Document_And_Entity_Informatio
Document And Entity Information (USD $) | 9 Months Ended | |||
Jun. 28, 2014 | Mar. 28, 2014 | Jul. 25, 2014 | Jul. 25, 2014 | |
Class A Common Stock [Member] | Class B Common Stock [Member] | |||
Document Type | '10-Q | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Document Period End Date | 28-Jun-14 | ' | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' | ' |
Entity Registrant Name | 'MOOG INC. | ' | ' | ' |
Entity Central Index Key | '0000067887 | ' | ' | ' |
Current Fiscal Year End Date | '--09-27 | ' | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 39,410,761 | 3,664,311 |
Common Stock, Par or Stated Value Per Share | ' | ' | $1 | $1 |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Public Float | ' | $2,561,000,000 | ' | ' |
Consolidated_Condensed_Balance
Consolidated Condensed Balance Sheets (USD $) | Jun. 28, 2014 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $216,185 | $157,090 |
Receivables | 781,858 | 811,376 |
Inventories | 547,256 | 551,674 |
Other current assets | 133,083 | 127,235 |
TOTAL CURRENT ASSETS | 1,678,382 | 1,647,375 |
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation | 565,300 | 562,363 |
GOODWILL | 769,653 | 766,924 |
INTANGIBLE ASSETS, net | 190,534 | 208,756 |
OTHER ASSETS | 50,923 | 51,677 |
TOTAL ASSETS | 3,254,792 | 3,237,095 |
CURRENT LIABILITIES | ' | ' |
Short-term borrowings | 103,942 | 105,088 |
Current installments of long-term debt | 5,239 | 3,382 |
Accounts payable | 164,519 | 181,893 |
Customer advances | 134,913 | 145,854 |
Contract loss reserves | 36,262 | 44,228 |
Other accrued liabilities | 262,155 | 242,785 |
TOTAL CURRENT LIABILITIES | 707,030 | 723,230 |
LONG-TERM DEBT, excluding current installments | ' | ' |
Senior debt | 670,027 | 409,125 |
Senior subordinated notes | 0 | 191,562 |
LONG-TERM PENSION AND RETIREMENT OBLIGATIONS | 240,924 | 269,751 |
DEFERRED INCOME TAXES | 105,587 | 104,377 |
OTHER LONG-TERM LIABILITIES | 849 | 3,285 |
TOTAL LIABILITIES | 1,724,417 | 1,701,330 |
COMMITMENTS AND CONTINGENCIES (Note 17) | 0 | 0 |
SHAREHOLDERS' EQUITY | ' | ' |
Common stock | 51,280 | 51,280 |
Other shareholders' equity | 1,479,095 | 1,484,485 |
TOTAL SHAREHOLDERS' EQUITY | 1,530,375 | 1,535,765 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $3,254,792 | $3,237,095 |
Consolidated_Condensed_Balance1
Consolidated Condensed Balance Sheets (Parenthetical) (USD $) | Jun. 28, 2014 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
PROPERTY, PLANT AND EQUIPMENT, accumulated depreciation | $636,240 | $613,648 |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements Of Earnings (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
NET SALES | $683,698 | $670,632 | $1,976,961 | $1,934,458 |
COST OF SALES | 481,431 | 472,363 | 1,378,567 | 1,346,066 |
GROSS PROFIT | 202,267 | 198,269 | 598,394 | 588,392 |
Research and development | 32,498 | 33,109 | 105,478 | 103,550 |
Selling, general and administrative | 102,616 | 96,550 | 307,349 | 302,420 |
Interest | 2,215 | 6,084 | 9,788 | 21,122 |
Restructuring | 0 | 4,795 | 0 | 6,996 |
Other | 283 | 10,105 | 10,656 | 7,647 |
EARNINGS BEFORE INCOME TAXES | 64,655 | 47,626 | 165,123 | 146,657 |
INCOME TAXES | 16,533 | 13,399 | 47,179 | 41,785 |
NET EARNINGS | $48,122 | $34,227 | $117,944 | $104,872 |
NET EARNINGS PER SHARE | ' | ' | ' | ' |
Basic | $1.09 | $0.76 | $2.62 | $2.31 |
Diluted | $1.08 | $0.75 | $2.59 | $2.29 |
AVERAGE COMMON SHARES OUTSTANDING | ' | ' | ' | ' |
Basic | 44,077,121 | 45,316,429 | 44,946,413 | 45,334,657 |
Diluted | 44,669,248 | 45,836,565 | 45,541,561 | 45,790,359 |
Consolidated_Condensed_Stateme1
Consolidated Condensed Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Consolidated Condensed Statements of Comprehensive Income [Abstract] | ' | ' | ' | ' |
NET EARNINGS | $48,122 | $34,227 | $117,944 | $104,872 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' |
Foreign currency translation adjustment | 6,117 | -948 | 10,711 | -17,802 |
Retirement liability adjustment | 2,767 | 4,532 | 7,868 | 14,633 |
Change in accumulated income (loss) on derivatives | 612 | -1,167 | 28 | -1,315 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 9,496 | 2,417 | 18,607 | -4,484 |
COMPREHENSIVE INCOME | $57,618 | $36,644 | $136,551 | $100,388 |
Consolidated_Condensed_Stateme2
Consolidated Condensed Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net earnings | $117,944 | $104,872 |
Adjustments to reconcile net earnings to net cash provided (used) by operating activities: | ' | ' |
Depreciation | 57,997 | 55,345 |
Amortization | 23,589 | 25,080 |
Equity-based compensation expense | 6,545 | 5,673 |
Redemption of senior subordinated notes | 8,002 | 0 |
Other | 9,182 | 2,286 |
Changes in assets and liabilities providing (using) cash, excluding the effects of acquisitions: | ' | ' |
Receivables | 34,651 | -13,257 |
Inventories | 449 | -21,322 |
Accounts payable | -18,857 | 3,780 |
Customer advances | -11,953 | -2,896 |
Accrued expenses | -4,449 | -8,268 |
Accrued income taxes | 9,695 | 11,975 |
Pension assets and liabilities | -16,902 | 7,537 |
Other assets and liabilities | -5,844 | -10,291 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 210,049 | 160,514 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Acquisitions of businesses, net of acquired cash | 0 | -69,157 |
Purchase of property, plant and equipment | -57,842 | -63,031 |
Other investing transactions | -8,404 | -18,668 |
NET CASH USED BY INVESTING ACTIVITIES | -66,246 | -150,856 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Net short term repayments | -977 | -12,928 |
Net proceeds from revolving lines of credit | 266,135 | 219,310 |
Net repayments on long-term debt, other than senior subordinated notes | -3,377 | -3,125 |
Payments of senior subordinated notes | -191,575 | -187,000 |
Payment of premium on redemption of senior subordinated notes | -6,945 | 0 |
Purchase of outstanding shares for treasury | -147,360 | -8,264 |
Excess tax benefits from equity-based payment arrangements | 2,695 | 702 |
Other financing transactions | -3,887 | -4,339 |
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES | -85,291 | 4,356 |
Effect of exchange rate changes on cash | 583 | -1,129 |
INCREASE IN CASH AND CASH EQUIVALENTS | 59,095 | 12,885 |
Cash and cash equivalents at beginning of period | 157,090 | 148,841 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 216,185 | 161,726 |
CASH PAID FOR: | ' | ' |
Interest | 14,156 | 26,041 |
Income taxes, net of refunds | $27,242 | $33,589 |
Basis_Of_Presentation
Basis Of Presentation | 9 Months Ended |
Jun. 28, 2014 | |
Basis of Presentation [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
Basis of Presentation | |
The accompanying unaudited consolidated condensed financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments consisting of normal recurring adjustments considered necessary for the fair presentation of results for the interim period have been included. The results of operations for the nine months ended June 28, 2014 are not necessarily indicative of the results expected for the full year. The accompanying unaudited consolidated condensed financial statements should be read in conjunction with the financial statements and notes thereto included in our Form 10-K for the fiscal year ended September 28, 2013. All references to years in these financial statements are to fiscal years. | |
Certain prior year amounts have been reclassified to conform to the current year's presentation. The consolidated condensed statements of cash flows has been restated to classify previously reported provisions for non-cash losses along with the respective assets and liabilities. |
Acquisitions_and_Divestitures
Acquisitions and Divestitures | 9 Months Ended |
Jun. 28, 2014 | |
Acquisitions [Abstract] | ' |
Acquisitions and Divestitures | ' |
Acquisitions and Divestitures | |
In 2013, we completed two business combinations. One of these business combinations was in our Space and Defense Controls segment. We acquired Broad Reach Engineering for $34,550 of cash consideration, issuance of $8,450 of notes payable and contingent consideration with an initial fair value of $3,447. Based in Colorado, Broad Reach Engineering is a leading designer and manufacturer of spaceflight electronics and software for aerospace, scientific, commercial and military missions. The company also provides ground testing, launch and on-orbit operations. We also completed one business combination in our Components segment. We acquired Aspen Motion Technologies, located in Radford, Virginia for $33,911 in cash. Aspen is a designer and manufacturer of high-performance permanent magnet brushless DC motors, integrated digital controls and motorized impellers. Aspen also specializes in custom motor designs for end product integration in a variety of high-performance industrial applications. | |
In 2013, we completed one divestiture in our Medical Devices segment. We sold our Buffalo, New York operations of Ethox Medical for $5,000 in cash, plus a $200 note receivable. | |
The purchase price allocations for the 2013 acquisitions are complete. |
Receivables
Receivables | 9 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Receivables | ' | ||||||||
Receivables | |||||||||
Receivables consist of: | |||||||||
June 28, | September 28, | ||||||||
2014 | 2013 | ||||||||
Accounts receivable | $ | 327,768 | $ | 328,038 | |||||
Long-term contract receivables: | |||||||||
Amounts billed | 122,951 | 133,149 | |||||||
Unbilled recoverable costs and accrued profits | 323,095 | 337,520 | |||||||
Total long-term contract receivables | 446,046 | 470,669 | |||||||
Other | 13,167 | 17,168 | |||||||
Total receivables | 786,981 | 815,875 | |||||||
Less allowance for doubtful accounts | (5,123 | ) | (4,499 | ) | |||||
Receivables | $ | 781,858 | $ | 811,376 | |||||
We securitize certain trade receivables in transactions that are accounted for as secured borrowings (Securitization Program). We maintain a subordinated interest in a portion of the pool of trade receivables that are securitized. The retained interest, which is included in Receivables in the consolidated condensed balance sheets, is recorded at fair value, which approximates the total amount of the designated pool of accounts receivable. Refer to Note 6, Indebtedness, for additional disclosures related to the Securitization Program. |
Inventories
