Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Oct. 25, 2014 | Mar. 30, 2014 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'TDG | ' | ' |
Entity Registrant Name | 'TRANSDIGM GROUP INC | ' | ' |
Entity Central Index Key | '0001260221 | ' | ' |
Current Fiscal Year End Date | '--09-30 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 52,459,049 | ' |
Entity Public Float | ' | ' | $9,131,910,309 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $819,548 | $564,740 |
Trade accounts receivable-Net | 351,307 | 290,449 |
Inventories-Net | 459,074 | 413,581 |
Deferred income taxes | 37,669 | 30,182 |
Prepaid expenses and other | 21,978 | 21,543 |
Total current assets | 1,689,576 | 1,320,495 |
PROPERTY, PLANT AND EQUIPMENT-Net | 212,108 | 208,964 |
GOODWILL | 3,525,077 | 3,343,907 |
TRADEMARKS AND TRADE NAMES | 514,520 | 485,690 |
OTHER INTANGIBLE ASSETS-Net | 702,633 | 703,800 |
DEBT ISSUE COSTS-Net | 92,393 | 72,668 |
OTHER | 20,541 | 13,355 |
TOTAL ASSETS | 6,756,848 | 6,148,879 |
CURRENT LIABILITIES: | ' | ' |
Current portion of long-term debt | 39,295 | 31,045 |
Short-term borrowings-trade receivable securitization facility | 200,000 | ' |
Accounts payable | 115,741 | 106,768 |
Accrued liabilities | 230,871 | 184,687 |
Total current liabilities | 585,907 | 322,500 |
Long-term debt | 7,233,836 | 5,700,193 |
DEFERRED INCOME TAXES | 402,247 | 384,301 |
OTHER NON-CURRENT LIABILITIES | 90,957 | 78,266 |
Total liabilities | 8,312,947 | 6,485,260 |
STOCKHOLDERS' DEFICIT: | ' | ' |
Common stock-$.01 par value; authorized 224,400,000 shares; issued 53,832,246 and 53,172,551 at September 30, 2014 and 2013, respectively | 538 | 532 |
Additional paid-in capital | 794,767 | 689,935 |
Accumulated deficit | -2,150,293 | -1,004,244 |
Accumulated other comprehensive loss | -25,171 | -6,516 |
Treasury stock, at cost; 1,415,100 and 505,400 shares at September 30, 2014 and 2013, respectively | -175,940 | -16,088 |
Total stockholders' deficit | -1,556,099 | -336,381 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $6,756,848 | $6,148,879 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | 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 | 53,832,246 | 53,172,551 |
Treasury stock, shares | 1,415,100 | 505,400 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
NET SALES | $2,372,906 | $1,924,400 | $1,700,208 |
COST OF SALES | 1,105,032 | 874,838 | 754,491 |
GROSS PROFIT | 1,267,874 | 1,049,562 | 945,717 |
SELLING AND ADMINISTRATIVE EXPENSES | 276,446 | 254,468 | 201,709 |
AMORTIZATION OF INTANGIBLE ASSETS | 63,608 | 45,639 | 44,233 |
INCOME FROM OPERATIONS | 927,820 | 749,455 | 699,775 |
INTEREST EXPENSE-Net | 347,688 | 270,685 | 211,906 |
REFINANCING COSTS | 131,622 | 30,281 | ' |
INCOME BEFORE INCOME TAXES | 448,510 | 448,489 | 487,869 |
INCOME TAX PROVISION | 141,600 | 145,700 | 162,900 |
NET INCOME | 306,910 | 302,789 | 324,969 |
NET INCOME APPLICABLE TO COMMON STOCK | $180,284 | $131,546 | $321,670 |
Net earnings per share-see Note 5: | ' | ' | ' |
Basic and diluted | $3.16 | $2.39 | $5.97 |
Cash dividends paid per common share | $25 | $34.85 | ' |
Weighted-average shares outstanding: | ' | ' | ' |
Basic and diluted | 56,993 | 55,080 | 53,882 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | $306,910 | $302,789 | $324,969 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Foreign currency translation adjustments | -7,653 | 4,117 | -1,315 |
Interest rate swap agreements, net of tax | -6,166 | -3,587 | -2,635 |
Pension liability adjustments, net of tax | -4,836 | 1,005 | -824 |
Other comprehensive (loss) income, net of tax | -18,655 | 1,535 | -4,774 |
TOTAL COMPREHENSIVE INCOME | $288,255 | $304,324 | $320,195 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Stockholders' (Deficit) Equity (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings / (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
In Thousands, except Share data | ||||||
BALANCE at Sep. 30, 2011 | $810,949 | $508 | $464,700 | $364,260 | ($3,277) | ($15,242) |
BALANCE (in shares) at Sep. 30, 2011 | ' | 50,829,276 | ' | ' | ' | -494,100 |
Compensation expense recognized for employee stock options | 22,151 | ' | 22,151 | ' | ' | ' |
Excess tax benefits related to share-based payment arrangements | 50,555 | ' | 50,555 | ' | ' | ' |
Exercise of employee stock options (in shares) | ' | 1,327,029 | ' | ' | ' | ' |
Exercise of employee stock options | 15,710 | 13 | 15,697 | ' | ' | ' |
Treasury stock purchased (in shares) | ' | ' | ' | ' | ' | -11,300 |
Treasury stock purchased | -846 | ' | ' | ' | ' | -846 |
Common stock issued (in shares) | ' | 920 | ' | ' | ' | ' |
Common stock issued | 120 | ' | 120 | ' | ' | ' |
Net income | 324,969 | ' | ' | 324,969 | ' | ' |
Interest rate swaps, net of tax | -2,635 | ' | ' | ' | -2,635 | ' |
Foreign currency translation adjustments | -1,315 | ' | ' | ' | -1,315 | ' |
Pension liability adjustments, net of tax | -824 | ' | ' | ' | -824 | ' |
BALANCE at Sep. 30, 2012 | 1,218,834 | 521 | 553,223 | 689,229 | -8,051 | -16,088 |
BALANCE (in shares) at Sep. 30, 2012 | ' | 52,157,225 | ' | ' | ' | -505,400 |
Dividends paid | -1,950,683 | ' | ' | -1,950,683 | ' | ' |
Unvested dividend equivalent payments | -45,579 | ' | ' | -45,579 | ' | ' |
Compensation expense recognized for employee stock options | 48,884 | ' | 48,884 | ' | ' | ' |
Excess tax benefits related to share-based payment arrangements | 66,201 | ' | 66,201 | ' | ' | ' |
Exercise of employee stock options (in shares) | ' | 1,014,613 | ' | ' | ' | ' |
Exercise of employee stock options | 21,534 | 11 | 21,523 | ' | ' | ' |
Treasury stock purchased (in shares) | 0 | ' | ' | ' | ' | ' |
Common stock issued (in shares) | ' | 713 | ' | ' | ' | ' |
Common stock issued | 104 | ' | 104 | ' | ' | ' |
Net income | 302,789 | ' | ' | 302,789 | ' | ' |
Interest rate swaps, net of tax | -3,587 | ' | ' | ' | -3,587 | ' |
Foreign currency translation adjustments | 4,117 | ' | ' | ' | 4,117 | ' |
Pension liability adjustments, net of tax | 1,005 | ' | ' | ' | 1,005 | ' |
BALANCE at Sep. 30, 2013 | -336,381 | 532 | 689,935 | -1,004,244 | -6,516 | -16,088 |
BALANCE (in shares) at Sep. 30, 2013 | 53,172,551 | 53,172,551 | ' | ' | ' | -505,400 |
Dividends paid | -1,435,154 | ' | ' | -1,435,154 | ' | ' |
Unvested dividend equivalent payments | -17,805 | ' | ' | -17,805 | ' | ' |
Compensation expense recognized for employee stock options | 26,332 | ' | 26,332 | ' | ' | ' |
Excess tax benefits related to share-based payment arrangements | 51,709 | ' | 51,709 | ' | ' | ' |
Exercise of employee stock options (in shares) | ' | 659,363 | ' | ' | ' | ' |
Exercise of employee stock options | 26,738 | 6 | 26,732 | ' | ' | ' |
Treasury stock purchased (in shares) | -909,700 | ' | ' | ' | ' | -909,700 |
Treasury stock purchased | -159,852 | ' | ' | ' | ' | -159,852 |
Common stock issued (in shares) | ' | 332 | ' | ' | ' | ' |
Common stock issued | 59 | ' | 59 | ' | ' | ' |
Net income | 306,910 | ' | ' | 306,910 | ' | ' |
Interest rate swaps, net of tax | -6,166 | ' | ' | ' | -6,166 | ' |
Foreign currency translation adjustments | -7,653 | ' | ' | ' | -7,653 | ' |
Pension liability adjustments, net of tax | -4,836 | ' | ' | ' | -4,836 | ' |
BALANCE at Sep. 30, 2014 | ($1,556,099) | $538 | $794,767 | ($2,150,293) | ($25,171) | ($175,940) |
BALANCE (in shares) at Sep. 30, 2014 | 53,832,246 | 53,832,246 | ' | ' | ' | -1,415,100 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
OPERATING ACTIVITIES: | ' | ' | ' |
Net income | $306,910 | $302,789 | $324,969 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation | 32,543 | 27,307 | 23,692 |
Amortization of intangible assets | 63,842 | 46,208 | 44,535 |
Amortization of debt issue costs | 13,935 | 11,933 | 12,544 |
REFINANCING COSTS | 131,622 | 30,281 | ' |
Net gain on sale of real estate | -804 | ' | ' |
Non-cash equity compensation | 26,332 | 48,884 | 22,151 |
Excess tax benefits related to share-based payment arrangements | -51,709 | -66,201 | -50,555 |
Deferred income taxes | -9,416 | -2,614 | 24,800 |
Changes in assets/liabilities, net of effects from acquisitions of businesses: | ' | ' | ' |
Trade accounts receivable | -24,309 | -25,006 | -1,957 |
Inventories | -8,392 | -15,289 | -416 |
Income taxes receivable/payable | 56,595 | 65,510 | 34,097 |
Other assets | -5,703 | 1,155 | -10,564 |
Accounts payable | -2,415 | 23,510 | -3,620 |
Accrued and other liabilities | 12,191 | 21,738 | -5,791 |
Net cash provided by operating activities | 541,222 | 470,205 | 413,885 |
INVESTING ACTIVITIES: | ' | ' | ' |
Capital expenditures | -34,146 | -35,535 | -25,246 |
Acquisition of businesses, net of cash acquired | -311,872 | -483,257 | -868,696 |
Cash proceeds from sale of real estate | 16,380 | ' | ' |
Cash proceeds from sale of investment | ' | 16,350 | ' |
Cash proceeds from sale of business | ' | ' | 17,650 |
Net cash used in investing activities | -329,638 | -502,442 | -876,292 |
FINANCING ACTIVITIES: | ' | ' | ' |
Excess tax benefits related to share-based payment arrangements | 51,709 | 66,201 | 50,555 |
Proceeds from exercise of stock options | 26,738 | 21,534 | 15,710 |
Dividends paid | -1,451,391 | -1,991,350 | -3,299 |
Treasury stock purchased | -159,852 | ' | -846 |
Proceeds from credit facility-net | 805,360 | 3,211,374 | 484,316 |
Repayment on credit facility | -33,107 | -2,187,885 | -19,250 |
Proceeds from senior subordinated notes-net | 2,326,366 | 1,036,321 | ' |
Repurchase of senior subordinated notes due 2018 | -1,721,014 | ' | ' |
Proceeds from trade receivable securitization facility-net | 199,164 | ' | ' |
Net cash provided by (used in) financing activities | 43,973 | 156,195 | 527,186 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | -749 | 258 | -438 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 254,808 | 124,216 | 64,341 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 564,740 | 440,524 | 376,183 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 819,548 | 564,740 | 440,524 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' | ' |
Cash paid during the period for interest | 319,577 | 236,769 | 197,787 |
Cash paid during the period for income taxes | $97,798 | $82,292 | $103,938 |
DESCRIPTION_OF_THE_BUSINESS
DESCRIPTION OF THE BUSINESS | 12 Months Ended | |
Sep. 30, 2014 | ||
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, 5 1/2% Senior Subordinated Notes due 2020, 7 1/2% Senior Subordinated Notes due 2021, 6% Senior Subordinated Notes due 2022 and 6 1/2% Senior Subordinated Notes due 2024 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. |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended | |
Sep. 30, 2014 | ||
ACQUISITIONS | ' | |
2 | ACQUISITIONS | |
Elektro-Metall Export GmbH—On March 6, 2014, TransDigm Germany GmbH, a newly formed subsidiary of TransDigm Inc., acquired Elektro-Metall Export GmbH (“EME”) for approximately $49.6 million, which comprises $40.4 million in cash plus the assumption of approximately $9.2 million of net indebtedness. EME manufactures proprietary, highly engineered aerospace electromechanical actuators, electrical and electromechanical components and assemblies for commercial aircraft, helicopters and other specialty applications. These products fit well with TransDigm’s overall business direction. EME is included in TransDigm’s Power & Control segment. The Company expects that the approximately $20.3 million of goodwill recognized for the acquisition will not be deductible for tax purposes. | ||
Airborne Global Inc.—On December 19, 2013, TransDigm Inc. acquired all of the outstanding stock of Airborne Global Inc. (“Airborne”) for approximately $264.2 million in cash, which includes a purchase price adjustment of $0.3 million paid in the second quarter of fiscal 2014. 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 $158.2 million of goodwill recognized for the acquisition will not be deductible for tax purposes. | ||
The total purchase price was allocated to the underlying assets acquired and liabilities assumed based upon management’s estimated fair values at the date of acquisition. To the extent the purchase price exceeded the estimated fair value of the net identifiable tangible and intangible assets acquired, such excess was allocated to goodwill. | ||
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 $105.1 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 $184.9 million of goodwill recognized for the acquisition will not be deductible for tax purposes. | ||
Aerosonic, LLC—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 $14.8 million of goodwill recognized for the acquisition will not be deductible for tax purposes. | ||
Aero-Instruments Co., LLC—On September 17, 2012, TransDigm Inc. acquired all of the outstanding equity interests in Aero-Instruments Co., LLC (“Aero-Instruments”), for approximately $34.6 million in cash, which includes a purchase price adjustment of $0.1 million received in the first quarter of fiscal 2013. Aero-Instruments designs and manufactures highly engineered air data sensors including pitot probes, pitot-static probes, static pressure ports, angle of attack, temperature sensors and flight test equipment for use primarily in the business jet and helicopter markets. These products fit well with TransDigm’s overall business direction. Aero-Instruments has since been merged into AeroControlex Group and is included in TransDigm’s Power & Control segment. The Company expects that the approximately $22 million of goodwill recognized for the acquisition will be deductible for tax purposes. | ||
AmSafe Global Holdings, Inc.—On February 15, 2012, TransDigm Inc. acquired all of the outstanding stock of AmSafe Global Holdings, Inc. (“AmSafe”), for approximately $749.7 million in cash, which includes a purchase price adjustment of $0.5 million paid in the third quarter of fiscal 2012. AmSafe is a leading supplier of innovative, highly engineered and proprietary safety and restraint equipment used primarily in the global aerospace industry. These products fit well with TransDigm’s overall business direction. The majority of AmSafe product lines are included in TransDigm’s Airframe segment, and the remaining product lines are included in the Non-aviation segment. The distribution business acquired as part of AmSafe was sold on August 16, 2012 for approximately $17.8 million in cash, which includes a working capital adjustment of $0.1 million received in the first quarter of fiscal 2013. The equity investment in C-Safe LLC acquired as part of AmSafe was sold in October 2012 for approximately $16.4 million, which consisted of $5.0 million in cash at closing and an $11.4 million short-term note receivable, which was subsequently received in installments during fiscal 2013. The Company expects that of the $397 million of goodwill recognized for the acquisition approximately $77 million will be deductible for tax purposes. | ||
Harco, LLC—On December 9, 2011, TransDigm Inc. acquired all of the outstanding stock of Harco Laboratories, Incorporated (“Harco”), for approximately $83.3 million in cash, which includes a purchase price adjustment of $0.4 million paid in the second quarter of fiscal 2012. Harco designs and manufactures highly engineered thermocouples, sensors, engine cable assemblies and related products for commercial aircraft. These products fit well with TransDigm’s overall business direction. Harco is included in TransDigm’s Power & Control segment. The Company expects that the approximately $56 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 EME and Airborne; 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 fiscal year ended September 30, 2014 or 2013, 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 25-30 years. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |
Sep. 30, 2014 | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |
3 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation and Consolidation—The accompanying consolidated financial statements were prepared in conformity with generally accepted accounting principles in the United States (“GAAP”) and include the accounts of TD Group and subsidiaries. All significant intercompany balances and transactions have been eliminated. | ||
Revenue Recognition and Related Allowances—Revenue is recognized from the sale of products when title and risk of loss passes to the customer, which is generally at the time of shipment. Substantially all product sales are made pursuant to firm, fixed-price purchase orders received from customers. Provisions for estimated returns, uncollectible accounts and the cost of repairs under contract warranty provisions are provided for in the same period as the related revenues are recorded and are principally based on historical results modified, as appropriate, by the most current information available. Due to uncertainties in the estimation process, it is possible that actual results may vary from the estimates. | ||
Shipping and Handling Costs—Shipping and handling costs are included in cost of sales in the Consolidated Statements of Income. | ||
Research and Development Costs—The Company expenses research and development costs as incurred and classifies such amounts in selling and administrative expenses. The expense recognized for research and development costs for the years ended September 30, 2014, 2013 and 2012 was approximately $42.3 million, $32.1 million, and $27.9 million, respectively. | ||
Cash Equivalents—The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. | ||
Allowance for Uncollectible Accounts—The Company reserves for amounts determined to be uncollectible based on specific identification of losses and estimated losses based on historical experience. The allowance also incorporates a provision for the estimated impact of disputes with customers. The determination of the amount of the allowance for doubtful accounts is subject to significant levels of judgment and estimation by management. If circumstances change or economic conditions deteriorate or improve, the allowance for doubtful accounts could increase or decrease. | ||
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 4% of the inventory was valued under the LIFO method at September 30, 2014. Provision for potentially obsolete or slow-moving inventory is made based on management’s analysis of inventory levels and future sales forecasts. In accordance with industry practice, all inventories are classified as current assets even though a portion of the inventories may not be sold within one year. | ||
Property, Plant and Equipment—Property, plant and equipment are stated at cost. Depreciation is computed using the straight-line method over the following estimated useful lives: land improvements from 10 to 20 years, buildings and improvements from 5 to 30 years, machinery and equipment from 2 to 10 years and furniture and fixtures from 3 to 10 years. | ||
Property, plant and equipment is assessed for potential impairment whenever indicators of impairment are present by determining whether the carrying value of the property can be recovered through projected, undiscounted cash flows from future operations over the property’s remaining estimated useful life. Any impairment recognized is the amount by which the carrying amount exceeds the fair value of the asset. | ||
Debt Issue Costs, Premiums and Discounts—The cost of obtaining financing as well as premiums and discounts are amortized using the effective interest method over the terms of the respective obligations/securities. | ||
Intangible Assets—Intangible assets consist of identifiable intangibles acquired or recognized in accounting for the acquisitions (trademarks, trade names, technology, order backlog and other intangible assets) and goodwill. Goodwill and intangible assets that have indefinite useful lives (trademarks and trade names) are subject to annual impairment testing. Management determines fair value using a discounted future cash flow analysis or other accepted valuation techniques. The Company performs an annual impairment test for goodwill and other intangible assets as of the first day of the fourth fiscal quarter of each year, or more frequently, if an event occurs or circumstances change that would more likely than not reduce fair value below current value. | ||
A two-step impairment test is used to identify potential goodwill impairment. The first step of the goodwill impairment test, used to identify potential impairment, compares the fair value of a reporting unit (as defined) with its carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill is not considered impaired, and the second step of the goodwill impairment test is unnecessary. The second step measures the amount of impairment, if any, by comparing the carrying value of the goodwill associated with a reporting unit to the implied fair value of the goodwill derived from the estimated overall fair value of the reporting unit and the individual fair values of the other assets and liabilities of the reporting unit. | ||
GAAP requires that the annual, and any interim, impairment assessment be performed at the reporting unit level. The reporting unit level is one level below an operating segment. Substantially all goodwill was determined and recognized for each reporting unit pursuant to the accounting for the merger or acquisition as of the date of each transaction. With respect to acquisitions integrated into an existing reporting unit, any acquired goodwill is combined with the goodwill of the reporting unit. | ||
The impairment test for indefinite lived intangible assets consists of a comparison between their fair values and carrying values. If the carrying amounts of intangible assets that have indefinite useful lives exceed their fair values, an impairment loss will be recognized in an amount equal to the sum of any such excesses. | ||
The Company assesses the recoverability of its amortizable intangible assets only when indicators of impairment are present by determining whether the amortization over their remaining lives can be recovered through projected, undiscounted cash flows from future operations. Amortization of amortizable intangible assets is computed using the straight-line method over the following estimated useful lives: technology from 20 to 22 years, order backlog over one year, and other intangible assets over 20 years. | ||
Stock Option Plans—The Company records stock-based compensation measured using the fair value method of accounting. Compensation expense is recorded over the vesting periods of the options. For options subject to accelerated vesting under the “market sweep” provision, additional stock compensation expense is recorded representing costs that would have been recognized over the remaining requisite service period of the award when the market condition is met. | ||
Income Taxes—The Company accounts for income taxes using an asset and liability approach. Deferred taxes are recorded for the difference between the book and tax basis of various assets and liabilities. A valuation allowance is provided when it is more likely than not that some or all of a deferred tax asset will not be realized. | ||
Contingencies—During the ordinary course of business, the Company is from time to time threatened with, or may become a party to, legal actions and other proceedings. While the Company is currently involved in certain legal proceedings, it believes the results of these proceedings will not have a material adverse effect on its financial condition, results of operations, or cash flows. | ||
Estimates—The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||
Comprehensive Income (Loss)—The term “comprehensive income (loss)” represents the change in stockholders’ equity from transactions and other events and circumstances resulting from non-stockholder sources. The Company’s accumulated other comprehensive income or loss, consisting principally of fair value adjustments to its interest rate swap agreements (net of tax), cumulative foreign currency translation adjustments and pension liability adjustments (net of tax), is reported separately in the accompanying consolidated statements of comprehensive income. | ||
Foreign Currency Translation and Transactions—The assets and liabilities of subsidiaries located outside the United States are translated into U.S. dollars at the rates of exchange in effect at the balance sheet dates. Revenue and expense items are translated at the average exchange rates prevailing during the period. Gains and losses resulting from foreign currency transactions are recognized currently in income, and those resulting from translation of financial statements are accumulated as a separate component of other comprehensive income (loss) for the period. Foreign currency gains or losses recognized currently in income from changes in exchange rates were not material to our results of operations. | ||
Earnings per Share—Earnings per share information is determined using the two-class method, which includes the weighted-average number of common shares outstanding during the period and other securities that participate in dividends (“participating securities”). Our vested stock options are considered “participating securities” because they include non-forfeitable rights to dividends. In applying the two-class method, earnings are allocated to both common stock shares and participating securities based on their respective weighted-average shares outstanding for the period. Diluted earnings per share information may include the additional effect of other securities, if dilutive, in which case the dilutive effect of such securities is calculated using the treasury stock method. |
RECENT_ACCOUNTING_PRONOUNCEMEN
RECENT ACCOUNTING PRONOUNCEMENTS | 12 Months Ended | |
Sep. 30, 2014 | ||
RECENT ACCOUNTING PRONOUNCEMENTS | ' | |
4 | RECENT ACCOUNTING PRONOUNCEMENTS | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09 which creates a new topic in the Accounting Standards Codification (“ASC”) Topic 606, “Revenue From Contracts With Customers.” In addition to superseding and replacing nearly all existing U.S. GAAP revenue recognition guidance, including industry-specific guidance, ASC 606 establishes a new control-based revenue recognition model; changes the basis for deciding when revenue is recognized over time or at a point in time; provides new and more detailed guidance on specific topics; and expands and improves disclosures about revenue. In addition, ASU 2014-09 adds a new Subtopic to the Codification, ASC 340-40, “Other Assets and Deferred Costs: Contracts with Customers,” to provide guidance on costs related to obtaining a contract with a customer and costs incurred in fulfilling a contract with a customer that are not in the scope of another ASC Topic. The guidance is effective for the Company for annual reporting periods, including interim periods therein, for the year ending September 30, 2018. Early application is not permitted. The Company is currently evaluating the impact that the update will have on its financial position, results of operations, cash flows and financial statement disclosures. |
EARNINGS_PER_SHARE_TWOCLASS_ME
EARNINGS PER SHARE (TWO-CLASS METHOD) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
