New York State | 16-0757636 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
East Aurora, New York | 14052-0018 |
(Address of principal executive offices) | (Zip Code) |
(716) 652-2000 | |
(Telephone number including area code) |
PAGE | ||||||
(dollars in thousands) | April 2, 2016 | October 3, 2015 | ||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 348,322 | $ | 309,853 | ||||
Receivables | 703,022 | 698,419 | ||||||
Inventories | 500,224 | 493,360 | ||||||
Deferred income taxes | 92,127 | 91,210 | ||||||
Prepaid expenses and other current assets | 38,096 | 34,653 | ||||||
Total current assets | 1,681,791 | 1,627,495 | ||||||
Property, plant and equipment, net of accumulated depreciation of $701,500 and $677,168, respectively | 529,735 | 536,756 | ||||||
Goodwill | 752,826 | 737,212 | ||||||
Intangible assets, net | 129,350 | 143,723 | ||||||
Other assets | 41,943 | 41,285 | ||||||
Total assets | $ | 3,135,645 | $ | 3,086,471 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current liabilities | ||||||||
Short-term borrowings | $ | 1,370 | $ | 83 | ||||
Current installments of long-term debt | 434 | 34 | ||||||
Accounts payable | 155,763 | 165,973 | ||||||
Accrued salaries, wages and commissions | 119,204 | 125,270 | ||||||
Customer advances | 177,557 | 167,423 | ||||||
Contract loss reserves | 29,740 | 30,422 | ||||||
Other accrued liabilities | 112,738 | 116,300 | ||||||
Total current liabilities | 596,806 | 605,505 | ||||||
Long-term debt, excluding current installments | 1,103,342 | 1,075,067 | ||||||
Long-term pension and retirement obligations | 322,407 | 348,239 | ||||||
Deferred income taxes | 69,364 | 60,209 | ||||||
Other long-term liabilities | 3,211 | 2,919 | ||||||
Total liabilities | 2,095,130 | 2,091,939 | ||||||
Commitments and contingencies (Note 17) | — | — | ||||||
Redeemable noncontrolling interest | 8,377 | — | ||||||
Shareholders’ equity | ||||||||
Common stock | 51,280 | 51,280 | ||||||
Other shareholders' equity | 980,858 | 943,252 | ||||||
Total shareholders’ equity | 1,032,138 | 994,532 | ||||||
Total liabilities and shareholders’ equity | $ | 3,135,645 | $ | 3,086,471 | ||||
See accompanying Notes to Consolidated Condensed Financial Statements. |
Three Months Ended | Six Months Ended | |||||||||||||||
(dollars in thousands, except per share data) | April 2, 2016 | April 4, 2015 | April 2, 2016 | April 4, 2015 | ||||||||||||
Net sales | $ | 611,142 | $ | 637,246 | $ | 1,179,599 | $ | 1,267,769 | ||||||||
Cost of sales | 431,955 | 463,696 | 838,952 | 910,301 | ||||||||||||
Gross profit | 179,187 | 173,550 | 340,647 | 357,468 | ||||||||||||
Research and development | 39,731 | 31,404 | 74,529 | 62,725 | ||||||||||||
Selling, general and administrative | 82,771 | 92,158 | 165,765 | 189,985 | ||||||||||||
Interest | 8,935 | 7,669 | 17,257 | 13,037 | ||||||||||||
Restructuring | 8,069 | — | 8,342 | — | ||||||||||||
Other | (936 | ) | 921 | (1,518 | ) | 885 | ||||||||||
Earnings before income taxes | 40,617 | 41,398 | 76,272 | 90,836 | ||||||||||||
Income taxes | 9,710 | 9,305 | 19,205 | 23,478 | ||||||||||||
Net earnings attributable to common shareholders and noncontrolling interest | $ | 30,907 | $ | 32,093 | $ | 57,067 | $ | 67,358 | ||||||||
Net earnings (loss) attributable to noncontrolling interest | (143 | ) | — | (224 | ) | — | ||||||||||
Net earnings attributable to common shareholders | $ | 31,050 | $ | 32,093 | $ | 57,291 | $ | 67,358 | ||||||||
Net earnings per share attributable to common shareholders | ||||||||||||||||
Basic | $ | 0.85 | $ | 0.81 | $ | 1.57 | $ | 1.68 | ||||||||
Diluted | $ | 0.85 | $ | 0.80 | $ | 1.55 | $ | 1.66 | ||||||||
Average common shares outstanding | ||||||||||||||||
Basic | 36,481,996 | 39,601,795 | 36,597,972 | 40,116,731 | ||||||||||||
Diluted | 36,693,190 | 39,984,668 | 36,860,760 | 40,550,814 | ||||||||||||
See accompanying Notes to Consolidated Condensed Financial Statements. |
Three Months Ended | Six Months Ended | |||||||||||||||
(dollars in thousands) | April 2, 2016 | April 4, 2015 | April 2, 2016 | April 4, 2015 | ||||||||||||
Net earnings attributable to common shareholders and noncontrolling interest | $ | 30,907 | $ | 32,093 | $ | 57,067 | $ | 67,358 | ||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||
Foreign currency translation adjustment | 14,955 | (37,373 | ) | (8,244 | ) | (80,279 | ) | |||||||||
Retirement liability adjustment | 3,751 | 5,916 | 9,083 | 11,490 | ||||||||||||
Change in accumulated income (loss) on derivatives | 493 | (323 | ) | 931 | (73 | ) | ||||||||||
Other comprehensive income (loss), net of tax | 19,199 | (31,780 | ) | 1,770 | (68,862 | ) | ||||||||||
Comprehensive income (loss) | $ | 50,106 | $ | 313 | $ | 58,837 | $ | (1,504 | ) | |||||||
Comprehensive income (loss) attributable to noncontrolling interest | (143 | ) | — | (224 | ) | — | ||||||||||
Comprehensive income (loss) attributable to common shareholders | $ | 50,249 | $ | 313 | $ | 59,061 | $ | (1,504 | ) | |||||||
See accompanying Notes to Consolidated Condensed Financial Statements. |
Six Months Ended | ||||||||
(dollars in thousands) | April 2, 2016 | April 4, 2015 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net earnings attributable to common shareholders and noncontrolling interest | $ | 57,067 | $ | 67,358 | ||||
Adjustments to reconcile net earnings to net cash provided (used) by operating activities: | ||||||||
Depreciation | 38,554 | 40,460 | ||||||
Amortization | 11,428 | 12,946 | ||||||
Deferred income taxes | 2,292 | 9,071 | ||||||
Equity-based compensation expense | 1,919 | 3,966 | ||||||
Other | 5,991 | 3,348 | ||||||
Changes in assets and liabilities providing (using) cash: | ||||||||
Receivables | (5,606 | ) | 20,461 | |||||
Inventories | (5,330 | ) | (7,847 | ) | ||||
Accounts payable | (13,439 | ) | 18,934 | |||||
Customer advances | 10,888 | (3,358 | ) | |||||
Accrued expenses | (5,802 | ) | (20,747 | ) | ||||
Accrued income taxes | 2,552 | (7,729 | ) | |||||
Net pension and post retirement liabilities | (13,171 | ) | (7,014 | ) | ||||
Other assets and liabilities | (8,920 | ) | 1,699 | |||||
Net cash provided by operating activities | 78,423 | 131,548 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Acquisitions of businesses, net of cash acquired | (11,016 | ) | — | |||||
Purchase of property, plant and equipment | (27,685 | ) | (37,921 | ) | ||||
Other investing transactions | 1,058 | 3,551 | ||||||
Net cash used by investing activities | (37,643 | ) | (34,370 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Net short-term repayments | — | (3,237 | ) | |||||
Proceeds from revolving lines of credit | 210,320 | 248,785 | ||||||
Payments on revolving lines of credit | (182,455 | ) | (383,785 | ) | ||||
Payments on long-term debt | (9,660 | ) | (5,241 | ) | ||||
Proceeds from senior notes, net of issuance costs | — | 294,430 | ||||||
Proceeds from sale of treasury stock | 2,229 | 10,542 | ||||||
Purchase of outstanding shares for treasury | (25,156 | ) | (204,958 | ) | ||||
Proceeds from sale of stock held by SECT | 2,897 | — | ||||||
Purchase of stock held by SECT | (1,515 | ) | (8,440 | ) | ||||
Purchase of stock held by SERP Trust | (2,300 | ) | — | |||||
Excess tax benefits from equity-based payment arrangements | 471 | 5,888 | ||||||
Net cash used by financing activities | (5,169 | ) | (46,016 | ) | ||||
Effect of exchange rate changes on cash | 2,858 | (20,796 | ) | |||||
Increase in cash and cash equivalents | 38,469 | 30,366 | ||||||
Cash and cash equivalents at beginning of period | 309,853 | 231,292 | ||||||
Cash and cash equivalents at end of period | $ | 348,322 | $ | 261,658 | ||||
See accompanying Notes to Consolidated Condensed Financial Statements. |
April 2, 2016 | October 3, 2015 | |||||||
Accounts receivable | $ | 295,842 | $ | 291,188 | ||||
Long-term contract receivables: | ||||||||
Amounts billed | 128,129 | 113,565 | ||||||
Unbilled recoverable costs and accrued profits | 272,439 | 286,395 | ||||||
Total long-term contract receivables | 400,568 | 399,960 | ||||||
Other | 10,597 | 12,557 | ||||||
Total receivables | 707,007 | 703,705 | ||||||
Less allowance for doubtful accounts | (3,985 | ) | (5,286 | ) | ||||
Receivables | $ | 703,022 | $ | 698,419 |
April 2, 2016 | October 3, 2015 | |||||||
Raw materials and purchased parts | $ | 189,455 | $ | 188,843 | ||||
Work in progress | 239,035 | 243,373 | ||||||
Finished goods | 71,734 | 61,144 | ||||||
Inventories | $ | 500,224 | $ | 493,360 |
Aircraft Controls | Space and Defense Controls | Industrial Systems | Components | Medical Devices | Total | |||||||||||||
Balance at October 3, 2015 | $ | 188,525 | $ | 158,213 | $ | 110,843 | $ | 217,763 | $ | 61,868 | $ | 737,212 | ||||||
Acquisitions | 20,235 | — | — | — | — | 20,235 | ||||||||||||
Foreign currency translation | (3,812 | ) | 169 | (2,450 | ) | 1,318 | 154 | (4,621 | ) | |||||||||
Balance at April 2, 2016 | $ | 204,948 | $ | 158,382 | $ | 108,393 | $ | 219,081 | $ | 62,022 | $ | 752,826 |
April 2, 2016 | October 3, 2015 | |||||||||||||||||
Weighted- Average Life (years) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||
Customer-related | 11 | $ | 169,285 | $ | (113,787 | ) | $ | 171,779 | $ | (110,697 | ) | |||||||
Program-related | 19 | 69,801 | (26,217 | ) | 75,720 | (27,463 | ) | |||||||||||
Technology-related | 9 | 70,804 | (50,334 | ) | 73,299 | (49,723 | ) | |||||||||||
Marketing-related | 9 | 25,491 | (17,039 | ) | 25,997 | (16,648 | ) | |||||||||||
Other | 9 | 4,839 | (3,493 | ) | 4,772 | (3,313 | ) | |||||||||||
Intangible assets | 12 | $ | 340,220 | $ | (210,870 | ) | $ | 351,567 | $ | (207,844 | ) |
April 2, 2016 | October 3, 2015 | |||||||
Lines of credit | $ | 90 | $ | 83 | ||||
Other short-term debt | 1,280 | — | ||||||
Short-term borrowings | $ | 1,370 | $ | 83 |
April 2, 2016 | October 3, 2015 | |||||||
U.S. revolving credit facility | $ | 702,865 | $ | 675,000 | ||||
Senior notes | 300,000 | 300,000 | ||||||
Securitization program | 100,000 | 100,000 | ||||||
Obligations under capital leases | 911 | 101 | ||||||