Inventories | 9 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories | |||||||||
Inventories, net of reserves, consist of: | |||||||||
June 28, | September 28, | ||||||||
2014 | 2013 | ||||||||
Raw materials and purchased parts | $ | 188,990 | $ | 194,249 | |||||
Work in progress | 287,052 | 289,124 | |||||||
Finished goods | 71,214 | 68,301 | |||||||
Inventories | $ | 547,256 | $ | 551,674 | |||||
Goodwill_And_Intangible_Assets
Goodwill And Intangible Assets | 9 Months Ended | ||||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||
Goodwill And Intangible Assets | ' | ||||||||||||||||||
Goodwill and Intangible Assets | |||||||||||||||||||
The changes in the carrying amount of goodwill are as follows: | |||||||||||||||||||
Balance as of September 28, 2013 | Adjustment To Prior Year Acquisitions | Foreign Currency Translation | Balance as of June 28, 2014 | ||||||||||||||||
Aircraft Controls | $ | 192,413 | $ | — | $ | 3,617 | $ | 196,030 | |||||||||||
Space and Defense Controls | 163,136 | (2,734 | ) | 122 | 160,524 | ||||||||||||||
Industrial Systems | 121,320 | — | 1,703 | 123,023 | |||||||||||||||
Components | 204,853 | — | (90 | ) | 204,763 | ||||||||||||||
Medical Devices | 85,202 | — | 111 | 85,313 | |||||||||||||||
Goodwill | $ | 766,924 | $ | (2,734 | ) | $ | 5,463 | $ | 769,653 | ||||||||||
Goodwill at September 28, 2013, in our Medical Devices reporting unit, is net of a $38,200 accumulated impairment loss. Certain factors, including industry conditions and the future profitability of our business might have a negative impact on the carrying value of our goodwill and we may incur additional goodwill impairment charges. We performed an interim test on goodwill for impairment of our Medical Devices reporting unit in the first quarter of 2014. We performed a quantitative assessment for this reporting unit and the fair value exceeded its carrying value. Therefore, there was no impairment of goodwill. | |||||||||||||||||||
The components of acquired intangible assets are as follows: | |||||||||||||||||||
June 28, 2014 | September 28, 2013 | ||||||||||||||||||
Weighted - Average Life (years) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||||
Customer-related | 10 | $ | 194,258 | $ | (110,002 | ) | $ | 193,744 | $ | (97,347 | ) | ||||||||
Program-related | 18 | 83,220 | (23,814 | ) | 79,607 | (18,988 | ) | ||||||||||||
Technology-related | 9 | 77,777 | (45,986 | ) | 76,558 | (42,000 | ) | ||||||||||||
Marketing-related | 10 | 27,071 | (14,206 | ) | 33,259 | (18,476 | ) | ||||||||||||
Acquired intangible assets | 12 | $ | 382,326 | $ | (194,008 | ) | $ | 383,168 | $ | (176,811 | ) | ||||||||
All acquired intangible assets other than goodwill are being amortized. Customer-related intangible assets primarily consist of customer relationships. Program-related intangible assets consist of long-term programs represented by current contracts and probable follow on work. Technology-related intangible assets primarily consist of technology, patents, intellectual property and software. Marketing-related intangible assets primarily consist of trademarks, trade names and non-compete agreements. | |||||||||||||||||||
Amortization of acquired intangible assets was $7,495 and $22,606 for the three and nine months ended June 28, 2014 and $7,749 and $23,543 for the three and nine months ended June 29, 2013. Based on acquired intangible assets recorded at June 28, 2014, amortization is expected to be approximately $30,200 in 2014, $26,100 in 2015, $24,400 in 2016, $21,100 in 2017 and $19,300 in 2018. |
Indebtedness
Indebtedness | 9 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Indebtedness [Abstract] | ' | ||||||||
Indebtedness | ' | ||||||||
Indebtedness | |||||||||
Short-term borrowings consist of: | |||||||||
June 28, | September 28, | ||||||||
2014 | 2013 | ||||||||
Securitization program | $ | 100,000 | $ | 100,000 | |||||
Lines of credit | 3,942 | 5,088 | |||||||
Short-term borrowings | $ | 103,942 | $ | 105,088 | |||||
The Securitization Program matures on February 13, 2015 and effectively increases our borrowing capacity by up to $100,000. Under the Securitization Program, we sell certain trade receivables and related rights to an affiliate, which in turn sells an undivided variable percentage ownership interest in the trade receivables to a financial institution, while maintaining a subordinated interest in a portion of the pool of trade receivables. The Securitization Program can be extended by agreement of the parties thereto for successive 364-day terms. Interest for the Securitization Program is based on prevailing market rates for short-term commercial paper plus an applicable margin. A commitment fee is also charged based on a percentage of the unused amounts available and is not material. The agreement governing the Securitization Program contains restrictions and covenants which include limitations on the making of certain restricted payments, creation of certain liens, and certain corporate acts such as mergers, consolidations and sale of substantially all assets. The Securitization Program has a minimum borrowing requirement equal to the lesser of either 80% of our borrowing capacity or 100% of our borrowing base, which is a subset of the trade receivables sold under this agreement. As of June 28, 2014, our minimum borrowing requirement is $80,000. | |||||||||
In addition to the Securitization Program, we maintain short-term credit facilities with banks throughout the world that are principally demand lines subject to revision by the banks. | |||||||||
On May 22, 2014, we amended our U.S. revolving credit facility. The amendment increased the capacity on our revolving credit facility from $900,000 to $1,100,000 and extended the maturity of the credit facility to May 22, 2019. The amendment also provides an expansion option, which permits us to request an increase of up to $200,000 to the credit facility upon satisfaction of certain conditions. The credit facility is secured by substantially all of our U.S. assets. | |||||||||
On December 19, 2013, we repurchased our 7¼% senior subordinated notes due on January 15, 2018 at 103.625%, pursuant to an early redemption right. We redeemed the aggregate principal amount of $200,000 using proceeds drawn from our U.S. revolving credit facility. The associated loss on the redemption includes $6,945 of call premium paid to external bondholders and a $1,057 write off of deferred debt issuance costs. | |||||||||
On January 15, 2013, we repurchased our 6¼% senior subordinated notes due on January 15, 2015 at par, pursuant to an early redemption right. We redeemed the aggregate principal amount of $200,000 using proceeds drawn from our U.S. revolving credit facility. |
Product_Warranties
Product Warranties | 9 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||||||||||
Product Warranties | ' | ||||||||||||||||
Product Warranties | |||||||||||||||||
In the ordinary course of business, we warrant our products against defects in design, materials and workmanship typically over periods ranging from twelve to sixty months. We determine warranty reserves needed by product line based on historical experience and current facts and circumstances. Activity in the warranty accrual is summarized as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Warranty accrual at beginning of period | $ | 17,037 | $ | 16,450 | $ | 17,429 | $ | 18,859 | |||||||||
Warranties issued during current period | 3,231 | 3,550 | 7,134 | 6,483 | |||||||||||||
Adjustments to pre-existing warranties | (311 | ) | (666 | ) | (835 | ) | (1,141 | ) | |||||||||
Reductions for settling warranties | (1,918 | ) | (1,943 | ) | (5,899 | ) | (6,187 | ) | |||||||||
Foreign currency translation | 153 | 20 | 363 | (603 | ) | ||||||||||||
Warranty accrual at end of period | $ | 18,192 | $ | 17,411 | $ | 18,192 | $ | 17,411 | |||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | |||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||
Derivative Instruments and Hedges, Assets [Abstract] | ' | |||||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||||
We principally use derivative financial instruments to manage interest rate risk associated with long-term debt and foreign exchange risk related to foreign operations and foreign currency transactions. We enter into derivative financial instruments with a number of major financial institutions to minimize counterparty credit risk. | ||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||
Interest rate swaps are used to adjust the proportion of total debt that is subject to variable and fixed interest rates. The interest rate swaps are designated as hedges of the amount of future cash flows related to interest payments on variable-rate debt that, in combination with the interest payments on the debt, convert a portion of the variable-rate debt to fixed-rate debt. At June 28, 2014, we had interest rate swaps with notional amounts totaling $320,000. The interest rate swaps effectively convert this amount of variable-rate debt to fixed-rate debt at 1.8%, including the applicable margin of 113 basis points as of June 28, 2014. The interest will revert back to variable rates based on LIBOR plus the applicable margin upon the maturity of the interest rate swaps. These interest rate swaps mature at various times between January 15, 2015 and June 5, 2017. | ||||||||||||||||||
We use foreign currency forward contracts as cash flow hedges to effectively fix the exchange rates on future payments and revenue. To mitigate exposure in movements between various currencies, primarily the Philippine peso, we had outstanding foreign currency forwards with notional amounts of $33,131 at June 28, 2014. These contracts mature at various times through December 23, 2015. | ||||||||||||||||||
These interest rate swaps and foreign currency forwards are recorded in the consolidated condensed balance sheets at fair value and the related gains or losses are deferred in shareholders’ equity as a component of Accumulated Other Comprehensive Income (Loss) (AOCI). These deferred gains and losses are reclassified into expense during the periods in which the related payments or receipts affect earnings. However, to the extent the interest rate swaps and foreign currency forwards are not perfectly effective in offsetting the change in the value of the payments and revenue being hedged, the ineffective portion of these contracts is recognized in earnings immediately. Ineffectiveness was not material in the first nine months of 2014 or 2013. | ||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||
