Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Dec. 28, 2013 | Jan. 25, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 28-Dec-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'TDG | ' |
Entity Registrant Name | 'TRANSDIGM GROUP INC | ' |
Entity Central Index Key | '0001260221 | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 52,767,714 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Dec. 28, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $410,924 | $564,740 |
Trade accounts receivable - Net | 322,439 | 290,449 |
Inventories - Net | 443,051 | 413,581 |
Deferred income taxes | 28,431 | 30,182 |
Prepaid expenses and other | 16,248 | 21,543 |
Total current assets | 1,221,093 | 1,320,495 |
PROPERTY, PLANT AND EQUIPMENT - Net | 219,222 | 208,964 |
GOODWILL | 3,489,842 | 3,343,907 |
TRADEMARKS AND TRADE NAMES | 530,668 | 485,690 |
OTHER INTANGIBLE ASSETS - Net | 747,359 | 703,800 |
DEBT ISSUE COSTS - Net | 70,551 | 72,668 |
OTHER | 13,752 | 13,355 |
TOTAL ASSETS | 6,292,487 | 6,148,879 |
CURRENT LIABILITIES: | ' | ' |
Current portion of long-term debt | 31,045 | 31,045 |
Accounts payable | 90,505 | 106,768 |
Accrued liabilities | 217,099 | 184,687 |
Total current liabilities | 338,649 | 322,500 |
LONG-TERM DEBT | 5,700,193 | 5,700,193 |
DEFERRED INCOME TAXES | 417,344 | 384,301 |
OTHER NON-CURRENT LIABILITIES | 70,483 | 78,266 |
Total liabilities | 6,526,669 | 6,485,260 |
STOCKHOLDERS' (DEFICIT) EQUITY: | ' | ' |
Common stock - $.01 par value; authorized 224,400,000 shares; issued 53,240,219 and 53,172,551 at December 28, 2013 and September 30, 2013, respectively | 532 | 532 |
Additional paid-in capital | 700,639 | 689,935 |
Accumulated deficit | -919,460 | -1,004,244 |
Accumulated other comprehensive income (loss) | 195 | -6,516 |
Treasury stock, at cost; 505,400 shares at December 28, 2013 and September 30, 2013 | -16,088 | -16,088 |
Total stockholders' (deficit) equity | -234,182 | -336,381 |
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | $6,292,487 | $6,148,879 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 28, 2013 | Sep. 30, 2013 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 224,400,000 | 224,400,000 |
Common stock, shares issued | 53,240,219 | 53,172,551 |
Treasury stock, shares | 505,400 | 505,400 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
NET SALES | $529,322 | $430,418 |
COST OF SALES | 245,186 | 191,871 |
GROSS PROFIT | 284,136 | 238,547 |
SELLING AND ADMINISTRATIVE EXPENSES | 57,127 | 55,161 |
AMORTIZATION OF INTANGIBLE ASSETS | 16,383 | 10,540 |
INCOME FROM OPERATIONS | 210,626 | 172,846 |
INTEREST EXPENSE - Net | 80,853 | 62,876 |
INCOME BEFORE INCOME TAXES | 129,773 | 109,970 |
INCOME TAX PROVISION | 43,650 | 35,800 |
NET INCOME | 86,123 | 74,170 |
NET INCOME APPLICABLE TO COMMON STOCK | $81,984 | $36,040 |
Net earnings per share - see Note 5: | ' | ' |
Basic and diluted | $1.44 | $0.66 |
Cash dividends paid per common share | ' | $12.85 |
Weighted-average shares outstanding: | ' | ' |
Basic and diluted | 56,991 | 54,453 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Net income | $86,123 | $74,170 |
Other comprehensive income, net of tax: | ' | ' |
Foreign currency translation adjustments | 2,647 | 2,052 |
Interest rate swap agreements, net of taxes of $1.8 million for the thirteen week period ended December 28, 2013 | 4,064 | ' |
Other | ' | -214 |
Other comprehensive income, net of tax | 6,711 | 1,838 |
TOTAL COMPREHENSIVE INCOME | $92,834 | $76,008 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Dec. 28, 2013 |
Interest rate swap agreements, taxes | $1.80 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statement Of Changes In Stockholders' (Deficit) Equity (USD $) | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
In Thousands, except Share data | ||||||
BEGINNING BALANCE at Sep. 30, 2013 | ($336,381) | $532 | $689,935 | ($1,004,244) | ($6,516) | ($16,088) |
BEGINNING BALANCE (in shares) at Sep. 30, 2013 | ' | 53,172,551 | ' | ' | ' | -505,400 |
Unvested dividend equivalents | -1,339 | ' | ' | -1,339 | ' | ' |
Compensation expense recognized for employee stock options | 4,175 | ' | 4,175 | ' | ' | ' |
Excess tax benefits related to share-based payment arrangements | 3,636 | ' | 3,636 | ' | ' | ' |
Exercise of employee stock options (in shares) | ' | 67,668 | ' | ' | ' | ' |
Exercise of employee stock options | 2,893 | ' | 2,893 | ' | ' | ' |
Net income | 86,123 | ' | ' | 86,123 | ' | ' |
Interest rate swaps, net of tax | 4,064 | ' | ' | ' | 4,064 | ' |
Foreign currency translation adjustments | 2,647 | ' | ' | ' | 2,647 | ' |
ENDING BALANCE at Dec. 28, 2013 | ($234,182) | $532 | $700,639 | ($919,460) | $195 | ($16,088) |
ENDING BALANCE (in shares) at Dec. 28, 2013 | ' | 53,240,219 | ' | ' | ' | -505,400 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
OPERATING ACTIVITIES: | ' | ' |
Net income | $86,123 | $74,170 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 7,404 | 6,868 |
Amortization of intangible assets | 16,435 | 10,584 |
Amortization of debt issue costs | 3,085 | 3,796 |
Non-cash equity compensation | 4,175 | 7,131 |
Excess tax benefits related to share-based payment arrangements | -3,636 | -26,688 |
Deferred income taxes | -87 | 1,258 |
Changes in assets/liabilities, net of effects from acquisitions of businesses: | ' | ' |
Trade accounts receivable | -3,034 | 17,321 |
Inventories | -2,216 | -11,521 |
Income taxes receivable/payable | 45,118 | 33,949 |
Other assets | 3,156 | 3,045 |
Accounts payable | -24,773 | -4,405 |
Accrued and other liabilities | -16,043 | -17,393 |
Net cash provided by operating activities | 115,707 | 98,115 |
INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -8,097 | -8,677 |
Acquisition of businesses, net of cash acquired | -263,892 | 134 |
Cash proceeds from sale of investment | ' | 5,000 |
Net cash used in investing activities | -271,989 | -3,543 |
FINANCING ACTIVITIES: | ' | ' |
Excess tax benefits related to share-based payment arrangements | 3,636 | 26,688 |
Proceeds from exercise of stock options | 2,893 | 5,541 |
Dividends paid | -4,139 | -702,406 |
Proceeds from 2011 credit facility - net | ' | 147,373 |
Proceeds from senior subordinated notes due 2020 - net | ' | 542,000 |
Other | -78 | ' |
Net cash provided by (used in) financing activities | 2,312 | 19,196 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 154 | 139 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -153,816 | 113,907 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 564,740 | 440,524 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 410,924 | 554,431 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' |
Cash paid during the period for interest | 77,125 | 67,772 |
Cash paid during the period for income taxes | $306 | $895 |
Description_of_the_Business
Description of the Business | 3 Months Ended | |
Dec. 28, 2013 | ||
Description of the Business | ' | |
1 | DESCRIPTION OF THE BUSINESS | |
Description of the Business – TransDigm Group Incorporated (“TD Group”), through its wholly-owned subsidiary, TransDigm Inc., is a leading global designer, producer and supplier of highly engineered aircraft components for use on nearly all commercial and military aircraft in service today. TransDigm Inc. along with TransDigm Inc.’s direct and indirect wholly-owned operating subsidiaries (collectively, with TD Group, the “Company” or “TransDigm”), offers a broad range of proprietary aerospace components. TD Group has no significant assets or operations other than its 100% ownership of TransDigm Inc. TD Group’s common stock is listed on The New York Stock Exchange, or the NYSE, under the trading symbol “TDG.” | ||
Major product offerings, substantially all of which are ultimately provided to end-users in the aerospace industry, include mechanical/electro-mechanical actuators and controls, ignition systems and engine technology, specialized pumps and valves, power conditioning devices, specialized AC/DC electric motors and generators, NiCad batteries and chargers, engineered latching and locking devices, rods and locking devices, engineered connectors and elastomers, cockpit security components and systems, specialized cockpit displays, aircraft audio systems, specialized lavatory components, seatbelts and safety restraints, engineered interior surfaces, lighting and control technology and military personnel parachutes and cargo delivery systems. | ||
Separate Financial Statements – Separate financial statements of TransDigm Inc. are not presented because TransDigm Inc.’s 7 3/4% Senior Subordinated Notes due 2018, 5 1/2% Senior Subordinated Notes due 2020 and 7 1/2% Senior Subordinated Notes due 2021 are fully and unconditionally guaranteed on a senior subordinated basis by TD Group and all existing 100% owned domestic subsidiaries of TransDigm Inc. and because TD Group has no significant operations or assets separate from its investment in TransDigm Inc. |
Unaudited_Interim_Financial_In
Unaudited Interim Financial Information | 3 Months Ended | |
Dec. 28, 2013 | ||
Unaudited Interim Financial Information | ' | |
2 | UNAUDITED INTERIM FINANCIAL INFORMATION | |
The financial information included herein is unaudited; however, the information reflects all adjustments (consisting solely of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the Company’s financial position and results of operations and cash flows for the interim periods presented. These financial statements and notes should be read in conjunction with the financial statements and related notes for the year ended September 30, 2013 included in TD Group’s Form 10-K dated November 15, 2013. As disclosed therein, the Company’s annual consolidated financial statements were prepared in conformity with generally accepted accounting principles in the United States (“GAAP”). The September 30, 2013 condensed consolidated balance sheet was derived from TD Group’s audited financial statements. The results of operations for the thirteen week period ended December 28, 2013 are not necessarily indicative of the results to be expected for the full year. |
Acquisitions
Acquisitions | 3 Months Ended | |
Dec. 28, 2013 | ||
Acquisitions | ' | |
3 | ACQUISITIONS | |
Airborne Global Inc. – On December 19, 2013, TransDigm Inc. acquired all of the outstanding stock of Airborne Global Inc. (“Airborne”) for approximately $263.8 million in cash, which comprises the $250 million contract price plus estimated cash and working capital at closing and which is subject to adjustments based on the actual level of cash and working capital as of the closing date of the acquisition. Airborne is the industry leading designer and manufacturer of personnel parachutes, cargo aerial delivery systems, emergency escape systems, naval decoys and other related products. These products fit well with TransDigm’s overall business direction. Airborne is included in TransDigm’s Airframe segment. The Company expects that the approximately $140 million of goodwill recognized for the acquisition will not be deductible for tax purposes. | ||
Whippany Actuation Systems, LLC – On June 28, 2013, Whippany Actuation Systems, LLC, a newly formed subsidiary of TransDigm Inc., acquired assets from GE Aviation’s Electromechanical Actuation Division (“Whippany Actuation”) for approximately $151.5 million in cash, which includes a purchase price adjustment of $2.7 million paid in the first quarter of fiscal 2014. Whippany Actuation manufactures proprietary, highly engineered aerospace electromechanical motion control subsystems for civil and military applications with product offerings including control electronics, motors, high power mechanical transmissions and actuators. These products fit well with TransDigm’s overall business direction. Whippany is included in TransDigm’s Power & Control segment. The Company expects that the approximately $103 million of goodwill recognized for the acquisition will be deductible for tax purposes. | ||
