Goodrich 10-Q 22 Oct 09 2009 Q3 Quarterly report Financial data

Document and Company Informatio

Document and Company Information (USD $)
In Billions, except Share data	9 Months Ended Sep. 30, 2009	Jun. 30, 2008
Document and Company Information [Abstract]
Entity Registrant Name	GOODRICH CORPORATION
Entity Central Index Key	0000042542
Document Type	10-Q
Document Period End Date	2009-09-30
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float		5.9
Entity Common Stock, Shares Outstanding	124,357,280

Condensed Consolidated Statemen

Condensed Consolidated Statement of Income (Unaudited) (USD $)
In Millions, except Per Share data	3 Months Ended Sep. 30, 2009	3 Months Ended Sep. 30, 2008	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Sales	1647.7	1772.3	5043.3	5366.6
Operating costs and expenses:
Cost of sales	1169.2	1214.9	3553.2	3715.2
Selling and administrative costs	249.6	260.6	752	791.6
Total operating costs and expenses	1418.8	1475.5	4305.2	4506.8
Operating Income	228.9	296.8	738.1	859.8
Interest expense	-30.7	-26.7	-90.2	-85.2
Interest income	0.3	1.4	1	5.1
Other income (expense) - net	-7.9	-5.6	-18.7	-18.4
Income from continuing operations before income taxes	190.6	265.9	630.2	761.3
Income tax expense	-45.7	-94.1	-162.4	-242.5
Income From Continuing Operations	144.9	171.8	467.8	518.8
Income from discontinued operations - net of income taxes	3.3	0.2	35	7.5
Consolidated Net Income	148.2	172	502.8	526.3
Net income attributable to noncontrolling interests	-2.8	(4)	-10.5	-13.8
Net Income Attributable to Goodrich	145.4	168	492.3	512.5
Amounts attributable to Goodrich:
Income from continuing operations	142.1	167.8	457.3	505
Income from discontinued operations - net of income taxes	3.3	0.2	35	7.5
Net Income Attributable to Goodrich	145.4	$168	492.3	512.5
Basic Earnings Per Share
Continuing operations	1.13	1.33	3.64	3.99
Discontinued operations	0.02	$0	0.28	0.06
Net Income Attributable to Goodrich	1.15	1.33	3.92	4.05
Diluted Earnings Per Share
Continuing operations	1.12	1.32	3.61	3.95
Discontinued operations	0.02	$0	0.27	0.06
Net Income Attributable to Goodrich	1.14	1.32	3.88	4.01
Dividends Declared Per Common Share	0.25	0.225	0.75	0.675

Condensed Consolidated Balance

Condensed Consolidated Balance Sheet (Unaudited) (USD $)
In Millions	Sep. 30, 2009	Dec. 31, 2008
Current Assets
Cash and cash equivalents	789.6	370.3
Accounts and notes receivable, less allowances for doubtful receivables ($16.9 at September 30, 2009 and $17.2 at December 31, 2008)	1127.8	1048.9
Inventories - net	2181.9	1974.7
Deferred income taxes	144.6	153.5
Prepaid expenses and other assets	63.9	47.2
Income taxes receivable	18	73.7
Total Current Assets	4325.8	3668.3
Property, plant and equipment - net	1390.8	1391.4
Prepaid pension	0.7	0.6
Goodwill	1423.1	1390.2
Identifiable intangible assets - net	411.6	402.8
Deferred income taxes	93.7	92
Other assets	627.7	537.6
Total Assets	8273.4	7482.9
Current Liabilities
Short-term debt	36.7	37.7
Accounts payable	562.6	646.4
Accrued expenses	949.1	1005.3
Income taxes payable	96.1	5.6
Deferred income taxes	25	25
Current maturities of long-term debt and capital lease obligations	0.5	121.3
Total Current Liabilities	1,670	1841.3
Long-term debt and capital lease obligations	1708.7	1410.4
Pension obligations	884.6	973.9
Postretirement benefits other than pensions	275.8	309.4
Long-term income taxes payable	164.2	172.3
Deferred income taxes	131.3	62.3
Other non-current liabilities	495.2	561.1
Shareholders' Equity
Common stock - $5 par value; Authorized 200,000,000 shares; issued 144,958,814 shares at September 30, 2009 and 143,611,254 shares at December 31, 2008 (excluding 14,000,000 shares held by a wholly owned subsidiary)	724.8	718.1
Additional paid-in capital	1577.8	1525.3
Income retained in the business	2017.1	1619.2
Accumulated other comprehensive income (loss)	-638.8	-978.1
Common stock held in treasury, at cost (20,601,534 shares at September 30, 2009 and 20,410,556 shares at December 31, 2008)	-800.9	-793.2
Total Shareholders' Equity	2,880	2091.3
Noncontrolling interests	63.6	60.9
Total Equity	2943.6	2152.2
Total Liabilities And Equity	8273.4	7482.9

1_Condensed Consolidated Balanc

Condensed Consolidated Balance Sheet (Parenthetical) (Unaudited) (USD $)
In Millions, except Share data	Sep. 30, 2009	Dec. 31, 2008
Allowances for doubtful receivables	16.9	17.2
Common stock, par value	5	5
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	144,958,814	143,611,254
Common stock, excluding shares held by a wholly owned subsidiary	14,000,000	14,000,000
Common stock held in treasury, shares	20,601,534	20,410,556