We also have foreign currency exposure on balances, primarily intercompany, that are denominated in foreign currencies and are adjusted to current values using period-end exchange rates. The resulting gains or losses are recorded in the consolidated condensed statements of earnings. To minimize foreign currency exposure, we had foreign currency forwards with notional amounts of $220,734 at June 28, 2014. The foreign currency forwards are recorded in the consolidated condensed balance sheets at fair value and resulting gains or losses are recorded in the consolidated condensed statements of earnings. We recorded the following gains or losses on foreign currency forwards which are included in other income or expense and generally offset the gains or losses from the foreign currency adjustments on the intercompany balances that are also included in other income or expense: | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Net gain (loss) | $ | 3,416 | $ | (2,835 | ) | $ | 5,941 | $ | 3,066 | |||||||||
Summary of derivatives | ||||||||||||||||||
The fair value and classification of derivatives is summarized as follows: | ||||||||||||||||||
June 28, | September 28, | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||
Foreign currency forwards | Other current assets | $ | 85 | $ | 217 | |||||||||||||
Foreign currency forwards | Other assets | — | 100 | |||||||||||||||
Total assets | $ | 85 | $ | 317 | ||||||||||||||
Foreign currency forwards | Other accrued liabilities | $ | 1,029 | $ | 1,342 | |||||||||||||
Foreign currency forwards | Other long-term liabilities | 91 | 636 | |||||||||||||||
Interest rate swaps | Other accrued liabilities | 346 | 85 | |||||||||||||||
Interest rate swaps | Other long-term liabilities | 309 | 42 | |||||||||||||||
Total liabilities | $ | 1,775 | $ | 2,105 | ||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||
Foreign currency forwards | Other current assets | $ | 699 | $ | 68 | |||||||||||||
Total assets | $ | 699 | $ | 68 | ||||||||||||||
Foreign currency forwards | Other accrued liabilities | $ | 826 | $ | 956 | |||||||||||||
Total liabilities | $ | 826 | $ | 956 | ||||||||||||||
Fair_Value
Fair Value | 9 Months Ended | |||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||
Fair Value | ' | |||||||||||||||||
Fair Value | ||||||||||||||||||
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. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate fair value. The definition of the fair value hierarchy is as follows: | ||||||||||||||||||
Level 1 – Quoted prices in active markets for identical assets and liabilities. | ||||||||||||||||||
Level 2 – Observable inputs other than quoted prices in active markets for similar assets and liabilities. | ||||||||||||||||||
Level 3 – Inputs for which significant valuation assumptions are unobservable in a market and therefore value is based on the best available data, some of which is internally developed and considers risk premiums that a market participant would require. | ||||||||||||||||||
Our derivatives are valued using various pricing models or discounted cash flow analyses that incorporate observable market data, such as interest rate yield curves and currency rates, and are classified as Level 2 within the valuation hierarchy. Our Level 3 fair value liabilities represent contingent consideration recorded for acquisitions to be paid if various financial targets are met. The amounts recorded were calculated for each payment scenario in each period using an estimate of the probability of the future cash outflows. The varying contingent payments were then discounted to the present value at the weighted average cost of capital. Fair value is assessed on a quarterly basis, or whenever events or circumstances change that indicates an adjustment is required. The assessment includes an evaluation of the performance of the acquired business compared to previous expectations, changes to future projections and the probability of achieving the earn out targets. | ||||||||||||||||||
The following table presents the fair values and classification of our financial assets and liabilities measured on a recurring basis as of June 28, 2014: | ||||||||||||||||||
Classification | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Foreign currency forwards | Other current assets | $ | — | $ | 784 | $ | — | $ | 784 | |||||||||
Total assets | $ | — | $ | 784 | $ | — | $ | 784 | ||||||||||
Foreign currency forwards | Other accrued liabilities | $ | — | $ | 1,855 | $ | — | $ | 1,855 | |||||||||
Foreign currency forwards | Other long-term liabilities | — | 91 | — | 91 | |||||||||||||
Interest rate swaps | Other accrued liabilities | — | 346 | — | 346 | |||||||||||||
Interest rate swaps | Other long-term liabilities | — | 309 | — | 309 | |||||||||||||
Acquisition contingent consideration | Other accrued liabilities | — | — | 1,480 | 1,480 | |||||||||||||
Total liabilities | $ | — | $ | 2,601 | $ | 1,480 | $ | 4,081 | ||||||||||
The changes in financial liabilities classified as Level 3 within the fair value hierarchy are as follows: | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Balance at beginning of period | $ | 2,422 | $ | 5,148 | $ | 4,007 | $ | 6,422 | ||||||||||
Acquisitions | — | (1,711 | ) | — | 2,565 | |||||||||||||
Increase (decrease) in discounted future cash flows recorded as interest expense | (83 | ) | 25 | 73 | 244 | |||||||||||||
Decrease in earn out provisions recorded as other expense (income) | (859 | ) | — | (350 | ) | (2,991 | ) | |||||||||||
Settlements paid in cash | — | — | (2,250 | ) | (2,778 | ) | ||||||||||||
Balance at end of period | $ | 1,480 | $ | 3,462 | $ | 1,480 | $ | 3,462 | ||||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 9 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | ' | ||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||
Employee Benefit Plans | |||||||||||||||||
Net periodic benefit costs for U.S. pension plans consist of: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 5,392 | $ | 6,714 | $ | 16,178 | $ | 20,142 | |||||||||
Interest cost | 8,339 | 7,205 | 25,016 | 21,614 | |||||||||||||
Expected return on plan assets | (10,844 | ) | (10,335 | ) | (32,531 | ) | (31,005 | ) | |||||||||
Amortization of prior service cost | 38 | 2 | 112 | 6 | |||||||||||||
Amortization of actuarial loss | 4,086 | 6,901 | 12,259 | 20,703 | |||||||||||||
Pension expense for defined benefit plans | 7,011 | 10,487 | 21,034 | 31,460 | |||||||||||||
Pension expense for defined contribution plans | 3,417 | 2,794 | 9,748 | 7,959 | |||||||||||||
Total pension expense for U.S. plans | $ | 10,428 | $ | 13,281 | $ | 30,782 | $ | 39,419 | |||||||||
Net periodic benefit costs for non-U.S. pension plans consist of: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 1,339 | $ | 1,235 | $ | 4,092 | $ | 3,646 | |||||||||
Interest cost | 1,491 | 1,476 | 4,543 | 4,297 | |||||||||||||
Expected return on plan assets | (1,157 | ) | (960 | ) | (3,467 | ) | (2,806 | ) | |||||||||
Amortization of prior service credit | (12 | ) | (12 | ) | (35 | ) | (38 | ) | |||||||||
Amortization of actuarial loss | 343 | 405 | 1,052 | 1,184 | |||||||||||||
Pension expense for defined benefit plans | 2,004 | 2,144 | 6,185 | 6,283 | |||||||||||||
Pension expense for defined contribution plans | 1,836 | 1,365 | 4,839 | 4,036 | |||||||||||||
Total pension expense for non-U.S. plans | $ | 3,840 | $ | 3,509 | $ | 11,024 | $ | 10,319 | |||||||||
Net periodic benefit costs for the post-retirement health care benefit plan consists of: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 56 | $ | 73 | $ | 169 | $ | 219 | |||||||||
Interest cost | 156 | 137 | 468 | 412 | |||||||||||||
Amortization of transition obligation | — | 90 | — | 271 | |||||||||||||
Amortization of actuarial gain | (65 | ) | — | (196 | ) | — | |||||||||||
Total periodic post-retirement benefit cost | $ | 147 | $ | 300 | $ | 441 | $ | 902 | |||||||||
Actual contributions for the nine months ended June 28, 2014 and anticipated additional 2014 contributions to our defined benefit pension plans are as follows: | |||||||||||||||||
U.S. Plans | Non-U.S. Plans | Total | |||||||||||||||
Actual | $ | 37,970 | $ | 6,151 | $ | 44,121 | |||||||||||
Anticipated | 10,930 | 15,137 | 26,067 | ||||||||||||||
$ | 48,900 | $ | 21,288 | $ | 70,188 | ||||||||||||
Restructuring
Restructuring | 9 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Restructuring [Abstract] | ' | ||||||||
Restructuring | ' | ||||||||
Restructuring | |||||||||
Restructuring expense is principally related to severance. Restructuring activity is as follows: | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
June 28, | June 28, | ||||||||
2014 | 2014 | ||||||||
Restructuring accrual at beginning of period | $ | 2,051 | $ | 7,129 | |||||
Cash payments | (989 | ) | (6,124 | ) | |||||
Foreign currency translation | (34 | ) | 23 | ||||||
Restructuring accrual at end of period | $ | 1,028 | $ | 1,028 | |||||
Obligations related to these costs are expected to be principally paid by December 31, 2014. |
Income_Taxes
Income Taxes | 9 Months Ended |
Jun. 28, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The effective tax rates of 25.6% and 28.6% for the three and nine months ended June 28, 2014 and 28.1% and 28.5% for the three and nine months ended June 29, 2013 are lower than would be expected by applying the U.S. federal statutory tax rate to earnings before income taxes primarily as a result of a significant portion of our earnings that come from foreign operations with lower tax rates. |
Shareholders_Equity
Shareholders' Equity | 9 Months Ended | ||||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||
Shareholders' Equity | ' | ||||||||||||||||||
Shareholders’ Equity | |||||||||||||||||||
The changes in shareholders’ equity for the nine months ended June 28, 2014 are summarized as follows: | |||||||||||||||||||
Number of Shares | |||||||||||||||||||
Amount | Class A Common Stock | Class B Common Stock | |||||||||||||||||
COMMON STOCK | |||||||||||||||||||
Beginning of period | $ | 51,280 | 43,613,060 | 7,666,653 | |||||||||||||||
Conversion of Class B to Class A | — | 11,371 | (11,371 | ) | |||||||||||||||
End of Period | 51,280 | 43,624,431 | 7,655,282 | ||||||||||||||||