EARNINGS PER SHARE (TWO-CLASS METHOD) | ' | ||||||||||||
5 | 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): | |||||||||||||
Fiscal Years Ended September 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator for earnings per share: | ` | ||||||||||||
Net income | $ | 306,910 | $ | 302,789 | $ | 324,969 | |||||||
Less dividends paid on participating securities | (126,626 | ) | (171,243 | ) | (3,299 | ) | |||||||
Net income applicable to common stock—basic and diluted | $ | 180,284 | $ | 131,546 | $ | 321,670 | |||||||
Denominator for basic and diluted earnings per share under the two-class method: | |||||||||||||
Weighted average common shares outstanding | 52,748 | 52,258 | 50,996 | ||||||||||
Vested options deemed participating securities | 4,245 | 2,822 | 2,886 | ||||||||||
Total shares for basic and diluted earnings per share | 56,993 | 55,080 | 53,882 | ||||||||||
Net earnings per share—basic and diluted | $ | 3.16 | $ | 2.39 | $ | 5.97 | |||||||
SALES_AND_TRADE_ACCOUNTS_RECEI
SALES AND TRADE ACCOUNTS RECEIVABLE | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
SALES AND TRADE ACCOUNTS RECEIVABLE | ' | ||||||||
6 | SALES AND TRADE ACCOUNTS RECEIVABLE | ||||||||
Sales—The Company’s sales and receivables are concentrated in the aerospace industry. TransDigm’s customers include: distributors of aerospace components; commercial airlines, large commercial transport and regional and business aircraft OEMs; various armed forces of the United States and friendly foreign governments; defense OEMs; system suppliers; and various other industrial customers. | |||||||||
One customer accounted for approximately 13%, 12% and 13% of the Company’s net sales for the years ended September 30, 2014, 2013 and 2012, respectively. These sales were split approximately evenly between the Power & Control and Airframe segments. Sales to foreign customers, primarily in Western Europe, Canada and Asia, were $735.9 million during fiscal 2014, $572.0 million during fiscal 2013 and $508.8 million during fiscal 2012. | |||||||||
Trade Accounts Receivable—Trade accounts receivable consist of the following at September 30 (in thousands): | |||||||||
2014 | 2013 | ||||||||
Trade accounts receivable—gross | $ | 355,398 | $ | 295,934 | |||||
Allowance for uncollectible accounts | (4,091 | ) | (5,485 | ) | |||||
Trade accounts receivable—net | $ | 351,307 | $ | 290,449 | |||||
At September 30, 2014, approximately 11% of the Company’s trade accounts receivable was due from one customer. In addition, approximately 35% of the Company’s trade accounts receivable was due from entities that principally operate outside of the United States. Credit is extended based on an evaluation of each customer’s financial condition and collateral is generally not required. |
INVENTORIES
INVENTORIES | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
INVENTORIES | ' | ||||||||
7 | INVENTORIES | ||||||||
Inventories consist of the following at September 30 (in thousands): | |||||||||
2014 | 2013 | ||||||||
Raw materials and purchased component parts | $ | 298,318 | $ | 274,510 | |||||
Work-in-progress | 146,980 | 124,765 | |||||||
Finished Goods | 69,658 | 58,052 | |||||||
Total | 514,956 | 457,327 | |||||||
Reserves for excess and obsolete inventory and LIFO | (55,882 | ) | (43,746 | ) | |||||
Inventories—net | $ | 459,074 | $ | 413,581 | |||||
PROPERTY_PLANT_AND_EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
PROPERTY, PLANT AND EQUIPMENT | ' | ||||||||
8 | PROPERTY, PLANT AND EQUIPMENT | ||||||||
Property, plant and equipment consist of the following at September 30 (in thousands): | |||||||||
2014 | 2013 | ||||||||
Land and improvements | $ | 33,722 | $ | 44,103 | |||||
Buildings and improvements | 114,030 | 99,115 | |||||||
Machinery, equipment and other | 235,642 | 208,037 | |||||||
Construction in progress | 12,174 | 10,895 | |||||||
Total | 395,568 | 362,150 | |||||||
Accumulated depreciation | (183,460 | ) | (153,186 | ) | |||||
Property, plant and equipment—net | $ | 212,108 | $ | 208,964 | |||||
INTANGIBLE_ASSETS
INTANGIBLE ASSETS | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
INTANGIBLE ASSETS | ' | ||||||||||||||||||||||||
9 | INTANGIBLE ASSETS | ||||||||||||||||||||||||
Intangible assets subject to amortization consist of the following at September 30 (in thousands): | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Gross Carrying | Accumulated | Net | Gross Carrying | Accumulated | Net | ||||||||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||||||||||
Technology | $ | 854,918 | $ | 186,278 | $ | 668,640 | $ | 801,010 | $ | 143,196 | $ | 657,814 | |||||||||||||
Order backlog | 8,006 | 6,006 | 2,000 | 19,255 | 7,936 | 11,319 | |||||||||||||||||||
Other | 43,252 | 11,259 | 31,993 | 43,427 | 8,760 | 34,667 | |||||||||||||||||||
Total | $ | 906,176 | $ | 203,543 | $ | 702,633 | $ | 863,692 | $ | 159,892 | $ | 703,800 | |||||||||||||
Information regarding the amortization expense of amortizable intangible assets is detailed below (in thousands): | |||||||||||||||||||||||||
Aggregate Amortization Expense: | |||||||||||||||||||||||||
Years ended September 30, | |||||||||||||||||||||||||
2014 | $ | 63,842 | |||||||||||||||||||||||
2013 | 46,208 | ||||||||||||||||||||||||
2012 | 44,535 | ||||||||||||||||||||||||
Estimated Amortization Expense: | |||||||||||||||||||||||||
Years ending September 30, | |||||||||||||||||||||||||
2015 | $ | 46,615 | |||||||||||||||||||||||
2016 | 44,610 | ||||||||||||||||||||||||
2017 | 44,610 | ||||||||||||||||||||||||
2018 | 44,610 | ||||||||||||||||||||||||
2019 | 44,610 | ||||||||||||||||||||||||
Intangible assets acquired during the year ended September 30, 2014 were as follows (in thousands): | |||||||||||||||||||||||||
Cost | Amortization | ||||||||||||||||||||||||
Period | |||||||||||||||||||||||||
Intangible assets not subject to amortization: | |||||||||||||||||||||||||
Goodwill | $ | 178,514 | |||||||||||||||||||||||
Trademarks and trade names | 31,278 | ||||||||||||||||||||||||
209,792 | |||||||||||||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||||||||||
Technology | 53,380 | 20 years | |||||||||||||||||||||||
Order backlog | 8,020 | 1 year | |||||||||||||||||||||||
61,400 | 17.5 years | ||||||||||||||||||||||||
Total | $ | 271,192 | |||||||||||||||||||||||
The changes in the carrying amount of goodwill by segment for the fiscal years ended September 30, 2013 and 2014 were as follows (in thousands): | |||||||||||||||||||||||||
Power & | Airframe | Non- | Total | ||||||||||||||||||||||
Control | aviation | ||||||||||||||||||||||||
Balance at September 30, 2012 | $ | 1,274,703 | $ | 1,711,214 | $ | 49,585 | $ | 3,035,502 | |||||||||||||||||
Goodwill acquired during the year (Note 2) | 284,889 | 13,969 | 5,485 | 304,343 | |||||||||||||||||||||
Purchase price allocation adjustments | 7,333 | (6,457 | ) | — | 876 | ||||||||||||||||||||
Other | 1 | 3,175 | 10 | 3,186 | |||||||||||||||||||||
Balance at September 30, 2013 | 1,566,926 | 1,721,901 | 55,080 | 3,343,907 | |||||||||||||||||||||
Goodwill acquired during the year (Note 2) | 20,323 | 158,191 | — | 178,514 | |||||||||||||||||||||
Purchase price allocation adjustments | 5,138 | 861 | 289 | 6,288 | |||||||||||||||||||||
Other | (4,707 | ) | 1,075 | — | (3,632 | ) | |||||||||||||||||||
Balance at September 30, 2014 | $ | 1,587,680 | $ | 1,882,028 | $ | 55,369 | $ | 3,525,077 | |||||||||||||||||
ACCRUED_LIABILITIES
ACCRUED LIABILITIES | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
ACCRUED LIABILITIES | ' | ||||||||
10 | ACCRUED LIABILITIES | ||||||||
Accrued liabilities consist of the following at September 30 (in thousands): | |||||||||
2014 | 2013 | ||||||||
Interest | $ | 69,523 | $ | 59,869 | |||||
Compensation and related benefits | 63,057 | 55,230 | |||||||
Interest rate swap agreements | 20,070 | 6,950 | |||||||
Product warranties | 14,243 | 14,999 | |||||||
Other | 63,978 | 47,639 | |||||||
Total | $ | 230,871 | $ | 184,687 | |||||
DEBT
DEBT | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
DEBT | ' | ||||||||
11 | DEBT | ||||||||
The Company’s debt consists of the following at September 30 (in thousands): | |||||||||
2014 | 2013 | ||||||||
Short-term borrowings—trade receivable securitization facility | $ | 200,000 | $ | — | |||||
Term loans | $ | 3,873,131 | $ | 3,081,238 | |||||
Senior Subordinated Notes due 2024 | 1,200,000 | — | |||||||
Senior Subordinated Notes due 2022 | 1,150,000 | — | |||||||
Senior Subordinated Notes due 2021 | 500,000 | 500,000 | |||||||
Senior Subordinated Notes due 2020 | 550,000 | 550,000 | |||||||
Senior Subordinated Notes due 2018 | — | 1,600,000 | |||||||
7,273,131 | 5,731,238 | ||||||||
Less current portion | 39,295 | 31,045 | |||||||
Long-term debt | $ | 7,233,836 | $ | 5,700,193 | |||||
Trade Receivable Securitization Facility—During the quarter ended December 28, 2013, the Company established a trade receivable securitization facility (the “Securitization Facility”). The Securitization Facility effectively increases the Company’s borrowing capacity by up to $225 million depending on the amount of trade accounts receivable, and matures on August 7, 2015. The Securitization Facility includes the right for the Company to exercise annual one year extensions as long as there have been no termination events as defined by the agreement. As of September 30, 2014, the Company has borrowed $200 million under the Securitization Facility. The Securitization Facility is collateralized by substantially all of the company’s trade accounts receivable. | |||||||||
Repurchase of Senior Subordinated Notes due 2018—On May 9, 2014, the Company announced a cash tender offer for any and all of its outstanding 7.75% Senior Subordinated Notes due 2018 (the “2018 Notes”). In June 2014, the Company repurchased or discharged all the 2018 Notes for an aggregate price of $1.7 billion. | |||||||||
The Company recorded refinancing costs of $131.6 million during the year ended September 30, 2014 representing debt issue costs expensed in conjunction with the repurchase of the 2018 Notes. The charge consisted of the premium of $121.1 million paid to redeem the 2018 Notes and the write-off of debt issue costs of $10.5 million. | |||||||||
Second Amended and Restated Credit Facility—On June 4, 2014, TransDigm Inc. amended and restated its existing credit agreement dated February 28, 2013, by entering into a Second Amended and Restated Credit Agreement (the “2014 Credit Facility”). The 2014 Credit Facility permits, among other things, (i) the payment of a special dividend of up to $1.7 billion to the holders of TD Group’s common stock, par value $.01 per share, (ii) the issuance of the 2022 Notes and the 2024 Notes (each as defined below), (iii) the incurrence of certain new tranche D term loans (the “Tranche D Term Loans”) in an aggregate principal amount equal to $825 million, which Tranche D Term Loans were fully drawn on June 4, 2014 and mature on June 4, 2021, (iv) the increase of the total revolving commitments thereunder to $420 million, which includes a sublimit of up to $100 million of multicurrency revolving commitments, and (v) certain changes to certain affirmative and negative covenants and the financial covenant thereunder. The terms and conditions that apply to the Tranche D Term Loans, including pricing, are substantially the same as the terms and conditions that apply to the other term loans under the 2014 Credit Facility. In addition, the Revolving A Credit Commitments previously available under the credit facility were terminated. | |||||||||
The term loan facilities under the 2014 Credit Facility (the “Term Loan Facility”) now consist of three tranches of term loans—Tranche B Term Loans, Tranche C Term Loans and Tranche D Term Loans. The Revolving Credit Facility now consists of one tranche—Revolving B Commitments, which include up to $100 million of multicurrency revolving commitments. The Tranche B Term Loans consist of $500 million in the aggregate maturing on February 14, 2017, the Tranche C Term Loans consist of $2,600 million in the aggregate maturing on February 28, 2020 and the Tranche D Term Loans consist of $825 million in the aggregate maturing on June 4, 2021. The Term Loan Facility requires quarterly principal payments of $7.8 million, which began on March 28, 2013, and an additional quarterly principal payment of $2.1 million beginning September 30, 2014. The Revolving B Commitments consist of $420 million in the aggregate and mature on February 28, 2018. At September 30, 2014, the Company had $6.8 million letters of credit outstanding and $413.2 million of borrowings available under the 2014 Credit Facility. | |||||||||
Under the terms of the 2014 Credit Facility, TransDigm is entitled on one or more occasions, subject to the satisfaction of certain conditions, to request additional commitments under the Revolving Credit Facility or additional term loans in the aggregate principal amount of up to $1.0 billion to the extent that existing or new lenders agree to provide such additional term loans. All of the indebtedness outstanding under the 2014 Credit Facility is guaranteed by TD Group and all of TransDigm’s current and future domestic restricted subsidiaries (other than immaterial subsidiaries). In addition, the obligations of TransDigm and the guarantors under the 2014 Credit Facility are secured ratably in accordance with each lender’s respective revolving and term loan commitments by a first priority security interest in substantially all of the existing and future property and assets, including inventory, equipment, general intangibles, intellectual property, investment property and other personal property (but excluding leasehold interests and certain other assets) of TransDigm and its existing and future domestic restricted subsidiaries (other than immaterial subsidiaries), and a first priority pledge of the capital stock of TransDigm and its subsidiaries (other than foreign subsidiaries and certain domestic subsidiaries, of which 65% of the voting capital stock is pledged). | |||||||||
The interest rates per annum applicable to the loans under the 2014 Credit Facility will be, at TransDigm’s option, equal to either an alternate base rate or an adjusted LIBO rate for one, two, three or six-month (or to the extent agreed to by each relevant lender, nine or twelve-month) interest periods chosen by TransDigm, in each case plus an applicable margin percentage. The adjusted LIBO rate is subject to a floor of .75%. At September 30, 2014 the applicable interest rate was 3.50% on the Tranche B Term Loan and 3.75% on the Tranche C and Tranche D Term Loans. | |||||||||
The Term Loan Facility requires mandatory prepayments of principal based on certain percentages of Excess Cash Flow (as defined in the 2014 Credit Facility), commencing 90 days after the end of each fiscal year, commencing with the fiscal year ending September 30, 2014, subject to certain exceptions. In addition, subject to certain exceptions (including, with respect to asset sales, the reinvestment in productive assets), TransDigm will be required to prepay the loans outstanding under the Term Loan facility at 100% of the principal amount thereof, plus accrued and unpaid interest, with the net cash proceeds of certain asset sales and issuance or incurrence of certain indebtedness. In addition, if, prior to December 4, 2014 with respect to Tranche B and Tranche C Term Loans and June 4, 2015 with respect to Tranche D Term Loans, the principal amount of the term loans are (i) prepaid substantially concurrently with the incurrence by TD Group, TransDigm or any its subsidiaries of new bank loans that have an effective yield lower than the yield in effect on the term loans so prepaid or (ii) received by a lender due to a mandatory assignment following the failure of such lender to consent to an amendment of the 2014 Credit Facility that has the effect of reducing the effective interest rate with respect to the term loans, such prepayment or receipt shall be accompanied by a premium of 1.0%. | |||||||||
The 2014 Credit Facility contains certain covenants that limit the ability of TD Group, TransDigm and TransDigm’s restricted subsidiaries to, among other things: (i) incur or guarantee additional indebtedness or issue preferred stock; (ii) pay distributions on, redeem or repurchase capital stock or redeem or repurchase subordinated debt; (iii) make investments; (iv) sell assets; (v) enter into agreements that restrict distributions or other payments from restricted subsidiaries to TransDigm; (vi) incur or suffer to exist liens securing indebtedness; (vii) consolidate, merge or transfer all or substantially all of their assets; and (viii) engage in transactions with affiliates. | |||||||||
The Company recorded refinancing costs of $30.3 million during fiscal 2013 representing debt issue costs expensed in conjunction with the refinancing of our previous credit facilities. | |||||||||
At September 30, 2014, three forward-starting interest rate swap agreements were in place to swap variable rates on the 2014 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 2014 Credit Facility to a fixed rate of 5.17% (2.17% plus the 3% margin percentage) through June 30, 2015. | |||||||||
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 2014 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 2014 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. | |||||||||
On July 24, 2014, the Company entered into five forward-starting interest rate swap agreements beginning March 31, 2016 to hedge the variable interest rates on the 2014 Credit Facility for a fixed rate based on an aggregate notional amount of $750 million through June 30, 2020. These forward-starting interest rate swap agreements will effectively convert the variable interest rate on the aggregate notional amount of the 2014 Credit Facility to a fixed rate of 5.8% (2.8% plus the 3% margin percentage) over the term of the interest rate swap agreements. | |||||||||
Senior Subordinated Notes—On June 4, 2014, TransDigm Inc. issued $2.350 billion in aggregate principal amount of senior subordinated notes, consisting of $1.150 billion aggregate principal amount of 6.00% Senior Subordinated Notes due 2022 (the “2022 Notes”) and $1.200 billion aggregate principal amount of 6.50% Senior Subordinated Notes due 2024 (the “2024 Notes,” and, together with the 2022 Notes, the “New Notes”) at an issue price of 100% of the principal amount for each series of the New Notes. | |||||||||
The 2022 Notes bear interest at the rate of 6.0% per annum, which accrues from June 4, 2014 and is payable semiannually in arrears on January 15 and July 15 of each year, commencing on January 15, 2015. The 2022 Notes mature on July 15, 2022, unless earlier redeemed or repurchased, and are subject to the terms and conditions set forth in the indenture governing the 2022 Notes (the “2022 Indenture”). | |||||||||
The 2024 Notes bear interest at the rate of 6.5% per annum, which accrues from June 4, 2014 and is payable semiannually in arrears on January 15 and July 15 of each year, commencing on January 15, 2015. The 2024 Notes mature on July 15, 2024, unless earlier redeemed or repurchased, and are subject to the terms and conditions set forth in the indenture governing the 2024 Notes (the “2024 Indenture”). | |||||||||
On October 15, 2012 TransDigm Inc. issued $550 million in aggregate principal amount of its 5 1/2% Senior Subordinated Notes due 2020 (the “2020 Notes”) at an issue price of 100% of the principal amount. The 2020 Notes bear interest at the rate of 5 1/2% per annum, which accrues from October 15, 2012 and is payable semiannually on April 15 and October 15 of each year. The 2020 Notes mature on October 15, 2020, unless earlier redeemed or repurchased, and are subject to the terms and conditions as defined in the indenture governing the 2020 notes. | |||||||||
On July 1, 2013, TransDigm issued $500 million in aggregate principal amount of its 7 1/2% Senior Subordinated Notes due 2021 (the “2021 Notes” and, together with the 2020 Notes, the 2022 Notes, and the 2024 Notes, the “Notes”) at an issue price of 100% of the principal amount. The 2021 Notes bear interest at the rate of 7 1/2% per annum, which accrues from July 1, 2013 and is payable semiannually on January 15 and July 15 of each year, commencing on January 15, 2014. The 2021 Notes mature on July 15, 2021, unless earlier redeemed or repurchased, and are subject to the terms and conditions as defined in the indenture governing the 2021 Notes. | |||||||||
The Notes are subordinated to all of TransDigm’s existing and future senior debt, rank equally with all of its existing and future senior subordinated debt and rank senior to all of its future debt that is expressly subordinated to the Notes. The Notes are guaranteed on a senior subordinated unsecured basis by TD Group and its wholly-owned domestic subsidiaries named in the Indenture. The guarantees of the Notes are subordinated to all of the guarantors’ existing and future senior debt, rank equally with all of their existing and future senior subordinated debt and rank senior to all of their future debt that is expressly subordinated to the guarantees of the Notes. The Notes are structurally subordinated to all of the liabilities of TD Group’s non-guarantor subsidiaries. The Notes contain many of the restrictive covenants included in the 2014 Credit Facility. TransDigm is in compliance with all the covenants contained in the Notes. | |||||||||
At September 30, 2014, future maturities of long-term debt are as follows (in thousands): | |||||||||
Years ended September 30, | |||||||||
2015 | $ | 39,295 | |||||||
2016 | 39,295 | ||||||||
2017 | 515,545 | ||||||||
2018 | 34,295 | ||||||||
2019 | 34,295 | ||||||||
Thereafter | 6,610,406 | ||||||||
$ | 7,273,131 | ||||||||
RETIREMENT_PLANS
RETIREMENT PLANS | 12 Months Ended | |
Sep. 30, 2014 | ||
RETIREMENT PLANS | ' | |
12 | RETIREMENT PLANS | |
Defined Contribution Plans—The Company sponsors certain defined contribution employee savings plans that cover substantially all of the Company’s non-union employees. Under certain plans, the Company contributes a percentage of employee compensation and matches a portion of employee contributions. The cost recognized for such contributions for the years ended September 30, 2014, 2013 and 2012 was approximately $8.7 million, $6.6 million and $4.9 million, respectively. | ||
Defined Benefit Pension Plans—The Company maintains certain non-contributory defined benefit pension plans. The Company’s funding policy is to contribute actuarially determined amounts allowable under Internal Revenue Service regulations for the qualified plans. The Company uses a September 30th measurement date for its defined benefit pension plans | ||
The Company maintains certain qualified, non-contributory defined benefit pension plans, which together cover certain union employees. The plans provide benefits of stated amounts for each year of service. The plan assets as of September 30, 2014 and 2013 were approximately $69.5 million and $62.7 million, respectively. The Company’s projected benefit obligation for these defined benefit pension plans at September 30, 2014 and 2013 was $77.6 million and $66.6 million, respectively. The total liability recognized at September 30, 2014 and 2013 was $8.1 million and $3.9 million, respectively. The net periodic pension cost recognized in the Consolidated Statements of Income for the years ended September 30, 2014, 2013, and 2012 was $0.5 million, $0.8 million, and $0.6 million, respectively. | ||
The Company has a non-qualified, non-contributory defined benefit pension plan, which covers certain retired employees. The plan is unfunded and provides defined benefits based on the final average salary of the employees as defined in the plan. The projected benefit obligation for this defined benefit pension plan and the total liability recognized in the Consolidated Balance Sheet at September 30, 2014 and 2013 was approximately $9.0 million and $8.5 million, respectively. The net periodic pension cost recognized in the Consolidated Statements of Income for each of the years ended September 30, 2014, 2013 and 2012 was $0.4 million. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
INCOME TAXES | ' | ||||||||||||
13 | INCOME TAXES | ||||||||||||
The Company’s income tax provision on income before income taxes consists of the following for the periods shown below (in thousands): | |||||||||||||
Fiscal Years Ended September 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current | |||||||||||||
Federal | $ | 138,596 | $ | 133,438 | $ | 122,884 | |||||||
State | 7,807 | 8,933 | 12,855 | ||||||||||
Foreign | 4,613 | 5,943 | 2,361 | ||||||||||
151,016 | 148,314 | 138,100 | |||||||||||
Deferred | (9,416 | ) | (2,614 | ) | 24,800 | ||||||||
$ | 141,600 | $ | 145,700 | $ | 162,900 | ||||||||
The differences between the income tax provision on income before income taxes at the federal statutory income tax rate and the tax provision shown in the accompanying consolidated statements of income for the periods shown below are as follows (in thousands): | |||||||||||||
Fiscal Years Ended September 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Tax at statutory rate of 35% | $ | 156,979 | $ | 156,970 | $ | 170,754 | |||||||
State and local income taxes, net of federal benefit | 5,658 | 4,858 | 5,221 | ||||||||||
Domestic manufacturing deduction | (13,980 | ) | (14,388 | ) | (9,126 | ) | |||||||
Other—net | (7,057 | ) | (1,740 | ) | (3,949 | ) | |||||||
Income tax provision | $ | 141,600 | $ | 145,700 | $ | 162,900 | |||||||
The components of the deferred taxes consist of the following at September 30 (in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Employee benefits, compensation and other accrued obligations | $ | 60,457 | $ | 48,932 | |||||||||
Inventory | 19,610 | 18,912 | |||||||||||
Net operating losses | 16,345 | 14,916 | |||||||||||
Tax credits | 11,343 | 13,687 | |||||||||||
Interest rate swaps | 9,258 | 5,384 | |||||||||||
Environmental | 8,380 | 9,582 | |||||||||||
Product warranties | 5,046 | 3,826 | |||||||||||
Other | 2,364 | — | |||||||||||
Total | 132,803 | 115,239 | |||||||||||
Less: Valuation allowance | (24,267 | ) | (26,125 | ) | |||||||||
Total deferred tax assets | 108,536 | 89,114 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Intangible assets | 444,059 | 408,755 | |||||||||||
Property, plant and equipment | 19,348 | 23,373 | |||||||||||
Unremitted foreign earnings | 4,918 | 5,069 | |||||||||||
Other | 4,789 | 6,036 | |||||||||||
Total deferred tax liabilities | 473,114 | 443,233 | |||||||||||
Total net deferred tax liabilities | $ | 364,578 | $ | 354,119 | |||||||||
At September 30, 2014, the Company has United Kingdom net operating loss carryforwards of approximately $25.5 million and state net operating loss carryforwards of approximately $254 million that expire in various years from 2015 to 2032. A valuation allowance has been established equal to the amount of the net operating losses that the Company believes will not be utilized. The Company had foreign tax credit carryforwards which generate a tax benefit of approximately $9.3 million that expire from 2018 to 2022. The Company had state tax credit carryforwards of $3.1 million that expire from 2023 to 2029. A valuation allowance has been established equal to the amount of the foreign tax credits that the Company believes will not be utilized. | |||||||||||||