Senior debt | 1,103,776 | 1,075,101 | ||||||
Less current installments | (434 | ) | (34 | ) | ||||
Long-term debt | $ | 1,103,342 | $ | 1,075,067 |
Three Months Ended | Six Months Ended | |||||||||||||||
April 2, 2016 | April 4, 2015 | April 2, 2016 | April 4, 2015 | |||||||||||||
Warranty accrual at beginning of period | $ | 19,391 | $ | 18,326 | $ | 18,660 | $ | 19,953 | ||||||||
Warranties issued during current year | 2,925 | 2,234 | 5,343 | 3,699 | ||||||||||||
Adjustments to pre-existing warranties | (215 | ) | (452 | ) | (349 | ) | (1,584 | ) | ||||||||
Reductions for settling warranties | (1,795 | ) | (1,918 | ) | (3,048 | ) | (3,156 | ) | ||||||||
Foreign currency translation | 92 | (572 | ) | (208 | ) | (1,294 | ) | |||||||||
Warranty accrual at end of period | $ | 20,398 | $ | 17,618 | $ | 20,398 | $ | 17,618 |
Three Months Ended | Six Months Ended | ||||||||||||||||
April 2, 2016 | April 4, 2015 | April 2, 2016 | April 4, 2015 | ||||||||||||||
Net gain (loss) | $ | 3,069 | $ | (2,348 | ) | $ | 3,959 | $ | (1,415 | ) |
April 2, 2016 | October 3, 2015 | ||||||||
Derivatives designated as hedging instruments: | |||||||||
Foreign currency contracts | Other current assets | $ | 527 | $ | 12 | ||||
Foreign currency contracts | Other assets | 317 | 39 | ||||||
Total asset derivatives | $ | 844 | $ | 51 | |||||
Foreign currency contracts | Other accrued liabilities | $ | 1,351 | $ | 1,755 | ||||
Foreign currency contracts | Other long-term liabilities | 175 | 572 | ||||||
Interest rate swaps | Other accrued liabilities | 383 | 756 | ||||||
Interest rate swaps | Other long-term liabilities | 45 | 268 | ||||||
Total liability derivatives | $ | 1,954 | $ | 3,351 | |||||
Derivatives not designated as hedging instruments: | |||||||||
Foreign currency contracts | Other current assets | $ | 1,481 | $ | 115 | ||||
Foreign currency contracts | Other accrued liabilities | $ | 1,103 | $ | 429 |
Classification | April 2, 2016 | October 3, 2015 | ||||||||
Foreign currency contracts | Other current assets | $ | 2,008 | $ | 127 | |||||
Foreign currency contracts | Other assets | 317 | 39 | |||||||
Total assets | $ | 2,325 | $ | 166 | ||||||
Foreign currency contracts | Other accrued liabilities | $ | 2,454 | $ | 2,184 | |||||
Foreign currency contracts | Other long-term liabilities | 175 | 572 | |||||||
Interest rate swaps | Other accrued liabilities | 383 | 756 | |||||||
Interest rate swaps | Other long-term liabilities | 45 | 268 | |||||||
Total liabilities | $ | 3,057 | $ | 3,780 |
Three Months Ended | Six Months Ended | |||||||||||||||
April 2, 2016 | April 4, 2015 | April 2, 2016 | April 4, 2015 | |||||||||||||
Service cost | $ | 5,910 | $ | 5,908 | $ | 11,819 | $ | 11,817 | ||||||||
Interest cost | 9,414 | 8,508 | 18,829 | 17,015 | ||||||||||||
Expected return on plan assets | (12,596 | ) | (11,784 | ) | (25,192 | ) | (23,568 | ) | ||||||||
Amortization of prior service cost (credit) | 47 | 38 | 94 | 75 | ||||||||||||
Amortization of actuarial loss | 6,542 | 5,589 | 13,084 | 11,178 | ||||||||||||
Pension expense for defined benefit plans | $ | 9,317 | $ | 8,259 | $ | 18,634 | $ | 16,517 |
Three Months Ended | Six Months Ended | |||||||||||||||
April 2, 2016 | April 4, 2015 | April 2, 2016 | April 4, 2015 | |||||||||||||
Service cost | $ | 1,325 | $ | 1,385 | $ | 2,638 | $ | 2,976 | ||||||||
Interest cost | 1,226 | 1,104 | 2,466 | 2,369 | ||||||||||||
Expected return on plan assets | (1,211 | ) | (1,205 | ) | (2,440 | ) | (2,544 | ) | ||||||||
Amortization of prior service cost (credit) | (19 | ) | (12 | ) | (38 | ) | (25 | ) | ||||||||
Amortization of actuarial loss | 647 | 484 | 1,297 | 1,071 | ||||||||||||
Pension expense for defined benefit plans | $ | 1,968 | $ | 1,756 | $ | 3,923 | $ | 3,847 |
Three Months Ended | Six Months Ended | |||||||||||||||
April 2, 2016 | April 4, 2015 | April 2, 2016 | April 4, 2015 | |||||||||||||
Service cost | $ | 41 | $ | 57 | $ | 81 | $ | 113 | ||||||||
Interest cost | 117 | 144 | 234 | 288 | ||||||||||||
Amortization of actuarial gain | (143 | ) | (27 | ) | (286 | ) | (53 | ) | ||||||||
Net periodic postretirement benefit cost | $ | 15 | $ | 174 | $ | 29 | $ | 348 |
Three Months Ended | Six Months Ended | |||||||||||||||
April 2, 2016 | April 4, 2015 | April 2, 2016 | April 4, 2015 | |||||||||||||
U.S. defined contribution plans | $ | 3,359 | $ | 3,409 | $ | 6,800 | $ | 6,943 | ||||||||
Foreign defined contribution plans | 1,471 | 1,613 | 3,109 | 3,299 | ||||||||||||
Total pension expense for defined contribution plans | $ | 4,830 | $ | 5,022 | $ | 9,909 | $ | 10,242 |
U.S. Plans | Foreign Plans | Total | ||||||||||
Actual | $ | 31,351 | $ | 4,376 | $ | 35,727 | ||||||
Anticipated | 36,610 | 2,700 | 39,310 | |||||||||
Total expected contributions | $ | 67,961 | $ | 7,076 | $ | 75,037 |
Aircraft Controls | Space and Defense Controls | Industrial Systems | Components | Medical Devices | Total | |||||||||||||
Balance at October 3, 2015 | $ | 3,047 | $ | 7,237 | $ | 4,003 | $ | 117 | $ | 142 | $ | 14,546 | ||||||
Charged to expense - 2016 plan | 5,923 | — | 1,165 | 1,254 | — | 8,342 | ||||||||||||
Adjustments to provision | (160 | ) | (53 | ) | 29 | — | — | (184 | ) | |||||||||
Cash payments - 2014 plan | (11 | ) | (429 | ) | — | — | — | (440 | ) | |||||||||
Cash payments - 2015 plan | (2,445 | ) | (4,800 | ) | (2,527 | ) | (47 | ) | (43 | ) | (9,862 | ) | ||||||
Cash payments - 2016 plan | (549 | ) | — | (508 | ) | (781 | ) | — | (1,838 | ) | ||||||||
Non-cash charges - 2016 plan | (4,581 | ) | — | — | — | — | (4,581 | ) | ||||||||||
Foreign currency translation | (23 | ) | (11 | ) | 75 | — | — | 41 | ||||||||||
Balance at April 2, 2016 | $ | 1,201 | $ | 1,944 | $ | 2,237 | $ | 543 | $ | 99 | $ | 6,024 |
Number of Shares | ||||||||||
Amount | Class A Common Stock | Class B Common Stock | ||||||||
COMMON STOCK | ||||||||||
Beginning of period | $ | 51,280 | 43,638,618 | 7,641,095 | ||||||
Conversion of Class B to Class A | — | 15,183 | (15,183 | ) | ||||||
End of Period | 51,280 | 43,653,801 | 7,625,912 | |||||||
ADDITIONAL PAID-IN CAPITAL | ||||||||||
Beginning of period | 456,512 | |||||||||
Equity-based compensation expense | 1,919 | |||||||||
Issuance of treasury shares | (264 | ) | ||||||||
Adjustment to market - SECT, SERP and other | (7,521 | ) | ||||||||
End of period | 450,646 | |||||||||
RETAINED EARNINGS | ||||||||||
Beginning of period | 1,579,794 | |||||||||
Net earnings attributable to common shareholders | 57,291 | |||||||||
End of period | 1,637,085 | |||||||||
TREASURY STOCK | ||||||||||
Beginning of period | (701,771 | ) | (10,318,431 | ) | (3,323,926 | ) | ||||
Issuance of treasury shares | 2,493 | 84,625 | — | |||||||
Purchase of treasury shares | (25,156 | ) | (572,653 | ) | — | |||||
End of period | (724,434 | ) | (10,806,459 | ) | (3,323,926 | ) | ||||
STOCK EMPLOYEE COMPENSATION TRUST (SECT) | ||||||||||
Beginning of period | (44,211 | ) | (828,381 | ) | ||||||
Issuance of shares | 2,897 | 64,676 | ||||||||
Purchase of shares | (1,515 | ) | (27,023 | ) | ||||||
Adjustment to market | 7,128 | — | ||||||||
End of period | (35,701 | ) | — | (790,728 | ) | |||||
SUPPLEMENTAL RETIREMENT PLAN (SERP) TRUST | ||||||||||
Beginning of period | (5,337 | ) | (100,000 | ) | ||||||
Purchase of shares | (2,300 | ) | (50,000 | ) | ||||||
Adjustment to market | 864 | — | ||||||||
End of period | (6,773 | ) | — | (150,000 | ) | |||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ||||||||||
Beginning of period | (341,735 | ) | ||||||||
Other comprehensive income (loss) | 1,770 | |||||||||
End of period | (339,965 | ) | ||||||||
TOTAL SHAREHOLDERS' EQUITY | $ | 1,032,138 | 32,847,342 | 3,361,258 |
Accumulated foreign currency translation | Accumulated retirement liability | Accumulated gain (loss) on derivatives | Total | |||||||||||||
AOCI at October 3, 2015 | $ | (72,788 | ) | $ | (266,910 | ) | $ | (2,037 | ) | $ | (341,735 | ) | ||||
Other comprehensive income (loss) before reclassifications | (8,244 | ) | 159 | (301 | ) | (8,386 | ) | |||||||||
Amounts reclassified from AOCI | — | 8,924 | 1,232 | 10,156 | ||||||||||||
Other comprehensive income (loss) | (8,244 | ) | 9,083 | 931 | 1,770 | |||||||||||
AOCI at April 2, 2016 | $ | (81,032 | ) | $ | (257,827 | ) | $ | (1,106 | ) | $ | (339,965 | ) |
Three Months Ended | Six Months Ended | |||||||||||||||||
Statement of earnings classification | April 2, 2016 | April 4, 2015 | April 2, 2016 | April 4, 2015 | ||||||||||||||
Retirement liability: | ||||||||||||||||||
Prior service cost | $ | 28 | $ | 124 | $ | 56 | $ | 417 | ||||||||||
Actuarial losses | 7,011 | 8,062 | 14,056 | 15,614 | ||||||||||||||
Reclassification from AOCI into earnings | 7,039 | 8,186 | 14,112 | 16,031 | ||||||||||||||
Tax effect | (2,591 | ) | (2,270 | ) | (5,188 | ) | (4,541 | ) | ||||||||||
Net reclassification from AOCI into earnings | $ | 4,448 | $ | 5,916 | $ | 8,924 | $ | 11,490 | ||||||||||
Derivatives: | ||||||||||||||||||
Foreign currency contracts | Sales | $ | 196 | $ | 36 | $ | 274 | $ | 36 | |||||||||
Foreign currency contracts | Cost of sales | 594 | 413 | 1,070 | 918 | |||||||||||||
Interest rate swaps | Interest | 169 | 335 | 470 | 740 | |||||||||||||
Reclassification from AOCI into earnings | 959 | 784 | 1,814 | 1,694 | ||||||||||||||
Tax effect | (288 | ) | (283 | ) | (582 | ) | (627 | ) | ||||||||||
Net reclassification from AOCI into earnings | $ | 671 | $ | 501 | $ | 1,232 | $ | 1,067 |
Net deferral in AOCI - effective portion | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
Statement of earnings classification | April 2, 2016 | April 4, 2015 | April 2, 2016 | April 4, 2015 | ||||||||||||||
Foreign currency contracts | Sales | $ | (281 | ) | $ | (401 | ) | $ | (515 | ) | $ | (401 | ) | |||||
Foreign currency contracts | Cost of sales | 525 | 452 | 257 | 573 | |||||||||||||
Interest rate swaps | Interest | (359 | ) | (1,132 | ) | 88 | (1,761 | ) | ||||||||||
Net loss | (115 | ) | (1,081 | ) | (170 | ) | (1,589 | ) | ||||||||||
Tax effect | (63 | ) | 257 | (131 | ) | 449 | ||||||||||||