Arkwin Industries, Inc. – On June 5, 2013, TransDigm Inc. acquired all of the outstanding stock of Arkwin Industries, Inc. (“Arkwin”), for approximately $285.7 million in cash, which includes a purchase price adjustment of $0.2 million received in the fourth quarter of fiscal 2013. Arkwin manufactures proprietary, highly engineered aerospace hydraulic and fuel system components for commercial and military aircraft, helicopters and other specialty applications. These products fit well with TransDigm’s overall business direction. Arkwin is included in TransDigm’s Power & Control segment. The Company expects that the approximately $185 million of goodwill recognized for the acquisition will not be deductible for tax purposes. | ||
Aerosonic Corporation – On June 5, 2013, Buccaneer Acquisition Sub Inc., a newly formed subsidiary of TransDigm Inc., completed the tender offer of a majority of the outstanding stock of Aerosonic Corporation (“Aerosonic”). Buccaneer Acquisition Sub Inc. was subsequently merged into Aerosonic on June 10, 2013; in connection therewith, all outstanding shares of Aerosonic were cancelled and Aerosonic became a wholly owned subsidiary of TransDigm Inc. The aggregate price paid in the tender offer and merger was approximately $39.8 million in cash. Aerosonic designs and manufactures proprietary, highly engineered mechanical and digital altimeters, airspeed indicators, rate of climb indicators, microprocessor controlled air data test sets, angle of attack stall warning systems, integrated air data sensors and other aircraft sensors, monitoring systems and flight instrumentation for use on commercial and military aircraft. These products fit well with TransDigm’s overall business direction. Aerosonic is included in TransDigm’s Airframe segment. The Company expects that the approximately $14 million of goodwill recognized for the acquisition will not be deductible for tax purposes. | ||
The Company accounted for the acquisitions using the acquisition method and included the results of operations of the acquisitions in its consolidated financial statements from the effective date of each acquisition. The Company is in the process of obtaining a third-party valuation of certain tangible and intangible assets of Airborne, Whippany Actuation, Arkwin and Aerosonic; therefore, the values attributed to those acquired assets in the consolidated financial statements are subject to adjustment. Pro forma net sales and results of operations for the acquisitions had they occurred at the beginning of the applicable thirteen week periods ended December 28, 2013 or December 29, 2012 are not significant and, accordingly, are not provided. | ||
The acquisitions strengthen and expand the Company’s position to design, produce and supply highly-engineered proprietary aerospace components in niche markets with significant aftermarket content and provide opportunities to create value through the application of our three core value-driven operating strategies (obtaining profitable new business, improving our cost structure, and providing highly engineered value-added products to customers). The purchase price paid for each acquisition reflects the current earnings before interest, taxes, depreciation and amortization (EBITDA) and cash flows, as well as, the future EBITDA and cash flows expected to be generated by the business, which are driven in most cases by the recurring aftermarket consumption over the life of a particular aircraft, estimated to be approximately 30 years. |
Earnings_Per_Share_TwoClass_Me
Earnings Per Share (Two-Class Method) | 3 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Earnings Per Share (Two-Class Method) | ' | ||||||||
4 | EARNINGS PER SHARE (TWO-CLASS METHOD) | ||||||||
The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): | |||||||||
Thirteen Week Periods Ended | |||||||||
December 28, | December 29, | ||||||||
2013 | 2012 | ||||||||
Numerator for earnings per share: | |||||||||
Net income | $ | 86,123 | $ | 74,170 | |||||
Less dividends on participating securities | (4,139 | ) | (38,130 | ) | |||||
Net income applicable to common stock - basic and diluted | $ | 81,984 | $ | 36,040 | |||||
Denominator for basic and diluted earnings per share under the two-class method: | |||||||||
Weighted average common shares outstanding | 52,687 | 51,796 | |||||||
Vested options deemed participating securities | 4,304 | 2,657 | |||||||
Total shares for basic and diluted earnings per share | 56,991 | 54,453 | |||||||
Basic and diluted earnings per share | $ | 1.44 | $ | 0.66 | |||||
Inventories
Inventories | 3 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Inventories | ' | ||||||||
5 | INVENTORIES | ||||||||
Inventories are stated at the lower of cost or market. Cost of inventories is determined by the average cost and the first-in, first-out (FIFO) methods for all locations except CEF Industries LLC, which determines the cost of inventories using the last-in, first-out (LIFO) method. Less than 5% of the inventory was valued under the LIFO method at December 28, 2013. | |||||||||
Inventories consist of the following (in thousands): | |||||||||
December 28, | September 30, | ||||||||
2013 | 2013 | ||||||||
Raw materials and purchased component parts | $ | 295,135 | $ | 274,510 | |||||
Work-in-progress | 133,855 | 124,765 | |||||||
Finished Goods | 60,556 | 58,052 | |||||||
Total | 489,546 | 457,327 | |||||||
Reserves for excess and obsolete inventory and LIFO | (46,495 | ) | (43,746 | ) | |||||
Inventories - net | $ | 443,051 | $ | 413,581 | |||||
Intangible_Assets
Intangible Assets | 3 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||
Intangible Assets | ' | ||||||||||||||||||||||||
6 | INTANGIBLE ASSETS | ||||||||||||||||||||||||
Intangible assets subject to amortization consist of the following (in thousands): | |||||||||||||||||||||||||
December 28, 2013 | September 30, 2013 | ||||||||||||||||||||||||
Gross Carrying | Accumulated | Net | Gross Carrying | Accumulated | Net | ||||||||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||||||||||
Technology | $ | 851,399 | $ | 154,162 | $ | 697,237 | $ | 801,010 | $ | 143,196 | $ | 657,814 | |||||||||||||
Order backlog | 25,036 | 8,782 | 16,254 | 19,255 | 7,936 | 11,319 | |||||||||||||||||||
Other | 43,280 | 9,412 | 33,868 | 43,427 | 8,760 | 34,667 | |||||||||||||||||||
Total | $ | 919,715 | $ | 172,356 | $ | 747,359 | $ | 863,692 | $ | 159,892 | $ | 703,800 | |||||||||||||
Intangible assets acquired during the thirteen week period ended December 28, 2013 were as follows (in thousands): | |||||||||||||||||||||||||
Cost | Amortization | ||||||||||||||||||||||||
Period | |||||||||||||||||||||||||
Intangible assets not subject to amortization: | |||||||||||||||||||||||||
Goodwill | $ | 140,474 | |||||||||||||||||||||||
Trademarks and trade names | 45,000 | ||||||||||||||||||||||||
185,474 | |||||||||||||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||||||||||
Technology | 50,000 | 20 years | |||||||||||||||||||||||
Order backlog | 9,000 | 1 year | |||||||||||||||||||||||
59,000 | 17.1 years | ||||||||||||||||||||||||
Total | $ | 244,474 | |||||||||||||||||||||||
The aggregate amortization expense on identifiable intangible assets for the thirteen week periods ended December 28, 2013 and December 29, 2012 was approximately $16.4 million and $10.6 million, respectively. The estimated amortization expense is $64.1 million for fiscal 2014, $46.4 million for fiscal 2015 and $44.1 million for each of the four succeeding years 2016 through 2019. | |||||||||||||||||||||||||
The following is a summary of changes in the carrying value of goodwill by segment from September 30, 2013 through December 28, 2013 (in thousands): | |||||||||||||||||||||||||
Power & | Airframe | Non-aviation | Total | ||||||||||||||||||||||
Control | |||||||||||||||||||||||||
Balance, September 30, 2013 | $ | 1,566,926 | $ | 1,721,901 | $ | 55,080 | $ | 3,343,907 | |||||||||||||||||
Goodwill acquired during the year | — | 140,474 | — | 140,474 | |||||||||||||||||||||
Purchase price allocation adjustments | 3,754 | 82 | — | 3,836 | |||||||||||||||||||||
Other | — | 1,625 | — | 1,625 | |||||||||||||||||||||
Balance, December 28, 2013 | $ | 1,570,680 | $ | 1,864,082 | $ | 55,080 | $ | 3,489,842 | |||||||||||||||||
Income_Taxes
Income Taxes | 3 Months Ended | |
Dec. 28, 2013 | ||
Income Taxes | ' | |
7 | INCOME TAXES | |
At the end of each reporting period, TD Group makes an estimate of its annual effective income tax rate. The estimate used in the year-to-date period may change in subsequent periods. During the thirteen week periods ended December 28, 2013 and December 29, 2012, the effective income tax rate was 33.6% and 32.6%, respectively. The Company’s effective tax rate for these periods was less than the Federal statutory tax rate due primarily to the domestic manufacturing deduction. The increase in the effective tax rate for the quarter ended December 28, 2013 was primarily due to non-recurring adjustments in estimated deferred state obligations recognized in the quarter ended December 29, 2012. | ||
The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, various state and local jurisdictions as well as foreign jurisdictions located in Belgium, China, France, Malaysia, Mexico, Singapore, Sri Lanka and the United Kingdom. The Company is no longer subject to U.S. federal examinations for years before fiscal 2011. AmSafe is subject to U.S. federal examinations for the 2008, 2009, 2010 and 2011 years. In addition, the Company is subject to state income tax examinations for fiscal years 2009 and later. | ||
At December 28, 2013 and September 30, 2013, TD Group had $6.1 million and $6.1 million in unrecognized tax benefits, the recognition of which would have an effect of approximately $5.7 million and $5.7 million on the effective tax rate at December 28, 2013 and September 30, 2013, respectively. The Company does not believe that the tax positions that comprise the unrecognized tax benefit amount will change significantly over the next 12 months. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
8 | FAIR VALUE MEASUREMENTS | ||||||||||||||||||||
The following tables present our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. | |||||||||||||||||||||
The following summarizes the carrying amounts and fair values of financial instruments (in thousands): | |||||||||||||||||||||
December 28, 2013 | September 30, 2013 | ||||||||||||||||||||
Level | Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||
Amount | Amount | ||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | 1 | $ | 410,924 | $ | 410,924 | $ | 564,740 | $ | 564,740 | ||||||||||||
Liabilities: | |||||||||||||||||||||
Interest rate swap agreements (1) | 2 | 7,100 | 7,100 | 6,950 | 6,950 | ||||||||||||||||
Interest rate swap agreements (2) | 2 | 2,700 | 2,700 | 7,550 | 7,550 | ||||||||||||||||
Long-term debt: | |||||||||||||||||||||
Term loans | 2 | 3,081,238 | 3,084,000 | 3,081,238 | 3,065,000 | ||||||||||||||||
7 3/4% Senior Subordinated Notes due 2018 | 1 | 1,600,000 | 1,720,000 | 1,600,000 | 1,708,000 | ||||||||||||||||
5 1/2% Senior Subordinated Notes due 2020 | 1 | 550,000 | 536,000 | 550,000 | 540,000 | ||||||||||||||||
7 1/2% Senior Subordinated Notes due 2021 | 1 | 500,000 | 538,000 | 500,000 | 536,000 | ||||||||||||||||
-1 | Included in Accrued liabilities on the Condensed Consolidated Balance Sheet. | ||||||||||||||||||||
-2 | Included in Other non-current liabilities on the Condensed Consolidated Balance Sheet. | ||||||||||||||||||||
Interest rate swaps were measured at fair value using quoted market prices for the swap interest rate indexes over the term of the swap discounted to present value versus the fixed rate of the contract. The estimated fair value of the Company’s term loans was based on information provided by the agent under the Company’s senior secured credit facility. The estimated fair values of the Company’s 2018 Notes, 2020 Notes and 2021 Notes were based upon quoted market prices. |