ADDITIONAL PAID-IN CAPITAL | |||||||||||||||||||
Beginning of period | 447,478 | ||||||||||||||||||
Equity-based compensation expense | 6,545 | ||||||||||||||||||
Issuance of treasury shares at more than cost | 550 | ||||||||||||||||||
Adjustment to market - SECT, and other | 12,057 | ||||||||||||||||||
End of period | 466,630 | ||||||||||||||||||
RETAINED EARNINGS | |||||||||||||||||||
Beginning of period | 1,289,713 | ||||||||||||||||||
Net earnings | 117,944 | ||||||||||||||||||
End of period | 1,407,657 | ||||||||||||||||||
TREASURY STOCK | |||||||||||||||||||
Beginning of period | (83,003 | ) | (2,004,262 | ) | (3,305,971 | ) | |||||||||||||
Issuance of treasury shares | 1,862 | 274,159 | — | ||||||||||||||||
Purchase of treasury shares | (149,530 | ) | (2,217,579 | ) | (10,686 | ) | |||||||||||||
End of period | (230,671 | ) | (3,947,682 | ) | (3,316,657 | ) | |||||||||||||
STOCK EMPLOYEE COMPENSATION TRUST (SECT) | |||||||||||||||||||
Beginning of period | (35,545 | ) | (610,223 | ) | |||||||||||||||
Issuance of shares | 1,144 | 18,444 | |||||||||||||||||
Purchase of shares | (5,206 | ) | (80,153 | ) | |||||||||||||||
Adjustment to market - SECT | (9,363 | ) | — | ||||||||||||||||
End of period | (48,970 | ) | — | (671,932 | ) | ||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | |||||||||||||||||||
Beginning of period | (134,158 | ) | |||||||||||||||||
Other comprehensive income | 18,607 | ||||||||||||||||||
End of period | (115,551 | ) | |||||||||||||||||
TOTAL SHAREHOLDERS' EQUITY | $ | 1,530,375 | 39,676,749 | 3,666,693 | |||||||||||||||
The changes in AOCI, net of tax, by component for the nine months ended June 28, 2014 are as follows: | |||||||||||||||||||
Accumulated foreign currency translation | Accumulated retirement liability | Accumulated (loss) on derivatives | Total | ||||||||||||||||
AOCI at beginning of period | $ | 40,572 | $ | (173,695 | ) | $ | (1,035 | ) | $ | (134,158 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | 10,711 | — | (804 | ) | 9,907 | ||||||||||||||
Amounts reclassified from AOCI | — | 7,868 | 832 | 8,700 | |||||||||||||||
Other comprehensive income | 10,711 | 7,868 | 28 | 18,607 | |||||||||||||||
AOCI at end of period | 51,283 | $ | (165,827 | ) | (1,007 | ) | $ | (115,551 | ) | ||||||||||
The amounts reclassified from AOCI into earnings are as follows: | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
Statement of earnings classification | June 28, | June 29, | June 28, | June 29, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Retirement liability: | |||||||||||||||||||
Prior service cost (credit) | $ | 60 | $ | (69 | ) | $ | (187 | ) | $ | (345 | ) | ||||||||
Transition obligation | — | 90 | — | 271 | |||||||||||||||
Actuarial losses | 4,329 | 7,249 | 12,850 | 22,939 | |||||||||||||||
Reclassification from AOCI into earnings | 4,389 | 7,270 | 12,663 | 22,865 | |||||||||||||||
Tax effect | (1,622 | ) | (2,738 | ) | (4,795 | ) | (8,232 | ) | |||||||||||
Net reclassification from AOCI into earnings - expense (income) | $ | 2,767 | $ | 4,532 | $ | 7,868 | $ | 14,633 | |||||||||||
Derivatives: | |||||||||||||||||||
Foreign currency forwards | Sales | $ | — | $ | — | $ | (192 | ) | $ | — | |||||||||
Foreign currency forwards | Cost of sales | 406 | (103 | ) | 1,368 | (566 | ) | ||||||||||||
Interest rate swaps | Interest | 137 | 61 | 279 | 104 | ||||||||||||||
Reclassification from AOCI into earnings | 543 | (42 | ) | 1,455 | (462 | ) | |||||||||||||
Tax effect | (206 | ) | 16 | (623 | ) | 191 | |||||||||||||
Net reclassification from AOCI into earnings - expense (income) | $ | 337 | $ | (26 | ) | $ | 832 | $ | (271 | ) | |||||||||
The amounts deferred in AOCI related to derivatives are as follows: | |||||||||||||||||||
Net deferral in AOCI of derivatives - effective portion | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
Statement of earnings classification | June 28, | June 29, | June 28, | June 29, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Foreign currency forwards | Sales | $ | — | $ | — | $ | 3 | $ | — | ||||||||||
Foreign currency forwards | Cost of sales | 994 | (2,019 | ) | (554 | ) | (1,649 | ) | |||||||||||
Interest rate swaps | Interest | (552 | ) | 156 | (743 | ) | (47 | ) | |||||||||||
Net gain (loss) | 442 | (1,863 | ) | (1,294 | ) | (1,696 | ) | ||||||||||||
Tax effect | (167 | ) | 722 | 490 | 652 | ||||||||||||||
Net deferral in AOCI of derivatives | $ | 275 | $ | (1,141 | ) | $ | (804 | ) | $ | (1,044 | ) | ||||||||
Stock_Employee_Compensation_Tr
Stock Employee Compensation Trust | 9 Months Ended |
Jun. 28, 2014 | |
Share-based Compensation [Abstract] | ' |
Stock Employee Compensation Trust | ' |
Stock Employee Compensation Trust | |
The Stock Employee Compensation Trust (SECT) assists in administering and provides funding for equity-based compensation plans and benefit programs, including the Moog Inc. Retirement Savings Plan. The shares in the SECT are not considered outstanding for purposes of calculating earnings per share. However, in accordance with the trust agreement governing the SECT, the SECT trustee votes all shares held by the SECT on all matters submitted to shareholders. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||
Jun. 28, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
Earnings per Share | |||||||||||||
Basic and diluted weighted-average shares outstanding are as follows: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Weighted-average shares outstanding - Basic | 44,077,121 | 45,316,429 | 44,946,413 | 45,334,657 | |||||||||
Dilutive effect of equity-based awards | 592,127 | 520,136 | 595,148 | 455,702 | |||||||||
Weighted-average shares outstanding - Diluted | 44,669,248 | 45,836,565 | 45,541,561 | 45,790,359 | |||||||||
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
Segment Information | |||||||||||||||||
Below are sales and operating profit by segment for the three and nine months ended June 28, 2014 and | |||||||||||||||||
June 29, 2013 and a reconciliation of segment operating profit to earnings before income taxes. Operating profit is net sales less cost of sales and other operating expenses, excluding interest expense, equity-based compensation expense and other corporate expenses. Cost of sales and other operating expenses are directly identifiable to the respective segment or allocated on the basis of sales, number of employees or profit. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net sales: | |||||||||||||||||
Aircraft Controls | $ | 294,194 | $ | 272,855 | $ | 834,420 | $ | 783,996 | |||||||||
Space and Defense Controls | 102,505 | 100,071 | 297,260 | 292,224 | |||||||||||||
Industrial Systems | 147,722 | 147,161 | 442,998 | 439,338 | |||||||||||||
Components | 110,587 | 112,546 | 314,433 | 310,625 | |||||||||||||
Medical Devices | 28,690 | 37,999 | 87,850 | 108,275 | |||||||||||||
Net sales | $ | 683,698 | $ | 670,632 | $ | 1,976,961 | $ | 1,934,458 | |||||||||
Operating profit (loss) and margins: | |||||||||||||||||
Aircraft Controls | $ | 30,342 | $ | 31,054 | $ | 87,980 | $ | 93,647 | |||||||||
10.3 | % | 11.4 | % | 10.5 | % | 11.9 | % | ||||||||||
Space and Defense Controls | 8,664 | 6,711 | 25,523 | 22,610 | |||||||||||||
8.5 | % | 6.7 | % | 8.6 | % | 7.7 | % | ||||||||||
Industrial Systems | 16,826 | 9,273 | 44,010 | 26,157 | |||||||||||||
11.4 | % | 6.3 | % | 9.9 | % | 6 | % | ||||||||||
Components | 16,972 | 18,360 | 46,707 | 52,548 | |||||||||||||
15.3 | % | 16.3 | % | 14.9 | % | 16.9 | % | ||||||||||
Medical Devices | 2,343 | (2,775 | ) | 7,348 | 133 | ||||||||||||
8.2 | % | (7.3 | %) | 8.4 | % | 0.1 | % | ||||||||||
Total operating profit | 75,147 | 62,623 | 211,568 | 195,095 | |||||||||||||
11 | % | 9.3 | % | 10.7 | % | 10.1 | % | ||||||||||
Deductions from operating profit: | |||||||||||||||||
Interest expense | 2,215 | 6,084 | 9,788 | 21,122 | |||||||||||||
Equity-based compensation expense | 1,553 | 949 | 6,545 | 5,673 | |||||||||||||
Corporate expenses and other | 6,724 | 7,964 | 30,112 | 21,643 | |||||||||||||
Earnings before income taxes | $ | 64,655 | $ | 47,626 | $ | 165,123 | $ | 146,657 | |||||||||
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies | 9 Months Ended |
Jun. 28, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
Commitments and Contingencies | |
From time to time, we are involved in legal proceedings. We are not a party to any pending legal proceedings which management believes will result in a material adverse effect on our financial condition, results of operations or cash flows. | |
We are engaged in administrative proceedings with governmental agencies and legal proceedings with governmental agencies and other third parties in the normal course of our business, including litigation under Superfund laws, regarding environmental matters. We believe that adequate reserves have been established for our share of the estimated cost for all currently pending environmental administrative or legal proceedings and do not expect that these environmental matters will have a material adverse effect on our financial condition, results of operations or cash flows. | |
We are contingently liable for $14,082 of standby letters of credit issued by a bank to third parties on our behalf at June 28, 2014. |
Receivables_Receivables_Tables
Receivables Receivables (Tables) | 9 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | ||||||||
June 28, | September 28, | ||||||||
2014 | 2013 | ||||||||
Accounts receivable | $ | 327,768 | $ | 328,038 | |||||
Long-term contract receivables: | |||||||||
Amounts billed | 122,951 | 133,149 | |||||||
Unbilled recoverable costs and accrued profits | 323,095 | 337,520 | |||||||
Total long-term contract receivables | 446,046 | 470,669 | |||||||
Other | 13,167 | 17,168 | |||||||
Total receivables | 786,981 | 815,875 | |||||||
Less allowance for doubtful accounts | (5,123 | ) | (4,499 | ) | |||||
Receivables | $ | 781,858 | $ | 811,376 | |||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, net of reserves | ' | ||||||||
June 28, | September 28, | ||||||||
2014 | 2013 | ||||||||
Raw materials and purchased parts | $ | 188,990 | $ | 194,249 | |||||
Work in progress | 287,052 | 289,124 | |||||||
Finished goods | 71,214 | 68,301 | |||||||
Inventories | $ | 547,256 | $ | 551,674 | |||||
Goodwill_And_Intangible_Assets1
Goodwill And Intangible Assets Goodwill and Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||
Changes in Carry Amount of Goodwill | ' | ||||||||||||||||||