Net deferral in AOCI of derivatives | $ | (178 | ) | $ | (824 | ) | $ | (301 | ) | $ | (1,140 | ) |
Three Months Ended | Six Months Ended | |||||||||||
April 2, 2016 | April 4, 2015 | April 2, 2016 | April 4, 2015 | |||||||||
Basic weighted-average shares outstanding | 36,481,996 | 39,601,795 | 36,597,972 | 40,116,731 | ||||||||
Dilutive effect of equity-based awards | 211,194 | 382,873 | 262,788 | 434,083 | ||||||||
Diluted weighted-average shares outstanding | 36,693,190 | 39,984,668 | 36,860,760 | 40,550,814 |
Three Months Ended | Six Months Ended | |||||||||||||||
April 2, 2016 | April 4, 2015 | April 2, 2016 | April 4, 2015 | |||||||||||||
Net sales: | ||||||||||||||||
Aircraft Controls | $ | 275,769 | $ | 274,396 | $ | 530,604 | $ | 540,764 | ||||||||
Space and Defense Controls | 89,175 | 93,256 | 171,815 | 193,211 | ||||||||||||
Industrial Systems | 128,244 | 129,145 | 253,423 | 262,511 | ||||||||||||
Components | 93,813 | 115,062 | 173,388 | 222,766 | ||||||||||||
Medical Devices | 24,141 | 25,387 | 50,369 | 48,517 | ||||||||||||
Net sales | $ | 611,142 | $ | 637,246 | $ | 1,179,599 | $ | 1,267,769 | ||||||||
Operating profit: | ||||||||||||||||
Aircraft Controls | $ | 19,042 | $ | 22,336 | $ | 37,173 | $ | 46,794 | ||||||||
Space and Defense Controls | 13,357 | 4,909 | 25,173 | 13,635 | ||||||||||||
Industrial Systems | 13,270 | 12,685 | 26,903 | 25,904 | ||||||||||||
Components | 8,385 | 15,900 | 13,085 | 32,862 | ||||||||||||
Medical Devices | 2,554 | 716 | 5,833 | 3,052 | ||||||||||||
Total operating profit | 56,608 | 56,546 | 108,167 | 122,247 | ||||||||||||
Deductions from operating profit: | ||||||||||||||||
Interest expense | 8,935 | 7,669 | 17,257 | 13,037 | ||||||||||||
Equity-based compensation expense | 983 | 568 | 1,919 | 3,966 | ||||||||||||
Corporate and other expenses, net | 6,073 | 6,911 | 12,719 | 14,408 | ||||||||||||
Earnings before income taxes | $ | 40,617 | $ | 41,398 | $ | 76,272 | $ | 90,836 |
• | Defense market - primary and secondary flight controls for military aircraft, stabilization and automatic ammunition loading controls for armored combat vehicles, tactical and strategic missile steering controls and gun aiming controls. |
• | Commercial aircraft market - primary and secondary flight controls for commercial aircraft. |
• | Commercial space market - satellite positioning controls and thrust vector controls for launch vehicles. |
• | Industrial automation market - injection molding, metal forming, heavy industry, material and automotive testing, pilot training simulators and surveillance systems. |
• | Energy market - oil and gas exploration, wind energy and power generation. |
• | Medical market - sleep apnea devices, surgical handpieces, CT scanners, as well as enteral clinical nutrition and infusion therapy solutions. |
• | superior technical competence in delivering mission-critical solutions, |
• | an innovative customer-intimacy approach, |
• | a diverse base of customers and end markets served by a broad product portfolio, |
• | well-established international presence serving customers worldwide, and |
• | a proven ability to successfully undertake investments designed to enhance our control systems product franchise and drive continued growth. |
• | maintaining our technological excellence by building upon our systems integration capabilities while solving our customers’ most demanding technical problems in applications "When Performance Really Matters®," |
• | utilizing our global capabilities and strong engineering heritage to innovate new solutions, |
• | maximizing customer value by implementing lean enterprise principles, and |
• | investing in talent development to accelerate our leadership capability and employee performance. |
CONSOLIDATED RESULTS OF OPERATIONS AND OUTLOOK | |||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(dollars and shares in millions, except per share data) | April 2, 2016 | April 4, 2015 | $ Variance | % Variance | April 2, 2016 | April 4, 2015 | $ Variance | % Variance | |||||||||||||||
Net sales | $ | 611 | $ | 637 | $ | (26 | ) | (4 | %) | $ | 1,180 | $ | 1,268 | $ | (88 | ) | (7 | %) | |||||
Gross margin | 29.3 | % | 27.2 | % | 28.9 | % | 28.2 | % | |||||||||||||||
Research and development expenses | $ | 40 | $ | 31 | $ | 8 | 27 | % | $ | 75 | $ | 63 | $ | 12 | 19 | % | |||||||
Selling, general and administrative expenses as a percentage of sales | 13.5 | % | 14.5 | % | 14.1 | % | 15.0 | % | |||||||||||||||
Interest expense | $ | 9 | $ | 8 | $ | 1 | 17 | % | $ | 17 | $ | 13 | $ | 4 | 32 | % | |||||||
Restructuring expense | $ | 8 | $ | — | $ | 8 | n/a | $ | 8 | $ | — | $ | 8 | n/a | |||||||||
Effective tax rate | 23.9 | % | 22.5 | % | 25.2 | % | 25.8 | % | |||||||||||||||
Net earnings attributable to common shareholders | $ | 31 | $ | 32 | $ | (1 | ) | (3 | %) | $ | 57 | $ | 67 | $ | (10 | ) | (15 | %) | |||||
Diluted average common shares outstanding | 37 | 40 | (3 | ) | (8 | %) | 37 | 41 | (4 | ) | (9 | %) | |||||||||||
Diluted earnings per share attributable to common shareholders | $ | 0.85 | $ | 0.80 | $ | 0.05 | 6 | % | $ | 1.55 | $ | 1.66 | $ | (0.11 | ) | (7 | %) |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(dollars in millions) | April 2, 2016 | April 4, 2015 | $ Variance | % Variance | April 2, 2016 | April 4, 2015 | $ Variance | % Variance | |||||||||||||||
Net sales - military aircraft | $ | 132 | $ | 134 | $ | (3 | ) | (2 | %) | $ | 252 | $ | 260 | $ | (8 | ) | (3 | %) | |||||
Net sales - commercial aircraft | 144 | 140 | 4 | 3 | % | 279 | 281 | $ | (2 | ) | (1 | %) | |||||||||||
$ | 276 | $ | 274 | $ | 1 | 1 | % | $ | 531 | $ | 541 | $ | (10 | ) | (2 | %) | |||||||
Operating profit | $ | 19 | $ | 22 | $ | (3 | ) | (15 | %) | 37 | 47 | $ | (10 | ) | (21 | %) | |||||||
Operating margin | 6.9 | % | 8.1 | % | 7.0 | % | 8.7 | % | |||||||||||||||
Backlog | $ | 625 | $ | 691 | $ | (66 | ) | (9 | %) |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(dollars in millions) | April 2, 2016 | April 4, 2015 | $ Variance | % Variance | April 2, 2016 | April 4, 2015 | $ Variance | % Variance | |||||||||||||||
Net sales | $ | 89 | $ | 93 | $ | (4 | ) | (4 | %) | $ | 172 | $ | 193 | $ | (21 | ) | (11 | %) | |||||
Operating profit | $ | 13 | $ | 5 | $ | 8 | 172 | % | $ | 25 | $ | 14 | $ | 12 | 85 | % | |||||||
Operating margin | 15.0 | % | 5.3 | % | 14.7 | % | 7.1 | % | |||||||||||||||
Backlog | $ | 254 | $ | 238 | $ | 16 | 7 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(dollars in millions) | April 2, 2016 | April 4, 2015 | $ Variance | % Variance | April 2, 2016 | April 4, 2015 | $ Variance | % Variance | |||||||||||||||
Net sales | $ | 128 | $ | 129 | $ | (1 | ) | (1 | %) | $ | 253 | $ | 263 | $ | (9 | ) | (3 | %) | |||||
Operating profit | $ | 13 | $ | 13 | $ | 1 | 5 | % | $ | 27 | $ | 26 | $ | 1 | 4 | % | |||||||
Operating margin | 10.3 | % | 9.8 | % | 10.6 | % | 9.9 | % | |||||||||||||||
Backlog | $ | 175 | $ | 185 | $ | (10 | ) | (5 | %) |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(dollars in millions) | April 2, 2016 | April 4, 2015 | $ Variance | % Variance | April 2, 2016 | April 4, 2015 | $ Variance | % Variance | |||||||||||||||
Net sales | $ | 94 | $ | 115 | $ | (21 | ) | (18 | %) | $ | 173 | $ | 223 | $ | (49 | ) | (22 | %) | |||||
Operating profit | $ | 8 | $ | 16 | $ | (8 | ) | (47 | %) | $ | 13 | $ | 33 | $ | (20 | ) | (60 | %) | |||||
Operating margin | 8.9 | % | 13.8 | % | 7.5 | % | 14.8 | % | |||||||||||||||
Backlog | $ | 165 | $ | 175 | $ | (10 | ) | (6 | %) |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(dollars in millions) | April 2, 2016 | April 4, 2015 | $ Variance | % Variance | April 2, 2016 | April 4, 2015 | $ Variance | % Variance | |||||||||||||||
Net sales | $ | 24 | $ | 25 | $ | (1 | ) | (5 | %) | $ | 50 | $ | 49 | $ | 2 | 4 | % | ||||||
Operating profit | $ | 3 | $ | 1 | $ | 2 | 257 | % | $ | 6 | $ | 3 | $ | 3 | 91 | % | |||||||
Operating margin | 10.6 | % | 2.8 | % | 11.6 | % | 6.3 | % | |||||||||||||||
Backlog | $ | 8 | $ | 7 | $ | — | 5 | % |
Six Months Ended | ||||||||||||||
(dollars in millions) | April 2, 2016 | April 4, 2015 | $ Variance | % Variance | ||||||||||
Net cash provided (used) by: | ||||||||||||||
Operating activities | $ | 78 | $ | 132 | $ | (53 | ) | (40 | %) | |||||
Investing activities | (38 | ) | (34 | ) | (3 | ) | 10 | % | ||||||
Financing activities | (5 | ) | (46 | ) | 41 | (89 | %) |
• | the markets we serve are cyclical and sensitive to domestic and foreign economic conditions and events, which may cause our operating results to fluctuate; |
• | we operate in highly competitive markets with competitors who may have greater resources than we possess; |
• | we depend heavily on government contracts that may not be fully funded or may be terminated, and the failure to receive funding or the termination of one or more of these contracts could reduce our sales and increase our costs; |
• | we make estimates in accounting for long-term contracts, and changes in these estimates may have significant impacts on our earnings; |
• | we enter into fixed-price contracts, which could subject us to losses if we have cost overruns; |
• | we may not realize the full amounts reflected in our backlog as revenue, which could adversely affect our future revenue and growth prospects; |
• | if our subcontractors or suppliers fail to perform their contractual obligations, our prime contract performance and our ability to obtain future business could be materially and adversely impacted; |
• | contracting on government programs is subject to significant regulation, including rules related to bidding, billing and accounting kickbacks and false claims, and any non-compliance could subject us to fines and penalties or possible debarment; |
• | the loss of The Boeing Company as a customer or a significant reduction in sales to The Boeing Company could adversely impact our operating results; |
• | our new product research and development efforts may not be successful which could reduce our sales and earnings; |
