Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Jan. 31, 2014 | Mar. 03, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Jan-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'ESL | ' |
Entity Registrant Name | 'ESTERLINE TECHNOLOGIES CORP | ' |
Entity Central Index Key | '0000033619 | ' |
Current Fiscal Year End Date | '--10-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 31,812,639 |
CONSOLIDATED_BALANCE_SHEET
CONSOLIDATED BALANCE SHEET (USD $) | Jan. 31, 2014 | Oct. 25, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $208,438 | $179,178 |
Cash in escrow | 4,018 | 4,018 |
Accounts receivable, net of allowances of $9,931 and $9,215 | 328,016 | 383,666 |
Inventories | ' | ' |
Raw materials and purchased parts | 172,653 | 165,231 |
Work in process | 196,857 | 182,882 |
Finished goods | 105,146 | 99,550 |
Inventories | 474,656 | 447,663 |
Income tax refundable | 5,878 | 6,526 |
Deferred income tax benefits | 46,482 | 47,277 |
Prepaid expenses | 24,850 | 18,183 |
Other current assets | 4,013 | 5,204 |
Total Current Assets | 1,096,351 | 1,091,715 |
Property, Plant and Equipment | 767,127 | 767,861 |
Accumulated depreciation | 400,673 | 396,664 |
Property, Plant and Equipment net | 366,454 | 371,197 |
Other Non-Current Assets | ' | ' |
Goodwill | 1,130,754 | 1,128,977 |
Intangibles, Net | 581,179 | 580,949 |
Debt issuance costs, net of accumulated amortization of $4,785 and $4,359 | 5,785 | 6,211 |
Deferred income tax benefits | 71,173 | 71,840 |
Other assets | 18,639 | 11,223 |
Total Assets | 3,270,335 | 3,262,112 |
Current Liabilities | ' | ' |
Accounts payable | 116,052 | 123,597 |
Accrued liabilities | 238,918 | 253,561 |
Current maturities of long-term debt | 21,044 | 21,279 |
Deferred income tax liabilities | 2,609 | 2,307 |
Federal and foreign income taxes | 4,926 | 7,348 |
Total Current Liabilities | 383,549 | 408,092 |
Long-Term Liabilities | ' | ' |
Credit facilities | 155,000 | 130,000 |
Long-term debt, net of current maturities | 530,245 | 537,859 |
Deferred Income Tax Liabilities | 187,063 | 193,119 |
Pension and post-retirement obligations | 64,229 | 68,102 |
Other Liabilities | 55,005 | 40,188 |
Shareholders' Equity | ' | ' |
Common stock, par value $.20 per share, authorized 60,000,000 shares, issued and outstanding 31,777,632 and 31,441,949 | 6,356 | 6,288 |
Additional paid-in capital | 626,143 | 604,511 |
Retained earnings | 1,315,168 | 1,285,090 |
Accumulated other comprehensive loss | -62,800 | -22,284 |
Total Esterline shareholders' equity | 1,884,867 | 1,873,605 |
Noncontrolling interests | 10,377 | 11,147 |
Total Shareholders' Equity | 1,895,244 | 1,884,752 |
Total Liabilities and Shareholders' Equity | $3,270,335 | $3,262,112 |
CONSOLIDATED_BALANCE_SHEET_Par
CONSOLIDATED BALANCE SHEET (Parenthetical) (USD $) | Jan. 31, 2014 | Oct. 25, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowances | $9,931 | $9,215 |
Debt issuance costs, accumulated amortization | $4,785 | $4,359 |
Common stock, par value | $0.20 | $0.20 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 31,777,632 | 31,441,949 |
Common stock, shares outstanding | 31,777,632 | 31,441,949 |
CONSOLIDATED_STATEMENT_OF_OPER
CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2014 | Jan. 25, 2013 |
Net Sales | $504,980 | $457,962 |
Cost of Sales | 331,685 | 297,617 |
Gross Profit | 173,295 | 160,345 |
Expenses | ' | ' |
Selling, general & administrative | 96,206 | 98,611 |
Research, development & engineering | 26,506 | 23,076 |
Restructuring charges | 4,796 | 0 |
Total Expenses | 127,508 | 121,687 |
Operating Earnings | 45,787 | 38,658 |
Interest Income | -120 | -101 |
Interest Expense | 8,630 | 10,444 |
Earnings Before Income Taxes | 37,277 | 28,315 |
Income Tax Expense | 7,113 | 2,394 |
Earnings Including Noncontrolling Interests | 30,164 | 25,921 |
Earnings Attributable to Noncontrolling Interests | -86 | -810 |
Net Earnings (Loss) Attributable to Esterline | 30,078 | 25,111 |
Earnings Per Share Attributable to Esterline: | ' | ' |
Basic Earnings Per Share | $0.95 | $0.81 |
Diluted Earnings Per Share | $0.93 | $0.80 |
Comprehensive Income (Loss) | ($10,438) | $36,891 |
CONSOLIDATED_STATEMENT_OF_CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 25, 2013 |
Cash Flows Provided (Used) by Operating Activities | ' | ' |
Net earnings including noncontrolling interests | $30,164 | $25,921 |
Adjustments to reconcile net earnings including noncontrolling interests to net cash provided (used) by operating activities: | ' | ' |
Depreciation and amortization | 29,639 | 27,971 |
Deferred income taxes | -1,445 | -3,516 |
Share-based compensation | 3,583 | 3,743 |
Working capital changes, net of effect of acquisitions: | ' | ' |
Accounts receivable | 56,012 | 54,172 |
Inventories | -25,033 | -8,743 |
Prepaid expenses | -6,334 | -5,771 |
Other current assets | 515 | -1,658 |
Accounts payable | -11,443 | -6,683 |
Accrued liabilities | -15,640 | -9,783 |
Federal and foreign income taxes | -3,531 | 161 |
Other liabilities | -143 | 9,486 |
Other, net | -6,421 | 1,296 |
Net Cash Provided (Used) by Operating Activities | 49,923 | 86,596 |
Cash Flows Provided (Used) by Investing Activities | ' | ' |
Purchases of capital assets | -11,533 | -12,253 |
Acquisition of business, net of cash acquired | -44,599 | 0 |
Net Cash Provided (Used) by Investing Activities | -56,132 | -12,253 |
Cash Flows Provided (Used) by Financing Activities | ' | ' |
Proceeds provided by stock issuance under employee stock plans | 14,677 | 3,671 |
Excess tax benefits from stock option exercises | 3,440 | 335 |
Repayment of long-term credit facilities | 0 | -15,000 |
Repayment of long-term debt | -3,847 | -21,609 |
Proceeds from issuance of long-term credit facilities | 25,000 | 82 |
Proceeds from government assistance | 0 | 650 |
Dividends paid to noncontrolling interests | -702 | -514 |
Net Cash Provided (Used) by Financing Activities | 38,568 | -32,385 |
Effect of Foreign Exchange Rates on Cash and Cash Equivalents | -3,099 | 143 |
Net Increase (Decrease) in Cash and Cash Equivalents | 29,260 | 42,101 |
Cash and Cash Equivalents - Beginning of Period | 179,178 | 160,675 |
Cash and Cash Equivalents - End of Period | 208,438 | 202,776 |
Supplemental Cash Flow Information | ' | ' |
Cash paid for interest | 11,893 | 2,830 |
Cash paid for taxes | $14,082 | $5,083 |
Basis_Of_Presentation
Basis Of Presentation | 3 Months Ended |
Jan. 31, 2014 | |
Basis Of Presentation | ' |
1 | |
The consolidated balance sheet as of January 31, 2014, the consolidated statement of operations and comprehensive income (loss) for the three month periods ended January 31, 2014, and January 25, 2013, and the consolidated statement of cash flows for the three month periods ended January 31, 2014, and January 25, 2013, are unaudited but, in the opinion of management, all of the necessary adjustments, consisting of normal recurring accruals, have been made to present fairly the financial statements referred to above in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the above statements do not include all of the footnotes required for complete financial statements. The results of operations and cash flows for the interim periods presented are not necessarily indicative of results that can be expected for the full year. |
Accounting_Policies
Accounting Policies | 3 Months Ended | |
Jan. 31, 2014 | ||
Accounting Policies | ' | |
2 | The notes to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended October 25, 2013, provide a summary of significant accounting policies and additional financial information that should be read in conjunction with this Form 10-Q. |
Revenue_Pattern
Revenue Pattern | 3 Months Ended |
Jan. 31, 2014 | |
Revenue Pattern | ' |
3 | |
The timing of the Company’s revenues is impacted by the purchasing patterns of customers and, as a result, revenues are not generated evenly throughout the year. Moreover, the Company’s first fiscal quarter, November through January, includes significant holiday periods in both Europe and North America. The first fiscal quarter of 2014 was 14 weeks, while the first fiscal quarter of 2013 was 13 weeks. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Earnings Per Share | ' | ||||||||
4 | Basic earnings per share is computed on the basis of the weighted average number of shares outstanding during the year. Diluted earnings per share includes the dilutive effect of stock options and restricted stock units. Common shares issuable from employee stock plans that are excluded from the calculation of diluted earnings per share because they were anti-dilutive were 194,900 and 672,825 in the first fiscal quarter of 2014 and 2013, respectively. Shares used for calculating earnings per share are disclosed in the following table. | ||||||||
(In thousands) | Three Months Ended | ||||||||
January 31, | January 25, | ||||||||
2014 | 2013 | ||||||||
Shares Used for Basic Earnings Per Share | 31,608 | 30,904 | |||||||
Shares Used for Diluted Earnings Per Share | 32,230 | 31,423 |
Comprehensive_Income
Comprehensive Income | 3 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Comprehensive Income | ' | ||||||||
5 | The Company’s comprehensive income (loss) is as follows: | ||||||||
(In thousands) | Three Months Ended | ||||||||
January 31, | January 25, | ||||||||
2014 | 2013 | ||||||||
Net Earnings | $ | 30,078 | $ | 25,111 | |||||
Change in Fair Value of Derivative Financial Instruments, | (8,923 | ) | (46 | ) | |||||
Net of Tax (1) | |||||||||
Change in Pension and Post-Retirement Obligations, Net of Tax (2) | 1,892 | (151 | ) | ||||||
Foreign Currency Translation Adjustment | (33,485 | ) | 11,977 | ||||||
Comprehensive Income (Loss) | $ | (10,438 | ) | $ | 36,891 | ||||
(1) Net of tax benefit (expense) of $3,345 and $(224) for the first fiscal quarter of 2014 and 2013, respectively. | |||||||||
(2) Net of tax benefit (expense) of $(801) and $55 for the first fiscal quarter of 2014 and 2013, respectively. | |||||||||
The Company’s accumulated other comprehensive loss is comprised of the following: | |||||||||
(In thousands) | January 31, | October 25, | |||||||
2014 | 2013 | ||||||||
Net unrealized loss on derivative contracts | $ | (10,419 | ) | $ | (1,496 | ) | |||
Pension and post-retirement obligations | (54,293 | ) | (56,185 | ) | |||||
Currency translation adjustment | 1,912 | 35,397 | |||||||
Total accumulated other comprehensive loss | $ | (62,800 | ) | $ | (22,284 | ) | |||
Acquisition
Acquisition | 3 Months Ended | |
Jan. 31, 2014 | ||
Acquisition | ' | |
6 | On December 20, 2013, the Company acquired Sunbank Family of Companies, LLC (Sunbank) for approximately $45 million, $25 million of which was from the Company’s credit facility, and excluding up to $5 million in additional 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. | |
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. |
Income_Taxes
Income Taxes | 3 Months Ended | |
Jan. 31, 2014 | ||
Income Taxes | ' | |
7 | The income tax rate was 19.1% in the first fiscal quarter of 2014 compared with 8.5% in the prior-year period. In the first fiscal quarter of 2014, the Company recognized approximately $0.5 million of discrete tax benefits principally related to the release of reserves due to the expiration of a statute of limitations. In the first fiscal quarter of 2013, the Company recognized $3.7 million of discrete tax benefits related to the following items. The first item was approximately $1.5 million of tax benefits due to the retroactive extension of the U.S. federal research and experimentation credits. The second item was approximately $2.2 million of tax benefits related to the settlement of U.S. and foreign tax examinations. The income tax rate differed from the statutory rate in the first fiscal quarter of 2014 and 2013, as both years benefited from various tax credits and certain foreign interest expense deductions. | |
It is reasonably possible that within the next twelve months approximately $1.6 million of tax benefits that are currently unrecognized could be recognized as a result of settlement of examinations and/or the expiration of a statute of limitations. |
Employee_Stock_Plans
Employee Stock Plans | 3 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Employee Stock Plans | ' | ||||||||
8 | As of January 31, 2014, the Company had three share-based compensation plans, which are described below. The compensation cost that has been charged against income for those plans for the first fiscal quarter of 2014 and 2013 was $3.6 million and $3.7 million, respectively. During the first fiscal quarter of 2014 and 2013, the Company issued 335,683 and 91,422 shares, respectively, under its share-based compensation plans. | ||||||||
Employee Stock Purchase Plan (ESPP) | |||||||||
The ESPP is a “safe-harbor” designed plan whereby shares are purchased by participants at a discount of 5% of the market value on the purchase date and, therefore, compensation cost is not recorded under the ESPP. | |||||||||
Employee Sharesave Scheme | |||||||||
