QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
PAGE | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
(dollars in thousands, except share and per share data) | July 1, 2023 | July 2, 2022 | July 1, 2023 | July 2, 2022 | ||||||||||||||||||||||
Net sales | $ | $ | $ | $ | ||||||||||||||||||||||
Cost of sales | ||||||||||||||||||||||||||
Inventory write-down | ||||||||||||||||||||||||||
Gross profit | ||||||||||||||||||||||||||
Research and development | ||||||||||||||||||||||||||
Selling, general and administrative | ||||||||||||||||||||||||||
Interest | ||||||||||||||||||||||||||
Asset impairment | ||||||||||||||||||||||||||
Restructuring | ||||||||||||||||||||||||||
Gain on sale of business | ( | |||||||||||||||||||||||||
Gain on sale of buildings | ( | |||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Earnings before income taxes | ||||||||||||||||||||||||||
Income taxes | ||||||||||||||||||||||||||
Net earnings | $ | $ | $ | $ | ||||||||||||||||||||||
Net earnings per share | ||||||||||||||||||||||||||
Basic | $ | $ | $ | $ | ||||||||||||||||||||||
Diluted | $ | $ | $ | $ | ||||||||||||||||||||||
Average common shares outstanding | ||||||||||||||||||||||||||
Basic | ||||||||||||||||||||||||||
Diluted | ||||||||||||||||||||||||||
See accompanying Notes to Consolidated Condensed Financial Statements. |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
(dollars in thousands) | July 1, 2023 | July 2, 2022 | July 1, 2023 | July 2, 2022 | ||||||||||||||||||||||
Net earnings | $ | $ | $ | $ | ||||||||||||||||||||||
Other comprehensive income (loss) ("OCI"), net of tax: | ||||||||||||||||||||||||||
Foreign currency translation adjustment | ( | ( | ||||||||||||||||||||||||
Retirement liability adjustment | ||||||||||||||||||||||||||
Change in accumulated income on derivatives | ( | ( | ||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | ( | ( | ||||||||||||||||||||||||
Comprehensive income | $ | $ | $ | $ | ||||||||||||||||||||||
See accompanying Notes to Consolidated Condensed Financial Statements. |
(dollars in thousands) | July 1, 2023 | October 1, 2022 | ||||||||||||
ASSETS | ||||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Restricted cash | ||||||||||||||
Receivables, net | ||||||||||||||
Inventories, net | ||||||||||||||
Prepaid expenses and other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Property, plant and equipment, net | ||||||||||||||
Operating lease right-of-use assets | ||||||||||||||
Goodwill | ||||||||||||||
Intangible assets, net | ||||||||||||||
Deferred income taxes | ||||||||||||||
Other assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||
Current liabilities | ||||||||||||||
Current installments of long-term debt | $ | $ | ||||||||||||
Accounts payable | ||||||||||||||
Accrued compensation | ||||||||||||||
Contract advances and progress billings | ||||||||||||||
Accrued liabilities and other | ||||||||||||||
Total current liabilities | ||||||||||||||
Long-term debt, excluding current installments | ||||||||||||||
Long-term pension and retirement obligations | ||||||||||||||
Deferred income taxes | ||||||||||||||
Other long-term liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Shareholders’ equity | ||||||||||||||
Common stock - Class A | ||||||||||||||
Common stock - Class B | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Retained earnings | ||||||||||||||
Treasury shares | ( | ( | ||||||||||||
Stock Employee Compensation Trust | ( | ( | ||||||||||||
Supplemental Retirement Plan Trust | ( | ( | ||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Total shareholders’ equity | ||||||||||||||
Total liabilities and shareholders’ equity | $ | $ | ||||||||||||
See accompanying Notes to Consolidated Condensed Financial Statements. |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
(dollars in thousands) | July 1, 2023 | July 2, 2022 | July 1, 2023 | July 2, 2022 | ||||||||||||||||||||||
COMMON STOCK | ||||||||||||||||||||||||||
Beginning and end of period | $ | $ | $ | $ | ||||||||||||||||||||||
ADDITIONAL PAID-IN CAPITAL | ||||||||||||||||||||||||||
Beginning of period | ||||||||||||||||||||||||||
Issuance of treasury shares | ||||||||||||||||||||||||||
Equity-based compensation expense | ||||||||||||||||||||||||||
Adjustment to market - SECT and SERP | ( | |||||||||||||||||||||||||
End of period | ||||||||||||||||||||||||||
RETAINED EARNINGS | ||||||||||||||||||||||||||
Beginning of period | ||||||||||||||||||||||||||
Net earnings | ||||||||||||||||||||||||||
Dividends (1) | ( | ( | ( | ( | ||||||||||||||||||||||
End of period | ||||||||||||||||||||||||||
TREASURY SHARES AT COST | ||||||||||||||||||||||||||
Beginning of period | ( | ( | ( | ( | ||||||||||||||||||||||
Class A and B shares issued related to compensation | ||||||||||||||||||||||||||
Class A and B shares purchased | ( | ( | ( | ( | ||||||||||||||||||||||
End of period | ( | ( | ( | ( | ||||||||||||||||||||||
STOCK EMPLOYEE COMPENSATION TRUST ("SECT") | ||||||||||||||||||||||||||
Beginning of period | ( | ( | ( | ( | ||||||||||||||||||||||
Issuance of shares | ||||||||||||||||||||||||||
Purchase of shares | ( | ( | ( | ( | ||||||||||||||||||||||
Adjustment to market | ( | ( | ( | |||||||||||||||||||||||
End of period | ( | ( | ( | ( | ||||||||||||||||||||||
SUPPLEMENTAL RETIREMENT PLAN ("SERP") TRUST | ||||||||||||||||||||||||||
Beginning of period | ( | ( | ( | ( | ||||||||||||||||||||||
Adjustment to market | ( | ( | ( | |||||||||||||||||||||||
End of period | ( | ( | ( | ( | ||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ||||||||||||||||||||||||||
Beginning of period | ( | ( | ( | ( | ||||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | ||||||||||||||||||||||||
End of period | ( | ( | ( | ( | ||||||||||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | $ | $ | $ | $ | ||||||||||||||||||||||
See accompanying Notes to Consolidated Condensed Financial Statements. |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
(share data) | July 1, 2023 | July 2, 2022 | July 1, 2023 | July 2, 2022 | ||||||||||||||||||||||
COMMON STOCK - CLASS A | ||||||||||||||||||||||||||
Beginning of period | ||||||||||||||||||||||||||
Conversion of Class B to Class A | ||||||||||||||||||||||||||
End of period | ||||||||||||||||||||||||||
COMMON STOCK - CLASS B | ||||||||||||||||||||||||||
Beginning of period | ||||||||||||||||||||||||||
Conversion of Class B to Class A | ( | ( | ( | ( | ||||||||||||||||||||||
End of period | ||||||||||||||||||||||||||
TREASURY SHARES - CLASS A COMMON STOCK | ||||||||||||||||||||||||||
Beginning of period | ( | ( | ( | ( | ||||||||||||||||||||||
Class A shares issued related to compensation | ||||||||||||||||||||||||||
Class A shares purchased | ( | ( | ( | ( | ||||||||||||||||||||||
End of period | ( | ( | ( | ( | ||||||||||||||||||||||
TREASURY SHARES - CLASS B COMMON STOCK | ||||||||||||||||||||||||||
Beginning of period | ( | ( | ( | ( | ||||||||||||||||||||||
Class B shares issued related to compensation | ||||||||||||||||||||||||||
Class B shares purchased | ( | ( | ( | ( | ||||||||||||||||||||||
End of period | ( | ( | ( | ( | ||||||||||||||||||||||
SECT - CLASS A COMMON STOCK | ||||||||||||||||||||||||||
Beginning and end of period | ( | ( | ( | ( | ||||||||||||||||||||||
SECT - CLASS B COMMON STOCK | ||||||||||||||||||||||||||
Beginning of period | ( | ( | ( | ( | ||||||||||||||||||||||
Issuance of shares | ||||||||||||||||||||||||||
Purchase of shares | ( | ( | ( | ( | ||||||||||||||||||||||
End of period | ( | ( | ( | ( | ||||||||||||||||||||||
SERP - CLASS B COMMON STOCK | ||||||||||||||||||||||||||
Beginning and end of period | ( | ( | ( | ( | ||||||||||||||||||||||
See accompanying Notes to Consolidated Condensed Financial Statements. |
Nine Months Ended | ||||||||||||||
(dollars in thousands) | July 1, 2023 | July 2, 2022 | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||
Net earnings | $ | $ | ||||||||||||
Adjustments to reconcile net earnings to net cash provided (used) by operating activities: | ||||||||||||||
Depreciation | ||||||||||||||
Amortization | ||||||||||||||
Deferred income taxes | ( | |||||||||||||
Equity-based compensation expense | ||||||||||||||
Gain on sale of business | ( | |||||||||||||
Gain on sale of buildings | ( | |||||||||||||
Asset impairment and inventory write-down | ||||||||||||||
Other | ||||||||||||||
Changes in assets and liabilities providing (using) cash: | ||||||||||||||
Receivables | ( | ( | ||||||||||||
Inventories | ( | ( | ||||||||||||
Accounts payable | ||||||||||||||
Contract advances and progress billings | ||||||||||||||
Accrued expenses | ( | ( | ||||||||||||
Accrued income taxes | ||||||||||||||
Net pension and post retirement liabilities | ||||||||||||||
Other assets and liabilities | ( | ( | ||||||||||||
Net cash provided (used) by operating activities | ( | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||
Acquisitions of businesses, net of cash acquired | ( | |||||||||||||
Purchase of property, plant and equipment | ( | ( | ||||||||||||
Net proceeds from businesses sold | ||||||||||||||
Net proceeds from buildings sold | ||||||||||||||
Other investing transactions | ( | ( | ||||||||||||
Net cash used by investing activities | ( | ( | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||
Proceeds from revolving lines of credit | ||||||||||||||
Payments on revolving lines of credit | ( | ( | ||||||||||||
Payments on long-term debt | ( | ( | ||||||||||||
Payments on finance lease obligations | ( | ( | ||||||||||||
Payment of dividends | ( | ( | ||||||||||||
Proceeds from sale of treasury stock | ||||||||||||||
Purchase of outstanding shares for treasury | ( | ( | ||||||||||||
Proceeds from sale of stock held by SECT | ||||||||||||||
Purchase of stock held by SECT | ( | ( | ||||||||||||
Other financing transactions | ( | |||||||||||||
Net cash provided (used) by financing activities | ( | |||||||||||||
Effect of exchange rate changes on cash | ( | |||||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | ( | |||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | ||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | ||||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | ||||||||||||||
Treasury shares issued as compensation | $ | $ | ||||||||||||
Equipment and property acquired through lease financing | ||||||||||||||
See accompanying Notes to Consolidated Condensed Financial Statements. |
July 1, 2023 | October 1, 2022 | |||||||||||||
Unbilled receivables | $ | $ | ||||||||||||
Contract advances and progress billings | ||||||||||||||
Net contract assets | $ | $ |
July 1, 2023 | October 1, 2022 | |||||||||||||
Accounts receivable | $ | $ | ||||||||||||
Unbilled receivables | ||||||||||||||
Other | ||||||||||||||
Less allowance for credit losses | ( | ( | ||||||||||||
Receivables, net | $ | $ |
July 1, 2023 | October 1, 2022 | |||||||||||||
Raw materials and purchased parts | $ | $ | ||||||||||||
Work in progress | ||||||||||||||
Finished goods | ||||||||||||||
Inventories, net | $ | $ |
July 1, 2023 | October 1, 2022 | |||||||||||||
Land | $ | $ | ||||||||||||
Buildings and improvements | ||||||||||||||
Machinery and equipment | ||||||||||||||
Computer equipment and software | ||||||||||||||
Property, plant and equipment, at cost | ||||||||||||||
Less accumulated depreciation and amortization | ( | ( | ||||||||||||
Property, plant and equipment, net | $ | $ |
Three Months Ended | Nine Months Ended | |||||||||||||
