		$	—		$	81,520

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME:

	For the Three Months Ended June 30, 2016
	Parent			Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries			Eliminations			Consolidated  Total
Net sales	$	—		$	817,345		$	94,651		$	(18,743	)	$	893,253
Operating costs and expenses:
Cost of sales	—			668,539			76,592			(18,743		)	726,388
Selling, general and administrative	14,444			45,907			7,675			—			68,026
Depreciation and amortization	383			40,766			4,313			—			45,462
Restructuring	1,860			4,791			—			—			6,651
	16,687			760,003			88,580			(18,743		)	846,527
Operating (loss) income	(16,687		)	57,342			6,071			—			46,726
Intercompany interest and charges	(51,564		)	49,173			2,391			—			—
Interest expense and other	17,375			2,282			(1,531		)	—			18,126
Income before income taxes	17,502			5,887			5,211			—			28,600
Income tax expense	2,050			5,289			1,527			—			8,866
Net income	15,452			598			3,684			—			19,734
Other comprehensive loss	(566		)	(1,572		)	(14,797		)	—			(16,935		)
Total comprehensive income (loss)	$	14,886		$	(974	)	$	(11,113	)	$	—		$	2,799

Condensed consolidating statements of cash flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS:

	For the Three Months Ended June 30, 2016
	Parent			Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries			Eliminations			Consolidated  Total
Net income	$	15,452		$	598		$	3,684		$	—		$	19,734
Adjustments to reconcile net income to net cash provided by (used in) operating activities	(2,131		)	(121,953		)	19,688			627			(103,769		)
Net cash provided by (used in) operating activities	13,321			(121,355		)	23,372			627			(84,035		)
Capital expenditures	(130		)	(8,961		)	(3,632		)	—			(12,723		)
Proceeds from sale of assets	—			108			840			—			948
Acquisitions, net of cash acquired	—			9			—			—			9
Net cash used in investing activities	(130		)	(8,844		)	(2,792		)	—			(11,766		)
Net increase in revolving credit facility	174,091			—			—			—			174,091
Retirements and repayments of debt	(7,102		)	(3,687		)	(36,200		)	—			(46,989		)
Payments of deferred financing costs	(10,689		)	—			—			—			(10,689		)
Dividends paid	(1,981		)	—			—			—			(1,981		)
Repayment of governmental grant	—			(7,285		)	—			—			(7,285		)
Repurchase of restricted shares for minimum tax obligation	(171		)	—			—			—			(171		)
Intercompany financing and advances	(168,266		)	141,776			27,117			(627		)	—
Net cash (used in) provided by financing activities	(14,118		)	130,804			(9,083		)	(627		)	106,976
Effect of exchange rate changes on cash	—			—			(860		)	—			(860		)
Net change in cash and cash equivalents	(927		)	605			10,637			—			10,315
Cash and cash equivalents at beginning of period	1,544			201			19,239			—			20,984
Cash and cash equivalents at end of period	$	617		$	806		$	29,876		$	—		$	31,299

	For the Three Months Ended June 30, 2016
	Parent			Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries			Eliminations			Consolidated  Total
Net income	$	15,452		$	598		$	3,684		$	—		$	19,734
Adjustments to reconcile net income to net cash provided by (used in) operating activities	(2,131		)	(121,953		)	19,688			627			(103,769		)
Net cash provided by (used in) operating activities	13,321			(121,355		)	23,372			627			(84,035		)
Capital expenditures	(130		)	(8,961		)	(3,632		)	—			(12,723		)
Proceeds from sale of assets	—			108			840			—			948
Acquisitions, net of cash acquired	—			9			—			—			9
Net cash used in investing activities	(130		)	(8,844		)	(2,792		)	—			(11,766		)
Net increase in revolving credit facility	174,091			—			—			—			174,091
Retirements and repayments of debt	(7,102		)	(3,687		)	(36,200		)	—			(46,989		)
Payments of deferred financing costs	(10,689		)	—			—			—			(10,689		)
Dividends paid	(1,981		)	—			—			—			(1,981		)
Repayment of governmental grant	—			(7,285		)	—			—			(7,285		)
Repurchase of restricted shares for minimum tax obligation	(171		)	—			—			—			(171		)
Intercompany financing and advances	(168,266		)	141,776			27,117			(627		)	—
Net cash (used in) provided by financing activities	(14,118		)	130,804			(9,083		)	(627		)	106,976
Effect of exchange rate changes on cash	—			—			(860		)	—			(860		)
Net change in cash and cash equivalents	(927		)	605			10,637			—			10,315
Cash and cash equivalents at beginning of period	1,544			201			19,239			—			20,984
Cash and cash equivalents at end of period	$	617		$	806		$	29,876		$	—		$	31,299

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS:

	For the Three Months Ended June 30, 2015
	Parent			Guarantor  Subsidiaries			Non-Guarantor  Subsidiaries			Eliminations			Consolidated  Total
Net income	$	22,673		$	44,856		$	(4,797	)	$	—		$	62,732
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities	(13,821		)	(207,408		)	11,497			(1,390		)	(211,122		)
Net cash provided by (used in) operating activities	8,852			(162,552		)	6,700			(1,390		)	(148,390		)
Capital expenditures	(257		)	(15,286		)	(2,473		)	—			(18,016		)
Proceeds from sale of assets	—			402			152			—			554
Acquisitions, net of cash acquired	—			14			(6,000		)	—			(5,986		)
Net cash used in investing activities	(257		)	(14,870		)	(8,321		)	—			(23,448		)
Net increase in revolving credit facility	96,541			—			—			—			96,541
Proceeds on issuance of debt	—			2,632			96,300			—			98,932
Retirements and repayments of debt	(4,754		)	(5,672		)	(5,600		)	—			(16,026		)
Payments of deferred financing costs	(71		)	—			—			—			(71		)
Dividends paid	(1,971		)	—			—			—			(1,971		)
Repurchase of restricted shares for minimum tax obligation	(96		)	—			—			—			(96		)
Repayment of government grant	—			—			(82		)	—			(82		)
Intercompany financing and advances	(98,318		)	180,313			(83,385		)	1,390			—
Net cash (used in) provided by financing activities	(8,669		)	177,273			7,233			1,390			177,227
Effect of exchange rate changes on cash	—			—			1,665			—			1,665
Net change in cash and cash equivalents	(74		)	(149		)	7,277			—			7,054
Cash and cash equivalents at beginning of period	620			419			31,578			—			32,617
Cash and cash equivalents at end of period	$	546		$	270		$	38,855		$	—		$	39,671

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RESTRUCTURING COSTS Schedule of Restructuring Expenses (Tables)

3 Months Ended

Jun. 30, 2016

Jun. 30, 2015

Restructuring Cost and Reserve [Line Items]

Schedule of Restructuring Reserve by Type of Cost [Table Text Block]

The following table provides a summary of the Company's current aggregate cost estimates by major type of expense associated with the 2016 Restructuring Plan:

Type of expense	Total estimated amount expected to be incurred
Termination benefits	$	26,000
Facility closure and other exit costs (1)	40,000
Contract termination costs	25,000
Accelerated depreciation charges (2)	34,000
Other (3)	30,000
	$	155,000

