Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
1-May-15 | Jun. 02, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 1-May-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | ESL | |
Entity Registrant Name | ESTERLINE TECHNOLOGIES CORP | |
Entity Central Index Key | 33619 | |
Current Fiscal Year End Date | 8 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 30,809,348 |
CONSOLIDATED_BALANCE_SHEET
CONSOLIDATED BALANCE SHEET (USD $) | 1-May-15 | Oct. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current Assets | ||
Cash and cash equivalents | $172,645 | $238,144 |
Accounts receivable, net of allowances of $9,808 and $10,023 | 384,662 | 379,889 |
Inventories | ||
Raw materials and purchased parts | 179,908 | 165,839 |
Work in progress | 196,920 | 178,354 |
Finished goods | 102,760 | 89,402 |
Inventories | 479,588 | 433,595 |
Income tax refundable | 9,394 | 5,266 |
Deferred income tax benefits | 52,524 | 48,679 |
Prepaid expenses | 23,892 | 20,336 |
Other current assets | 3,600 | 2,149 |
Current assets of businesses held for sale | 40,399 | 41,446 |
Total Current Assets | 1,166,704 | 1,169,504 |
Property, Plant and Equipment | 716,721 | 721,460 |
Accumulated depreciation | 410,123 | 402,118 |
Total Property, Plant and Equipment | 306,598 | 319,342 |
Other Non-Current Assets | ||
Goodwill | 1,074,437 | 1,071,786 |
Intangibles, net | 475,931 | 471,377 |
Debt issuance costs, net of accumulated amortization of $2,336 and $5,743 | 11,162 | 4,295 |
Deferred income tax benefits | 62,759 | 71,307 |
Other assets | 21,825 | 14,179 |
Non-current assets of businesses held for sale | 56,952 | 71,677 |
Total Assets | 3,176,368 | 3,193,467 |
Current Liabilities | ||
Accounts payable | 123,448 | 115,284 |
Accrued liabilities | 264,493 | 262,536 |
Current maturities of long-term debt | 1,002 | 12,774 |
Deferred income tax liabilities | 2,851 | 1,773 |
Federal and foreign income taxes | 1,617 | 1,571 |
Current liabilities of businesses held for sale | 14,181 | 14,191 |
Total Current Liabilities | 407,592 | 408,129 |
Long-Term Liabilities | ||
Credit facilities | 120,000 | 100,000 |
Long-term debt, net of current maturities | 722,954 | 509,720 |
Deferred income tax liabilities | 137,983 | 149,165 |
Pension and post-retirement obligations | 57,968 | 62,693 |
Other liabilities | 29,958 | 46,884 |
Non-current liabilities of businesses held for sale | 19,427 | 18,876 |
Shareholders' Equity | ||
Common stock, par value $.20 per share, authorized 60,000,000 shares, issued 32,302,123 and 32,123,717 shares | 6,460 | 6,425 |
Additional paid-in capital | 672,319 | 655,723 |
Treasury stock at cost, repurchased 1,431,664 and 269,228 shares | -157,604 | -30,262 |
Retained earnings | 1,415,637 | 1,387,508 |
Accumulated other comprehensive loss | -266,348 | -131,577 |
Total Esterline shareholders' equity | 1,670,464 | 1,887,817 |
Noncontrolling interests | 10,022 | 10,183 |
Total Shareholders' Equity | 1,680,486 | 1,898,000 |
Total Liabilities and Shareholders' Equity | $3,176,368 | $3,193,467 |
CONSOLIDATED_BALANCE_SHEET_Par
CONSOLIDATED BALANCE SHEET (Parenthetical) (USD $) | 1-May-15 | Oct. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ||
Accounts receivable, allowances | $9,808 | $10,023 |
Debt issuance costs, accumulated amortization | $2,336 | $5,743 |
Common stock, par value | $0.20 | $0.20 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 32,302,123 | 32,123,717 |
Treasury stock, shares repurchased | 1,431,664 | 269,228 |
CONSOLIDATED_STATEMENT_OF_OPER
CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | 1-May-15 | 2-May-14 | 1-May-15 | 2-May-14 |
Income Statement [Abstract] | ||||
Net Sales | $500,080 | $510,861 | $946,424 | $996,801 |
Cost of Sales | 336,429 | 331,636 | 637,423 | 646,841 |
Gross Profit | 163,651 | 179,225 | 309,001 | 349,960 |
Expenses | ||||
Selling, general & administrative | 100,742 | 92,035 | 194,398 | 181,167 |
Research, development and engineering | 27,000 | 25,536 | 49,455 | 51,182 |
Restructuring charges | 922 | 2,078 | 3,972 | 6,874 |
Other (income) expense | 0 | 0 | -12,744 | 0 |
Total Expenses | 128,664 | 119,649 | 235,081 | 239,223 |
Operating Earnings from Continuing Operations | 34,987 | 59,576 | 73,920 | 110,737 |
Interest Income | -124 | -136 | -303 | -255 |
Interest Expense | 8,564 | 8,434 | 14,405 | 17,059 |
Loss on Extinguishment of Debt | 329 | 0 | 329 | 0 |
Earnings from Continuing Operations Before Income Taxes | 26,218 | 51,278 | 59,489 | 93,933 |
Income Tax Expense | 4,542 | 10,386 | 12,692 | 19,012 |
Earnings from Continuing Operations Including Noncontrolling Interests | 21,676 | 40,892 | 46,797 | 74,921 |
Earnings Attributable to Noncontrolling Interests | -44 | -297 | -107 | -383 |
Earnings from Continuing Operations Attributable to Esterline, Net of Tax | 21,632 | 40,595 | 46,690 | 74,538 |
Loss from Discontinued Operations Attributable to Esterline, Net of Tax | -1,822 | -3,691 | -18,561 | -7,556 |
Net Earnings Attributable to Esterline | 19,810 | 36,904 | 28,129 | 66,982 |
Earnings (Loss) Per Share Attributable to Esterline - Basic: | ||||
Continuing operations | $0.70 | $1.28 | $1.49 | $2.35 |
Discontinued operations | ($0.06) | ($0.12) | ($0.59) | ($0.24) |
Earnings (Loss) Per Share Attributable to Esterline - Basic | $0.64 | $1.16 | $0.90 | $2.11 |
Earnings (Loss) Per Share Attributable to Esterline - Diluted: | ||||
Continuing operations | $0.69 | $1.25 | $1.46 | $2.30 |
Discontinued operations | ($0.06) | ($0.11) | ($0.58) | ($0.23) |
Earnings (Loss) Per Share Attributable to Esterline - Diluted | $0.63 | $1.14 | $0.88 | $2.07 |
Comprehensive Income (Loss) | $33,544 | $80,121 | ($106,642) | $69,683 |
CONSOLIDATED_STATEMENT_OF_CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | 1-May-15 | 2-May-14 |
Cash Flows Provided (Used) by Operating Activities | ||
Net earnings including noncontrolling interests | $28,236 | $67,365 |
Adjustments to reconcile net earnings including noncontrolling interests to net cash provided (used) by operating activities: | ||
Depreciation and amortization | 49,853 | 59,282 |
Deferred income taxes | -7,472 | -8,410 |
Share-based compensation | 5,552 | 6,648 |
Gain on release of non-income tax liability | -15,656 | 0 |
Loss on assets held for sale | 15,846 | 0 |
Working capital changes, net of effect of acquisitions: | ||
Accounts receivable | 12,183 | 33,331 |
Inventories | -24,280 | -33,485 |
Prepaid expenses | -5,208 | -8,072 |
Other current assets | -327 | -276 |
Accounts payable | -2,920 | -10,650 |
Accrued liabilities | -10,440 | -13,224 |
Federal and foreign income taxes | 56 | -3,754 |
Other liabilities | 2,297 | -1,587 |
Other, net | 7,958 | -2,716 |
Net Cash Provided (Used) by Operating Activities | 55,678 | 84,452 |
Cash Flows Provided (Used) by Investing Activities | ||
Purchase of capital assets | -23,435 | -21,297 |
Acquisition of business, net of cash acquired | -171,070 | -44,043 |
Net Cash Provided (Used) by Investing Activities | -194,505 | -65,340 |
Cash Flows Provided (Used) by Financing Activities | ||
Proceeds provided by stock issuance under employee stock plans | 9,335 | 22,957 |
Excess tax benefits from stock option exercises | 1,744 | 5,297 |
Shares repurchased | -127,342 | 0 |
Repayment of long-term credit facilities | -190,000 | -25,000 |
Repayment of long-term debt | -167,478 | -19,302 |
Proceeds from issuance of long-term credit facilities | 210,000 | 25,000 |
Proceeds from issuance of long-term debt | 356,532 | 0 |
Proceeds from government assistance | 3,142 | 0 |
Dividends paid to noncontrolling interests | 0 | -780 |
Debt and other issuance costs | -7,890 | 0 |
Net Cash Provided (Used) by Financing Activities | 88,043 | 8,172 |
Effect of Foreign Exchange Rates on Cash and Cash Equivalents | -14,715 | 981 |
Net Increase (Decrease) in Cash and Cash Equivalents | -65,499 | 28,265 |
Cash and Cash Equivalents - Beginning of Year | 238,144 | 179,178 |
Cash and Cash Equivalents - End of Period | 172,645 | 207,443 |
Supplemental Cash Flow Information: | ||
Cash paid for interest | 13,795 | 14,688 |
Cash paid for taxes | $14,472 | $29,724 |
Basis_Of_Presentation
Basis Of Presentation | 6 Months Ended |
1-May-15 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis Of Presentation | Note 1 – Basis of Presentation |
The consolidated balance sheet as of May 1, 2015, the consolidated statement of operations and comprehensive income (loss) for the three and six month periods ended May 1, 2015, and May 2, 2014, and the consolidated statement of cash flows for the six month periods ended May 1, 2015, and May 2, 2014, 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. | |
The notes to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2014, provide a summary of significant accounting policies and additional financial information that should be read in conjunction with this Form 10-Q. | |
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 six months of fiscal 2015 was 26 weeks, while the first six months of fiscal 2014 was 27 weeks. | |
On June 5, 2014, the Company’s board of directors authorized a change in the Company’s fiscal year end to the last Friday of September from the last Friday in October, effective for fiscal year 2016. The Company plans to report its financial results for the 11-month transition period of November 1, 2014, through October 2, 2015, on an Annual Report on Form 10-K and to thereafter file its annual report for each 12-month period ending the last Friday of September of each year, beginning with the 12-month period ending September 30, 2016. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 6 Months Ended |
1-May-15 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Recent Accounting Pronouncements | Note 2 – Recent Accounting Pronouncements |
In April 2014, the Financial Accounting Standards Board (FASB) issued guidance that modifies the criteria used to qualify divestitures for classification as discontinued operations and expands disclosure related to disposals of significant components. The amendment will become effective for the Company in fiscal 2016, with early adoption permitted; however, the Company does not expect to early adopt the amended guidance. The amended guidance is expected to decrease the likelihood that future disposals will qualify for discontinued operations treatment, meaning that the results of operation of some future disposals may be reported as continuing operations. | |
In May 2014, the Financial Accounting Standards Board (FASB) amended requirements for an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. Early adoption is not permitted. The updated standard becomes effective for the Company in the first fiscal quarter of 2018. The Company has not yet selected a transition method and is currently evaluating the effect that the updated standard will have on consolidated financial statements and related disclosures. | |
In April 2015, the Financial Accounting Standards Board (FASB) amended requirements related to the presentation of debt issuance cost. The updated standard requires debt issuance costs related to recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. The recognition and measurement of debt issuance costs are not affected by this amendment. The updated standard is effective for the Company in the first fiscal quarter of 2016. The Company does not expect that the standard will have a material impact on its consolidated financial statements and related disclosures. |
Earnings_Per_Share_and_Shareho
Earnings Per Share and Shareholders Equity | 6 Months Ended | |||||||||||||||||
1-May-15 | ||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||
Earnings Per Share and Shareholders Equity | Note 3 – Earnings Per Share and Shareholders’ Equity | |||||||||||||||||
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 stock options excluded from the calculation of diluted earnings per share because they were anti-dilutive were 243,450 and 177,100 in the second fiscal quarter of 2015 and 2014, respectively. Shares used for calculating earnings per share are disclosed in the following table. | ||||||||||||||||||
In Thousands | Three Months Ended | Six Months Ended | ||||||||||||||||
May 1, | May 2, | May 1, | May 2, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
Shares used for basic earnings per share | 31,005 | 31,867 | 31,306 | 31,733 | ||||||||||||||
Shares used for diluted earnings per share | 31,525 | 32,475 | 31,839 | 32,348 | ||||||||||||||
The authorized capital stock of the Company consists of 25,000 shares of preferred stock ($100 par value), 475,000 shares of serial preferred stock ($1.00 par value), each issuable in series, and 60,000,000 shares of common stock ($.20 par value). As of May 1, 2015, and October 31, 2014, there were no shares of preferred stock or serial preferred stock outstanding. | ||||||||||||||||||
On June 19, 2014, the Company’s board of directors approved a $200 million share repurchase program. In March 2015, the Company’s board of directors approved an additional $200 million for the share repurchase program. Under the program, the Company is authorized to repurchase up to $400 million of outstanding shares of common stock from time to time, depending on market conditions, share price and other factors. Repurchases may be made in the open market or through private transactions, in accordance with SEC requirements. The Company may enter into a Rule 10(b)5-1 plan designed to facilitate the repurchase of all or a portion of the repurchase amount. The program does not require the Company to acquire a specific number of shares. Common stock repurchased can be reissued, and accordingly, the Company accounts for repurchased stock under the cost method of accounting. | ||||||||||||||||||
During the six months ended May 1, 2015, the Company repurchased 1,162,436 shares under this program at an average price paid per share of $109.55, for an aggregate purchase price of $127.3 million. | ||||||||||||||||||
Changes in issued and outstanding common shares are summarized as follows: | ||||||||||||||||||
May 1, | October 31, | |||||||||||||||||
2015 | 2014 | |||||||||||||||||
Shares Issued: | ||||||||||||||||||
Balance, beginning of year | 32,123,717 | 31,441,949 | ||||||||||||||||
Shares issued under share-based compensation plans | 178,406 | 681,768 | ||||||||||||||||
Balance, end of current period | 32,302,123 | 32,123,717 | ||||||||||||||||
Treasury Stock: | ||||||||||||||||||
Balance, beginning of year | 269,228 | - | ||||||||||||||||
Shares purchased | 1,162,436 | 269,228 | ||||||||||||||||
Balance, end of current period | 1,431,664 | 269,228 | ||||||||||||||||
Shares outstanding, end of period | 30,870,459 | 31,854,489 | ||||||||||||||||
The components of Accumulated Other Comprehensive Gain (Loss): | ||||||||||||||||||
In Thousands | May 1, | October 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||||
Unrealized loss on derivative contracts | $ | (19,807 | ) | $ | (14,179 | ) | ||||||||||||
Tax effect | 5,350 | 3,890 | ||||||||||||||||
(14,457 | ) | (10,289 | ) | |||||||||||||||
Pension and post-retirement obligations | (80,438 | ) | (90,225 | ) | ||||||||||||||
Tax effect | 26,784 | 30,072 | ||||||||||||||||
(53,654 | ) | (60,153 | ) | |||||||||||||||
Currency translation adjustment | (198,237 | ) | (61,135 | ) | ||||||||||||||
Accumulated other comprehensive gain (loss) | $ | (266,348 | ) | $ | (131,577 | ) | ||||||||||||
Retirement_Benefits
Retirement Benefits | 6 Months Ended | |||||||||||||||||
1-May-15 | ||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ||||||||||||||||||
Retirement Benefits | Note 4 – Retirement Benefits | |||||||||||||||||
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). The Company also sponsors a number of other non-U.S. defined benefit pension plans, primarily in France and Germany. In fiscal 2014, the Company offered vested terminated participants of its U.S. pension plan a one-time opportunity to elect a lump-sum payment from the plan in lieu of a lifetime annuity. In the first fiscal quarter of 2015, the Company made a $16.6 million lump-sum payment to vested terminated pension plan participants from the plan, which resulted in an actuarial estimated settlement charge of $3.0 million. The charge was recorded in selling, general and administrative expenses. Components of periodic pension cost consisted of the following: | ||||||||||||||||||
In Thousands | Three Months Ended | Six Months Ended | ||||||||||||||||
May 1, | May 2, | May 1, | May 2, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
Components of Net Periodic Cost | ||||||||||||||||||
Service cost | $ | 2,830 | $ | 2,894 | $ | 5,700 | $ | 5,623 | ||||||||||
Interest cost | 4,175 | 4,765 | 8,529 | 9,577 | ||||||||||||||
Expected return on plan assets | (6,385 | ) | (6,939 | ) | (12,859 | ) | (13,451 | ) | ||||||||||
Settlement | - | - | 2,991 | - | ||||||||||||||
Amortization of prior service cost | 17 | 19 | 35 | 38 | ||||||||||||||
Amortization of actuarial (gain) loss | 1,131 | 1,343 | 2,399 | 2,700 | ||||||||||||||
Net periodic cost (benefit) | $ | 1,768 | $ | 2,082 | $ | 6,795 | $ | 4,487 | ||||||||||
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 | Six Months Ended | ||||||||||||||||
May 1, | May 2, | May 1, | May 2, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
Components of Net Periodic Cost | ||||||||||||||||||
Service cost | $ | 205 | $ | 228 | $ | 425 | $ | 463 | ||||||||||
Interest cost | 134 | 184 | 277 | 373 | ||||||||||||||
Amortization of prior service cost | (17 | ) | (17 | ) | (34 | ) | (34 | ) | ||||||||||
Amortization of actuarial (gain) loss | (23 | ) | (66 | ) | (49 | ) | (134 | ) | ||||||||||
Net periodic cost (benefit) | $ | 299 | $ | 329 | $ | 619 | $ | 668 | ||||||||||
The Company amortizes prior service cost and actuarial gains and losses from accumulated other comprehensive income to expense over the remaining service period. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||
1-May-15 | |||||||||
Fair Value Disclosures [Abstract] | |||||||||
Fair Value Measurements | Note 5 – Fair Value Measurements | ||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy has been established that prioritizes the inputs to valuation techniques used to measure fair value. An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The hierarchy of fair value measurements is described below: | |||||||||
Level 1 – Valuations are based on quoted prices that the Company has the ability to obtain in actively traded markets for identical assets and liabilities. Since valuations are based on quoted prices that are readily and regularly available in an active market or exchange traded market, a valuation of these instruments does not require a significant degree of judgment. | |||||||||
Level 2 – Valuations are based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. | |||||||||
Level 3 – Valuations are based on model-based techniques for which some or all of the assumptions are obtained from indirect market information that is significant to the overall fair value measurement and which require a significant degree of management judgment. | |||||||||
The following table sets forth the Company’s financial assets and liabilities that were measured at fair value on a recurring basis by level within the fair value hierarchy at May 1, 2015, and October 31, 2014. | |||||||||
In Thousands | Level 2 | ||||||||
May 1, | October 31, | ||||||||
2015 | 2014 | ||||||||
Assets: | |||||||||
Derivative contracts designated as hedging instruments | $ | 1,912 | $ | 24 | |||||
Derivative contracts not designated as hedging instruments | 1,006 | 1,081 | |||||||
Embedded derivatives | 3,647 | 2,351 | |||||||
Liabilities: | |||||||||
Derivative contracts designated as hedging instruments | $ | 22,079 | $ | 14,592 | |||||
Derivative contracts not designated as hedging instruments | 4,333 | 4,188 | |||||||
Embedded derivatives | 1,128 | 15 | |||||||
In Thousands | Level 3 | ||||||||
May 1, | October 31, | ||||||||
2015 | 2014 | ||||||||
Liabilities: | |||||||||
Contingent purchase obligation | $ | 5,000 | $ | 5,000 | |||||
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. | |||||||||
From time to time, 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 acquisition of Sunbank Family of Companies, LLC (Sunbank) of $5.0 million as of May 1, 2015. The contingent considerations will be payable to the sellers if certain performance objectives are met following the acquisition in accordance with the terms of the purchase agreement. The values recorded on the balance sheet were derived from the estimated probability that the performance objectives will be met. The contingent purchase obligation is categorized as Level 3 in the fair value hierarchy. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 6 Months Ended | |||||||||||||||||
1-May-15 | ||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||||||||||||||||||
Derivative Financial Instruments | Note 6 – Derivative Financial Instruments | |||||||||||||||||
The Company uses derivative financial instruments in the form of foreign currency forward exchange contracts and interest rate swap contracts for the purpose of minimizing exposure to changes in foreign currency exchange rates on business transactions and interest rates, respectively. The Company’s policy is to execute such instruments with banks the Company believes to be creditworthy 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 value 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. At May 1, 2015, and October 31, 2014, the Company did not have any hedges with credit-risk-related contingent features or that required the posting of collateral. 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. At May 1, 2015, and October 31, 2014, the Company had outstanding foreign currency forward exchange contracts principally to sell U.S. dollars with notional amounts of $374.2 million and $396.2 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. | ||||||||||||||||||
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 April 2015, the Company issued €330.0 million in 3.625% Senior Notes due April 2023 (2023 Notes) and requiring semi-annual interest payment in April and October each year until maturity. The Company designated the 2023 Notes a hedge of the investment of certain foreign business units. The foreign currency gain or loss that is effective as a hedge is reported as a component of other comprehensive income (loss) 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. The Company also designated the accrued interest on the 2023 Notes as a 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 (loss) 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. On June 30, 2014, the Company paid off the remaining balance of the Euro Term Loan. As a result, the Company recorded a net loss of $0.5 million on extinguishment of debt. | ||||||||||||||||||
Fair Value of Derivative Instruments | ||||||||||||||||||
Fair value of derivative instruments in the Consolidated Balance Sheet at May 1, 2015, and October 31, 2014, consisted of: | ||||||||||||||||||
In Thousands | Fair Value | |||||||||||||||||
May 1, | October 31, | |||||||||||||||||
Classification | 2015 | 2014 | ||||||||||||||||
Foreign Currency Forward Exchange Contracts: | ||||||||||||||||||
Other current assets | $ | 2,267 | $ | 1,052 | ||||||||||||||
Other assets | 651 | 53 | ||||||||||||||||
Accrued liabilities | 20,983 | 15,490 | ||||||||||||||||
Other liabilities | 5,429 | 3,290 | ||||||||||||||||
Embedded Derivative Instruments: | ||||||||||||||||||
Other current assets | $ | 541 | $ | 296 | ||||||||||||||
Other assets | 3,106 | 2,055 | ||||||||||||||||
Accrued liabilities | 105 | 15 | ||||||||||||||||
Other liabilities | 1,023 | - | ||||||||||||||||
The effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income (Loss) for the three and six month periods ended May 1, 2015, and May 2, 2014, consisted of: | ||||||||||||||||||
Fair Value Hedges | ||||||||||||||||||
We recognized the following gains (losses) on contracts designated as fair value hedges: | ||||||||||||||||||
In Thousands | Three Months Ended | Six Months Ended | ||||||||||||||||
Gain (Loss) | May 1, | May 2, | May 1, | May 2, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
Embedded derivatives: | ||||||||||||||||||
Recognized in sales | $ | (5,230 | ) | $ | (1,881 | ) | $ | 654 | $ | 866 | ||||||||
Cash Flow Hedges | ||||||||||||||||||
We recognized the following gains (losses) on contracts designated as cash flow hedges: | ||||||||||||||||||
