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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Years Ended March 31
(Amounts in 2013 2012
2011
Sales . . . . . $ 4,362,145 $
Cost of sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross profit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Operating expenses:Research and development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Selling . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
General and administrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income before interest, loss on extinguishment of debt, income taxes,and noncontrolling interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Loss on extinguishment of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income before income taxes and noncontrolling interest. . . . . . . . . . . .
Income tax provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less net income attributable to noncontrolling interest . . . . . . . . . . . . . Net incom $Alliant Techsystems Inc. earnings per common share:
Basic. . . . $
Diluted . . $
Cash dividen $
Alliant Techsystems Inc. weighted-average number of commonshares outstanding:
Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net Incom $
Other comprehensive income (loss), net of tax:Pension and other postretirement benefit liabilities:Reclassification of prior service credits for pension and
postretirement benefit plans recorded to net income, net of tax benefit of $3,366, $3,370, and $3,600 . . . . . . . . . . . . . . . . . . . . . .Reclassification of net actuarial loss for pension and
postretirement benefit plans recorded to net income, net of taxexpense of $(49,192), $(38,042), and $(33,962). . . . . . . . . . . . . . .Valuation adjustment for pension and postretirement benefit
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plans, net of tax (expense) benefit of $(9,575), $94,968, and$4,009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Change in fair value of derivatives, net of tax expense of $3,586,$17,060, and $6,078, respectively . . . . . . . . . . . . . . . . . . . . . . . . . . .Change in fair value of available-for-sale securities, net of tax
benefit of $135, $156, and $205, respectively. . . . . . . . . . . . . . . . . .
Total oth $
Comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less comprehensive income attributable to noncontrolling interest .Compreh $
3,421,276940,869
64,678162,359
244,189
469,643
-65,924538
-11,773
392,484120,243272,241
436271,805 $
8.38 $
8.34 $
0.92 $
32,44732,608272,241 $
-5,406
78,062
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15,456
-5,608
-21082,294 $
354,535436
354,099 $
3,618,503994,896
66,403
169,984
262,923
495,586
-89,296676
406,966143,762
263,204592
262,612 $
7.99 $
7.93 $
0.8 $
32,87433,112
263,204 $
-5,392
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60,864
-152,066
-26,683
-244(123,521) $
139,683592
139,091 $
3,840,6981,001,566
64,960164,063
246,817
525,726
-87,612560
438,674
124,963313,711
536313,175
9.419.320.2
33,275
33,615313,711
-5,785
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54,569
-4,844
-9,607
-324
34,009
347,720536
347,184
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4,613,399 $ 4,842,264
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D STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in thousands except per sharedata)
Operating expenses:
Interest expense )
Year
2013
Sales $ 4,362,145
Cost of sales 3,421,276
$
Gross profit 940,869
Selling 162,359
Research and development 64,678
General and administrative 244,189
(65,924
Income before interest, loss onextinguishment of debt, incometaxes, and noncontrolling interest
469,643
Loss on extinguishment of debt (11,773 )
Interest income 538
Income before income taxes andnoncontrolling interest 392,484
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Alliant Techsystems Inc. earningsper common share:
Alliant Techsystems Inc. weighted-
average number of common sharesoutstanding:
Other comprehensive income(loss), net of tax:Pension and other postretirementbenefit liabilities:
Reclassification of prior servicecredits for pension andpostretirement benefit plansrecorded to net income, net of taxbenefit of $3,366, $3,370, and$3,600
)
Income tax provision 120,243
Net income 272,241
Less net income attributable tononcontrolling interest 436
Net income attributable to AlliantTechsystems Inc. $ 271,805
Basic $ 8.38
$
Diluted $ 8.34 $
$