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 3 Months Ended | |
Dec. 28, 2013 | ||
Derivatives and Hedging Activities | ' | |
9 | DERIVATIVES AND HEDGING ACTIVITIES | |
The Company is exposed to, among other things, the impact of changes in interest rates in the normal course of business. The Company’s risk management program is designed to manage the exposure and volatility arising from these risks, and utilizes derivative financial instruments to offset a portion of these risks. The Company uses derivative financial instruments only to the extent necessary to hedge identified business risks and does not enter into such transactions for trading purposes. The Company generally does not require collateral or other security with counterparties to these financial instruments and is therefore subject to credit risk in the event of nonperformance; however, the Company monitors credit risk and currently does not anticipate nonperformance by other parties. | ||
Interest rate swap agreements are used to manage interest rate risk associated with floating-rate borrowings under our 2013 Credit Facility. The interest rate swap agreements utilized by the Company effectively modify the Company’s exposure to interest rate risk by converting a portion of the Company’s floating-rate debt to a fixed rate basis through the expiration date of the interest rate swap agreements, thereby reducing the impact of interest rate changes on future interest expense. These agreements involve the receipt of floating rate amounts in exchange for fixed rate interest payments over the term of the agreements without an exchange of the underlying principal amount. These derivative instruments that qualify as effective cash flow hedges under GAAP. For these cash flow hedges, the effective portion of the gain or loss from the financial instruments was initially reported as a component of accumulated other comprehensive income (loss) in stockholders’ equity and subsequently reclassified into earnings in the same line as the hedged item in the same period or periods during which the hedged item affected earnings. | ||
On July 16, 2013, the Company entered into three forward-starting interest rate swap agreements beginning September 30, 2014 to hedge the variable interest rates on the 2013 Credit Facility for a fixed rate based on an aggregate notional amount of $1.0 billion through June 30, 2019. These forward-starting interest rate swap agreements will effectively convert the variable interest rate on the aggregate notional amount of the 2013 Credit Facility to a fixed rate of 5.4% (2.4% plus the 3% margin percentage) over the term of the interest rate swap agreements. | ||
At December 28, 2013, three forward-starting interest rate swap agreements were in place to swap variable rates on the 2013 Credit Facility for a fixed rate based on an aggregate notional amount of $353 million. These interest rate swap agreements converted the variable interest rate on the aggregate notional amount of the 2013 Credit Facility to a fixed rate of 5.17% (2.17% plus the 3% margin percentage) through June 30, 2015. | ||
In conjunction with the refinancing of the 2011 Credit Facility, the Company no longer designated the interest rate swap agreements relating to the $353 million aggregate notional amount as cash flow hedges for accounting purposes. Accordingly, amounts previously recorded as a component of accumulated other comprehensive loss in stockholder’s equity will be amortized into earnings over the remaining period of the swap agreements. The net after-tax loss included in accumulated other comprehensive loss to be reclassified into interest expense over the remaining term of the swap agreement was $5.7 million at December 28, 2013. |
Segments
Segments | 3 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Segments | ' | ||||||||
10 | SEGMENTS | ||||||||
The Company’s businesses are organized and managed in three reporting segments: Power & Control, Airframe and Non-aviation. | |||||||||
The Power & Control segment includes operations that primarily develop, produce and market systems and components that predominately provide power to or control power of the aircraft utilizing electronic, fluid, power and mechanical motion control technologies. Major product offerings include mechanical/electro-mechanical actuators and controls, ignition systems and engine technology, specialized pumps and valves, power conditioning devices and specialized AC/DC electric motors and generators. Primary customers of this segment are engine and power system and subsystem suppliers, airlines, third party maintenance suppliers, military buying agencies and repair depots. Products are sold in the original equipment and aftermarket market channels. | |||||||||
The Airframe segment includes operations that primarily develop, produce and market systems and components that are used in non-power airframe applications utilizing airframe and cabin structure technologies. Major product offerings include engineered latching and locking devices, rods and locking devices, engineered connectors and elastomers, cockpit security components and systems, aircraft audio systems, specialized lavatory components, seatbelts and safety restraints, engineered interior surfaces, lighting and control technology, personnel parachutes, cargo aerial delivery systems, emergency escape systems and naval decoys. Primary customers of this segment are airframe manufacturers and cabin system suppliers and subsystem suppliers, airlines, third party maintenance suppliers, military buying agencies and repair depots. Products are sold in the original equipment and aftermarket market channels. | |||||||||
The Non-aviation segment includes operations that primarily develop, produce and market products for non-aviation markets. Major product offerings include seatbelts and safety restraints for ground transportation applications, mechanical/electro-mechanical actuators and controls for space applications, and refueling systems for heavy equipment used in mining, construction and other industries. Primary customers of this segment are off road vehicle suppliers and subsystem suppliers, child restraint system suppliers, satellite and space system suppliers and manufacturers of heavy equipment used in mining, construction and other industries. | |||||||||
The primary measurement used by management to review and assess the operating performance of each segment is EBITDA As Defined. The Company defines EBITDA As Defined as earnings before interest, taxes, depreciation and amortization plus certain non-operating items including refinancing costs, acquisition-related costs, transaction-related costs and non-cash compensation charges incurred in connection with the Company’s stock option plans. Acquisition-related costs represent accounting adjustments to inventory associated with acquisitions of businesses and product lines that were charged to cost of sales when the inventory was sold; costs incurred to integrate acquired businesses and product lines into the Company’s operations, facility relocation costs and other acquisition-related costs; transaction related costs comprising deal fees; legal, financial and tax diligence expenses and valuation costs that are required to be expensed as incurred and other acquisition accounting adjustments. | |||||||||
EBITDA As Defined is not a measurement of financial performance under GAAP. Although the Company uses EBITDA As Defined to assess the performance of its business and for various other purposes, the use of this non-GAAP financial measure as an analytical tool has limitations, and it should not be considered in isolation or as a substitute for analysis of the Company’s results of operations as reported in accordance with GAAP. | |||||||||
The Company’s segments are reported on the same basis used internally for evaluating performance and for allocating resources. The accounting policies for each segment are the same as those described in the summary of significant accounting policies in the Company’s consolidated financial statements. Intersegment sales and transfers are recorded at values based on market prices, which creates intercompany profit on intersegment sales or transfers that is eliminated in consolidation. Intersegment sales were insignificant for the periods presented below. | |||||||||
The following table presents net sales by reportable segment (in thousands): | |||||||||
Thirteen Week Periods Ended | |||||||||
December 28, | December 29, | ||||||||
2013 | 2012 | ||||||||
Net sales to external customers | |||||||||
Power & Control | $ | 251,208 | $ | 193,876 | |||||
Airframe | 254,666 | 214,922 | |||||||
Non-aviation | 23,448 | 21,620 | |||||||
$ | 529,322 | $ | 430,418 | ||||||
The following table reconciles EBITDA As Defined by segment to consolidated income from continuing operations before income taxes (in thousands): | |||||||||
Thirteen Week Periods Ended | |||||||||
December 28, | December 29, | ||||||||
2013 | 2012 | ||||||||
EBITDA As Defined | |||||||||
Power & Control | $ | 128,984 | $ | 103,119 | |||||
Airframe | 114,470 | 98,806 | |||||||
Non-aviation | 5,106 | 4,435 | |||||||
Total segment EBITDA As Defined | 248,560 | 206,360 | |||||||
Unallocated corporate expenses | 5,003 | 5,464 | |||||||
Total Company EBITDA As Defined | 243,557 | 200,896 | |||||||
Depreciation and amortization | 23,839 | 17,452 | |||||||
Interest expense - net | 80,853 | 62,876 | |||||||
Acquisition-related costs | 4,917 | 3,467 | |||||||
Stock compensation expense | 4,175 | 7,131 | |||||||
Income from continuing operations before income taxes | $ | 129,773 | $ | 109,970 | |||||
The following table presents total assets by segment (in thousands): | |||||||||
December 28, | September 30, | ||||||||
2013 | 2013 | ||||||||
Total assets | |||||||||
Power & Control | $ | 2,392,889 | $ | 2,398,469 | |||||
Airframe | 3,246,082 | 2,958,974 | |||||||
Non-aviation | 130,192 | 132,672 | |||||||
Corporate | 523,324 | 658,764 | |||||||
$ | 6,292,487 | $ | 6,148,879 | ||||||
The Company’s sales principally originate from the United States, and the Company’s long-lived assets are principally located in the United States. |
Supplemental_Guarantor_Informa
Supplemental Guarantor Information | 3 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||
Supplemental Guarantor Information | ' | ||||||||||||||||||||||||
11 | SUPPLEMENTAL GUARANTOR INFORMATION | ||||||||||||||||||||||||
TransDigm’s 2018 Notes, 2020 Notes and 2021 Notes are jointly and severally guaranteed, on a senior subordinated basis, by TD Group and TransDigm Inc.’s 100% Domestic Restricted Subsidiaries, as defined in the Indentures. The following supplemental condensed consolidating financial information presents, in separate columns, the balance sheets of the Company as of December 28, 2013 and September 30, 2013 and its statements of income and comprehensive income and cash flows for the thirteen week periods ended December 28, 2013 and December 29, 2012 for (i) TransDigm Group on a parent only basis with its investment in subsidiaries recorded under the equity method, (ii) TransDigm Inc. including its directly owned operations and non-operating entities, (iii) the Subsidiary Guarantors on a combined basis, (iv) Non-Guarantor Subsidiaries and (v) the Company on a consolidated basis. | |||||||||||||||||||||||||
TRANSDIGM GROUP INCORPORATED | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||
AS OF DECEMBER 28, 2013 | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
TransDigm | TransDigm | Subsidiary | Non- | Total | |||||||||||||||||||||
Guarantor | |||||||||||||||||||||||||
Group | Inc. | Guarantors | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,083 | $ | 379,572 | $ | 7,034 | $ | 23,235 | $ | — | $ | 410,924 | |||||||||||||
Trade accounts receivable - Net | — | 14,692 | 280,421 | 29,093 | (1,767 | ) | 322,439 | ||||||||||||||||||
Inventories - Net | — | 27,430 | 389,757 | 26,564 | (700 | ) | 443,051 | ||||||||||||||||||
