Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Oct. 25, 2013 | Dec. 16, 2013 | Apr. 26, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 25-Oct-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'ESL | ' | ' |
Entity Registrant Name | 'ESTERLINE TECHNOLOGIES CORP | ' | ' |
Entity Central Index Key | '0000033619 | ' | ' |
Current Fiscal Year End Date | '--10-25 | ' | ' |
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 | ' | 31,575,039 | ' |
Entity Public Float | ' | ' | $2,308,350,938 |
Consolidated_Statement_of_Oper
Consolidated Statement of Operations | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | 31-May-08 | Oct. 25, 2013 | Jul. 26, 2013 | Apr. 26, 2013 | Jan. 25, 2013 | Oct. 26, 2012 | Jul. 27, 2012 | Apr. 27, 2012 | Apr. 27, 2012 | Jan. 27, 2012 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | |||||||||||
CAD | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||
Net Sales | ' | $534,162 | $478,068 | $499,562 | $457,962 | $530,656 | $485,949 | $504,831 | ' | $470,882 | $1,969,754 | [1] | $1,992,318 | [1] | $1,717,985 | [1] | ||||||||
Cost of Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,243,758 | 1,273,365 | 1,128,265 | |||||||||||
Gross Margin | ' | 205,373 | 178,902 | 181,376 | 160,345 | 204,253 | 172,096 | 184,523 | ' | 158,081 | 725,996 | 718,953 | 589,720 | |||||||||||
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 391,147 | 382,887 | 304,154 | |||||||||||
Research, development and engineering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95,736 | 107,745 | 94,505 | |||||||||||
Gain on sale of product line | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,264 | 0 | 0 | |||||||||||
Gain on settlement of contingency | -11,800 | ' | ' | ' | ' | ' | ' | -11,900 | -11,800 | ' | 0 | -11,891 | 0 | |||||||||||
Goodwill impairment | ' | ' | 3,500 | ' | ' | ' | 52,200 | ' | ' | ' | 3,454 | 52,169 | 0 | |||||||||||
Other income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -1,263 | -6,853 | |||||||||||
Total Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 488,073 | 529,647 | 391,806 | |||||||||||
Operating Earnings From Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 237,923 | 189,306 | 197,914 | |||||||||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -539 | -465 | -1,615 | |||||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,667 | 46,238 | 40,216 | |||||||||||
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 946 | 0 | 831 | |||||||||||
Earnings From Continuing Operations Before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 197,849 | 143,533 | 158,482 | |||||||||||
Income Tax Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,085 | 29,958 | 24,938 | |||||||||||
Earnings From Continuing Operations Including Noncontrolling Interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 167,764 | 113,575 | 133,544 | |||||||||||
Earnings Attributable to Noncontrolling Interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,730 | -1,040 | -457 | |||||||||||
Earnings From Continuing Operations Attributable to Esterline, Net of Tax | ' | 66,188 | 39,213 | [2],[3],[4] | 35,522 | 25,111 | [5] | 61,660 | -17,104 | [6],[7] | 45,191 | [8] | ' | 22,788 | 166,034 | 112,535 | 133,087 | |||||||
Loss From Discontinued Operations Attributable to Esterline, Net of Tax | ' | -325 | -975 | 0 | 0 | 0 | 0 | 0 | ' | 0 | -1,300 | 0 | -47 | |||||||||||
Net Earnings (Loss) Attributable to Esterline | ' | $65,863 | $38,238 | $35,522 | $25,111 | $61,660 | ($17,104) | $45,191 | ' | $22,788 | $164,734 | $112,535 | $133,040 | |||||||||||
Earnings (Loss) Per Share Attributable to Esterline - Basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Continuing operations | ' | $2.11 | $1.25 | $1.14 | $0.81 | $2 | ($0.55) | $1.47 | ' | $0.74 | $5.32 | $3.66 | $4.36 | |||||||||||
Discontinued operations | ' | ($0.01) | ($0.03) | $0 | $0 | $0 | $0 | $0 | ' | $0 | ($0.04) | $0 | $0 | |||||||||||
Earnings (Loss) Per Share Attributable to Esterline - Basic | ' | $2.10 | $1.22 | $1.14 | $0.81 | $2 | ($0.55) | $1.47 | ' | $0.74 | $5.28 | $3.66 | $4.36 | |||||||||||
Earnings (Loss) Per Share Attributable to Esterline - Diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Continuing operations | ' | $2.07 | $1.23 | $1.12 | $0.80 | $1.97 | ($0.55) | $1.44 | ' | $0.73 | $5.23 | $3.60 | $4.27 | |||||||||||
Discontinued operations | ' | ($0.01) | ($0.03) | $0 | $0 | $0 | $0 | $0 | ' | $0 | ($0.04) | $0 | $0 | |||||||||||
Earnings (Loss) Per Share Attributable to Esterline - Diluted | ' | $2.06 | [9] | $1.20 | [9] | $1.12 | [9] | $0.80 | [9] | $1.97 | [9] | ($0.55) | [9] | $1.44 | [9] | ' | $0.73 | [9] | $5.19 | $3.60 | $4.27 | |||
[1] | Based on country from which the sale originated and the sale was recorded. | |||||||||||||||||||||||
[2] | Included a $10.0 million charge related to our pending matter with the DDTC. | |||||||||||||||||||||||
[3] | Included $8.2 million of income tax benefits related to the favorable resolution of certain tax matters. | |||||||||||||||||||||||
[4] | Included a $3.5 million goodwill impairment charge related to Racal Acoustics. | |||||||||||||||||||||||
[5] | Included $3.7 million of income tax benefits related to the favorable resolution of certain tax matters. | |||||||||||||||||||||||
[6] | Included a $52.2 million goodwill impairment charge related to Racal Acoustics. | |||||||||||||||||||||||
[7] | Included $4.6 million of income tax benefits related to the favorable resolution of certain tax matters. | |||||||||||||||||||||||
[8] | Included a $9.5 million gain on settlement of a contingency, net of tax. | |||||||||||||||||||||||
[9] | The sum of the quarterly per share amounts may not equal per shares amounts reported for year-to-date periods. This is due to changes in the number of weighted average shares outstanding and the effects of rounding for each period. |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Oct. 25, 2013 | Oct. 26, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $179,178 | $160,675 |
Cash in escrow | 4,018 | 5,016 |
Accounts receivable, net of allowances of $9,215 and $9,029 | 383,666 | 383,362 |
Inventories | 447,663 | 409,837 |
Income tax refundable | 6,526 | 4,832 |
Deferred income tax benefits | 47,277 | 46,000 |
Prepaid expenses | 18,183 | 21,340 |
Other current assets | 5,204 | 4,631 |
Total Current Assets | 1,091,715 | 1,035,693 |
Property, Plant and Equipment | ' | ' |
Land | 32,785 | 32,597 |
Buildings | 247,885 | 231,210 |
Machinery and equipment | 487,191 | 437,734 |
Property, Plant and Equipment, Gross, Total | 767,861 | 701,541 |
Accumulated depreciation | 396,664 | 345,140 |
Total Property, Plant and Equipment | 371,197 | 356,401 |
Other Non-Current Assets | ' | ' |
Goodwill | 1,128,977 | 1,098,962 |
Intangibles, net | 580,949 | 609,045 |
Debt issuance costs, net of accumulated amortization of $4,359 and $4,577 | 6,211 | 8,818 |
Deferred income tax benefits | 71,840 | 97,952 |
Other assets | 11,223 | 20,246 |
Total Assets | 3,262,112 | 3,227,117 |
Current Liabilities | ' | ' |
Accounts payable | 123,597 | 108,689 |
Accrued liabilities | 253,561 | 269,553 |
Current maturities of long-term debt | 21,279 | 10,610 |
Deferred income tax liabilities | 2,307 | 5,125 |
Federal and foreign income taxes | 7,348 | 2,369 |
Total Current Liabilities | 408,092 | 396,346 |
Long-Term Liabilities | ' | ' |
Credit Facilities | 130,000 | 240,000 |
Long-term debt, net of current maturities | 537,859 | 598,060 |
Deferred income tax liabilities | 193,119 | 205,198 |
Pension and post-retirement obligations | 68,102 | 132,074 |
Other liabilities | 40,188 | 34,904 |
Shareholders' Equity | ' | ' |
Common stock, par value $.20 per share, authorized 60,000,000 shares, issued and outstanding 31,441,949 and 30,869,390 shares | 6,288 | 6,174 |
Additional paid-in capital | 604,511 | 569,235 |
Retained earnings | 1,285,090 | 1,120,356 |
Accumulated other comprehensive loss | -22,284 | -85,284 |
Total Esterline shareholders' equity | 1,873,605 | 1,610,481 |
Noncontrolling interests | 11,147 | 10,054 |
Total Shareholders' Equity | 1,884,752 | 1,620,535 |
Total Liabilities and Shareholders' Equity | $3,262,112 | $3,227,117 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Oct. 25, 2013 | Oct. 26, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowances | $9,215 | $9,029 |
Debt issuance costs, accumulated amortization | $4,359 | $4,577 |
Common stock, par value | $0.20 | $0.20 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 31,441,949 | 30,869,390 |
Common stock, shares outstanding | 31,441,949 | 30,869,390 |
Consolidated_Statement_Of_Cash
Consolidated Statement Of Cash Flows | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 |
USD ($) | USD ($) | USD ($) | |
Cash Flows Provided (Used) by Operating Activities | ' | ' | ' |
Net earnings including noncontrolling interests | $166,464 | $113,575 | $133,497 |
Adjustments to reconcile net earnings including noncontrolling interests to net cash provided (used) by operating activities: | ' | ' | ' |
Depreciation and amortization | 112,132 | 107,792 | 84,658 |
Deferred income tax | -24,419 | -25,410 | -12,345 |
Share-based compensation | 9,575 | 9,543 | 7,963 |
Gain on sale of capital assets | -2,303 | -944 | -9,453 |
Gain on settlement of contingency | 0 | -11,891 | 0 |
Goodwill impairment | 3,454 | 52,169 | 0 |
Working capital changes, net of effect of acquisitions: | ' | ' | ' |
Accounts receivable | 5,015 | -22,381 | 23,811 |
Inventories | -28,317 | -19,303 | 15 |
Prepaid expenses | 3,604 | -2,506 | 667 |
Other current assets | -1,558 | -1,002 | -2,575 |
Accounts payable | 9,008 | -6,482 | -2,942 |
Accrued liabilities | -3,120 | 14,879 | -10,509 |
Federal and foreign income taxes | 5,786 | -2,858 | -816 |
Other liabilities | -7,602 | -14,702 | -22,983 |
Other, net | 3,053 | 3,692 | 3,441 |
Net Cash Provided (Used) by Operating Activities | 250,772 | 194,171 | 192,429 |
Cash Flows Provided (Used) by Investing Activities | ' | ' | ' |
Purchases of capital assets | -55,335 | -49,446 | -49,507 |
Escrow deposit | 0 | 0 | -14,033 |
Proceeds from sale of capital assets | 2,303 | 944 | 9,453 |
Acquisition of businesses, net of cash acquired | -40,689 | 0 | -814,934 |
Net Cash Provided (Used) by Investing Activities | -93,721 | -48,502 | -869,021 |
Cash Flows Provided (Used) by Financing Activities | ' | ' | ' |
Proceeds provided by stock issuance under employee stock plans | 22,854 | 7,658 | 13,253 |
Excess tax benefits from stock option exercises | 2,961 | 382 | 1,830 |
Repayment of long-term credit facilities | -110,000 | -150,000 | -35,000 |
Repayment of long-term debt | -235,428 | -73,145 | -129,916 |
Proceeds from issuance of long-term credit facilities | 175,000 | 30,000 | 400,014 |
Proceeds from issuance of long-term debt | 0 | 0 | 176,875 |
Proceeds from government assistance | 5,092 | 17,285 | 15,000 |
Dividends paid to noncontrolling interests | -1,048 | 0 | -238 |
Debt and other issuance costs | -454 | 0 | -5,398 |
Net Cash Provided (Used) by Financing Activities | -141,023 | -167,820 | 436,420 |
Effect of Foreign Exchange Rates on Cash and Cash Equivalents | 2,475 | -2,209 | 3,087 |
Net Increase (Decrease) in Cash and Cash Equivalents | 18,503 | -24,360 | -237,085 |
Cash and Cash Equivalents - Beginning of Year | 160,675 | 185,035 | 422,120 |
Cash and Cash Equivalents - End of Year | 179,178 | 160,675 | 185,035 |
Supplemental Cash Flow Information | ' | ' | ' |
Cash paid for interest | 38,376 | 43,854 | 38,361 |
Cash paid for taxes | 43,842 | 54,366 | 45,074 |
Supplemental Non-cash Investing and Financing Activities | ' | ' | ' |
Capital asset and lease obligation additions | $11,691 | $0 | $0 |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareholders' Equity Noncontrolling Interest, and Comprehensive Income (Loss) (USD $) | Total | Common Stock, Par Value $.20 Per Share | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Comprehensive Income |
In Thousands | |||||||
Beginning of year at Oct. 29, 2010 | ' | $6,056 | $528,724 | $874,781 | $3,235 | $2,703 | ' |
Total Shareholders' Equity | 1,573,918 | 6,123 | 551,703 | 1,007,821 | -2,812 | 11,083 | ' |
Shares repurchases | ' | ' | ' | ' | ' | 0 | ' |
Shares issued under stock option plans | ' | 67 | 15,016 | ' | ' | ' | ' |
Net earnings | 133,040 | ' | ' | 133,040 | ' | ' | 133,040 |
Change in fair value of derivative financial instruments, net of tax | -5,934 | ' | ' | ' | -5,934 | ' | -5,934 |
Noncontrolling interest resulting from an acquisition | ' | ' | ' | ' | ' | 8,160 | ' |
Share-based compensation expense | ' | ' | 7,963 | ' | ' | ' | ' |
Change in pension and post-retirement obligations, net of tax | -9,986 | ' | ' | ' | -9,986 | ' | -9,986 |
Net changes in equity attributable to noncontrolling interest | ' | ' | ' | ' | ' | 220 | ' |
Foreign currency translation adjustment | 9,873 | ' | ' | ' | 9,873 | ' | 9,873 |
Comprehensive Income | 126,993 | ' | ' | ' | ' | ' | 126,993 |
End of year at Oct. 28, 2011 | 1,573,918 | 6,123 | 551,703 | 1,007,821 | -2,812 | 11,083 | ' |
Total Shareholders' Equity | 1,620,535 | 6,174 | 569,235 | 1,120,356 | -85,284 | 10,054 | ' |
Shares repurchases | ' | ' | ' | ' | ' | -2,069 | ' |
Shares issued under stock option plans | ' | 51 | 7,989 | ' | ' | ' | ' |
Net earnings | 112,535 | ' | ' | 112,535 | ' | ' | 112,535 |
Change in fair value of derivative financial instruments, net of tax | -2,399 | ' | ' | ' | -2,399 | ' | -2,399 |
Noncontrolling interest resulting from an acquisition | ' | ' | ' | ' | ' | 0 | ' |
Share-based compensation expense | ' | ' | 9,543 | ' | ' | ' | ' |
Change in pension and post-retirement obligations, net of tax | -23,708 | ' | ' | ' | -23,708 | ' | -23,708 |
Net changes in equity attributable to noncontrolling interest | ' | ' | ' | ' | ' | 1,040 | ' |
Foreign currency translation adjustment | -56,365 | ' | ' | ' | -56,365 | ' | -56,365 |
Comprehensive Income | 30,063 | ' | ' | ' | ' | ' | 30,063 |
End of year at Oct. 26, 2012 | 1,620,535 | 6,174 | 569,235 | 1,120,356 | -85,284 | 10,054 | ' |
Total Shareholders' Equity | 1,884,752 | 6,288 | 604,511 | 1,285,090 | -22,284 | 11,147 | ' |
Shares repurchases | ' | ' | ' | ' | ' | 0 | ' |
Shares issued under stock option plans | ' | 114 | 25,701 | ' | ' | ' | ' |
Net earnings | 164,734 | ' | ' | 164,734 | ' | ' | 164,734 |
Change in fair value of derivative financial instruments, net of tax | -3,119 | ' | ' | ' | -3,119 | ' | -3,119 |
Noncontrolling interest resulting from an acquisition | ' | ' | ' | ' | ' | 0 | ' |
Share-based compensation expense | ' | ' | 9,575 | ' | ' | ' | ' |
Change in pension and post-retirement obligations, net of tax | 42,994 | ' | ' | ' | 42,994 | ' | 42,994 |
Net changes in equity attributable to noncontrolling interest | ' | ' | ' | ' | ' | 1,093 | ' |
Foreign currency translation adjustment | 23,125 | ' | ' | ' | 23,125 | ' | 23,125 |
Comprehensive Income | 227,734 | ' | ' | ' | ' | ' | 227,734 |
End of year at Oct. 25, 2013 | $1,884,752 | $6,288 | $604,511 | $1,285,090 | ($22,284) | $11,147 | ' |
Consolidated_Statement_of_Shar1
Consolidated Statement of Shareholders' Equity Noncontrolling Interest, and Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 |
Common stock, par value | $0.20 | $0.20 | ' |
Common Stock, Par Value $.20 Per Share | ' | ' | ' |
Common stock, par value | $0.20 | $0.20 | $0.20 |
Accumulated Other Comprehensive Income (Loss) | ' | ' | ' |
Change in fair value of derivative financial instrument tax effect | $913 | $1,158 | $2,282 |
Change in pension and post-retirement obligations tax effect | ($22,897) | $11,626 | $5,060 |
Accounting_Policies
Accounting Policies | 12 Months Ended |
Oct. 25, 2013 | |
Accounting Policies | ' |
NOTE 1: Accounting Policies | |
Nature of Operations | |
Esterline Technologies Corporation (the Company) designs, manufactures and markets highly engineered products. The Company serves the aerospace and defense industry, primarily in the United States and Europe. The Company also serves the industrial/commercial and medical markets. | |
Principles of Consolidation and Basis of Presentation | |
The consolidated financial statements include the accounts of the Company and all subsidiaries. All significant intercompany accounts and transactions have been eliminated. Classifications have been changed for certain amounts in prior periods to conform with the current year’s presentation. The Company’s fiscal year ends on the last Friday of October. | |
Management Estimates | |
To prepare financial statements in conformity with U.S. generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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. | |
Concentration of Risks | |
The Company’s products are principally focused on the aerospace and defense industry, which includes military and commercial aircraft original equipment manufacturers and their suppliers, commercial airlines, and the United States and foreign governments. Sales directly to the U.S. government aggregated 6% and 7% of sales in fiscal 2013 and 2012, respectively. Accordingly, the Company’s current and future financial performance is dependent on the economic condition of the aerospace and defense industry. The commercial aerospace and defense markets have historically been subject to cyclical downturns during periods of weak economic conditions or material changes arising from domestic or international events. Management believes that the Company’s sales are balanced across its customer base, which includes not only aerospace and defense customers but also medical and industrial commercial customers. | |
Revenue Recognition | |
The Company recognizes revenue when the title and risk of loss have passed to the customer, there is persuasive evidence of an agreement, delivery has occurred or services have been rendered, the price is determinable, and the collectability is reasonably assured. The Company recognizes product revenues at the point of shipment or delivery in accordance with the terms of sale. Sales are net of returns and allowances. Returns and allowances are not significant because products are manufactured to customer specification and are covered by the terms of the product warranty. | |
Revenues and profits on fixed-price contracts with significant engineering as well as production requirements are recorded based on the achievement of contractual milestones and the ratio of total actual incurred costs to date to total estimated costs for each contract (cost-to-cost method). Types of milestones include design review and prototype completion. The Company reviews cost performance and estimates to complete on its ongoing contracts at least quarterly. The impact of revisions of profit estimates are recognized on a cumulative catch-up basis in the period in which the revisions are made. Provisions for anticipated losses on contracts are recorded in the period they become evident. When change orders have been approved by both the company and the customer for both scope and price and realization is deemed probable, the original contract price is adjusted and revenues are recognized on contract performance (as determined by the achievement of contractual milestones and the cost-to-cost method). For partially approved change orders, costs attributable to unpriced change orders are treated as costs of the contract performance in the period the costs are incurred. Claims are also recognized as contract revenue when approved by both the company and the customer, based on contract performance. | |
Research and Development | |
Expenditures for internally-funded research and development are expensed as incurred. Customer-funded research and development projects performed under contracts are accounted for as work in process as work is performed and recognized as cost of sales and sales under the proportional performance method. Research and development expenditures are net of government assistance and tax subsidies, which are not contingent upon paying income tax. In addition, government assistance for research and development is recorded as a reduction of research and development expense when repayment royalties are contingent upon sales generated directly from the funded research and development. If reimbursement is not tied directly to sales generated from the funded research and development, the assistance is accounted for as a loan until the criteria for forgiveness has been met. | |
Financial Instruments | |
Fair Value of Financial Instruments | |
The Company’s financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable, short-term borrowings, long-term debt, foreign currency forward contracts, and interest rate swap agreements. The carrying amounts of cash and cash equivalents, accounts receivable, and accounts payable approximate their respective fair values because of the short-term maturities or expected settlement dates of these instruments. The fair market value of the Company’s long-term debt and short-term borrowings was estimated at $711.6 million and $882.5 million at fiscal year end 2013 and 2012, respectively. These estimates were derived using discounted cash flows with interest rates currently available to the Company for issuance of debt with similar terms and remaining maturities. | |
Foreign Currency Exchange Risk Management | |
The Company is subject to risks associated with fluctuations in foreign currency exchange rates from the sale of products in currencies other than its functional currency. Furthermore, the Company has assets denominated in foreign currencies that are not offset by liabilities in such foreign currencies. The Company has significant operations in Canada, France, and the United Kingdom, and accordingly, we may experience gains or losses due to foreign exchange fluctuations. | |
The Company’s policy is to hedge a portion of its forecasted transactions using forward exchange contracts, with maturities up to 24 months. These forward contracts have been designated as cash flow hedges. The portion of the net gain or loss on a derivative instrument that is effective as a hedge is reported as a component of other comprehensive income in shareholders’ equity and is reclassified into earnings in the same period during which the hedged transaction affects earnings. The remaining net gain or loss on the derivative in excess of the present value of the expected cash flows of the hedged transaction is recorded in earnings immediately. If a derivative does not qualify for hedge accounting, or a portion of the hedge is deemed ineffective, the change in fair value is recorded in earnings. The amount of hedge ineffectiveness has not been material in any of the three fiscal years in the period ended October 25, 2013. At October 25, 2013, and October 26, 2012, the notional value of foreign currency forward contracts accounted for as a cash flow hedge was $271.3 million and $260.7 million, respectively. The fair value of these contracts was a $2.3 million liability and a $1.5 million asset at October 25, 2013, and October 26, 2012, respectively. The Company does not enter into any forward contracts for trading purposes. | |
In July 2011, the Company entered into a Euro Term Loan for €125.0 million under the secured credit facility. The Company designated the Euro Term Loan a hedge of the investment in a certain French business unit. The foreign currency gain or loss that is effective as a hedge is reported as a component of accumulated other comprehensive income in shareholders’ equity. To the extent that this hedge is ineffective, the foreign currency gain or loss is recorded in earnings. There was no ineffectiveness in fiscal 2013 or fiscal 2012. The gain or loss included in Accumulated Other Comprehensive Income will remain until the underlying investment in a certain French business unit is liquidated. The amount of foreign currency translation included in Accumulated Other Comprehensive Income was a gain of $17.2 million at October 25, 2013. | |
Interest Rate Risk Management | |
Depending on the interest rate environment, the Company may enter into interest rate swap agreements to convert the fixed interest rates on notes payable to variable interest rates or terminate any swap agreements in place. These interest rate swap agreements have been designated as fair value hedges. Accordingly, a gain or loss on swap agreements as well as the offsetting loss or gain on the hedged portion of notes payable are recognized in interest expense during the period of the change in fair values. The Company attempts to manage exposure to counterparty credit risk by only entering into agreements with major financial institutions which are expected to be able to fully perform under the terms of the agreement. | |
In fiscal 2010, the Company entered into interest rate swap agreements for $175.0 million on the 2017 Notes. The swap agreements exchanged the fixed interest rate on the 2017 Notes of 6.625% for a variable interest rate. In the second quarter of fiscal 2013, the swap agreements were terminated, and the Company redeemed the 2017 Notes with proceeds from the $175.0 million U.S. Term Loan. The Company recorded a gain on the swap termination of $2.9 million. The gain is included in the Loss on Extinguishment of Debt in the Consolidated Statement of Operations. | |
Depending on the interest rate environment, the Company may enter into interest rate swap agreements to convert the variable interest rates on notes payable to fixed interest rates. These swap agreements are accounted for as cash flow hedges and the fair market value of the hedge instrument is included in Other Comprehensive Income. | |
The fair market value of the interest rate swaps was estimated by discounting expected cash flows using quoted market interest rates. | |
Foreign Currency Translation | |
Foreign currency assets and liabilities are translated into their U.S. dollar equivalents based on year-end exchange rates. Revenue and expense accounts are translated at average exchange rates. Aggregate exchange gains and losses arising from the translation of foreign assets and liabilities are included in shareholders’ equity as a component of comprehensive income. Accumulated gain on foreign currency translation adjustment was $35.4 million, $12.3 million and $68.6 million as of the fiscal years ended October 25, 2013, October 26, 2012, and October 28, 2011, respectively. | |
Foreign Currency Transaction Gains and Losses | |
Foreign currency transaction gains and losses are included in results of operations and are primarily the result of revaluing assets and liabilities denominated in a currency other than the functional currency, gains and losses on forward exchange contracts and the change in value of foreign currency embedded derivatives in backlog. These foreign currency transactions resulted in a $1.7 million loss in fiscal 2013, a $3.5 million loss in fiscal 2012, and a $13.8 million gain in fiscal 2011. | |
Cash Equivalents | |
Cash equivalents consist of highly liquid investments with original maturities of three months or less at the date of purchase. Fair value of cash equivalents approximates carrying value. | |
Accounts Receivable | |
Accounts receivable are recorded at the net invoice price for sales billed to customers. Accounts receivable are considered past due when outstanding more than normal trade terms allow. An allowance for doubtful accounts is established when losses are expected to be incurred. Accounts receivable are written off to the allowance for doubtful accounts when the balance is considered to be uncollectible. | |
Inventories | |
Inventories are stated at the lower of cost or market using the first-in, first-out (FIFO) or average cost method. Inventory cost includes material, labor and factory overhead. The Company defers pre-production engineering costs as work-in-process inventory in connection with long-term supply arrangements that include contractual guarantees for reimbursement from the customer. Inventory cost adjustments are recorded when inventory is considered to be excess or obsolete based upon an analysis of actual on-hand quantities on a part level basis to forecasted product demand and historical usage. | |
Property, Plant and Equipment, and Depreciation | |
Property, plant and equipment is carried at cost and includes expenditures for major improvements. Depreciation is generally provided on the straight-line method based upon estimated useful lives ranging from 15 to 30 years for buildings and 3 to 10 years for machinery and equipment. Depreciation expense was $55.4 million, $52.4 million, and $42.5 million for fiscal years 2013, 2012, and 2011, respectively. Assets under capital leases were $47.1 million at October 25, 2013, and $38.8 million at October 26, 2012. Amortization expense of assets accounted for as capital leases is included with depreciation expense. The fair value of liabilities related to the retirement of property is recorded when there is a legal or contractual obligation to incur asset retirement costs and the costs can be estimated. The Company records the asset retirement cost by increasing the carrying cost of the underlying property by the amount of the asset retirement obligation. The asset retirement cost is depreciated over the estimated useful life of the underlying property. | |
Debt Issuance Costs | |
Costs incurred to issue debt are deferred and amortized as interest expense over the term of the related debt using a method that approximates the effective interest method. | |
Long-lived Asset Impairments | |
The carrying amount of long-lived assets is reviewed periodically for impairment. An asset (other than goodwill and indefinite-lived intangible assets) is considered impaired when estimated future undiscounted cash flows are less than the carrying amount of the asset. In the event the carrying amount of such asset is not deemed recoverable, the asset is adjusted to its estimated fair value. Fair value is generally determined based upon estimated discounted future cash flows. | |
Contingencies | |
The Company is party to various lawsuits and claims, both as plaintiff and defendant, and has contingent liabilities arising from the conduct of business. The Company is covered by insurance for general liability, product liability, workers’ compensation and certain environmental exposures, subject to certain deductible limits. The Company is self-insured for amounts less than our deductible and where no insurance is available. An estimated loss from a contingency should be accrued by a charge to income if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. The Company evaluates, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss. | |
Goodwill and Intangibles | |
Goodwill is not amortized, but is tested for impairment at least annually or when circumstances require. A reporting unit is generally defined at the operating segment level or at the component level one level below the operating segment, if said component constitutes a business. Goodwill is allocated to reporting units based upon the purchase price of the acquired unit, the valuation of acquired tangible and intangible assets, and liabilities assumed. When a reporting unit’s carrying value exceeds its estimated fair value, an impairment test is required. This test involves allocating the fair value of the reporting unit to all of the assets and liabilities of that unit, with the excess of fair value over allocated net assets representing the fair value of goodwill. An impairment loss is measured as the amount by which the carrying value of goodwill exceeds the estimated fair value of goodwill. | |
Intangible assets are amortized over their estimated period of benefit, ranging from 2 to 20 years. Amortization expense is reflected in selling, general and administrative expense on the Consolidated Statement of Operations. The Company periodically evaluates the recoverability of intangible assets and takes into account events or circumstances that warrant revised estimates of useful lives or that indicate that an impairment exists. | |
Indefinite-lived intangible assets (other than goodwill) are tested annually for impairment or more frequently on an interim basis if circumstances require. | |
Environmental | |
Environmental exposures are provided for at the time they are known to exist or are considered probable and reasonably estimable. No provision has been recorded for environmental remediation costs which could result from changes in laws or other circumstances currently not known by the Company. Costs provided for future expenditures on environmental remediation are not discounted to present value. | |
Pension Plan and Post-Retirement Benefit Plan Obligations | |
The Company accounts for pension expense using the end of the fiscal year as its measurement date. Management selects appropriate assumptions including discount rate, rate of increase in future compensation levels and assumed long-term rate of return on plan assets and expected annual increases in costs of medical and other health care benefits in regard to the Company’s post-retirement benefit obligations. These assumptions are based upon historical results, the current economic environment and reasonable expectations of future events. Actual results which vary from assumptions are accumulated and amortized over future periods, and accordingly, are recognized in expense in these periods. Significant differences between our assumptions and actual experience or significant changes in assumptions could impact the pension costs and the pension obligation. | |
Discontinued Operations | |
In fiscal 2013, the Company recorded a $2.0 million liability related to environmental remediation at a previously sold business for which the Company provided indemnification. A loss of $1.3 million, net of tax, is reflected in discontinued operations on the Consolidated Statement of Operations. | |
Legal Expenses | |
The Company recognizes legal costs related to loss contingencies when the expense is incurred. | |
Share-Based Compensation | |
The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. | |
Product Warranties | |
Estimated product warranty expenses are recorded when the covered products are shipped to customers and recognized as revenue. Product warranty expense is estimated based upon the terms of the warranty program. | |
Income Taxes | |
The Company recognizes the amount of taxes payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in our financial statements or tax returns. | |
Earnings Per Share | |
Basic earnings per share is computed on the basis of the weighted average number of common shares outstanding during the year. Diluted earnings per share also includes the dilutive effect of stock options and restricted stock units. Common shares issuable from stock options that are excluded from the calculation of diluted earnings per share because they were anti-dilutive were 162,100, 627,475, and 331,300 for fiscal 2013, 2012, and 2011, respectively. The weighted average number of shares outstanding used to compute basic earnings per share was 31,173,000, 30,749,000, and 30,509,000 for fiscal years 2013, 2012, and 2011, respectively. The weighted average number of shares outstanding used to compute diluted earnings per share was 31,738,000, 31,282,000, and 31,154,000 for fiscal years 2013, 2012, and 2011, respectively. | |
Subsequent Events | |
On December 5, 2013, the Company announced the acceleration of its plans to consolidate certain facilities and create cost-efficiency through shared services in sales, general and administrative support functions. These integration activities are launching currently in each segment, and are expected to result in charges and expenses of approximately $40 million. The Company expects to incur costs of $25 million to $30 million in fiscal 2014 to support these efforts, with the balance to be incurred in fiscal 2015. The costs are mainly for severance, relocation of facilities and long-lived asset impairment losses. | |
On December 20, 2013, the Company acquired Sunbank Family of Companies, LLC (Sunbank) for approximately $45 million and up to $5 million in contingent consideration based upon achievement of certain sales levels over a two-year period. Sunbank is a manufacturer of electrical cable accessories, connectors and flexible conduit systems. Sunbank is included in the Sensors & Systems segment. The acquisition was funded under our credit facility and available cash. | |
The Company has evaluated subsequent events through the date the Consolidated Financial Statements were issued. |
Inventories
Inventories | 12 Months Ended | ||||||||
Oct. 25, 2013 | |||||||||
Inventories | ' | ||||||||
NOTE 2: Inventories | |||||||||
Inventories at the end of fiscal 2013 and 2012 consisted of the following: | |||||||||
In Thousands | 2013 | 2012 | |||||||
Raw materials and purchased parts | $ | 165,231 | $ | 146,390 | |||||
Work in process | 169,165 | 155,617 | |||||||
Inventory costs under long-term contracts | 13,717 | 19,207 | |||||||
Finished goods | 99,550 | 88,623 | |||||||
$ | 447,663 | $ | 409,837 | ||||||
Goodwill
Goodwill | 12 Months Ended | ||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||
Goodwill | ' | ||||||||||||||||
NOTE 3: Goodwill | |||||||||||||||||
The following table summarizes the changes in goodwill by segment for fiscal 2013 and 2012: | |||||||||||||||||
In Thousands | Avionics & | Sensors & | Advanced | Total | |||||||||||||
Controls | Systems | Materials | |||||||||||||||
Balance, October 28, 2011 | $ | 513,508 | $ | 435,645 | $ | 214,572 | $ | 1,163,725 | |||||||||
Sale of product line | (523 | ) | 0 | 0 | (523 | ) | |||||||||||
Goodwill adjustments | (234 | ) | 24,280 | 0 | 24,046 | ||||||||||||
Goodwill impairment | (52,169 | ) | 0 | 0 | (52,169 | ) | |||||||||||
Foreign currency translation adjustment | (4,490 | ) | (31,505 | ) | (122 | ) | (36,117 | ) | |||||||||
Balance, October 26, 2012 | 456,092 | 428,420 | 214,450 | 1,098,962 | |||||||||||||
Goodwill from acquisitions | 21,640 | 0 | 0 | 21,640 | |||||||||||||
Goodwill adjustments | 0 | 2,904 | 0 | 2,904 | |||||||||||||
Goodwill impairment | (3,454 | ) | 0 | 0 | (3,454 | ) | |||||||||||
Foreign currency translation adjustment | (9,575 | ) | 18,159 | 341 | 8,925 | ||||||||||||
Balance, October 25, 2013 | $ | 464,703 | $ | 449,483 | $ | 214,791 | $ | 1,128,977 | |||||||||
During the third fiscal quarter of 2013 and 2012, management performed Step One impairment tests for Racal Acoustics upon identification of an indicator of impairment. The Company’s third quarter forecast in 2013 projected a higher operating loss in fiscal 2013 and lower earnings over the five years compared to the prior-year forecast due to further delays and reductions in global defense programs. As required under U.S. GAAP, a Step Two impairment test was required in fiscal 2013, because the current fair value of the business using a discounted cash flow and market approach was less than its carrying amount of the business. Under Step Two, the fair value of all Racal Acoustics’ assets and liabilities was estimated, including tangible assets, existing technology, and trade names, for the purpose of deriving an estimate of the implied fair value of goodwill. The implied fair value of the goodwill was then compared to the recorded goodwill to determine the amount of the impairment. Assumptions used in measuring the value of these assets and liabilities included the discount rates, royalty rates, and obsolescence rates used in valuing the intangible assets, and pricing of comparable transactions in the market in valuing the tangible assets. The excess of the carrying amount of goodwill over the implied fair value of goodwill resulted in an impairment charge of $3.5 million in fiscal 2013. An impairment charge of $52.2 million was recorded at Racal Acoustics in fiscal 2012. |
Intangible_Assets
Intangible Assets | 12 Months Ended | ||||||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||||||
Intangible Assets | ' | ||||||||||||||||||||
NOTE 4: Intangible Assets | |||||||||||||||||||||
Intangible assets at the end of fiscal 2013 and 2012 were as follows: | |||||||||||||||||||||
In Thousands | 2013 | 2012 | |||||||||||||||||||
Weighted | Gross | Accum. | Gross | Accum. | |||||||||||||||||
Average Years | Carrying | Amort. | Carrying | Amort. | |||||||||||||||||
Useful Life | Amount | Amount | |||||||||||||||||||
Amortized Intangible Assets: | |||||||||||||||||||||
Programs | 15 | $ | 726,049 | $ | 251,437 | $ | 701,396 | $ | 202,333 | ||||||||||||
Core technology | 16 | 9,589 | 6,711 | 9,589 | 6,112 | ||||||||||||||||
Patents and other | 12 | 93,291 | 37,024 | 96,721 | 38,140 | ||||||||||||||||
Total | $ | 828,929 | $ | 295,172 | $ | 807,706 | $ | 246,585 | |||||||||||||
Indefinite-lived Intangible Assets: | |||||||||||||||||||||
Trademark | $ | 47,192 | $ | 47,924 | |||||||||||||||||
Programs represent the valuation of systems or components sold under long-term supply agreements with aerospace companies, military contractors, and OEM manufacturers using similar technology. The valuation of the program includes the values of the program-specific technology, the backlog of contracts, and the relationship with customers which lead to potential future contracts. The valuation of the program is based upon its discounted cash flow at a market-based discount rate. | |||||||||||||||||||||
Amortization of intangible assets was $54,998,000, $53,523,000, and $40,539,000 in fiscal years 2013, 2012, and 2011, respectively. | |||||||||||||||||||||
Estimated amortization expense related to intangible assets for each of the next five fiscal years is as follows: | |||||||||||||||||||||
In Thousands | |||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||
2014 | $ | 57,495 | |||||||||||||||||||
2015 | 56,286 | ||||||||||||||||||||
2016 | 55,686 | ||||||||||||||||||||
2017 | 54,511 | ||||||||||||||||||||
2018 | 53,847 |
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | ||||||||
Oct. 25, 2013 | |||||||||
Accrued Liabilities | ' | ||||||||
NOTE 5: Accrued Liabilities | |||||||||
Accrued liabilities at the end of fiscal 2013 and 2012 consisted of the following: | |||||||||
In Thousands | 2013 | 2012 | |||||||
Payroll and other compensation | $ | 119,677 | $ | 128,269 | |||||
Commissions | 4,786 | 5,776 | |||||||
Casualty and medical | 13,738 | 12,971 | |||||||
Interest | 6,707 | 7,091 | |||||||
Warranties | 19,372 | 21,870 | |||||||
State and other tax accruals | 6,536 | 6,136 | |||||||
Customer deposits | 21,500 | 18,193 | |||||||
Deferred revenue | 15,888 | 30,707 | |||||||
Contract reserves | 12,737 | 12,553 | |||||||
Forward foreign exchange contracts | 7,645 | 2,375 | |||||||
Litigation reserves | 10,266 | 1,163 | |||||||
Environmental reserves | 810 | 3,119 | |||||||
Rent and future lease obligations | 1,357 | 2,258 | |||||||
Other | 12,542 | 17,072 | |||||||
$ | 253,561 | $ | 269,553 | ||||||