2_Condensed Consolidated Statem

Condensed Consolidated Statement of Cash Flows (Unaudited) (USD $)
In Millions	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Operating Activities
Consolidated net income	502.8	526.3
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Income from discontinued operations	(35)	-7.5
Restructuring and consolidation:
Expenses	15.6	1.3
Payments	-10.1	-1.7
Pension and postretirement benefits:
Expenses	149.1	76.9
Contributions and benefit payments	-202.5	-124.2
Depreciation and amortization	185.1	192
Excess tax benefits related to share-based payment arrangements	-3.3	-8.4
Share-based compensation expense	45.1	25.5
Deferred income taxes	12.1	(9)
Change in assets and liabilities, net of effects of acquisitions and divestitures:
Receivables	-44.1	-149.1
Inventories, net of pre-production and excess-over-average	(28)	-144.4
Pre-production and excess-over-average inventories	-124.9	-83.3
Other current assets	1	-2.8
Accounts payable	-99.8	107.9
Accrued expenses	-53.9	-55.5
Income taxes payable/receivable	135.7	151.2
Other non-current assets and liabilities	-17.9	-34.4
Net Cash Provided By Operating Activities	427	460.8
Investing Activities
Purchases of property, plant and equipment	(115)	-189.6
Proceeds from sale of property, plant and equipment	1.3	2.8
Payments made for acquisitions, net of cash acquired	-29.9	-131.8
Investments in and advances to equity investees	-1.5	0
Net Cash Used In Investing Activities	-145.1	-318.6
Financing Activities
Increase (decrease) in short-term debt, net	-1.5	90.6
Proceeds (repayments) of long-term debt and capital lease obligations	177.4	-198.1
Proceeds from issuance of common stock	26.4	24.2
Purchases of treasury stock	-7.8	-138.3
Dividends paid	-94.1	-85.7
Excess tax benefits related to share-based payment arrangements	3.3	8.4
Distributions to noncontrolling interests	-7.8	-6.8
Net Cash Provided By (Used In) Financing Activities	95.9	-305.7
Discontinued Operations
Net cash provided by (used in) operating activities	34.2	-2.6
Net cash provided by (used in) investing activities	0	15.7
Net cash provided by (used in) financing activities	0	0
Net cash provided by discontinued operations	34.2	13.1
Effect of exchange rate changes on cash and cash equivalents	7.3	-8.7
Net increase (decrease) in cash and cash equivalents	419.3	-159.1
Cash and cash equivalents at beginning of period	370.3	406
Cash and cash equivalents at end of period	789.6	246.9

Basis of Interim Financial Stat

Basis of Interim Financial Statement Preparation and Use of Estimates
	9 Months Ended Sep. 30, 2009 USD / shares
Basis of Interim Financial Statement Preparation and Use of Estimates [Abstract]
Basis of Interim Financial Statement Preparation and Use of Estimates	Note 1. Basis of Interim Financial Statement Preparation and Use of Estimates The accompanying unaudited condensed consolidated financial statements of Goodrich Corporation and its subsidiaries have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. Unless indicated otherwise or the context requires, the terms we, our, us, Goodrich or Company refer to Goodrich Corporation and its subsidiaries. The Company believes that all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain amounts in prior year financial statements have been reclassified to conform to the current year presentation. Operating results for the three and nine months ended September30, 2009 are not necessarily indicative of the results that may be achieved for the twelve months ending December31, 2009. For further information, refer to the consolidated financial statements and notes included in the Companys Annual Report on Form 10-K for the year ended December31, 2008. The preparation of financial statements requires management to make estimates and assumptions that affect amounts recognized. Estimates and assumptions are reviewed and updated regularly as new information becomes available. During the three and nine months ended September30, 2009 and 2008, the Company changed its estimates of revenues and costs on certain long-term contracts primarily in its aerostructures and aircraft wheels and brakes businesses. The changes in estimates increased income from continuing operations before income taxes during the three months ended September30, 2009 and 2008 by $12.6million and $38.7million, respectively ($7.9million and $23.7million after tax, respectively). The changes in estimates increased income from continuing operations before income taxes during the nine months ended September30, 2009 and 2008 by $26.1million and $87.4million, respectively ($16.3million and $53.6million after tax, respectively). These revisions were primarily related to favorable cost and operational performance, changes in volume expectations and to some extent, sales pricing improvements on follow-on contracts.