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, Canada, China, France, Germany, Hungary, 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. The Company is currently under U.S. federal examination for its fiscal 2012 and 2013 years and expects the examinations to be completed during fiscal 2015. 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. | |||||||||||||
The cumulative amount of the Company’s foreign undistributed net earnings for which no deferred taxes have been provided is approximately $38.1 million at September 30, 2014. The Company has no plans to repatriate such earnings in the foreseeable future. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Balance at beginning of period | $ | 6,129 | $ | 6,932 | |||||||||
Additions based on tax positions related to the prior year | 990 | 151 | |||||||||||
Additions based on tax positions related to the current year | 886 | — | |||||||||||
Lapse in statute of limitations | (1,139 | ) | (1,171 | ) | |||||||||
Acquisitions | 7,085 | 217 | |||||||||||
Balance at end of period | $ | 13,951 | $ | 6,129 | |||||||||
Unrecognized tax benefits at September 30, 2014 and 2013, the recognition of which would have an effect on the effective tax rate for each fiscal year, amounted to $13.5 million and $5.7 million, respectively. The Company classifies all income tax related interest and penalties as income tax expense, which were not significant for the years ended September 30, 2013, 2012 and 2011. As of September 30, 2014 and 2013, the Company accrued $2.9 million and $0.9 million, respectively, for the potential payment of interest and penalties. The Company anticipates no significant changes to its total unrecognized tax benefits through fiscal 2015. |
ENVIRONMENTAL_LIABILITIES
ENVIRONMENTAL LIABILITIES | 12 Months Ended | |
Sep. 30, 2014 | ||
ENVIRONMENTAL LIABILITIES | ' | |
14 | ENVIRONMENTAL LIABILITIES | |
Our operations and facilities are subject to a number of federal, state, local and foreign environmental laws and regulations that govern, among other things, discharges of pollutants into the air and water, the generation, handling, storage and disposal of hazardous materials and wastes, the remediation of contamination and the health and safety of our employees. Environmental laws and regulations may require that the Company investigate and remediate the effects of the release or disposal of materials at sites associated with past and present operations. Certain facilities and third-party sites utilized by subsidiaries of the Company have been identified as potentially responsible parties under the federal Superfund laws and comparable state laws. The Company is currently involved in the investigation and remediation of a number of sites under applicable laws. | ||
Estimates of the Company’s environmental liabilities are based on current facts, laws, regulations and technology. These estimates take into consideration the Company’s prior experience and professional judgment of the Company’s environmental advisors. Estimates of the Company’s environmental liabilities are further subject to uncertainties regarding the nature and extent of site contamination, the range of remediation alternatives available, evolving remediation standards, imprecise engineering evaluations and cost estimates, the extent of corrective actions that may be required and the number and financial condition of other potentially responsible parties, as well as the extent of their responsibility for the remediation. | ||
Accordingly, as investigation and remediation proceed, it is likely that adjustments in the Company’s accruals will be necessary to reflect new information. The amounts of any such adjustments could have a material adverse effect on the Company’s results of operations or cash flows in a given period. Based on currently available information, however, the Company does not believe that future environmental costs in excess of those accrued with respect to sites for which the Company has been identified as a potentially responsible party are likely to have a material adverse effect on the Company’s financial condition. | ||
Environmental liabilities are recorded when the liability is probable and the costs are reasonably estimable, which generally is not later than at completion of a feasibility study or when the Company has recommended a remedy or has committed to an appropriate plan of action. The liabilities are reviewed periodically and, as investigation and remediation proceed, adjustments are made as necessary. Liabilities for losses from environmental remediation obligations do not consider the effects of inflation and anticipated expenditures are not discounted to their present value. The liabilities are not reduced by possible recoveries from insurance carriers or other third parties, but do reflect anticipated allocations among potentially responsible parties at federal Superfund sites or similar state-managed sites, third party indemnity obligations, and an assessment of the likelihood that such parties will fulfill their obligations at such sites. | ||
The Company’s consolidated balance sheet includes environmental remediation obligations at September 30, 2014 and 2013 of $23.3 million and $27.2 million, respectively. |
CAPITAL_STOCK
CAPITAL STOCK | 12 Months Ended | |
Sep. 30, 2014 | ||
CAPITAL STOCK | ' | |
15 | CAPITAL STOCK | |
Capital Stock—Authorized capital stock of TD Group consists of 224,400,000 shares of $.01 par value common stock and 149,600,000 shares of $.01 par value preferred stock. The total number of shares of common stock issued at September 30, 2014 and 2013 was 53,832,246 and 53,172,551, respectively. There were no shares of preferred stock outstanding at September 30, 2014 and 2013. The terms of the preferred stock have not been established. | ||
On October 29, 2013, we announced a program replacing a previous program permitting us to repurchase a portion of our outstanding shares not to exceed $200 million in the aggregate. During the year ended September 30, 2014, the Company repurchased 909,700 shares of its common stock at a gross cost of approximately $159.9 million at a weighted-average price of $175.68 per share. No repurchases were made under the program during the year ended September 30, 2013. |
SEGMENTS
SEGMENTS | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
SEGMENTS | ' | ||||||||||||
16 | 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, military personnel parachutes and cargo aerial delivery systems. 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): | |||||||||||||
Fiscal Years Ended September 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales to external customers | |||||||||||||
Power & Control | $ | 1,077,214 | $ | 872,325 | $ | 776,342 | |||||||
Airframe | 1,200,188 | 951,436 | 843,643 | ||||||||||
Non-aviation | 95,504 | 100,639 | 80,223 | ||||||||||
$ | 2,372,906 | $ | 1,924,400 | $ | 1,700,208 | ||||||||
The following table reconciles EBITDA As Defined by segment to consolidated income before taxes operations before income taxes (in thousands): | |||||||||||||
Fiscal Years Ended September 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
EBITDA As Defined | |||||||||||||
Power & Control | $ | 550,735 | $ | 455,950 | $ | 410,259 | |||||||
Airframe | 529,012 | 444,066 | 402,048 | ||||||||||
Non-aviation | 18,479 | 23,647 | 24,133 | ||||||||||
Total segment EBITDA As Defined | 1,098,226 | 923,663 | 836,440 | ||||||||||
Unallocated corporate expenses | 25,019 | 23,385 | 27,421 | ||||||||||
Total Company EBITDA As Defined | 1,073,207 | 900,278 | 809,019 | ||||||||||
Depreciation and amortization | 96,385 | 73,515 | 68,227 | ||||||||||
Interest expense—net | 347,688 | 270,685 | 211,906 | ||||||||||
Acquisition-related costs | 20,541 | 26,433 | 18,866 | ||||||||||
Stock compensation expense | 26,332 | 48,884 | 22,151 | ||||||||||
Other nonrecurring charges | 2,129 | 1,991 | — | ||||||||||
Refinancing costs | 131,622 | 30,281 | — | ||||||||||
Income before income taxes | $ | 448,510 | $ | 448,489 | $ | 487,869 | |||||||
The following table presents capital expenditures and depreciation and amortization by segment (in thousands): | |||||||||||||
Fiscal Years Ended September 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Capital expenditures | |||||||||||||
Power & Control | $ | 11,645 | $ | 13,149 | $ | 9,436 | |||||||
Airframe | 19,333 | 19,121 | 13,730 | ||||||||||
Non-aviation | 3,097 | 2,773 | 1,920 | ||||||||||
Corporate | 71 | 492 | 160 | ||||||||||
$ | 34,146 | $ | 35,535 | $ | 25,246 | ||||||||
Depreciation and amortization | |||||||||||||
Power & Control | $ | 38,251 | $ | 27,586 | $ | 21,565 | |||||||
Airframe | 52,461 | 42,960 | 44,128 | ||||||||||
Non-aviation | 4,579 | 2,614 | 2,393 | ||||||||||
Corporate | 1,094 | 355 | 141 | ||||||||||
$ | 96,385 | $ | 73,515 | $ | 68,227 | ||||||||
The following table presents total assets by segment (in thousands): | |||||||||||||
September 30, 2014 | September 30, 2013 | ||||||||||||
Total assets | |||||||||||||
Power & Control | $ | 2,432,898 | $ | 2,398,469 | |||||||||
Airframe | 3,263,926 | 2,958,974 | |||||||||||
Non-aviation | 132,988 | 132,672 | |||||||||||
Corporate | 927,036 | 658,764 | |||||||||||
$ | 6,756,848 | $ | 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. |
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
STOCK-BASED COMPENSATION | ' | ||||||||||||||||
17 | STOCK-BASED COMPENSATION | ||||||||||||||||
The Company’s stock compensation plans are designed to assist the Company in attracting, retaining, motivating and rewarding key employees, directors or consultants, and promoting the creation of long-term value for stockholders by closely aligning the interests of these individuals with those of the Company’s stockholders. The Company’s stock compensation plans provide for the granting of stock options, restricted stock and other stock-based incentives. | |||||||||||||||||
Non-cash stock compensation expense recognized by the Company during the years ended September 30, 2014, 2013 and 2012 was $26.3 million, $48.9 million and $22.2 million, respectively. | |||||||||||||||||
During the year ended September 30, 2014, the Company recorded additional stock compensation expense of $6.4 million representing costs that would have been recognized over the remaining requisite service period of the award for options granted in fiscal 2012 that became fully vested under the market sweep provision, as discussed further below. During June 2013, a total of 2,409,420 unvested options granted prior to October 1, 2011 with a weighted-average exercise price per option of $58.35 became fully vested under the market sweep provision. Due to the accelerated vesting, the Company recorded additional stock compensation expense of $24.5 million representing costs that would have been recognized over the remaining requisite service period of the award. | |||||||||||||||||
The weighted-average grant date fair value of options granted during the fiscal years ended September 30, 2014, 2013 and 2012 was $57.53, $45.53 and $43.23, respectively. | |||||||||||||||||
Compensation expense is recognized based upon probability assessments of awards that are expected to vest in future periods. Such probability assessments are subject to revision and, therefore, unrecognized compensation expense is subject to future changes in estimate. As of September 30, 2014, there was approximately $33.1 million of total unrecognized compensation expense related to non-vested awards expected to vest, which is expected to be recognized over a weighted-average period of two years. | |||||||||||||||||
The fair value of the Company’s employee stock options was estimated at the date of grant using a Black-Scholes-Merton option-pricing model with the following weighted average assumptions for all options granted during the fiscal years ended: | |||||||||||||||||
Fiscal Years Ended September 30, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Risk-free interest rate | 1.71% to 2.03% | 0.84% to 1.00% | 1.10% to 1.50% | ||||||||||||||
Expected life of options | 6 years | 6 years | 6 years | ||||||||||||||
Expected dividend yield of stock | — | — | — | ||||||||||||||
Expected volatility of stock | 35% | 35% | 40% | ||||||||||||||
The risk-free interest rate is based upon the Treasury bond rates as of the grant date. The average expected life of stock-based awards is based on the Company’s actual historical exercise experience. Expected volatility of stock was calculated using a rate based upon the historical volatility of both TransDigm’s common stock and the stock of publicly traded companies in the Company’s peer group in the aerospace industry. Notwithstanding the special cash dividends paid in October 2012, July 2013 and June 2014, the Company historically has not paid regular cash dividends and does not anticipate paying regular cash dividends in future periods; thus, no dividend rate assumption is used. | |||||||||||||||||
The total fair value of options vested during fiscal years ended September 30, 2014, 2013, and 2012 was $23.6 million, $63.9 million and $11.4 million, respectively. | |||||||||||||||||
2014 Stock Option Plan | |||||||||||||||||
In July 2014, the board of directors of TD Group adopted a new stock option plan, which was subsequently approved by stockholders on October 2, 2014. The 2014 stock option plan permits TD Group to award our key employees, directors or consultants stock options. The total number of shares of TD Group common stock reserved for issuance or delivery under the 2014 stock option plan is 5,000,000, subject to adjustment in the event of any stock dividend or split, reorganization, recapitalization, merger, share exchange or any other similar corporate transaction or event. | |||||||||||||||||
2006 Stock Incentive Plan | |||||||||||||||||
In conjunction with the consummation of the initial public offering, a 2006 stock incentive plan was adopted by TD Group. In July 2008 and March 2011, the plan was amended to increase the number of shares available for issuance thereunder. TD Group has reserved 8,119,668 shares of its common stock for issuance to key employees, directors or consultants under the plan. Awards under the plan may be in the form of options, restricted stock or other stock-based awards. Options granted under the plan will expire no later than the tenth anniversary of the applicable date of grant of the options, and will have an exercise price of not less than the fair market value of our common stock on the date of grant. Restricted stock granted under the plan vests over three years. | |||||||||||||||||
In connection with the $12.85 per share special cash dividend paid in November 2012, in order to take into account the earlier return of capital, the TD Group compensation committee adjusted the market-based vesting features in outstanding options pursuant to the authority granted to the committee under the TD Group stock incentive plan. Under this “market sweep” provision, unvested options granted prior to October 1, 2011 would accelerate and become fully vested if the closing price of the Company’s common stock exceeded $147.15 per share (originally $160 per share) on any 60 trading days during any consecutive 12-month period commencing March 1, 2013. | |||||||||||||||||
In addition, in connection with the $12.85 per share special cash dividend paid in November 2012 and the $22.00 per share special cash dividend paid in July 2013, in order to take into account the earlier return of capital, the TD Group compensation committee adjusted the market-based vesting features in outstanding options pursuant to the authority granted to the committee under the TD Group stock incentive plan. Under this “market sweep” provision, unvested options granted in fiscal 2012 would accelerate and become fully vested if the closing price of the Company’s common stock exceeded $135.15 per share (originally $170 per share) on any 60 trading days during any consecutive 12-month period commencing two years from the date of grant. Options granted in fiscal 2013 and 2014 do not contain such accelerated vesting provision. | |||||||||||||||||
In addition to shares issued pursuant to options exercised, during the fiscal year ended September 30, 2014, 332 shares of common stock were issued with a weighted-average grant date fair value of $179.53 as payment to directors in lieu of cash. | |||||||||||||||||
Performance Vested Stock Options—All of the options granted through September 30, 2014 under the 2006 stock incentive plan have been pursuant to an equity incentive program adopted by the Company in 2008. Under the 2008 equity incentive program, all of the options granted will vest based on the Company’s achievement of established operating performance goals. The following table summarizes the activity, pricing and other information for the Company’s performance vested stock-based award activity during the fiscal year ended September 30, 2014: | |||||||||||||||||
Number of | Weighted-Average | Weighted-Average | Aggregate | ||||||||||||||
Options | Exercise Price Per | Remaining | Intrinsic Value | ||||||||||||||
Option | Contractual Term | ||||||||||||||||
Outstanding at September 30, 2013 | 5,147,806 | $ | 70.66 | ||||||||||||||
Granted | 702,171 | 156.22 | |||||||||||||||
Exercised | (433,398 | ) | 52.71 | ||||||||||||||
Forfeited | (88,475 | ) | 144.12 | ||||||||||||||
Expired | — | — | |||||||||||||||
Outstanding at September 30, 2014 | 5,328,104 | $ | 82.18 | 6.3 years | $ | 544,265,824 | |||||||||||
Expected to vest | 862,591 | $ | 119.4 | 8.5 years | $ | 56,003,788 | |||||||||||
Exercisable at September 30, 2014 | 3,929,084 | $ | 61.38 | 5.4 years | $ | 483,080,878 | |||||||||||
At September 30, 2014, there were 1,687,222 remaining shares available for award under TD Group’s 2006 stock incentive plan. | |||||||||||||||||
2003 Stock Option Plan | |||||||||||||||||
Certain executives and key employees of the Company were granted stock options under TD Group’s 2003 stock option plan. Upon the closing of the acquisition of the Company by Warburg Pincus in 2003, certain employees rolled over certain then-existing options to purchase shares of common stock of TransDigm Holdings. These employees were granted rollover options to purchase an aggregate of 3,870,152 shares of common stock of TD Group (after giving effect to the 149.60 for 1.00 stock split effected on March 14, 2006). All rollover options granted were fully vested on the date of grant. In addition to shares of common stock reserved for issuance upon the exercise of rollover options, an aggregate of 5,469,301 shares of TD Group’s common stock were reserved for issuance upon the exercise of new management options. In general, approximately 20% of all new management options vested based on employment service or a change in control. These time vested options had a graded vesting schedule of up to four years. Approximately 80% of all new management options vested (i) based upon the satisfaction of specified performance criteria, which is annual and cumulative EBITDA As Defined targets through 2008, or (ii) upon the occurrence of a change in control if the Investor Group (defined as Warburg Pincus and the other initial investors in TD Group) received a minimum specified rate of return. Unless terminated earlier, the options expire ten years from the date of grant. | |||||||||||||||||
TD Group has reserved a total of 9,339,453 shares of its common stock for issuance to the Company’s employees under the plan, which had all been issued as of September 30, 2013. | |||||||||||||||||
Time Vested Stock Options—The following table summarizes activity, pricing and other information for the Company’s time vested stock-based award activity during the fiscal year ended September 30, 2014: | |||||||||||||||||
Number of | Weighted-Average | Weighted-Average | Aggregate | ||||||||||||||
Options | Exercise Price Per | Remaining | Intrinsic Value | ||||||||||||||
Option | Contractual Term | ||||||||||||||||
Outstanding at September 30, 2013 | 113,467 | $ | 20.62 | ||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (73,224 | ) | 16.44 | ||||||||||||||
Forfeited | — | — | |||||||||||||||
Outstanding at September 30, 2014 | 40,243 | $ | 28.24 | 2.1 years | $ | 6,281,530 | |||||||||||
Exercisable at September 30, 2014 | 40,243 | $ | 28.24 | 2.1 years | $ | 6,281,530 | |||||||||||
Performance Vested Stock Options—The following table summarizes the activity, pricing and other information for the Company’s performance vested stock-based award activity during the fiscal year ended September 30, 2014: | |||||||||||||||||
Number of | Weighted-Average | Weighted-Average | Aggregate | ||||||||||||||
Options | Exercise Price Per | Remaining | Intrinsic Value | ||||||||||||||
Option | Contractual Term | ||||||||||||||||
Outstanding at September 30, 2013 | 437,009 | $ | 37.69 | ||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (152,741 | ) | 17.6 | ||||||||||||||
Outstanding at September 30, 2014 | 284,268 | $ | 48.48 | 3.2 years | $ | 38,617,808 | |||||||||||
Exercisable at September 30, 2014 | 206,439 | $ | 17.71 | 1.3 years | $ | 34,396,866 | |||||||||||
The total intrinsic value of time, performance and rollover options exercised during the fiscal years ended September 30, 2014, 2013 and 2012 was $88.7 million, $120.8 million and $137.5 million, respectively. | |||||||||||||||||
Dividend Equivalent Plans | |||||||||||||||||
Pursuant to the Third Amended and Restated TransDigm Group Incorporated 2003 Stock Option Plan Dividend Equivalent Plan and the Second Amended and Restated TransDigm Group Incorporated 2006 Stock Incentive Plan Dividend Equivalent Plan, all of the options granted under the 2003 stock option plan and the 2006 stock incentive plan are entitled to certain dividend equivalent payments in the event of the declaration of a dividend by the Company. | |||||||||||||||||
Dividend equivalent payments on vested options including those options that became fully vested under market sweep provisions thereof were $126.6 million, $171.2 million and $3.3 million during the years ended September 30, 2014, 2013 and 2012, respectively. |
LEASES
LEASES | 12 Months Ended | |
Sep. 30, 2014 | ||
LEASES | ' | |
18 | LEASES | |
TransDigm leases certain manufacturing facilities, equipment and vehicles with rental payments required through January 2051. Rental expense during the years ended September 30, 2014, 2013 and 2012 was $12.1 million, $9.2 million and $7.9 million, respectively. | ||
Future minimum rental commitments at September 30, 2014 under operating leases having initial or remaining non-cancelable lease terms exceeding one year are $11.5 million in fiscal 2015, $10.4 million in fiscal 2016, $8.3 million in fiscal 2017, $6.7 million in fiscal 2018, $5.2 million in fiscal 2019, and $19.5 million thereafter. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||||||
19 | 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 as of September 30 (in thousands): | |||||||||||||||||||||
September 30, 2014 | September 30, 2013 | ||||||||||||||||||||
Level | Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||
Amount | Amount | ||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | 1 | $ | 819,548 | $ | 819,548 | $ | 564,740 | $ | 564,740 | ||||||||||||
Liabilities: | |||||||||||||||||||||
Interest rate swap agreements(1) | 2 | 20,070 | 20,070 | 6,950 | 6,950 | ||||||||||||||||
Interest rate swap agreements(2) | 2 | 4,650 | 4,650 | 7,550 | 7,550 | ||||||||||||||||
Short-term borrowings—trade receivable securitization facility | 1 | 200,000 | 200,000 | — | — | ||||||||||||||||
Long-term debt: | |||||||||||||||||||||
Term loans | 2 | 3,873,131 | 3,821,000 | 3,081,238 | 3,065,000 | ||||||||||||||||
7 3/4% Senior Subordinated Notes due 2018 | 1 | — | — | 1,600,000 | 1,708,000 | ||||||||||||||||
5 1/2% Senior Subordinated Notes due 2020 | 1 | 550,000 | 529,000 | 550,000 | 540,000 | ||||||||||||||||
7 1/2% Senior Subordinated Notes due 2021 | 1 | 500,000 | 531,000 | 500,000 | 536,000 | ||||||||||||||||
6% Senior Subordinated Notes due 2022 | 1 | 1,150,000 | 1,121,000 | — | — | ||||||||||||||||
6 1/2% Senior Subordinated Notes due 2024 | 1 | 1,200,000 | 1,182,000 | — | — | ||||||||||||||||
-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, 2021 Notes, 2022 Notes and 2024 Notes were based upon quoted market prices. |
DERIVATIVES_AND_HEDGING_ACTIVI
DERIVATIVES AND HEDGING ACTIVITIES | 12 Months Ended | |
Sep. 30, 2014 | ||
DERIVATIVES AND HEDGING ACTIVITIES | ' | |
20 | 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. The Company has agreements with each of its Swap counterparties that contain a provision whereby if the Company defaults on the 2014 Credit Facility the Company could also be declared in default on its Swaps, resulting in an acceleration of payment under the Swaps. | ||
Interest rate swap agreements are used to manage interest rate risk associated with floating-rate borrowings under our 2014 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 24, 2014, the Company entered into five forward-starting interest rate swap agreements beginning March 31, 2016 to hedge the variable interest rates on the 2014 Credit Facility for a fixed rate based on an aggregate notional amount of $750 million through June 30, 2020. These forward-starting interest rate swap agreements will effectively convert the variable interest rate on the aggregate notional amount of the 2014 Credit Facility to a fixed rate of 5.8% (2.8% plus the 3% margin percentage) over the term of the interest rate swap agreements. | ||
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 2014 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 2014 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 September 30, 2014, three forward-starting interest rate swap agreements were in place to swap variable rates on the 2014 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 agreements was $20.1 million at September 30, 2014. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ' | ||||||||
21 | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||
Accumulated other comprehensive income (loss) consists of the following at September 30 (in thousands): | |||||||||
2014 | 2013 | ||||||||
Interest rate swap agreements, | $ | (15,888 | ) | $ | (9,722 | ) | |||
net of taxes of $8.9 million for 2014 and $5.2 million for 2013 | |||||||||
Cumulative foreign currency translation adjustments | (3,056 | ) | 4,597 | ||||||
Pension liability adjustments, | (6,227 | ) | (1,391 | ) | |||||
net of taxes of $3.7 million for 2014 and $0.9 million for 2013 | |||||||||
Total | $ | (25,171 | ) | $ | (6,516 | ) | |||
QUARTERLY_FINANCIAL_DATA_UNAUD
QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
QUARTERLY FINANCIAL DATA (UNAUDITED) | ' | ||||||||||||||||
22 | QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