In Thousands | Three Months Ended | Six Months Ended | ||||||||||||||||
Gain (Loss) | May 1, | May 2, | May 1, | May 2, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
Foreign currency forward exchange contracts: | ||||||||||||||||||
Recognized in AOCI (effective portion) | $ | 24,588 | $ | 9,034 | $ | 7,780 | $ | (2,735 | ) | |||||||||
Reclassified from AOCI into sales | (8,627 | ) | (2,242 | ) | (13,408 | ) | (2,741 | ) | ||||||||||
Net Investment Hedges | ||||||||||||||||||
We recognized the following gains (losses) on contracts designated as net investment hedges: | ||||||||||||||||||
In Thousands | Three Months Ended | Six Months Ended | ||||||||||||||||
Gain (Loss) | May 1, | May 2, | May 1, | May 2, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
Euro Term Loan: | ||||||||||||||||||
Recognized in AOCI | $ | - | $ | (556 | ) | $ | - | $ | (28 | ) | ||||||||
2023 Notes: | ||||||||||||||||||
Recognized in AOCI | $ | (13,035 | ) | $ | - | $ | (13,035 | ) | $ | - | ||||||||
During the first six months of fiscal 2015 and 2014, the Company recorded a loss of $1.8 million and a gain of $0.8 million, respectively, on foreign currency forward exchange contracts that have not been designated as accounting hedges. These foreign currency exchange gains (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 six months of fiscal 2015 and 2014. 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 six months of fiscal 2015 and 2014. | ||||||||||||||||||
Amounts included in AOCI are reclassified into earnings when the hedged transaction settles. The Company expects to reclassify approximately $15.9 million of net loss into earnings over the next 12 months. The $15.9 million loss will reduce the Company’s U.S.-dollar-denominated sales covered by qualified forward contracts to the forward rate when the Company entered into the forward contracts. The maximum duration of the Company’s foreign currency cash flow hedge contracts at May 1, 2015, is 24 months. |
Income_Taxes
Income Taxes | 6 Months Ended |
1-May-15 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7 – Income Taxes |
The income tax rate was 17.3% in the second fiscal quarter of 2015 compared with 20.3% in the prior-year period. In the second fiscal quarter of 2015 we recognized $0.3 million of discrete tax expense principally related to reconciling the prior year’s income tax return to the income tax provision. In the second fiscal quarter of 2014, we recognized $0.6 million of discrete tax benefits principally related to the reduction of net deferred income tax liabilities as a result of the enactment of tax laws reducing the U.K. statutory income tax rate. The income tax rate differed from the statutory rate in the second fiscal quarter of 2015 and 2014, as both years benefited from various tax credits and certain foreign interest expense deductions. | |
The income tax rates were 21.3% and 20.2% for the first six months of fiscal 2015 and 2014, respectively. In the first six months of fiscal 2015, the Company recognized $0.8 million of discrete tax expense principally related to the following items. The first item was approximately $2.3 million of discrete tax expense principally related to reconciling the prior year’s income tax return to the income tax provision. The second item was approximately $1.5 million of tax benefits due to the retroactive extension of the U.S. federal research and experimentation credits. In the first six months of fiscal 2014, the Company recognized approximately $1.1 million of discrete tax benefits principally related to the following items. The first item was approximately $0.6 million of tax benefits due to the release of reserves due to the expiration of a statute of limitations. The second item was a $0.5 million reduction of net deferred income tax liabilities as a result of the enactment of tax laws reducing the U.K. statutory income tax rate. The income tax rate differed from the statutory rate in the first six months of fiscal 2015 and 2014, 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 $2.5 million of tax benefits that are currently unrecognized could be recognized as a result of settlement of examinations and/or the expiration of applicable statutes of limitations. | |
Debt
Debt | 6 Months Ended |
1-May-15 | |
Debt Disclosure [Abstract] | |
Debt | Note 8 – Debt |
In March 2011, the Company entered into a secured credit facility for $460 million made available through a group of banks. The credit facility is secured by substantially all of the Company’s assets and interest is based on standard inter-bank offering rates. On April 9, 2015, the Company amended the secured credit facility to extend the expiration to April 9, 2020, increase the revolving credit facility to $500 million, and provide for a delayed-draw term loan facility of $250 million. Borrowing under the delayed-draw term loan facility, if utilized, may be used only for working capital and repayment or refinancing of our existing indebtedness and to pay the fees and expenses in connection therewith. The interest rate on the credit facility ranges from LIBOR plus 1.25% to LIBOR plus 2.00% depending on the leverage ratios at the time the funds are drawn. At May 1, 2015, the Company had $120.0 million outstanding under the secured credit facility at an interest rate of LIBOR plus 1.50%, which was 1.68% at May 1, 2015. | |
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. On April 8, 2015, the Company paid off the $175 million U.S. Term Loan. In connection with the redemption, the Company wrote off $0.3 million in unamortized debt issuance costs as a loss on extinguishment of debt in the second fiscal quarter of 2015. | |
In August 2010, the Company issued $250.0 million in 7% Senior Notes due August 1, 2020 (2020 Notes), and requiring semi-annual interest payments in March and September of each year until maturity. The net proceeds from the sale of the notes, after deducting $4.4 million of debt issuance cost, were $245.6 million. The 2020 Notes are general unsecured senior obligations of the Company. The 2020 Notes are guaranteed, jointly and severally on a senior basis, by all the existing and future domestic subsidiaries of the Company unless designated as an “unrestricted subsidiary,” and those foreign subsidiaries that executed related subsidiary guarantees under the indenture covering the 2020 Notes. The 2020 Notes are subject to redemption at the option of the Company at any time prior to August 1, 2015, at a price equal to 100% of the principal amount, plus any accrued interest to the date of redemption and a make-whole provision. The 2020 Notes are also subject to redemption at the option of the Company, in whole or in part, on or after August 1, 2015, at redemption prices starting at 103.500% of the principal amount plus accrued interest during the period beginning August 1, 2015, and declining annually to 100% of principal and accrued interest on or after August 1, 2018. | |
In April 2015, the Company issued €330.0 million in 3.625% 2023 Notes requiring semi-annual interest payments in April and October of each year until maturity. The net proceeds from the sale of the notes, after deducting $5.7 million of debt issuance cost, were $350.8 million. The 2023 Notes are general unsecured senior obligations of the Company. The 2023 Notes are unconditionally guaranteed on a senior basis by the Company and certain subsidiaries of the Company that are guarantors under the Company’s existing secured credit facility. The 2023 Notes are subject to redemption at the option of the Company at any time prior to April 15, 2018, at a price equal to 100% of the principal amount, plus any accrued interest to the date of redemption and a make-whole provision. The Company may also redeem up to 35% of the 2023 Notes before April 15, 2018, with the net cash proceeds from equity offerings. The 2023 Notes are also subject to redemption at the option of the Company, in whole or in part, on or after April 15, 2018, at redemption prices starting at 102.719% of the principal amount plus accrued interest during the period beginning April 15, 2018, and declining annually to 100% of principal and accrued interest on or after April 15, 2021. | |
Based on quoted market prices, the approximate fair value of the Company’s 2020 Notes was approximately $261.7 million and $266.9 million as of May 1, 2015, and October 31, 2014, respectively. Based on quoted market prices, the approximate fair value of the Company’s 2023 Notes was approximately $371.0 million as of May 1, 2015. The carrying amount of the secured credit facility approximates fair value. Estimates of fair value for the 2020 Notes and 2023 Notes are based on quoted market prices, and are considered Level 2 inputs as defined in the fair value hierarchy described in Note 5. | |
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 4.30% at May 1, 2015. The debt recognized was $46.0 million and $51.9 million as of May 1, 2015, and October 31, 2014, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
1-May-15 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9 – Commitments and Contingencies |
As of May 1, 2015, and October 31, 2014, the Company had a $1.1 million and $1.5 million liability, respectively, related to environmental remediation at a previously sold business for which the Company provided indemnification. | |
In the first fiscal quarter of 2015, the Company recognized a $15.7 million gain and a $2.4 million reduction in interest expense upon the lapse of a statutory period related to a liability for a non-income tax position of an acquired company. | |
On March 5, 2014, the Company entered into a Consent Agreement 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 Consent Agreement settled 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 Consent Agreement 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 Consent Agreement 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 Consent Agreement was consistent with the amount proposed by DTCC in August 2013, for which the Company estimated and recorded a $10 million charge in the third 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 paid in March 2014, $2 million paid in February 2015, and $2 million to be paid in each of March 2016 and 2017. The Company expects some part of recent investments made in its 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. | |
Employee_Stock_Plans
Employee Stock Plans | 6 Months Ended | |||||||||
1-May-15 | ||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||||
Employee Stock Plans | Note 10 – Employee Stock Plans | |||||||||
As of May 1, 2015, the Company had three share-based compensation plans, which are described below. The compensation cost that has been charged against income for those plans was $5.6 million and $6.6 million for the first six months of fiscal 2015 and 2014, respectively. During the first six months of fiscal 2015 and 2014, the Company issued 178,406 and 491,320 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. | ||||||||||
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. The Company granted 25,984 and 29,242 options in the six month periods ended May 1, 2015, and May 2, 2014, respectively. The weighted-average grant date fair value of options granted during the six month periods ended May 1, 2015, and May 2, 2014, was $24.31 and $27.03 per share, respectively. | ||||||||||
Six Months Ended | ||||||||||
May 1, | May 2, | |||||||||
2015 | 2014 | |||||||||
Volatility | 25.8 | % | 33.69 | % | ||||||
Risk-free interest rate | 0.93 | % | 0.73 | % | ||||||
Expected life (years) | 3 | 3 | ||||||||
Dividends | 0 | 0 | ||||||||
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 188,500 and 191,900 options to purchase shares in the six month periods ended May 1, 2015, and May 2, 2014, respectively. The weighted-average grant date fair value of options granted during the six month periods ended May 1, 2015, and May 2, 2014, was $48.63 and $45.20 per share, respectively. | ||||||||||
The fair value of each option granted by the Company was estimated using a Black-Scholes pricing model, which uses the assumptions noted in the following table. The Company uses historical data to estimate volatility of the Company’s common stock and option exercise and employee termination assumptions. The 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. | ||||||||||
Six Months Ended | ||||||||||
May 1, | May 2, | |||||||||
2015 | 2014 | |||||||||
Volatility | 40.73 - 41.89% | 41.87 - 43.17% | ||||||||
Risk-free interest rate | 1.43 - 2.00% | 1.73 - 2.99% | ||||||||
Expected life (years) | 9-May | 9-May | ||||||||
Dividends | 0 | 0 | ||||||||
The Company granted 20,300 and 77,075 restricted stock units in the six month periods ended May 1, 2015, and May 2, 2014, respectively. The weighted-average grant date fair value of restricted stock units granted during the six month periods ended May 1, 2015, and May 2, 2014, was $113.98 and $84.34 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. | ||||||||||
Acquisitions
Acquisitions | 6 Months Ended | ||||
1-May-15 | |||||
Business Combinations [Abstract] | |||||
Acquisitions | Note 11 – Acquisitions | ||||
On January 31, 2015, the Company acquired the defense, aerospace and training display (DAT) business of Belgium-based Barco N.V. (Barco) for €150 million, or approximately $171 million, in cash. The Company incurred a $2.9 million foreign currency exchange loss in the funding of the acquisition in the first fiscal quarter of 2015. The Company financed the acquisition primarily using international cash reserves, with the balance funded by borrowings under its existing credit facility. The display business develops and manufactures visualization solutions for a variety of demanding defense and commercial aerospace applications. The display business is included in our Avionics & Controls segment. | |||||
The following summarizes the allocation of the estimated fair value of the assets acquired and liabilities assumed at the date of acquisition. The fair value adjustment for inventory was $7.1 million, which will be recognized as cost of goods sold over 13 months, the estimated inventory turnover. Acquisition related costs of $3.3 million have been recognized as selling, general and administrative expense. The purchase price includes the value of existing technologies, the introduction of new technologies, and the addition of new customers. These factors resulted in recording goodwill of $63.5 million. The amount allocated to goodwill is not deductible for income tax purposes. | |||||
In Thousands | |||||
As of January 31, 2015 | |||||
Current assets | $ | 80,400 | |||
Property, plant and equipment | 4,188 | ||||
Intangible assets subject to amortization | |||||
Programs (15 year average useful life) | 53,013 | ||||
Trade name (10 year average useful life) | 452 | ||||
Contracts (3 year average useful life) | 3,161 | ||||
Goodwill | 63,508 | ||||
Other assets | 3,401 | ||||
Total assets acquired | 208,123 | ||||
Current liabilities assumed | 33,368 | ||||
Long-term liabilities assumed | 3,685 | ||||
Net assets acquired | $ | 171,070 | |||
On December 20, 2013, the Company acquired Sunbank for $51.7 million. The purchase price included $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. | |||||
Comprehensive_Income_Loss
Comprehensive Income (Loss) | 6 Months Ended | |||||||||||||||||
1-May-15 | ||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||
Comprehensive Income (Loss) | Note 12 – Comprehensive Income (Loss) | |||||||||||||||||
The Company’s comprehensive income (loss) is as follows: | ||||||||||||||||||
In Thousands | Three Months Ended | Six Months Ended | ||||||||||||||||
May 1, | May 2, | May 1, | May 2, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
Net earnings | $ | 19,810 | $ | 36,904 | $ | 28,129 | $ | 66,982 | ||||||||||
Change in fair value of derivative financial | 11,596 | 4,963 | (4,168 | ) | (3,960 | ) | ||||||||||||
instruments, net of tax (1) | ||||||||||||||||||
Change in pension and post-retirement obligations, | (189 | ) | 254 | 6,499 | 2,146 | |||||||||||||
net of tax (2) | ||||||||||||||||||
Currency translation adjustment | 2,327 | 38,000 | (137,102 | ) | 4,515 | |||||||||||||
Comprehensive Income (Loss) | $ | 33,544 | $ | 80,121 | $ | (106,642 | ) | $ | 69,683 | |||||||||
1 | Net of tax expense of $(4,365) and $(1,828) for the second fiscal quarter of 2015 and 2014, respectively. Net of tax benefit of $1,460 and $1,516 for the first six months of fiscal 2015 and 2014, respectively. | |||||||||||||||||
2 | Net of tax expense of $(36) and $(214) for the second fiscal quarter of 2015 and 2014, respectively. Net of tax expense of $(3,288) and $(1,016) for the first six months of fiscal 2015 and 2014, respectively. | |||||||||||||||||
Restructuring
Restructuring | 6 Months Ended | ||||||||||||||||
1-May-15 | |||||||||||||||||
Restructuring And Related Activities [Abstract] | |||||||||||||||||
Restructuring | Note 13 – Restructuring | ||||||||||||||||
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 for a total of $35 million in fiscal 2014 and fiscal 2015. Total restructuring expenses were $20.4 million in fiscal 2014. The costs are for exit and relocation of facilities, losses on the write off of certain property, plant and equipment, and severance. In the first six months of fiscal 2015, restructuring expense totaled $7.3 million, as more fully described in the following table: | |||||||||||||||||
In Thousands | Write Off of | ||||||||||||||||
Exit & | Property, | ||||||||||||||||
Relocation | Plant & | ||||||||||||||||
of Facilities | Equipment | Severance | Total | ||||||||||||||
Cost of sales | $ | 2,414 | $ | 560 | $ | 402 | $ | 3,376 | |||||||||
Restructuring charges | 2,901 | - | 1,071 | 3,972 | |||||||||||||
Total | $ | 5,315 | $ | 560 | $ | 1,473 | $ | 7,348 | |||||||||
In the first six months of fiscal 2014, restructuring expense totaled $8.9 million, as more fully described in the following table: | |||||||||||||||||
In Thousands | Write Off of | ||||||||||||||||
Exit & | Property, | ||||||||||||||||
Relocation | Plant & | ||||||||||||||||
of Facilities | Equipment | Severance | Total | ||||||||||||||
Cost of sales | $ | 2,051 | $ | - | $ | - | $ | 2,051 | |||||||||
Restructuring charges | 822 | 2,470 | 3,582 | 6,874 | |||||||||||||
Total | $ | 2,873 | $ | 2,470 | $ | 3,582 | $ | 8,925 | |||||||||
The Company has recorded an accrued liability of $2.7 million and $5.9 million for these activities as of May 1, 2015, and October 31, 2014, respectively. | |||||||||||||||||
In Thousands | Accrued | ||||||||||||||||
Liabilities | |||||||||||||||||
Beginning Balance as of October 25, 2013 | $ | - | |||||||||||||||
Amounts accrued and incurred | 20,388 | ||||||||||||||||
Amounts paid | (11,688 | ) | |||||||||||||||
Write-off | (2,585 | ) | |||||||||||||||
Currency translation adjustment | (200 | ) | |||||||||||||||
Balance as of October 31, 2014 | $ | 5,915 | |||||||||||||||
Amounts accrued and incurred | 7,348 | ||||||||||||||||
Amounts paid | (9,845 | ) | |||||||||||||||
Write-off | (560 | ) | |||||||||||||||
Currency translation adjustment | (130 | ) | |||||||||||||||
Balance as of May 1, 2015 | $ | 2,728 | |||||||||||||||
Discontinued_Operations
Discontinued Operations | 6 Months Ended | |||||||||||||||||||||
1-May-15 | ||||||||||||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ||||||||||||||||||||||
Discontinued Operations | Note 14 – Discontinued Operations | |||||||||||||||||||||
On September 3, 2014, the Company approved a plan to sell certain non-core business units including Eclipse, a manufacturer of embedded communication intercept receivers for signal intelligence applications; Wallop Defence Systems, Ltd. (Wallop), a manufacturer of flare countermeasure devices; Pacific Aerospace and Electronics Inc. (PA&E), a manufacturer of hermetically sealed electrical connectors; and a small distribution business. These businesses were not separate reporting units as defined under U.S. GAAP and no indicator of impairment existed at August 1, 2014, requiring an impairment test of their corresponding reporting units’ goodwill or these businesses’ long-lived assets. Based upon the estimated fair values, the Company incurred an estimated after-tax loss of $49.5 million in the fourth fiscal quarter of 2014 on assets held for sale in discontinued operations. Principal assumptions used in measuring the estimated after-tax loss included estimated selling price of the discontinued business, discount rates, industry growth rates, and pricing of comparable transactions in the market. Eclipse and the distribution business are included in the Avionics & Controls segment, Wallop is included in the Advanced Materials segment, and PA&E is included in the Sensors & Systems segment. | ||||||||||||||||||||||
During the second fiscal quarter of 2015, the Company incurred a loss of $1.8 million on discontinued operations. During the first six months of fiscal 2015, the Company incurred a loss on discontinued operations of $18.6 million, including a $15.8 million loss on assets held for sale. For the first six months of fiscal 2015, a $10.2 million loss on assets held for sale at Avionics & Controls was principally due the reduction of Eclipse’s estimated selling price based upon lower expectations of earnings for the business and continuing negotiations with the buyer. The $5.1 million write-off in Advanced Materials was due to the effects of valuing Wallop’s balance sheet at the current exchange rate incurred in the first six months of fiscal 2015. | ||||||||||||||||||||||
In the first fiscal quarter of 2015, the Company recorded a $1.2 million increase in a liability related to environmental remediation at a previously sold business for which the Company provided indemnification. A loss of $0.8 million, net of tax, is reflected in discontinued operations. | ||||||||||||||||||||||
The operating results of the discontinued operations for the three month period ended May 1, 2015, consisted of the following: | ||||||||||||||||||||||
Avionics & | Sensors & | Advanced | ||||||||||||||||||||
In Thousands | Controls | Systems | Materials | Other | Total | |||||||||||||||||
Net Sales | $ | 7,111 | $ | 6,632 | $ | 3,304 | $ | - | $ | 17,047 | ||||||||||||
Operating earnings (loss) | (735 | ) | 1,187 | (1,010 | ) | - | (558 | ) | ||||||||||||||
Gain (loss) on net assets held for | 1,361 | (622 | ) | (2,508 | ) | - | (1,769 | ) | ||||||||||||||
sale | ||||||||||||||||||||||
Tax expense (benefit) | (301 | ) | 3 | (207 | ) | - | (505 | ) | ||||||||||||||
Income (loss) from discontinued | $ | 927 | $ | 562 | $ | (3,311 | ) | $ | - | $ | (1,822 | ) | ||||||||||
operations | ||||||||||||||||||||||
The operating results of the discontinued operations for the six month period ended May 1, 2015, consisted of the following: | ||||||||||||||||||||||
Avionics & | Sensors & | Advanced | ||||||||||||||||||||
In Thousands | Controls | Systems | Materials | Other | Total | |||||||||||||||||
Net Sales | $ | 13,913 | $ | 12,265 | $ | 6,105 | $ | - | $ | 32,283 | ||||||||||||
Operating earnings (loss) | (1,517 | ) | 1,737 | (3,079 | ) | (1,185 | ) | (4,044 | ) | |||||||||||||
Gain (loss) on net assets held for | (10,153 | ) | (622 | ) | (5,071 | ) | - | (15,846 | ) | |||||||||||||
sale | ||||||||||||||||||||||
Tax expense (benefit) | (557 | ) | 198 | (559 | ) | (411 | ) | (1,329 | ) | |||||||||||||
Income (loss) from discontinued | $ | (11,113 | ) | $ | 917 | $ | (7,591 | ) | $ | (774 | ) | $ | (18,561 | ) | ||||||||
operations | ||||||||||||||||||||||
The operating results of the discontinued operations for the three month period ended May 2, 2014, consisted of the following: | ||||||||||||||||||||||
Avionics & | Sensors & | Advanced | ||||||||||||||||||||
In Thousands | Controls | Systems | Materials | Other | Total | |||||||||||||||||
Net Sales | $ | 10,985 | $ | 5,623 | $ | 2,105 | $ | - | $ | 18,713 | ||||||||||||
Operating earnings (loss) | (1,743 | ) | (25 | ) | (2,816 | ) | (343 | ) | (4,927 | ) | ||||||||||||
Gain (loss) on net assets held for | - | - | - | - | - | |||||||||||||||||
sale | ||||||||||||||||||||||
Tax expense (benefit) | (649 | ) | (4 | ) | (583 | ) | - | (1,236 | ) | |||||||||||||
Income (loss) from discontinued | $ | (1,094 | ) | $ | (21 | ) | $ | (2,233 | ) | $ | (343 | ) | $ | (3,691 | ) | |||||||
operations | ||||||||||||||||||||||