New Accounting Standards

New Accounting Standards
	9 Months Ended Sep. 30, 2009 USD / shares
New Accounting Standards [Abstract]
New Accounting Standards	Note 2. New Accounting Standards New Accounting Standards Adopted in 2009 Accounting Standards Codification The Accounting Standards Codification (ASC)has become the source of authoritative U.S. generally accepted accounting principles (U.S. GAAP). The ASC only changes the referencing of financial accounting standards and does not change or alter existing U.S. GAAP. Fair Value Measurements The Company adopted a new accounting standard included in ASC 820, Fair Value Measurements and Disclosures, which delayed the effective date for disclosing all non-financial assets and non-financial liabilities, except for items that are recognized or disclosed at fair value on a recurring basis (at least annually). This standard did not have a material impact on the Companys financial condition and results of operations. See Note 9, Fair Value Measurements. The Company adopted a new accounting standard included in ASC 715, Compensation-Retirement Benefits, which requires additional disclosures about assets held in an employers defined benefit pension or other postretirement plan. This standard requires annual disclosures about the Companys pension and other postretirement plan assets. The adoption will not affect the Companys financial condition or results of operations. Two-class Method of Computing Earnings Per Share The Company adopted a new accounting standard included in ASC 260, Earnings Per Share, whereby unvested share-based payment awards that contains rights to receive nonforfeitable dividends or dividend equivalents (whether paid or unpaid) are participating securities, and thus, should be included in the two-class method of computing earnings per share (EPS). The adoption of this standard did not have a material impact on the Companys disclosure of EPS. See Note 8, Earnings Per Share. Disclosures about Derivative Instruments and Hedging Activities The Company adopted a new accounting standard included in ASC 815, Derivatives and Hedging requiring entities to provide greater transparency through additional disclosures about (a)how and why an entity uses derivative instruments, (b)how derivative instruments and related hedged items are accounted for under U.S. GAAP, and (c)how derivative instruments and related hedged items affect an entitys financial position, results of operations and cash flows. See Note 19, Derivatives and Hedging Activities. Business Combinations and Noncontrolling Interests The Company adopted a new accounting standard included in ASC 810, Consolidation. The Company changed the presentation of its noncontrolling (minority)interests. See Note 15, Noncontrolling Interests. The Company adopted a new accounting standard included in ASC 805, Business Combinations which significantly changed the accounting for and reporting of business combination transactions. This standard was effective for the Company for business combination transactions for which the acquisition date was on or after January1, 2009. See Note 11, Goodwill, for business combination transactions during the nine months ended September30, 2009. Subsequent Events The Company adopted a new accounting standard in

Business Segment Information

Business Segment Information
	9 Months Ended Sep. 30, 2009 USD / shares
Business Segment Information [Abstract]
Business Segment Information	Note 3. Business Segment Information The Companys three business segments are as follows: The Actuation and Landing Systems segment provides systems, components and related services pertaining to aircraft taxi, take-off, flight control, landing and stopping, and engine components, including fuel delivery systems and rotating assemblies. The Nacelles and Interior Systems segment produces products and provides maintenance, repair and overhaul services associated with aircraft engines, including thrust reversers, cowlings, nozzles and their components, and aircraft interior products, including slides, seats, cargo and lighting systems. The Electronic Systems segment produces a wide array of systems and components that provide flight performance measurements, flight management, fuel controls, electrical systems, and control and safety data, and reconnaissance and surveillance systems. The Company measures each reporting segments profit based upon operating income. Accordingly, the Company does not allocate net interest expense, other income (expense) net and income taxes to its reporting segments. The company-wide Enterprise Resource Planning (ERP)implementation costs that are not directly associated with a specific business were not allocated to the segments. The accounting policies of the reportable segments are the same as those for the Companys condensed consolidated financial statements. Three Months Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 (Dollars in millions) Sales: Actuation and Landing Systems $ 629.3 $ 664.2 $ 1,879.2 $ 2,035.9 Nacelles and Interior Systems 561.8 596.5 1,789.2 1,882.1 Electronic Systems 456.6 511.6 1,374.9 1,448.6 $ 1,647.7 $ 1,772.3 $ 5,043.3 $ 5,366.6 Intersegment sales: Actuation and Landing Systems $ 6.7 $ 8.5 $ 20.4 $ 26.4 Nacelles and Interior Systems 2.6 1.9 6.6 11.3 Electronic Systems 8.1 6.6 24.0 19.3 $ 17.4 $ 17.0 $ 51.0 $ 57.0 Operating income: Actuation and Landing Systems $ 59.7 $ 80.0 $ 198.6 $ 238.6 Nacelles and Interior Systems 130.8 162.4 414.7 501.9 Electronic Systems 70.4 79.3 211.4 199.8 260.9 321.7 824.7 940.3 Corporate general and administrative expenses (28.0 ) (21.1 ) (75.2 ) (67.8 ) ERP implementation costs (4.0 ) (3.8 ) (11.4 ) (12.7 ) Total operating income $ 228.9 $ 296.8 $ 738.1 $ 859.8

Restructuring

Restructuring
	9 Months Ended Sep. 30, 2009 USD / shares
Restructuring [Abstract]
Restructuring	Note 4. Restructuring The Company incurred $7.8million and $0.7million of restructuring costs for the three months ended September30, 2009 and 2008, respectively. The restructuring costs for the nine months ended September30, 2009 and 2008 were $15.6million and $1.3million, respectively. The restructuring actions were primarily related to severance costs. The goal of these programs was to reduce operating costs. Restructuring costs by segment were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 (Dollars in millions) Actuation and Landing Systems $ 1.5 $ $ 3.1 $ Nacelles and Interior Systems 3.1 0.7 9.2 1.3 Electronic Systems 3.2 3.3 $ 7.8 $ 0.7 $ 15.6 $ 1.3 Restructuring costs by income statement account were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 (Dollars in millions) Cost of sales $ 4.6 $ 0.6 $ 9.8 $ 1.0 Selling and administrative costs 3.2 0.1 5.8 0.3 $ 7.8 $ 0.7 $ 15.6 $ 1.3