• | our inability to adequately enforce and protect our intellectual property or defend against assertions of infringement could prevent or restrict our ability to compete; |
• | our business operations may be adversely affected by information systems interruptions, intrusions or new software implementations; |
• | our indebtedness and restrictive covenants under our credit facilities could limit our operational and financial flexibility; |
• | significant changes in discount rates, rates of return on pension assets, mortality tables and other factors could adversely affect our earnings and equity and increase our pension funding requirements; |
• | a write-off of all or part of our goodwill or other intangible assets could adversely affect our operating results and net worth; |
• | our sales and earnings may be affected if we cannot identify, acquire or integrate strategic acquisitions, or if we engage in divesting activities; |
• | our operations in foreign countries expose us to political and currency risks and adverse changes in local legal and regulatory environments; |
• | unforeseen exposure to additional income tax liabilities may affect our operating results; |
• | government regulations could limit our ability to sell our products outside the United States and otherwise adversely affect our business; |
• | governmental regulations and customer demands related to conflict minerals may adversely impact our operating results; |
• | the failure or misuse of our products may damage our reputation, necessitate a product recall or result in claims against us that exceed our insurance coverage, thereby requiring us to pay significant damages; |
• | future terror attacks, war, natural disasters or other catastrophic events beyond our control could negatively impact our business; |
• | our operations are subject to environmental laws, and complying with those laws may cause us to incur significant costs; and |
• | we are involved in various legal proceedings, the outcome of which may be unfavorable to us. |
(a) | Disclosure Controls and Procedures. We carried out an evaluation, under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as defined in Exchange Act Rules 13a-15(e) and 15d-15(e). Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that these disclosure controls and procedures are effective as of the end of the period covered by this report, to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures. |
(b) | Changes in Internal Control over Financial Reporting. There have been no changes in our internal control over financial reporting during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. |
(c) | The following table summarizes our purchases of our common stock for the quarter ended April 2, 2016. |
Period | (a) Total Number of Shares Purchased (1)(2) | (b) Average Price Paid Per Share | (c) Total number of Shares Purchased as Part of Publicly Announced Plans or Programs (3) | (d) Maximum Number (or Approx. Dollar Value) of Shares that May Yet Be Purchased Under Plans or Programs (3) | |||||||||
January 3, 2016 - January 31, 2016 | 2,579 | $ | 57.92 | — | 4,202,555 | ||||||||
February 1, 2016 - February 29, 2016 | 371,659 | 40.74 | 366,200 | 3,836,355 | |||||||||
March 1, 2016 - April 2, 2016 | 162,582 | 45.05 | 160,000 | 3,676,355 | |||||||||
Total | 536,820 | $ | 42.13 | 526,200 | 3,676,355 |
(1) | Reflects purchases by the SECT of shares of Class B common stock from the Moog Inc. RSP as follows: 2,421 shares at $57.91 per share during January; 5,459 shares at $43.78 per share during February; and 2,582 shares at $44.70 per share during March. Excluded above is the SERP Trust purchase of 50,000 shares from the SECT. |
(2) | In connection with the exercise of equity-based compensation awards, we accept delivery of shares to pay for the exercise price and withhold shares for tax withholding obligations. In January, we accepted delivery of 158 shares at $58.03 per share, in connection with the exercise of equity-based awards. |
(3) | In August 2014, the Board of Directors authorized a share repurchase program. The program permitted the purchase of up to 5,000,000 shares of Class A or Class B common stock in open market or privately negotiated transactions at the discretion of management. In August 2015, the Board of Directors authorized an additional repurchase of up to 4,000,000 shares of Class A or Class B common stock at management's discretion, under identical terms and conditions. In February, we purchased 366,200 Class A shares at an average price of $40.70 per share. In March, we purchased 160,000 Class A shares at an average price of $45.06 per share. |
(a) | Exhibits | ||
10.1 | Moog Inc. Defined Contribution Supplemental Executive Retirement Plan. | ||
31.1 | Certification of Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
31.2 | Certification of Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
32.1 | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||
101 | Interactive Date files (submitted electronically herewith) |
(101.INS) | XBRL Instance Document |
(101.SCH) | XBRL Taxonomy Extension Schema Document |
(101.CAL) | XBRL Taxonomy Extension Calculation Linkbase Document |
(101.DEF) | XBRL Taxonomy Extension Definition Linkbase Document |
(101.LAB) | XBRL Taxonomy Extension Label Linkbase Document |
(101.PRE) | XBRL Taxonomy Extension Presentation Linkbase Document |
Moog Inc. | |||||
(Registrant) | |||||
Date: | May 2, 2016 | By | /s/ John R. Scannell | ||
John R. Scannell | |||||
Chairman Chief Executive Officer (Principal Executive Officer) | |||||
Date: | May 2, 2016 | By | /s/ Donald R. Fishback | ||
Donald R. Fishback | |||||
Vice President Chief Financial Officer (Principal Financial Officer) | |||||
Date: | May 2, 2016 | By | /s/ Jennifer Walter | ||
Jennifer Walter | |||||
Controller (Principal Accounting Officer) | |||||
Contribution Category | Contribution Level: Percentage of Base Salary | |
1. Initial Participants: Participants who were first elected as corporate officers and became Executives in 2015 | 40% of Base Salary | |
1. | I have reviewed this quarterly report on Form 10-Q of Moog Inc.; |
2. | Based on my knowledge, this 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 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 (the registrant’s fourth fiscal quarter in the case of an annual report) 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 registrant’s board of directors (or persons performing equivalent functions): |
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. |
1. | I have reviewed this quarterly report on Form 10-Q of Moog Inc.; |
2. | Based on my knowledge, this 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 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 (the registrant’s fourth fiscal quarter in the case of an annual report) 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 registrant’s board of directors (or persons performing equivalent functions): |
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. |
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Document And Entity Information - USD ($) |
6 Months Ended | ||
---|---|---|---|
Apr. 02, 2016 |
Apr. 26, 2016 |
Apr. 03, 2015 |
|
Document Information | |||
Entity Registrant Name | MOOG INC. | ||
Entity Central Index Key | 0000067887 | ||
Current Fiscal Year End Date | --10-01 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-Q | ||
Document Period End Date | Apr. 02, 2016 | ||
Document Fiscal Year Focus | 2016 | ||
Document Fiscal Period Focus | Q2 | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 2,579,000,000 | ||
Class A Common Stock | |||
Document Information | |||
Entity Common Stock, Shares Outstanding | 32,847,342 | ||
Entity Listing, Par Value Per Share | $ 1.00 | ||
Class B Common Stock | |||
Document Information | |||
Entity Common Stock, Shares Outstanding | 3,361,258 | ||
Entity Listing, Par Value Per Share | $ 1.00 |
Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Apr. 02, 2016 |
Oct. 03, 2015 |
---|---|---|
Statement of Financial Position [Abstract] | ||
PROPERTY, PLANT AND EQUIPMENT, accumulated depreciation | $ 701,500 | $ 677,168 |
Consolidated Condensed Statements Of Earnings - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Apr. 02, 2016 |
Apr. 04, 2015 |
Apr. 02, 2016 |
Apr. 04, 2015 |
|
Income Statement [Abstract] | ||||
Net sales | $ 611,142 | $ 637,246 | $ 1,179,599 | $ 1,267,769 |
Cost of sales | 431,955 | 463,696 | 838,952 | 910,301 |
Gross profit | 179,187 | 173,550 | 340,647 | 357,468 |
Research and development | 39,731 | 31,404 | 74,529 | 62,725 |
Selling, general and administrative | 82,771 | 92,158 | 165,765 | 189,985 |
Interest | 8,935 | 7,669 | 17,257 | 13,037 |
Restructuring | 8,069 | 0 | 8,342 | 0 |
Other | (936) | 921 | (1,518) | 885 |
Earnings before income taxes | 40,617 | 41,398 | 76,272 | 90,836 |
Income taxes | 9,710 | 9,305 | 19,205 | 23,478 |
Net earnings attributable to common shareholders and noncontrolling interest | 30,907 | 32,093 | 57,067 | 67,358 |
Net earnings (loss) attributable to noncontrolling interest | (143) | 0 | (224) | 0 |
Net earnings attributable to common shareholders | $ 31,050 | $ 32,093 | $ 57,291 | $ 67,358 |
Net earnings per share attributable to common shareholders | ||||
Basic | $ 0.85 | $ 0.81 | $ 1.57 | $ 1.68 |
Diluted | $ 0.85 | $ 0.80 | $ 1.55 | $ 1.66 |
Average common shares outstanding | ||||
Basic | 36,481,996 | 39,601,795 | 36,597,972 | 40,116,731 |
Diluted | 36,693,190 | 39,984,668 | 36,860,760 | 40,550,814 |
Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Apr. 02, 2016 |
Apr. 04, 2015 |
Apr. 02, 2016 |
Apr. 04, 2015 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net earnings attributable to common shareholders and noncontrolling interest | $ 30,907 | $ 32,093 | $ 57,067 | $ 67,358 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Foreign currency translation adjustment | 14,955 | (37,373) | (8,244) | (80,279) |
Retirement liability adjustment | 3,751 | 5,916 | 9,083 | 11,490 |
Change in accumulated income (loss) on derivatives | 493 | (323) | 931 | (73) |