Deferred income taxes | — | 28,431 | — | — | — | 28,431 | |||||||||||||||||||
Prepaid expenses and other | — | 1,402 | 12,485 | 2,361 | — | 16,248 | |||||||||||||||||||
Total current assets | 1,083 | 451,527 | 689,697 | 81,253 | (2,467 | ) | 1,221,093 | ||||||||||||||||||
INVESTMENT IN SUBSIDIARIES AND INTERCOMPANY BALANCES | (235,265 | ) | 5,494,861 | 2,639,587 | 74,754 | (7,973,937 | ) | — | |||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT - Net | — | 15,490 | 189,292 | 14,440 | — | 219,222 | |||||||||||||||||||
GOODWILL | — | 97,507 | 3,306,565 | 85,770 | — | 3,489,842 | |||||||||||||||||||
TRADEMARKS AND TRADE NAMES | — | 19,377 | 478,417 | 32,874 | — | 530,668 | |||||||||||||||||||
OTHER INTANGIBLE ASSETS - Net | — | 21,771 | 707,670 | 19,378 | (1,460 | ) | 747,359 | ||||||||||||||||||
DEBT ISSUE COSTS - Net | — | 70,551 | — | — | — | 70,551 | |||||||||||||||||||
OTHER | — | 2,650 | 10,904 | 198 | — | 13,752 | |||||||||||||||||||
TOTAL ASSETS | $ | (234,182 | ) | $ | 6,173,734 | $ | 8,022,132 | $ | 308,667 | $ | (7,977,864 | ) | $ | 6,292,487 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | |||||||||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 31,045 | $ | — | $ | — | $ | — | $ | 31,045 | |||||||||||||
Accounts payable | — | 10,106 | 71,853 | 10,315 | (1,769 | ) | 90,505 | ||||||||||||||||||
Accrued liabilities | — | 107,314 | 92,630 | 17,155 | — | 217,099 | |||||||||||||||||||
Total current liabilities | — | 148,465 | 164,483 | 27,470 | (1,769 | ) | 338,649 | ||||||||||||||||||
LONG-TERM DEBT | — | 5,700,193 | — | — | — | 5,700,193 | |||||||||||||||||||
DEFERRED INCOME TAXES | — | 417,344 | — | — | — | 417,344 | |||||||||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 24,994 | 45,550 | (61 | ) | — | 70,483 | ||||||||||||||||||
Total liabilities | — | 6,290,996 | 210,033 | 27,409 | (1,769 | ) | 6,526,669 | ||||||||||||||||||
STOCKHOLDERS’ (DEFICIT) EQUITY | (234,182 | ) | (117,262 | ) | 7,812,099 | 281,258 | (7,976,095 | ) | (234,182 | ) | |||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | $ | (234,182 | ) | $ | 6,173,734 | $ | 8,022,132 | $ | 308,667 | $ | (7,977,864 | ) | $ | 6,292,487 | |||||||||||
TRANSDIGM GROUP INCORPORATED | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||
AS OF SEPTEMBER 30, 2013 | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
TransDigm | TransDigm | Subsidiary | Non- | Total | |||||||||||||||||||||
Guarantor | |||||||||||||||||||||||||
Group | Inc. | Guarantors | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,313 | $ | 536,863 | $ | 7,900 | $ | 18,664 | $ | — | $ | 564,740 | |||||||||||||
Trade accounts receivable - Net | — | 16,332 | 251,272 | 24,567 | (1,722 | ) | 290,449 | ||||||||||||||||||
Inventories - Net | — | 26,353 | 359,518 | 28,633 | (923 | ) | 413,581 | ||||||||||||||||||
Deferred income taxes | — | 30,182 | — | — | — | 30,182 | |||||||||||||||||||
Prepaid expenses and other | — | 7,533 | 10,693 | 3,317 | — | 21,543 | |||||||||||||||||||
Total current assets | 1,313 | 617,263 | 629,383 | 75,181 | (2,645 | ) | 1,320,495 | ||||||||||||||||||
INVESTMENT IN SUBSIDIARIES AND INTERCOMPANY BALANCES | (337,694 | ) | 5,206,201 | 2,527,374 | 77,853 | (7,473,734 | ) | — | |||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT - Net | — | 15,471 | 178,193 | 15,300 | — | 208,964 | |||||||||||||||||||
GOODWILL | — | 67,245 | 3,192,519 | 84,143 | — | 3,343,907 | |||||||||||||||||||
TRADEMARKS AND TRADE NAMES | — | 19,377 | 434,066 | 32,247 | — | 485,690 | |||||||||||||||||||
OTHER INTANGIBLE ASSETS - Net | — | 22,130 | 663,881 | 19,249 | (1,460 | ) | 703,800 | ||||||||||||||||||
DEBT ISSUE COSTS - Net | — | 72,668 | — | — | — | 72,668 | |||||||||||||||||||
OTHER | — | 2,633 | 10,520 | 201 | 1 | 13,355 | |||||||||||||||||||
TOTAL ASSETS | $ | (336,381 | ) | $ | 6,022,988 | $ | 7,635,936 | $ | 304,174 | $ | (7,477,838 | ) | $ | 6,148,879 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | |||||||||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 31,045 | $ | — | $ | — | $ | — | $ | 31,045 | |||||||||||||
Accounts payable | — | 14,353 | 82,661 | 11,481 | (1,727 | ) | 106,768 | ||||||||||||||||||
Accrued liabilities | — | 80,313 | 88,204 | 16,170 | — | 184,687 | |||||||||||||||||||
Total current liabilities | — | 125,711 | 170,865 | 27,651 | (1,727 | ) | 322,500 | ||||||||||||||||||
LONG-TERM DEBT | — | 5,700,193 | — | — | — | 5,700,193 | |||||||||||||||||||
DEFERRED INCOME TAXES | — | 384,301 | — | — | — | 384,301 | |||||||||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 32,474 | 45,748 | 44 | — | 78,266 | |||||||||||||||||||
Total liabilities | — | 6,242,679 | 216,613 | 27,695 | (1,727 | ) | 6,485,260 | ||||||||||||||||||
STOCKHOLDERS’ (DEFICIT) EQUITY | (336,381 | ) | (219,691 | ) | 7,419,323 | 276,479 | (7,476,111 | ) | (336,381 | ) | |||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | $ | (336,381 | ) | $ | 6,022,988 | $ | 7,635,936 | $ | 304,174 | $ | (7,477,838 | ) | $ | 6,148,879 | |||||||||||
TRANSDIGM GROUP INCORPORATED | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME | |||||||||||||||||||||||||
FOR THE THIRTEEN WEEK PERIOD ENDED DECEMBER 28, 2013 | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
TransDigm | TransDigm | Subsidiary | Non-Guarantor | Total | |||||||||||||||||||||
Group | Inc. | Guarantors | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
NET SALES | $ | — | $ | 26,741 | $ | 468,056 | $ | 36,300 | $ | (1,775 | ) | $ | 529,322 | ||||||||||||
COST OF SALES | — | 15,594 | 206,624 | 24,966 | (1,998 | ) | 245,186 | ||||||||||||||||||
GROSS PROFIT | — | 11,147 | 261,432 | 11,334 | 223 | 284,136 | |||||||||||||||||||
SELLING AND ADMINISTRATIVE EXPENSES | — | 12,166 | 39,069 | 5,892 | — | 57,127 | |||||||||||||||||||
AMORTIZATION OF INTANGIBLE ASSETS | — | 347 | 15,774 | 262 | — | 16,383 | |||||||||||||||||||
INCOME (LOSS) FROM OPERATIONS | — | (1,366 | ) | 206,589 | 5,180 | 223 | 210,626 | ||||||||||||||||||
INTEREST EXPENSE - Net | — | 80,646 | 71 | 136 | — | 80,853 | |||||||||||||||||||
EQUITY IN INCOME OF SUBSIDIARIES | (86,123 | ) | (129,017 | ) | — | — | 215,140 | — | |||||||||||||||||
INCOME BEFORE INCOME TAXES | 86,123 | 47,005 | 206,518 | 5,044 | (214,917 | ) | 129,773 | ||||||||||||||||||
INCOME TAX PROVISION (BENEFIT) | — | (39,118 | ) | 80,648 | 2,120 | — | 43,650 | ||||||||||||||||||
NET INCOME | $ | 86,123 | $ | 86,123 | $ | 125,870 | $ | 2,924 | $ | (214,917 | ) | $ | 86,123 | ||||||||||||
OTHER COMPREHENSIVE INCOME, NET OF TAX | 6,711 | 3,807 | 817 | 2,087 | (6,711 | ) | 6,711 | ||||||||||||||||||
TOTAL COMPREHENSIVE INCOME | $ | 92,834 | $ | 89,930 | $ | 126,687 | $ | 5,011 | $ | (221,628 | ) | $ | 92,834 | ||||||||||||
TRANSDIGM GROUP INCORPORATED | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME | |||||||||||||||||||||||||
FOR THE THIRTEEN WEEK PERIOD ENDED DECEMBER 29, 2012 | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
TransDigm | TransDigm | Subsidiary | Non-Guarantor | Total | |||||||||||||||||||||
Group | Inc. | Guarantors | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
NET SALES | $ | — | $ | 25,209 | $ | 379,870 | $ | 27,501 | $ | (2,162 | ) | $ | 430,418 | ||||||||||||
COST OF SALES | — | 14,242 | 159,959 | 19,629 | (1,959 | ) | 191,871 | ||||||||||||||||||
GROSS PROFIT | — | 10,967 | 219,911 | 7,872 | (203 | ) | 238,547 | ||||||||||||||||||
SELLING AND ADMINISTRATIVE EXPENSES | — | 15,549 | 35,566 | 4,046 | — | 55,161 | |||||||||||||||||||
AMORTIZATION OF INTANGIBLE ASSETS | — | 156 | 9,945 | 439 | — | 10,540 | |||||||||||||||||||
INCOME (LOSS) FROM OPERATIONS | — | (4,738 | ) | 174,400 | 3,387 | (203 | ) | 172,846 | |||||||||||||||||
INTEREST EXPENSE - Net | — | 61,956 | 624 | 296 | — | 62,876 | |||||||||||||||||||
EQUITY IN INCOME OF SUBSIDIARIES | (74,170 | ) | (103,465 | ) | — | — | 177,635 | — | |||||||||||||||||
INCOME BEFORE INCOME TAXES | 74,170 | 36,771 | 173,776 | 3,091 | (177,838 | ) | 109,970 | ||||||||||||||||||
INCOME TAX PROVISION (BENEFIT) | — | (37,399 | ) | 71,971 | 1,228 | — | 35,800 | ||||||||||||||||||
NET INCOME | $ | 74,170 | $ | 74,170 | $ | 101,805 | $ | 1,863 | $ | (177,838 | ) | $ | 74,170 | ||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 1,838 | (215 | ) | 261 | 1,792 | (1,838 | ) | 1,838 | |||||||||||||||||
TOTAL COMPREHENSIVE INCOME | $ | 76,008 | $ | 73,955 | $ | 102,066 | $ | 3,655 | $ | (179,676 | ) | $ | 76,008 | ||||||||||||
TRANSDIGM GROUP INCORPORATED | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE THIRTEEN WEEK PERIOD ENDED DECEMBER 28, 2013 | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
TransDigm | TransDigm | Subsidiary | Non-Guarantor | Total | |||||||||||||||||||||
Group | Inc. | Guarantors | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
NET CASH PROVIDED BY (USED IN) | |||||||||||||||||||||||||
OPERATING ACTIVITIES | $ | — | $ | (6,676 | ) | $ | 123,148 | $ | 2,134 | $ | (2,899 | ) | $ | 115,707 | |||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Capital expenditures | — | (569 | ) | (6,892 | ) | (636 | ) | — | (8,097 | ) | |||||||||||||||
Acquisition of business, net of cash acquired | — | (263,892 | ) | — | — | — | (263,892 | ) | |||||||||||||||||
Net cash used in investing activities | — | (264,461 | ) | (6,892 | ) | (636 | ) | — | (271,989 | ) | |||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Intercompany activities | (2,620 | ) | 113,924 | (117,122 | ) | 2,919 | 2,899 | — | |||||||||||||||||
Excess tax benefits related to share-based payment arrangements | 3,636 | — | — | — | — | 3,636 | |||||||||||||||||||
Proceeds from exercise of stock options | 2,893 | — | — | — | — | 2,893 | |||||||||||||||||||
Dividends paid | (4,139 | ) | — | — | — | — | (4,139 | ) | |||||||||||||||||
Other | — | (78 | ) | — | — | — | (78 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | (230 | ) | 113,846 | (117,122 | ) | 2,919 | 2,899 | 2,312 | |||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | — | 154 | — | 154 | |||||||||||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (230 | ) | (157,291 | ) | (866 | ) | 4,571 | — | (153,816 | ) | |||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 1,313 | 536,863 | 7,900 | 18,664 | — | 564,740 | |||||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 1,083 | $ | 379,572 | $ | 7,034 | $ | 23,235 | $ | — | $ | 410,924 | |||||||||||||
TRANSDIGM GROUP INCORPORATED | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE THIRTEEN WEEK PERIOD ENDED DECEMBER 29, 2012 | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
TransDigm | TransDigm | Subsidiary | Non-Guarantor | Total | |||||||||||||||||||||
Group | Inc. | Guarantors | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
NET CASH PROVIDED BY (USED IN) | |||||||||||||||||||||||||
OPERATING ACTIVITIES | $ | — | $ | (30,928 | ) | $ | 132,178 | $ | (1,061 | ) | $ | (2,074 | ) | $ | 98,115 | ||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Capital expenditures | — | (622 | ) | (7,566 | ) | (489 | ) | — | (8,677 | ) | |||||||||||||||
Acquisition of businesses, net of cash acquired | — | 134 | — | — | — | 134 | |||||||||||||||||||
Cash proceeds from sale of investment | — | 5,000 | — | — | — | 5,000 | |||||||||||||||||||
Net cash provided by (used in) investing activities | — | 4,512 | (7,566 | ) | (489 | ) | — | (3,543 | ) | ||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Intercompany activities | 660,335 | (540,502 | ) | (121,689 | ) | (218 | ) | 2,074 | — | ||||||||||||||||
Excess tax benefits related to share-based payment arrangements | 26,688 | — | — | — | — | 26,688 | |||||||||||||||||||
Proceeds from exercise of stock options | 5,541 | — | — | — | — | 5,541 | |||||||||||||||||||
Dividends paid | (702,406 | ) | — | — | — | — | (702,406 | ) | |||||||||||||||||
Proceeds from 2011 credit facility-net | — | 147,373 | — | — | — | 147,373 | |||||||||||||||||||
Proceeds from senior subordinated notes due 2020-net | — | 542,000 | — | — | — | 542,000 | |||||||||||||||||||