Balance as of September 28, 2013 | Adjustment To Prior Year Acquisitions | Foreign Currency Translation | Balance as of June 28, 2014 | ||||||||||||||||
Aircraft Controls | $ | 192,413 | $ | — | $ | 3,617 | $ | 196,030 | |||||||||||
Space and Defense Controls | 163,136 | (2,734 | ) | 122 | 160,524 | ||||||||||||||
Industrial Systems | 121,320 | — | 1,703 | 123,023 | |||||||||||||||
Components | 204,853 | — | (90 | ) | 204,763 | ||||||||||||||
Medical Devices | 85,202 | — | 111 | 85,313 | |||||||||||||||
Goodwill | $ | 766,924 | $ | (2,734 | ) | $ | 5,463 | $ | 769,653 | ||||||||||
Components of Acquired Intangible Assets | ' | ||||||||||||||||||
June 28, 2014 | September 28, 2013 | ||||||||||||||||||
Weighted - Average Life (years) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||||
Customer-related | 10 | $ | 194,258 | $ | (110,002 | ) | $ | 193,744 | $ | (97,347 | ) | ||||||||
Program-related | 18 | 83,220 | (23,814 | ) | 79,607 | (18,988 | ) | ||||||||||||
Technology-related | 9 | 77,777 | (45,986 | ) | 76,558 | (42,000 | ) | ||||||||||||
Marketing-related | 10 | 27,071 | (14,206 | ) | 33,259 | (18,476 | ) | ||||||||||||
Acquired intangible assets | 12 | $ | 382,326 | $ | (194,008 | ) | $ | 383,168 | $ | (176,811 | ) | ||||||||
Indebtedness_Tables
Indebtedness (Tables) | 9 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Indebtedness [Abstract] | ' | ||||||||
Schedule of Short-term borrowings | ' | ||||||||
June 28, | September 28, | ||||||||
2014 | 2013 | ||||||||
Securitization program | $ | 100,000 | $ | 100,000 | |||||
Lines of credit | 3,942 | 5,088 | |||||||
Short-term borrowings | $ | 103,942 | $ | 105,088 | |||||
Product_Warranties_Tables
Product Warranties (Tables) | 9 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||||||||||
Summary of Activity in Warranty Accrual | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Warranty accrual at beginning of period | $ | 17,037 | $ | 16,450 | $ | 17,429 | $ | 18,859 | |||||||||
Warranties issued during current period | 3,231 | 3,550 | 7,134 | 6,483 | |||||||||||||
Adjustments to pre-existing warranties | (311 | ) | (666 | ) | (835 | ) | (1,141 | ) | |||||||||
Reductions for settling warranties | (1,918 | ) | (1,943 | ) | (5,899 | ) | (6,187 | ) | |||||||||
Foreign currency translation | 153 | 20 | 363 | (603 | ) | ||||||||||||
Warranty accrual at end of period | $ | 18,192 | $ | 17,411 | $ | 18,192 | $ | 17,411 | |||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||
Derivative Instruments and Hedges, Assets [Abstract] | ' | |||||||||||||||||
Gains And Losses On Foreign Currency Forwards Included In Other Income Or Expense | ' | |||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Net gain (loss) | $ | 3,416 | $ | (2,835 | ) | $ | 5,941 | $ | 3,066 | |||||||||
Fair Value And Classification Of Derivatives On The Consolidated Balance Sheets | ' | |||||||||||||||||
June 28, | September 28, | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||
Foreign currency forwards | Other current assets | $ | 85 | $ | 217 | |||||||||||||
Foreign currency forwards | Other assets | — | 100 | |||||||||||||||
Total assets | $ | 85 | $ | 317 | ||||||||||||||
Foreign currency forwards | Other accrued liabilities | $ | 1,029 | $ | 1,342 | |||||||||||||
Foreign currency forwards | Other long-term liabilities | 91 | 636 | |||||||||||||||
Interest rate swaps | Other accrued liabilities | 346 | 85 | |||||||||||||||
Interest rate swaps | Other long-term liabilities | 309 | 42 | |||||||||||||||
Total liabilities | $ | 1,775 | $ | 2,105 | ||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||
Foreign currency forwards | Other current assets | $ | 699 | $ | 68 | |||||||||||||
Total assets | $ | 699 | $ | 68 | ||||||||||||||
Foreign currency forwards | Other accrued liabilities | $ | 826 | $ | 956 | |||||||||||||
Total liabilities | $ | 826 | $ | 956 | ||||||||||||||
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | |||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||
Fair Values And Classification Of Financial Assets And Liabilities Measured On A Recurring Basis | ' | |||||||||||||||||
Classification | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Foreign currency forwards | Other current assets | $ | — | $ | 784 | $ | — | $ | 784 | |||||||||
Total assets | $ | — | $ | 784 | $ | — | $ | 784 | ||||||||||
Foreign currency forwards | Other accrued liabilities | $ | — | $ | 1,855 | $ | — | $ | 1,855 | |||||||||
Foreign currency forwards | Other long-term liabilities | — | 91 | — | 91 | |||||||||||||
Interest rate swaps | Other accrued liabilities | — | 346 | — | 346 | |||||||||||||
Interest rate swaps | Other long-term liabilities | — | 309 | — | 309 | |||||||||||||
Acquisition contingent consideration | Other accrued liabilities | — | — | 1,480 | 1,480 | |||||||||||||
Total liabilities | $ | — | $ | 2,601 | $ | 1,480 | $ | 4,081 | ||||||||||
Financial Liabilities Classified As Level 3 Within The Fair Value Hierarchy | ' | |||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Balance at beginning of period | $ | 2,422 | $ | 5,148 | $ | 4,007 | $ | 6,422 | ||||||||||
Acquisitions | — | (1,711 | ) | — | 2,565 | |||||||||||||
Increase (decrease) in discounted future cash flows recorded as interest expense | (83 | ) | 25 | 73 | 244 | |||||||||||||
Decrease in earn out provisions recorded as other expense (income) | (859 | ) | — | (350 | ) | (2,991 | ) | |||||||||||
Settlements paid in cash | — | — | (2,250 | ) | (2,778 | ) | ||||||||||||
Balance at end of period | $ | 1,480 | $ | 3,462 | $ | 1,480 | $ | 3,462 | ||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | ' | ||||||||||||||||
Net Periodic Benefit Costs | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 5,392 | $ | 6,714 | $ | 16,178 | $ | 20,142 | |||||||||
Interest cost | 8,339 | 7,205 | 25,016 | 21,614 | |||||||||||||
Expected return on plan assets | (10,844 | ) | (10,335 | ) | (32,531 | ) | (31,005 | ) | |||||||||
Amortization of prior service cost | 38 | 2 | 112 | 6 | |||||||||||||
Amortization of actuarial loss | 4,086 | 6,901 | 12,259 | 20,703 | |||||||||||||
Pension expense for defined benefit plans | 7,011 | 10,487 | 21,034 | 31,460 | |||||||||||||
Pension expense for defined contribution plans | 3,417 | 2,794 | 9,748 | 7,959 | |||||||||||||
Total pension expense for U.S. plans | $ | 10,428 | $ | 13,281 | $ | 30,782 | $ | 39,419 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 1,339 | $ | 1,235 | $ | 4,092 | $ | 3,646 | |||||||||
Interest cost | 1,491 | 1,476 | 4,543 | 4,297 | |||||||||||||
Expected return on plan assets | (1,157 | ) | (960 | ) | (3,467 | ) | (2,806 | ) | |||||||||
Amortization of prior service credit | (12 | ) | (12 | ) | (35 | ) | (38 | ) | |||||||||
Amortization of actuarial loss | 343 | 405 | 1,052 | 1,184 | |||||||||||||
Pension expense for defined benefit plans | 2,004 | 2,144 | 6,185 | 6,283 | |||||||||||||
Pension expense for defined contribution plans | 1,836 | 1,365 | 4,839 | 4,036 | |||||||||||||
Total pension expense for non-U.S. plans | $ | 3,840 | $ | 3,509 | $ | 11,024 | $ | 10,319 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 56 | $ | 73 | $ | 169 | $ | 219 | |||||||||
Interest cost | 156 | 137 | 468 | 412 | |||||||||||||
Amortization of transition obligation | — | 90 | — | 271 | |||||||||||||
Amortization of actuarial gain | (65 | ) | — | (196 | ) | — | |||||||||||
Total periodic post-retirement benefit cost | $ | 147 | $ | 300 | $ | 441 | $ | 902 | |||||||||
Actual And Anticipated Additional Contributions To Defined Benefit Pension Plan | ' | ||||||||||||||||
U.S. Plans | Non-U.S. Plans | Total | |||||||||||||||
Actual | $ | 37,970 | $ | 6,151 | $ | 44,121 | |||||||||||
Anticipated | 10,930 | 15,137 | 26,067 | ||||||||||||||
$ | 48,900 | $ | 21,288 | $ | 70,188 | ||||||||||||
Restructuring_Tables
Restructuring (Tables) | 9 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Restructuring [Abstract] | ' | ||||||||
Schedule of Restructuring Reserve Activity | ' | ||||||||
Three Months Ended | Nine Months Ended | ||||||||
June 28, | June 28, | ||||||||
2014 | 2014 | ||||||||
Restructuring accrual at beginning of period | $ | 2,051 | $ | 7,129 | |||||
Cash payments | (989 | ) | (6,124 | ) | |||||
Foreign currency translation | (34 | ) | 23 | ||||||
Restructuring accrual at end of period | $ | 1,028 | $ | 1,028 | |||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 9 Months Ended | ||||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||
Changes in Shareholders' Equity | ' | ||||||||||||||||||
Number of Shares | |||||||||||||||||||
Amount | Class A Common Stock | Class B Common Stock | |||||||||||||||||
COMMON STOCK | |||||||||||||||||||
Beginning of period | $ | 51,280 | 43,613,060 | 7,666,653 | |||||||||||||||
Conversion of Class B to Class A | — | 11,371 | (11,371 | ) | |||||||||||||||
End of Period | 51,280 | 43,624,431 | 7,655,282 | ||||||||||||||||
ADDITIONAL PAID-IN CAPITAL | |||||||||||||||||||
Beginning of period | 447,478 | ||||||||||||||||||
Equity-based compensation expense | 6,545 | ||||||||||||||||||
Issuance of treasury shares at more than cost | 550 | ||||||||||||||||||
Adjustment to market - SECT, and other | 12,057 | ||||||||||||||||||
End of period | 466,630 | ||||||||||||||||||
RETAINED EARNINGS | |||||||||||||||||||
Beginning of period | 1,289,713 | ||||||||||||||||||
Net earnings | 117,944 | ||||||||||||||||||
End of period | 1,407,657 | ||||||||||||||||||
TREASURY STOCK | |||||||||||||||||||
Beginning of period | (83,003 | ) | (2,004,262 | ) | (3,305,971 | ) | |||||||||||||
Issuance of treasury shares | 1,862 | 274,159 | — | ||||||||||||||||
Purchase of treasury shares | (149,530 | ) | (2,217,579 | ) | (10,686 | ) | |||||||||||||
End of period | (230,671 | ) | (3,947,682 | ) | (3,316,657 | ) | |||||||||||||
STOCK EMPLOYEE COMPENSATION TRUST (SECT) | |||||||||||||||||||
Beginning of period | (35,545 | ) | (610,223 | ) | |||||||||||||||
Issuance of shares | 1,144 | 18,444 | |||||||||||||||||
Purchase of shares | (5,206 | ) | (80,153 | ) | |||||||||||||||
Adjustment to market - SECT | (9,363 | ) | — | ||||||||||||||||
End of period | (48,970 | ) | — | (671,932 | ) | ||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | |||||||||||||||||||
Beginning of period | (134,158 | ) | |||||||||||||||||
Other comprehensive income | 18,607 | ||||||||||||||||||
End of period | (115,551 | ) | |||||||||||||||||