The Company offers shares under its employee sharesave scheme for U.K. employees. This plan allows participants the option to purchase shares at a 5% discount of the market price of the stock as of the beginning of the offering period. The term of these options is three years. The sharesave scheme is not a “safe-harbor” design, and therefore, compensation cost is recognized on this plan. Under the sharesave scheme, option exercise prices are equal to the fair market value of the Company’s common stock on the date of grant. No options were granted during the first fiscal quarter of 2014 or 2013. | |||||||||
Equity Incentive Plan | |||||||||
Under the equity incentive plan, option exercise prices are equal to the fair market value of the Company’s common stock on the date of grant. The Company granted 187,200 options and 237,700 options in the three month periods ended January 31, 2014, and January 25, 2013, respectively. The weighted-average grant date fair value of options granted during the three month periods ended January 31, 2014, and January 25, 2013, was $45.14 per share and $29.12 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, option exercise, and employee termination assumptions. The risk-free rate for the contractual life of the option is based on the U.S. Treasury zero coupon issues in effect at the time of the grant. | |||||||||
Three Months Ended | |||||||||
January 31, | January 25, | ||||||||
2014 | 2013 | ||||||||
Risk-free interest rate | 1.73 – 2.99% | 0.79 – 1.88% | |||||||
Volatility | 41.87 – 43.17% | 41.89 – 44.25% | |||||||
Expected life (years) | 5 – 9 | 4.5 – 9.5 | |||||||
Dividends | 0 | 0 | |||||||
The Company granted 76,575 and 32,200 restricted stock units in the three month periods ended January 31, 2014, and January 25, 2013, respectively. The weighted-average grant date fair value of restricted stock units granted during the three month periods ended January 31, 2014, and January 25, 2013, was $84.31 and $62.52 per share, respectively. The fair value of each restricted stock unit granted by the Company is equal to the fair market value of the Company’s common stock on the date of grant. |
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Employee Benefit Plans | ' | ||||||||
9 | The Company’s pension plans principally include a U.S. pension plan maintained by Esterline and a non-U.S. plan maintained by CMC Electronics, Inc. (CMC). Components of periodic pension cost consisted of the following: | ||||||||
(In thousands) | Three Months Ended | ||||||||
January 31, | January 25, | ||||||||
2014 | 2013 | ||||||||
Service cost | $ | 2,730 | $ | 2,749 | |||||
Interest cost | 4,813 | 4,317 | |||||||
Expected return on plan assets | (6,515 | ) | (5,573 | ) | |||||
Amortization of prior service cost | 19 | 21 | |||||||
Amortization of actuarial loss | 1,357 | 3,412 | |||||||
Net Periodic Cost | $ | 2,404 | $ | 4,926 | |||||
The Company’s principal post-retirement plans include non-U.S. plans, which are non-contributory healthcare and life insurance plans. The components of expense of these other retirement benefits consisted of the following: | |||||||||
(In thousands) | Three Months Ended | ||||||||
January 31, | January 25, | ||||||||
2014 | 2013 | ||||||||
Service cost | $ | 235 | $ | 259 | |||||
Interest cost | 189 | 190 | |||||||
Amortization of prior service cost | (17 | ) | (17 | ) | |||||
Amortization of actuarial loss (gain) | (68 | ) | 8 | ||||||
Net Periodic Cost | $ | 339 | $ | 440 | |||||
The Company amortizes prior service cost and actuarial gains and losses from accumulated other comprehensive income to expense over the remaining service period. |
Debt
Debt | 3 Months Ended | |
Jan. 31, 2014 | ||
Debt | ' | |
10 | In March 2011, the Company entered into a $460.0 million secured credit facility 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 ranges from LIBOR plus 1.5% to LIBOR plus 2.25% depending on the leverage ratios at the time the funds are drawn. At January 31, 2014, the Company had $155.0 million outstanding under the secured credit facility at an interest rate of LIBOR plus 1.75%, which was 1.91% at January 31, 2014. | |
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 ranges 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 January 31, 2014, the Company had €16.4 million outstanding, or $22.2 million, under the Euro Term Loan at an interest rate of Euro LIBOR plus 1.75%, which was 1.97% at January 31, 2014. 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 a $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 January 31, 2014, the Company had $168.4 million outstanding under the U.S. Term Loan at an interest rate of LIBOR plus 1.75%, which was 1.91% at January 31, 2014. 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 redeemed the $175.0 million 6.625% Senior Notes due March 2017 (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 the second quarter of fiscal 2013. | ||
Based on quoted market prices, the fair value of the Company’s $250.0 million 7.0% Senior Notes due August 2020 (2020 Notes) was $272.5 million as of January 31, 2014, and October 25, 2013. The carrying amounts of the secured credit facility, Euro Term Loan and the U.S. Term Loan due 2016 approximate fair value. Estimates of fair value for the 2020 Notes are based on quoted market prices, and considered Level 2 inputs as defined in the fair value hierarchy, described in Note 11. | ||
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 4.27% at January 31, 2014. The discounted value of debt recognized was $54.1 million and $56.9 million as of January 31, 2014, and October 25, 2013, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Fair Value Measurements | ' | ||||||||
11 | 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 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 January 31, 2014, and October 25, 2013: | |||||||||
(In thousands) | Level 2 | ||||||||
January 31, | October 25, | ||||||||
2014 | 2013 | ||||||||
Assets: | |||||||||
Derivative contracts designated as hedging instruments | $ | 1,312 | $ | 2,270 | |||||
Derivative contracts not designated as hedging instruments | 2,883 | 3,670 | |||||||
Embedded derivatives | 3,266 | 706 | |||||||
Liabilities: | |||||||||
Derivative contracts designated as hedging instruments | $ | 15,824 | $ | 4,541 | |||||
Derivative contracts not designated as hedging instruments | 378 | 122 | |||||||
Embedded derivatives | 357 | 344 | |||||||
(In thousands) | Level 3 | ||||||||
January 31, | October 25, | ||||||||
2014 | 2013 | ||||||||
Liabilities: | |||||||||
Contingent purchase obligation | $ | 9,000 | $ | 4,000 | |||||
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 obligations consist of additional contingent consideration in connection with the acquisitions of Eclipse Electronic Systems, Inc. (Eclipse) and Sunbank. The contingent considerations will be payable to the sellers if certain performance objectives are met following the acquisition in accordance with the terms of each agreement. The values recorded on the balance sheet were derived from the estimated probability that the performance objectives will be met. The contingent purchase obligations are categorized as Level 3 in the fair value hierarchy. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended | ||||||||||
Jan. 31, 2014 | |||||||||||
Derivative Financial Instruments | ' | ||||||||||
12 | 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 hedges with credit-risk-related contingent features or that required the posting of collateral as of January 31, 2014. 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 January 31, 2014, and October 25, 2013, the Company had outstanding foreign currency forward exchange contracts principally to sell U.S. dollars with notional amounts of $364.4 million and $369.0 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 $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 the proceeds from the $175.0 million U.S. Term Loan. The Company recorded a gain on the swap termination of $2.9 million in the second quarter of fiscal 2013. | |||||||||||
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 was no ineffectiveness since inception of the hedge. | |||||||||||
Fair Value of Derivative Instruments | |||||||||||
Fair value of derivative instruments in the Consolidated Balance Sheet at January 31, 2014, and October 25, 2013, consisted of: | |||||||||||
(In thousands) | Fair Value | ||||||||||
Classification | January 31, | October 25, | |||||||||
2014 | 2013 | ||||||||||
Foreign Currency Forward Exchange Contracts: | |||||||||||
Other current assets | $ | 2,992 | $ | 4,547 | |||||||
Other assets | 1,203 | 1,393 | |||||||||
Accrued liabilities | 10,627 | 3,002 | |||||||||
Other liabilities | 5,575 | 1,661 | |||||||||
Embedded Derivative Instruments: | |||||||||||
Other current assets | $ | 53 | $ | 59 | |||||||
Other assets | 3,213 | 647 | |||||||||
Accrued liabilities | 357 | 344 | |||||||||
The effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income (Loss) for the first fiscal quarter in 2014 and 2013 consisted of: | |||||||||||
(In thousands) | Location of Gain (Loss) | January 31, | January 25, | ||||||||
2014 | 2013 | ||||||||||
Fair Value Hedges: | |||||||||||
Interest rate swap contracts | Interest Expense | $ | 0 | $ | 716 | ||||||
Embedded derivatives | Sales | 2,819 | 523 | ||||||||
Cash Flow Hedges: | |||||||||||
Foreign currency forward exchange contracts: | |||||||||||
Amount of gain (loss) recognized | AOCI | $ | (11,803 | ) | $ | 257 | |||||
in AOCI (effective portion) | |||||||||||
Amount of gain (loss) reclassified | Sales | (464 | ) | (80 | ) | ||||||
from AOCI into income | |||||||||||
Net Investment Hedges: | |||||||||||
Euro term loan | AOCI | $ | 529 | $ | (2,416 | ) | |||||
In each of the first fiscal quarters of 2014 and 2013, the Company recorded a loss of $0.5 million and a gain of $0.4 million, respectively, on foreign currency forward exchange contracts that have not been designated as an accounting hedge. These foreign currency exchange losses 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 the first fiscal quarter of 2014 and 2013. 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 the first fiscal quarter of 2014. | |||||||||||
Amounts included in AOCI are reclassified into earnings when the hedged transaction settles. The Company expects to reclassify approximately $9.2 million of net loss into earnings over the next 12 months. The maximum duration of the Company’s foreign currency cash flow hedge contracts at January 31, 2014, is 24 months. |
Restructuring_Activities
Restructuring Activities | 3 Months Ended |
Jan. 31, 2014 | |
Restructuring Activities | ' |
13 | |
On December 5, 2013, the Company announced the acceleration of its plans to consolidate certain facilities and create cost efficiencies through shared services in sales, general and administrative and support functions. These integration activities 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 losses on the write off of certain property, plant and equipment. In the first fiscal quarter of 2014, restructuring expense totaled $5.4 million, reflecting a $2.5 million loss on the write off of certain property, plant and equipment and $2.3 million in severance. The Company has recorded an accrued liability for $2.8 million for these activities as of January 31, 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |
Jan. 31, 2014 | ||
Commitments and Contingencies | ' | |
14 | On March 5, 2014, the Company entered into a Consent Agreement (CA) with the U.S. Department of State’s Directorate of Defense Trade Controls Office of Defense Trade Controls Compliance (DTCC) to resolve alleged International Traffic in Arms Regulations (ITAR) civil violations. The CA settles the pending ITAR compliance matter with the DTCC previously reported by the Company that resulted from voluntary reports the Company filed with DTCC that disclosed possible technical and administrative violations of the ITAR. The CA has a three-year term and provides for: (i) a payment of $20 million, $10 million of which is suspended and eligible for offset credit based on verified expenditures for past and future remedial compliance measures; (ii) the appointment of an external Special Compliance Official to oversee compliance with the CA and the ITAR; (iii) two external audits of the Company’s ITAR compliance program; and (iv) continued implementation of ongoing remedial compliance measures and additional remedial compliance measures related to automated systems and ITAR compliance policies, procedures, and training. | |