Net cash provided by (used in) financing activities | (9,842 | ) | 148,871 | (121,689 | ) | (218 | ) | 2,074 | 19,196 | ||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | — | 139 | — | 139 | |||||||||||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (9,842 | ) | 122,455 | 2,923 | (1,629 | ) | — | 113,907 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 20,100 | 406,891 | 4,494 | 9,039 | — | 440,524 | |||||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 10,258 | $ | 529,346 | $ | 7,417 | $ | 7,410 | $ | — | $ | 554,431 | |||||||||||||
Earnings_Per_Share_TwoClass_Me1
Earnings Per Share (Two-Class Method) (Tables) | 3 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Computation of Basic and Diluted Earnings Per Share | ' | ||||||||
The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): | |||||||||
Thirteen Week Periods Ended | |||||||||
December 28, | December 29, | ||||||||
2013 | 2012 | ||||||||
Numerator for earnings per share: | |||||||||
Net income | $ | 86,123 | $ | 74,170 | |||||
Less dividends on participating securities | (4,139 | ) | (38,130 | ) | |||||
Net income applicable to common stock - basic and diluted | $ | 81,984 | $ | 36,040 | |||||
Denominator for basic and diluted earnings per share under the two-class method: | |||||||||
Weighted average common shares outstanding | 52,687 | 51,796 | |||||||
Vested options deemed participating securities | 4,304 | 2,657 | |||||||
Total shares for basic and diluted earnings per share | 56,991 | 54,453 | |||||||
Basic and diluted earnings per share | $ | 1.44 | $ | 0.66 | |||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Inventories | ' | ||||||||
Inventories consist of the following (in thousands): | |||||||||
December 28, | September 30, | ||||||||
2013 | 2013 | ||||||||
Raw materials and purchased component parts | $ | 295,135 | $ | 274,510 | |||||
Work-in-progress | 133,855 | 124,765 | |||||||
Finished Goods | 60,556 | 58,052 | |||||||
Total | 489,546 | 457,327 | |||||||
Reserves for excess and obsolete inventory and LIFO | (46,495 | ) | (43,746 | ) | |||||
Inventories - net | $ | 443,051 | $ | 413,581 | |||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||
Intangible Assets Subject to Amortization | ' | ||||||||||||||||||||||||
Intangible assets subject to amortization consist of the following (in thousands): | |||||||||||||||||||||||||
December 28, 2013 | September 30, 2013 | ||||||||||||||||||||||||
Gross Carrying | Accumulated | Net | Gross Carrying | Accumulated | Net | ||||||||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||||||||||
Technology | $ | 851,399 | $ | 154,162 | $ | 697,237 | $ | 801,010 | $ | 143,196 | $ | 657,814 | |||||||||||||
Order backlog | 25,036 | 8,782 | 16,254 | 19,255 | 7,936 | 11,319 | |||||||||||||||||||
Other | 43,280 | 9,412 | 33,868 | 43,427 | 8,760 | 34,667 | |||||||||||||||||||
Total | $ | 919,715 | $ | 172,356 | $ | 747,359 | $ | 863,692 | $ | 159,892 | $ | 703,800 | |||||||||||||
Intangible Assets Acquired | ' | ||||||||||||||||||||||||
Intangible assets acquired during the thirteen week period ended December 28, 2013 were as follows (in thousands): | |||||||||||||||||||||||||
Cost | Amortization | ||||||||||||||||||||||||
Period | |||||||||||||||||||||||||
Intangible assets not subject to amortization: | |||||||||||||||||||||||||
Goodwill | $ | 140,474 | |||||||||||||||||||||||
Trademarks and trade names | 45,000 | ||||||||||||||||||||||||
185,474 | |||||||||||||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||||||||||
Technology | 50,000 | 20 years | |||||||||||||||||||||||
Order backlog | 9,000 | 1 year | |||||||||||||||||||||||
59,000 | 17.1 years | ||||||||||||||||||||||||
Total | $ | 244,474 | |||||||||||||||||||||||
Summary of Changes in Carrying Value of Goodwill | ' | ||||||||||||||||||||||||
The following is a summary of changes in the carrying value of goodwill by segment from September 30, 2013 through December 28, 2013 (in thousands): | |||||||||||||||||||||||||
Power & | Airframe | Non-aviation | Total | ||||||||||||||||||||||
Control | |||||||||||||||||||||||||
Balance, September 30, 2013 | $ | 1,566,926 | $ | 1,721,901 | $ | 55,080 | $ | 3,343,907 | |||||||||||||||||
Goodwill acquired during the year | — | 140,474 | — | 140,474 | |||||||||||||||||||||
Purchase price allocation adjustments | 3,754 | 82 | — | 3,836 | |||||||||||||||||||||
Other | — | 1,625 | — | 1,625 | |||||||||||||||||||||
Balance, December 28, 2013 | $ | 1,570,680 | $ | 1,864,082 | $ | 55,080 | $ | 3,489,842 | |||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||
Carrying Amounts and Fair Values of Financial Instruments | ' | ||||||||||||||||||||
The following summarizes the carrying amounts and fair values of financial instruments (in thousands): | |||||||||||||||||||||
December 28, 2013 | September 30, 2013 | ||||||||||||||||||||
Level | Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||
Amount | Amount | ||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | 1 | $ | 410,924 | $ | 410,924 | $ | 564,740 | $ | 564,740 | ||||||||||||
Liabilities: | |||||||||||||||||||||
Interest rate swap agreements (1) | 2 | 7,100 | 7,100 | 6,950 | 6,950 | ||||||||||||||||
Interest rate swap agreements (2) | 2 | 2,700 | 2,700 | 7,550 | 7,550 | ||||||||||||||||
Long-term debt: | |||||||||||||||||||||
Term loans | 2 | 3,081,238 | 3,084,000 | 3,081,238 | 3,065,000 | ||||||||||||||||
7 3/4% Senior Subordinated Notes due 2018 | 1 | 1,600,000 | 1,720,000 | 1,600,000 | 1,708,000 | ||||||||||||||||
5 1/2% Senior Subordinated Notes due 2020 | 1 | 550,000 | 536,000 | 550,000 | 540,000 | ||||||||||||||||
7 1/2% Senior Subordinated Notes due 2021 | 1 | 500,000 | 538,000 | 500,000 | 536,000 | ||||||||||||||||
-1 | Included in Accrued liabilities on the Condensed Consolidated Balance Sheet. | ||||||||||||||||||||
-2 | Included in Other non-current liabilities on the Condensed Consolidated Balance Sheet. |
Segments_Tables
Segments (Tables) | 3 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Segment Reporting Information | ' | ||||||||
The following table presents net sales by reportable segment (in thousands): | |||||||||
Thirteen Week Periods Ended | |||||||||
December 28, | December 29, | ||||||||
2013 | 2012 | ||||||||
Net sales to external customers | |||||||||
Power & Control | $ | 251,208 | $ | 193,876 | |||||
Airframe | 254,666 | 214,922 | |||||||
Non-aviation | 23,448 | 21,620 | |||||||
$ | 529,322 | $ | 430,418 | ||||||
The following table reconciles EBITDA As Defined by segment to consolidated income from continuing operations before income taxes (in thousands): | |||||||||
Thirteen Week Periods Ended | |||||||||
December 28, | December 29, | ||||||||
2013 | 2012 | ||||||||
EBITDA As Defined | |||||||||
Power & Control | $ | 128,984 | $ | 103,119 | |||||
Airframe | 114,470 | 98,806 | |||||||
Non-aviation | 5,106 | 4,435 | |||||||
Total segment EBITDA As Defined | 248,560 | 206,360 | |||||||
Unallocated corporate expenses | 5,003 | 5,464 | |||||||
Total Company EBITDA As Defined | 243,557 | 200,896 | |||||||
Depreciation and amortization | 23,839 | 17,452 | |||||||
Interest expense - net | 80,853 | 62,876 | |||||||
Acquisition-related costs | 4,917 | 3,467 | |||||||
Stock compensation expense | 4,175 | 7,131 | |||||||
Income from continuing operations before income taxes | $ | 129,773 | $ | 109,970 | |||||
The following table presents total assets by segment (in thousands): | |||||||||
December 28, | September 30, | ||||||||
2013 | 2013 | ||||||||
Total assets | |||||||||
Power & Control | $ | 2,392,889 | $ | 2,398,469 | |||||
Airframe | 3,246,082 | 2,958,974 | |||||||
Non-aviation | 130,192 | 132,672 | |||||||
Corporate | 523,324 | 658,764 | |||||||
$ | 6,292,487 | $ | 6,148,879 | ||||||
Supplemental_Guarantor_Informa1
Supplemental Guarantor Information (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||
Supplemental Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||||||
TRANSDIGM GROUP INCORPORATED | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||
AS OF DECEMBER 28, 2013 | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
TransDigm | TransDigm | Subsidiary | Non- | Total | |||||||||||||||||||||
Guarantor | |||||||||||||||||||||||||
Group | Inc. | Guarantors | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,083 | $ | 379,572 | $ | 7,034 | $ | 23,235 | $ | — | $ | 410,924 | |||||||||||||
Trade accounts receivable - Net | — | 14,692 | 280,421 | 29,093 | (1,767 | ) | 322,439 | ||||||||||||||||||
Inventories - Net | — | 27,430 | 389,757 | 26,564 | (700 | ) | 443,051 | ||||||||||||||||||
Deferred income taxes | — | 28,431 | — | — | — | 28,431 | |||||||||||||||||||
Prepaid expenses and other | — | 1,402 | 12,485 | 2,361 | — | 16,248 | |||||||||||||||||||
Total current assets | 1,083 | 451,527 | 689,697 | 81,253 | (2,467 | ) | 1,221,093 | ||||||||||||||||||
INVESTMENT IN SUBSIDIARIES AND INTERCOMPANY BALANCES | (235,265 | ) | 5,494,861 | 2,639,587 | 74,754 | (7,973,937 | ) | — | |||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT - Net | — | 15,490 | 189,292 | 14,440 | — | 219,222 | |||||||||||||||||||
GOODWILL | — | 97,507 | 3,306,565 | 85,770 | — | 3,489,842 | |||||||||||||||||||
TRADEMARKS AND TRADE NAMES | — | 19,377 | 478,417 | 32,874 | — | 530,668 | |||||||||||||||||||
OTHER INTANGIBLE ASSETS - Net | — | 21,771 | 707,670 | 19,378 | (1,460 | ) | 747,359 | ||||||||||||||||||
DEBT ISSUE COSTS - Net | — | 70,551 | — | — | — | 70,551 | |||||||||||||||||||
OTHER | — | 2,650 | 10,904 | 198 | — | 13,752 | |||||||||||||||||||
TOTAL ASSETS | $ | (234,182 | ) | $ | 6,173,734 | $ | 8,022,132 | $ | 308,667 | $ | (7,977,864 | ) | $ | 6,292,487 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | |||||||||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 31,045 | $ | — | $ | — | $ | — | $ | 31,045 | |||||||||||||
Accounts payable | — | 10,106 | 71,853 | 10,315 | (1,769 | ) | 90,505 | ||||||||||||||||||
Accrued liabilities | — | 107,314 | 92,630 | 17,155 | — | 217,099 | |||||||||||||||||||
Total current liabilities | — | 148,465 | 164,483 | 27,470 | (1,769 | ) | 338,649 | ||||||||||||||||||
LONG-TERM DEBT | — | 5,700,193 | — | — | — | 5,700,193 | |||||||||||||||||||
DEFERRED INCOME TAXES | — | 417,344 | — | — | — | 417,344 | |||||||||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 24,994 | 45,550 | (61 | ) | — | 70,483 | ||||||||||||||||||
Total liabilities | — | 6,290,996 | 210,033 | 27,409 | (1,769 | ) | 6,526,669 | ||||||||||||||||||
STOCKHOLDERS’ (DEFICIT) EQUITY | (234,182 | ) | (117,262 | ) | 7,812,099 | 281,258 | (7,976,095 | ) | (234,182 | ) | |||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | $ | (234,182 | ) | $ | 6,173,734 | $ | 8,022,132 | $ | 308,667 | $ | (7,977,864 | ) | $ | 6,292,487 | |||||||||||
TRANSDIGM GROUP INCORPORATED | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||
AS OF SEPTEMBER 30, 2013 | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
TransDigm | TransDigm | Subsidiary | Non- | Total | |||||||||||||||||||||
Guarantor | |||||||||||||||||||||||||
Group | Inc. | Guarantors | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,313 | $ | 536,863 | $ | 7,900 | $ | 18,664 | $ | — | $ | 564,740 | |||||||||||||
Trade accounts receivable - Net | — | 16,332 | 251,272 | 24,567 | (1,722 | ) | 290,449 | ||||||||||||||||||
Inventories - Net | — | 26,353 | 359,518 | 28,633 | (923 | ) | 413,581 | ||||||||||||||||||
Deferred income taxes | — | 30,182 | — | — | — | 30,182 | |||||||||||||||||||
Prepaid expenses and other | — | 7,533 | 10,693 | 3,317 | — | 21,543 | |||||||||||||||||||
Total current assets | 1,313 | 617,263 | 629,383 | 75,181 | (2,645 | ) | 1,320,495 | ||||||||||||||||||
INVESTMENT IN SUBSIDIARIES AND INTERCOMPANY BALANCES | (337,694 | ) | 5,206,201 | 2,527,374 | 77,853 | (7,473,734 | ) | — | |||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT - Net | — | 15,471 | 178,193 | 15,300 | — | 208,964 | |||||||||||||||||||
GOODWILL | — | 67,245 | 3,192,519 | 84,143 | — | 3,343,907 | |||||||||||||||||||
TRADEMARKS AND TRADE NAMES | — | 19,377 | 434,066 | 32,247 | — | 485,690 | |||||||||||||||||||