Restructuring and Related Costs [Table Text Block]

The restructuring charges recognized for the three months ended June 30, 2016, by type and by segment consisted of the following:

	Integrated Systems		Aerospace Structures		Precision Components		Product Support		Corporate		Total
Termination benefits	$	—	$	—	$	27	$	25	$	—	$	52
Facility closure and other exit costs	—		—		247		—		—		247
Other	—		3,052		1,440		—		1,860		6,352
Total Restructuring	—		3,052		1,714		25		1,860		6,651
Depreciation and Amortization	46		—		3,300		145		—		3,491
Total	$	46	$	3,052	$	5,014	$	170	$	1,860	$	10,142

14.    RESTRUCTURING COSTS

Fiscal 2016 Restructuring

During the fiscal year ended March 31, 2016, the Company committed to a restructuring of certain of its businesses as well as the consolidation of certain of its facilities ("2016 Restructuring Plan"). The Company expects to reduce its footprint by approximately 3.5 million square feet and to reduce head count by 1,200 employees. Over the next few fiscal years, the Company estimates that it will record aggregate pre-tax charges of $150,000 to $160,000 related to these programs, which represent employee termination benefits, contract termination costs, accelerated depreciation and facility closure and other exit costs, and will result in future cash outlays. For the three months ended June 30, 2016, the Company recorded charges of $10,142 related to this program including, accelerated depreciation of $3,491 and severance of $52.

The following table provides a summary of the Company's current aggregate cost estimates by major type of expense associated with the 2016 Restructuring Plan:

Type of expense	Total estimated amount expected to be incurred
Termination benefits	$	26,000
Facility closure and other exit costs (1)	40,000
Contract termination costs	25,000
Accelerated depreciation charges (2)	34,000
Other (3)	30,000
	$	155,000

(1) Includes costs to transfer product lines among facilities and outplacement and employee relocation costs.

(2) Accelerated depreciation charges are recorded as part of Depreciation and amortization on the Consolidated Statement of Operations.

(3) Consists of other costs directly related to the plan, including project management, legal and regulatory costs.

The restructuring charges recognized for the three months ended June 30, 2016, by type and by segment consisted of the following:

	Integrated Systems		Aerospace Structures		Precision Components		Product Support		Corporate		Total
Termination benefits	$	—	$	—	$	27	$	25	$	—	$	52
Facility closure and other exit costs	—		—		247		—		—		247
Other	—		3,052		1,440		—		1,860		6,352
Total Restructuring	—		3,052		1,714		25		1,860		6,651
Depreciation and Amortization	46		—		3,300		145		—		3,491
Total	$	46	$	3,052	$	5,014	$	170	$	1,860	$	10,142

Termination benefits include employee retention, severance and benefit payments for terminated employees. Facility closure costs include general operating costs incurred subsequent to production shutdown as well as equipment relocation and other associated costs. Contract termination costs include costs associated with terminating existing leases and supplier agreements. Other costs include legal, outplacement and employee relocation costs and other employee-related costs.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Revenue Recognition
Net sales	$ 893,253	$ 959,638
Amortization of acquired contract liabilities	(29,349)	(35,098)
Integrated Systems [Member]
Revenue Recognition
Net sales	257,356	258,571
Amortization of acquired contract liabilities	(10,337)	(10,501)
Aerospace Structures [Member]
Revenue Recognition
Net sales	331,596	395,119
Amortization of acquired contract liabilities	(18,438)	(23,778)
Precision Components [Member]
Revenue Recognition
Net sales	254,561	265,141
Amortization of acquired contract liabilities	(574)	(819)
Product Support [Member]
Revenue Recognition
Net sales	84,199	74,745
Net sales | Gulfstream [Member] | Product Support [Member]
Revenue Recognition
Net sales	20	2
Net sales | Credit Concentration Risk [Member] | Gulfstream [Member]
Revenue Recognition
Net sales	$ 107,627	$ 125,135
Concentration Risk, Percentage	12.00%	13.00%
Net sales | Credit Concentration Risk [Member] | Gulfstream [Member] | Integrated Systems [Member]
Revenue Recognition
Net sales	$ 558	$ 737
Net sales | Credit Concentration Risk [Member] | Gulfstream [Member] | Aerospace Structures [Member]
Revenue Recognition
Net sales	104,795	122,647
Net sales | Credit Concentration Risk [Member] | Gulfstream [Member] | Precision Components [Member]
Revenue Recognition
Net sales	$ 2,254	$ 1,749

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2016
Concentration of Credit Risk
Net sales	$ 893,253	$ 959,638
Stock-Based Compensation
Share-based Compensation	1,956	792
Integrated Systems [Member]
Concentration of Credit Risk
Net sales	257,356	258,571
Aerospace Structures [Member]
Concentration of Credit Risk
Net sales	331,596	395,119
Precision Components [Member]
Concentration of Credit Risk
Net sales	254,561	265,141
Product Support [Member]
Concentration of Credit Risk
Net sales	$ 84,199	74,745
Net sales
Concentration of Credit Risk
Concentration Risk, Customer	.1
Boeing [Member] | Accounts Receivable [Member] | Credit Concentration Risk [Member]
Concentration of Credit Risk
Concentration of Risk, Accounts Receivable, Major Customer	15.00%			18.00%
Boeing [Member] | Net sales | Product Support [Member]
Concentration of Credit Risk
Net sales	$ 8,470
Boeing [Member] | Net sales | Credit Concentration Risk [Member]
Concentration of Credit Risk
Net sales	337,988		$ 374,704
Boeing [Member] | Net sales | Credit Concentration Risk [Member] | Integrated Systems [Member]
Concentration of Credit Risk
Net sales	53,760	48,683
Boeing [Member] | Net sales | Credit Concentration Risk [Member] | Aerospace Structures [Member]
Concentration of Credit Risk
Net sales	162,935	229,556
Boeing [Member] | Net sales | Credit Concentration Risk [Member] | Precision Components [Member]
Concentration of Credit Risk
Net sales	112,823	86,787
Boeing [Member] | Net sales | Credit Concentration Risk [Member] | Product Support [Member]
Concentration of Credit Risk
Net sales		9,678
Gulfstream [Member] | Net sales | Product Support [Member]
Concentration of Credit Risk
Net sales	$ 20	$ 2
Gulfstream [Member] | Net sales | Credit Concentration Risk [Member]
Concentration of Credit Risk
Concentration Risk, Percentage	12.00%	13.00%
Net sales	$ 107,627	$ 125,135
Gulfstream [Member] | Net sales | Credit Concentration Risk [Member] | Integrated Systems [Member]
Concentration of Credit Risk
Net sales	558	737
Gulfstream [Member] | Net sales | Credit Concentration Risk [Member] | Aerospace Structures [Member]
Concentration of Credit Risk
Net sales	104,795	122,647
Gulfstream [Member] | Net sales | Credit Concentration Risk [Member] | Precision Components [Member]
Concentration of Credit Risk
Net sales	$ 2,254	$ 1,749