Other comprehensive income (loss), net of tax | 19,199 | (31,780) | 1,770 | (68,862) |
Comprehensive income (loss) | 50,106 | 313 | 58,837 | (1,504) |
Comprehensive income (loss) attributable to noncontrolling interest | (143) | 0 | (224) | 0 |
Comprehensive income (loss) attributable to common shareholders | $ 50,249 | $ 313 | $ 59,061 | $ (1,504) |
Basis Of Presentation |
6 Months Ended |
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Apr. 02, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated condensed financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments consisting of normal recurring adjustments considered necessary for the fair presentation of results for the interim period have been included. The results of operations for the three and six months ended April 2, 2016 are not necessarily indicative of the results expected for the full year. The accompanying unaudited consolidated condensed financial statements should be read in conjunction with the financial statements and notes thereto included in our Form 10-K for the fiscal year ended October 3, 2015. All references to years in these financial statements are to fiscal years. Recent Accounting Pronouncements In April 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." This ASU is intended to change the criteria for reporting discontinued operations and enhance convergence of the FASB’s and the International Accounting Standard Board’s (IASB) reporting requirements for discontinued operations. The provisions of this ASU are effective for fiscal years beginning after December 15, 2014 and interim periods within those fiscal years. We adopted this amendment in the first quarter of 2016. The adoption of this standard did not have a material impact on our financial statements. |
Acquisition and Divestiture |
6 Months Ended |
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Apr. 02, 2016 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | Acquisition and Divestiture In 2016, we acquired a 70% ownership in Linear Mold and Engineering, a Livonia, Michigan-based company specializing in metal additive manufacturing that provides engineering, manufacturing and production consulting services to customers across a wide range of industries, including aerospace, defense, energy and industrial. The purchase price, net of acquired cash, was $22,765 consisting of $11,016 in cash, issuance of a $1,280 unsecured note and assumption of $10,469 of debt. The acquisition also includes a redeemable noncontrolling interest in the remaining 30%, which is exercisable beginning three years from the date of acquisition. This acquisition is included in of our Aircraft Controls segment. The purchase price allocation is subject to adjustments as we obtain additional information for our estimates during the measurement period. In 2015, we sold the Rochester, New York and Erie, Pennsylvania life sciences operations of our Medical Devices segment for $2,988 in cash. |
Receivables |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables | Receivables Receivables consist of:
We securitize certain trade receivables in transactions that are accounted for as secured borrowings (Securitization Program). We maintain a subordinated interest in a portion of the pool of trade receivables that are securitized. The retained interest, which is included in Receivables in the consolidated condensed balance sheets, is recorded at fair value, which approximates the total amount of the designated pool of accounts receivable. Refer to Note 6, Indebtedness, for additional disclosures related to the Securitization Program. |
Inventories |
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Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories, net of reserves, consist of:
There are no material inventoried costs relating to long-term contracts where revenue is accounted for using the percentage of completion, cost-to-cost method of accounting as of April 2, 2016 or October 3, 2015. |
Goodwill And Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill And Intangible Assets | Goodwill and Intangible Assets The changes in the carrying amount of goodwill are as follows:
Goodwill at April 2, 2016, in our Medical Devices reporting unit, is net of a $38,200 accumulated impairment loss. The components of intangible assets are as follows:
Substantially all acquired intangible assets other than goodwill are being amortized. Customer-related intangible assets primarily consist of customer relationships. Program-related intangible assets consist of long-term programs represented by current contracts and probable follow on work. Technology-related intangible assets primarily consist of technology, patents, intellectual property and software. Marketing-related intangible assets primarily consist of trademarks, trade names and non-compete agreements. Amortization of acquired intangible assets was $5,485 and $11,296 for the three and six months ended April 2, 2016 and $6,134 and $12,794 for the three and six months ended April 4, 2015. Based on acquired intangible assets recorded at April 2, 2016, amortization is expected to be approximately $21,500 in 2016, $18,100 in 2017, $17,300 in 2018, $15,800 in 2019 and $14,000 in 2020. |
Indebtedness |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indebtedness | Indebtedness Short-term borrowings consist of:
We maintain short-term line of credit facilities with banks throughout the world that are principally demand lines subject to revision by the banks. Long-term debt consists of:
Our U.S. revolving credit facility has a capacity of $1,100,000 and matures on May 22, 2019. It also provides an expansion option, which permits us to request an increase of up to $200,000 to the credit facility upon satisfaction of certain conditions. The credit facility is secured by substantially all of our U.S. assets. On November 21, 2014, we completed the sale of $300,000 aggregate principal amount of 5.25% senior notes due December 1, 2022 at par with interest paid semiannually on June 1 and December 1 of each year. The aggregate net proceeds of $294,430 were used to repay indebtedness under our U.S. bank credit facility, thereby increasing the unused portion of our revolving credit facility. The Securitization Program was extended on April 15, 2016 and matures on April 13, 2018 and increases our borrowing capacity to $120,000. Under the Securitization Program, we sell certain trade receivables and related rights to an affiliate, which in turn sells an undivided variable percentage ownership interest in the trade receivables to a financial institution, while maintaining a subordinated interest in a portion of the pool of trade receivables. Interest for the Securitization Program is based on 30-day LIBOR plus an applicable margin. A commitment fee is also charged based on a percentage of the unused amounts available and is not material. The agreement governing the Securitization Program contains restrictions and covenants which include limitations on the making of certain restricted payments, creation of certain liens, and certain corporate acts such as mergers, consolidations and sale of substantially all assets. The Securitization Program has a minimum borrowing requirement equal to the lesser of either 80% of our borrowing capacity or 100% of our borrowing base, which is a subset of the trade receivables sold under this agreement. As of April 2, 2016, our minimum borrowing requirement is $80,000. |
Product Warranties |
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Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranties | Product Warranties In the ordinary course of business, we warrant our products against defects in design, materials and workmanship typically over periods ranging from twelve to sixty months. We determine warranty reserves needed by product line based on historical experience and current facts and circumstances. Activity in the warranty accrual is summarized as follows:
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Derivative Financial Instruments |
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Derivative Instruments and Hedges, Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments We principally use derivative financial instruments to manage interest rate risk associated with long-term debt and foreign exchange risk related to foreign operations and foreign currency transactions. We enter into derivative financial instruments with a number of major financial institutions to minimize counterparty credit risk. Derivatives designated as hedging instruments Interest rate swaps are used to adjust the proportion of total debt that is subject to variable and fixed interest rates. The interest rate swaps are designated as hedges of the amount of future cash flows related to interest payments on variable-rate debt that, in combination with the interest payments on the debt, convert a portion of the variable-rate debt to fixed-rate debt. At April 2, 2016, we had interest rate swaps with notional amounts totaling $200,000. The interest rate swaps effectively convert this amount of variable-rate debt to fixed-rate debt at 2.64%, including the applicable margin of 1.88% as of April 2, 2016. The interest will revert back to variable rates based on LIBOR plus the applicable margin upon the maturity of the interest rate swaps. These interest rate swaps mature at various times between June 6, 2016 and June 5, 2017. We use foreign currency contracts as cash flow hedges to effectively fix the exchange rates on future payments and revenue. To mitigate exposure in movements between various currencies, primarily the Philippine peso, we had outstanding foreign currency forwards with notional amounts of $50,569 at April 2, 2016. These contracts mature at various times through March 2, 2018. These interest rate swaps and foreign currency contracts are recorded in the consolidated condensed balance sheets at fair value and the related gains or losses are deferred in shareholders’ equity as a component of Accumulated Other Comprehensive Income (Loss) (AOCI). These deferred gains and losses are reclassified into expense during the periods in which the related payments or receipts affect earnings. However, to the extent the interest rate swaps and foreign currency contracts are not perfectly effective in offsetting the change in the value of the payments and revenue being hedged, the ineffective portion of these contracts is recognized in earnings immediately. Ineffectiveness was not material in the first six months of 2016 or 2015. Derivatives not designated as hedging instruments We also have foreign currency exposure on balances, primarily intercompany, that are denominated in foreign currencies and are adjusted to current values using period-end exchange rates. The resulting gains or losses are recorded in the consolidated condensed statements of earnings. To minimize foreign currency exposure, we had foreign currency contracts with notional amounts of $132,597 at April 2, 2016. The foreign currency contracts are recorded in the consolidated condensed balance sheets at fair value and resulting gains or losses are recorded in the consolidated condensed statements of earnings. We recorded the following gains or losses on foreign currency contracts which are included in other income or expense and generally offset the gains or losses from the foreign currency adjustments on the intercompany balances that are also included in other income or expense:
Summary of derivatives The fair value and classification of derivatives is summarized as follows:
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Fair Value |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate fair value. The definition of the fair value hierarchy is as follows: Level 1 – Quoted prices in active markets for identical assets and liabilities. Level 2 – Observable inputs other than quoted prices in active markets for similar assets and liabilities. Level 3 – Inputs for which significant valuation assumptions are unobservable in a market and therefore value is based on the best available data, some of which is internally developed and considers risk premiums that a market participant would require. Our derivatives are valued using various pricing models or discounted cash flow analyses that incorporate observable market data, such as interest rate yield curves and currency rates, and are classified as Level 2 within the valuation hierarchy. Our Level 3 fair value liabilities represent contingent consideration recorded for acquisitions to be paid if various financial targets are met. The amounts recorded were calculated for each payment scenario in each period using an estimate of the probability of the future cash outflows. The varying contingent payments were then discounted to the present value at the weighted average cost of capital. Fair value is assessed on a quarterly basis, or whenever events or circumstances change that indicates an adjustment is required. The assessment includes an evaluation of the performance of the acquired business compared to previous expectations, changes to future projections and the probability of achieving the earn out targets. The following table presents the fair values and classification of our financial assets and liabilities measured on a recurring basis, all of which are classified as Level 2.
Our only financial instrument for which the carrying value differs from its fair value is long-term debt. At April 2, 2016, the fair value of long-term debt was $1,098,526 compared to its carrying value of $1,103,776. The fair value of long-term debt is classified as Level 2 within the fair value hierarchy and was estimated based on quoted market prices. |
Employee Benefit Plans |
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Pension and Other Postretirement Benefit Expense [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans Net periodic benefit costs for U.S. defined benefit pension plans consist of:
Net periodic benefit costs for foreign defined benefit pension plans consist of:
Net periodic benefit costs for the post-retirement health care benefit plan consists of:
Pension expense for the defined contribution plans consists of:
Actual contributions for the six months ended April 2, 2016 and anticipated additional 2016 contributions to our defined benefit pension plans are as follows:
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Restructuring |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring | Restructuring In 2016, we initiated further restructuring actions in conjunction with exiting a product line within Aircraft Controls in the U.S. We have also taken actions as a result of the business outlook in specific markets and locations in Components and Industrial Systems that resulted in workforce reductions in Canada, Europe and the U.S. The expense for all of these actions consists of $4,581 of non-cash charges, primarily for writing off intangible assets, $3,281 for severance and $480 for facility closure. In 2015, we initiated additional restructuring plans as a result of ongoing reviews of our lines of business and operations. The restructuring actions taken resulted in workforce reductions, primarily in the U.S., Europe and Asia. In 2014, we initiated restructuring plans in response to the business outlook, which includes a change in the mix of sales and delays and cancellations of orders for certain product lines. The restructuring actions taken resulted in workforce reductions, primarily in the U.S. and Europe. Restructuring activity for severance and other costs by segment is as follows:
As of April 2, 2016, the restructuring accrual consists of $1,013 for the 2014 plan, $3,035 for the 2015 plan and $1,976 for the 2016 plan. Restructuring for all plans is expected to be paid by October 1, 2016, except portions classified as long-term liabilities based on payment arrangements. |
Income Taxes |
6 Months Ended |
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Apr. 02, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rates for the three and six months ended April 2, 2016 were 23.9% and 25.2%, respectively. The effective tax rates for the three and six months ended April 4, 2015 were 22.5% and 25.8%, respectively. The effective tax rates for these periods are lower than the U.S. federal statutory tax rate primarily due to a significant portion of our earnings that come from foreign operations with lower tax rates and the recognition and timing of U.S. research and development tax credits. In addition, we also benefited from the reversal of accruals for certain tax exposures outside the U.S. whose statutes of limitations expired during these periods. |
Shareholders' Equity |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity | Shareholders’ Equity The changes in shareholders’ equity for the six months ended April 2, 2016 are summarized as follows:
The changes in AOCI, net of tax, by component for the six months ended April 2, 2016 are as follows:
The amounts reclassified from AOCI into earnings are as follows:
The amounts deferred in AOCI are as follows:
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Stock Employee Compensation Trust and Supplemental Retirement Plan Trust |
6 Months Ended |
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Apr. 02, 2016 | |
Share-based Compensation [Abstract] | |
Stock Employee Compensation Trust and Supplemental Retirement Plan Trust | Stock Employee Compensation Trust and Supplemental Retirement Plan Trust The Stock Employee Compensation Trust (SECT) assists in administering and provides funding for equity-based compensation plans and benefit programs, including the Moog Inc. Retirement Savings Plan (RSP). The Supplemental Retirement Plan (SERP) Trust provides funding for benefits under the Moog Inc. SERP. Both the SECT and the SERP Trust hold shares as investments. The shares in the SECT and SERP Trust are not considered outstanding for purposes of calculating earnings per share. However, in accordance with the trust agreements governing the SECT and SERP Trust, the trustees vote all shares held by the SECT and SERP Trust on all matters submitted to shareholders. |
Earnings Per Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings per Share Basic and diluted weighted-average shares outstanding are as follows:
For the three and six months ended April 2, 2016, there were 148,867 and 64,868 common shares subject to equity-based awards, respectively, excluded from the calculation of diluted earning per share as they would be anti-dilutive. There were no material anti-dilutive equity-based awards outstanding for the three and six months ended April 4, 2015. |
Segment Information |
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Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information During 2015, we made a change to our segment reporting. Our Components segment now includes our sensors and handpieces product line, which we previously included in the Medical Devices segment. This product line consists of manufactured ultrasonic and optical sensors as well as surgical handpieces distributed to medical OEMs. Since the customer base is different from the sale of medical pumps directly to end users, the chief operating decision maker is now reviewing performance and assessing the allocation of resources of this product line as part of the Components segment. All historical amounts have been restated to conform to this new organization. Below are sales and operating profit by segment for the three and six months ended April 2, 2016 and April 4, 2015 and a reconciliation of segment operating profit to earnings before income taxes. Operating profit is net sales less cost of sales and other operating expenses, excluding interest expense, equity-based compensation expense and other corporate expenses. Cost of sales and other operating expenses are directly identifiable to the respective segment or allocated on the basis of sales, number of employees or profit.