July 1, 2023 | July 2, 2022 | July 1, 2023 | July 2, 2022 | |||||||||||
Operating lease cost | $ | $ | $ | $ | ||||||||||
Finance lease cost: | ||||||||||||||
Amortization of right-of-use assets | $ | $ | $ | $ | ||||||||||
Interest on lease liabilities | ||||||||||||||
Total finance lease cost | $ | $ | $ | $ |
Nine Months Ended | ||||||||
July 1, 2023 | July 2, 2022 | |||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||
Operating cash flow for operating leases | $ | $ | ||||||
Operating cash flow for finance leases | ||||||||
Financing cash flow for finance leases | ||||||||
Assets obtained in exchange for lease obligations: | ||||||||
Operating leases | $ | $ | ||||||
Finance leases |
July 1, 2023 | October 1, 2022 | |||||||
Operating Leases: | ||||||||
Operating lease right-of-use assets | $ | $ | ||||||
$ | $ | |||||||
$ | $ | |||||||
Finance Leases: | ||||||||
Property, plant, and equipment, at cost | $ | $ | ||||||
Accumulated depreciation | ( | ( | ||||||
$ | $ | |||||||
$ | $ | |||||||
$ | $ | |||||||
Weighted average remaining lease term in years: | ||||||||
Operating leases | ||||||||
Finance leases | ||||||||
Weighted average discount rates: | ||||||||
Operating leases | % | % | ||||||
Finance leases | % | % |
July 1, 2023 | ||||||||||||||
Operating Leases | Finance Leases | |||||||||||||
2023 | $ | $ | ||||||||||||
2024 | ||||||||||||||
2025 | ||||||||||||||
2026 | ||||||||||||||
2027 | ||||||||||||||
Thereafter | ||||||||||||||
Total lease payments | ||||||||||||||
Less: imputed interest | ( | ( | ||||||||||||
Total | $ | $ |
Aircraft Controls | Space and Defense Controls | Industrial Systems | Total | |||||||||||
Balance at October 1, 2022 | $ | $ | $ | $ | ||||||||||
Adjustments to prior year acquisitions | ||||||||||||||
Foreign currency translation | ||||||||||||||
Balance at July 1, 2023 | $ | $ | $ | $ |
July 1, 2023 | October 1, 2022 | |||||||||||||||||||||||||||||||
Weighted- Average Life (years) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||||||||||||||
Customer-related | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||
Technology-related | ( | ( | ||||||||||||||||||||||||||||||
Program-related | ( | ( | ||||||||||||||||||||||||||||||
Marketing-related | ( | ( | ||||||||||||||||||||||||||||||
Other | ( | ( | ||||||||||||||||||||||||||||||
Intangible assets | $ | $ | ( | $ | $ | ( |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
July 1, 2023 | July 2, 2022 | July 1, 2023 | July 2, 2022 | ||||||||||||||||||||
Acquired intangible asset amortization | $ | $ | $ | $ |
2023 | 2024 | 2025 | 2026 | 2027 | |||||||||||||
Estimated future amortization of acquired intangible assets | $ | $ | $ | $ | $ |
July 1, 2023 | ||||||||||||||||||||
Income (Loss) | ||||||||||||||||||||
Net investment balance | Three Months Ended | Nine Months Ended | ||||||||||||||||||
Moog Aircraft Service Asia | $ | $ | $ | ( | ||||||||||||||||
NOVI LLC | ||||||||||||||||||||
Suffolk Technologies Fund 1, L.P. | ||||||||||||||||||||
Total | $ | $ | $ |
July 1, 2023 | October 1, 2022 | |||||||||||||
U.S. revolving credit facility | $ | $ | ||||||||||||
SECT revolving credit facility | ||||||||||||||
Senior notes 4.25% | ||||||||||||||
Other long-term debt | ||||||||||||||
Senior debt | ||||||||||||||
Less deferred debt issuance cost | ( | ( | ||||||||||||
Less current installments | ( | ( | ||||||||||||
Long-term debt | $ | $ |
July 1, 2023 | October 1, 2022 | |||||||||||||
Employee benefits | $ | $ | ||||||||||||
Contract reserves | ||||||||||||||
Warranty accrual | ||||||||||||||
Accrued income taxes | ||||||||||||||
Other | ||||||||||||||
Other accrued liabilities | $ | $ |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
July 1, 2023 | July 2, 2022 | July 1, 2023 | July 2, 2022 | |||||||||||||||||||||||
Warranty accrual at beginning of period | $ | $ | $ | $ | ||||||||||||||||||||||
Warranties issued during current period | ||||||||||||||||||||||||||
Adjustments to pre-existing warranties | ( | ( | ( | ( | ||||||||||||||||||||||
Reductions for settling warranties | ( | ( | ( | ( | ||||||||||||||||||||||
Divestiture adjustment | ( | |||||||||||||||||||||||||
Foreign currency translation | ( | ( | ( | |||||||||||||||||||||||
Warranty accrual at end of period | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
Statements of Earnings location | July 1, 2023 | July 2, 2022 | July 1, 2023 | July 2, 2022 | |||||||||||||||||||||||||
Net gain (loss) | |||||||||||||||||||||||||||||
Foreign currency contracts | Other | $ | $ | ( | $ | $ | ( |
Balance Sheets location | July 1, 2023 | October 1, 2022 | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Foreign currency contracts | Other current assets | $ | $ | ||||||||||||||
Foreign currency contracts | Other assets | ||||||||||||||||
Total asset derivatives | $ | $ | |||||||||||||||
Foreign currency contracts | Accrued liabilities and other | $ | $ | ||||||||||||||
Foreign currency contracts | Other long-term liabilities | ||||||||||||||||
Total liability derivatives | $ | $ | |||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Foreign currency contracts | Other current assets | $ | $ | ||||||||||||||
Foreign currency contracts | Accrued liabilities and other | $ | $ | ||||||||||||||
Balance Sheets location | July 1, 2023 | October 1, 2022 | ||||||||||||||||||
Foreign currency contracts | Other current assets | $ | $ | |||||||||||||||||
Foreign currency contracts | Other assets | |||||||||||||||||||
Total assets | $ | $ | ||||||||||||||||||
Foreign currency contracts | Accrued liabilities and other | $ | $ | |||||||||||||||||
Foreign currency contracts | Other long-term liabilities | |||||||||||||||||||
Acquisition contingent consideration | Other long-term liabilities | |||||||||||||||||||
Total liabilities | $ | $ |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
July 1, 2023 | July 2, 2022 | July 1, 2023 | July 2, 2022 | |||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | ||||||||||||||||||||||
Additions from acquisition | ( | |||||||||||||||||||||||||
Increase in discounted future cash flows recorded as interest expense | ||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ |
Aircraft Controls | Space and Defense Controls | Industrial Systems | Total | |||||||||||
Balance at October 1, 2022 | $ | $ | $ | $ | ||||||||||
Charged to expense - 2023 plan | ||||||||||||||
Charged to expense - 2022 plan | ||||||||||||||
Adjustments to provision | ( | |||||||||||||
Cash payments - 2023 plan | ( | ( | ( | |||||||||||
Cash payments - 2022 plan | ( | ( | ( | ( | ||||||||||
Cash payments - 2020 plan | ( | ( | ||||||||||||
Cash payments - 2018 plan | ( | ( | ||||||||||||
Foreign currency translation | ||||||||||||||
Balance at July 1, 2023 | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
July 1, 2023 | July 2, 2022 | July 1, 2023 | July 2, 2022 | |||||||||||||||||||||||
U.S. defined contribution plans | $ | $ | $ | $ | ||||||||||||||||||||||
Non-U.S. defined contribution plans | ||||||||||||||||||||||||||
Total expense for defined contribution plans | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
July 1, 2023 | July 2, 2022 | July 1, 2023 | July 2, 2022 | |||||||||||||||||||||||
U.S. Plans | ||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||||||||||||
Interest cost | ||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | ||||||||||||||||||||||
Amortization of actuarial loss | ||||||||||||||||||||||||||
Expense for U.S. defined benefit plans | $ | $ | $ | $ | ||||||||||||||||||||||
Non-U.S. Plans | ||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||||||||||||
Interest cost | ||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | ||||||||||||||||||||||
Amortization of prior service cost | ||||||||||||||||||||||||||
Amortization of actuarial loss | ||||||||||||||||||||||||||
Expense for non-U.S. defined benefit plans | $ | $ | $ | $ |
Accumulated foreign currency translation | Accumulated retirement liability | Accumulated gain (loss) on derivatives | Total | |||||||||||||||||||||||
AOCIL at October 1, 2022 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
OCI before reclassifications | ( | |||||||||||||||||||||||||
Amounts reclassified from AOCIL | ||||||||||||||||||||||||||
OCI, net of tax | ||||||||||||||||||||||||||
AOCIL at July 1, 2023 | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
Statements of Earnings location | July 1, 2023 | July 2, 2022 | July 1, 2023 | July 2, 2022 | ||||||||||||||||||||||||||||
Retirement liability: | ||||||||||||||||||||||||||||||||
Prior service cost | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Actuarial losses | ||||||||||||||||||||||||||||||||
Reclassification from AOCIL into earnings | ||||||||||||||||||||||||||||||||
Tax effect | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Net reclassification from AOCIL into earnings | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||||||||||
Foreign currency contracts | Sales | $ | $ | $ | $ | |||||||||||||||||||||||||||
Foreign currency contracts | Cost of sales | ( | ||||||||||||||||||||||||||||||
Reclassification from AOCIL into earnings | ||||||||||||||||||||||||||||||||
Tax effect | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Net reclassification from AOCIL into earnings | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
July 1, 2023 | July 2, 2022 | July 1, 2023 | July 2, 2022 | |||||||||||||||||||||||
Foreign currency contracts | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||
Net gain (loss) | ( | ( | ( | |||||||||||||||||||||||
Tax effect | ( | |||||||||||||||||||||||||
Net deferral in AOCIL of derivatives | $ | ( | $ | ( | $ | $ | ( |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
July 1, 2023 | July 2, 2022 | July 1, 2023 | July 2, 2022 | |||||||||||||||||||||||
Basic weighted-average shares outstanding | ||||||||||||||||||||||||||
Dilutive effect of equity-based awards | ||||||||||||||||||||||||||
Diluted weighted-average shares outstanding |
Anti-dilutive shares from equity-based awards |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
Market Type | July 1, 2023 | July 2, 2022 | July 1, 2023 | July 2, 2022 | ||||||||||||||||||||||
Net sales: | ||||||||||||||||||||||||||
Military | $ | $ | $ | $ | ||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Aircraft Controls | ||||||||||||||||||||||||||
Space | ||||||||||||||||||||||||||
Defense | ||||||||||||||||||||||||||
Space and Defense Controls | ||||||||||||||||||||||||||
Energy | ||||||||||||||||||||||||||
Industrial Automation | ||||||||||||||||||||||||||
Simulation and Test | ||||||||||||||||||||||||||
Medical | ||||||||||||||||||||||||||
Industrial Systems | ||||||||||||||||||||||||||
Net sales | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
Customer Type | July 1, 2023 | July 2, 2022 | July 1, 2023 | July 2, 2022 | ||||||||||||||||||||||
Net sales: | ||||||||||||||||||||||||||
Commercial | $ | $ | $ | $ | ||||||||||||||||||||||
U.S. Government (including OEM) | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Aircraft Controls | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
U.S. Government (including OEM) | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Space and Defense Controls | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
U.S. Government (including OEM) | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Industrial Systems | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
U.S. Government (including OEM) | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Net sales | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