Other Income

Other Income (Expense) net
	9 Months Ended Sep. 30, 2009 USD / shares
Other Income (Expense) - net [Abstract]
Other Income (Expense) - net	Note 5. Other Income (Expense) net Other Income (Expense) net consisted of the following: Three Months Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 (Dollars in millions) Retiree health care expenses related to previously owned businesses $ (3.0 ) $ (3.8 ) $ (9.1 ) $ (14.6 ) Expenses related to previously owned businesses (1.2 ) (2.1 ) (3.4 ) (5.9 ) Equity in affiliated companies (4.3 ) 0.5 (6.3 ) 1.5 Other net 0.6 (0.2 ) 0.1 0.6 Other income (expense) net $ (7.9 ) $ (5.6 ) $ (18.7 ) $ (18.4 )

Share Based Compensation

Share Based Compensation
	9 Months Ended Sep. 30, 2009 USD / shares
Share-Based Compensation [Abstract]
Share-Based Compensation	Note 6. Share-Based Compensation During the three and nine months ended September30, 2009 and 2008, the Company expensed share-based compensation awards under the Goodrich Equity Compensation Plan and the Goodrich Corporation 2008 Global Employee Stock Purchase Plan for employees and under the Outside Director Deferral and Outside Director Phantom Share plans for non-employee directors. A detailed description of the awards under these plans is included in the Companys Annual Report on Form 10-K for the year ended December31, 2008. The compensation cost recorded for share-based compensation plans during the three months ended September30, 2009 and 2008 was $13.5million and $9.8million, respectively. The compensation cost recorded for share-based compensation plans during the nine months ended September30, 2009 and 2008 was $45.1million and $25.5million, respectively. The increase in expense in 2009 was primarily due to the increase in share price for the Performance Units and the Outside Director Phantom Share plans.

Discontinued Operations

Discontinued Operations
	9 Months Ended Sep. 30, 2009 USD / shares
Discontinued Operations [Abstract]
Discontinued Operations	Note 7. Discontinued Operations Income from discontinued operations was $3.3million (net of income taxes of $1.9million) and $35 million (net of income taxes of $20.8million) for the three and nine months ended September30, 2009, respectively. The income in the nine month period related primarily to the resolution of litigation for an environmental matter at a divested business that had been previously reported as a discontinued operation and favorable resolution of other divestiture liabilities. See Note 17, Contingencies for a discussion of this matter. Income from discontinued operations was $0.2million and $7.5million (net of income taxes of $0.6 million) for the three and nine months ended September30, 2008, respectively. The income during the nine months ended September30, 2008 included a gain on the sale of a previously discontinued business.

Earnings Per Share

Earnings Per Share
	9 Months Ended Sep. 30, 2009 USD / shares
Earning Per Share [Abstract]
Earnings Per Share	Note 8. Earnings Per Share The computation of basic and diluted earnings per common share for income from continuing operations is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 (In millions, except per share amounts) Numerator Numerator for basic and diluted earnings per common share income from continuing operations attributable to Goodrich $ 142.1 $ 167.8 $ 457.3 $ 505.0 Percentage allocated to common shareholders (1) 98.6 % 98.6 % 98.6 % 98.6 % Numerator for basic and diluted earnings per common share $ 140.0 $ 165.5 $ 450.8 $ 497.9 Denominator Denominator for basic earnings per common share weighted-average shares 124.1 124.4 124.0 124.9 Effect of dilutive securities: Stock options, employee stock purchase plan and other deferred compensation shares 1.4 1.0 1.0 1.3 Denominator for diluted earnings per common share adjusted weighted-average shares and assumed conversion 125.5 125.4 125.0 126.2 Per common share income from continuing operations Basic $ 1.13 $ 1.33 $ 3.64 $ 3.99 Diluted $ 1.12 $ 1.32 $ 3.61 $ 3.95 (1)Basic weighted-average common shares outstanding 124.1 124.4 124.0 124.9 Basic weighted-average common shares outstanding and unvested restricted share units expected to vest 125.9 126.1 125.7 126.6 Percentage allocated to common shareholders 98.6 % 98.6 % 98.6 % 98.6 % The Companys unvested restricted share units contain rights to receive nonforfeitable dividends, and thus, are participating securities requiring the two-class method of computing EPS. The calculation of earnings per share for common stock shown above excludes the income attributable to the unvested restricted share units from the numerator and excludes the dilutive impact of those units from the denominator. At September30, 2009 and 2008, the Company had 4.9million and 4.6million, respectively, of outstanding stock options. Stock options are included in the diluted earnings per share calculation using the treasury stock method, unless the effect of including the stock options would be anti-dilutive. For the nine months ended September30, 2009 and 2008, 0.9million anti-dilutive stock options were excluded from the diluted earnings per share calculation. During the nine months ended September30, 2009 and 2008, the Company issued 1.3million and 1.1 million, respectively, of shares of common stock pursuant to stock option exercises and other share-based compensation plans. The Companys share repurchase program was initially approved by the Board