OTHER INTANGIBLE ASSETS - Net | — | 22,130 | 663,881 | 19,249 | (1,460 | ) | 703,800 | ||||||||||||||||||
DEBT ISSUE COSTS - Net | — | 72,668 | — | — | — | 72,668 | |||||||||||||||||||
OTHER | — | 2,633 | 10,520 | 201 | 1 | 13,355 | |||||||||||||||||||
TOTAL ASSETS | $ | (336,381 | ) | $ | 6,022,988 | $ | 7,635,936 | $ | 304,174 | $ | (7,477,838 | ) | $ | 6,148,879 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | |||||||||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 31,045 | $ | — | $ | — | $ | — | $ | 31,045 | |||||||||||||
Accounts payable | — | 14,353 | 82,661 | 11,481 | (1,727 | ) | 106,768 | ||||||||||||||||||
Accrued liabilities | — | 80,313 | 88,204 | 16,170 | — | 184,687 | |||||||||||||||||||
Total current liabilities | — | 125,711 | 170,865 | 27,651 | (1,727 | ) | 322,500 | ||||||||||||||||||
LONG-TERM DEBT | — | 5,700,193 | — | — | — | 5,700,193 | |||||||||||||||||||
DEFERRED INCOME TAXES | — | 384,301 | — | — | — | 384,301 | |||||||||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 32,474 | 45,748 | 44 | — | 78,266 | |||||||||||||||||||
Total liabilities | — | 6,242,679 | 216,613 | 27,695 | (1,727 | ) | 6,485,260 | ||||||||||||||||||
STOCKHOLDERS’ (DEFICIT) EQUITY | (336,381 | ) | (219,691 | ) | 7,419,323 | 276,479 | (7,476,111 | ) | (336,381 | ) | |||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | $ | (336,381 | ) | $ | 6,022,988 | $ | 7,635,936 | $ | 304,174 | $ | (7,477,838 | ) | $ | 6,148,879 | |||||||||||
Supplemental Condensed Consolidating Statement of Income | ' | ||||||||||||||||||||||||
TRANSDIGM GROUP INCORPORATED | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME | |||||||||||||||||||||||||
FOR THE THIRTEEN WEEK PERIOD ENDED DECEMBER 28, 2013 | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
TransDigm | TransDigm | Subsidiary | Non-Guarantor | Total | |||||||||||||||||||||
Group | Inc. | Guarantors | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
NET SALES | $ | — | $ | 26,741 | $ | 468,056 | $ | 36,300 | $ | (1,775 | ) | $ | 529,322 | ||||||||||||
COST OF SALES | — | 15,594 | 206,624 | 24,966 | (1,998 | ) | 245,186 | ||||||||||||||||||
GROSS PROFIT | — | 11,147 | 261,432 | 11,334 | 223 | 284,136 | |||||||||||||||||||
SELLING AND ADMINISTRATIVE EXPENSES | — | 12,166 | 39,069 | 5,892 | — | 57,127 | |||||||||||||||||||
AMORTIZATION OF INTANGIBLE ASSETS | — | 347 | 15,774 | 262 | — | 16,383 | |||||||||||||||||||
INCOME (LOSS) FROM OPERATIONS | — | (1,366 | ) | 206,589 | 5,180 | 223 | 210,626 | ||||||||||||||||||
INTEREST EXPENSE - Net | — | 80,646 | 71 | 136 | — | 80,853 | |||||||||||||||||||
EQUITY IN INCOME OF SUBSIDIARIES | (86,123 | ) | (129,017 | ) | — | — | 215,140 | — | |||||||||||||||||
INCOME BEFORE INCOME TAXES | 86,123 | 47,005 | 206,518 | 5,044 | (214,917 | ) | 129,773 | ||||||||||||||||||
INCOME TAX PROVISION (BENEFIT) | — | (39,118 | ) | 80,648 | 2,120 | — | 43,650 | ||||||||||||||||||
NET INCOME | $ | 86,123 | $ | 86,123 | $ | 125,870 | $ | 2,924 | $ | (214,917 | ) | $ | 86,123 | ||||||||||||
OTHER COMPREHENSIVE INCOME, NET OF TAX | 6,711 | 3,807 | 817 | 2,087 | (6,711 | ) | 6,711 | ||||||||||||||||||
TOTAL COMPREHENSIVE INCOME | $ | 92,834 | $ | 89,930 | $ | 126,687 | $ | 5,011 | $ | (221,628 | ) | $ | 92,834 | ||||||||||||
TRANSDIGM GROUP INCORPORATED | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME | |||||||||||||||||||||||||
FOR THE THIRTEEN WEEK PERIOD ENDED DECEMBER 29, 2012 | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
TransDigm | TransDigm | Subsidiary | Non-Guarantor | Total | |||||||||||||||||||||
Group | Inc. | Guarantors | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
NET SALES | $ | — | $ | 25,209 | $ | 379,870 | $ | 27,501 | $ | (2,162 | ) | $ | 430,418 | ||||||||||||
COST OF SALES | — | 14,242 | 159,959 | 19,629 | (1,959 | ) | 191,871 | ||||||||||||||||||
GROSS PROFIT | — | 10,967 | 219,911 | 7,872 | (203 | ) | 238,547 | ||||||||||||||||||
SELLING AND ADMINISTRATIVE EXPENSES | — | 15,549 | 35,566 | 4,046 | — | 55,161 | |||||||||||||||||||
AMORTIZATION OF INTANGIBLE ASSETS | — | 156 | 9,945 | 439 | — | 10,540 | |||||||||||||||||||
INCOME (LOSS) FROM OPERATIONS | — | (4,738 | ) | 174,400 | 3,387 | (203 | ) | 172,846 | |||||||||||||||||
INTEREST EXPENSE - Net | — | 61,956 | 624 | 296 | — | 62,876 | |||||||||||||||||||
EQUITY IN INCOME OF SUBSIDIARIES | (74,170 | ) | (103,465 | ) | — | — | 177,635 | — | |||||||||||||||||
INCOME BEFORE INCOME TAXES | 74,170 | 36,771 | 173,776 | 3,091 | (177,838 | ) | 109,970 | ||||||||||||||||||
INCOME TAX PROVISION (BENEFIT) | — | (37,399 | ) | 71,971 | 1,228 | — | 35,800 | ||||||||||||||||||
NET INCOME | $ | 74,170 | $ | 74,170 | $ | 101,805 | $ | 1,863 | $ | (177,838 | ) | $ | 74,170 | ||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 1,838 | (215 | ) | 261 | 1,792 | (1,838 | ) | 1,838 | |||||||||||||||||
TOTAL COMPREHENSIVE INCOME | $ | 76,008 | $ | 73,955 | $ | 102,066 | $ | 3,655 | $ | (179,676 | ) | $ | 76,008 | ||||||||||||
Supplemental Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||||||||||||||
TRANSDIGM GROUP INCORPORATED | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE THIRTEEN WEEK PERIOD ENDED DECEMBER 28, 2013 | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
TransDigm | TransDigm | Subsidiary | Non-Guarantor | Total | |||||||||||||||||||||
Group | Inc. | Guarantors | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
NET CASH PROVIDED BY (USED IN) | |||||||||||||||||||||||||
OPERATING ACTIVITIES | $ | — | $ | (6,676 | ) | $ | 123,148 | $ | 2,134 | $ | (2,899 | ) | $ | 115,707 | |||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Capital expenditures | — | (569 | ) | (6,892 | ) | (636 | ) | — | (8,097 | ) | |||||||||||||||
Acquisition of business, net of cash acquired | — | (263,892 | ) | — | — | — | (263,892 | ) | |||||||||||||||||
Net cash used in investing activities | — | (264,461 | ) | (6,892 | ) | (636 | ) | — | (271,989 | ) | |||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Intercompany activities | (2,620 | ) | 113,924 | (117,122 | ) | 2,919 | 2,899 | — | |||||||||||||||||
Excess tax benefits related to share-based payment arrangements | 3,636 | — | — | — | — | 3,636 | |||||||||||||||||||
Proceeds from exercise of stock options | 2,893 | — | — | — | — | 2,893 | |||||||||||||||||||
Dividends paid | (4,139 | ) | — | — | — | — | (4,139 | ) | |||||||||||||||||
Other | — | (78 | ) | — | — | — | (78 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | (230 | ) | 113,846 | (117,122 | ) | 2,919 | 2,899 | 2,312 | |||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | — | 154 | — | 154 | |||||||||||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (230 | ) | (157,291 | ) | (866 | ) | 4,571 | — | (153,816 | ) | |||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 1,313 | 536,863 | 7,900 | 18,664 | — | 564,740 | |||||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 1,083 | $ | 379,572 | $ | 7,034 | $ | 23,235 | $ | — | $ | 410,924 | |||||||||||||
TRANSDIGM GROUP INCORPORATED | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE THIRTEEN WEEK PERIOD ENDED DECEMBER 29, 2012 | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
TransDigm | TransDigm | Subsidiary | Non-Guarantor | Total | |||||||||||||||||||||
Group | Inc. | Guarantors | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
NET CASH PROVIDED BY (USED IN) | |||||||||||||||||||||||||
OPERATING ACTIVITIES | $ | — | $ | (30,928 | ) | $ | 132,178 | $ | (1,061 | ) | $ | (2,074 | ) | $ | 98,115 | ||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Capital expenditures | — | (622 | ) | (7,566 | ) | (489 | ) | — | (8,677 | ) | |||||||||||||||
Acquisition of businesses, net of cash acquired | — | 134 | — | — | — | 134 | |||||||||||||||||||
Cash proceeds from sale of investment | — | 5,000 | — | — | — | 5,000 | |||||||||||||||||||
Net cash provided by (used in) investing activities | — | 4,512 | (7,566 | ) | (489 | ) | — | (3,543 | ) | ||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Intercompany activities | 660,335 | (540,502 | ) | (121,689 | ) | (218 | ) | 2,074 | — | ||||||||||||||||
Excess tax benefits related to share-based payment arrangements | 26,688 | — | — | — | — | 26,688 | |||||||||||||||||||
Proceeds from exercise of stock options | 5,541 | — | — | — | — | 5,541 | |||||||||||||||||||
Dividends paid | (702,406 | ) | — | — | — | — | (702,406 | ) | |||||||||||||||||
Proceeds from 2011 credit facility-net | — | 147,373 | — | — | — | 147,373 | |||||||||||||||||||
Proceeds from senior subordinated notes due 2020-net | — | 542,000 | — | — | — | 542,000 | |||||||||||||||||||
Net cash provided by (used in) financing activities | (9,842 | ) | 148,871 | (121,689 | ) | (218 | ) | 2,074 | 19,196 | ||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | — | 139 | — | 139 | |||||||||||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (9,842 | ) | 122,455 | 2,923 | (1,629 | ) | — | 113,907 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 20,100 | 406,891 | 4,494 | 9,039 | — | 440,524 | |||||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 10,258 | $ | 529,346 | $ | 7,417 | $ | 7,410 | $ | — | $ | 554,431 | |||||||||||||
Description_of_The_Business_Ad
Description of The Business - Additional Information (Detail) | 3 Months Ended |
Dec. 28, 2013 | |
Nature Of Business [Line Items] | ' |
Percentage of ownership in subsidiary | 100.00% |
7 3/4% Senior Subordinated Notes, Due 2018 | ' |
Nature Of Business [Line Items] | ' |
Interest rate of senior subordinated debt | 7.75% |
5 1/2% Senior Subordinated Notes, Due 2020 | ' |
Nature Of Business [Line Items] | ' |
Interest rate of senior subordinated debt | 5.50% |
7 1/2% Senior Subordinated Notes, Due 2021 | ' |
Nature Of Business [Line Items] | ' |
Interest rate of senior subordinated debt | 7.50% |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 1 Months Ended | |||
Dec. 28, 2013 | Sep. 30, 2013 | Jun. 28, 2013 | Dec. 28, 2013 | Jun. 05, 2013 | Sep. 30, 2013 | Jun. 05, 2013 | Dec. 19, 2013 | |
Whippany Actuation Systems LLC | Whippany Actuation Systems LLC | Arkwin Industries, Inc | Arkwin Industries, Inc | Aerosonic Corporation | Airborne Systems Inc | |||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Cash consideration paid to acquire business | ' | ' | $151,500,000 | $2,700,000 | $285,700,000 | ' | $39,800,000 | $263,800,000 |
Business acquisition contract price | ' | ' | ' | ' | ' | ' | ' | 250,000,000 |
Amount of goodwill expected to be non deductible for tax | 3,489,842,000 | 3,343,907,000 | ' | ' | 185,000,000 | ' | 14,000,000 | 140,000,000 |
Amount of goodwill expected to be tax deductible | ' | ' | 103,000,000 | ' | ' | ' | ' | ' |
Business acquisition, purchase price adjustment received | ' | ' | ' | ' | ' | $200,000 | ' | ' |
Estimated useful life of aircraft (in years) | '30 years | ' | ' | ' | ' | ' | ' | ' |
Computation_of_Basic_and_Dilut
Computation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Numerator for earnings per share: | ' | ' |
Net income | $86,123 | $74,170 |
Less dividends on participating securities | -1,339 | ' |
Net income applicable to common stock - basic and diluted | 81,984 | 36,040 |
Denominator for basic and diluted earnings per share under the two-class method: | ' | ' |
Weighted average common shares outstanding | 52,687 | 51,796 |
Vested options deemed participating securities | 4,304 | 2,657 |
Total shares for basic and diluted earnings per share | 56,991 | 54,453 |
Basic and diluted earnings per share | $1.44 | $0.66 |
Participating Securities | ' | ' |
Numerator for earnings per share: | ' | ' |
Less dividends on participating securities | ($4,139) | ($38,130) |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (Maximum) | Dec. 28, 2013 |
Maximum | ' |
Inventory [Line Items] | ' |
Percentage of inventory | 5.00% |
Inventories_Detail
Inventories (Detail) (USD $) | Dec. 28, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Raw materials and purchased component parts | $295,135 | $274,510 |
Work-in-progress | 133,855 | 124,765 |