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Intangibles (Details 3) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2016
Intangible Assets
Accumulated Amortization	$ (266,195)		$ (255,317)
Total intangibles, gross	900,885		904,929
Total intangibles, net	634,690		649,612
Amortization expense	$ 13,631	$ 15,964
Customer relationships
Intangible Assets
Weighted-Average Life (in years)	16 years 5 months	16 years 5 months
Gross Carrying Amount	$ 679,503		683,309
Accumulated Amortization	(223,804)		(215,546)
Finite-lived intangible assets, net	$ 455,699		467,763
Product rights and licenses
Intangible Assets
Weighted-Average Life (in years)	11 years 8 months	11 years 8 months
Gross Carrying Amount	$ 55,501		55,739
Accumulated Amortization	(38,229)		(37,695)
Finite-lived intangible assets, net	$ 17,272		18,044
Non-compete agreements and other
Intangible Assets
Weighted-Average Life (in years)	16 years 1 month	16 years 1 month
Gross Carrying Amount	$ 2,881		2,881
Accumulated Amortization	(767)		(718)
Finite-lived intangible assets, net	$ 2,114		2,163
Tradename
Intangible Assets
Weighted-Average Life (in years)	20 years	20 years
Gross Carrying Amount	$ 163,000		163,000
Accumulated Amortization	(3,395)		(1,358)
Finite-lived intangible assets, net	$ 159,605		$ 161,642

XML

Supplemental Cash Flow Information (Details 4) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Business Acquisition [Line Items]
Income taxes paid, net of refunds received	$ 1,198	$ 620
Cash paid for interest	25,751	$ 23,336
Gross Unfavorable Changes In Estimates [Member]
Business Acquisition [Line Items]
Change in Accounting Estimate	$ (37,666)

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Changes in Accounting Estimates (Details 5) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Change in Accounting Estimate [Line Items]
Amortization of Acquired Contract Liabilities	$ 29,349	$ 35,098
Gross Favorable Change in Estimates [Member]
Change in Accounting Estimate [Line Items]
Change in Accounting Estimate	9,698
Gross Unfavorable Changes In Estimates [Member]
Change in Accounting Estimate [Line Items]
Change in Accounting Estimate	(37,666)
Comprehensive Income [Member]
Change in Accounting Estimate [Line Items]
Change in Accounting Estimate	(27,968)	1,307
Income, net [Member]
Change in Accounting Estimate [Line Items]
Change in Accounting Estimate	(19,298)	863
Diluted earings per share [Member]
Change in Accounting Estimate [Line Items]
Change in Accounting Estimate	$ 0	$ 0

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Product Warranty (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Mar. 31, 2016
Product Warranties [Abstract]
Standard Product Warranty Description	3
Extended Product Warranty Description	20
Product Warranty Accrual	$ 110,476	$ 112,937

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Share Repurchase (Details)	Jun. 30, 2016 shares
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	2,277,789

XML

ACQUISITIONS (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Oct. 21, 2015
Acquisitions
Goodwill	$ 1,435,653	$ 1,444,254
Fairchild [Member]
Acquisitions
Payments to Acquire Businesses, Gross		$ 57,130
Business Acquisition, Transaction Costs			$ 569
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents			9,075
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables			8,841
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory			15,069
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets			263
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			6,632
Goodwill			14,695
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles			18,000
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life	12 years
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent			5,889
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets			78,464
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable			1,284
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other			12,183
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities			7,867
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities			$ 21,334

XML

DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Discontinued operations and assets held for sale
Proceeds from sale of assets	$ 948	$ 554

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INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
Inventory [Line Items]
Raw materials	$ 99,233	$ 81,989
Work-in-process	1,166,602	1,100,660
Finished goods	133,035	124,744
Rotable Assets	55,687	51,952
Less: unliquidated progress payments	(99,403)	(123,155)
Total inventories	1,355,154	1,236,190
Bombardier [Member]
Inventory [Line Items]
Total inventories	64,519	13,051
Inventory, Work in Process and Raw Materials	13,848	6,662
Preproduction Costs Related to Long-term Supply Arrangements, Costs Capitalized	450,429	406,147
Provision for Loss on Contracts	(399,758)	(399,758)
Total Bombardier & Embraer [Member]
Inventory [Line Items]
Total inventories	230,060	164,955
Inventory, Work in Process and Raw Materials	22,593	11,801
Preproduction Costs Related to Long-term Supply Arrangements, Costs Capitalized	607,225	552,912
Provision for Loss on Contracts	(399,758)	(399,758)
Embraer [Member]
Inventory [Line Items]
Total inventories	165,541	151,904
Inventory, Work in Process and Raw Materials	8,745	5,139
Preproduction Costs Related to Long-term Supply Arrangements, Costs Capitalized	156,796	146,765
Provision for Loss on Contracts	$ 0	$ 0

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LONG-TERM DEBT, BY TYPE (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2014	Mar. 31, 2016	Dec. 31, 2014
Long-term debt
Line of Credit Facility, Maximum Borrowing Capacity	$ 940,000
Unamortized Debt Issuance Expense	(13,923)			$ (8,971)
Long-term debt	1,539,412			1,417,320
Less current portion	47,087			42,441
Long-term debt, less current portion	1,492,325			1,374,879
Payments of Financing Costs	10,689	$ 71
Revolving credit facility
Long-term debt
Line of Credit Facility, Maximum Borrowing Capacity	1,000,000
Long-term debt	314,091			140,000
Payments of Financing Costs		5,126
Term loan credit agreement
Long-term debt
Long-term debt	330,469			337,500
Long-term debt, less current portion					$ 375,000
Asset-backed Securities [Member]
Long-term debt
Line of Credit Facility, Maximum Borrowing Capacity	225,000			175,000
Long-term debt	155,100			191,300
Payments of Financing Costs	252
Capital Lease Obligations [Member]
Long-term debt
Long-term debt	70,697			74,513
Senior notes due 2021 [Member]
Long-term debt
Long-term debt	$ 375,000			$ 375,000
Debt Instrument, Interest Rate, Effective Percentage				4.875%
Debt Instrument, Face Amount				$ 375,000
Debt Instrument, Interest Rate, Stated Percentage				4.875%
Proceeds from Debt Instrument Percentage of Original Principal	100.00%
Payments of Financing Costs		$ 5,466	$ 6,327
Debt Instrument, Redemption with Net Proceeds from Equity Offerings as Percentage of Original Principal	35.00%
Debt Instrument Redemption Price With Net Proceeds From Equity Offerings As Percentage Of Original Principal	104.875%
Debt Instrument, Repurchase Obligation Due to Change of Control, Percentage of Original Principal	101.00%
Debt Instrument, Repurchase Obligation Due to Certain Asset Sales Percentage of Original Principal	100.00%
Senior Notes Due 2022 [Member]
Long-term debt
Long-term debt	$ 300,000			$ 300,000
Debt Instrument, Interest Rate, Effective Percentage				5.25%
Debt Instrument, Face Amount				$ 300,000
Debt Instrument, Interest Rate, Stated Percentage				5.25%
Proceeds from Debt Instrument Percentage of Original Principal	100.00%
Payments of Financing Costs			$ 4,990
Debt Instrument, Redemption with Net Proceeds from Equity Offerings as Percentage of Original Principal	35.00%
Debt Instrument Redemption Price With Net Proceeds From Equity Offerings As Percentage Of Original Principal	105.25%
Debt Instrument, Repurchase Obligation Due to Change of Control, Percentage of Original Principal	101.00%
Debt Instrument, Repurchase Obligation Due to Certain Asset Sales Percentage of Original Principal	100.00%
Notes Payable, Other Payables [Member]
Long-term debt
Long-term debt	$ 7,978			$ 7,978