Fair Value Measurements

Fair Value Measurements
	9 Months Ended Sep. 30, 2009 USD / shares
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 9. Fair Value Measurements The Company defines fair value as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The following three levels of inputs are used to measure fair value: Level 1 quoted prices in active markets for identical assets and liabilities. Level 2 observable inputs other than quoted prices in active markets for identical assets and liabilities. Level 3 unobservable inputs in which there is little or no market data available, which require the reporting entity to develop its own assumptions. The Companys financial assets and (liabilities)measured at fair value on a recurring basis were as follows: Fair Value Fair Value September 30, December 31, 2009 Level 1 Level 2 Level 3 2008 Level 1 Level 2 Level 3 (Dollars in millions) Cash Equivalents (1) $ 517.3 $ 517.3 $ $ $ 291.5 $ 291.5 $ $ Derivative Financial Instruments (2) Cash Flow Hedges 47.3 47.3 (156.1 ) (156.1 ) Fair Value Hedges 1.0 1.0 Other Forward Contracts (2.6 ) (2.6 ) Rabbi Trust Assets (3) 42.4 42.4 41.9 41.9 Long-term debt (4) (1,832.8 ) (1,832.8 ) (1,540.1 ) (1,540.1 ) (1) Because of their short maturities, the carrying value of these assets approximates fair value. (2) See Note 19, Derivatives and Hedging Activities. Estimates of the fair value of the derivative financial instruments represent the Companys best estimates based on its valuation models, which incorporate industry data and trends and relevant market rates and transactions. (3) Rabbi trust assets include mutual funds and cash equivalents for payment of certain non-qualified benefits for retired, terminated and active employees. The fair value of these assets was based on quoted market prices. (4) The carrying amount of the Companys long-term debt was $1,702.5million and $1,525.1million at September30, 2009 and December31, 2008, respectively. The fair value of long-term debt is based on quoted market prices or on rates available to the Company for debt with similar terms and maturities.

Inventories

Inventories
	9 Months Ended Sep. 30, 2009 USD / shares
Inventories [Abstract]
Inventories	Note 10. Inventories Inventories consist of the following: September 30, December 31, 2009 2008 (Dollars in millions) FIFO or average cost (which approximates current costs): Finished products $ 241.7 $ 225.2 In-process 1,382.1 1,253.6 Raw materials and supplies 653.0 595.7 2,276.8 2,074.5 Less: Reserve to reduce certain inventories to LIFO basis (54.1 ) (56.2 ) Progress payments and advances (40.8 ) (43.6 ) Total $ 2,181.9 $ 1,974.7 In-process inventory included $764.6million and $633.1million at September30, 2009 and December31, 2008, respectively, for the following: (1)pre-production and excess-over-average inventory accounted for under long-term contract accounting; and (2)engineering costs guaranteed of recovery under long-term contractual arrangements. The September30, 2009 balance of $764.6 million included $445.4million related to the Boeing 787 and $116.3million related to the Airbus A350 XWB contracts. The Company uses the last-in, first-out (LIFO)method of valuing inventory for certain of the Companys legacy aerospace manufacturing businesses, primarily the aircraft wheels and brakes business unit in the Actuation and Landing Systems segment. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time.

Goodwill

Goodwill
	9 Months Ended Sep. 30, 2009 USD / shares
Goodwill [Abstract]
Goodwill	Note 11. Goodwill The changes in the carrying amount of goodwill by segment were as follows: Balance Foreign Balance December 31, Business Currency September 30, 2008 Combinations Translation 2009 (Dollars in millions) Actuation and Landing Systems $ 289.6 $ $ 12.4 $ 302.0 Nacelles and Interior Systems 439.8 3.5 443.3 Electronic Systems 660.8 14.1 (1) 2.9 677.8 $ 1,390.2 $ 14.1 $ 18.8 $ 1,423.1 (1) On May1, 2009, the Company acquired Cloud Cap Technology, Inc. (Cloud Cap) for $29.2million in cash, including a working capital adjustment, net of cash acquired. Based upon an independent valuation, identifiable intangibles were $13.6million and will be amortized over a weighted-average useful life of 11years.

Financing Arrangements

Financing Arrangements
	9 Months Ended Sep. 30, 2009 USD / shares
Financing Arrangements [Abstract]
Financing Arrangements	Note 12. Financing Arrangements The Company has a $500million committed global syndicated revolving credit facility, which expires in May2012. Interest rates under this facility vary depending upon: The amount borrowed; The Companys public debt rating by Standard Poors, Moodys and Fitch; and At the Companys option, rates tied to the agent banks prime rate or, for U.S. Dollar and Great Britain Pounds Sterling borrowings, the London Interbank Offered Rate and for Euro Dollar borrowings, the Euro Interbank Offered Rate. At September30, 2009, there were no borrowings and $61.4million in letters of credit outstanding under the facility. At December31, 2008, there were no borrowings and $35.6million in letters of credit outstanding under the facility. The level of unused borrowing capacity varies from time to time depending, in part, upon the Companys compliance with financial and other covenants set forth in the related agreement, including the consolidated net worth requirement and maximum leverage ratio. The Company is currently in compliance with all such covenants. Under the most restrictive of these covenants, $2,003.6million of income retained in the business and additional paid-in capital was free from such limitations at September30, 2009. At September30, 2009, the Company had borrowing capacity under this facility of $438.6million, after reductions for borrowings and letters of credit outstanding under the facility. At September30, 2009, the Company had letters of credit and bank guarantees of $89.3million, inclusive of $61.4million in letters of credit outstanding under the Companys syndicated revolving credit facility, as discussed above. At September30, 2009, the Company also maintained $75million of uncommitted domestic money market facilities and $162.2million of uncommitted and committed foreign working capital facilities with various banks to meet short-term borrowing requirements. At September30, 2009 and December31, 2008, there were $36.7million and $37.7million, respectively, in borrowings outstanding under these facilities. These credit facilities are provided by a small number of commercial banks that also provide the Company with committed credit through the syndicated revolving credit facility described above and with various cash management, trust and other services. In February2009, the Company issued $300million principal amount of 6.125% senior notes due 2019, which were issued below par. The discount will be amortized over the life of the senior notes. In addition, the Company deferred approximately $2million of transaction costs which will be amortized over the life of the 6.125% senior notes. Long-term Debt Repayments The Company used a portion of the proceeds from the issuance of the $300million senior notes to repay $120million for the 6.6% senior notes, which matured on May15, 2009. Lease Commitments The Company leases certain of its office and manufacturing facilities as well as machinery and equipment, including corporate aircraft, under various committed lease arrangements provided by financial institutions. Future minimum lease payments under opera