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Commitments and Contingencies |
6 Months Ended |
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Apr. 02, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure | Commitments and Contingencies From time to time, we are involved in legal proceedings. We are not a party to any pending legal proceedings which management believes will result in a material adverse effect on our financial condition, results of operations or cash flows. We are engaged in administrative proceedings with governmental agencies and legal proceedings with governmental agencies and other third parties in the normal course of our business, including litigation under Superfund laws, regarding environmental matters. We believe that adequate reserves have been established for our share of the estimated cost for all currently pending environmental administrative or legal proceedings and do not expect that these environmental matters will have a material adverse effect on our financial condition, results of operations or cash flows. In the ordinary course of business we could be subject to ongoing claims or disputes from our customers, the ultimate settlement of which could have a material adverse impact on our consolidated results of operations. While the receivables and any loss provisions recorded to date reflect management's best estimate of the projected costs to complete a given project, there is still significant effort required to complete the ultimate deliverable. Future variability in internal cost and as well as future profitability is dependent upon a number of factors including deliveries, performance and government budgetary pressures. The inability to achieve a satisfactory contractual solution, further unplanned delays, additional developmental cost growth or variations in any of the estimates used in the existing contract analysis could lead to further loss provisions. Additional losses could have a material adverse impact on our financial condition, results of operations or cash flows in the period in which the loss may be recognized. We are contingently liable for $18,494 of standby letters of credit issued by a bank to third parties on our behalf at April 2, 2016. |
Basis Of Presentation (Policies) |
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Apr. 02, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting | The accompanying unaudited consolidated condensed financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments consisting of normal recurring adjustments considered necessary for the fair presentation of results for the interim period have been included. The results of operations for the three and six months ended April 2, 2016 are not necessarily indicative of the results expected for the full year. The accompanying unaudited consolidated condensed financial statements should be read in conjunction with the financial statements and notes thereto included in our Form 10-K for the fiscal year ended October 3, 2015. All references to years in these financial statements are to fiscal years. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In April 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." This ASU is intended to change the criteria for reporting discontinued operations and enhance convergence of the FASB’s and the International Accounting Standard Board’s (IASB) reporting requirements for discontinued operations. The provisions of this ASU are effective for fiscal years beginning after December 15, 2014 and interim periods within those fiscal years. We adopted this amendment in the first quarter of 2016. The adoption of this standard did not have a material impact on our financial statements. |
Receivables (Tables) |
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Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] |
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Inventories (Tables) |
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Schedule of Inventory, net of reserves |
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Goodwill and Intangible Assets (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Carry Amount of Goodwill |
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Components of Intangible Assets |
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Indebtedness (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Short-term borrowings |
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Components of Long-term debt |
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Product Warranties (Tables) |
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Apr. 02, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Activity in Warranty Accrual |
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Derivative Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedges, Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains And Losses On Foreign Currency Forwards Included In Other Income Or Expense |
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Fair Value And Classification Of Derivatives On The Consolidated Balance Sheets |
|
Fair Value (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Values And Classification Of Financial Assets And Liabilities Measured On A Recurring Basis |
|
Employee Benefit Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Periodic Benefit Costs |
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Defined Contribution Plan Disclosures [Table Text Block] |
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Actual And Anticipated Additional Contributions To Defined Benefit Pension Plan |
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Restructuring (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Reserve Activity |
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Shareholders' Equity (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Shareholders' Equity |
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Components of AOCI |
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Reclassification from AOCI |
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Activity and Classification of Derivative Deferral in AOCI |
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Earnings Per Share (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic And Diluted Weighted-Average Shares Outstanding |
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Segment Information (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales And Operating Profit By Segment And Reconciliation Of Segment Operating Profit To Earnings Before Income Taxes |
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Acquisition and Divestiture (Narrative) (Details) - USD ($) $ in Thousands |
Dec. 03, 2015 |
Mar. 27, 2015 |
---|---|---|
Business Acquisition | ||
Percentage of Ownership Acquired | 70.00% | |
Purchase Price Net of Acquired Cash | $ 22,765 | |
Cash Paid to Acquire a Business | $ 11,016 | |
Non-Controlling Interest | 30.00% | |
Proceeds from Divestiture of Businesses | $ 2,988 | |
Debt Issued [Member] | ||
Business Acquisition | ||
Liabilities Incurred in Business Combination | $ 1,280 | |
Debt Assumed [Member] | ||
Business Acquisition | ||
Liabilities Incurred in Business Combination | $ 10,469 |
Receivables (Schedule of Receivables) (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Apr. 02, 2016 |
Oct. 03, 2015 |
|
Receivables [Abstract] | ||
Accounts receivable | $ 295,842 | $ 291,188 |
Long-term contract receivable - Amounts billed | 128,129 | 113,565 |
Long-term contract receivable - Unbilled recoverable costs and accrued profits | 272,439 | 286,395 |
Total long-term contract receivables | 400,568 | 399,960 |
Other | 10,597 | 12,557 |
Total receivables | 707,007 | 703,705 |
Less allowance for doubtful accounts | (3,985) | (5,286) |
Receivables | $ 703,022 | $ 698,419 |
Inventories (Schedule of Inventory)(Details) - USD ($) $ in Thousands |
Apr. 02, 2016 |
Oct. 03, 2015 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials and purchased parts | $ 189,455 | $ 188,843 |
Work in progress | 239,035 | 243,373 |
Finished goods | 71,734 | 61,144 |
Inventories | $ 500,224 | $ 493,360 |
Goodwill And Intangible Assets (Changes In Carrying Amount Of Goodwill) (Details) $ in Thousands |
6 Months Ended |
---|---|
Apr. 02, 2016
USD ($)
| |
Goodwill | |
Beginning balance | $ 737,212 |
Acquisitions | 20,235 |
Foreign currency translation | (4,621) |
Ending balance | 752,826 |
Aircraft Controls | |
Goodwill | |
Beginning balance | 188,525 |
Acquisitions | 20,235 |
Foreign currency translation | (3,812) |
Ending balance | 204,948 |
Space And Defense Controls | |
Goodwill | |
Beginning balance | 158,213 |
Acquisitions | 0 |
Foreign currency translation | 169 |
Ending balance | 158,382 |
Industrial Systems | |
Goodwill | |
Beginning balance | 110,843 |
Acquisitions | 0 |
Foreign currency translation | (2,450) |
Ending balance | 108,393 |
Components | |
Goodwill | |
Beginning balance | 217,763 |
Acquisitions | 0 |
Foreign currency translation | 1,318 |
Ending balance | 219,081 |
Medical Devices | |
Goodwill | |
Beginning balance | 61,868 |
Acquisitions | 0 |
Foreign currency translation | 154 |
Ending balance | $ 62,022 |
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Apr. 02, 2016 |
Apr. 04, 2015 |
Apr. 02, 2016 |
Apr. 04, 2015 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill, accumulated impairment loss | $ 38,200 | $ 38,200 | ||
Amortization of acquired intangible assets | 5,485 | $ 6,134 | 11,296 | $ 12,794 |
Future amortization expenses, 2016 | 21,500 | 21,500 | ||
Future amortization expenses, 2017 | 18,100 | 18,100 | ||
Future amortization expenses, 2018 | 17,300 | 17,300 | ||
Future amortization expenses, 2019 | 15,800 | 15,800 | ||
Future amortization expenses, 2020 | $ 14,000 | $ 14,000 |