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LONG-TERM DEBT (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2014	Mar. 31, 2016	Mar. 31, 2015
Long-term debt
Line of Credit Facility, Maximum Borrowing Capacity	$ 940,000
Payments of Financing Costs	10,689	$ 71
Outstanding borrowing amount	1,539,412			$ 1,417,320
Transfer of Financial Assets Accounted for as Sales, Amount Derecognized	78,513			89,900
Receivables Purchase Agreement [Member]
Long-term debt
Line of Credit Facility, Maximum Borrowing Capacity	90,000
Term loan credit agreement
Long-term debt
Outstanding borrowing amount	330,469			337,500
Derivative Asset, Fair Value, Gross Liability	5,187			4,526
Revolving credit facility
Long-term debt
Line of Credit Facility, Maximum Borrowing Capacity	1,000,000
Accordion feature	$ 250,000
Payments of Financing Costs		5,126
Unamortized financing costs prior to amendment					$ 4,626
Debt Instrument, Description of Variable Rate Basis	LIBOR
Outstanding borrowing amount	$ 314,091			140,000
Letters of Credit Outstanding, Amount	27,313			25,709
Borrowing capacity under revolving credit facility after reductions for borrowings and letters of credit outstanding	658,596
Line of Credit Facility, Increase (Decrease), Other, Net	800,000
Asset-backed Securities [Member]
Long-term debt
Line of Credit Facility, Maximum Borrowing Capacity	225,000			175,000
Payments of Financing Costs	252
Unamortized financing costs prior to amendment				341
Outstanding borrowing amount	$ 155,100			191,300
Program fee on the amount outstanding (as a percent)	0.40%
Line of Credit Facility, Commitment Fee Percentage	0.40%
Percentage of line of credit on which commitment fees are charged (as a percent)	100.00%
Capital Lease Obligations [Member]
Long-term debt
Outstanding borrowing amount	$ 70,697			74,513
Senior notes due 2021 [Member]
Long-term debt
Payments of Financing Costs		5,466	$ 6,327
Debt instrument principal amount				375,000
Outstanding borrowing amount	375,000			375,000
Notes Payable, Other Payables [Member]
Long-term debt
Outstanding borrowing amount	$ 7,978			$ 7,978
Minimum [Member] | Receivables Purchase Agreement [Member]
Long-term debt
Program fee on the amount outstanding (as a percent)	0.65%
Minimum [Member] | Revolving credit facility
Long-term debt
Debt Instrument, Basis Spread on Variable Rate	1.38%
Commitment fees (as a percent)	0.25%
Maximum [Member] | Receivables Purchase Agreement [Member]
Long-term debt
Program fee on the amount outstanding (as a percent)	0.70%
Maximum [Member] | Revolving credit facility
Long-term debt
Debt Instrument, Basis Spread on Variable Rate	2.50%
Commitment fees (as a percent)	0.45%
Lenders Elected to Extend [Member] | Term loan credit agreement
Long-term debt
Outstanding borrowing amount	$ 324,500
Lenders - Total Balance [Member] | Term loan credit agreement
Long-term debt
Outstanding borrowing amount	$ 330,000
Existing Assets [Member]
Long-term debt
Capital Lease Obligations Incurred		$ 2,632

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LONG-TERM DEBT (Details 3) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
Reported Value Measurement [Member]
Long-term debt
Long-term debt	$ 1,539,412	$ 1,417,320
Estimate of Fair Value Measurement [Member]
Long-term debt
Long-term debt	$ 1,505,767	$ 1,354,961

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EARNINGS PER SHARE (Details) - shares shares in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted-average common shares outstanding-basic (in shares)	49,271	49,198
Net effect of dilutive stock options (in shares)	142	116
Weighted average common shares outstanding - diluted (in shares)	49,413	49,314

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INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2016
Income Tax Provision [Line Items]
Income Tax Examination, Description	one
Total accrued income tax related interest and penalties	$ 249		$ 239
Total amount of unrecognized tax benefits	9,219		9,212
Amount of unrecognized tax benefits that would impact the effective tax rate, if recognized	$ 9,219		$ 9,212
Effective income tax rate (as a percent)	30.00%	30.00%
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount		$ 4,213

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GOODWILL (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2016 USD ($)
Changes in the carrying value of goodwill
Balance at the beginning of the period	$ 1,444,254
Goodwill, Purchase Accounting Adjustments	(1,835)
Effect of exchange rate changes and other	(6,766)
Balance at the end of the period	1,435,653
Integrated Systems [Member]
Changes in the carrying value of goodwill
Balance at the beginning of the period	560,696
Goodwill, Purchase Accounting Adjustments	(1,835)
Effect of exchange rate changes and other	(5,629)
Balance at the end of the period	553,232
Aerospace Structures [Member]
Changes in the carrying value of goodwill
Balance at the beginning of the period	266,298
Goodwill, Purchase Accounting Adjustments	0
Effect of exchange rate changes and other	0
Balance at the end of the period	266,298
Precision Components [Member]
Changes in the carrying value of goodwill
Balance at the beginning of the period	535,804
Goodwill, Purchase Accounting Adjustments	0
Effect of exchange rate changes and other	(1,263)
Balance at the end of the period	534,541
Product Support [Member]
Changes in the carrying value of goodwill
Balance at the beginning of the period	81,456
Goodwill, Purchase Accounting Adjustments	0
Effect of exchange rate changes and other	126
Balance at the end of the period	$ 81,582

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PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Components of net periodic benefit costs:
Settlements and Curtailments	$ 0	$ 2,863
Pension Plan [Member]
Components of net periodic benefit costs:
Service cost	1,649	2,767
Interest cost	18,189	22,677
Expected return on plan assets	(39,058)	(40,853)
Amortization of prior service costs	(446)	(1,146)
Defined Benefit Plan, Amortization of Gains (Losses)	3,031	2,522
Settlements and Curtailments	0	2,863
Net periodic benefit cost	(16,635)	(11,170)
Other postretirement
Components of net periodic benefit costs:
Service cost	179	326
Interest cost	1,247	2,070
Amortization of prior service costs	(3,366)	(1,345)
Defined Benefit Plan, Amortization of Gains (Losses)	(1,647)	(1,643)
Net periodic benefit cost	$ (3,587)	$ (592)

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STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive loss	$ (364,097)		$ (347,162)	$ (198,910)	$ (180,122)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	(14,797)	$ 10,933
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax	(553)	1,012
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(15,350)	17,611
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	(13)	7
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(1,585)	1,177
Other Comprehensive Income (Loss), Net of Tax	16,935	(18,788)
Accumulated Translation Adjustment [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated Other Comprehensive Income (Loss), before Tax	(73,613)		(58,816)	(46,751)	(35,818)
Other Comprehensive Income (Loss), Net of Tax	14,797	(10,933)
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	(3,486)		(2,920)	(2,757)	(1,738)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax	(553)	1,012
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	(13)	7
Other Comprehensive Income (Loss), Net of Tax	566	(1,019)
Accumulated Defined Benefit Plans Adjustment [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive loss	(286,998)		$ (285,426)	$ (149,402)	$ (142,566)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	5,666
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	1,572	1,170
Other Comprehensive Income (Loss), Net of Tax	$ (1,572)	$ (6,836)