The settlement amount in the CA is consistent with the amount proposed by DTCC in August 2013, for which the Company estimated and recorded a $10 million charge in the fiscal quarter ended July 26, 2013. The $10 million portion of the settlement that is not subject to suspension will be paid in installments, with $4 million to be paid in March 2014, and $2 million paid in each of March 2015, 2016, and 2017. The Company expects some part of recent investments made in our ITAR compliance program will be eligible for credit against the suspended portion of the settlement amount, which include: additional staffing, ongoing implementation of a new software system, employee training, and establishment of a regular compliance audit program and corrective action process. The Company expects recent and future investments in remedial compliance measures will be sufficient to cover the $10 million suspended payment. |
Segment_information
Segment information | 3 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Segment information | ' | ||||||||
15 | Segment information: | ||||||||
Business segment information for continuing operations includes the segments of Avionics & Controls, Sensors & Systems and Advanced Materials. | |||||||||
(In thousands) | Three Months Ended | ||||||||
January 31, | January 25, | ||||||||
2014 | 2013 | ||||||||
Sales | |||||||||
Avionics & Controls | $ | 200,439 | $ | 174,570 | |||||
Sensors & Systems | 187,089 | 171,810 | |||||||
Advanced Materials | 117,452 | 111,582 | |||||||
Total Sales | $ | 504,980 | $ | 457,962 | |||||
Earnings From Operations Before Income Taxes | |||||||||
Avionics & Controls | $ | 24,764 | $ | 18,589 | |||||
Sensors & Systems | 20,238 | 19,001 | |||||||
Advanced Materials | 16,004 | 17,644 | |||||||
Segment Earnings | 61,006 | 55,234 | |||||||
Corporate expense | (15,219 | ) | (16,576 | ) | |||||
Interest income | 120 | 101 | |||||||
Interest expense | (8,630 | ) | (10,444 | ) | |||||
$ | 37,277 | $ | 28,315 | ||||||
Guarantors
Guarantors | 3 Months Ended | ||||||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||||||
Guarantors | ' | ||||||||||||||||||||
16 | The following schedules set forth condensed consolidating financial information as required by Rule 3-10 of Securities and Exchange Commission Regulation S-X as of January 31, 2014, and October 25, 2013, and for the applicable periods ended January 31, 2014, and January 25, 2013, 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 are direct and indirect wholly-owned subsidiaries of Esterline Technologies Corporation and have fully and unconditionally, jointly and severally, guaranteed the secured credit facility, the 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 January 31, 2014. | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Total | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Current Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 14,798 | $ | 5,426 | $ | 188,214 | $ | 0 | $ | 208,438 | |||||||||||
Cash in escrow | 4,018 | 0 | 0 | 0 | 4,018 | ||||||||||||||||
Accounts receivable, net | 228 | 128,972 | 198,816 | 0 | 328,016 | ||||||||||||||||
Inventories | 0 | 209,636 | 265,020 | 0 | 474,656 | ||||||||||||||||
Income tax refundable | 3,125 | 2,753 | 0 | 0 | 5,878 | ||||||||||||||||
Deferred income tax benefits | 23,835 | 177 | 22,470 | 0 | 46,482 | ||||||||||||||||
Prepaid expenses | 57 | 9,017 | 15,776 | 0 | 24,850 | ||||||||||||||||
Other current assets | 84 | 115 | 3,814 | 0 | 4,013 | ||||||||||||||||
Total Current Assets | 46,145 | 356,096 | 694,110 | 0 | 1,096,351 | ||||||||||||||||
Property, Plant & | 1,625 | 174,832 | 189,997 | 0 | 366,454 | ||||||||||||||||
Equipment, Net | |||||||||||||||||||||
Goodwill | 0 | 366,634 | 764,120 | 0 | 1,130,754 | ||||||||||||||||
Intangibles, Net | 0 | 159,127 | 422,052 | 0 | 581,179 | ||||||||||||||||
Debt Issuance Costs, Net | 4,913 | 0 | 872 | 0 | 5,785 | ||||||||||||||||
Deferred Income | 17,371 | 1 | 53,801 | 0 | 71,173 | ||||||||||||||||
Tax Benefits | |||||||||||||||||||||
Other Assets | 140 | 6,501 | 11,998 | 0 | 18,639 | ||||||||||||||||
Amounts Due From (To) | 0 | 587,462 | 0 | (587,462 | ) | 0 | |||||||||||||||
Subsidiaries | |||||||||||||||||||||
Investment in Subsidiaries | 2,718,924 | 979,555 | 342,374 | (4,040,853 | ) | 0 | |||||||||||||||
Total Assets | $ | 2,789,118 | $ | 2,630,208 | $ | 2,479,324 | $ | (4,628,315 | ) | $ | 3,270,335 | ||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Total | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||
Accounts payable | $ | 1,507 | $ | 33,149 | $ | 81,396 | $ | 0 | $ | 116,052 | |||||||||||
Accrued liabilities | 10,936 | 84,557 | 143,425 | 0 | 238,918 | ||||||||||||||||
Current maturities of | 8,750 | 399 | 11,895 | 0 | 21,044 | ||||||||||||||||
long-term debt | |||||||||||||||||||||
Deferred income tax | 568 | 23 | 2,018 | 0 | 2,609 | ||||||||||||||||
liabilities | |||||||||||||||||||||
Federal and foreign | 248 | (31,098 | ) | 35,776 | 0 | 4,926 | |||||||||||||||
income taxes | |||||||||||||||||||||
Total Current Liabilities | 22,009 | 87,030 | 274,510 | 0 | 383,549 | ||||||||||||||||
Credit Facilities | 155,000 | 0 | 0 | 0 | 155,000 | ||||||||||||||||
Long-Term Debt, Net | 409,688 | 55,365 | 65,192 | 0 | 530,245 | ||||||||||||||||
Deferred Income Tax | 57,322 | (5 | ) | 129,746 | 0 | 187,063 | |||||||||||||||
Liabilities | |||||||||||||||||||||
Pension and Post- | 17,449 | 650 | 46,130 | 0 | 64,229 | ||||||||||||||||
Retirement Obligations | |||||||||||||||||||||
Other Liabilities | 18,453 | 3,944 | 32,608 | 0 | 55,005 | ||||||||||||||||
Amounts Due To (From) | 213,953 | 0 | 406,256 | (620,209 | ) | 0 | |||||||||||||||
Subsidiaries | |||||||||||||||||||||
Shareholders’ Equity | 1,895,244 | 2,483,224 | 1,524,882 | (4,008,106 | ) | 1,895,244 | |||||||||||||||
Total Liabilities and | $ | 2,789,118 | $ | 2,630,208 | $ | 2,479,324 | $ | (4,628,315 | ) | $ | 3,270,335 | ||||||||||
Shareholders’ Equity | |||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three month period ended January 31, 2014. | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Total | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net Sales | $ | 0 | $ | 229,129 | $ | 277,293 | $ | (1,442 | ) | $ | 504,980 | ||||||||||
Cost of Sales | 0 | 147,680 | 185,447 | (1,442 | ) | 331,685 | |||||||||||||||
0 | 81,449 | 91,846 | 0 | 173,295 | |||||||||||||||||
Expenses | |||||||||||||||||||||
Selling, general | 0 | 40,424 | 55,782 | 0 | 96,206 | ||||||||||||||||
and administrative | |||||||||||||||||||||
Research, development | 0 | 12,256 | 14,250 | 0 | 26,506 | ||||||||||||||||
and engineering | |||||||||||||||||||||
Restructuring charges | 0 | 3,073 | 1,723 | 0 | 4,796 | ||||||||||||||||
Total Expenses | 0 | 55,753 | 71,755 | 0 | 127,508 | ||||||||||||||||
Operating Earnings | 0 | 25,696 | 20,091 | 0 | 45,787 | ||||||||||||||||
Interest Income | (3,996 | ) | (2,025 | ) | (14,677 | ) | 20,578 | (120 | ) | ||||||||||||
Interest Expense | 6,336 | 7,057 | 15,815 | (20,578 | ) | 8,630 | |||||||||||||||
Earnings (Loss) Before Taxes | (2,340 | ) | 20,664 | 18,953 | 0 | 37,277 | |||||||||||||||
Income Tax Expense | (476 | ) | 4,295 | 3,294 | 0 | 7,113 | |||||||||||||||
(Benefit) | |||||||||||||||||||||
Earnings (Loss) Including | (1,864 | ) | 16,369 | 15,659 | 0 | 30,164 | |||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||
Earnings Attributable to | 0 | 0 | (86 | ) | 0 | (86 | ) | ||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||
Earnings (Loss) Attributable | (1,864 | ) | 16,369 | 15,573 | 0 | 30,078 | |||||||||||||||
to Esterline | |||||||||||||||||||||
Equity in Net Earnings of | 31,942 | 432 | (606 | ) | (31,768 | ) | 0 | ||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||
Net Earnings (Loss) | $ | 30,078 | $ | 16,801 | $ | 14,967 | $ | (31,768 | ) | $ | 30,078 | ||||||||||
Attributable to Esterline | |||||||||||||||||||||
Comprehensive Income | $ | (2,821 | ) | $ | 17,404 | $ | (11,634 | ) | $ | (13,387 | ) | $ | (10,438 | ) | |||||||
(Loss) | |||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows for the three month period ended January 31, 2014. | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Total | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Cash Flows Provided (Used) | |||||||||||||||||||||
by Operating Activities | |||||||||||||||||||||
Net earnings (loss) including | $ | 30,164 | $ | 16,801 | $ | 14,967 | $ | (31,768 | ) | $ | 30,164 | ||||||||||
noncontrolling interests | |||||||||||||||||||||
Depreciation & amortization | 0 | 11,196 | 18,443 | 0 | 29,639 | ||||||||||||||||
Deferred income taxes | 1,540 | (6 | ) | (2,979 | ) | 0 | (1,445 | ) | |||||||||||||
Share-based compensation | 0 | 1,568 | 2,015 | 0 | 3,583 | ||||||||||||||||
Working capital changes, net | |||||||||||||||||||||
of effect of acquisitions: | |||||||||||||||||||||
Accounts receivable | 88 | 30,001 | 25,923 | 0 | 56,012 | ||||||||||||||||
Inventories | 0 | (10,493 | ) | (14,540 | ) | 0 | (25,033 | ) | |||||||||||||
Prepaid expenses | 60 | (2,962 | ) | (3,432 | ) | 0 | (6,334 | ) | |||||||||||||
Other current assets | 2 | 0 | 513 | 0 | 515 | ||||||||||||||||
Accounts payable | (207 | ) | (1,407 | ) | (9,829 | ) | 0 | (11,443 | ) | ||||||||||||
Accrued liabilities | (4,579 | ) | (4,678 | ) | (6,383 | ) | 0 | (15,640 | ) | ||||||||||||
Federal & foreign | (5,285 | ) | (1,091 | ) | 2,845 | 0 | (3,531 | ) | |||||||||||||
income taxes | |||||||||||||||||||||
Other liabilities | 104 | (522 | ) | 275 | 0 | (143 | ) | ||||||||||||||
Other, net | (122 | ) | 113 | (6,412 | ) | 0 | (6,421 | ) | |||||||||||||
21,765 | 38,520 | 21,406 | (31,768 | ) | 49,923 | ||||||||||||||||
Cash Flows Provided (Used) | |||||||||||||||||||||
by Investing Activities | |||||||||||||||||||||
Purchases of capital assets | (38 | ) | (4,177 | ) | (7,318 | ) | 0 | (11,533 | ) | ||||||||||||
Acquisition of business, | 0 | (44,599 | ) | 0 | 0 | (44,599 | ) | ||||||||||||||
net of cash acquired | |||||||||||||||||||||
(38 | ) | (48,776 | ) | (7,318 | ) | 0 | (56,132 | ) | |||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Total | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Cash Flows Provided (Used) | |||||||||||||||||||||
by Financing Activities | |||||||||||||||||||||
Proceeds provided by stock | 14,677 | 0 | 0 | 0 | 14,677 | ||||||||||||||||
issuance under employee | |||||||||||||||||||||
stock plans | |||||||||||||||||||||
Excess tax benefits from | 3,440 | 0 | 0 | 0 | 3,440 | ||||||||||||||||
stock option exercises | |||||||||||||||||||||
Repayment of long-term | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
credit facilities | |||||||||||||||||||||
Repayment of long-term debt | (2,187 | ) | (71 | ) | (1,589 | ) | 0 | (3,847 | ) | ||||||||||||
Proceeds from issuance of | 25,000 | 0 | 0 | 0 | 25,000 | ||||||||||||||||
long-term credit facilities | |||||||||||||||||||||
Proceeds from government | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
assistance | |||||||||||||||||||||
Dividends paid to | 0 | 0 | (702 | ) | 0 | (702 | ) | ||||||||||||||
noncontrolling interest | |||||||||||||||||||||
Net change in intercompany | (55,671 | ) | 10,919 | 12,984 | 31,768 | 0 | |||||||||||||||
financing | |||||||||||||||||||||
(14,741 | ) | 10,848 | 10,693 | 31,768 | 38,568 | ||||||||||||||||
Effect of Foreign Exchange | (14 | ) | (42 | ) | (3,043 | ) | 0 | (3,099 | ) | ||||||||||||
Rates on Cash and Cash | |||||||||||||||||||||
Equivalents | |||||||||||||||||||||
Net Increase (Decrease) in | 6,972 | 550 | 21,738 | 0 | 29,260 | ||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||
Cash and Cash Equivalents | 7,826 | 4,876 | 166,476 | 0 | 179,178 | ||||||||||||||||
– Beginning of Year | |||||||||||||||||||||
Cash and Cash Equivalents | $ | 14,798 | $ | 5,426 | $ | 188,214 | $ | 0 | $ | 208,438 | |||||||||||
– End of Year | |||||||||||||||||||||
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 | ||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Total | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
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 three month period ended January 25, 2013. | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Total | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net Sales | $ | 0 | $ | 206,699 | $ | 252,170 | $ | (907 | ) | $ | 457,962 | ||||||||||
Cost of Sales | 0 | 131,866 | 166,658 | (907 | ) | 297,617 | |||||||||||||||
0 | 74,833 | 85,512 | 0 | 160,345 | |||||||||||||||||
Expenses | |||||||||||||||||||||
Selling, general | 0 | 35,731 | 62,880 | 0 | 98,611 | ||||||||||||||||
and administrative | |||||||||||||||||||||
Research, development | 0 | 11,058 | 12,018 | 0 | 23,076 | ||||||||||||||||
and engineering | |||||||||||||||||||||
Restructuring charges | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Total Expenses | 0 | 46,789 | 74,898 | 0 | 121,687 | ||||||||||||||||
Operating Earnings | 0 | 28,044 | 10,614 | 0 | 38,658 | ||||||||||||||||
Interest Income | (3,660 | ) | (1,717 | ) | (14,688 | ) | 19,964 | (101 | ) | ||||||||||||
Interest Expense | 8,081 | 6,321 | 16,006 | (19,964 | ) | 10,444 | |||||||||||||||
Earnings (Loss) Before Taxes | (4,421 | ) | 23,440 | 9,296 | 0 | 28,315 | |||||||||||||||
Income Tax Expense | (950 | ) | 2,446 | 898 | 0 | 2,394 | |||||||||||||||
(Benefit) | |||||||||||||||||||||
Earnings (Loss) Including | (3,471 | ) | 20,994 | 8,398 | 0 | 25,921 | |||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||