Accrued liabilities are recorded to reflect the Company’s contractual obligations relating to warranty commitments to customers. Warranty coverage of various lengths and terms is provided to customers depending on standard offerings and negotiated contractual agreements. An estimate for warranty expense is recorded at the time of sale based on the length of the warranty and historical warranty return rates and repair costs. | |||||||||
Changes in the carrying amount of accrued product warranty costs are summarized as follows: | |||||||||
In Thousands | 2013 | 2012 | |||||||
Balance, beginning of year | $ | 21,870 | $ | 19,298 | |||||
Warranty costs incurred | (4,912 | ) | (2,752 | ) | |||||
Product warranty accrual | 7,380 | 8,471 | |||||||
Release of reserves | (4,555 | ) | (2,967 | ) | |||||
Foreign currency translation adjustment | (411 | ) | (180 | ) | |||||
Balance, end of year | $ | 19,372 | $ | 21,870 | |||||
Retirement_Benefits
Retirement Benefits | 12 Months Ended | ||||||||||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||||||||||
Retirement Benefits | ' | ||||||||||||||||||||||||
NOTE 6: Retirement Benefits | |||||||||||||||||||||||||
Approximately 39% of U.S. employees have a defined benefit earned under the Esterline pension plan. | |||||||||||||||||||||||||
Under the Esterline plan, pension benefits are based on years of service and five-year average compensation or the highest five consecutive years’ compensation during the last ten years of employment. Esterline amended its defined benefit plan to add the cash balance formula with annual pay credits ranging from 2% to 6% effective January 1, 2003. Participants elected either to continue earning benefits under the current plan formula or to earn benefits under the cash balance formula. Effective January 1, 2003, all new participants are enrolled in the cash balance formula. Esterline also has an unfunded supplemental retirement plan for key executives providing for periodic payments upon retirement. | |||||||||||||||||||||||||
CMC sponsors defined benefit pension plans and other retirement benefit plans for its non-U.S. employees. Pension benefits are based upon years of service and final average salary. Other retirement benefit plans are non-contributory health care and life insurance plans. | |||||||||||||||||||||||||
The Company accounts for pension expense using the end of the fiscal year as its measurement date. In addition, the Company makes actuarially computed contributions to these plans as necessary to adequately fund benefits. The Company’s funding policy is consistent with the minimum funding requirements of ERISA. The accumulated benefit obligation and projected benefit obligation for the Esterline plans are $266,745,000 and $275,746,000, respectively, with plan assets of $259,924,000 as of October 25, 2013. The underfunded status for the Esterline plans is $15,822,000 at October 25, 2013. Contributions to the Esterline plans totaled $16,174,000 and $17,097,000 in fiscal years 2013 and 2012, respectively. The expected funding requirement for fiscal 2014 for the U.S. pension plans maintained by Esterline is $12,000,000. The accumulated benefit obligation and projected benefit obligation for the CMC plans are $137,954,000 and $139,109,000, respectively, with plan assets of $126,117,000 as of October 25, 2013. The underfunded status for these CMC plans is $12,992,000 at October 25, 2013. Contributions to the CMC plans totaled $10,859,000 and $10,241,000 in fiscal 2013 and 2012, respectively. The expected funding requirement for fiscal 2014 for the CMC plans is $10,593,000. | |||||||||||||||||||||||||
Principal assumptions of the Esterline and CMC plans are as follows: | |||||||||||||||||||||||||
Esterline | CMC | ||||||||||||||||||||||||
Defined Benefit | Defined Benefit | ||||||||||||||||||||||||
Pension Plans | Pension Plans | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Principal assumptions | |||||||||||||||||||||||||
as of fiscal year end: | |||||||||||||||||||||||||
Discount Rate | 4.70% | 3.85% | 4.50% | 4.35% | |||||||||||||||||||||
Rate of increase in future | 4.50% | 4.50% | 3.00% | 3.10% | |||||||||||||||||||||
compensation levels | |||||||||||||||||||||||||
Assumed long-term rate of | 7.00% | 7.00% | 6.34% | 6.5 – 6.75% | |||||||||||||||||||||
return on plan assets | |||||||||||||||||||||||||
Esterline | CMC | ||||||||||||||||||||||||
Post-Retirement | Post-Retirement | ||||||||||||||||||||||||
Benefit Plans | Pension Plans | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Principal assumptions | |||||||||||||||||||||||||
as of fiscal year end: | |||||||||||||||||||||||||
Discount Rate | 4.70% | 3.85% | 4.50% | 4.35% | |||||||||||||||||||||
Initial weighted average health | 6.00% | 6.00% | 6.30% | 3.70% | |||||||||||||||||||||
care trend rate | |||||||||||||||||||||||||
Ultimate weighted average health | 6.00% | 6.00% | 4.20% | 3.20% | |||||||||||||||||||||
care trend rate | |||||||||||||||||||||||||
The Company uses a discount rate for expected returns that is a spot rate developed from a yield curve established from high-quality corporate bonds and matched to plan-specific projected benefit payments. Although future changes to the discount rate are unknown, had the discount rate increased or decreased by 25 basis points, pension liabilities in total would have decreased $11.8 million or increased $12.3 million, respectively. If all other assumptions are held constant, the estimated effect on fiscal 2013 pension expense from a hypothetical 25 basis points increase or decrease in both the discount rate and expected long-term rate of return on plan assets would not have a material effect on our pension expense. Management is not aware of any legislative or other initiatives or circumstances that will significantly impact the Company’s pension obligations in fiscal 2014. | |||||||||||||||||||||||||
The assumed health care trend rate has a significant impact on the Company’s post-retirement benefit obligations. The Company’s health care trend rate was based on the experience of its plan and expectations for the future. A 100 basis points increase in the health care trend rate would increase the post-retirement benefit obligation by $1.9 million. A 100 basis points decrease in the health care trend rate would decrease the post-retirement benefit obligation by $0.5 million. Assuming all other assumptions are held constant, the estimated effect on fiscal 2013 post-retirement benefit expense from a hypothetical 100 basis points increase or decrease in the health care trend rate would not have a material effect on our post-retirement benefit expense. | |||||||||||||||||||||||||
Plan assets are invested in a diversified portfolio of equity and debt securities, consisting primarily of common stocks, bonds and government securities. The objective of these investments is to maintain sufficient liquidity to fund current benefit payments and achieve targeted risk-adjusted returns. Management periodically reviews allocations of plan assets by investment type and evaluates external sources of information regarding the long-term historical returns and expected future returns for each investment type, and accordingly, the 6.34% to 7.0% assumed long-term rate of return on plan assets is considered to be appropriate. Allocations by investment type are as follows: | |||||||||||||||||||||||||
Actual | |||||||||||||||||||||||||
Target | 2013 | 2012 | |||||||||||||||||||||||
Plan assets allocation as of fiscal year end: | |||||||||||||||||||||||||
Equity securities | 55 – 75% | 63.9 | % | 58.80% | |||||||||||||||||||||
Debt securities | 25 – 45% | 33.6 | % | 38.70% | |||||||||||||||||||||
Cash | 0% | 2.5 | % | 2.50% | |||||||||||||||||||||
Total | 100 | % | 100.00% | ||||||||||||||||||||||
The following table presents the fair value of the Company’s Pension Plan assets as of October 25, 2013, by asset category segregated by level within the fair value hierarchy, as described in Note 7. | |||||||||||||||||||||||||
In Thousands | Fair Value Hierarchy | ||||||||||||||||||||||||
Level 1 | Level 2 | Total | |||||||||||||||||||||||
Asset category: | |||||||||||||||||||||||||
Equity Funds | |||||||||||||||||||||||||
Registered Investments Company | $ | 106,436 | $ | 0 | $ | 106,436 | |||||||||||||||||||
Funds – U.S. Equity | |||||||||||||||||||||||||
Commingled Trust Funds – U.S. Equity | 0 | 26,923 | 26,923 | ||||||||||||||||||||||
U.S. Equity Securities | 37,280 | 0 | 37,280 | ||||||||||||||||||||||
Non-U.S. Equity Securities | 25,584 | 0 | 25,584 | ||||||||||||||||||||||
Commingled Trust Fund – Non-U.S. Securities | 0 | 53,347 | 53,347 | ||||||||||||||||||||||
Fixed Income Securities | |||||||||||||||||||||||||
Registered Investments Company | 33,494 | 0 | 33,494 | ||||||||||||||||||||||
Funds – Fixed Income | |||||||||||||||||||||||||
Commingled Trust Fund – Fixed Income | 0 | 41,428 | 41,428 | ||||||||||||||||||||||
Non-U.S. Foreign Commercial and | 56,351 | 0 | 56,351 | ||||||||||||||||||||||
Government Bonds | |||||||||||||||||||||||||
Cash and Cash Equivalents | 9,966 | 0 | 9,966 | ||||||||||||||||||||||
Total | $ | 269,111 | $ | 121,698 | $ | 390,809 | |||||||||||||||||||
The following table presents the fair value of the Company’s Pension Plan assets as of October 26, 2012, by asset category segregated by level within the fair value hierarchy, as described in Note 7. | |||||||||||||||||||||||||
In Thousands | Fair Value Hierarchy | ||||||||||||||||||||||||
Level 1 | Level 2 | Total | |||||||||||||||||||||||
Asset category: | |||||||||||||||||||||||||
Equity Funds | |||||||||||||||||||||||||
Registered Investments Company | $ | 61,634 | $ | 0 | $ | 61,634 | |||||||||||||||||||
Funds – U.S. Equity | |||||||||||||||||||||||||
Commingled Trust Funds – U.S. Equity | 0 | 18,751 | 18,751 | ||||||||||||||||||||||
U.S. Equity Securities | 46,140 | 0 | 46,140 | ||||||||||||||||||||||
Non-U.S. Equity Securities | 24,986 | 0 | 24,986 | ||||||||||||||||||||||
Commingled Trust Fund – Non-U.S. Securities | 0 | 45,213 | 45,213 | ||||||||||||||||||||||
Fixed Income Securities | |||||||||||||||||||||||||
Registered Investments Company | 35,528 | 0 | 35,528 | ||||||||||||||||||||||
Funds – Fixed Income | |||||||||||||||||||||||||
Commingled Trust Fund – Fixed Income | 0 | 44,194 | 44,194 | ||||||||||||||||||||||
Non-U.S. Foreign Commercial and | |||||||||||||||||||||||||
Government Bonds | 49,749 | 0 | 49,749 | ||||||||||||||||||||||
Cash and Cash Equivalents | 8,427 | 0 | 8,427 | ||||||||||||||||||||||
Total | $ | 226,464 | $ | 108,158 | $ | 334,622 | |||||||||||||||||||
Valuation Techniques | |||||||||||||||||||||||||
Level 1 Equity Securities are actively traded on U.S. and non-U.S. exchanges and are either valued using the market approach at quoted market prices on the measurement date or at the net asset value of the shares held by the plan on the measurement date based on quoted market prices. | |||||||||||||||||||||||||
Level 1 fixed income securities are primarily valued using the market approach at either quoted market prices, pricing models that use observable market data, or bids provided by independent investment brokerage firms. | |||||||||||||||||||||||||
Level 2 primarily consists of commingled trust funds that are primarily valued at the net asset value provided by the fund manager. Net asset value is based on the fair value of the underlying investments. | |||||||||||||||||||||||||
Cash and cash equivalents include cash which is used to pay benefits and cash invested in a short-term investment fund that holds securities with values based on quoted market prices, but for which the funds are not valued on quoted market basis. | |||||||||||||||||||||||||
Net periodic pension cost for the Company’s defined benefit plans at the end of each fiscal year consisted of the following: | |||||||||||||||||||||||||
In Thousands | Defined Benefit | Post-Retirement | |||||||||||||||||||||||
Pension Plans | Benefit Plans | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Components of Net | |||||||||||||||||||||||||
Periodic Cost | |||||||||||||||||||||||||
Service cost | $ | 11,848 | $ | 9,393 | $ | 8,583 | $ | 508 | $ | 436 | $ | 447 | |||||||||||||
Interest cost | 17,893 | 19,403 | 19,044 | 674 | 715 | 754 | |||||||||||||||||||
Expected return | (22,476 | ) | (21,508 | ) | (20,354 | ) | 0 | 0 | 0 | ||||||||||||||||
on plan assets | |||||||||||||||||||||||||
Amortization of prior | 384 | 41 | 21 | (150 | ) | (69 | ) | 0 | |||||||||||||||||
service cost | |||||||||||||||||||||||||
Amortization of | 14,255 | 10,551 | 8,450 | 103 | 41 | (17 | ) | ||||||||||||||||||
actuarial (gain) loss | |||||||||||||||||||||||||
Net periodic cost | $ | 21,904 | $ | 17,880 | $ | 15,744 | $ | 1,135 | $ | 1,123 | $ | 1,184 | |||||||||||||
The funded status of the defined benefit pension and post-retirement plans at the end of fiscal 2013 and 2012 were as follows: | |||||||||||||||||||||||||
In Thousands | Defined Benefit | Post-Retirement | |||||||||||||||||||||||
Pension Plans | Benefit Plans | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Benefit Obligations | |||||||||||||||||||||||||
Beginning balance | $ | 456,861 | $ | 401,579 | $ | 17,040 | $ | 14,392 | |||||||||||||||||
Currency translation adjustment | (4,948 | ) | (2,623 | ) | (559 | ) | (175 | ) | |||||||||||||||||
Service cost | 11,848 | 9,393 | 508 | 436 | |||||||||||||||||||||
Interest cost | 17,893 | 19,403 | 674 | 715 | |||||||||||||||||||||
Plan participants contributions | 156 | 44 | 0 | 0 | |||||||||||||||||||||
Amendment | 273 | 416 | 0 | 546 | |||||||||||||||||||||
Actuarial (gain) loss | (16,905 | ) | 50,116 | 14 | 1,918 | ||||||||||||||||||||
Other adjustment | 287 | 0 | (252 | ) | 0 | ||||||||||||||||||||
Benefits paid | (22,332 | ) | (21,467 | ) | (712 | ) | (792 | ) | |||||||||||||||||
Ending balance | $ | 443,133 | $ | 456,861 | $ | 16,713 | $ | 17,040 | |||||||||||||||||
Plan Assets – Fair Value | |||||||||||||||||||||||||
Beginning balance | $ | 334,622 | $ | 300,826 | $ | 0 | $ | 0 | |||||||||||||||||
Currency translation adjustment | (5,377 | ) | (838 | ) | 0 | 0 | |||||||||||||||||||
Realized and unrealized gain | 55,730 | 27,918 | 0 | 0 | |||||||||||||||||||||
(loss) on plan assets | |||||||||||||||||||||||||
Plan participants contributions | 156 | 44 | 0 | 0 | |||||||||||||||||||||
Company contribution | 28,927 | 29,014 | 712 | 792 | |||||||||||||||||||||
Other adjustment | 92 | 0 | 0 | 0 | |||||||||||||||||||||
Expenses paid | (1,009 | ) | (875 | ) | 0 | 0 | |||||||||||||||||||
Benefits paid | (22,332 | ) | (21,467 | ) | (712 | ) | (792 | ) | |||||||||||||||||
Ending balance | $ | 390,809 | $ | 334,622 | $ | 0 | $ | 0 | |||||||||||||||||
Funded Status | |||||||||||||||||||||||||
Fair value of plan assets | $ | 390,809 | $ | 334,622 | $ | 0 | $ | 0 | |||||||||||||||||
Benefit obligations | (443,133 | ) | (456,861 | ) | (16,713 | ) | (17,040 | ) | |||||||||||||||||
Net amount recognized | $ | (52,324 | ) | $ | (122,239 | ) | $ | (16,713 | ) | $ | (17,040 | ) | |||||||||||||
Amount Recognized in the | |||||||||||||||||||||||||
Consolidated Balance Sheet | |||||||||||||||||||||||||
Non-current asset | $ | 2,201 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||
Current liability | (2,351 | ) | (6,145 | ) | (785 | ) | (1,060 | ) | |||||||||||||||||
Non-current liability | (52,174 | ) | (116,094 | ) | (15,928 | ) | (15,980 | ) | |||||||||||||||||
Net amount recognized | $ | (52,324 | ) | $ | (122,239 | ) | $ | (16,713 | ) | $ | (17,040 | ) | |||||||||||||
Amounts Recognized in | |||||||||||||||||||||||||
Accumulated Other | |||||||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||||||
Net actuarial loss (gain) | $ | 82,796 | $ | 148,758 | $ | 768 | $ | 759 | |||||||||||||||||
Prior service cost | 490 | 589 | 161 | 0 | |||||||||||||||||||||
Ending balance | $ | 83,286 | $ | 149,347 | $ | 929 | $ | 759 | |||||||||||||||||
The accumulated benefit obligation for all pension plans was $427,625,000 at October 25, 2013, and $442,165,000 at October 26, 2012. | |||||||||||||||||||||||||
Estimated future benefit payments expected to be paid from the plan or from the Company’s assets are as follows: | |||||||||||||||||||||||||
In Thousands | |||||||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||||||
2014 | $ | 26,856 | |||||||||||||||||||||||
2015 | 27,085 | ||||||||||||||||||||||||
2016 | 28,655 | ||||||||||||||||||||||||
2017 | 29,975 | ||||||||||||||||||||||||
2018 | 31,895 | ||||||||||||||||||||||||
2019 – 2023 | 169,548 | ||||||||||||||||||||||||
Employees may participate in certain defined contribution plans. The Company’s contribution expense under these plans totaled $9,421,000, $8,900,000, and $8,203,000 in fiscal 2013, 2012, and 2011, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||
Oct. 25, 2013 | |||||||||
Fair Value Measurements | ' | ||||||||
NOTE 7: Fair Value Measurements | |||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy has been established that prioritizes the inputs to valuation techniques used to measure fair value. An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The hierarchy of fair value measurements is described below: | |||||||||
• | Level 1 – Valuations are based on quoted prices that the Company has the ability to obtain in actively traded markets for identical assets and liabilities. Since valuations are based on quoted prices that are readily and regularly available in an active market or exchange traded market, a valuation of these instruments does not require a significant degree of judgment. | ||||||||
• | Level 2 – Valuations are based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. | ||||||||
• | Level 3 – Valuations are based on model-based techniques for which some or all of the assumptions are obtained from indirect market information that is significant to the overall fair value measurement and which require a significant degree of management judgment. | ||||||||
The following table sets forth the Company’s financial assets and liabilities that were measured at fair value on a recurring basis by level within the fair value hierarchy at the end of fiscal 2013 and 2012: | |||||||||
In Thousands | Level 2 | ||||||||
2013 | 2012 | ||||||||
Assets: | |||||||||
Derivative contracts designated as hedging instruments | $ | 2,270 | $ | 7,753 | |||||
Derivative contracts not designated as hedging instruments | 3,670 | 1,387 | |||||||
Embedded derivatives | 706 | 51 | |||||||
Liabilities: | |||||||||
Derivative contracts designated as hedging instruments | $ | 4,541 | $ | 2,143 | |||||
Derivative contracts not designated as hedging instruments | 122 | 361 | |||||||
Embedded derivatives | 344 | 470 | |||||||
In Thousands | Level 3 | ||||||||
2013 | 2012 | ||||||||
Liabilities: | |||||||||
Contingent purchase obligation | $ | 4,000 | $ | 9,000 | |||||
The Company’s embedded derivatives are the result of entering into sales or purchase contracts that are denominated in a currency other than the Company’s functional currency or the supplier’s or customer’s functional currency. The fair value is determined by calculating the difference between quoted exchange rates at the time the contract was entered into and the period-end exchange rate. These contracts are categorized as Level 2 in the fair value hierarchy. | |||||||||
The Company’s derivative contracts consist of foreign currency exchange contracts and interest rate swap agreements. These derivative contracts are over the counter and their fair value is determined using modeling techniques that include market inputs such as interest rates, yield curves, and currency exchange rates. These contracts are categorized as Level 2 in the fair value hierarchy. | |||||||||
The Company’s contingent purchase obligation consists of additional consideration in connection with the acquisition of Eclipse. The contingent consideration will be paid to the seller if certain performance objectives are met over the three-year period from the date of acquisition. The value recorded on the balance sheet was derived from the estimated probability that the performance objective will be met by the end of the three-year period. The contingent purchase obligation is categorized as Level 3 in the fair value hierarchy. The Company paid $5.0 million of the contingent purchase obligation in 2013. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||
Oct. 25, 2013 | |||||||||||
Derivative Financial Instruments | ' | ||||||||||
NOTE 8: Derivative Financial Instruments | |||||||||||
The Company uses derivative financial instruments in the form of foreign currency forward exchange contracts and interest rate swap contracts for the purpose of minimizing exposure to changes in foreign currency exchange rates on business transactions and interest rates, respectively. The Company’s policy is to execute such instruments with banks the Company believes to be credit worthy and not to enter into derivative financial instruments for speculative purposes. These derivative financial instruments do not subject the Company to undue risk, as gains and losses on these instruments generally offset gains and losses on the underlying assets, liabilities, or anticipated transactions that are being hedged. | |||||||||||
All derivative financial instruments are recorded at fair value in the Consolidated Balance Sheet. For a derivative that has not been designated as an accounting hedge, the change in the fair value is recognized immediately through earnings. For a derivative that has been designated as an accounting hedge of an existing asset or liability (a fair value hedge), the change in the fair value of both the derivative and underlying asset or liability is recognized immediately through earnings. For a derivative designated as an accounting hedge of an anticipated transaction (a cash flow hedge), the change in the fair value is recorded on the Consolidated Balance Sheet in Accumulated Other Comprehensive Income (AOCI) to the extent the derivative is effective in mitigating the exposure related to the anticipated transaction. The change in the fair value related to the ineffective portion of the hedge, if any, is immediately recognized in earnings. The amount recorded within AOCI is reclassified into earnings in the same period during which the underlying hedged transaction affects earnings. | |||||||||||
The fair values of derivative instruments are presented on a gross basis, as the Company does not have any derivative contracts which are subject to master netting arrangements. The Company does not have any derivative instruments with credit-risk-related contingent features or that required the posting of collateral as of October 25, 2013. The cash flows from derivative contracts are recorded in operating activities in the Consolidated Statement of Cash Flows. | |||||||||||
Foreign Currency Forward Exchange Contracts | |||||||||||
The Company transacts business in various foreign currencies which subjects the Company’s cash flows and earnings to exposure related to changes in foreign currency exchange rates. These exposures arise primarily from purchases or sales of products and services from third parties. Foreign currency forward exchange contracts provide for the purchase or sale of foreign currencies at specified future dates at specified exchange rates and are used to offset changes in the fair value of certain assets or liabilities or forecasted cash flows resulting from transactions denominated in foreign currencies. As of October 25, 2013, and October 26, 2012, the Company had outstanding foreign currency forward exchange contracts principally to sell U.S. dollars with notional amounts of $369.0 million and $358.4 million, respectively. These notional values consist primarily of contracts for the European euro, British pound sterling and Canadian dollar, and are stated in U.S. dollar equivalents at spot exchange rates at the respective dates. | |||||||||||
Interest Rate Swaps | |||||||||||
The Company manages its exposure to interest rate risk by maintaining an appropriate mix of fixed and variable rate debt, which over time should moderate the costs of debt financing. When considered necessary, the Company may use financial instruments in the form of interest rate swaps to help meet this objective. In fiscal 2010, the Company entered into interest rate swap agreements for the $175.0 million 2017 Notes. The swap agreements exchanged the fixed interest rate of 6.625% for a variable interest rate. In the second quarter of fiscal 2013, the swap agreements were terminated and the Company redeemed the 2017 Notes with the proceeds from the $175.0 million U.S. Term Loan. The Company recorded a gain on the swap termination of $2.9 million. The gain is included in the Loss on Extinguishment of Debt in the Consolidated Statement of Operations. | |||||||||||
Embedded Derivative Instruments | |||||||||||
The Company’s embedded derivatives are the result of entering into sales or purchase contracts that are denominated in a currency other than the Company’s functional currency or the supplier’s or customer’s functional currency. | |||||||||||
Net Investment Hedge | |||||||||||
In July 2011, the Company entered into a Euro Term Loan for €125.0 million under the secured credit facility. The Company designated the Euro Term Loan a hedge of the investment in a certain French business unit. The foreign currency gain or loss that is effective as a hedge is reported as a component of other comprehensive income in shareholders’ equity. To the extent that this hedge is ineffective, the foreign currency gain or loss is recorded in earnings. There has been no ineffectiveness since inception of the hedge. | |||||||||||
Fair Value of Derivative Instruments | |||||||||||
Fair values of derivative instruments in the Consolidated Balance Sheet at the end of fiscal 2013 and 2012 consisted of: | |||||||||||
In Thousands | Classification | Fair Value | |||||||||
2013 | 2012 | ||||||||||
Foreign Currency Forward Exchange Contracts: | Other current assets | $ | 4,547 | $ | 3,694 | ||||||
Other assets | 1,393 | 1,294 | |||||||||
Accrued liabilities | 3,002 | 2,228 | |||||||||
Other liabilities | 1,661 | 276 | |||||||||
Embedded Derivative Instruments: | Other current assets | $ | 59 | $ | 51 | ||||||
Other assets | 647 | 0 | |||||||||
Accrued liabilities | 344 | 148 | |||||||||
Other liabilities | 0 | 322 | |||||||||
Interest Rate Swap: | Long-term debt, net | ||||||||||
of current maturities | $ | 0 | $ | 4,152 | |||||||
The effect of derivative instruments on the Consolidated Statement of Operations for fiscal 2013 and 2012 consisted of: | |||||||||||
In Thousands | Location of | 2013 | 2012 | ||||||||
Gain (Loss) | |||||||||||
Fair Value Hedges: | |||||||||||
Interest rate swap contracts | Interest Expense | $ | 1,058 | $ | 2,388 | ||||||
Loss on Extinguishment | |||||||||||
of Debt | $ | 2,918 | $ | 0 | |||||||
Embedded derivatives | Sales | $ | 835 | $ | 433 | ||||||
Cash Flow Hedges: | |||||||||||
Foreign currency forward exchange contracts: | |||||||||||
Amount of (loss) gain recognized in | AOCI | $ | (3,007 | ) | $ | (4,343 | ) | ||||
AOCI (effective portion) | |||||||||||
Amount of gain (loss) reclassified from | Sales | $ | (1,025 | ) | $ | 784 | |||||
AOCI into income | |||||||||||
Net Investment Hedges: | |||||||||||
Euro term loan | AOCI | $ | (2,697 | ) | $ | 14,812 | |||||
During fiscal years 2013 and 2012, the Company recorded a gain of $2.5 million and a loss of $1.1 million on foreign currency forward exchange contracts that have not been designated as an accounting hedge, respectively. These foreign currency exchange gains are included in selling, general and administrative expense. | |||||||||||
There was no significant impact to the Company’s earnings related to the ineffective portion of any hedging instruments during fiscal years 2013 and 2012. In addition, there was no significant impact to the Company’s earnings when a hedged firm commitment no longer qualified as a fair value hedge or when a hedged forecasted transaction no longer qualified as a cash flow hedge during fiscal years 2013 and 2012. | |||||||||||
Amounts included in AOCI are reclassified into earnings when the hedged transaction settles. The Company expects to reclassify approximately $0.8 million of net loss into earnings over the next 12 months. The maximum duration of a foreign currency cash flow hedge contract at October 25, 2013, is 24 months. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Oct. 25, 2013 | |||||||||||||
Income Taxes | ' | ||||||||||||
NOTE 9: Income Taxes | |||||||||||||
Income tax expense from continuing operations for each of the fiscal years consisted of: | |||||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||||
Current | |||||||||||||
U.S. Federal | $ 27,364 | $ 33,790 | $ 14,817 | ||||||||||
State | 4,147 | 356 | 2,994 | ||||||||||
Foreign | 22,993 | 21,222 | 19,472 | ||||||||||
54,504 | 55,368 | 37,283 | |||||||||||
Deferred | |||||||||||||
U.S. Federal | (5,027 | ) | (4,578 | ) | 8,332 | ||||||||
State | (1,592 | ) | 793 | 205 | |||||||||
Foreign | (17,800 | ) | (21,625 | ) | (20,882 | ) | |||||||
(24,419 | ) | (25,410 | ) | (12,345 | ) | ||||||||
Income tax expense | $ 30,085 | $ 29,958 | $ 24,938 | ||||||||||
U.S. and foreign components of earnings from continuing operations before income taxes for each of the fiscal years were: | |||||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||||
U.S. | $ 96,105 | $ 108,436 | $ 110,798 | ||||||||||
Foreign | 101,744 | 35,097 | 47,684 | ||||||||||
Earnings from continuing operations, | $ 197,849 | $ 143,533 | $ 158,482 | ||||||||||
before income taxes | |||||||||||||
Primary components of the Company’s deferred tax assets (liabilities) at the end of the fiscal years resulted from temporary tax differences associated with the following: | |||||||||||||
In Thousands | 2013 | 2012 | |||||||||||
Reserves and liabilities | $ 60,397 | $ 58,510 | |||||||||||
NOL carryforwards | 879 | 725 | |||||||||||
Tax credit carryforwards | 29,862 | 26,687 | |||||||||||
Employee benefits | 14,974 | 17,524 | |||||||||||
Retirement benefits | 2,759 | 25,379 | |||||||||||
Non-qualified stock options | 12,618 | 13,220 | |||||||||||
Other | 650 | 600 | |||||||||||
Total deferred tax assets | 122,139 | 142,645 | |||||||||||
Depreciation and amortization | (18,969 | ) | (18,024 | ) | |||||||||
Intangibles and amortization | (173,524 | ) | (182,921 | ) | |||||||||
Deferred costs | (4,535 | ) | (5,981 | ) | |||||||||
Hedging activities | (22 | ) | (111 | ) | |||||||||
Other | (1,398 | ) | (1,979 | ) | |||||||||
Total deferred tax liabilities | (198,448 | ) | (209,016 | ) | |||||||||
Net deferred tax liabilities | $ (76,309 | ) | $ (66,371 | ) | |||||||||
The tax credit carryforwards can be carried forward indefinitely. | |||||||||||||
The Company operates in numerous taxing jurisdictions and is subject to regular examinations by various U.S. federal, state and foreign jurisdictions for various tax periods. Additionally, the Company has retained tax liabilities and the rights to tax refunds in connection with various acquisitions and divestitures of businesses in prior years. The Company’s income tax positions are based on research and interpretations of income tax laws and rulings in each of the jurisdictions in which the Company does business. Due to the subjectivity and complexity of the interpretations of the tax laws and rulings in each jurisdiction, the differences and interplay in the tax laws between those jurisdictions as well as the inherent uncertainty in estimating the final resolution of complex tax audit matters, the Company’s estimates of income tax liabilities and assets may differ from actual payments, assessments or refunds. | |||||||||||||
Management believes that it is more likely than not that the Company will realize the current and long-term deferred tax assets as a result of future taxable income. Significant factors management considered in determining the probability of the realization of the deferred tax assets include expected future earnings, the Company’s historical operating results and the reversal of deferred tax liabilities. Accordingly, no valuation allowance has been recorded on the deferred tax assets. | |||||||||||||
The U.S. and various state and foreign income tax returns are open to examination, and presently there are foreign income tax returns under examination. Such examinations could result in challenges to tax positions taken, and accordingly, the Company may record adjustments to provisions based on the outcomes of such matters. However, the Company believes that the resolution of these matters, after considering amounts accrued, will not have a material adverse effect on its consolidated financial statements. | |||||||||||||
The incremental tax benefit received by the Company upon exercise of non-qualified employee stock options was $3.0 million, $0.4 million, and $1.8 million in fiscal 2013, 2012, and 2011, respectively. | |||||||||||||
A reconciliation of the U.S. federal statutory income tax rate to the effective income tax rate for each of the fiscal years was as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. statutory income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes | 0.7 | 0.7 | 1.4 | ||||||||||
Foreign taxes | (11.3 | ) | (14.8 | ) | (10.6 | ) | |||||||
Goodwill impairment | 0.6 | 12.7 | 0 | ||||||||||
Penalties | 1.8 | 0 | 0 | ||||||||||
Difference in foreign tax rates | (1.1 | ) | (2.3 | ) | (0.2 | ) | |||||||
Domestic manufacturing deduction | (1.4 | ) | (2.3 | ) | (1.3 | ) | |||||||
Research & development credits | (3.7 | ) | (3.4 | ) | (5.5 | ) | |||||||
Net change in tax reserves | (3.0 | ) | 0.5 | (2.4 | ) | ||||||||
Valuation allowance | 0 | (1.0 | ) | (3.0 | ) | ||||||||
Change in foreign tax rates and laws | (1.7 | ) | (3.6 | ) | (2.2 | ) | |||||||
Acquisition and organizational restructuring | 0 | 0 | 3 | ||||||||||
Other, net | (0.7 | ) | (0.6 | ) | 1.5 | ||||||||
Effective income tax rate | 15.2 | % | 20.9 | % | 15.7 | % | |||||||
No provision for federal income taxes has been made on accumulated earnings of foreign subsidiaries, since such earnings are considered indefinitely reinvested. The amount of undistributed foreign earnings which are considered to be indefinitely reinvested at October 25, 2013, is approximately $571.0 million. Furthermore, the Company determined it was not practical to estimate the deferred taxes on these earnings. The amount of deferred income taxes is not practical to compute due to the complexity of the Company’s international holding company structure, layers of regulatory requirements that have to be evaluated to determine the amount of allowable dividends, numerous potential repatriation scenarios that could be created to facilitate the repatriation of earnings to the U.S., and the complexity of computing foreign tax credits. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
In Thousands | Total | ||||||||||||
Unrecognized tax benefits as of October 26, 2012 | $ | 14,979 | |||||||||||
Unrecognized gross benefit change: | |||||||||||||
Gross increases due to prior-period adjustments | 538 | ||||||||||||
Gross (decrease) due to prior-period adjustments | (1,287 | ) | |||||||||||
Gross increases due to current-period adjustment | 4,260 | ||||||||||||
Gross (decrease) due to current-period adjustment | 0 | ||||||||||||
Gross (decrease) due to settlements with taxing authorities | (888 | ) | |||||||||||
Gross (decrease) due to a lapse with taxing authorities | (5,594 | ) | |||||||||||
Total change in unrecognized gross benefit | (2,971 | ) | |||||||||||
Unrecognized tax benefits as of October 25, 2013 | $ | 12,008 | |||||||||||
Unrecognized tax benefits that, if recognized, would impact the effective tax rate | $ | 12,008 | |||||||||||
Statement of operations: | |||||||||||||
Total amount of interest income (expense) included in income tax expense | $ | 1,154 | |||||||||||
Recognized in the statement of financial position: | |||||||||||||
Total amount of accrued interest included in income taxes payable | $ | 876 | |||||||||||
During the next 12 months, it is reasonably possible that approximately $1.6 million of previously unrecognized tax benefits related to operating losses and tax credits could decrease as a result of settlement of examinations and/or the expiration of statutes of limitations. The Company recognizes interest related to unrecognized tax benefits in income tax expense. | |||||||||||||
The Company is no longer subject to income tax examinations by tax authorities in its major tax jurisdictions as follows: | |||||||||||||
Tax Jurisdiction | Years No Longer | ||||||||||||
Subject to Audit | |||||||||||||
U.S. Federal | 2007 and prior | ||||||||||||
Canada | 2005 and prior | ||||||||||||
France | 2009 and prior | ||||||||||||
United Kingdom | 2010 and prior |
Debt
Debt | 12 Months Ended | ||||||||
Oct. 25, 2013 | |||||||||
Debt | ' | ||||||||
NOTE 10: Debt | |||||||||
Long-term debt at the end of fiscal 2013 and 2012 consisted of the following: | |||||||||
In Thousands | 2013 | 2012 | |||||||
U.S. credit facility | $ | 130,000 | $ | 240,000 | |||||
Euro Term Loan, due July 2016 | 24,847 | 80,240 | |||||||
U.S. Term Loan, due July 2016 | 170,625 | 0 | |||||||
6.625% Senior Notes, due March 2017 | 0 | 175,000 | |||||||
7.00% Senior Notes, due August 2020 | 250,000 | 250,000 | |||||||
Government refundable advances | 56,897 | 51,763 | |||||||
Obligations under capital leases | 56,229 | 44,847 | |||||||
Other | 540 | 6,820 | |||||||
689,138 | 848,670 | ||||||||
Less current maturities | 21,279 | 10,610 | |||||||
Carrying amount of long-term debt | $ | 667,859 | $ | 838,060 | |||||
Long-term debt | |||||||||
In March 2011, the Company entered into a secured credit facility for $460 million made available through a group of banks. The credit facility is secured by substantially all of the Company’s assets and interest is based on standard inter-bank offering rates. The credit facility expires in July 2016. The interest rate will range from LIBOR plus 1.5% to LIBOR plus 2.25% depending on the leverage ratios at the time the funds are drawn. At October 25, 2013, the Company had $130.0 million outstanding under the secured credit facility at an interest rate of LIBOR plus 1.75%, which is currently 1.93%. An additional $66.2 million of unsecured foreign currency credit facilities have been extended by foreign banks for a total of $526.2 million available companywide. Available credit under the above credit facilities was $363.5 million at fiscal 2013 year end, when reduced by outstanding borrowings of $130.0 million and letters of credit of $32.7 million. | |||||||||
In July 2011, the Company amended the secured credit facility to provide for a €125.0 million term loan (Euro Term Loan). The interest rate on the Euro Term Loan will range from euro LIBOR plus 1.5% to Euro LIBOR plus 2.25%, depending on the leverage ratios at the time the funds are drawn. At October 25, 2013, the Company had €18.0 million outstanding or $24.8 million under the Euro Term Loan at an interest rate of euro LIBOR plus 1.75%, which is currently 1.84%. The loan amortizes at 1.25% of the original principal balance quarterly through March 2016, with the remaining balance due in July 2016. | |||||||||
In April 2013, the Company amended the secured credit facility to provide for $175.0 million term loan (U.S. Term Loan). The interest rate on the U.S. Term Loan ranges from LIBOR plus 1.5% to LIBOR plus 2.25%, depending on the leverage ratios at the time the funds are drawn. At October 25, 2013, the Company had $170.6 million outstanding under the U.S. Term Loan at an interest rate of LIBOR plus 1.75%, which is currently 1.93%. The loan amortizes at 1.25% of the original principal balance quarterly through March 2016, with the remaining balance due in July 2016. | |||||||||
In March 2007, the Company issued $175.0 million in 6.625% Senior Notes due March 2017 (2017 Notes), and requiring semi-annual interest payments in March and September of each year until maturity. The 2017 Notes are general unsecured senior obligations of the Company. The 2017 Notes are guaranteed, jointly and severally on a senior basis, by all the existing and future domestic subsidiaries of the Company unless designated as an “unrestricted subsidiary,” and those foreign subsidiaries that executed related subsidiary guarantees under the indenture covering the 2017 Notes. The 2017 Notes were also subject to redemption at the option of the Company, in whole or in part, on or after March 1, 2012, at redemption prices starting at 103.3125% of the principal amount plus accrued interest during the period beginning March 1, 2007, and declining annually to 100% of principal and accrued interest on or after March 1, 2015. | |||||||||
In November 2010, the Company entered into an interest rate swap agreement for $100.0 million on the 2017 Notes. The swap agreement exchanged the fixed interest rate of 6.625% for a variable interest rate, LIBOR plus 4.865%. The fair value of the Company’s interest rate swap was a $1.9 million asset at October 26, 2012. | |||||||||
In December 2010, the Company entered into an interest rate swap agreement for $75.0 million on the 2017 Notes. The swap agreement exchanged the fixed interest rate of 6.625% for a variable interest rate, LIBOR plus 4.47%. The fair value of the Company’s interest rate swap was a $2.2 million asset at October 26, 2012. | |||||||||
In April 2013, the Company redeemed the $175.0 million 2017 Notes. In connection with the redemption, the Company wrote off $1.3 million in unamortized debt issuance costs as a charge against interest expense. In addition, the Company incurred a $3.9 million redemption premium and received proceeds of $2.9 million from the termination of its $175.0 million interest rate swap agreements. As a result, the redemption of the 2017 Notes resulted in a net loss of $0.9 million on extinguishment of debt. | |||||||||
In August 2010, the Company issued $250.0 million in 7% Senior Notes due August 2020 (2020 Notes) and requiring semi-annual interest payments in March and September of each year until maturity. The net proceeds from the sale of the notes, after deducting $4.4 million of debt issuance cost, were $245.6 million. The 2020 Notes are general unsecured senior obligations of the Company. The 2020 Notes are guaranteed, jointly and severally on a senior basis, by all the existing and future domestic subsidiaries of the Company unless designated as an “unrestricted subsidiary,” and those foreign subsidiaries that executed related subsidiary guarantees under the indenture covering the 2020 Notes. The 2020 Notes are subject to redemption at the option of the Company at any time prior to August 1, 2015, at a price equal to 100% of the principal amount, plus any accrued interest to the date of redemption and a make-whole provision. The 2020 Notes are also subject to redemption at the option of the Company, in whole or in part, on or after August 1, 2015, at redemption prices starting at 103.500% of the principal amount plus accrued interest during the period beginning August 1, 2015, and declining annually to 100% of principal and accrued interest on or after August 1, 2018. | |||||||||