Revenue Recognition Method | July 1, 2023 | July 2, 2022 | July 1, 2023 | July 2, 2022 | ||||||||||||||||||||||
Net sales: | ||||||||||||||||||||||||||
Over-time | $ | $ | $ | $ | ||||||||||||||||||||||
Point in time | ||||||||||||||||||||||||||
Aircraft Controls | ||||||||||||||||||||||||||
Over-time | ||||||||||||||||||||||||||
Point in time | ||||||||||||||||||||||||||
Space and Defense Controls | ||||||||||||||||||||||||||
Over-time | ||||||||||||||||||||||||||
Point in time | ||||||||||||||||||||||||||
Industrial Systems | ||||||||||||||||||||||||||
Over-time | ||||||||||||||||||||||||||
Point in time | ||||||||||||||||||||||||||
Net sales | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
July 1, 2023 | July 2, 2022 | July 1, 2023 | July 2, 2022 | |||||||||||||||||||||||
Operating profit: | ||||||||||||||||||||||||||
Aircraft Controls | $ | $ | $ | $ | ||||||||||||||||||||||
Space and Defense Controls | ||||||||||||||||||||||||||
Industrial Systems | ||||||||||||||||||||||||||
Total operating profit | ||||||||||||||||||||||||||
Deductions from operating profit: | ||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||
Equity-based compensation expense | ||||||||||||||||||||||||||
Corporate and other expenses, net | ||||||||||||||||||||||||||
Earnings before income taxes | $ | $ | $ | $ |
CONSOLIDATED RESULTS OF OPERATIONS | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
(dollars and shares in millions, except per share data) | July 1, 2023 | July 2, 2022 | $ Variance | % Variance | July 1, 2023 | July 2, 2022 | $ Variance | % Variance | |||||||||||||||||||||
Net sales | $ | 850 | $ | 773 | $ | 77 | 10 | % | $ | 2,447 | $ | 2,268 | $ | 179 | 8 | % | |||||||||||||
Gross margin | 26.2 | % | 27.4 | % | 26.5 | % | 27.2 | % | |||||||||||||||||||||
Research and development expenses | $ | 27 | $ | 26 | $ | 1 | 2 | % | $ | 77 | $ | 84 | $ | (7) | (9 | %) | |||||||||||||
Selling, general and administrative expenses as a percentage of sales | 14.3 | % | 14.7 | % | 14.4 | % | 14.8 | % | |||||||||||||||||||||
Interest expense | $ | 17 | $ | 9 | $ | 8 | 89 | % | $ | 45 | $ | 25 | $ | 20 | 79 | % | |||||||||||||
Asset impairment | $ | — | $ | 1 | $ | — | (37 | %) | $ | 2 | $ | 16 | $ | (14) | (90 | %) | |||||||||||||
Restructuring expense | $ | 2 | $ | 1 | $ | 1 | 185 | % | $ | 5 | $ | 8 | $ | (4) | (43 | %) | |||||||||||||
Gain on sale of business | $ | — | $ | — | $ | — | — | % | $ | — | $ | (16) | $ | 16 | (100 | %) | |||||||||||||
Gain on sale of buildings | $ | — | $ | — | $ | — | n/a | $ | (10) | — | $ | (10) | n/a | ||||||||||||||||
Other | $ | 5 | $ | 2 | $ | 3 | n/a | $ | 10 | $ | 3 | $ | 7 | n/a | |||||||||||||||
Effective tax rate | 15.8 | % | 15.7 | % | 21.3 | % | 21.4 | % | |||||||||||||||||||||
Net earnings | $ | 42 | $ | 50 | $ | (8) | (16 | %) | $ | 131 | $ | 126 | $ | 6 | 4 | % | |||||||||||||
Diluted earnings per share | $ | 1.32 | $ | 1.57 | $ | (0.25) | (16 | %) | $ | 4.11 | $ | 3.91 | $ | 0.20 | 5 | % | |||||||||||||
Twelve-month backlog | $ | 2,300 | $ | 2,200 | $ | 100 | 5 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
(dollars in millions) | July 1, 2023 | July 2, 2022 | $ Variance | % Variance | July 1, 2023 | July 2, 2022 | $ Variance | % Variance | |||||||||||||||||||||
Net sales - military aircraft | $ | 171 | $ | 181 | $ | (10) | (6 | %) | $ | 518 | $ | 559 | $ | (41) | (7 | %) | |||||||||||||
Net sales - commercial aircraft | 184 | 137 | 47 | 34 | % | 494 | 374 | 121 | 32 | % | |||||||||||||||||||
$ | 355 | $ | 318 | $ | 37 | 12 | % | $ | 1,012 | $ | 933 | $ | 80 | 9 | % | ||||||||||||||
Operating profit | $ | 38 | $ | 34 | $ | 3 | 10 | % | $ | 99 | $ | 89 | $ | 11 | 12 | % | |||||||||||||
Operating margin | 10.7 | % | 10.8 | % | 9.8 | % | 9.5 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
(dollars in millions) | July 1, 2023 | July 2, 2022 | $ Variance | % Variance | July 1, 2023 | July 2, 2022 | $ Variance | % Variance | |||||||||||||||||||||
Net sales | $ | 242 | $ | 224 | $ | 19 | 8 | % | $ | 706 | $ | 655 | $ | 51 | 8 | % | |||||||||||||
Operating profit | $ | 19 | $ | 25 | $ | (7) | (27 | %) | $ | 66 | $ | 71 | $ | (4) | (6 | %) | |||||||||||||
Operating margin | 7.7 | % | 11.3 | % | 9.4 | % | 10.8 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
(dollars in millions) | July 1, 2023 | July 2, 2022 | $ Variance | % Variance | July 1, 2023 | July 2, 2022 | $ Variance | % Variance | |||||||||||||||||||||
Net sales | $ | 253 | $ | 231 | $ | 21 | 9 | % | $ | 729 | $ | 680 | $ | 48 | 7 | % | |||||||||||||
Operating profit | $ | 28 | $ | 19 | $ | 9 | 44 | % | $ | 89 | $ | 57 | $ | 32 | 55 | % | |||||||||||||
Operating margin | 11.1 | % | 8.4 | % | 12.2 | % | 8.4 | % |
2023 vs. 2022 | |||||||||||||||||||||||
(dollars in millions, except per share data) | 2023 Outlook | 2022 | $ Variance | % Variance | |||||||||||||||||||
Net sales: | |||||||||||||||||||||||
Aircraft Controls | $ | 1,355 | $ | 1,256 | $ | 99 | 8 | % | |||||||||||||||
Space and Defense Controls | 930 | 872 | 58 | 7 | % | ||||||||||||||||||
Industrial Systems | 965 | 907 | 58 | 6 | % | ||||||||||||||||||
$ | 3,250 | $ | 3,036 | $ | 214 | 7 | % | ||||||||||||||||
Operating profit: | |||||||||||||||||||||||
Aircraft Controls | $ | 145 | $ | 124 | $ | 22 | 17 | % | |||||||||||||||
Space and Defense Controls | 96 | 87 | 9 | 11 | % | ||||||||||||||||||
Industrial Systems | 116 | 72 | 44 | 60 | % | ||||||||||||||||||
$ | 358 | $ | 283 | $ | 75 | 26 | % | ||||||||||||||||
Operating margin: | |||||||||||||||||||||||
Aircraft Controls | 10.7 | % | 9.8 | % | |||||||||||||||||||
Space and Defense Controls | 10.3 | % | 10.0 | % | |||||||||||||||||||
Industrial Systems | 12.0 | % | 8.0 | % | |||||||||||||||||||
11.0 | % | 9.3 | % | ||||||||||||||||||||
Net earnings | $ | 186 | $ | 155 | |||||||||||||||||||
Diluted earnings per share | $ | 5.82 | $ | 4.83 |
Nine Months Ended | |||||||||||
(dollars in millions) | July 1, 2023 | July 2, 2022 | $ Variance | ||||||||
Net cash provided (used) by: | |||||||||||
Operating activities | $ | (17) | $ | 184 | $ | (201) | |||||
Investing activities | (114) | (85) | (29) | ||||||||
Financing activities | 133 | (98) | 231 |
Period | (a) Total Number of Shares Purchased (1) (2)(3) | (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) | ||||||||||||||||||||||
April 2, 2023 - April 29, 2023 | 10,798 | $ | 97.39 | — | 2,198,081 | |||||||||||||||||||||
April 30, 2023 - June 3, 2023 | 33,640 | 92.66 | 26,000 | 2,172,081 | ||||||||||||||||||||||
June 4, 2023 - July 1, 2023 | 12,502 | 105.64 | — | 2,172,081 | ||||||||||||||||||||||
Total | 56,940 | $ | 96.41 | 26,000 | 2,172,081 |
(a) | Exhibits | |||||||||||||
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. | ||||||||||||||
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. | ||||||||||||||
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 - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL 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 | |||||||||||||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document and are contained within Exhibit 101. |
Moog Inc. | |||||||||||||||||
(Registrant) | |||||||||||||||||
Date: | July 28, 2023 | By | /s/ Pat Roche | ||||||||||||||
Pat Roche | |||||||||||||||||
Chief Executive Officer (Principal Executive Officer) | |||||||||||||||||
Date: | July 28, 2023 | By | /s/ Jennifer Walter | ||||||||||||||
Jennifer Walter | |||||||||||||||||
Vice President and Chief Financial Officer (Principal Financial Officer) | |||||||||||||||||
Date: | July 28, 2023 | By | /s/ Michael J. Swope | ||||||||||||||
Michael J. Swope | |||||||||||||||||
Controller (Principal Accounting Officer) | |||||||||||||||||
Consolidated Condensed Statements of Earnings - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2023 |
Jul. 02, 2022 |
Jul. 01, 2023 |
Jul. 02, 2022 |
|
Income Statement [Abstract] | ||||
Net sales | $ 850,176 | $ 772,911 | $ 2,447,071 | $ 2,267,784 |
Cost of sales | 627,543 | 560,966 | 1,799,437 | 1,646,742 |
Inventory write-down | 0 | 202 | 0 | 3,407 |
Gross profit | 222,633 | 211,743 | 647,634 | 617,635 |
Research and development | 26,502 | 25,890 | 77,107 | 84,318 |
Selling, general and administrative | 121,935 | 113,886 | 351,795 | 336,702 |
Interest | 17,256 | 9,131 | 45,351 | 25,376 |
Asset impairment | 435 | 692 | 1,654 | 15,928 |
Restructuring | 1,642 | 576 | 4,737 | 8,369 |
Gain on sale of business | 0 | 0 | 0 | (16,146) |
Gain on sale of buildings | 0 | 0 | (10,030) | 0 |
Other | 4,525 | 1,759 | 10,077 | 3,143 |
Earnings before income taxes | 50,338 | 59,809 | 166,943 | 159,945 |
Income taxes | 7,951 | 9,400 | 35,527 | 34,184 |
Net earnings | $ 42,387 | $ 50,409 | $ 131,416 | $ 125,761 |
Net earnings per share | ||||
Basic | $ 1.33 | $ 1.58 | $ 4.13 | $ 3.93 |
Diluted | $ 1.32 | $ 1.57 | $ 4.11 | $ 3.91 |
Average common shares outstanding | ||||
Basic | 31,838,961 | 31,922,377 | 31,811,034 | 31,988,150 |
Diluted | 32,067,391 | 32,067,431 | 31,995,340 | 32,125,438 |
Consolidated Condensed Statement of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2023 |
Jul. 02, 2022 |
Jul. 01, 2023 |
Jul. 02, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 42,387 | $ 50,409 | $ 131,416 | $ 125,761 |
Other comprehensive income (loss) ("OCI"), net of tax: | ||||
Foreign currency translation adjustment | 5,470 | (43,954) | 67,749 | (68,797) |
Retirement liability adjustment | 2,028 | 5,438 | 5,259 | 14,066 |
Change in accumulated income on derivatives | 201 | (1,533) | 3,200 | (1,693) |
Other comprehensive income (loss), net of tax | 7,699 | (40,049) | 76,208 | (56,424) |
Comprehensive income | $ 50,086 | $ 10,360 | $ 207,624 | $ 69,337 |
Basis Of Presentation |
9 Months Ended |
---|---|
Jul. 01, 2023 | |
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 nine months ended July 1, 2023 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 1, 2022. All references to years in these financial statements are to fiscal years. Impairment of Assets Long-lived assets, including acquired intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of those assets may not be recoverable. We use undiscounted cash flows to determine whether impairment exists and measure any impairment loss using discounted cash flows, or another comparable method. In 2023, we recorded a $1,435 impairment charge on long-lived assets in our Aircraft Controls segment. These charges relate to equipment that experienced a decline in value due to the U.S. Air Force announcement to retire the KC-10 aerial refueling tanker and retirement of a trade name intangible. In addition, we have recorded a $219 impairment charge on receivables in our Space and Defense Controls segment associated with an expected cancellation of a contract. These charges are included in asset impairment in the Consolidated Condensed Statement of Earnings. In 2022, we recorded impairment charges on long-lived assets in our Aircraft Controls segment. These charges relate to equipment that experienced a significant decline in value due to a slower than expected recovery of our commercial aircraft business. In addition, we recorded impairment charges on receivables and inventories associated with Russian actions in Ukraine. These charges are included in asset impairment in the Consolidated Condensed Statement of Earnings. Reclassifications Certain prior year amounts have been reclassified to conform to current year's presentation, which management does not consider to be material. Recent Accounting Pronouncements Adopted There have been no accounting pronouncements adopted for the nine months ended July 1, 2023. Recent Accounting Pronouncements Not Yet Adopted We consider the applicability and impact of all Accounting Standard Updates ("ASU"). ASUs were assessed and determined to be either not applicable, or had or are expected to have an immaterial impact on our financial statements and related disclosures.