The operating results of the discontinued operations for the six month period ended May 2, 2014, consisted of the following: | ||||||||||||||||||||||
Avionics & | Sensors & | Advanced | ||||||||||||||||||||
In Thousands | Controls | Systems | Materials | Other | Total | |||||||||||||||||
Net Sales | $ | 17,534 | $ | 10,938 | $ | 9,281 | $ | - | $ | 37,753 | ||||||||||||
Operating earnings (loss) | (4,719 | ) | (419 | ) | (4,824 | ) | (343 | ) | (10,305 | ) | ||||||||||||
Gain (loss) on net assets held for | - | - | - | - | - | |||||||||||||||||
sale | ||||||||||||||||||||||
Tax expense (benefit) | (1,616 | ) | (134 | ) | (999 | ) | - | (2,749 | ) | |||||||||||||
Income (loss) from discontinued | $ | (3,103 | ) | $ | (285 | ) | $ | (3,825 | ) | $ | (343 | ) | $ | (7,556 | ) | |||||||
operations | ||||||||||||||||||||||
Assets and Liabilities Held for Sale within the Consolidated Balance Sheet at May 1, 2015, are comprised of the following: | ||||||||||||||||||||||
Avionics & | Sensors & | Advanced | ||||||||||||||||||||
In Thousands | Controls | Systems | Materials | Total | ||||||||||||||||||
Accounts receivable, net | $ | 3,352 | $ | 3,678 | $ | 3,266 | $ | 10,296 | ||||||||||||||
Inventories | 12,924 | 9,141 | 5,733 | 27,798 | ||||||||||||||||||
Prepaid expenses | 295 | 237 | 401 | 933 | ||||||||||||||||||
Deferred income tax benefits | 697 | 675 | - | 1,372 | ||||||||||||||||||
Income tax refundable | - | - | - | - | ||||||||||||||||||
Current Assets of Businesses Held for Sale | $ | 17,268 | $ | 13,731 | $ | 9,400 | $ | 40,399 | ||||||||||||||
Net property, plant and equipment | $ | 1,777 | $ | 3,990 | $ | 16,867 | $ | 22,634 | ||||||||||||||
Intangibles, net | 15,642 | 10,205 | 6,957 | 32,804 | ||||||||||||||||||
Deferred income tax benefits | - | - | - | - | ||||||||||||||||||
Other assets | - | - | 1,514 | 1,514 | ||||||||||||||||||
Non-Current Assets of Businesses Held for Sale | $ | 17,419 | $ | 14,195 | $ | 25,338 | $ | 56,952 | ||||||||||||||
Accounts payable | $ | 3,314 | $ | 1,107 | $ | 5,536 | $ | 9,957 | ||||||||||||||
Accrued liabilities | 1,738 | 1,018 | 1,468 | 4,224 | ||||||||||||||||||
Current Liabilities of Businesses Held for Sale | $ | 5,052 | $ | 2,125 | $ | 7,004 | $ | 14,181 | ||||||||||||||
Deferred income tax liabilities | $ | 11,148 | $ | 6,310 | $ | 1,641 | $ | 19,099 | ||||||||||||||
Other liabilities | 307 | 21 | - | 328 | ||||||||||||||||||
Non-Current Liabilities of Businesses Held for Sale | $ | 11,455 | $ | 6,331 | $ | 1,641 | $ | 19,427 | ||||||||||||||
Net Assets of Businesses Held for Sale | $ | 18,180 | $ | 19,470 | $ | 26,093 | $ | 63,743 | ||||||||||||||
Assets and Liabilities Held for Sale within the Consolidated Balance Sheet at October 31, 2014, were comprised of the following: | ||||||||||||||||||||||
Avionics & | Sensors & | Advanced | ||||||||||||||||||||
In Thousands | Controls | Systems | Materials | Total | ||||||||||||||||||
Accounts receivable, net | $ | 5,154 | $ | 3,752 | $ | 2,106 | $ | 11,012 | ||||||||||||||
Inventories | 12,646 | 7,972 | 5,258 | 25,876 | ||||||||||||||||||
Prepaid expenses | 408 | 86 | 335 | 829 | ||||||||||||||||||
Deferred income tax benefits | 671 | 680 | - | 1,351 | ||||||||||||||||||
Income tax refundable | - | - | 2,378 | 2,378 | ||||||||||||||||||
Current Assets of Businesses Held for Sale | $ | 18,879 | $ | 12,490 | $ | 10,077 | $ | 41,446 | ||||||||||||||
Net property, plant and equipment | $ | 4,949 | $ | 4,105 | $ | 19,839 | $ | 28,893 | ||||||||||||||
Intangibles, net | 22,228 | 10,659 | 8,327 | 41,214 | ||||||||||||||||||
Deferred income tax benefits | - | (30 | ) | - | (30 | ) | ||||||||||||||||
Other assets | - | - | 1,600 | 1,600 | ||||||||||||||||||
Non-Current Assets of Businesses Held for Sale | $ | 27,177 | $ | 14,734 | $ | 29,766 | $ | 71,677 | ||||||||||||||
Accounts payable | $ | 2,194 | $ | 873 | $ | 6,326 | $ | 9,393 | ||||||||||||||
Accrued liabilities | 1,765 | 1,008 | 2,025 | 4,798 | ||||||||||||||||||
Current Liabilities of Businesses Held for Sale | $ | 3,959 | $ | 1,881 | $ | 8,351 | $ | 14,191 | ||||||||||||||
Deferred income tax liabilities | $ | 11,084 | $ | 6,243 | $ | 1,537 | $ | 18,864 | ||||||||||||||
Other liabilities | - | - | 12 | 12 | ||||||||||||||||||
Non-Current Liabilities of Businesses Held for Sale | $ | 11,084 | $ | 6,243 | $ | 1,549 | $ | 18,876 | ||||||||||||||
Net Assets of Businesses Held for Sale | $ | 31,013 | $ | 19,100 | $ | 29,943 | $ | 80,056 | ||||||||||||||
Business_Segment_Information
Business Segment Information | 6 Months Ended | |||||||||||||||||
1-May-15 | ||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||
Business Segment Information | Note 15 – Business Segment Information | |||||||||||||||||
Business segment information for continuing operations includes the segments of Avionics & Controls, Sensors & Systems and Advanced Materials. | ||||||||||||||||||
In Thousands | Three Months Ended | Six Months Ended | ||||||||||||||||
May 1, | May 2, | May 1, | May 2, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
Sales | ||||||||||||||||||
Avionics & Controls | $ | 210,589 | $ | 184,616 | $ | 387,067 | $ | 378,506 | ||||||||||
Sensors & Systems | 176,425 | 205,111 | 340,081 | 386,885 | ||||||||||||||
Advanced Materials | 113,066 | 121,134 | 219,276 | 231,410 | ||||||||||||||
$ | 500,080 | $ | 510,861 | $ | 946,424 | $ | 996,801 | |||||||||||
Earnings from Continuing Operations Before Income Taxes | ||||||||||||||||||
Avionics & Controls | $ | 9,449 | $ | 23,310 | $ | 28,551 | $ | 51,050 | ||||||||||
Sensors & Systems | 22,564 | 23,124 | 32,135 | 43,756 | ||||||||||||||
Advanced Materials | 24,981 | 30,179 | 41,512 | 48,187 | ||||||||||||||
Segment Earnings | 56,994 | 76,613 | 102,198 | 142,993 | ||||||||||||||
Corporate expense | (22,007 | ) | (17,037 | ) | (41,022 | ) | (32,256 | ) | ||||||||||
Other income | - | - | 12,744 | - | ||||||||||||||
Interest income | 124 | 136 | 303 | 255 | ||||||||||||||
Interest expense | (8,564 | ) | (8,434 | ) | (14,405 | ) | (17,059 | ) | ||||||||||
Loss on extinguishment of debt | (329 | ) | - | (329 | ) | - | ||||||||||||
$ | 26,218 | $ | 51,278 | $ | 59,489 | $ | 93,933 | |||||||||||
Guarantors
Guarantors | 6 Months Ended | |||||||||||||||||||||||
1-May-15 | ||||||||||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||||||||||
Guarantors | Note 16 – Guarantors | |||||||||||||||||||||||
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 May 1, 2015, and October 31, 2014, and for the applicable periods ended May 1, 2015, and May 2, 2014, for (a) Esterline Technologies Corporation (the Parent); (b) TA Mfg. Limited, the issuer of the 2023 Notes; (c) on a combined basis, the current subsidiary guarantors (Guarantor Subsidiaries) of the secured credit facility, the 2020 Notes and the 2023 Notes for the periods after April 2015; and (d) on a combined basis, the subsidiaries that are not guarantors (Non-Guarantor Subsidiaries) of the secured credit facility, the 2020 Notes and the 2023 Notes for the period after April 2015. 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 2020 Notes and the 2023 Notes. | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheet as of May 1, 2015. | ||||||||||||||||||||||||
In Thousands | Non- | |||||||||||||||||||||||
TA Mfg. | Guarantor | Guarantor | ||||||||||||||||||||||
Parent | Ltd. | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 23,591 | $ | 1,985 | $ | 2,883 | $ | 144,186 | $ | - | $ | 172,645 | ||||||||||||
Accounts receivable, net | 69 | - | 142,018 | 242,575 | - | 384,662 | ||||||||||||||||||
Inventories | - | - | 193,498 | 286,090 | - | 479,588 | ||||||||||||||||||
Income tax refundable | - | - | - | 9,394 | - | 9,394 | ||||||||||||||||||
Deferred income tax benefits | 31,918 | - | (1,220 | ) | 21,826 | - | 52,524 | |||||||||||||||||
Prepaid expenses | 185 | - | 8,302 | 15,405 | - | 23,892 | ||||||||||||||||||
Other current assets | 74 | - | 111 | 3,415 | - | 3,600 | ||||||||||||||||||
Current assets of businesses held | - | - | 25,400 | 14,999 | - | 40,399 | ||||||||||||||||||
for sale | ||||||||||||||||||||||||
Total Current Assets | 55,837 | 1,985 | 370,992 | 737,890 | - | 1,166,704 | ||||||||||||||||||
Property, Plant & Equipment, Net | 1,397 | - | 160,832 | 144,369 | - | 306,598 | ||||||||||||||||||
Goodwill | - | - | 372,021 | 702,416 | - | 1,074,437 | ||||||||||||||||||
Intangibles, net | - | - | 101,998 | 373,933 | - | 475,931 | ||||||||||||||||||
Debt issuance costs, net | 5,447 | 5,715 | - | - | - | 11,162 | ||||||||||||||||||
Deferred income tax benefits | 18,169 | - | - | 44,590 | - | 62,759 | ||||||||||||||||||
Other assets | 276 | - | 41,394 | (19,845 | ) | - | 21,825 | |||||||||||||||||
Non-current assets of businesses held | - | - | - | 56,952 | - | 56,952 | ||||||||||||||||||
for sale | ||||||||||||||||||||||||
Amounts Due From (To) Subsidiaries | - | 349,959 | 794,188 | - | (1,144,147 | ) | - | |||||||||||||||||
Investment in Subsidiaries | 3,162,577 | 642,929 | 1,009,042 | 14,644 | (4,829,192 | ) | - | |||||||||||||||||
Total Assets | $ | 3,243,703 | $ | 1,000,588 | $ | 2,850,467 | $ | 2,054,949 | $ | (5,973,339 | ) | $ | 3,176,368 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||||||
Accounts payable | $ | 3,536 | $ | - | $ | 36,820 | $ | 83,092 | $ | - | $ | 123,448 | ||||||||||||
Accrued liabilities | 16,247 | 1,189 | 87,274 | 159,783 | - | 264,493 | ||||||||||||||||||
Current maturities of long-term | - | - | 862 | 140 | - | 1,002 | ||||||||||||||||||
debt | ||||||||||||||||||||||||
Deferred income tax liabilities | 558 | - | 1 | 2,292 | - | 2,851 | ||||||||||||||||||
Federal and foreign income taxes | (1,946 | ) | (2,621 | ) | (3,898 | ) | 10,082 | - | 1,617 | |||||||||||||||
Current liabilities of businesses | - | - | 3,902 | 10,279 | - | 14,181 | ||||||||||||||||||
held for sale | ||||||||||||||||||||||||
Total Current Liabilities | 18,395 | (1,432 | ) | 124,961 | 265,668 | - | 407,592 | |||||||||||||||||
Credit Facilities | 90,000 | - | - | 30,000 | - | 120,000 | ||||||||||||||||||
Long-Term Debt, Net | 250,000 | 369,567 | 57,184 | 46,203 | - | 722,954 | ||||||||||||||||||
Deferred Income Tax Liabilities | 57,654 | - | (17,465 | ) | 97,794 | - | 137,983 | |||||||||||||||||
Pension and Post-Retirement Obligations | 18,904 | - | 862 | 38,202 | - | 57,968 | ||||||||||||||||||
Other Liabilities | 14,680 | - | 194 | 15,084 | - | 29,958 | ||||||||||||||||||
Non-current liabilities of businesses | - | - | 17,740 | 1,687 | - | 19,427 | ||||||||||||||||||
held for sale | ||||||||||||||||||||||||
Amounts Due To (From) Subsidiaries | 1,102,689 | - | - | 400,768 | (1,503,457 | ) | - | |||||||||||||||||
Shareholders' Equity | 1,691,381 | 632,453 | 2,666,991 | 1,159,543 | (4,469,882 | ) | 1,680,486 | |||||||||||||||||
Total Liabilities and Shareholders' | $ | 3,243,703 | $ | 1,000,588 | $ | 2,850,467 | $ | 2,054,949 | $ | (5,973,339 | ) | $ | 3,176,368 | |||||||||||
Equity | ||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three month period ended May 1, 2015. | ||||||||||||||||||||||||
In Thousands | Non- | |||||||||||||||||||||||
TA Mfg. | Guarantor | Guarantor | ||||||||||||||||||||||
Parent | Ltd. | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||||||
Net sales | $ | - | $ | - | $ | 234,864 | $ | 266,456 | $ | (1,240 | ) | $ | 500,080 | |||||||||||
Cost of sales | - | - | 153,567 | 184,102 | (1,240 | ) | 336,429 | |||||||||||||||||
- | - | 81,297 | 82,354 | - | 163,651 | |||||||||||||||||||
Expenses | ||||||||||||||||||||||||
Selling, general and administrative | - | 16 | 35,634 | 65,092 | - | 100,742 | ||||||||||||||||||
Research, development & engineering | - | - | 12,520 | 14,480 | - | 27,000 | ||||||||||||||||||
Restructuring charges | - | - | 922 | - | - | 922 | ||||||||||||||||||
Other (income) expense | - | - | (409 | ) | 409 | - | - | |||||||||||||||||
Total Expenses | - | 16 | 48,667 | 79,981 | - | 128,664 | ||||||||||||||||||
Operating Earnings from Continuing | - | (16 | ) | 32,630 | 2,373 | - | 34,987 | |||||||||||||||||
Operations | ||||||||||||||||||||||||
Interest Income | (4,029 | ) | (860 | ) | (7,268 | ) | (7,490 | ) | 19,523 | (124 | ) | |||||||||||||
Interest Expense | 6,857 | 889 | 12,467 | 7,874 | (19,523 | ) | 8,564 | |||||||||||||||||
Loss on Extinguishment of Debt | 329 | - | - | - | 329 | |||||||||||||||||||
Earnings (Loss) from Continuing | (3,157 | ) | (45 | ) | 27,431 | 1,989 | - | 26,218 | ||||||||||||||||
Operations Before Income Taxes | ||||||||||||||||||||||||
Income Tax Expense (Benefit) | (560 | ) | (9 | ) | 5,333 | (222 | ) | - | 4,542 | |||||||||||||||
Earnings (Loss) from Continuing | (2,597 | ) | (36 | ) | 22,098 | 2,211 | - | 21,676 | ||||||||||||||||
Operations Including | ||||||||||||||||||||||||
Noncontrolling Interests | ||||||||||||||||||||||||
Earnings Attributable to | - | - | - | (44 | ) | - | (44 | ) | ||||||||||||||||
Noncontrolling Interests | ||||||||||||||||||||||||
Earnings (Loss) from Continuing | (2,597 | ) | (36 | ) | 22,098 | 2,167 | - | 21,632 | ||||||||||||||||
Operations Attributable to | ||||||||||||||||||||||||
Esterline, Net of Tax | ||||||||||||||||||||||||
Loss from Discontinued Operations | - | - | 921 | (2,743 | ) | - | (1,822 | ) | ||||||||||||||||
Attributable to Esterline, | ||||||||||||||||||||||||
Net of Tax | ||||||||||||||||||||||||
Equity in Net Earnings of | 22,407 | 21,534 | 51 | (43,992 | ) | - | ||||||||||||||||||
Consolidated Subsidiaries | ||||||||||||||||||||||||
Net Earnings (Loss) Attributable to | $ | 19,810 | $ | 21,498 | $ | 23,070 | $ | (576 | ) | $ | (43,992 | ) | $ | 19,810 | ||||||||||
Esterline | ||||||||||||||||||||||||
Comprehensive Income (Loss) | $ | 33,393 | $ | 10,537 | $ | 23,443 | $ | 11,737 | $ | (45,566 | ) | $ | 33,544 | |||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the six month period ended May 1, 2015. | ||||||||||||||||||||||||
In Thousands | Non- | |||||||||||||||||||||||
TA Mfg. | Guarantor | Guarantor | ||||||||||||||||||||||
Parent | Ltd. | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||||||
Net sales | $ | - | $ | - | $ | 443,865 | $ | 504,659 | $ | (2,100 | ) | $ | 946,424 | |||||||||||
Cost of sales | - | - | 293,377 | 346,146 | (2,100 | ) | 637,423 | |||||||||||||||||
- | - | 150,488 | 158,513 | - | 309,001 | |||||||||||||||||||
Expenses | ||||||||||||||||||||||||
Selling, general and administrative | - | 16 | 74,293 | 120,089 | - | 194,398 | ||||||||||||||||||
Research, development & engineering | - | - | 22,297 | 27,158 | - | 49,455 | ||||||||||||||||||
Restructuring charges | - | - | 3,360 | 612 | - | 3,972 | ||||||||||||||||||
Other (income) expense | - | - | - | (12,744 | ) | - | (12,744 | ) | ||||||||||||||||
Total Expenses | - | 16 | 99,950 | 135,115 | - | 235,081 | ||||||||||||||||||
Operating Earnings from Continuing | - | (16 | ) | 50,538 | 23,398 | - | 73,920 | |||||||||||||||||
Operations | ||||||||||||||||||||||||
Interest Income | (7,994 | ) | (860 | ) | (14,466 | ) | (15,888 | ) | 38,905 | (303 | ) | |||||||||||||
Interest Expense | 13,201 | 889 | 24,795 | 14,425 | (38,905 | ) | 14,405 | |||||||||||||||||
Loss on Extinguishment of Debt | 329 | - | - | - | - | 329 | ||||||||||||||||||
Earnings (Loss) from Continuing | (5,536 | ) | (45 | ) | 40,209 | 24,861 | - | 59,489 | ||||||||||||||||
Operations Before Income Taxes | ||||||||||||||||||||||||
Income Tax Expense (Benefit) | (1,109 | ) | (9 | ) | 6,947 | 6,863 | - | 12,692 | ||||||||||||||||
Earnings (Loss) from Continuing | (4,427 | ) | (36 | ) | 33,262 | 17,998 | - | 46,797 | ||||||||||||||||
Operations Including | ||||||||||||||||||||||||
Noncontrolling Interests | ||||||||||||||||||||||||
Earnings Attributable to | - | - | - | (107 | ) | - | (107 | ) | ||||||||||||||||
Noncontrolling Interests | ||||||||||||||||||||||||
Earnings (Loss) from Continuing | (4,427 | ) | (36 | ) | 33,262 | 17,891 | - | 46,690 | ||||||||||||||||
Operations Attributable to | ||||||||||||||||||||||||
Esterline, Net of Tax | ||||||||||||||||||||||||
Loss from Discontinued Operations | (774 | ) | - | (9,655 | ) | (8,132 | ) | - | (18,561 | ) | ||||||||||||||
Attributable to Esterline, | ||||||||||||||||||||||||
Net of Tax | ||||||||||||||||||||||||
Equity in Net Earnings of | 33,330 | 21,534 | 113 | - | (54,977 | ) | - | |||||||||||||||||
Consolidated Subsidiaries | ||||||||||||||||||||||||
Net Earnings (Loss) Attributable to | $ | 28,129 | $ | 21,498 | $ | 23,720 | $ | 9,759 | $ | (54,977 | ) | $ | 28,129 | |||||||||||
Esterline | ||||||||||||||||||||||||
Comprehensive Income (Loss) | $ | (93,457 | ) | $ | 10,537 | $ | 23,995 | $ | (104,298 | ) | $ | 56,581 | $ | (106,642 | ) | |||||||||
Condensed Consolidating Statement of Cash Flows for the six month period ended May 1, 2015. | ||||||||||||||||||||||||
In Thousands | Non- | |||||||||||||||||||||||
TA Mfg. | Guarantor | Guarantor | ||||||||||||||||||||||
Parent | Ltd. | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||||||
Cash Flows Provided (Used) by Operating Activities | ||||||||||||||||||||||||
Net earnings (loss) including | $ | 28,236 | $ | 21,498 | $ | 23,720 | $ | 9,759 | $ | (54,977 | ) | $ | 28,236 | |||||||||||
noncontrolling interests | ||||||||||||||||||||||||
Depreciation & amortization | - | - | 16,611 | 33,242 | - | 49,853 | ||||||||||||||||||
Deferred income taxes | (1,337 | ) | - | 21 | (6,156 | ) | - | (7,472 | ) | |||||||||||||||
Share-based compensation | - | 1 | 2,336 | 3,215 | - | 5,552 | ||||||||||||||||||
Gain on release of non-income | - | - | - | (15,656 | ) | - | (15,656 | ) | ||||||||||||||||
tax liability | ||||||||||||||||||||||||
Loss on assets held for sale | - | - | 10,295 | 5,551 | - | 15,846 | ||||||||||||||||||
Working capital changes, net of | ||||||||||||||||||||||||
effect of acquisitions: | ||||||||||||||||||||||||
Accounts receivable | 541 | - | 3,608 | 8,034 | - | 12,183 | ||||||||||||||||||
Inventories | - | - | (5,499 | ) | (18,781 | ) | - | (24,280 | ) | |||||||||||||||
Prepaid expenses | (38 | ) | - | (1,663 | ) | (3,507 | ) | - | (5,208 | ) | ||||||||||||||
Other current assets | 6 | - | (18 | ) | (315 | ) | - | (327 | ) | |||||||||||||||
Accounts payable | 1,785 | - | (3,949 | ) | (756 | ) | - | (2,920 | ) | |||||||||||||||
Accrued liabilities | (5,657 | ) | 1,177 | (5,888 | ) | (72 | ) | - | (10,440 | ) | ||||||||||||||
Federal and foreign income taxes | 336 | (14 | ) | (1,059 | ) | 793 | - | 56 | ||||||||||||||||
Other liabilities | 139 | - | (82 | ) | 2,240 | - | 2,297 | |||||||||||||||||
Other, net | (9,711 | ) | (642,884 | ) | (33,274 | ) | 693,827 | - | 7,958 | |||||||||||||||
14,300 | (620,222 | ) | 5,159 | 711,418 | (54,977 | ) | 55,678 | |||||||||||||||||
Cash Flows Provided (Used) by Investing Activities | ||||||||||||||||||||||||
Purchases of capital assets | (137 | ) | - | (8,558 | ) | (14,740 | ) | - | (23,435 | ) | ||||||||||||||
Acquisition of businesses, net of | - | - | - | (171,070 | ) | - | (171,070 | ) | ||||||||||||||||
cash acquired | ||||||||||||||||||||||||
(137 | ) | - | (8,558 | ) | (185,810 | ) | - | (194,505 | ) | |||||||||||||||
In Thousands | Non- | |||||||||||||||||||||||
TA Mfg. | Guarantor | Guarantor | ||||||||||||||||||||||
Parent | Ltd. | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||||||
Cash Flows Provided (Used) by Financing Activities | ||||||||||||||||||||||||
Proceeds provided by stock issuance | 9,335 | - | - | - | - | 9,335 | ||||||||||||||||||
under employee stock plans | ||||||||||||||||||||||||
Excess tax benefits from stock | 1,744 | - | - | - | - | 1,744 | ||||||||||||||||||
option exercises | ||||||||||||||||||||||||
Shares repurchased | (127,342 | ) | - | - | - | - | (127,342 | ) | ||||||||||||||||
Repayment of long-term credit | (190,000 | ) | - | - | - | - | (190,000 | ) | ||||||||||||||||
facilities | ||||||||||||||||||||||||
Repayment of long-term debt | (161,875 | ) | - | 2,476 | (8,079 | ) | - | (167,478 | ) | |||||||||||||||
Proceeds from issuance of long-term | 180,000 | - | - | 30,000 | - | 210,000 | ||||||||||||||||||
credit facilities | ||||||||||||||||||||||||
Proceeds from issuance of | - | 356,532 | - | - | - | 356,532 | ||||||||||||||||||
long-term debt | ||||||||||||||||||||||||
Proceeds from government | - | - | - | 3,142 | - | 3,142 | ||||||||||||||||||
assistance | ||||||||||||||||||||||||
Dividends paid to noncontrolling | - | - | - | - | - | - | ||||||||||||||||||
interests | ||||||||||||||||||||||||
Debt and other issuance costs | (2,130 | ) | (5,760 | ) | - | - | - | (7,890 | ) | |||||||||||||||
Net change in intercompany | 284,630 | 271,953 | 481 | (612,041 | ) | 54,977 | - | |||||||||||||||||
financing | ||||||||||||||||||||||||
(5,638 | ) | 622,725 | 2,957 | (586,978 | ) | 54,977 | 88,043 | |||||||||||||||||
Effect of Foreign Exchange Rates on | 432 | (518 | ) | (129 | ) | (14,500 | ) | - | (14,715 | ) | ||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||
Net Increase (Decrease) in Cash and | 8,957 | 1,985 | (571 | ) | (75,870 | ) | - | (65,499 | ) | |||||||||||||||
Cash Equivalents | ||||||||||||||||||||||||
Cash and Cash Equivalents - | 14,634 | - | 3,454 | 220,056 | - | 238,144 | ||||||||||||||||||
Beginning of Year | ||||||||||||||||||||||||
Cash and Cash Equivalents - | $ | 23,591 | $ | 1,985 | $ | 2,883 | $ | 144,186 | $ | - | $ | 172,645 | ||||||||||||
End of Period | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheet as of October 31, 2014. | ||||||||||||||||||||||||
In Thousands | Non- | |||||||||||||||||||||||
TA Mfg. | Guarantor | Guarantor | ||||||||||||||||||||||
Parent | Ltd. | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 14,634 | $ | - | $ | 3,454 | $ | 220,056 | $ | - | $ | 238,144 | ||||||||||||
Accounts receivable, net | 610 | - | 143,158 | 236,121 | - | 379,889 | ||||||||||||||||||
Inventories | - | - | 188,982 | 244,613 | - | 433,595 | ||||||||||||||||||
Income tax refundable | - | - | - | 5,266 | - | 5,266 | ||||||||||||||||||
Deferred income tax benefits | 31,486 | - | (1,191 | ) | 18,384 | - | 48,679 | |||||||||||||||||
Prepaid expenses | 147 | - | 6,703 | 13,486 | - | 20,336 | ||||||||||||||||||
Other current assets | 80 | - | 114 | 1,955 | - | 2,149 | ||||||||||||||||||
Current assets of businesses held | - | - | 26,800 | 14,646 | - | 41,446 | ||||||||||||||||||
for sale | ||||||||||||||||||||||||
Total Current Assets | 46,957 | - | 368,020 | 754,527 | - | 1,169,504 | ||||||||||||||||||
Property, Plant & Equipment, Net | 1,489 | - | 158,089 | 159,764 | - | 319,342 | ||||||||||||||||||
Goodwill | - | - | 347,700 | 724,086 | - | 1,071,786 | ||||||||||||||||||
Intangibles, net | - | - | 106,164 | 365,213 | - | 471,377 | ||||||||||||||||||
Debt issuance costs, net | 4,134 | - | - | 161 | - | 4,295 | ||||||||||||||||||
Deferred income tax benefits | 20,455 | - | 30 | 50,822 | - | 71,307 | ||||||||||||||||||
Other assets | 130 | - | 7,502 | 6,547 | - | 14,179 | ||||||||||||||||||
Non-current assets of businesses held | - | - | 40,737 | 30,940 | - | 71,677 | ||||||||||||||||||
for sale | ||||||||||||||||||||||||
Amounts Due From (To) Subsidiaries | - | - | 797,342 | - | (797,342 | ) | - | |||||||||||||||||
Investment in Subsidiaries | 3,307,454 | - | 1,127,237 | 20,768 | (4,455,459 | ) | - | |||||||||||||||||
Total Assets | $ | 3,380,619 | $ | - | $ | 2,952,821 | $ | 2,112,828 | $ | (5,252,801 | ) | $ | 3,193,467 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||||||
Accounts payable | $ | 1,751 | $ | - | $ | 36,905 | $ | 76,628 | $ | - | $ | 115,284 | ||||||||||||
Accrued liabilities | 20,178 | - | 93,168 | 149,190 | - | 262,536 | ||||||||||||||||||
Current maturities of long-term debt | 8,750 | - | 349 | 3,675 | - | 12,774 | ||||||||||||||||||
Deferred income tax liabilities | 76 | - | 8 | 1,689 | - | 1,773 | ||||||||||||||||||
Federal and foreign income taxes | (2,282 | ) | - | (2,643 | ) | 6,496 | - | 1,571 | ||||||||||||||||
Current liabilities of businesses | - | - | 4,010 | 10,181 | - | 14,191 | ||||||||||||||||||
held for sale | ||||||||||||||||||||||||
Total Current Liabilities | 28,473 | - | 131,797 | 247,859 | - | 408,129 | ||||||||||||||||||
Credit Facilities | 100,000 | - | - | - | - | 100,000 | ||||||||||||||||||
Long-Term Debt, Net | 403,125 | - | 55,176 | 51,419 | - | 509,720 | ||||||||||||||||||
Deferred Income Tax Liabilities | 58,615 | - | (17,333 | ) | 107,883 | - | 149,165 | |||||||||||||||||
Pension and Post-Retirement Obligations | 18,683 | - | 1,226 | 42,784 | - | 62,693 | ||||||||||||||||||
Other Liabilities | 16,762 | - | 3,944 | 26,178 | - | 46,884 | ||||||||||||||||||