Cash dividends paid per share $ 0.92
Basic 32,447
$
Diluted 32,608
Net Income (from above) $ 272,241 $
(5,406
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Change in fair value of derivatives,net of tax expense of $3,586,$17,060, and $6,078, respectively
)
Change in fair value of available-for-sale securities, net of tax benefit of$135, $156, and $205, respectively
)
Reclassification of net actuarialloss for pension andpostretirement benefit plansrecorded to net income, net of taxexpense of $(49,192), $(38,042),and $(33,962)
78,062
(5,608
Valuation adjustment for pensionand postretirement benefit plans,net of tax (expense) benefit of
$(9,575), $94,968, and $4,009
15,456
Total other comprehensive income(loss) $ 82,294 $
(210
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Less comprehensive income
attributable to noncontrollinginterest 436
Comprehensive income 354,535
Comprehensive income attributableto Alliant Techsystems Inc. $ 354,099 $
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78.4% 78.4% 79.3%
21.6% 21.6% 20.7%
1.48% 0.014394
3.72%
5.60%
) )
s Ended March 31
2012 2011
4,842,264
3,618,503
4,613,399 $
3,840,698
994,896 1,001,566
66,403 64,960
262,923 246,817
169,984 164,063
525,726
(89,296 (87,612
495,586
560
676
406,966 438,674
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) )
143,762 124,963
263,204 313,711
592 536
262,612 $ 313,175
7.93
7.99 $ 9.41
$ 9.32
32,874
0.8 $ 0.2
33,275
33,112 33,615
263,204 $ 313,711
(5,392 (5,785
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) )
) )
60,864
)
(26,683 (9,607
54,569
(152,066 ) (4,844
(123,521 ) $ 34,009
(244 (324
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592
139,683 347,720
139,091 $ 347,184
536
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CONSOLIDATED BALANCE SHEETS
(Amounts in thousands except share data)
ASSETS
Current assets:
LIABILITIES AND EQUITY
2013
Net receivables 1,312,573
Cash and cash equivalents $ 417,289
Income tax receivable 22,066
Net inventories 315,064
Other current assets 45,174
Deferred income tax assets 106,566
Net property, plant, and equipment 602,320
Total current assets 2,218,732
Noncurrent deferred income tax assets 95,007
Goodwill 1,251,536
Total assets $ 4,383,010
Deferred charges and other non-current assets 215,415
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Current liabilities:
Common stock$.01 par value: Authorized180,000,000 shares
Accounts payable 337,713
Current portion of long-term debt 50,000
Accrued compensation 137,630
Contract advances and allowances 119,491
Other accrued liabilities 262,021
Accrued income taxes
Long-term debt 1,023,877
Total current liabilities 906,855
Accrued pension liability 719,172
Postretirement and postemployment benefits liabilities 94,087
Commitments and contingencies (Notes 10, 12 and 13)
Total liabilities 2,870,449
Other long-term liabilities 126,458
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Accumulated other comprehensive loss )Common stock in treasury, at cost9,237,154 sharesheld at March 31, 2013 and 8,413,041 shares held atMarch 31, 2012
)
Issued and outstanding32,318,295 shares atMarch 31, 2013 and 33,142,408 shares at March 31,2012
323
Retained earnings 2,483,483
Additional paid-in-capital 534,137
Noncontrolling interest 10,392
(828,304
(687,470
Total Alliant Techsystems Inc. stockholders' equity 1,502,169
Total liabilities and equity $ 4,383,010
Total equity 1,512,561
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333,980
30,000
121,901
119,824
307,642
6,433
1,272,002
919,780
878,819
111,392
3,304,995
123,002
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)
)
332
2,241,711
537,921
9,956
(910,598
(642,571
1,226,795
$ 4,541,746
1,236,751
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SOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
Operating Activities
Adjustments to net income to arrive at cashprovided by operating activities:
Excess tax benefits from share-based plans )
Changes in assets and liabilities:
Net inventories )
2013
Depreciation 94,903
Net income $ 272,241
Amortization of intangible assets 11,159
Amortization of debt discount 6,875
Amortization of deferred financing costs 3,847
Loss on the extinguishment of debt 11,773
Deferred income taxes (16,591 )
(Gain) loss on disposal of property (1,613 )
(2
12,025
Net receivables 34,602
Share-based plans expense
(56,569
Contract advances and allowances (333 )
Accounts payable 4,160
Accrued compensation 13,200
Accrued income taxes 26 042