Pensions and Postretirement Ben

Pensions and Postretirement Benefits Other Than Pensions
	9 Months Ended Sep. 30, 2009 USD / shares
Pensions and Postretirement Benefits Other Than Pensions [Abstract]
Pensions and Postretirement Benefits Other Than Pensions	Note 13. Pensions and Postretirement Benefits Other Than Pensions The following table sets forth the components of net periodic benefit cost. The net periodic benefit cost for divested or discontinued operations retained by the Company are included in the amounts below: U.S. Plans U.K. Plans Other Plans Three Months Ended Three Months Ended Three Months Ended September 30, September 30, September 30, 2009 2008 2009 2008 2009 2008 (Dollars in millions) Service cost $ 10.8 $ 10.7 $ 4.2 $ 7.1 $ 1.1 $ 1.4 Interest cost 43.0 41.9 9.7 10.7 1.7 1.6 Expected return on plan assets (43.6 ) (50.0 ) (11.2 ) (16.2 ) (1.3 ) (1.7 ) Amortization of prior service cost 1.8 1.4 (0.1 ) (0.3 ) 0.2 Amortization of actuarial loss 26.3 12.3 1.9 0.3 0.2 Net periodic benefit cost 38.3 16.3 4.5 1.3 2.0 1.5 Settlement (gain)loss 0.1 Special termination benefit charge 1.0 Total benefit cost $ 38.3 $ 16.4 $ 5.5 $ 1.3 $ 2.0 $ 1.5 U.S. Plans U.K. Plans Other Plans Nine Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 30, 2009 2008 2009 2008 2009 _ 2008 (Dollars in millions) Service cost $ 32.2 $ 32.1 $ 11.8 $ 22.1 $ 2.9 $ 4.3 Interest cost 128.9 125.7 27.5 32.8 4.9 4.8 Expected return on plan assets (130.7 ) (150.1 ) (31.5 ) (50.1 ) (3.8 ) (5.2 ) Amortization of prior service cost 5.5 4.2 (0.4 ) (0.8 ) 0.6 0.1 Amortization of actuarial loss 78.9 36.7 5.4 0.9 0.7 Net periodic benefit cost 114.8 48.6 12.8 4.0 5.5 4.7 Settlement (gain)loss 0.1 (0.4 ) Special termination benefit charge 1.0 Total benefit cost $ 114.8 $ 48.7 $ 13.8 $ 4.0 $ 5.1 $ 4.7 The following table provides the weighted-average assumptions used to determine the net periodic benefit cost. U.S. Plans U.K. Plans Other Plans Three and Nine Months Three and Nine Months Three and Nine Months Ended September 30, Ended September 30, Ended September 30, 2009 2008 2009 2008 2009 2008 Discount rate 6.47 % 6.30 % 5.88 % 5.50 % 6.17 % 5.28 % Expected long-term rate of return on assets 8.75 % 9.00 % 8.50 % 8.50 % 8.12 %

Comprehensive Income

Comprehensive Income (Loss)
	9 Months Ended Sep. 30, 2009 USD / shares
Comprehensive Income (Loss) [Abstract]
Comprehensive Income (Loss)	Note 14. Comprehensive Income (Loss) Total comprehensive income (loss)consisted of the following: Three Months Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 (Dollars in millions) Net income attributable to Goodrich $ 145.4 $ 168.0 $ 492.3 $ 512.5 Other comprehensive income (loss): Unrealized foreign currency translation gains (losses)during period 33.0 (147.7 ) 117.0 (117.4 ) Pension/OPEB liability adjustments during the period, net of tax for the three and nine months ended September30, 2009 of $(12.5) and $10.0, respectively; net of tax for the three and nine months ended September30, 2008 of $(5.7) and $(11.8), respectively 20.4 8.1 80.7 15.0 Gain (loss)on cash flow hedges, net of tax for the three and nine months ended September30, 2009 of $(18.4) and $(72.9), respectively; net of tax for the three and nine months ended September30, 2008 of $49.4 and $55.7, respectively 40.0 (91.7 ) 141.6 (103.7 ) Less: Other comprehensive income (loss)attributable to noncontrolling interests Total comprehensive income (loss) $ 238.8 $ (63.3 ) $ 831.6 $ 306.4 Accumulated other comprehensive income (loss)consisted of the following: September 30, December 31, 2009 2008 (Dollars in millions) Cumulative unrealized foreign currency translation gains $ 168.6 $ 51.6 Pension/OPEB liability adjustments, net of deferred taxes of $496.9 and $486.9, respectively (824.8 ) (905.5 ) Accumulated gains (losses)on cash flow hedges, net of deferred taxes of $(7.1) and $65.8, respectively 17.4 (124.2 ) Total accumulated other comprehensive income (loss) $ (638.8 ) $ (978.1 ) No income taxes are provided on unrealized foreign currency translation gains as foreign earnings are considered permanently invested.