December 28, 2013 | March 29, 2014 | June 28, 2014 | September 30, 2014 | ||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
Year Ended September 30, 2014 | |||||||||||||||||
Net sales | $ | 529,322 | $ | 590,761 | $ | 610,582 | $ | 642,241 | |||||||||
Gross profit | 284,136 | 307,582 | 327,528 | 348,628 | |||||||||||||
Net income | 86,123 | 90,355 | 16,177 | 114,255 | |||||||||||||
Net earnings (loss) per share—basic and diluted(1) | $ | 1.44 | $ | 1.49 | $ | (1.66 | ) | $ | 1.91 | ||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
December 29, 2012 | March 30, 2013 | June 29, 2013 | September 30, 2013 | ||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
Year Ended September 30, 2013 | |||||||||||||||||
Net sales | $ | 430,418 | $ | 465,609 | $ | 488,636 | $ | 539,737 | |||||||||
Gross profit | 238,547 | 259,310 | 268,986 | 282,719 | |||||||||||||
Net income | 74,170 | 67,937 | 76,655 | 84,027 | |||||||||||||
Net earnings (loss) per share—basic and diluted(1) | $ | 0.66 | $ | 1.25 | $ | 0.71 | $ | (0.20 | ) | ||||||||
-1 | The sum of the earnings per share for the four quarters in a year does not necessarily equal the total year earnings per share. | ||||||||||||||||
-2 | The Company’s operating results include the results of operations of acquisitions from the effective date of each acquisition. See Note 2 to the Consolidated Financial Statements. |
SUPPLEMENTAL_GUARANTOR_INFORMA
SUPPLEMENTAL GUARANTOR INFORMATION | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
SUPPLEMENTAL GUARANTOR INFORMATION | ' | ||||||||||||||||||||||||
23 | SUPPLEMENTAL GUARANTOR INFORMATION | ||||||||||||||||||||||||
TransDigm’s 2018 Notes, 2020 Notes, 2021 Notes, 2022 Notes and 2024 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 September 30, 2014 and September 30, 2013 and its statements of income and cash flows for the fiscal years ended September 30, 2014, 2013 and 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 SEPTEMBER 30, 2014 | |||||||||||||||||||||||||
(Amounts in Thousands) | |||||||||||||||||||||||||
TransDigm | TransDigm | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Group | Inc. | Guarantors | Subsidiaries | Consolidated | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 2,088 | $ | 782,648 | $ | 3,793 | $ | 31,019 | $ | — | $ | 819,548 | |||||||||||||
Trade accounts receivable—Net | — | (305 | ) | 1,711 | 351,881 | (1,980 | ) | 351,307 | |||||||||||||||||
Inventories—Net | — | 32,287 | 382,016 | 45,471 | (700 | ) | 459,074 | ||||||||||||||||||
Deferred income taxes | — | 37,669 | — | — | — | 37,669 | |||||||||||||||||||
Prepaid expenses and other | — | 2,040 | 14,789 | 5,149 | — | 21,978 | |||||||||||||||||||
Total current assets | 2,088 | 854,339 | 402,309 | 433,520 | (2,680 | ) | 1,689,576 | ||||||||||||||||||
INVESTMENT IN SUBSIDIARIES AND INTERCOMPANY BALANCES | (1,558,187 | ) | 5,327,465 | 3,758,085 | (59,788 | ) | (7,467,575 | ) | — | ||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT—Net | — | 15,884 | 167,257 | 28,967 | — | 212,108 | |||||||||||||||||||
GOODWILL | — | 64,461 | 3,289,295 | 171,321 | — | 3,525,077 | |||||||||||||||||||
TRADEMARKS AND TRADE NAMES | — | 19,377 | 449,706 | 45,437 | — | 514,520 | |||||||||||||||||||
OTHER INTANGIBLE ASSETS—Net | — | 20,689 | 642,305 | 41,099 | (1,460 | ) | 702,633 | ||||||||||||||||||
DEBT ISSUE COSTS—Net | — | 92,155 | — | 238 | — | 92,393 | |||||||||||||||||||
OTHER | — | 7,845 | 11,754 | 942 | — | 20,541 | |||||||||||||||||||
TOTAL ASSETS | $ | (1,556,099 | ) | $ | 6,402,215 | $ | 8,720,711 | $ | 661,736 | $ | (7,471,715 | ) | $ | 6,756,848 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | |||||||||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 39,295 | $ | — | $ | — | $ | — | $ | 39,295 | |||||||||||||
Short-term borrowings—trade receivable securitization facility | — | — | — | 200,000 | — | 200,000 | |||||||||||||||||||
Accounts payable | — | 17,629 | 85,328 | 14,768 | (1,984 | ) | 115,741 | ||||||||||||||||||
Accrued liabilities | — | 106,631 | 98,308 | 25,932 | — | 230,871 | |||||||||||||||||||
Total current liabilities | — | 163,555 | 183,636 | 240,700 | (1,984 | ) | 585,907 | ||||||||||||||||||
LONG-TERM DEBT | — | 7,233,836 | — | — | — | 7,233,836 | |||||||||||||||||||
DEFERRED INCOME TAXES | — | 402,538 | — | (291 | ) | — | 402,247 | ||||||||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 42,470 | 42,445 | 6,042 | — | 90,957 | |||||||||||||||||||
Total liabilities | — | 7,842,399 | 226,081 | 246,451 | (1,984 | ) | 8,312,947 | ||||||||||||||||||
STOCKHOLDERS’ EQUITY (DEFICIT) | (1,556,099 | ) | (1,440,184 | ) | 8,494,630 | 415,285 | (7,469,731 | ) | (1,556,099 | ) | |||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | $ | (1,556,099 | ) | $ | 6,402,215 | $ | 8,720,711 | $ | 661,736 | $ | (7,471,715 | ) | $ | 6,756,848 | |||||||||||
TRANSDIGM GROUP INCORPORATED | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||
AS OF SEPTEMBER 30, 2013 | |||||||||||||||||||||||||
(Amounts in Thousands) | |||||||||||||||||||||||||
TransDigm | TransDigm | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Group | Inc. | Guarantors | Subsidiaries | 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’ EQUITY (DEFICIT) | |||||||||||||||||||||||||
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’ EQUITY (DEFICIT) | (336,381 | ) | (219,691 | ) | 7,419,323 | 276,479 | (7,476,111 | ) | (336,381 | ) | |||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | $ | (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 YEAR ENDED SEPTEMBER 30, 2014 | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
TransDigm | TransDigm | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Group | Inc. | Guarantors | Subsidiaries | Consolidated | |||||||||||||||||||||
NET SALES | $ | — | $ | 125,389 | $ | 2,051,541 | $ | 206,952 | $ | (10,976 | ) | $ | 2,372,906 | ||||||||||||
COST OF SALES | — | 74,312 | 895,041 | 146,878 | (11,199 | ) | 1,105,032 | ||||||||||||||||||
GROSS PROFIT | — | 51,077 | 1,156,500 | 60,074 | 223 | 1,267,874 | |||||||||||||||||||
SELLING AND ADMINISTRATIVE EXPENSES | — | 65,272 | 176,516 | 34,658 | — | 276,446 | |||||||||||||||||||
AMORTIZATION OF INTANGIBLE ASSETS | — | 1,388 | 55,730 | 6,490 | — | 63,608 | |||||||||||||||||||
INCOME (LOSS) FROM OPERATIONS | — | (15,583 | ) | 924,254 | 18,926 | 223 | 927,820 | ||||||||||||||||||
INTEREST EXPENSE—Net | — | 349,289 | (36 | ) | (1,565 | ) | — | 347,688 | |||||||||||||||||
REFINANCING COSTS | — | 131,622 | — | — | — | 131,622 | |||||||||||||||||||
EQUITY IN INCOME OF SUBSIDIARIES | (306,910 | ) | (639,539 | ) | — | — | 946,449 | — | |||||||||||||||||
INCOME BEFORE INCOME TAXES | 306,910 | 143,045 | 924,290 | 20,491 | (946,226 | ) | 448,510 | ||||||||||||||||||
INCOME TAX PROVISION (BENEFIT) | — | (163,865 | ) | 293,961 | 11,504 | — | 141,600 | ||||||||||||||||||
NET INCOME | $ | 306,910 | $ | 306,910 | $ | 630,329 | $ | 8,987 | $ | (946,226 | ) | $ | 306,910 | ||||||||||||
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX | (18,655 | ) | (3,951 | ) | (1,520 | ) | (13,184 | ) | 18,655 | (18,655 | ) | ||||||||||||||
TOTAL COMPREHENSIVE INCOME | $ | 288,255 | $ | 302,959 | $ | 628,809 | $ | (4,197 | ) | $ | (927,571 | ) | $ | 288,255 | |||||||||||
TRANSDIGM GROUP INCORPORATED | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME | |||||||||||||||||||||||||
FOR THE YEAR ENDED SEPTEMBER 30, 2013 | |||||||||||||||||||||||||
(Amounts in Thousands) | |||||||||||||||||||||||||
TransDigm | TransDigm | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Group | Inc. | Guarantors | Subsidiaries | Consolidated | |||||||||||||||||||||
NET SALES | $ | — | $ | 110,608 | $ | 1,699,742 | $ | 120,706 | $ | (6,656 | ) | $ | 1,924,400 | ||||||||||||
COST OF SALES | — | 66,524 | 732,812 | 81,583 | (6,081 | ) | 874,838 | ||||||||||||||||||
GROSS PROFIT | — | 44,084 | 966,930 | 39,123 | (575 | ) | 1,049,562 | ||||||||||||||||||
SELLING AND ADMINISTRATIVE EXPENSES | — | 88,286 | 147,620 | 17,180 | 1,382 | 254,468 | |||||||||||||||||||
AMORTIZATION OF INTANGIBLE ASSETS | — | 624 | 43,265 | 1,750 | — | 45,639 | |||||||||||||||||||
INCOME (LOSS) FROM OPERATIONS | — | (44,826 | ) | 776,045 | 20,193 | (1,957 | ) | 749,455 | |||||||||||||||||
INTEREST EXPENSE—Net | — | 267,385 | 2,028 | 1,272 | — | 270,685 | |||||||||||||||||||
REFINANCING COSTS | — | 30,281 | — | — | — | 30,281 | |||||||||||||||||||
EQUITY IN INCOME OF SUBSIDIARIES | (302,789 | ) | (505,199 | ) | — | — | 807,988 | — | |||||||||||||||||
INCOME BEFORE INCOME TAXES | 302,789 | 162,707 | 774,017 | 18,921 | (809,945 | ) | 448,489 | ||||||||||||||||||
INCOME TAX PROVISION (BENEFIT) | — | (140,082 | ) | 272,829 | 12,953 | — | 145,700 | ||||||||||||||||||
NET INCOME | $ | 302,789 | $ | 302,789 | $ | 501,188 | $ | 5,968 | $ | (809,945 | ) | $ | 302,789 | ||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 1,535 | (4,515 | ) | 950 | 5,100 | (1,535 | ) | 1,535 | |||||||||||||||||
TOTAL COMPREHENSIVE INCOME | $ | 304,324 | $ | 298,274 | $ | 502,138 | $ | 11,068 | $ | (811,480 | ) | $ | 304,324 | ||||||||||||
TRANSDIGM GROUP INCORPORATED | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME | |||||||||||||||||||||||||
FOR THE YEAR ENDED SEPTEMBER 30, 2012 | |||||||||||||||||||||||||
(Amounts in Thousands) | |||||||||||||||||||||||||
TransDigm | TransDigm | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Group | Inc. | Guarantors | Subsidiaries | Consolidated | |||||||||||||||||||||
NET SALES | $ | — | $ | 103,694 | $ | 1,508,067 | $ | 102,299 | $ | (13,852 | ) | $ | 1,700,208 | ||||||||||||
COST OF SALES | — | 64,394 | 622,056 | 81,390 | (13,349 | ) | 754,491 | ||||||||||||||||||
GROSS PROFIT | — | 39,300 | 886,011 | 20,909 | (503 | ) | 945,717 | ||||||||||||||||||
SELLING AND ADMINISTRATIVE EXPENSES | — | 61,214 | 125,261 | 15,234 | — | 201,709 | |||||||||||||||||||
AMORTIZATION OF INTANGIBLE ASSETS | — | 624 | 41,937 | 1,672 | — | 44,233 | |||||||||||||||||||
INCOME (LOSS) FROM OPERATIONS | — | (22,538 | ) | 718,813 | 4,003 | (503 | ) | 699,775 | |||||||||||||||||
INTEREST EXPENSE—Net | — | 208,384 | 2,268 | 1,254 | — | 211,906 | |||||||||||||||||||
EQUITY IN INCOME OF SUBSIDIARIES | (324,969 | ) | (465,683 | ) | — | — | 790,652 | — | |||||||||||||||||
INCOME BEFORE INCOME TAXES | 324,969 | 234,761 | 716,545 | 2,749 | (791,155 | ) | 487,869 | ||||||||||||||||||
INCOME TAX PROVISION (BENEFIT) | — | (90,208 | ) | 251,514 | 1,594 | — | 162,900 | ||||||||||||||||||
NET INCOME | $ | 324,969 | $ | 324,969 | $ | 465,031 | $ | 1,155 | $ | (791,155 | ) | $ | 324,969 | ||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (4,774 | ) | (3,067 | ) | 204 | (1,911 | ) | 4,774 | (4,774 | ) | |||||||||||||||
TOTAL COMPREHENSIVE INCOME (LOSS) | $ | 320,195 | $ | 321,902 | $ | 465,235 | $ | (756 | ) | $ | (786,381 | ) | $ | 320,195 | |||||||||||
TRANSDIGM GROUP INCORPORATED | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE YEAR ENDED SEPTEMBER 30, 2014 | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
TransDigm | TransDigm | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Group | Inc. | Guarantors | Subsidiaries | Consolidated | |||||||||||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | — | $ | (123,074 | ) | $ | 952,855 | $ | (303,763 | ) | $ | 15,204 | $ | 541,222 | |||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Capital expenditures | — | (2,666 | ) | (28,927 | ) | (2,553 | ) | — | (34,146 | ) | |||||||||||||||
Acquisition of business, net of cash acquired | (311,872 | ) | — | — | (311,872 | ) | |||||||||||||||||||
Cash proceeds from sale of real estate | — | — | 16,380 | — | — | 16,380 | |||||||||||||||||||
Net cash used in investing activities | — | (314,538 | ) | (12,547 | ) | (2,553 | ) | — | (329,638 | ) | |||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Intercompany activities | 1,533,571 | (694,208 | ) | (944,415 | ) | 120,256 | (15,204 | ) | — | ||||||||||||||||
Excess tax benefits related to share-based payment arrangements | 51,709 | — | — | — | — | 51,709 | |||||||||||||||||||
Proceeds from exercise of stock options | 26,738 | — | — | — | — | 26,738 | |||||||||||||||||||
Dividends paid | (1,451,391 | ) | — | — | — | — | (1,451,391 | ) | |||||||||||||||||
Treasury stock purchased | (159,852 | ) | — | — | — | — | (159,852 | ) | |||||||||||||||||
Proceeds from credit facility—net | — | 805,360 | — | — | — | 805,360 | |||||||||||||||||||
Repayment on credit facility | — | (33,107 | ) | — | — | — | (33,107 | ) | |||||||||||||||||
Proceeds from senior subordinated notes—net | — | 2,326,366 | — | — | — | 2,326,366 | |||||||||||||||||||
Repurchase of senior subordinated notes due 2018 | — | (1,721,014 | ) | — | — | — | (1,721,014 | ) | |||||||||||||||||
Proceeds from trade receivable securitization facility—net | — | — | — | 199,164 | — | 199,164 | |||||||||||||||||||
Net cash provided by (used in) financing activities | 775 | 683,397 | (944,415 | ) | 319,420 | (15,204 | ) | 43,973 | |||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | — | (749 | ) | — | (749 | ) | |||||||||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 775 | 245,785 | (4,107 | ) | 12,355 | — | 254,808 | ||||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 1,313 | 536,863 | 7,900 | 18,664 | — | 564,740 | |||||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 2,088 | $ | 782,648 | $ | 3,793 | $ | 31,019 | $ | — | $ | 819,548 | |||||||||||||
TRANSDIGM GROUP INCORPORATED | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE YEAR ENDED SEPTEMBER 30, 2013 | |||||||||||||||||||||||||
(Amounts in Thousands) | |||||||||||||||||||||||||
TransDigm | TransDigm | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Group | Inc. | Guarantors | Subsidiaries | Consolidated | |||||||||||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | — | $ | (95,862 | ) | $ | 565,957 | $ | 8,703 | $ | (8,593 | ) | $ | 470,205 | |||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Capital expenditures | — | (2,047 | ) | (29,727 | ) | (3,761 | ) | — | (35,535 | ) | |||||||||||||||
Acquisition of business, net of cash acquired | (483,257 | ) | — | — | — | (483,257 | ) | ||||||||||||||||||
Cash proceeds from sale of investment | — | 16,350 | — | — | — | 16,350 | |||||||||||||||||||
Net cash used in investing activities | — | (468,954 | ) | (29,727 | ) | (3,761 | ) | — | (502,442 | ) | |||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Intercompany activities | 1,884,828 | (1,365,022 | ) | (532,824 | ) | 4,425 | 8,593 | — | |||||||||||||||||
Excess tax benefits related to share-based payment arrangements | 66,201 | — | — | — | — | 66,201 | |||||||||||||||||||
Proceeds from exercise of stock options | 21,534 | — | — | — | — | 21,534 | |||||||||||||||||||
Dividends paid | (1,991,350 | ) | — | — | — | — | (1,991,350 | ) | |||||||||||||||||
Proceeds from credit facility—net | — | 3,211,374 | — | — | — | 3,211,374 | |||||||||||||||||||
Repayment on credit facility | — | (2,187,885 | ) | — | — | — | (2,187,885 | ) | |||||||||||||||||
Proceeds from senior subordinated notes—net | — | 1,036,321 | — | — | — | 1,036,321 | |||||||||||||||||||
Net cash provided by (used in) financing activities | (18,787 | ) | 694,788 | (532,824 | ) | 4,425 | 8,593 | 156,195 | |||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | — | 258 | — | 258 | |||||||||||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (18,787 | ) | 129,972 | 3,406 | 9,625 | — | 124,216 | ||||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 20,100 | 406,891 | 4,494 | 9,039 | — | 440,524 | |||||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 1,313 | $ | 536,863 | $ | 7,900 | $ | 18,664 | $ | — | $ | 564,740 | |||||||||||||
TRANSDIGM GROUP INCORPORATED | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE YEAR ENDED SEPTEMBER 30, 2012 | |||||||||||||||||||||||||
(Amounts in Thousands) | |||||||||||||||||||||||||
TransDigm | TransDigm | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Group | Inc. | Guarantors | Subsidiaries | Consolidated | |||||||||||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | — | $ | (119,491 | ) | $ | 523,759 | $ | 9,466 | $ | 151 | $ | 413,885 | ||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Capital expenditures | — | (1,865 | ) | (22,259 | ) | (1,122 | ) | — | (25,246 | ) | |||||||||||||||
Acquisition of businesses, net of cash acquired | — | (868,696 | ) | — | — | — | (868,696 | ) | |||||||||||||||||
Cash proceeds from sale of business | — | 17,650 | — | — | — | 17,650 | |||||||||||||||||||
Net cash used in investing activities | — | (852,911 | ) | (22,259 | ) | (1,122 | ) | — | (876,292 | ) | |||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Intercompany activities | (47,715 | ) | 554,153 | (499,121 | ) | (7,166 | ) | (151 | ) | — | |||||||||||||||
Excess tax benefits related to share-based payment arrangements | 50,555 | — | — | — | — | 50,555 | |||||||||||||||||||
Proceeds from exercise of stock options | 15,710 | — | — | — | — | 15,710 | |||||||||||||||||||
Dividends paid | (3,299 | ) | — | — | — | — | (3,299 | ) | |||||||||||||||||
Treasury stock purchased | (846 | ) | — | — | — | — | (846 | ) | |||||||||||||||||
Proceeds from credit facility—net | — | 484,316 | — | — | — | 484,316 | |||||||||||||||||||
Repayment on credit facility | — | (19,250 | ) | — | — | — | (19,250 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | 14,405 | 1,019,219 | (499,121 | ) | (7,166 | ) | (151 | ) | 527,186 | ||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | — | (438 | ) | — | (438 | ) | |||||||||||||||||
INCREASE IN CASH AND CASH EQUIVALENTS | 14,405 | 46,817 | 2,379 | 740 | — | 64,341 | |||||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 5,695 | 360,074 | 2,115 | 8,299 | — | 376,183 | |||||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 20,100 | $ | 406,891 | $ | 4,494 | $ | 9,039 | $ | — | $ | 440,524 | |||||||||||||
VALUATION_AND_QUALIFYING_ACCOU
VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ' | ||||||||||||||||||||
TRANSDIGM GROUP INCORPORATED | |||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
FOR THE YEARS ENDED SEPTEMBER 30, 2014, 2013, AND 2012 | |||||||||||||||||||||
(Amounts in Thousands) | |||||||||||||||||||||
Column A | Column B | Column C | Column D | Column E | |||||||||||||||||
Balance at | Additions | Deductions from | Balance at | ||||||||||||||||||
Beginning of | Reserve(1) | End of | |||||||||||||||||||
Description | Period | Charged to Costs | Acquisitions | Period | |||||||||||||||||
and Expenses | |||||||||||||||||||||
Year Ended September 30, 2014 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 5,485 | $ | 682 | $ | 81 | $ | (2,157 | ) | $ | 4,091 | ||||||||||
Reserve for excess and obsolete inventory | 45,369 | 16,027 | — | (5,810 | ) | 55,586 | |||||||||||||||
Valuation allowance for deferred tax assets | 26,125 | (4,494 | ) | 2,636 | — | 24,267 | |||||||||||||||
Year Ended September 30, 2013 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 4,960 | $ | 1,566 | $ | 1,137 | $ | (2,178 | ) | $ | 5,485 | ||||||||||
Reserve for excess and obsolete inventory | 36,081 | 14,159 | 148 | (5,019 | ) | 45,369 | |||||||||||||||
Valuation allowance for deferred tax assets | 16,150 | 10,217 | (242 | ) | — | 26,125 | |||||||||||||||
Year Ended September 30, 2012 | |||||||||||||||||||||
Allowance for doubtful accounts | 2,873 | 1,555 | 1,066 | (534 | ) | 4,960 | |||||||||||||||
Reserve for excess and obsolete inventory | 25,623 | 11,839 | 4,933 | (6,314 | ) | 36,081 | |||||||||||||||
Valuation allowance for deferred tax assets | 15,874 | 453 | 7,050 | (7,227 | ) | 16,150 | |||||||||||||||
-1 | The amounts in this column represent charge-offs net of recoveries and the impact of foreign currency translation adjustments. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Sep. 30, 2014 | |
Basis of Presentation and Consolidation | ' |
Basis of Presentation and Consolidation—The accompanying consolidated financial statements were prepared in conformity with generally accepted accounting principles in the United States (“GAAP”) and include the accounts of TD Group and subsidiaries. All significant intercompany balances and transactions have been eliminated. | |
Revenue Recognition and Related Allowances | ' |
Revenue Recognition and Related Allowances—Revenue is recognized from the sale of products when title and risk of loss passes to the customer, which is generally at the time of shipment. Substantially all product sales are made pursuant to firm, fixed-price purchase orders received from customers. Provisions for estimated returns, uncollectible accounts and the cost of repairs under contract warranty provisions are provided for in the same period as the related revenues are recorded and are principally based on historical results modified, as appropriate, by the most current information available. Due to uncertainties in the estimation process, it is possible that actual results may vary from the estimates. | |
Shipping and Handling Costs | ' |
Shipping and Handling Costs—Shipping and handling costs are included in cost of sales in the Consolidated Statements of Income. | |
Research and Development Costs | ' |
Research and Development Costs—The Company expenses research and development costs as incurred and classifies such amounts in selling and administrative expenses. The expense recognized for research and development costs for the years ended September 30, 2014, 2013 and 2012 was approximately $42.3 million, $32.1 million, and $27.9 million, respectively. | |
Cash Equivalents | ' |
Cash Equivalents—The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. | |
Allowance for Uncollectible Accounts | ' |
Allowance for Uncollectible Accounts—The Company reserves for amounts determined to be uncollectible based on specific identification of losses and estimated losses based on historical experience. The allowance also incorporates a provision for the estimated impact of disputes with customers. The determination of the amount of the allowance for doubtful accounts is subject to significant levels of judgment and estimation by management. If circumstances change or economic conditions deteriorate or improve, the allowance for doubtful accounts could increase or decrease. | |
Inventories | ' |
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 4% of the inventory was valued under the LIFO method at September 30, 2014. Provision for potentially obsolete or slow-moving inventory is made based on management’s analysis of inventory levels and future sales forecasts. In accordance with industry practice, all inventories are classified as current assets even though a portion of the inventories may not be sold within one year. | |
Property, Plant and Equipment | ' |
Property, Plant and Equipment—Property, plant and equipment are stated at cost. Depreciation is computed using the straight-line method over the following estimated useful lives: land improvements from 10 to 20 years, buildings and improvements from 5 to 30 years, machinery and equipment from 2 to 10 years and furniture and fixtures from 3 to 10 years. | |
Property, plant and equipment is assessed for potential impairment whenever indicators of impairment are present by determining whether the carrying value of the property can be recovered through projected, undiscounted cash flows from future operations over the property’s remaining estimated useful life. Any impairment recognized is the amount by which the carrying amount exceeds the fair value of the asset. | |
Debt Issue Costs, Premiums and Discounts | ' |
Debt Issue Costs, Premiums and Discounts—The cost of obtaining financing as well as premiums and discounts are amortized using the effective interest method over the terms of the respective obligations/securities. | |
Intangible Assets | ' |
Intangible Assets—Intangible assets consist of identifiable intangibles acquired or recognized in accounting for the acquisitions (trademarks, trade names, technology, order backlog and other intangible assets) and goodwill. Goodwill and intangible assets that have indefinite useful lives (trademarks and trade names) are subject to annual impairment testing. Management determines fair value using a discounted future cash flow analysis or other accepted valuation techniques. The Company performs an annual impairment test for goodwill and other intangible assets as of the first day of the fourth fiscal quarter of each year, or more frequently, if an event occurs or circumstances change that would more likely than not reduce fair value below current value. | |
A two-step impairment test is used to identify potential goodwill impairment. The first step of the goodwill impairment test, used to identify potential impairment, compares the fair value of a reporting unit (as defined) with its carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill is not considered impaired, and the second step of the goodwill impairment test is unnecessary. The second step measures the amount of impairment, if any, by comparing the carrying value of the goodwill associated with a reporting unit to the implied fair value of the goodwill derived from the estimated overall fair value of the reporting unit and the individual fair values of the other assets and liabilities of the reporting unit. | |
GAAP requires that the annual, and any interim, impairment assessment be performed at the reporting unit level. The reporting unit level is one level below an operating segment. Substantially all goodwill was determined and recognized for each reporting unit pursuant to the accounting for the merger or acquisition as of the date of each transaction. With respect to acquisitions integrated into an existing reporting unit, any acquired goodwill is combined with the goodwill of the reporting unit. | |
The impairment test for indefinite lived intangible assets consists of a comparison between their fair values and carrying values. If the carrying amounts of intangible assets that have indefinite useful lives exceed their fair values, an impairment loss will be recognized in an amount equal to the sum of any such excesses. | |
The Company assesses the recoverability of its amortizable intangible assets only when indicators of impairment are present by determining whether the amortization over their remaining lives can be recovered through projected, undiscounted cash flows from future operations. Amortization of amortizable intangible assets is computed using the straight-line method over the following estimated useful lives: technology from 20 to 22 years, order backlog over one year, and other intangible assets over 20 years. | |
Stock Option Plans | ' |
Stock Option Plans—The Company records stock-based compensation measured using the fair value method of accounting. Compensation expense is recorded over the vesting periods of the options. For options subject to accelerated vesting under the “market sweep” provision, additional stock compensation expense is recorded representing costs that would have been recognized over the remaining requisite service period of the award when the market condition is met. | |
Income Taxes | ' |