Non-current liabilities of businesses | - | - | 17,327 | 1,549 | - | 18,876 | ||||||||||||||||||
held for sale | ||||||||||||||||||||||||
Amounts Due To (From) Subsidiaries | 856,961 | - | - | 456,861 | (1,313,822 | ) | - | |||||||||||||||||
Shareholders' Equity | 1,898,000 | - | 2,760,684 | 1,178,295 | (3,938,979 | ) | 1,898,000 | |||||||||||||||||
Total Liabilities and Shareholders' | $ | 3,380,619 | $ | - | $ | 2,952,821 | $ | 2,112,828 | $ | (5,252,801 | ) | $ | 3,193,467 | |||||||||||
Equity | ||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three month period ended May 2, 2014. | ||||||||||||||||||||||||
In Thousands | Non- | |||||||||||||||||||||||
TA Mfg. | Guarantor | Guarantor | ||||||||||||||||||||||
Parent | Ltd. | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||||||
Net sales | $ | - | $ | - | $ | 243,425 | $ | 268,512 | $ | (1,076 | ) | $ | 510,861 | |||||||||||
Cost of sales | - | - | 155,232 | 177,480 | (1,076 | ) | 331,636 | |||||||||||||||||
- | - | 88,193 | 91,032 | - | 179,225 | |||||||||||||||||||
Expenses | ||||||||||||||||||||||||
Selling, general and administrative | - | - | 37,903 | 54,132 | - | 92,035 | ||||||||||||||||||
Research, development & engineering | - | - | 12,490 | 13,046 | - | 25,536 | ||||||||||||||||||
Restructuring charges | - | - | 1,248 | 830 | - | 2,078 | ||||||||||||||||||
Other (income) expense | - | - | - | - | - | - | ||||||||||||||||||
Total Expenses | - | - | 51,641 | 68,008 | - | 119,649 | ||||||||||||||||||
Operating Earnings from Continuing | - | - | 36,552 | 23,024 | - | 59,576 | ||||||||||||||||||
Operations | ||||||||||||||||||||||||
Interest Income | (3,755 | ) | - | (1,913 | ) | (13,696 | ) | 19,228 | (136 | ) | ||||||||||||||
Interest Expense | 6,237 | - | 6,730 | 14,695 | (19,228 | ) | 8,434 | |||||||||||||||||
Loss on Extinguishment of Debt | - | - | - | - | - | - | ||||||||||||||||||
Earnings (Loss) from Continuing | (2,482 | ) | - | 31,735 | 22,025 | - | 51,278 | |||||||||||||||||
Operations Before Income Taxes | ||||||||||||||||||||||||
Income Tax Expense (Benefit) | (520 | ) | - | 6,996 | 3,910 | - | 10,386 | |||||||||||||||||
Earnings (Loss) from Continuing | (1,962 | ) | - | 24,739 | 18,115 | - | 40,892 | |||||||||||||||||
Operations Including | ||||||||||||||||||||||||
Noncontrolling Interests | ||||||||||||||||||||||||
Earnings Attributable to | - | - | - | (297 | ) | - | (297 | ) | ||||||||||||||||
Noncontrolling Interests | ||||||||||||||||||||||||
Earnings (Loss) from Continuing | (1,962 | ) | - | 24,739 | 17,818 | - | 40,595 | |||||||||||||||||
Operations Attributable to | ||||||||||||||||||||||||
Esterline, Net of Tax | ||||||||||||||||||||||||
Loss from Discontinued Operations | (343 | ) | - | (1,007 | ) | (2,341 | ) | - | (3,691 | ) | ||||||||||||||
Attributable to Esterline, | ||||||||||||||||||||||||
Net of Tax | ||||||||||||||||||||||||
Equity in Net Earnings of | 39,209 | - | 802 | 1,926 | (41,937 | ) | - | |||||||||||||||||
Consolidated Subsidiaries | ||||||||||||||||||||||||
Net Earnings (Loss) Attributable to | $ | 36,904 | $ | - | $ | 24,534 | $ | 17,403 | $ | (41,937 | ) | $ | 36,904 | |||||||||||
Esterline | ||||||||||||||||||||||||
Comprehensive Income (Loss) | $ | 75,488 | $ | - | $ | 25,065 | $ | 56,268 | $ | (76,700 | ) | $ | 80,121 | |||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the six month period ended May 2, 2014. | ||||||||||||||||||||||||
In Thousands | Non- | |||||||||||||||||||||||
TA Mfg. | Guarantor | Guarantor | ||||||||||||||||||||||
Parent | Ltd. | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||||||
Net sales | $ | - | $ | - | $ | 463,290 | $ | 536,029 | $ | (2,518 | ) | $ | 996,801 | |||||||||||
Cost of sales | - | - | 295,903 | 353,456 | (2,518 | ) | 646,841 | |||||||||||||||||
- | - | 167,387 | 182,573 | - | 349,960 | |||||||||||||||||||
Expenses | ||||||||||||||||||||||||
Selling, general and administrative | - | - | 73,708 | 107,459 | - | 181,167 | ||||||||||||||||||
Research, development & engineering | - | - | 24,313 | 26,869 | - | 51,182 | ||||||||||||||||||
Restructuring charges | - | - | 4,321 | 2,553 | - | 6,874 | ||||||||||||||||||
Other (income) expense | - | - | - | - | - | - | ||||||||||||||||||
Total Expenses | - | - | 102,342 | 136,881 | - | 239,223 | ||||||||||||||||||
Operating Earnings from Continuing | - | - | 65,045 | 45,692 | - | 110,737 | ||||||||||||||||||
Operations | ||||||||||||||||||||||||
Interest Income | (7,751 | ) | - | (3,938 | ) | (28,372 | ) | 39,806 | (255 | ) | ||||||||||||||
Interest Expense | 12,573 | - | 13,787 | 30,505 | (39,806 | ) | 17,059 | |||||||||||||||||
Loss on Extinguishment of Debt | - | - | - | - | - | - | ||||||||||||||||||
Earnings (Loss) from Continuing | (4,822 | ) | - | 55,196 | 43,559 | - | 93,933 | |||||||||||||||||
Operations Before Income Taxes | ||||||||||||||||||||||||
Income Tax Expense (Benefit) | (996 | ) | - | 12,237 | 7,771 | - | 19,012 | |||||||||||||||||
Earnings (Loss) from Continuing | (3,826 | ) | - | 42,959 | 35,788 | - | 74,921 | |||||||||||||||||
Operations Including | ||||||||||||||||||||||||
Noncontrolling Interests | ||||||||||||||||||||||||
Earnings Attributable to | - | - | - | (383 | ) | - | (383 | ) | ||||||||||||||||
Noncontrolling Interests | ||||||||||||||||||||||||
Earnings (Loss) from Continuing | (3,826 | ) | - | 42,959 | 35,405 | - | 74,538 | |||||||||||||||||
Operations Attributable to | ||||||||||||||||||||||||
Esterline, Net of Tax | ||||||||||||||||||||||||
Loss from Discontinued Operations | (343 | ) | - | (2,858 | ) | (4,355 | ) | - | (7,556 | ) | ||||||||||||||
Attributable to Esterline, | ||||||||||||||||||||||||
Net of Tax | ||||||||||||||||||||||||
Equity in Net Earnings of | 71,151 | - | 1,234 | 1,320 | (73,705 | ) | - | |||||||||||||||||
Consolidated Subsidiaries | ||||||||||||||||||||||||
Net Earnings (Loss) Attributable to | $ | 66,982 | $ | - | $ | 41,335 | $ | 32,370 | $ | (73,705 | ) | $ | 66,982 | |||||||||||
Esterline | ||||||||||||||||||||||||
Comprehensive Income (Loss) | $ | 72,667 | $ | - | $ | 42,469 | $ | 44,634 | $ | (90,087 | ) | $ | 69,683 | |||||||||||
Condensed Consolidating Statement of Cash Flows for the six month period ended May 2, 2014. | ||||||||||||||||||||||||
In Thousands | Non- | |||||||||||||||||||||||
TA Mfg. | Guarantor | Guarantor | ||||||||||||||||||||||
Parent | Ltd. | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||||||
Cash Flows Provided (Used) by Operating Activities | ||||||||||||||||||||||||
Net earnings (loss) including | $ | 67,365 | $ | - | $ | 41,335 | $ | 32,370 | $ | (73,705 | ) | $ | 67,365 | |||||||||||
noncontrolling interests | ||||||||||||||||||||||||
Depreciation & amortization | - | - | 22,722 | 36,560 | - | 59,282 | ||||||||||||||||||
Deferred income taxes | (2,708 | ) | - | 16 | (5,718 | ) | - | (8,410 | ) | |||||||||||||||
Share-based compensation | - | - | 2,891 | 3,757 | - | 6,648 | ||||||||||||||||||
Gain on release of non-income | - | - | - | - | - | - | ||||||||||||||||||
tax liability | ||||||||||||||||||||||||
Loss on assets held for sale | - | - | - | - | - | - | ||||||||||||||||||
Working capital changes, net of | ||||||||||||||||||||||||
effect of acquisitions: | ||||||||||||||||||||||||
Accounts receivable | (257 | ) | - | 11,715 | 21,873 | - | 33,331 | |||||||||||||||||
Inventories | - | - | (7,944 | ) | (25,541 | ) | - | (33,485 | ) | |||||||||||||||
Prepaid expenses | 33 | - | (3,634 | ) | (4,471 | ) | - | (8,072 | ) | |||||||||||||||
Other current assets | - | - | 1 | (277 | ) | - | (276 | ) | ||||||||||||||||
Accounts payable | (565 | ) | - | (132 | ) | (9,953 | ) | - | (10,650 | ) | ||||||||||||||
Accrued liabilities | (6,625 | ) | - | (1,292 | ) | (5,307 | ) | - | (13,224 | ) | ||||||||||||||
Federal and foreign income taxes | (6,803 | ) | - | 22,219 | (19,170 | ) | - | (3,754 | ) | |||||||||||||||
Other liabilities | 5,308 | - | 64 | (6,959 | ) | - | (1,587 | ) | ||||||||||||||||
Other, net | (242 | ) | - | (3,170 | ) | 696 | - | (2,716 | ) | |||||||||||||||
55,506 | - | 84,791 | 17,860 | (73,705 | ) | 84,452 | ||||||||||||||||||
Cash Flows Provided (Used) by Investing Activities | ||||||||||||||||||||||||
Purchases of capital assets | (149 | ) | - | (7,833 | ) | (13,315 | ) | - | (21,297 | ) | ||||||||||||||
Acquisition of businesses, net of | - | - | (44,043 | ) | - | - | (44,043 | ) | ||||||||||||||||
cash acquired | ||||||||||||||||||||||||
(149 | ) | - | (51,876 | ) | (13,315 | ) | - | (65,340 | ) | |||||||||||||||
In Thousands | Non- | |||||||||||||||||||||||
TA Mfg. | Guarantor | Guarantor | ||||||||||||||||||||||
Parent | Ltd. | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||||||
Cash Flows Provided (Used) by Financing Activities | ||||||||||||||||||||||||
Proceeds provided by stock issuance | 22,957 | - | - | - | - | 22,957 | ||||||||||||||||||
under employee stock plans | ||||||||||||||||||||||||
Excess tax benefits from stock | 5,297 | - | - | - | - | 5,297 | ||||||||||||||||||
option exercises | ||||||||||||||||||||||||
Shares repurchased | - | - | - | - | - | - | ||||||||||||||||||
Repayment of long-term credit | (25,000 | ) | - | - | - | - | (25,000 | ) | ||||||||||||||||
facilities | ||||||||||||||||||||||||
Repayment of long-term debt | (4,375 | ) | - | (205 | ) | (14,722 | ) | - | (19,302 | ) | ||||||||||||||
Proceeds from issuance of long-term | 25,000 | - | - | - | - | 25,000 | ||||||||||||||||||
credit facilities | ||||||||||||||||||||||||
Proceeds from issuance of | - | - | - | - | - | - | ||||||||||||||||||
long-term debt | ||||||||||||||||||||||||
Proceeds from government | - | - | - | - | - | - | ||||||||||||||||||
assistance | ||||||||||||||||||||||||
Dividends paid to noncontrolling | - | - | - | (780 | ) | - | (780 | ) | ||||||||||||||||
interests | ||||||||||||||||||||||||
Debt and other issuance costs | - | - | - | - | - | - | ||||||||||||||||||
Net change in intercompany | (77,490 | ) | - | (32,008 | ) | 35,793 | 73,705 | - | ||||||||||||||||
financing | ||||||||||||||||||||||||
(53,611 | ) | - | (32,213 | ) | 20,291 | 73,705 | 8,172 | |||||||||||||||||
Effect of Foreign Exchange Rates on | 5 | - | (43 | ) | 1,019 | - | 981 | |||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||
Net Increase (Decrease) in Cash and | 1,751 | - | 659 | 25,855 | - | 28,265 | ||||||||||||||||||
Cash Equivalents | ||||||||||||||||||||||||
Cash and Cash Equivalents - | 7,826 | - | 4,876 | 166,476 | - | 179,178 | ||||||||||||||||||
Beginning of Year | ||||||||||||||||||||||||
Cash and Cash Equivalents - | $ | 9,577 | $ | - | $ | 5,535 | $ | 192,331 | $ | - | $ | 207,443 | ||||||||||||
End of Period | ||||||||||||||||||||||||
Recent_Accounting_Pronouncemen1
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
1-May-15 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Recent Accounting Pronouncements | In April 2014, the Financial Accounting Standards Board (FASB) issued guidance that modifies the criteria used to qualify divestitures for classification as discontinued operations and expands disclosure related to disposals of significant components. The amendment will become effective for the Company in fiscal 2016, with early adoption permitted; however, the Company does not expect to early adopt the amended guidance. The amended guidance is expected to decrease the likelihood that future disposals will qualify for discontinued operations treatment, meaning that the results of operation of some future disposals may be reported as continuing operations. |
In May 2014, the Financial Accounting Standards Board (FASB) amended requirements for an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. Early adoption is not permitted. The updated standard becomes effective for the Company in the first fiscal quarter of 2018. The Company has not yet selected a transition method and is currently evaluating the effect that the updated standard will have on consolidated financial statements and related disclosures. | |
In April 2015, the Financial Accounting Standards Board (FASB) amended requirements related to the presentation of debt issuance cost. The updated standard requires debt issuance costs related to recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. The recognition and measurement of debt issuance costs are not affected by this amendment. The updated standard is effective for the Company in the first fiscal quarter of 2016. The Company does not expect that the standard will have a material impact on its consolidated financial statements and related disclosures. |
Earnings_Per_Share_and_Shareho1
Earnings Per Share and Shareholders Equity (Tables) | 6 Months Ended | |||||||||||||||||
1-May-15 | ||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||
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 | Six Months Ended | ||||||||||||||||
May 1, | May 2, | May 1, | May 2, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
Shares used for basic earnings per share | 31,005 | 31,867 | 31,306 | 31,733 | ||||||||||||||
Shares used for diluted earnings per share | 31,525 | 32,475 | 31,839 | 32,348 | ||||||||||||||
Schedule of Changes in Issued and Outstanding Common Shares and Treasury Stock | Changes in issued and outstanding common shares are summarized as follows: | |||||||||||||||||
May 1, | October 31, | |||||||||||||||||
2015 | 2014 | |||||||||||||||||
Shares Issued: | ||||||||||||||||||
Balance, beginning of year | 32,123,717 | 31,441,949 | ||||||||||||||||
Shares issued under share-based compensation plans | 178,406 | 681,768 | ||||||||||||||||
Balance, end of current period | 32,302,123 | 32,123,717 | ||||||||||||||||
Treasury Stock: | ||||||||||||||||||
Balance, beginning of year | 269,228 | - | ||||||||||||||||
Shares purchased | 1,162,436 | 269,228 | ||||||||||||||||
Balance, end of current period | 1,431,664 | 269,228 | ||||||||||||||||
Shares outstanding, end of period | 30,870,459 | 31,854,489 | ||||||||||||||||
Schedule of Components of Accumulated Other Comprehensive Loss | The components of Accumulated Other Comprehensive Gain (Loss): | |||||||||||||||||
In Thousands | May 1, | October 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||||
Unrealized loss on derivative contracts | $ | (19,807 | ) | $ | (14,179 | ) | ||||||||||||
Tax effect | 5,350 | 3,890 | ||||||||||||||||
(14,457 | ) | (10,289 | ) | |||||||||||||||
Pension and post-retirement obligations | (80,438 | ) | (90,225 | ) | ||||||||||||||
Tax effect | 26,784 | 30,072 | ||||||||||||||||
(53,654 | ) | (60,153 | ) | |||||||||||||||
Currency translation adjustment | (198,237 | ) | (61,135 | ) | ||||||||||||||
Accumulated other comprehensive gain (loss) | $ | (266,348 | ) | $ | (131,577 | ) | ||||||||||||
Retirement_Benefits_Tables
Retirement Benefits (Tables) | 6 Months Ended | |||||||||||||||||
1-May-15 | ||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ||||||||||||||||||
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). The Company also sponsors a number of other non-U.S. defined benefit pension plans, primarily in France and Germany. In fiscal 2014, the Company offered vested terminated participants of its U.S. pension plan a one-time opportunity to elect a lump-sum payment from the plan in lieu of a lifetime annuity. In the first fiscal quarter of 2015, the Company made a $16.6 million lump-sum payment to vested terminated pension plan participants from the plan, which resulted in an actuarial estimated settlement charge of $3.0 million. The charge was recorded in selling, general and administrative expenses. Components of periodic pension cost consisted of the following: | |||||||||||||||||
In Thousands | Three Months Ended | Six Months Ended | ||||||||||||||||
May 1, | May 2, | May 1, | May 2, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
Components of Net Periodic Cost | ||||||||||||||||||
Service cost | $ | 2,830 | $ | 2,894 | $ | 5,700 | $ | 5,623 | ||||||||||
Interest cost | 4,175 | 4,765 | 8,529 | 9,577 | ||||||||||||||
Expected return on plan assets | (6,385 | ) | (6,939 | ) | (12,859 | ) | (13,451 | ) | ||||||||||
Settlement | - | - | 2,991 | - | ||||||||||||||
Amortization of prior service cost | 17 | 19 | 35 | 38 | ||||||||||||||
Amortization of actuarial (gain) loss | 1,131 | 1,343 | 2,399 | 2,700 | ||||||||||||||
Net periodic cost (benefit) | $ | 1,768 | $ | 2,082 | $ | 6,795 | $ | 4,487 | ||||||||||
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 | Six Months Ended | ||||||||||||||||
May 1, | May 2, | May 1, | May 2, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
Components of Net Periodic Cost | ||||||||||||||||||
Service cost | $ | 205 | $ | 228 | $ | 425 | $ | 463 | ||||||||||
Interest cost | 134 | 184 | 277 | 373 | ||||||||||||||
Amortization of prior service cost | (17 | ) | (17 | ) | (34 | ) | (34 | ) | ||||||||||
Amortization of actuarial (gain) loss | (23 | ) | (66 | ) | (49 | ) | (134 | ) | ||||||||||
Net periodic cost (benefit) | $ | 299 | $ | 329 | $ | 619 | $ | 668 | ||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||
1-May-15 | |||||||||
Fair Value Disclosures [Abstract] | |||||||||
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 May 1, 2015, and October 31, 2014. | |||||||||
In Thousands | Level 2 | ||||||||
May 1, | October 31, | ||||||||
2015 | 2014 | ||||||||
Assets: | |||||||||
Derivative contracts designated as hedging instruments | $ | 1,912 | $ | 24 | |||||
Derivative contracts not designated as hedging instruments | 1,006 | 1,081 | |||||||
Embedded derivatives | 3,647 | 2,351 | |||||||
Liabilities: | |||||||||
Derivative contracts designated as hedging instruments | $ | 22,079 | $ | 14,592 | |||||
Derivative contracts not designated as hedging instruments | 4,333 | 4,188 | |||||||
Embedded derivatives | 1,128 | 15 | |||||||
In Thousands | Level 3 | ||||||||
May 1, | October 31, | ||||||||
2015 | 2014 | ||||||||
Liabilities: | |||||||||
Contingent purchase obligation | $ | 5,000 | $ | 5,000 | |||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 6 Months Ended | |||||||||||||||||
1-May-15 | ||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||||||||||||||||||
Fair Value of Derivative Instruments In Consolidated Balance Sheet | Fair value of derivative instruments in the Consolidated Balance Sheet at May 1, 2015, and October 31, 2014, consisted of: | |||||||||||||||||
In Thousands | Fair Value | |||||||||||||||||
May 1, | October 31, | |||||||||||||||||
Classification | 2015 | 2014 | ||||||||||||||||
Foreign Currency Forward Exchange Contracts: | ||||||||||||||||||
Other current assets | $ | 2,267 | $ | 1,052 | ||||||||||||||
Other assets | 651 | 53 | ||||||||||||||||
Accrued liabilities | 20,983 | 15,490 | ||||||||||||||||
Other liabilities | 5,429 | 3,290 | ||||||||||||||||
Embedded Derivative Instruments: | ||||||||||||||||||
Other current assets | $ | 541 | $ | 296 | ||||||||||||||
Other assets | 3,106 | 2,055 | ||||||||||||||||
Accrued liabilities | 105 | 15 | ||||||||||||||||
Other liabilities | 1,023 | - | ||||||||||||||||
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 three and six month periods ended May 1, 2015, and May 2, 2014, consisted of: | |||||||||||||||||
Fair Value Hedges | ||||||||||||||||||
We recognized the following gains (losses) on contracts designated as fair value hedges: | ||||||||||||||||||
In Thousands | Three Months Ended | Six Months Ended | ||||||||||||||||
Gain (Loss) | May 1, | May 2, | May 1, | May 2, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
Embedded derivatives: | ||||||||||||||||||
Recognized in sales | $ | (5,230 | ) | $ | (1,881 | ) | $ | 654 | $ | 866 | ||||||||
Cash Flow Hedges | ||||||||||||||||||
We recognized the following gains (losses) on contracts designated as cash flow hedges: | ||||||||||||||||||
In Thousands | Three Months Ended | Six Months Ended | ||||||||||||||||
Gain (Loss) | May 1, | May 2, | May 1, | May 2, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
Foreign currency forward exchange contracts: | ||||||||||||||||||
Recognized in AOCI (effective portion) | $ | 24,588 | $ | 9,034 | $ | 7,780 | $ | (2,735 | ) | |||||||||
Reclassified from AOCI into sales | (8,627 | ) | (2,242 | ) | (13,408 | ) | (2,741 | ) | ||||||||||
Net Investment Hedges | ||||||||||||||||||
We recognized the following gains (losses) on contracts designated as net investment hedges: | ||||||||||||||||||
In Thousands | Three Months Ended | Six Months Ended | ||||||||||||||||
Gain (Loss) | May 1, | May 2, | May 1, | May 2, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
Euro Term Loan: | ||||||||||||||||||
Recognized in AOCI | $ | - | $ | (556 | ) | $ | - | $ | (28 | ) | ||||||||
2023 Notes: | ||||||||||||||||||
Recognized in AOCI | $ | (13,035 | ) | $ | - | $ | (13,035 | ) | $ | - | ||||||||
Employee_Stock_Plans_Tables
Employee Stock Plans (Tables) | 6 Months Ended | |||||||||
1-May-15 | ||||||||||
Employee Sharesave Scheme | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Fair Value of Option Granted using Black-Scholes Pricing Model | ||||||||||
Six Months Ended | ||||||||||
May 1, | May 2, | |||||||||
2015 | 2014 | |||||||||
Volatility | 25.8 | % | 33.69 | % | ||||||
Risk-free interest rate | 0.93 | % | 0.73 | % | ||||||
Expected life (years) | 3 | 3 | ||||||||
Dividends | 0 | 0 | ||||||||
Equity Incentive Plan | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Fair Value of Option Granted using Black-Scholes Pricing Model | 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. | |||||||||
Six Months Ended | ||||||||||
May 1, | May 2, | |||||||||
2015 | 2014 | |||||||||
Volatility | 40.73 - 41.89% | 41.87 - 43.17% | ||||||||
Risk-free interest rate | 1.43 - 2.00% | 1.73 - 2.99% | ||||||||
Expected life (years) | 9-May | 9-May | ||||||||
Dividends | 0 | 0 | ||||||||
Acquisitions_Tables
Acquisitions (Tables) | 6 Months Ended | ||||
1-May-15 | |||||
Business Combinations [Abstract] | |||||
Allocation of Estimated Fair Value of Assets Acquired and Liabilities Assumed | |||||
In Thousands | |||||
As of January 31, 2015 | |||||
Current assets | $ | 80,400 | |||
Property, plant and equipment | 4,188 | ||||
Intangible assets subject to amortization | |||||
Programs (15 year average useful life) | 53,013 | ||||
Trade name (10 year average useful life) | 452 | ||||
Contracts (3 year average useful life) | 3,161 | ||||
Goodwill | 63,508 | ||||
Other assets | 3,401 | ||||
Total assets acquired | 208,123 | ||||
Current liabilities assumed | 33,368 | ||||
Long-term liabilities assumed | 3,685 | ||||
Net assets acquired | $ | 171,070 | |||
Comprehensive_Income_Loss_Tabl
Comprehensive Income (Loss) (Tables) | 6 Months Ended | |||||||||||||||||
1-May-15 | ||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||
Schedule of Comprehensive Income (Loss) | The Company’s comprehensive income (loss) is as follows: | |||||||||||||||||
In Thousands | Three Months Ended | Six Months Ended | ||||||||||||||||
May 1, | May 2, | May 1, | May 2, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
Net earnings | $ | 19,810 | $ | 36,904 | $ | 28,129 | $ | 66,982 | ||||||||||
Change in fair value of derivative financial | 11,596 | 4,963 | (4,168 | ) | (3,960 | ) | ||||||||||||
instruments, net of tax (1) | ||||||||||||||||||
Change in pension and post-retirement obligations, | (189 | ) | 254 | 6,499 | 2,146 | |||||||||||||
net of tax (2) | ||||||||||||||||||
Currency translation adjustment | 2,327 | 38,000 | (137,102 | ) | 4,515 | |||||||||||||
Comprehensive Income (Loss) | $ | 33,544 | $ | 80,121 | $ | (106,642 | ) | $ | 69,683 | |||||||||
1 | Net of tax expense of $(4,365) and $(1,828) for the second fiscal quarter of 2015 and 2014, respectively. Net of tax benefit of $1,460 and $1,516 for the first six months of fiscal 2015 and 2014, respectively. | |||||||||||||||||
2 | Net of tax expense of $(36) and $(214) for the second fiscal quarter of 2015 and 2014, respectively. Net of tax expense of $(3,288) and $(1,016) for the first six months of fiscal 2015 and 2014, respectively. |
Restructuring_Tables
Restructuring (Tables) | 6 Months Ended | ||||||||||||||||
1-May-15 | |||||||||||||||||
Restructuring And Related Activities [Abstract] | |||||||||||||||||
Schedule of Restructuring and Related Costs | |||||||||||||||||
In Thousands | Write Off of | ||||||||||||||||
Exit & | Property, | ||||||||||||||||
Relocation | Plant & | ||||||||||||||||
of Facilities | Equipment | Severance | Total | ||||||||||||||
Cost of sales | $ | 2,414 | $ | 560 | $ | 402 | $ | 3,376 | |||||||||
Restructuring charges | 2,901 | - | 1,071 | 3,972 | |||||||||||||
Total | $ | 5,315 | $ | 560 | $ | 1,473 | $ | 7,348 | |||||||||