TOTAL SHAREHOLDERS' EQUITY | $ | 1,530,375 | 39,676,749 | 3,666,693 | |||||||||||||||
Components of AOCI | ' | ||||||||||||||||||
Accumulated foreign currency translation | Accumulated retirement liability | Accumulated (loss) on derivatives | Total | ||||||||||||||||
AOCI at beginning of period | $ | 40,572 | $ | (173,695 | ) | $ | (1,035 | ) | $ | (134,158 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | 10,711 | — | (804 | ) | 9,907 | ||||||||||||||
Amounts reclassified from AOCI | — | 7,868 | 832 | 8,700 | |||||||||||||||
Other comprehensive income | 10,711 | 7,868 | 28 | 18,607 | |||||||||||||||
AOCI at end of period | 51,283 | $ | (165,827 | ) | (1,007 | ) | $ | (115,551 | ) | ||||||||||
Reclassification from AOCI | ' | ||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
Statement of earnings classification | June 28, | June 29, | June 28, | June 29, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Retirement liability: | |||||||||||||||||||
Prior service cost (credit) | $ | 60 | $ | (69 | ) | $ | (187 | ) | $ | (345 | ) | ||||||||
Transition obligation | — | 90 | — | 271 | |||||||||||||||
Actuarial losses | 4,329 | 7,249 | 12,850 | 22,939 | |||||||||||||||
Reclassification from AOCI into earnings | 4,389 | 7,270 | 12,663 | 22,865 | |||||||||||||||
Tax effect | (1,622 | ) | (2,738 | ) | (4,795 | ) | (8,232 | ) | |||||||||||
Net reclassification from AOCI into earnings - expense (income) | $ | 2,767 | $ | 4,532 | $ | 7,868 | $ | 14,633 | |||||||||||
Derivatives: | |||||||||||||||||||
Foreign currency forwards | Sales | $ | — | $ | — | $ | (192 | ) | $ | — | |||||||||
Foreign currency forwards | Cost of sales | 406 | (103 | ) | 1,368 | (566 | ) | ||||||||||||
Interest rate swaps | Interest | 137 | 61 | 279 | 104 | ||||||||||||||
Reclassification from AOCI into earnings | 543 | (42 | ) | 1,455 | (462 | ) | |||||||||||||
Tax effect | (206 | ) | 16 | (623 | ) | 191 | |||||||||||||
Net reclassification from AOCI into earnings - expense (income) | $ | 337 | $ | (26 | ) | $ | 832 | $ | (271 | ) | |||||||||
Activity and Classification of Derivative Deferral in AOCI | ' | ||||||||||||||||||
Net deferral in AOCI of derivatives - effective portion | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
Statement of earnings classification | June 28, | June 29, | June 28, | June 29, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Foreign currency forwards | Sales | $ | — | $ | — | $ | 3 | $ | — | ||||||||||
Foreign currency forwards | Cost of sales | 994 | (2,019 | ) | (554 | ) | (1,649 | ) | |||||||||||
Interest rate swaps | Interest | (552 | ) | 156 | (743 | ) | (47 | ) | |||||||||||
Net gain (loss) | 442 | (1,863 | ) | (1,294 | ) | (1,696 | ) | ||||||||||||
Tax effect | (167 | ) | 722 | 490 | 652 | ||||||||||||||
Net deferral in AOCI of derivatives | $ | 275 | $ | (1,141 | ) | $ | (804 | ) | $ | (1,044 | ) | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||
Jun. 28, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Basic And Diluted Weighted-Average Shares Outstanding | ' | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Weighted-average shares outstanding - Basic | 44,077,121 | 45,316,429 | 44,946,413 | 45,334,657 | |||||||||
Dilutive effect of equity-based awards | 592,127 | 520,136 | 595,148 | 455,702 | |||||||||
Weighted-average shares outstanding - Diluted | 44,669,248 | 45,836,565 | 45,541,561 | 45,790,359 | |||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ' | ||||||||||||||||
Sales And Operating Profit By Segment And Reconciliation Of Segment Operating Profit To Earnings Before Income Taxes | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net sales: | |||||||||||||||||
Aircraft Controls | $ | 294,194 | $ | 272,855 | $ | 834,420 | $ | 783,996 | |||||||||
Space and Defense Controls | 102,505 | 100,071 | 297,260 | 292,224 | |||||||||||||
Industrial Systems | 147,722 | 147,161 | 442,998 | 439,338 | |||||||||||||
Components | 110,587 | 112,546 | 314,433 | 310,625 | |||||||||||||
Medical Devices | 28,690 | 37,999 | 87,850 | 108,275 | |||||||||||||
Net sales | $ | 683,698 | $ | 670,632 | $ | 1,976,961 | $ | 1,934,458 | |||||||||
Operating profit (loss) and margins: | |||||||||||||||||
Aircraft Controls | $ | 30,342 | $ | 31,054 | $ | 87,980 | $ | 93,647 | |||||||||
10.3 | % | 11.4 | % | 10.5 | % | 11.9 | % | ||||||||||
Space and Defense Controls | 8,664 | 6,711 | 25,523 | 22,610 | |||||||||||||
8.5 | % | 6.7 | % | 8.6 | % | 7.7 | % | ||||||||||
Industrial Systems | 16,826 | 9,273 | 44,010 | 26,157 | |||||||||||||
11.4 | % | 6.3 | % | 9.9 | % | 6 | % | ||||||||||
Components | 16,972 | 18,360 | 46,707 | 52,548 | |||||||||||||
15.3 | % | 16.3 | % | 14.9 | % | 16.9 | % | ||||||||||
Medical Devices | 2,343 | (2,775 | ) | 7,348 | 133 | ||||||||||||
8.2 | % | (7.3 | %) | 8.4 | % | 0.1 | % | ||||||||||
Total operating profit | 75,147 | 62,623 | 211,568 | 195,095 | |||||||||||||
11 | % | 9.3 | % | 10.7 | % | 10.1 | % | ||||||||||
Deductions from operating profit: | |||||||||||||||||
Interest expense | 2,215 | 6,084 | 9,788 | 21,122 | |||||||||||||
Equity-based compensation expense | 1,553 | 949 | 6,545 | 5,673 | |||||||||||||
Corporate expenses and other | 6,724 | 7,964 | 30,112 | 21,643 | |||||||||||||
Earnings before income taxes | $ | 64,655 | $ | 47,626 | $ | 165,123 | $ | 146,657 | |||||||||
Acquisitions_and_Divestitures_
Acquisitions and Divestitures (Narrative) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2013 |
Business Acquisitions and Divestitures [Line Items] | ' |
Number of Acquisitions Completed | 2 |
Ethox Medical [Domain] [Member] | ' |
Business Acquisitions and Divestitures [Line Items] | ' |
Proceeds from Divestiture of Businesses | 5,000 |
Noncash or Part Noncash Divestiture, Amount of Consideration Received | 200 |
Medical Devices [Member] | ' |
Business Acquisitions and Divestitures [Line Items] | ' |
Business divestiture number of Entities Divested | 1 |
Aspen [Member] | ' |
Business Acquisitions and Divestitures [Line Items] | ' |
Acquisitions of businesses, net of cash acquired | 33,911 |
Space And Defense Segment [Member] | ' |
Business Acquisitions and Divestitures [Line Items] | ' |
Number of Acquisitions Completed | 1 |
Broad Reach [Member] [Member] | ' |
Business Acquisitions and Divestitures [Line Items] | ' |
Business Acquisition Issuance Of Unsecured Notes | 8,450 |
Acquisitions of businesses, net of cash acquired | 34,550 |
Business Acquisition, Preacquisition Contingency, Amount of Settlement | 3,447 |
Components Segment [Member] | ' |
Business Acquisitions and Divestitures [Line Items] | ' |
Number of Acquisitions Completed | 1 |
Receivables_Receivables_Schedu
Receivables Receivables (Schedule of Receivables) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 28, 2014 | Sep. 28, 2013 |
Receivables [Abstract] | ' | ' |
Accounts receivable | $327,768 | $328,038 |
Long-term contract receivable - Amounts billed | 122,951 | 133,149 |
Long-term contract receivable - Unbilled recoverable costs and accrued profits | 323,095 | 337,520 |
Total long-term contract receivables | 446,046 | 470,669 |
Other | 13,167 | 17,168 |
Total receivables | 786,981 | 815,875 |
Less allowance for doubtful accounts | -5,123 | -4,499 |
Receivables | $781,858 | $811,376 |
Inventories_Details
Inventories (Details) (USD $) | Jun. 28, 2014 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials and purchased parts | $188,990 | $194,249 |
Work in progress | 287,052 | 289,124 |
Finished goods | 71,214 | 68,301 |
Inventories | $547,256 | $551,674 |
Goodwill_And_Intangible_Assets2
Goodwill And Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Dec. 28, 2013 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Sep. 28, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' | ' | ' |
Goodwill, Impaired, Accumulated Impairment Loss | ' | ' | ' | ' | ' | $38,200 |
Amortization of acquired intangible assets | 7,495 | ' | 7,749 | 22,606 | 23,543 | ' |
Future amortization expenses, 2014 | 30,200 | ' | ' | 30,200 | ' | ' |
Future amortization expenses, 2015 | 26,100 | ' | ' | 26,100 | ' | ' |
Future amortization expenses, 2016 | 24,400 | ' | ' | 24,400 | ' | ' |
Future amortization expenses, 2017 | 21,100 | ' | ' | 21,100 | ' | ' |
Future amortization expenses, 2018 | 19,300 | ' | ' | 19,300 | ' | ' |
Goodwill, Impairment Loss | ' | $0 | ' | ' | ' | ' |
Goodwill_And_Intangible_Assets3
Goodwill And Intangible Assets (Changes In Carrying Amount Of Goodwill) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Jun. 28, 2014 |
Goodwill [Line Items] | ' |
Beginning balance | $766,924 |
Adjustment to Prior Year Acquisitions | -2,734 |
Foreign Currency Translation | 5,463 |
Ending balance | 769,653 |
Aircraft Controls [Member] | ' |
Goodwill [Line Items] | ' |
Beginning balance | 192,413 |
Adjustment to Prior Year Acquisitions | 0 |
Foreign Currency Translation | 3,617 |
Ending balance | 196,030 |
Space And Defense Controls [Member] | ' |
Goodwill [Line Items] | ' |
Beginning balance | 163,136 |
Adjustment to Prior Year Acquisitions | -2,734 |
Foreign Currency Translation | 122 |
Ending balance | 160,524 |
Industrial Systems [Member] | ' |
Goodwill [Line Items] | ' |
Beginning balance | 121,320 |
Adjustment to Prior Year Acquisitions | 0 |
Foreign Currency Translation | 1,703 |
Ending balance | 123,023 |
Components [Member] | ' |
Goodwill [Line Items] | ' |
Beginning balance | 204,853 |
Adjustment to Prior Year Acquisitions | 0 |
Foreign Currency Translation | -90 |
Ending balance | 204,763 |
Medical Devices [Member] | ' |
Goodwill [Line Items] | ' |
Beginning balance | 85,202 |
Adjustment to Prior Year Acquisitions | 0 |
Foreign Currency Translation | 111 |
Ending balance | $85,313 |
Goodwill_And_Intangible_Assets4
Goodwill And Intangible Assets (Components Of Acquired Intangible Assets) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jun. 28, 2014 | Sep. 28, 2013 |
Customer-Related [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted-Average Life (years) | '10 years | ' |
Gross Carrying Amount | $194,258 | $193,744 |
Accumulated Amortization | -110,002 | -97,347 |
Program-Related [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted-Average Life (years) | '18 years | ' |
Gross Carrying Amount | 83,220 | 79,607 |
Accumulated Amortization | -23,814 | -18,988 |
Technology-Related [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted-Average Life (years) | '9 years | ' |
Gross Carrying Amount | 77,777 | 76,558 |
Accumulated Amortization | -45,986 | -42,000 |