|
Revenue from Contracts with Customers |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | Revenue from Contracts with Customers We recognize revenue from contracts with customers using the five-step model prescribed in ASC 606. The first step is identifying the contract. The identification of a contract with a customer requires an assessment of each party’s rights and obligations regarding the products or services to be transferred, including an evaluation of termination clauses and presently enforceable rights and obligations. Each party’s rights and obligations and the associated terms and conditions are typically determined in purchase orders. For sales that are governed by master supply agreements under which provisions define specific program requirements, purchase orders are issued under these agreements to reflect presently enforceable rights and obligations for the units of products and services being purchased. Contracts are sometimes modified to account for changes in contract specifications and requirements. When this occurs, we assess the modification as prescribed in ASC 606 and determine whether the existing contract needs to be modified (and revenue cumulatively caught up), whether the existing contract needs to be terminated and a new contract needs to be created, or whether the existing contract remains and a new contract needs to be created. This is determined based on the rights and obligations within the modification as well as the associated transaction price. The next step is identifying the performance obligations. A performance obligation is a promise to transfer goods or services to a customer that is distinct in the context of the contract, as defined by ASC 606. We identify a performance obligation for each promise in a contract to transfer a distinct good or service to the customer. As part of our assessment, we consider all goods and/or services promised in the contract, regardless of whether they are explicitly stated or implied by customary business practices. The products and services in our contracts are typically not distinct from one another due to their complexity and reliance on each other or, in many cases, we provide a significant integration service. Accordingly, many of our contracts are accounted for as one performance obligation. In limited cases, our contracts have more than one distinct performance obligation, which occurs when we perform activities that are not highly complex or interrelated or involve different product life cycles. Warranties are provided on certain contracts, but do not typically provide for services beyond standard assurances and are therefore not distinct performance obligations under ASC 606. The third step is determining the transaction price, which represents the amount of consideration we expect to be entitled to receive from a customer in exchange for providing the goods or services. There are times when this consideration is variable, for example a volume discount, and must be estimated. Sales, use, value-added, and excise taxes are excluded from the transaction price, where applicable. The fourth step is allocating the transaction price. The transaction price must be allocated to the performance obligations identified in the contract based on relative stand-alone selling prices when available, or an estimate for each distinct good or service in the contract when standalone prices are not available. Our contracts with customers generally require payment under normal commercial terms after delivery. Payment terms are typically within 30 to 60 days of delivery. The timing of satisfaction of our performance obligations does not significantly vary from the typical timing of payment. The final step is the recognition of revenue. We recognize revenue as the performance obligations are satisfied. ASC 606 provides guidance to help determine if we are satisfying the performance obligation at a point in time or over time. In determining when performance obligations are satisfied, we consider factors such as contract terms, payment terms and whether there is an alternative use of the product or service. In essence, we recognize revenue when, or as control of, the promised goods or services transfer to the customer. Revenue is recognized either over time using the cost-to-cost method, or point in time method. The over-time method of revenue recognition is predominantly used in Aircraft Controls and Space and Defense Controls. We use this method for U.S. Government contracts and repair and overhaul arrangements as we are creating or enhancing assets that the customer controls as the assets are being created or enhanced. In addition, many of our large commercial contracts qualify for over-time accounting as our performance does not create an asset with an alternative use and we have an enforceable right to payment for performance completed to date. Our over-time contracts are primarily firm fixed price. Revenue recognized at the point in time control is transferred to the customer is used most frequently in Industrial Systems. We use this method for commercial contracts in which the asset being created has an alternative use. We determine the point in time control transfers to the customer by weighing the five indicators provided by ASC 606 - the entity has a present right to payment; the customer has legal title; the customer has physical possession; the customer has significant risks and rewards of ownership; and the customer has accepted the asset. When control has transferred to the customer, profit is generated as cost of sales is recorded and as revenue is recognized. Inventory costs include all product manufacturing costs such as direct material, direct labor, other direct costs and indirect overhead cost allocations. Shipping and handling costs are considered costs to fulfill a contract and not considered performance obligations. They are included in cost of sales as incurred. Revenue is recognized on contracts using the cost-to-cost method of accounting as work progresses toward completion as determined by the ratio of cumulative costs incurred to date to estimated total contract costs at completion, multiplied by the total estimated contract revenue, less cumulative revenue recognized in prior periods. We believe that cumulative costs incurred to date as a percentage of estimated total contract costs at completion is an appropriate measure of progress toward satisfaction of performance obligations as this measure most accurately depicts the progress of our work and transfer of control to our customers. Changes in estimates affecting sales, costs and profits are recognized in the period in which the change becomes known using the cumulative catch-up method of accounting, resulting in the cumulative effect of changes reflected in the period. Estimates are reviewed and updated quarterly for substantially all contracts. For the three and nine months ended July 1, 2023 we recognized lower revenue of $5,114 and $7,180, respectively, for adjustments made to performance obligations satisfied (or partially satisfied) in previous periods. For the three and nine months ended July 2, 2022 we recognized lower revenue of $8,615 and additional revenue of $124, respectively, for adjustments made to performance obligations satisfied (or partially satisfied) in previous periods. Contract costs include only allocable, allowable and reasonable costs which are included in cost of sales when incurred. For applicable U.S. Government contracts, contract costs are determined in accordance with the Federal Acquisition Regulations and the related Cost Accounting Standards. The nature of these costs includes development engineering costs and product manufacturing costs such as direct material, direct labor, other direct costs and indirect overhead costs. Contract profit is recorded as a result of the revenue recognized less costs incurred in any reporting period. Variable consideration and contract modifications, such as performance incentives, penalties, contract claims or change orders are considered in estimating revenues, costs and profits when they can be reliably estimated and realization is considered probable. Revenue recognized on contracts for unresolved claims or unapproved contract change orders was not material for the three and nine months ended July 1, 2023. As of July 1, 2023, we had contract reserves of $45,771. For contracts with anticipated losses at completion, a provision for the entire amount of the estimated remaining loss is charged against income in the period in which the loss becomes known. Contract losses are determined considering all direct and indirect contract costs, exclusive of any selling, general or administrative cost allocations that are treated as period expenses. Loss reserves are more common on firm fixed-price contracts that involve, to varying degrees, the design and development of new and unique controls or control systems to meet the customers’ specifications. In accordance with ASC 606, we calculate contract losses at the contract level, versus the performance obligation level. Recall reserves are recorded when additional work is needed on completed products for them to meet contract specifications. Contract-related loss reserves are recorded for the additional work needed on completed and delivered products in order for them to meet contract specifications. Contract Assets and Liabilities Unbilled receivables (contract assets) primarily represent revenues recognized for performance obligations that have been satisfied but for which amounts have not been billed. These are included as Receivables on the Consolidated Condensed Balance Sheets. Contract advances (contract liabilities) and progress billings relate to payments received from customers in advance of the satisfaction of performance obligations for a contract. We do not consider contract advances and progress billings to be significant financing components as the intent of these payments in advance are for reasons other than providing a significant financing benefit and are customary in our industry. Total contract assets and contract liabilities are as follows:
The increase in contract assets reflects the net impact of additional unbilled revenues recorded in excess of revenue recognized during the period. The increase in contract liabilities reflects the net impact of additional deferred revenues recorded in excess of revenue recognized during the period. For the three and nine months ended July 1, 2023, we recognized $54,054 and $219,202 of revenue, that was included in the contract liability balance at the beginning of the year. Remaining Performance Obligations As of July 1, 2023, the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) was $5,300,000. We expect to recognize approximately 43% of that amount as sales over the next twelve months and the balance thereafter. Disaggregation of Revenue See Note 20 - Segments, for disclosures related to disaggregation of revenue.