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Investing Activities
Capital expenditures )
Cash used for investing activities )
Financing Activities
Payments made on bank debt )
Payments made to extinguish debt )
Dividends paid )
Other assets and liabilities (56,605 )
Pension and other postretirement benefits (33,438 )
Cash provided by operating activities 273,592
(96,889
Acquisition of business, net of cash acquired
Proceeds from the disposition of property, plant,and equipment 172
(35,000
(96,717
Payments made for debt issue costs (1,458 )
(409,000
Proceeds from issuance of long-term debt 200,000
Purchase of treasury shares (58,371 )
(30,033
Excess tax benefits from share-based plans 2
Proceeds from employee stock compensationplans 5,461
Cash (used for) provided by financingactivities
(328,399 )
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Supplemental Cash Flow Disclosures:
Noncash investing activity:
Noncash financing activity:
(Decrease) increase in cash and cash equivalents (151,524 )
Cash and cash equivalents at beginning of year 568,813
Cash and cash equivalents at end of year $ 417,289
$ 14,549
Property disposals included in accountsreceivable $ 5,177
Capital expenditures included in accountspayable
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) )
) )
Years Ended March 31
2012 2011
98,037
$ 263,204 $ 313,711
100,041
10,848 11,145
12,293 17,168
4,764 5,157
7,518 23,018
(2,928
9,740
(23 (540
) 2,281
6,724
(207,451 ) (153,723 )
(16,466 (6,400
20,065
(2,103
42,557
) 15,108
(25,063 ) (53,616 )
19 801 40 164
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) )
) )
) )
) )
) )
123,048
37,547
372,307
86,955
421,070
71,124
(122,292 (130,201
(172,251 )
7,335
(20,000 (13,438
3,001
(114,957 (299,451
(300,000 (537,576
(49,991 )
750,000
(26,552 (6,700
(19,883 )
13,819
23
5,709
540
(390,811 ) 186,762
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(133,461 ) 308,381
702,274 393,893
$ 568,813 $ 702,274
$ $
$ 14,976 $ 14,118
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LIDATED STATEMENTS OF EQUITY
(Amounts in thousands exceptshare data)
Shares Amount
Common Stock $.01 Par Value
Balance, March 31, 2010 33,047,018 $ 330
Comprehensive income
Exercise of stock options 251,401
Restricted stock grants 88,585
Share-based compensation
Performance shares issued net oftreasury stock withheld
139,342
Tax benefit related to share basedplans and other
Dividends Paid
Employee benefit plans and other (7,274 ) 5
Balance, March 31, 2011 33,519,072
Comprehensive income
335
Exercise of stock options 107,944
Restricted stock grants 201,429
Share-based compensation
Treasury Stock Purchased (742,000 )
Performance shares issued net oftreasury stock withheld 73,685
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Tax benefit related to share basedplans and other
Dividends paid
Employee benefit plans and other (17,722 ) (3
Balance, March 31, 2012 33,142,408 332
)
Comprehensive income
Exercise of stock options 93,617
Restricted stock grants 82,409
Share-based compensation
Treasury stock purchased (1,003,938 )
Performance shares issued net oftreasury stock withheld
44,964
Tax benefit related to share basedplans and other
Dividends paid
Employee benefit plans and other (41,165 ) (9
Balance, March 31, 2013 32,318,295 $ 323
)
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Additional
Paid-InCapital
Retained
Earnings
$ 1,699,176 $ 578,046
313,175
(5,622 )
(7,057 )
9,740
(17,193 )
1,111
(6,700 )
254
559,279 2,005,651
(2,580
262,612
)
(17,159 )
6,724
(8,752 )
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(1,173 )
1,582
(26,552 )
537,921
2,241,711
271,805
(1,552 )
(8,429 )
12,025
(5,463 )
(2,474 )
2,109
(30,033 )
$ 534,137 $ 2,483,483
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Treasury
Stock
Accumulated
OtherComprehensive
Loss
) $$ (821,086 ) $ (657,872
34,009
19,440
7,057
10,689
(744 )
(621,430 )(787,077 )
(123,521 )
8,289
17,159
) (49,991
5,946
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) (2,544
) (642,571 )(910,598
82,294
7,013
8,429
) (59,511
4,003
) (4,833
$ (828,304 ) $ (687,470 ) $
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Total
Equity
oncontrolling
Interest
$ 807,4228,828
347,720536
13,818
9,740
(6,504 )
1,111
(6,700 )
(485 )
1,166,1229,364
592 139,683
5,709
6,724
) (49,991
) (2,806
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) (1,173
(26,552 )
) (965
1,236,7519,956
354,535436
5,461
12,025
) (59,511
) (1,460
) (2,474
(30,033 )
) (2,733
$ 1,512,56110,392