Finished Goods | 60,556 | 58,052 |
Total | 489,546 | 457,327 |
Reserves for excess and obsolete inventory and LIFO | -46,495 | -43,746 |
Inventories - net | $443,051 | $413,581 |
Intangible_Assets_Subjects_to_
Intangible Assets Subjects to Amortization (Detail) (USD $) | Dec. 28, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $919,715 | $863,692 |
Accumulated Amortization | 172,356 | 159,892 |
Net | 747,359 | 703,800 |
Technology | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 851,399 | 801,010 |
Accumulated Amortization | 154,162 | 143,196 |
Net | 697,237 | 657,814 |
Order backlog | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 25,036 | 19,255 |
Accumulated Amortization | 8,782 | 7,936 |
Net | 16,254 | 11,319 |
Other intangible assets | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 43,280 | 43,427 |
Accumulated Amortization | 9,412 | 8,760 |
Net | $33,868 | $34,667 |
Intangible_Assets_Acquired_Det
Intangible Assets Acquired (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Dec. 28, 2013 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Intangible assets not subject to amortization | $185,474 |
Intangible assets subject to amortization | 59,000 |
Total - Intangible assets both subject to and not subject to amortization | 244,474 |
Amortization Period (in years) | '17 years 1 month 6 days |
Goodwill | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Intangible assets not subject to amortization | 140,474 |
Trademarks and trade names | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Intangible assets not subject to amortization | 45,000 |
Technology | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Intangible assets subject to amortization | 50,000 |
Amortization Period (in years) | '20 years |
Order backlog | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Intangible assets subject to amortization | $9,000 |
Amortization Period (in years) | '1 year |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | |
Dec. 28, 2013 | Dec. 29, 2012 | |
Schedule of Intangible Assets Disclosure [Line Items] | ' | ' |
Aggregate amortization expense | $16,435,000 | $10,584,000 |
Estimated Amortization Expense, 2014 | 64,100,000 | ' |
Estimated Amortization Expense, 2015 | 46,400,000 | ' |
Estimated Amortization Expense, 2016 | 44,100,000 | ' |
Estimated Amortization Expense, 2017 | 44,100,000 | ' |
Estimated Amortization Expense, 2018 | 44,100,000 | ' |
Estimated Amortization Expense, 2019 | $44,100,000 | ' |
Summary_of_Changes_in_Carrying
Summary of Changes in Carrying Value of Goodwill (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Dec. 28, 2013 |
Goodwill [Line Items] | ' |
Goodwill, Beginning Balance | $3,343,907 |
Goodwill acquired during the year | 140,474 |
Purchase price allocation adjustments | 3,836 |
Other | 1,625 |
Goodwill, Ending Balance | 3,489,842 |
Power & Control | ' |
Goodwill [Line Items] | ' |
Goodwill, Beginning Balance | 1,566,926 |
Purchase price allocation adjustments | 3,754 |
Goodwill, Ending Balance | 1,570,680 |
Airframe | ' |
Goodwill [Line Items] | ' |
Goodwill, Beginning Balance | 1,721,901 |
Goodwill acquired during the year | 140,474 |
Purchase price allocation adjustments | 82 |
Other | 1,625 |
Goodwill, Ending Balance | 1,864,082 |
Non-aviation | ' |
Goodwill [Line Items] | ' |
Goodwill, Beginning Balance | 55,080 |
Goodwill acquired during the year | ' |
Goodwill, Ending Balance | $55,080 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Sep. 30, 2013 |
Income Tax Contingency [Line Items] | ' | ' | ' |
Effective income tax rate | 33.60% | 32.60% | ' |
Unrecognized tax benefit | $6.10 | ' | $6.10 |
Effect of unrecognized tax benefits on effective tax rate | $5.70 | ' | $5.70 |
Carrying_Amounts_and_Fair_Valu
Carrying Amounts and Fair Values of Financial Instruments (Detail) (USD $) | Dec. 28, 2013 | Sep. 30, 2013 | Dec. 29, 2012 | Sep. 30, 2012 | ||
In Thousands, unless otherwise specified | ||||||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ' | ' | ||
Cash and cash equivalents, Assets, Carrying Amount | $410,924 | $564,740 | $554,431 | $440,524 | ||
Level 1 | ' | ' | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ' | ' | ||
Cash and cash equivalents, Assets, Carrying Amount | 410,924 | 564,740 | ' | ' | ||
Cash and cash equivalents, Assets, Fair Value | 410,924 | 564,740 | ' | ' | ||
Level 1 | 7 3/4% Senior Subordinated Notes due 2018 | ' | ' | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ' | ' | ||
Senior Subordinated Notes, Liabilities, Carrying Amount | 1,600,000 | 1,600,000 | ' | ' | ||
Senior Subordinated Notes, Liabilities, Fair Value | 1,720,000 | 1,708,000 | ' | ' | ||
Level 1 | 5 1/2% Senior Subordinated Notes, Due 2020 | ' | ' | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ' | ' | ||
Senior Subordinated Notes, Liabilities, Carrying Amount | 550,000 | 550,000 | ' | ' | ||
Senior Subordinated Notes, Liabilities, Fair Value | 536,000 | 540,000 | ' | ' | ||
Level 1 | 7 1/2% Senior Subordinated Notes, Due 2021 | ' | ' | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ' | ' | ||
Senior Subordinated Notes, Liabilities, Carrying Amount | 500,000 | 500,000 | ' | ' | ||
Senior Subordinated Notes, Liabilities, Fair Value | 538,000 | 536,000 | ' | ' | ||
Level 2 | Accrued Liabilities | ' | ' | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ' | ' | ||
Interest rate swap agreements, Liabilities, Carrying Amount | 7,100 | [1] | 6,950 | [1] | ' | ' |
Interest rate swap agreements, Liabilities, Fair Value | 7,100 | [1] | 6,950 | [1] | ' | ' |
Level 2 | Other Non-Current Liabilities | ' | ' | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ' | ' | ||
Interest rate swap agreements, Liabilities, Carrying Amount | 2,700 | [2] | 7,550 | [2] | ' | ' |
Interest rate swap agreements, Liabilities, Fair Value | 2,700 | [2] | 7,550 | [2] | ' | ' |
Level 2 | Term Loans | ' | ' | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ' | ' | ||
Term loans, Liabilities, Carrying Amount | 3,081,238 | 3,081,238 | ' | ' | ||
Term loans, Liabilities, Fair Value | $3,084,000 | $3,065,000 | ' | ' | ||
[1] | Included in Accrued liabilities on the Condensed Consolidated Balance Sheet. | |||||
[2] | Included in Other non-current liabilities on the Condensed Consolidated Balance Sheet. |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) | Dec. 28, 2013 |
7 3/4% Senior Subordinated Notes due 2018 | ' |
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' |
Senior subordinate note, due date | '2018 |
5 1/2% Senior Subordinated Notes, Due 2020 | ' |
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' |
Senior subordinate note, due date | '2020 |
7 1/2% Senior Subordinated Notes, Due 2021 | ' |
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' |
Senior subordinate note, due date | '2021 |
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Dec. 28, 2013 |
Derivative [Line Items] | ' |
Derivative loss to be recognized | $5.70 |
2013 Credit Facility | ' |
Derivative [Line Items] | ' |
Interest rate swap, notional amount | 353 |
Fixed rate of interest under interest rate swap | 5.17% |
Interest rate swap agreements description | '2.17% plus the 3% margin percentage |
New Senior Secured Credit Facility | ' |
Derivative [Line Items] | ' |
Interest rate swap, notional amount | $1,000 |
Fixed rate of interest under interest rate swap | 5.40% |
Interest rate swap agreements description | '2.4% plus the 3% margin percentage |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 3 Months Ended |
Dec. 28, 2013 | |
Segment | |
Segment Reporting Information [Line Items] | ' |
Number of reporting segments | 3 |
Net_Sales_by_Reportable_Segmen
Net Sales by Reportable Segment (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Segment Reporting Information [Line Items] | ' | ' |
NET SALES | $529,322 | $430,418 |
Operating Segments | Power & Control | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
NET SALES | 251,208 | 193,876 |
Operating Segments | Airframe | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
NET SALES | 254,666 | 214,922 |
Operating Segments | Non-aviation | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
NET SALES | $23,448 | $21,620 |
EBITDA_Defined_by_Segment_to_C
EBITDA Defined by Segment to Consolidated Income from Continuing Operations (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Segment Reporting, Reconciliation of Operating Income Segment to Consolidated [Line Items] | ' | ' |
Earnings before interest taxes depreciation and amortization | $243,557 | $200,896 |
Depreciation and amortization | 23,839 | 17,452 |
Interest expense - net | 80,853 | 62,876 |
Acquisition-related costs | 4,917 | 3,467 |
Stock compensation expense | 4,175 | 7,131 |
INCOME BEFORE INCOME TAXES | 129,773 | 109,970 |
Operating Segments | ' | ' |
Segment Reporting, Reconciliation of Operating Income Segment to Consolidated [Line Items] | ' | ' |
Earnings before interest taxes depreciation and amortization | 248,560 | 206,360 |
Operating Segments | Power & Control | ' | ' |
Segment Reporting, Reconciliation of Operating Income Segment to Consolidated [Line Items] | ' | ' |
Earnings before interest taxes depreciation and amortization | 128,984 | 103,119 |
Operating Segments | Airframe | ' | ' |
Segment Reporting, Reconciliation of Operating Income Segment to Consolidated [Line Items] | ' | ' |
Earnings before interest taxes depreciation and amortization | 114,470 | 98,806 |
Operating Segments | Non-aviation | ' | ' |
Segment Reporting, Reconciliation of Operating Income Segment to Consolidated [Line Items] | ' | ' |
Earnings before interest taxes depreciation and amortization | 5,106 | 4,435 |
Corporate, Non-Segment | ' | ' |
Segment Reporting, Reconciliation of Operating Income Segment to Consolidated [Line Items] | ' | ' |
Unallocated corporate expenses | $5,003 | $5,464 |
Total_Assets_by_Segment_Detail
Total Assets by Segment (Detail) (USD $) | Dec. 28, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Total Assets By Segment [Line Items] | ' | ' |
Total assets | $6,292,487 | $6,148,879 |
Corporate | ' | ' |
Total Assets By Segment [Line Items] | ' | ' |
Total assets | 523,324 | 658,764 |
Operating Segments | Power & Control | ' | ' |
Total Assets By Segment [Line Items] | ' | ' |
Total assets | 2,392,889 | 2,398,469 |
Operating Segments | Airframe | ' | ' |
Total Assets By Segment [Line Items] | ' | ' |
Total assets | 3,246,082 | 2,958,974 |
Operating Segments | Non-aviation | ' | ' |
Total Assets By Segment [Line Items] | ' | ' |
Total assets | $130,192 | $132,672 |
Supplemental_Condensed_Consoli
Supplemental Condensed Consolidating Balance Sheet (Detail) (USD $) | Dec. 28, 2013 | Sep. 30, 2013 | Dec. 29, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||||
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $410,924 | $564,740 | $554,431 | $440,524 |
Trade accounts receivable - Net | 322,439 | 290,449 | ' | ' |
Inventories - Net | 443,051 | 413,581 | ' | ' |
Deferred income taxes | 28,431 | 30,182 | ' | ' |
Prepaid expenses and other | 16,248 | 21,543 | ' | ' |
Total current assets | 1,221,093 | 1,320,495 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT - Net | 219,222 | 208,964 | ' | ' |
GOODWILL | 3,489,842 | 3,343,907 | ' | ' |
TRADEMARKS AND TRADE NAMES | 530,668 | 485,690 | ' | ' |
OTHER INTANGIBLE ASSETS - Net | 747,359 | 703,800 | ' | ' |
DEBT ISSUE COSTS - Net | 70,551 | 72,668 | ' | ' |
OTHER | 13,752 | 13,355 | ' | ' |
TOTAL ASSETS | 6,292,487 | 6,148,879 | ' | ' |
Current portion of long-term debt | 31,045 | 31,045 | ' | ' |
Accounts payable | 90,505 | 106,768 | ' | ' |
Accrued liabilities | 217,099 | 184,687 | ' | ' |
Total current liabilities | 338,649 | 322,500 | ' | ' |
LONG-TERM DEBT | 5,700,193 | 5,700,193 | ' | ' |
DEFERRED INCOME TAXES | 417,344 | 384,301 | ' | ' |
OTHER NON-CURRENT LIABILITIES | 70,483 | 78,266 | ' | ' |
Total liabilities | 6,526,669 | 6,485,260 | ' | ' |
STOCKHOLDERS' (DEFICIT) EQUITY | -234,182 | -336,381 | ' | ' |