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Acquisitions and Divestitures |
9 Months Ended |
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Jul. 01, 2023 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | Acquisitions and Divestitures Acquisitions On February 21, 2022, we acquired TEAM Accessories Limited ("TEAM") based in Dublin, Ireland for a purchase price, net of acquired cash, of $14,394, consisting of $11,832 in cash and contingent consideration with an initial fair value of $2,562. TEAM specializes in Maintenance, Repair and Overhaul of engine and airframe components. This operation is included in our Aircraft Controls segment. TEAM has been rebranded as Moog MRO Services as of July 1, 2023. Divestitures On September 30, 2022, we sold a sonar business based in the United Kingdom previously included in our Industrial Systems segment. We have cumulatively received net proceeds of $13,075 and recorded a loss of $15,246, net of transaction costs. The transaction is subject to adjustments associated with amounts currently held in escrow. On September 20, 2022, we sold assets of a security business based in Northbrook, Illinois previously included in our Space and Defense Controls segment. We have cumulatively received net proceeds of $9,108 and recorded a loss of $4,324, net of transaction costs. The transaction is subject to adjustments associated with amounts currently held in escrow. On December 3, 2021, we sold the assets of our Navigation Aids ("NAVAIDS") business based in Salt Lake City, Utah previously included in our Aircraft Controls segment to Thales USA Inc. We have cumulatively received net proceeds of $36,550 and recorded a gain of $16,146, net of transaction costs. The transaction is subject to adjustments associated with amounts currently held in escrow.
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Receivables |
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Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables | Receivables Receivables consist of:
Moog Receivables LLC (the "Receivables Subsidiary"), a wholly owned bankruptcy remote special purpose subsidiary of Moog Inc. (the "Company"), as seller, the Company, as master servicer, Wells Fargo Bank, N.A., as administrative agent (the "Agent") and certain purchasers (collectively, the "Purchasers") entered into an Amended and Restated Receivables Purchase Agreement (the "RPA"). The RPA matures on November 4, 2024 and is subject to customary termination events related to transactions of this type. Under the RPA, the Receivables Subsidiary may sell receivables to the Purchasers in amounts up to a $100,000 limit. The receivables will be sold to the Purchasers in consideration for the Purchasers making payments of cash, which is referred to as "capital" for purposes of the RPA, to the Receivables Subsidiary in accordance with the terms of the RPA. The Receivables Subsidiary may sell receivables to the Purchasers so long as certain conditions are satisfied, including that, at any date of determination, the aggregate capital paid to the Receivables Subsidiary does not exceed a "capital coverage amount", equal to an adjusted net receivables pool balance minus a required reserve. Each Purchaser's share of capital accrues yield at a variable rate plus an applicable margin. The parties intend that the conveyance of receivables to the Agent, for the ratable benefit of the Purchasers will constitute a purchase and sale of receivables and not a pledge for security. The Receivables Subsidiary has guaranteed to each Purchaser and Agent the prompt payment of sold receivables, and to secure the prompt payment and performance of such guaranteed obligations, the Receivables Subsidiary has granted a security interest to the Agent, for the benefit of the Purchasers, in all assets of the Receivables Subsidiary. The assets of the Receivables Subsidiary are not available to pay our creditors or any affiliate thereof. In our capacity as master servicer under the RPA, we are responsible for administering and collecting receivables and have made customary representations, warranties, covenants and indemnities. We also provided a performance guarantee for the benefit of the Purchaser. The proceeds of the RPA are classified as operating activities in our Consolidated Condensed Statement of Cash Flows and were used to pay off the outstanding balance of the Securitization Program. Cash received from collections of sold receivables is used by the Receivables Subsidiary to fund additional purchases of receivables on a revolving basis or to return all or any portion of outstanding capital of the Purchaser. Subsequent collections on the pledged receivables, which have not been sold, will be classified as operating cash flows at the time of collection. Total receivables sold and cash collections under the RPA were $121,660 and $360,136 for the three and nine months ended July 1, 2023, respectively. The fair value of the sold receivables approximated book value due to their credit quality and short-term nature, and as a result, no gain or loss on sale of receivables was recorded. As of July 1, 2023, the amount sold to the Purchasers was $100,000, which was derecognized from the Consolidated Condensed Balance Sheets. As collateral against sold receivables, the Receivables Subsidiary maintains a certain level of unsold receivables, which was $807,983 at July 1, 2023. The allowance for credit losses is based on our assessment of the collectability of customer accounts. The allowance is determined by considering factors such as historical experience, credit quality, age of the accounts receivable, current economic conditions and reasonable forecasted financial information that may affect a customer’s ability to pay.
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories, net of reserves, consist of:
There are no material inventoried costs relating to over-time contracts where revenue is accounted for using the cost-to-cost method of accounting as of July 1, 2023 and October 1, 2022.
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Property, Plant and Equipment |
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Property, plant and equipment, net | Property, Plant and Equipment Property, plant and equipment consists of:
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Operating Leases | Leases We lease certain manufacturing facilities, office space and machinery and equipment globally. At inception we evaluate whether a contractual arrangement contains a lease. Specifically, we consider whether we control the underlying asset and have the right to obtain substantially all the economic benefits or outputs from the asset. If the contractual arrangement contains a lease, we then determine the classification of the lease, operating or finance, using the classification criteria described in ASC 842. We then determine the term of the lease based on terms and conditions of the contractual arrangement, including whether the options to extend or terminate the lease are reasonably certain to be exercised. We have elected to not separate lease components from non-lease components, such as common area maintenance charges and instead, account for the lease and non-lease components as a single component. Our lease right-of-use ("ROU") assets represent our right to use an underlying asset for the lease term and our lease liabilities represent our obligation to make lease payments. Operating lease ROU assets are included in Operating lease right-of-use assets and operating lease liabilities are included in Accrued liabilities and other and Other long-term liabilities on the Consolidated Condensed Balance Sheets. Finance lease ROU assets are included in Property, plant and equipment and finance lease liabilities are included in Accrued liabilities and other and Other long-term liabilities on the Consolidated Condensed Balance Sheets. Operating lease cost is included in Cost of sales and Selling, general and administrative on the Consolidated Condensed Statements of Earnings. Finance lease cost is included in Cost of sales, Selling, general and administrative and Interest on the Consolidated Condensed Statements of Earnings. The ROU assets and lease liabilities for both operating and finance leases are recognized as of the commencement date at the net present value of the fixed minimum lease payments over the term of the lease, using the discount rate described below. Variable lease payments are recorded in the period in which the obligation for the payment is incurred. Variable lease payments based on an index or rate are initially measured using the index or rate as of the commencement date of the lease and included in the fixed minimum lease payments. For short-term leases that have a term of 12 months or less as of the commencement date, we do not recognize a ROU asset or lease liability on our balance sheet; we recognize expense as the lease payments are made over the lease term. The discount rate used to calculate the present value of our leases is the rate implicit in the lease. If the information necessary to determine the rate implicit in the lease is not available, we use our incremental borrowing rate for collateralized debt, which is determined using our credit rating and other information available as of the lease commencement date. The components of lease expense were as follows:
Supplemental cash flow information related to leases was as follows:
Supplemental balance sheet information related to leases was as follows:
Maturities of lease liabilities were as follows:
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Lessee, Finance Leases | Leases We lease certain manufacturing facilities, office space and machinery and equipment globally. At inception we evaluate whether a contractual arrangement contains a lease. Specifically, we consider whether we control the underlying asset and have the right to obtain substantially all the economic benefits or outputs from the asset. If the contractual arrangement contains a lease, we then determine the classification of the lease, operating or finance, using the classification criteria described in ASC 842. We then determine the term of the lease based on terms and conditions of the contractual arrangement, including whether the options to extend or terminate the lease are reasonably certain to be exercised. We have elected to not separate lease components from non-lease components, such as common area maintenance charges and instead, account for the lease and non-lease components as a single component. Our lease right-of-use ("ROU") assets represent our right to use an underlying asset for the lease term and our lease liabilities represent our obligation to make lease payments. Operating lease ROU assets are included in Operating lease right-of-use assets and operating lease liabilities are included in Accrued liabilities and other and Other long-term liabilities on the Consolidated Condensed Balance Sheets. Finance lease ROU assets are included in Property, plant and equipment and finance lease liabilities are included in Accrued liabilities and other and Other long-term liabilities on the Consolidated Condensed Balance Sheets. Operating lease cost is included in Cost of sales and Selling, general and administrative on the Consolidated Condensed Statements of Earnings. Finance lease cost is included in Cost of sales, Selling, general and administrative and Interest on the Consolidated Condensed Statements of Earnings. The ROU assets and lease liabilities for both operating and finance leases are recognized as of the commencement date at the net present value of the fixed minimum lease payments over the term of the lease, using the discount rate described below. Variable lease payments are recorded in the period in which the obligation for the payment is incurred. Variable lease payments based on an index or rate are initially measured using the index or rate as of the commencement date of the lease and included in the fixed minimum lease payments. For short-term leases that have a term of 12 months or less as of the commencement date, we do not recognize a ROU asset or lease liability on our balance sheet; we recognize expense as the lease payments are made over the lease term. The discount rate used to calculate the present value of our leases is the rate implicit in the lease. If the information necessary to determine the rate implicit in the lease is not available, we use our incremental borrowing rate for collateralized debt, which is determined using our credit rating and other information available as of the lease commencement date. The components of lease expense were as follows:
Supplemental cash flow information related to leases was as follows:
Supplemental balance sheet information related to leases was as follows:
Maturities of lease liabilities were as follows:
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Goodwill And Intangible Assets |
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Goodwill And Intangible Assets | Goodwill and Intangible Assets The changes in the carrying amount of goodwill are as follows:
Goodwill in our Space and Defense Controls segment is net of a $4,800 accumulated impairment loss at July 1, 2023. Goodwill in our Medical Devices reporting unit, included in our Industrial Systems segment, is net of a $38,200 accumulated impairment loss at July 1, 2023. The components of intangible assets are as follows:
All acquired intangible assets other than goodwill are being amortized. Customer-related intangible assets primarily consist of customer relationships. Technology-related intangible assets primarily consist of technology, patents, intellectual property and software. Program-related intangible assets consist of long-term programs represented by current contracts and probable follow on work. Marketing-related intangible assets primarily consist of trademarks, trade names and non-compete agreements. Amortization of acquired intangible assets is as follows:
Based on acquired intangible assets recorded at July 1, 2023, amortization is estimated to be approximately:
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Equity Method Investments and Joint Ventures |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures | Equity Method Investments and Joint Ventures Investments and operating results in which we do not have a controlling interest, however we do have the ability to exercise significant influence over operations are accounted for using the equity method of accounting. Equity method investments and joint ventures consists of:
Net investment balances are included as Other assets in the Consolidated Condensed Balance Sheets. Income (loss) from equity method investments and joint ventures is included in Other in the Consolidated Condensed Statements of Earnings. Moog Aircraft Services Asia ("MASA") is a joint venture included in our Aircraft Controls segment in which we currently hold a 51% ownership share. MASA is intended to provide maintenance, repair and overhaul services for our manufactured flight control systems. We hold a 20% ownership interest in NOVI LLC ("NOVI") that is included in our Space and Defense Controls segment. NOVI specializes in applying machine learning algorithms to space situational awareness. Suffolk Technologies Fund 1, L.P., is a limited partnership included in our Industrial Systems segment that invests in startups to transform the construction, real estate and property maintenance industries in the U.S. We have a remaining on-call capital commitment of up to $6,552. Hybrid Motion Solutions (“HMS”) is a joint venture in our Industrial Systems segment in which we hold a 50% ownership interest. HMS specializes in hydrostatic servo drives and leverages synergies to enter new markets. The joint venture focuses on research and development, design and assembly as well as service. Our share of cumulative losses to date has exceeded our initial investment, and as such, we had no net investment balance recorded as of July 1, 2023. In addition to the investment, we have also loaned HMS $3,038 that is included in Other assets in the Consolidated Condensed Balance Sheets. Investments in, and the operating results of, entities in which we do not have a controlling financial interest or the ability to exercise significant influence over the operations are accounted for using the cost method of accounting. As of July 1, 2023 we had cost method investments of $9,875, which are included as Other assets in the Consolidated Condensed Balance Sheets.