Indebtedness (Schedule of Short-term borrowings) (Details) - USD ($) $ in Thousands |
Apr. 02, 2016 |
Oct. 03, 2015 |
---|---|---|
Debt Disclosure [Abstract] | ||
Lines of credit | $ 90 | $ 83 |
Other short-term debt | 1,280 | 0 |
Short-term borrowings | $ 1,370 | $ 83 |
Indebtedness (Components of Long-term debt) (Details) - USD ($) $ in Thousands |
Apr. 02, 2016 |
Oct. 03, 2015 |
---|---|---|
Debt Disclosure [Abstract] | ||
U.S. revolving credit facility | $ 702,865 | $ 675,000 |
Senior notes | 300,000 | 300,000 |
Securitization program | 100,000 | 100,000 |
Obligations under capital leases | 911 | 101 |
Senior debt | 1,103,776 | 1,075,101 |
Less current installments | 434 | 34 |
Long-term debt | $ 1,103,342 | $ 1,075,067 |
Indebtedness (Narrative) (Details) - USD ($) $ in Thousands |
Apr. 15, 2016 |
Nov. 21, 2014 |
May. 22, 2014 |
Apr. 02, 2016 |
---|---|---|---|---|
Revolving Credit Facility | ||||
Line of Credit Facility | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,100,000 | |||
Expansion option to increase credit facility | $ 200,000 | |||
Five One Over Four Percent Senior Subordinated Notes | ||||
Line of Credit Facility | ||||
Debt Instrument, Face Amount | $ 300,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | |||
Proceeds from Debt, Net of Issuance Costs | $ 294,430 | |||
Asset-backed Securities, Securitized Loans and Receivables | ||||
Line of Credit Facility | ||||
Minimum borrowing requirement for the Securitization Program | $ 80,000 | |||
Subsequent Event | Asset-backed Securities, Securitized Loans and Receivables | ||||
Line of Credit Facility | ||||
Maximum credit facility amount that can borrow | $ 120,000 | |||
Percentage of borrowing capacity on the Securitization Program | 80.00% | |||
Percentage of borrowing base on the Securitization Program | 100.00% |
Product Warranties (Narrative) (Details) |
6 Months Ended |
---|---|
Apr. 02, 2016 | |
Minimum | |
Product Warranties | |
Warranty period | twelve |
Maximum | |
Product Warranties | |
Warranty period | sixty |
Product Warranties (Summary Of Activity In Warranty Accrual) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Apr. 02, 2016 |
Apr. 04, 2015 |
Apr. 02, 2016 |
Apr. 04, 2015 |
|
Product Warranties Disclosures [Abstract] | ||||
Warranty accrual at beginning of period | $ 19,391 | $ 18,326 | $ 18,660 | $ 19,953 |
Warranties issued during current period | 2,925 | 2,234 | 5,343 | 3,699 |
Adjustments to pre-existing warranties | (215) | (452) | (349) | (1,584) |
Reductions for settling warranties | (1,795) | (1,918) | (3,048) | (3,156) |
Foreign currency translation | 92 | (572) | (208) | (1,294) |
Warranty accrual at end of period | $ 20,398 | $ 17,618 | $ 20,398 | $ 17,618 |
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Apr. 02, 2016 |
Apr. 04, 2015 |
|
Derivative | ||
Cash Flow Hedge Ineffectiveness is Immaterial | not material | not material |
Interest Rate Swaps | ||
Derivative | ||
Notional Amount, Derivative | $ 200,000 | |
Conversion Rate Of Interest Rate Swaps From Variable to Fixed | 2.64% | |
Basis Spread on Variable Rate Derivative | 1.88% | |
Foreign Currency Contracts | ||
Derivative | ||
Notional Amount, Derivative | $ 50,569 | |
Not Designated as Hedging Instrument | ||
Derivative | ||
Notional Amount, Derivative | $ 132,597 |
Derivative Financial Instruments (Gains And Losses On Foreign Currency Forwards Included In Other Income Or Expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Apr. 02, 2016 |
Apr. 04, 2015 |
Apr. 02, 2016 |
Apr. 04, 2015 |
|
Derivative Instruments and Hedges, Assets [Abstract] | ||||
Net gain (loss) | $ 3,069 | $ (2,348) | $ 3,959 | $ (1,415) |
Fair Value Fair Value (Narrative) (Details) $ in Thousands |
Apr. 02, 2016
USD ($)
|
---|---|
Fair Value Disclosures [Abstract] | |
Fair value of long-term debt | $ 1,098,526 |
Carrying value of long-term debt | $ 1,103,776 |
Employee Benefit Plans Employee Benefit Plans (Defined Contribution Expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Apr. 02, 2016 |
Apr. 04, 2015 |
Apr. 02, 2016 |
Apr. 04, 2015 |
|
Defined Contribution Plan Disclosure | ||||
Defined contribution plan expense | $ 4,830 | $ 5,022 | $ 9,909 | $ 10,242 |
United States | ||||
Defined Contribution Plan Disclosure | ||||
Defined contribution plan expense | 3,359 | 3,409 | 6,800 | 6,943 |
Foreign | ||||
Defined Contribution Plan Disclosure | ||||
Defined contribution plan expense | $ 1,471 | $ 1,613 | $ 3,109 | $ 3,299 |
Employee Benefit Plans (Actual And Anticipated Additional Contributions To Defined Benefit Pension Plan) (Details) $ in Thousands |
6 Months Ended |
---|---|
Apr. 02, 2016
USD ($)
| |
Pension Plans [Member] | |
Defined Benefit Plan Disclosure | |
Actual | $ 35,727 |
Anticipated | 39,310 |
Total contributions | 75,037 |
U.S. Pension Plans | |
Defined Benefit Plan Disclosure | |
Actual | 31,351 |
Anticipated | 36,610 |
Total contributions | 67,961 |
Foreign Pension Plans | |
Defined Benefit Plan Disclosure | |
Actual | 4,376 |
Anticipated | 2,700 |
Total contributions | $ 7,076 |
Restructuring (Narrative) (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Apr. 02, 2016 |
Oct. 03, 2015 |
|
Restructuring Cost and Reserve | ||
Restructuring Reserve | $ 6,024 | $ 14,546 |
2014 Plan | ||
Restructuring Cost and Reserve | ||
Restructuring Reserve | 1,013 | |
2015 Plan | ||
Restructuring Cost and Reserve | ||
Restructuring Reserve | 3,035 | |
2016 Plan | ||
Restructuring Cost and Reserve | ||
Restructuring Reserve | 1,976 | |
Aircraft Controls | ||
Restructuring Cost and Reserve | ||
Restructuring Reserve | 1,201 | $ 3,047 |
Other Restructuring | ||
Restructuring Cost and Reserve | ||
Restructuring Costs and Asset Impairment Charges | 4,581 | |
Employee Severance | ||
Restructuring Cost and Reserve | ||
Restructuring Costs | 3,281 | |
Facility Closing | ||
Restructuring Cost and Reserve | ||
Restructuring Costs | $ 480 |
Income Taxes (Narrative) (Details) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Apr. 02, 2016 |
Apr. 04, 2015 |
Apr. 02, 2016 |
Apr. 04, 2015 |
|
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 23.90% | 22.50% | 25.20% | 25.80% |
Shareholders' Equity (Activity and Classification of Derivative Deferral in AOCI) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Apr. 02, 2016 |
Apr. 04, 2015 |
Apr. 02, 2016 |
Apr. 04, 2015 |
|
Derivative Instruments, Gain (Loss) | ||||
Net loss | $ (115) | $ (1,081) | $ (170) | $ (1,589) |
Tax effect | (63) | 257 | (131) | 449 |
Net deferral in AOCI of derivatives | (178) | (824) | (301) | (1,140) |
Sales | Foreign Currency Contracts | ||||
Derivative Instruments, Gain (Loss) | ||||
Net deferral in AOCI of derivatives (effective portion) | (281) | (401) | (515) | (401) |
Cost Of Sales | Foreign Currency Contracts | ||||
Derivative Instruments, Gain (Loss) | ||||
Net deferral in AOCI of derivatives (effective portion) | 525 | 452 | 257 | 573 |
Interest | Interest Rate Swaps | ||||
Derivative Instruments, Gain (Loss) | ||||
Net deferral in AOCI of derivatives (effective portion) | $ (359) | $ (1,132) | $ 88 | $ (1,761) |
Earnings Per Share (Basic And Diluted Weighted-Average Shares Outstanding) (Details) - shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Apr. 02, 2016 |
Apr. 04, 2015 |
Apr. 02, 2016 |
Apr. 04, 2015 |
|
Earnings Per Share [Abstract] | ||||
Basic weighted-average shares outstanding | 36,481,996 | 39,601,795 | 36,597,972 | 40,116,731 |
Dilutive effect of equity-based awards | 211,194 | 382,873 | 262,788 | 434,083 |
Diluted weighted-average shares outstanding | 36,693,190 | 39,984,668 | 36,860,760 | 40,550,814 |
Earnings Per Share Earnings Per Share (Narrative) (Details) - shares |
3 Months Ended | 6 Months Ended |
---|---|---|
Apr. 02, 2016 |
Apr. 02, 2016 |
|
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share | 148,867 | 64,868 |
Segment Information (Sales And Operating Profit By Segment And Reconciliation Of Segment Operating Profit To Earnings Before Income Taxes) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Apr. 02, 2016 |
Apr. 04, 2015 |
Apr. 02, 2016 |
Apr. 04, 2015 |
|
Revenue, Net [Abstract] | ||||
Net sales | $ 611,142 | $ 637,246 | $ 1,179,599 | $ 1,267,769 |
Gross Profit [Abstract] | ||||
Total operating profit | 56,608 | 56,546 | 108,167 | 122,247 |
Deductions from operating profit [Abstract] | ||||
Interest expense | 8,935 | 7,669 | 17,257 | 13,037 |
Equity-based compensation expense | 983 | 568 | 1,919 | 3,966 |
Corporate expenses and other, net | 6,073 | 6,911 | 12,719 | 14,408 |
Earnings before income taxes | 40,617 | 41,398 | 76,272 | 90,836 |
Aircraft Controls | ||||
Revenue, Net [Abstract] | ||||
Net sales | 275,769 | 274,396 | 530,604 | 540,764 |
Gross Profit [Abstract] | ||||
Total operating profit | 19,042 | 22,336 | 37,173 | 46,794 |
Space And Defense Controls | ||||
Revenue, Net [Abstract] | ||||
Net sales | 89,175 | 93,256 | 171,815 | 193,211 |
Gross Profit [Abstract] | ||||
Total operating profit | 13,357 | 4,909 | 25,173 | 13,635 |
Industrial Systems | ||||
Revenue, Net [Abstract] | ||||
Net sales | 128,244 | 129,145 | 253,423 | 262,511 |
Gross Profit [Abstract] | ||||
Total operating profit | 13,270 | 12,685 | 26,903 | 25,904 |
Components | ||||
Revenue, Net [Abstract] | ||||
Net sales | 93,813 | 115,062 | 173,388 | 222,766 |
Gross Profit [Abstract] | ||||
Total operating profit | 8,385 | 15,900 | 13,085 | 32,862 |
Medical Devices | ||||
Revenue, Net [Abstract] | ||||
Net sales | 24,141 | 25,387 | 50,369 | 48,517 |
Gross Profit [Abstract] | ||||
Total operating profit | $ 2,554 | $ 716 | $ 5,833 | $ 3,052 |
Commitments and Contingencies (Narrative) (Details) $ in Thousands |
Apr. 02, 2016
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Standby letters of credit | $ 18,494 |
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