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | 6,292,487 | 6,148,879 | ' | ' |
TransDigm Group | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 1,083 | 1,313 | 10,258 | 20,100 |
Total current assets | 1,083 | 1,313 | ' | ' |
INVESTMENT IN SUBSIDIARIES AND INTERCOMPANY BALANCES | -235,265 | -337,694 | ' | ' |
TOTAL ASSETS | -234,182 | -336,381 | ' | ' |
STOCKHOLDERS' (DEFICIT) EQUITY | -234,182 | -336,381 | ' | ' |
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | -234,182 | -336,381 | ' | ' |
TransDigm Inc. | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 379,572 | 536,863 | 529,346 | 406,891 |
Trade accounts receivable - Net | 14,692 | 16,332 | ' | ' |
Inventories - Net | 27,430 | 26,353 | ' | ' |
Deferred income taxes | 28,431 | 30,182 | ' | ' |
Prepaid expenses and other | 1,402 | 7,533 | ' | ' |
Total current assets | 451,527 | 617,263 | ' | ' |
INVESTMENT IN SUBSIDIARIES AND INTERCOMPANY BALANCES | 5,494,861 | 5,206,201 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT - Net | 15,490 | 15,471 | ' | ' |
GOODWILL | 97,507 | 67,245 | ' | ' |
TRADEMARKS AND TRADE NAMES | 19,377 | 19,377 | ' | ' |
OTHER INTANGIBLE ASSETS - Net | 21,771 | 22,130 | ' | ' |
DEBT ISSUE COSTS - Net | 70,551 | 72,668 | ' | ' |
OTHER | 2,650 | 2,633 | ' | ' |
TOTAL ASSETS | 6,173,734 | 6,022,988 | ' | ' |
Current portion of long-term debt | 31,045 | 31,045 | ' | ' |
Accounts payable | 10,106 | 14,353 | ' | ' |
Accrued liabilities | 107,314 | 80,313 | ' | ' |
Total current liabilities | 148,465 | 125,711 | ' | ' |
LONG-TERM DEBT | 5,700,193 | 5,700,193 | ' | ' |
DEFERRED INCOME TAXES | 417,344 | 384,301 | ' | ' |
OTHER NON-CURRENT LIABILITIES | 24,994 | 32,474 | ' | ' |
Total liabilities | 6,290,996 | 6,242,679 | ' | ' |
STOCKHOLDERS' (DEFICIT) EQUITY | -117,262 | -219,691 | ' | ' |
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | 6,173,734 | 6,022,988 | ' | ' |
Subsidiary Guarantors | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 7,034 | 7,900 | 7,417 | 4,494 |
Trade accounts receivable - Net | 280,421 | 251,272 | ' | ' |
Inventories - Net | 389,757 | 359,518 | ' | ' |
Prepaid expenses and other | 12,485 | 10,693 | ' | ' |
Total current assets | 689,697 | 629,383 | ' | ' |
INVESTMENT IN SUBSIDIARIES AND INTERCOMPANY BALANCES | 2,639,587 | 2,527,374 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT - Net | 189,292 | 178,193 | ' | ' |
GOODWILL | 3,306,565 | 3,192,519 | ' | ' |
TRADEMARKS AND TRADE NAMES | 478,417 | 434,066 | ' | ' |
OTHER INTANGIBLE ASSETS - Net | 707,670 | 663,881 | ' | ' |
OTHER | 10,904 | 10,520 | ' | ' |
TOTAL ASSETS | 8,022,132 | 7,635,936 | ' | ' |
Accounts payable | 71,853 | 82,661 | ' | ' |
Accrued liabilities | 92,630 | 88,204 | ' | ' |
Total current liabilities | 164,483 | 170,865 | ' | ' |
OTHER NON-CURRENT LIABILITIES | 45,550 | 45,748 | ' | ' |
Total liabilities | 210,033 | 216,613 | ' | ' |
STOCKHOLDERS' (DEFICIT) EQUITY | 7,812,099 | 7,419,323 | ' | ' |
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | 8,022,132 | 7,635,936 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 23,235 | 18,664 | 7,410 | 9,039 |
Trade accounts receivable - Net | 29,093 | 24,567 | ' | ' |
Inventories - Net | 26,564 | 28,633 | ' | ' |
Prepaid expenses and other | 2,361 | 3,317 | ' | ' |
Total current assets | 81,253 | 75,181 | ' | ' |
INVESTMENT IN SUBSIDIARIES AND INTERCOMPANY BALANCES | 74,754 | 77,853 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT - Net | 14,440 | 15,300 | ' | ' |
GOODWILL | 85,770 | 84,143 | ' | ' |
TRADEMARKS AND TRADE NAMES | 32,874 | 32,247 | ' | ' |
OTHER INTANGIBLE ASSETS - Net | 19,378 | 19,249 | ' | ' |
OTHER | 198 | 201 | ' | ' |
TOTAL ASSETS | 308,667 | 304,174 | ' | ' |
Accounts payable | 10,315 | 11,481 | ' | ' |
Accrued liabilities | 17,155 | 16,170 | ' | ' |
Total current liabilities | 27,470 | 27,651 | ' | ' |
OTHER NON-CURRENT LIABILITIES | -61 | 44 | ' | ' |
Total liabilities | 27,409 | 27,695 | ' | ' |
STOCKHOLDERS' (DEFICIT) EQUITY | 281,258 | 276,479 | ' | ' |
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | 308,667 | 304,174 | ' | ' |
Eliminations | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Trade accounts receivable - Net | -1,767 | -1,722 | ' | ' |
Inventories - Net | -700 | -923 | ' | ' |
Total current assets | -2,467 | -2,645 | ' | ' |
INVESTMENT IN SUBSIDIARIES AND INTERCOMPANY BALANCES | -7,973,937 | -7,473,734 | ' | ' |
OTHER INTANGIBLE ASSETS - Net | -1,460 | -1,460 | ' | ' |
OTHER | ' | 1 | ' | ' |
TOTAL ASSETS | -7,977,864 | -7,477,838 | ' | ' |
Accounts payable | -1,769 | -1,727 | ' | ' |
Total current liabilities | -1,769 | -1,727 | ' | ' |
Total liabilities | -1,769 | -1,727 | ' | ' |
STOCKHOLDERS' (DEFICIT) EQUITY | -7,976,095 | -7,476,111 | ' | ' |
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | ($7,977,864) | ($7,477,838) | ' | ' |
Supplemental_Condensed_Consoli1
Supplemental Condensed Consolidating Statement of Income and Comprehensive Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Supplemental Guarantor Information [Line Items] | ' | ' |
NET SALES | $529,322 | $430,418 |
COST OF SALES | 245,186 | 191,871 |
GROSS PROFIT | 284,136 | 238,547 |
SELLING AND ADMINISTRATIVE EXPENSES | 57,127 | 55,161 |
AMORTIZATION OF INTANGIBLE ASSETS | 16,383 | 10,540 |
INCOME (LOSS) FROM OPERATIONS | 210,626 | 172,846 |
INTEREST EXPENSE - Net | 80,853 | 62,876 |
INCOME BEFORE INCOME TAXES | 129,773 | 109,970 |
INCOME TAX PROVISION (BENEFIT) | 43,650 | 35,800 |
Net income | 86,123 | 74,170 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 6,711 | 1,838 |
TOTAL COMPREHENSIVE INCOME | 92,834 | 76,008 |
TransDigm Group | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' |
EQUITY IN INCOME OF SUBSIDIARIES | -86,123 | -74,170 |
INCOME BEFORE INCOME TAXES | 86,123 | 74,170 |
Net income | 86,123 | 74,170 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 6,711 | 1,838 |
TOTAL COMPREHENSIVE INCOME | 92,834 | 76,008 |
TransDigm Inc. | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' |
NET SALES | 26,741 | 25,209 |
COST OF SALES | 15,594 | 14,242 |
GROSS PROFIT | 11,147 | 10,967 |
SELLING AND ADMINISTRATIVE EXPENSES | 12,166 | 15,549 |
AMORTIZATION OF INTANGIBLE ASSETS | 347 | 156 |
INCOME (LOSS) FROM OPERATIONS | -1,366 | -4,738 |
INTEREST EXPENSE - Net | 80,646 | 61,956 |
EQUITY IN INCOME OF SUBSIDIARIES | -129,017 | -103,465 |
INCOME BEFORE INCOME TAXES | 47,005 | 36,771 |
INCOME TAX PROVISION (BENEFIT) | -39,118 | -37,399 |
Net income | 86,123 | 74,170 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 3,807 | -215 |
TOTAL COMPREHENSIVE INCOME | 89,930 | 73,955 |
Subsidiary Guarantors | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' |
NET SALES | 468,056 | 379,870 |
COST OF SALES | 206,624 | 159,959 |
GROSS PROFIT | 261,432 | 219,911 |
SELLING AND ADMINISTRATIVE EXPENSES | 39,069 | 35,566 |
AMORTIZATION OF INTANGIBLE ASSETS | 15,774 | 9,945 |
INCOME (LOSS) FROM OPERATIONS | 206,589 | 174,400 |
INTEREST EXPENSE - Net | 71 | 624 |
INCOME BEFORE INCOME TAXES | 206,518 | 173,776 |
INCOME TAX PROVISION (BENEFIT) | 80,648 | 71,971 |
Net income | 125,870 | 101,805 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 817 | 261 |
TOTAL COMPREHENSIVE INCOME | 126,687 | 102,066 |
Non-Guarantor Subsidiaries | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' |
NET SALES | 36,300 | 27,501 |
COST OF SALES | 24,966 | 19,629 |
GROSS PROFIT | 11,334 | 7,872 |
SELLING AND ADMINISTRATIVE EXPENSES | 5,892 | 4,046 |
AMORTIZATION OF INTANGIBLE ASSETS | 262 | 439 |
INCOME (LOSS) FROM OPERATIONS | 5,180 | 3,387 |
INTEREST EXPENSE - Net | 136 | 296 |
INCOME BEFORE INCOME TAXES | 5,044 | 3,091 |
INCOME TAX PROVISION (BENEFIT) | 2,120 | 1,228 |
Net income | 2,924 | 1,863 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 2,087 | 1,792 |
TOTAL COMPREHENSIVE INCOME | 5,011 | 3,655 |
Eliminations | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' |
NET SALES | -1,775 | -2,162 |
COST OF SALES | -1,998 | -1,959 |
GROSS PROFIT | 223 | -203 |
INCOME (LOSS) FROM OPERATIONS | 223 | -203 |
EQUITY IN INCOME OF SUBSIDIARIES | 215,140 | 177,635 |
INCOME BEFORE INCOME TAXES | -214,917 | -177,838 |
Net income | -214,917 | -177,838 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | -6,711 | -1,838 |
TOTAL COMPREHENSIVE INCOME | ($221,628) | ($179,676) |
Supplemental_Condensed_Consoli2
Supplemental Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Supplemental Guarantor Information [Line Items] | ' | ' |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $115,707 | $98,115 |
Capital expenditures | -8,097 | -8,677 |
Acquisition of business, net of cash acquired | -263,892 | 134 |
Cash proceeds from sale of investment | ' | 5,000 |
Net cash used in investing activities | -271,989 | -3,543 |
Excess tax benefits related to share-based payment arrangements | 3,636 | 26,688 |
Proceeds from exercise of stock options | 2,893 | 5,541 |
Dividends paid | -4,139 | -702,406 |
Proceeds from 2011 credit facility-net | ' | 147,373 |
Other | -78 | ' |
Proceeds from senior subordinated notes due 2020-net | ' | 542,000 |
Net cash provided by (used in) financing activities | 2,312 | 19,196 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 154 | 139 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -153,816 | 113,907 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 564,740 | 440,524 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 410,924 | 554,431 |
TransDigm Group | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' |
Intercompany activities | -2,620 | 660,335 |
Excess tax benefits related to share-based payment arrangements | 3,636 | 26,688 |
Proceeds from exercise of stock options | 2,893 | 5,541 |
Dividends paid | -4,139 | -702,406 |
Net cash provided by (used in) financing activities | -230 | -9,842 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -230 | -9,842 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 1,313 | 20,100 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 1,083 | 10,258 |
TransDigm Inc. | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | -6,676 | -30,928 |
Capital expenditures | -569 | -622 |
Acquisition of business, net of cash acquired | -263,892 | 134 |
Cash proceeds from sale of investment | ' | 5,000 |
Net cash used in investing activities | -264,461 | 4,512 |
Intercompany activities | 113,924 | -540,502 |
Proceeds from 2011 credit facility-net | ' | 147,373 |
Other | -78 | ' |
Proceeds from senior subordinated notes due 2020-net | ' | 542,000 |
Net cash provided by (used in) financing activities | 113,846 | 148,871 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -157,291 | 122,455 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 536,863 | 406,891 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 379,572 | 529,346 |
Subsidiary Guarantors | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 123,148 | 132,178 |
Capital expenditures | -6,892 | -7,566 |
Net cash used in investing activities | -6,892 | -7,566 |
Intercompany activities | -117,122 | -121,689 |
Net cash provided by (used in) financing activities | -117,122 | -121,689 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -866 | 2,923 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 7,900 | 4,494 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 7,034 | 7,417 |
Non-Guarantor Subsidiaries | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 2,134 | -1,061 |
Capital expenditures | -636 | -489 |
Net cash used in investing activities | -636 | -489 |
Intercompany activities | 2,919 | -218 |
Net cash provided by (used in) financing activities | 2,919 | -218 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 154 | 139 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 4,571 | -1,629 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 18,664 | 9,039 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 23,235 | 7,410 |
Eliminations | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | -2,899 | -2,074 |
Intercompany activities | 2,899 | 2,074 |
Net cash provided by (used in) financing activities | $2,899 | $2,074 |