XML

STOCKHOLDERS' EQUITY SHARE BASE COMPENSATION (Details)	3 Months Ended
	Jun. 30, 2016 $ / shares shares
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Gross	179,134
Share-based Compensation Arrangement by Share-based Payment Award, Options, Number of Shares, Period Increase (Decrease)	150,000
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ / shares	$ 30.86
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	10 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years

XML

SEGMENTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2016
Financial information of reportable segment and the reconciliation of EBITDA to operating income
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments	$ 0	$ (2,863)
Net sales	893,253	959,638
Operating Income (Loss)	46,726	107,866
Interest expense and other	18,126	18,116
Income from continuing operations before income taxes	28,600	89,750
Depreciation and amortization	45,462	43,534
Amortization of Acquired Contract Liabilities	29,349	35,098
EBITDA	62,839	119,165
Capital expenditures	12,723	18,016
Total assets	4,846,407		$ 4,835,093
Revenues	180,419	191,318
Integrated Systems [Member]
Financial information of reportable segment and the reconciliation of EBITDA to operating income
Net sales	257,356	258,571
Operating Income (Loss)	47,986	50,557
Depreciation and amortization	10,303	10,518
Amortization of Acquired Contract Liabilities	10,337	10,501
EBITDA	47,952	50,574
Capital expenditures	3,228	3,853
Total assets	1,345,521		1,371,178
Aerospace Structures [Member]
Financial information of reportable segment and the reconciliation of EBITDA to operating income
Net sales	331,596	395,119
Operating Income (Loss)	9,163	41,797
Depreciation and amortization	17,962	15,933
Amortization of Acquired Contract Liabilities	18,438	23,778
EBITDA	8,687	33,952
Capital expenditures	3,833	7,163
Total assets	1,840,505		1,792,397
Precision Components [Member]
Financial information of reportable segment and the reconciliation of EBITDA to operating income
Net sales	254,561	265,141
Operating Income (Loss)	(7,782)	24,906
Depreciation and amortization	14,330	14,221
Amortization of Acquired Contract Liabilities	574	819
EBITDA	5,974	38,308
Capital expenditures	4,902	6,121
Total assets	1,282,977		1,298,294
Product Support [Member]
Financial information of reportable segment and the reconciliation of EBITDA to operating income
Net sales	84,199	74,745
Operating Income (Loss)	14,059	9,987
Depreciation and amortization	2,484	2,462
EBITDA	16,543	12,449
Capital expenditures	630	622
Total assets	352,413		350,674
Elimination of inter-segment sales
Financial information of reportable segment and the reconciliation of EBITDA to operating income
Net sales	(34,459)	(33,938)
Corporate
Financial information of reportable segment and the reconciliation of EBITDA to operating income
Operating Income (Loss)	(16,700)	(19,381)
Depreciation and amortization	383	400
EBITDA	(16,317)	(16,118)
Capital expenditures	130	$ 257
Total assets	$ 24,991		$ 22,550

XML

SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2016
Consolidating Financial Statements, Captions
Net sales	$ 893,253	$ 959,638
Current assets:
Property and equipment, net	867,729		$ 889,734
Goodwill and other intangible assets, net	2,070,343		2,093,866
Other, net	108,123		108,852
Intercompany investments and advances	0		0
Total assets	4,846,407		4,835,093
Current liabilities:
Long-term debt, less current portion	1,492,325		1,374,879
Intercompany debt	0		0
Accrued pension and other postretirement benefits, noncurrent	642,454		664,664
Deferred income taxes and other	689,176		724,732
Total stockholders' equity	937,934		934,944
Total liabilities and stockholders' equity	4,846,407		4,835,093
Cost of Goods and Services Sold	726,388	732,094
Selling, General and Administrative Expense	68,026	73,281
Depreciation and amortization	45,462	43,534
Restructuring Charges	6,651	0
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments	0	(2,863)
Total operating costs and expenses	846,527	851,772
Operating Income (Loss)	46,726	107,866
Intercompany Interest and Charges	0	0
Interest expense and other	18,126	18,116
Income from continuing operations before income taxes	28,600	89,750
Income Tax Expense (Benefit)	8,866	27,018
Net Income (Loss) Attributable to Parent	19,734	62,732
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(16,935)	18,788
Total comprehensive income	2,799	81,520
Consolidation, Eliminations [Member]
Consolidating Financial Statements, Captions
Net sales	(18,743)	(11,942)
Current assets:
Property and equipment, net	0		0
Goodwill and other intangible assets, net	0		0
Other, net	0		0
Intercompany investments and advances	(2,648,911)		(2,465,524)
Total assets	(2,648,911)		(2,465,524)
Current liabilities:
Long-term debt, less current portion	0		0
Intercompany debt	(2,669,576)		(2,474,385)
Accrued pension and other postretirement benefits, noncurrent	0		0
Deferred income taxes and other	0		0
Total stockholders' equity	20,665		8,861
Total liabilities and stockholders' equity	(2,648,911)		(2,465,524)
Cost of Goods and Services Sold	(18,743)	(11,942)
Selling, General and Administrative Expense	0	0
Depreciation and amortization	0	0
Restructuring Charges	0
Total operating costs and expenses	(18,743)	(11,942)
Operating Income (Loss)	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
Parent
Consolidating Financial Statements, Captions
Net sales	0	0
Current assets:
Property and equipment, net	7,029		7,324
Goodwill and other intangible assets, net	0		0
Other, net	16,348		11,878
Intercompany investments and advances	2,484,939		2,301,054
Total assets	2,516,907		2,330,381
Current liabilities:
Long-term debt, less current portion	1,277,630		1,120,570
Intercompany debt	200,845		171,480
Accrued pension and other postretirement benefits, noncurrent	7,564		7,315
Deferred income taxes and other	11,356		11,589
Total stockholders' equity	937,934		934,944
Total liabilities and stockholders' equity	2,516,907		2,330,381
Cost of Goods and Services Sold	0	0
Selling, General and Administrative Expense	14,444	13,151
Depreciation and amortization	383	399
Restructuring Charges	1,860
Total operating costs and expenses	16,687	16,413
Operating Income (Loss)	(16,687)	(16,413)
Intercompany Interest and Charges	(51,564)	(53,590)
Interest expense and other	17,375	14,517
Income from continuing operations before income taxes	17,502	22,660
Income Tax Expense (Benefit)	2,050	(13)
Net Income (Loss) Attributable to Parent	15,452	22,673
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(566)	1,019
Total comprehensive income	14,886	23,692
Guarantors Subsidiaries
Consolidating Financial Statements, Captions
Net sales	817,345	885,443
Current assets:
Property and equipment, net	730,404		746,455
Goodwill and other intangible assets, net	1,883,835		1,898,401
Other, net	71,135		76,262
Intercompany investments and advances	81,540		81,540
Total assets	4,125,673		4,084,535
Current liabilities:
Long-term debt, less current portion	59,595		63,009
Intercompany debt	2,111,492		1,972,729
Accrued pension and other postretirement benefits, noncurrent	632,402		654,201
Deferred income taxes and other	628,440		658,873
Total stockholders' equity	(225,456)		(224,768)
Total liabilities and stockholders' equity	4,125,673		4,084,535
Cost of Goods and Services Sold	668,539	672,310
Selling, General and Administrative Expense	45,907	52,439
Depreciation and amortization	40,766	35,042
Restructuring Charges	4,791
Total operating costs and expenses	760,003	759,791
Operating Income (Loss)	57,342	125,652
Intercompany Interest and Charges	49,173	51,511
Interest expense and other	2,282	2,890
Income from continuing operations before income taxes	5,887	71,251
Income Tax Expense (Benefit)	5,289	26,395
Net Income (Loss) Attributable to Parent	598	44,856
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(1,572)	6,836
Total comprehensive income	(974)	51,692
Non-Guarantor Subsidiaries
Consolidating Financial Statements, Captions
Net sales	94,651	86,137
Current assets:
Property and equipment, net	130,296		135,955
Goodwill and other intangible assets, net	186,508		195,465
Other, net	20,640		20,712
Intercompany investments and advances	82,432		82,930
Total assets	852,738		885,701
Current liabilities:
Long-term debt, less current portion	155,100		191,300
Intercompany debt	357,239		330,176
Accrued pension and other postretirement benefits, noncurrent	2,488		3,148
Deferred income taxes and other	49,380		54,270
Total stockholders' equity	204,791		215,907
Total liabilities and stockholders' equity	852,738		$ 885,701
Cost of Goods and Services Sold	76,592	71,726
Selling, General and Administrative Expense	7,675	7,691
Depreciation and amortization	4,313	8,093
Restructuring Charges	0
Total operating costs and expenses	88,580	87,510
Operating Income (Loss)	6,071	(1,373)
Intercompany Interest and Charges	2,391	2,079
Interest expense and other	(1,531)	709
Income from continuing operations before income taxes	5,211	(4,161)
Income Tax Expense (Benefit)	1,527	636
Net Income (Loss) Attributable to Parent	3,684	(4,797)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(14,797)	10,933
Total comprehensive income	$ (11,113)	$ 6,136