Earnings Attributable to | 0 | 0 | (810 | ) | 0 | (810 | ) | ||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||
Earnings (Loss) Attributable | (3,471 | ) | 20,994 | 7,588 | 0 | 25,111 | |||||||||||||||
to Esterline | |||||||||||||||||||||
Equity in Net Earnings of | 28,582 | 658 | 0 | (29,240 | ) | 0 | |||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||
Net Earnings (Loss) | $ | 25,111 | $ | 21,652 | $ | 7,588 | $ | (29,240 | ) | $ | 25,111 | ||||||||||
Attributable to Esterline | |||||||||||||||||||||
Comprehensive Income | $ | 38,776 | $ | 21,263 | $ | 25,593 | $ | (48,741 | ) | $ | 36,891 | ||||||||||
(Loss) | |||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows for the three month period ended January 25, 2013. | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Total | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Cash Flows Provided (Used) | |||||||||||||||||||||
by Operating Activities | |||||||||||||||||||||
Net earnings (loss) including | $ | 25,921 | $ | 21,652 | $ | 7,588 | $ | (29,240 | ) | $ | 25,921 | ||||||||||
noncontrolling interests | |||||||||||||||||||||
Depreciation & amortization | 0 | 10,076 | 17,895 | 0 | 27,971 | ||||||||||||||||
Deferred income taxes | (284 | ) | 6 | (3,238 | ) | 0 | (3,516 | ) | |||||||||||||
Share-based compensation | 0 | 1,467 | 2,276 | 0 | 3,743 | ||||||||||||||||
Working capital changes, net | |||||||||||||||||||||
of effect of acquisitions: | |||||||||||||||||||||
Accounts receivable | (33 | ) | 17,220 | 36,985 | 0 | 54,172 | |||||||||||||||
Inventories | 0 | (6,775 | ) | (1,968 | ) | 0 | (8,743 | ) | |||||||||||||
Prepaid expenses | (56 | ) | (1,798 | ) | (3,917 | ) | 0 | (5,771 | ) | ||||||||||||
Other current assets | (33 | ) | (74 | ) | (1,551 | ) | 0 | (1,658 | ) | ||||||||||||
Accounts payable | 215 | 140 | (7,038 | ) | 0 | (6,683 | ) | ||||||||||||||
Accrued liabilities | 5,547 | 218 | (15,548 | ) | 0 | (9,783 | ) | ||||||||||||||
Federal & foreign | 3,167 | (1,212 | ) | (1,794 | ) | 0 | 161 | ||||||||||||||
income taxes | |||||||||||||||||||||
Other liabilities | 1,840 | (1,856 | ) | 9,502 | 0 | 9,486 | |||||||||||||||
Other, net | (2,241 | ) | 4,777 | (1,240 | ) | 0 | 1,296 | ||||||||||||||
34,043 | 43,841 | 37,952 | (29,240 | ) | 86,596 | ||||||||||||||||
Cash Flows Provided (Used) | |||||||||||||||||||||
by Investing Activities | |||||||||||||||||||||
Purchases of capital assets | (21 | ) | (4,572 | ) | (7,660 | ) | 0 | (12,253 | ) | ||||||||||||
Acquisition of business, net | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
of cash acquired | |||||||||||||||||||||
(21 | ) | (4,572 | ) | (7,660 | ) | 0 | (12,253 | ) | |||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Total | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Cash Flows Provided (Used) | |||||||||||||||||||||
by Financing Activities | |||||||||||||||||||||
Proceeds provided by stock | 3,671 | 0 | 0 | 0 | 3,671 | ||||||||||||||||
issuance under employee | |||||||||||||||||||||
stock plans | |||||||||||||||||||||
Excess tax benefits from | 335 | 0 | 0 | 0 | 335 | ||||||||||||||||
stock option exercises | |||||||||||||||||||||
Repayment of long-term | (15,000 | ) | 0 | 0 | 0 | (15,000 | ) | ||||||||||||||
credit facilities | |||||||||||||||||||||
Repayment of long-term debt | 0 | (92 | ) | (21,517 | ) | 0 | (21,609 | ) | |||||||||||||
Proceeds from issuance of | 0 | 0 | 82 | 0 | 82 | ||||||||||||||||
long-term credit facilities | |||||||||||||||||||||
Proceeds from government | 0 | 0 | 650 | 0 | 650 | ||||||||||||||||
assistance | |||||||||||||||||||||
Dividends paid to | 0 | 0 | (514 | ) | 0 | (514 | ) | ||||||||||||||
noncontrolling interest | |||||||||||||||||||||
Net change in intercompany | (3,193 | ) | (39,324 | ) | 13,277 | 29,240 | 0 | ||||||||||||||
financing | |||||||||||||||||||||
(14,187 | ) | (39,416 | ) | (8,022 | ) | 29,240 | (32,385 | ) | |||||||||||||
Effect of Foreign Exchange | 8 | 42 | 93 | 0 | 143 | ||||||||||||||||
Rates on Cash and Cash | |||||||||||||||||||||
Equivalents | |||||||||||||||||||||
Net Increase (Decrease) in | 19,843 | (105 | ) | 22,363 | 0 | 42,101 | |||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||
Cash and Cash Equivalents | 16,770 | 1,324 | 142,581 | 0 | 160,675 | ||||||||||||||||
– Beginning of Year | |||||||||||||||||||||
Cash and Cash Equivalents | $ | 36,613 | $ | 1,219 | $ | 164,944 | $ | 0 | $ | 202,776 | |||||||||||
– End of Year | |||||||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Shares Used for Calculating Earnings Per Share | ' | ||||||||
Shares used for calculating earnings per share are disclosed in the following table. | |||||||||
(In thousands) | Three Months Ended | ||||||||
January 31, | January 25, | ||||||||
2014 | 2013 | ||||||||
Shares Used for Basic Earnings Per Share | 31,608 | 30,904 | |||||||
Shares Used for Diluted Earnings Per Share | 32,230 | 31,423 |
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 3 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Schedule of Comprehensive Income (Loss) | ' | ||||||||
The Company’s comprehensive income (loss) is as follows: | |||||||||
(In thousands) | Three Months Ended | ||||||||
January 31, | January 25, | ||||||||
2014 | 2013 | ||||||||
Net Earnings | $ | 30,078 | $ | 25,111 | |||||
Change in Fair Value of Derivative Financial Instruments, | (8,923 | ) | (46 | ) | |||||
Net of Tax (1) | |||||||||
Change in Pension and Post-Retirement Obligations, Net of Tax (2) | 1,892 | (151 | ) | ||||||
Foreign Currency Translation Adjustment | (33,485 | ) | 11,977 | ||||||
Comprehensive Income (Loss) | $ | (10,438 | ) | $ | 36,891 | ||||
(1) Net of tax benefit (expense) of $3,345 and $(224) for the first fiscal quarter of 2014 and 2013, respectively. | |||||||||
(2) Net of tax benefit (expense) of $(801) and $55 for the first fiscal quarter of 2014 and 2013, respectively. | |||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||
The Company’s accumulated other comprehensive loss is comprised of the following: | |||||||||
(In thousands) | January 31, | October 25, | |||||||
2014 | 2013 | ||||||||
Net unrealized loss on derivative contracts | $ | (10,419 | ) | $ | (1,496 | ) | |||
Pension and post-retirement obligations | (54,293 | ) | (56,185 | ) | |||||
Currency translation adjustment | 1,912 | 35,397 | |||||||
Total accumulated other comprehensive loss | $ | (62,800 | ) | $ | (22,284 | ) | |||
Employee_Stock_Plans_Tables
Employee Stock Plans (Tables) | 3 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Schedule of Fair Value of Option Granted using Black-Scholes Pricing Model | ' | ||||||||
Three Months Ended | |||||||||
January 31, | January 25, | ||||||||
2014 | 2013 | ||||||||
Risk-free interest rate | 1.73 – 2.99% | 0.79 – 1.88% | |||||||
Volatility | 41.87 – 43.17% | 41.89 – 44.25% | |||||||
Expected life (years) | 5 – 9 | 4.5 – 9.5 | |||||||
Dividends | 0 | 0 |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 3 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Schedule of Net Periodic Pension Cost | ' | ||||||||
The Company’s pension plans principally include a U.S. pension plan maintained by Esterline and a non-U.S. plan maintained by CMC Electronics, Inc. (CMC). Components of periodic pension cost consisted of the following: | |||||||||
(In thousands) | Three Months Ended | ||||||||
January 31, | January 25, | ||||||||
2014 | 2013 | ||||||||
Service cost | $ | 2,730 | $ | 2,749 | |||||
Interest cost | 4,813 | 4,317 | |||||||
Expected return on plan assets | (6,515 | ) | (5,573 | ) | |||||
Amortization of prior service cost | 19 | 21 | |||||||
Amortization of actuarial loss | 1,357 | 3,412 | |||||||
Net Periodic Cost | $ | 2,404 | $ | 4,926 | |||||
Schedule of Net Periodic Post-Retirement Costs | ' | ||||||||
The Company’s principal post-retirement plans include non-U.S. plans, which are non-contributory healthcare and life insurance plans. The components of expense of these other retirement benefits consisted of the following: | |||||||||
(In thousands) | Three Months Ended | ||||||||
January 31, | January 25, | ||||||||
2014 | 2013 | ||||||||
Service cost | $ | 235 | $ | 259 | |||||
Interest cost | 189 | 190 | |||||||
Amortization of prior service cost | (17 | ) | (17 | ) | |||||
Amortization of actuarial loss (gain) | (68 | ) | 8 | ||||||
Net Periodic Cost | $ | 339 | $ | 440 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
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 January 31, 2014, and October 25, 2013: | |||||||||
(In thousands) | Level 2 | ||||||||
January 31, | October 25, | ||||||||
2014 | 2013 | ||||||||
Assets: | |||||||||
Derivative contracts designated as hedging instruments | $ | 1,312 | $ | 2,270 | |||||
Derivative contracts not designated as hedging instruments | 2,883 | 3,670 | |||||||
Embedded derivatives | 3,266 | 706 | |||||||
Liabilities: | |||||||||
Derivative contracts designated as hedging instruments | $ | 15,824 | $ | 4,541 | |||||
Derivative contracts not designated as hedging instruments | 378 | 122 | |||||||
Embedded derivatives | 357 | 344 | |||||||
(In thousands) | Level 3 | ||||||||
January 31, | October 25, | ||||||||
2014 | 2013 | ||||||||
Liabilities: | |||||||||
Contingent purchase obligation | $ | 9,000 | $ | 4,000 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 3 Months Ended | ||||||||||
Jan. 31, 2014 | |||||||||||
Fair Values of Derivative Instruments In Consolidated Balance Sheet | ' | ||||||||||
Fair value of derivative instruments in the Consolidated Balance Sheet at January 31, 2014, and October 25, 2013, consisted of: | |||||||||||
(In thousands) | Fair Value | ||||||||||
Classification | January 31, | October 25, | |||||||||
2014 | 2013 | ||||||||||
Foreign Currency Forward Exchange Contracts: | |||||||||||
Other current assets | $ | 2,992 | $ | 4,547 | |||||||
Other assets | 1,203 | 1,393 | |||||||||
Accrued liabilities | 10,627 | 3,002 | |||||||||
Other liabilities | 5,575 | 1,661 | |||||||||
Embedded Derivative Instruments: | |||||||||||
Other current assets | $ | 53 | $ | 59 | |||||||
Other assets | 3,213 | 647 | |||||||||
Accrued liabilities | 357 | 344 | |||||||||
Effect of Derivative Instruments on Consolidated Statement of Operations | ' | ||||||||||
The effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income (Loss) for the first fiscal quarter in 2014 and 2013 consisted of: | |||||||||||
(In thousands) | Location of Gain (Loss) | January 31, | January 25, | ||||||||
2014 | 2013 | ||||||||||
Fair Value Hedges: | |||||||||||
Interest rate swap contracts | Interest Expense | $ | 0 | $ | 716 | ||||||
Embedded derivatives | Sales | 2,819 | 523 | ||||||||
Cash Flow Hedges: | |||||||||||
Foreign currency forward exchange contracts: | |||||||||||
Amount of gain (loss) recognized | AOCI | $ | (11,803 | ) | $ | 257 | |||||
in AOCI (effective portion) | |||||||||||
Amount of gain (loss) reclassified | Sales | (464 | ) | (80 | ) | ||||||
from AOCI into income | |||||||||||
Net Investment Hedges: | |||||||||||
Euro term loan | AOCI | $ | 529 | $ | (2,416 | ) |
Segment_information_Tables
Segment information (Tables) | 3 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Business Segment Information for Continuing Operations | ' | ||||||||
Business segment information for continuing operations includes the segments of Avionics & Controls, Sensors & Systems and Advanced Materials. | |||||||||
(In thousands) | Three Months Ended | ||||||||
January 31, | January 25, | ||||||||
2014 | 2013 | ||||||||
Sales | |||||||||
Avionics & Controls | $ | 200,439 | $ | 174,570 | |||||
Sensors & Systems | 187,089 | 171,810 | |||||||
Advanced Materials | 117,452 | 111,582 | |||||||
Total Sales | $ | 504,980 | $ | 457,962 | |||||
Earnings From Operations Before Income Taxes | |||||||||
Avionics & Controls | $ | 24,764 | $ | 18,589 | |||||
Sensors & Systems | 20,238 | 19,001 | |||||||
Advanced Materials | 16,004 | 17,644 | |||||||
Segment Earnings | 61,006 | 55,234 | |||||||
Corporate expense | (15,219 | ) | (16,576 | ) | |||||
Interest income | 120 | 101 | |||||||
Interest expense | (8,630 | ) | (10,444 | ) | |||||
$ | 37,277 | $ | 28,315 | ||||||
Guarantors_Tables
Guarantors (Tables) | 3 Months Ended | ||||||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||
Condensed Consolidating Balance Sheet as of January 31, 2014. | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Total | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Current Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 14,798 | $ | 5,426 | $ | 188,214 | $ | 0 | $ | 208,438 | |||||||||||
Cash in escrow | 4,018 | 0 | 0 | 0 | 4,018 | ||||||||||||||||
Accounts receivable, net | 228 | 128,972 | 198,816 | 0 | 328,016 | ||||||||||||||||
Inventories | 0 | 209,636 | 265,020 | 0 | 474,656 | ||||||||||||||||
Income tax refundable | 3,125 | 2,753 | 0 | 0 | 5,878 | ||||||||||||||||
Deferred income tax benefits | 23,835 | 177 | 22,470 | 0 | 46,482 | ||||||||||||||||
Prepaid expenses | 57 | 9,017 | 15,776 | 0 | 24,850 | ||||||||||||||||