Based on quoted market prices, the fair value of the Company’s $250.0 million 2020 Notes was $272.5 million and $277.5 million as of October 25, 2013, and October 26, 2012, respectively. The fair value of the Company’s $175.0 million 2017 Notes was $181.3 million as of October 26, 2012. The carrying amounts of the secured credit facility, the Euro Term Loan due 2016, and the U.S. Term Loan due 2016 approximate fair value. Estimates of fair value for the 2020 Notes and 2017 Notes were based on Level 2 inputs as defined in the fair value hierarchy. | |||||||||
Government refundable advances consist of payments received from the Canadian government to assist in research and development related to commercial aviation. The repayment of this advance is based on year-over-year commercial aviation revenue growth at CMC beginning in 2014. Imputed interest on the advance was 4.61% at October 25, 2013. The discounted value of debt recognized was $56.9 million and $51.8 million as of October 25, 2013, and October 26, 2012, respectively. | |||||||||
Capital leases | |||||||||
In fiscal 2008, the Company entered into a land and building lease for a 216,000 square-foot manufacturing facility for an Avionics & Controls segment facility. The land and building lease has a fixed term of 30 years and includes an option to purchase the building at fair market value five years after construction is complete. The expected minimum lease payments include a 2% minimum annual rent increase. At October 25, 2013, the amount recorded as a capitalized lease obligation is $32.3 million. The imputed interest rate is 9.0%. | |||||||||
In fiscal 2009, the Company amended the building lease for an Avionics & Controls facility to extend the term of the lease to 2027. At October 25, 2013, the amount recorded as a capitalized lease obligation is $11.8 million. The imputed interest rate is 6.4%. | |||||||||
In fiscal 2013, the Company amended the building lease for an Avionics & Controls facility to extend the term of the lease to 2022. At October 25, 2013, the amount recorded as a capitalized lease obligation is $11.7 million. The imputed interest rate is 4.5%. | |||||||||
As of October 25, 2013, aggregate annual maturities of long-term debt and future non-cancelable minimum lease payments under capital lease obligations were as follows: | |||||||||
In Thousands | |||||||||
Fiscal Year | |||||||||
2014 | $ | 25,143 | |||||||
2015 | 23,402 | ||||||||
2016 | 296,026 | ||||||||
2017 | 5,182 | ||||||||
2018 | 5,182 | ||||||||
2019 and thereafter | 406,936 | ||||||||
Total | $ | 761,871 | |||||||
Less: amount representing interest on capital leases | 72,733 | ||||||||
Total long-term debt | $ | 689,138 | |||||||
A number of underlying agreements contain various covenant restrictions which include maintenance of net worth, payment of dividends, interest coverage, and limitations on additional borrowings. The Company was in compliance with these covenants at October 25, 2013. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||||||
Commitments and Contingencies | ' | ||||||||||||||||||||
NOTE 11: Commitments and Contingencies | |||||||||||||||||||||
Rental expense for operating leases for engineering, selling, administrative and manufacturing totaled $17,996,000, $17,603,000 and $14,208,000 in fiscal years 2013, 2012, and 2011, respectively. | |||||||||||||||||||||
At October 25, 2013, the Company’s rental commitments for noncancelable operating leases with a duration in excess of one year were as follows: | |||||||||||||||||||||
In Thousands | |||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||
2014 | $ | 14,973 | |||||||||||||||||||
2015 | 9,993 | ||||||||||||||||||||
2016 | 7,981 | ||||||||||||||||||||
2017 | 7,205 | ||||||||||||||||||||
2018 | 6,337 | ||||||||||||||||||||
2019 and thereafter | 18,349 | ||||||||||||||||||||
$ | 64,838 | ||||||||||||||||||||
The Company is subject to purchase obligations for goods and services. The purchase obligations include amounts under legally enforceable agreements for goods and services with defined terms as to quantity, price and timing of delivery. As of October 25, 2013, the Company’s purchase obligations were as follows: | |||||||||||||||||||||
In Thousands | |||||||||||||||||||||
Total | Less than | 3-Jan | 5-Apr | After 5 | |||||||||||||||||
1 year | years | years | years | ||||||||||||||||||
Purchase obligations | $ | 688,546 | $ | 630,524 | $ | 52,131 | $ | 5,412 | $ | 479 | |||||||||||
The Company is subject to U.S. export laws and regulations, including the International Traffic in Arms Regulations (ITAR), that generally restricts the export of defense products, technical data, and defense services. The Company filed voluntary disclosure reports concerning certain technical and administrative violations of the ITAR with the U.S. Department of State’s Directorate of Defense Trade Controls (DDTC) Office of Defense Trade Controls Compliance (DDTC Office of Compliance). To address these problems, the Company has made a number of investments in its export compliance functions, including: additional staffing, ongoing implementation of a new software system, employee training, and establishment of a regular compliance audit program and corrective action process. The DDTC Office of Compliance acknowledged the Company’s progress and continuing improvements, but nevertheless informed the Company that it intends to impose civil monetary fines and administrative sanctions based on the information it had concerning the Company’s earlier history in handling ITAR-controlled transactions, including the substance of its prior voluntary disclosures and other aspects of ITAR compliance errors. Management has been in discussions with the agency and provided supplemental information with the intent of reaching a settlement. On August 15, 2013, the DDTC Office of Compliance proposed a total penalty of $20 million, with $10 million suspended and eligible for offset credit based on verified expenditures for past and future remedial compliance measures. Based on this proposal, the Company estimated and recorded a $10 million charge in fiscal 2013. Management has continued discussions with the DDTC Office of Compliance on final settlement terms, and the final settlement is subject to approval by the agency. | |||||||||||||||||||||
The Company is a party to various lawsuits and claims, both as plaintiff and defendant, and has contingent liabilities arising from the conduct of business, none of which, in the opinion of management, is expected to have a material effect on the Company’s financial position or results of operations. The Company believes that it has made appropriate and adequate provisions for contingent liabilities. | |||||||||||||||||||||
Prior to the March 2007 acquisition of CMC, CMC was involved in a transaction in which CMC shareholders had a limited amount of time in which to tender their shares in exchange for cash. In May 2008, after the prescribed time period had expired, CAD $11.8 million remained unclaimed. As a result, the paying agent returned the unclaimed amount to CMC in accordance with Canadian law. In December 2008, CMC’s former parent company instituted a legal action against the paying agent, alleging negligence and breached contract terms by returning the funds to CMC. The plaintiff lost at trial and appealed. In the second quarter of fiscal 2012, CMC received notice that the plaintiff abandoned its appeal. In addition, CMC and the paying agent settled all remaining issues. All contingencies relating to this matter were resolved, and accordingly, the Company recorded a gain of approximately CAD $11.8 million or $11.9 million or $9.5 million after tax, in the second fiscal quarter of 2012. | |||||||||||||||||||||
Approximately 601 U.S.-based employees or 12% of total U.S.-based employees were represented by various labor unions. The Company’s European operations are subject to national trade union agreements and to local regulations governing employment. |
Employee_Stock_Plans
Employee Stock Plans | 12 Months Ended | ||||||||||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||||||||||
Employee Stock Plans | ' | ||||||||||||||||||||||||
NOTE 12: Employee Stock Plans | |||||||||||||||||||||||||
The Company has three share-based compensation plans, which are described below. The compensation cost that has been charged against income for those plans for fiscal 2013, 2012, and 2011 was $9.6 million, $9.5 million, and $7.9 million, respectively. The total income tax benefit recognized in the income statement for the share-based compensation arrangement for fiscal 2013, 2012, and 2011 was $3.0 million, $2.9 million, and $2.7 million, respectively. | |||||||||||||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||||||||||
The Company offers an employee stock purchase plan to its employees. The plan qualifies as a noncompensatory employee stock purchase plan under Section 423 of the Internal Revenue Code. Employees are eligible to participate through payroll deductions subject to certain limitations. | |||||||||||||||||||||||||
The plan is as a safe harbor design where shares are purchased by participants at 95% of the fair market value on the purchase date and, therefore, compensation cost is not recorded. During fiscal 2013, employees purchased 30,873 shares at a fair market value price of $67.97 per share. At the end of fiscal 2013, the Company had reserved 73,272 shares for issuance under its employee share-save scheme for U.K. employees, leaving a balance of 641,112 shares available for issuance in the future. As of October 25, 2013, deductions aggregating $738,490 were accrued for the purchase of shares on December 15, 2013. | |||||||||||||||||||||||||
Employee Share-Save Scheme | |||||||||||||||||||||||||
In 2009, the Company began offering shares under its employee share-save scheme for U.K. employees. This plan allows participants the option to purchase shares at 95% of the market price of the stock as of the beginning of the offering period. The term of these options is three years. The share-save scheme is not a “safe-harbor” design, and, therefore, compensation cost is recognized on this plan. | |||||||||||||||||||||||||
Under the employee share-save scheme, option exercise prices are equal to the fair market value of the Company’s common stock on the date of grant. The Company granted 16,722, 45,063 and 9,956 options in fiscal 2013, 2012, and 2011, respectively. The weighted-average grant date fair value of options granted in fiscal 2013 was $20.24 per share. During fiscal 2013, 10,468 options were exercised at a weighted average exercise price of $41.04. | |||||||||||||||||||||||||
The fair value of the awards under the employee share-save scheme was estimated using a Black-Scholes pricing model which uses the assumptions noted in the following table. The risk-free rate for the contractual life of the option is based on the U.S. Treasury zero coupon issues in effect the time of grant. | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Volatility | 36.97 | % | 38.96 | % | 51.10% | ||||||||||||||||||||
Risk-free interest rate | 0.4 | % | 0.38 | % | 0.98% | ||||||||||||||||||||
Expected life (years) | 3 | 3 | 3 | ||||||||||||||||||||||
Dividends | 0 | 0 | 0 | ||||||||||||||||||||||
Equity Incentive Plan | |||||||||||||||||||||||||
The Company also provides an equity incentive plan for officers and key employees. At the end of fiscal 2013, the Company had 3,665,557 shares reserved for issuance to officers and key employees, of which 1,776,939 shares were available to be granted in the future. | |||||||||||||||||||||||||
The Board of Directors authorized the Compensation Committee to administer awards granted under the equity incentive plan and to establish the terms of such awards. Awards under the equity incentive plan may be granted to eligible employees of the Company over the 10-year period ending March 5, 2023. Options granted generally become exercisable ratably over a period of four years following the date of grant and expire on the tenth anniversary of the grant. Option exercise prices are equal to the fair market value of the Company’s common stock on the date of grant. The weighted-average grant date fair value of the options granted in fiscal 2013 and 2012 was $29.65 per share and $24.61 per share, respectively. | |||||||||||||||||||||||||
The fair value of each option granted by the Company was estimated using a Black-Scholes pricing model which uses the assumptions noted in the following table. The Company uses historical data to estimate volatility of the Company’s common stock and option exercise and employee termination assumptions. The range of the expected term reflects the results from certain groups of employees exhibiting different behavior. The risk-free rate for the periods within the contractual life of the grant is based upon the U.S. Treasury zero coupon issues in effect at the time of the grant. | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Volatility | 41.89 – 44.25 | % | 41.62 – 44.29 | % | 40.8 – 42.8% | ||||||||||||||||||||
Risk-free interest rate | 0.79 – 1.88 | % | 0.91 – 2.11 | % | 2.02 – 3.64% | ||||||||||||||||||||
Expected life (years) | 4.5 – 9.5 | 4.5 – 9.5 | 4.5 – 9.5 | ||||||||||||||||||||||
Dividends | 0 | 0 | 0 | ||||||||||||||||||||||
The following table summarizes the changes in outstanding options granted under the Company’s equity incentive plan: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Shares | Weighted | Shares | Weighted | Shares | Weighted | ||||||||||||||||||||
Subject to | Average | Subject to | Average | Subject to | Average | ||||||||||||||||||||
Option | Exercise | Option | Exercise | Option | Exercise | ||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||
Outstanding, | 2,124,300 | $ | 46.18 | 1,825,300 | $ | 44.49 | 1,838,950 | $ | 39.31 | ||||||||||||||||
beginning of year | |||||||||||||||||||||||||
Granted | 257,000 | 65.58 | 386,400 | 52.97 | 331,300 | 67.03 | |||||||||||||||||||
Exercised | (518,537 | ) | 37.89 | (60,775 | ) | 36.52 | (295,175 | ) | 37.03 | ||||||||||||||||
Forfeited/cancelled | (29,025 | ) | 55.83 | (26,625 | ) | 50.68 | (49,775 | ) | 47.28 | ||||||||||||||||
Outstanding, | 1,833,738 | $ | 51.09 | 2,124,300 | $ | 46.18 | 1,825,300 | $ | 44.49 | ||||||||||||||||
end of year | |||||||||||||||||||||||||
Exercisable, | 1,075,788 | $ | 45.65 | 1,258,900 | $ | 41.89 | 994,950 | $ | 39.85 | ||||||||||||||||
end of year | |||||||||||||||||||||||||
The aggregate intrinsic value of the option shares outstanding and exercisable at October 25, 2013, was $54.5 million and $37.8 million, respectively. | |||||||||||||||||||||||||
The number of option shares vested or that are expected to vest at October 25, 2013, was 1.7 million and the aggregate intrinsic value was $52.4 million. The weighted average exercise price and weighted average remaining contractual term of option shares vested or that are expected to vest at October 25, 2013, was $50.64 and 6.0 years, respectively. The weighted-average remaining contractual term of option shares currently exercisable is 4.6 years as of October 25, 2013. | |||||||||||||||||||||||||
The table below presents stock activity related to stock options exercised in fiscal 2013 and 2012: | |||||||||||||||||||||||||
In Thousands | 2013 | 2012 | |||||||||||||||||||||||
Proceeds from stock options exercised | $ | 20,072 | $ | 5,240 | |||||||||||||||||||||
Tax benefits related to stock options exercised | $ | 2,961 | $ | 366 | |||||||||||||||||||||
Intrinsic value of stock options exercised | $ | 18,448 | $ | 1,751 | |||||||||||||||||||||
Total unrecognized compensation expense for stock options that have not vested as of October 25, 2013, is $6.0 million, which will be recognized over a weighted average period of 1.9 years. The total fair value of option shares vested during the year ended October 25, 2013, was $7.9 million. | |||||||||||||||||||||||||
The following table summarizes information for stock options outstanding at October 25, 2013: | |||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Range of | Shares | Weighted | Weighted | Shares | Weighted | ||||||||||||||||||||
Exercise Prices | Average | Average | Average | ||||||||||||||||||||||
Remaining | Price | Price | |||||||||||||||||||||||
Life (years) | |||||||||||||||||||||||||
$ 19.65 – 38.00 | 223,975 | 4.1 | $ 31.05 | 223,975 | $ 31.05 | ||||||||||||||||||||
38.01 – 40.00 | 193,413 | 2.4 | 38.92 | 193,413 | 38.92 | ||||||||||||||||||||
40.01 – 50.00 | 285,375 | 5.5 | 41.87 | 213,350 | 42.08 | ||||||||||||||||||||
50.01 – 52.00 | 278,850 | 8 | 51.06 | 70,525 | 51.03 | ||||||||||||||||||||
52.01 – 65.00 | 590,025 | 6.2 | 58.79 | 329,825 | 56.87 | ||||||||||||||||||||
65.01 – 82.01 | 262,100 | 8.7 | 69.94 | 44,700 | 73.57 | ||||||||||||||||||||
The Company granted 55,280 restricted stock units (RSUs) during fiscal 2013. The fair value of each RSU granted by the Company is equal to the fair market value of the Company’s common stock on the date of grant. RSUs granted generally have a three-year cliff vesting schedule. There were no restricted stock units issued in fiscal 2012 or fiscal 2011. | |||||||||||||||||||||||||
The following table summarizes the changes in RSUs granted under the Company’s equity incentive plans: | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Shares | Weighted | Weighted | |||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||||
Grant Date | Remaining | ||||||||||||||||||||||||
Fair Value | Life (years) | ||||||||||||||||||||||||
Non-vested, beginning of year | 0 | $ | 0 | ||||||||||||||||||||||
Granted | 55,280 | 70.23 | |||||||||||||||||||||||
Forfeited/cancelled | (400 | ) | 66.55 | ||||||||||||||||||||||
Non-vested, end of year | 54,880 | $ | 70.26 | 2.5 | |||||||||||||||||||||
Total unrecognized compensation expense for RSUs that have not vested as of October 25, 2013, is $2.6 million, which will be recognized over a weighted average period of 1.9 years. |
Capital_Stock
Capital Stock | 12 Months Ended |
Oct. 25, 2013 | |
Capital Stock | ' |
NOTE 13: Capital Stock | |
The authorized capital stock of the Company consists of 25,000 shares of preferred stock ($100 par value), 475,000 shares of serial preferred stock ($1.00 par value), each issuable in series, and 60,000,000 shares of common stock ($.20 par value). At the end of fiscal 2013, there were no shares of preferred stock or serial preferred stock outstanding. |
Acquisitions
Acquisitions | 12 Months Ended | ||||
Oct. 25, 2013 | |||||
Acquisitions | ' | ||||
NOTE 14: Acquisitions | |||||
On February 4, 2013, the Company acquired the Gamesman Group (Gamesman) for $40.8 million. Gamesman is a global supplier of input devices principally serving the gaming industry. Gamesman is included in the Avionics & Controls segment. | |||||
On July 26, 2011, the Company acquired the Souriau Group (Souriau) for $726.7 million, including cash on hand of $17.8 million. Souriau is a leading global supplier of highly engineered connectors for harsh environments serving aerospace, defense & space, power generation, rail, and industrial equipment markets. Souriau is included in the Sensors & Systems segment. | |||||
The following summarizes the allocation of the estimated fair value of the assets acquired and liabilities assumed at the date of acquisition. The fair value adjustment for inventory was $41.7 million, which has been recognized as cost of goods sold over 4.5 months, the estimated inventory turnover. Acquisition-related costs of $9.2 million have been recognized as selling, general and administrative expense in fiscal 2011. The purchase price includes the value of future development of existing technologies, the introduction of new technologies, and the addition of new customers. These factors resulted in recording goodwill of $380.5 million. The amount allocated to goodwill is not deductible for income tax purposes. | |||||
In Thousands | |||||
As of July 26, 2011 | |||||
Current assets | $ | 228,199 | |||
Property, plant and equipment | 91,843 | ||||
Intangible assets subject to amortization | |||||
Programs (15 year weighted average useful life) | 224,296 | ||||
Trade name (10 year weighted average useful life) | 45,709 | ||||
Goodwill | 380,458 | ||||
Other assets | 6,900 | ||||
Total assets acquired | 977,405 | ||||
Current liabilities assumed | 110,596 | ||||
Long-term liabilities assumed | 131,735 | ||||
Noncontrolling interest | 8,369 | ||||
Net assets acquired | $ | 726,705 | |||
Pro Forma Financial Information | |||||
The following pro forma financial information shows the results of continuing operations for the year ended October 28, 2011, as though the acquisition of Souriau had occurred at the beginning of the fiscal year. The pro forma financial information includes, where applicable, adjustments for: (i) the amortization of acquired intangible assets, (ii) additional interest expense on acquisition-related borrowings and (iii) the income tax effect on the pro forma adjustments. The pro forma financial information below is presented for illustrative purposes only and is not necessarily indicative of the operating results that would have been achieved had the acquisition been completed as of the date indicated above or the results that may be obtained in the future. | |||||
In Thousands, Except Per Share Amounts | 2011 | ||||
Pro forma net sales | $ | 1,972,079 | |||
Pro forma net income | $ | 159,353 | |||
Basic earnings per share as reported | $ | 4.36 | |||
Pro forma basic earnings per share | $ | 5.22 | |||
Diluted earnings per share as reported | $ | 4.27 | |||
Pro forma diluted earnings per share | $ | 5.12 | |||
On December 30, 2010, the Company acquired Eclipse Electronic Systems, Inc. (Eclipse) for $123.8 million. The purchase price included cash of $14.0 million in contingent consideration, which was deposited in an escrow account, payable to the seller if certain performance objectives were met over the three-year period. The estimated fair value of the consideration at acquisition was $13.4 million. At October 25, 2013, the liability is $4.0 million and $10.0 million has been paid to the seller. Eclipse is a designer and manufacturer of embedded communication intercept receivers for signal intelligence applications. Eclipse is included in the Avionics & Controls segment. | |||||
The following summarizes the allocation of the estimated fair value of the assets acquired and liabilities assumed at the date of acquisition. The purchase price includes the value of future development of existing technologies, the introduction of new technologies, and the addition of new customers. These factors resulted in recording goodwill of $67.4 million. The amount allocated to goodwill is not deductible for income tax purposes. | |||||
In Thousands | |||||
As of December 30, 2010 | |||||
Current assets | $ | 31,827 | |||
Property, plant and equipment | 2,154 | ||||
Intangible assets subject to amortization | |||||
Technology (9 year weighted average useful life) | 53,200 | ||||
Goodwill | 67,378 | ||||
Total assets acquired | 154,559 | ||||
Current liabilities assumed | 35,740 | ||||
Long-term liabilities assumed | 8,350 | ||||
Net assets acquired | $ | 110,469 | |||
The above acquisitions were accounted for under the purchase method of accounting and the results of operations were included from the effective date of each acquisition. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 12 Months Ended | ||||||||
Oct. 25, 2013 | |||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||
NOTE 15: Accumulated Other Comprehensive Loss | |||||||||
The components of Accumulated Other Comprehensive Loss: | |||||||||
In Thousands | 2013 | 2012 | |||||||
Unrealized gain (loss) on derivative contracts | $ | (1,851 | ) | $ | 2,181 | ||||
Tax effect | 355 | (558 | ) | ||||||
(1,496 | ) | 1,623 | |||||||
Pension and post-retirement obligations | (84,215 | ) | (150,106 | ) | |||||
Tax effect | 28,030 | 50,927 | |||||||
(56,185 | ) | (99,179 | ) | ||||||
Currency translation adjustment | 35,397 | 12,272 | |||||||
Accumulated other comprehensive loss | $ | (22,284 | ) | $ | (85,284 | ) | |||
Business_Segment_Information
Business Segment Information | 12 Months Ended | ||||||||||||
Oct. 25, 2013 | |||||||||||||
Business Segment Information | ' | ||||||||||||
NOTE 16: Business Segment Information | |||||||||||||
The Company’s businesses are organized and managed in three reporting segments: Avionics & Controls, Sensors & Systems and Advanced Materials. Operating segments within each reporting segment are aggregated. Operations within the Avionics & Controls segment focus on integrated cockpit systems, technology interface systems for commercial and military aircraft, and similar devices for land- and sea-based military vehicles, secure communication systems, military audio and data products, embedded communication intercept receivers, specialized medical equipment and other industrial applications. Sensors & Systems includes operations that produce high-precision temperature and pressure sensors, electrical power switching, electrical interconnection systems, and other related systems principally for aerospace and defense customers. The Advanced Materials segment focuses on thermally engineered components for critical aerospace applications, high-performance elastomer products used in a wide range of commercial aerospace and military applications, and combustible ordnance and warfare countermeasure devices. All segments include sales to domestic, international, defense and commercial customers. | |||||||||||||
Geographic sales information is based on product origin. The Company evaluates these segments based on segment profits prior to net interest, other income/expense, corporate expenses and federal/foreign income taxes. | |||||||||||||
Details of the Company’s operations by business segment for the last three fiscal years were as follows: | |||||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||||
Sales | |||||||||||||
Avionics & Controls | $ | 771,657 | $ | 790,015 | $ | 841,939 | |||||||
Sensors & Systems | 701,930 | 702,394 | 414,609 | ||||||||||
Advanced Materials | 496,167 | 499,909 | 461,437 | ||||||||||
$ | 1,969,754 | $ | 1,992,318 | $ | 1,717,985 | ||||||||
Earnings From Continuing Operations | |||||||||||||
Avionics & Controls | $ | 103,232 | 1 | $ | 54,917 | 1 | $ | 135,187 | |||||
Sensors & Systems | 89,696 | 70,890 | 22,536 | ||||||||||
Advanced Materials | 107,161 | 93,546 | 82,307 | ||||||||||
Segment Earnings | 300,089 | 219,353 | 240,030 | ||||||||||
Corporate expense | (62,166 | ) | (43,201 | ) | (48,969 | ) | |||||||
Gain on settlement of contingency | 0 | 11,891 | 0 | ||||||||||
Other income (expense) | 0 | 1,263 | 6,853 | ||||||||||
Loss on extinguishment of debt | (946 | ) | 0 | (831 | ) | ||||||||
Interest income | 539 | 465 | 1,615 | ||||||||||
Interest expense | (39,667 | ) | (46,238 | ) | (40,216 | ) | |||||||
$ | 197,849 | $ | 143,533 | $ | 158,482 | ||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||||
Identifiable Assets | |||||||||||||
Avionics & Controls | $ | 1,275,514 | $ | 1,261,300 | $ | 1,333,735 | |||||||
Sensors & Systems | 1,282,219 | 1,204,073 | 1,349,776 | ||||||||||
Advanced Materials | 560,681 | 558,058 | 563,662 | ||||||||||
Corporate 2 | 143,698 | 203,686 | 131,413 | ||||||||||
$ | 3,262,112 | $ | 3,227,117 | $ | 3,378,586 | ||||||||
Capital Expenditures | |||||||||||||
Avionics & Controls | $ | 14,381 | 3 | $ | 14,356 | $ | 22,369 | ||||||
Sensors & Systems | 21,856 | 18,788 | 10,469 | ||||||||||
Advanced Materials | 18,917 | 14,783 | 16,341 | ||||||||||
Corporate | 181 | 1,519 | 328 | ||||||||||
$ | 55,335 | $ | 49,446 | $ | 49,507 | ||||||||
Depreciation and Amortization | |||||||||||||
Avionics & Controls | $ | 43,124 | $ | 40,096 | $ | 38,391 | |||||||
Sensors & Systems | 41,845 | 40,333 | 20,523 | ||||||||||
Advanced Materials | 24,313 | 24,666 | 23,439 | ||||||||||
Corporate | 2,850 | 2,697 | 2,305 | ||||||||||
$ | 112,132 | $ | 107,792 | $ | 84,658 | ||||||||
1 | Fiscal 2013 includes a $3.5 million impairment charge against Racal Acoustics’ goodwill and fiscal 2012 includes a $52.2 million impairment charge against Racal Acoustics’ goodwill. | ||||||||||||
2 | Primarily cash and deferred tax assets (see Note 9). | ||||||||||||
3 | Excludes capital expenditures accounted for as a capitalized lease obligation of $11,691 in fiscal 2013. | ||||||||||||
The Company’s operations by geographic area for the last three fiscal years were as follows: | |||||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||||
Sales 1 | |||||||||||||
Domestic | |||||||||||||
Unaffiliated customers – U.S. | $ | 797,780 | $ | 813,375 | $ | 747,021 | |||||||
Unaffiliated customers – export | 182,267 | 197,142 | 171,416 | ||||||||||
Intercompany | 31,202 | 35,779 | 32,197 | ||||||||||
1,011,249 | 1,046,296 | 950,634 | |||||||||||
Canada | |||||||||||||
Unaffiliated customers | 247,542 | 267,304 | 317,924 | ||||||||||
Intercompany | 6,554 | 2,844 | 5,318 | ||||||||||
254,096 | 270,148 | 323,242 | |||||||||||
France | |||||||||||||
Unaffiliated customers | 423,774 | 410,766 | 160,993 | ||||||||||
Intercompany | 39,745 | 41,454 | 17,724 | ||||||||||
463,519 | 452,220 | 178,717 | |||||||||||
United Kingdom | |||||||||||||
Unaffiliated customers | 247,229 | 235,699 | 228,383 | ||||||||||
Intercompany | 26,402 | 19,305 | 23,563 | ||||||||||
273,631 | 255,004 | 251,946 | |||||||||||
All Other Foreign | |||||||||||||
Unaffiliated customers | 71,162 | 68,032 | 92,248 | ||||||||||
Intercompany | 44,829 | 37,683 | 29,640 | ||||||||||
115,991 | 105,715 | 121,888 | |||||||||||
Eliminations | (148,732 | ) | (137,065 | ) | (108,442 | ) | |||||||
$ | 1,969,754 | $ | 1,992,318 | $ | 1,717,985 | ||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||||
Segment Earnings 2 | |||||||||||||
Domestic | $ | 170,575 | $ | 172,046 | $ | 178,145 | |||||||
Canada | 41,374 | 33,777 | 38,027 | ||||||||||
France | 49,042 | 33,152 | (7,615 | ) | |||||||||
United Kingdom | 28,985 | (29,237 | ) | 24,305 | |||||||||
All other foreign | 10,113 | 9,615 | 7,168 | ||||||||||
$ | 300,089 | $ | 219,353 | $ | 240,030 | ||||||||
Identifiable Assets 3 | |||||||||||||
Domestic | $ | 1,020,952 | $ | 1,015,994 | $ | 947,896 | |||||||
Canada | 533,559 | 576,053 | 583,042 | ||||||||||
France | 918,592 | 836,578 | 1,050,999 | ||||||||||
United Kingdom | 515,090 | 477,214 | 582,436 | ||||||||||
All other foreign | 130,221 | 117,592 | 82,800 | ||||||||||
$ | 3,118,414 | $ | 3,023,431 | $ | 3,247,173 | ||||||||
1 | Based on country from which the sale originated and the sale was recorded. | ||||||||||||
2 | Before corporate expense, shown on page 73. | ||||||||||||
3 | Excludes corporate, shown on page 73. | ||||||||||||
The Company’s foreign operations consist of manufacturing facilities located in Canada, China, the Dominican Republic, France, Germany, India, Mexico, Morocco, and the United Kingdom, and include sales and service operations located in Brazil, China, Japan, and Singapore. Intercompany sales are at prices comparable with sales to unaffiliated customers. U.S. government sales as a percent of Advanced Materials and Avionics & Controls sales were 19.6% and 3.1%, respectively, in fiscal 2013 and 6.0% of consolidated sales. In fiscal 2012, the U.S. government sales as a percent of Advanced Materials and Avionics & Controls sales were 19.4% and 5.4%, respectively, and 7.0% of consolidated sales. In fiscal 2011, the U.S. government sales as a percent of Advanced Materials and Avionics & Controls sales were 19.9% and 3.8%, respectively, and 7.0% of consolidated sales. | |||||||||||||
Product lines contributing sales of 10% or more of total sales in any of the last three fiscal years were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Connectors | 17 | % | 17 | % | 5% | ||||||||
Avionics | 11 | % | 11 | % | 16% | ||||||||
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||
Quarterly Financial Data (Unaudited) | ' | ||||||||||||||||
NOTE 17: Quarterly Financial Data (Unaudited) | |||||||||||||||||
The following is a summary of unaudited quarterly financial information: | |||||||||||||||||
In Thousands, Except Per Share Amounts | |||||||||||||||||
Fiscal Year 2013 | Fourth | Third | Second | First | |||||||||||||
Net sales | $ | 534,162 | $ | 478,068 | $ | 499,562 | $ | 457,962 | |||||||||
Gross profit | 205,373 | 178,902 | 181,376 | 160,345 | |||||||||||||
Earnings from continuing operations | 66,188 | 39,213 | 1,2,3 | 35,522 | 25,111 | 4 | |||||||||||
Loss from discontinued operations | (325 | ) | (975 | ) | 0 | 0 | |||||||||||
Net earnings | $ | 65,863 | $ | 38,238 | $ | 35,522 | $ | 25,111 | |||||||||
Earnings (loss) per share – basic | |||||||||||||||||
Continuing operations | $ | 2.11 | $ | 1.25 | $ | 1.14 | $ | 0.81 | |||||||||
Discontinued operations | (.01 | ) | (.03 | ) | 0 | 0 | |||||||||||
Earnings (loss) per share – basic | $ | 2.1 | $ | 1.22 | $ | 1.14 | $ | 0.81 | |||||||||
Earnings (loss) per share – diluted | |||||||||||||||||
Continuing operations | $ | 2.07 | $ | 1.23 | $ | 1.12 | $ | 0.8 | |||||||||
Discontinued operations | (.01 | ) | (.03 | ) | 0 | 0 | |||||||||||
Earnings (loss) per share – diluted 8 | $ | 2.06 | $ | 1.2 | $ | 1.12 | $ | 0.8 | |||||||||
Fiscal Year 2012 | Fourth | Third | Second | First | |||||||||||||
Net sales | $ | 530,656 | $ | 485,949 | $ | 504,831 | $ | 470,882 | |||||||||
Gross profit | 204,253 | 172,096 | 184,523 | 158,081 | |||||||||||||
Earnings (loss) from | 61,660 | (17,104 | )5,6 | 45,191 | 7 | 22,788 | |||||||||||
continuing operations | |||||||||||||||||
Earnings from discontinued operations | 0 | 0 | 0 | 0 | |||||||||||||
Net earnings | $ | 61,660 | $ | (17,104 | ) | $ | 45,191 | $ | 22,788 | ||||||||
Earnings (loss) per share – basic | |||||||||||||||||
Continuing operations | $ | 2 | $ | (.55 | ) | $ | 1.47 | $ | 0.74 | ||||||||
Discontinued operations | 0 | 0 | 0 | 0 | |||||||||||||
Earnings (loss) per share – basic | $ | 2 | $ | (.55 | ) | $ | 1.47 | $ | 0.74 | ||||||||
Earnings (loss) per share – diluted | |||||||||||||||||
Continuing operations | $ | 1.97 | $ | (.55 | ) | $ | 1.44 | $ | 0.73 | ||||||||
Discontinued operations | 0 | 0 | 0 | 0 | |||||||||||||
Earnings (loss) per share – diluted 8 | $ | 1.97 | $ | (.55 | ) | $ | 1.44 | $ | 0.73 | ||||||||
1 | Included $8.2 million of income tax benefits related to the favorable resolution of certain tax matters. | ||||||||||||||||
2 | Included a $3.5 million goodwill impairment charge related to Racal Acoustics. | ||||||||||||||||
3 | Included a $10.0 million charge related to our pending matter with the DDTC. | ||||||||||||||||
4 | Included $3.7 million of income tax benefits related to the favorable resolution of certain tax matters. | ||||||||||||||||
5 | Included a $52.2 million goodwill impairment charge related to Racal Acoustics. | ||||||||||||||||
6 | Included $4.6 million of income tax benefits related to the favorable resolution of certain tax matters. | ||||||||||||||||
7 | Included a $9.5 million gain on settlement of a contingency, net of tax. | ||||||||||||||||
8 | The sum of the quarterly per share amounts may not equal per shares amounts reported for year-to-date periods. This is due to changes in the number of weighted average shares outstanding and the effects of rounding for each period. |
Guarantors
Guarantors | 12 Months Ended | ||||||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||||||
Guarantors | ' | ||||||||||||||||||||
NOTE 18: Guarantors | |||||||||||||||||||||
The following schedules set forth condensed consolidating financial information as required by Rule 3-10 of Securities and Exchange Commission Regulation S-X for fiscal 2013, 2012, and 2011 for (a) Esterline Technologies Corporation (the Parent); (b) on a combined basis, the current subsidiary guarantors (Guarantor Subsidiaries) of the secured credit facility, 2017 Notes (for periods prior to the ending of the fiscal quarter ended April 26, 2013), and 2020 Notes; and (c) on a combined basis, the subsidiaries that are not guarantors of the secured credit facility, 2017 Notes (for periods prior to the ending of the fiscal quarter ended April 26, 2013), and 2020 Notes (Non-Guarantor Subsidiaries). The Guarantor Subsidiaries previously guaranteed the Senior Subordinated Notes due 2013 that were repurchased or otherwise redeemed in August 2010. The Guarantor Subsidiaries are direct and indirect wholly-owned subsidiaries of Esterline Technologies Corporation and have fully and unconditionally, jointly and severally, guaranteed the secured credit facility, 2017 Notes (for periods prior to the ending of the fiscal quarter ended April 26, 2013), and the 2020 Notes. | |||||||||||||||||||||
Condensed Consolidating Balance Sheet as of October 25, 2013 | |||||||||||||||||||||
In Thousands | Parent | Guarantor | Non- | Eliminations | Total | ||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Current Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 7,826 | $ | 4,876 | $ | 166,476 | $ | 0 | $ | 179,178 | |||||||||||
Cash in escrow | 4,018 | 0 | 0 | 0 | 4,018 | ||||||||||||||||
Accounts receivable, net | 316 | 154,492 | 228,858 | 0 | 383,666 | ||||||||||||||||
Inventories | 0 | 190,830 | 256,833 | 0 | 447,663 | ||||||||||||||||
Income tax refundable | 0 | 6,526 | 0 | 0 | 6,526 | ||||||||||||||||
Deferred income tax benefits | 26,731 | 171 | 20,375 | 0 | 47,277 | ||||||||||||||||
Prepaid expenses | 117 | 5,510 | 12,556 | 0 | 18,183 | ||||||||||||||||
Other current assets | 86 | 115 | 5,003 | 0 | 5,204 | ||||||||||||||||
Total Current Assets | 39,094 | 362,520 | 690,101 | 0 | 1,091,715 | ||||||||||||||||
Property, Plant & | 1,754 | 175,402 | 194,041 | 0 | 371,197 | ||||||||||||||||
Equipment, Net | |||||||||||||||||||||
Goodwill | 0 | 344,995 | 783,982 | 0 | 1,128,977 | ||||||||||||||||
Intangibles, Net | 0 | 144,222 | 436,727 | 0 | 580,949 | ||||||||||||||||
Debt Issuance Costs, Net | 5,252 | 0 | 959 | 0 | 6,211 | ||||||||||||||||
Deferred Income Tax | 16,782 | 0 | 55,058 | 0 | 71,840 | ||||||||||||||||
Benefits | |||||||||||||||||||||
Other Assets | 18 | 3,692 | 7,513 | 0 | 11,223 | ||||||||||||||||
Amounts Due From (To) | 0 | 549,307 | 0 | (549,307 | ) | 0 | |||||||||||||||
Subsidiaries | |||||||||||||||||||||
Investment in Subsidiaries | 2,588,478 | 979,123 | 349,104 | (3,916,705 | ) | 0 | |||||||||||||||
Total Assets | $ | 2,651,378 | $ | 2,559,261 | $ | 2,517,485 | $ | (4,466,012 | ) | $ | 3,262,112 | ||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||
Accounts payable | $ | 1,714 | $ | 29,064 | $ | 92,819 | $ | 0 | $ | 123,597 | |||||||||||
Accrued liabilities | 21,652 | 87,826 | 144,083 | 0 | 253,561 | ||||||||||||||||
Current maturities of | 8,750 | 237 | 12,292 | 0 | 21,279 | ||||||||||||||||
long-term debt | |||||||||||||||||||||
Deferred income tax | 568 | 24 | 1,715 | 0 | 2,307 | ||||||||||||||||
liabilities | |||||||||||||||||||||
Federal and foreign | 2,408 | (27,399 | ) | 32,339 | 0 | 7,348 | |||||||||||||||
income taxes | |||||||||||||||||||||
Total Current Liabilities | 35,092 | 89,752 | 283,248 | 0 | 408,092 | ||||||||||||||||
Credit Facilities | 130,000 | 0 | 0 | 0 | 130,000 | ||||||||||||||||
Long-Term Debt, Net | 411,875 | 55,562 | 70,422 | 0 | 537,859 | ||||||||||||||||
Deferred Income Tax | 57,757 | (7 | ) | 135,369 | 0 | 193,119 | |||||||||||||||
Liabilities | |||||||||||||||||||||
Pension and Post-Retirement | 17,500 | 618 | 49,984 | 0 | 68,102 | ||||||||||||||||
Obligations | |||||||||||||||||||||
Other Liabilities | 12,298 | 194 | 27,696 | 0 | 40,188 | ||||||||||||||||
Amounts Due To (From) | 102,104 | 0 | 405,018 | (507,122 | ) | 0 | |||||||||||||||
Subsidiaries | |||||||||||||||||||||
Shareholders’ Equity | 1,884,752 | 2,413,142 | 1,545,748 | (3,958,890 | ) | 1,884,752 | |||||||||||||||
Total Liabilities and | $ | 2,651,378 | $ | 2,559,261 | $ | 2,517,485 | $ | (4,466,012 | ) | $ | 3,262,112 | ||||||||||
Shareholders’ Equity | |||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the fiscal year ended October 25, 2013 | |||||||||||||||||||||
In Thousands | Parent | Guarantor | Non- | Eliminations | Total | ||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net Sales | $ | 0 | $ | 955,403 | $ | 1,018,658 | $ | (4,307 | ) | $ | 1,969,754 | ||||||||||
Cost of Sales | 0 | 593,564 | 654,501 | (4,307 | ) | 1,243,758 | |||||||||||||||
0 | 361,839 | 364,157 | 0 | 725,996 | |||||||||||||||||
Expenses | |||||||||||||||||||||
Selling, general | 0 | 165,540 | 225,607 | 0 | 391,147 | ||||||||||||||||
and administrative | |||||||||||||||||||||
Research, development | 0 | 50,806 | 44,930 | 0 | 95,736 | ||||||||||||||||
and engineering | |||||||||||||||||||||
Gain on sale of product line | 0 | (2,264 | ) | 0 | 0 | (2,264 | ) | ||||||||||||||
Gain on settlement | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
of contingency | |||||||||||||||||||||
Goodwill impairment | 0 | 0 | 3,454 | 0 | 3,454 | ||||||||||||||||
Other income | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Total Expenses | 0 | 214,082 | 273,991 | 0 | 488,073 | ||||||||||||||||
Operating Earnings from Continuing | 0 | 147,757 | 90,166 | 0 | 237,923 | ||||||||||||||||
Operations | |||||||||||||||||||||
Interest income | (15,639 | ) | (7,704 | ) | (54,606 | ) | 77,410 | (539 | ) | ||||||||||||
Interest expense | 30,050 | 26,868 | 60,159 | (77,410 | ) | 39,667 | |||||||||||||||
Loss on extinguishment of debt | 946 | 0 | 0 | 0 | 946 | ||||||||||||||||
Earnings (Loss) from Continuing | (15,357 | ) | 128,593 | 84,613 | 0 | 197,849 | |||||||||||||||
Operations Before Taxes | |||||||||||||||||||||
Income Tax Expense (Benefit) | (3,320 | ) | 25,242 | 8,163 | 0 | 30,085 | |||||||||||||||
Earnings (Loss) From Continuing | (12,037 | ) | 103,351 | 76,450 | 0 | 167,764 | |||||||||||||||
Operations Including | |||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||
Earnings Attributable to | 0 | 0 | (1,730 | ) | 0 | (1,730 | ) | ||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||
Earnings (Loss) From Continuing | (12,037 | ) | 103,351 | 74,720 | 0 | 166,034 | |||||||||||||||
Operations Attributable to | |||||||||||||||||||||
Esterline, Net of Tax | |||||||||||||||||||||
Loss From Discontinued | (1,300 | ) | 0 | 0 | 0 | (1,300 | ) | ||||||||||||||
Operations Attributable to | |||||||||||||||||||||
Esterline, Net of Tax | |||||||||||||||||||||
Equity in Net Income of | 178,071 | 1,697 | 3,705 | (183,473 | ) | 0 | |||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||
Net Earnings (Loss) | $ | 164,734 | $ | 105,048 | $ | 78,425 | $ | (183,473 | ) | $ | 164,734 | ||||||||||
Attributable to Esterline | |||||||||||||||||||||
Comprehensive Income (Loss) | |||||||||||||||||||||
Net earnings (loss) | $ | 164,734 | $ | 105,048 | $ | 78,425 | $ | (183,473 | ) | $ | 164,734 | ||||||||||