In Thousands | Write Off of | ||||||||||||||||
Exit & | Property, | ||||||||||||||||
Relocation | Plant & | ||||||||||||||||
of Facilities | Equipment | Severance | Total | ||||||||||||||
Cost of sales | $ | 2,051 | $ | - | $ | - | $ | 2,051 | |||||||||
Restructuring charges | 822 | 2,470 | 3,582 | 6,874 | |||||||||||||
Total | $ | 2,873 | $ | 2,470 | $ | 3,582 | $ | 8,925 | |||||||||
Summary of Restructuring Activity | The Company has recorded an accrued liability of $2.7 million and $5.9 million for these activities as of May 1, 2015, and October 31, 2014, respectively. | ||||||||||||||||
In Thousands | Accrued | ||||||||||||||||
Liabilities | |||||||||||||||||
Beginning Balance as of October 25, 2013 | $ | - | |||||||||||||||
Amounts accrued and incurred | 20,388 | ||||||||||||||||
Amounts paid | (11,688 | ) | |||||||||||||||
Write-off | (2,585 | ) | |||||||||||||||
Currency translation adjustment | (200 | ) | |||||||||||||||
Balance as of October 31, 2014 | $ | 5,915 | |||||||||||||||
Amounts accrued and incurred | 7,348 | ||||||||||||||||
Amounts paid | (9,845 | ) | |||||||||||||||
Write-off | (560 | ) | |||||||||||||||
Currency translation adjustment | (130 | ) | |||||||||||||||
Balance as of May 1, 2015 | $ | 2,728 | |||||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 6 Months Ended | |||||||||||||||||||||
1-May-15 | ||||||||||||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ||||||||||||||||||||||
Schedule of Discontinued Operations | The operating results of the discontinued operations for the three month period ended May 1, 2015, consisted of the following: | |||||||||||||||||||||
Avionics & | Sensors & | Advanced | ||||||||||||||||||||
In Thousands | Controls | Systems | Materials | Other | Total | |||||||||||||||||
Net Sales | $ | 7,111 | $ | 6,632 | $ | 3,304 | $ | - | $ | 17,047 | ||||||||||||
Operating earnings (loss) | (735 | ) | 1,187 | (1,010 | ) | - | (558 | ) | ||||||||||||||
Gain (loss) on net assets held for | 1,361 | (622 | ) | (2,508 | ) | - | (1,769 | ) | ||||||||||||||
sale | ||||||||||||||||||||||
Tax expense (benefit) | (301 | ) | 3 | (207 | ) | - | (505 | ) | ||||||||||||||
Income (loss) from discontinued | $ | 927 | $ | 562 | $ | (3,311 | ) | $ | - | $ | (1,822 | ) | ||||||||||
operations | ||||||||||||||||||||||
The operating results of the discontinued operations for the six month period ended May 1, 2015, consisted of the following: | ||||||||||||||||||||||
Avionics & | Sensors & | Advanced | ||||||||||||||||||||
In Thousands | Controls | Systems | Materials | Other | Total | |||||||||||||||||
Net Sales | $ | 13,913 | $ | 12,265 | $ | 6,105 | $ | - | $ | 32,283 | ||||||||||||
Operating earnings (loss) | (1,517 | ) | 1,737 | (3,079 | ) | (1,185 | ) | (4,044 | ) | |||||||||||||
Gain (loss) on net assets held for | (10,153 | ) | (622 | ) | (5,071 | ) | - | (15,846 | ) | |||||||||||||
sale | ||||||||||||||||||||||
Tax expense (benefit) | (557 | ) | 198 | (559 | ) | (411 | ) | (1,329 | ) | |||||||||||||
Income (loss) from discontinued | $ | (11,113 | ) | $ | 917 | $ | (7,591 | ) | $ | (774 | ) | $ | (18,561 | ) | ||||||||
operations | ||||||||||||||||||||||
The operating results of the discontinued operations for the three month period ended May 2, 2014, consisted of the following: | ||||||||||||||||||||||
Avionics & | Sensors & | Advanced | ||||||||||||||||||||
In Thousands | Controls | Systems | Materials | Other | Total | |||||||||||||||||
Net Sales | $ | 10,985 | $ | 5,623 | $ | 2,105 | $ | - | $ | 18,713 | ||||||||||||
Operating earnings (loss) | (1,743 | ) | (25 | ) | (2,816 | ) | (343 | ) | (4,927 | ) | ||||||||||||
Gain (loss) on net assets held for | - | - | - | - | - | |||||||||||||||||
sale | ||||||||||||||||||||||
Tax expense (benefit) | (649 | ) | (4 | ) | (583 | ) | - | (1,236 | ) | |||||||||||||
Income (loss) from discontinued | $ | (1,094 | ) | $ | (21 | ) | $ | (2,233 | ) | $ | (343 | ) | $ | (3,691 | ) | |||||||
operations | ||||||||||||||||||||||
The operating results of the discontinued operations for the six month period ended May 2, 2014, consisted of the following: | ||||||||||||||||||||||
Avionics & | Sensors & | Advanced | ||||||||||||||||||||
In Thousands | Controls | Systems | Materials | Other | Total | |||||||||||||||||
Net Sales | $ | 17,534 | $ | 10,938 | $ | 9,281 | $ | - | $ | 37,753 | ||||||||||||
Operating earnings (loss) | (4,719 | ) | (419 | ) | (4,824 | ) | (343 | ) | (10,305 | ) | ||||||||||||
Gain (loss) on net assets held for | - | - | - | - | - | |||||||||||||||||
sale | ||||||||||||||||||||||
Tax expense (benefit) | (1,616 | ) | (134 | ) | (999 | ) | - | (2,749 | ) | |||||||||||||
Income (loss) from discontinued | $ | (3,103 | ) | $ | (285 | ) | $ | (3,825 | ) | $ | (343 | ) | $ | (7,556 | ) | |||||||
operations | ||||||||||||||||||||||
Assets and Liabilities Held for Sale within the Consolidated Balance Sheet at May 1, 2015, are comprised of the following: | ||||||||||||||||||||||
Avionics & | Sensors & | Advanced | ||||||||||||||||||||
In Thousands | Controls | Systems | Materials | Total | ||||||||||||||||||
Accounts receivable, net | $ | 3,352 | $ | 3,678 | $ | 3,266 | $ | 10,296 | ||||||||||||||
Inventories | 12,924 | 9,141 | 5,733 | 27,798 | ||||||||||||||||||
Prepaid expenses | 295 | 237 | 401 | 933 | ||||||||||||||||||
Deferred income tax benefits | 697 | 675 | - | 1,372 | ||||||||||||||||||
Income tax refundable | - | - | - | - | ||||||||||||||||||
Current Assets of Businesses Held for Sale | $ | 17,268 | $ | 13,731 | $ | 9,400 | $ | 40,399 | ||||||||||||||
Net property, plant and equipment | $ | 1,777 | $ | 3,990 | $ | 16,867 | $ | 22,634 | ||||||||||||||
Intangibles, net | 15,642 | 10,205 | 6,957 | 32,804 | ||||||||||||||||||
Deferred income tax benefits | - | - | - | - | ||||||||||||||||||
Other assets | - | - | 1,514 | 1,514 | ||||||||||||||||||
Non-Current Assets of Businesses Held for Sale | $ | 17,419 | $ | 14,195 | $ | 25,338 | $ | 56,952 | ||||||||||||||
Accounts payable | $ | 3,314 | $ | 1,107 | $ | 5,536 | $ | 9,957 | ||||||||||||||
Accrued liabilities | 1,738 | 1,018 | 1,468 | 4,224 | ||||||||||||||||||
Current Liabilities of Businesses Held for Sale | $ | 5,052 | $ | 2,125 | $ | 7,004 | $ | 14,181 | ||||||||||||||
Deferred income tax liabilities | $ | 11,148 | $ | 6,310 | $ | 1,641 | $ | 19,099 | ||||||||||||||
Other liabilities | 307 | 21 | - | 328 | ||||||||||||||||||
Non-Current Liabilities of Businesses Held for Sale | $ | 11,455 | $ | 6,331 | $ | 1,641 | $ | 19,427 | ||||||||||||||
Net Assets of Businesses Held for Sale | $ | 18,180 | $ | 19,470 | $ | 26,093 | $ | 63,743 | ||||||||||||||
Assets and Liabilities Held for Sale within the Consolidated Balance Sheet at October 31, 2014, were comprised of the following: | ||||||||||||||||||||||
Avionics & | Sensors & | Advanced | ||||||||||||||||||||
In Thousands | Controls | Systems | Materials | Total | ||||||||||||||||||
Accounts receivable, net | $ | 5,154 | $ | 3,752 | $ | 2,106 | $ | 11,012 | ||||||||||||||
Inventories | 12,646 | 7,972 | 5,258 | 25,876 | ||||||||||||||||||
Prepaid expenses | 408 | 86 | 335 | 829 | ||||||||||||||||||
Deferred income tax benefits | 671 | 680 | - | 1,351 | ||||||||||||||||||
Income tax refundable | - | - | 2,378 | 2,378 | ||||||||||||||||||
Current Assets of Businesses Held for Sale | $ | 18,879 | $ | 12,490 | $ | 10,077 | $ | 41,446 | ||||||||||||||
Net property, plant and equipment | $ | 4,949 | $ | 4,105 | $ | 19,839 | $ | 28,893 | ||||||||||||||
Intangibles, net | 22,228 | 10,659 | 8,327 | 41,214 | ||||||||||||||||||
Deferred income tax benefits | - | (30 | ) | - | (30 | ) | ||||||||||||||||
Other assets | - | - | 1,600 | 1,600 | ||||||||||||||||||
Non-Current Assets of Businesses Held for Sale | $ | 27,177 | $ | 14,734 | $ | 29,766 | $ | 71,677 | ||||||||||||||
Accounts payable | $ | 2,194 | $ | 873 | $ | 6,326 | $ | 9,393 | ||||||||||||||
Accrued liabilities | 1,765 | 1,008 | 2,025 | 4,798 | ||||||||||||||||||
Current Liabilities of Businesses Held for Sale | $ | 3,959 | $ | 1,881 | $ | 8,351 | $ | 14,191 | ||||||||||||||
Deferred income tax liabilities | $ | 11,084 | $ | 6,243 | $ | 1,537 | $ | 18,864 | ||||||||||||||
Other liabilities | - | - | 12 | 12 | ||||||||||||||||||
Non-Current Liabilities of Businesses Held for Sale | $ | 11,084 | $ | 6,243 | $ | 1,549 | $ | 18,876 | ||||||||||||||
Net Assets of Businesses Held for Sale | $ | 31,013 | $ | 19,100 | $ | 29,943 | $ | 80,056 | ||||||||||||||
Business_Segment_Information_T
Business Segment Information (Tables) | 6 Months Ended | |||||||||||||||||
1-May-15 | ||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||
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 | Six Months Ended | ||||||||||||||||
May 1, | May 2, | May 1, | May 2, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
Sales | ||||||||||||||||||
Avionics & Controls | $ | 210,589 | $ | 184,616 | $ | 387,067 | $ | 378,506 | ||||||||||
Sensors & Systems | 176,425 | 205,111 | 340,081 | 386,885 | ||||||||||||||
Advanced Materials | 113,066 | 121,134 | 219,276 | 231,410 | ||||||||||||||
$ | 500,080 | $ | 510,861 | $ | 946,424 | $ | 996,801 | |||||||||||
Earnings from Continuing Operations Before Income Taxes | ||||||||||||||||||
Avionics & Controls | $ | 9,449 | $ | 23,310 | $ | 28,551 | $ | 51,050 | ||||||||||
Sensors & Systems | 22,564 | 23,124 | 32,135 | 43,756 | ||||||||||||||
Advanced Materials | 24,981 | 30,179 | 41,512 | 48,187 | ||||||||||||||
Segment Earnings | 56,994 | 76,613 | 102,198 | 142,993 | ||||||||||||||
Corporate expense | (22,007 | ) | (17,037 | ) | (41,022 | ) | (32,256 | ) | ||||||||||
Other income | - | - | 12,744 | - | ||||||||||||||
Interest income | 124 | 136 | 303 | 255 | ||||||||||||||
Interest expense | (8,564 | ) | (8,434 | ) | (14,405 | ) | (17,059 | ) | ||||||||||
Loss on extinguishment of debt | (329 | ) | - | (329 | ) | - | ||||||||||||
$ | 26,218 | $ | 51,278 | $ | 59,489 | $ | 93,933 | |||||||||||
Guarantors_Tables
Guarantors (Tables) | 6 Months Ended | |||||||||||||||||||||||
1-May-15 | ||||||||||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet as of May 1, 2015. | |||||||||||||||||||||||
In Thousands | Non- | |||||||||||||||||||||||
TA Mfg. | Guarantor | Guarantor | ||||||||||||||||||||||
Parent | Ltd. | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 23,591 | $ | 1,985 | $ | 2,883 | $ | 144,186 | $ | - | $ | 172,645 | ||||||||||||
Accounts receivable, net | 69 | - | 142,018 | 242,575 | - | 384,662 | ||||||||||||||||||
Inventories | - | - | 193,498 | 286,090 | - | 479,588 | ||||||||||||||||||
Income tax refundable | - | - | - | 9,394 | - | 9,394 | ||||||||||||||||||
Deferred income tax benefits | 31,918 | - | (1,220 | ) | 21,826 | - | 52,524 | |||||||||||||||||
Prepaid expenses | 185 | - | 8,302 | 15,405 | - | 23,892 | ||||||||||||||||||
Other current assets | 74 | - | 111 | 3,415 | - | 3,600 | ||||||||||||||||||
Current assets of businesses held | - | - | 25,400 | 14,999 | - | 40,399 | ||||||||||||||||||
for sale | ||||||||||||||||||||||||
Total Current Assets | 55,837 | 1,985 | 370,992 | 737,890 | - | 1,166,704 | ||||||||||||||||||
Property, Plant & Equipment, Net | 1,397 | - | 160,832 | 144,369 | - | 306,598 | ||||||||||||||||||
Goodwill | - | - | 372,021 | 702,416 | - | 1,074,437 | ||||||||||||||||||
Intangibles, net | - | - | 101,998 | 373,933 | - | 475,931 | ||||||||||||||||||
Debt issuance costs, net | 5,447 | 5,715 | - | - | - | 11,162 | ||||||||||||||||||
Deferred income tax benefits | 18,169 | - | - | 44,590 | - | 62,759 | ||||||||||||||||||
Other assets | 276 | - | 41,394 | (19,845 | ) | - | 21,825 | |||||||||||||||||
Non-current assets of businesses held | - | - | - | 56,952 | - | 56,952 | ||||||||||||||||||
for sale | ||||||||||||||||||||||||
Amounts Due From (To) Subsidiaries | - | 349,959 | 794,188 | - | (1,144,147 | ) | - | |||||||||||||||||
Investment in Subsidiaries | 3,162,577 | 642,929 | 1,009,042 | 14,644 | (4,829,192 | ) | - | |||||||||||||||||
Total Assets | $ | 3,243,703 | $ | 1,000,588 | $ | 2,850,467 | $ | 2,054,949 | $ | (5,973,339 | ) | $ | 3,176,368 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||||||
Accounts payable | $ | 3,536 | $ | - | $ | 36,820 | $ | 83,092 | $ | - | $ | 123,448 | ||||||||||||
Accrued liabilities | 16,247 | 1,189 | 87,274 | 159,783 | - | 264,493 | ||||||||||||||||||
Current maturities of long-term | - | - | 862 | 140 | - | 1,002 | ||||||||||||||||||
debt | ||||||||||||||||||||||||
Deferred income tax liabilities | 558 | - | 1 | 2,292 | - | 2,851 | ||||||||||||||||||
Federal and foreign income taxes | (1,946 | ) | (2,621 | ) | (3,898 | ) | 10,082 | - | 1,617 | |||||||||||||||
Current liabilities of businesses | - | - | 3,902 | 10,279 | - | 14,181 | ||||||||||||||||||
held for sale | ||||||||||||||||||||||||
Total Current Liabilities | 18,395 | (1,432 | ) | 124,961 | 265,668 | - | 407,592 | |||||||||||||||||
Credit Facilities | 90,000 | - | - | 30,000 | - | 120,000 | ||||||||||||||||||
Long-Term Debt, Net | 250,000 | 369,567 | 57,184 | 46,203 | - | 722,954 | ||||||||||||||||||
Deferred Income Tax Liabilities | 57,654 | - | (17,465 | ) | 97,794 | - | 137,983 | |||||||||||||||||
Pension and Post-Retirement Obligations | 18,904 | - | 862 | 38,202 | - | 57,968 | ||||||||||||||||||
Other Liabilities | 14,680 | - | 194 | 15,084 | - | 29,958 | ||||||||||||||||||
Non-current liabilities of businesses | - | - | 17,740 | 1,687 | - | 19,427 | ||||||||||||||||||
held for sale | ||||||||||||||||||||||||
Amounts Due To (From) Subsidiaries | 1,102,689 | - | - | 400,768 | (1,503,457 | ) | - | |||||||||||||||||
Shareholders' Equity | 1,691,381 | 632,453 | 2,666,991 | 1,159,543 | (4,469,882 | ) | 1,680,486 | |||||||||||||||||
Total Liabilities and Shareholders' | $ | 3,243,703 | $ | 1,000,588 | $ | 2,850,467 | $ | 2,054,949 | $ | (5,973,339 | ) | $ | 3,176,368 | |||||||||||
Equity | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheet as of October 31, 2014. | ||||||||||||||||||||||||
In Thousands | Non- | |||||||||||||||||||||||
TA Mfg. | Guarantor | Guarantor | ||||||||||||||||||||||
Parent | Ltd. | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 14,634 | $ | - | $ | 3,454 | $ | 220,056 | $ | - | $ | 238,144 | ||||||||||||
Accounts receivable, net | 610 | - | 143,158 | 236,121 | - | 379,889 | ||||||||||||||||||
Inventories | - | - | 188,982 | 244,613 | - | 433,595 | ||||||||||||||||||
Income tax refundable | - | - | - | 5,266 | - | 5,266 | ||||||||||||||||||
Deferred income tax benefits | 31,486 | - | (1,191 | ) | 18,384 | - | 48,679 | |||||||||||||||||
Prepaid expenses | 147 | - | 6,703 | 13,486 | - | 20,336 | ||||||||||||||||||
Other current assets | 80 | - | 114 | 1,955 | - | 2,149 | ||||||||||||||||||
Current assets of businesses held | - | - | 26,800 | 14,646 | - | 41,446 | ||||||||||||||||||
for sale | ||||||||||||||||||||||||
Total Current Assets | 46,957 | - | 368,020 | 754,527 | - | 1,169,504 | ||||||||||||||||||
Property, Plant & Equipment, Net | 1,489 | - | 158,089 | 159,764 | - | 319,342 | ||||||||||||||||||
Goodwill | - | - | 347,700 | 724,086 | - | 1,071,786 | ||||||||||||||||||
Intangibles, net | - | - | 106,164 | 365,213 | - | 471,377 | ||||||||||||||||||
Debt issuance costs, net | 4,134 | - | - | 161 | - | 4,295 | ||||||||||||||||||
Deferred income tax benefits | 20,455 | - | 30 | 50,822 | - | 71,307 | ||||||||||||||||||
Other assets | 130 | - | 7,502 | 6,547 | - | 14,179 | ||||||||||||||||||
Non-current assets of businesses held | - | - | 40,737 | 30,940 | - | 71,677 | ||||||||||||||||||
for sale | ||||||||||||||||||||||||
Amounts Due From (To) Subsidiaries | - | - | 797,342 | - | (797,342 | ) | - | |||||||||||||||||
Investment in Subsidiaries | 3,307,454 | - | 1,127,237 | 20,768 | (4,455,459 | ) | - | |||||||||||||||||
Total Assets | $ | 3,380,619 | $ | - | $ | 2,952,821 | $ | 2,112,828 | $ | (5,252,801 | ) | $ | 3,193,467 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||||||
Accounts payable | $ | 1,751 | $ | - | $ | 36,905 | $ | 76,628 | $ | - | $ | 115,284 | ||||||||||||
Accrued liabilities | 20,178 | - | 93,168 | 149,190 | - | 262,536 | ||||||||||||||||||
Current maturities of long-term debt | 8,750 | - | 349 | 3,675 | - | 12,774 | ||||||||||||||||||
Deferred income tax liabilities | 76 | - | 8 | 1,689 | - | 1,773 | ||||||||||||||||||
Federal and foreign income taxes | (2,282 | ) | - | (2,643 | ) | 6,496 | - | 1,571 | ||||||||||||||||
Current liabilities of businesses | - | - | 4,010 | 10,181 | - | 14,191 | ||||||||||||||||||
held for sale | ||||||||||||||||||||||||
Total Current Liabilities | 28,473 | - | 131,797 | 247,859 | - | 408,129 | ||||||||||||||||||
Credit Facilities | 100,000 | - | - | - | - | 100,000 | ||||||||||||||||||
Long-Term Debt, Net | 403,125 | - | 55,176 | 51,419 | - | 509,720 | ||||||||||||||||||
Deferred Income Tax Liabilities | 58,615 | - | (17,333 | ) | 107,883 | - | 149,165 | |||||||||||||||||
Pension and Post-Retirement Obligations | 18,683 | - | 1,226 | 42,784 | - | 62,693 | ||||||||||||||||||
Other Liabilities | 16,762 | - | 3,944 | 26,178 | - | 46,884 | ||||||||||||||||||
Non-current liabilities of businesses | - | - | 17,327 | 1,549 | - | 18,876 | ||||||||||||||||||
held for sale | ||||||||||||||||||||||||
Amounts Due To (From) Subsidiaries | 856,961 | - | - | 456,861 | (1,313,822 | ) | - | |||||||||||||||||
Shareholders' Equity | 1,898,000 | - | 2,760,684 | 1,178,295 | (3,938,979 | ) | 1,898,000 | |||||||||||||||||
Total Liabilities and Shareholders' | $ | 3,380,619 | $ | - | $ | 2,952,821 | $ | 2,112,828 | $ | (5,252,801 | ) | $ | 3,193,467 | |||||||||||
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 May 1, 2015. | ||||||||||||||||||||||||
In Thousands | Non- | |||||||||||||||||||||||
TA Mfg. | Guarantor | Guarantor | ||||||||||||||||||||||
Parent | Ltd. | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||||||
Net sales | $ | - | $ | - | $ | 234,864 | $ | 266,456 | $ | (1,240 | ) | $ | 500,080 | |||||||||||
Cost of sales | - | - | 153,567 | 184,102 | (1,240 | ) | 336,429 | |||||||||||||||||
- | - | 81,297 | 82,354 | - | 163,651 | |||||||||||||||||||
Expenses | ||||||||||||||||||||||||
Selling, general and administrative | - | 16 | 35,634 | 65,092 | - | 100,742 | ||||||||||||||||||
Research, development & engineering | - | - | 12,520 | 14,480 | - | 27,000 | ||||||||||||||||||
Restructuring charges | - | - | 922 | - | - | 922 | ||||||||||||||||||
Other (income) expense | - | - | (409 | ) | 409 | - | - | |||||||||||||||||
Total Expenses | - | 16 | 48,667 | 79,981 | - | 128,664 | ||||||||||||||||||
Operating Earnings from Continuing | - | (16 | ) | 32,630 | 2,373 | - | 34,987 | |||||||||||||||||
Operations | ||||||||||||||||||||||||
Interest Income | (4,029 | ) | (860 | ) | (7,268 | ) | (7,490 | ) | 19,523 | (124 | ) | |||||||||||||
Interest Expense | 6,857 | 889 | 12,467 | 7,874 | (19,523 | ) | 8,564 | |||||||||||||||||
Loss on Extinguishment of Debt | 329 | - | - | - | 329 | |||||||||||||||||||
Earnings (Loss) from Continuing | (3,157 | ) | (45 | ) | 27,431 | 1,989 | - | 26,218 | ||||||||||||||||
Operations Before Income Taxes | ||||||||||||||||||||||||
Income Tax Expense (Benefit) | (560 | ) | (9 | ) | 5,333 | (222 | ) | - | 4,542 | |||||||||||||||
Earnings (Loss) from Continuing | (2,597 | ) | (36 | ) | 22,098 | 2,211 | - | 21,676 | ||||||||||||||||
Operations Including | ||||||||||||||||||||||||
Noncontrolling Interests | ||||||||||||||||||||||||
Earnings Attributable to | - | - | - | (44 | ) | - | (44 | ) | ||||||||||||||||
Noncontrolling Interests | ||||||||||||||||||||||||
Earnings (Loss) from Continuing | (2,597 | ) | (36 | ) | 22,098 | 2,167 | - | 21,632 | ||||||||||||||||
Operations Attributable to | ||||||||||||||||||||||||
Esterline, Net of Tax | ||||||||||||||||||||||||
Loss from Discontinued Operations | - | - | 921 | (2,743 | ) | - | (1,822 | ) | ||||||||||||||||
Attributable to Esterline, | ||||||||||||||||||||||||
Net of Tax | ||||||||||||||||||||||||
Equity in Net Earnings of | 22,407 | 21,534 | 51 | (43,992 | ) | - | ||||||||||||||||||
Consolidated Subsidiaries | ||||||||||||||||||||||||
Net Earnings (Loss) Attributable to | $ | 19,810 | $ | 21,498 | $ | 23,070 | $ | (576 | ) | $ | (43,992 | ) | $ | 19,810 | ||||||||||
Esterline | ||||||||||||||||||||||||
Comprehensive Income (Loss) | $ | 33,393 | $ | 10,537 | $ | 23,443 | $ | 11,737 | $ | (45,566 | ) | $ | 33,544 | |||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the six month period ended May 1, 2015. | ||||||||||||||||||||||||
In Thousands | Non- | |||||||||||||||||||||||
TA Mfg. | Guarantor | Guarantor | ||||||||||||||||||||||
Parent | Ltd. | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||||||
Net sales | $ | - | $ | - | $ | 443,865 | $ | 504,659 | $ | (2,100 | ) | $ | 946,424 | |||||||||||
Cost of sales | - | - | 293,377 | 346,146 | (2,100 | ) | 637,423 | |||||||||||||||||
- | - | 150,488 | 158,513 | - | 309,001 | |||||||||||||||||||
Expenses | ||||||||||||||||||||||||
Selling, general and administrative | - | 16 | 74,293 | 120,089 | - | 194,398 | ||||||||||||||||||
Research, development & engineering | - | - | 22,297 | 27,158 | - | 49,455 | ||||||||||||||||||
Restructuring charges | - | - | 3,360 | 612 | - | 3,972 | ||||||||||||||||||
Other (income) expense | - | - | - | (12,744 | ) | - | (12,744 | ) | ||||||||||||||||
Total Expenses | - | 16 | 99,950 | 135,115 | - | 235,081 | ||||||||||||||||||
Operating Earnings from Continuing | - | (16 | ) | 50,538 | 23,398 | - | 73,920 | |||||||||||||||||
Operations | ||||||||||||||||||||||||
Interest Income | (7,994 | ) | (860 | ) | (14,466 | ) | (15,888 | ) | 38,905 | (303 | ) | |||||||||||||
Interest Expense | 13,201 | 889 | 24,795 | 14,425 | (38,905 | ) | 14,405 | |||||||||||||||||
Loss on Extinguishment of Debt | 329 | - | - | - | - | 329 | ||||||||||||||||||
Earnings (Loss) from Continuing | (5,536 | ) | (45 | ) | 40,209 | 24,861 | - | 59,489 | ||||||||||||||||
Operations Before Income Taxes | ||||||||||||||||||||||||
Income Tax Expense (Benefit) | (1,109 | ) | (9 | ) | 6,947 | 6,863 | - | 12,692 | ||||||||||||||||
Earnings (Loss) from Continuing | (4,427 | ) | (36 | ) | 33,262 | 17,998 | - | 46,797 | ||||||||||||||||
Operations Including | ||||||||||||||||||||||||
Noncontrolling Interests | ||||||||||||||||||||||||
Earnings Attributable to | - | - | - | (107 | ) | - | (107 | ) | ||||||||||||||||
Noncontrolling Interests | ||||||||||||||||||||||||
Earnings (Loss) from Continuing | (4,427 | ) | (36 | ) | 33,262 | 17,891 | - | 46,690 | ||||||||||||||||
Operations Attributable to | ||||||||||||||||||||||||
Esterline, Net of Tax | ||||||||||||||||||||||||
Loss from Discontinued Operations | (774 | ) | - | (9,655 | ) | (8,132 | ) | - | (18,561 | ) | ||||||||||||||
Attributable to Esterline, | ||||||||||||||||||||||||
Net of Tax | ||||||||||||||||||||||||
Equity in Net Earnings of | 33,330 | 21,534 | 113 | - | (54,977 | ) | - | |||||||||||||||||
Consolidated Subsidiaries | ||||||||||||||||||||||||
Net Earnings (Loss) Attributable to | $ | 28,129 | $ | 21,498 | $ | 23,720 | $ | 9,759 | $ | (54,977 | ) | $ | 28,129 | |||||||||||
Esterline | ||||||||||||||||||||||||
Comprehensive Income (Loss) | $ | (93,457 | ) | $ | 10,537 | $ | 23,995 | $ | (104,298 | ) | $ | 56,581 | $ | (106,642 | ) | |||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three month period ended May 2, 2014. | ||||||||||||||||||||||||
In Thousands | Non- | |||||||||||||||||||||||
TA Mfg. | Guarantor | Guarantor | ||||||||||||||||||||||
Parent | Ltd. | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||||||
Net sales | $ | - | $ | - | $ | 243,425 | $ | 268,512 | $ | (1,076 | ) | $ | 510,861 | |||||||||||
Cost of sales | - | - | 155,232 | 177,480 | (1,076 | ) | 331,636 | |||||||||||||||||
- | - | 88,193 | 91,032 | - | 179,225 | |||||||||||||||||||
Expenses | ||||||||||||||||||||||||
Selling, general and administrative | - | - | 37,903 | 54,132 | - | 92,035 | ||||||||||||||||||
Research, development & engineering | - | - | 12,490 | 13,046 | - | 25,536 | ||||||||||||||||||
Restructuring charges | - | - | 1,248 | 830 | - | 2,078 | ||||||||||||||||||
Other (income) expense | - | - | - | - | - | - | ||||||||||||||||||
Total Expenses | - | - | 51,641 | 68,008 | - | 119,649 | ||||||||||||||||||
Operating Earnings from Continuing | - | - | 36,552 | 23,024 | - | 59,576 | ||||||||||||||||||
Operations | ||||||||||||||||||||||||
Interest Income | (3,755 | ) | - | (1,913 | ) | (13,696 | ) | 19,228 | (136 | ) | ||||||||||||||
Interest Expense | 6,237 | - | 6,730 | 14,695 | (19,228 | ) | 8,434 | |||||||||||||||||