Income Taxes—The Company accounts for income taxes using an asset and liability approach. Deferred taxes are recorded for the difference between the book and tax basis of various assets and liabilities. A valuation allowance is provided when it is more likely than not that some or all of a deferred tax asset will not be realized. | |
Contingencies | ' |
Contingencies—During the ordinary course of business, the Company is from time to time threatened with, or may become a party to, legal actions and other proceedings. While the Company is currently involved in certain legal proceedings, it believes the results of these proceedings will not have a material adverse effect on its financial condition, results of operations, or cash flows. | |
Estimates | ' |
Estimates—The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Comprehensive Income (Loss) | ' |
Comprehensive Income (Loss)—The term “comprehensive income (loss)” represents the change in stockholders’ equity from transactions and other events and circumstances resulting from non-stockholder sources. The Company’s accumulated other comprehensive income or loss, consisting principally of fair value adjustments to its interest rate swap agreements (net of tax), cumulative foreign currency translation adjustments and pension liability adjustments (net of tax), is reported separately in the accompanying consolidated statements of comprehensive income. | |
Foreign Currency Translation and Transactions | ' |
Foreign Currency Translation and Transactions—The assets and liabilities of subsidiaries located outside the United States are translated into U.S. dollars at the rates of exchange in effect at the balance sheet dates. Revenue and expense items are translated at the average exchange rates prevailing during the period. Gains and losses resulting from foreign currency transactions are recognized currently in income, and those resulting from translation of financial statements are accumulated as a separate component of other comprehensive income (loss) for the period. Foreign currency gains or losses recognized currently in income from changes in exchange rates were not material to our results of operations. | |
Earnings per Share | ' |
Earnings per Share—Earnings per share information is determined using the two-class method, which includes the weighted-average number of common shares outstanding during the period and other securities that participate in dividends (“participating securities”). Our vested stock options are considered “participating securities” because they include non-forfeitable rights to dividends. In applying the two-class method, earnings are allocated to both common stock shares and participating securities based on their respective weighted-average shares outstanding for the period. Diluted earnings per share information may include the additional effect of other securities, if dilutive, in which case the dilutive effect of such securities is calculated using the treasury stock method. |
EARNINGS_PER_SHARE_TWOCLASS_ME1
EARNINGS PER SHARE (TWO-CLASS METHOD) (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
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): | |||||||||||||
Fiscal Years Ended September 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator for earnings per share: | ` | ||||||||||||
Net income | $ | 306,910 | $ | 302,789 | $ | 324,969 | |||||||
Less dividends paid on participating securities | (126,626 | ) | (171,243 | ) | (3,299 | ) | |||||||
Net income applicable to common stock—basic and diluted | $ | 180,284 | $ | 131,546 | $ | 321,670 | |||||||
Denominator for basic and diluted earnings per share under the two-class method: | |||||||||||||
Weighted average common shares outstanding | 52,748 | 52,258 | 50,996 | ||||||||||
Vested options deemed participating securities | 4,245 | 2,822 | 2,886 | ||||||||||
Total shares for basic and diluted earnings per share | 56,993 | 55,080 | 53,882 | ||||||||||
Net earnings per share—basic and diluted | $ | 3.16 | $ | 2.39 | $ | 5.97 | |||||||
SALES_AND_TRADE_ACCOUNTS_RECEI1
SALES AND TRADE ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Content Trade Accounts Receivable | ' | ||||||||
Trade Accounts Receivable—Trade accounts receivable consist of the following at September 30 (in thousands): | |||||||||
2014 | 2013 | ||||||||
Trade accounts receivable—gross | $ | 355,398 | $ | 295,934 | |||||
Allowance for uncollectible accounts | (4,091 | ) | (5,485 | ) | |||||
Trade accounts receivable—net | $ | 351,307 | $ | 290,449 | |||||
INVENTORIES_Tables
INVENTORIES (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventories | ' | ||||||||
Inventories consist of the following at September 30 (in thousands): | |||||||||
2014 | 2013 | ||||||||
Raw materials and purchased component parts | $ | 298,318 | $ | 274,510 | |||||
Work-in-progress | 146,980 | 124,765 | |||||||
Finished Goods | 69,658 | 58,052 | |||||||
Total | 514,956 | 457,327 | |||||||
Reserves for excess and obsolete inventory and LIFO | (55,882 | ) | (43,746 | ) | |||||
Inventories—net | $ | 459,074 | $ | 413,581 | |||||
PROPERTY_PLANT_AND_EQUIPMENT_T
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property, Plant and Equipment | ' | ||||||||
Property, plant and equipment consist of the following at September 30 (in thousands): | |||||||||
2014 | 2013 | ||||||||
Land and improvements | $ | 33,722 | $ | 44,103 | |||||
Buildings and improvements | 114,030 | 99,115 | |||||||
Machinery, equipment and other | 235,642 | 208,037 | |||||||
Construction in progress | 12,174 | 10,895 | |||||||
Total | 395,568 | 362,150 | |||||||
Accumulated depreciation | (183,460 | ) | (153,186 | ) | |||||
Property, plant and equipment—net | $ | 212,108 | $ | 208,964 | |||||
INTANGIBLE_ASSETS_Tables
INTANGIBLE ASSETS (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Intangible Assets Subject to Amortization | ' | ||||||||||||||||||||||||
Intangible assets subject to amortization consist of the following at September 30 (in thousands): | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Gross Carrying | Accumulated | Net | Gross Carrying | Accumulated | Net | ||||||||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||||||||||
Technology | $ | 854,918 | $ | 186,278 | $ | 668,640 | $ | 801,010 | $ | 143,196 | $ | 657,814 | |||||||||||||
Order backlog | 8,006 | 6,006 | 2,000 | 19,255 | 7,936 | 11,319 | |||||||||||||||||||
Other | 43,252 | 11,259 | 31,993 | 43,427 | 8,760 | 34,667 | |||||||||||||||||||
Total | $ | 906,176 | $ | 203,543 | $ | 702,633 | $ | 863,692 | $ | 159,892 | $ | 703,800 | |||||||||||||
Information Regarding Amortization Expense of Amortizable Intangible Assets | ' | ||||||||||||||||||||||||
Information regarding the amortization expense of amortizable intangible assets is detailed below (in thousands): | |||||||||||||||||||||||||
Aggregate Amortization Expense: | |||||||||||||||||||||||||
Years ended September 30, | |||||||||||||||||||||||||
2014 | $ | 63,842 | |||||||||||||||||||||||
2013 | 46,208 | ||||||||||||||||||||||||
2012 | 44,535 | ||||||||||||||||||||||||
Information Regarding Amortization Expense of Amortizable Intangible Assets | ' | ||||||||||||||||||||||||
Estimated Amortization Expense: | |||||||||||||||||||||||||
Years ending September 30, | |||||||||||||||||||||||||
2015 | $ | 46,615 | |||||||||||||||||||||||
2016 | 44,610 | ||||||||||||||||||||||||
2017 | 44,610 | ||||||||||||||||||||||||
2018 | 44,610 | ||||||||||||||||||||||||
2019 | 44,610 | ||||||||||||||||||||||||
Intangible Assets Acquired | ' | ||||||||||||||||||||||||
Intangible assets acquired during the year ended September 30, 2014 were as follows (in thousands): | |||||||||||||||||||||||||
Cost | Amortization | ||||||||||||||||||||||||
Period | |||||||||||||||||||||||||
Intangible assets not subject to amortization: | |||||||||||||||||||||||||
Goodwill | $ | 178,514 | |||||||||||||||||||||||
Trademarks and trade names | 31,278 | ||||||||||||||||||||||||
209,792 | |||||||||||||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||||||||||
Technology | 53,380 | 20 years | |||||||||||||||||||||||
Order backlog | 8,020 | 1 year | |||||||||||||||||||||||
61,400 | 17.5 years | ||||||||||||||||||||||||
Total | $ | 271,192 | |||||||||||||||||||||||
Summary of Changes in Carrying Value of Goodwill | ' | ||||||||||||||||||||||||
The changes in the carrying amount of goodwill by segment for the fiscal years ended September 30, 2013 and 2014 were as follows (in thousands): | |||||||||||||||||||||||||
Power & | Airframe | Non- | Total | ||||||||||||||||||||||
Control | aviation | ||||||||||||||||||||||||
Balance at September 30, 2012 | $ | 1,274,703 | $ | 1,711,214 | $ | 49,585 | $ | 3,035,502 | |||||||||||||||||
Goodwill acquired during the year (Note 2) | 284,889 | 13,969 | 5,485 | 304,343 | |||||||||||||||||||||
Purchase price allocation adjustments | 7,333 | (6,457 | ) | — | 876 | ||||||||||||||||||||
Other | 1 | 3,175 | 10 | 3,186 | |||||||||||||||||||||
Balance at September 30, 2013 | 1,566,926 | 1,721,901 | 55,080 | 3,343,907 | |||||||||||||||||||||
Goodwill acquired during the year (Note 2) | 20,323 | 158,191 | — | 178,514 | |||||||||||||||||||||
Purchase price allocation adjustments | 5,138 | 861 | 289 | 6,288 | |||||||||||||||||||||
Other | (4,707 | ) | 1,075 | — | (3,632 | ) | |||||||||||||||||||
Balance at September 30, 2014 | $ | 1,587,680 | $ | 1,882,028 | $ | 55,369 | $ | 3,525,077 | |||||||||||||||||
ACCRUED_LIABILITIES_Tables
ACCRUED LIABILITIES (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Accrued Liabilities | ' | ||||||||
Accrued liabilities consist of the following at September 30 (in thousands): | |||||||||
2014 | 2013 | ||||||||
Interest | $ | 69,523 | $ | 59,869 | |||||
Compensation and related benefits | 63,057 | 55,230 | |||||||
Interest rate swap agreements | 20,070 | 6,950 | |||||||
Product warranties | 14,243 | 14,999 | |||||||
Other | 63,978 | 47,639 | |||||||
Total | $ | 230,871 | $ | 184,687 | |||||
DEBT_Tables
DEBT (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Debt | ' | ||||||||
The Company’s debt consists of the following at September 30 (in thousands): | |||||||||
2014 | 2013 | ||||||||
Short-term borrowings—trade receivable securitization facility | $ | 200,000 | $ | — | |||||
Term loans | $ | 3,873,131 | $ | 3,081,238 | |||||
Senior Subordinated Notes due 2024 | 1,200,000 | — | |||||||
Senior Subordinated Notes due 2022 | 1,150,000 | — | |||||||
Senior Subordinated Notes due 2021 | 500,000 | 500,000 | |||||||
Senior Subordinated Notes due 2020 | 550,000 | 550,000 | |||||||
Senior Subordinated Notes due 2018 | — | 1,600,000 | |||||||
7,273,131 | 5,731,238 | ||||||||
Less current portion | 39,295 | 31,045 | |||||||
Long-term debt | $ | 7,233,836 | $ | 5,700,193 | |||||
Future Maturities of Long-Term Debt | ' | ||||||||
At September 30, 2014, future maturities of long-term debt are as follows (in thousands): | |||||||||
Years ended September 30, | |||||||||
2015 | $ | 39,295 | |||||||
2016 | 39,295 | ||||||||
2017 | 515,545 | ||||||||
2018 | 34,295 | ||||||||
2019 | 34,295 | ||||||||
Thereafter | 6,610,406 | ||||||||
$ | 7,273,131 | ||||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Income Tax Provision on Income Before Income Taxes | ' | ||||||||||||
The Company’s income tax provision on income before income taxes consists of the following for the periods shown below (in thousands): | |||||||||||||
Fiscal Years Ended September 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current | |||||||||||||
Federal | $ | 138,596 | $ | 133,438 | $ | 122,884 | |||||||
State | 7,807 | 8,933 | 12,855 | ||||||||||
Foreign | 4,613 | 5,943 | 2,361 | ||||||||||
151,016 | 148,314 | 138,100 | |||||||||||
Deferred | (9,416 | ) | (2,614 | ) | 24,800 | ||||||||
$ | 141,600 | $ | 145,700 | $ | 162,900 | ||||||||
Differences between Income Tax Provision on Income Before Income Taxes at Federal Statutory Income Tax Rate and Tax Provision shown in Accompanying Consolidated Statements of Income | ' | ||||||||||||
The differences between the income tax provision on income before income taxes at the federal statutory income tax rate and the tax provision shown in the accompanying consolidated statements of income for the periods shown below are as follows (in thousands): | |||||||||||||
Fiscal Years Ended September 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Tax at statutory rate of 35% | $ | 156,979 | $ | 156,970 | $ | 170,754 | |||||||
State and local income taxes, net of federal benefit | 5,658 | 4,858 | 5,221 | ||||||||||
Domestic manufacturing deduction | (13,980 | ) | (14,388 | ) | (9,126 | ) | |||||||
Other—net | (7,057 | ) | (1,740 | ) | (3,949 | ) | |||||||
Income tax provision | $ | 141,600 | $ | 145,700 | $ | 162,900 | |||||||
Components of Deferred Taxes | ' | ||||||||||||
The components of the deferred taxes consist of the following at September 30 (in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Employee benefits, compensation and other accrued obligations | $ | 60,457 | $ | 48,932 | |||||||||
Inventory | 19,610 | 18,912 | |||||||||||
Net operating losses | 16,345 | 14,916 | |||||||||||
Tax credits | 11,343 | 13,687 | |||||||||||
Interest rate swaps | 9,258 | 5,384 | |||||||||||
Environmental | 8,380 | 9,582 | |||||||||||
Product warranties | 5,046 | 3,826 | |||||||||||
Other | 2,364 | — | |||||||||||
Total | 132,803 | 115,239 | |||||||||||
Less: Valuation allowance | (24,267 | ) | (26,125 | ) | |||||||||
Total deferred tax assets | 108,536 | 89,114 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Intangible assets | 444,059 | 408,755 | |||||||||||
Property, plant and equipment | 19,348 | 23,373 | |||||||||||
Unremitted foreign earnings | 4,918 | 5,069 | |||||||||||
Other | 4,789 | 6,036 | |||||||||||
Total deferred tax liabilities | 473,114 | 443,233 | |||||||||||
Total net deferred tax liabilities | $ | 364,578 | $ | 354,119 | |||||||||
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | ' | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Balance at beginning of period | $ | 6,129 | $ | 6,932 | |||||||||
Additions based on tax positions related to the prior year | 990 | 151 | |||||||||||
Additions based on tax positions related to the current year | 886 | — | |||||||||||
Lapse in statute of limitations | (1,139 | ) | (1,171 | ) | |||||||||
Acquisitions | 7,085 | 217 | |||||||||||
Balance at end of period | $ | 13,951 | $ | 6,129 | |||||||||
SEGMENTS_Tables
SEGMENTS (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Net Sales by Reportable Segment | ' | ||||||||||||
The following table presents net sales by reportable segment (in thousands): | |||||||||||||
Fiscal Years Ended September 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales to external customers | |||||||||||||
Power & Control | $ | 1,077,214 | $ | 872,325 | $ | 776,342 | |||||||
Airframe | 1,200,188 | 951,436 | 843,643 | ||||||||||
Non-aviation | 95,504 | 100,639 | 80,223 | ||||||||||
$ | 2,372,906 | $ | 1,924,400 | $ | 1,700,208 | ||||||||
EBITDA Defined by Segment to Consolidated Income Before Taxes Operations | ' | ||||||||||||
The following table reconciles EBITDA As Defined by segment to consolidated income before taxes operations before income taxes (in thousands): | |||||||||||||
Fiscal Years Ended September 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
EBITDA As Defined | |||||||||||||
Power & Control | $ | 550,735 | $ | 455,950 | $ | 410,259 | |||||||
Airframe | 529,012 | 444,066 | 402,048 | ||||||||||
Non-aviation | 18,479 | 23,647 | 24,133 | ||||||||||
Total segment EBITDA As Defined | 1,098,226 | 923,663 | 836,440 | ||||||||||
Unallocated corporate expenses | 25,019 | 23,385 | 27,421 | ||||||||||
Total Company EBITDA As Defined | 1,073,207 | 900,278 | 809,019 | ||||||||||
Depreciation and amortization | 96,385 | 73,515 | 68,227 | ||||||||||
Interest expense—net | 347,688 | 270,685 | 211,906 | ||||||||||
Acquisition-related costs | 20,541 | 26,433 | 18,866 | ||||||||||
Stock compensation expense | 26,332 | 48,884 | 22,151 | ||||||||||
Other nonrecurring charges | 2,129 | 1,991 | — | ||||||||||
Refinancing costs | 131,622 | 30,281 | — | ||||||||||
Income before income taxes | $ | 448,510 | $ | 448,489 | $ | 487,869 | |||||||
Capital Expenditures and Depreciation and Amortization by Segment | ' | ||||||||||||
The following table presents capital expenditures and depreciation and amortization by segment (in thousands): | |||||||||||||
Fiscal Years Ended September 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Capital expenditures | |||||||||||||
Power & Control | $ | 11,645 | $ | 13,149 | $ | 9,436 | |||||||
Airframe | 19,333 | 19,121 | 13,730 | ||||||||||
Non-aviation | 3,097 | 2,773 | 1,920 | ||||||||||
Corporate | 71 | 492 | 160 | ||||||||||
$ | 34,146 | $ | 35,535 | $ | 25,246 | ||||||||
Depreciation and amortization | |||||||||||||
Power & Control | $ | 38,251 | $ | 27,586 | $ | 21,565 | |||||||
Airframe | 52,461 | 42,960 | 44,128 | ||||||||||
Non-aviation | 4,579 | 2,614 | 2,393 | ||||||||||
Corporate | 1,094 | 355 | 141 | ||||||||||
$ | 96,385 | $ | 73,515 | $ | 68,227 | ||||||||
Total Assets by Segment | ' | ||||||||||||
The following table presents total assets by segment (in thousands): | |||||||||||||
September 30, 2014 | September 30, 2013 | ||||||||||||
Total assets | |||||||||||||
Power & Control | $ | 2,432,898 | $ | 2,398,469 | |||||||||
Airframe | 3,263,926 | 2,958,974 | |||||||||||
Non-aviation | 132,988 | 132,672 | |||||||||||
Corporate | 927,036 | 658,764 | |||||||||||
$ | 6,756,848 | $ | 6,148,879 | ||||||||||
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Weighted Average Assumptions for all Options Granted Estimated at Grant Date Using Black-Scholes-Merton Option-Pricing Model | ' | ||||||||||||||||
The fair value of the Company’s employee stock options was estimated at the date of grant using a Black-Scholes-Merton option-pricing model with the following weighted average assumptions for all options granted during the fiscal years ended: | |||||||||||||||||
Fiscal Years Ended September 30, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Risk-free interest rate | 1.71% to 2.03% | 0.84% to 1.00% | 1.10% to 1.50% | ||||||||||||||
Expected life of options | 6 years | 6 years | 6 years | ||||||||||||||
Expected dividend yield of stock | — | — | — | ||||||||||||||
Expected volatility of stock | 35% | 35% | 40% | ||||||||||||||
Time Vested Stock Options | ' | ||||||||||||||||
Summary of Activity, Pricing and Other Information for Performance Vested Stock-Based Award Activity | ' | ||||||||||||||||
The following table summarizes activity, pricing and other information for the Company’s time vested stock-based award activity during the fiscal year ended September 30, 2014: | |||||||||||||||||
Number of | Weighted-Average | Weighted-Average | Aggregate | ||||||||||||||
Options | Exercise Price Per | Remaining | Intrinsic Value | ||||||||||||||
Option | Contractual Term | ||||||||||||||||
Outstanding at September 30, 2013 | 113,467 | $ | 20.62 | ||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (73,224 | ) | 16.44 | ||||||||||||||
Forfeited | — | — | |||||||||||||||
Outstanding at September 30, 2014 | 40,243 | $ | 28.24 | 2.1 years | $ | 6,281,530 | |||||||||||
Exercisable at September 30, 2014 | 40,243 | $ | 28.24 | 2.1 years | $ | 6,281,530 | |||||||||||
Performance Vested Stock Options | 2006 Stock Incentive Plan | ' | ||||||||||||||||
Summary of Activity, Pricing and Other Information for Performance Vested Stock-Based Award Activity | ' | ||||||||||||||||
The following table summarizes the activity, pricing and other information for the Company’s performance vested stock-based award activity during the fiscal year ended September 30, 2014: | |||||||||||||||||
Number of | Weighted-Average | Weighted-Average | Aggregate | ||||||||||||||
Options | Exercise Price Per | Remaining | Intrinsic Value | ||||||||||||||
Option | Contractual Term | ||||||||||||||||
Outstanding at September 30, 2013 | 5,147,806 | $ | 70.66 | ||||||||||||||
Granted | 702,171 | 156.22 | |||||||||||||||
Exercised | (433,398 | ) | 52.71 | ||||||||||||||
Forfeited | (88,475 | ) | 144.12 | ||||||||||||||
Expired | — | — | |||||||||||||||
Outstanding at September 30, 2014 | 5,328,104 | $ | 82.18 | 6.3 years | $ | 544,265,824 | |||||||||||
Expected to vest | 862,591 | $ | 119.4 | 8.5 years | $ | 56,003,788 | |||||||||||
Exercisable at September 30, 2014 | 3,929,084 | $ | 61.38 | 5.4 years | $ | 483,080,878 | |||||||||||
Performance Vested Stock Options | 2003 Stock Option Plan | ' | ||||||||||||||||
Summary of Activity, Pricing and Other Information for Performance Vested Stock-Based Award Activity | ' | ||||||||||||||||
The following table summarizes the activity, pricing and other information for the Company’s performance vested stock-based award activity during the fiscal year ended September 30, 2014: | |||||||||||||||||
Number of | Weighted-Average | Weighted-Average | Aggregate | ||||||||||||||
Options | Exercise Price Per | Remaining | Intrinsic Value | ||||||||||||||
Option | Contractual Term | ||||||||||||||||
Outstanding at September 30, 2013 | 437,009 | $ | 37.69 | ||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (152,741 | ) | 17.6 | ||||||||||||||
Outstanding at September 30, 2014 | 284,268 | $ | 48.48 | 3.2 years | $ | 38,617,808 | |||||||||||
Exercisable at September 30, 2014 | 206,439 | $ | 17.71 | 1.3 years | $ | 34,396,866 | |||||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Carrying Amounts and Fair Values of Financial Instruments | ' | ||||||||||||||||||||
The following summarizes the carrying amounts and fair values of financial instruments as of September 30 (in thousands): | |||||||||||||||||||||
September 30, 2014 | September 30, 2013 | ||||||||||||||||||||
Level | Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||
Amount | Amount | ||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | 1 | $ | 819,548 | $ | 819,548 | $ | 564,740 | $ | 564,740 | ||||||||||||
Liabilities: | |||||||||||||||||||||
Interest rate swap agreements(1) | 2 | 20,070 | 20,070 | 6,950 | 6,950 | ||||||||||||||||
Interest rate swap agreements(2) | 2 | 4,650 | 4,650 | 7,550 | 7,550 | ||||||||||||||||
Short-term borrowings—trade receivable securitization facility | 1 | 200,000 | 200,000 | — | — | ||||||||||||||||
Long-term debt: | |||||||||||||||||||||
Term loans | 2 | 3,873,131 | 3,821,000 | 3,081,238 | 3,065,000 | ||||||||||||||||
7 3/4% Senior Subordinated Notes due 2018 | 1 | — | — | 1,600,000 | 1,708,000 | ||||||||||||||||
5 1/2% Senior Subordinated Notes due 2020 | 1 | 550,000 | 529,000 | 550,000 | 540,000 | ||||||||||||||||
7 1/2% Senior Subordinated Notes due 2021 | 1 | 500,000 | 531,000 | 500,000 | 536,000 | ||||||||||||||||
6% Senior Subordinated Notes due 2022 | 1 | 1,150,000 | 1,121,000 | — | — | ||||||||||||||||
6 1/2% Senior Subordinated Notes due 2024 | 1 | 1,200,000 | 1,182,000 | — | — | ||||||||||||||||
-1 | Included in Accrued liabilities on the Condensed Consolidated Balance Sheet. | ||||||||||||||||||||
-2 | Included in Other non-current liabilities on the Condensed Consolidated Balance Sheet. |
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||
Accumulated other comprehensive income (loss) consists of the following at September 30 (in thousands): | |||||||||
2014 | 2013 | ||||||||
Interest rate swap agreements, | $ | (15,888 | ) | $ | (9,722 | ) | |||
net of taxes of $8.9 million for 2014 and $5.2 million for 2013 | |||||||||
Cumulative foreign currency translation adjustments | (3,056 | ) | 4,597 | ||||||
Pension liability adjustments, | (6,227 | ) | (1,391 | ) | |||||
net of taxes of $3.7 million for 2014 and $0.9 million for 2013 | |||||||||
Total | $ | (25,171 | ) | $ | (6,516 | ) | |||
QUARTERLY_FINANCIAL_DATA_UNAUD1
QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Quarterly Financial Data (Unaudited) | ' | ||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
December 28, 2013 | March 29, 2014 | June 28, 2014 | September 30, 2014 | ||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
Year Ended September 30, 2014 | |||||||||||||||||
Net sales | $ | 529,322 | $ | 590,761 | $ | 610,582 | $ | 642,241 | |||||||||
Gross profit | 284,136 | 307,582 | 327,528 | 348,628 | |||||||||||||
Net income | 86,123 | 90,355 | 16,177 | 114,255 | |||||||||||||
Net earnings (loss) per share—basic and diluted(1) | $ | 1.44 | $ | 1.49 | $ | (1.66 | ) | $ | 1.91 | ||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
December 29, 2012 | March 30, 2013 | June 29, 2013 | September 30, 2013 | ||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
Year Ended September 30, 2013 | |||||||||||||||||
Net sales | $ | 430,418 | $ | 465,609 | $ | 488,636 | $ | 539,737 | |||||||||
Gross profit | 238,547 | 259,310 | 268,986 | 282,719 | |||||||||||||
Net income | 74,170 | 67,937 | 76,655 | 84,027 | |||||||||||||
Net earnings (loss) per share—basic and diluted(1) | $ | 0.66 | $ | 1.25 | $ | 0.71 | $ | (0.20 | ) | ||||||||
-1 | The sum of the earnings per share for the four quarters in a year does not necessarily equal the total year earnings per share. | ||||||||||||||||
-2 | The Company’s operating results include the results of operations of acquisitions from the effective date of each acquisition. See Note 2 to the Consolidated Financial Statements. |
SUPPLEMENTAL_GUARANTOR_INFORMA1
SUPPLEMENTAL GUARANTOR INFORMATION (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Supplemental Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||||||
TRANSDIGM GROUP INCORPORATED | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||
AS OF SEPTEMBER 30, 2014 | |||||||||||||||||||||||||
(Amounts in Thousands) | |||||||||||||||||||||||||
TransDigm | TransDigm | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Group | Inc. | Guarantors | Subsidiaries | Consolidated | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 2,088 | $ | 782,648 | $ | 3,793 | $ | 31,019 | $ | — | $ | 819,548 | |||||||||||||
Trade accounts receivable—Net | — | (305 | ) | 1,711 | 351,881 | (1,980 | ) | 351,307 | |||||||||||||||||
Inventories—Net | — | 32,287 | 382,016 | 45,471 | (700 | ) | 459,074 | ||||||||||||||||||
Deferred income taxes | — | 37,669 | — | — | — | 37,669 | |||||||||||||||||||
Prepaid expenses and other | — | 2,040 | 14,789 | 5,149 | — | 21,978 | |||||||||||||||||||
Total current assets | 2,088 | 854,339 | 402,309 | 433,520 | (2,680 | ) | 1,689,576 | ||||||||||||||||||
INVESTMENT IN SUBSIDIARIES AND INTERCOMPANY BALANCES | (1,558,187 | ) | 5,327,465 | 3,758,085 | (59,788 | ) | (7,467,575 | ) | — | ||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT—Net | — | 15,884 | 167,257 | 28,967 | — | 212,108 | |||||||||||||||||||
GOODWILL | — | 64,461 | 3,289,295 | 171,321 | — | 3,525,077 | |||||||||||||||||||
TRADEMARKS AND TRADE NAMES | — | 19,377 | 449,706 | 45,437 | — | 514,520 | |||||||||||||||||||
OTHER INTANGIBLE ASSETS—Net | — | 20,689 | 642,305 | 41,099 | (1,460 | ) | 702,633 | ||||||||||||||||||
DEBT ISSUE COSTS—Net | — | 92,155 | — | 238 | — | 92,393 | |||||||||||||||||||
OTHER | — | 7,845 | 11,754 | 942 | — | 20,541 | |||||||||||||||||||
TOTAL ASSETS | $ | (1,556,099 | ) | $ | 6,402,215 | $ | 8,720,711 | $ | 661,736 | $ | (7,471,715 | ) | $ | 6,756,848 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | |||||||||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 39,295 | $ | — | $ | — | $ | — | $ | 39,295 | |||||||||||||