Change in fair value of derivative | 0 | 0 | (3,119 | ) | 0 | (3,119 | ) | ||||||||||||||
financial instruments, net of tax | |||||||||||||||||||||
Change in pension and | 36,669 | 0 | 6,325 | 0 | 42,994 | ||||||||||||||||
post-retirement obligations, | |||||||||||||||||||||
net of tax | |||||||||||||||||||||
Foreign currency translation | 23,125 | 100 | 40,442 | (40,542 | ) | 23,125 | |||||||||||||||
adjustment | |||||||||||||||||||||
Comprehensive Income (Loss) | $ | 224,528 | $ | 105,148 | $ | 122,073 | $ | (224,015 | ) | $ | 227,734 | ||||||||||
Condensed Consolidating Statement of Cash Flows for the fiscal year ended October 25, 2013 | |||||||||||||||||||||
In Thousands | Parent | Guarantor | Non- | Eliminations | Total | ||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Cash Flows Provided (Used) | |||||||||||||||||||||
by Operating Activities | |||||||||||||||||||||
Net earnings (loss) including | $ | 166,464 | $ | 105,048 | $ | 78,425 | $ | (183,473 | ) | $ | 166,464 | ||||||||||
noncontrolling interests | |||||||||||||||||||||
Depreciation & amortization | 0 | 43,539 | 68,593 | 0 | 112,132 | ||||||||||||||||
Deferred income taxes | 8,274 | (13,674 | ) | (19,019 | ) | 0 | (24,419 | ) | |||||||||||||
Share-based compensation | 0 | 4,163 | 5,412 | 0 | 9,575 | ||||||||||||||||
Gain on sale of capital assets | 0 | (1,013 | ) | (1,290 | ) | 0 | (2,303 | ) | |||||||||||||
Gain on settlement of contingency | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Goodwill impairment | 0 | 0 | 3,454 | 0 | 3,454 | ||||||||||||||||
Working capital changes, net | (135 | ) | (4,976 | ) | 10,126 | 0 | 5,015 | ||||||||||||||
of effect of acquisitions | |||||||||||||||||||||
Accounts receivable | |||||||||||||||||||||
Inventories | 0 | (16,652 | ) | (11,665 | ) | 0 | (28,317 | ) | |||||||||||||
Prepaid expenses | (41 | ) | 1,775 | 1,870 | 0 | 3,604 | |||||||||||||||
Other current assets | 1,332 | 437 | (3,327 | ) | 0 | (1,558 | ) | ||||||||||||||
Accounts payable | (230 | ) | 362 | 8,876 | 0 | 9,008 | |||||||||||||||
Accrued liabilities | 5,955 | 6,725 | (15,800 | ) | 0 | (3,120 | ) | ||||||||||||||
Federal & foreign | 4,445 | (8,193 | ) | 9,534 | 0 | 5,786 | |||||||||||||||
income taxes | |||||||||||||||||||||
Other liabilities | 3,271 | (185 | ) | (10,688 | ) | 0 | (7,602 | ) | |||||||||||||
Other, net | (89 | ) | 2,329 | 813 | 0 | 3,053 | |||||||||||||||
189,246 | 119,685 | 125,314 | (183,473 | ) | 250,772 | ||||||||||||||||
Cash Flows Provided (Used) | |||||||||||||||||||||
by Investing Activities | |||||||||||||||||||||
Purchases of capital assets | (105 | ) | (15,937 | ) | (39,293 | ) | 0 | (55,335 | ) | ||||||||||||
Escrow deposit | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Proceeds from sale of | 0 | 1,013 | 1,290 | 0 | 2,303 | ||||||||||||||||
capital assets | |||||||||||||||||||||
Acquisition of businesses, | 0 | 0 | (40,689 | ) | 0 | (40,689 | ) | ||||||||||||||
net of cash acquired | |||||||||||||||||||||
(105 | ) | (14,924 | ) | (78,692 | ) | 0 | (93,721 | ) | |||||||||||||
Condensed Consolidating Statement of Cash Flows for the fiscal year ended October 25, 2013 | |||||||||||||||||||||
In Thousands | Parent | Guarantor | Non- | Eliminations | Total | ||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Cash Flows Provided (Used) | |||||||||||||||||||||
by Financing Activities | |||||||||||||||||||||
Proceeds provided by stock | 22,854 | 0 | 0 | 0 | 22,854 | ||||||||||||||||
issuance under employee | |||||||||||||||||||||
stock plans | |||||||||||||||||||||
Excess tax benefits from | 2,961 | 0 | 0 | 0 | 2,961 | ||||||||||||||||
stock option exercises | |||||||||||||||||||||
Repayment of long-term | (110,000 | ) | 0 | 0 | 0 | (110,000 | ) | ||||||||||||||
credit facilities | |||||||||||||||||||||
Repayment of long-term debt | (179,375 | ) | (326 | ) | (55,727 | ) | 0 | (235,428 | ) | ||||||||||||
Proceeds from issuance of | 175,000 | 0 | 0 | 0 | 175,000 | ||||||||||||||||
long-term credit facilities | |||||||||||||||||||||
Proceeds from issuance of | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
long-term debt | |||||||||||||||||||||
Proceeds from government | 0 | 0 | 5,092 | 0 | 5,092 | ||||||||||||||||
assistance | |||||||||||||||||||||
Dividends paid to | 0 | 0 | (1,048 | ) | 0 | (1,048 | ) | ||||||||||||||
noncontrolling interest | |||||||||||||||||||||
Debt and other issuance costs | (454 | ) | 0 | 0 | 0 | (454 | ) | ||||||||||||||
Net change in intercompany | (109,094 | ) | (100,893 | ) | 26,514 | 183,473 | 0 | ||||||||||||||
financing | |||||||||||||||||||||
(198,108 | ) | (101,219 | ) | (25,169 | ) | 183,473 | (141,023 | ) | |||||||||||||
Effect of Foreign Exchange Rates | 23 | 10 | 2,442 | 0 | 2,475 | ||||||||||||||||
on Cash and Cash Equivalents | |||||||||||||||||||||
Net Increase (Decrease) in | (8,944 | ) | 3,552 | 23,895 | 0 | 18,503 | |||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||
Cash and Cash Equivalents | 16,770 | 1,324 | 142,581 | 0 | 160,675 | ||||||||||||||||
– Beginning of Year | |||||||||||||||||||||
Cash and Cash Equivalents | $ | 7,826 | $ | 4,876 | $ | 166,476 | $ | 0 | $ | 179,178 | |||||||||||
– End of Year | |||||||||||||||||||||
Condensed Consolidating Balance Sheet as of October 26, 2012 | |||||||||||||||||||||
In Thousands | Parent | Guarantor | Non- | Eliminations | Total | ||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Current Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 16,770 | $ | 1,324 | $ | 142,581 | $ | 0 | $ | 160,675 | |||||||||||
Cash in escrow | 5,016 | 0 | 0 | 0 | 5,016 | ||||||||||||||||
Accounts receivable, net | 181 | 140,631 | 242,550 | 0 | 383,362 | ||||||||||||||||
Inventories | 0 | 159,573 | 250,264 | 0 | 409,837 | ||||||||||||||||
Income tax refundable | 0 | 4,832 | 0 | 0 | 4,832 | ||||||||||||||||
Deferred income tax benefits | 22,874 | 105 | 23,021 | 0 | 46,000 | ||||||||||||||||
Prepaid expenses | 76 | 5,391 | 15,873 | 0 | 21,340 | ||||||||||||||||
Other current assets | 134 | 552 | 3,945 | 0 | 4,631 | ||||||||||||||||
Total Current Assets | 45,051 | 312,408 | 678,234 | 0 | 1,035,693 | ||||||||||||||||
Property, Plant & | 2,811 | 161,998 | 191,592 | 0 | 356,401 | ||||||||||||||||
Equipment, Net | |||||||||||||||||||||
Goodwill | 0 | 314,641 | 784,321 | 0 | 1,098,962 | ||||||||||||||||
Intangibles, Net | 0 | 126,142 | 482,903 | 0 | 609,045 | ||||||||||||||||
Debt Issuance Costs, Net | 7,508 | 0 | 1,310 | 0 | 8,818 | ||||||||||||||||
Deferred Income Tax | 36,610 | (283 | ) | 61,625 | 0 | 97,952 | |||||||||||||||
Benefits | |||||||||||||||||||||
Other Assets | 8,082 | 1,561 | 10,603 | 0 | 20,246 | ||||||||||||||||
Amounts Due From (To) | 0 | 491,143 | 0 | (491,143 | ) | 0 | |||||||||||||||
Subsidiaries | |||||||||||||||||||||
Investment in Subsidiaries | 2,457,859 | 1,179,938 | 170,223 | (3,808,020 | ) | 0 | |||||||||||||||
Total Assets | $ | 2,557,921 | $ | 2,587,548 | $ | 2,380,811 | $ | (4,299,163 | ) | $ | 3,227,117 | ||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||
Accounts payable | $ | 1,944 | $ | 26,351 | $ | 80,394 | $ | 0 | $ | 108,689 | |||||||||||
Accrued liabilities | 17,495 | 79,103 | 172,955 | 0 | 269,553 | ||||||||||||||||
Current maturities of | 0 | 174 | 10,436 | 0 | 10,610 | ||||||||||||||||
long-term debt | |||||||||||||||||||||
Deferred income tax | 213 | (1 | ) | 4,913 | 0 | 5,125 | |||||||||||||||
liabilities | |||||||||||||||||||||
Federal and foreign | (3,418 | ) | (23,822 | ) | 29,609 | 0 | 2,369 | ||||||||||||||
income taxes | |||||||||||||||||||||
Total Current Liabilities | 16,234 | 81,805 | 298,307 | 0 | 396,346 | ||||||||||||||||
Credit Facilities | 240,000 | 0 | 0 | 0 | 240,000 | ||||||||||||||||
Long-Term Debt, Net | 429,152 | 44,107 | 124,801 | 0 | 598,060 | ||||||||||||||||
Deferred Income Tax | 46,730 | (7 | ) | 158,475 | 0 | 205,198 | |||||||||||||||
Liabilities | |||||||||||||||||||||
Pension and Post-Retirement | 20,507 | 54,886 | 56,681 | 0 | 132,074 | ||||||||||||||||
Obligations | |||||||||||||||||||||
Other Liabilities | 5,189 | 4,194 | 25,521 | 0 | 34,904 | ||||||||||||||||
Amounts Due To (From) | 179,574 | 0 | 369,962 | (549,536 | ) | 0 | |||||||||||||||
Subsidiaries | |||||||||||||||||||||
Shareholders’ Equity | 1,620,535 | 2,402,563 | 1,347,064 | (3,749,627 | ) | 1,620,535 | |||||||||||||||
Total Liabilities and | $ | 2,557,921 | $ | 2,587,548 | $ | 2,380,811 | $ | (4,299,163 | ) | $ | 3,227,117 | ||||||||||
Shareholders’ Equity | |||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the fiscal year ended October 26, 2012 | |||||||||||||||||||||
In Thousands | Parent | Guarantor | Non- | Eliminations | Total | ||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net Sales | $ | 0 | $ | 920,027 | $ | 1,076,296 | $ | (4,005 | ) | $ | 1,992,318 | ||||||||||
Cost of Sales | 0 | 569,181 | 708,189 | (4,005 | ) | 1,273,365 | |||||||||||||||
0 | 350,846 | 368,107 | 0 | 718,953 | |||||||||||||||||
Expenses | |||||||||||||||||||||
Selling, general | 0 | 146,761 | 236,126 | 0 | 382,887 | ||||||||||||||||
and administrative | |||||||||||||||||||||
Research, development | 0 | 50,372 | 57,373 | 0 | 107,745 | ||||||||||||||||
and engineering | |||||||||||||||||||||
Gain on sale of product line | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Gain on settlement of | 0 | 0 | (11,891 | ) | 0 | (11,891 | ) | ||||||||||||||
contingency | |||||||||||||||||||||
Goodwill impairment | 0 | 0 | 52,169 | 0 | 52,169 | ||||||||||||||||
Other income | 0 | 0 | (1,263 | ) | 0 | (1,263 | ) | ||||||||||||||
Total Expenses | 0 | 197,133 | 332,514 | 0 | 529,647 | ||||||||||||||||
Operating Earnings from | 0 | 153,713 | 35,593 | 0 | 189,306 | ||||||||||||||||
Continuing Operations | |||||||||||||||||||||
Interest income | (14,178 | ) | (16,141 | ) | (60,299 | ) | 90,153 | (465 | ) | ||||||||||||
Interest expense | 34,948 | 27,210 | 74,233 | (90,153 | ) | 46,238 | |||||||||||||||
Loss on extinguishment of debt | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Earnings (Loss) from Continuing | (20,770 | ) | 142,644 | 21,659 | 0 | 143,533 | |||||||||||||||
Operations Before Taxes | |||||||||||||||||||||
Income Tax Expense (Benefit) | (5,591 | ) | 32,314 | 3,235 | 0 | 29,958 | |||||||||||||||
Earnings (Loss) From Continuing | (15,179 | ) | 110,330 | 18,424 | 0 | 113,575 | |||||||||||||||
Operations Including | |||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||
Earnings Attributable to | 0 | 0 | (1,040 | ) | 0 | (1,040 | ) | ||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||
Earnings (Loss) From Continuing | (15,179 | ) | 110,330 | 17,384 | 0 | 112,535 | |||||||||||||||
Operations Attributable to | |||||||||||||||||||||
Esterline, Net of Tax | |||||||||||||||||||||
Earnings (Loss) From Discontinued | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Operations Attributable to | |||||||||||||||||||||
Esterline, Net of Tax | |||||||||||||||||||||
Equity in Net Income of | 127,714 | 17,659 | (145 | ) | (145,228 | ) | 0 | ||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||
Net Earnings (Loss) | $ | 112,535 | $ | 127,989 | $ | 17,239 | $ | (145,228 | ) | $ | 112,535 | ||||||||||
Attributable to Esterline | |||||||||||||||||||||
Comprehensive Income (Loss) | |||||||||||||||||||||
Net earnings (loss) | $ | 112,535 | $ | 127,989 | $ | 17,239 | $ | (145,228 | ) | $ | 112,535 | ||||||||||
Change in fair value of derivative | 0 | 0 | (2,399 | ) | 0 | (2,399 | ) | ||||||||||||||
financial instruments, net of tax | |||||||||||||||||||||
Change in pension and | (15,727 | ) | 0 | (7,981 | ) | 0 | (23,708 | ) | |||||||||||||
post-retirement obligations, | |||||||||||||||||||||
net of tax | |||||||||||||||||||||
Foreign currency translation | (56,365 | ) | 172 | (58,746 | ) | 58,574 | (56,365 | ) | |||||||||||||
adjustment | |||||||||||||||||||||
Comprehensive Income (Loss) | $ | 40,443 | $ | 128,161 | $ | (51,887 | ) | $ | (86,654 | ) | $ | 30,063 | |||||||||
Condensed Consolidating Statement of Cash Flows for the fiscal year ended October 26, 2012 | |||||||||||||||||||||
In Thousands | Parent | Guarantor | Non- | Eliminations | Total | ||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Cash Flows Provided (Used) | |||||||||||||||||||||
by Operating Activities | |||||||||||||||||||||
Net earnings (loss) including | $ | 113,575 | $ | 127,989 | $ | 17,239 | $ | (145,228 | ) | $ | 113,575 | ||||||||||
noncontrolling interests | |||||||||||||||||||||
Depreciation & amortization | 0 | 39,405 | 68,387 | 0 | 107,792 | ||||||||||||||||
Deferred income taxes | 18,013 | (20,600 | ) | (22,823 | ) | 0 | (25,410 | ) | |||||||||||||
Share-based compensation | 0 | 4,246 | 5,297 | 0 | 9,543 | ||||||||||||||||
Gain on sale of capital assets | 0 | (410 | ) | (534 | ) | 0 | (944 | ) | |||||||||||||
Gain on settlement of contingency | 0 | 0 | (11,891 | ) | 0 | (11,891 | ) | ||||||||||||||
Goodwill impairment | 0 | 0 | 52,169 | 0 | 52,169 | ||||||||||||||||
Working capital changes, net | (23 | ) | (2,704 | ) | (19,654 | ) | 0 | (22,381 | ) | ||||||||||||
of effect of acquisitions | |||||||||||||||||||||
Accounts receivable | |||||||||||||||||||||
Inventories | 0 | (15,707 | ) | (3,596 | ) | 0 | (19,303 | ) | |||||||||||||
Prepaid expenses | (17 | ) | (385 | ) | (2,104 | ) | 0 | (2,506 | ) | ||||||||||||
Other current assets | 6 | (208 | ) | (800 | ) | 0 | (1,002 | ) | |||||||||||||
Accounts payable | 1,132 | (174 | ) | (7,440 | ) | 0 | (6,482 | ) | |||||||||||||
Accrued liabilities | (1,929 | ) | (156 | ) | 16,964 | 0 | 14,879 | ||||||||||||||
Federal & foreign | (4,345 | ) | (3,497 | ) | 4,984 | 0 | (2,858 | ) | |||||||||||||
income taxes | |||||||||||||||||||||
Other liabilities | (20,618 | ) | 12,196 | (6,280 | ) | 0 | (14,702 | ) | |||||||||||||
Other, net | (1,418 | ) | 580 | 4,530 | 0 | 3,692 | |||||||||||||||
104,376 | 140,575 | 94,448 | (145,228 | ) | 194,171 | ||||||||||||||||
Cash Flows Provided (Used) | |||||||||||||||||||||
by Investing Activities | |||||||||||||||||||||
Purchases of capital assets | (1,503 | ) | (23,553 | ) | (24,390 | ) | 0 | (49,446 | ) | ||||||||||||
Escrow deposit | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Proceeds from sale of | 0 | 410 | 534 | 0 | 944 | ||||||||||||||||
capital assets | |||||||||||||||||||||
Acquisition of businesses, | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
net of cash acquired | |||||||||||||||||||||
(1,503 | ) | (23,143 | ) | (23,856 | ) | 0 | (48,502 | ) | |||||||||||||
Condensed Consolidating Statement of Cash Flows for the fiscal year ended October 26, 2012 | |||||||||||||||||||||
In Thousands | Parent | Guarantor | Non- | Eliminations | Total | ||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Cash Flows Provided (Used) | |||||||||||||||||||||
by Financing Activities | |||||||||||||||||||||
Proceeds provided by stock | 7,658 | 0 | 0 | 0 | 7,658 | ||||||||||||||||
issuance under employee | |||||||||||||||||||||
stock plans | |||||||||||||||||||||
Excess tax benefits from | 382 | 0 | 0 | 0 | 382 | ||||||||||||||||
stock option exercises | |||||||||||||||||||||
Repayment of long-term | (150,000 | ) | 0 | 0 | 0 | (150,000 | ) | ||||||||||||||
credit facilities | |||||||||||||||||||||
Repayment of long-term debt | 0 | (405 | ) | (72,740 | ) | 0 | (73,145 | ) | |||||||||||||
Proceeds from issuance of | 30,000 | 0 | 0 | 0 | 30,000 | ||||||||||||||||
long-term credit facilities | |||||||||||||||||||||
Proceeds from issuance | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
of long-term debt | |||||||||||||||||||||
Proceeds from government | 0 | 0 | 17,285 | 0 | 17,285 | ||||||||||||||||
assistance | |||||||||||||||||||||
Dividends paid to | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
noncontrolling interest | |||||||||||||||||||||
Debt and other issuance costs | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Net change in intercompany | (24,731 | ) | (129,158 | ) | 8,661 | 145,228 | 0 | ||||||||||||||
financing | |||||||||||||||||||||
(136,691 | ) | (129,563 | ) | (46,794 | ) | 145,228 | (167,820 | ) | |||||||||||||
Effect of Foreign Exchange Rates | 751 | 5 | (2,965 | ) | 0 | (2,209 | ) | ||||||||||||||
on Cash and Cash Equivalents | |||||||||||||||||||||
Net Increase (Decrease) in | (33,067 | ) | (12,126 | ) | 20,833 | 0 | (24,360 | ) | |||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||
Cash and Cash Equivalents | 49,837 | 13,450 | 121,748 | 0 | 185,035 | ||||||||||||||||
– Beginning of Year | |||||||||||||||||||||
Cash and Cash Equivalents | $ | 16,770 | $ | 1,324 | $ | 142,581 | $ | 0 | $ | 160,675 | |||||||||||
– End of Year | |||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the fiscal year ended October 28, 2011 | |||||||||||||||||||||
In Thousands | Parent | Guarantor | Non- | Eliminations | Total | ||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net Sales | $ | 0 | $ | 880,711 | $ | 840,130 | $ | (2,856 | ) | $ | 1,717,985 | ||||||||||
Cost of Sales | 0 | 563,033 | 568,088 | (2,856 | ) | 1,128,265 | |||||||||||||||
0 | 317,678 | 272,042 | 0 | 589,720 | |||||||||||||||||
Expenses | |||||||||||||||||||||
Selling, general | 0 | 120,548 | 183,606 | 0 | 304,154 | ||||||||||||||||
and administrative | |||||||||||||||||||||
Research, development | 0 | 39,352 | 55,153 | 0 | 94,505 | ||||||||||||||||
and engineering | |||||||||||||||||||||
Gain on sale of product line | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Gain on settlement of | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
contingency | |||||||||||||||||||||
Goodwill impairment | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Other (income) expense | 0 | 38 | (6,891 | ) | 0 | (6,853 | ) | ||||||||||||||
Total Expenses | 0 | 159,938 | 231,868 | 0 | 391,806 | ||||||||||||||||
Operating Earnings from | 0 | 157,740 | 40,174 | 0 | 197,914 | ||||||||||||||||
Continuing Operations | |||||||||||||||||||||
Interest income | (15,461 | ) | (4,702 | ) | (45,411 | ) | 63,959 | (1,615 | ) | ||||||||||||
Interest expense | 33,270 | 22,178 | 48,727 | (63,959 | ) | 40,216 | |||||||||||||||
Loss on extinguishment of debt | 831 | 0 | 0 | 0 | 831 | ||||||||||||||||
Earnings (Loss) from Continuing | (18,640 | ) | 140,264 | 36,858 | 0 | 158,482 | |||||||||||||||
Operations Before Taxes | |||||||||||||||||||||
Income Tax Expense (Benefit) | (4,274 | ) | 21,322 | 7,890 | 0 | 24,938 | |||||||||||||||
Earnings (Loss) From Continuing | (14,366 | ) | 118,942 | 28,968 | 0 | 133,544 | |||||||||||||||
Operations Including | |||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||
Earnings Attributable to | 0 | 0 | (457 | ) | 0 | (457 | ) | ||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||
Earnings (Loss) From Continuing | (14,366 | ) | 118,942 | 28,511 | 0 | 133,087 | |||||||||||||||
Operations Attributable to | |||||||||||||||||||||
Esterline, Net of Tax | |||||||||||||||||||||
Loss From Discontinued | 0 | (47 | ) | 0 | 0 | (47 | ) | ||||||||||||||
Operations Attributable to | |||||||||||||||||||||
Esterline, Net of Tax | |||||||||||||||||||||
Equity in Net Income of | 147,406 | 16,523 | 13,103 | (177,032 | ) | 0 | |||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||
Net Earnings (Loss) | $ | 133,040 | $ | 135,418 | $ | 41,614 | $ | (177,032 | ) | $ | 133,040 | ||||||||||
Attributable to Esterline | |||||||||||||||||||||
Comprehensive Income (Loss) | |||||||||||||||||||||
Net earnings (loss) | $ | 133,040 | $ | 135,418 | $ | 41,614 | $ | (177,032 | ) | $ | 133,040 | ||||||||||
Change in fair value of derivative | 0 | 0 | (5,934 | ) | 0 | (5,934 | ) | ||||||||||||||
financial instruments, net of tax | |||||||||||||||||||||
Change in pension and | (7,157 | ) | 0 | (2,829 | ) | 0 | (9,986 | ) | |||||||||||||
post-retirement obligations, | |||||||||||||||||||||
net of tax | |||||||||||||||||||||
Foreign currency translation | 9,873 | 450 | 2,077 | (2,527 | ) | 9,873 | |||||||||||||||
adjustment | |||||||||||||||||||||
Comprehensive Income (Loss) | $ | 135,756 | $ | 135,868 | $ | 34,928 | $ | (179,559 | ) | $ | 126,993 | ||||||||||
Condensed Consolidating Statement of Cash Flows for the fiscal year ended October 28, 2011 | |||||||||||||||||||||
In Thousands | Parent | Guarantor | Non- | Eliminations | Total | ||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Cash Flows Provided (Used) | |||||||||||||||||||||
by Operating Activities | |||||||||||||||||||||
Net earnings (loss) including | $ | 133,497 | $ | 135,418 | $ | 41,614 | $ | (177,032 | ) | $ | 133,497 | ||||||||||
noncontrolling interests | |||||||||||||||||||||
Depreciation & amortization | 0 | 35,616 | 49,042 | 0 | 84,658 | ||||||||||||||||
Deferred income taxes | 11,438 | 707 | (24,490 | ) | 0 | (12,345 | ) | ||||||||||||||
Share-based compensation | 0 | 3,617 | 4,346 | 0 | 7,963 | ||||||||||||||||
Gain on sale of capital assets | 0 | (6,541 | ) | (2,912 | ) | 0 | (9,453 | ) | |||||||||||||
Gain on settlement of contingency | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Goodwill impairment | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Working capital changes, net | 116 | 1,768 | 21,927 | 0 | 23,811 | ||||||||||||||||
of effect of acquisitions | |||||||||||||||||||||
Accounts receivable | |||||||||||||||||||||
Inventories | 0 | (8,452 | ) | 8,467 | 0 | 15 | |||||||||||||||
Prepaid expenses | (10 | ) | 722 | (45 | ) | 0 | 667 | ||||||||||||||
Other current assets | (140 | ) | (300 | ) | (2,135 | ) | 0 | (2,575 | ) | ||||||||||||
Accounts payable | (132 | ) | (2,219 | ) | (591 | ) | 0 | (2,942 | ) | ||||||||||||
Accrued liabilities | 362 | (6,253 | ) | (4,618 | ) | 0 | (10,509 | ) | |||||||||||||
Federal & foreign | 11,949 | (6,050 | ) | (6,715 | ) | 0 | (816 | ) | |||||||||||||
income taxes | |||||||||||||||||||||
Other liabilities | (16,200 | ) | (3,996 | ) | (2,787 | ) | 0 | (22,983 | ) | ||||||||||||
Other, net | 8,164 | (16,309 | ) | 11,586 | 0 | 3,441 | |||||||||||||||
149,044 | 127,728 | 92,689 | (177,032 | ) | 192,429 | ||||||||||||||||
Cash Flows Provided (Used) | |||||||||||||||||||||
by Investing Activities | |||||||||||||||||||||
Purchases of capital assets | (328 | ) | (22,724 | ) | (26,455 | ) | 0 | (49,507 | ) | ||||||||||||
Escrow deposit | (14,033 | ) | 0 | 0 | 0 | (14,033 | ) | ||||||||||||||
Proceeds from sale of | 0 | 6,541 | 2,912 | 0 | 9,453 | ||||||||||||||||
capital assets | |||||||||||||||||||||
Acquisition of businesses, | 0 | (106,059 | ) | (708,875 | ) | 0 | (814,934 | ) | |||||||||||||
net of cash acquired | |||||||||||||||||||||
(14,361 | ) | (122,242 | ) | (732,418 | ) | 0 | (869,021 | ) | |||||||||||||
Condensed Consolidating Statement of Cash Flows for the fiscal year ended October 28, 2011 | |||||||||||||||||||||
In Thousands | Parent | Guarantor | Non- | Eliminations | Total | ||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Cash Flows Provided (Used) | |||||||||||||||||||||
by Financing Activities | |||||||||||||||||||||
Proceeds provided by stock | 13,253 | 0 | 0 | 0 | 13,253 | ||||||||||||||||
issuance under employee | |||||||||||||||||||||
stock plans | |||||||||||||||||||||
Excess tax benefits from | 1,830 | 0 | 0 | 0 | 1,830 | ||||||||||||||||
stock option exercises | |||||||||||||||||||||
Repayment of long-term | (35,000 | ) | 0 | 0 | 0 | (35,000 | ) | ||||||||||||||
credit facilities | |||||||||||||||||||||
Repayment of long-term debt | (120,313 | ) | (321 | ) | (9,282 | ) | 0 | (129,916 | ) | ||||||||||||
Proceeds from issuance of | 395,000 | 0 | 5,014 | 0 | 400,014 | ||||||||||||||||
long-term credit facilities | |||||||||||||||||||||
Proceeds from issuance | 0 | 0 | 176,875 | 0 | 176,875 | ||||||||||||||||
of long-term debt | |||||||||||||||||||||
Proceeds from government | 0 | 0 | 15,000 | 0 | 15,000 | ||||||||||||||||
assistance | |||||||||||||||||||||
Dividends paid to | 0 | 0 | (238 | ) | 0 | (238 | ) | ||||||||||||||
noncontrolling interest | |||||||||||||||||||||
Debt and other issuance costs | (3,640 | ) | 0 | (1,758 | ) | 0 | (5,398 | ) | |||||||||||||
Net change in intercompany | (541,098 | ) | 5,972 | 358,094 | 177,032 | 0 | |||||||||||||||
financing | |||||||||||||||||||||
(289,968 | ) | 5,651 | 543,705 | 177,032 | 436,420 | ||||||||||||||||
Effect of Foreign Exchange Rates | 72 | (4 | ) | 3,019 | 0 | 3,087 | |||||||||||||||
on Cash and Cash Equivalents | |||||||||||||||||||||
Net Increase (Decrease) in | (155,213 | ) | 11,133 | (93,005 | ) | 0 | (237,085 | ) | |||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||
Cash and Cash Equivalents | 205,050 | 2,317 | 214,753 | 0 | 422,120 | ||||||||||||||||
– Beginning of Year | |||||||||||||||||||||
Cash and Cash Equivalents | $ | 49,837 | $ | 13,450 | $ | 121,748 | $ | 0 | $ | 185,035 | |||||||||||
– End of Year | |||||||||||||||||||||
Valuation_And_Qualifying_Accou
Valuation And Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||||||
Valuation And Qualifying Accounts | ' | ||||||||||||||||||||
ESTERLINE TECHNOLOGIES CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Reserve for Doubtful | Balance at | Charged | Other 1 | Deductions 2 | Balance | ||||||||||||||||
Accounts Receivable | Beginning | to Costs & | at End | ||||||||||||||||||
of Year | Expenses | of Year | |||||||||||||||||||
Fiscal Years | |||||||||||||||||||||
2013 | $ | 9,029 | $ | 981 | $ | 0 | $ | (795 | ) | $ | 9,215 | ||||||||||
2012 | $ | 7,063 | $ | 4,343 | $ | 0 | $ | (2,377 | ) | $ | 9,029 | ||||||||||
2011 | $ | 4,865 | $ | 1,407 | $ | 1,081 | $ | (290 | ) | $ | 7,063 | ||||||||||
1 | Acquisition-related addition. | ||||||||||||||||||||
2 | Uncollectible accounts written off, net of recoveries. |
Accounting_Policies_Policies
Accounting Policies (Policies) | 12 Months Ended |
Oct. 25, 2013 | |
Nature of Operations | ' |
Nature of Operations | |
Esterline Technologies Corporation (the Company) designs, manufactures and markets highly engineered products. The Company serves the aerospace and defense industry, primarily in the United States and Europe. The Company also serves the industrial/commercial and medical markets. | |
Principles of Consolidation and Basis of Presentation | ' |
Principles of Consolidation and Basis of Presentation | |
The consolidated financial statements include the accounts of the Company and all subsidiaries. All significant intercompany accounts and transactions have been eliminated. Classifications have been changed for certain amounts in prior periods to conform with the current year’s presentation. The Company’s fiscal year ends on the last Friday of October. | |
Management Estimates | ' |
Management Estimates | |
To prepare financial statements in conformity with U.S. generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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. | |
Concentration of Risks | ' |
Concentration of Risks | |
The Company’s products are principally focused on the aerospace and defense industry, which includes military and commercial aircraft original equipment manufacturers and their suppliers, commercial airlines, and the United States and foreign governments. Sales directly to the U.S. government aggregated 6% and 7% of sales in fiscal 2013 and 2012, respectively. Accordingly, the Company’s current and future financial performance is dependent on the economic condition of the aerospace and defense industry. The commercial aerospace and defense markets have historically been subject to cyclical downturns during periods of weak economic conditions or material changes arising from domestic or international events. Management believes that the Company’s sales are balanced across its customer base, which includes not only aerospace and defense customers but also medical and industrial commercial customers. | |
Revenue Recognition | ' |
Revenue Recognition | |
The Company recognizes revenue when the title and risk of loss have passed to the customer, there is persuasive evidence of an agreement, delivery has occurred or services have been rendered, the price is determinable, and the collectability is reasonably assured. The Company recognizes product revenues at the point of shipment or delivery in accordance with the terms of sale. Sales are net of returns and allowances. Returns and allowances are not significant because products are manufactured to customer specification and are covered by the terms of the product warranty. | |
Revenues and profits on fixed-price contracts with significant engineering as well as production requirements are recorded based on the achievement of contractual milestones and the ratio of total actual incurred costs to date to total estimated costs for each contract (cost-to-cost method). Types of milestones include design review and prototype completion. The Company reviews cost performance and estimates to complete on its ongoing contracts at least quarterly. The impact of revisions of profit estimates are recognized on a cumulative catch-up basis in the period in which the revisions are made. Provisions for anticipated losses on contracts are recorded in the period they become evident. When change orders have been approved by both the company and the customer for both scope and price and realization is deemed probable, the original contract price is adjusted and revenues are recognized on contract performance (as determined by the achievement of contractual milestones and the cost-to-cost method). For partially approved change orders, costs attributable to unpriced change orders are treated as costs of the contract performance in the period the costs are incurred. Claims are also recognized as contract revenue when approved by both the company and the customer, based on contract performance. | |
Research and Development | ' |
Research and Development | |
Expenditures for internally-funded research and development are expensed as incurred. Customer-funded research and development projects performed under contracts are accounted for as work in process as work is performed and recognized as cost of sales and sales under the proportional performance method. Research and development expenditures are net of government assistance and tax subsidies, which are not contingent upon paying income tax. In addition, government assistance for research and development is recorded as a reduction of research and development expense when repayment royalties are contingent upon sales generated directly from the funded research and development. If reimbursement is not tied directly to sales generated from the funded research and development, the assistance is accounted for as a loan until the criteria for forgiveness has been met. | |
Financial Instruments | ' |
Financial Instruments | |
Fair Value of Financial Instruments | |
The Company’s financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable, short-term borrowings, long-term debt, foreign currency forward contracts, and interest rate swap agreements. The carrying amounts of cash and cash equivalents, accounts receivable, and accounts payable approximate their respective fair values because of the short-term maturities or expected settlement dates of these instruments. The fair market value of the Company’s long-term debt and short-term borrowings was estimated at $711.6 million and $882.5 million at fiscal year end 2013 and 2012, respectively. These estimates were derived using discounted cash flows with interest rates currently available to the Company for issuance of debt with similar terms and remaining maturities. | |
Foreign Currency Exchange Risk Management | |
The Company is subject to risks associated with fluctuations in foreign currency exchange rates from the sale of products in currencies other than its functional currency. Furthermore, the Company has assets denominated in foreign currencies that are not offset by liabilities in such foreign currencies. The Company has significant operations in Canada, France, and the United Kingdom, and accordingly, we may experience gains or losses due to foreign exchange fluctuations. | |
The Company’s policy is to hedge a portion of its forecasted transactions using forward exchange contracts, with maturities up to 24 months. These forward contracts have been designated as cash flow hedges. The portion of the net gain or loss on a derivative instrument that is effective as a hedge is reported as a component of other comprehensive income in shareholders’ equity and is reclassified into earnings in the same period during which the hedged transaction affects earnings. The remaining net gain or loss on the derivative in excess of the present value of the expected cash flows of the hedged transaction is recorded in earnings immediately. If a derivative does not qualify for hedge accounting, or a portion of the hedge is deemed ineffective, the change in fair value is recorded in earnings. The amount of hedge ineffectiveness has not been material in any of the three fiscal years in the period ended October 25, 2013. At October 25, 2013, and October 26, 2012, the notional value of foreign currency forward contracts accounted for as a cash flow hedge was $271.3 million and $260.7 million, respectively. The fair value of these contracts was a $2.3 million liability and a $1.5 million asset at October 25, 2013, and October 26, 2012, respectively. The Company does not enter into any forward contracts for trading purposes. | |
In July 2011, the Company entered into a Euro Term Loan for €125.0 million under the secured credit facility. The Company designated the Euro Term Loan a hedge of the investment in a certain French business unit. The foreign currency gain or loss that is effective as a hedge is reported as a component of accumulated other comprehensive income in shareholders’ equity. To the extent that this hedge is ineffective, the foreign currency gain or loss is recorded in earnings. There was no ineffectiveness in fiscal 2013 or fiscal 2012. The gain or loss included in Accumulated Other Comprehensive Income will remain until the underlying investment in a certain French business unit is liquidated. The amount of foreign currency translation included in Accumulated Other Comprehensive Income was a gain of $17.2 million at October 25, 2013. | |
Interest Rate Risk Management | |
Depending on the interest rate environment, the Company may enter into interest rate swap agreements to convert the fixed interest rates on notes payable to variable interest rates or terminate any swap agreements in place. These interest rate swap agreements have been designated as fair value hedges. Accordingly, a gain or loss on swap agreements as well as the offsetting loss or gain on the hedged portion of notes payable are recognized in interest expense during the period of the change in fair values. The Company attempts to manage exposure to counterparty credit risk by only entering into agreements with major financial institutions which are expected to be able to fully perform under the terms of the agreement. | |
In fiscal 2010, the Company entered into interest rate swap agreements for $175.0 million on the 2017 Notes. The swap agreements exchanged the fixed interest rate on the 2017 Notes of 6.625% for a variable interest rate. In the second quarter of fiscal 2013, the swap agreements were terminated, and the Company redeemed the 2017 Notes with proceeds from the $175.0 million U.S. Term Loan. The Company recorded a gain on the swap termination of $2.9 million. The gain is included in the Loss on Extinguishment of Debt in the Consolidated Statement of Operations. | |
Depending on the interest rate environment, the Company may enter into interest rate swap agreements to convert the variable interest rates on notes payable to fixed interest rates. These swap agreements are accounted for as cash flow hedges and the fair market value of the hedge instrument is included in Other Comprehensive Income. | |
The fair market value of the interest rate swaps was estimated by discounting expected cash flows using quoted market interest rates. | |
Foreign Currency Translation | ' |
Foreign Currency Translation | |
Foreign currency assets and liabilities are translated into their U.S. dollar equivalents based on year-end exchange rates. Revenue and expense accounts are translated at average exchange rates. Aggregate exchange gains and losses arising from the translation of foreign assets and liabilities are included in shareholders’ equity as a component of comprehensive income. Accumulated gain on foreign currency translation adjustment was $35.4 million, $12.3 million and $68.6 million as of the fiscal years ended October 25, 2013, October 26, 2012, and October 28, 2011, respectively | |
Foreign Currency Transaction Gains and Losses | ' |
Foreign Currency Transaction Gains and Losses | |
Foreign currency transaction gains and losses are included in results of operations and are primarily the result of revaluing assets and liabilities denominated in a currency other than the functional currency, gains and losses on forward exchange contracts and the change in value of foreign currency embedded derivatives in backlog. These foreign currency transactions resulted in a $1.7 million loss in fiscal 2013, a $3.5 million loss in fiscal 2012, and a $13.8 million gain in fiscal 2011. | |
Cash Equivalents | ' |
Cash Equivalents | |
Cash equivalents consist of highly liquid investments with original maturities of three months or less at the date of purchase. Fair value of cash equivalents approximates carrying value. | |
Accounts Receivable | ' |
Accounts Receivable | |
Accounts receivable are recorded at the net invoice price for sales billed to customers. Accounts receivable are considered past due when outstanding more than normal trade terms allow. An allowance for doubtful accounts is established when losses are expected to be incurred. Accounts receivable are written off to the allowance for doubtful accounts when the balance is considered to be uncollectible. | |
Inventories | ' |
Inventories | |
Inventories are stated at the lower of cost or market using the first-in, first-out (FIFO) or average cost method. Inventory cost includes material, labor and factory overhead. The Company defers pre-production engineering costs as work-in-process inventory in connection with long-term supply arrangements that include contractual guarantees for reimbursement from the customer. Inventory cost adjustments are recorded when inventory is considered to be excess or obsolete based upon an analysis of actual on-hand quantities on a part level basis to forecasted product demand and historical usage. | |
Property, Plant and Equipment, and Depreciation | ' |
Property, Plant and Equipment, and Depreciation | |
Property, plant and equipment is carried at cost and includes expenditures for major improvements. Depreciation is generally provided on the straight-line method based upon estimated useful lives ranging from 15 to 30 years for buildings and 3 to 10 years for machinery and equipment. Depreciation expense was $55.4 million, $52.4 million, and $42.5 million for fiscal years 2013, 2012, and 2011, respectively. Assets under capital leases were $47.1 million at October 25, 2013, and $38.8 million at October 26, 2012. Amortization expense of assets accounted for as capital leases is included with depreciation expense. The fair value of liabilities related to the retirement of property is recorded when there is a legal or contractual obligation to incur asset retirement costs and the costs can be estimated. The Company records the asset retirement cost by increasing the carrying cost of the underlying property by the amount of the asset retirement obligation. The asset retirement cost is depreciated over the estimated useful life of the underlying property | |
Debt Issuance Costs | ' |
Debt Issuance Costs | |
Costs incurred to issue debt are deferred and amortized as interest expense over the term of the related debt using a method that approximates the effective interest method. | |
Long-lived Asset Impairments | ' |
Long-lived Asset Impairments | |
The carrying amount of long-lived assets is reviewed periodically for impairment. An asset (other than goodwill and indefinite-lived intangible assets) is considered impaired when estimated future undiscounted cash flows are less than the carrying amount of the asset. In the event the carrying amount of such asset is not deemed recoverable, the asset is adjusted to its estimated fair value. Fair value is generally determined based upon estimated discounted future cash flows. | |
Contingencies | ' |
Contingencies | |
The Company is party to various lawsuits and claims, both as plaintiff and defendant, and has contingent liabilities arising from the conduct of business. The Company is covered by insurance for general liability, product liability, workers’ compensation and certain environmental exposures, subject to certain deductible limits. The Company is self-insured for amounts less than our deductible and where no insurance is available. An estimated loss from a contingency should be accrued by a charge to income if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. The Company evaluates, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss. | |
Goodwill and Intangibles | ' |
Goodwill and Intangibles | |
Goodwill is not amortized, but is tested for impairment at least annually or when circumstances require. A reporting unit is generally defined at the operating segment level or at the component level one level below the operating segment, if said component constitutes a business. Goodwill is allocated to reporting units based upon the purchase price of the acquired unit, the valuation of acquired tangible and intangible assets, and liabilities assumed. When a reporting unit’s carrying value exceeds its estimated fair value, an impairment test is required. This test involves allocating the fair value of the reporting unit to all of the assets and liabilities of that unit, with the excess of fair value over allocated net assets representing the fair value of goodwill. An impairment loss is measured as the amount by which the carrying value of goodwill exceeds the estimated fair value of goodwill. | |
Intangible assets are amortized over their estimated period of benefit, ranging from 2 to 20 years. Amortization expense is reflected in selling, general and administrative expense on the Consolidated Statement of Operations. The Company periodically evaluates the recoverability of intangible assets and takes into account events or circumstances that warrant revised estimates of useful lives or that indicate that an impairment exists. | |
Indefinite-lived intangible assets (other than goodwill) are tested annually for impairment or more frequently on an interim basis if circumstances require. | |
Environmental | ' |
Environmental | |
Environmental exposures are provided for at the time they are known to exist or are considered probable and reasonably estimable. No provision has been recorded for environmental remediation costs which could result from changes in laws or other circumstances currently not known by the Company. Costs provided for future expenditures on environmental remediation are not discounted to present value. | |