Noncontrolling Interests

Noncontrolling Interests
	9 Months Ended Sep. 30, 2009 USD / shares
Noncontrolling Interests [Abstract]
Noncontrolling Interests	Note 15. Noncontrolling Interests The changes in the Companys noncontrolling interests were as follows: Nine months ended September 30, 2009 2008 (Dollars in millions) Balance at January 1 $ 60.9 $ 52.5 Distributions to noncontrolling interests (7.8 ) (6.8 ) Comprehensive income: Net income attributable to noncontrolling interests 10.5 13.8 Other comprehensive income, net of tax Comprehensive income 10.5 13.8 Balance at September 30 $ 63.6 $ 59.5

Income Taxes

Income Taxes
	9 Months Ended Sep. 30, 2009 USD / shares
Income Taxes [Abstract]
Income Taxes	Note 16. Income Taxes The Companys effective tax rate for the three months ended September30, 2009 was 24%. Significant items that impacted the Companys effective tax rate as compared to the U.S. federal statutory rate of 35% included foreign and domestic tax credits which reduced the effective tax rate by approximately 8percentage points, earnings in foreign jurisdictions taxed at rates different from the statutory U.S. federal rate which reduced the effective tax rate by approximately 4percentage points and state income taxes (net of related tax benefit) which increased the effective tax rate by approximately 2percentage points. The Companys effective tax rate for the three months ended September30, 2008 was 35.4%. Significant items that impacted the Companys effective tax rate as compared to the U.S. federal statutory rate of 35% included earnings in foreign jurisdictions taxed at rates different from the statutory U.S. federal rate which reduced the effective tax rate by approximately 3percentage points and state income taxes (net of related tax benefit) which increased the effective tax rate by approximately 3percentage points. For the nine months ended September30, 2009, the Company reported an effective tax rate of 25.8%, including domestic tax credits which reduced the effective tax rate by approximately 5percentage points and benefits from an adjustment to state tax reserves which reduced the effective tax rate by approximately 2percentage points. For the nine months ended September30, 2008, the Company reported an effective tax rate of 31.9%, including a benefit of approximately 3percentage points for amended state returns primarily for additional research and development credits and changes in apportionment, and a benefit of approximately 3percentage points related to amended returns following the settlement of a foreign tax audit. At September30, 2009, the Company had a $279.2million liability recorded for unrecognized tax benefits, which included interest and penalties of $145.6million. The total amount of unrecognized benefits that, if recognized, would have affected the effective tax rate was $204.7million. At December31, 2008, the Company had a $289.4million liability recorded for unrecognized tax benefits, which included interest and penalties of $158.1million. The total amount of unrecognized benefits that, if recognized, would have affected the effective tax rate was $212.1million. The Company reported interest and penalties related to unrecognized tax benefits in income tax expense.

Contingencies

Contingencies
	9 Months Ended Sep. 30, 2009 USD / shares
Contingencies [Abstract]
Contingencies	Note 17. Contingencies General There are various pending or threatened claims, lawsuits and administrative proceedings against the Company or its subsidiaries, arising from the ordinary course of business which seek remedies or damages. Although no assurance can be given with respect to the ultimate outcome of these matters, the Company believes that any liability that may finally be determined with respect to commercial and non-asbestos product liability claims should not have a material effect on its consolidated financial position, results of operations or cash flows. Legal costs are expensed as incurred. Environmental The Company is subject to environmental laws and regulations which may require that the Company investigate and remediate the effects of the release or disposal of materials at sites associated with past and present operations. At certain sites, the Company has been identified as a potentially responsible party under the federal Superfund laws and comparable state laws. The Company is currently involved in the investigation and remediation of a number of sites under applicable laws. Estimates of the Companys environmental liabilities are based on current facts, laws, regulations and technology. These estimates take into consideration the Companys prior experience and professional judgment of the Companys environmental specialists. Estimates of the Companys environmental liabilities are further subject to uncertainties regarding the nature and extent of site contamination, the range of remediation alternatives available, evolving remediation standards, imprecise engineering evaluations and cost estimates, the extent of corrective actions that may be required and the number and financial condition of other potentially responsible parties, as well as the extent of their responsibility for the remediation. Accordingly, as investigation and remediation proceed, it is likely that adjustments in the Companys accruals will be necessary to reflect new information. The amounts of any such adjustments could have a material adverse effect on the Companys results of operations or cash flows in a given period. Based on currently available information, however, the Company does not believe that future environmental costs in excess of those accrued with respect to sites for which the Company has been identified as a potentially responsible party are likely to have a material adverse effect on the Companys financial condition. Environmental liabilities are recorded when the liability is probable and the costs are reasonably estimable, which generally is not later than at completion of a feasibility study or when the Company has recommended a remedy or has committed to an appropriate plan of action. The liabilities are reviewed periodically and, as investigation and remediation proceed, adjustments are made as necessary. Liabilities for losses from environmental remediation obligations do not consider the effects of inflation and anticipated expenditures are not discounted to their present value. The liabilities are not reduced by possible recoveries from insurance carriers or other third parties, but do reflect