Loss on Extinguishment of Debt | - | - | - | - | - | - | ||||||||||||||||||
Earnings (Loss) from Continuing | (2,482 | ) | - | 31,735 | 22,025 | - | 51,278 | |||||||||||||||||
Operations Before Income Taxes | ||||||||||||||||||||||||
Income Tax Expense (Benefit) | (520 | ) | - | 6,996 | 3,910 | - | 10,386 | |||||||||||||||||
Earnings (Loss) from Continuing | (1,962 | ) | - | 24,739 | 18,115 | - | 40,892 | |||||||||||||||||
Operations Including | ||||||||||||||||||||||||
Noncontrolling Interests | ||||||||||||||||||||||||
Earnings Attributable to | - | - | - | (297 | ) | - | (297 | ) | ||||||||||||||||
Noncontrolling Interests | ||||||||||||||||||||||||
Earnings (Loss) from Continuing | (1,962 | ) | - | 24,739 | 17,818 | - | 40,595 | |||||||||||||||||
Operations Attributable to | ||||||||||||||||||||||||
Esterline, Net of Tax | ||||||||||||||||||||||||
Loss from Discontinued Operations | (343 | ) | - | (1,007 | ) | (2,341 | ) | - | (3,691 | ) | ||||||||||||||
Attributable to Esterline, | ||||||||||||||||||||||||
Net of Tax | ||||||||||||||||||||||||
Equity in Net Earnings of | 39,209 | - | 802 | 1,926 | (41,937 | ) | - | |||||||||||||||||
Consolidated Subsidiaries | ||||||||||||||||||||||||
Net Earnings (Loss) Attributable to | $ | 36,904 | $ | - | $ | 24,534 | $ | 17,403 | $ | (41,937 | ) | $ | 36,904 | |||||||||||
Esterline | ||||||||||||||||||||||||
Comprehensive Income (Loss) | $ | 75,488 | $ | - | $ | 25,065 | $ | 56,268 | $ | (76,700 | ) | $ | 80,121 | |||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the six month period ended May 2, 2014. | ||||||||||||||||||||||||
In Thousands | Non- | |||||||||||||||||||||||
TA Mfg. | Guarantor | Guarantor | ||||||||||||||||||||||
Parent | Ltd. | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||||||
Net sales | $ | - | $ | - | $ | 463,290 | $ | 536,029 | $ | (2,518 | ) | $ | 996,801 | |||||||||||
Cost of sales | - | - | 295,903 | 353,456 | (2,518 | ) | 646,841 | |||||||||||||||||
- | - | 167,387 | 182,573 | - | 349,960 | |||||||||||||||||||
Expenses | ||||||||||||||||||||||||
Selling, general and administrative | - | - | 73,708 | 107,459 | - | 181,167 | ||||||||||||||||||
Research, development & engineering | - | - | 24,313 | 26,869 | - | 51,182 | ||||||||||||||||||
Restructuring charges | - | - | 4,321 | 2,553 | - | 6,874 | ||||||||||||||||||
Other (income) expense | - | - | - | - | - | - | ||||||||||||||||||
Total Expenses | - | - | 102,342 | 136,881 | - | 239,223 | ||||||||||||||||||
Operating Earnings from Continuing | - | - | 65,045 | 45,692 | - | 110,737 | ||||||||||||||||||
Operations | ||||||||||||||||||||||||
Interest Income | (7,751 | ) | - | (3,938 | ) | (28,372 | ) | 39,806 | (255 | ) | ||||||||||||||
Interest Expense | 12,573 | - | 13,787 | 30,505 | (39,806 | ) | 17,059 | |||||||||||||||||
Loss on Extinguishment of Debt | - | - | - | - | - | - | ||||||||||||||||||
Earnings (Loss) from Continuing | (4,822 | ) | - | 55,196 | 43,559 | - | 93,933 | |||||||||||||||||
Operations Before Income Taxes | ||||||||||||||||||||||||
Income Tax Expense (Benefit) | (996 | ) | - | 12,237 | 7,771 | - | 19,012 | |||||||||||||||||
Earnings (Loss) from Continuing | (3,826 | ) | - | 42,959 | 35,788 | - | 74,921 | |||||||||||||||||
Operations Including | ||||||||||||||||||||||||
Noncontrolling Interests | ||||||||||||||||||||||||
Earnings Attributable to | - | - | - | (383 | ) | - | (383 | ) | ||||||||||||||||
Noncontrolling Interests | ||||||||||||||||||||||||
Earnings (Loss) from Continuing | (3,826 | ) | - | 42,959 | 35,405 | - | 74,538 | |||||||||||||||||
Operations Attributable to | ||||||||||||||||||||||||
Esterline, Net of Tax | ||||||||||||||||||||||||
Loss from Discontinued Operations | (343 | ) | - | (2,858 | ) | (4,355 | ) | - | (7,556 | ) | ||||||||||||||
Attributable to Esterline, | ||||||||||||||||||||||||
Net of Tax | ||||||||||||||||||||||||
Equity in Net Earnings of | 71,151 | - | 1,234 | 1,320 | (73,705 | ) | - | |||||||||||||||||
Consolidated Subsidiaries | ||||||||||||||||||||||||
Net Earnings (Loss) Attributable to | $ | 66,982 | $ | - | $ | 41,335 | $ | 32,370 | $ | (73,705 | ) | $ | 66,982 | |||||||||||
Esterline | ||||||||||||||||||||||||
Comprehensive Income (Loss) | $ | 72,667 | $ | - | $ | 42,469 | $ | 44,634 | $ | (90,087 | ) | $ | 69,683 | |||||||||||
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows for the six month period ended May 1, 2015. | |||||||||||||||||||||||
In Thousands | Non- | |||||||||||||||||||||||
TA Mfg. | Guarantor | Guarantor | ||||||||||||||||||||||
Parent | Ltd. | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||||||
Cash Flows Provided (Used) by Operating Activities | ||||||||||||||||||||||||
Net earnings (loss) including | $ | 28,236 | $ | 21,498 | $ | 23,720 | $ | 9,759 | $ | (54,977 | ) | $ | 28,236 | |||||||||||
noncontrolling interests | ||||||||||||||||||||||||
Depreciation & amortization | - | - | 16,611 | 33,242 | - | 49,853 | ||||||||||||||||||
Deferred income taxes | (1,337 | ) | - | 21 | (6,156 | ) | - | (7,472 | ) | |||||||||||||||
Share-based compensation | - | 1 | 2,336 | 3,215 | - | 5,552 | ||||||||||||||||||
Gain on release of non-income | - | - | - | (15,656 | ) | - | (15,656 | ) | ||||||||||||||||
tax liability | ||||||||||||||||||||||||
Loss on assets held for sale | - | - | 10,295 | 5,551 | - | 15,846 | ||||||||||||||||||
Working capital changes, net of | ||||||||||||||||||||||||
effect of acquisitions: | ||||||||||||||||||||||||
Accounts receivable | 541 | - | 3,608 | 8,034 | - | 12,183 | ||||||||||||||||||
Inventories | - | - | (5,499 | ) | (18,781 | ) | - | (24,280 | ) | |||||||||||||||
Prepaid expenses | (38 | ) | - | (1,663 | ) | (3,507 | ) | - | (5,208 | ) | ||||||||||||||
Other current assets | 6 | - | (18 | ) | (315 | ) | - | (327 | ) | |||||||||||||||
Accounts payable | 1,785 | - | (3,949 | ) | (756 | ) | - | (2,920 | ) | |||||||||||||||
Accrued liabilities | (5,657 | ) | 1,177 | (5,888 | ) | (72 | ) | - | (10,440 | ) | ||||||||||||||
Federal and foreign income taxes | 336 | (14 | ) | (1,059 | ) | 793 | - | 56 | ||||||||||||||||
Other liabilities | 139 | - | (82 | ) | 2,240 | - | 2,297 | |||||||||||||||||
Other, net | (9,711 | ) | (642,884 | ) | (33,274 | ) | 693,827 | - | 7,958 | |||||||||||||||
14,300 | (620,222 | ) | 5,159 | 711,418 | (54,977 | ) | 55,678 | |||||||||||||||||
Cash Flows Provided (Used) by Investing Activities | ||||||||||||||||||||||||
Purchases of capital assets | (137 | ) | - | (8,558 | ) | (14,740 | ) | - | (23,435 | ) | ||||||||||||||
Acquisition of businesses, net of | - | - | - | (171,070 | ) | - | (171,070 | ) | ||||||||||||||||
cash acquired | ||||||||||||||||||||||||
(137 | ) | - | (8,558 | ) | (185,810 | ) | - | (194,505 | ) | |||||||||||||||
In Thousands | Non- | |||||||||||||||||||||||
TA Mfg. | Guarantor | Guarantor | ||||||||||||||||||||||
Parent | Ltd. | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||||||
Cash Flows Provided (Used) by Financing Activities | ||||||||||||||||||||||||
Proceeds provided by stock issuance | 9,335 | - | - | - | - | 9,335 | ||||||||||||||||||
under employee stock plans | ||||||||||||||||||||||||
Excess tax benefits from stock | 1,744 | - | - | - | - | 1,744 | ||||||||||||||||||
option exercises | ||||||||||||||||||||||||
Shares repurchased | (127,342 | ) | - | - | - | - | (127,342 | ) | ||||||||||||||||
Repayment of long-term credit | (190,000 | ) | - | - | - | - | (190,000 | ) | ||||||||||||||||
facilities | ||||||||||||||||||||||||
Repayment of long-term debt | (161,875 | ) | - | 2,476 | (8,079 | ) | - | (167,478 | ) | |||||||||||||||
Proceeds from issuance of long-term | 180,000 | - | - | 30,000 | - | 210,000 | ||||||||||||||||||
credit facilities | ||||||||||||||||||||||||
Proceeds from issuance of | - | 356,532 | - | - | - | 356,532 | ||||||||||||||||||
long-term debt | ||||||||||||||||||||||||
Proceeds from government | - | - | - | 3,142 | - | 3,142 | ||||||||||||||||||
assistance | ||||||||||||||||||||||||
Dividends paid to noncontrolling | - | - | - | - | - | - | ||||||||||||||||||
interests | ||||||||||||||||||||||||
Debt and other issuance costs | (2,130 | ) | (5,760 | ) | - | - | - | (7,890 | ) | |||||||||||||||
Net change in intercompany | 284,630 | 271,953 | 481 | (612,041 | ) | 54,977 | - | |||||||||||||||||
financing | ||||||||||||||||||||||||
(5,638 | ) | 622,725 | 2,957 | (586,978 | ) | 54,977 | 88,043 | |||||||||||||||||
Effect of Foreign Exchange Rates on | 432 | (518 | ) | (129 | ) | (14,500 | ) | - | (14,715 | ) | ||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||
Net Increase (Decrease) in Cash and | 8,957 | 1,985 | (571 | ) | (75,870 | ) | - | (65,499 | ) | |||||||||||||||
Cash Equivalents | ||||||||||||||||||||||||
Cash and Cash Equivalents - | 14,634 | - | 3,454 | 220,056 | - | 238,144 | ||||||||||||||||||
Beginning of Year | ||||||||||||||||||||||||
Cash and Cash Equivalents - | $ | 23,591 | $ | 1,985 | $ | 2,883 | $ | 144,186 | $ | - | $ | 172,645 | ||||||||||||
End of Period | ||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows for the six month period ended May 2, 2014. | ||||||||||||||||||||||||
In Thousands | Non- | |||||||||||||||||||||||
TA Mfg. | Guarantor | Guarantor | ||||||||||||||||||||||
Parent | Ltd. | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||||||
Cash Flows Provided (Used) by Operating Activities | ||||||||||||||||||||||||
Net earnings (loss) including | $ | 67,365 | $ | - | $ | 41,335 | $ | 32,370 | $ | (73,705 | ) | $ | 67,365 | |||||||||||
noncontrolling interests | ||||||||||||||||||||||||
Depreciation & amortization | - | - | 22,722 | 36,560 | - | 59,282 | ||||||||||||||||||
Deferred income taxes | (2,708 | ) | - | 16 | (5,718 | ) | - | (8,410 | ) | |||||||||||||||
Share-based compensation | - | - | 2,891 | 3,757 | - | 6,648 | ||||||||||||||||||
Gain on release of non-income | - | - | - | - | - | - | ||||||||||||||||||
tax liability | ||||||||||||||||||||||||
Loss on assets held for sale | - | - | - | - | - | - | ||||||||||||||||||
Working capital changes, net of | ||||||||||||||||||||||||
effect of acquisitions: | ||||||||||||||||||||||||
Accounts receivable | (257 | ) | - | 11,715 | 21,873 | - | 33,331 | |||||||||||||||||
Inventories | - | - | (7,944 | ) | (25,541 | ) | - | (33,485 | ) | |||||||||||||||
Prepaid expenses | 33 | - | (3,634 | ) | (4,471 | ) | - | (8,072 | ) | |||||||||||||||
Other current assets | - | - | 1 | (277 | ) | - | (276 | ) | ||||||||||||||||
Accounts payable | (565 | ) | - | (132 | ) | (9,953 | ) | - | (10,650 | ) | ||||||||||||||
Accrued liabilities | (6,625 | ) | - | (1,292 | ) | (5,307 | ) | - | (13,224 | ) | ||||||||||||||
Federal and foreign income taxes | (6,803 | ) | - | 22,219 | (19,170 | ) | - | (3,754 | ) | |||||||||||||||
Other liabilities | 5,308 | - | 64 | (6,959 | ) | - | (1,587 | ) | ||||||||||||||||
Other, net | (242 | ) | - | (3,170 | ) | 696 | - | (2,716 | ) | |||||||||||||||
55,506 | - | 84,791 | 17,860 | (73,705 | ) | 84,452 | ||||||||||||||||||
Cash Flows Provided (Used) by Investing Activities | ||||||||||||||||||||||||
Purchases of capital assets | (149 | ) | - | (7,833 | ) | (13,315 | ) | - | (21,297 | ) | ||||||||||||||
Acquisition of businesses, net of | - | - | (44,043 | ) | - | - | (44,043 | ) | ||||||||||||||||
cash acquired | ||||||||||||||||||||||||
(149 | ) | - | (51,876 | ) | (13,315 | ) | - | (65,340 | ) | |||||||||||||||
In Thousands | Non- | |||||||||||||||||||||||
TA Mfg. | Guarantor | Guarantor | ||||||||||||||||||||||
Parent | Ltd. | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||||||
Cash Flows Provided (Used) by Financing Activities | ||||||||||||||||||||||||
Proceeds provided by stock issuance | 22,957 | - | - | - | - | 22,957 | ||||||||||||||||||
under employee stock plans | ||||||||||||||||||||||||
Excess tax benefits from stock | 5,297 | - | - | - | - | 5,297 | ||||||||||||||||||
option exercises | ||||||||||||||||||||||||
Shares repurchased | - | - | - | - | - | - | ||||||||||||||||||
Repayment of long-term credit | (25,000 | ) | - | - | - | - | (25,000 | ) | ||||||||||||||||
facilities | ||||||||||||||||||||||||
Repayment of long-term debt | (4,375 | ) | - | (205 | ) | (14,722 | ) | - | (19,302 | ) | ||||||||||||||
Proceeds from issuance of long-term | 25,000 | - | - | - | - | 25,000 | ||||||||||||||||||
credit facilities | ||||||||||||||||||||||||
Proceeds from issuance of | - | - | - | - | - | - | ||||||||||||||||||
long-term debt | ||||||||||||||||||||||||
Proceeds from government | - | - | - | - | - | - | ||||||||||||||||||
assistance | ||||||||||||||||||||||||
Dividends paid to noncontrolling | - | - | - | (780 | ) | - | (780 | ) | ||||||||||||||||
interests | ||||||||||||||||||||||||
Debt and other issuance costs | - | - | - | - | - | - | ||||||||||||||||||
Net change in intercompany | (77,490 | ) | - | (32,008 | ) | 35,793 | 73,705 | - | ||||||||||||||||
financing | ||||||||||||||||||||||||
(53,611 | ) | - | (32,213 | ) | 20,291 | 73,705 | 8,172 | |||||||||||||||||
Effect of Foreign Exchange Rates on | 5 | - | (43 | ) | 1,019 | - | 981 | |||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||
Net Increase (Decrease) in Cash and | 1,751 | - | 659 | 25,855 | - | 28,265 | ||||||||||||||||||
Cash Equivalents | ||||||||||||||||||||||||
Cash and Cash Equivalents - | 7,826 | - | 4,876 | 166,476 | - | 179,178 | ||||||||||||||||||
Beginning of Year | ||||||||||||||||||||||||
Cash and Cash Equivalents - | $ | 9,577 | $ | - | $ | 5,535 | $ | 192,331 | $ | - | $ | 207,443 | ||||||||||||
End of Period | ||||||||||||||||||||||||
Earnings_Per_Share_and_Shareho2
Earnings Per Share and Shareholders Equity - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
1-May-15 | 2-May-14 | 1-May-15 | Oct. 31, 2014 | Mar. 31, 2015 | Jun. 19, 2014 | |
Earnings Per Share And Shareholders Equity [Line Items] | ||||||
Anti-dilutive shares excluded from computation of earnings per share | 243,450 | 177,100 | ||||
Preferred stock shares authorized | 25,000 | 25,000 | ||||
Preferred stock, par value | $100 | $100 | ||||
Common stock, shares authorized | 60,000,000 | 60,000,000 | 60,000,000 | |||
Common stock, par value | $0.20 | $0.20 | $0.20 | |||
Preferred stock shares outstanding | 0 | 0 | 0 | |||
Approved and authorized amount under the stock repurchase program | $400,000,000 | |||||
Additional approved and authorized amount under the stock repurchase program | 200,000,000 | |||||
Stock repurchased during period, shares | 1,162,436 | 269,228 | ||||
Treasury Stock Acquired, Average Cost Per Share | $109.55 | |||||
Aggregate value of repurchased stock | $127,300,000 | |||||
Series B Preferred Stock | ||||||
Earnings Per Share And Shareholders Equity [Line Items] | ||||||
Preferred stock shares authorized | 475,000 | 475,000 | ||||
Preferred stock, par value | $1 | $1 | ||||
Preferred stock shares outstanding | 0 | 0 | 0 |
Shares_Used_for_Calculating_Ea
Shares Used for Calculating Earnings Per Share (Detail) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | 1-May-15 | 2-May-14 | 1-May-15 | 2-May-14 |
Earnings Per Share [Abstract] | ||||
Shares used for basic earnings per share | 31,005 | 31,867 | 31,306 | 31,733 |
Shares used for diluted earnings per share | 31,525 | 32,475 | 31,839 | 32,348 |
Schedule_of_Changes_in_Issued_
Schedule of Changes in Issued and Outstanding Common Shares and Treasury Stock (Detail) | 6 Months Ended | 12 Months Ended |
1-May-15 | Oct. 31, 2014 | |
Equity [Abstract] | ||
Balance, beginning of year | 32,123,717 | 31,441,949 |
Shares issued under share-based compensation plans | 178,406 | 681,768 |
Balance, end of current period | 32,302,123 | 32,123,717 |
Balance, beginning of year | 269,228 | 0 |
Shares purchased | 1,162,436 | 269,228 |
Balance, end of current period | 1,431,664 | 269,228 |
Shares outstanding, end of period | 30,870,459 | 31,854,489 |
Schedule_of_Components_of_Accu
Schedule of Components of Accumulated Other Comprehensive Gain (Loss) (Detail) (USD $) | 1-May-15 | Oct. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ||
Unrealized loss on derivative contracts | ($19,807) | ($14,179) |
Tax effect | 5,350 | 3,890 |
Unrealized loss on derivative contracts, Total | -14,457 | -10,289 |
Pension and post-retirement obligations | -80,438 | -90,225 |
Tax effect | 26,784 | 30,072 |
Pension and post-retirement obligations, Total | -53,654 | -60,153 |
Currency translation adjustment | -198,237 | -61,135 |
Accumulated other comprehensive gain (loss) | ($266,348) | ($131,577) |
Retirement_Benefits_Additional
Retirement Benefits - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Jan. 30, 2015 |
Compensation And Retirement Disclosure [Abstract] | |
Contractual termination | $16.60 |
Settlement charges | $3 |
Schedule_of_Net_Periodic_Pensi
Schedule of Net Periodic Pension Cost (Detail) (Pension Plans, Defined Benefit, USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | 1-May-15 | 2-May-14 | 1-May-15 | 2-May-14 |
Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $2,830 | $2,894 | $5,700 | $5,623 |
Interest cost | 4,175 | 4,765 | 8,529 | 9,577 |
Expected return on plan assets | -6,385 | -6,939 | -12,859 | -13,451 |
Settlement | 0 | 0 | 2,991 | 0 |
Amortization of prior service cost | 17 | 19 | 35 | 38 |
Amortization of actuarial (gain) loss | 1,131 | 1,343 | 2,399 | 2,700 |
Net periodic cost (benefit) | $1,768 | $2,082 | $6,795 | $4,487 |
Schedule_of_Net_Periodic_PostR
Schedule of Net Periodic Post-Retirement Costs (Detail) (Postretirement Benefit Plans, Defined Benefit, USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | 1-May-15 | 2-May-14 | 1-May-15 | 2-May-14 |
Postretirement Benefit Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $205 | $228 | $425 | $463 |
Interest cost | 134 | 184 | 277 | 373 |
Amortization of prior service cost | -17 | -17 | -34 | -34 |
Amortization of actuarial (gain) loss | -23 | -66 | -49 | -134 |
Net periodic cost (benefit) | $299 | $329 | $619 | $668 |
Schedule_of_Financial_Assets_a
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | 1-May-15 | Oct. 31, 2014 |
In Thousands, unless otherwise specified | ||
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Embedded derivatives, Assets | $3,647 | $2,351 |
Embedded derivatives, Liabilities | 1,128 | 15 |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Contingent purchase obligation | 5,000 | 5,000 |
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, Assets | 1,912 | 24 |
Derivative contracts designated as hedging instruments, Liabilities | 22,079 | 14,592 |
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, Assets | 1,006 | 1,081 |
Derivative contracts not designated as hedging instruments, Liabilities | $4,333 | $4,188 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (Sunbank Family Of Companies LLC., USD $) | 1-May-15 |
In Millions, unless otherwise specified | |
Sunbank Family Of Companies LLC. | |
Fair Value Measurements [Line Items] | |
Business Acquisition Contingent Consideration Payable | $5 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 1 Months Ended | |||||||
1-May-15 | 2-May-14 | 1-May-15 | 2-May-14 | 1-May-15 | Jul. 31, 2011 | Apr. 30, 2015 | Apr. 30, 2015 | 1-May-15 | Oct. 31, 2014 | |
USD ($) | USD ($) | USD ($) | USD ($) | Fair Value Hedging | Fair Value Hedging | 3.625% Senior Notes Due April 2023 | 3.625% Senior Notes Due April 2023 | Foreign Exchange Contract | Foreign Exchange Contract | |
USD ($) | Euro Term Loan | Net Investment Hedges | USD ($) | USD ($) | ||||||
EUR (€) | EUR (€) | |||||||||
Derivative [Line Items] | ||||||||||
Derivative notional amount | € 125,000,000 | € 330,000,000 | $374,200,000 | $396,200,000 | ||||||
Debt instrument, interest rate | 3.63% | |||||||||
Loan amount paid off date | 30-Apr-23 | |||||||||
Net loss on extinguishment of debt | -329,000 | 0 | -329,000 | 0 | -500,000 | |||||
Gain (Loss) on foreign currency forward exchange contracts not designated as an accounting hedge | -1,800,000 | 800,000 | ||||||||
Net Gain (Loss) expected to be reclassified into earnings over next 12 months | ($15,900,000) | ($15,900,000) | ||||||||
Maturities of forecasted transactions using forward exchange contracts | 24 months |
Fair_Value_of_Derivative_Instr
Fair Value of Derivative Instruments in Consolidated Balance Sheet (Detail) (USD $) | 1-May-15 | Oct. 31, 2014 |
In Thousands, unless otherwise specified | ||
Other Current Assets | ||
Derivatives Fair Value [Line Items] | ||
Embedded derivatives, Assets | $541 | $296 |
Other Assets | ||
Derivatives Fair Value [Line Items] | ||
Embedded derivatives, Assets | 3,106 | 2,055 |
Accrued Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Embedded derivatives, Liabilities | 105 | 15 |
Other Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Embedded derivatives, Liabilities | 1,023 | 0 |
Foreign Exchange Contract | Other Current Assets | ||
Derivatives Fair Value [Line Items] | ||
Foreign Currency Forward Exchange Contracts, assets | 2,267 | 1,052 |
Foreign Exchange Contract | Other Assets | ||
Derivatives Fair Value [Line Items] | ||
Foreign Currency Forward Exchange Contracts, assets | 651 | 53 |
Foreign Exchange Contract | Accrued Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Foreign Currency Forward Exchange Contracts, liabilities | 20,983 | 15,490 |
Foreign Exchange Contract | Other Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Foreign Currency Forward Exchange Contracts, liabilities | $5,429 | $3,290 |
Effect_of_Derivative_Instrumen
Effect of Derivative Instruments on Consolidated Statement of Operations and Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | 1-May-15 | 2-May-14 | 1-May-15 | 2-May-14 |
Fair Value Hedging | Sales | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Embedded derivatives | ($5,230) | ($1,881) | $654 | $866 |
Cash Flow Hedging | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Gain (loss) recognized in AOCI (effective portion) | 24,588 | 9,034 | 7,780 | -2,735 |
Gain (loss) reclassified from AOCI into sales | -8,627 | -2,242 | -13,408 | -2,741 |
Net Investment Hedges | Euro Term Loan | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Recognized in AOCI | 0 | -556 | 0 | -28 |
Net Investment Hedges | 2023 Notes | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Recognized in AOCI | ($13,035) | $0 | ($13,035) | $0 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | |
In Millions, unless otherwise specified | 1-May-15 | 1-May-15 | 2-May-14 | Oct. 31, 2014 | 2-May-14 |
Income Taxes [Line Items] | |||||
Income tax rate | 17.30% | 21.30% | 20.20% | 20.30% | |
Discrete tax expense (benefits) | $0.80 | ($1.10) | |||
Change in unrecognized tax benefit within the next twelve months | 2.5 | 2.5 | |||
Related to reconciling the prior yearbs income tax return to the income tax provision | |||||
Income Taxes [Line Items] | |||||
Discrete tax benefit due to reconciliation of income tax return | 0.3 | 2.3 | |||
Discrete tax benefit due to release of reserves for uncertain tax positions | 0.6 | ||||
As a result of the enactment of tax laws reducing the U.K. statutory income tax rate | |||||
Income Taxes [Line Items] | |||||
Discrete tax benefit due to a change in Tax Laws | 0.5 | 0.6 | |||
Due to the retroactive extension of the U.S. federal research and experimentation credits | |||||
Income Taxes [Line Items] | |||||
Discrete tax benefit due to a change in Tax Laws | $1.50 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | ||||||||||||||||||||
1-May-15 | 2-May-14 | 1-May-15 | 2-May-14 | Oct. 31, 2014 | Aug. 31, 2010 | Aug. 31, 2010 | Aug. 31, 2010 | Aug. 31, 2010 | Apr. 30, 2015 | 1-May-15 | Apr. 30, 2015 | Apr. 30, 2015 | Apr. 30, 2015 | Apr. 30, 2015 | 1-May-15 | Oct. 31, 2014 | Apr. 09, 2015 | 1-May-15 | Mar. 31, 2011 | 1-May-15 | Apr. 09, 2015 | Apr. 09, 2015 | Apr. 09, 2015 | Apr. 09, 2015 | Apr. 08, 2015 | 1-May-15 | 1-May-15 | Apr. 30, 2013 | 1-May-15 | Apr. 30, 2013 | Apr. 30, 2013 | 1-May-15 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Senior Notes 7% Maturing in August 2020 | Senior Notes 7% Maturing in August 2020 | Senior Notes 7% Maturing in August 2020 | Senior Notes 7% Maturing in August 2020 | 3.625% Senior Notes Due April 2023 | 3.625% Senior Notes Due April 2023 | 3.625% Senior Notes Due April 2023 | 3.625% Senior Notes Due April 2023 | 3.625% Senior Notes Due April 2023 | 3.625% Senior Notes Due April 2023 | Senior Notes Due Twenty Twenty | Senior Notes Due Twenty Twenty | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | U S Term Loan | U S Term Loan | U S Term Loan | U S Term Loan | U S Term Loan | U S Term Loan | U S Term Loan | 7 % Senior Notes Due August 1, 2020 | |