Short-term borrowings—trade receivable securitization facility | — | — | — | 200,000 | — | 200,000 | |||||||||||||||||||
Accounts payable | — | 17,629 | 85,328 | 14,768 | (1,984 | ) | 115,741 | ||||||||||||||||||
Accrued liabilities | — | 106,631 | 98,308 | 25,932 | — | 230,871 | |||||||||||||||||||
Total current liabilities | — | 163,555 | 183,636 | 240,700 | (1,984 | ) | 585,907 | ||||||||||||||||||
LONG-TERM DEBT | — | 7,233,836 | — | — | — | 7,233,836 | |||||||||||||||||||
DEFERRED INCOME TAXES | — | 402,538 | — | (291 | ) | — | 402,247 | ||||||||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 42,470 | 42,445 | 6,042 | — | 90,957 | |||||||||||||||||||
Total liabilities | — | 7,842,399 | 226,081 | 246,451 | (1,984 | ) | 8,312,947 | ||||||||||||||||||
STOCKHOLDERS’ EQUITY (DEFICIT) | (1,556,099 | ) | (1,440,184 | ) | 8,494,630 | 415,285 | (7,469,731 | ) | (1,556,099 | ) | |||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | $ | (1,556,099 | ) | $ | 6,402,215 | $ | 8,720,711 | $ | 661,736 | $ | (7,471,715 | ) | $ | 6,756,848 | |||||||||||
TRANSDIGM GROUP INCORPORATED | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||
AS OF SEPTEMBER 30, 2013 | |||||||||||||||||||||||||
(Amounts in Thousands) | |||||||||||||||||||||||||
TransDigm | TransDigm | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Group | Inc. | Guarantors | Subsidiaries | 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’ EQUITY (DEFICIT) | |||||||||||||||||||||||||
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’ EQUITY (DEFICIT) | (336,381 | ) | (219,691 | ) | 7,419,323 | 276,479 | (7,476,111 | ) | (336,381 | ) | |||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | $ | (336,381 | ) | $ | 6,022,988 | $ | 7,635,936 | $ | 304,174 | $ | (7,477,838 | ) | $ | 6,148,879 | |||||||||||
Supplemental Condensed Consolidating Statement of Income and Comprehensive Income | ' | ||||||||||||||||||||||||
TRANSDIGM GROUP INCORPORATED | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME | |||||||||||||||||||||||||
FOR THE YEAR ENDED SEPTEMBER 30, 2014 | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
TransDigm | TransDigm | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Group | Inc. | Guarantors | Subsidiaries | Consolidated | |||||||||||||||||||||
NET SALES | $ | — | $ | 125,389 | $ | 2,051,541 | $ | 206,952 | $ | (10,976 | ) | $ | 2,372,906 | ||||||||||||
COST OF SALES | — | 74,312 | 895,041 | 146,878 | (11,199 | ) | 1,105,032 | ||||||||||||||||||
GROSS PROFIT | — | 51,077 | 1,156,500 | 60,074 | 223 | 1,267,874 | |||||||||||||||||||
SELLING AND ADMINISTRATIVE EXPENSES | — | 65,272 | 176,516 | 34,658 | — | 276,446 | |||||||||||||||||||
AMORTIZATION OF INTANGIBLE ASSETS | — | 1,388 | 55,730 | 6,490 | — | 63,608 | |||||||||||||||||||
INCOME (LOSS) FROM OPERATIONS | — | (15,583 | ) | 924,254 | 18,926 | 223 | 927,820 | ||||||||||||||||||
INTEREST EXPENSE—Net | — | 349,289 | (36 | ) | (1,565 | ) | — | 347,688 | |||||||||||||||||
REFINANCING COSTS | — | 131,622 | — | — | — | 131,622 | |||||||||||||||||||
EQUITY IN INCOME OF SUBSIDIARIES | (306,910 | ) | (639,539 | ) | — | — | 946,449 | — | |||||||||||||||||
INCOME BEFORE INCOME TAXES | 306,910 | 143,045 | 924,290 | 20,491 | (946,226 | ) | 448,510 | ||||||||||||||||||
INCOME TAX PROVISION (BENEFIT) | — | (163,865 | ) | 293,961 | 11,504 | — | 141,600 | ||||||||||||||||||
NET INCOME | $ | 306,910 | $ | 306,910 | $ | 630,329 | $ | 8,987 | $ | (946,226 | ) | $ | 306,910 | ||||||||||||
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX | (18,655 | ) | (3,951 | ) | (1,520 | ) | (13,184 | ) | 18,655 | (18,655 | ) | ||||||||||||||
TOTAL COMPREHENSIVE INCOME | $ | 288,255 | $ | 302,959 | $ | 628,809 | $ | (4,197 | ) | $ | (927,571 | ) | $ | 288,255 | |||||||||||
TRANSDIGM GROUP INCORPORATED | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME | |||||||||||||||||||||||||
FOR THE YEAR ENDED SEPTEMBER 30, 2013 | |||||||||||||||||||||||||
(Amounts in Thousands) | |||||||||||||||||||||||||
TransDigm | TransDigm | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Group | Inc. | Guarantors | Subsidiaries | Consolidated | |||||||||||||||||||||
NET SALES | $ | — | $ | 110,608 | $ | 1,699,742 | $ | 120,706 | $ | (6,656 | ) | $ | 1,924,400 | ||||||||||||
COST OF SALES | — | 66,524 | 732,812 | 81,583 | (6,081 | ) | 874,838 | ||||||||||||||||||
GROSS PROFIT | — | 44,084 | 966,930 | 39,123 | (575 | ) | 1,049,562 | ||||||||||||||||||
SELLING AND ADMINISTRATIVE EXPENSES | — | 88,286 | 147,620 | 17,180 | 1,382 | 254,468 | |||||||||||||||||||
AMORTIZATION OF INTANGIBLE ASSETS | — | 624 | 43,265 | 1,750 | — | 45,639 | |||||||||||||||||||
INCOME (LOSS) FROM OPERATIONS | — | (44,826 | ) | 776,045 | 20,193 | (1,957 | ) | 749,455 | |||||||||||||||||
INTEREST EXPENSE—Net | — | 267,385 | 2,028 | 1,272 | — | 270,685 | |||||||||||||||||||
REFINANCING COSTS | — | 30,281 | — | — | — | 30,281 | |||||||||||||||||||
EQUITY IN INCOME OF SUBSIDIARIES | (302,789 | ) | (505,199 | ) | — | — | 807,988 | — | |||||||||||||||||
INCOME BEFORE INCOME TAXES | 302,789 | 162,707 | 774,017 | 18,921 | (809,945 | ) | 448,489 | ||||||||||||||||||
INCOME TAX PROVISION (BENEFIT) | — | (140,082 | ) | 272,829 | 12,953 | — | 145,700 | ||||||||||||||||||
NET INCOME | $ | 302,789 | $ | 302,789 | $ | 501,188 | $ | 5,968 | $ | (809,945 | ) | $ | 302,789 | ||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 1,535 | (4,515 | ) | 950 | 5,100 | (1,535 | ) | 1,535 | |||||||||||||||||
TOTAL COMPREHENSIVE INCOME | $ | 304,324 | $ | 298,274 | $ | 502,138 | $ | 11,068 | $ | (811,480 | ) | $ | 304,324 | ||||||||||||
TRANSDIGM GROUP INCORPORATED | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME | |||||||||||||||||||||||||
FOR THE YEAR ENDED SEPTEMBER 30, 2012 | |||||||||||||||||||||||||
(Amounts in Thousands) | |||||||||||||||||||||||||
TransDigm | TransDigm | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Group | Inc. | Guarantors | Subsidiaries | Consolidated | |||||||||||||||||||||
NET SALES | $ | — | $ | 103,694 | $ | 1,508,067 | $ | 102,299 | $ | (13,852 | ) | $ | 1,700,208 | ||||||||||||
COST OF SALES | — | 64,394 | 622,056 | 81,390 | (13,349 | ) | 754,491 | ||||||||||||||||||
GROSS PROFIT | — | 39,300 | 886,011 | 20,909 | (503 | ) | 945,717 | ||||||||||||||||||
SELLING AND ADMINISTRATIVE EXPENSES | — | 61,214 | 125,261 | 15,234 | — | 201,709 | |||||||||||||||||||
AMORTIZATION OF INTANGIBLE ASSETS | — | 624 | 41,937 | 1,672 | — | 44,233 | |||||||||||||||||||
INCOME (LOSS) FROM OPERATIONS | — | (22,538 | ) | 718,813 | 4,003 | (503 | ) | 699,775 | |||||||||||||||||
INTEREST EXPENSE—Net | — | 208,384 | 2,268 | 1,254 | — | 211,906 | |||||||||||||||||||
EQUITY IN INCOME OF SUBSIDIARIES | (324,969 | ) | (465,683 | ) | — | — | 790,652 | — | |||||||||||||||||
INCOME BEFORE INCOME TAXES | 324,969 | 234,761 | 716,545 | 2,749 | (791,155 | ) | 487,869 | ||||||||||||||||||
INCOME TAX PROVISION (BENEFIT) | — | (90,208 | ) | 251,514 | 1,594 | — | 162,900 | ||||||||||||||||||
NET INCOME | $ | 324,969 | $ | 324,969 | $ | 465,031 | $ | 1,155 | $ | (791,155 | ) | $ | 324,969 | ||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (4,774 | ) | (3,067 | ) | 204 | (1,911 | ) | 4,774 | (4,774 | ) | |||||||||||||||
TOTAL COMPREHENSIVE INCOME (LOSS) | $ | 320,195 | $ | 321,902 | $ | 465,235 | $ | (756 | ) | $ | (786,381 | ) | $ | 320,195 | |||||||||||
Supplemental Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||||||||||||||
TRANSDIGM GROUP INCORPORATED | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE YEAR ENDED SEPTEMBER 30, 2014 | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
TransDigm | TransDigm | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Group | Inc. | Guarantors | Subsidiaries | Consolidated | |||||||||||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | — | $ | (123,074 | ) | $ | 952,855 | $ | (303,763 | ) | $ | 15,204 | $ | 541,222 | |||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Capital expenditures | — | (2,666 | ) | (28,927 | ) | (2,553 | ) | — | (34,146 | ) | |||||||||||||||
Acquisition of business, net of cash acquired | (311,872 | ) | — | — | (311,872 | ) | |||||||||||||||||||
Cash proceeds from sale of real estate | — | — | 16,380 | — | — | 16,380 | |||||||||||||||||||
Net cash used in investing activities | — | (314,538 | ) | (12,547 | ) | (2,553 | ) | — | (329,638 | ) | |||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Intercompany activities | 1,533,571 | (694,208 | ) | (944,415 | ) | 120,256 | (15,204 | ) | — | ||||||||||||||||
Excess tax benefits related to share-based payment arrangements | 51,709 | — | — | — | — | 51,709 | |||||||||||||||||||
Proceeds from exercise of stock options | 26,738 | — | — | — | — | 26,738 | |||||||||||||||||||
Dividends paid | (1,451,391 | ) | — | — | — | — | (1,451,391 | ) | |||||||||||||||||
Treasury stock purchased | (159,852 | ) | — | — | — | — | (159,852 | ) | |||||||||||||||||
Proceeds from credit facility—net | — | 805,360 | — | — | — | 805,360 | |||||||||||||||||||
Repayment on credit facility | — | (33,107 | ) | — | — | — | (33,107 | ) | |||||||||||||||||
Proceeds from senior subordinated notes—net | — | 2,326,366 | — | — | — | 2,326,366 | |||||||||||||||||||
Repurchase of senior subordinated notes due 2018 | — | (1,721,014 | ) | — | — | — | (1,721,014 | ) | |||||||||||||||||
Proceeds from trade receivable securitization facility—net | — | — | — | 199,164 | — | 199,164 | |||||||||||||||||||
Net cash provided by (used in) financing activities | 775 | 683,397 | (944,415 | ) | 319,420 | (15,204 | ) | 43,973 | |||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | — | (749 | ) | — | (749 | ) | |||||||||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 775 | 245,785 | (4,107 | ) | 12,355 | — | 254,808 | ||||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 1,313 | 536,863 | 7,900 | 18,664 | — | 564,740 | |||||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 2,088 | $ | 782,648 | $ | 3,793 | $ | 31,019 | $ | — | $ | 819,548 | |||||||||||||
TRANSDIGM GROUP INCORPORATED | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE YEAR ENDED SEPTEMBER 30, 2013 | |||||||||||||||||||||||||
(Amounts in Thousands) | |||||||||||||||||||||||||
TransDigm | TransDigm | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Group | Inc. | Guarantors | Subsidiaries | Consolidated | |||||||||||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | — | $ | (95,862 | ) | $ | 565,957 | $ | 8,703 | $ | (8,593 | ) | $ | 470,205 | |||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Capital expenditures | — | (2,047 | ) | (29,727 | ) | (3,761 | ) | — | (35,535 | ) | |||||||||||||||
Acquisition of business, net of cash acquired | (483,257 | ) | — | — | — | (483,257 | ) | ||||||||||||||||||
Cash proceeds from sale of investment | — | 16,350 | — | — | — | 16,350 | |||||||||||||||||||
Net cash used in investing activities | — | (468,954 | ) | (29,727 | ) | (3,761 | ) | — | (502,442 | ) | |||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Intercompany activities | 1,884,828 | (1,365,022 | ) | (532,824 | ) | 4,425 | 8,593 | — | |||||||||||||||||
Excess tax benefits related to share-based payment arrangements | 66,201 | — | — | — | — | 66,201 | |||||||||||||||||||
Proceeds from exercise of stock options | 21,534 | — | — | — | — | 21,534 | |||||||||||||||||||
Dividends paid | (1,991,350 | ) | — | — | — | — | (1,991,350 | ) | |||||||||||||||||
Proceeds from credit facility—net | — | 3,211,374 | — | — | — | 3,211,374 | |||||||||||||||||||
Repayment on credit facility | — | (2,187,885 | ) | — | — | — | (2,187,885 | ) | |||||||||||||||||
Proceeds from senior subordinated notes—net | — | 1,036,321 | — | — | — | 1,036,321 | |||||||||||||||||||
Net cash provided by (used in) financing activities | (18,787 | ) | 694,788 | (532,824 | ) | 4,425 | 8,593 | 156,195 | |||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | — | 258 | — | 258 | |||||||||||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (18,787 | ) | 129,972 | 3,406 | 9,625 | — | 124,216 | ||||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 20,100 | 406,891 | 4,494 | 9,039 | — | 440,524 | |||||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 1,313 | $ | 536,863 | $ | 7,900 | $ | 18,664 | $ | — | $ | 564,740 | |||||||||||||
TRANSDIGM GROUP INCORPORATED | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE YEAR ENDED SEPTEMBER 30, 2012 | |||||||||||||||||||||||||
(Amounts in Thousands) | |||||||||||||||||||||||||
TransDigm | TransDigm | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Group | Inc. | Guarantors | Subsidiaries | Consolidated | |||||||||||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | — | $ | (119,491 | ) | $ | 523,759 | $ | 9,466 | $ | 151 | $ | 413,885 | ||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Capital expenditures | — | (1,865 | ) | (22,259 | ) | (1,122 | ) | — | (25,246 | ) | |||||||||||||||
Acquisition of businesses, net of cash acquired | — | (868,696 | ) | — | — | — | (868,696 | ) | |||||||||||||||||
Cash proceeds from sale of business | — | 17,650 | — | — | — | 17,650 | |||||||||||||||||||
Net cash used in investing activities | — | (852,911 | ) | (22,259 | ) | (1,122 | ) | — | (876,292 | ) | |||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Intercompany activities | (47,715 | ) | 554,153 | (499,121 | ) | (7,166 | ) | (151 | ) | — | |||||||||||||||
Excess tax benefits related to share-based payment arrangements | 50,555 | — | — | — | — | 50,555 | |||||||||||||||||||
Proceeds from exercise of stock options | 15,710 | — | — | — | — | 15,710 | |||||||||||||||||||
Dividends paid | (3,299 | ) | — | — | — | — | (3,299 | ) | |||||||||||||||||
Treasury stock purchased | (846 | ) | — | — | — | — | (846 | ) | |||||||||||||||||
Proceeds from credit facility—net | — | 484,316 | — | — | — | 484,316 | |||||||||||||||||||
Repayment on credit facility | — | (19,250 | ) | — | — | — | (19,250 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | 14,405 | 1,019,219 | (499,121 | ) | (7,166 | ) | (151 | ) | 527,186 | ||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | — | (438 | ) | — | (438 | ) | |||||||||||||||||
INCREASE IN CASH AND CASH EQUIVALENTS | 14,405 | 46,817 | 2,379 | 740 | — | 64,341 | |||||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 5,695 | 360,074 | 2,115 | 8,299 | — | 376,183 | |||||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 20,100 | $ | 406,891 | $ | 4,494 | $ | 9,039 | $ | — | $ | 440,524 | |||||||||||||
Description_of_The_Business_Ad
Description of The Business - Additional Information (Detail) | 12 Months Ended |
Sep. 30, 2014 | |
Nature Of Business [Line Items] | ' |
Percentage of ownership in subsidiary | 100.00% |
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% |
6.00% Senior Subordinated Notes, Due 2022 | ' |
Nature Of Business [Line Items] | ' |
Interest rate of senior subordinated debt | 6.00% |
6 1/2% Senior Subordinated Notes, Due 2024 | ' |
Nature Of Business [Line Items] | ' |
Interest rate of senior subordinated debt | 6.50% |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | |||||||||||||||||
Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Aug. 16, 2012 | Dec. 29, 2012 | Oct. 31, 2012 | Mar. 06, 2014 | Mar. 06, 2014 | Jun. 05, 2013 | Sep. 30, 2013 | Jun. 05, 2013 | Dec. 19, 2013 | Mar. 29, 2014 | Dec. 19, 2013 | Jun. 28, 2013 | Dec. 28, 2013 | Jun. 28, 2013 | Jun. 05, 2013 | Jun. 05, 2013 | Sep. 17, 2012 | Dec. 29, 2012 | Sep. 17, 2012 | Feb. 15, 2012 | Jun. 30, 2012 | Feb. 15, 2012 | Dec. 09, 2011 | Mar. 31, 2012 | Dec. 09, 2011 | |
Minimum | Maximum | Distribution business | Distribution business | C-Safe LLC | Elektro-Metall Export GmbH | Elektro-Metall Export GmbH | Arkwin Industries, Inc | Arkwin Industries, Inc | Arkwin Industries, Inc | Airborne Systems Inc | Airborne Systems Inc | Airborne Systems Inc | Whippany Actuation Systems LLC | Whippany Actuation Systems LLC | Whippany Actuation Systems LLC | Aerosonic Corporation | Aerosonic Corporation | Aero-Instruments Co., LLC | Aero-Instruments Co., LLC | Aero-Instruments Co., LLC | AmSafe Global Holdings, Inc. | AmSafe Global Holdings, Inc. | AmSafe Global Holdings, Inc. | Harco LLC | Harco LLC | Harco LLC | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition cost | ' | ' | ' | ' | ' | ' | ' | ' | $49,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash consideration paid to acquire business | ' | ' | ' | ' | ' | ' | ' | ' | 40,400,000 | ' | 285,700,000 | ' | ' | 264,200,000 | ' | ' | 151,500,000 | ' | ' | 39,800,000 | ' | 34,600,000 | ' | ' | 749,700,000 | ' | ' | 83,300,000 | ' | ' |
Business acquisition, assumption of net indebtedness | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of goodwill expected to be non deductible for tax | 3,035,502,000 | 3,525,077,000 | 3,343,907,000 | ' | ' | ' | ' | ' | ' | 20,300,000 | ' | ' | 184,900,000 | ' | ' | 158,200,000 | ' | ' | ' | ' | 14,800,000 | ' | ' | ' | ' | ' | 397,000,000 | ' | ' | 56,000,000 |
Business acquisition purchase price adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | 300,000 | ' | ' | 2,700,000 | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | 400,000 | ' |
Amount of goodwill expected to be tax deductible | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105,100,000 | ' | ' | ' | ' | 22,000,000 | ' | ' | 77,000,000 | ' | ' | ' |
Business acquisition, purchase price adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' |
Cash proceeds from sale of business | 17,650,000 | ' | ' | ' | ' | 17,800,000 | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Working capital adjustment | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total amount of business sold | ' | ' | ' | ' | ' | ' | ' | 16,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short term note receivable from business sold | ' | ' | ' | ' | ' | ' | ' | $11,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life of aircraft (in years) | ' | ' | ' | '25 years | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet1
Summary Of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Research and development expense | $42.30 | $32.10 | $27.90 |
Finite lived intangible asset useful life | '17 years 6 months | ' | ' |
Maximum | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Percentage of inventory valued under LIFO method | 4.00% | ' | ' |
Technology Intangible Assets | Minimum | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Finite lived intangible asset useful life | '20 years | ' | ' |
Technology Intangible Assets | Maximum | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Finite lived intangible asset useful life | '22 years | ' | ' |
Order backlog | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Finite lived intangible asset useful life | '1 year | ' | ' |
Order backlog | Minimum | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Finite lived intangible asset useful life | '1 year | ' | ' |
Other intangible assets | Minimum | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Finite lived intangible asset useful life | '20 years | ' | ' |
Land Improvements | Minimum | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life | '10 years | ' | ' |
Land Improvements | Maximum | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life | '20 years | ' | ' |
Building Improvements | Minimum | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life | '5 years | ' | ' |
Building Improvements | Maximum | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life | '30 years | ' | ' |
Machinery and equipment | Minimum | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life | '2 years | ' | ' |
Machinery and equipment | Maximum | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life | '10 years | ' | ' |
Furniture and Fixtures | Minimum | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life | '3 years | ' | ' |
Furniture and Fixtures | Maximum | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life | '10 years | ' | ' |
Computation_of_Basic_and_Dilut
Computation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator for earnings per share: | ' | ' | ' |
Net income | $306,910 | $302,789 | $324,969 |
Less dividends paid on participating securities | -126,626 | -171,243 | -3,299 |
Net income applicable to common stock-basic and diluted | $180,284 | $131,546 | $321,670 |
Denominator for basic and diluted earnings per share under the two-class method: | ' | ' | ' |
Weighted average common shares outstanding | 52,748 | 52,258 | 50,996 |
Vested options deemed participating securities | 4,245 | 2,822 | 2,886 |
Total shares for basic and diluted earnings per share | 56,993 | 55,080 | 53,882 |
Net earnings per share-basic and diluted | $3.16 | $2.39 | $5.97 |
Recovered_Sheet2
Sales and Trade Accounts Receivable - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Trade Accounts Receivable Securitization and Sale Program [Line Items] | ' | ' | ' |
NET SALES | $2,372,906 | $1,924,400 | $1,700,208 |
Percentage of trade accounts receivables from one company | 11.00% | ' | ' |
Trade accounts receivable due from foreign entities | 35.00% | ' | ' |
Sales to foreign customers, primarily in Western Europe, Canada and Asia | ' | ' | ' |
Trade Accounts Receivable Securitization and Sale Program [Line Items] | ' | ' | ' |
NET SALES | $735,900 | $572,000 | $508,800 |
Sales Revenue, Net | ' | ' | ' |
Trade Accounts Receivable Securitization and Sale Program [Line Items] | ' | ' | ' |
Percentage of net sales from one customer | 13.00% | 12.00% | 13.00% |
Content_Trade_Accounts_Receiva
Content Trade Accounts Receivable (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Trade Accounts Receivable Securitization and Sale Program [Line Items] | ' | ' |
Trade accounts receivable-gross | $355,398 | $295,934 |
Allowance for uncollectible accounts | -4,091 | -5,485 |
Trade accounts receivable-net | $351,307 | $290,449 |
Inventories_Detail
Inventories (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Raw materials and purchased component parts | $298,318 | $274,510 |
Work-in-progress | 146,980 | 124,765 |
Finished Goods | 69,658 | 58,052 |
Total | 514,956 | 457,327 |
Reserves for excess and obsolete inventory and LIFO | -55,882 | -43,746 |
Inventories-net | $459,074 | $413,581 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant, and Equipment Disclosure [Line Items] | ' | ' |
Land and improvements | $33,722 | $44,103 |
Buildings and improvements | 114,030 | 99,115 |
Machinery, equipment and other | 235,642 | 208,037 |
Construction in progress | 12,174 | 10,895 |
Total | 395,568 | 362,150 |
Accumulated depreciation | -183,460 | -153,186 |
Property, plant and equipment-net | $212,108 | $208,964 |
Intangible_Assets_Subjects_to_
Intangible Assets Subjects to Amortization (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $906,176 | $863,692 |
Accumulated Amortization | 203,543 | 159,892 |
Net | 702,633 | 703,800 |
Technology | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 854,918 | 801,010 |
Accumulated Amortization | 186,278 | 143,196 |
Net | 668,640 | 657,814 |
Order backlog | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 8,006 | 19,255 |
Accumulated Amortization | 6,006 | 7,936 |
Net | 2,000 | 11,319 |
Other intangible assets | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 43,252 | 43,427 |
Accumulated Amortization | 11,259 | 8,760 |
Net | $31,993 | $34,667 |
Aggregate_Amortization_Expense
Aggregate Amortization Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Amortization Expense [Line Items] | ' | ' | ' |
Aggregate amortization expense | $63,842 | $46,208 | $44,535 |
Estimated Amortization Expense, 2015 | 46,615 | ' | ' |
Estimated Amortization Expense, 2016 | 44,610 | ' | ' |
Estimated Amortization Expense, 2017 | 44,610 | ' | ' |
Estimated Amortization Expense, 2018 | 44,610 | ' | ' |
Estimated Amortization Expense, 2019 | $44,610 | ' | ' |
Intangible_Assets_Acquired_Det
Intangible Assets Acquired (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Goodwill | $178,514 | $304,343 |
Intangible assets not subject to amortization | 209,792 | ' |
Intangible assets subject to amortization | 61,400 | ' |
Total - Intangible assets both subject to and not subject to amortization | 271,192 | ' |
Amortization Period (in years) | '17 years 6 months | ' |
Trademarks and trade names | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets not subject to amortization | 31,278 | ' |
Technology | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets subject to amortization | 53,380 | ' |
Amortization Period (in years) | '20 years | ' |
Order backlog | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets subject to amortization | $8,020 | ' |
Amortization Period (in years) | '1 year | ' |
Summary_of_Changes_in_Carrying
Summary of Changes in Carrying Value of Goodwill (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Goodwill [Line Items] | ' | ' |
Goodwill, Beginning Balance | $3,343,907 | $3,035,502 |
Goodwill acquired during the year (Note 2) | 178,514 | 304,343 |
Purchase price allocation adjustments | 6,288 | 876 |
Other | -3,632 | 3,186 |
Goodwill, Ending Balance | 3,525,077 | 3,343,907 |
Power & Control | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, Beginning Balance | 1,566,926 | 1,274,703 |
Goodwill acquired during the year (Note 2) | 20,323 | 284,889 |
Purchase price allocation adjustments | 5,138 | 7,333 |
Other | -4,707 | 1 |
Goodwill, Ending Balance | 1,587,680 | 1,566,926 |
Airframe | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, Beginning Balance | 1,721,901 | 1,711,214 |
Goodwill acquired during the year (Note 2) | 158,191 | 13,969 |
Purchase price allocation adjustments | 861 | -6,457 |
Other | 1,075 | 3,175 |
Goodwill, Ending Balance | 1,882,028 | 1,721,901 |
Non-aviation | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, Beginning Balance | 55,080 | 49,585 |
Goodwill acquired during the year (Note 2) | ' | 5,485 |
Purchase price allocation adjustments | 289 | ' |
Other | ' | 10 |
Goodwill, Ending Balance | $55,369 | $55,080 |
Accrued_Liabilities_Detail
Accrued Liabilities (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Accrued Liabilities [Line Items] | ' | ' |
Interest | $69,523 | $59,869 |
Compensation and related benefits | 63,057 | 55,230 |
Interest rate swap agreements | 20,070 | 6,950 |
Product warranties | 14,243 | 14,999 |
Other | 63,978 | 47,639 |
Total | $230,871 | $184,687 |
Debt_Detail
Debt (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Short-term borrowings - trade receivable securitization facility | $200,000 | ' |
Total debt outstanding | 7,273,131 | 5,731,238 |
Less current portion | 39,295 | 31,045 |
Long-term debt | 7,233,836 | 5,700,193 |
Term Loans | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument, outstanding | 3,873,131 | 3,081,238 |
6 1/2% Senior Subordinated Notes, Due 2024 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument, outstanding | 1,200,000 | ' |
6.00% Senior Subordinated Notes, Due 2022 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument, outstanding | 1,150,000 | ' |
7 1/2% Senior Subordinated Notes, Due 2021 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument, outstanding | 500,000 | 500,000 |
5 1/2% Senior Subordinated Notes, Due 2020 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument, outstanding | 550,000 | 550,000 |