Pension Plan and Post-Retirement Benefit Plan Obligations | ' |
Pension Plan and Post-Retirement Benefit Plan Obligations | |
The Company accounts for pension expense using the end of the fiscal year as its measurement date. Management selects appropriate assumptions including discount rate, rate of increase in future compensation levels and assumed long-term rate of return on plan assets and expected annual increases in costs of medical and other health care benefits in regard to the Company’s post-retirement benefit obligations. These assumptions are based upon historical results, the current economic environment and reasonable expectations of future events. Actual results which vary from assumptions are accumulated and amortized over future periods, and accordingly, are recognized in expense in these periods. Significant differences between our assumptions and actual experience or significant changes in assumptions could impact the pension costs and the pension obligation. | |
Discontinued Operations | ' |
Discontinued Operations | |
In fiscal 2013, the Company recorded a $2.0 million liability related to environmental remediation at a previously sold business for which the Company provided indemnification. A loss of $1.3 million, net of tax, is reflected in discontinued operations on the Consolidated Statement of Operations | |
Legal Expenses | ' |
Legal Expenses | |
The Company recognizes legal costs related to loss contingencies when the expense is incurred. | |
Share-Based Compensation | ' |
Share-Based Compensation | |
The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. | |
Product Warranties | ' |
Product Warranties | |
Estimated product warranty expenses are recorded when the covered products are shipped to customers and recognized as revenue. Product warranty expense is estimated based upon the terms of the warranty program. | |
Income Taxes | ' |
Income Taxes | |
The Company recognizes the amount of taxes payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in our financial statements or tax returns. | |
Earnings Per Share | ' |
Earnings Per Share | |
Basic earnings per share is computed on the basis of the weighted average number of common shares outstanding during the year. Diluted earnings per share also includes the dilutive effect of stock options and restricted stock units. Common shares issuable from stock options that are excluded from the calculation of diluted earnings per share because they were anti-dilutive were 162,100, 627,475, and 331,300 for fiscal 2013, 2012, and 2011, respectively. The weighted average number of shares outstanding used to compute basic earnings per share was 31,173,000, 30,749,000, and 30,509,000 for fiscal years 2013, 2012, and 2011, respectively. The weighted average number of shares outstanding used to compute diluted earnings per share was 31,738,000, 31,282,000, and 31,154,000 for fiscal years 2013, 2012, and 2011, respectively. | |
Subsequent Events | ' |
Subsequent Events | |
On December 5, 2013, the Company announced the acceleration of its plans to consolidate certain facilities and create cost-efficiency through shared services in sales, general and administrative support functions. These integration activities are launching currently in each segment, and are expected to result in charges and expenses of approximately $40 million. The Company expects to incur costs of $25 million to $30 million in fiscal 2014 to support these efforts, with the balance to be incurred in fiscal 2015. The costs are mainly for severance, relocation of facilities and long-lived asset impairment losses. | |
On December 20, 2013, the Company acquired Sunbank Family of Companies, LLC (Sunbank) for approximately $45 million and up to $5 million in contingent consideration based upon achievement of certain sales levels over a two-year period. Sunbank is a manufacturer of electrical cable accessories, connectors and flexible conduit systems. Sunbank is included in the Sensors & Systems segment. The acquisition was funded under our credit facility and available cash. | |
The Company has evaluated subsequent events through the date the Consolidated Financial Statements were issued. |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Oct. 25, 2013 | |||||||||
Inventories | ' | ||||||||
Inventories at the end of fiscal 2013 and 2012 consisted of the following: | |||||||||
In Thousands | 2013 | 2012 | |||||||
Raw materials and purchased parts | $ | 165,231 | $ | 146,390 | |||||
Work in process | 169,165 | 155,617 | |||||||
Inventory costs under long-term contracts | 13,717 | 19,207 | |||||||
Finished goods | 99,550 | 88,623 | |||||||
$ | 447,663 | $ | 409,837 | ||||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | ||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||
Changes in Goodwill by Segment | ' | ||||||||||||||||
The following table summarizes the changes in goodwill by segment for fiscal 2013 and 2012: | |||||||||||||||||
In Thousands | Avionics & | Sensors & | Advanced | Total | |||||||||||||
Controls | Systems | Materials | |||||||||||||||
Balance, October 28, 2011 | $ | 513,508 | $ | 435,645 | $ | 214,572 | $ | 1,163,725 | |||||||||
Sale of product line | (523 | ) | 0 | 0 | (523 | ) | |||||||||||
Goodwill adjustments | (234 | ) | 24,280 | 0 | 24,046 | ||||||||||||
Goodwill impairment | (52,169 | ) | 0 | 0 | (52,169 | ) | |||||||||||
Foreign currency translation adjustment | (4,490 | ) | (31,505 | ) | (122 | ) | (36,117 | ) | |||||||||
Balance, October 26, 2012 | 456,092 | 428,420 | 214,450 | 1,098,962 | |||||||||||||
Goodwill from acquisitions | 21,640 | 0 | 0 | 21,640 | |||||||||||||
Goodwill adjustments | 0 | 2,904 | 0 | 2,904 | |||||||||||||
Goodwill impairment | (3,454 | ) | 0 | 0 | (3,454 | ) | |||||||||||
Foreign currency translation adjustment | (9,575 | ) | 18,159 | 341 | 8,925 | ||||||||||||
Balance, October 25, 2013 | $ | 464,703 | $ | 449,483 | $ | 214,791 | $ | 1,128,977 | |||||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||||||
Intangible Assets | ' | ||||||||||||||||||||
Intangible assets at the end of fiscal 2013 and 2012 were as follows: | |||||||||||||||||||||
In Thousands | 2013 | 2012 | |||||||||||||||||||
Weighted | Gross | Accum. | Gross | Accum. | |||||||||||||||||
Average Years | Carrying | Amort. | Carrying | Amort. | |||||||||||||||||
Useful Life | Amount | Amount | |||||||||||||||||||
Amortized Intangible Assets: | |||||||||||||||||||||
Programs | 15 | $ | 726,049 | $ | 251,437 | $ | 701,396 | $ | 202,333 | ||||||||||||
Core technology | 16 | 9,589 | 6,711 | 9,589 | 6,112 | ||||||||||||||||
Patents and other | 12 | 93,291 | 37,024 | 96,721 | 38,140 | ||||||||||||||||
Total | $ | 828,929 | $ | 295,172 | $ | 807,706 | $ | 246,585 | |||||||||||||
Indefinite-lived Intangible Assets: | |||||||||||||||||||||
Trademark | $ | 47,192 | $ | 47,924 | |||||||||||||||||
Estimated Amortization Expense Related to Intangible Assets | ' | ||||||||||||||||||||
Estimated amortization expense related to intangible assets for each of the next five fiscal years is as follows: | |||||||||||||||||||||
In Thousands | |||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||
2014 | $ | 57,495 | |||||||||||||||||||
2015 | 56,286 | ||||||||||||||||||||
2016 | 55,686 | ||||||||||||||||||||
2017 | 54,511 | ||||||||||||||||||||
2018 | 53,847 |
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Oct. 25, 2013 | |||||||||
Accrued Liabilities | ' | ||||||||
Accrued liabilities at the end of fiscal 2013 and 2012 consisted of the following: | |||||||||
In Thousands | 2013 | 2012 | |||||||
Payroll and other compensation | $ | 119,677 | $ | 128,269 | |||||
Commissions | 4,786 | 5,776 | |||||||
Casualty and medical | 13,738 | 12,971 | |||||||
Interest | 6,707 | 7,091 | |||||||
Warranties | 19,372 | 21,870 | |||||||
State and other tax accruals | 6,536 | 6,136 | |||||||
Customer deposits | 21,500 | 18,193 | |||||||
Deferred revenue | 15,888 | 30,707 | |||||||
Contract reserves | 12,737 | 12,553 | |||||||
Forward foreign exchange contracts | 7,645 | 2,375 | |||||||
Litigation reserves | 10,266 | 1,163 | |||||||
Environmental reserves | 810 | 3,119 | |||||||
Rent and future lease obligations | 1,357 | 2,258 | |||||||
Other | 12,542 | 17,072 | |||||||
$ | 253,561 | $ | 269,553 | ||||||
Changes in Carrying Amount of Accrued Product Warranty Costs | ' | ||||||||
Changes in the carrying amount of accrued product warranty costs are summarized as follows: | |||||||||
In Thousands | 2013 | 2012 | |||||||
Balance, beginning of year | $ | 21,870 | $ | 19,298 | |||||
Warranty costs incurred | (4,912 | ) | (2,752 | ) | |||||
Product warranty accrual | 7,380 | 8,471 | |||||||
Release of reserves | (4,555 | ) | (2,967 | ) | |||||
Foreign currency translation adjustment | (411 | ) | (180 | ) | |||||
Balance, end of year | $ | 19,372 | $ | 21,870 | |||||
Retirement_Benefits_Tables
Retirement Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||||||||||
Principal Assumptions of Esterline and CMC Plans | ' | ||||||||||||||||||||||||
Principal assumptions of the Esterline and CMC plans are as follows: | |||||||||||||||||||||||||
Esterline | CMC | ||||||||||||||||||||||||
Defined Benefit | Defined Benefit | ||||||||||||||||||||||||
Pension Plans | Pension Plans | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Principal assumptions | |||||||||||||||||||||||||
as of fiscal year end: | |||||||||||||||||||||||||
Discount Rate | 4.70% | 3.85% | 4.50% | 4.35% | |||||||||||||||||||||
Rate of increase in future | 4.50% | 4.50% | 3.00% | 3.10% | |||||||||||||||||||||
compensation levels | |||||||||||||||||||||||||
Assumed long-term rate of | 7.00% | 7.00% | 6.34% | 6.5 – 6.75% | |||||||||||||||||||||
return on plan assets | |||||||||||||||||||||||||
Esterline | CMC | ||||||||||||||||||||||||
Post-Retirement | Post-Retirement | ||||||||||||||||||||||||
Benefit Plans | Pension Plans | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Principal assumptions | |||||||||||||||||||||||||
as of fiscal year end: | |||||||||||||||||||||||||
Discount Rate | 4.70% | 3.85% | 4.50% | 4.35% | |||||||||||||||||||||
Initial weighted average health | 6.00% | 6.00% | 6.30% | 3.70% | |||||||||||||||||||||
care trend rate | |||||||||||||||||||||||||
Ultimate weighted average health | 6.00% | 6.00% | 4.20% | 3.20% | |||||||||||||||||||||
care trend rate | |||||||||||||||||||||||||
Allocations By Investment Type | ' | ||||||||||||||||||||||||
Allocations by investment type are as follows: | |||||||||||||||||||||||||
Actual | |||||||||||||||||||||||||
Target | 2013 | 2012 | |||||||||||||||||||||||
Plan assets allocation as of fiscal year end: | |||||||||||||||||||||||||
Equity securities | 55 – 75% | 63.9 | % | 58.80% | |||||||||||||||||||||
Debt securities | 25 – 45% | 33.6 | % | 38.70% | |||||||||||||||||||||
Cash | 0% | 2.5 | % | 2.50% | |||||||||||||||||||||
Total | 100 | % | 100.00% | ||||||||||||||||||||||
Net Periodic Pension Cost for Defined Benefit Plans | ' | ||||||||||||||||||||||||
Net periodic pension cost for the Company’s defined benefit plans at the end of each fiscal year consisted of the following: | |||||||||||||||||||||||||
In Thousands | Defined Benefit | Post-Retirement | |||||||||||||||||||||||
Pension Plans | Benefit Plans | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Components of Net | |||||||||||||||||||||||||
Periodic Cost | |||||||||||||||||||||||||
Service cost | $ | 11,848 | $ | 9,393 | $ | 8,583 | $ | 508 | $ | 436 | $ | 447 | |||||||||||||
Interest cost | 17,893 | 19,403 | 19,044 | 674 | 715 | 754 | |||||||||||||||||||
Expected return | (22,476 | ) | (21,508 | ) | (20,354 | ) | 0 | 0 | 0 | ||||||||||||||||
on plan assets | |||||||||||||||||||||||||
Amortization of prior | 384 | 41 | 21 | (150 | ) | (69 | ) | 0 | |||||||||||||||||
service cost | |||||||||||||||||||||||||
Amortization of | 14,255 | 10,551 | 8,450 | 103 | 41 | (17 | ) | ||||||||||||||||||
actuarial (gain) loss | |||||||||||||||||||||||||
Net periodic cost | $ | 21,904 | $ | 17,880 | $ | 15,744 | $ | 1,135 | $ | 1,123 | $ | 1,184 | |||||||||||||
Funded Status of Defined Benefit Pension and Post-Retirement Plans | ' | ||||||||||||||||||||||||
The funded status of the defined benefit pension and post-retirement plans at the end of fiscal 2013 and 2012 were as follows: | |||||||||||||||||||||||||
In Thousands | Defined Benefit | Post-Retirement | |||||||||||||||||||||||
Pension Plans | Benefit Plans | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Benefit Obligations | |||||||||||||||||||||||||
Beginning balance | $ | 456,861 | $ | 401,579 | $ | 17,040 | $ | 14,392 | |||||||||||||||||
Currency translation adjustment | (4,948 | ) | (2,623 | ) | (559 | ) | (175 | ) | |||||||||||||||||
Service cost | 11,848 | 9,393 | 508 | 436 | |||||||||||||||||||||
Interest cost | 17,893 | 19,403 | 674 | 715 | |||||||||||||||||||||
Plan participants contributions | 156 | 44 | 0 | 0 | |||||||||||||||||||||
Amendment | 273 | 416 | 0 | 546 | |||||||||||||||||||||
Actuarial (gain) loss | (16,905 | ) | 50,116 | 14 | 1,918 | ||||||||||||||||||||
Other adjustment | 287 | 0 | (252 | ) | 0 | ||||||||||||||||||||
Benefits paid | (22,332 | ) | (21,467 | ) | (712 | ) | (792 | ) | |||||||||||||||||
Ending balance | $ | 443,133 | $ | 456,861 | $ | 16,713 | $ | 17,040 | |||||||||||||||||
Plan Assets – Fair Value | |||||||||||||||||||||||||
Beginning balance | $ | 334,622 | $ | 300,826 | $ | 0 | $ | 0 | |||||||||||||||||
Currency translation adjustment | (5,377 | ) | (838 | ) | 0 | 0 | |||||||||||||||||||
Realized and unrealized gain | 55,730 | 27,918 | 0 | 0 | |||||||||||||||||||||
(loss) on plan assets | |||||||||||||||||||||||||
Plan participants contributions | 156 | 44 | 0 | 0 | |||||||||||||||||||||
Company contribution | 28,927 | 29,014 | 712 | 792 | |||||||||||||||||||||
Other adjustment | 92 | 0 | 0 | 0 | |||||||||||||||||||||
Expenses paid | (1,009 | ) | (875 | ) | 0 | 0 | |||||||||||||||||||
Benefits paid | (22,332 | ) | (21,467 | ) | (712 | ) | (792 | ) | |||||||||||||||||
Ending balance | $ | 390,809 | $ | 334,622 | $ | 0 | $ | 0 | |||||||||||||||||
Funded Status | |||||||||||||||||||||||||
Fair value of plan assets | $ | 390,809 | $ | 334,622 | $ | 0 | $ | 0 | |||||||||||||||||
Benefit obligations | (443,133 | ) | (456,861 | ) | (16,713 | ) | (17,040 | ) | |||||||||||||||||
Net amount recognized | $ | (52,324 | ) | $ | (122,239 | ) | $ | (16,713 | ) | $ | (17,040 | ) | |||||||||||||
Amount Recognized in the | |||||||||||||||||||||||||
Consolidated Balance Sheet | |||||||||||||||||||||||||
Non-current asset | $ | 2,201 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||
Current liability | (2,351 | ) | (6,145 | ) | (785 | ) | (1,060 | ) | |||||||||||||||||
Non-current liability | (52,174 | ) | (116,094 | ) | (15,928 | ) | (15,980 | ) | |||||||||||||||||
Net amount recognized | $ | (52,324 | ) | $ | (122,239 | ) | $ | (16,713 | ) | $ | (17,040 | ) | |||||||||||||
Amounts Recognized in | |||||||||||||||||||||||||
Accumulated Other | |||||||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||||||
Net actuarial loss (gain) | $ | 82,796 | $ | 148,758 | $ | 768 | $ | 759 | |||||||||||||||||
Prior service cost | 490 | 589 | 161 | 0 | |||||||||||||||||||||
Ending balance | $ | 83,286 | $ | 149,347 | $ | 929 | $ | 759 | |||||||||||||||||
Estimated Future Benefit Payments Expected to be Paid from Plan or from Assets | ' | ||||||||||||||||||||||||
Estimated future benefit payments expected to be paid from the plan or from the Company’s assets are as follows: | |||||||||||||||||||||||||
In Thousands | |||||||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||||||
2014 | $ | 26,856 | |||||||||||||||||||||||
2015 | 27,085 | ||||||||||||||||||||||||
2016 | 28,655 | ||||||||||||||||||||||||
2017 | 29,975 | ||||||||||||||||||||||||
2018 | 31,895 | ||||||||||||||||||||||||
2019 – 2023 | 169,548 | ||||||||||||||||||||||||
Fair Value of Pension Plan Assets | ' | ||||||||||||||||||||||||
Allocations By Investment Type | ' | ||||||||||||||||||||||||
The following table presents the fair value of the Company’s Pension Plan assets as of October 25, 2013, by asset category segregated by level within the fair value hierarchy, as described in Note 7. | |||||||||||||||||||||||||
In Thousands | Fair Value Hierarchy | ||||||||||||||||||||||||
Level 1 | Level 2 | Total | |||||||||||||||||||||||
Asset category: | |||||||||||||||||||||||||
Equity Funds | |||||||||||||||||||||||||
Registered Investments Company | $ | 106,436 | $ | 0 | $ | 106,436 | |||||||||||||||||||
Funds – U.S. Equity | |||||||||||||||||||||||||
Commingled Trust Funds – U.S. Equity | 0 | 26,923 | 26,923 | ||||||||||||||||||||||
U.S. Equity Securities | 37,280 | 0 | 37,280 | ||||||||||||||||||||||
Non-U.S. Equity Securities | 25,584 | 0 | 25,584 | ||||||||||||||||||||||
Commingled Trust Fund – Non-U.S. Securities | 0 | 53,347 | 53,347 | ||||||||||||||||||||||
Fixed Income Securities | |||||||||||||||||||||||||
Registered Investments Company | 33,494 | 0 | 33,494 | ||||||||||||||||||||||
Funds – Fixed Income | |||||||||||||||||||||||||
Commingled Trust Fund – Fixed Income | 0 | 41,428 | 41,428 | ||||||||||||||||||||||
Non-U.S. Foreign Commercial and | 56,351 | 0 | 56,351 | ||||||||||||||||||||||
Government Bonds | |||||||||||||||||||||||||
Cash and Cash Equivalents | 9,966 | 0 | 9,966 | ||||||||||||||||||||||
Total | $ | 269,111 | $ | 121,698 | $ | 390,809 | |||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||
Oct. 25, 2013 | |||||||||
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||
The following table sets forth the Company’s financial assets and liabilities that were measured at fair value on a recurring basis by level within the fair value hierarchy at the end of fiscal 2013 and 2012: | |||||||||
In Thousands | Level 2 | ||||||||
2013 | 2012 | ||||||||
Assets: | |||||||||
Derivative contracts designated as hedging instruments | $ | 2,270 | $ | 7,753 | |||||
Derivative contracts not designated as hedging instruments | 3,670 | 1,387 | |||||||
Embedded derivatives | 706 | 51 | |||||||
Liabilities: | |||||||||
Derivative contracts designated as hedging instruments | $ | 4,541 | $ | 2,143 | |||||
Derivative contracts not designated as hedging instruments | 122 | 361 | |||||||
Embedded derivatives | 344 | 470 | |||||||
In Thousands | Level 3 | ||||||||
2013 | 2012 | ||||||||
Liabilities: | |||||||||
Contingent purchase obligation | $ | 4,000 | $ | 9,000 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||
Oct. 25, 2013 | |||||||||||
Fair Values of Derivative Instruments In Consolidated Balance Sheet | ' | ||||||||||
Fair values of derivative instruments in the Consolidated Balance Sheet at the end of fiscal 2013 and 2012 consisted of: | |||||||||||
In Thousands | Classification | Fair Value | |||||||||
2013 | 2012 | ||||||||||
Foreign Currency Forward Exchange Contracts: | Other current assets | $ | 4,547 | $ | 3,694 | ||||||
Other assets | 1,393 | 1,294 | |||||||||
Accrued liabilities | 3,002 | 2,228 | |||||||||
Other liabilities | 1,661 | 276 | |||||||||
Embedded Derivative Instruments: | Other current assets | $ | 59 | $ | 51 | ||||||
Other assets | 647 | 0 | |||||||||
Accrued liabilities | 344 | 148 | |||||||||
Other liabilities | 0 | 322 | |||||||||
Interest Rate Swap: | Long-term debt, net | ||||||||||
of current maturities | $ | 0 | $ | 4,152 | |||||||
Effect of Derivative Instruments on Consolidated Statement of Operations | ' | ||||||||||
The effect of derivative instruments on the Consolidated Statement of Operations for fiscal 2013 and 2012 consisted of: | |||||||||||
In Thousands | Location of | 2013 | 2012 | ||||||||
Gain (Loss) | |||||||||||
Fair Value Hedges: | |||||||||||
Interest rate swap contracts | Interest Expense | $ | 1,058 | $ | 2,388 | ||||||
Loss on Extinguishment | |||||||||||
of Debt | $ | 2,918 | $ | 0 | |||||||
Embedded derivatives | Sales | $ | 835 | $ | 433 | ||||||
Cash Flow Hedges: | |||||||||||
Foreign currency forward exchange contracts: | |||||||||||
Amount of (loss) gain recognized in | AOCI | $ | (3,007 | ) | $ | (4,343 | ) | ||||
AOCI (effective portion) | |||||||||||
Amount of gain (loss) reclassified from | Sales | $ | (1,025 | ) | $ | 784 | |||||
AOCI into income | |||||||||||
Net Investment Hedges: | |||||||||||
Euro term loan | AOCI | $ | (2,697 | ) | $ | 14,812 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Oct. 25, 2013 | |||||||||||||
Income Tax Expense from Continuing Operations | ' | ||||||||||||
Income tax expense from continuing operations for each of the fiscal years consisted of: | |||||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||||
Current | |||||||||||||
U.S. Federal | $ 27,364 | $ 33,790 | $ 14,817 | ||||||||||
State | 4,147 | 356 | 2,994 | ||||||||||
Foreign | 22,993 | 21,222 | 19,472 | ||||||||||
54,504 | 55,368 | 37,283 | |||||||||||
Deferred | |||||||||||||
U.S. Federal | (5,027 | ) | (4,578 | ) | 8,332 | ||||||||
State | (1,592 | ) | 793 | 205 | |||||||||
Foreign | (17,800 | ) | (21,625 | ) | (20,882 | ) | |||||||
(24,419 | ) | (25,410 | ) | (12,345 | ) | ||||||||
Income tax expense | $ 30,085 | $ 29,958 | $ 24,938 | ||||||||||
U.S. and Foreign Components of Earnings from Continuing Operations Before Income Taxes | ' | ||||||||||||
U.S. and foreign components of earnings from continuing operations before income taxes for each of the fiscal years were: | |||||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||||
U.S. | $ 96,105 | $ 108,436 | $ 110,798 | ||||||||||
Foreign | 101,744 | 35,097 | 47,684 | ||||||||||
Earnings from continuing operations, | $ 197,849 | $ 143,533 | $ 158,482 | ||||||||||
before income taxes | |||||||||||||
Components of Deferred Tax Assets (Liabilities) | ' | ||||||||||||
Primary components of the Company’s deferred tax assets (liabilities) at the end of the fiscal years resulted from temporary tax differences associated with the following: | |||||||||||||
In Thousands | 2013 | 2012 | |||||||||||
Reserves and liabilities | $ 60,397 | $ 58,510 | |||||||||||
NOL carryforwards | 879 | 725 | |||||||||||
Tax credit carryforwards | 29,862 | 26,687 | |||||||||||
Employee benefits | 14,974 | 17,524 | |||||||||||
Retirement benefits | 2,759 | 25,379 | |||||||||||
Non-qualified stock options | 12,618 | 13,220 | |||||||||||
Other | 650 | 600 | |||||||||||
Total deferred tax assets | 122,139 | 142,645 | |||||||||||
Depreciation and amortization | (18,969 | ) | (18,024 | ) | |||||||||
Intangibles and amortization | (173,524 | ) | (182,921 | ) | |||||||||
Deferred costs | (4,535 | ) | (5,981 | ) | |||||||||
Hedging activities | (22 | ) | (111 | ) | |||||||||
Other | (1,398 | ) | (1,979 | ) | |||||||||
Total deferred tax liabilities | (198,448 | ) | (209,016 | ) | |||||||||
Net deferred tax liabilities | $ (76,309 | ) | $ (66,371 | ) | |||||||||
Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Income Tax Rate | ' | ||||||||||||
A reconciliation of the U.S. federal statutory income tax rate to the effective income tax rate for each of the fiscal years was as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. statutory income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes | 0.7 | 0.7 | 1.4 | ||||||||||
Foreign taxes | (11.3 | ) | (14.8 | ) | (10.6 | ) | |||||||
Goodwill impairment | 0.6 | 12.7 | 0 | ||||||||||
Penalties | 1.8 | 0 | 0 | ||||||||||
Difference in foreign tax rates | (1.1 | ) | (2.3 | ) | (0.2 | ) | |||||||
Domestic manufacturing deduction | (1.4 | ) | (2.3 | ) | (1.3 | ) | |||||||
Research & development credits | (3.7 | ) | (3.4 | ) | (5.5 | ) | |||||||
Net change in tax reserves | (3.0 | ) | 0.5 | (2.4 | ) | ||||||||
Valuation allowance | 0 | (1.0 | ) | (3.0 | ) | ||||||||
Change in foreign tax rates and laws | (1.7 | ) | (3.6 | ) | (2.2 | ) | |||||||
Acquisition and organizational restructuring | 0 | 0 | 3 | ||||||||||
Other, net | (0.7 | ) | (0.6 | ) | 1.5 | ||||||||
Effective income tax rate | 15.2 | % | 20.9 | % | 15.7 | % | |||||||
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 | Total | ||||||||||||
Unrecognized tax benefits as of October 26, 2012 | $ | 14,979 | |||||||||||
Unrecognized gross benefit change: | |||||||||||||
Gross increases due to prior-period adjustments | 538 | ||||||||||||
Gross (decrease) due to prior-period adjustments | (1,287 | ) | |||||||||||
Gross increases due to current-period adjustment | 4,260 | ||||||||||||
Gross (decrease) due to current-period adjustment | 0 | ||||||||||||
Gross (decrease) due to settlements with taxing authorities | (888 | ) | |||||||||||
Gross (decrease) due to a lapse with taxing authorities | (5,594 | ) | |||||||||||
Total change in unrecognized gross benefit | (2,971 | ) | |||||||||||
Unrecognized tax benefits as of October 25, 2013 | $ | 12,008 | |||||||||||
Unrecognized tax benefits that, if recognized, would impact the effective tax rate | $ | 12,008 | |||||||||||
Statement of operations: | |||||||||||||
Total amount of interest income (expense) included in income tax expense | $ | 1,154 | |||||||||||
Recognized in the statement of financial position: | |||||||||||||
Total amount of accrued interest included in income taxes payable | $ | 876 | |||||||||||
Income Tax Examinations by Tax Authorities in its Major Tax Jurisdictions | ' | ||||||||||||
The Company is no longer subject to income tax examinations by tax authorities in its major tax jurisdictions as follows: | |||||||||||||
Tax Jurisdiction | Years No Longer | ||||||||||||
Subject to Audit | |||||||||||||
U.S. Federal | 2007 and prior | ||||||||||||
Canada | 2005 and prior | ||||||||||||
France | 2009 and prior | ||||||||||||
United Kingdom | 2010 and prior |
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||
Oct. 25, 2013 | |||||||||
Long-Term Debt | ' | ||||||||
Long-term debt at the end of fiscal 2013 and 2012 consisted of the following: | |||||||||
In Thousands | 2013 | 2012 | |||||||
U.S. credit facility | $ | 130,000 | $ | 240,000 | |||||
Euro Term Loan, due July 2016 | 24,847 | 80,240 | |||||||
U.S. Term Loan, due July 2016 | 170,625 | 0 | |||||||
6.625% Senior Notes, due March 2017 | 0 | 175,000 | |||||||
7.00% Senior Notes, due August 2020 | 250,000 | 250,000 | |||||||
Government refundable advances | 56,897 | 51,763 | |||||||
Obligations under capital leases | 56,229 | 44,847 | |||||||
Other | 540 | 6,820 | |||||||
689,138 | 848,670 | ||||||||
Less current maturities | 21,279 | 10,610 | |||||||
Carrying amount of long-term debt | $ | 667,859 | $ | 838,060 | |||||
Long-Term Debt and Future Non-Cancelable Minimum Lease Payments Under Capital Lease Obligations | ' | ||||||||
As of October 25, 2013, aggregate annual maturities of long-term debt and future non-cancelable minimum lease payments under capital lease obligations were as follows: | |||||||||
In Thousands | |||||||||
Fiscal Year | |||||||||
2014 | $ | 25,143 | |||||||
2015 | 23,402 | ||||||||
2016 | 296,026 | ||||||||
2017 | 5,182 | ||||||||
2018 | 5,182 | ||||||||
2019 and thereafter | 406,936 | ||||||||
Total | $ | 761,871 | |||||||
Less: amount representing interest on capital leases | 72,733 | ||||||||
Total long-term debt | $ | 689,138 | |||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||||||
Rental Commitments For Noncancelable Operating Leases | ' | ||||||||||||||||||||
At October 25, 2013, the Company’s rental commitments for noncancelable operating leases with a duration in excess of one year were as follows: | |||||||||||||||||||||
In Thousands | |||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||
2014 | $ | 14,973 | |||||||||||||||||||
2015 | 9,993 | ||||||||||||||||||||
2016 | 7,981 | ||||||||||||||||||||
2017 | 7,205 | ||||||||||||||||||||
2018 | 6,337 | ||||||||||||||||||||
2019 and thereafter | 18,349 | ||||||||||||||||||||
$ | 64,838 | ||||||||||||||||||||
Purchase Obligations | ' | ||||||||||||||||||||
As of October 25, 2013, the Company’s purchase obligations were as follows: | |||||||||||||||||||||
In Thousands | |||||||||||||||||||||
Total | Less than | 3-Jan | 5-Apr | After 5 | |||||||||||||||||
1 year | years | years | years | ||||||||||||||||||
Purchase obligations | $ | 688,546 | $ | 630,524 | $ | 52,131 | $ | 5,412 | $ | 479 |
Employee_Stock_Plans_Tables
Employee Stock Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||||||||||
Changes in Outstanding Options Granted Under Equity Incentive Plans | ' | ||||||||||||||||||||||||
The following table summarizes the changes in outstanding options granted under the Company’s equity incentive plan: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Shares | Weighted | Shares | Weighted | Shares | Weighted | ||||||||||||||||||||
Subject to | Average | Subject to | Average | Subject to | Average | ||||||||||||||||||||
Option | Exercise | Option | Exercise | Option | Exercise | ||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||
Outstanding, | 2,124,300 | $ | 46.18 | 1,825,300 | $ | 44.49 | 1,838,950 | $ | 39.31 | ||||||||||||||||
beginning of year | |||||||||||||||||||||||||
Granted | 257,000 | 65.58 | 386,400 | 52.97 | 331,300 | 67.03 | |||||||||||||||||||
Exercised | (518,537 | ) | 37.89 | (60,775 | ) | 36.52 | (295,175 | ) | 37.03 | ||||||||||||||||
Forfeited/cancelled | (29,025 | ) | 55.83 | (26,625 | ) | 50.68 | (49,775 | ) | 47.28 | ||||||||||||||||
Outstanding, | 1,833,738 | $ | 51.09 | 2,124,300 | $ | 46.18 | 1,825,300 | $ | 44.49 | ||||||||||||||||
end of year | |||||||||||||||||||||||||
Exercisable, | 1,075,788 | $ | 45.65 | 1,258,900 | $ | 41.89 | 994,950 | $ | 39.85 | ||||||||||||||||
end of year | |||||||||||||||||||||||||
Stock Activity Related to Stock Options Exercised | ' | ||||||||||||||||||||||||
The table below presents stock activity related to stock options exercised in fiscal 2013 and 2012: | |||||||||||||||||||||||||
In Thousands | 2013 | 2012 | |||||||||||||||||||||||
Proceeds from stock options exercised | $ | 20,072 | $ | 5,240 | |||||||||||||||||||||
Tax benefits related to stock options exercised | $ | 2,961 | $ | 366 | |||||||||||||||||||||
Intrinsic value of stock options exercised | $ | 18,448 | $ | 1,751 | |||||||||||||||||||||
Stock Options Outstanding | ' | ||||||||||||||||||||||||
The following table summarizes information for stock options outstanding at October 25, 2013: | |||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Range of | Shares | Weighted | Weighted | Shares | Weighted | ||||||||||||||||||||
Exercise Prices | Average | Average | Average | ||||||||||||||||||||||
Remaining | Price | Price | |||||||||||||||||||||||
Life (years) | |||||||||||||||||||||||||
$ 19.65 – 38.00 | 223,975 | 4.1 | $ 31.05 | 223,975 | $ 31.05 | ||||||||||||||||||||
38.01 – 40.00 | 193,413 | 2.4 | 38.92 | 193,413 | 38.92 | ||||||||||||||||||||
40.01 – 50.00 | 285,375 | 5.5 | 41.87 | 213,350 | 42.08 | ||||||||||||||||||||
50.01 – 52.00 | 278,850 | 8 | 51.06 | 70,525 | 51.03 | ||||||||||||||||||||
52.01 – 65.00 | 590,025 | 6.2 | 58.79 | 329,825 | 56.87 | ||||||||||||||||||||
65.01 – 82.01 | 262,100 | 8.7 | 69.94 | 44,700 | 73.57 | ||||||||||||||||||||
Summary of Changes in RSUs Granted Under Company's Equity Incentive Plans | ' | ||||||||||||||||||||||||
The following table summarizes the changes in RSUs granted under the Company’s equity incentive plans: | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Shares | Weighted | Weighted | |||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||||
Grant Date | Remaining | ||||||||||||||||||||||||
Fair Value | Life (years) | ||||||||||||||||||||||||
Non-vested, beginning of year | 0 | $ | 0 | ||||||||||||||||||||||
Granted | 55,280 | 70.23 | |||||||||||||||||||||||
Forfeited/cancelled | (400 | ) | 66.55 | ||||||||||||||||||||||
Non-vested, end of year | 54,880 | $ | 70.26 | 2.5 | |||||||||||||||||||||
Equity Incentive Plan | ' | ||||||||||||||||||||||||
Fair Value of Option Granted using Black-Scholes Pricing Model | ' | ||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Volatility | 36.97 | % | 38.96 | % | 51.10% | ||||||||||||||||||||
Risk-free interest rate | 0.4 | % | 0.38 | % | 0.98% | ||||||||||||||||||||
Expected life (years) | 3 | 3 | 3 | ||||||||||||||||||||||
Dividends | 0 | 0 | 0 | ||||||||||||||||||||||
Employee Sharesave Scheme | ' | ||||||||||||||||||||||||
Fair Value of Option Granted using Black-Scholes Pricing Model | ' | ||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Volatility | 41.89 – 44.25 | % | 41.62 – 44.29 | % | 40.8 – 42.8% | ||||||||||||||||||||
Risk-free interest rate | 0.79 – 1.88 | % | 0.91 – 2.11 | % | 2.02 – 3.64% | ||||||||||||||||||||
Expected life (years) | 4.5 – 9.5 | 4.5 – 9.5 | 4.5 – 9.5 | ||||||||||||||||||||||
Dividends | 0 | 0 | 0 | ||||||||||||||||||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||
Oct. 25, 2013 | |||||
Souriau Group | ' | ||||
Allocation of Estimated Fair Value of Assets Acquired and Liabilities Assumed | ' | ||||
In Thousands | |||||
As of July 26, 2011 | |||||
Current assets | $ | 228,199 | |||
Property, plant and equipment | 91,843 | ||||
Intangible assets subject to amortization | |||||
Programs (15 year weighted average useful life) | 224,296 | ||||
Trade name (10 year weighted average useful life) | 45,709 | ||||
Goodwill | 380,458 | ||||
Other assets | 6,900 | ||||
Total assets acquired | 977,405 | ||||
Current liabilities assumed | 110,596 | ||||
Long-term liabilities assumed | 131,735 | ||||
Noncontrolling interest | 8,369 | ||||
Net assets acquired | $ | 726,705 | |||
Pro Forma Financial Information | ' | ||||
In Thousands, Except Per Share Amounts | 2011 | ||||
Pro forma net sales | $ | 1,972,079 | |||
Pro forma net income | $ | 159,353 | |||
Basic earnings per share as reported | $ | 4.36 | |||
Pro forma basic earnings per share | $ | 5.22 | |||
Diluted earnings per share as reported | $ | 4.27 | |||
Pro forma diluted earnings per share | $ | 5.12 | |||
Eclipse Electronic Systems Inc | ' | ||||
Allocation of Estimated Fair Value of Assets Acquired and Liabilities Assumed | ' | ||||
In Thousands | |||||
As of December 30, 2010 | |||||
Current assets | $ | 31,827 | |||
Property, plant and equipment | 2,154 | ||||
Intangible assets subject to amortization | |||||
Technology (9 year weighted average useful life) | 53,200 | ||||
Goodwill | 67,378 | ||||
Total assets acquired | 154,559 | ||||
Current liabilities assumed | 35,740 | ||||
Long-term liabilities assumed | 8,350 | ||||
Net assets acquired | $ | 110,469 | |||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | ||||||||
Oct. 25, 2013 | |||||||||
Components of Accumulated Other Comprehensive Loss | ' | ||||||||
The components of Accumulated Other Comprehensive Loss: | |||||||||
In Thousands | 2013 | 2012 | |||||||
Unrealized gain (loss) on derivative contracts | $ | (1,851 | ) | $ | 2,181 | ||||
Tax effect | 355 | (558 | ) | ||||||
(1,496 | ) | 1,623 | |||||||
Pension and post-retirement obligations | (84,215 | ) | (150,106 | ) | |||||
Tax effect | 28,030 | 50,927 | |||||||
(56,185 | ) | (99,179 | ) | ||||||
Currency translation adjustment | 35,397 | 12,272 | |||||||
Accumulated other comprehensive loss | $ | (22,284 | ) | $ | (85,284 | ) | |||
Business_Segment_Information_T
Business Segment Information (Tables) | 12 Months Ended | ||||||||||||
Oct. 25, 2013 | |||||||||||||
Business Segment Information for Continuing Operations | ' | ||||||||||||
Details of the Company’s operations by business segment for the last three fiscal years were as follows: | |||||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||||
Sales | |||||||||||||
Avionics & Controls | $ | 771,657 | $ | 790,015 | $ | 841,939 | |||||||
Sensors & Systems | 701,930 | 702,394 | 414,609 | ||||||||||
Advanced Materials | 496,167 | 499,909 | 461,437 | ||||||||||
$ | 1,969,754 | $ | 1,992,318 | $ | 1,717,985 | ||||||||
Earnings From Continuing Operations | |||||||||||||
Avionics & Controls | $ | 103,232 | 1 | $ | 54,917 | 1 | $ | 135,187 | |||||
Sensors & Systems | 89,696 | 70,890 | 22,536 | ||||||||||
Advanced Materials | 107,161 | 93,546 | 82,307 | ||||||||||
Segment Earnings | 300,089 | 219,353 | 240,030 | ||||||||||
Corporate expense | (62,166 | ) | (43,201 | ) | (48,969 | ) | |||||||
Gain on settlement of contingency | 0 | 11,891 | 0 | ||||||||||
Other income (expense) | 0 | 1,263 | 6,853 | ||||||||||
Loss on extinguishment of debt | (946 | ) | 0 | (831 | ) | ||||||||
Interest income | 539 | 465 | 1,615 | ||||||||||
Interest expense | (39,667 | ) | (46,238 | ) | (40,216 | ) | |||||||
$ | 197,849 | $ | 143,533 | $ | 158,482 | ||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||||
Identifiable Assets | |||||||||||||
Avionics & Controls | $ | 1,275,514 | $ | 1,261,300 | $ | 1,333,735 | |||||||
Sensors & Systems | 1,282,219 | 1,204,073 | 1,349,776 | ||||||||||
Advanced Materials | 560,681 | 558,058 | 563,662 | ||||||||||
Corporate 2 | 143,698 | 203,686 | 131,413 | ||||||||||
$ | 3,262,112 | $ | 3,227,117 | $ | 3,378,586 | ||||||||
Capital Expenditures | |||||||||||||
Avionics & Controls | $ | 14,381 | 3 | $ | 14,356 | $ | 22,369 | ||||||
Sensors & Systems | 21,856 | 18,788 | 10,469 | ||||||||||
Advanced Materials | 18,917 | 14,783 | 16,341 | ||||||||||
Corporate | 181 | 1,519 | 328 | ||||||||||
$ | 55,335 | $ | 49,446 | $ | 49,507 | ||||||||
Depreciation and Amortization | |||||||||||||
Avionics & Controls | $ | 43,124 | $ | 40,096 | $ | 38,391 | |||||||
Sensors & Systems | 41,845 | 40,333 | 20,523 | ||||||||||
Advanced Materials | 24,313 | 24,666 | 23,439 | ||||||||||
Corporate | 2,850 | 2,697 | 2,305 | ||||||||||
$ | 112,132 | $ | 107,792 | $ | 84,658 | ||||||||
1 | Fiscal 2013 includes a $3.5 million impairment charge against Racal Acoustics’ goodwill and fiscal 2012 includes a $52.2 million impairment charge against Racal Acoustics’ goodwill. | ||||||||||||
2 | Primarily cash and deferred tax assets (see Note 9). | ||||||||||||
3 | Excludes capital expenditures accounted for as a capitalized lease obligation of $11,691 in fiscal 2013. | ||||||||||||
Revenue from External Customers Attributed to Foreign Countries by Geographic Area | ' | ||||||||||||
The Company’s operations by geographic area for the last three fiscal years were as follows: | |||||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||||
Sales 1 | |||||||||||||
Domestic | |||||||||||||
Unaffiliated customers – U.S. | $ | 797,780 | $ | 813,375 | $ | 747,021 | |||||||
Unaffiliated customers – export | 182,267 | 197,142 | 171,416 | ||||||||||
Intercompany | 31,202 | 35,779 | 32,197 | ||||||||||
1,011,249 | 1,046,296 | 950,634 | |||||||||||
Canada | |||||||||||||
Unaffiliated customers | 247,542 | 267,304 | 317,924 | ||||||||||
Intercompany | 6,554 | 2,844 | 5,318 | ||||||||||
254,096 | 270,148 | 323,242 | |||||||||||
France | |||||||||||||
Unaffiliated customers | 423,774 | 410,766 | 160,993 | ||||||||||
Intercompany | 39,745 | 41,454 | 17,724 | ||||||||||
463,519 | 452,220 | 178,717 | |||||||||||
United Kingdom | |||||||||||||
Unaffiliated customers | 247,229 | 235,699 | 228,383 | ||||||||||
Intercompany | 26,402 | 19,305 | 23,563 | ||||||||||
273,631 | 255,004 | 251,946 | |||||||||||
All Other Foreign | |||||||||||||
Unaffiliated customers | 71,162 | 68,032 | 92,248 | ||||||||||
Intercompany | 44,829 | 37,683 | 29,640 | ||||||||||
115,991 | 105,715 | 121,888 | |||||||||||
Eliminations | (148,732 | ) | (137,065 | ) | (108,442 | ) | |||||||
$ | 1,969,754 | $ | 1,992,318 | $ | 1,717,985 | ||||||||
Revenue from External Customers and Long-Lived Assets, by Geographical Areas | ' | ||||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||||
Sales 1 | |||||||||||||
Domestic | |||||||||||||
Unaffiliated customers – U.S. | $ | 797,780 | $ | 813,375 | $ | 747,021 | |||||||
Unaffiliated customers – export | 182,267 | 197,142 | 171,416 | ||||||||||
Intercompany | 31,202 | 35,779 | 32,197 | ||||||||||
1,011,249 | 1,046,296 | 950,634 | |||||||||||
Canada | |||||||||||||
Unaffiliated customers | 247,542 | 267,304 | 317,924 | ||||||||||
Intercompany | 6,554 | 2,844 | 5,318 | ||||||||||
254,096 | 270,148 | 323,242 | |||||||||||
France | |||||||||||||
Unaffiliated customers | 423,774 | 410,766 | 160,993 | ||||||||||
Intercompany | 39,745 | 41,454 | 17,724 | ||||||||||
463,519 | 452,220 | 178,717 | |||||||||||
United Kingdom | |||||||||||||
Unaffiliated customers | 247,229 | 235,699 | 228,383 | ||||||||||
Intercompany | 26,402 | 19,305 | 23,563 | ||||||||||
273,631 | 255,004 | 251,946 | |||||||||||
All Other Foreign | |||||||||||||
Unaffiliated customers | 71,162 | 68,032 | 92,248 | ||||||||||
Intercompany | 44,829 | 37,683 | 29,640 | ||||||||||
115,991 | 105,715 | 121,888 | |||||||||||
Eliminations | (148,732 | ) | (137,065 | ) | (108,442 | ) | |||||||
$ | 1,969,754 | $ | 1,992,318 | $ | 1,717,985 | ||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||||
Segment Earnings 2 | |||||||||||||
Domestic | $ | 170,575 | $ | 172,046 | $ | 178,145 | |||||||
Canada | 41,374 | 33,777 | 38,027 | ||||||||||
France | 49,042 | 33,152 | (7,615 | ) | |||||||||
United Kingdom | 28,985 | (29,237 | ) | 24,305 | |||||||||
All other foreign | 10,113 | 9,615 | 7,168 | ||||||||||
$ | 300,089 | $ | 219,353 | $ | 240,030 | ||||||||
Identifiable Assets 3 | |||||||||||||
Domestic | $ | 1,020,952 | $ | 1,015,994 | $ | 947,896 | |||||||
Canada | 533,559 | 576,053 | 583,042 | ||||||||||
France | 918,592 | 836,578 | 1,050,999 | ||||||||||
United Kingdom | 515,090 | 477,214 | 582,436 | ||||||||||
All other foreign | 130,221 | 117,592 | 82,800 | ||||||||||
$ | 3,118,414 | $ | 3,023,431 | $ | 3,247,173 | ||||||||
1 | Based on country from which the sale originated and the sale was recorded. | ||||||||||||
2 | Before corporate expense, shown on page 73. | ||||||||||||
3 | Excludes corporate, shown on page 73. | ||||||||||||
Product Lines Contributing Sales of Ten Percent or More | ' | ||||||||||||
Product lines contributing sales of 10% or more of total sales in any of the last three fiscal years were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Connectors | 17 | % | 17 | % | 5% | ||||||||
Avionics | 11 | % | 11 | % | 16% | ||||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||
Summary of Unaudited Quarterly Financial Information | ' | ||||||||||||||||
The following is a summary of unaudited quarterly financial information: | |||||||||||||||||
In Thousands, Except Per Share Amounts | |||||||||||||||||
Fiscal Year 2013 | Fourth | Third | Second | First | |||||||||||||
Net sales | $ | 534,162 | $ | 478,068 | $ | 499,562 | $ | 457,962 | |||||||||
Gross profit | 205,373 | 178,902 | 181,376 | 160,345 | |||||||||||||
Earnings from continuing operations | 66,188 | 39,213 | 1,2,3 | 35,522 | 25,111 | 4 | |||||||||||
Loss from discontinued operations | (325 | ) | (975 | ) | 0 | 0 | |||||||||||
Net earnings | $ | 65,863 | $ | 38,238 | $ | 35,522 | $ | 25,111 | |||||||||
Earnings (loss) per share – basic | |||||||||||||||||
Continuing operations | $ | 2.11 | $ | 1.25 | $ | 1.14 | $ | 0.81 | |||||||||
Discontinued operations | (.01 | ) | (.03 | ) | 0 | 0 | |||||||||||
Earnings (loss) per share – basic | $ | 2.1 | $ | 1.22 | $ | 1.14 | $ | 0.81 | |||||||||