USD ($) | Debt Redemption After August 1, 2015 | Debt Redemption After August 1, 2018 | Debt Redemption Prior August 1, 2015 | USD ($) | USD ($) | EUR (€) | Debt Redemption Prior April 15, 2018 | Debt Redemption After April 15, 2018 | Debt Redemption After April 15, 2021 | USD ($) | USD ($) | USD ($) | USD ($) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | Delayed-Draw Term Loan Facility | USD ($) | USD ($) | USD ($) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | |||||||||
Minimum | Maximum | USD ($) | USD ($) | Minimum | Maximum | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||
Credit facility maximum borrowing capacity | $460,000,000 | $500,000,000 | $250,000,000 | ||||||||||||||||||||||||||||||
Credit facility expiration date | 9-Apr-20 | ||||||||||||||||||||||||||||||||
Interest rate, basis spread on variable rate | 1.50% | 1.25% | 2.00% | 1.50% | 2.25% | ||||||||||||||||||||||||||||
Interest rate | 1.68% | ||||||||||||||||||||||||||||||||
Credit facility interest rate description | The interest rate on the credit facility ranges from LIBOR plus 1.25% to LIBOR plus 2.00% depending on the leverage ratios at the time the funds are drawn. | 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. | |||||||||||||||||||||||||||||||
Credit facility amount outstanding | 120,000,000 | ||||||||||||||||||||||||||||||||
Term Loan | 175,000,000 | ||||||||||||||||||||||||||||||||
Loan amount paid off date | 30-Apr-23 | 7-Apr-15 | 1-Aug-20 | ||||||||||||||||||||||||||||||
Early payment of debt | 175,000,000 | ||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | -329,000 | 0 | -329,000 | 0 | -300,000 | ||||||||||||||||||||||||||||
Debt instrument, carrying amount | 250,000,000 | 330,000,000 | |||||||||||||||||||||||||||||||
Debt instrument, interest rate | 7.00% | 3.63% | |||||||||||||||||||||||||||||||
Debt issuance cost | 4,400,000 | 5,700,000 | |||||||||||||||||||||||||||||||
Net proceeds from issuance of debt | 245,600,000 | 350,800,000 | |||||||||||||||||||||||||||||||
Debt instrument redemption price percentage plus accrued interest | 103.50% | 100.00% | 100.00% | 100.00% | 102.72% | 100.00% | |||||||||||||||||||||||||||
Debt instrument redemption allowed percentage of principal amount redeemed | 35.00% | ||||||||||||||||||||||||||||||||
Debt instrument, fair value | 371,000,000 | 261,700,000 | 266,900,000 | ||||||||||||||||||||||||||||||
Imputed interest on advance | 4.30% | 4.30% | |||||||||||||||||||||||||||||||
Discounted value of debt | $46,000,000 | $46,000,000 | $51,900,000 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||||
Jan. 30, 2015 | 1-May-15 | 2-May-14 | Oct. 31, 2014 | Mar. 05, 2014 | Jul. 26, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ||||||
Environmental Exit Costs, Assets Previously Disposed, Liability for Remediation | $1,100,000 | $1,500,000 | ||||
Gain on release of non-income tax liability | 15,700,000 | 15,656,000 | 0 | |||
Reduction in interest expense | 2,400,000 | |||||
Consent agreement term | The Consent Agreement 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 Consent Agreement and the ITAR; (iii) two external audits of the Companybs ITAR compliance program; and (iv) continued | |||||
Total penalty proposed by DDTC Office of Compliance | 20,000,000 | |||||
Penalty suspended and eligible for offset credit | 10,000,000 | |||||
Estimated and recorded charge | 10,000,000 | |||||
Paid and Recorded in March 2014 | 4,000,000 | |||||
Paid and Recorded in February 2015 | 2,000,000 | |||||
Estimated and to be paid in March 2016 | 2,000,000 | |||||
Estimated and to be paid March 2017 | $2,000,000 |
Employee_Stock_Plans_Additiona
Employee Stock Plans - Additional Information (Detail) (USD $) | 6 Months Ended | |
In Thousands, except Share data, unless otherwise specified | 1-May-15 | 2-May-14 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation | $5,552 | $6,648 |
Shares issued under share-based compensation plans | 178,406 | 491,320 |
Restricted Stock Units (RSUs) | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Granted | 20,300 | 77,075 |
Weighted Average Grant Date Fair Value | $113.98 | $84.34 |
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 years | |
Number of options granted | 25,984 | 29,242 |
Weighted-average grant date fair value of options granted | $24.31 | $27.03 |
Equity Incentive Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of options granted | 188,500 | 191,900 |
Weighted-average grant date fair value of options granted | $48.63 | $45.20 |
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% |
Schedule_of_Fair_Value_of_Opti
Schedule of Fair Value of Option Granted using Black-Scholes Pricing Model (Detail) (USD $) | 6 Months Ended | |
1-May-15 | 2-May-14 | |
Employee Sharesave Scheme | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Volatility | 25.80% | 33.69% |
Risk-free interest rate | 0.93% | 0.73% |
Expected life (years) | 3 years | 3 years |
Dividends | $0 | $0 |
Equity Incentive Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Volatility, minimum | 40.73% | 41.87% |
Volatility, maximum | 41.89% | 43.17% |
Risk-free interest rate, minimum | 1.43% | 1.73% |
Risk-free interest rate, maximum | 2.00% | 2.99% |
Dividends | $0 | $0 |
Equity Incentive Plan | Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected life (years) | 5 years | 5 years |
Equity Incentive Plan | Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected life (years) | 9 years | 9 years |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) | 1-May-15 | Oct. 31, 2014 | Dec. 20, 2013 | Jan. 30, 2015 | Jan. 30, 2015 | Jan. 30, 2015 | Jan. 31, 2015 |
USD ($) | USD ($) | Sunbank Family Of Companies LLC. | Belgium-based | Belgium-based | Belgium-based | Belgium-based | |
USD ($) | Barco N V | Barco N V | Barco N V | Barco N V | |||
USD ($) | EUR (€) | USD ($) | USD ($) | ||||
Business Acquisition [Line Items] | |||||||
Business acquired | $51,700,000 | $171,000,000 | € 150,000,000 | ||||
Foreign currency exchange loss | -2,900,000 | ||||||
Estimated fair value adjustment for inventory, will be recognized as cost of goods sold | 7,100,000 | ||||||
Fair value adjustment for inventory, cost of goods sold period, months | 13 months | 13 months | |||||
Acquisition-related costs | 3,300,000 | ||||||
Goodwill | 1,074,437,000 | 1,071,786,000 | 63,508,000 | ||||
Contingent consideration | $5,000,000 | ||||||
Contingent consideration achievement period of certain sales levels | 2 years |
Allocation_of_Estimated_Fair_V
Allocation of Estimated Fair Value of Assets Acquired and Liabilities Assumed (Detail) (USD $) | 1-May-15 | Oct. 31, 2014 | Jan. 31, 2015 |
In Thousands, unless otherwise specified | |||
Business Acquisition [Line Items] | |||
Goodwill | $1,074,437 | $1,071,786 | |
Belgium-based | Barco N V | |||
Business Acquisition [Line Items] | |||
Current assets | 80,400 | ||
Property, plant and equipment | 4,188 | ||
Goodwill | 63,508 | ||
Other assets | 3,401 | ||
Total assets acquired | 208,123 | ||
Current liabilities assumed | 33,368 | ||
Long-term liabilities assumed | 3,685 | ||
Net assets acquired | 171,070 | ||
Belgium-based | Programs | Barco N V | |||
Business Acquisition [Line Items] | |||
Intangible assets subject to amortization | 53,013 | ||
Belgium-based | Trade Name | Barco N V | |||
Business Acquisition [Line Items] | |||
Intangible assets subject to amortization | 452 | ||
Belgium-based | Contracts | Barco N V | |||
Business Acquisition [Line Items] | |||
Intangible assets subject to amortization | $3,161 |
Allocation_of_Estimated_Fair_V1
Allocation of Estimated Fair Value of Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) (Belgium-based, Barco N V) | 0 Months Ended |
Jan. 30, 2015 | |
Programs | |
Business Acquisition [Line Items] | |
Weighted average useful life, year | 15 years |
Trade Name | |
Business Acquisition [Line Items] | |
Weighted average useful life, year | 10 years |
Contracts | |
Business Acquisition [Line Items] | |
Weighted average useful life, year | 3 years |
Schedule_of_Comprehensive_Inco
Schedule of Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | 1-May-15 | 2-May-14 | 1-May-15 | 2-May-14 | ||||
Equity [Abstract] | ||||||||
Net earnings | $19,810 | $36,904 | $28,129 | $66,982 | ||||
Change in fair value of derivative financial instruments, net of tax | 11,596 | [1] | 4,963 | [1] | -4,168 | [1] | -3,960 | [1] |
Change in pension and post-retirement obligations, net of tax | -189 | [2] | 254 | [2] | 6,499 | [2] | 2,146 | [2] |
Currency translation adjustment | 2,327 | 38,000 | -137,102 | 4,515 | ||||
Comprehensive Income (Loss) | $33,544 | $80,121 | ($106,642) | $69,683 | ||||
[1] | Net of tax expense of $(4,365) and $(1,828) for the second fiscal quarter of 2015 and 2014, respectively. Net of tax benefit of $1,460 and $1,516 for the first six months of fiscal 2015 and 2014, respectively. | |||||||
[2] | Net of tax expense of $(36) and $(214) for the second fiscal quarter of 2015 and 2014, respectively. Net of tax expense of $(3,288) and $(1,016) for the first six months of fiscal 2015 and 2014, respectively. |
Schedule_of_Comprehensive_Inco1
Schedule of Comprehensive Income (Loss) (Parenthetical) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | 1-May-15 | 2-May-14 | 1-May-15 | 2-May-14 |
Equity [Abstract] | ||||
Change in Fair Value of Derivative Financial Instruments, Tax (Expense) Benefit | ($4,365) | ($1,828) | $1,460 | $1,516 |
Pension and Post-retirement Obligations, Tax Benefit (Expense) | ($36) | ($214) | ($3,288) | ($1,016) |
Restructuring_Additional_Infor
Restructuring - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |||
1-May-15 | 2-May-14 | Oct. 31, 2014 | Dec. 05, 2013 | Oct. 25, 2013 | |
Restructuring And Related Activities [Abstract] | |||||
Total expected integration cost | $35,000,000 | ||||
Restructuring expense | 7,300,000 | 8,900,000 | 20,400,000 | ||
Accrued restructuring | $2,728,000 | $5,915,000 | $0 |
Schedule_of_Restructuring_and_
Schedule of Restructuring and Related Costs (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | 1-May-15 | 2-May-14 |
Restructuring Cost And Reserve [Line Items] | ||
Exit & Relocation of Facilities | $5,315 | $2,873 |
Write Off of Property, Plant & Equipment | 560 | 2,470 |
Severance | 1,473 | 3,582 |
Restructuring charges | 7,348 | 8,925 |
Cost of Sales | ||
Restructuring Cost And Reserve [Line Items] | ||
Exit & Relocation of Facilities | 2,414 | 2,051 |
Write Off of Property, Plant & Equipment | 560 | 0 |
Severance | 402 | 0 |
Restructuring charges | 3,376 | 2,051 |
Restructuring Charges | ||
Restructuring Cost And Reserve [Line Items] | ||
Exit & Relocation of Facilities | 2,901 | 822 |
Write Off of Property, Plant & Equipment | 0 | 2,470 |
Severance | 1,071 | 3,582 |
Restructuring charges | $3,972 | $6,874 |
Summary_of_Restructuring_Activ
Summary of Restructuring Activity (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | 1-May-15 | Oct. 31, 2014 |
Restructuring And Related Activities [Abstract] | ||
Accrued Liabilities, Beginning Balance | $5,915 | $0 |
Accrued Liabilities, Amounts accrued and incurred | 7,348 | 20,388 |
Accrued Liabilities, Amounts paid | -9,845 | -11,688 |
Accrued Liabilities, Write-off | -560 | -2,585 |
Accrued Liabilities, Currency translation adjustments | -130 | -200 |
Accrued Liabilities, Ending Balance | $2,728 | $5,915 |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
1-May-15 | Oct. 31, 2014 | 2-May-14 | 1-May-15 | 2-May-14 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Loss on assets held for sale | $49,500,000 | $15,846,000 | $0 | ||
Income (loss) from discontinued operations | -1,822,000 | -3,691,000 | -18,561,000 | -7,556,000 | |
Environmental Exit Costs, Assets Previously Disposed, Liability for Remediation | 1,100,000 | 1,500,000 | 1,100,000 | ||
Loss from Discontinued Operations Attributable to Esterline, Net of Tax | -1,822,000 | -3,691,000 | -18,561,000 | -7,556,000 | |
Previously Sold Business | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Environmental Exit Costs, Assets Previously Disposed, Liability for Remediation | 1,200,000 | 1,200,000 | |||
Loss from Discontinued Operations Attributable to Esterline, Net of Tax | -800,000 | ||||
Avionics & Controls | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Loss on assets held for sale | 10,200,000 | ||||
Income (loss) from discontinued operations | 927,000 | -1,094,000 | -11,113,000 | -3,103,000 | |
Advanced Materials | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Loss on assets held for sale | 5,100,000 | ||||
Income (loss) from discontinued operations | ($3,311,000) | ($2,233,000) | ($7,591,000) | ($3,825,000) |
Discontinued_Operations_Income
Discontinued Operations Income (Loss) Net of Tax (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | 1-May-15 | 2-May-14 | 1-May-15 | 2-May-14 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Net Sales | $17,047 | $18,713 | $32,283 | $37,753 |
Operating earnings (loss) | -558 | -4,927 | -4,044 | -10,305 |
Gain (loss) on net assets held for sale | -1,769 | 0 | -15,846 | 0 |
Tax expense (benefit) | -505 | -1,236 | -1,329 | -2,749 |
Income (loss) from discontinued operations | -1,822 | -3,691 | -18,561 | -7,556 |
Avionics & Controls | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Net Sales | 7,111 | 10,985 | 13,913 | 17,534 |
Operating earnings (loss) | -735 | -1,743 | -1,517 | -4,719 |
Gain (loss) on net assets held for sale | 1,361 | 0 | -10,153 | 0 |
Tax expense (benefit) | -301 | -649 | -557 | -1,616 |
Income (loss) from discontinued operations | 927 | -1,094 | -11,113 | -3,103 |
Sensors & Systems | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Net Sales | 6,632 | 5,623 | 12,265 | 10,938 |
Operating earnings (loss) | 1,187 | -25 | 1,737 | -419 |
Gain (loss) on net assets held for sale | -622 | 0 | -622 | 0 |
Tax expense (benefit) | 3 | -4 | 198 | -134 |
Income (loss) from discontinued operations | 562 | -21 | 917 | -285 |
Advanced Materials | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Net Sales | 3,304 | 2,105 | 6,105 | 9,281 |
Operating earnings (loss) | -1,010 | -2,816 | -3,079 | -4,824 |
Gain (loss) on net assets held for sale | -2,508 | 0 | -5,071 | 0 |
Tax expense (benefit) | -207 | -583 | -559 | -999 |
Income (loss) from discontinued operations | -3,311 | -2,233 | -7,591 | -3,825 |
Other | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Net Sales | 0 | 0 | 0 | 0 |
Operating earnings (loss) | 0 | -343 | -1,185 | -343 |
Gain (loss) on net assets held for sale | 0 | 0 | 0 | 0 |
Tax expense (benefit) | 0 | 0 | -411 | 0 |
Income (loss) from discontinued operations | $0 | ($343) | ($774) | ($343) |
Discontinued_Operations_Assets
Discontinued Operations Assets and Liabilities Held for Sale (Detail) (USD $) | 1-May-15 | Oct. 31, 2014 |
In Thousands, unless otherwise specified | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Accounts receivable, net | $10,296 | $11,012 |
Inventories | 27,798 | 25,876 |
Prepaid expenses | 933 | 829 |
Deferred income tax benefits | 1,372 | 1,351 |
Income tax refundable | 0 | 2,378 |
Current Assets of Businesses Held for Sale | 40,399 | 41,446 |
Net property, plant and equipment | 22,634 | 28,893 |
Intangibles, net | 32,804 | 41,214 |
Deferred income tax benefits | 0 | -30 |
Other assets | 1,514 | 1,600 |
Non-Current Assets of Businesses Held for Sale | 56,952 | 71,677 |
Accounts payable | 9,957 | 9,393 |
Accrued liabilities | 4,224 | 4,798 |
Current Liabilities of Businesses Held for Sale | 14,181 | 14,191 |
Deferred income tax liabilities | 19,099 | 18,864 |
Other liabilities | 328 | 12 |
Non-Current Liabilities of Businesses Held for Sale | 19,427 | 18,876 |
Net Assets of Businesses Held for Sale | 63,743 | 80,056 |
Avionics & Controls | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Accounts receivable, net | 3,352 | 5,154 |
Inventories | 12,924 | 12,646 |
Prepaid expenses | 295 | 408 |
Deferred income tax benefits | 697 | 671 |
Income tax refundable | 0 | 0 |
Current Assets of Businesses Held for Sale | 17,268 | 18,879 |
Net property, plant and equipment | 1,777 | 4,949 |
Intangibles, net | 15,642 | 22,228 |
Deferred income tax benefits | 0 | 0 |
Other assets | 0 | 0 |
Non-Current Assets of Businesses Held for Sale | 17,419 | 27,177 |
Accounts payable | 3,314 | 2,194 |
Accrued liabilities | 1,738 | 1,765 |
Current Liabilities of Businesses Held for Sale | 5,052 | 3,959 |
Deferred income tax liabilities | 11,148 | 11,084 |
Other liabilities | 307 | 0 |
Non-Current Liabilities of Businesses Held for Sale | 11,455 | 11,084 |
Net Assets of Businesses Held for Sale | 18,180 | 31,013 |
Sensors & Systems | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Accounts receivable, net | 3,678 | 3,752 |
Inventories | 9,141 | 7,972 |
Prepaid expenses | 237 | 86 |
Deferred income tax benefits | 675 | 680 |
Income tax refundable | 0 | 0 |
Current Assets of Businesses Held for Sale | 13,731 | 12,490 |
Net property, plant and equipment | 3,990 | 4,105 |
Intangibles, net | 10,205 | 10,659 |
Deferred income tax benefits | 0 | -30 |
Other assets | 0 | 0 |
Non-Current Assets of Businesses Held for Sale | 14,195 | 14,734 |
Accounts payable | 1,107 | 873 |
Accrued liabilities | 1,018 | 1,008 |
Current Liabilities of Businesses Held for Sale | 2,125 | 1,881 |
Deferred income tax liabilities | 6,310 | 6,243 |
Other liabilities | 21 | 0 |
Non-Current Liabilities of Businesses Held for Sale | 6,331 | 6,243 |
Net Assets of Businesses Held for Sale | 19,470 | 19,100 |
Advanced Materials | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Accounts receivable, net | 3,266 | 2,106 |
Inventories | 5,733 | 5,258 |
Prepaid expenses | 401 | 335 |
Deferred income tax benefits | 0 | 0 |
Income tax refundable | 0 | 2,378 |
Current Assets of Businesses Held for Sale | 9,400 | 10,077 |
Net property, plant and equipment | 16,867 | 19,839 |
Intangibles, net | 6,957 | 8,327 |
Deferred income tax benefits | 0 | 0 |
Other assets | 1,514 | 1,600 |
Non-Current Assets of Businesses Held for Sale | 25,338 | 29,766 |
Accounts payable | 5,536 | 6,326 |
Accrued liabilities | 1,468 | 2,025 |
Current Liabilities of Businesses Held for Sale | 7,004 | 8,351 |
Deferred income tax liabilities | 1,641 | 1,537 |
Other liabilities | 0 | 12 |
Non-Current Liabilities of Businesses Held for Sale | 1,641 | 1,549 |
Net Assets of Businesses Held for Sale | $26,093 | $29,943 |
Business_Segment_Information_f
Business Segment Information for Continuing Operations (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | 1-May-15 | 2-May-14 | 1-May-15 | 2-May-14 |
Segment Reporting Information [Line Items] | ||||
Sales | $500,080 | $510,861 | $946,424 | $996,801 |
Segment Earnings | 56,994 | 76,613 | 102,198 | 142,993 |
Corporate expense | -22,007 | -17,037 | -41,022 | -32,256 |
Other income | 0 | 0 | 12,744 | 0 |
Interest income | 124 | 136 | 303 | 255 |
Interest expense | -8,564 | -8,434 | -14,405 | -17,059 |
Loss on extinguishment of debt | -329 | 0 | -329 | 0 |
Earnings from Continuing Operations Before Income Taxes | 26,218 | 51,278 | 59,489 | 93,933 |
Avionics & Controls | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 210,589 | 184,616 | 387,067 | 378,506 |
Segment Earnings | 9,449 | 23,310 | 28,551 | 51,050 |
Sensors & Systems | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 176,425 | 205,111 | 340,081 | 386,885 |
Segment Earnings | 22,564 | 23,124 | 32,135 | 43,756 |
Advanced Materials | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 113,066 | 121,134 | 219,276 | 231,410 |
Segment Earnings | $24,981 | $30,179 | $41,512 | $48,187 |
Condensed_Consolidating_Balanc
Condensed Consolidating Balance Sheet (Detail) (USD $) | 1-May-15 | Oct. 31, 2014 | 2-May-14 | Oct. 25, 2013 |
In Thousands, unless otherwise specified | ||||
Current Assets | ||||
Cash and cash equivalents | $172,645 | $238,144 | $207,443 | $179,178 |
Accounts receivable, net | 384,662 | 379,889 | ||
Inventories | 479,588 | 433,595 | ||
Income tax refundable | 9,394 | 5,266 | ||
Deferred income tax benefits | 52,524 | 48,679 | ||
Prepaid expenses | 23,892 | 20,336 | ||
Other current assets | 3,600 | 2,149 | ||
Current assets of businesses held for sale | 40,399 | 41,446 | ||
Total Current Assets | 1,166,704 | 1,169,504 | ||
Property, Plant & Equipment, Net | 306,598 | 319,342 | ||
Goodwill | 1,074,437 | 1,071,786 | ||
Intangibles, net | 475,931 | 471,377 | ||
Debt issuance costs, net | 11,162 | 4,295 | ||
Deferred income tax benefits | 62,759 | 71,307 | ||
Other assets | 21,825 | 14,179 | ||
Non-current assets of businesses held for sale | 56,952 | 71,677 | ||
Amounts Due From (To) Subsidiaries | 0 | 0 | ||
Investment in Subsidiaries | 0 | 0 | ||
Total Assets | 3,176,368 | 3,193,467 | ||
Current Liabilities | ||||
Accounts payable | 123,448 | 115,284 | ||
Accrued liabilities | 264,493 | 262,536 | ||
Current maturities of long-term debt | 1,002 | 12,774 | ||
Deferred income tax liabilities | 2,851 | 1,773 | ||
Federal and foreign income taxes | 1,617 | 1,571 | ||
Current liabilities of businesses held for sale | 14,181 | 14,191 | ||
Total Current Liabilities | 407,592 | 408,129 | ||
Credit facilities | 120,000 | 100,000 | ||
Long-Term Debt, Net | 722,954 | 509,720 | ||
Deferred Income Tax Liabilities | 137,983 | 149,165 | ||
Pension and Post-Retirement Obligations | 57,968 | 62,693 | ||
Other Liabilities | 29,958 | 46,884 | ||
Non-current liabilities of businesses held for sale | 19,427 | 18,876 | ||
Amounts Due To (From) Subsidiaries | 0 | 0 | ||
Shareholders' Equity | 1,680,486 | 1,898,000 | ||
Total Liabilities and Shareholders' Equity | 3,176,368 | 3,193,467 | ||
Parent Company | ||||
Current Assets | ||||
Cash and cash equivalents | 23,591 | 14,634 | 9,577 | 7,826 |
Accounts receivable, net | 69 | 610 | ||
Inventories | 0 | 0 | ||
Income tax refundable | 0 | 0 | ||
Deferred income tax benefits | 31,918 | 31,486 | ||
Prepaid expenses | 185 | 147 | ||
Other current assets | 74 | 80 | ||
Current assets of businesses held for sale | 0 | 0 | ||
Total Current Assets | 55,837 | 46,957 | ||
Property, Plant & Equipment, Net | 1,397 | 1,489 | ||
Goodwill | 0 | 0 | ||
Intangibles, net | 0 | 0 | ||
Debt issuance costs, net | 5,447 | 4,134 | ||
Deferred income tax benefits | 18,169 | 20,455 | ||
Other assets | 276 | 130 | ||
Non-current assets of businesses held for sale | 0 | 0 | ||
Amounts Due From (To) Subsidiaries | 0 | 0 | ||
Investment in Subsidiaries | 3,162,577 | 3,307,454 | ||
Total Assets | 3,243,703 | 3,380,619 | ||
Current Liabilities | ||||
Accounts payable | 3,536 | 1,751 | ||
Accrued liabilities | 16,247 | 20,178 | ||
Current maturities of long-term debt | 0 | 8,750 | ||
Deferred income tax liabilities | 558 | 76 | ||
Federal and foreign income taxes | -1,946 | -2,282 | ||
Current liabilities of businesses held for sale | 0 | 0 | ||
Total Current Liabilities | 18,395 | 28,473 | ||
Credit facilities | 90,000 | 100,000 | ||
Long-Term Debt, Net | 250,000 | 403,125 | ||
Deferred Income Tax Liabilities | 57,654 | 58,615 | ||
Pension and Post-Retirement Obligations | 18,904 | 18,683 | ||
Other Liabilities | 14,680 | 16,762 | ||
Non-current liabilities of businesses held for sale | 0 | 0 | ||
Amounts Due To (From) Subsidiaries | 1,102,689 | 856,961 | ||
Shareholders' Equity | 1,691,381 | 1,898,000 | ||
Total Liabilities and Shareholders' Equity | 3,243,703 | 3,380,619 | ||
TA Mfg. Ltd | ||||
Current Assets | ||||
Cash and cash equivalents | 1,985 | 0 | 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 | ||
Current assets of businesses held for sale | 0 | 0 | ||
Total Current Assets | 1,985 | 0 | ||
Property, Plant & Equipment, Net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangibles, net | 0 | 0 | ||
Debt issuance costs, net | 5,715 | 0 | ||
Deferred income tax benefits | 0 | 0 | ||
Other assets | 0 | 0 | ||
Non-current assets of businesses held for sale | 0 | 0 | ||
Amounts Due From (To) Subsidiaries | 349,959 | 0 | ||
Investment in Subsidiaries | 642,929 | 0 | ||
Total Assets | 1,000,588 | 0 | ||
Current Liabilities | ||||
Accounts payable | 0 | 0 | ||
Accrued liabilities | 1,189 | 0 | ||
Current maturities of long-term debt | 0 | 0 | ||
Deferred income tax liabilities | 0 | 0 | ||
Federal and foreign income taxes | -2,621 | 0 | ||
Current liabilities of businesses held for sale | 0 | 0 | ||
Total Current Liabilities | -1,432 | 0 | ||
Credit facilities | 0 | 0 | ||
Long-Term Debt, Net | 369,567 | 0 | ||
Deferred Income Tax Liabilities | 0 | 0 | ||
Pension and Post-Retirement Obligations | 0 | 0 | ||