Marketing-Related [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted-Average Life (years) | '10 years | ' |
Gross Carrying Amount | 27,071 | 33,259 |
Accumulated Amortization | -14,206 | -18,476 |
Finite-Lived Intangible Assets [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted-Average Life (years) | '12 years | ' |
Gross Carrying Amount | 382,326 | 383,168 |
Accumulated Amortization | ($194,008) | ($176,811) |
Indebtedness_Narrative_Details
Indebtedness (Narrative) (Details) (USD $) | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Mar. 29, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Sep. 28, 2013 | Jun. 28, 2014 | Jun. 28, 2014 |
Revolving Credit Facility [Member] | Seven One Over Four Percent Senior Subordinated Notes Member | Six One Over Four Percent Senior Subordinated Notes Member | Six One Over Four Percent Senior Subordinated Notes Member | Securitization program [Member] | ||||
Period | ||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | 7.25% | ' | 6.25% | ' |
Credit facility mature date | ' | ' | ' | 22-May-19 | ' | ' | ' | 13-Feb-15 |
Maximum credit facility amount that can borrow | ' | ' | ' | ' | ' | ' | ' | $100,000 |
Line of Credit Facility, Renewal Option | ' | ' | ' | ' | ' | ' | ' | 364 |
Line of Credit Facility, Commitment Fee Materiality | 'not material | ' | ' | ' | ' | ' | ' | ' |
Percentage of borrowing capacity on the Securitization Program | 80.00% | ' | ' | ' | ' | ' | ' | ' |
Percentage of borrowing base on the Securitization Program | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Minimum borrowing requirement for the Securitization Program | 80,000 | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | 1,100,000 | ' | 900,000 | ' | ' | ' | ' | ' |
Expansion option to increase credit facility | 200,000 | ' | ' | ' | ' | ' | ' | ' |
Senior subordinated notes, call date | ' | ' | ' | ' | 19-Dec-13 | 15-Jan-13 | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | 15-Jan-18 | 15-Jan-15 | ' | ' |
Debt Instrument, Redemption Price, Percentage | ' | ' | ' | ' | 103.63% | ' | ' | ' |
Early Repayment of Subordinated Debt | ' | ' | ' | ' | 200,000 | 200,000 | ' | ' |
Payments of Premiums on Redemption of Senior Subordinated Notes | 6,945 | 0 | ' | ' | ' | ' | ' | ' |
Write off of Deferred Debt Issuance Cost | $1,057 | ' | ' | ' | ' | ' | ' | ' |
Indebtedness_Schedule_of_Short
Indebtedness (Schedule of Short-term borrowings) (Details) (USD $) | Jun. 28, 2014 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
Indebtedness [Abstract] | ' | ' |
Securitization program | $100,000 | $100,000 |
Lines of credit | 3,942 | 5,088 |
Short-term borrowings | $103,942 | $105,088 |
Product_Warranties_Summary_Of_
Product Warranties (Summary Of Activity In Warranty Accrual) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Movement in Standard Product Warranty Accrual [Roll Forward] | ' | ' | ' | ' |
Warranty accrual at beginning of period | $17,037 | $16,450 | $17,429 | $18,859 |
Warranties issued during current period | 3,231 | 3,550 | 7,134 | 6,483 |
Adjustments to pre-existing warranties | -311 | -666 | -835 | -1,141 |
Reductions for settling warranties | -1,918 | -1,943 | -5,899 | -6,187 |
Foreign currency translation | 153 | 20 | 363 | -603 |
Warranty accrual at end of period | $18,192 | $17,411 | $18,192 | $17,411 |
Minimum [Member] | ' | ' | ' | ' |
Product Warranties [Line Items] | ' | ' | ' | ' |
Product warranty period in months | ' | ' | '12 | ' |
Maximum [Member] | ' | ' | ' | ' |
Product Warranties [Line Items] | ' | ' | ' | ' |
Product warranty period in months | ' | ' | '60 | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Narrative) (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 |
Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Foreign Currency Forwards [Member] | Not Designated as Hedging Instrument [Member] | ||
Minimum [Member] | Maximum [Member] | |||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' |
Notional Amount, Derivative | ' | $320,000 | ' | ' | $33,131 | $220,734 |
Conversion Rate Of Interest Rate Swaps From Variable to Fixed | ' | 1.80% | ' | ' | ' | ' |
Basis Spread on Variable Rate | ' | 113.00% | ' | ' | ' | ' |
Maturity of Interest Rate Swaps | ' | ' | 15-Jan-15 | 5-Jun-17 | 23-Dec-15 | ' |
Cash Flow Hedge Ineffectiveness is Immaterial | 'not material | ' | ' | ' | ' | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Gains And Losses On Foreign Currency Forwards Included In Other Income Or Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Derivative Instruments and Hedges, Assets [Abstract] | ' | ' | ' | ' |
Net gain | $3,416 | ($2,835) | $5,941 | $3,066 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Fair Value And Classification Of Derivatives On The Consolidated Balance Sheets) (Details) (USD $) | Jun. 28, 2014 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
Designated As Hedging Instruments [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative assets as hedging instruments, fair value | $85 | $317 |
Derivative liabilities as hedging instruments, fair value | 1,775 | 2,105 |
Designated As Hedging Instruments [Member] | Other Current Assets [Member] | Foreign Currency Forwards [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative assets as hedging instruments, fair value | 85 | 217 |
Designated As Hedging Instruments [Member] | Other Assets [Member] | Foreign Currency Forwards [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative assets as hedging instruments, fair value | 0 | 100 |
Designated As Hedging Instruments [Member] | Other Accrued Liabilities [Member] | Foreign Currency Forwards [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative liabilities as hedging instruments, fair value | 1,029 | 1,342 |
Designated As Hedging Instruments [Member] | Other Accrued Liabilities [Member] | Interest Rate Swaps [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative liabilities as hedging instruments, fair value | 346 | 85 |
Designated As Hedging Instruments [Member] | Other Long-Term Liabilities [Member] | Foreign Currency Forwards [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative liabilities as hedging instruments, fair value | 91 | 636 |
Designated As Hedging Instruments [Member] | Other Long-Term Liabilities [Member] | Interest Rate Swaps [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative liabilities as hedging instruments, fair value | 309 | 42 |
Not Designated As Hedging Instruments [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative assets as hedging instruments, fair value | 699 | 68 |
Derivative liabilities as hedging instruments, fair value | 826 | 956 |
Not Designated As Hedging Instruments [Member] | Other Current Assets [Member] | Foreign Currency Forwards [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative assets as hedging instruments, fair value | 699 | 68 |
Not Designated As Hedging Instruments [Member] | Other Accrued Liabilities [Member] | Foreign Currency Forwards [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative liabilities as hedging instruments, fair value | $826 | $956 |
Fair_Value_Fair_Values_And_Cla
Fair Value (Fair Values And Classification Of Financial Assets And Liabilities Measured On A Recurring Basis) (Details) (USD $) | Jun. 28, 2014 | Mar. 29, 2014 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Sep. 29, 2012 |
In Thousands, unless otherwise specified | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Acquisition contingent consideration, fair value liabilities | $1,480 | $2,422 | $4,007 | $3,462 | $5,148 | $6,422 |
Other Current Assets [Member] | Foreign Currency Forwards [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Foreign currency forwards, fair value assets | 784 | ' | ' | ' | ' | ' |
Assets, Total [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Total fair value assets | 784 | ' | ' | ' | ' | ' |
Other Accrued Liabilities [Member] | Foreign Currency Forwards [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Foreign currency forwards, fair value liabilities | 1,855 | ' | ' | ' | ' | ' |
Other Accrued Liabilities [Member] | Interest Rate Swaps [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Interest rate swap, fair value liabilities | 346 | ' | ' | ' | ' | ' |
Other Accrued Liabilities [Member] | Acquisition Contingent Consideration [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Acquisition contingent consideration, fair value liabilities | 1,480 | ' | ' | ' | ' | ' |
Other Long-Term Liabilities [Member] | Foreign Currency Forwards [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Foreign currency forwards, fair value liabilities | 91 | ' | ' | ' | ' | ' |
Other Long-Term Liabilities [Member] | Interest Rate Swaps [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Interest rate swap, fair value liabilities | 309 | ' | ' | ' | ' | ' |
Liabilities, Total [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Total fair value liabilities | 4,081 | ' | ' | ' | ' | ' |
Level 1 [Member] | Other Current Assets [Member] | Foreign Currency Forwards [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Foreign currency forwards, fair value assets | 0 | ' | ' | ' | ' | ' |
Level 1 [Member] | Assets, Total [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Total fair value assets | 0 | ' | ' | ' | ' | ' |
Level 1 [Member] | Other Accrued Liabilities [Member] | Foreign Currency Forwards [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Foreign currency forwards, fair value liabilities | 0 | ' | ' | ' | ' | ' |
Level 1 [Member] | Other Accrued Liabilities [Member] | Interest Rate Swaps [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Interest rate swap, fair value liabilities | 0 | ' | ' | ' | ' | ' |
Level 1 [Member] | Other Accrued Liabilities [Member] | Acquisition Contingent Consideration [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Acquisition contingent consideration, fair value liabilities | 0 | ' | ' | ' | ' | ' |
Level 1 [Member] | Other Long-Term Liabilities [Member] | Foreign Currency Forwards [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Foreign currency forwards, fair value liabilities | 0 | ' | ' | ' | ' | ' |
Level 1 [Member] | Other Long-Term Liabilities [Member] | Interest Rate Swaps [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Interest rate swap, fair value liabilities | 0 | ' | ' | ' | ' | ' |