Guarantees

Guarantees
	9 Months Ended Sep. 30, 2009 USD / shares
Guarantees [Abstract]
Guarantees	Note 18. Guarantees The Company extends financial and product performance guarantees to third parties. At September30, 2009, the following environmental remediation and other indemnifications and financial guarantees were outstanding, in millions: Maximum Carrying Potential Amount of Payment Liability Environmental remediation and other indemnifications (Note 17, Contingencies) No limit $ 18.1 Guarantees of residual value on leases $ 27.3 $ 2.1 Guarantees of JV debt and other financial instruments $ 24.0 $ The Company has guarantees of residual values on certain lease obligations in which the Company is obligated to either purchase or remarket the assets at the end of the lease term. The Company is guarantor on a revolving credit agreement totaling 20million between Rolls-Royce Goodrich Engine Control Systems Limited (JV)and a financial institution. In addition, the Company guarantees the JVs foreign exchange credit line and is indemnified by Rolls-Royce for 50% of the amount. Service and Product Warranties The Company provides service and warranty policies on certain of its products. The Company accrues liabilities under service and warranty policies based upon specific claims and a review of historical warranty and service claim experience. Adjustments are made to accruals as claim data and historical experience change. In addition, the Company incurs discretionary costs to service its products in connection with product performance issues. The changes in the carrying amount of service and product warranties for the nine months ended September30, 2009, in millions, are as follows: Balance at December31, 2008 $ 139.2 Net provisions for warranties issued during the period 33.6 Net provisions (return to earnings) for warranties existing at the beginning of the year (0.8 ) Payments (37.4 ) Foreign currency translation 5.2 Balance at September30, 2009 $ 139.8 The current and long-term portions of service and product warranties were as follows: September 30, December 31, 2009 2008 (Dollars in millions) Accrued expenses $ 66.9 $ 66.4 Other non-current liabilities 72.9 72.8 Total $ 139.8 $ 139.2

Derivatives and Hedging Activit

Derivatives and Hedging Activities
	9 Months Ended Sep. 30, 2009 USD / shares
Derivatives and Hedging Activities [Abstract]
Derivatives and Hedging Activities	Note 19. Derivatives and Hedging Activities Cash Flow Hedges The Company has subsidiaries that conduct a substantial portion of their business in Euros, Great Britain Pounds Sterling, Canadian Dollars and Polish Zlotys but have significant sales contracts that are denominated in U.S. Dollars. Periodically, the Company enters into forward contracts to exchange U.S. Dollars for Euros, Great Britain Pounds Sterling, Canadian Dollars and Polish Zlotys to hedge a portion of the Companys exposure from U.S. Dollar sales. The forward contracts described above are used to mitigate the potential volatility to earnings and cash flow arising from changes in currency exchange rates that impact the Companys U.S. Dollar sales for certain foreign operations. The forward contracts are accounted for as cash flow hedges and are recorded in the Companys condensed consolidated balance sheet at fair value, with the offset reflected in accumulated other comprehensive income (loss) (AOCI), net of deferred taxes. The gain or loss on the forward contracts is reported as a component of other comprehensive income (loss) (OCI)and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The notional value of the forward contracts at September30, 2009 and December31, 2008 was $1,892.8million and $1,897.2million, respectively. At September 30, 2009 and December31, 2008, the total fair value before taxes of the Companys forward contracts and the accounts in the condensed consolidated balance sheet in which the fair value amounts are included are shown below: September 30, December 31, 2009 2008 (Dollars in millions) Prepaid expenses and other assets $ 26.3 $ 9.8 Other assets 72.8 6.2 Accrued expenses 27.6 70.0 Other non-current liabilities 24.2 102.1 The amounts recognized in OCI and reclassified from AOCI into earnings are shown below: Three Months Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 (Dollars in millions) Amount of gain/(loss) recognized in OCI, net of tax for the three and nine months ended September30, 2009 of $(18.4) and $(72.9), respectively; net of tax for the three and nine months ended September30, 2008 of $49.4 and $55.7, respectively $ 40.0 $ (91.7 ) $ 141.6 $ (103.7 ) Amount of gain/(loss) reclassified from AOCI into earnings $ (7.8 ) $ 12.9 $ (47.9 ) $ 54.2 As of September30, 2009, the fair value of the Companys forward contracts of a $47.3million net asset and $20.9million of losses on previously matured hedges of intercompany sales and gains from forward contracts terminated prior to the original maturity dates, totaling $26.4million (net of deferred taxes of $10.7million), is recorded in AOCI and will be reflected in income as earnings are affected by the hedged items. As of September30, 2009, the portion of the $47.3 million that would be reclassified into earnings as an increase in sales to offset the effect of the hedged item