XML

SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Consolidating Financial Statements, Captions
Payments to Acquire Businesses, Net of Cash Acquired	$ (9)	$ 5,986
Net sales	893,253	959,638
Operating costs and expenses:
Cost of sales	726,388	732,094
Selling, General and Administrative Expense	68,026	73,281
Depreciation and amortization	45,462	43,534
Restructuring Charges	6,651	0
Settlements and Curtailments	0	2,863
Total operating costs and expenses	846,527	851,772
Operating Income (Loss)	46,726	107,866
Intercompany Interest and Charges	0	0
Interest expense and other	18,126	18,116
Income from continuing operations before income taxes	28,600	89,750
Income Tax Expense (Benefit)	8,866	27,018
Net Income (Loss) Attributable to Parent	19,734	62,732
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(16,935)	18,788
Total comprehensive income	2,799	81,520
Consolidation, Eliminations [Member]
Consolidating Financial Statements, Captions
Payments to Acquire Businesses, Net of Cash Acquired	0	0
Net sales	(18,743)	(11,942)
Operating costs and expenses:
Cost of sales	(18,743)	(11,942)
Selling, General and Administrative Expense	0	0
Depreciation and amortization	0	0
Restructuring Charges	0
Total operating costs and expenses	(18,743)	(11,942)
Operating Income (Loss)	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
Parent
Consolidating Financial Statements, Captions
Payments to Acquire Businesses, Net of Cash Acquired	0	0
Net sales	0	0
Operating costs and expenses:
Cost of sales	0	0
Selling, General and Administrative Expense	14,444	13,151
Depreciation and amortization	383	399
Restructuring Charges	1,860
Total operating costs and expenses	16,687	16,413
Operating Income (Loss)	(16,687)	(16,413)
Intercompany Interest and Charges	(51,564)	(53,590)
Interest expense and other	17,375	14,517
Income from continuing operations before income taxes	17,502	22,660
Income Tax Expense (Benefit)	2,050	(13)
Net Income (Loss) Attributable to Parent	15,452	22,673
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(566)	1,019
Total comprehensive income	14,886	23,692
Guarantors Subsidiaries
Consolidating Financial Statements, Captions
Payments to Acquire Businesses, Net of Cash Acquired	(9)	14
Net sales	817,345	885,443
Operating costs and expenses:
Cost of sales	668,539	672,310
Selling, General and Administrative Expense	45,907	52,439
Depreciation and amortization	40,766	35,042
Restructuring Charges	4,791
Total operating costs and expenses	760,003	759,791
Operating Income (Loss)	57,342	125,652
Intercompany Interest and Charges	49,173	51,511
Interest expense and other	2,282	2,890
Income from continuing operations before income taxes	5,887	71,251
Income Tax Expense (Benefit)	5,289	26,395
Net Income (Loss) Attributable to Parent	598	44,856
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(1,572)	6,836
Total comprehensive income	(974)	51,692
Non-Guarantor Subsidiaries
Consolidating Financial Statements, Captions
Payments to Acquire Businesses, Net of Cash Acquired	0	6,000
Net sales	94,651	86,137
Operating costs and expenses:
Cost of sales	76,592	71,726
Selling, General and Administrative Expense	7,675	7,691
Depreciation and amortization	4,313	8,093
Restructuring Charges	0
Total operating costs and expenses	88,580	87,510
Operating Income (Loss)	6,071	(1,373)
Intercompany Interest and Charges	2,391	2,079
Interest expense and other	(1,531)	709
Income from continuing operations before income taxes	5,211	(4,161)
Income Tax Expense (Benefit)	1,527	636
Net Income (Loss) Attributable to Parent	3,684	(4,797)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(14,797)	10,933
Total comprehensive income	(11,113)	6,136
Pension Plan [Member]
Operating costs and expenses:
Settlements and Curtailments	$ 0	$ 2,863