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Indebtedness |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indebtedness | Indebtedness 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:
On October 27, 2022, we amended our U.S. revolving credit facility, which extended the maturity date of the credit facility from October 15, 2024 to October 27, 2027. The credit facility has a capacity of $1,100,000 and provides an expansion option, which permits us to request an increase of up to $400,000 to the credit facility upon satisfaction of certain conditions. Interest on our outstanding borrowings is based on SOFR plus the applicable margin. The credit facility is secured by substantially all of our U.S. assets. The loan agreement contains various covenants which, among others, specify interest coverage and maximum leverage. We are in compliance with all covenants. The SECT has a revolving credit facility with a borrowing capacity of $35,000, maturing on July 26, 2024. Interest is based on SOFR plus an applicable margin. A commitment fee is also charged based on a percentage of the unused amounts available and is not material. We have $500,000 aggregate principal amount of 4.25% senior notes due December 15, 2027 with interest paid semiannually on June 15 and December 15 of each year. The senior notes are unsecured obligations, guaranteed on a senior unsecured basis by certain subsidiaries and contain normal incurrence-based covenants and limitations such as the ability to incur additional indebtedness, pay dividends, make other restricted payments and investments, create liens and certain corporate acts such as mergers and consolidations. We are in compliance with all covenants.
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Other Accrued Liabilities |
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Accounts Payable and Accrued Liabilities, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Accrued Liabilities | Other Accrued Liabilities Other accrued liabilities consists of:
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 foreign exchange risk related to foreign operations and foreign currency transactions and interest rate risk associated with long-term debt. We enter into derivative financial instruments with a number of major financial institutions to minimize counterparty credit risk. Derivatives designated as hedging instruments 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, including the Philippine peso, we had outstanding foreign currency contracts with notional amounts of $10,378 at July 1, 2023. These contracts mature at various times through March 1, 2024. We use forward currency contracts to hedge our net investment in certain foreign subsidiaries. As of July 1, 2023, we had no outstanding net investment hedges. 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 July 1, 2023, we had no outstanding interest rate swaps. Foreign currency contracts, net investment hedges and interest rate swaps 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) ("AOCIL"). These deferred gains and losses are reclassified into the Consolidated Condensed Statements of Earnings, as necessary, during the periods in which the related payments or receipts affect earnings. However, to the extent the foreign currency contracts and interest rate swaps 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 nine months of 2023 or 2022. Derivatives not designated as hedging instruments We also have foreign currency exposure on balances, primarily intercompany, that are denominated in a foreign currency 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 have foreign currency contracts with notional amounts of $99,772 at July 1, 2023. 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 and 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. 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, except for the acquisition contingent consideration, which is classified as Level 3:
The changes in financial liabilities classified as Level 3 within the fair value hierarchy are as follows:
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Restructuring |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring | Restructuring In 2023, we initiated restructuring actions in relation to portfolio shaping activities that have and will result in workforce reductions in which a total of $1,696 for severance has been recorded. Restructuring activity for severance and other costs by segment and reconciliation to consolidated amounts is as follows:
As of July 1, 2023, the restructuring accrual consists of $1,345 for the 2023 plan, $4,032 for the 2022 plan, $2,604 for the 2020 plan and $1,247 for the 2018 plan. Restructuring is expected to be paid within a year, except portions classified as long-term liabilities based on the nature of the reserve.
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Employee Benefit Plans |
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Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans Pension expense for our defined contribution plans consists of:
Net periodic benefit costs for our defined benefit pension plans are as follows:
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Income Taxes |
9 Months Ended |
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Jul. 01, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rate for the three and nine months ended July 1, 2023 was 15.8% and 21.3%, respectively and was lower than expected from applying the U.S. federal statutory tax rate of 21% to earnings before income taxes due to beneficial provision to return adjustments in the quarter ended July 1, 2023, primarily associated with an increase in the U.S. research and development tax credit, partially offset by tax on earnings generated outside the U.S. The effective tax rate for the three and nine months ended July 2, 2022 was 15.7% and 21.4%, respectively and was lower than expected from applying the U.S. federal statutory tax rate of 21% to earnings before income taxes due to beneficial provision to return adjustments in the quarter ended July 2, 2022, primarily associated with an increase in the U.S. research and development tax credit, partially offset by tax on earnings generated outside the U.S.
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Accumulated Other Comprehensive Income (Loss) |
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Jul. 01, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The changes in AOCIL, net of tax, by component for the nine months ended July 1, 2023 are as follows:
Net gains and losses on net investment hedges are recorded in Accumulated foreign currency translation to the extent that the instruments are effective in hedging the designated risk. The amounts reclassified from AOCIL into earnings are as follows:
Reclassification from AOCIL into earnings for the Retirement liability are included in the computation of non-service pension expense, which is included in Other on the Consolidated Condensed Statement of Earnings. The effective portion of amounts deferred in AOCIL are as follows:
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Stock Employee Compensation Trust and Supplemental Retirement Plan Trust |
9 Months Ended |
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Jul. 01, 2023 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Stock Employee Compensation Trust and Supplemental Retirement Plan Trust | Stock Employee Compensation Trust and Supplemental Retirement Plan TrustThe SECT assists in administering and provides funding for equity-based compensation plans and benefit programs, including the Moog Inc. Retirement Savings Plan ("RSP"), RSP(+) and the Employee Stock Purchase Plan ("ESPP"). The SERP Trust provides funding for benefits under the SERP provisions of the Moog Inc. Plan to Equalize Retirement Income and Supplemental Retirement Income. Both the SECT and the SERP Trust hold Moog 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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Jul. 01, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings per Share Basic and diluted weighted-average shares outstanding, as well as shares considered to be anti-dilutive, are as follows:
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Segment Information |
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segments Disaggregation of net sales by segment for the three and nine months ended July 1, 2023 and July 2, 2022 are as follows:
Operating profit is net sales less cost of sales and other operating expenses, excluding interest expense, equity-based compensation expense, non-service pension 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, manpower or profit. Operating profit by segment for the three and nine months ended July 1, 2023 and July 2, 2022 and a reconciliation of segment operating profit to earnings before income taxes are as follows:
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Related Party Transactions |
9 Months Ended |
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Jul. 01, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party TransactionsJohn Scannell, Moog's Non-Executive Chairman of the Board of Directors, is a member of the Board of Directors of M&T Bank Corporation and M&T Bank. We currently engage with M&T Bank in the ordinary course of business for financing routine purchases and lease transactions, which for the three and nine months ended July 1, 2023 totaled $3,354 and $10,408, respectively. Financing for routine purchases and lease transactions for the three and nine months ended July 2, 2022 totaled $4,681 and $12,544, respectively. At July 1, 2023, we held outstanding leases with a total remaining obligation of $12,761. At July 1, 2023, outstanding deposits on our behalf for future equipment leases totaled $2,053. M&T Bank also maintains an interest of approximately 12% in our U.S. revolving credit facility. Further details of the U.S. revolving credit facility can be found in Note 10 - Indebtedness. Wilmington Trust, a subsidiary of M&T Bank, is the trustee of the pension assets for our qualified U.S. defined benefit plan. |
Commitments and Contingencies |
9 Months Ended |
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Jul. 01, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 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 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 $21,413 related to standby letters of credit issued by banks to third parties on our behalf at July 1, 2023.
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Subsequent Event |
9 Months Ended |
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Jul. 01, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent EventOn July 27, 2023, we declared a $0.27 per share quarterly dividend payable on issued and outstanding shares of our Class A and Class B common stock on August 28, 2023 to shareholders of record at the close of business on August 11, 2023. |
Basis Of Presentation (Policies) |
9 Months Ended |
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Jul. 01, 2023 | |
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 nine months ended July 1, 2023 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 1, 2022. All references to years in these financial statements are to fiscal years. |
Impairment of Assets | Impairment of Assets Long-lived assets, including acquired intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of those assets may not be recoverable. We use undiscounted cash flows to determine whether impairment exists and measure any impairment loss using discounted cash flows, or another comparable method. In 2023, we recorded a $1,435 impairment charge on long-lived assets in our Aircraft Controls segment. These charges relate to equipment that experienced a decline in value due to the U.S. Air Force announcement to retire the KC-10 aerial refueling tanker and retirement of a trade name intangible. In addition, we have recorded a $219 impairment charge on receivables in our Space and Defense Controls segment associated with an expected cancellation of a contract. These charges are included in asset impairment in the Consolidated Condensed Statement of Earnings. In 2022, we recorded impairment charges on long-lived assets in our Aircraft Controls segment. These charges relate to equipment that experienced a significant decline in value due to a slower than expected recovery of our commercial aircraft business. In addition, we recorded impairment charges on receivables and inventories associated with Russian actions in Ukraine. These charges are included in asset impairment in the Consolidated Condensed Statement of Earnings.
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Reclassifications | Reclassifications Certain prior year amounts have been reclassified to conform to current year's presentation, which management does not consider to be material.
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Recent Accounting Pronouncements | Recent Accounting Pronouncements Adopted There have been no accounting pronouncements adopted for the nine months ended July 1, 2023. Recent Accounting Pronouncements Not Yet Adopted We consider the applicability and impact of all Accounting Standard Updates ("ASU"). ASUs were assessed and determined to be either not applicable, or had or are expected to have an immaterial impact on our financial statements and related disclosures.