Other Liabilities | 0 | 0 | ||
Non-current liabilities of businesses held for sale | 0 | 0 | ||
Amounts Due To (From) Subsidiaries | 0 | 0 | ||
Shareholders' Equity | 632,453 | 0 | ||
Total Liabilities and Shareholders' Equity | 1,000,588 | 0 | ||
Guarantor Subsidiaries | ||||
Current Assets | ||||
Cash and cash equivalents | 2,883 | 3,454 | 5,535 | 4,876 |
Accounts receivable, net | 142,018 | 143,158 | ||
Inventories | 193,498 | 188,982 | ||
Income tax refundable | 0 | 0 | ||
Deferred income tax benefits | -1,220 | -1,191 | ||
Prepaid expenses | 8,302 | 6,703 | ||
Other current assets | 111 | 114 | ||
Current assets of businesses held for sale | 25,400 | 26,800 | ||
Total Current Assets | 370,992 | 368,020 | ||
Property, Plant & Equipment, Net | 160,832 | 158,089 | ||
Goodwill | 372,021 | 347,700 | ||
Intangibles, net | 101,998 | 106,164 | ||
Debt issuance costs, net | 0 | 0 | ||
Deferred income tax benefits | 0 | 30 | ||
Other assets | 41,394 | 7,502 | ||
Non-current assets of businesses held for sale | 0 | 40,737 | ||
Amounts Due From (To) Subsidiaries | 794,188 | 797,342 | ||
Investment in Subsidiaries | 1,009,042 | 1,127,237 | ||
Total Assets | 2,850,467 | 2,952,821 | ||
Current Liabilities | ||||
Accounts payable | 36,820 | 36,905 | ||
Accrued liabilities | 87,274 | 93,168 | ||
Current maturities of long-term debt | 862 | 349 | ||
Deferred income tax liabilities | 1 | 8 | ||
Federal and foreign income taxes | -3,898 | -2,643 | ||
Current liabilities of businesses held for sale | 3,902 | 4,010 | ||
Total Current Liabilities | 124,961 | 131,797 | ||
Credit facilities | 0 | 0 | ||
Long-Term Debt, Net | 57,184 | 55,176 | ||
Deferred Income Tax Liabilities | -17,465 | -17,333 | ||
Pension and Post-Retirement Obligations | 862 | 1,226 | ||
Other Liabilities | 194 | 3,944 | ||
Non-current liabilities of businesses held for sale | 17,740 | 17,327 | ||
Amounts Due To (From) Subsidiaries | 0 | 0 | ||
Shareholders' Equity | 2,666,991 | 2,760,684 | ||
Total Liabilities and Shareholders' Equity | 2,850,467 | 2,952,821 | ||
Non-Guarantor Subsidiaries | ||||
Current Assets | ||||
Cash and cash equivalents | 144,186 | 220,056 | 192,331 | 166,476 |
Accounts receivable, net | 242,575 | 236,121 | ||
Inventories | 286,090 | 244,613 | ||
Income tax refundable | 9,394 | 5,266 | ||
Deferred income tax benefits | 21,826 | 18,384 | ||
Prepaid expenses | 15,405 | 13,486 | ||
Other current assets | 3,415 | 1,955 | ||
Current assets of businesses held for sale | 14,999 | 14,646 | ||
Total Current Assets | 737,890 | 754,527 | ||
Property, Plant & Equipment, Net | 144,369 | 159,764 | ||
Goodwill | 702,416 | 724,086 | ||
Intangibles, net | 373,933 | 365,213 | ||
Debt issuance costs, net | 0 | 161 | ||
Deferred income tax benefits | 44,590 | 50,822 | ||
Other assets | -19,845 | 6,547 | ||
Non-current assets of businesses held for sale | 56,952 | 30,940 | ||
Amounts Due From (To) Subsidiaries | 0 | 0 | ||
Investment in Subsidiaries | 14,644 | 20,768 | ||
Total Assets | 2,054,949 | 2,112,828 | ||
Current Liabilities | ||||
Accounts payable | 83,092 | 76,628 | ||
Accrued liabilities | 159,783 | 149,190 | ||
Current maturities of long-term debt | 140 | 3,675 | ||
Deferred income tax liabilities | 2,292 | 1,689 | ||
Federal and foreign income taxes | 10,082 | 6,496 | ||
Current liabilities of businesses held for sale | 10,279 | 10,181 | ||
Total Current Liabilities | 265,668 | 247,859 | ||
Credit facilities | 30,000 | 0 | ||
Long-Term Debt, Net | 46,203 | 51,419 | ||
Deferred Income Tax Liabilities | 97,794 | 107,883 | ||
Pension and Post-Retirement Obligations | 38,202 | 42,784 | ||
Other Liabilities | 15,084 | 26,178 | ||
Non-current liabilities of businesses held for sale | 1,687 | 1,549 | ||
Amounts Due To (From) Subsidiaries | 400,768 | 456,861 | ||
Shareholders' Equity | 1,159,543 | 1,178,295 | ||
Total Liabilities and Shareholders' Equity | 2,054,949 | 2,112,828 | ||
Eliminations | ||||
Current Assets | ||||
Cash and cash equivalents | 0 | 0 | 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 | ||
Current assets of businesses held for sale | 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 | ||
Non-current assets of businesses held for sale | 0 | 0 | ||
Amounts Due From (To) Subsidiaries | -1,144,147 | -797,342 | ||
Investment in Subsidiaries | -4,829,192 | -4,455,459 | ||
Total Assets | -5,973,339 | -5,252,801 | ||
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 | ||
Current liabilities of businesses held for sale | 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 | ||
Non-current liabilities of businesses held for sale | 0 | 0 | ||
Amounts Due To (From) Subsidiaries | -1,503,457 | -1,313,822 | ||
Shareholders' Equity | -4,469,882 | -3,938,979 | ||
Total Liabilities and Shareholders' Equity | ($5,973,339) | ($5,252,801) |
Condensed_Consolidating_Statem
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | 1-May-15 | 2-May-14 | 1-May-15 | 2-May-14 |
Guarantee Obligations [Line Items] | ||||
Net Sales | $500,080 | $510,861 | $946,424 | $996,801 |
Cost of Sales | 336,429 | 331,636 | 637,423 | 646,841 |
Gross Profit | 163,651 | 179,225 | 309,001 | 349,960 |
Expenses | ||||
Selling, general and administrative | 100,742 | 92,035 | 194,398 | 181,167 |
Research, development & engineering | 27,000 | 25,536 | 49,455 | 51,182 |
Restructuring charges | 922 | 2,078 | 3,972 | 6,874 |
Other (income) expense | 0 | 0 | -12,744 | 0 |
Total Expenses | 128,664 | 119,649 | 235,081 | 239,223 |
Operating Earnings from Continuing Operations | 34,987 | 59,576 | 73,920 | 110,737 |
Interest Income | -124 | -136 | -303 | -255 |
Interest Expense | 8,564 | 8,434 | 14,405 | 17,059 |
Loss on Extinguishment of Debt | 329 | 0 | 329 | 0 |
Earnings from Continuing Operations Before Income Taxes | 26,218 | 51,278 | 59,489 | 93,933 |
Income Tax Expense (Benefit) | 4,542 | 10,386 | 12,692 | 19,012 |
Earnings from Continuing Operations Including Noncontrolling Interests | 21,676 | 40,892 | 46,797 | 74,921 |
Earnings Attributable to Noncontrolling Interests | -44 | -297 | -107 | -383 |
Earnings from Continuing Operations Attributable to Esterline, Net of Tax | 21,632 | 40,595 | 46,690 | 74,538 |
Loss from Discontinued Operations Attributable to Esterline, Net of Tax | -1,822 | -3,691 | -18,561 | -7,556 |
Equity in Net Earnings of Consolidated Subsidiaries | 0 | 0 | 0 | 0 |
Net Earnings Attributable to Esterline | 19,810 | 36,904 | 28,129 | 66,982 |
Comprehensive Income (Loss) | 33,544 | 80,121 | -106,642 | 69,683 |
Parent Company | ||||
Guarantee Obligations [Line Items] | ||||
Net Sales | 0 | 0 | 0 | 0 |
Cost of Sales | 0 | 0 | 0 | 0 |
Gross Profit | 0 | 0 | 0 | 0 |
Expenses | ||||
Selling, general and administrative | 0 | 0 | 0 | 0 |
Research, development & engineering | 0 | 0 | 0 | 0 |
Restructuring charges | 0 | 0 | 0 | 0 |
Other (income) expense | 0 | 0 | 0 | 0 |
Total Expenses | 0 | 0 | 0 | 0 |
Operating Earnings from Continuing Operations | 0 | 0 | 0 | 0 |
Interest Income | -4,029 | -3,755 | -7,994 | -7,751 |
Interest Expense | 6,857 | 6,237 | 13,201 | 12,573 |
Loss on Extinguishment of Debt | 329 | 0 | 329 | 0 |
Earnings from Continuing Operations Before Income Taxes | -3,157 | -2,482 | -5,536 | -4,822 |
Income Tax Expense (Benefit) | -560 | -520 | -1,109 | -996 |
Earnings from Continuing Operations Including Noncontrolling Interests | -2,597 | -1,962 | -4,427 | -3,826 |
Earnings Attributable to Noncontrolling Interests | 0 | 0 | 0 | 0 |
Earnings from Continuing Operations Attributable to Esterline, Net of Tax | -2,597 | -1,962 | -4,427 | -3,826 |
Loss from Discontinued Operations Attributable to Esterline, Net of Tax | 0 | -343 | -774 | -343 |
Equity in Net Earnings of Consolidated Subsidiaries | 22,407 | 39,209 | 33,330 | 71,151 |
Net Earnings Attributable to Esterline | 19,810 | 36,904 | 28,129 | 66,982 |
Comprehensive Income (Loss) | 33,393 | 75,488 | -93,457 | 72,667 |
TA Mfg. Ltd | ||||
Guarantee Obligations [Line Items] | ||||
Net Sales | 0 | 0 | 0 | 0 |
Cost of Sales | 0 | 0 | 0 | 0 |
Gross Profit | 0 | 0 | 0 | 0 |
Expenses | ||||
Selling, general and administrative | 16 | 0 | 16 | 0 |
Research, development & engineering | 0 | 0 | 0 | 0 |
Restructuring charges | 0 | 0 | 0 | 0 |
Other (income) expense | 0 | 0 | 0 | 0 |
Total Expenses | 16 | 0 | 16 | 0 |
Operating Earnings from Continuing Operations | -16 | 0 | -16 | 0 |
Interest Income | -860 | 0 | -860 | 0 |
Interest Expense | 889 | 0 | 889 | 0 |
Loss on Extinguishment of Debt | 0 | 0 | 0 | 0 |
Earnings from Continuing Operations Before Income Taxes | -45 | 0 | -45 | 0 |
Income Tax Expense (Benefit) | -9 | 0 | -9 | 0 |
Earnings from Continuing Operations Including Noncontrolling Interests | -36 | 0 | -36 | 0 |
Earnings Attributable to Noncontrolling Interests | 0 | 0 | 0 | 0 |
Earnings from Continuing Operations Attributable to Esterline, Net of Tax | -36 | 0 | -36 | 0 |
Loss from Discontinued Operations Attributable to Esterline, Net of Tax | 0 | 0 | 0 | 0 |
Equity in Net Earnings of Consolidated Subsidiaries | 21,534 | 0 | 21,534 | 0 |
Net Earnings Attributable to Esterline | 21,498 | 0 | 21,498 | 0 |
Comprehensive Income (Loss) | 10,537 | 0 | 10,537 | 0 |
Guarantor Subsidiaries | ||||
Guarantee Obligations [Line Items] | ||||
Net Sales | 234,864 | 243,425 | 443,865 | 463,290 |
Cost of Sales | 153,567 | 155,232 | 293,377 | 295,903 |
Gross Profit | 81,297 | 88,193 | 150,488 | 167,387 |
Expenses | ||||
Selling, general and administrative | 35,634 | 37,903 | 74,293 | 73,708 |
Research, development & engineering | 12,520 | 12,490 | 22,297 | 24,313 |
Restructuring charges | 922 | 1,248 | 3,360 | 4,321 |
Other (income) expense | -409 | 0 | 0 | 0 |
Total Expenses | 48,667 | 51,641 | 99,950 | 102,342 |
Operating Earnings from Continuing Operations | 32,630 | 36,552 | 50,538 | 65,045 |
Interest Income | -7,268 | -1,913 | -14,466 | -3,938 |
Interest Expense | 12,467 | 6,730 | 24,795 | 13,787 |
Loss on Extinguishment of Debt | 0 | 0 | 0 | 0 |
Earnings from Continuing Operations Before Income Taxes | 27,431 | 31,735 | 40,209 | 55,196 |
Income Tax Expense (Benefit) | 5,333 | 6,996 | 6,947 | 12,237 |
Earnings from Continuing Operations Including Noncontrolling Interests | 22,098 | 24,739 | 33,262 | 42,959 |
Earnings Attributable to Noncontrolling Interests | 0 | 0 | 0 | 0 |
Earnings from Continuing Operations Attributable to Esterline, Net of Tax | 22,098 | 24,739 | 33,262 | 42,959 |
Loss from Discontinued Operations Attributable to Esterline, Net of Tax | 921 | -1,007 | -9,655 | -2,858 |
Equity in Net Earnings of Consolidated Subsidiaries | 51 | 802 | 113 | 1,234 |
Net Earnings Attributable to Esterline | 23,070 | 24,534 | 23,720 | 41,335 |
Comprehensive Income (Loss) | 23,443 | 25,065 | 23,995 | 42,469 |
Non-Guarantor Subsidiaries | ||||
Guarantee Obligations [Line Items] | ||||
Net Sales | 266,456 | 268,512 | 504,659 | 536,029 |
Cost of Sales | 184,102 | 177,480 | 346,146 | 353,456 |
Gross Profit | 82,354 | 91,032 | 158,513 | 182,573 |
Expenses | ||||
Selling, general and administrative | 65,092 | 54,132 | 120,089 | 107,459 |
Research, development & engineering | 14,480 | 13,046 | 27,158 | 26,869 |
Restructuring charges | 0 | 830 | 612 | 2,553 |
Other (income) expense | 409 | 0 | -12,744 | 0 |
Total Expenses | 79,981 | 68,008 | 135,115 | 136,881 |
Operating Earnings from Continuing Operations | 2,373 | 23,024 | 23,398 | 45,692 |
Interest Income | -7,490 | -13,696 | -15,888 | -28,372 |
Interest Expense | 7,874 | 14,695 | 14,425 | 30,505 |
Loss on Extinguishment of Debt | 0 | 0 | 0 | |
Earnings from Continuing Operations Before Income Taxes | 1,989 | 22,025 | 24,861 | 43,559 |
Income Tax Expense (Benefit) | -222 | 3,910 | 6,863 | 7,771 |
Earnings from Continuing Operations Including Noncontrolling Interests | 2,211 | 18,115 | 17,998 | 35,788 |
Earnings Attributable to Noncontrolling Interests | -44 | -297 | -107 | -383 |
Earnings from Continuing Operations Attributable to Esterline, Net of Tax | 2,167 | 17,818 | 17,891 | 35,405 |
Loss from Discontinued Operations Attributable to Esterline, Net of Tax | -2,743 | -2,341 | -8,132 | -4,355 |
Equity in Net Earnings of Consolidated Subsidiaries | 1,926 | 0 | 1,320 | |
Net Earnings Attributable to Esterline | -576 | 17,403 | 9,759 | 32,370 |
Comprehensive Income (Loss) | 11,737 | 56,268 | -104,298 | 44,634 |
Eliminations | ||||
Guarantee Obligations [Line Items] | ||||
Net Sales | -1,240 | -1,076 | -2,100 | -2,518 |
Cost of Sales | -1,240 | -1,076 | -2,100 | -2,518 |
Gross Profit | 0 | 0 | 0 | 0 |
Expenses | ||||
Selling, general and administrative | 0 | 0 | 0 | 0 |
Research, development & engineering | 0 | 0 | 0 | 0 |
Restructuring charges | 0 | 0 | 0 | 0 |
Other (income) expense | 0 | 0 | 0 | 0 |
Total Expenses | 0 | 0 | 0 | 0 |
Operating Earnings from Continuing Operations | 0 | 0 | 0 | 0 |
Interest Income | 19,523 | 19,228 | 38,905 | 39,806 |
Interest Expense | -19,523 | -19,228 | -38,905 | -39,806 |
Loss on Extinguishment of Debt | 0 | 0 | 0 | 0 |
Earnings from Continuing Operations Before Income Taxes | 0 | 0 | 0 | 0 |
Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 |
Earnings from Continuing Operations Including Noncontrolling Interests | 0 | 0 | 0 | 0 |
Earnings Attributable to Noncontrolling Interests | 0 | 0 | 0 | 0 |
Earnings from Continuing Operations Attributable to Esterline, Net of Tax | 0 | 0 | 0 | 0 |
Loss from Discontinued Operations Attributable to Esterline, Net of Tax | 0 | 0 | 0 | 0 |
Equity in Net Earnings of Consolidated Subsidiaries | -43,992 | -41,937 | -54,977 | -73,705 |
Net Earnings Attributable to Esterline | -43,992 | -41,937 | -54,977 | -73,705 |
Comprehensive Income (Loss) | ($45,566) | ($76,700) | $56,581 | ($90,087) |
Condensed_Consolidating_Statem1
Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | 1-May-15 | 2-May-14 |
Cash Flows Provided (Used) by Operating Activities | ||
Net earnings (loss) including noncontrolling interests | $28,236 | $67,365 |
Depreciation & amortization | 49,853 | 59,282 |
Deferred income taxes | -7,472 | -8,410 |
Share-based compensation | 5,552 | 6,648 |
Gain on release of non-income tax liability | -15,656 | 0 |
Loss on assets held for sale | 15,846 | 0 |
Working capital changes, net of effect of acquisitions: | ||
Accounts receivable | 12,183 | 33,331 |
Inventories | -24,280 | -33,485 |
Prepaid expenses | -5,208 | -8,072 |
Other current assets | -327 | -276 |
Accounts payable | -2,920 | -10,650 |
Accrued liabilities | -10,440 | -13,224 |
Federal and foreign income taxes | 56 | -3,754 |
Other liabilities | 2,297 | -1,587 |
Other, net | 7,958 | -2,716 |
Net Cash Provided (Used) by Operating Activities | 55,678 | 84,452 |
Cash Flows Provided (Used) by Investing Activities | ||
Purchase of capital assets | -23,435 | -21,297 |
Acquisition of business, net of cash acquired | -171,070 | -44,043 |
Net Cash Provided (Used) by Investing Activities | -194,505 | -65,340 |
Cash Flows Provided (Used) by Financing Activities | ||
Proceeds provided by stock issuance under employee stock plans | 9,335 | 22,957 |
Excess tax benefits from stock option exercises | 1,744 | 5,297 |
Shares repurchased | -127,342 | 0 |
Repayment of long-term credit facilities | -190,000 | -25,000 |
Repayment of long-term debt | -167,478 | -19,302 |
Proceeds from issuance of long-term credit facilities | 210,000 | 25,000 |
Proceeds from issuance of long-term debt | 356,532 | 0 |
Proceeds from government assistance | 3,142 | 0 |
Dividends paid to noncontrolling interests | 0 | -780 |
Debt and other issuance costs | -7,890 | 0 |
Net change in intercompany financing | 0 | 0 |
Net Cash Provided (Used) by Financing Activities | 88,043 | 8,172 |
Effect of Foreign Exchange Rates on Cash and Cash Equivalents | -14,715 | 981 |
Net Increase (Decrease) in Cash and Cash Equivalents | -65,499 | 28,265 |
Cash and Cash Equivalents - Beginning of Year | 238,144 | 179,178 |
Cash and Cash Equivalents - End of Period | 172,645 | 207,443 |
Parent Company | ||
Cash Flows Provided (Used) by Operating Activities | ||
Net earnings (loss) including noncontrolling interests | 28,236 | 67,365 |
Depreciation & amortization | 0 | 0 |
Deferred income taxes | -1,337 | -2,708 |
Share-based compensation | 0 | 0 |
Gain on release of non-income tax liability | 0 | 0 |
Loss on assets held for sale | 0 | 0 |
Working capital changes, net of effect of acquisitions: | ||
Accounts receivable | 541 | -257 |
Inventories | 0 | 0 |
Prepaid expenses | -38 | 33 |
Other current assets | 6 | 0 |
Accounts payable | 1,785 | -565 |
Accrued liabilities | -5,657 | -6,625 |
Federal and foreign income taxes | 336 | -6,803 |
Other liabilities | 139 | 5,308 |
Other, net | -9,711 | -242 |
Net Cash Provided (Used) by Operating Activities | 14,300 | 55,506 |
Cash Flows Provided (Used) by Investing Activities | ||
Purchase of capital assets | -137 | -149 |
Acquisition of business, net of cash acquired | 0 | 0 |
Net Cash Provided (Used) by Investing Activities | -137 | -149 |
Cash Flows Provided (Used) by Financing Activities | ||
Proceeds provided by stock issuance under employee stock plans | 9,335 | 22,957 |
Excess tax benefits from stock option exercises | 1,744 | 5,297 |
Shares repurchased | -127,342 | 0 |
Repayment of long-term credit facilities | -190,000 | -25,000 |
Repayment of long-term debt | -161,875 | -4,375 |
Proceeds from issuance of long-term credit facilities | 180,000 | 25,000 |
Proceeds from issuance of long-term debt | 0 | 0 |
Proceeds from government assistance | 0 | 0 |
Dividends paid to noncontrolling interests | 0 | 0 |
Debt and other issuance costs | -2,130 | 0 |
Net change in intercompany financing | 284,630 | -77,490 |
Net Cash Provided (Used) by Financing Activities | -5,638 | -53,611 |
Effect of Foreign Exchange Rates on Cash and Cash Equivalents | 432 | 5 |
Net Increase (Decrease) in Cash and Cash Equivalents | 8,957 | 1,751 |
Cash and Cash Equivalents - Beginning of Year | 14,634 | 7,826 |
Cash and Cash Equivalents - End of Period | 23,591 | 9,577 |
TA Mfg. Ltd | ||
Cash Flows Provided (Used) by Operating Activities | ||
Net earnings (loss) including noncontrolling interests | 21,498 | 0 |
Depreciation & amortization | 0 | 0 |
Deferred income taxes | 0 | 0 |
Share-based compensation | 1 | 0 |
Gain on release of non-income tax liability | 0 | 0 |
Loss on assets held for sale | 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 | 1,177 | 0 |
Federal and foreign income taxes | -14 | 0 |
Other liabilities | 0 | 0 |
Other, net | -642,884 | 0 |
Net Cash Provided (Used) by Operating Activities | -620,222 | 0 |
Cash Flows Provided (Used) by Investing Activities | ||
Purchase of capital assets | 0 | 0 |
Acquisition of business, net of cash acquired | 0 | 0 |
Net Cash Provided (Used) by 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 |
Shares repurchased | 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 issuance of long-term debt | 356,532 | 0 |
Proceeds from government assistance | 0 | 0 |
Dividends paid to noncontrolling interests | 0 | 0 |
Debt and other issuance costs | -5,760 | 0 |
Net change in intercompany financing | 271,953 | 0 |
Net Cash Provided (Used) by Financing Activities | 622,725 | 0 |
Effect of Foreign Exchange Rates on Cash and Cash Equivalents | -518 | 0 |
Net Increase (Decrease) in Cash and Cash Equivalents | 1,985 | 0 |
Cash and Cash Equivalents - Beginning of Year | 0 | 0 |
Cash and Cash Equivalents - End of Period | 1,985 | 0 |
Guarantor Subsidiaries | ||
Cash Flows Provided (Used) by Operating Activities | ||
Net earnings (loss) including noncontrolling interests | 23,720 | 41,335 |
Depreciation & amortization | 16,611 | 22,722 |
Deferred income taxes | 21 | 16 |
Share-based compensation | 2,336 | 2,891 |
Gain on release of non-income tax liability | 0 | 0 |
Loss on assets held for sale | 10,295 | 0 |
Working capital changes, net of effect of acquisitions: | ||
Accounts receivable | 3,608 | 11,715 |
Inventories | -5,499 | -7,944 |
Prepaid expenses | -1,663 | -3,634 |
Other current assets | -18 | 1 |
Accounts payable | -3,949 | -132 |
Accrued liabilities | -5,888 | -1,292 |
Federal and foreign income taxes | -1,059 | 22,219 |
Other liabilities | -82 | 64 |
Other, net | -33,274 | -3,170 |
Net Cash Provided (Used) by Operating Activities | 5,159 | 84,791 |
Cash Flows Provided (Used) by Investing Activities | ||
Purchase of capital assets | -8,558 | -7,833 |
Acquisition of business, net of cash acquired | 0 | -44,043 |
Net Cash Provided (Used) by Investing Activities | -8,558 | -51,876 |
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 |
Shares repurchased | 0 | 0 |
Repayment of long-term credit facilities | 0 | 0 |
Repayment of long-term debt | 2,476 | -205 |
Proceeds from issuance of long-term credit facilities | 0 | 0 |
Proceeds from issuance of long-term debt | 0 | 0 |
Proceeds from government assistance | 0 | 0 |
Dividends paid to noncontrolling interests | 0 | 0 |
Debt and other issuance costs | 0 | 0 |
Net change in intercompany financing | 481 | -32,008 |
Net Cash Provided (Used) by Financing Activities | 2,957 | -32,213 |
Effect of Foreign Exchange Rates on Cash and Cash Equivalents | -129 | -43 |
Net Increase (Decrease) in Cash and Cash Equivalents | -571 | 659 |
Cash and Cash Equivalents - Beginning of Year | 3,454 | 4,876 |
Cash and Cash Equivalents - End of Period | 2,883 | 5,535 |
Non-Guarantor Subsidiaries | ||
Cash Flows Provided (Used) by Operating Activities | ||
Net earnings (loss) including noncontrolling interests | 9,759 | 32,370 |
Depreciation & amortization | 33,242 | 36,560 |
Deferred income taxes | -6,156 | -5,718 |
Share-based compensation | 3,215 | 3,757 |
Gain on release of non-income tax liability | -15,656 | 0 |
Loss on assets held for sale | 5,551 | 0 |
Working capital changes, net of effect of acquisitions: | ||
Accounts receivable | 8,034 | 21,873 |
Inventories | -18,781 | -25,541 |
Prepaid expenses | -3,507 | -4,471 |
Other current assets | -315 | -277 |
Accounts payable | -756 | -9,953 |
Accrued liabilities | -72 | -5,307 |
Federal and foreign income taxes | 793 | -19,170 |
Other liabilities | 2,240 | -6,959 |
Other, net | 693,827 | 696 |
Net Cash Provided (Used) by Operating Activities | 711,418 | 17,860 |
Cash Flows Provided (Used) by Investing Activities | ||
Purchase of capital assets | -14,740 | -13,315 |
Acquisition of business, net of cash acquired | -171,070 | 0 |
Net Cash Provided (Used) by Investing Activities | -185,810 | -13,315 |
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 |
Shares repurchased | 0 | 0 |
Repayment of long-term credit facilities | 0 | 0 |
Repayment of long-term debt | -8,079 | -14,722 |
Proceeds from issuance of long-term credit facilities | 30,000 | 0 |
Proceeds from issuance of long-term debt | 0 | 0 |
Proceeds from government assistance | 3,142 | 0 |
Dividends paid to noncontrolling interests | 0 | -780 |
Debt and other issuance costs | 0 | 0 |
Net change in intercompany financing | -612,041 | 35,793 |
Net Cash Provided (Used) by Financing Activities | -586,978 | 20,291 |
Effect of Foreign Exchange Rates on Cash and Cash Equivalents | -14,500 | 1,019 |
Net Increase (Decrease) in Cash and Cash Equivalents | -75,870 | 25,855 |
Cash and Cash Equivalents - Beginning of Year | 220,056 | 166,476 |
Cash and Cash Equivalents - End of Period | 144,186 | 192,331 |
Eliminations | ||
Cash Flows Provided (Used) by Operating Activities | ||
Net earnings (loss) including noncontrolling interests | -54,977 | -73,705 |
Depreciation & amortization | 0 | 0 |
Deferred income taxes | 0 | 0 |
Share-based compensation | 0 | 0 |
Gain on release of non-income tax liability | 0 | 0 |
Loss on assets held for sale | 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 and foreign income taxes | 0 | 0 |
Other liabilities | 0 | 0 |
Other, net | 0 | 0 |
Net Cash Provided (Used) by Operating Activities | -54,977 | -73,705 |
Cash Flows Provided (Used) by Investing Activities | ||
Purchase of capital assets | 0 | 0 |
Acquisition of business, net of cash acquired | 0 | 0 |
Net Cash Provided (Used) by 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 |
Shares repurchased | 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 issuance of long-term debt | 0 | 0 |
Proceeds from government assistance | 0 | 0 |
Dividends paid to noncontrolling interests | 0 | 0 |
Debt and other issuance costs | 0 | 0 |
Net change in intercompany financing | 54,977 | 73,705 |
Net Cash Provided (Used) by Financing Activities | 54,977 | 73,705 |
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 Year | 0 | 0 |
Cash and Cash Equivalents - End of Period | $0 | $0 |