Earnings (loss) per share – diluted | |||||||||||||||||
Continuing operations | $ | 2.07 | $ | 1.23 | $ | 1.12 | $ | 0.8 | |||||||||
Discontinued operations | (.01 | ) | (.03 | ) | 0 | 0 | |||||||||||
Earnings (loss) per share – diluted 8 | $ | 2.06 | $ | 1.2 | $ | 1.12 | $ | 0.8 | |||||||||
Fiscal Year 2012 | Fourth | Third | Second | First | |||||||||||||
Net sales | $ | 530,656 | $ | 485,949 | $ | 504,831 | $ | 470,882 | |||||||||
Gross profit | 204,253 | 172,096 | 184,523 | 158,081 | |||||||||||||
Earnings (loss) from | 61,660 | (17,104 | )5,6 | 45,191 | 7 | 22,788 | |||||||||||
continuing operations | |||||||||||||||||
Earnings from discontinued operations | 0 | 0 | 0 | 0 | |||||||||||||
Net earnings | $ | 61,660 | $ | (17,104 | ) | $ | 45,191 | $ | 22,788 | ||||||||
Earnings (loss) per share – basic | |||||||||||||||||
Continuing operations | $ | 2 | $ | (.55 | ) | $ | 1.47 | $ | 0.74 | ||||||||
Discontinued operations | 0 | 0 | 0 | 0 | |||||||||||||
Earnings (loss) per share – basic | $ | 2 | $ | (.55 | ) | $ | 1.47 | $ | 0.74 | ||||||||
Earnings (loss) per share – diluted | |||||||||||||||||
Continuing operations | $ | 1.97 | $ | (.55 | ) | $ | 1.44 | $ | 0.73 | ||||||||
Discontinued operations | 0 | 0 | 0 | 0 | |||||||||||||
Earnings (loss) per share – diluted 8 | $ | 1.97 | $ | (.55 | ) | $ | 1.44 | $ | 0.73 | ||||||||
1 | Included $8.2 million of income tax benefits related to the favorable resolution of certain tax matters. | ||||||||||||||||
2 | Included a $3.5 million goodwill impairment charge related to Racal Acoustics. | ||||||||||||||||
3 | Included a $10.0 million charge related to our pending matter with the DDTC. | ||||||||||||||||
4 | Included $3.7 million of income tax benefits related to the favorable resolution of certain tax matters. | ||||||||||||||||
5 | Included a $52.2 million goodwill impairment charge related to Racal Acoustics. | ||||||||||||||||
6 | Included $4.6 million of income tax benefits related to the favorable resolution of certain tax matters. | ||||||||||||||||
7 | Included a $9.5 million gain on settlement of a contingency, net of tax. | ||||||||||||||||
8 | The sum of the quarterly per share amounts may not equal per shares amounts reported for year-to-date periods. This is due to changes in the number of weighted average shares outstanding and the effects of rounding for each period. |
Guarantors_Tables
Guarantors (Tables) | 12 Months Ended | ||||||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||
Condensed Consolidating Balance Sheet as of October 25, 2013 | |||||||||||||||||||||
In Thousands | Parent | Guarantor | Non- | Eliminations | Total | ||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Current Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 7,826 | $ | 4,876 | $ | 166,476 | $ | 0 | $ | 179,178 | |||||||||||
Cash in escrow | 4,018 | 0 | 0 | 0 | 4,018 | ||||||||||||||||
Accounts receivable, net | 316 | 154,492 | 228,858 | 0 | 383,666 | ||||||||||||||||
Inventories | 0 | 190,830 | 256,833 | 0 | 447,663 | ||||||||||||||||
Income tax refundable | 0 | 6,526 | 0 | 0 | 6,526 | ||||||||||||||||
Deferred income tax benefits | 26,731 | 171 | 20,375 | 0 | 47,277 | ||||||||||||||||
Prepaid expenses | 117 | 5,510 | 12,556 | 0 | 18,183 | ||||||||||||||||
Other current assets | 86 | 115 | 5,003 | 0 | 5,204 | ||||||||||||||||
Total Current Assets | 39,094 | 362,520 | 690,101 | 0 | 1,091,715 | ||||||||||||||||
Property, Plant & | 1,754 | 175,402 | 194,041 | 0 | 371,197 | ||||||||||||||||
Equipment, Net | |||||||||||||||||||||
Goodwill | 0 | 344,995 | 783,982 | 0 | 1,128,977 | ||||||||||||||||
Intangibles, Net | 0 | 144,222 | 436,727 | 0 | 580,949 | ||||||||||||||||
Debt Issuance Costs, Net | 5,252 | 0 | 959 | 0 | 6,211 | ||||||||||||||||
Deferred Income Tax | 16,782 | 0 | 55,058 | 0 | 71,840 | ||||||||||||||||
Benefits | |||||||||||||||||||||
Other Assets | 18 | 3,692 | 7,513 | 0 | 11,223 | ||||||||||||||||
Amounts Due From (To) | 0 | 549,307 | 0 | (549,307 | ) | 0 | |||||||||||||||
Subsidiaries | |||||||||||||||||||||
Investment in Subsidiaries | 2,588,478 | 979,123 | 349,104 | (3,916,705 | ) | 0 | |||||||||||||||
Total Assets | $ | 2,651,378 | $ | 2,559,261 | $ | 2,517,485 | $ | (4,466,012 | ) | $ | 3,262,112 | ||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||
Accounts payable | $ | 1,714 | $ | 29,064 | $ | 92,819 | $ | 0 | $ | 123,597 | |||||||||||
Accrued liabilities | 21,652 | 87,826 | 144,083 | 0 | 253,561 | ||||||||||||||||
Current maturities of | 8,750 | 237 | 12,292 | 0 | 21,279 | ||||||||||||||||
long-term debt | |||||||||||||||||||||
Deferred income tax | 568 | 24 | 1,715 | 0 | 2,307 | ||||||||||||||||
liabilities | |||||||||||||||||||||
Federal and foreign | 2,408 | (27,399 | ) | 32,339 | 0 | 7,348 | |||||||||||||||
income taxes | |||||||||||||||||||||
Total Current Liabilities | 35,092 | 89,752 | 283,248 | 0 | 408,092 | ||||||||||||||||
Credit Facilities | 130,000 | 0 | 0 | 0 | 130,000 | ||||||||||||||||
Long-Term Debt, Net | 411,875 | 55,562 | 70,422 | 0 | 537,859 | ||||||||||||||||
Deferred Income Tax | 57,757 | (7 | ) | 135,369 | 0 | 193,119 | |||||||||||||||
Liabilities | |||||||||||||||||||||
Pension and Post-Retirement | 17,500 | 618 | 49,984 | 0 | 68,102 | ||||||||||||||||
Obligations | |||||||||||||||||||||
Other Liabilities | 12,298 | 194 | 27,696 | 0 | 40,188 | ||||||||||||||||
Amounts Due To (From) | 102,104 | 0 | 405,018 | (507,122 | ) | 0 | |||||||||||||||
Subsidiaries | |||||||||||||||||||||
Shareholders’ Equity | 1,884,752 | 2,413,142 | 1,545,748 | (3,958,890 | ) | 1,884,752 | |||||||||||||||
Total Liabilities and | $ | 2,651,378 | $ | 2,559,261 | $ | 2,517,485 | $ | (4,466,012 | ) | $ | 3,262,112 | ||||||||||
Shareholders’ Equity | |||||||||||||||||||||
Condensed Consolidating Balance Sheet as of October 26, 2012 | |||||||||||||||||||||
In Thousands | Parent | Guarantor | Non- | Eliminations | Total | ||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Current Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 16,770 | $ | 1,324 | $ | 142,581 | $ | 0 | $ | 160,675 | |||||||||||
Cash in escrow | 5,016 | 0 | 0 | 0 | 5,016 | ||||||||||||||||
Accounts receivable, net | 181 | 140,631 | 242,550 | 0 | 383,362 | ||||||||||||||||
Inventories | 0 | 159,573 | 250,264 | 0 | 409,837 | ||||||||||||||||
Income tax refundable | 0 | 4,832 | 0 | 0 | 4,832 | ||||||||||||||||
Deferred income tax benefits | 22,874 | 105 | 23,021 | 0 | 46,000 | ||||||||||||||||
Prepaid expenses | 76 | 5,391 | 15,873 | 0 | 21,340 | ||||||||||||||||
Other current assets | 134 | 552 | 3,945 | 0 | 4,631 | ||||||||||||||||
Total Current Assets | 45,051 | 312,408 | 678,234 | 0 | 1,035,693 | ||||||||||||||||
Property, Plant & | 2,811 | 161,998 | 191,592 | 0 | 356,401 | ||||||||||||||||
Equipment, Net | |||||||||||||||||||||
Goodwill | 0 | 314,641 | 784,321 | 0 | 1,098,962 | ||||||||||||||||
Intangibles, Net | 0 | 126,142 | 482,903 | 0 | 609,045 | ||||||||||||||||
Debt Issuance Costs, Net | 7,508 | 0 | 1,310 | 0 | 8,818 | ||||||||||||||||
Deferred Income Tax | 36,610 | (283 | ) | 61,625 | 0 | 97,952 | |||||||||||||||
Benefits | |||||||||||||||||||||
Other Assets | 8,082 | 1,561 | 10,603 | 0 | 20,246 | ||||||||||||||||
Amounts Due From (To) | 0 | 491,143 | 0 | (491,143 | ) | 0 | |||||||||||||||
Subsidiaries | |||||||||||||||||||||
Investment in Subsidiaries | 2,457,859 | 1,179,938 | 170,223 | (3,808,020 | ) | 0 | |||||||||||||||
Total Assets | $ | 2,557,921 | $ | 2,587,548 | $ | 2,380,811 | $ | (4,299,163 | ) | $ | 3,227,117 | ||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||
Accounts payable | $ | 1,944 | $ | 26,351 | $ | 80,394 | $ | 0 | $ | 108,689 | |||||||||||
Accrued liabilities | 17,495 | 79,103 | 172,955 | 0 | 269,553 | ||||||||||||||||
Current maturities of | 0 | 174 | 10,436 | 0 | 10,610 | ||||||||||||||||
long-term debt | |||||||||||||||||||||
Deferred income tax | 213 | (1 | ) | 4,913 | 0 | 5,125 | |||||||||||||||
liabilities | |||||||||||||||||||||
Federal and foreign | (3,418 | ) | (23,822 | ) | 29,609 | 0 | 2,369 | ||||||||||||||
income taxes | |||||||||||||||||||||
Total Current Liabilities | 16,234 | 81,805 | 298,307 | 0 | 396,346 | ||||||||||||||||
Credit Facilities | 240,000 | 0 | 0 | 0 | 240,000 | ||||||||||||||||
Long-Term Debt, Net | 429,152 | 44,107 | 124,801 | 0 | 598,060 | ||||||||||||||||
Deferred Income Tax | 46,730 | (7 | ) | 158,475 | 0 | 205,198 | |||||||||||||||
Liabilities | |||||||||||||||||||||
Pension and Post-Retirement | 20,507 | 54,886 | 56,681 | 0 | 132,074 | ||||||||||||||||
Obligations | |||||||||||||||||||||
Other Liabilities | 5,189 | 4,194 | 25,521 | 0 | 34,904 | ||||||||||||||||
Amounts Due To (From) | 179,574 | 0 | 369,962 | (549,536 | ) | 0 | |||||||||||||||
Subsidiaries | |||||||||||||||||||||
Shareholders’ Equity | 1,620,535 | 2,402,563 | 1,347,064 | (3,749,627 | ) | 1,620,535 | |||||||||||||||
Total Liabilities and | $ | 2,557,921 | $ | 2,587,548 | $ | 2,380,811 | $ | (4,299,163 | ) | $ | 3,227,117 | ||||||||||
Shareholders’ Equity | |||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) | ' | ||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the fiscal year ended October 25, 2013 | |||||||||||||||||||||
In Thousands | Parent | Guarantor | Non- | Eliminations | Total | ||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net Sales | $ | 0 | $ | 955,403 | $ | 1,018,658 | $ | (4,307 | ) | $ | 1,969,754 | ||||||||||
Cost of Sales | 0 | 593,564 | 654,501 | (4,307 | ) | 1,243,758 | |||||||||||||||
0 | 361,839 | 364,157 | 0 | 725,996 | |||||||||||||||||
Expenses | |||||||||||||||||||||
Selling, general | 0 | 165,540 | 225,607 | 0 | 391,147 | ||||||||||||||||
and administrative | |||||||||||||||||||||
Research, development | 0 | 50,806 | 44,930 | 0 | 95,736 | ||||||||||||||||
and engineering | |||||||||||||||||||||
Gain on sale of product line | 0 | (2,264 | ) | 0 | 0 | (2,264 | ) | ||||||||||||||
Gain on settlement | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
of contingency | |||||||||||||||||||||
Goodwill impairment | 0 | 0 | 3,454 | 0 | 3,454 | ||||||||||||||||
Other income | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Total Expenses | 0 | 214,082 | 273,991 | 0 | 488,073 | ||||||||||||||||
Operating Earnings from Continuing | 0 | 147,757 | 90,166 | 0 | 237,923 | ||||||||||||||||
Operations | |||||||||||||||||||||
Interest income | (15,639 | ) | (7,704 | ) | (54,606 | ) | 77,410 | (539 | ) | ||||||||||||
Interest expense | 30,050 | 26,868 | 60,159 | (77,410 | ) | 39,667 | |||||||||||||||
Loss on extinguishment of debt | 946 | 0 | 0 | 0 | 946 | ||||||||||||||||
Earnings (Loss) from Continuing | (15,357 | ) | 128,593 | 84,613 | 0 | 197,849 | |||||||||||||||
Operations Before Taxes | |||||||||||||||||||||
Income Tax Expense (Benefit) | (3,320 | ) | 25,242 | 8,163 | 0 | 30,085 | |||||||||||||||
Earnings (Loss) From Continuing | (12,037 | ) | 103,351 | 76,450 | 0 | 167,764 | |||||||||||||||
Operations Including | |||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||
Earnings Attributable to | 0 | 0 | (1,730 | ) | 0 | (1,730 | ) | ||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||
Earnings (Loss) From Continuing | (12,037 | ) | 103,351 | 74,720 | 0 | 166,034 | |||||||||||||||
Operations Attributable to | |||||||||||||||||||||
Esterline, Net of Tax | |||||||||||||||||||||
Loss From Discontinued | (1,300 | ) | 0 | 0 | 0 | (1,300 | ) | ||||||||||||||
Operations Attributable to | |||||||||||||||||||||
Esterline, Net of Tax | |||||||||||||||||||||
Equity in Net Income of | 178,071 | 1,697 | 3,705 | (183,473 | ) | 0 | |||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||
Net Earnings (Loss) | $ | 164,734 | $ | 105,048 | $ | 78,425 | $ | (183,473 | ) | $ | 164,734 | ||||||||||
Attributable to Esterline | |||||||||||||||||||||
Comprehensive Income (Loss) | |||||||||||||||||||||
Net earnings (loss) | $ | 164,734 | $ | 105,048 | $ | 78,425 | $ | (183,473 | ) | $ | 164,734 | ||||||||||
Change in fair value of derivative | 0 | 0 | (3,119 | ) | 0 | (3,119 | ) | ||||||||||||||
financial instruments, net of tax | |||||||||||||||||||||
Change in pension and | 36,669 | 0 | 6,325 | 0 | 42,994 | ||||||||||||||||
post-retirement obligations, | |||||||||||||||||||||
net of tax | |||||||||||||||||||||
Foreign currency translation | 23,125 | 100 | 40,442 | (40,542 | ) | 23,125 | |||||||||||||||
adjustment | |||||||||||||||||||||
Comprehensive Income (Loss) | $ | 224,528 | $ | 105,148 | $ | 122,073 | $ | (224,015 | ) | $ | 227,734 | ||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the fiscal year ended October 26, 2012 | |||||||||||||||||||||
In Thousands | Parent | Guarantor | Non- | Eliminations | Total | ||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net Sales | $ | 0 | $ | 920,027 | $ | 1,076,296 | $ | (4,005 | ) | $ | 1,992,318 | ||||||||||
Cost of Sales | 0 | 569,181 | 708,189 | (4,005 | ) | 1,273,365 | |||||||||||||||
0 | 350,846 | 368,107 | 0 | 718,953 | |||||||||||||||||
Expenses | |||||||||||||||||||||
Selling, general | 0 | 146,761 | 236,126 | 0 | 382,887 | ||||||||||||||||
and administrative | |||||||||||||||||||||
Research, development | 0 | 50,372 | 57,373 | 0 | 107,745 | ||||||||||||||||
and engineering | |||||||||||||||||||||
Gain on sale of product line | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Gain on settlement of | 0 | 0 | (11,891 | ) | 0 | (11,891 | ) | ||||||||||||||
contingency | |||||||||||||||||||||
Goodwill impairment | 0 | 0 | 52,169 | 0 | 52,169 | ||||||||||||||||
Other income | 0 | 0 | (1,263 | ) | 0 | (1,263 | ) | ||||||||||||||
Total Expenses | 0 | 197,133 | 332,514 | 0 | 529,647 | ||||||||||||||||
Operating Earnings from | 0 | 153,713 | 35,593 | 0 | 189,306 | ||||||||||||||||
Continuing Operations | |||||||||||||||||||||
Interest income | (14,178 | ) | (16,141 | ) | (60,299 | ) | 90,153 | (465 | ) | ||||||||||||
Interest expense | 34,948 | 27,210 | 74,233 | (90,153 | ) | 46,238 | |||||||||||||||
Loss on extinguishment of debt | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Earnings (Loss) from Continuing | (20,770 | ) | 142,644 | 21,659 | 0 | 143,533 | |||||||||||||||
Operations Before Taxes | |||||||||||||||||||||
Income Tax Expense (Benefit) | (5,591 | ) | 32,314 | 3,235 | 0 | 29,958 | |||||||||||||||
Earnings (Loss) From Continuing | (15,179 | ) | 110,330 | 18,424 | 0 | 113,575 | |||||||||||||||
Operations Including | |||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||
Earnings Attributable to | 0 | 0 | (1,040 | ) | 0 | (1,040 | ) | ||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||
Earnings (Loss) From Continuing | (15,179 | ) | 110,330 | 17,384 | 0 | 112,535 | |||||||||||||||
Operations Attributable to | |||||||||||||||||||||
Esterline, Net of Tax | |||||||||||||||||||||
Earnings (Loss) From Discontinued | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Operations Attributable to | |||||||||||||||||||||
Esterline, Net of Tax | |||||||||||||||||||||
Equity in Net Income of | 127,714 | 17,659 | (145 | ) | (145,228 | ) | 0 | ||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||
Net Earnings (Loss) | $ | 112,535 | $ | 127,989 | $ | 17,239 | $ | (145,228 | ) | $ | 112,535 | ||||||||||
Attributable to Esterline | |||||||||||||||||||||
Comprehensive Income (Loss) | |||||||||||||||||||||
Net earnings (loss) | $ | 112,535 | $ | 127,989 | $ | 17,239 | $ | (145,228 | ) | $ | 112,535 | ||||||||||
Change in fair value of derivative | 0 | 0 | (2,399 | ) | 0 | (2,399 | ) | ||||||||||||||
financial instruments, net of tax | |||||||||||||||||||||
Change in pension and | (15,727 | ) | 0 | (7,981 | ) | 0 | (23,708 | ) | |||||||||||||
post-retirement obligations, | |||||||||||||||||||||
net of tax | |||||||||||||||||||||
Foreign currency translation | (56,365 | ) | 172 | (58,746 | ) | 58,574 | (56,365 | ) | |||||||||||||
adjustment | |||||||||||||||||||||
Comprehensive Income (Loss) | $ | 40,443 | $ | 128,161 | $ | (51,887 | ) | $ | (86,654 | ) | $ | 30,063 | |||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the fiscal year ended October 28, 2011 | |||||||||||||||||||||
In Thousands | Parent | Guarantor | Non- | Eliminations | Total | ||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net Sales | $ | 0 | $ | 880,711 | $ | 840,130 | $ | (2,856 | ) | $ | 1,717,985 | ||||||||||
Cost of Sales | 0 | 563,033 | 568,088 | (2,856 | ) | 1,128,265 | |||||||||||||||
0 | 317,678 | 272,042 | 0 | 589,720 | |||||||||||||||||
Expenses | |||||||||||||||||||||
Selling, general | 0 | 120,548 | 183,606 | 0 | 304,154 | ||||||||||||||||
and administrative | |||||||||||||||||||||
Research, development | 0 | 39,352 | 55,153 | 0 | 94,505 | ||||||||||||||||
and engineering | |||||||||||||||||||||
Gain on sale of product line | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Gain on settlement of | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
contingency | |||||||||||||||||||||
Goodwill impairment | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Other (income) expense | 0 | 38 | (6,891 | ) | 0 | (6,853 | ) | ||||||||||||||
Total Expenses | 0 | 159,938 | 231,868 | 0 | 391,806 | ||||||||||||||||
Operating Earnings from | 0 | 157,740 | 40,174 | 0 | 197,914 | ||||||||||||||||
Continuing Operations | |||||||||||||||||||||
Interest income | (15,461 | ) | (4,702 | ) | (45,411 | ) | 63,959 | (1,615 | ) | ||||||||||||
Interest expense | 33,270 | 22,178 | 48,727 | (63,959 | ) | 40,216 | |||||||||||||||
Loss on extinguishment of debt | 831 | 0 | 0 | 0 | 831 | ||||||||||||||||
Earnings (Loss) from Continuing | (18,640 | ) | 140,264 | 36,858 | 0 | 158,482 | |||||||||||||||
Operations Before Taxes | |||||||||||||||||||||
Income Tax Expense (Benefit) | (4,274 | ) | 21,322 | 7,890 | 0 | 24,938 | |||||||||||||||
Earnings (Loss) From Continuing | (14,366 | ) | 118,942 | 28,968 | 0 | 133,544 | |||||||||||||||
Operations Including | |||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||
Earnings Attributable to | 0 | 0 | (457 | ) | 0 | (457 | ) | ||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||
Earnings (Loss) From Continuing | (14,366 | ) | 118,942 | 28,511 | 0 | 133,087 | |||||||||||||||
Operations Attributable to | |||||||||||||||||||||
Esterline, Net of Tax | |||||||||||||||||||||
Loss From Discontinued | 0 | (47 | ) | 0 | 0 | (47 | ) | ||||||||||||||
Operations Attributable to | |||||||||||||||||||||
Esterline, Net of Tax | |||||||||||||||||||||
Equity in Net Income of | 147,406 | 16,523 | 13,103 | (177,032 | ) | 0 | |||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||
Net Earnings (Loss) | $ | 133,040 | $ | 135,418 | $ | 41,614 | $ | (177,032 | ) | $ | 133,040 | ||||||||||
Attributable to Esterline | |||||||||||||||||||||
Comprehensive Income (Loss) | |||||||||||||||||||||
Net earnings (loss) | $ | 133,040 | $ | 135,418 | $ | 41,614 | $ | (177,032 | ) | $ | 133,040 | ||||||||||
Change in fair value of derivative | 0 | 0 | (5,934 | ) | 0 | (5,934 | ) | ||||||||||||||
financial instruments, net of tax | |||||||||||||||||||||
Change in pension and | (7,157 | ) | 0 | (2,829 | ) | 0 | (9,986 | ) | |||||||||||||
post-retirement obligations, | |||||||||||||||||||||
net of tax | |||||||||||||||||||||
Foreign currency translation | 9,873 | 450 | 2,077 | (2,527 | ) | 9,873 | |||||||||||||||
adjustment | |||||||||||||||||||||
Comprehensive Income (Loss) | $ | 135,756 | $ | 135,868 | $ | 34,928 | $ | (179,559 | ) | $ | 126,993 | ||||||||||
Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows for the fiscal year ended October 25, 2013 | |||||||||||||||||||||
In Thousands | Parent | Guarantor | Non- | Eliminations | Total | ||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Cash Flows Provided (Used) | |||||||||||||||||||||
by Operating Activities | |||||||||||||||||||||
Net earnings (loss) including | $ | 166,464 | $ | 105,048 | $ | 78,425 | $ | (183,473 | ) | $ | 166,464 | ||||||||||
noncontrolling interests | |||||||||||||||||||||
Depreciation & amortization | 0 | 43,539 | 68,593 | 0 | 112,132 | ||||||||||||||||
Deferred income taxes | 8,274 | (13,674 | ) | (19,019 | ) | 0 | (24,419 | ) | |||||||||||||
Share-based compensation | 0 | 4,163 | 5,412 | 0 | 9,575 | ||||||||||||||||
Gain on sale of capital assets | 0 | (1,013 | ) | (1,290 | ) | 0 | (2,303 | ) | |||||||||||||
Gain on settlement of contingency | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Goodwill impairment | 0 | 0 | 3,454 | 0 | 3,454 | ||||||||||||||||
Working capital changes, net | (135 | ) | (4,976 | ) | 10,126 | 0 | 5,015 | ||||||||||||||
of effect of acquisitions | |||||||||||||||||||||
Accounts receivable | |||||||||||||||||||||
Inventories | 0 | (16,652 | ) | (11,665 | ) | 0 | (28,317 | ) | |||||||||||||
Prepaid expenses | (41 | ) | 1,775 | 1,870 | 0 | 3,604 | |||||||||||||||
Other current assets | 1,332 | 437 | (3,327 | ) | 0 | (1,558 | ) | ||||||||||||||
Accounts payable | (230 | ) | 362 | 8,876 | 0 | 9,008 | |||||||||||||||
Accrued liabilities | 5,955 | 6,725 | (15,800 | ) | 0 | (3,120 | ) | ||||||||||||||
Federal & foreign | 4,445 | (8,193 | ) | 9,534 | 0 | 5,786 | |||||||||||||||
income taxes | |||||||||||||||||||||
Other liabilities | 3,271 | (185 | ) | (10,688 | ) | 0 | (7,602 | ) | |||||||||||||
Other, net | (89 | ) | 2,329 | 813 | 0 | 3,053 | |||||||||||||||
189,246 | 119,685 | 125,314 | (183,473 | ) | 250,772 | ||||||||||||||||
Cash Flows Provided (Used) | |||||||||||||||||||||
by Investing Activities | |||||||||||||||||||||
Purchases of capital assets | (105 | ) | (15,937 | ) | (39,293 | ) | 0 | (55,335 | ) | ||||||||||||
Escrow deposit | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Proceeds from sale of | 0 | 1,013 | 1,290 | 0 | 2,303 | ||||||||||||||||
capital assets | |||||||||||||||||||||
Acquisition of businesses, | 0 | 0 | (40,689 | ) | 0 | (40,689 | ) | ||||||||||||||
net of cash acquired | |||||||||||||||||||||
(105 | ) | (14,924 | ) | (78,692 | ) | 0 | (93,721 | ) | |||||||||||||
Condensed Consolidating Statement of Cash Flows for the fiscal year ended October 25, 2013 | |||||||||||||||||||||
In Thousands | Parent | Guarantor | Non- | Eliminations | Total | ||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Cash Flows Provided (Used) | |||||||||||||||||||||
by Financing Activities | |||||||||||||||||||||
Proceeds provided by stock | 22,854 | 0 | 0 | 0 | 22,854 | ||||||||||||||||
issuance under employee | |||||||||||||||||||||
stock plans | |||||||||||||||||||||
Excess tax benefits from | 2,961 | 0 | 0 | 0 | 2,961 | ||||||||||||||||
stock option exercises | |||||||||||||||||||||
Repayment of long-term | (110,000 | ) | 0 | 0 | 0 | (110,000 | ) | ||||||||||||||
credit facilities | |||||||||||||||||||||
Repayment of long-term debt | (179,375 | ) | (326 | ) | (55,727 | ) | 0 | (235,428 | ) | ||||||||||||
Proceeds from issuance of | 175,000 | 0 | 0 | 0 | 175,000 | ||||||||||||||||
long-term credit facilities | |||||||||||||||||||||
Proceeds from issuance of | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
long-term debt | |||||||||||||||||||||
Proceeds from government | 0 | 0 | 5,092 | 0 | 5,092 | ||||||||||||||||
assistance | |||||||||||||||||||||
Dividends paid to | 0 | 0 | (1,048 | ) | 0 | (1,048 | ) | ||||||||||||||
noncontrolling interest | |||||||||||||||||||||
Debt and other issuance costs | (454 | ) | 0 | 0 | 0 | (454 | ) | ||||||||||||||
Net change in intercompany | (109,094 | ) | (100,893 | ) | 26,514 | 183,473 | 0 | ||||||||||||||
financing | |||||||||||||||||||||
(198,108 | ) | (101,219 | ) | (25,169 | ) | 183,473 | (141,023 | ) | |||||||||||||
Effect of Foreign Exchange Rates | 23 | 10 | 2,442 | 0 | 2,475 | ||||||||||||||||
on Cash and Cash Equivalents | |||||||||||||||||||||
Net Increase (Decrease) in | (8,944 | ) | 3,552 | 23,895 | 0 | 18,503 | |||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||
Cash and Cash Equivalents | 16,770 | 1,324 | 142,581 | 0 | 160,675 | ||||||||||||||||
– Beginning of Year | |||||||||||||||||||||
Cash and Cash Equivalents | $ | 7,826 | $ | 4,876 | $ | 166,476 | $ | 0 | $ | 179,178 | |||||||||||
– End of Year | |||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows for the fiscal year ended October 26, 2012 | |||||||||||||||||||||
In Thousands | Parent | Guarantor | Non- | Eliminations | Total | ||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Cash Flows Provided (Used) | |||||||||||||||||||||
by Operating Activities | |||||||||||||||||||||
Net earnings (loss) including | $ | 113,575 | $ | 127,989 | $ | 17,239 | $ | (145,228 | ) | $ | 113,575 | ||||||||||
noncontrolling interests | |||||||||||||||||||||
Depreciation & amortization | 0 | 39,405 | 68,387 | 0 | 107,792 | ||||||||||||||||
Deferred income taxes | 18,013 | (20,600 | ) | (22,823 | ) | 0 | (25,410 | ) | |||||||||||||
Share-based compensation | 0 | 4,246 | 5,297 | 0 | 9,543 | ||||||||||||||||
Gain on sale of capital assets | 0 | (410 | ) | (534 | ) | 0 | (944 | ) | |||||||||||||
Gain on settlement of contingency | 0 | 0 | (11,891 | ) | 0 | (11,891 | ) | ||||||||||||||
Goodwill impairment | 0 | 0 | 52,169 | 0 | 52,169 | ||||||||||||||||
Working capital changes, net | (23 | ) | (2,704 | ) | (19,654 | ) | 0 | (22,381 | ) | ||||||||||||
of effect of acquisitions | |||||||||||||||||||||
Accounts receivable | |||||||||||||||||||||
Inventories | 0 | (15,707 | ) | (3,596 | ) | 0 | (19,303 | ) | |||||||||||||
Prepaid expenses | (17 | ) | (385 | ) | (2,104 | ) | 0 | (2,506 | ) | ||||||||||||
Other current assets | 6 | (208 | ) | (800 | ) | 0 | (1,002 | ) | |||||||||||||
Accounts payable | 1,132 | (174 | ) | (7,440 | ) | 0 | (6,482 | ) | |||||||||||||
Accrued liabilities | (1,929 | ) | (156 | ) | 16,964 | 0 | 14,879 | ||||||||||||||
Federal & foreign | (4,345 | ) | (3,497 | ) | 4,984 | 0 | (2,858 | ) | |||||||||||||
income taxes | |||||||||||||||||||||
Other liabilities | (20,618 | ) | 12,196 | (6,280 | ) | 0 | (14,702 | ) | |||||||||||||
Other, net | (1,418 | ) | 580 | 4,530 | 0 | 3,692 | |||||||||||||||
104,376 | 140,575 | 94,448 | (145,228 | ) | 194,171 | ||||||||||||||||
Cash Flows Provided (Used) | |||||||||||||||||||||
by Investing Activities | |||||||||||||||||||||
Purchases of capital assets | (1,503 | ) | (23,553 | ) | (24,390 | ) | 0 | (49,446 | ) | ||||||||||||
Escrow deposit | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Proceeds from sale of | 0 | 410 | 534 | 0 | 944 | ||||||||||||||||
capital assets | |||||||||||||||||||||
Acquisition of businesses, | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
net of cash acquired | |||||||||||||||||||||
(1,503 | ) | (23,143 | ) | (23,856 | ) | 0 | (48,502 | ) | |||||||||||||
Condensed Consolidating Statement of Cash Flows for the fiscal year ended October 26, 2012 | |||||||||||||||||||||
In Thousands | Parent | Guarantor | Non- | Eliminations | Total | ||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Cash Flows Provided (Used) | |||||||||||||||||||||
by Financing Activities | |||||||||||||||||||||
Proceeds provided by stock | 7,658 | 0 | 0 | 0 | 7,658 | ||||||||||||||||
issuance under employee | |||||||||||||||||||||
stock plans | |||||||||||||||||||||
Excess tax benefits from | 382 | 0 | 0 | 0 | 382 | ||||||||||||||||
stock option exercises | |||||||||||||||||||||
Repayment of long-term | (150,000 | ) | 0 | 0 | 0 | (150,000 | ) | ||||||||||||||
credit facilities | |||||||||||||||||||||
Repayment of long-term debt | 0 | (405 | ) | (72,740 | ) | 0 | (73,145 | ) | |||||||||||||
Proceeds from issuance of | 30,000 | 0 | 0 | 0 | 30,000 | ||||||||||||||||
long-term credit facilities | |||||||||||||||||||||
Proceeds from issuance | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
of long-term debt | |||||||||||||||||||||
Proceeds from government | 0 | 0 | 17,285 | 0 | 17,285 | ||||||||||||||||
assistance | |||||||||||||||||||||
Dividends paid to | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
noncontrolling interest | |||||||||||||||||||||
Debt and other issuance costs | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Net change in intercompany | (24,731 | ) | (129,158 | ) | 8,661 | 145,228 | 0 | ||||||||||||||
financing | |||||||||||||||||||||
(136,691 | ) | (129,563 | ) | (46,794 | ) | 145,228 | (167,820 | ) | |||||||||||||
Effect of Foreign Exchange Rates | 751 | 5 | (2,965 | ) | 0 | (2,209 | ) | ||||||||||||||
on Cash and Cash Equivalents | |||||||||||||||||||||
Net Increase (Decrease) in | (33,067 | ) | (12,126 | ) | 20,833 | 0 | (24,360 | ) | |||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||
Cash and Cash Equivalents | 49,837 | 13,450 | 121,748 | 0 | 185,035 | ||||||||||||||||
– Beginning of Year | |||||||||||||||||||||
Cash and Cash Equivalents | $ | 16,770 | $ | 1,324 | $ | 142,581 | $ | 0 | $ | 160,675 | |||||||||||
– End of Year | |||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows for the fiscal year ended October 28, 2011 | |||||||||||||||||||||
In Thousands | Parent | Guarantor | Non- | Eliminations | Total | ||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Cash Flows Provided (Used) | |||||||||||||||||||||
by Operating Activities | |||||||||||||||||||||
Net earnings (loss) including | $ | 133,497 | $ | 135,418 | $ | 41,614 | $ | (177,032 | ) | $ | 133,497 | ||||||||||
noncontrolling interests | |||||||||||||||||||||
Depreciation & amortization | 0 | 35,616 | 49,042 | 0 | 84,658 | ||||||||||||||||
Deferred income taxes | 11,438 | 707 | (24,490 | ) | 0 | (12,345 | ) | ||||||||||||||
Share-based compensation | 0 | 3,617 | 4,346 | 0 | 7,963 | ||||||||||||||||
Gain on sale of capital assets | 0 | (6,541 | ) | (2,912 | ) | 0 | (9,453 | ) | |||||||||||||
Gain on settlement of contingency | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Goodwill impairment | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Working capital changes, net | 116 | 1,768 | 21,927 | 0 | 23,811 | ||||||||||||||||
of effect of acquisitions | |||||||||||||||||||||
Accounts receivable | |||||||||||||||||||||
Inventories | 0 | (8,452 | ) | 8,467 | 0 | 15 | |||||||||||||||
Prepaid expenses | (10 | ) | 722 | (45 | ) | 0 | 667 | ||||||||||||||
Other current assets | (140 | ) | (300 | ) | (2,135 | ) | 0 | (2,575 | ) | ||||||||||||
Accounts payable | (132 | ) | (2,219 | ) | (591 | ) | 0 | (2,942 | ) | ||||||||||||
Accrued liabilities | 362 | (6,253 | ) | (4,618 | ) | 0 | (10,509 | ) | |||||||||||||
Federal & foreign | 11,949 | (6,050 | ) | (6,715 | ) | 0 | (816 | ) | |||||||||||||
income taxes | |||||||||||||||||||||
Other liabilities | (16,200 | ) | (3,996 | ) | (2,787 | ) | 0 | (22,983 | ) | ||||||||||||
Other, net | 8,164 | (16,309 | ) | 11,586 | 0 | 3,441 | |||||||||||||||
149,044 | 127,728 | 92,689 | (177,032 | ) | 192,429 | ||||||||||||||||
Cash Flows Provided (Used) | |||||||||||||||||||||
by Investing Activities | |||||||||||||||||||||
Purchases of capital assets | (328 | ) | (22,724 | ) | (26,455 | ) | 0 | (49,507 | ) | ||||||||||||
Escrow deposit | (14,033 | ) | 0 | 0 | 0 | (14,033 | ) | ||||||||||||||
Proceeds from sale of | 0 | 6,541 | 2,912 | 0 | 9,453 | ||||||||||||||||
capital assets | |||||||||||||||||||||
Acquisition of businesses, | 0 | (106,059 | ) | (708,875 | ) | 0 | (814,934 | ) | |||||||||||||
net of cash acquired | |||||||||||||||||||||
(14,361 | ) | (122,242 | ) | (732,418 | ) | 0 | (869,021 | ) | |||||||||||||
Condensed Consolidating Statement of Cash Flows for the fiscal year ended October 28, 2011 | |||||||||||||||||||||
In Thousands | Parent | Guarantor | Non- | Eliminations | Total | ||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Cash Flows Provided (Used) | |||||||||||||||||||||
by Financing Activities | |||||||||||||||||||||
Proceeds provided by stock | 13,253 | 0 | 0 | 0 | 13,253 | ||||||||||||||||
issuance under employee | |||||||||||||||||||||
stock plans | |||||||||||||||||||||
Excess tax benefits from | 1,830 | 0 | 0 | 0 | 1,830 | ||||||||||||||||
stock option exercises | |||||||||||||||||||||
Repayment of long-term | (35,000 | ) | 0 | 0 | 0 | (35,000 | ) | ||||||||||||||
credit facilities | |||||||||||||||||||||
Repayment of long-term debt | (120,313 | ) | (321 | ) | (9,282 | ) | 0 | (129,916 | ) | ||||||||||||
Proceeds from issuance of | 395,000 | 0 | 5,014 | 0 | 400,014 | ||||||||||||||||
long-term credit facilities | |||||||||||||||||||||
Proceeds from issuance | 0 | 0 | 176,875 | 0 | 176,875 | ||||||||||||||||
of long-term debt | |||||||||||||||||||||
Proceeds from government | 0 | 0 | 15,000 | 0 | 15,000 | ||||||||||||||||
assistance | |||||||||||||||||||||
Dividends paid to | 0 | 0 | (238 | ) | 0 | (238 | ) | ||||||||||||||
noncontrolling interest | |||||||||||||||||||||
Debt and other issuance costs | (3,640 | ) | 0 | (1,758 | ) | 0 | (5,398 | ) | |||||||||||||
Net change in intercompany | (541,098 | ) | 5,972 | 358,094 | 177,032 | 0 | |||||||||||||||
financing | |||||||||||||||||||||
(289,968 | ) | 5,651 | 543,705 | 177,032 | 436,420 | ||||||||||||||||
Effect of Foreign Exchange Rates | 72 | (4 | ) | 3,019 | 0 | 3,087 | |||||||||||||||
on Cash and Cash Equivalents | |||||||||||||||||||||
Net Increase (Decrease) in | (155,213 | ) | 11,133 | (93,005 | ) | 0 | (237,085 | ) | |||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||
Cash and Cash Equivalents | 205,050 | 2,317 | 214,753 | 0 | 422,120 | ||||||||||||||||
– Beginning of Year | |||||||||||||||||||||
Cash and Cash Equivalents | $ | 49,837 | $ | 13,450 | $ | 121,748 | $ | 0 | $ | 185,035 | |||||||||||
– End of Year | |||||||||||||||||||||
Accounting_Policies_Additional
Accounting Policies - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||
Apr. 26, 2013 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | Apr. 30, 2013 | Dec. 05, 2013 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 25, 2013 | Dec. 05, 2013 | Oct. 25, 2013 | Oct. 25, 2013 | Oct. 25, 2013 | Dec. 05, 2013 | Oct. 25, 2013 | Oct. 25, 2013 | Dec. 20, 2013 | Oct. 29, 2012 | Oct. 29, 2012 | Oct. 25, 2013 | Jul. 31, 2011 | Oct. 25, 2013 | Oct. 26, 2012 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Subsequent Event | Foreign Exchange Contract | Foreign Exchange Contract | Foreign Exchange Contract | Foreign Exchange Contract | Minimum | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Maximum | Sunbank | Swap | Senior Notes Due In 2017 | Euro Term Loan | Euro Term Loan | U.S. Government | U.S. Government | |
USD ($) | USD ($) | USD ($) | Cash Flow Hedging | Cash Flow Hedging | Subsequent Event | Building | Machinery and Equipment | Subsequent Event | Building | Machinery and Equipment | Subsequent Event | USD ($) | USD ($) | Fair Value Hedging | |||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | ||||||||||||||||||||
Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales revenue percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | 7.00% |
Fair market value of long-term debt and short-term borrowings | ' | $711,600,000 | $882,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturities of forecasted transactions using forward exchange contracts | ' | '24 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative notional amount | ' | ' | ' | ' | ' | ' | 369,000,000 | 358,400,000 | 271,300,000 | 260,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000,000 | ' | ' |
Fair value of foreign currency forwards contracts, liabilities | ' | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of foreign currency forwards contracts, assets | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) of foreign currency translation included in other comprehensive income loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,200,000 | ' | ' | ' |
Amount of interest rate swap agreement | ' | ' | ' | ' | 175,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 175,000,000 | ' | ' | ' | ' | ' |
Senior Notes maturity year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2017 | ' | ' | ' | ' |
Fixed interest rate of swap agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.63% | ' | ' | ' | ' |
Proceeds from term loan | 175,000,000 | 175,000,000 | 30,000,000 | 400,014,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on termination of interest rate swap | 2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated gain (loss) on foreign currency translation adjustment | ' | 35,397,000 | 12,272,000 | 68,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on foreign currency transactions | ' | 1,700,000 | 3,500,000 | 13,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful lives of property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | '3 years | ' | ' | '30 years | '10 years | ' | ' | ' | ' | ' | ' | ' |
Depreciation expense | ' | 55,400,000 | 52,400,000 | 42,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets under capital leases | ' | 47,100,000 | 38,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability related to environmental remediation at a previously sold business | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from Discontinued Operations Attributable to Esterline, Net of Tax | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Anti-dilutive shares excluded from computation of earnings per share | ' | 162,100 | 627,475 | 331,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average number of shares outstanding used to compute basic earnings per share | ' | 31,173,000 | 30,749,000 | 30,509,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average number of shares outstanding used to compute diluted earnings per share | ' | 31,738,000 | 31,282,000 | 31,154,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected integration cost | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,000,000 | ' | ' | ' | ' | ' | ' |
Contingent consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,000,000 | ' | ' | ' | ' | ' | ' |
Contingent consideration achievement period of certain sales levels | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' |
Inventories_Detail
Inventories (Detail) (USD $) | Oct. 25, 2013 | Oct. 26, 2012 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Raw materials and purchased parts | $165,231 | $146,390 |
Work in process | 169,165 | 155,617 |
Inventory costs under long-term contracts | 13,717 | 19,207 |
Finished goods | 99,550 | 88,623 |
Total Inventories | $447,663 | $409,837 |
Changes_in_Goodwill_by_Segment
Changes in Goodwill by Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jul. 26, 2013 | Jul. 27, 2012 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Goodwill, Beginning Balance | ' | ' | $1,098,962 | $1,163,725 | ' |
Goodwill from acquisitions | ' | ' | 21,640 | ' | ' |
Sale of product line | ' | ' | ' | -523 | ' |
Goodwill adjustments | ' | ' | 2,904 | 24,046 | ' |
Goodwill impairment | -3,500 | -52,200 | -3,454 | -52,169 | 0 |
Foreign currency translation adjustment | ' | ' | 8,925 | -36,117 | ' |
Goodwill, Ending Balance | ' | ' | 1,128,977 | 1,098,962 | 1,163,725 |
Avionics & Controls | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Goodwill, Beginning Balance | ' | ' | 456,092 | 513,508 | ' |
Goodwill from acquisitions | ' | ' | 21,640 | ' | ' |
Sale of product line | ' | ' | ' | -523 | ' |
Goodwill adjustments | ' | ' | 0 | -234 | ' |
Goodwill impairment | ' | ' | -3,454 | -52,169 | ' |
Foreign currency translation adjustment | ' | ' | -9,575 | -4,490 | ' |
Goodwill, Ending Balance | ' | ' | 464,703 | 456,092 | ' |
Sensors & Systems | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Goodwill, Beginning Balance | ' | ' | 428,420 | 435,645 | ' |
Goodwill from acquisitions | ' | ' | 0 | ' | ' |
Sale of product line | ' | ' | ' | 0 | ' |
Goodwill adjustments | ' | ' | 2,904 | 24,280 | ' |
Goodwill impairment | ' | ' | 0 | 0 | ' |
Foreign currency translation adjustment | ' | ' | 18,159 | -31,505 | ' |
Goodwill, Ending Balance | ' | ' | 449,483 | 428,420 | ' |
Advanced Materials | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Goodwill, Beginning Balance | ' | ' | 214,450 | 214,572 | ' |
Goodwill from acquisitions | ' | ' | 0 | ' | ' |
Sale of product line | ' | ' | ' | 0 | ' |
Goodwill adjustments | ' | ' | 0 | 0 | ' |
Goodwill impairment | ' | ' | 0 | 0 | ' |
Foreign currency translation adjustment | ' | ' | 341 | -122 | ' |
Goodwill, Ending Balance | ' | ' | $214,791 | $214,450 | ' |
Goodwill_Additional_Informatio
Goodwill - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jul. 26, 2013 | Jul. 27, 2012 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Goodwill impairment | $3,500 | $52,200 | $3,454 | $52,169 | $0 |
Intangible_Assets_Detail
Intangible Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 |
Intangible Assets by Major Class [Line Items] | ' | ' |
Amortized Intangible Assets, Gross Carrying Amount | $828,929 | $807,706 |
Accumulated Amortization | 295,172 | 246,585 |
Tradenames | ' | ' |
Intangible Assets by Major Class [Line Items] | ' | ' |
Indefinite-lived Intangible Assets, Gross Carrying Amount | 47,192 | 47,924 |
Programs | ' | ' |
Intangible Assets by Major Class [Line Items] | ' | ' |
Amortized Intangible Assets, Weighted Average Years Useful Life | '15 years | ' |
Amortized Intangible Assets, Gross Carrying Amount | 726,049 | 701,396 |
Accumulated Amortization | 251,437 | 202,333 |
Core Technology | ' | ' |
Intangible Assets by Major Class [Line Items] | ' | ' |
Amortized Intangible Assets, Weighted Average Years Useful Life | '16 years | ' |
Amortized Intangible Assets, Gross Carrying Amount | 9,589 | 9,589 |
Accumulated Amortization | 6,711 | 6,112 |
Patents And Other | ' | ' |
Intangible Assets by Major Class [Line Items] | ' | ' |
Amortized Intangible Assets, Weighted Average Years Useful Life | '12 years | ' |
Amortized Intangible Assets, Gross Carrying Amount | 93,291 | 96,721 |
Accumulated Amortization | $37,024 | $38,140 |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization of intangible assets | $54,998,000 | $53,523,000 | $40,539,000 |
Estimated_Amortization_Expense
Estimated Amortization Expense Related to Intangible Assets (Detail) (USD $) | Oct. 25, 2013 |
In Thousands, unless otherwise specified | |
Schedule of Intangible Assets Disclosure [Line Items] | ' |
2014 | $57,495 |
2015 | 56,286 |
2016 | 55,686 |
2017 | 54,511 |
2018 | $53,847 |
Accrued_Liabilities_Detail
Accrued Liabilities (Detail) (USD $) | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 |
In Thousands, unless otherwise specified | |||
Schedule of Accrued Liabilities [Line Items] | ' | ' | ' |
Payroll and other compensation | $119,677 | $128,269 | ' |
Commissions | 4,786 | 5,776 | ' |
Casualty and medical | 13,738 | 12,971 | ' |
Interest | 6,707 | 7,091 | ' |
Warranties | 19,372 | 21,870 | 19,298 |
State and other tax accruals | 6,536 | 6,136 | ' |
Customer deposits | 21,500 | 18,193 | ' |
Deferred revenue | 15,888 | 30,707 | ' |
Contract reserves | 12,737 | 12,553 | ' |
Forward foreign exchange contracts | 7,645 | 2,375 | ' |
Litigation reserves | 10,266 | 1,163 | ' |
Environmental reserves | 810 | 3,119 | ' |
Rent and future lease obligations | 1,357 | 2,258 | ' |
Other | 12,542 | 17,072 | ' |
Total accrued liabilities | $253,561 | $269,553 | ' |
Changes_in_Carrying_Amount_of_
Changes in Carrying Amount of Accrued Product Warranty Costs (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 |
Product Liability Contingency [Line Items] | ' | ' |