7 3/4% Senior Subordinated Notes, Due 2018 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument, outstanding | ' | $1,600,000 |
Debt_Parenthetical_Detail
Debt (Parenthetical) (Detail) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
6 1/2% Senior Subordinated Notes, Due 2024 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior subordinate note, due date | '2024 | '2024 |
6.00% Senior Subordinated Notes, Due 2022 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior subordinate note, due date | '2022 | '2022 |
7 1/2% Senior Subordinated Notes, Due 2021 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior subordinate note, due date | '2021 | '2021 |
5 1/2% Senior Subordinated Notes, Due 2020 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior subordinate note, due date | '2020 | '2020 |
7 3/4% Senior Subordinated Notes, Due 2018 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior subordinate note, due date | '2018 | '2018 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||||||||||||||||
Jul. 24, 2014 | Jun. 04, 2014 | Jul. 16, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 24, 2014 | Jul. 16, 2013 | Jun. 04, 2014 | Jun. 04, 2014 | Jun. 04, 2014 | Jun. 04, 2014 | Jun. 04, 2014 | Jun. 04, 2014 | Jun. 04, 2014 | Dec. 28, 2013 | Sep. 30, 2014 | Dec. 28, 2013 | Jun. 04, 2014 | Sep. 30, 2014 | Jun. 04, 2014 | Jun. 04, 2014 | Jun. 04, 2014 | Jun. 04, 2014 | Jun. 04, 2014 | Jul. 24, 2014 | Jun. 04, 2014 | Sep. 30, 2014 | Jul. 24, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 04, 2014 | Jun. 04, 2014 | Jun. 04, 2014 | Jun. 04, 2014 | Jun. 04, 2014 | Jun. 04, 2014 | Oct. 15, 2012 | Oct. 15, 2012 | Jul. 01, 2013 | Jul. 01, 2013 | Jun. 30, 2014 | 9-May-14 | Jun. 04, 2014 | |
Derivative | Derivative | Tranche B | Tranche B | Tranche C | Tranche C | Tranche D | Tranche D | Additional Payment | Asset-backed Securities | Asset-backed Securities | Asset-backed Securities | Second Amended and Restated Credit Agreement | Second Amended and Restated Credit Agreement | Second Amended and Restated Credit Agreement | Second Amended and Restated Credit Agreement | Second Amended and Restated Credit Agreement | Second Amended and Restated Credit Agreement | Second Amended and Restated Credit Agreement | 2014 Credit Facility | 2014 Credit Facility | 2014 Credit Facility | 2014 Credit Facility | 2014 Credit Facility | 2014 Credit Facility | Senior Subordinated Notes | Senior Subordinated Notes | 6.00% Senior Subordinated Notes, Due 2022 | 6.00% Senior Subordinated Notes, Due 2022 | 6 1/2% Senior Subordinated Notes, Due 2024 | 6 1/2% Senior Subordinated Notes, Due 2024 | 5 1/2% Senior Subordinated Notes, Due 2020 | 5 1/2% Senior Subordinated Notes, Due 2020 | 7 1/2% Senior Subordinated Notes, Due 2021 | 7 1/2% Senior Subordinated Notes, Due 2021 | 7 3/4% Senior Subordinated Notes, Due 2018 | 7 3/4% Senior Subordinated Notes, Due 2018 | TransDigm's Foreign Subsidiaries | ||||||
Maximum | Tranche D | Tranche D | Multicurrency borrowing sublimit | Derivative | Tranche B | Tranche C | |||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $225,000,000 | ' | ' | $420,000,000 | ' | ' | ' | $100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit facility expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7-Aug-15 | ' | ' | 28-Feb-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument extensions period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trade receivable securitization facility | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument interest rate stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | 6.50% | ' | 5.50% | ' | 7.50% | ' | 7.75% | ' |
Debt repurchase aggregate amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000,000 | ' | ' |
REFINANCING COSTS | ' | ' | ' | 131,622,000 | 30,281,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption premium of the 2018 Notes included in refinancing costs | ' | ' | ' | 121,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write-off of debt issuance costs | ' | ' | ' | 10,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total special dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock par value | ' | ' | ' | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | 7,273,131,000 | ' | ' | ' | ' | 500,000,000 | ' | 2,600,000,000 | ' | 825,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 825,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 2,350,000,000 | ' | 1,150,000,000 | ' | 1,200,000,000 | ' | 550,000,000 | ' | 500,000,000 | ' | ' | ' |
Debt instrument, maturity date | ' | ' | ' | ' | ' | ' | ' | 14-Feb-17 | ' | 28-Feb-20 | ' | 4-Jun-21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4-Jun-21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Jul-22 | ' | 15-Jul-24 | ' | 15-Oct-20 | ' | 15-Jul-21 | ' | ' | ' | ' |
Quarterly principal payments | ' | 7,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly principal payments, beginning date | ' | 28-Mar-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Sep-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit outstanding | ' | ' | ' | 6,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings available under credit facility | ' | ' | ' | 413,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional loan amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of voting capital stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% |
Floor basis spread on LIBO rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Applicable interest rate on term loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | 3.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan mandatory principal prepayment commencement period from fiscal year (days) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of principal amount of term loan to be prepaid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate swap, notional amount | ' | ' | ' | ' | ' | $750,000,000 | $1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $353,000,000 | $750,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of forward stating interest rate swap agreement | ' | ' | ' | ' | ' | 5 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed rate of interest under interest rate swap | ' | ' | ' | ' | ' | 5.80% | 5.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.17% | 5.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate swap agreements description | '2.8% plus the 3% margin percentage | ' | '2.4% plus the 3% margin percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2.8% plus the 3% margin percentage | ' | '2.17% plus the 3% margin percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of principal amount of debt on issue price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | 100.00% | ' | 100.00% | ' | ' | ' | ' |
Frequency of interest repayment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'semiannually in arrears on January 15 and July 15 of each year, commencing on January 15, 2015. | ' | 'semiannually in arrears on January 15 and July 15 of each year, commencing on January 15, 2015. | ' | 'Semiannually on April 15 and October 15 of each year | ' | 'Semiannually on January 15 and July 15 of each year, commencing on January 15, 2014 | ' | ' | ' | ' |
Future_Maturities_of_Long_Term
Future Maturities of Long- Term Debt (Detail) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Long Term Debt Maturities Repayments Of Principal [Line Items] | ' |
Year ended September 30, 2015 | $39,295 |
Year ended September 30, 2016 | 39,295 |
Year ended September 30, 2017 | 515,545 |
Year ended September 30, 2018 | 34,295 |
Year ended September 30, 2019 | 34,295 |
Thereafter | 6,610,406 |
Total | $7,273,131 |
Retirement_Plans_Additional_In
Retirement Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined contribution plan, cost recognized | $8.70 | $6.60 | $4.90 |
Non-contributory defined benefit pension plans, qualified | 'The Company maintains certain qualified, non-contributory defined benefit pension plans, which together cover certain union employees. | ' | ' |
Defined benefit plan, assets | 69.5 | 62.7 | ' |
Defined benefit plan, accumulated benefit obligation | 77.6 | 66.6 | ' |
Net period pension, cost recognized | 0.5 | 0.8 | 0.6 |
Qualified Pension Plans | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit pension plan, liabilities | 8.1 | 3.9 | ' |
Non-qualified | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit pension plan, liabilities | 9 | 8.5 | ' |
Defined benefit plan, net periodic pension cost | $0.40 | $0.40 | $0.40 |
Income_Tax_Provision_on_Income
Income Tax Provision on Income Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Current | ' | ' | ' |
Federal | $138,596 | $133,438 | $122,884 |
State | 7,807 | 8,933 | 12,855 |
Foreign | 4,613 | 5,943 | 2,361 |
Total Current | 151,016 | 148,314 | 138,100 |
Deferred | -9,416 | -2,614 | 24,800 |
Income tax provision | $141,600 | $145,700 | $162,900 |
Differences_between_Income_Tax
Differences between Income Tax Provision on Income Before Income Taxes at Federal Statutory Income Tax Rate and Tax Provision shown in Accompanying Consolidated Statements of Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule Of Effective Tax Rates Line Items | ' | ' | ' |
Tax at statutory rate of 35% | $156,979 | $156,970 | $170,754 |
State and local income taxes, net of federal benefit | 5,658 | 4,858 | 5,221 |
Domestic manufacturing deduction | -13,980 | -14,388 | -9,126 |
Other-net | -7,057 | -1,740 | -3,949 |
Income tax provision | $141,600 | $145,700 | $162,900 |
Differences_between_Income_Tax1
Differences between Income Tax Provision on Income Before Income Taxes at Federal Statutory Income Tax Rate and Tax Provision shown in Accompanying Consolidated Statements of Income (Parenthetical) (Detail) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Schedule Of Effective Tax Rates Line Items | ' | ' | ' |
Statutory tax rate | 35.00% | 35.00% | 35.00% |
Components_of_Deferred_Taxes_D
Components of Deferred Taxes (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Deferred Income Tax Assets and Liabilities [Line Items] | ' | ' |
Employee benefits, compensation and other accrued obligations | $60,457 | $48,932 |
Inventory | 19,610 | 18,912 |
Net operating losses | 16,345 | 14,916 |
Tax credits | 11,343 | 13,687 |
Interest rate swaps | 9,258 | 5,384 |
Environmental | 8,380 | 9,582 |
Product warranties | 5,046 | 3,826 |
Other | 2,364 | ' |
Total | 132,803 | 115,239 |
Less: Valuation allowance | -24,267 | -26,125 |
Total deferred tax assets | 108,536 | 89,114 |
Intangible assets | 444,059 | 408,755 |
Property, plant and equipment | 19,348 | 23,373 |
Unremitted foreign earnings | 4,918 | 5,069 |
Other | 4,789 | 6,036 |
Total deferred tax liabilities | 473,114 | 443,233 |
Total net deferred tax liabilities | $364,578 | $354,119 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Income Tax Contingency [Line Items] | ' | ' |
Deferred tax asset foreign tax credit carryforward | $9.30 | ' |
Foreign tax credit carryforwards expiration, years | '2018 to 2022 | ' |
State tax credit carryforward | 3.1 | ' |
State tax credit carryforward expiration period | '2023 to 2029 | ' |
Foreign undistributed net earnings for which no deferred taxes have been provided | 38.1 | ' |
Effect of unrecognized tax benefits on effective tax rate | 13.5 | 5.7 |
Accrual for income tax penalties and interest | 2.9 | 0.9 |
Earliest Tax Year | ' | ' |
Income Tax Contingency [Line Items] | ' | ' |
Tax year under examination | '2012 | ' |
Latest Tax Year | ' | ' |
Income Tax Contingency [Line Items] | ' | ' |
Tax year under examination | '2013 | ' |
Minimum | ' | ' |
Income Tax Contingency [Line Items] | ' | ' |
Net tax loss carryforwards, expiration years | '2015 | ' |
Maximum | ' | ' |
Income Tax Contingency [Line Items] | ' | ' |
Net tax loss carryforwards, expiration years | '2032 | ' |
Federal and United Kingdom | ' | ' |
Income Tax Contingency [Line Items] | ' | ' |
Net tax loss carryforwards | 25.5 | ' |
State | ' | ' |
Income Tax Contingency [Line Items] | ' | ' |
Net tax loss carryforwards | $254 | ' |
Reconciliation_of_Beginning_an
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Schedule of Unrecognized Tax Benefits [Line Items] | ' | ' |
Balance at beginning of period | $6,129 | $6,932 |
Additions based on tax positions related to the prior year | 990 | 151 |
Additions based on tax positions related to the current year | 886 | ' |
Lapse in statute of limitations | -1,139 | -1,171 |
Acquisitions | 7,085 | 217 |
Balance at end of period | $13,951 | $6,129 |
Environmental_Liabilities_Addi
Environmental Liabilities - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Site Contingency [Line Items] | ' | ' |
Environmental remediation obligations | $23.30 | $27.20 |
Capital_Stock_Additional_Infor
Capital Stock - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 29, 2013 | |
Shareholders Equity [Line Items] | ' | ' | ' | ' |
Common stock, shares authorized | 224,400,000 | 224,400,000 | ' | ' |
Common stock, par value | $0.01 | $0.01 | ' | ' |
Preferred stock, shares authorized | 149,600,000 | 149,600,000 | ' | ' |
Preferred stock, par value | $0.01 | $0.01 | ' | ' |
Common stock, shares issued | 53,832,246 | 53,172,551 | ' | ' |
Preferred stock, shares outstanding | 0 | 0 | ' | ' |
Stock repurchase program, authorized amount | ' | ' | ' | $200,000,000 |
Shares repurchased under the program | 909,700 | 0 | ' | ' |
Value of common stock repurchased | $159,852,000 | ' | $846,000 | ' |
Weighted average price per share | $175.68 | ' | ' | ' |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 12 Months Ended |
Sep. 30, 2014 | |
Segment | |
Segment Reporting Information [Line Items] | ' |
Number of reporting segments | 3 |
Net_Sales_by_Reportable_Segmen
Net Sales by Reportable Segment (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' |
NET SALES | $2,372,906 | $1,924,400 | $1,700,208 |
Operating Segments | Power & Control | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
NET SALES | 1,077,214 | 872,325 | 776,342 |
Operating Segments | Airframe | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
NET SALES | 1,200,188 | 951,436 | 843,643 |
Operating Segments | Non-aviation | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
NET SALES | $95,504 | $100,639 | $80,223 |
EBITDA_Defined_by_Segment_to_C
EBITDA Defined by Segment to Consolidated Income Before Taxes Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting, Reconciliation of Operating Income Segment to Consolidated [Line Items] | ' | ' | ' |
Earnings before interest taxes depreciation and amortization | $1,073,207 | $900,278 | $809,019 |
Depreciation and amortization | 96,385 | 73,515 | 68,227 |
INTEREST EXPENSE-Net | 347,688 | 270,685 | 211,906 |
Acquisition-related costs | 20,541 | 26,433 | 18,866 |
Stock compensation expense | 26,332 | 48,884 | 22,151 |
Other nonrecurring charges | 2,129 | 1,991 | ' |
REFINANCING COSTS | 131,622 | 30,281 | ' |
INCOME BEFORE INCOME TAXES | 448,510 | 448,489 | 487,869 |
Operating Segments | ' | ' | ' |
Segment Reporting, Reconciliation of Operating Income Segment to Consolidated [Line Items] | ' | ' | ' |
Earnings before interest taxes depreciation and amortization | 1,098,226 | 923,663 | 836,440 |
Operating Segments | Power & Control | ' | ' | ' |
Segment Reporting, Reconciliation of Operating Income Segment to Consolidated [Line Items] | ' | ' | ' |
Earnings before interest taxes depreciation and amortization | 550,735 | 455,950 | 410,259 |
Depreciation and amortization | 38,251 | 27,586 | 21,565 |
Operating Segments | Airframe | ' | ' | ' |
Segment Reporting, Reconciliation of Operating Income Segment to Consolidated [Line Items] | ' | ' | ' |
Earnings before interest taxes depreciation and amortization | 529,012 | 444,066 | 402,048 |
Depreciation and amortization | 52,461 | 42,960 | 44,128 |
Operating Segments | Non-aviation | ' | ' | ' |
Segment Reporting, Reconciliation of Operating Income Segment to Consolidated [Line Items] | ' | ' | ' |
Earnings before interest taxes depreciation and amortization | 18,479 | 23,647 | 24,133 |
Depreciation and amortization | 4,579 | 2,614 | 2,393 |
Corporate, Non-Segment | ' | ' | ' |
Segment Reporting, Reconciliation of Operating Income Segment to Consolidated [Line Items] | ' | ' | ' |
Unallocated corporate expenses | 25,019 | 23,385 | 27,421 |
Depreciation and amortization | $1,094 | $355 | $141 |
Capital_Expenditures_and_Depre
Capital Expenditures and Depreciation and Amortization by Segment (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Depreciation and Amortization [Line Items] | ' | ' | ' |
Capital expenditures | $34,146 | $35,535 | $25,246 |
Depreciation and amortization | 96,385 | 73,515 | 68,227 |
Operating Segments | Power & Control | ' | ' | ' |
Segment Depreciation and Amortization [Line Items] | ' | ' | ' |
Capital expenditures | 11,645 | 13,149 | 9,436 |
Depreciation and amortization | 38,251 | 27,586 | 21,565 |
Operating Segments | Airframe | ' | ' | ' |
Segment Depreciation and Amortization [Line Items] | ' | ' | ' |
Capital expenditures | 19,333 | 19,121 | 13,730 |
Depreciation and amortization | 52,461 | 42,960 | 44,128 |
Operating Segments | Non-aviation | ' | ' | ' |
Segment Depreciation and Amortization [Line Items] | ' | ' | ' |
Capital expenditures | 3,097 | 2,773 | 1,920 |
Depreciation and amortization | 4,579 | 2,614 | 2,393 |
Corporate, Non-Segment | ' | ' | ' |
Segment Depreciation and Amortization [Line Items] | ' | ' | ' |
Capital expenditures | 71 | 492 | 160 |
Depreciation and amortization | $1,094 | $355 | $141 |
Total_Assets_by_Segment_Detail
Total Assets by Segment (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Total Assets By Segment [Line Items] | ' | ' |
Total assets | $6,756,848 | $6,148,879 |
Operating Segments | Power & Control | ' | ' |
Total Assets By Segment [Line Items] | ' | ' |
Total assets | 2,432,898 | 2,398,469 |
Operating Segments | Airframe | ' | ' |
Total Assets By Segment [Line Items] | ' | ' |
Total assets | 3,263,926 | 2,958,974 |
Operating Segments | Non-aviation | ' | ' |
Total Assets By Segment [Line Items] | ' | ' |
Total assets | 132,988 | 132,672 |
Corporate, Non-Segment | ' | ' |
Total Assets By Segment [Line Items] | ' | ' |
Total assets | $927,036 | $658,764 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 29, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2011 | Sep. 30, 2014 | Sep. 30, 2011 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Jul. 31, 2013 | Nov. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Options granted prior to October 1, 2011 | Options granted prior to October 1, 2011 | Options granted in fiscal 2012 | Options granted in fiscal 2012 | 2014 Stock Option Plan | 2006 Stock Incentive Plan | 2003 Stock Option Plan | 2003 Stock Option Plan | 2003 Stock Option Plan | 2003 Stock Option Plan | 2003 Stock Option Plan | Cash Dividends | Cash Dividends | Vested Options | Vested Options | Vested Options | |||||
Employee Service | Other Than Employee Service | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash stock compensation expense | ' | $26,300,000 | $48,900,000 | $22,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation expenses | 24,500,000 | 6,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested options granted | 2,409,420 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average exercise price per option | $58.35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of options granted | ' | $57.53 | $45.53 | $43.23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to non-vested awards expected to vest | ' | 33,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested awards expected to vest weighted-average period | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of options vested | ' | 23,600,000 | 63,900,000 | 11,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 8,119,668 | ' | 9,339,453 | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock grant period in years | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | '3 years | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Threshold price minimum for accelerated vesting | ' | ' | ' | ' | $147.15 | $160 | $135.15 | $170 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Special cash dividend paid per share | ' | $25 | $34.85 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $22 | $12.85 | ' | ' | ' |
Number of trading days | ' | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share issued during period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 332 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average grant date fair value, share issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | $179.53 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for award | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,687,222 | 3,870,152 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock split, terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'TD Group (after giving effect to the 149.60 for 1.00 stock split effected on March 14, 2006) | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional stock option granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,469,301 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of vesting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | 80.00% | ' | ' | ' | ' | ' |
Stock option, expiry period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total intrinsic value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 88,700,000 | 120,800,000 | 137,500,000 | ' | ' | ' | ' | ' | ' | ' |
Cash dividend and dividend equivalents paid | ' | $17,805,000 | $45,579,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $126,600,000 | $171,200,000 | $3,300,000 |
Weighted_Average_Assumptions_u
Weighted Average Assumptions used to Estimate Fair Value of all Options at Grant Date using Black-Scholes-Merton Option-Pricing Model (Detail) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Schedule of Weighted Average Assumptions for Fair Values of Stock Options[Line Items] | ' | ' | ' |
Risk-free interest rate, minimum | 1.71% | 0.84% | 1.10% |
Risk-free interest rate, maximum | 2.03% | 1.00% | 1.50% |
Expected life of options | '6 years | '6 years | '6 years |
Expected dividend yield of stock | ' | ' | ' |
Expected volatility of stock | 35.00% | 35.00% | 40.00% |
Summary_of_Activity_Pricing_an
Summary of Activity, Pricing and Other Information for Performance Vested Stock-Based Award Activity (Detail) (USD $) | Jun. 29, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 |
2006 Stock Incentive Plan | 2006 Stock Incentive Plan | 2003 Stock Option Plan | 2003 Stock Option Plan | 2003 Stock Option Plan | 2003 Stock Option Plan | ||
Performance Vested Stock Options | Performance Vested Stock Options | ||||||
Number of Options | ' | ' | ' | ' | ' | ' | ' |
Number of Options, Outstanding, beginning of period | ' | ' | 5,147,806 | ' | ' | ' | 437,009 |
Number of Options, Granted | ' | 1,687,222 | 702,171 | 3,870,152 | ' | ' | ' |
Number of Options, Exercised | ' | ' | -433,398 | ' | ' | ' | -152,741 |
Number of Options, Forfeited | ' | ' | -88,475 | ' | ' | ' | ' |
Number of Options, Expired | ' | ' | ' | ' | ' | ' | ' |
Number of Options, Outstanding, end of period | ' | ' | 5,328,104 | ' | ' | ' | 284,268 |
Number of Options, Expected to vest | ' | ' | 862,591 | ' | ' | ' | ' |
Number of Options Exercisable at end of period | ' | ' | 3,929,084 | ' | ' | ' | 206,439 |
Weighted average exercise price per option | ' | ' | ' | ' | ' | ' | ' |
Weighted-Average Exercise Price Per Option, Outstanding, beginning of period | $58.35 | ' | $70.66 | ' | ' | ' | $37.69 |
Weighted-Average Exercise Price Per Option, Granted | ' | ' | $156.22 | ' | ' | ' | ' |
Weighted-Average Exercise Price Per Option, Exercised | ' | ' | $52.71 | ' | ' | ' | $17.60 |
Weighted-Average Exercise Price Per Option, Forfeited | ' | ' | $144.12 | ' | ' | ' | ' |
Weighted-Average Exercise Price Per Option, Expired | ' | ' | ' | ' | ' | ' | ' |
Weighted-Average Exercise Price Per Option, Outstanding, end of period | $58.35 | ' | $82.18 | ' | ' | ' | $48.48 |
Weighted-Average Exercise Price Per Option, Expected to vest | ' | ' | $119.40 | ' | ' | ' | ' |
Weighted-Average Exercise Price Per Option, Exercisable | ' | ' | $61.38 | ' | ' | ' | $17.71 |
Weighted average remaining contractual term | ' | ' | ' | ' | ' | ' | ' |
Weighted-Average Remaining Contractual Term, Outstanding, years | ' | ' | '6 years 3 months 18 days | ' | ' | ' | '3 years 2 months 12 days |
Weighted-Average Remaining Contractual Term, Expected to vest, years | ' | ' | '8 years 6 months | ' | ' | ' | ' |
Weighted-Average Remaining Contractual Term, Exercisable, years | ' | ' | '5 years 4 months 24 days | ' | ' | ' | '1 year 3 months 18 days |
Aggregate intrinsic value | ' | ' | ' | ' | ' | ' | ' |
Aggregate Intrinsic Value, Outstanding | ' | ' | $544,265,824 | ' | ' | ' | $38,617,808 |
Aggregate Intrinsic Value, Expected to vest | ' | ' | 56,003,788 | ' | ' | ' | ' |
Aggregate Intrinsic Value, Exercisable | ' | ' | $483,080,878 | $88,700,000 | $120,800,000 | $137,500,000 | $34,396,866 |
Summary_of_Activity_Pricing_an1
Summary of Activity, Pricing and Other Information for Time Vested Stock Based Award Activity (Detail) (USD $) | Jun. 29, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 |
2003 Stock Option Plan | 2003 Stock Option Plan | 2003 Stock Option Plan | 2003 Stock Option Plan | ||
Time Vested Stock Options | |||||
Number of shares | ' | ' | ' | ' | ' |
Number of Options, Outstanding, beginning of period | ' | ' | ' | ' | 113,467 |
Number of Options, Granted | ' | 3,870,152 | ' | ' | ' |
Number of Options, Exercised | ' | ' | ' | ' | -73,224 |
Number of Options, Forfeited | ' | ' | ' | ' | ' |
Number of Options, Outstanding, end of period | ' | ' | ' | ' | 40,243 |
Number of Options Exercisable at end of period | ' | ' | ' | ' | 40,243 |
Weighted average exercise price per option | ' | ' | ' | ' | ' |
Weighted-Average Exercise Price Per Option, Outstanding, beginning of period | $58.35 | ' | ' | ' | $20.62 |
Weighted-Average Exercise Price Per Option, Granted | ' | ' | ' | ' | ' |
Weighted-Average Exercise Price Per Option, Exercised | ' | ' | ' | ' | $16.44 |
Weighted-Average Exercise Price Per Option, Forfeited | ' | ' | ' | ' | ' |
Weighted-Average Exercise Price Per Option, Outstanding, end of period | $58.35 | ' | ' | ' | $28.24 |
Weighted-Average Exercise Price Per Option, Exercisable | ' | ' | ' | ' | $28.24 |
Weighted average remaining contractual term | ' | ' | ' | ' | ' |
Weighted-Average Remaining Contractual Term, Outstanding, years | ' | ' | ' | ' | '2 years 1 month 6 days |
Weighted-Average Remaining Contractual Term, Exercisable, years | ' | ' | ' | ' | '2 years 1 month 6 days |
Aggregate intrinsic value | ' | ' | ' | ' | ' |
Aggregate Intrinsic Value, Outstanding | ' | ' | ' | ' | $6,281,530 |
Aggregate Intrinsic Value, Exercisable | ' | $88,700,000 | $120,800,000 | $137,500,000 | $6,281,530 |
leases_Additional_Information_
leases - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Lease and Rental Expense [Line Items] | ' | ' | ' |
Expiry date of manufacturing facility leases | 31-Jan-51 | ' | ' |