Other current assets | 84 | 115 | 3,814 | 0 | 4,013 | ||||||||||||||||
Total Current Assets | 46,145 | 356,096 | 694,110 | 0 | 1,096,351 | ||||||||||||||||
Property, Plant & | 1,625 | 174,832 | 189,997 | 0 | 366,454 | ||||||||||||||||
Equipment, Net | |||||||||||||||||||||
Goodwill | 0 | 366,634 | 764,120 | 0 | 1,130,754 | ||||||||||||||||
Intangibles, Net | 0 | 159,127 | 422,052 | 0 | 581,179 | ||||||||||||||||
Debt Issuance Costs, Net | 4,913 | 0 | 872 | 0 | 5,785 | ||||||||||||||||
Deferred Income | 17,371 | 1 | 53,801 | 0 | 71,173 | ||||||||||||||||
Tax Benefits | |||||||||||||||||||||
Other Assets | 140 | 6,501 | 11,998 | 0 | 18,639 | ||||||||||||||||
Amounts Due From (To) | 0 | 587,462 | 0 | (587,462 | ) | 0 | |||||||||||||||
Subsidiaries | |||||||||||||||||||||
Investment in Subsidiaries | 2,718,924 | 979,555 | 342,374 | (4,040,853 | ) | 0 | |||||||||||||||
Total Assets | $ | 2,789,118 | $ | 2,630,208 | $ | 2,479,324 | $ | (4,628,315 | ) | $ | 3,270,335 | ||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Total | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||
Accounts payable | $ | 1,507 | $ | 33,149 | $ | 81,396 | $ | 0 | $ | 116,052 | |||||||||||
Accrued liabilities | 10,936 | 84,557 | 143,425 | 0 | 238,918 | ||||||||||||||||
Current maturities of | 8,750 | 399 | 11,895 | 0 | 21,044 | ||||||||||||||||
long-term debt | |||||||||||||||||||||
Deferred income tax | 568 | 23 | 2,018 | 0 | 2,609 | ||||||||||||||||
liabilities | |||||||||||||||||||||
Federal and foreign | 248 | (31,098 | ) | 35,776 | 0 | 4,926 | |||||||||||||||
income taxes | |||||||||||||||||||||
Total Current Liabilities | 22,009 | 87,030 | 274,510 | 0 | 383,549 | ||||||||||||||||
Credit Facilities | 155,000 | 0 | 0 | 0 | 155,000 | ||||||||||||||||
Long-Term Debt, Net | 409,688 | 55,365 | 65,192 | 0 | 530,245 | ||||||||||||||||
Deferred Income Tax | 57,322 | (5 | ) | 129,746 | 0 | 187,063 | |||||||||||||||
Liabilities | |||||||||||||||||||||
Pension and Post- | 17,449 | 650 | 46,130 | 0 | 64,229 | ||||||||||||||||
Retirement Obligations | |||||||||||||||||||||
Other Liabilities | 18,453 | 3,944 | 32,608 | 0 | 55,005 | ||||||||||||||||
Amounts Due To (From) | 213,953 | 0 | 406,256 | (620,209 | ) | 0 | |||||||||||||||
Subsidiaries | |||||||||||||||||||||
Shareholders’ Equity | 1,895,244 | 2,483,224 | 1,524,882 | (4,008,106 | ) | 1,895,244 | |||||||||||||||
Total Liabilities and | $ | 2,789,118 | $ | 2,630,208 | $ | 2,479,324 | $ | (4,628,315 | ) | $ | 3,270,335 | ||||||||||
Shareholders’ Equity | |||||||||||||||||||||
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 | ||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Total | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
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) | ' | ||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three month period ended January 31, 2014. | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Total | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net Sales | $ | 0 | $ | 229,129 | $ | 277,293 | $ | (1,442 | ) | $ | 504,980 | ||||||||||
Cost of Sales | 0 | 147,680 | 185,447 | (1,442 | ) | 331,685 | |||||||||||||||
0 | 81,449 | 91,846 | 0 | 173,295 | |||||||||||||||||
Expenses | |||||||||||||||||||||
Selling, general | 0 | 40,424 | 55,782 | 0 | 96,206 | ||||||||||||||||
and administrative | |||||||||||||||||||||
Research, development | 0 | 12,256 | 14,250 | 0 | 26,506 | ||||||||||||||||
and engineering | |||||||||||||||||||||
Restructuring charges | 0 | 3,073 | 1,723 | 0 | 4,796 | ||||||||||||||||
Total Expenses | 0 | 55,753 | 71,755 | 0 | 127,508 | ||||||||||||||||
Operating Earnings | 0 | 25,696 | 20,091 | 0 | 45,787 | ||||||||||||||||
Interest Income | (3,996 | ) | (2,025 | ) | (14,677 | ) | 20,578 | (120 | ) | ||||||||||||
Interest Expense | 6,336 | 7,057 | 15,815 | (20,578 | ) | 8,630 | |||||||||||||||
Earnings (Loss) Before Taxes | (2,340 | ) | 20,664 | 18,953 | 0 | 37,277 | |||||||||||||||
Income Tax Expense | (476 | ) | 4,295 | 3,294 | 0 | 7,113 | |||||||||||||||
(Benefit) | |||||||||||||||||||||
Earnings (Loss) Including | (1,864 | ) | 16,369 | 15,659 | 0 | 30,164 | |||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||
Earnings Attributable to | 0 | 0 | (86 | ) | 0 | (86 | ) | ||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||
Earnings (Loss) Attributable | (1,864 | ) | 16,369 | 15,573 | 0 | 30,078 | |||||||||||||||
to Esterline | |||||||||||||||||||||
Equity in Net Earnings of | 31,942 | 432 | (606 | ) | (31,768 | ) | 0 | ||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||
Net Earnings (Loss) | $ | 30,078 | $ | 16,801 | $ | 14,967 | $ | (31,768 | ) | $ | 30,078 | ||||||||||
Attributable to Esterline | |||||||||||||||||||||
Comprehensive Income | $ | (2,821 | ) | $ | 17,404 | $ | (11,634 | ) | $ | (13,387 | ) | $ | (10,438 | ) | |||||||
(Loss) | |||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three month period ended January 25, 2013. | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Total | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net Sales | $ | 0 | $ | 206,699 | $ | 252,170 | $ | (907 | ) | $ | 457,962 | ||||||||||
Cost of Sales | 0 | 131,866 | 166,658 | (907 | ) | 297,617 | |||||||||||||||
0 | 74,833 | 85,512 | 0 | 160,345 | |||||||||||||||||
Expenses | |||||||||||||||||||||
Selling, general | 0 | 35,731 | 62,880 | 0 | 98,611 | ||||||||||||||||
and administrative | |||||||||||||||||||||
Research, development | 0 | 11,058 | 12,018 | 0 | 23,076 | ||||||||||||||||
and engineering | |||||||||||||||||||||
Restructuring charges | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Total Expenses | 0 | 46,789 | 74,898 | 0 | 121,687 | ||||||||||||||||
Operating Earnings | 0 | 28,044 | 10,614 | 0 | 38,658 | ||||||||||||||||
Interest Income | (3,660 | ) | (1,717 | ) | (14,688 | ) | 19,964 | (101 | ) | ||||||||||||
Interest Expense | 8,081 | 6,321 | 16,006 | (19,964 | ) | 10,444 | |||||||||||||||
Earnings (Loss) Before Taxes | (4,421 | ) | 23,440 | 9,296 | 0 | 28,315 | |||||||||||||||
Income Tax Expense | (950 | ) | 2,446 | 898 | 0 | 2,394 | |||||||||||||||
(Benefit) | |||||||||||||||||||||
Earnings (Loss) Including | (3,471 | ) | 20,994 | 8,398 | 0 | 25,921 | |||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||
Earnings Attributable to | 0 | 0 | (810 | ) | 0 | (810 | ) | ||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||
Earnings (Loss) Attributable | (3,471 | ) | 20,994 | 7,588 | 0 | 25,111 | |||||||||||||||
to Esterline | |||||||||||||||||||||
Equity in Net Earnings of | 28,582 | 658 | 0 | (29,240 | ) | 0 | |||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||
Net Earnings (Loss) | $ | 25,111 | $ | 21,652 | $ | 7,588 | $ | (29,240 | ) | $ | 25,111 | ||||||||||
Attributable to Esterline | |||||||||||||||||||||
Comprehensive Income | $ | 38,776 | $ | 21,263 | $ | 25,593 | $ | (48,741 | ) | $ | 36,891 | ||||||||||
(Loss) | |||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows for the three month period ended January 31, 2014. | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Total | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Cash Flows Provided (Used) | |||||||||||||||||||||
by Operating Activities | |||||||||||||||||||||
Net earnings (loss) including | $ | 30,164 | $ | 16,801 | $ | 14,967 | $ | (31,768 | ) | $ | 30,164 | ||||||||||
noncontrolling interests | |||||||||||||||||||||
Depreciation & amortization | 0 | 11,196 | 18,443 | 0 | 29,639 | ||||||||||||||||
Deferred income taxes | 1,540 | (6 | ) | (2,979 | ) | 0 | (1,445 | ) | |||||||||||||
Share-based compensation | 0 | 1,568 | 2,015 | 0 | 3,583 | ||||||||||||||||
Working capital changes, net | |||||||||||||||||||||
of effect of acquisitions: | |||||||||||||||||||||
Accounts receivable | 88 | 30,001 | 25,923 | 0 | 56,012 | ||||||||||||||||
Inventories | 0 | (10,493 | ) | (14,540 | ) | 0 | (25,033 | ) | |||||||||||||
Prepaid expenses | 60 | (2,962 | ) | (3,432 | ) | 0 | (6,334 | ) | |||||||||||||
Other current assets | 2 | 0 | 513 | 0 | 515 | ||||||||||||||||
Accounts payable | (207 | ) | (1,407 | ) | (9,829 | ) | 0 | (11,443 | ) | ||||||||||||
Accrued liabilities | (4,579 | ) | (4,678 | ) | (6,383 | ) | 0 | (15,640 | ) | ||||||||||||
Federal & foreign | (5,285 | ) | (1,091 | ) | 2,845 | 0 | (3,531 | ) | |||||||||||||
income taxes | |||||||||||||||||||||
Other liabilities | 104 | (522 | ) | 275 | 0 | (143 | ) | ||||||||||||||
Other, net | (122 | ) | 113 | (6,412 | ) | 0 | (6,421 | ) | |||||||||||||
21,765 | 38,520 | 21,406 | (31,768 | ) | 49,923 | ||||||||||||||||
Cash Flows Provided (Used) | |||||||||||||||||||||
by Investing Activities | |||||||||||||||||||||
Purchases of capital assets | (38 | ) | (4,177 | ) | (7,318 | ) | 0 | (11,533 | ) | ||||||||||||
Acquisition of business, | 0 | (44,599 | ) | 0 | 0 | (44,599 | ) | ||||||||||||||
net of cash acquired | |||||||||||||||||||||
(38 | ) | (48,776 | ) | (7,318 | ) | 0 | (56,132 | ) | |||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Total | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Cash Flows Provided (Used) | |||||||||||||||||||||
by Financing Activities | |||||||||||||||||||||
Proceeds provided by stock | 14,677 | 0 | 0 | 0 | 14,677 | ||||||||||||||||
issuance under employee | |||||||||||||||||||||
stock plans | |||||||||||||||||||||
Excess tax benefits from | 3,440 | 0 | 0 | 0 | 3,440 | ||||||||||||||||
stock option exercises | |||||||||||||||||||||
Repayment of long-term | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
credit facilities | |||||||||||||||||||||
Repayment of long-term debt | (2,187 | ) | (71 | ) | (1,589 | ) | 0 | (3,847 | ) | ||||||||||||
Proceeds from issuance of | 25,000 | 0 | 0 | 0 | 25,000 | ||||||||||||||||
long-term credit facilities | |||||||||||||||||||||
Proceeds from government | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
assistance | |||||||||||||||||||||
Dividends paid to | 0 | 0 | (702 | ) | 0 | (702 | ) | ||||||||||||||
noncontrolling interest | |||||||||||||||||||||
Net change in intercompany | (55,671 | ) | 10,919 | 12,984 | 31,768 | 0 | |||||||||||||||
financing | |||||||||||||||||||||
(14,741 | ) | 10,848 | 10,693 | 31,768 | 38,568 | ||||||||||||||||
Effect of Foreign Exchange | (14 | ) | (42 | ) | (3,043 | ) | 0 | (3,099 | ) | ||||||||||||
Rates on Cash and Cash | |||||||||||||||||||||
Equivalents | |||||||||||||||||||||
Net Increase (Decrease) in | 6,972 | 550 | 21,738 | 0 | 29,260 | ||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||
Cash and Cash Equivalents | 7,826 | 4,876 | 166,476 | 0 | 179,178 | ||||||||||||||||
– Beginning of Year | |||||||||||||||||||||
Cash and Cash Equivalents | $ | 14,798 | $ | 5,426 | $ | 188,214 | $ | 0 | $ | 208,438 | |||||||||||
– End of Year | |||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows for the three month period ended January 25, 2013. | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Total | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Cash Flows Provided (Used) | |||||||||||||||||||||
by Operating Activities | |||||||||||||||||||||
Net earnings (loss) including | $ | 25,921 | $ | 21,652 | $ | 7,588 | $ | (29,240 | ) | $ | 25,921 | ||||||||||
noncontrolling interests | |||||||||||||||||||||
Depreciation & amortization | 0 | 10,076 | 17,895 | 0 | 27,971 | ||||||||||||||||
Deferred income taxes | (284 | ) | 6 | (3,238 | ) | 0 | (3,516 | ) | |||||||||||||
Share-based compensation | 0 | 1,467 | 2,276 | 0 | 3,743 | ||||||||||||||||
Working capital changes, net | |||||||||||||||||||||
of effect of acquisitions: | |||||||||||||||||||||
Accounts receivable | (33 | ) | 17,220 | 36,985 | 0 | 54,172 | |||||||||||||||
Inventories | 0 | (6,775 | ) | (1,968 | ) | 0 | (8,743 | ) | |||||||||||||
Prepaid expenses | (56 | ) | (1,798 | ) | (3,917 | ) | 0 | (5,771 | ) | ||||||||||||
Other current assets | (33 | ) | (74 | ) | (1,551 | ) | 0 | (1,658 | ) | ||||||||||||
Accounts payable | 215 | 140 | (7,038 | ) | 0 | (6,683 | ) | ||||||||||||||
Accrued liabilities | 5,547 | 218 | (15,548 | ) | 0 | (9,783 | ) | ||||||||||||||
Federal & foreign | 3,167 | (1,212 | ) | (1,794 | ) | 0 | 161 | ||||||||||||||
income taxes | |||||||||||||||||||||
Other liabilities | 1,840 | (1,856 | ) | 9,502 | 0 | 9,486 | |||||||||||||||
Other, net | (2,241 | ) | 4,777 | (1,240 | ) | 0 | 1,296 | ||||||||||||||
34,043 | 43,841 | 37,952 | (29,240 | ) | 86,596 | ||||||||||||||||
Cash Flows Provided (Used) | |||||||||||||||||||||
by Investing Activities | |||||||||||||||||||||
Purchases of capital assets | (21 | ) | (4,572 | ) | (7,660 | ) | 0 | (12,253 | ) | ||||||||||||
Acquisition of business, net | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
of cash acquired | |||||||||||||||||||||
(21 | ) | (4,572 | ) | (7,660 | ) | 0 | (12,253 | ) | |||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Total | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Cash Flows Provided (Used) | |||||||||||||||||||||
by Financing Activities | |||||||||||||||||||||
Proceeds provided by stock | 3,671 | 0 | 0 | 0 | 3,671 | ||||||||||||||||