Balance, beginning of year | $21,870 | $19,298 |
Warranty costs incurred | -4,912 | -2,752 |
Product warranty accrual | 7,380 | 8,471 |
Release of reserves | -4,555 | -2,967 |
Foreign currency translation adjustment | -411 | -180 |
Balance, end of year | $19,372 | $21,870 |
Retirement_Benefits_Additional
Retirement Benefits - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Accumulated benefit obligation | $427,625,000 | $442,165,000 | ' |
Underfunded status | 68,102,000 | 132,074,000 | ' |
Company contribution expense | 9,421,000 | 8,900,000 | 8,203,000 |
Increase/decrease discount rate basis points | 25 | ' | ' |
Decrease in pension liabilities | 11,800,000 | ' | ' |
Increase in pension liabilities | 12,300,000 | ' | ' |
Increase/decrease health care trend rate basis points | 100 | ' | ' |
Increase post-retirement benefit obligation | 1,900,000 | ' | ' |
Decrease post-retirement benefit obligation | 500,000 | ' | ' |
Minimum | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan expected future investment return | 6.34% | ' | ' |
Maximum | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan expected future investment return | 7.00% | ' | ' |
United States Defined Pension Benefit Plans | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan participation, percentage | 39.00% | ' | ' |
Defined benefit plan pension benefits based on average compensation, years | 5 | ' | ' |
Defined benefit plan, service period related to benefit, years | 5 | ' | ' |
Defined benefit plans based on compensation during last years of employment | 10 | ' | ' |
Defined benefit plan amendment date | '2003-01-01 | ' | ' |
Defined benefit plan projected benefit obligation | 275,746,000 | ' | ' |
Accumulated benefit obligation | 266,745,000 | ' | ' |
Defined benefit plan, plan assets | 259,924,000 | ' | ' |
Underfunded status | 15,822,000 | ' | ' |
Company contribution expense | 16,174,000 | 17,097,000 | ' |
Expected funding requirement for fiscal 2014 | 12,000,000 | ' | ' |
United States Defined Pension Benefit Plans | Minimum | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan annual pay credits | 2.00% | ' | ' |
United States Defined Pension Benefit Plans | Maximum | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan annual pay credits | 6.00% | ' | ' |
CMC Defined Pension Benefit Plans | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan projected benefit obligation | 139,109,000 | ' | ' |
Accumulated benefit obligation | 137,954,000 | ' | ' |
Defined benefit plan, plan assets | 126,117,000 | ' | ' |
Underfunded status | 12,992,000 | ' | ' |
Company contribution expense | 10,859,000 | 10,241,000 | ' |
Expected funding requirement for fiscal 2014 | $10,593,000 | ' | ' |
Principal_Assumptions_of_Ester
Principal Assumptions of Esterline and CMC Plans (Detail) | 12 Months Ended | |
Oct. 25, 2013 | Oct. 26, 2012 | |
Esterline Plans | Pension Plans, Defined Benefit | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount Rate | 4.70% | 3.85% |
Rate of increase in future compensation levels | 4.50% | 4.50% |
Assumed long-term rate of return on plan assets | 7.00% | 7.00% |
Esterline Plans | Postretirement Benefit Plans, Defined Benefit | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount Rate | 4.70% | 3.85% |
Initial weighted average health care trend rate | 6.00% | 6.00% |
Ultimate weighted average health care trend rate | 6.00% | 6.00% |
CMC Plans | Pension Plans, Defined Benefit | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount Rate | 4.50% | 4.35% |
Rate of increase in future compensation levels | 3.00% | 3.10% |
Assumed long-term rate of return on plan assets | 6.34% | ' |
CMC Plans | Pension Plans, Defined Benefit | Minimum | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Assumed long-term rate of return on plan assets | ' | 6.50% |
CMC Plans | Pension Plans, Defined Benefit | Maximum | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Assumed long-term rate of return on plan assets | ' | 6.75% |
CMC Plans | Postretirement Benefit Plans, Defined Benefit | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount Rate | 4.50% | 4.35% |
Initial weighted average health care trend rate | 6.30% | 3.70% |
Ultimate weighted average health care trend rate | 4.20% | 3.20% |
Allocation_by_Investment_Type_
Allocation by Investment Type (Detail) | 12 Months Ended | |
Oct. 25, 2013 | Oct. 26, 2012 | |
Retirement Benefits | ' | ' |
Actual, Allocation Percentage | 100.00% | 100.00% |
Equity Securities | ' | ' |
Retirement Benefits | ' | ' |
Target, Allocation Percentage, Range maximum | 75.00% | ' |
Target, Allocation Percentage, Range minimum | 55.00% | ' |
Actual, Allocation Percentage | 63.90% | 58.80% |
Debt Securities | ' | ' |
Retirement Benefits | ' | ' |
Target, Allocation Percentage, Range maximum | 45.00% | ' |
Target, Allocation Percentage, Range minimum | 25.00% | ' |
Actual, Allocation Percentage | 33.60% | 38.70% |
Cash | ' | ' |
Retirement Benefits | ' | ' |
Target, Allocation Percentage | 0.00% | ' |
Actual, Allocation Percentage | 2.50% | 2.50% |
Fair_Value_of_Pension_Plan_Ass
Fair Value of Pension Plan Assets (Detail) (USD $) | Oct. 25, 2013 | Oct. 26, 2012 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | $390,809 | $334,622 |
Funds - U.S. Equity | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 106,436 | 61,634 |
Commingled Trust Funds - U.S. Equity | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 26,923 | 18,751 |
U.S. Equity Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 37,280 | 46,140 |
Non-U.S. Equity Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 25,584 | 24,986 |
Commingled Trust Fund - Non-U.S. Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 53,347 | 45,213 |
Registered Investments Company Funds - Fixed Income | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 33,494 | 35,528 |
Commingled Trust Fund - Fixed Income | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 41,428 | 44,194 |
Non-U.S. Foreign Commercial And Government Bonds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 56,351 | 49,749 |
Cash and Cash Equivalents | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 9,966 | 8,427 |
Level 1 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 269,111 | 226,464 |
Level 1 | Funds - U.S. Equity | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 106,436 | 61,634 |
Level 1 | Commingled Trust Funds - U.S. Equity | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Level 1 | U.S. Equity Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 37,280 | 46,140 |
Level 1 | Non-U.S. Equity Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 25,584 | 24,986 |
Level 1 | Commingled Trust Fund - Non-U.S. Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Level 1 | Registered Investments Company Funds - Fixed Income | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 33,494 | 35,528 |
Level 1 | Commingled Trust Fund - Fixed Income | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Level 1 | Non-U.S. Foreign Commercial And Government Bonds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 56,351 | 49,749 |
Level 1 | Cash and Cash Equivalents | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 9,966 | 8,427 |
Level 2 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 121,698 | 108,158 |
Level 2 | Funds - U.S. Equity | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Level 2 | Commingled Trust Funds - U.S. Equity | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 26,923 | 18,751 |
Level 2 | U.S. Equity Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Level 2 | Non-U.S. Equity Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Level 2 | Commingled Trust Fund - Non-U.S. Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 53,347 | 45,213 |
Level 2 | Registered Investments Company Funds - Fixed Income | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Level 2 | Commingled Trust Fund - Fixed Income | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 41,428 | 44,194 |
Level 2 | Non-U.S. Foreign Commercial And Government Bonds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Level 2 | Cash and Cash Equivalents | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | $0 | $0 |
Net_Periodic_Pension_Cost_for_
Net Periodic Pension Cost for Defined Benefit Plans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 |
Pension Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | $11,848 | $9,393 | $8,583 |
Interest cost | 17,893 | 19,403 | 19,044 |
Expected return on plan assets | -22,476 | -21,508 | -20,354 |
Amortization of prior service cost | 384 | 41 | 21 |
Amortization of actuarial (gain) loss | 14,255 | 10,551 | 8,450 |
Net periodic cost | 21,904 | 17,880 | 15,744 |
Postretirement Benefit Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 508 | 436 | 447 |
Interest cost | 674 | 715 | 754 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | -150 | -69 | 0 |
Amortization of actuarial (gain) loss | 103 | 41 | -17 |
Net periodic cost | $1,135 | $1,123 | $1,184 |
Funded_Status_of_Defined_Benef
Funded Status of Defined Benefit Pension and Post-Retirement Plans (Detail) (USD $) | 12 Months Ended | ||
Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan Assets - Beginning balance | $334,622,000 | ' | ' |
Plan Assets - Company contribution | 9,421,000 | 8,900,000 | 8,203,000 |
Plan Assets - Ending balance | 390,809,000 | 334,622,000 | ' |
Pension Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 11,848,000 | 9,393,000 | 8,583,000 |
Interest cost | 17,893,000 | 19,403,000 | 19,044,000 |
Pension Plans, Defined Benefit | Benefit Obligation | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Beginning balance | 456,861,000 | 401,579,000 | ' |
Currency translation adjustment | -4,948,000 | -2,623,000 | ' |
Service cost | 11,848,000 | 9,393,000 | ' |
Interest cost | 17,893,000 | 19,403,000 | ' |
Plan participants contributions | 156,000 | 44,000 | ' |
Amendment | 273,000 | 416,000 | ' |
Actuarial (gain) loss | -16,905,000 | 50,116,000 | ' |
Other adjustment | 287,000 | 0 | ' |
Benefits paid | -22,332,000 | -21,467,000 | ' |
Ending balance | 443,133,000 | 456,861,000 | ' |
Pension Plans, Defined Benefit | Plan Assets - Fair Value | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan Assets - Beginning balance | 334,622,000 | 300,826,000 | ' |
Plan Assets - Currency translation adjustment | -5,377,000 | -838,000 | ' |
Plan Assets - Realized and unrealized gain (loss) on plan assets | 55,730,000 | 27,918,000 | ' |
Plan participants contributions | 156,000 | 44,000 | ' |
Plan Assets - Company contribution | 28,927,000 | 29,014,000 | ' |
Other adjustment | 92,000 | 0 | ' |
Plan Assets - Expenses paid | -1,009,000 | -875,000 | ' |
Benefits paid | -22,332,000 | -21,467,000 | ' |
Plan Assets - Ending balance | 390,809,000 | 334,622,000 | ' |
Pension Plans, Defined Benefit | Funded Status | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan Assets - Ending balance | 390,809,000 | 334,622,000 | ' |
Ending balance | -443,133,000 | -456,861,000 | ' |
Funded Status, Net amount recognized | -52,324,000 | -122,239,000 | ' |
Postretirement Benefit Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 508,000 | 436,000 | 447,000 |
Interest cost | 674,000 | 715,000 | 754,000 |
Postretirement Benefit Plans, Defined Benefit | Benefit Obligation | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Beginning balance | 17,040,000 | 14,392,000 | ' |
Currency translation adjustment | -559,000 | -175,000 | ' |
Service cost | 508,000 | 436,000 | ' |
Interest cost | 674,000 | 715,000 | ' |
Plan participants contributions | 0 | 0 | ' |
Amendment | 0 | 546,000 | ' |
Actuarial (gain) loss | 14,000 | 1,918,000 | ' |
Other adjustment | -252,000 | 0 | ' |
Benefits paid | -712,000 | -792,000 | ' |
Ending balance | 16,713,000 | 17,040,000 | ' |
Postretirement Benefit Plans, Defined Benefit | Plan Assets - Fair Value | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan Assets - Beginning balance | 0 | 0 | ' |
Plan Assets - Currency translation adjustment | 0 | 0 | ' |
Plan Assets - Realized and unrealized gain (loss) on plan assets | 0 | 0 | ' |
Plan participants contributions | 0 | 0 | ' |
Plan Assets - Company contribution | 712,000 | 792,000 | ' |
Other adjustment | 0 | 0 | ' |
Plan Assets - Expenses paid | 0 | 0 | ' |
Benefits paid | -712,000 | -792,000 | ' |
Plan Assets - Ending balance | 0 | 0 | ' |
Postretirement Benefit Plans, Defined Benefit | Funded Status | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan Assets - Ending balance | 0 | 0 | ' |
Ending balance | -16,713,000 | -17,040,000 | ' |
Funded Status, Net amount recognized | ($16,713,000) | ($17,040,000) | ' |
Schedule_of_Amounts_Recognized
Schedule of Amounts Recognized in Consolidated Balance Sheet (Detail) (USD $) | Oct. 25, 2013 | Oct. 26, 2012 |
Amount Recognized in the Consolidated Balance Sheet | ' | ' |
Non-current liability | $68,102,000 | $132,074,000 |
Pension Plans, Defined Benefit | ' | ' |
Amount Recognized in the Consolidated Balance Sheet | ' | ' |
Non-current asset | 2,201,000 | 0 |
Current liability | -2,351,000 | -6,145,000 |
Non-current liability | -52,174,000 | -116,094,000 |
Net amount recognized | -52,324,000 | -122,239,000 |
Amounts Recognized in Accumulated Other Comprehensive Income | ' | ' |
Net actuarial loss (gain) | 82,796,000 | 148,758,000 |
Prior service cost | 490,000 | 589,000 |
Ending balance | 83,286,000 | 149,347,000 |
Postretirement Benefit Plans, Defined Benefit | ' | ' |
Amount Recognized in the Consolidated Balance Sheet | ' | ' |
Non-current asset | 0 | 0 |
Current liability | -785,000 | -1,060,000 |
Non-current liability | -15,928,000 | -15,980,000 |
Net amount recognized | -16,713,000 | -17,040,000 |
Amounts Recognized in Accumulated Other Comprehensive Income | ' | ' |
Net actuarial loss (gain) | 768,000 | 759,000 |
Prior service cost | 161,000 | 0 |
Ending balance | $929,000 | $759,000 |
Estimated_Future_Benefit_Payme
Estimated Future Benefit Payments Expected to be Paid from the Plan or from the Company's Assets (Detail) (USD $) | Oct. 25, 2013 |
In Thousands, unless otherwise specified | |
Retirement Benefits | ' |
Fiscal Year, 2014 | $26,856 |
Fiscal Year, 2015 | 27,085 |
Fiscal Year, 2016 | 28,655 |
Fiscal Year, 2017 | 29,975 |
Fiscal Year, 2018 | 31,895 |
Fiscal Year, 2019 - 2023 | $169,548 |
Schedule_of_Financial_Assets_a
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Oct. 25, 2013 | Oct. 26, 2012 |
In Thousands, unless otherwise specified | ||
Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Embedded derivatives | $706 | $51 |
Embedded derivatives | 344 | 470 |
Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Contingent purchase obligation | 4,000 | 9,000 |
Designated as Hedging Instrument | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative contracts designated as hedging instruments | 2,270 | 7,753 |
Derivative contracts designated as hedging instruments | 4,541 | 2,143 |
Not Designated as Hedging Instrument | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative contracts not designated as hedging instruments | 3,670 | 1,387 |
Derivative contracts not designated as hedging instruments | $122 | $361 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Oct. 25, 2013 |
Fair Value Measurements [Line Items] | ' |
Contingent purchase obligation paid | $5 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | 1 Months Ended | ||||||
Apr. 26, 2013 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | Nov. 30, 2010 | Nov. 30, 2010 | Oct. 25, 2013 | Oct. 26, 2012 | Jul. 31, 2011 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | 100 Million Interest Rate Swap Agreement | Foreign Exchange Contract | Foreign Exchange Contract | Fair Value Hedging | |
USD ($) | USD ($) | Euro Term Loan | |||||||
EUR (€) | |||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative notional amount | ' | ' | ' | ' | ' | ' | $369,000,000 | $358,400,000 | € 125,000,000 |
Senior Notes | ' | ' | ' | ' | 175,000,000 | ' | ' | ' | ' |
Senior Notes maturity year | ' | ' | ' | ' | ' | '2017 | ' | ' | ' |
Fixed interest rate | ' | ' | ' | ' | ' | 6.63% | ' | ' | ' |
Proceeds from term loan | 175,000,000 | 175,000,000 | 30,000,000 | 400,014,000 | ' | ' | ' | ' | ' |
Gain on termination of interest rate swap | 2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) on foreign currency forward exchange contracts not designated as an accounting hedge | ' | 2,500,000 | -1,100,000 | ' | ' | ' | ' | ' | ' |
Reclassification of net loss into earnings | ' | $800,000 | ' | ' | ' | ' | ' | ' | ' |
Maximum duration of foreign currency cash flow hedge | ' | '24 months | ' | ' | ' | ' | ' | ' | ' |
Fair_Values_of_Derivative_Inst
Fair Values of Derivative Instruments in Consolidated Balance Sheet (Detail) (USD $) | Oct. 25, 2013 | Oct. 26, 2012 |
In Thousands, unless otherwise specified | ||
Other Current Assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign Currency Forward Exchange Contracts, assets | $4,547 | $3,694 |
Embedded Derivative Instruments, assets | 59 | 51 |
Other Assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign Currency Forward Exchange Contracts, assets | 1,393 | 1,294 |
Embedded Derivative Instruments, assets | 647 | 0 |
Accrued Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign Currency Forward Exchange Contracts, liabilities | 3,002 | 2,228 |
Embedded Derivative Instruments, liabilities | 344 | 148 |
Other Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign Currency Forward Exchange Contracts, liabilities | 1,661 | 276 |
Embedded Derivative Instruments, liabilities | 0 | 322 |
Long Term Debt, Net Of Current Maturities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Interest Rate Swaps, liabilities | $0 | $4,152 |
Effect_of_Derivative_Instrumen
Effect of Derivative Instruments on Consolidated Statement of Operations and Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 |
Fair Value Hedging | Interest Expense | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Interest rate swap contracts | $1,058 | $2,388 |
Fair Value Hedging | Loss On Debt Extinguishment | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Interest rate swap contracts | 2,918 | 0 |
Fair Value Hedging | Sales | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Embedded derivatives | 835 | 433 |
Cash Flow Hedging | Sales | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of gain (loss) reclassified from AOCI into income | -1,025 | 784 |
Cash Flow Hedging | Accumulated Other Comprehensive Income (Loss) | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of (loss) gain recognized in AOCI (effective portion) | -3,007 | -4,343 |
Net Investment Hedges | Accumulated Other Comprehensive Income (Loss) | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Euro term loan | ($2,697) | $14,812 |
Income_Tax_Expense_from_Contin
Income Tax Expense from Continuing Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 |
Current | ' | ' | ' |
U.S. Federal | $27,364 | $33,790 | $14,817 |
State | 4,147 | 356 | 2,994 |
Foreign | 22,993 | 21,222 | 19,472 |
Current Income Tax Expense (Benefit), Total | 54,504 | 55,368 | 37,283 |
Deferred | ' | ' | ' |
U.S. Federal | -5,027 | -4,578 | 8,332 |
State | -1,592 | 793 | 205 |
Foreign | -17,800 | -21,625 | -20,882 |
Deferred income tax | -24,419 | -25,410 | -12,345 |
Income tax expense | $30,085 | $29,958 | $24,938 |
US_and_Foreign_Components_of_E
U.S and Foreign Components of Earnings from Continuing Operations Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 |
Schedule of Income Before Income Tax [Line Items] | ' | ' | ' |
U.S. | $96,105 | $108,436 | $110,798 |
Foreign | 101,744 | 35,097 | 47,684 |
Earnings From Continuing Operations Before Income Taxes | $197,849 | $143,533 | $158,482 |
Components_of_Deferred_Tax_Ass
Components of Deferred Tax Assets (Liabilities) (Detail) (USD $) | Oct. 25, 2013 | Oct. 26, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Components of Deferred Tax Provision [Line Items] | ' | ' |
Reserves and liabilities | $60,397 | $58,510 |
NOL carryforwards | 879 | 725 |
Tax credit carryforwards | 29,862 | 26,687 |
Employee benefits | 14,974 | 17,524 |
Retirement benefits | 2,759 | 25,379 |
Non-qualified stock options | 12,618 | 13,220 |
Other | 650 | 600 |
Total deferred tax assets | 122,139 | 142,645 |
Depreciation and amortization | -18,969 | -18,024 |
Intangibles and amortization | -173,524 | -182,921 |
Deferred costs | -4,535 | -5,981 |
Hedging activities | -22 | -111 |
Other | -1,398 | -1,979 |
Total deferred tax liabilities | -198,448 | -209,016 |
Net deferred tax liabilities | ($76,309) | ($66,371) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 |
Schedule Of Income Tax [Line Items] | ' | ' | ' |
Incremental tax benefit received upon exercise of non-qualified employee stock options | $3 | $0.40 | $1.80 |
Undistributed foreign earnings | 571 | ' | ' |
Unrecognized tax benefits related to operating losses and tax credits decrease as a result of settlement of examinations and/or the expiration of statutes of limitations | $1.60 | ' | ' |
Reconciliation_of_US_Federal_S
Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | |
Reconciliation of Statutory Tax Rate [Line Items] | ' | ' | ' |
U.S. statutory income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes | 0.70% | 0.70% | 1.40% |
Foreign taxes | -11.30% | -14.80% | -10.60% |
Goodwill impairment | 0.60% | 12.70% | 0.00% |
Penalties | 1.80% | 0.00% | 0.00% |
Difference in foreign tax rates | -1.10% | -2.30% | -0.20% |
Domestic manufacturing deduction | -1.40% | -2.30% | -1.30% |
Research & development credits | -3.70% | -3.40% | -5.50% |
Net change in tax reserves | -3.00% | 0.50% | -2.40% |
Valuation allowance | 0.00% | -1.00% | -3.00% |
Change in foreign tax rates and laws | -1.70% | -3.60% | -2.20% |
Acquisition and organizational restructuring | 0.00% | 0.00% | 3.00% |
Other, net | -0.70% | -0.60% | 1.50% |
Effective income tax rate | 15.20% | 20.90% | 15.70% |
Reconciliation_of_Beginning_an
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Oct. 25, 2013 |
Reconciliation of Unrecognized Tax Benefits [Line Items] | ' |
Unrecognized tax benefits as of October 26, 2012 | $14,979 |
Gross increases due to prior-period adjustments | 538 |
Gross (decrease) due to prior-period adjustments | -1,287 |
Gross increases due to current-period adjustment | 4,260 |
Gross (decrease) due to current-period adjustment | 0 |
Gross (decrease) due to settlements with taxing authorities | -888 |
Gross (decrease) due to a lapse with taxing authorities | -5,594 |
Total change in unrecognized gross benefit | -2,971 |
Unrecognized tax benefits as of October 25, 2013 | 12,008 |
Unrecognized tax benefits that, if recognized, would impact the effective tax rate | 12,008 |
Statement of operations: | ' |
Total amount of interest income (expense) included in income tax expense | 1,154 |
Recognized in the statement of financial position: | ' |
Total amount of accrued interest included in income taxes payable | $876 |
Income_Tax_Examinations_by_Tax
Income Tax Examinations by Tax Authorities in its Major Tax Jurisdictions (Detail) | 12 Months Ended |
Oct. 25, 2013 | |
U.S.Federal | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Years No Longer Subject To Audit | '2007 and prior |
Canada | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Years No Longer Subject To Audit | '2005 and prior |
France | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Years No Longer Subject To Audit | '2009 and prior |
United Kingdom | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Years No Longer Subject To Audit | '2010 and prior |
LongTerm_Debt_Detail
Long-Term Debt (Detail) | Oct. 25, 2013 | Oct. 26, 2012 | Nov. 30, 2010 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 25, 2013 | Oct. 26, 2012 | Jul. 31, 2011 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 26, 2012 | Mar. 01, 2007 | Oct. 25, 2013 | Oct. 26, 2012 | Aug. 02, 2012 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | USD ($) | U.S. Credit Facility | U.S. Credit Facility | Euro Term Loan | Euro Term Loan | Euro Term Loan | Euro Term Loan | US Term Loans | US Term Loans | Senior Notes 6.625% Maturing in March 2017 | Senior Notes 6.625% Maturing in March 2017 | Senior Notes 6.625% Maturing in March 2017 | Senior Notes 7% Maturing in August 2020 | Senior Notes 7% Maturing in August 2020 | Senior Notes 7% Maturing in August 2020 |
USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility | ' | ' | ' | $130,000 | $240,000 | $24,800 | € 18,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term Loan | ' | ' | ' | ' | ' | 24,847 | ' | 80,240 | 125,000 | 170,625 | 0 | ' | ' | ' | ' | ' | ' |
Senior Notes | ' | ' | 175,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 175,000 | 175,000 | 250,000 | 250,000 | 250,000 |
Government refundable advances | 56,897 | 51,763 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Obligations under capital leases | 56,229 | 44,847 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other | 540 | 6,820 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt | 689,138 | 848,670 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less current maturities | 21,279 | 10,610 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying amount of long-term debt | $667,859 | $838,060 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Parenthetical_De
Long-Term Debt (Parenthetical) (Detail) | 12 Months Ended | ||
Oct. 25, 2013 | Oct. 26, 2012 | Mar. 01, 2007 | |
Euro Term Loan | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt instruments maturity date | 'July 2016 | 'July 2016 | ' |
US Term Loans | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt instruments maturity date | 'July 2016 | 'July 2016 | ' |
Senior Notes 6.625% Maturing in March 2017 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term debt interest rate | 6.63% | 6.63% | 6.63% |
Debt instruments maturity date | 'March 2017 | 'March 2017 | ' |
Senior Notes 7% Maturing in August 2020 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term debt interest rate | 7.00% | 7.00% | ' |
Debt instruments maturity date | 'August 2020 | 'August 2020 | ' |
Debt_Additional_Information_De
Debt - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||||
Apr. 30, 2013 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | Oct. 30, 2008 | Nov. 30, 2010 | Dec. 31, 2010 | Nov. 30, 2010 | Oct. 26, 2012 | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 25, 2013 | Oct. 26, 2012 | Jul. 31, 2011 | Apr. 30, 2013 | Oct. 25, 2013 | Oct. 26, 2012 | Mar. 01, 2007 | Mar. 01, 2007 | Mar. 01, 2007 | Aug. 02, 2012 | Oct. 25, 2013 | Oct. 26, 2012 | Aug. 02, 2012 | Oct. 25, 2013 | Apr. 30, 2013 | Oct. 25, 2013 | Oct. 25, 2013 | Oct. 25, 2013 | Mar. 31, 2011 | Oct. 25, 2013 | Oct. 25, 2013 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 26, 2012 | Jul. 31, 2011 | Oct. 25, 2013 | Apr. 30, 2013 | Oct. 25, 2013 | Mar. 31, 2011 | Jul. 31, 2011 | Oct. 25, 2013 | Dec. 31, 2010 | Nov. 30, 2010 | Apr. 30, 2013 | Oct. 25, 2013 | Mar. 31, 2011 | |
USD ($) | USD ($) | USD ($) | USD ($) | Y | USD ($) | 175 Million Interest Rate Swap Agreement | 175 Million Interest Rate Swap Agreement | 100 Million Interest Rate Swap Agreement | 75 Million Interest Rate Swap Agreement | Euro Term Loan | Euro Term Loan | Euro Term Loan | Euro Term Loan | Senior Notes 6.625% Maturing in March 2017 | Senior Notes 6.625% Maturing in March 2017 | Senior Notes 6.625% Maturing in March 2017 | Senior Notes 6.625% Maturing in March 2017 | Senior Notes 6.625% Maturing in March 2017 | Senior Notes 6.625% Maturing in March 2017 | Senior Notes 7% Maturing in August 2020 | Senior Notes 7% Maturing in August 2020 | Senior Notes 7% Maturing in August 2020 | Senior Notes 7% Maturing in August 2020 | U.S. Term Loan | U.S. Term Loan | Interface Technologies Facility | Manufacturing Facility for Control Systems Operation | Control System Facility | Secured Debt | Secured Debt | Unsecured Debt | 2020 Notes | 2020 Notes | 2017 Notes | 2017 Notes | Minimum | Minimum | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | |
sqft | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | Debt Redemption After March 1, 2012 | Debt Redemption After March 1, 2015 | USD ($) | USD ($) | USD ($) | Debt Redemption After August 1, 2015 | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Foreign Currency Credit Facility | USD ($) | USD ($) | USD ($) | USD ($) | Euro Term Loan | Euro Term Loan | U.S. Term Loan | U.S. Term Loan | Secured Debt | Euro Term Loan | Euro Term Loan | Senior Notes 6.625% Maturing in March 2017 | Senior Notes 6.625% Maturing in March 2017 | U.S. Term Loan | U.S. Term Loan | Secured Debt | ||||||
USD ($) | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility maximum borrowing capacity | ' | $363,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $460,000,000 | ' | $66,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2016-07 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Spread range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 2.25% | 1.84% | 4.47% | 4.87% | 2.25% | 1.93% | 2.25% |
Credit facility interest rate description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The interest rate will range from LIBOR plus 1.5% to LIBOR plus 2.25% depending on the leverage ratios at the time the funds are drawn. | 'Interest rate of LIBOR plus 1.75%, which is currently 1.93% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,800,000 | 18,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 170,600,000 | ' | ' | ' | ' | ' | 130,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available credit under credit facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 526,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term Loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,847,000 | ' | 80,240,000 | 125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 175,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan amortization rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan amortization end date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2016-03 | '2016-03 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2016-03 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan remaining balance due date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2016-07 | '2016-07 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2016-07 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes | ' | ' | ' | ' | ' | 175,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 175,000,000 | 175,000,000 | ' | ' | 250,000,000 | 250,000,000 | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.63% | 6.63% | 6.63% | ' | ' | ' | 7.00% | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument redemption price percentage plus accrued interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103.31% | 100.00% | ' | ' | ' | 103.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of interest rate swap agreement | 175,000,000 | ' | ' | ' | ' | ' | 75,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate of swap agreement | ' | ' | ' | ' | ' | ' | 6.63% | 6.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of interest rate swap | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000 | 2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Early Payment of Senior Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 175,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption premium in connection with early redemption of notes | 3,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized debt issuance cost | ' | 6,211,000 | 8,818,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on termination of interest rate swap | 2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on extinguishment of debt | ' | -946,000 | 0 | -831,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from issuance of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 245,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, carrying amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | 175,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, fair value | ' | 711,600,000 | 882,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 272,500,000 | 277,500,000 | ' | 181,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Imputed interest on advance | ' | 4.61% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discounted value of debt | ' | 56,900,000 | 51,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease fixed lease term, in years | ' | ' | ' | ' | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease size of facility under lease agreement in square feet | ' | ' | ' | ' | 216,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease minimum annual rent increase | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized lease obligation | ' | $56,229,000 | $44,847,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11,800,000 | $32,300,000 | $11,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease imputed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.40% | 9.00% | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_and_Future_NonCa
Long-Term Debt and Future Non-Cancelable Minimum Lease Payments Under Capital Lease Obligations (Detail) (USD $) | Oct. 25, 2013 | Oct. 26, 2012 |
In Thousands, unless otherwise specified | ||
Long Term Debt Maturities Repayments Of Principal [Line Items] | ' | ' |
2014 | $25,143 | ' |
2015 | 23,402 | ' |
2016 | 296,026 | ' |
2017 | 5,182 | ' |
2018 | 5,182 | ' |
2019 and thereafter | 406,936 | ' |
Total | 761,871 | ' |
Less: amount representing interest on capital leases | 72,733 | ' |
Total long-term debt | $689,138 | $848,670 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
31-May-08 | Jul. 26, 2013 | Apr. 27, 2012 | Apr. 27, 2012 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | Aug. 15, 2013 | |
CAD | USD ($) | USD ($) | CAD | USD ($) | USD ($) | USD ($) | USD ($) | |
Person | ||||||||
Contingent Liabilities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Rental expense for operating leases for engineering, selling, administrative and manufacturing | ' | ' | ' | ' | $17,996,000 | $17,603,000 | $14,208,000 | ' |
Total Penalty | ' | ' | ' | ' | ' | ' | ' | 20,000,000 |
Other pending charges | ' | 10,000,000 | ' | ' | 10,000,000 | ' | ' | ' |
Gain on settlement of contingency | 11,800,000 | ' | 11,900,000 | 11,800,000 | 0 | 11,891,000 | 0 | ' |
Gain on settlement of contingency, after tax | ' | ' | $9,500,000 | ' | ' | ' | ' | ' |
Number of U.S.-based employees represented by labor unions | ' | ' | ' | ' | 601 | ' | ' | ' |
Percentage of U.S.-based employees represented by labor unions | ' | ' | ' | ' | 12.00% | ' | ' | ' |
Rental_Commitments_For_Noncanc
Rental Commitments For Noncancelable Operating Leases (Detail) (USD $) | Oct. 25, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies | ' |
2014 | $14,973 |
2015 | 9,993 |
2016 | 7,981 |
2017 | 7,205 |
2018 | 6,337 |
2019 and thereafter | 18,349 |
Operating Leases, Future Minimum Payments Due, Total | $64,838 |
Purchase_Obligations_Detail
Purchase Obligations (Detail) (USD $) | Oct. 25, 2013 |
In Thousands, unless otherwise specified | |
Recorded Unconditional Purchase Obligation [Line Items] | ' |
Purchase obligations, Total | $688,546 |
Purchase obligations, Less than 1 year | 630,524 |
Purchase obligations, 1-3 years | 52,131 |
Purchase obligations, 4-5 years | 5,412 |
Purchase obligations, After 5 years | $479 |
Employee_Stock_Plans_Additiona
Employee Stock Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based compensation cost | $9,575,000 | $9,543,000 | $7,963,000 |
Income tax benefit recognized | 3,000,000 | 2,900,000 | 2,700,000 |
Number of options granted | 257,000 | 386,400 | 331,300 |
Number of options exercised | 518,537 | 60,775 | 295,175 |
Weighted average exercise price of options exercised | $37.89 | $36.52 | $37.03 |
Aggregate intrinsic value of option shares outstanding | 54,500,000 | ' | ' |
Aggregate intrinsic value of option shares exercisable | 37,800,000 | ' | ' |
Number of option shares vested or expected to vest | 1,700,000 | ' | ' |
Option shares vested or expected to vest aggregate intrinsic value | 52,400,000 | ' | ' |
Weighted average exercise price of option shares vested or expected to vest | $50.64 | ' | ' |
Weighted average remaining contractual term of option shares vested or expected to vest, years | '6 years | ' | ' |
Weighted average remaining contractual term of option shares currently exercisable | '4 years 7 months 6 days | ' | ' |
Total unrecognized compensation expense for options | 6,000,000 | ' | ' |
Unrecognized compensation expense will be recognized over a weighted average period, years | '1 year 10 months 24 days | ' | ' |
Fair value of option shares vested | 7,900,000 | ' | ' |
Restricted Stock Units (RSUs) | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total unrecognized compensation expense for options | 2,600,000 | ' | ' |
Unrecognized compensation expense will be recognized over a weighted average period, years | '1 year 10 months 24 days | ' | ' |
Employee Stock Purchase Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Purchase price fair market value percentage | 95.00% | ' | ' |
Number of shares purchased by employees | 30,873 | ' | ' |
Employees purchase price per share fair market value | 67.97 | ' | ' |
Employee Sharesave Scheme | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Purchase price fair market value percentage | 95.00% | ' | ' |
Common stock reserved for issuance, shares | 73,272 | ' | ' |
Remaining shares available for issuance | 641,112 | ' | ' |
Accrued deductions for purchase of shares | $738,490 | ' | ' |
Share purchase date | 'December 15, 2013 | ' | ' |
The term of options, years | 3 | ' | ' |
Number of options granted | 16,722 | 45,063 | 9,956 |
Weighted-average grant date fair value of options granted | $20.24 | ' | ' |
Number of options exercised | 10,468 | ' | ' |
Weighted average exercise price of options exercised | $41.04 | ' | ' |
Equity Incentive Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Remaining shares available for issuance | 1,776,939 | ' | ' |
Weighted-average grant date fair value of options granted | $29.65 | $24.61 | ' |
Shares reserved for issuance to officers and key employees | 3,665,557 | ' | ' |
Award period, years | 10 | ' | ' |
Award period end date | 5-Mar-23 | ' | ' |
Options excisable ratably period, years | 4 | ' | ' |
Schedule_of_Fair_Value_of_Opti
Schedule of Fair Value of Option Granted using Black-Scholes Pricing Model (Detail) (USD $) | 12 Months Ended | ||
Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | |
Employee Sharesave Scheme | ' | ' | ' |
Schedule of Weighted Average Assumptions for Fair Values of Stock Options[Line Items] | ' | ' | ' |
Volatility | 36.97% | 38.96% | 51.10% |
Risk-free interest rate | 0.40% | 0.38% | 0.98% |
Expected life (years) | '3 years | '3 years | '3 years |
Dividends | $0 | $0 | $0 |
Equity Incentive Plan | ' | ' | ' |
Schedule of Weighted Average Assumptions for Fair Values of Stock Options[Line Items] | ' | ' | ' |
Dividends | $0 | $0 | $0 |
Volatility, minimum | 41.89% | 41.62% | 40.80% |
Volatility, maximum | 44.25% | 44.29% | 42.80% |
Risk-free interest rate, minimum | 0.79% | 0.91% | 2.02% |
Risk-free interest rate, maximum | 1.88% | 2.11% | 3.64% |
Equity Incentive Plan | Minimum | ' | ' | ' |
Schedule of Weighted Average Assumptions for Fair Values of Stock Options[Line Items] | ' | ' | ' |
Expected life (years) | '4 years 6 months | '4 years 6 months | '4 years 6 months |
Equity Incentive Plan | Maximum | ' | ' | ' |
Schedule of Weighted Average Assumptions for Fair Values of Stock Options[Line Items] | ' | ' | ' |
Expected life (years) | '9 years 6 months | '9 years 6 months | '9 years 6 months |
Changes_In_Outstanding_Options
Changes In Outstanding Options Granted Under Equity Incentive Plans (Detail) (USD $) | 12 Months Ended | ||
Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Outstanding, beginning of year, Shares Subject to Option | 2,124,300 | 1,825,300 | 1,838,950 |
Granted, Shares Subject to Option | 257,000 | 386,400 | 331,300 |
Exercised, Shares Subject to Options | -518,537 | -60,775 | -295,175 |
Forfeited/cancelled Shares Subject to Option | -29,025 | -26,625 | -49,775 |
Outstanding, end of year, Shares Subject to Option | 1,833,738 | 2,124,300 | 1,825,300 |
Exercisable, end of year, Shares Subject to Option | 1,075,788 | 1,258,900 | 994,950 |
Outstanding, beginning of year, Weighted Average Exercise Price | $46.18 | $44.49 | $39.31 |
Granted, Weighted Average Exercise Price | $65.58 | $52.97 | $67.03 |
Exercised, Weighted Average Exercise Price | $37.89 | $36.52 | $37.03 |
Forfeited/cancelled Weighted Average Exercise Price | $55.83 | $50.68 | $47.28 |
Outstanding, end of year, Weighted Average Exercise Price | $51.09 | $46.18 | $44.49 |
Exercisable, end of year, Weighted Average Exercise Price | $45.65 | $41.89 | $39.85 |
Stock_Activity_Related_To_Stoc
Stock Activity Related To Stock Options Exercised (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Proceeds from stock options exercised | $20,072 | $5,240 |
Tax benefits related to stock options exercised | 2,961 | 366 |
Intrinsic value of stock options exercised | $18,448 | $1,751 |
Stock_Options_Outstanding_Deta
Stock Options Outstanding (Detail) (USD $) | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | Oct. 25, 2013 | Oct. 25, 2013 | Oct. 25, 2013 | Oct. 25, 2013 | Oct. 25, 2013 | Oct. 25, 2013 |
$19.65 - $38.00 | $38.01 - $40.00 | $40.01 - $50.00 | $50.01 - $52.00 | $52.01 - $65.00 | $65.01 - $82.01 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Range of Exercise Prices, lower limit | ' | ' | ' | $19.65 | $38.01 | $40.01 | $50.01 | $52.01 | $65.01 |
Range of Exercise Prices, upper limit | ' | ' | ' | $38 | $40 | $50 | $52 | $65 | $82.01 |
Options Outstanding, Shares | ' | ' | ' | 223,975 | 193,413 | 285,375 | 278,850 | 590,025 | 262,100 |
Options Exercisable, Shares | 1,075,788 | 1,258,900 | 994,950 | 223,975 | 193,413 | 213,350 | 70,525 | 329,825 | 44,700 |
Options Outstanding Weighted Average Remaining Life (years) | ' | ' | ' | '4 years 1 month 6 days | '2 years 4 months 24 days | '5 years 6 months | '8 years | '6 years 2 months 12 days | '8 years 8 months 12 days |
Options Outstanding, Weighted Average Price | ' | ' | ' | $31.05 | $38.92 | $41.87 | $51.06 | $58.79 | $69.94 |
Options Exercisable, Weighted Average Price | ' | ' | ' | $31.05 | $38.92 | $42.08 | $51.03 | $56.87 | $73.57 |
Summary_of_Changes_in_RSUs_Gra
Summary of Changes in RSUs Granted Under Equity Incentive Plan (Detail) (Restricted Stock Units (RSUs), USD $) | 12 Months Ended |
Oct. 25, 2013 | |
Restricted Stock Units (RSUs) | ' |
Non-vested shares | ' |
Shares, Non-vested, beginning of year | 0 |
Shares, Granted | 55,280 |
Shares, Forfeited/canceled | -400 |
Shares, Non-vested, end of year | 54,880 |
Weighted-Average Grant Date Fair Value per Share | ' |
Weighted-Average grant date fair value per share Non-vested, beginning of year | $0 |