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Revenue from Contracts with Customers (Tables) |
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Jul. 01, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract Assets and Liabilities | Total contract assets and contract liabilities are as follows:
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Receivables (Tables) |
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Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | Receivables consist of:
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Inventories (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, net of reserves | Inventories, net of reserves, consist of:
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Property, Plant and Equipment (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property, Plant and Equipment | Property, plant and equipment consists of:
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Leases (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Lease Expense | The components of lease expense were as follows:
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Supplemental Cash Flow Lease Information | Supplemental cash flow information related to leases was as follows:
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Supplemental Balance Sheet Lease Information | Supplemental balance sheet information related to leases was as follows:
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Finance Lease Maturity Schedule | Maturities of lease liabilities were as follows:
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Operating Lease Maturity Schedule | Maturities of lease liabilities were as follows:
|
Goodwill and Intangible Assets (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Carry Amount of Goodwill | The changes in the carrying amount of goodwill are as follows:
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Components of Intangible Assets | The components of intangible assets are as follows:
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Finite-lived Intangible Assets Amortization Expense | Amortization of acquired intangible assets is as follows:
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Estimated Future Amortization of Acquired Intangible Assets | Based on acquired intangible assets recorded at July 1, 2023, amortization is estimated to be approximately:
|
Equity Method Investments and Joint Ventures (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures Net Investment Balance and Income Loss | Equity method investments and joint ventures consists of:
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Indebtedness (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Long-term debt | Long-term debt consists of:
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Other Accrued Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable and Accrued Liabilities, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities | Other accrued liabilities consists of:
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Schedule of Product Warranty Liability | Activity in the warranty accrual is summarized as follows:
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Derivative Financial Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedges, Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains And Losses On Foreign Currency Forwards Included In Other Income Or Expense | We recorded the following gains and 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:
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Fair Value And Classification Of Derivatives On The Consolidated Balance Sheets | The fair value and classification of derivatives is summarized as follows:
|
Fair Value (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Values And Classification Of Financial Assets And Liabilities Measured On A Recurring Basis | 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, except for the acquisition contingent consideration, which is classified as Level 3:
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Financial Liabilities Classified as Level 3 Within the Fair Value Hierarchy | The changes in financial liabilities classified as Level 3 within the fair value hierarchy are as follows:
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Restructuring (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Reserve Activity | Restructuring activity for severance and other costs by segment and reconciliation to consolidated amounts is as follows:
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Employee Benefit Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Contribution Plan Disclosures | Pension expense for our defined contribution plans consists of:
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Net Periodic Benefit Costs | Net periodic benefit costs for our defined benefit pension plans are as follows:
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Accumulated Other Comprehensive Income (Loss) (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of AOCIL | The changes in AOCIL, net of tax, by component for the nine months ended July 1, 2023 are as follows:
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Reclassification from AOCIL | The amounts reclassified from AOCIL into earnings are as follows:
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Activity and Classification of Derivative Deferral in AOCIL | The effective portion of amounts deferred in AOCIL are as follows:
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Earnings Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic And Diluted Weighted-Average Shares Outstanding | Basic and diluted weighted-average shares outstanding, as well as shares considered to be anti-dilutive, are as follows:
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Antidilutive Shares Excluded from Computation of Earnings Per Share |
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Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | Disaggregation of net sales by segment for the three and nine months ended July 1, 2023 and July 2, 2022 are as follows:
Operating profit is net sales less cost of sales and other operating expenses, excluding interest expense, equity-based compensation expense, non-service pension 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, manpower or profit. Operating profit by segment for the three and nine months ended July 1, 2023 and July 2, 2022 and a reconciliation of segment operating profit to earnings before income taxes are as follows:
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Sales by Major Customer Type |
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Revenue Recognition Method |
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Basis Of Presentation (Narrative) (Details) $ in Thousands |
9 Months Ended |
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Jul. 01, 2023
USD ($)
| |
Aircraft Controls | |
Basis of Presentation | |
Impairment charged on long-lived assets | $ 1,435 |
Space And Defense Controls | |
Basis of Presentation | |
Impairment charges on receivables | $ 219 |
Revenue from Contracts with Customers (Contract Assets and Liabilities) (Details) - USD ($) $ in Thousands |
Jul. 01, 2023 |
Oct. 01, 2022 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Unbilled receivables | $ 721,860 | $ 614,760 |
Contract advances and progress billings | 366,766 | 296,899 |
Net contract assets | $ 355,094 | $ 317,861 |
Receivables (Schedule of Receivables) (Details) - USD ($) $ in Thousands |
Jul. 01, 2023 |
Oct. 01, 2022 |
---|---|---|
Receivables [Abstract] | ||
Accounts receivable | $ 433,525 | $ 363,137 |
Unbilled receivables | 721,860 | 614,760 |
Other | 16,361 | 16,973 |
Less allowance for credit losses | (3,560) | (4,608) |
Receivables, net | $ 1,168,186 | $ 990,262 |
Receivables (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2023 |
Jul. 01, 2023 |
Oct. 01, 2022 |
Nov. 04, 2021 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Maximum Amount of Receivables That May Be Sold to Purchasers | $ 100,000 | |||
Total Receivables Sold Under RPA | $ 121,660 | $ 360,136 | ||
Total Cash Collections Under RPA | 121,660 | 360,136 | ||
Gain Loss on Sale of Receivables | 0 | |||
Amount of Receivables Sold to Purchasers | 100,000 | 100,000 | ||
Receivables, net | 1,168,186 | 1,168,186 | $ 990,262 | |
Asset Pledged as Collateral | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Receivables, net | $ 807,983 | $ 807,983 |
Inventories (Schedule of Inventory) (Details) - USD ($) $ in Thousands |
Jul. 01, 2023 |
Oct. 01, 2022 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials and purchased parts | $ 272,813 | $ 219,893 |
Work in progress | 351,804 | 305,328 |
Finished goods | 85,635 | 63,245 |
Inventories, net | $ 710,252 | $ 588,466 |
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands |
Jul. 01, 2023 |
Oct. 01, 2022 |
---|---|---|
Property, Plant and Equipment [Abstract] | ||
Land | $ 31,799 | $ 32,164 |
Buildings and improvements | 606,175 | 502,050 |
Machinery and equipment | 847,545 | 786,562 |
Computer equipment and software | 221,509 | 201,960 |
Property, plant and equipment, at cost | 1,707,028 | 1,522,736 |
Less accumulated depreciation and amortization | (911,034) | (853,828) |
Property, plant and equipment, net | $ 795,994 | $ 668,908 |
Leases (Components of Lease Expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2023 |
Jul. 02, 2022 |
Jul. 01, 2023 |
Jul. 02, 2022 |
|
Leases [Abstract] | ||||
Operating lease cost | $ 7,386 | $ 7,601 | $ 22,341 | $ 21,759 |
Finance lease cost - Amortization of right-of-use assets | 1,471 | 791 | 3,589 | 2,050 |
Finance lease cost - Interest on lease liabilities | 959 | 289 | 1,750 | 753 |
Total finance lease cost | $ 2,430 | $ 1,080 | $ 5,339 | $ 2,803 |
Leases (Supplemental Cash Flow Lease Information) (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Jul. 01, 2023 |
Jul. 02, 2022 |
|
Leases [Abstract] | ||
Operating cash flow for operating leases | $ 22,523 | $ 22,167 |
Operating cash flow for finance leases | 1,750 | 753 |
Financing cash flow for finance leases | 3,449 | 1,779 |
Assets obtained in exchange for lease obligations - Operating leases | 4,857 | 21,793 |
Assets obtained in exchanged for lease obligations - Finance leases | $ 51,826 | $ 10,207 |
Leases (Schedule of Maturities of Lease Liabilities) (Details) - USD ($) $ in Thousands |
Jul. 01, 2023 |
Oct. 01, 2022 |
---|---|---|
Operating Leases | ||
Operating leases maturity - 2023 | $ 3,887 | |
Operating leases maturity - 2024 | 14,145 | |
Operating leases maturity - 2025 | 12,171 | |
Operating leases maturity - 2026 | 11,501 | |
Operating leases maturity - 2027 | 10,420 | |
Operating leases maturity - Thereafter | 39,061 | |
Operating leases - Total lease payments | 91,185 | |
Operating leases - imputed interest | (18,166) | |
Operating leases - Total | 73,019 | $ 79,169 |
Finance Leases | ||
Finance leases maturity - 2023 | 2,316 | |
Finance leases maturity - 2024 | 9,255 | |
Finance leases maturity - 2025 | 9,070 | |
Finance leases maturity - 2026 | 8,777 | |
Finance leases maturity - 2027 | 8,018 | |
Finance leases maturity - Thereafter | 149,452 | |
Finance leases - Total lease payments | 186,888 | |
Finance leases - imputed interest | (111,152) | |
Finance leases - Total | $ 75,736 | $ 26,773 |
Goodwill And Intangible Assets (Changes In Carrying Amount Of Goodwill) (Details) $ in Thousands |
9 Months Ended |
---|---|
Jul. 01, 2023
USD ($)
| |
Goodwill | |
Beginning balance | $ 805,320 |
Adjustments to prior year acquisitions | 122 |
Foreign currency translation | 23,778 |
Ending balance | 829,220 |
Aircraft Controls | |
Goodwill | |
Beginning balance | 199,519 |
Adjustments to prior year acquisitions | 122 |
Foreign currency translation | 6,233 |
Ending balance | 205,874 |
Space And Defense Controls | |
Goodwill | |
Beginning balance | 259,407 |
Adjustments to prior year acquisitions | 0 |
Foreign currency translation | 100 |
Ending balance | 259,507 |
Industrial Systems | |
Goodwill | |
Beginning balance | 346,394 |