issuance under employee | |||||||||||||||||||||
stock plans | |||||||||||||||||||||
Excess tax benefits from | 335 | 0 | 0 | 0 | 335 | ||||||||||||||||
stock option exercises | |||||||||||||||||||||
Repayment of long-term | (15,000 | ) | 0 | 0 | 0 | (15,000 | ) | ||||||||||||||
credit facilities | |||||||||||||||||||||
Repayment of long-term debt | 0 | (92 | ) | (21,517 | ) | 0 | (21,609 | ) | |||||||||||||
Proceeds from issuance of | 0 | 0 | 82 | 0 | 82 | ||||||||||||||||
long-term credit facilities | |||||||||||||||||||||
Proceeds from government | 0 | 0 | 650 | 0 | 650 | ||||||||||||||||
assistance | |||||||||||||||||||||
Dividends paid to | 0 | 0 | (514 | ) | 0 | (514 | ) | ||||||||||||||
noncontrolling interest | |||||||||||||||||||||
Net change in intercompany | (3,193 | ) | (39,324 | ) | 13,277 | 29,240 | 0 | ||||||||||||||
financing | |||||||||||||||||||||
(14,187 | ) | (39,416 | ) | (8,022 | ) | 29,240 | (32,385 | ) | |||||||||||||
Effect of Foreign Exchange | 8 | 42 | 93 | 0 | 143 | ||||||||||||||||
Rates on Cash and Cash | |||||||||||||||||||||
Equivalents | |||||||||||||||||||||
Net Increase (Decrease) in | 19,843 | (105 | ) | 22,363 | 0 | 42,101 | |||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||
Cash and Cash Equivalents | 16,770 | 1,324 | 142,581 | 0 | 160,675 | ||||||||||||||||
– Beginning of Year | |||||||||||||||||||||
Cash and Cash Equivalents | $ | 36,613 | $ | 1,219 | $ | 164,944 | $ | 0 | $ | 202,776 | |||||||||||
– End of Year | |||||||||||||||||||||
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 3 Months Ended | |
Jan. 31, 2014 | Jan. 25, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive shares excluded from computation of earnings per share | 194,900 | 672,825 |
Shares_Used_for_Calculating_Ea
Shares Used for Calculating Earnings Per Share (Detail) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 25, 2013 |
Earnings Per Share Disclosure [Line Items] | ' | ' |
Shares Used for Basic Earnings Per Share | 31,608 | 30,904 |
Shares Used for Diluted Earnings Per Share | 32,230 | 31,423 |
Schedule_of_Comprehensive_Inco
Schedule of Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 25, 2013 | ||
Comprehensive Income (Loss) [Line Items] | ' | ' | ||
Net Earnings | $30,078 | $25,111 | ||
Change in Fair Value of Derivative Financial Instruments, Net of Tax | -8,923 | [1] | -46 | [1] |
Change in Pension and Post-Retirement Obligations, Net of Tax | 1,892 | [2] | -151 | [2] |
Foreign Currency Translation Adjustment | -33,485 | 11,977 | ||
Comprehensive Income (Loss) | ($10,438) | $36,891 | ||
[1] | Net of tax benefit (expense) of $3,345 and $(224) for the first fiscal quarter of 2014 and 2013, respectively. | |||
[2] | Net of tax benefit (expense) of $(801) and $55 for the first fiscal quarter of 2014 and 2013, respectively. |
Schedule_of_Comprehensive_Inco1
Schedule of Comprehensive Income (Loss) (Parenthetical) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 25, 2013 |
Comprehensive Income (Loss) [Line Items] | ' | ' |
Change in Fair Value of Derivative Financial Instruments, Tax (Expense) Benefit | $3,345 | ($224) |
Pension and Post-retirement Obligations, Tax Benefit (Expense) | ($801) | $55 |
Schedule_of_Accumulated_Other_
Schedule of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | Jan. 31, 2014 | Oct. 25, 2013 |
In Thousands, unless otherwise specified | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Net unrealized loss on derivative contracts | ($10,419) | ($1,496) |
Pension and post-retirement obligations | -54,293 | -56,185 |
Currency translation adjustment | 1,912 | 35,397 |
Total accumulated other comprehensive loss | ($62,800) | ($22,284) |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 1 Months Ended | |
In Millions, unless otherwise specified | Feb. 04, 2013 | Dec. 20, 2013 |
Gamesman Group | Sunbank | |
Business Acquisition [Line Items] | ' | ' |
Business acquired | $40.80 | $45 |
Credit facility used in acquisition | ' | 25 |
Contingent consideration | ' | $5 |
Contingent consideration achievement period of certain sales levels | ' | '2 years |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Jan. 31, 2014 | Jan. 25, 2013 |
Income Tax [Line Items] | ' | ' |
Income tax rate | 19.10% | 8.50% |
Discrete tax benefits | $0.50 | $3.70 |
Discrete tax benefit recognized | 1.6 | ' |
Due to the retroactive extension of the U.S. federal research and experimentation credits | ' | ' |
Income Tax [Line Items] | ' | ' |
Discrete tax benefit due to a change in Tax Laws | ' | 1.5 |
Related to the settlement of U.S. and foreign tax examinations | ' | ' |
Income Tax [Line Items] | ' | ' |
Settlement tax examinations | ' | $2.20 |
Employee_Stock_Plans_Additiona
Employee Stock Plans - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2014 | Jan. 25, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based compensation cost | $3,583 | $3,743 |
Shares issued under share-based compensation plans | 335,683 | 91,422 |
Employee Stock Purchase Plan | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Discount rate of market value on purchase date | 5.00% | ' |
Employee Sharesave Scheme | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Discount rate of market value on purchase date | 5.00% | ' |
The term of options, years | 3 | ' |
Number of options granted | 0 | 0 |
Equity Incentive Plan | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of options granted | 187,200 | 237,700 |
Weighted-average grant date fair value of options granted | $45.14 | $29.12 |
Restricted units granted | 76,575 | 32,200 |
Weighted-average grant date fair value of restricted stock units granted | $84.31 | $62.52 |
Schedule_of_Fair_Value_of_Opti
Schedule of Fair Value of Option Granted using Black-Scholes Pricing Model (Detail) (Equity Incentive Plan, USD $) | 3 Months Ended | |
Jan. 31, 2014 | Jan. 25, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Risk-free interest rate, minimum | 1.73% | 0.79% |
Risk-free interest rate, maximum | 2.99% | 1.88% |
Volatility, minimum | 41.87% | 41.89% |
Volatility, maximum | 43.17% | 44.25% |
Dividends | $0 | $0 |
Minimum | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected life (years) | '5 years | '4 years 6 months |
Maximum | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected life (years) | '9 years | '9 years 6 months |
Schedule_of_Net_Periodic_Pensi
Schedule of Net Periodic Pension Cost (Detail) (Pension Plans, Defined Benefit, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 25, 2013 |
Pension Plans, Defined Benefit | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | $2,730 | $2,749 |
Interest cost | 4,813 | 4,317 |
Expected return on plan assets | -6,515 | -5,573 |
Amortization of prior service cost | 19 | 21 |
Amortization of actuarial loss | 1,357 | 3,412 |
Net Periodic Cost | $2,404 | $4,926 |
Schedule_of_Net_Periodic_PostR
Schedule of Net Periodic Post-Retirement Costs (Detail) (Postretirement Benefit Plans, Defined Benefit, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 25, 2013 |
Postretirement Benefit Plans, Defined Benefit | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | $235 | $259 |
Interest cost | 189 | 190 |
Amortization of prior service cost | -17 | -17 |
Amortization of actuarial loss (gain) | -68 | 8 |
Net Periodic Cost | $339 | $440 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | |||||||||
Apr. 30, 2013 | Jan. 31, 2014 | Oct. 25, 2013 | Jan. 31, 2014 | Jan. 31, 2014 | Jul. 31, 2011 | Apr. 30, 2013 | Apr. 26, 2013 | Jan. 31, 2014 | Apr. 30, 2013 | Mar. 31, 2011 | Jan. 31, 2014 | Jan. 31, 2014 | Oct. 25, 2013 | Jul. 31, 2011 | Jan. 31, 2014 | Apr. 30, 2013 | Jan. 31, 2014 | Mar. 31, 2011 | Jul. 31, 2011 | Jan. 31, 2014 | Apr. 30, 2013 | Jan. 31, 2014 | Mar. 31, 2011 | |
USD ($) | USD ($) | USD ($) | 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 | U.S. Term Loan | U.S. Term Loan | Secured Debt | Secured Debt | Senior Notes 7% Maturing in August 2020 | Senior Notes 7% Maturing in August 2020 | Minimum | Minimum | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Maximum | Maximum | |
USD ($) | EUR (€) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | 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 | U.S. Term Loan | U.S. Term Loan | Secured Debt | ||||
Debt Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $460,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2016-07 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Spread range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 2.25% | 1.97% | 2.25% | 1.91% | 2.25% |
Credit facility interest rate description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The interest rate ranges 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 was 1.91% at January 31, 2014. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility amount outstanding | ' | ' | ' | 22,200,000 | 16,400,000 | ' | ' | ' | 168,400,000 | ' | ' | 155,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term Loan | ' | ' | ' | ' | ' | 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Early Payment of Senior Debt | ' | ' | ' | ' | ' | ' | 175,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption premium in connection with early redemption of notes | 3,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate | 6.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized debt issuance cost | ' | 5,785,000 | 6,211,000 | ' | ' | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of interest rate swap agreement | 175,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on termination of interest rate swap | 2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | -900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, carrying amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 272,500,000 | 272,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instruments maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'August 2020 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Imputed interest on advance | ' | 4.27% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discounted value of debt | ' | $54,100,000 | $56,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule_of_Financial_Assets_a
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Jan. 31, 2014 | Oct. 25, 2013 |
In Thousands, unless otherwise specified | ||
Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Embedded derivatives | $3,266 | $706 |
Embedded derivatives | 357 | 344 |
Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Contingent purchase obligation | 9,000 | 4,000 |
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 | 1,312 | 2,270 |
Derivative contracts designated as hedging instruments | 15,824 | 4,541 |
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 | 2,883 | 3,670 |
Derivative contracts not designated as hedging instruments | $378 | $122 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) | 3 Months Ended | 1 Months Ended | 3 Months Ended | ||||||
Jan. 31, 2014 | Apr. 26, 2013 | Jan. 25, 2013 | Nov. 30, 2010 | Nov. 30, 2010 | Jan. 31, 2014 | Oct. 25, 2013 | Apr. 26, 2013 | Jul. 31, 2011 | |
USD ($) | USD ($) | USD ($) | USD ($) | 100 Million Interest Rate Swap Agreement | Foreign Exchange Contract | Foreign Exchange Contract | Interest Rate Swap | Fair Value Hedging | |
USD ($) | USD ($) | USD ($) | Euro Term Loan | ||||||
EUR (€) | |||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative notional amount | ' | ' | ' | ' | ' | $364,400,000 | $369,000,000 | ' | € 125,000,000 |
Senior Notes | ' | ' | ' | 175,000,000 | ' | ' | ' | ' | ' |
Senior Notes maturity year | ' | ' | ' | ' | '2017 | ' | ' | ' | ' |
Fixed interest rate | ' | ' | ' | ' | 6.63% | ' | ' | ' | ' |
Proceeds from term loan | 25,000,000 | 175,000,000 | 82,000 | ' | ' | ' | ' | ' | ' |
Gain on termination of contract | ' | ' | ' | ' | ' | ' | ' | 2,900,000 | ' |
Gain (Loss) on foreign currency forward exchange contracts not designated as an accounting hedge | -500,000 | ' | 400,000 | ' | ' | ' | ' | ' | ' |
Reclassification of net loss into earnings | $9,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
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 $) | Jan. 31, 2014 | Oct. 25, 2013 |
In Thousands, unless otherwise specified | ||
Other Current Assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign Currency Forward Exchange Contracts, assets | $2,992 | $4,547 |
Embedded Derivative Instruments, assets | 53 | 59 |
Other Assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign Currency Forward Exchange Contracts, assets | 1,203 | 1,393 |
Embedded Derivative Instruments, assets | 3,213 | 647 |
Accrued Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign Currency Forward Exchange Contracts, liabilities | 10,627 | 3,002 |
Embedded Derivative Instruments, liabilities | 357 | 344 |
Other Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign Currency Forward Exchange Contracts, liabilities | $5,575 | $1,661 |
Effect_of_Derivative_Instrumen