XML

SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS (Details 3) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2016
Consolidating Financial Statements, Captions
Current portion of long-term debt	$ 47,087		$ 42,441
Trade and other receivables, net	388,119		444,208
Inventories	1,355,154		1,236,190
Accounts payable	431,063		410,225
Rotable Assets	55,687		51,952
Net sales	893,253	$ 959,638
Operating costs and expenses:
Adjustments to reconcile net income to net cash (used in) provided by operating activities	(103,769)	(211,122)
Net cash (used in) provided by operating activities	(84,035)	(148,390)
Net increase in revolving credit facility	174,091	96,541
Proceeds on issuance of debt	0	98,932
Retirements and repayments of debt	(46,989)	(16,026)
Payment of deferred financing costs	(10,689)	(71)
Dividends paid	(1,981)	(1,971)
Repayments of government grant	(7,285)	(82)
Repurchase of restricted shares for minimum tax obligation	(171)	(96)
Intercompany financing and advances	0	0
Net cash (used in) provided by financing activities	106,976	177,227
Effect of exchange rate changes on cash and cash equivalents	(860)	1,665
Net change in cash and cash equivalents	10,315	7,054
Cash at beginning of period	20,984	32,617
Cash at end of period	31,299	39,671
Cost of Goods and Services Sold	726,388	732,094
Selling, General and Administrative Expense	68,026	73,281
Depreciation and amortization	45,462	43,534
Restructuring Charges	6,651	0
Defined Benefit Plan, Curtailments		2,863
Settlements and Curtailments	0	2,863
Total operating costs and expenses	846,527	851,772
Income Tax Expense (Benefit)	8,866	27,018
Accrued expenses	606,368		683,208
Prepaid and other current assets	25,640		41,259
Total current assets	1,800,212		1,742,641
Property and equipment, net	867,729		889,734
Goodwill and other intangible assets, net	2,070,343		2,093,866
Other, net	108,123		108,852
Intercompany investments and advances	0		0
Total assets	4,846,407		4,835,093
Current liabilities:
Total current liabilities	1,084,518		1,135,874
Long-term debt, less current portion	1,492,325		1,374,879
Intercompany debt	0		0
Accrued pension and other postretirement benefits, noncurrent	642,454		664,664
Deferred income taxes and other	689,176		724,732
Total stockholders' equity	937,934		934,944
Total liabilities and stockholders’ equity	4,846,407		4,835,093
Operating Income (Loss)	46,726	107,866
Intercompany Interest and Charges	0	0
Interest expense and other	18,126	18,116
Income from continuing operations before income taxes	28,600	89,750
Net Income (Loss) Attributable to Parent	19,734	62,732
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(16,935)	18,788
Total comprehensive income	2,799	81,520
Capital expenditures	12,723	18,016
Proceeds from sale of assets	948	554
Payments to Acquire Businesses, Net of Cash Acquired	9	(5,986)
Net cash used in investing activities	(11,766)	(23,448)
Consolidation, Eliminations [Member]
Consolidating Financial Statements, Captions
Current portion of long-term debt	0		0
Trade and other receivables, net	0		0
Inventories	0		0
Accounts payable	0		0
Net sales	(18,743)	(11,942)
Operating costs and expenses:
Adjustments to reconcile net income to net cash (used in) provided by operating activities	627	(1,390)
Net cash (used in) provided by operating activities	627	(1,390)
Net increase in revolving credit facility	0	0
Proceeds on issuance of debt		0
Retirements and repayments of debt	0	0
Payment of deferred financing costs	0	0
Dividends paid	0	0
Repayments of government grant	0	0
Repurchase of restricted shares for minimum tax obligation	0	0
Intercompany financing and advances	(627)	1,390
Net cash (used in) provided by financing activities	(627)	1,390
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
Cost of Goods and Services Sold	(18,743)	(11,942)
Selling, General and Administrative Expense	0	0
Depreciation and amortization	0	0
Restructuring Charges	0
Defined Benefit Plan, Curtailments		0
Total operating costs and expenses	(18,743)	(11,942)
Income Tax Expense (Benefit)	0	0
Accrued expenses	0		0
Prepaid and other current assets	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	(2,648,911)		(2,465,524)
Total assets	(2,648,911)		(2,465,524)
Current liabilities:
Total current liabilities	0		0
Long-term debt, less current portion	0		0
Intercompany debt	(2,669,576)		(2,474,385)
Accrued pension and other postretirement benefits, noncurrent	0		0
Deferred income taxes and other	0		0
Total stockholders' equity	20,665		8,861
Total liabilities and stockholders’ equity	(2,648,911)		(2,465,524)
Operating Income (Loss)	0	0
Intercompany Interest and Charges	0	0
Interest expense and other	0	0
Income from continuing operations before income taxes	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
Capital expenditures	0	0
Proceeds from sale of assets	0	0
Payments to Acquire Businesses, Net of Cash Acquired	0	0
Net cash used in investing activities	0	0
Parent
Consolidating Financial Statements, Captions
Current portion of long-term debt	33,393		28,473
Trade and other receivables, net	2,801		2,057
Inventories	0		0
Accounts payable	7,647		11,154
Net sales	0	0
Operating costs and expenses:
Adjustments to reconcile net income to net cash (used in) provided by operating activities	(2,131)	(13,821)
Net cash (used in) provided by operating activities	13,321	8,852
Net increase in revolving credit facility	174,091	96,541
Proceeds on issuance of debt		0
Retirements and repayments of debt	(7,102)	(4,754)
Payment of deferred financing costs	(10,689)	(71)
Dividends paid	(1,981)	(1,971)
Repayments of government grant	0	0
Repurchase of restricted shares for minimum tax obligation	(171)	(96)
Intercompany financing and advances	(168,266)	(98,318)
Net cash (used in) provided by financing activities	(14,118)	(8,669)
Effect of exchange rate changes on cash and cash equivalents	0	0
Net change in cash and cash equivalents	(927)	(74)
Cash at beginning of period	1,544	620
Cash at end of period	617	546
Cost of Goods and Services Sold	0	0
Selling, General and Administrative Expense	14,444	13,151
Depreciation and amortization	383	399
Restructuring Charges	1,860
Defined Benefit Plan, Curtailments		2,863
Total operating costs and expenses	16,687	16,413
Income Tax Expense (Benefit)	2,050	(13)
Accrued expenses	40,538		44,856
Prepaid and other current assets	5,173		6,524
Total current assets	8,591		10,125
Property and equipment, net	7,029		7,324
Goodwill and other intangible assets, net	0		0
Other, net	16,348		11,878
Intercompany investments and advances	2,484,939		2,301,054
Total assets	2,516,907		2,330,381
Current liabilities:
Total current liabilities	81,578		84,483
Long-term debt, less current portion	1,277,630		1,120,570
Intercompany debt	200,845		171,480
Accrued pension and other postretirement benefits, noncurrent	7,564		7,315
Deferred income taxes and other	11,356		11,589
Total stockholders' equity	937,934		934,944
Total liabilities and stockholders’ equity	2,516,907		2,330,381
Operating Income (Loss)	(16,687)	(16,413)
Intercompany Interest and Charges	(51,564)	(53,590)
Interest expense and other	17,375	14,517
Income from continuing operations before income taxes	17,502	22,660
Net Income (Loss) Attributable to Parent	15,452	22,673
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(566)	1,019
Total comprehensive income	14,886	23,692
Capital expenditures	130	257
Proceeds from sale of assets	0	0
Payments to Acquire Businesses, Net of Cash Acquired	0	0
Net cash used in investing activities	(130)	(257)
Guarantors Subsidiaries
Consolidating Financial Statements, Captions
Current portion of long-term debt	13,694		13,968
Trade and other receivables, net	114,446		127,968
Inventories	1,232,020		1,127,275
Accounts payable	374,596		346,602
Net sales	817,345	885,443
Operating costs and expenses:
Adjustments to reconcile net income to net cash (used in) provided by operating activities	(121,953)	(207,408)
Net cash (used in) provided by operating activities	(121,355)	(162,552)
Net increase in revolving credit facility	0	0
Proceeds on issuance of debt		2,632
Retirements and repayments of debt	(3,687)	(5,672)
Payment of deferred financing costs	0	0
Dividends paid	0	0
Repayments of government grant	(7,285)	0
Repurchase of restricted shares for minimum tax obligation	0	0
Intercompany financing and advances	141,776	180,313
Net cash (used in) provided by financing activities	130,804	177,273
Effect of exchange rate changes on cash and cash equivalents	0	0
Net change in cash and cash equivalents	605	(149)
Cash at beginning of period	201	419
Cash at end of period	806	270
Cost of Goods and Services Sold	668,539	672,310
Selling, General and Administrative Expense	45,907	52,439
Depreciation and amortization	40,766	35,042
Restructuring Charges	4,791
Defined Benefit Plan, Curtailments		0
Total operating costs and expenses	760,003	759,791
Income Tax Expense (Benefit)	5,289	26,395
Accrued expenses	530,910		599,921
Prepaid and other current assets	11,487		26,433
Total current assets	1,358,759		1,281,877
Property and equipment, net	730,404		746,455
Goodwill and other intangible assets, net	1,883,835		1,898,401
Other, net	71,135		76,262
Intercompany investments and advances	81,540		81,540
Total assets	4,125,673		4,084,535
Current liabilities:
Total current liabilities	919,200		960,491
Long-term debt, less current portion	59,595		63,009
Intercompany debt	2,111,492		1,972,729
Accrued pension and other postretirement benefits, noncurrent	632,402		654,201
Deferred income taxes and other	628,440		658,873
Total stockholders' equity	(225,456)		(224,768)
Total liabilities and stockholders’ equity	4,125,673		4,084,535
Operating Income (Loss)	57,342	125,652
Intercompany Interest and Charges	49,173	51,511
Interest expense and other	2,282	2,890
Income from continuing operations before income taxes	5,887	71,251
Net Income (Loss) Attributable to Parent	598	44,856
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(1,572)	6,836
Total comprehensive income	(974)	51,692
Capital expenditures	8,961	(15,286)
Proceeds from sale of assets	108	402
Payments to Acquire Businesses, Net of Cash Acquired	9	(14)
Net cash used in investing activities	(8,844)	(14,870)
Non-Guarantor Subsidiaries
Consolidating Financial Statements, Captions
Current portion of long-term debt	0		0
Trade and other receivables, net	270,872		314,183
Inventories	123,134		108,915
Accounts payable	48,820		52,469
Net sales	94,651	86,137
Operating costs and expenses:
Adjustments to reconcile net income to net cash (used in) provided by operating activities	19,688	11,497
Net cash (used in) provided by operating activities	23,372	6,700
Net increase in revolving credit facility	0	0
Proceeds on issuance of debt		96,300
Retirements and repayments of debt	(36,200)	(5,600)
Payment of deferred financing costs	0	0
Dividends paid	0	0
Repayments of government grant	0	(82)
Repurchase of restricted shares for minimum tax obligation	0	0
Intercompany financing and advances	27,117	(83,385)
Net cash (used in) provided by financing activities	(9,083)	7,233
Effect of exchange rate changes on cash and cash equivalents	(860)	1,665
Net change in cash and cash equivalents	10,637	7,277
Cash at beginning of period	19,239	31,578
Cash at end of period	29,876	38,855
Cost of Goods and Services Sold	76,592	71,726
Selling, General and Administrative Expense	7,675	7,691
Depreciation and amortization	4,313	8,093
Restructuring Charges	0
Defined Benefit Plan, Curtailments		0
Total operating costs and expenses	88,580	87,510
Income Tax Expense (Benefit)	1,527	636
Accrued expenses	34,920		38,431
Prepaid and other current assets	8,980		8,302
Total current assets	432,862		450,639
Property and equipment, net	130,296		135,955
Goodwill and other intangible assets, net	186,508		195,465
Other, net	20,640		20,712
Intercompany investments and advances	82,432		82,930
Total assets	852,738		885,701
Current liabilities:
Total current liabilities	83,740		90,900
Long-term debt, less current portion	155,100		191,300
Intercompany debt	357,239		330,176
Accrued pension and other postretirement benefits, noncurrent	2,488		3,148
Deferred income taxes and other	49,380		54,270
Total stockholders' equity	204,791		215,907
Total liabilities and stockholders’ equity	852,738		$ 885,701
Operating Income (Loss)	6,071	(1,373)
Intercompany Interest and Charges	2,391	2,079
Interest expense and other	(1,531)	709
Income from continuing operations before income taxes	5,211	(4,161)
Net Income (Loss) Attributable to Parent	3,684	(4,797)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(14,797)	10,933
Total comprehensive income	(11,113)	6,136
Capital expenditures	3,632	2,473
Proceeds from sale of assets	840	152
Payments to Acquire Businesses, Net of Cash Acquired	0	(6,000)
Net cash used in investing activities	(2,792)	(8,321)
Pension Plan [Member]
Operating costs and expenses:
Settlements and Curtailments	$ 0	$ 2,863