Adjustments to prior year acquisitions | 0 |
Foreign currency translation | 17,445 |
Ending balance | $ 363,839 |
Goodwill And Intangible Assets (Goodwill Narrative) (Details) $ in Thousands |
Jul. 01, 2023
USD ($)
|
---|---|
Space And Defense Controls | |
Goodwill | |
Goodwill, accumulated impairment loss | $ 4,800 |
Industrial Systems | |
Goodwill | |
Goodwill, accumulated impairment loss | $ 38,200 |
Goodwill And Intangible Assets Amortization of Acquired Intangibles (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2023 |
Jul. 02, 2022 |
Jul. 01, 2023 |
Jul. 02, 2022 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Acquired intangible asset amortization | $ 2,859 | $ 3,235 | $ 8,711 | $ 9,962 |
Goodwill And Intangible Assets Estimated Future Amortization of Acquired Intangibles (Details) $ in Thousands |
Jul. 01, 2023
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
Future amortization expenses, 2023 | $ 11,800 |
Future amortization expenses, 2024 | 10,900 |
Future amortization expenses, 2025 | 9,800 |
Future amortization expenses, 2026 | 9,600 |
Future amortization expenses, 2027 | $ 8,300 |
Indebtedness (Components of Long-term debt) (Details) - USD ($) $ in Thousands |
Jul. 01, 2023 |
Oct. 01, 2022 |
---|---|---|
Debt Instrument | ||
Senior notes 4.25% | $ 500,000 | $ 500,000 |
Other long-term debt | 696 | 916 |
Senior debt | 1,017,696 | 842,216 |
Less deferred debt issuance cost | (4,920) | (4,428) |
Less current installments | (696) | (916) |
Long-term debt | 1,012,080 | 836,872 |
U.S. revolving credit facility | ||
Debt Instrument | ||
Revolving credit facility | 487,000 | 321,300 |
SECT revolving credit facility | ||
Debt Instrument | ||
Revolving credit facility | $ 30,000 | $ 20,000 |
Indebtedness (Narrative) (Details) - USD ($) $ in Thousands |
Oct. 27, 2022 |
Jul. 01, 2023 |
Jul. 15, 2021 |
---|---|---|---|
Line of Credit | U.S. revolving credit facility | |||
Debt Instrument | |||
Line of Credit Facility, Current Borrowing Capacity | $ 1,100,000 | ||
Expansion option to increase credit facility | $ 400,000 | ||
Line of Credit | SECT revolving credit facility | |||
Debt Instrument | |||
Line of Credit Facility, Current Borrowing Capacity | $ 35,000 | ||
Senior Notes | |||
Debt Instrument | |||
Debt Instrument, Face Amount | $ 500,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% |
Other Accrued Liabilities (Schedule of Other Accrued Liabilities) (Details) - USD ($) $ in Thousands |
Jul. 01, 2023 |
Oct. 01, 2022 |
---|---|---|
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Employee benefits | $ 49,385 | $ 56,136 |
Contract reserves | 45,771 | 46,547 |
Warranty accrual | 22,348 | 23,072 |
Accrued income taxes | 30,546 | 17,776 |
Other | 58,853 | 71,845 |
Other accrued liabilities | $ 206,903 | $ 215,376 |
Other Accrued Liabilities (Narrative) (Details) |
9 Months Ended |
---|---|
Jul. 01, 2023 | |
Minimum | |
Product Warranty Liability | |
Warranty period - months | twelve |
Maximum | |
Product Warranty Liability | |
Warranty period - months | sixty |
Other Accrued Liabilities (Summary of Activity in Warranty Accrual) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2023 |
Jul. 02, 2022 |
Jul. 01, 2023 |
Jul. 02, 2022 |
|
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||||
Warranty accrual at beginning of period | $ 22,062 | $ 24,471 | $ 23,072 | $ 26,602 |
Warranties issued during current period | 2,279 | 2,973 | 7,231 | 6,373 |
Adjustments to pre-existing warranties | (15) | (195) | (458) | (261) |
Reductions for settling warranties | (1,927) | (2,273) | (7,911) | (7,127) |
Divestiture adjustment | 0 | 0 | 0 | (368) |
Foreign currency translation | (51) | (389) | 414 | (632) |
Warranty accrual at end of period | $ 22,348 | $ 24,587 | $ 22,348 | $ 24,587 |
Derivative Financial Instruments (Narrative) (Details) $ in Thousands |
Jul. 01, 2023
USD ($)
|
---|---|
Designated as Hedging Instrument | Foreign currency contracts | |
Derivative | |
Derivative, Notional Amount | $ 10,378 |
Designated as Hedging Instrument | Net Investment Hedge | |
Derivative | |
Derivative, Notional Amount | 0 |
Designated as Hedging Instrument | Interest Rate Swaps | |
Derivative | |
Derivative, Notional Amount | 0 |
Not Designated as Hedging Instrument | Foreign currency contracts | |
Derivative | |
Derivative, Notional Amount | $ 99,772 |
Derivative Financial Instruments (Gains And Losses On Foreign Currency Forwards Included In Other Income Or Expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2023 |
Jul. 02, 2022 |
Jul. 01, 2023 |
Jul. 02, 2022 |
|
Foreign currency contracts | Other Income (Expense) | ||||
Derivative | ||||
Net gain (loss) | $ 1,151 | $ (2,861) | $ 4,256 | $ (6,899) |
Fair Value (Financial Liabilities Classified as Level 3 Within Fair Value Hierarchy( (Details) - Level 3 - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2023 |
Jul. 02, 2022 |
Jul. 01, 2023 |
Jul. 02, 2022 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance at beginning of period | $ 2,954 | $ 3,084 | $ 3,272 | $ 0 |
Additions from acquisition | 0 | 0 | (491) | 3,053 |
Increase in discounted future cash flows recorded as interest expense | 52 | 94 | 225 | 125 |
Balance at end of period | $ 3,006 | $ 3,178 | $ 3,006 | $ 3,178 |
Fair Value Fair Value (Narrative) (Details) - USD ($) $ in Thousands |
Jul. 01, 2023 |
Oct. 01, 2022 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Carrying value of long-term debt | $ 1,017,696 | $ 842,216 |
Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of long-term debt | $ 977,502 |
Restructuring Restructuring (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jul. 01, 2023 |
Jul. 02, 2022 |
Jul. 01, 2023 |
Jul. 02, 2022 |
Oct. 01, 2022 |
|
Restructuring Cost and Reserve | |||||
Restructuring reserve | $ 9,228 | $ 9,228 | $ 7,135 | ||
Restructuring | 1,642 | $ 576 | 4,737 | $ 8,369 | |
2023 Plan | |||||
Restructuring Cost and Reserve | |||||
Restructuring reserve | 1,345 | 1,345 | |||
Restructuring | 1,696 | ||||
2023 Plan | Employee Severance | |||||
Restructuring Cost and Reserve | |||||
Restructuring | 1,696 | ||||
2022 Plan | |||||
Restructuring Cost and Reserve | |||||
Restructuring reserve | 4,032 | 4,032 | |||
Restructuring | 3,041 | ||||
2020 Plan | |||||
Restructuring Cost and Reserve | |||||
Restructuring reserve | 2,604 | 2,604 | |||
2018 Plan | |||||
Restructuring Cost and Reserve | |||||
Restructuring reserve | $ 1,247 | $ 1,247 |
Employee Benefit Plans (Defined Contribution Expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2023 |
Jul. 02, 2022 |
Jul. 01, 2023 |
Jul. 02, 2022 |
|
U.S. Plans | ||||
Defined Contribution Plan Disclosure | ||||
Total expense for defined contribution plans | $ 11,791 | $ 10,558 | $ 33,979 | $ 32,253 |
Non-U.S. Plans | ||||
Defined Contribution Plan Disclosure | ||||
Total expense for defined contribution plans | 2,336 | 1,994 | 6,448 | 6,551 |
Defined Contribution Pension Plans | ||||
Defined Contribution Plan Disclosure | ||||
Total expense for defined contribution plans | $ 14,127 | $ 12,552 | $ 40,427 | $ 38,804 |
Employee Benefit Plans (Net Periodic Benefit Costs) (Details) - Defined Benefit Pension Plans - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2023 |
Jul. 02, 2022 |
Jul. 01, 2023 |
Jul. 02, 2022 |
|
U.S. Plans | ||||
Defined Benefit Plan Disclosure | ||||
Service cost | $ 3,229 | $ 4,957 | $ 9,685 | $ 14,870 |
Interest cost | 7,028 | 4,562 | 21,084 | 13,685 |
Expected return on plan assets | (7,148) | (7,451) | (21,442) | (22,352) |
Amortization of actuarial loss | 3,363 | 3,896 | 10,087 | 11,689 |
Expense for defined benefit plans | 6,472 | 5,964 | 19,414 | 17,892 |
Non-U.S. Plans | ||||
Defined Benefit Plan Disclosure | ||||
Service cost | 666 | 1,056 | 1,974 | 3,285 |
Interest cost | 1,374 | 602 | 4,031 | 1,863 |
Expected return on plan assets | (1,070) | (839) | (3,144) | (2,622) |
Amortization of prior service cost | 14 | 15 | 41 | 45 |
Amortization of actuarial loss | 102 | 953 | 297 | 2,979 |
Expense for defined benefit plans | $ 1,086 | $ 1,787 | $ 3,199 | $ 5,550 |
Income Taxes (Narrative) (Details) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2023 |
Jul. 02, 2022 |
Jul. 01, 2023 |
Jul. 02, 2022 |
|
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 15.80% | 15.70% | 21.30% | 21.40% |
U.S. federal corporate tax rate | 21.00% | 21.00% |
Accumulated Other Comprehensive Income (Loss) (Activity and Classification of Derivative Deferral in AOCI) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2023 |
Jul. 02, 2022 |
Jul. 01, 2023 |
Jul. 02, 2022 |
|
Derivative Instruments, Gain (Loss) | ||||
Net deferral in AOCIL of derivatives (effective portion) | $ (136) | $ (2,350) | $ 1,551 | $ (3,152) |
Tax effect | 32 | 519 | (353) | 697 |
Net deferral in AOCIL of derivatives | (104) | (1,831) | 1,198 | (2,455) |
Foreign currency contracts | ||||
Derivative Instruments, Gain (Loss) | ||||
Net deferral in AOCIL of derivatives (effective portion) | $ (136) | $ (2,350) | $ 1,551 | $ (3,152) |
Earnings Per Share (Basic And Diluted Weighted-Average Shares Outstanding) (Details) - shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2023 |
Jul. 02, 2022 |
Jul. 01, 2023 |
Jul. 02, 2022 |
|
Earnings Per Share [Abstract] | ||||
Basic weighted-average shares outstanding | 31,838,961 | 31,922,377 | 31,811,034 | 31,988,150 |
Dilutive effect of equity-based awards | 228,430 | 145,054 | 184,306 | 137,288 |
Diluted weighted-average shares outstanding | 32,067,391 | 32,067,431 | 31,995,340 | 32,125,438 |
Earnings Per Share (Antidilutive Shares Excluded from Computation of Earnings Per Share) (Details) - shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2023 |
Jul. 02, 2022 |
Jul. 01, 2023 |
Jul. 02, 2022 |
|
Earnings Per Share [Abstract] | ||||
Anti-dilutive shares from equity-based awards | 4,540 | 40,679 | 9,897 | 52,362 |
Segment Information (Operating Profit By Segment And Reconciliation Of Segment Operating Profit To Earnings Before Income Taxes) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2023 |
Jul. 02, 2022 |
Jul. 01, 2023 |
Jul. 02, 2022 |
|
Segment Reporting Information | ||||
Operating profit | $ 84,508 | $ 79,305 | $ 255,037 | $ 216,949 |
Deductions from operating profit: | ||||
Interest expense | 17,256 | 9,131 | 45,351 | 25,376 |
Equity-based compensation expense | 2,356 | 2,169 | 8,121 | 6,747 |
Non-service pension expense | 3,124 | 1,442 | 9,338 | 4,399 |
Corporate and other expenses, net | 11,434 | 6,754 | 25,284 | 20,482 |
Earnings before income taxes | 50,338 | 59,809 | $ 166,943 | 159,945 |
Non-service pension expense | Other Nonoperating Income (Expense) | |||
Aircraft Controls | ||||
Segment Reporting Information | ||||
Operating profit | 37,888 | 34,453 | $ 99,468 | 88,809 |
Space And Defense Controls | ||||
Segment Reporting Information | ||||
Operating profit | 18,585 | 25,368 | 66,386 | 70,742 |
Industrial Systems | ||||
Segment Reporting Information | ||||
Operating profit | $ 28,035 | $ 19,484 | $ 89,183 | $ 57,398 |
Related Party Transactions (Narrative) (Details) - Banking - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2023 |
Jul. 02, 2022 |
Jul. 01, 2023 |
Jul. 02, 2022 |
|
Related Party Transaction | ||||
Related Party US Revolving Credit Facility Interest Percentage | 12.00% | 12.00% | ||
Financing for Purchases and Lease Transactions | ||||
Related Party Transaction | ||||
Related Party Transaction, Amounts of Transaction | $ 3,354 | $ 4,681 | $ 10,408 | $ 12,544 |
Lease Obligations | ||||
Related Party Transaction | ||||
Related Party Transaction, Amounts of Transaction | 12,761 | |||
Deposits | ||||
Related Party Transaction | ||||
Related Party Transaction, Amounts of Transaction | $ 2,053 |
Commitments and Contingencies (Narrative) (Details) $ in Thousands |
Jul. 01, 2023
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Standby letters of credit | $ 21,413 |
Subsequent Event (Narrative) (Details) - Subsequent Event |
Jul. 27, 2023
$ / shares
|
---|---|
Subsequent Event | |
Dividends Payable, Amount Per Share, Declared | $ 0.27 |
Subsequent Event, Date | Jul. 27, 2023 |
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