Effect of Derivative Instruments on Consolidated Statement of Operations and Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 25, 2013 |
Fair Value Hedging | Interest Expense | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Interest rate swap contracts | $0 | $716 |
Fair Value Hedging | Sales | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Embedded derivatives | 2,819 | 523 |
Cash Flow Hedging | Sales | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of gain (loss) reclassified from AOCI into income | -464 | -80 |
Cash Flow Hedging | Accumulated Other Comprehensive Income (Loss) | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of gain (loss) recognized in AOCI (effective portion) | -11,803 | 257 |
Net Investment Hedges | Accumulated Other Comprehensive Income (Loss) | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Euro term loan | $529 | ($2,416) |
Restructuring_Activities_Addit
Restructuring Activities - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended |
In Millions, unless otherwise specified | Dec. 05, 2013 | Jan. 31, 2014 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Expected integration cost | $40 | ' |
Restructuring expense | ' | 5.4 |
Write off of property, plant and equipment | ' | 2.5 |
Severance cost | ' | 2.3 |
Accrued restructuring | ' | 2.8 |
Minimum | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Expected integration cost | ' | 25 |
Maximum | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Expected integration cost | ' | $30 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | Jul. 26, 2013 | Mar. 05, 2014 |
In Millions, unless otherwise specified | Subsequent Event | |
Loss Contingencies [Line Items] | ' | ' |
Consent agreement term | ' | 'The CA has a three-year term and provides for (i) a payment of $20 million, $10 million of which is suspended and eligible for offset credit based on verified expenditures for past and future remedial compliance measures; (ii) the appointment of an external Special Compliance Official to oversee compliance with the CA and the ITAR; (iii) two external audits of the Company's ITAR compliance program; and (iv) continued implementation of ongoing remedial compliance measures and additional remedial compliance measures related to automated systems and ITAR compliance policies, procedures, and training. |
Total penalty proposed by DDTC Office of Compliance | ' | $20 |
Penalty suspended and eligible for offset credit | ' | 10 |
Estimated and recorded charge | 10 | ' |
Estimated and recorded charge - March 2014 | 4 | ' |
Estimated and recorded charge - March 2015 | 2 | ' |
Estimated and recorded charge - March 2016 | 2 | ' |
Estimated and recorded charge -March 2017 | $2 | ' |
Business_Segment_Information_f
Business Segment Information for Continuing Operations (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 25, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Sales | $504,980 | $457,962 |
Corporate expense | -15,219 | -16,576 |
Interest income | 120 | 101 |
Interest expense | -8,630 | -10,444 |
Income (Loss) from Continuing Operations Before Taxes | 37,277 | 28,315 |
Avionics & Controls | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales | 200,439 | 174,570 |
Sensors & Systems | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales | 187,089 | 171,810 |
Advanced Materials | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales | 117,452 | 111,582 |
Operating Segments | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Segment Earnings | 61,006 | 55,234 |
Operating Segments | Avionics & Controls | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Segment Earnings | 24,764 | 18,589 |
Operating Segments | Sensors & Systems | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Segment Earnings | 20,238 | 19,001 |
Operating Segments | Advanced Materials | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Segment Earnings | $16,004 | $17,644 |
Condensed_Consolidating_Balanc
Condensed Consolidating Balance Sheet (Detail) (USD $) | Jan. 31, 2014 | Oct. 25, 2013 | Jan. 25, 2013 | Oct. 26, 2012 |
In Thousands, unless otherwise specified | ||||
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | $208,438 | $179,178 | $202,776 | $160,675 |
Cash in escrow | 4,018 | 4,018 | ' | ' |
Accounts receivable, net | 328,016 | 383,666 | ' | ' |
Inventories | 474,656 | 447,663 | ' | ' |
Income tax refundable | 5,878 | 6,526 | ' | ' |
Deferred income tax benefits | 46,482 | 47,277 | ' | ' |
Prepaid expenses | 24,850 | 18,183 | ' | ' |
Other current assets | 4,013 | 5,204 | ' | ' |
Total Current Assets | 1,096,351 | 1,091,715 | ' | ' |
Property, Plant & Equipment, Net | 366,454 | 371,197 | ' | ' |
Goodwill | 1,130,754 | 1,128,977 | ' | ' |
Intangibles, Net | 581,179 | 580,949 | ' | ' |
Debt Issuance Costs, Net | 5,785 | 6,211 | ' | ' |
Deferred income tax benefits | 71,173 | 71,840 | ' | ' |
Other assets | 18,639 | 11,223 | ' | ' |
Amounts Due From (To) Subsidiaries | 0 | 0 | ' | ' |
Investment in Subsidiaries | 0 | 0 | ' | ' |
Total Assets | 3,270,335 | 3,262,112 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Accounts payable | 116,052 | 123,597 | ' | ' |
Accrued liabilities | 238,918 | 253,561 | ' | ' |
Current maturities of long-term debt | 21,044 | 21,279 | ' | ' |
Deferred income tax liabilities | 2,609 | 2,307 | ' | ' |
Federal and foreign income taxes | 4,926 | 7,348 | ' | ' |
Total Current Liabilities | 383,549 | 408,092 | ' | ' |
Credit facilities | 155,000 | 130,000 | ' | ' |
Long-Term Debt, Net | 530,245 | 537,859 | ' | ' |
Deferred Income Tax Liabilities | 187,063 | 193,119 | ' | ' |
Pension and Post- Retirement Obligations | 64,229 | 68,102 | ' | ' |
Other Liabilities | 55,005 | 40,188 | ' | ' |
Amounts Due To (From) Subsidiaries | 0 | 0 | ' | ' |
Shareholders' Equity | 1,895,244 | 1,884,752 | ' | ' |
Total Liabilities and Shareholders' Equity | 3,270,335 | 3,262,112 | ' | ' |
Parent | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 14,798 | 7,826 | 36,613 | 16,770 |
Cash in escrow | 4,018 | 4,018 | ' | ' |
Accounts receivable, net | 228 | 316 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Income tax refundable | 3,125 | 0 | ' | ' |
Deferred income tax benefits | 23,835 | 26,731 | ' | ' |
Prepaid expenses | 57 | 117 | ' | ' |
Other current assets | 84 | 86 | ' | ' |
Total Current Assets | 46,145 | 39,094 | ' | ' |
Property, Plant & Equipment, Net | 1,625 | 1,754 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Intangibles, Net | 0 | 0 | ' | ' |
Debt Issuance Costs, Net | 4,913 | 5,252 | ' | ' |
Deferred income tax benefits | 17,371 | 16,782 | ' | ' |
Other assets | 140 | 18 | ' | ' |
Amounts Due From (To) Subsidiaries | 0 | 0 | ' | ' |
Investment in Subsidiaries | 2,718,924 | 2,588,478 | ' | ' |
Total Assets | 2,789,118 | 2,651,378 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Accounts payable | 1,507 | 1,714 | ' | ' |
Accrued liabilities | 10,936 | 21,652 | ' | ' |
Current maturities of long-term debt | 8,750 | 8,750 | ' | ' |
Deferred income tax liabilities | 568 | 568 | ' | ' |
Federal and foreign income taxes | 248 | 2,408 | ' | ' |
Total Current Liabilities | 22,009 | 35,092 | ' | ' |
Credit facilities | 155,000 | 130,000 | ' | ' |
Long-Term Debt, Net | 409,688 | 411,875 | ' | ' |
Deferred Income Tax Liabilities | 57,322 | 57,757 | ' | ' |
Pension and Post- Retirement Obligations | 17,449 | 17,500 | ' | ' |
Other Liabilities | 18,453 | 12,298 | ' | ' |
Amounts Due To (From) Subsidiaries | 213,953 | 102,104 | ' | ' |
Shareholders' Equity | 1,895,244 | 1,884,752 | ' | ' |
Total Liabilities and Shareholders' Equity | 2,789,118 | 2,651,378 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 5,426 | 4,876 | 1,219 | 1,324 |
Cash in escrow | 0 | 0 | ' | ' |
Accounts receivable, net | 128,972 | 154,492 | ' | ' |
Inventories | 209,636 | 190,830 | ' | ' |
Income tax refundable | 2,753 | 6,526 | ' | ' |
Deferred income tax benefits | 177 | 171 | ' | ' |
Prepaid expenses | 9,017 | 5,510 | ' | ' |
Other current assets | 115 | 115 | ' | ' |
Total Current Assets | 356,096 | 362,520 | ' | ' |
Property, Plant & Equipment, Net | 174,832 | 175,402 | ' | ' |
Goodwill | 366,634 | 344,995 | ' | ' |
Intangibles, Net | 159,127 | 144,222 | ' | ' |
Debt Issuance Costs, Net | 0 | 0 | ' | ' |
Deferred income tax benefits | 1 | 0 | ' | ' |
Other assets | 6,501 | 3,692 | ' | ' |
Amounts Due From (To) Subsidiaries | 587,462 | 549,307 | ' | ' |
Investment in Subsidiaries | 979,555 | 979,123 | ' | ' |
Total Assets | 2,630,208 | 2,559,261 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Accounts payable | 33,149 | 29,064 | ' | ' |
Accrued liabilities | 84,557 | 87,826 | ' | ' |
Current maturities of long-term debt | 399 | 237 | ' | ' |
Deferred income tax liabilities | 23 | 24 | ' | ' |
Federal and foreign income taxes | -31,098 | -27,399 | ' | ' |
Total Current Liabilities | 87,030 | 89,752 | ' | ' |
Credit facilities | 0 | 0 | ' | ' |
Long-Term Debt, Net | 55,365 | 55,562 | ' | ' |
Deferred Income Tax Liabilities | -5 | -7 | ' | ' |
Pension and Post- Retirement Obligations | 650 | 618 | ' | ' |
Other Liabilities | 3,944 | 194 | ' | ' |
Amounts Due To (From) Subsidiaries | 0 | 0 | ' | ' |
Shareholders' Equity | 2,483,224 | 2,413,142 | ' | ' |
Total Liabilities and Shareholders' Equity | 2,630,208 | 2,559,261 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 188,214 | 166,476 | 164,944 | 142,581 |
Cash in escrow | 0 | 0 | ' | ' |
Accounts receivable, net | 198,816 | 228,858 | ' | ' |
Inventories | 265,020 | 256,833 | ' | ' |
Income tax refundable | 0 | 0 | ' | ' |
Deferred income tax benefits | 22,470 | 20,375 | ' | ' |
Prepaid expenses | 15,776 | 12,556 | ' | ' |
Other current assets | 3,814 | 5,003 | ' | ' |
Total Current Assets | 694,110 | 690,101 | ' | ' |
Property, Plant & Equipment, Net | 189,997 | 194,041 | ' | ' |
Goodwill | 764,120 | 783,982 | ' | ' |
Intangibles, Net | 422,052 | 436,727 | ' | ' |
Debt Issuance Costs, Net | 872 | 959 | ' | ' |
Deferred income tax benefits | 53,801 | 55,058 | ' | ' |
Other assets | 11,998 | 7,513 | ' | ' |
Amounts Due From (To) Subsidiaries | 0 | 0 | ' | ' |
Investment in Subsidiaries | 342,374 | 349,104 | ' | ' |
Total Assets | 2,479,324 | 2,517,485 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Accounts payable | 81,396 | 92,819 | ' | ' |
Accrued liabilities | 143,425 | 144,083 | ' | ' |
Current maturities of long-term debt | 11,895 | 12,292 | ' | ' |
Deferred income tax liabilities | 2,018 | 1,715 | ' | ' |
Federal and foreign income taxes | 35,776 | 32,339 | ' | ' |
Total Current Liabilities | 274,510 | 283,248 | ' | ' |
Credit facilities | 0 | 0 | ' | ' |
Long-Term Debt, Net | 65,192 | 70,422 | ' | ' |
Deferred Income Tax Liabilities | 129,746 | 135,369 | ' | ' |
Pension and Post- Retirement Obligations | 46,130 | 49,984 | ' | ' |
Other Liabilities | 32,608 | 27,696 | ' | ' |
Amounts Due To (From) Subsidiaries | 406,256 | 405,018 | ' | ' |
Shareholders' Equity | 1,524,882 | 1,545,748 | ' | ' |
Total Liabilities and Shareholders' Equity | 2,479,324 | 2,517,485 | ' | ' |
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 | -587,462 | -549,307 | ' | ' |
Investment in Subsidiaries | -4,040,853 | -3,916,705 | ' | ' |
Total Assets | -4,628,315 | -4,466,012 | ' | ' |
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 | -620,209 | -507,122 | ' | ' |
Shareholders' Equity | -4,008,106 | -3,958,890 | ' | ' |
Total Liabilities and Shareholders' Equity | ($4,628,315) | ($4,466,012) | ' | ' |
Condensed_Consolidating_Statem
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 25, 2013 |
Guarantor Obligations [Line Items] | ' | ' |
Net Sales | $504,980 | $457,962 |
Cost of Sales | 331,685 | 297,617 |
Gross Profit | 173,295 | 160,345 |
Expenses | ' | ' |
Selling, general and administrative | 96,206 | 98,611 |
Research, development and engineering | 26,506 | 23,076 |
Restructuring charges | 4,796 | 0 |
Total Expenses | 127,508 | 121,687 |
Operating Earnings | 45,787 | 38,658 |
Interest Income | -120 | -101 |
Interest Expense | 8,630 | 10,444 |
Earnings (Loss) Before Taxes | 37,277 | 28,315 |
Income Tax Expense (Benefit) | 7,113 | 2,394 |
Earnings (Loss) Including Noncontrolling Interests | 30,164 | 25,921 |
Earnings Attributable to Noncontrolling Interests | -86 | -810 |
Earnings (Loss) Attributable to Esterline | 30,078 | 25,111 |
Equity in Net Earnings of Consolidated Subsidiaries | 0 | 0 |
Net Earnings (Loss) Attributable to Esterline | 30,078 | 25,111 |
Comprehensive Income (Loss) | -10,438 | 36,891 |
Parent | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Net Sales | 0 | 0 |
Cost of Sales | 0 | 0 |
Gross Profit | 0 | 0 |
Expenses | ' | ' |
Selling, general and administrative | 0 | 0 |
Research, development and engineering | 0 | 0 |
Restructuring charges | 0 | 0 |
Total Expenses | 0 | 0 |
Operating Earnings | 0 | 0 |
Interest Income | -3,996 | -3,660 |
Interest Expense | 6,336 | 8,081 |
Earnings (Loss) Before Taxes | -2,340 | -4,421 |
Income Tax Expense (Benefit) | -476 | -950 |
Earnings (Loss) Including Noncontrolling Interests | -1,864 | -3,471 |