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RESTRUCTURING COSTS RESTRUCTURING COSTS (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2016 USD ($)	Mar. 31, 2016
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Activities, Reduction of Square Footage		4,000,000
Restructuring and Related Cost, Incurred Cost	$ 10,142
Restructuring and Related Activities, Reduction to Workforce		1,200
Restructuring and Related Cost, Expected Cost	155,000
Restructuring and Related Cost, Accelerated Depreciation	3,491
Severance Costs	52
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	52
Restructuring and Related Cost, Expected Cost	26,000
Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	247
Restructuring and Related Cost, Expected Cost	40,000
Contract Termination [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	25,000
Accelerated Depreciation [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	34,000
Accelerated Depreciation [Member] | Depreciation and Amortization [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	3,491
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	6,352
Restructuring and Related Cost, Expected Cost	30,000
Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	6,651
Integrated Systems [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	46
Integrated Systems [Member] | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	0
Integrated Systems [Member] | Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	0
Integrated Systems [Member] | Accelerated Depreciation [Member] | Depreciation and Amortization [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	46
Integrated Systems [Member] | Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	0
Integrated Systems [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	0
Aerospace Structures [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	3,052
Aerospace Structures [Member] | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	0
Aerospace Structures [Member] | Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	0
Aerospace Structures [Member] | Accelerated Depreciation [Member] | Depreciation and Amortization [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	0
Aerospace Structures [Member] | Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	3,052
Aerospace Structures [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	3,052
Precision Components [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	5,014
Precision Components [Member] | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	27
Precision Components [Member] | Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	247
Precision Components [Member] | Accelerated Depreciation [Member] | Depreciation and Amortization [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	3,300
Precision Components [Member] | Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	1,440
Precision Components [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	1,714
Product Support [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	170
Product Support [Member] | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	25
Product Support [Member] | Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	0
Product Support [Member] | Accelerated Depreciation [Member] | Depreciation and Amortization [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	145
Product Support [Member] | Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	0
Product Support [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	25
Corporate Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	1,860
Corporate Segment [Member] | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	0
Corporate Segment [Member] | Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	0
Corporate Segment [Member] | Accelerated Depreciation [Member] | Depreciation and Amortization [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	0
Corporate Segment [Member] | Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	1,860
Corporate Segment [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	1,860
Minimum [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	150,000
Maximum [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	$ 160,000