Weighted-Average grant date fair value per share Granted | $70.23 |
Weighted-Average grant date fair value per share Forfeited/cancelled | $66.55 |
Weighted-Average grant date fair value per share Non-vested, end of year | $70.26 |
Weighted average remaining life (years) | ' |
Weighted average remaining life (years), Non-vested, end of year | '2 years 6 months |
Capital_Stock_Additional_Infor
Capital Stock - Additional Information (Detail) (USD $) | Oct. 25, 2013 | Oct. 26, 2012 |
Class of Stock [Line Items] | ' | ' |
Preferred stock, shares authorized | 25,000 | ' |
Preferred stock, par value per share | $100 | ' |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, par value | $0.20 | $0.20 |
Preferred Stock | ' | ' |
Class of Stock [Line Items] | ' | ' |
Preferred stock, shares authorized | 475,000 | ' |
Preferred stock, par value per share | $1 | ' |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | Feb. 04, 2013 | Jul. 26, 2011 | Dec. 30, 2010 | Oct. 25, 2013 |
Gamesman Group | Souriau Group | Eclipse Electronic Systems Inc | Eclipse Electronic Systems Inc | ||||
M | Y | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Acquired outstanding capital stock | ' | ' | ' | $40,800,000 | $726,705,000 | $123,800,000 | ' |
Cash acquired | ' | ' | ' | ' | 17,800,000 | ' | ' |
Estimated fair value adjustment for inventory, will be recognized as cost of goods sold | ' | ' | ' | ' | 41,700,000 | ' | ' |
Fair value adjustment for inventory, cost of goods sold period, months | ' | ' | ' | ' | 4.5 | ' | ' |
Acquisition-related costs | ' | ' | ' | ' | 9,200,000 | ' | ' |
Goodwill | 1,128,977,000 | 1,098,962,000 | 1,163,725,000 | ' | 380,458,000 | 67,378,000 | ' |
Contingent consideration deposited in escrow account | 4,018,000 | 5,016,000 | ' | ' | ' | 14,000,000 | ' |
Payment of contingent consideration for performance objective period, years | ' | ' | ' | ' | ' | 3 | ' |
Estimated fair value of the contingent consideration | ' | ' | ' | ' | ' | 13,400,000 | ' |
Contingent consideration initial installment payment | ' | ' | ' | ' | ' | ' | 10,000,000 |
Business Acquisition Contingent Consideration Payable | ' | ' | ' | ' | ' | ' | $4,000,000 |
Allocation_of_Estimated_Fair_V
Allocation of Estimated Fair Value of Assets Acquired and Liabilities Assumed (Detail) (USD $) | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | Jul. 26, 2011 | Jul. 26, 2011 | Jul. 26, 2011 | Dec. 30, 2010 | Dec. 30, 2010 |
In Thousands, unless otherwise specified | Souriau Group | Souriau Group | Souriau Group | Eclipse Electronic Systems Inc | Eclipse Electronic Systems Inc | |||
Programs | Tradenames | Technology Equipment | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | $228,199 | ' | ' | $31,827 | ' |
Property, plant and equipment | ' | ' | ' | 91,843 | ' | ' | 2,154 | ' |
Intangible assets subject to amortization | ' | ' | ' | ' | 224,296 | 45,709 | ' | 53,200 |
Goodwill | 1,128,977 | 1,098,962 | 1,163,725 | 380,458 | ' | ' | 67,378 | ' |
Other assets | ' | ' | ' | 6,900 | ' | ' | ' | ' |
Total assets acquired | ' | ' | ' | 977,405 | ' | ' | 154,559 | ' |
Current liabilities assumed | ' | ' | ' | 110,596 | ' | ' | 35,740 | ' |
Long-term liabilities assumed | ' | ' | ' | 131,735 | ' | ' | 8,350 | ' |
Noncontrolling interest | ' | ' | ' | 8,369 | ' | ' | ' | ' |
Net assets acquired | ' | ' | ' | ' | ' | ' | 110,469 | ' |
Net assets acquired | ' | ' | ' | $726,705 | ' | ' | $123,800 | ' |
Allocation_of_Estimated_Fair_V1
Allocation of Estimated Fair Value of Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) | 1 Months Ended | ||
Jul. 26, 2011 | Jul. 26, 2011 | Dec. 30, 2010 | |
Souriau Group | Souriau Group | Eclipse Electronic Systems Inc | |
Programs | Tradenames | Technology Equipment | |
Business Acquisition [Line Items] | ' | ' | ' |
Weighted average useful life, year | '15 years | '10 years | '9 years |
Pro_Forma_Financial_Informatio
Pro Forma Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Oct. 25, 2013 | Jul. 26, 2013 | Apr. 26, 2013 | Jan. 25, 2013 | Oct. 26, 2012 | Jul. 27, 2012 | Apr. 27, 2012 | Jan. 27, 2012 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | ||||||||
Business Acquisition, Pro Forma Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Pro forma net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,972,079 | ||||||||
Pro forma net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $159,353 | ||||||||
Basic earnings per share as reported | $2.10 | $1.22 | $1.14 | $0.81 | $2 | ($0.55) | $1.47 | $0.74 | $5.28 | $3.66 | $4.36 | ||||||||
Pro forma basic earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.22 | ||||||||
Diluted earnings per share as reported | $2.06 | [1] | $1.20 | [1] | $1.12 | [1] | $0.80 | [1] | $1.97 | [1] | ($0.55) | [1] | $1.44 | [1] | $0.73 | [1] | $5.19 | $3.60 | $4.27 |
Pro forma diluted earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.12 | ||||||||
[1] | The sum of the quarterly per share amounts may not equal per shares amounts reported for year-to-date periods. This is due to changes in the number of weighted average shares outstanding and the effects of rounding for each period. |
Components_of_Accumulated_Othe
Components of Accumulated Other Comprehensive Loss (Detail) (USD $) | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 |
In Thousands, unless otherwise specified | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Unrealized gain (loss) on derivative contracts | ($1,851) | $2,181 | ' |
Tax effect | 355 | -558 | ' |
Unrealized gain (loss) on derivative contracts, after tax | -1,496 | 1,623 | ' |
Pension and post-retirement obligations | -84,215 | -150,106 | ' |
Tax effect | 28,030 | 50,927 | ' |
Pension and post-retirement obligations, after tax | -56,185 | -99,179 | ' |
Currency translation adjustment | 35,397 | 12,272 | 68,600 |
Accumulated other comprehensive loss | ($22,284) | ($85,284) | ' |
Business_Segment_Information_A
Business Segment Information - Additional Information (Detail) | 12 Months Ended | ||
Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | |
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of reporting segments | 3 | ' | ' |
U.S. Government | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Segment sales total percentage | 6.00% | 7.00% | 7.00% |
Advanced Materials | U.S. Government | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Segment sales total percentage | 19.60% | 19.40% | 19.90% |
Avionics & Controls | U.S. Government | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Segment sales total percentage | 3.10% | 5.40% | 3.80% |
Business_Segment_Information_f
Business Segment Information for Continuing Operations (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
In Thousands, unless otherwise specified | 31-May-08 | Oct. 25, 2013 | Jul. 26, 2013 | Apr. 26, 2013 | Jan. 25, 2013 | Oct. 26, 2012 | Jul. 27, 2012 | Apr. 27, 2012 | Apr. 27, 2012 | Jan. 27, 2012 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | |||||
CAD | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | USD ($) | USD ($) | USD ($) | USD ($) | Avionics & Controls | Avionics & Controls | Avionics & Controls | Sensors & Systems | Sensors & Systems | Sensors & Systems | Advanced Materials | Advanced Materials | Advanced Materials | ||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Sales | ' | $534,162 | $478,068 | $499,562 | $457,962 | $530,656 | $485,949 | $504,831 | ' | $470,882 | $1,969,754 | [1] | $1,992,318 | [1] | $1,717,985 | [1] | $771,657 | $790,015 | $841,939 | $701,930 | $702,394 | $414,609 | $496,167 | $499,909 | $461,437 | ||
Segment Earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,089 | 219,353 | 240,030 | 103,232 | [2] | 54,917 | [2] | 135,187 | 89,696 | 70,890 | 22,536 | 107,161 | 93,546 | 82,307 | |||
Corporate expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -62,166 | -43,201 | -48,969 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Gain on settlement of contingency | 11,800 | ' | ' | ' | ' | ' | ' | 11,900 | 11,800 | ' | 0 | 11,891 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,263 | 6,853 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -946 | 0 | -831 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 539 | 465 | 1,615 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -39,667 | -46,238 | -40,216 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Income (Loss) from Continuing Operations Before Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $197,849 | $143,533 | $158,482 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
[1] | Based on country from which the sale originated and the sale was recorded. | ||||||||||||||||||||||||||
[2] | Fiscal 2013 includes a $3.5 million impairment charge against Racal Acoustics' goodwill and fiscal 2012 includes a $52.2 million impairment charge against Racal Acoustics' goodwill. |
Reconciliation_of_Assets_from_
Reconciliation of Assets from Segment to Consolidated (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Identifiable Assets | $3,262,112 | $3,227,117 | $3,378,586 | |||
Capital Expenditures | 55,335 | 49,446 | 49,507 | |||
Depreciation and amortization | 112,132 | 107,792 | 84,658 | |||
Operating Segments | Avionics & Controls | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Identifiable Assets | 1,275,514 | 1,261,300 | 1,333,735 | |||
Capital Expenditures | 14,381 | [1] | 14,356 | 22,369 | ||
Depreciation and amortization | 43,124 | 40,096 | 38,391 | |||
Operating Segments | Sensors & Systems | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Identifiable Assets | 1,282,219 | 1,204,073 | 1,349,776 | |||
Capital Expenditures | 21,856 | 18,788 | 10,469 | |||
Depreciation and amortization | 41,845 | 40,333 | 20,523 | |||
Operating Segments | Advanced Materials | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Identifiable Assets | 560,681 | 558,058 | 563,662 | |||
Capital Expenditures | 18,917 | 14,783 | 16,341 | |||
Depreciation and amortization | 24,313 | 24,666 | 23,439 | |||
Corporate | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Identifiable Assets | 143,698 | [2] | 203,686 | [2] | 131,413 | [2] |
Capital Expenditures | 181 | 1,519 | 328 | |||
Depreciation and amortization | $2,850 | $2,697 | $2,305 | |||
[1] | Excludes capital expenditures accounted for as a capitalized lease obligation of $11,691 in fiscal 2013. | |||||
[2] | Primarily cash and deferred tax assets (see Note 9). |
Business_Segment_Information_f1
Business Segment Information for Continuing Operations (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jul. 26, 2013 | Jul. 27, 2012 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Impairment charge | $3,500 | $52,200 | $3,454 | $52,169 | $0 |
Reconciliation_of_Assets_from_1
Reconciliation of Assets from Segment to Consolidated (Parenthetical) (Detail) (USD $) | Oct. 25, 2013 |
Segment Reporting Information [Line Items] | ' |
Capitalized lease obligation | $11,691 |
Revenue_from_External_Customer
Revenue from External Customers Attributed to Foreign Countries by Geographic Area (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Oct. 25, 2013 | Jul. 26, 2013 | Apr. 26, 2013 | Jan. 25, 2013 | Oct. 26, 2012 | Jul. 27, 2012 | Apr. 27, 2012 | Jan. 27, 2012 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Sales | $534,162 | $478,068 | $499,562 | $457,962 | $530,656 | $485,949 | $504,831 | $470,882 | $1,969,754 | [1] | $1,992,318 | [1] | $1,717,985 | [1] |
Domestic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,011,249 | [1] | 1,046,296 | [1] | 950,634 | [1] |
Canada | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 254,096 | [1] | 270,148 | [1] | 323,242 | [1] |
France | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 463,519 | [1] | 452,220 | [1] | 178,717 | [1] |
United Kingdom | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 273,631 | [1] | 255,004 | [1] | 251,946 | [1] |
All Other Foreign | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 115,991 | [1] | 105,715 | [1] | 121,888 | [1] |
Intersegment Elimination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Sales | ' | ' | ' | ' | ' | ' | ' | ' | -148,732 | [1] | -137,065 | [1] | -108,442 | [1] |
Unaffiliated customers - U.S. | Domestic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 797,780 | [1] | 813,375 | [1] | 747,021 | [1] |
Unaffiliated customers - Export | Domestic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 182,267 | [1] | 197,142 | [1] | 171,416 | [1] |
Intercompany | Domestic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 31,202 | [1] | 35,779 | [1] | 32,197 | [1] |
Intercompany | Canada | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 6,554 | [1] | 2,844 | [1] | 5,318 | [1] |
Intercompany | France | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 39,745 | [1] | 41,454 | [1] | 17,724 | [1] |
Intercompany | United Kingdom | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 26,402 | [1] | 19,305 | [1] | 23,563 | [1] |
Intercompany | All Other Foreign | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 44,829 | [1] | 37,683 | [1] | 29,640 | [1] |
Unaffiliated Customers | Canada | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 247,542 | [1] | 267,304 | [1] | 317,924 | [1] |
Unaffiliated Customers | France | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 423,774 | [1] | 410,766 | [1] | 160,993 | [1] |
Unaffiliated Customers | United Kingdom | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 247,229 | [1] | 235,699 | [1] | 228,383 | [1] |
Unaffiliated Customers | All Other Foreign | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Sales | ' | ' | ' | ' | ' | ' | ' | ' | $71,162 | [1] | $68,032 | [1] | $92,248 | [1] |
[1] | Based on country from which the sale originated and the sale was recorded. |
Revenue_from_External_Customer1
Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Segment Earnings | $300,089 | [1] | $219,353 | [1] | $240,030 | [1] |
Identifiable Assets | 3,118,414 | [2] | 3,023,431 | [2] | 3,247,173 | [2] |
Domestic | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Segment Earnings | 170,575 | [1] | 172,046 | [1] | 178,145 | [1] |
Identifiable Assets | 1,020,952 | [2] | 1,015,994 | [2] | 947,896 | [2] |
Canada | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Segment Earnings | 41,374 | [1] | 33,777 | [1] | 38,027 | [1] |
Identifiable Assets | 533,559 | [2] | 576,053 | [2] | 583,042 | [2] |
France | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Segment Earnings | 49,042 | [1] | 33,152 | [1] | -7,615 | [1] |
Identifiable Assets | 918,592 | [2] | 836,578 | [2] | 1,050,999 | [2] |
United Kingdom | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Segment Earnings | 28,985 | [1] | -29,237 | [1] | 24,305 | [1] |
Identifiable Assets | 515,090 | [2] | 477,214 | [2] | 582,436 | [2] |
All Other Foreign | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Segment Earnings | 10,113 | [1] | 9,615 | [1] | 7,168 | [1] |
Identifiable Assets | $130,221 | [2] | $117,592 | [2] | $82,800 | [2] |
[1] | Before corporate expense, shown on page 73. | |||||
[2] | Excludes corporate, shown on page 73. |
Product_Lines_Contributing_Sal
Product Lines Contributing Sales (Detail) | 12 Months Ended | ||
Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | |
Connector | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' |
Product Line Sales Total Percentage | 17.00% | 17.00% | 5.00% |
Avionics | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' |
Product Line Sales Total Percentage | 11.00% | 11.00% | 16.00% |
Summary_of_Unaudited_Quarterly
Summary of Unaudited Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Oct. 25, 2013 | Jul. 26, 2013 | Apr. 26, 2013 | Jan. 25, 2013 | Oct. 26, 2012 | Jul. 27, 2012 | Apr. 27, 2012 | Jan. 27, 2012 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | |||||||||||
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net Sales | $534,162 | $478,068 | $499,562 | $457,962 | $530,656 | $485,949 | $504,831 | $470,882 | $1,969,754 | [1] | $1,992,318 | [1] | $1,717,985 | [1] | ||||||||
Gross Profit | 205,373 | 178,902 | 181,376 | 160,345 | 204,253 | 172,096 | 184,523 | 158,081 | 725,996 | 718,953 | 589,720 | |||||||||||
Earnings from continuing operations | 66,188 | 39,213 | [2],[3],[4] | 35,522 | 25,111 | [5] | 61,660 | -17,104 | [6],[7] | 45,191 | [8] | 22,788 | 166,034 | 112,535 | 133,087 | |||||||
Earnings from discontinued operations | -325 | -975 | 0 | 0 | 0 | 0 | 0 | 0 | -1,300 | 0 | -47 | |||||||||||
Net earnings | $65,863 | $38,238 | $35,522 | $25,111 | $61,660 | ($17,104) | $45,191 | $22,788 | $164,734 | $112,535 | $133,040 | |||||||||||
Continuing operations | $2.11 | $1.25 | $1.14 | $0.81 | $2 | ($0.55) | $1.47 | $0.74 | $5.32 | $3.66 | $4.36 | |||||||||||
Discontinued operations | ($0.01) | ($0.03) | $0 | $0 | $0 | $0 | $0 | $0 | ($0.04) | $0 | $0 | |||||||||||
Earnings per share - basic | $2.10 | $1.22 | $1.14 | $0.81 | $2 | ($0.55) | $1.47 | $0.74 | $5.28 | $3.66 | $4.36 | |||||||||||
Continuing operations | $2.07 | $1.23 | $1.12 | $0.80 | $1.97 | ($0.55) | $1.44 | $0.73 | $5.23 | $3.60 | $4.27 | |||||||||||
Discontinued operations | ($0.01) | ($0.03) | $0 | $0 | $0 | $0 | $0 | $0 | ($0.04) | $0 | $0 | |||||||||||
Earnings per share - diluted | $2.06 | [9] | $1.20 | [9] | $1.12 | [9] | $0.80 | [9] | $1.97 | [9] | ($0.55) | [9] | $1.44 | [9] | $0.73 | [9] | $5.19 | $3.60 | $4.27 | |||
[1] | Based on country from which the sale originated and the sale was recorded. | |||||||||||||||||||||
[2] | Included a $10.0 million charge related to our pending matter with the DDTC. | |||||||||||||||||||||
[3] | Included $8.2 million of income tax benefits related to the favorable resolution of certain tax matters. | |||||||||||||||||||||
[4] | Included a $3.5 million goodwill impairment charge related to Racal Acoustics. | |||||||||||||||||||||
[5] | Included $3.7 million of income tax benefits related to the favorable resolution of certain tax matters. | |||||||||||||||||||||
[6] | Included a $52.2 million goodwill impairment charge related to Racal Acoustics. | |||||||||||||||||||||
[7] | Included $4.6 million of income tax benefits related to the favorable resolution of certain tax matters. | |||||||||||||||||||||
[8] | Included a $9.5 million gain on settlement of a contingency, net of tax. | |||||||||||||||||||||
[9] | The sum of the quarterly per share amounts may not equal per shares amounts reported for year-to-date periods. This is due to changes in the number of weighted average shares outstanding and the effects of rounding for each period. |
Summary_of_Unaudited_Quarterly1
Summary of Unaudited Quarterly Financial Information (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||
Jul. 26, 2013 | Jan. 25, 2013 | Jul. 27, 2012 | Apr. 27, 2012 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | |
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefit reductions resulting from lapse of applicable statute of limitations and change in enacted tax rate | $8,200,000 | $3,700,000 | $4,600,000 | ' | ' | ' | ' |
Goodwill impairment charge | 3,500,000 | ' | 52,200,000 | ' | 3,454,000 | 52,169,000 | 0 |
Other pending charges | 10,000,000 | ' | ' | ' | 10,000,000 | ' | ' |
Gain on settlement of a contingency, net of tax | ' | ' | ' | $9,500,000 | ' | ' | ' |
Condensed_Consolidating_Balanc
Condensed Consolidating Balance Sheet (Detail) (USD $) | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | Oct. 29, 2010 |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | $179,178,000 | $160,675,000 | $185,035,000 | $422,120,000 |
Cash in escrow | 4,018,000 | 5,016,000 | ' | ' |
Accounts receivable, net | 383,666,000 | 383,362,000 | ' | ' |
Inventories | 447,663,000 | 409,837,000 | ' | ' |
Income tax refundable | 6,526,000 | 4,832,000 | ' | ' |
Deferred income tax benefits | 47,277,000 | 46,000,000 | ' | ' |
Prepaid expenses | 18,183,000 | 21,340,000 | ' | ' |
Other current assets | 5,204,000 | 4,631,000 | ' | ' |
Total Current Assets | 1,091,715,000 | 1,035,693,000 | ' | ' |
Property, Plant & Equipment, Net | 371,197,000 | 356,401,000 | ' | ' |
Goodwill | 1,128,977,000 | 1,098,962,000 | 1,163,725,000 | ' |
Intangibles, net | 580,949,000 | 609,045,000 | ' | ' |
Debt Issuance Costs, Net | 6,211,000 | 8,818,000 | ' | ' |
Deferred income tax benefits | 71,840,000 | 97,952,000 | ' | ' |
Other assets | 11,223,000 | 20,246,000 | ' | ' |
Amounts Due From (To) Subsidiaries | 0 | 0 | ' | ' |
Investment in Subsidiaries | 0 | 0 | ' | ' |
Total Assets | 3,262,112,000 | 3,227,117,000 | 3,378,586,000 | ' |
Current Liabilities | ' | ' | ' | ' |
Accounts payable | 123,597,000 | 108,689,000 | ' | ' |
Accrued liabilities | 253,561,000 | 269,553,000 | ' | ' |
Current maturities of long-term debt | 21,279,000 | 10,610,000 | ' | ' |
Deferred income tax liabilities | 2,307,000 | 5,125,000 | ' | ' |
Federal and foreign income taxes | 7,348,000 | 2,369,000 | ' | ' |
Total Current Liabilities | 408,092,000 | 396,346,000 | ' | ' |
Credit Facilities | 130,000,000 | 240,000,000 | ' | ' |
Long-Term Debt, Net | 537,859,000 | 598,060,000 | ' | ' |
Deferred income tax liabilities | 193,119,000 | 205,198,000 | ' | ' |
Pension and post-retirement obligations | 68,102,000 | 132,074,000 | ' | ' |
Other liabilities | 40,188,000 | 34,904,000 | ' | ' |
Amounts Due To (From) Subsidiaries | 0 | 0 | ' | ' |
Shareholders' Equity | 1,884,752,000 | 1,620,535,000 | 1,573,918,000 | ' |
Total Liabilities and Shareholders' Equity | 3,262,112,000 | 3,227,117,000 | ' | ' |
Parent | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 7,826,000 | 16,770,000 | 49,837,000 | 205,050,000 |
Cash in escrow | 4,018,000 | 5,016,000 | ' | ' |
Accounts receivable, net | 316,000 | 181,000 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Income tax refundable | 0 | 0 | ' | ' |
Deferred income tax benefits | 26,731,000 | 22,874,000 | ' | ' |
Prepaid expenses | 117,000 | 76,000 | ' | ' |
Other current assets | 86,000 | 134,000 | ' | ' |
Total Current Assets | 39,094,000 | 45,051,000 | ' | ' |
Property, Plant & Equipment, Net | 1,754,000 | 2,811,000 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Intangibles, net | 0 | 0 | ' | ' |
Debt Issuance Costs, Net | 5,252,000 | 7,508,000 | ' | ' |
Deferred income tax benefits | 16,782,000 | 36,610,000 | ' | ' |
Other assets | 18,000 | 8,082,000 | ' | ' |
Amounts Due From (To) Subsidiaries | 0 | 0 | ' | ' |
Investment in Subsidiaries | 2,588,478,000 | 2,457,859,000 | ' | ' |
Total Assets | 2,651,378,000 | 2,557,921,000 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Accounts payable | 1,714,000 | 1,944,000 | ' | ' |
Accrued liabilities | 21,652,000 | 17,495,000 | ' | ' |
Current maturities of long-term debt | 8,750,000 | 0 | ' | ' |
Deferred income tax liabilities | 568,000 | 213,000 | ' | ' |
Federal and foreign income taxes | 2,408,000 | -3,418,000 | ' | ' |
Total Current Liabilities | 35,092,000 | 16,234,000 | ' | ' |
Credit Facilities | 130,000,000 | 240,000,000 | ' | ' |
Long-Term Debt, Net | 411,875,000 | 429,152,000 | ' | ' |
Deferred income tax liabilities | 57,757,000 | 46,730,000 | ' | ' |
Pension and post-retirement obligations | 17,500,000 | 20,507,000 | ' | ' |
Other liabilities | 12,298,000 | 5,189,000 | ' | ' |
Amounts Due To (From) Subsidiaries | 102,104,000 | 179,574,000 | ' | ' |
Shareholders' Equity | 1,884,752,000 | 1,620,535,000 | ' | ' |
Total Liabilities and Shareholders' Equity | 2,651,378,000 | 2,557,921,000 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 4,876,000 | 1,324,000 | 13,450,000 | 2,317,000 |
Cash in escrow | 0 | 0 | ' | ' |
Accounts receivable, net | 154,492,000 | 140,631,000 | ' | ' |
Inventories | 190,830,000 | 159,573,000 | ' | ' |
Income tax refundable | 6,526,000 | 4,832,000 | ' | ' |
Deferred income tax benefits | 171,000 | 105,000 | ' | ' |
Prepaid expenses | 5,510,000 | 5,391,000 | ' | ' |
Other current assets | 115,000 | 552,000 | ' | ' |
Total Current Assets | 362,520,000 | 312,408,000 | ' | ' |
Property, Plant & Equipment, Net | 175,402,000 | 161,998,000 | ' | ' |
Goodwill | 344,995,000 | 314,641,000 | ' | ' |
Intangibles, net | 144,222,000 | 126,142,000 | ' | ' |
Debt Issuance Costs, Net | 0 | 0 | ' | ' |
Deferred income tax benefits | 0 | -283,000 | ' | ' |
Other assets | 3,692,000 | 1,561,000 | ' | ' |
Amounts Due From (To) Subsidiaries | 549,307,000 | 491,143,000 | ' | ' |
Investment in Subsidiaries | 979,123,000 | 1,179,938,000 | ' | ' |
Total Assets | 2,559,261,000 | 2,587,548,000 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Accounts payable | 29,064,000 | 26,351,000 | ' | ' |
Accrued liabilities | 87,826,000 | 79,103,000 | ' | ' |
Current maturities of long-term debt | 237,000 | 174,000 | ' | ' |
Deferred income tax liabilities | 24,000 | -1,000 | ' | ' |
Federal and foreign income taxes | -27,399,000 | -23,822,000 | ' | ' |
Total Current Liabilities | 89,752,000 | 81,805,000 | ' | ' |
Credit Facilities | 0 | 0 | ' | ' |
Long-Term Debt, Net | 55,562,000 | 44,107,000 | ' | ' |
Deferred income tax liabilities | -7,000 | -7,000 | ' | ' |
Pension and post-retirement obligations | 618,000 | 54,886,000 | ' | ' |
Other liabilities | 194,000 | 4,194,000 | ' | ' |
Amounts Due To (From) Subsidiaries | 0 | 0 | ' | ' |
Shareholders' Equity | 2,413,142,000 | 2,402,563,000 | ' | ' |
Total Liabilities and Shareholders' Equity | 2,559,261,000 | 2,587,548,000 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 166,476,000 | 142,581,000 | 121,748,000 | 214,753,000 |
Cash in escrow | 0 | 0 | ' | ' |
Accounts receivable, net | 228,858,000 | 242,550,000 | ' | ' |
Inventories | 256,833,000 | 250,264,000 | ' | ' |
Income tax refundable | 0 | 0 | ' | ' |
Deferred income tax benefits | 20,375,000 | 23,021,000 | ' | ' |
Prepaid expenses | 12,556,000 | 15,873,000 | ' | ' |
Other current assets | 5,003,000 | 3,945,000 | ' | ' |
Total Current Assets | 690,101,000 | 678,234,000 | ' | ' |
Property, Plant & Equipment, Net | 194,041,000 | 191,592,000 | ' | ' |
Goodwill | 783,982,000 | 784,321,000 | ' | ' |
Intangibles, net | 436,727,000 | 482,903,000 | ' | ' |
Debt Issuance Costs, Net | 959,000 | 1,310,000 | ' | ' |
Deferred income tax benefits | 55,058,000 | 61,625,000 | ' | ' |
Other assets | 7,513,000 | 10,603,000 | ' | ' |
Amounts Due From (To) Subsidiaries | 0 | 0 | ' | ' |
Investment in Subsidiaries | 349,104,000 | 170,223,000 | ' | ' |
Total Assets | 2,517,485,000 | 2,380,811,000 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Accounts payable | 92,819,000 | 80,394,000 | ' | ' |
Accrued liabilities | 144,083,000 | 172,955,000 | ' | ' |
Current maturities of long-term debt | 12,292,000 | 10,436,000 | ' | ' |
Deferred income tax liabilities | 1,715,000 | 4,913,000 | ' | ' |
Federal and foreign income taxes | 32,339,000 | 29,609,000 | ' | ' |
Total Current Liabilities | 283,248,000 | 298,307,000 | ' | ' |
Credit Facilities | 0 | 0 | ' | ' |
Long-Term Debt, Net | 70,422,000 | 124,801,000 | ' | ' |
Deferred income tax liabilities | 135,369,000 | 158,475,000 | ' | ' |
Pension and post-retirement obligations | 49,984,000 | 56,681,000 | ' | ' |
Other liabilities | 27,696,000 | 25,521,000 | ' | ' |
Amounts Due To (From) Subsidiaries | 405,018,000 | 369,962,000 | ' | ' |
Shareholders' Equity | 1,545,748,000 | 1,347,064,000 | ' | ' |
Total Liabilities and Shareholders' Equity | 2,517,485,000 | 2,380,811,000 | ' | ' |
Eliminations | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Cash in escrow | 0 | 0 | ' | ' |
Accounts receivable, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Income tax refundable | 0 | 0 | ' | ' |
Deferred income tax benefits | 0 | 0 | ' | ' |
Prepaid expenses | 0 | 0 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Total Current Assets | 0 | 0 | ' | ' |
Property, Plant & Equipment, Net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Intangibles, net | 0 | 0 | ' | ' |
Debt Issuance Costs, Net | 0 | 0 | ' | ' |
Deferred income tax benefits | 0 | 0 | ' | ' |
Other assets | 0 | 0 | ' | ' |
Amounts Due From (To) Subsidiaries | -549,307,000 | -491,143,000 | ' | ' |
Investment in Subsidiaries | -3,916,705,000 | -3,808,020,000 | ' | ' |
Total Assets | -4,466,012,000 | -4,299,163,000 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Accrued liabilities | 0 | 0 | ' | ' |
Current maturities of long-term debt | 0 | 0 | ' | ' |
Deferred income tax liabilities | 0 | 0 | ' | ' |
Federal and foreign income taxes | 0 | 0 | ' | ' |
Total Current Liabilities | 0 | 0 | ' | ' |
Credit Facilities | 0 | 0 | ' | ' |
Long-Term Debt, Net | 0 | 0 | ' | ' |
Deferred income tax liabilities | 0 | 0 | ' | ' |
Pension and post-retirement obligations | 0 | 0 | ' | ' |
Other liabilities | 0 | 0 | ' | ' |
Amounts Due To (From) Subsidiaries | -507,122,000 | -549,536,000 | ' | ' |
Shareholders' Equity | -3,958,890,000 | -3,749,627,000 | ' | ' |
Total Liabilities and Shareholders' Equity | ($4,466,012,000) | ($4,299,163,000) | ' | ' |
Condensed_Consolidating_Statem
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | 31-May-08 | Oct. 25, 2013 | Jul. 26, 2013 | Apr. 26, 2013 | Jan. 25, 2013 | Oct. 26, 2012 | Jul. 27, 2012 | Apr. 27, 2012 | Apr. 27, 2012 | Jan. 27, 2012 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | |||||||
CAD | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | USD ($) | USD ($) | USD ($) | USD ($) | Parent | Parent | Parent | Guarantor Subsidiaries | Guarantor Subsidiaries | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Eliminations | Eliminations | ||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||||||||
Guarantor Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net Sales | ' | $534,162 | $478,068 | $499,562 | $457,962 | $530,656 | $485,949 | $504,831 | ' | $470,882 | $1,969,754 | [1] | $1,992,318 | [1] | $1,717,985 | [1] | $0 | $0 | $0 | $955,403 | $920,027 | $880,711 | $1,018,658 | $1,076,296 | $840,130 | ($4,307) | ($4,005) | ($2,856) | ||||
Cost of Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,243,758 | 1,273,365 | 1,128,265 | 0 | 0 | 0 | 593,564 | 569,181 | 563,033 | 654,501 | 708,189 | 568,088 | -4,307 | -4,005 | -2,856 | |||||||
Gross Profit | ' | 205,373 | 178,902 | 181,376 | 160,345 | 204,253 | 172,096 | 184,523 | ' | 158,081 | 725,996 | 718,953 | 589,720 | 0 | 0 | 0 | 361,839 | 350,846 | 317,678 | 364,157 | 368,107 | 272,042 | 0 | 0 | 0 | |||||||
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 391,147 | 382,887 | 304,154 | 0 | 0 | 0 | 165,540 | 146,761 | 120,548 | 225,607 | 236,126 | 183,606 | 0 | 0 | 0 | |||||||
Research, development and engineering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95,736 | 107,745 | 94,505 | 0 | 0 | 0 | 50,806 | 50,372 | 39,352 | 44,930 | 57,373 | 55,153 | 0 | 0 | 0 | |||||||
Gain on sale of product line | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,264 | 0 | 0 | 0 | 0 | 0 | -2,264 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Gain on settlement of contingency | -11,800 | ' | ' | ' | ' | ' | ' | -11,900 | -11,800 | ' | 0 | -11,891 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11,891 | 0 | 0 | 0 | 0 | |||||||
Goodwill impairment | ' | ' | 3,500 | ' | ' | ' | 52,200 | ' | ' | ' | 3,454 | 52,169 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,454 | 52,169 | 0 | 0 | 0 | 0 | |||||||
Other (income) expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -1,263 | -6,853 | 0 | 0 | 0 | 0 | 0 | 38 | 0 | -1,263 | -6,891 | 0 | 0 | 0 | |||||||
Total Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 488,073 | 529,647 | 391,806 | 0 | 0 | 0 | 214,082 | 197,133 | 159,938 | 273,991 | 332,514 | 231,868 | 0 | 0 | 0 | |||||||
Operating Earnings from Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 237,923 | 189,306 | 197,914 | 0 | 0 | 0 | 147,757 | 153,713 | 157,740 | 90,166 | 35,593 | 40,174 | 0 | 0 | 0 | |||||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -539 | -465 | -1,615 | -15,639 | -14,178 | -15,461 | -7,704 | -16,141 | -4,702 | -54,606 | -60,299 | -45,411 | 77,410 | 90,153 | 63,959 | |||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,667 | 46,238 | 40,216 | 30,050 | 34,948 | 33,270 | 26,868 | 27,210 | 22,178 | 60,159 | 74,233 | 48,727 | -77,410 | -90,153 | -63,959 | |||||||
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 946 | 0 | 831 | 946 | 0 | 831 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Earnings (Loss) from Continuing Operations Before Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 197,849 | 143,533 | 158,482 | -15,357 | -20,770 | -18,640 | 128,593 | 142,644 | 140,264 | 84,613 | 21,659 | 36,858 | 0 | 0 | 0 | |||||||
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,085 | 29,958 | 24,938 | -3,320 | -5,591 | -4,274 | 25,242 | 32,314 | 21,322 | 8,163 | 3,235 | 7,890 | 0 | 0 | 0 | |||||||
Earnings (Loss) From Continuing Operations Including Noncontrolling Interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 167,764 | 113,575 | 133,544 | -12,037 | -15,179 | -14,366 | 103,351 | 110,330 | 118,942 | 76,450 | 18,424 | 28,968 | 0 | 0 | 0 | |||||||
Earnings Attributable to Noncontrolling Interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,730 | -1,040 | -457 | 0 | 0 | 0 | 0 | 0 | 0 | -1,730 | -1,040 | -457 | 0 | 0 | 0 | |||||||
Earnings (Loss) From Continuing Operations Attributable to Esterline, Net of Tax | ' | 66,188 | 39,213 | [2],[3],[4] | 35,522 | 25,111 | [5] | 61,660 | -17,104 | [6],[7] | 45,191 | [8] | ' | 22,788 | 166,034 | 112,535 | 133,087 | -12,037 | -15,179 | -14,366 | 103,351 | 110,330 | 118,942 | 74,720 | 17,384 | 28,511 | 0 | 0 | 0 | |||
Earnings (Loss) From Discontinued Operations Attributable to Esterline, Net of Tax | ' | -325 | -975 | 0 | 0 | 0 | 0 | 0 | ' | 0 | -1,300 | 0 | -47 | -1,300 | 0 | 0 | 0 | 0 | -47 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Equity in Net Income of Consolidated Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 178,071 | 127,714 | 147,406 | 1,697 | 17,659 | 16,523 | 3,705 | -145 | 13,103 | -183,473 | -145,228 | -177,032 | |||||||
Net Earnings (Loss) Attributable to Esterline | ' | 65,863 | 38,238 | 35,522 | 25,111 | 61,660 | -17,104 | 45,191 | ' | 22,788 | 164,734 | 112,535 | 133,040 | 164,734 | 112,535 | 133,040 | 105,048 | 127,989 | 135,418 | 78,425 | 17,239 | 41,614 | -183,473 | -145,228 | -177,032 | |||||||
Comprehensive Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net Earnings (Loss) Attributable to Esterline | ' | 65,863 | 38,238 | 35,522 | 25,111 | 61,660 | -17,104 | 45,191 | ' | 22,788 | 164,734 | 112,535 | 133,040 | 164,734 | 112,535 | 133,040 | 105,048 | 127,989 | 135,418 | 78,425 | 17,239 | 41,614 | -183,473 | -145,228 | -177,032 | |||||||
Change in fair value of derivative financial instruments, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,119 | -2,399 | -5,934 | 0 | 0 | 0 | 0 | 0 | 0 | -3,119 | -2,399 | -5,934 | 0 | 0 | 0 | |||||||
Change in pension and post-retirement obligations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,994 | -23,708 | -9,986 | 36,669 | -15,727 | -7,157 | 0 | 0 | 0 | 6,325 | -7,981 | -2,829 | 0 | 0 | 0 | |||||||
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,125 | -56,365 | 9,873 | 23,125 | -56,365 | 9,873 | 100 | 172 | 450 | 40,442 | -58,746 | 2,077 | -40,542 | 58,574 | -2,527 | |||||||
Comprehensive Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $227,734 | $30,063 | $126,993 | $224,528 | $40,443 | $135,756 | $105,148 | $128,161 | $135,868 | $122,073 | ($51,887) | $34,928 | ($224,015) | ($86,654) | ($179,559) | |||||||
[1] | Based on country from which the sale originated and the sale was recorded. | |||||||||||||||||||||||||||||||
[2] | Included a $10.0 million charge related to our pending matter with the DDTC. | |||||||||||||||||||||||||||||||
[3] | Included $8.2 million of income tax benefits related to the favorable resolution of certain tax matters. | |||||||||||||||||||||||||||||||
[4] | Included a $3.5 million goodwill impairment charge related to Racal Acoustics. | |||||||||||||||||||||||||||||||
[5] | Included $3.7 million of income tax benefits related to the favorable resolution of certain tax matters. | |||||||||||||||||||||||||||||||
[6] | Included a $52.2 million goodwill impairment charge related to Racal Acoustics. | |||||||||||||||||||||||||||||||
[7] | Included $4.6 million of income tax benefits related to the favorable resolution of certain tax matters. | |||||||||||||||||||||||||||||||
[8] | Included a $9.5 million gain on settlement of a contingency, net of tax. |
Condensed_Consolidating_Statem1
Condensed Consolidating Statement of Cash Flows (Detail) | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 |
USD ($) | USD ($) | USD ($) | Parent | Parent | Parent | Guarantor Subsidiaries | Guarantor Subsidiaries | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Eliminations | Eliminations | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||
Cash Flows Provided (Used) by Operating Activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings (loss) including noncontrolling interests | $166,464 | $113,575 | $133,497 | $166,464 | $113,575 | $133,497 | $105,048 | $127,989 | $135,418 | $78,425 | $17,239 | $41,614 | ($183,473) | ($145,228) | ($177,032) |
Depreciation & amortization | 112,132 | 107,792 | 84,658 | 0 | 0 | 0 | 43,539 | 39,405 | 35,616 | 68,593 | 68,387 | 49,042 | 0 | 0 | 0 |
Deferred income taxes | -24,419 | -25,410 | -12,345 | 8,274 | 18,013 | 11,438 | -13,674 | -20,600 | 707 | -19,019 | -22,823 | -24,490 | 0 | 0 | 0 |
Share-based compensation | 9,575 | 9,543 | 7,963 | 0 | 0 | 0 | 4,163 | 4,246 | 3,617 | 5,412 | 5,297 | 4,346 | 0 | 0 | 0 |
Gain on sale of capital assets | -2,303 | -944 | -9,453 | 0 | 0 | 0 | -1,013 | -410 | -6,541 | -1,290 | -534 | -2,912 | 0 | 0 | 0 |
Gain on settlement of contingency | 0 | -11,891 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11,891 | 0 | 0 | 0 | 0 |
Goodwill impairment | 3,454 | 52,169 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,454 | 52,169 | 0 | 0 | 0 | 0 |
Working capital changes, net of effect of acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | 5,015 | -22,381 | 23,811 | -135 | -23 | 116 | -4,976 | -2,704 | 1,768 | 10,126 | -19,654 | 21,927 | 0 | 0 | 0 |
Inventories | -28,317 | -19,303 | 15 | 0 | 0 | 0 | -16,652 | -15,707 | -8,452 | -11,665 | -3,596 | 8,467 | 0 | 0 | 0 |
Prepaid expenses | 3,604 | -2,506 | 667 | -41 | -17 | -10 | 1,775 | -385 | 722 | 1,870 | -2,104 | -45 | 0 | 0 | 0 |
Other current assets | -1,558 | -1,002 | -2,575 | 1,332 | 6 | -140 | 437 | -208 | -300 | -3,327 | -800 | -2,135 | 0 | 0 | 0 |
Accounts payable | 9,008 | -6,482 | -2,942 | -230 | 1,132 | -132 | 362 | -174 | -2,219 | 8,876 | -7,440 | -591 | 0 | 0 | 0 |
Accrued liabilities | -3,120 | 14,879 | -10,509 | 5,955 | -1,929 | 362 | 6,725 | -156 | -6,253 | -15,800 | 16,964 | -4,618 | 0 | 0 | 0 |
Federal & foreign income taxes | 5,786 | -2,858 | -816 | 4,445 | -4,345 | 11,949 | -8,193 | -3,497 | -6,050 | 9,534 | 4,984 | -6,715 | 0 | 0 | 0 |
Other liabilities | -7,602 | -14,702 | -22,983 | 3,271 | -20,618 | -16,200 | -185 | 12,196 | -3,996 | -10,688 | -6,280 | -2,787 | 0 | 0 | 0 |
Other, net | 3,053 | 3,692 | 3,441 | -89 | -1,418 | 8,164 | 2,329 | 580 | -16,309 | 813 | 4,530 | 11,586 | 0 | 0 | 0 |
Net Cash Provided (Used) by Operating Activities | 250,772 | 194,171 | 192,429 | 189,246 | 104,376 | 149,044 | 119,685 | 140,575 | 127,728 | 125,314 | 94,448 | 92,689 | -183,473 | -145,228 | -177,032 |
Cash Flows Provided (Used) by Investing Activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchases of capital assets | -55,335 | -49,446 | -49,507 | -105 | -1,503 | -328 | -15,937 | -23,553 | -22,724 | -39,293 | -24,390 | -26,455 | 0 | 0 | 0 |
Escrow deposit | 0 | 0 | -14,033 | 0 | 0 | -14,033 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Proceeds from sale of capital assets | 2,303 | 944 | 9,453 | 0 | 0 | 0 | 1,013 | 410 | 6,541 | 1,290 | 534 | 2,912 | 0 | 0 | 0 |
Acquisition of businesses, net of cash acquired | -40,689 | 0 | -814,934 | 0 | 0 | 0 | 0 | 0 | -106,059 | -40,689 | 0 | -708,875 | 0 | 0 | 0 |
Net cash provided by (used in) investing activities | -93,721 | -48,502 | -869,021 | -105 | -1,503 | -14,361 | -14,924 | -23,143 | -122,242 | -78,692 | -23,856 | -732,418 | 0 | 0 | 0 |
Cash Flows Provided (Used) by Financing Activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds provided by stock issuance under employee stock plans | 22,854 | 7,658 | 13,253 | 22,854 | 7,658 | 13,253 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Excess tax benefits from stock option exercises | 2,961 | 382 | 1,830 | 2,961 | 382 | 1,830 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Repayment of long-term credit facilities | -110,000 | -150,000 | -35,000 | -110,000 | -150,000 | -35,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Repayment of long-term debt | -235,428 | -73,145 | -129,916 | -179,375 | 0 | -120,313 | -326 | -405 | -321 | -55,727 | -72,740 | -9,282 | 0 | 0 | 0 |
Proceeds from issuance of long-term credit facilities | 175,000 | 30,000 | 400,014 | 175,000 | 30,000 | 395,000 | 0 | 0 | 0 | 0 | 0 | 5,014 | 0 | 0 | 0 |
Proceeds from issuance of long-term debt | 0 | 0 | 176,875 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 176,875 | 0 | 0 | 0 |
Proceeds from government assistance | 5,092 | 17,285 | 15,000 | 0 | 0 | 0 | 0 | 0 | 0 | 5,092 | 17,285 | 15,000 | 0 | 0 | 0 |
Dividends paid to noncontrolling interest | -1,048 | 0 | -238 | 0 | 0 | 0 | 0 | 0 | 0 | -1,048 | 0 | -238 | 0 | 0 | 0 |
Debt and other issuance costs | -454 | 0 | -5,398 | -454 | 0 | -3,640 | 0 | 0 | 0 | 0 | 0 | -1,758 | 0 | 0 | 0 |
Net change in intercompany financing | 0 | 0 | 0 | -109,094 | -24,731 | -541,098 | -100,893 | -129,158 | 5,972 | 26,514 | 8,661 | 358,094 | 183,473 | 145,228 | 177,032 |
Net Cash Provided (Used) by Financing Activities | -141,023 | -167,820 | 436,420 | -198,108 | -136,691 | -289,968 | -101,219 | -129,563 | 5,651 | -25,169 | -46,794 | 543,705 | 183,473 | 145,228 | 177,032 |
Effect of Foreign Exchange Rates on Cash and Cash Equivalents | 2,475 | -2,209 | 3,087 | 23 | 751 | 72 | 10 | 5 | -4 | 2,442 | -2,965 | 3,019 | 0 | 0 | 0 |
Net Increase (Decrease) in Cash and Cash Equivalents | 18,503 | -24,360 | -237,085 | -8,944 | -33,067 | -155,213 | 3,552 | -12,126 | 11,133 | 23,895 | 20,833 | -93,005 | 0 | 0 | 0 |
Cash and Cash Equivalents - Beginning of Year | 160,675 | 185,035 | 422,120 | 16,770 | 49,837 | 205,050 | 1,324 | 13,450 | 2,317 | 142,581 | 121,748 | 214,753 | 0 | 0 | 0 |
Cash and Cash Equivalents - End of Year | $179,178 | $160,675 | $185,035 | $7,826 | $16,770 | $49,837 | $4,876 | $1,324 | $13,450 | $166,476 | $142,581 | $121,748 | $0 | $0 | $0 |
Valuation_And_Qualifying_Accou1
Valuation And Qualifying Accounts (Detail) (Reserve For Doubtful Accounts Receivable, USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 28, 2011 | |||
Reserve For Doubtful Accounts Receivable | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at Beginning of Year | $9,029 | $7,063 | $4,865 | |||
Charged to Costs & Expenses | 981 | 4,343 | 1,407 | |||
Other | 0 | [1] | 0 | [1] | 1,081 | [1] |
Deductions | -795 | [2] | -2,377 | [2] | -290 | [2] |
Balance at End of Year | $9,215 | $9,029 | $7,063 | |||
[1] | Acquisition-related addition. | |||||
[2] | Uncollectible accounts written off, net of recoveries. |