Earnings Attributable to Noncontrolling Interests | 0 | 0 |
Earnings (Loss) Attributable to Esterline | -1,864 | -3,471 |
Equity in Net Earnings of Consolidated Subsidiaries | 31,942 | 28,582 |
Net Earnings (Loss) Attributable to Esterline | 30,078 | 25,111 |
Comprehensive Income (Loss) | -2,821 | 38,776 |
Guarantor Subsidiaries | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Net Sales | 229,129 | 206,699 |
Cost of Sales | 147,680 | 131,866 |
Gross Profit | 81,449 | 74,833 |
Expenses | ' | ' |
Selling, general and administrative | 40,424 | 35,731 |
Research, development and engineering | 12,256 | 11,058 |
Restructuring charges | 3,073 | 0 |
Total Expenses | 55,753 | 46,789 |
Operating Earnings | 25,696 | 28,044 |
Interest Income | -2,025 | -1,717 |
Interest Expense | 7,057 | 6,321 |
Earnings (Loss) Before Taxes | 20,664 | 23,440 |
Income Tax Expense (Benefit) | 4,295 | 2,446 |
Earnings (Loss) Including Noncontrolling Interests | 16,369 | 20,994 |
Earnings Attributable to Noncontrolling Interests | 0 | 0 |
Earnings (Loss) Attributable to Esterline | 16,369 | 20,994 |
Equity in Net Earnings of Consolidated Subsidiaries | 432 | 658 |
Net Earnings (Loss) Attributable to Esterline | 16,801 | 21,652 |
Comprehensive Income (Loss) | 17,404 | 21,263 |
Non-Guarantor Subsidiaries | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Net Sales | 277,293 | 252,170 |
Cost of Sales | 185,447 | 166,658 |
Gross Profit | 91,846 | 85,512 |
Expenses | ' | ' |
Selling, general and administrative | 55,782 | 62,880 |
Research, development and engineering | 14,250 | 12,018 |
Restructuring charges | 1,723 | 0 |
Total Expenses | 71,755 | 74,898 |
Operating Earnings | 20,091 | 10,614 |
Interest Income | -14,677 | -14,688 |
Interest Expense | 15,815 | 16,006 |
Earnings (Loss) Before Taxes | 18,953 | 9,296 |
Income Tax Expense (Benefit) | 3,294 | 898 |
Earnings (Loss) Including Noncontrolling Interests | 15,659 | 8,398 |
Earnings Attributable to Noncontrolling Interests | -86 | -810 |
Earnings (Loss) Attributable to Esterline | 15,573 | 7,588 |
Equity in Net Earnings of Consolidated Subsidiaries | -606 | 0 |
Net Earnings (Loss) Attributable to Esterline | 14,967 | 7,588 |
Comprehensive Income (Loss) | -11,634 | 25,593 |
Eliminations | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Net Sales | -1,442 | -907 |
Cost of Sales | -1,442 | -907 |
Gross Profit | 0 | 0 |
Expenses | ' | ' |
Selling, general and administrative | 0 | 0 |
Research, development and engineering | 0 | 0 |
Restructuring charges | 0 | 0 |
Total Expenses | 0 | 0 |
Operating Earnings | 0 | 0 |
Interest Income | 20,578 | 19,964 |
Interest Expense | -20,578 | -19,964 |
Earnings (Loss) Before Taxes | 0 | 0 |
Income Tax Expense (Benefit) | 0 | 0 |
Earnings (Loss) Including Noncontrolling Interests | 0 | 0 |
Earnings Attributable to Noncontrolling Interests | 0 | 0 |
Earnings (Loss) Attributable to Esterline | 0 | 0 |
Equity in Net Earnings of Consolidated Subsidiaries | -31,768 | -29,240 |
Net Earnings (Loss) Attributable to Esterline | -31,768 | -29,240 |
Comprehensive Income (Loss) | ($13,387) | ($48,741) |
Condensed_Consolidating_Statem1
Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Apr. 26, 2013 | Jan. 25, 2013 |
Cash Flows Provided (Used) by Operating Activities | ' | ' | ' |
Net earnings (loss) including noncontrolling interests | $30,164 | ' | $25,921 |
Depreciation & amortization | 29,639 | ' | 27,971 |
Deferred income taxes | -1,445 | ' | -3,516 |
Share-based compensation | 3,583 | ' | 3,743 |
Working capital changes, net of effect of acquisitions: | ' | ' | ' |
Accounts receivable | 56,012 | ' | 54,172 |
Inventories | -25,033 | ' | -8,743 |
Prepaid expenses | -6,334 | ' | -5,771 |
Other current assets | 515 | ' | -1,658 |
Accounts payable | -11,443 | ' | -6,683 |
Accrued liabilities | -15,640 | ' | -9,783 |
Federal & foreign income taxes | -3,531 | ' | 161 |
Other liabilities | -143 | ' | 9,486 |
Other, net | -6,421 | ' | 1,296 |
Net Cash Provided (Used) by Operating Activities | 49,923 | ' | 86,596 |
Cash Flows Provided (Used) by Investing Activities | ' | ' | ' |
Purchases of capital assets | -11,533 | ' | -12,253 |
Acquisition of business, net of cash acquired | -44,599 | ' | 0 |
Net cash provided by (used in) investing activities | -56,132 | ' | -12,253 |
Cash Flows Provided (Used) by Financing Activities | ' | ' | ' |
Proceeds provided by stock issuance under employee stock plans | 14,677 | ' | 3,671 |
Excess tax benefits from stock option exercises | 3,440 | ' | 335 |
Repayment of long-term credit facilities | 0 | ' | -15,000 |
Repayment of long-term debt | -3,847 | ' | -21,609 |
Proceeds from issuance of long-term credit facilities | 25,000 | 175,000 | 82 |
Proceeds from government assistance | 0 | ' | 650 |
Dividends paid to noncontrolling interest | -702 | ' | -514 |
Net change in intercompany financing | 0 | ' | 0 |
Net Cash Provided (Used) by Financing Activities | 38,568 | ' | -32,385 |
Effect of Foreign Exchange Rates on Cash and Cash Equivalents | -3,099 | ' | 143 |
Net Increase (Decrease) in Cash and Cash Equivalents | 29,260 | ' | 42,101 |
Cash and Cash Equivalents - Beginning of Period | 179,178 | 202,776 | 160,675 |
Cash and Cash Equivalents - End of Period | 208,438 | ' | 202,776 |
Parent | ' | ' | ' |
Cash Flows Provided (Used) by Operating Activities | ' | ' | ' |
Net earnings (loss) including noncontrolling interests | 30,164 | ' | 25,921 |
Depreciation & amortization | 0 | ' | 0 |
Deferred income taxes | 1,540 | ' | -284 |
Share-based compensation | 0 | ' | 0 |
Working capital changes, net of effect of acquisitions: | ' | ' | ' |
Accounts receivable | 88 | ' | -33 |
Inventories | 0 | ' | 0 |
Prepaid expenses | 60 | ' | -56 |
Other current assets | 2 | ' | -33 |
Accounts payable | -207 | ' | 215 |
Accrued liabilities | -4,579 | ' | 5,547 |
Federal & foreign income taxes | -5,285 | ' | 3,167 |
Other liabilities | 104 | ' | 1,840 |
Other, net | -122 | ' | -2,241 |
Net Cash Provided (Used) by Operating Activities | 21,765 | ' | 34,043 |
Cash Flows Provided (Used) by Investing Activities | ' | ' | ' |
Purchases of capital assets | -38 | ' | -21 |
Acquisition of business, net of cash acquired | 0 | ' | 0 |
Net cash provided by (used in) investing activities | -38 | ' | -21 |
Cash Flows Provided (Used) by Financing Activities | ' | ' | ' |
Proceeds provided by stock issuance under employee stock plans | 14,677 | ' | 3,671 |
Excess tax benefits from stock option exercises | 3,440 | ' | 335 |
Repayment of long-term credit facilities | 0 | ' | -15,000 |
Repayment of long-term debt | -2,187 | ' | 0 |
Proceeds from issuance of long-term credit facilities | 25,000 | ' | 0 |
Proceeds from government assistance | 0 | ' | 0 |
Dividends paid to noncontrolling interest | 0 | ' | 0 |
Net change in intercompany financing | -55,671 | ' | -3,193 |
Net Cash Provided (Used) by Financing Activities | -14,741 | ' | -14,187 |
Effect of Foreign Exchange Rates on Cash and Cash Equivalents | -14 | ' | 8 |
Net Increase (Decrease) in Cash and Cash Equivalents | 6,972 | ' | 19,843 |
Cash and Cash Equivalents - Beginning of Period | 7,826 | ' | 16,770 |
Cash and Cash Equivalents - End of Period | 14,798 | ' | 36,613 |
Guarantor Subsidiaries | ' | ' | ' |
Cash Flows Provided (Used) by Operating Activities | ' | ' | ' |
Net earnings (loss) including noncontrolling interests | 16,801 | ' | 21,652 |
Depreciation & amortization | 11,196 | ' | 10,076 |
Deferred income taxes | -6 | ' | 6 |
Share-based compensation | 1,568 | ' | 1,467 |
Working capital changes, net of effect of acquisitions: | ' | ' | ' |
Accounts receivable | 30,001 | ' | 17,220 |
Inventories | -10,493 | ' | -6,775 |
Prepaid expenses | -2,962 | ' | -1,798 |
Other current assets | 0 | ' | -74 |
Accounts payable | -1,407 | ' | 140 |
Accrued liabilities | -4,678 | ' | 218 |
Federal & foreign income taxes | -1,091 | ' | -1,212 |
Other liabilities | -522 | ' | -1,856 |
Other, net | 113 | ' | 4,777 |
Net Cash Provided (Used) by Operating Activities | 38,520 | ' | 43,841 |
Cash Flows Provided (Used) by Investing Activities | ' | ' | ' |
Purchases of capital assets | -4,177 | ' | -4,572 |
Acquisition of business, net of cash acquired | -44,599 | ' | 0 |
Net cash provided by (used in) investing activities | -48,776 | ' | -4,572 |
Cash Flows Provided (Used) by Financing Activities | ' | ' | ' |
Proceeds provided by stock issuance under employee stock plans | 0 | ' | 0 |
Excess tax benefits from stock option exercises | 0 | ' | 0 |
Repayment of long-term credit facilities | 0 | ' | 0 |
Repayment of long-term debt | -71 | ' | -92 |
Proceeds from issuance of long-term credit facilities | 0 | ' | 0 |
Proceeds from government assistance | 0 | ' | 0 |
Dividends paid to noncontrolling interest | 0 | ' | 0 |
Net change in intercompany financing | 10,919 | ' | -39,324 |
Net Cash Provided (Used) by Financing Activities | 10,848 | ' | -39,416 |
Effect of Foreign Exchange Rates on Cash and Cash Equivalents | -42 | ' | 42 |
Net Increase (Decrease) in Cash and Cash Equivalents | 550 | ' | -105 |
Cash and Cash Equivalents - Beginning of Period | 4,876 | ' | 1,324 |
Cash and Cash Equivalents - End of Period | 5,426 | ' | 1,219 |
Non-Guarantor Subsidiaries | ' | ' | ' |
Cash Flows Provided (Used) by Operating Activities | ' | ' | ' |
Net earnings (loss) including noncontrolling interests | 14,967 | ' | 7,588 |
Depreciation & amortization | 18,443 | ' | 17,895 |
Deferred income taxes | -2,979 | ' | -3,238 |
Share-based compensation | 2,015 | ' | 2,276 |
Working capital changes, net of effect of acquisitions: | ' | ' | ' |
Accounts receivable | 25,923 | ' | 36,985 |
Inventories | -14,540 | ' | -1,968 |
Prepaid expenses | -3,432 | ' | -3,917 |
Other current assets | 513 | ' | -1,551 |
Accounts payable | -9,829 | ' | -7,038 |
Accrued liabilities | -6,383 | ' | -15,548 |
Federal & foreign income taxes | 2,845 | ' | -1,794 |
Other liabilities | 275 | ' | 9,502 |
Other, net | -6,412 | ' | -1,240 |
Net Cash Provided (Used) by Operating Activities | 21,406 | ' | 37,952 |
Cash Flows Provided (Used) by Investing Activities | ' | ' | ' |
Purchases of capital assets | -7,318 | ' | -7,660 |
Acquisition of business, net of cash acquired | 0 | ' | 0 |
Net cash provided by (used in) investing activities | -7,318 | ' | -7,660 |
Cash Flows Provided (Used) by Financing Activities | ' | ' | ' |
Proceeds provided by stock issuance under employee stock plans | 0 | ' | 0 |
Excess tax benefits from stock option exercises | 0 | ' | 0 |
Repayment of long-term credit facilities | 0 | ' | 0 |
Repayment of long-term debt | -1,589 | ' | -21,517 |
Proceeds from issuance of long-term credit facilities | 0 | ' | 82 |
Proceeds from government assistance | 0 | ' | 650 |
Dividends paid to noncontrolling interest | -702 | ' | -514 |
Net change in intercompany financing | 12,984 | ' | 13,277 |
Net Cash Provided (Used) by Financing Activities | 10,693 | ' | -8,022 |
Effect of Foreign Exchange Rates on Cash and Cash Equivalents | -3,043 | ' | 93 |
Net Increase (Decrease) in Cash and Cash Equivalents | 21,738 | ' | 22,363 |
Cash and Cash Equivalents - Beginning of Period | 166,476 | ' | 142,581 |
Cash and Cash Equivalents - End of Period | 188,214 | ' | 164,944 |
Eliminations | ' | ' | ' |
Cash Flows Provided (Used) by Operating Activities | ' | ' | ' |
Net earnings (loss) including noncontrolling interests | -31,768 | ' | -29,240 |
Depreciation & amortization | 0 | ' | 0 |
Deferred income taxes | 0 | ' | 0 |
Share-based compensation | 0 | ' | 0 |
Working capital changes, net of effect of acquisitions: | ' | ' | ' |
Accounts receivable | 0 | ' | 0 |
Inventories | 0 | ' | 0 |
Prepaid expenses | 0 | ' | 0 |
Other current assets | 0 | ' | 0 |
Accounts payable | 0 | ' | 0 |
Accrued liabilities | 0 | ' | 0 |
Federal & foreign income taxes | 0 | ' | 0 |
Other liabilities | 0 | ' | 0 |
Other, net | 0 | ' | 0 |
Net Cash Provided (Used) by Operating Activities | -31,768 | ' | -29,240 |
Cash Flows Provided (Used) by Investing Activities | ' | ' | ' |
Purchases of capital assets | 0 | ' | 0 |
Acquisition of business, net of cash acquired | 0 | ' | 0 |
Net cash provided by (used in) investing activities | 0 | ' | 0 |
Cash Flows Provided (Used) by Financing Activities | ' | ' | ' |
Proceeds provided by stock issuance under employee stock plans | 0 | ' | 0 |
Excess tax benefits from stock option exercises | 0 | ' | 0 |
Repayment of long-term credit facilities | 0 | ' | 0 |
Repayment of long-term debt | 0 | ' | 0 |
Proceeds from issuance of long-term credit facilities | 0 | ' | 0 |
Proceeds from government assistance | 0 | ' | 0 |
Dividends paid to noncontrolling interest | 0 | ' | 0 |
Net change in intercompany financing | 31,768 | ' | 29,240 |
Net Cash Provided (Used) by Financing Activities | 31,768 | ' | 29,240 |
Effect of Foreign Exchange Rates on Cash and Cash Equivalents | 0 | ' | 0 |
Net Increase (Decrease) in Cash and Cash Equivalents | 0 | ' | 0 |
Cash and Cash Equivalents - Beginning of Period | 0 | ' | 0 |
Cash and Cash Equivalents - End of Period | $0 | ' | $0 |