Annual rental expense | $12.10 | $9.20 | $7.90 |
Future minimum rental commitments in fiscal 2015 | 11.5 | ' | ' |
Future minimum rental commitments in fiscal 2016 | 10.4 | ' | ' |
Future minimum rental commitments in fiscal 2017 | 8.3 | ' | ' |
Future minimum rental commitments in fiscal 2018 | 6.7 | ' | ' |
Future minimum rental commitments in fiscal 2019 | 5.2 | ' | ' |
Future minimum rental commitments, due thereafter | $19.50 | ' | ' |
Carrying_Amounts_and_Fair_Valu
Carrying Amounts and Fair Values of Financial Instruments (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | ||
In Thousands, unless otherwise specified | ||||||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ' | ' | ||
Cash and cash equivalents, Assets, Carrying Amount | $819,548 | $564,740 | $440,524 | $376,183 | ||
Short-term borrowings - trade receivable securitization facility, Carrying Amount | 200,000 | ' | ' | ' | ||
Accrued Liabilities | ' | ' | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ' | ' | ||
Interest rate swap agreements, Liabilities, Carrying Amount | 20,070 | [1] | 6,950 | [1] | ' | ' |
Other Non-Current Liabilities | ' | ' | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ' | ' | ||
Interest rate swap agreements, Liabilities, Carrying Amount | 4,650 | [2] | 7,550 | [2] | ' | ' |
Term Loans | ' | ' | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ' | ' | ||
Long-term debt, Carrying Amount | 3,873,131 | 3,081,238 | ' | ' | ||
7 3/4% Senior Subordinated Notes, Due 2018 | ' | ' | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ' | ' | ||
Long-term debt, Carrying Amount | ' | 1,600,000 | ' | ' | ||
5 1/2% Senior Subordinated Notes, Due 2020 | ' | ' | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ' | ' | ||
Long-term debt, Carrying Amount | 550,000 | 550,000 | ' | ' | ||
7 1/2% Senior Subordinated Notes, Due 2021 | ' | ' | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ' | ' | ||
Long-term debt, Carrying Amount | 500,000 | 500,000 | ' | ' | ||
6.00% Senior Subordinated Notes, Due 2022 | ' | ' | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ' | ' | ||
Long-term debt, Carrying Amount | 1,150,000 | ' | ' | ' | ||
6 1/2% Senior Subordinated Notes, Due 2024 | ' | ' | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ' | ' | ||
Long-term debt, Carrying Amount | 1,200,000 | ' | ' | ' | ||
Level 1 | ' | ' | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ' | ' | ||
Cash and cash equivalents, Assets, Fair Value | 819,548 | 564,740 | ' | ' | ||
Short-term borrowings - trade receivable securitization facility, Fair Value | 200,000 | ' | ' | ' | ||
Level 1 | 7 3/4% Senior Subordinated Notes, Due 2018 | ' | ' | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ' | ' | ||
Long-term debt, Fair Value | ' | 1,708,000 | ' | ' | ||
Level 1 | 5 1/2% Senior Subordinated Notes, Due 2020 | ' | ' | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ' | ' | ||
Long-term debt, Fair Value | 529,000 | 540,000 | ' | ' | ||
Level 1 | 7 1/2% Senior Subordinated Notes, Due 2021 | ' | ' | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ' | ' | ||
Long-term debt, Fair Value | 531,000 | 536,000 | ' | ' | ||
Level 1 | 6.00% Senior Subordinated Notes, Due 2022 | ' | ' | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ' | ' | ||
Long-term debt, Fair Value | 1,121,000 | ' | ' | ' | ||
Level 1 | 6 1/2% Senior Subordinated Notes, Due 2024 | ' | ' | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ' | ' | ||
Long-term debt, Fair Value | 1,182,000 | ' | ' | ' | ||
Level 2 | Accrued Liabilities | ' | ' | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ' | ' | ||
Interest rate swap agreements, Liabilities, Fair Value | 20,070 | [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, Fair Value | 4,650 | [2] | 7,550 | [2] | ' | ' |
Level 2 | Term Loans | ' | ' | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ' | ' | ||
Long-term debt, Fair Value | $3,821,000 | $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) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 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 | '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 | '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 | '2021 |
6.00% Senior Subordinated Notes, Due 2022 | ' | ' |
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' |
Senior subordinate note, due date | '2022 | '2022 |
6 1/2% Senior Subordinated Notes, Due 2024 | ' | ' |
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' |
Senior subordinate note, due date | '2024 | '2024 |
Recovered_Sheet3
Derivatives and Hedging Activities - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Jul. 24, 2014 | Jul. 16, 2013 | Sep. 30, 2014 | Jul. 24, 2014 | Jul. 16, 2013 |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate swap, notional amount | ' | ' | ' | $750 | $1,000 |
Fixed rate of interest under interest rate swap | ' | ' | ' | 5.80% | 5.40% |
Interest rate swap agreements description | '2.8% plus the 3% margin percentage | '2.4% plus the 3% margin percentage | ' | ' | ' |
Derivative loss to be recognized | ' | ' | 20.1 | ' | ' |
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 | ' | ' |
2014 Credit Facility | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate swap, notional amount | ' | ' | 353 | 750 | ' |
Fixed rate of interest under interest rate swap | ' | ' | 5.17% | 5.80% | ' |
Interest rate swap agreements description | '2.8% plus the 3% margin percentage | ' | '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 | ' | ' |
Recovered_Sheet4
Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Interest rate swap agreements, net of taxes of $8.9 million for 2014 and $5.2 million for 2013 | ($15,888) | ($9,722) |
Cumulative foreign currency translation adjustments | -3,056 | 4,597 |
Pension liability adjustments, net of taxes of $3.7 million for 2014 and $0.9 million for 2013 | -6,227 | -1,391 |
Total | ($25,171) | ($6,516) |
Recovered_Sheet5
Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Interest rate swap, tax | $8.90 | $5.20 |
Unamortized pension benefits, tax | $3.70 | $0.90 |
Recovered_Sheet6
Quarterly Financial Data (Unaudited) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 30, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | ||||||||
Quarterly Financial Data [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
NET SALES | ' | ' | ' | ' | ' | ' | ' | ' | $2,372,906 | $1,924,400 | $1,700,208 | ||||||||
GROSS PROFIT | ' | ' | ' | ' | ' | ' | ' | ' | 1,267,874 | 1,049,562 | 945,717 | ||||||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 306,910 | 302,789 | 324,969 | ||||||||
Net earnings (loss) per share - basic and diluted | ' | ' | ' | ' | ' | ' | ' | ' | $3.16 | $2.39 | $5.97 | ||||||||
TransDigm Group | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Quarterly Financial Data [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
NET SALES | 642,241 | 610,582 | 590,761 | 529,322 | 539,737 | 488,636 | 465,609 | 430,418 | ' | ' | ' | ||||||||
GROSS PROFIT | 348,628 | 327,528 | 307,582 | 284,136 | 282,719 | 268,986 | 259,310 | 238,547 | ' | ' | ' | ||||||||
Net income | $114,255 | $16,177 | $90,355 | $86,123 | $84,027 | $76,655 | $67,937 | $74,170 | $306,910 | $302,789 | $324,969 | ||||||||
Net earnings (loss) per share - basic and diluted | $1.91 | [1] | ($1.66) | [1] | $1.49 | [1] | $1.44 | [1] | ($0.20) | [1] | $0.71 | [1] | $1.25 | [1] | $0.66 | [1] | ' | ' | ' |
[1] | The sum of the earnings per share for the four quarters in a year does not necessarily equal the total year earnings per share. |
Supplemental_Condensed_Consoli
Supplemental Condensed Consolidating Balance Sheet (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
In Thousands, unless otherwise specified | ||||
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $819,548 | $564,740 | $440,524 | $376,183 |
Trade accounts receivable-Net | 351,307 | 290,449 | ' | ' |
Inventories-Net | 459,074 | 413,581 | ' | ' |
Deferred income taxes | 37,669 | 30,182 | ' | ' |
Prepaid expenses and other | 21,978 | 21,543 | ' | ' |
Total current assets | 1,689,576 | 1,320,495 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT-Net | 212,108 | 208,964 | ' | ' |
GOODWILL | 3,525,077 | 3,343,907 | 3,035,502 | ' |
TRADEMARKS AND TRADE NAMES | 514,520 | 485,690 | ' | ' |
OTHER INTANGIBLE ASSETS-Net | 702,633 | 703,800 | ' | ' |
DEBT ISSUE COSTS-Net | 92,393 | 72,668 | ' | ' |
OTHER | 20,541 | 13,355 | ' | ' |
TOTAL ASSETS | 6,756,848 | 6,148,879 | ' | ' |
Current portion of long-term debt | 39,295 | 31,045 | ' | ' |
Short-term borrowings-trade receivable securitization facility | 200,000 | ' | ' | ' |
Accounts payable | 115,741 | 106,768 | ' | ' |
Accrued liabilities | 230,871 | 184,687 | ' | ' |
Total current liabilities | 585,907 | 322,500 | ' | ' |
Long-term debt | 7,233,836 | 5,700,193 | ' | ' |
DEFERRED INCOME TAXES | 402,247 | 384,301 | ' | ' |
OTHER NON-CURRENT LIABILITIES | 90,957 | 78,266 | ' | ' |
Total liabilities | 8,312,947 | 6,485,260 | ' | ' |
STOCKHOLDERS' EQUITY (DEFICIT) | -1,556,099 | -336,381 | 1,218,834 | 810,949 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | 6,756,848 | 6,148,879 | ' | ' |
TransDigm Group | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 2,088 | 1,313 | 20,100 | 5,695 |
Total current assets | 2,088 | 1,313 | ' | ' |
INVESTMENT IN SUBSIDIARIES AND INTERCOMPANY BALANCES | -1,558,187 | -337,694 | ' | ' |
TOTAL ASSETS | -1,556,099 | -336,381 | ' | ' |
STOCKHOLDERS' EQUITY (DEFICIT) | -1,556,099 | -336,381 | ' | ' |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | -1,556,099 | -336,381 | ' | ' |
TransDigm Inc. | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 782,648 | 536,863 | 406,891 | 360,074 |
Trade accounts receivable-Net | -305 | 16,332 | ' | ' |
Inventories-Net | 32,287 | 26,353 | ' | ' |
Deferred income taxes | 37,669 | 30,182 | ' | ' |
Prepaid expenses and other | 2,040 | 7,533 | ' | ' |
Total current assets | 854,339 | 617,263 | ' | ' |
INVESTMENT IN SUBSIDIARIES AND INTERCOMPANY BALANCES | 5,327,465 | 5,206,201 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT-Net | 15,884 | 15,471 | ' | ' |
GOODWILL | 64,461 | 67,245 | ' | ' |
TRADEMARKS AND TRADE NAMES | 19,377 | 19,377 | ' | ' |
OTHER INTANGIBLE ASSETS-Net | 20,689 | 22,130 | ' | ' |
DEBT ISSUE COSTS-Net | 92,155 | 72,668 | ' | ' |
OTHER | 7,845 | 2,633 | ' | ' |
TOTAL ASSETS | 6,402,215 | 6,022,988 | ' | ' |
Current portion of long-term debt | 39,295 | 31,045 | ' | ' |
Accounts payable | 17,629 | 14,353 | ' | ' |
Accrued liabilities | 106,631 | 80,313 | ' | ' |
Total current liabilities | 163,555 | 125,711 | ' | ' |
Long-term debt | 7,233,836 | 5,700,193 | ' | ' |
DEFERRED INCOME TAXES | 402,538 | 384,301 | ' | ' |
OTHER NON-CURRENT LIABILITIES | 42,470 | 32,474 | ' | ' |
Total liabilities | 7,842,399 | 6,242,679 | ' | ' |
STOCKHOLDERS' EQUITY (DEFICIT) | -1,440,184 | -219,691 | ' | ' |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | 6,402,215 | 6,022,988 | ' | ' |
Subsidiary Guarantors | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 3,793 | 7,900 | 4,494 | 2,115 |
Trade accounts receivable-Net | 1,711 | 251,272 | ' | ' |
Inventories-Net | 382,016 | 359,518 | ' | ' |
Prepaid expenses and other | 14,789 | 10,693 | ' | ' |
Total current assets | 402,309 | 629,383 | ' | ' |
INVESTMENT IN SUBSIDIARIES AND INTERCOMPANY BALANCES | 3,758,085 | 2,527,374 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT-Net | 167,257 | 178,193 | ' | ' |
GOODWILL | 3,289,295 | 3,192,519 | ' | ' |
TRADEMARKS AND TRADE NAMES | 449,706 | 434,066 | ' | ' |
OTHER INTANGIBLE ASSETS-Net | 642,305 | 663,881 | ' | ' |
OTHER | 11,754 | 10,520 | ' | ' |
TOTAL ASSETS | 8,720,711 | 7,635,936 | ' | ' |
Accounts payable | 85,328 | 82,661 | ' | ' |
Accrued liabilities | 98,308 | 88,204 | ' | ' |
Total current liabilities | 183,636 | 170,865 | ' | ' |
OTHER NON-CURRENT LIABILITIES | 42,445 | 45,748 | ' | ' |
Total liabilities | 226,081 | 216,613 | ' | ' |
STOCKHOLDERS' EQUITY (DEFICIT) | 8,494,630 | 7,419,323 | ' | ' |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | 8,720,711 | 7,635,936 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 31,019 | 18,664 | 9,039 | 8,299 |
Trade accounts receivable-Net | 351,881 | 24,567 | ' | ' |
Inventories-Net | 45,471 | 28,633 | ' | ' |
Prepaid expenses and other | 5,149 | 3,317 | ' | ' |
Total current assets | 433,520 | 75,181 | ' | ' |
INVESTMENT IN SUBSIDIARIES AND INTERCOMPANY BALANCES | -59,788 | 77,853 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT-Net | 28,967 | 15,300 | ' | ' |
GOODWILL | 171,321 | 84,143 | ' | ' |
TRADEMARKS AND TRADE NAMES | 45,437 | 32,247 | ' | ' |
OTHER INTANGIBLE ASSETS-Net | 41,099 | 19,249 | ' | ' |
DEBT ISSUE COSTS-Net | 238 | ' | ' | ' |
OTHER | 942 | 201 | ' | ' |
TOTAL ASSETS | 661,736 | 304,174 | ' | ' |
Short-term borrowings-trade receivable securitization facility | 200,000 | ' | ' | ' |
Accounts payable | 14,768 | 11,481 | ' | ' |
Accrued liabilities | 25,932 | 16,170 | ' | ' |
Total current liabilities | 240,700 | 27,651 | ' | ' |
DEFERRED INCOME TAXES | -291 | ' | ' | ' |
OTHER NON-CURRENT LIABILITIES | 6,042 | 44 | ' | ' |
Total liabilities | 246,451 | 27,695 | ' | ' |
STOCKHOLDERS' EQUITY (DEFICIT) | 415,285 | 276,479 | ' | ' |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | 661,736 | 304,174 | ' | ' |
Eliminations | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Trade accounts receivable-Net | -1,980 | -1,722 | ' | ' |
Inventories-Net | -700 | -923 | ' | ' |
Total current assets | -2,680 | -2,645 | ' | ' |
INVESTMENT IN SUBSIDIARIES AND INTERCOMPANY BALANCES | -7,467,575 | -7,473,734 | ' | ' |
OTHER INTANGIBLE ASSETS-Net | -1,460 | -1,460 | ' | ' |
OTHER | ' | 1 | ' | ' |
TOTAL ASSETS | -7,471,715 | -7,477,838 | ' | ' |
Accounts payable | -1,984 | -1,727 | ' | ' |
Total current liabilities | -1,984 | -1,727 | ' | ' |
Total liabilities | -1,984 | -1,727 | ' | ' |
STOCKHOLDERS' EQUITY (DEFICIT) | -7,469,731 | -7,476,111 | ' | ' |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ($7,471,715) | ($7,477,838) | ' | ' |
Supplemental_Condensed_Consoli1
Supplemental Condensed Consolidating Statement of Income and Comprehensive Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 30, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET SALES | ' | ' | ' | ' | ' | ' | ' | ' | $2,372,906 | $1,924,400 | $1,700,208 |
COST OF SALES | ' | ' | ' | ' | ' | ' | ' | ' | 1,105,032 | 874,838 | 754,491 |
GROSS PROFIT | ' | ' | ' | ' | ' | ' | ' | ' | 1,267,874 | 1,049,562 | 945,717 |
SELLING AND ADMINISTRATIVE EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | 276,446 | 254,468 | 201,709 |
AMORTIZATION OF INTANGIBLE ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | 63,608 | 45,639 | 44,233 |
INCOME (LOSS) FROM OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 927,820 | 749,455 | 699,775 |
INTEREST EXPENSE-Net | ' | ' | ' | ' | ' | ' | ' | ' | 347,688 | 270,685 | 211,906 |
REFINANCING COSTS | ' | ' | ' | ' | ' | ' | ' | ' | 131,622 | 30,281 | ' |
INCOME BEFORE INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | 448,510 | 448,489 | 487,869 |
INCOME TAX PROVISION (BENEFIT) | ' | ' | ' | ' | ' | ' | ' | ' | 141,600 | 145,700 | 162,900 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 306,910 | 302,789 | 324,969 |
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX | ' | ' | ' | ' | ' | ' | ' | ' | -18,655 | 1,535 | -4,774 |
TOTAL COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 288,255 | 304,324 | 320,195 |
TransDigm Group | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET SALES | 642,241 | 610,582 | 590,761 | 529,322 | 539,737 | 488,636 | 465,609 | 430,418 | ' | ' | ' |
GROSS PROFIT | 348,628 | 327,528 | 307,582 | 284,136 | 282,719 | 268,986 | 259,310 | 238,547 | ' | ' | ' |
EQUITY IN INCOME OF SUBSIDIARIES | ' | ' | ' | ' | ' | ' | ' | ' | -306,910 | -302,789 | -324,969 |
INCOME BEFORE INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | 306,910 | 302,789 | 324,969 |
Net income | 114,255 | 16,177 | 90,355 | 86,123 | 84,027 | 76,655 | 67,937 | 74,170 | 306,910 | 302,789 | 324,969 |
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX | ' | ' | ' | ' | ' | ' | ' | ' | -18,655 | 1,535 | -4,774 |
TOTAL COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 288,255 | 304,324 | 320,195 |
TransDigm Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET SALES | ' | ' | ' | ' | ' | ' | ' | ' | 125,389 | 110,608 | 103,694 |
COST OF SALES | ' | ' | ' | ' | ' | ' | ' | ' | 74,312 | 66,524 | 64,394 |
GROSS PROFIT | ' | ' | ' | ' | ' | ' | ' | ' | 51,077 | 44,084 | 39,300 |
SELLING AND ADMINISTRATIVE EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | 65,272 | 88,286 | 61,214 |
AMORTIZATION OF INTANGIBLE ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | 1,388 | 624 | 624 |
INCOME (LOSS) FROM OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | -15,583 | -44,826 | -22,538 |
INTEREST EXPENSE-Net | ' | ' | ' | ' | ' | ' | ' | ' | 349,289 | 267,385 | 208,384 |
REFINANCING COSTS | ' | ' | ' | ' | ' | ' | ' | ' | 131,622 | 30,281 | ' |
EQUITY IN INCOME OF SUBSIDIARIES | ' | ' | ' | ' | ' | ' | ' | ' | -639,539 | -505,199 | -465,683 |
INCOME BEFORE INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | 143,045 | 162,707 | 234,761 |
INCOME TAX PROVISION (BENEFIT) | ' | ' | ' | ' | ' | ' | ' | ' | -163,865 | -140,082 | -90,208 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 306,910 | 302,789 | 324,969 |
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX | ' | ' | ' | ' | ' | ' | ' | ' | -3,951 | -4,515 | -3,067 |
TOTAL COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 302,959 | 298,274 | 321,902 |
Subsidiary Guarantors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET SALES | ' | ' | ' | ' | ' | ' | ' | ' | 2,051,541 | 1,699,742 | 1,508,067 |
COST OF SALES | ' | ' | ' | ' | ' | ' | ' | ' | 895,041 | 732,812 | 622,056 |
GROSS PROFIT | ' | ' | ' | ' | ' | ' | ' | ' | 1,156,500 | 966,930 | 886,011 |
SELLING AND ADMINISTRATIVE EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | 176,516 | 147,620 | 125,261 |
AMORTIZATION OF INTANGIBLE ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | 55,730 | 43,265 | 41,937 |
INCOME (LOSS) FROM OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 924,254 | 776,045 | 718,813 |
INTEREST EXPENSE-Net | ' | ' | ' | ' | ' | ' | ' | ' | -36 | 2,028 | 2,268 |
INCOME BEFORE INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | 924,290 | 774,017 | 716,545 |
INCOME TAX PROVISION (BENEFIT) | ' | ' | ' | ' | ' | ' | ' | ' | 293,961 | 272,829 | 251,514 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 630,329 | 501,188 | 465,031 |
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX | ' | ' | ' | ' | ' | ' | ' | ' | -1,520 | 950 | 204 |
TOTAL COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 628,809 | 502,138 | 465,235 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET SALES | ' | ' | ' | ' | ' | ' | ' | ' | 206,952 | 120,706 | 102,299 |
COST OF SALES | ' | ' | ' | ' | ' | ' | ' | ' | 146,878 | 81,583 | 81,390 |
GROSS PROFIT | ' | ' | ' | ' | ' | ' | ' | ' | 60,074 | 39,123 | 20,909 |
SELLING AND ADMINISTRATIVE EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | 34,658 | 17,180 | 15,234 |
AMORTIZATION OF INTANGIBLE ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | 6,490 | 1,750 | 1,672 |
INCOME (LOSS) FROM OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 18,926 | 20,193 | 4,003 |
INTEREST EXPENSE-Net | ' | ' | ' | ' | ' | ' | ' | ' | -1,565 | 1,272 | 1,254 |
INCOME BEFORE INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | 20,491 | 18,921 | 2,749 |
INCOME TAX PROVISION (BENEFIT) | ' | ' | ' | ' | ' | ' | ' | ' | 11,504 | 12,953 | 1,594 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 8,987 | 5,968 | 1,155 |
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX | ' | ' | ' | ' | ' | ' | ' | ' | -13,184 | 5,100 | -1,911 |
TOTAL COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | -4,197 | 11,068 | -756 |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET SALES | ' | ' | ' | ' | ' | ' | ' | ' | -10,976 | -6,656 | -13,852 |
COST OF SALES | ' | ' | ' | ' | ' | ' | ' | ' | -11,199 | -6,081 | -13,349 |
GROSS PROFIT | ' | ' | ' | ' | ' | ' | ' | ' | 223 | -575 | -503 |
SELLING AND ADMINISTRATIVE EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,382 | ' |
INCOME (LOSS) FROM OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 223 | -1,957 | -503 |
EQUITY IN INCOME OF SUBSIDIARIES | ' | ' | ' | ' | ' | ' | ' | ' | 946,449 | 807,988 | 790,652 |
INCOME BEFORE INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | -946,226 | -809,945 | -791,155 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -946,226 | -809,945 | -791,155 |
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX | ' | ' | ' | ' | ' | ' | ' | ' | 18,655 | -1,535 | 4,774 |
TOTAL COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | ($927,571) | ($811,480) | ($786,381) |
Supplemental_Condensed_Consoli2
Supplemental Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental Guarantor Information [Line Items] | ' | ' | ' |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $541,222 | $470,205 | $413,885 |
Capital expenditures | -34,146 | -35,535 | -25,246 |
Acquisition of business, net of cash acquired | -311,872 | -483,257 | -868,696 |
Cash proceeds from sale of real estate | 16,380 | ' | ' |
Cash proceeds from sale of investment | ' | 16,350 | ' |
Cash proceeds from sale of business | ' | ' | 17,650 |
Net cash used in investing activities | -329,638 | -502,442 | -876,292 |
Excess tax benefits related to share-based payment arrangements | 51,709 | 66,201 | 50,555 |
Proceeds from exercise of stock options | 26,738 | 21,534 | 15,710 |
Dividends paid | -1,451,391 | -1,991,350 | -3,299 |
Treasury stock purchased | -159,852 | ' | -846 |
Proceeds from credit facility-net | 805,360 | 3,211,374 | 484,316 |
Repayment on credit facility | -33,107 | -2,187,885 | -19,250 |
Proceeds from senior subordinated notes-net | 2,326,366 | 1,036,321 | ' |
Repurchase of senior subordinated notes due 2018 | -1,721,014 | ' | ' |
Proceeds from trade receivable securitization facility-net | 199,164 | ' | ' |
Net cash provided by (used in) financing activities | 43,973 | 156,195 | 527,186 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | -749 | 258 | -438 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 254,808 | 124,216 | 64,341 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 564,740 | 440,524 | 376,183 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 819,548 | 564,740 | 440,524 |
Eliminations | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 15,204 | -8,593 | 151 |
Intercompany activities | -15,204 | 8,593 | -151 |
Net cash provided by (used in) financing activities | -15,204 | 8,593 | -151 |
TransDigm Group | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' |
Intercompany activities | 1,533,571 | 1,884,828 | -47,715 |
Excess tax benefits related to share-based payment arrangements | 51,709 | 66,201 | 50,555 |
Proceeds from exercise of stock options | 26,738 | 21,534 | 15,710 |
Dividends paid | -1,451,391 | -1,991,350 | -3,299 |
Treasury stock purchased | -159,852 | ' | -846 |
Net cash provided by (used in) financing activities | 775 | -18,787 | 14,405 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 775 | -18,787 | 14,405 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 1,313 | 20,100 | 5,695 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 2,088 | 1,313 | 20,100 |
TransDigm Inc. | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | -123,074 | -95,862 | -119,491 |
Capital expenditures | -2,666 | -2,047 | -1,865 |
Acquisition of business, net of cash acquired | -311,872 | -483,257 | -868,696 |
Cash proceeds from sale of investment | ' | 16,350 | ' |
Cash proceeds from sale of business | ' | ' | 17,650 |
Net cash used in investing activities | -314,538 | -468,954 | -852,911 |
Intercompany activities | -694,208 | -1,365,022 | 554,153 |
Proceeds from credit facility-net | 805,360 | 3,211,374 | 484,316 |
Repayment on credit facility | -33,107 | -2,187,885 | -19,250 |
Proceeds from senior subordinated notes-net | 2,326,366 | 1,036,321 | ' |
Repurchase of senior subordinated notes due 2018 | -1,721,014 | ' | ' |
Net cash provided by (used in) financing activities | 683,397 | 694,788 | 1,019,219 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 245,785 | 129,972 | 46,817 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 536,863 | 406,891 | 360,074 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 782,648 | 536,863 | 406,891 |
Subsidiary Guarantors | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 952,855 | 565,957 | 523,759 |
Capital expenditures | -28,927 | -29,727 | -22,259 |
Cash proceeds from sale of real estate | 16,380 | ' | ' |
Net cash used in investing activities | -12,547 | -29,727 | -22,259 |
Intercompany activities | -944,415 | -532,824 | -499,121 |
Net cash provided by (used in) financing activities | -944,415 | -532,824 | -499,121 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -4,107 | 3,406 | 2,379 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 7,900 | 4,494 | 2,115 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 3,793 | 7,900 | 4,494 |
Non-Guarantor Subsidiaries | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | -303,763 | 8,703 | 9,466 |
Capital expenditures | -2,553 | -3,761 | -1,122 |
Net cash used in investing activities | -2,553 | -3,761 | -1,122 |
Intercompany activities | 120,256 | 4,425 | -7,166 |
Proceeds from trade receivable securitization facility-net | 199,164 | ' | ' |
Net cash provided by (used in) financing activities | 319,420 | 4,425 | -7,166 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | -749 | 258 | -438 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 12,355 | 9,625 | 740 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 18,664 | 9,039 | 8,299 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $31,019 | $18,664 | $9,039 |
Recovered_Sheet7
Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |||
Allowance for Doubtful Accounts | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at the Beginning of Period | $5,485 | $4,960 | $2,873 | |||
Charged to Cost Expenses | 682 | 1,566 | 1,555 | |||
Acquisition | 81 | 1,137 | 1,066 | |||
Deductions from Reserve | -2,157 | [1] | -2,178 | [1] | -534 | [1] |
Balance at the End of Period | 4,091 | 5,485 | 4,960 | |||
Reserve for excess and obsolete inventory | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at the Beginning of Period | 45,369 | 36,081 | 25,623 | |||
Charged to Cost Expenses | 16,027 | 14,159 | 11,839 | |||
Acquisition | ' | 148 | 4,933 | |||
Deductions from Reserve | -5,810 | [1] | -5,019 | [1] | -6,314 | [1] |
Balance at the End of Period | 55,586 | 45,369 | 36,081 | |||
Valuation Allowance of Deferred Tax Assets | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at the Beginning of Period | 26,125 | 16,150 | 15,874 | |||
Charged to Cost Expenses | -4,494 | 10,217 | 453 | |||
Acquisition | 2,636 | -242 | 7,050 | |||
Deductions from Reserve | ' | ' | -7,227 | [1] | ||
Balance at the End of Period | $24,267 | $26,125 | $16,150 | |||
[1] | The amounts in this column represent charge-offs net of recoveries and the impact of foreign currency translation adjustments. |