Level 1 [Member] | Liabilities, Total [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Total fair value liabilities | 0 | ' | ' | ' | ' | ' |
Level 2 [Member] | Other Current Assets [Member] | Foreign Currency Forwards [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Foreign currency forwards, fair value assets | 784 | ' | ' | ' | ' | ' |
Level 2 [Member] | Assets, Total [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Total fair value assets | 784 | ' | ' | ' | ' | ' |
Level 2 [Member] | Other Accrued Liabilities [Member] | Foreign Currency Forwards [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Foreign currency forwards, fair value liabilities | 1,855 | ' | ' | ' | ' | ' |
Level 2 [Member] | Other Accrued Liabilities [Member] | Interest Rate Swaps [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Interest rate swap, fair value liabilities | 346 | ' | ' | ' | ' | ' |
Level 2 [Member] | Other Accrued Liabilities [Member] | Acquisition Contingent Consideration [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Acquisition contingent consideration, fair value liabilities | 0 | ' | ' | ' | ' | ' |
Level 2 [Member] | Other Long-Term Liabilities [Member] | Foreign Currency Forwards [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Foreign currency forwards, fair value liabilities | 91 | ' | ' | ' | ' | ' |
Level 2 [Member] | Other Long-Term Liabilities [Member] | Interest Rate Swaps [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Interest rate swap, fair value liabilities | 309 | ' | ' | ' | ' | ' |
Level 2 [Member] | Liabilities, Total [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Total fair value liabilities | 2,601 | ' | ' | ' | ' | ' |
Level 3 [Member] | Other Current Assets [Member] | Foreign Currency Forwards [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Foreign currency forwards, fair value assets | 0 | ' | ' | ' | ' | ' |
Level 3 [Member] | Assets, Total [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Total fair value assets | 0 | ' | ' | ' | ' | ' |
Level 3 [Member] | Other Accrued Liabilities [Member] | Foreign Currency Forwards [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Foreign currency forwards, fair value liabilities | 0 | ' | ' | ' | ' | ' |
Level 3 [Member] | Other Accrued Liabilities [Member] | Interest Rate Swaps [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Interest rate swap, fair value liabilities | 0 | ' | ' | ' | ' | ' |
Level 3 [Member] | Other Accrued Liabilities [Member] | Acquisition Contingent Consideration [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Acquisition contingent consideration, fair value liabilities | 1,480 | ' | ' | ' | ' | ' |
Level 3 [Member] | Other Long-Term Liabilities [Member] | Foreign Currency Forwards [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Foreign currency forwards, fair value liabilities | 0 | ' | ' | ' | ' | ' |
Level 3 [Member] | Other Long-Term Liabilities [Member] | Interest Rate Swaps [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Interest rate swap, fair value liabilities | 0 | ' | ' | ' | ' | ' |
Level 3 [Member] | Liabilities, Total [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Total fair value liabilities | $1,480 | ' | ' | ' | ' | ' |
Fair_Value_Financial_Liabiliti
Fair Value (Financial Liabilities Classified As Level 3 Within The Fair Value Hierarchy) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Fair Value Disclosures [Abstract] | ' | ' | ' | ' |
Balance at beginning of period | $2,422 | $5,148 | $4,007 | $6,422 |
Acquisitions | 0 | -1,711 | 0 | 2,565 |
Increase (decrease) in discounted future cash flows recorded as interest expense | -83 | 25 | 73 | 244 |
Decrease in earn out provisions recorded as other expense (income) | -859 | 0 | -350 | -2,991 |
Settlements paid in cash | 0 | 0 | -2,250 | -2,778 |
Balance at end of period | $1,480 | $3,462 | $1,480 | $3,462 |
Employee_Benefit_Plans_Net_Per
Employee Benefit Plans (Net Periodic Benefit Costs) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
U.S. Pension Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $5,392 | $6,714 | $16,178 | $20,142 |
Interest cost | 8,339 | 7,205 | 25,016 | 21,614 |
Expected return on plan assets | -10,844 | -10,335 | -32,531 | -31,005 |
Amortization of prior service cost (credit) | 38 | 2 | 112 | 6 |
Amortization of actuarial (gain) loss | 4,086 | 6,901 | 12,259 | 20,703 |
Pension expense for defined benefit plans | 7,011 | 10,487 | 21,034 | 31,460 |
Pension expense for defined contribution plans | 3,417 | 2,794 | 9,748 | 7,959 |
Total pension expense | 10,428 | 13,281 | 30,782 | 39,419 |
Non-U.S. Pension Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 1,339 | 1,235 | 4,092 | 3,646 |
Interest cost | 1,491 | 1,476 | 4,543 | 4,297 |
Expected return on plan assets | -1,157 | -960 | -3,467 | -2,806 |
Amortization of prior service cost (credit) | -12 | -12 | -35 | -38 |
Amortization of actuarial (gain) loss | 343 | 405 | 1,052 | 1,184 |
Pension expense for defined benefit plans | 2,004 | 2,144 | 6,185 | 6,283 |
Pension expense for defined contribution plans | 1,836 | 1,365 | 4,839 | 4,036 |
Total pension expense | 3,840 | 3,509 | 11,024 | 10,319 |
Post-Retirement Health Care Benefit Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 56 | 73 | 169 | 219 |
Interest cost | 156 | 137 | 468 | 412 |
Amortization of transition obligation | 0 | 90 | 0 | 271 |
Amortization of actuarial (gain) loss | -65 | 0 | -196 | 0 |
Total periodic post-retirement benefit cost | $147 | $300 | $441 | $902 |
Employee_Benefit_Plans_Actual_
Employee Benefit Plans (Actual And Anticipated Additional Contributions To Defined Benefit Pension Plan) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Jun. 28, 2014 |
Pension Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Actual | $44,121 |
Anticipated | 26,067 |
Total contributions | 70,188 |
U.S. Pension Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Actual | 37,970 |
Anticipated | 10,930 |
Total contributions | 48,900 |
Non-U.S. Pension Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Actual | 6,151 |
Anticipated | 15,137 |
Total contributions | $21,288 |
Restructuring_Schedule_of_Rest
Restructuring (Schedule of Restructuring Reserve Activity) (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 28, 2014 |
Restructuring and Related Activities [Abstract] | ' | ' |
Restructuring and Related Activities, Completion Date | ' | 31-Dec-14 |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring accrual at beginning of period | $2,051 | $7,129 |
Cash payments | -989 | -6,124 |
Foreign currency translation | -34 | 23 |
Restructuring accrual at end of period | $1,028 | $1,028 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective income tax rate | 25.60% | 28.10% | 28.60% | 28.50% |
Shareholders_Equity_Changes_in
Shareholders' Equity (Changes in Shareholders' Equity) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Sep. 28, 2013 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 |
Class A Common Stock [Member] | Class B Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Stock Employee Compensation Trust (Sect) [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | |||||
Shareholders' Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning of Period | ' | ' | $1,535,765 | ' | ' | ' | $51,280 | $51,280 | $447,478 | $1,289,713 | ($83,003) | ($35,545) | ($134,158) |
Equity-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | 6,545 | ' | ' | ' | ' |
Issuance of treasury shares at more than cost | ' | ' | ' | ' | ' | ' | ' | ' | 550 | ' | ' | ' | ' |
Adjustment To Marker Sect And Other | ' | ' | ' | ' | ' | ' | ' | ' | 12,057 | ' | ' | ' | ' |
Net earnings | 48,122 | 34,227 | 117,944 | 104,872 | ' | ' | ' | ' | ' | 117,944 | ' | ' | ' |
Issuance of treasury shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,862 | ' | ' |
Purchase of treasury shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -149,530 | ' | ' |
Issuance of stock held by Stock Employee Compensation Trust | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,144 | ' |
Purchase of stock held by Stock Employee Compensation Trust | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,206 | ' |
Adjustment to market - SECT | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9,363 | ' |
Other Comprehensive Income (Loss), Net of Tax | 9,496 | 2,417 | 18,607 | -4,484 | ' | ' | ' | ' | ' | ' | ' | ' | 18,607 |
End of Period | $1,530,375 | ' | $1,530,375 | ' | ' | ' | $51,280 | $51,280 | $466,630 | $1,407,657 | ($230,671) | ($48,970) | ($115,551) |
Common Stock, Beginning of Period | ' | ' | ' | ' | 43,613,060 | 7,666,653 | ' | ' | ' | ' | ' | ' | ' |
Conversion of Class B to Class A, Shares | ' | ' | ' | ' | 11,371 | -11,371 | ' | ' | ' | ' | ' | ' | ' |
Common Stock, End of Period | ' | ' | ' | ' | 43,624,431 | 7,655,282 | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock, Beginning of Period | ' | ' | ' | ' | -2,004,262 | -3,305,971 | ' | ' | ' | ' | ' | ' | ' |
Issuance of treasury shares, Shares | ' | ' | ' | ' | 274,159 | 0 | ' | ' | ' | ' | ' | ' | ' |
Purchase of treasury shares, Shares | ' | ' | ' | ' | -2,217,579 | -10,686 | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock, End of Period | ' | ' | ' | ' | -3,947,682 | -3,316,657 | ' | ' | ' | ' | ' | ' | ' |
SECT, Beginning of Period | ' | ' | ' | ' | ' | -610,223 | ' | ' | ' | ' | ' | ' | ' |
Issuances of stock held by Stock Employee Compensation Trust, Shares | ' | ' | ' | ' | ' | 18,444 | ' | ' | ' | ' | ' | ' | ' |
Purchase of stock held by Stock Employee Compensation Trust, Shares | ' | ' | ' | ' | ' | -80,153 | ' | ' | ' | ' | ' | ' | ' |
SECT, End of Period | ' | ' | ' | ' | ' | -671,932 | ' | ' | ' | ' | ' | ' | ' |
TOTAL SHAREHOLDERS' EQUITY, Shares | ' | ' | ' | ' | 39,676,749 | 3,666,693 | ' | ' | ' | ' | ' | ' | ' |
Shareholders_Equity_Changes_in1
Shareholders' Equity (Changes in AOCI by Component) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Sep. 28, 2013 |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' | ' |
Accumulated foreign currency translation | $51,283 | ' | $51,283 | ' | $40,572 |
Other comprehensive income (loss) before reclassifications - Foreign currency translation | ' | ' | 10,711 | ' | ' |
Amounts reclassified from AOCI - Foreign currency translation | ' | ' | 0 | ' | ' |
Other comprehensive income (loss) - Foreign currency translation | ' | ' | 10,711 | ' | ' |
Accumulated retirement liability | -165,827 | ' | -165,827 | ' | -173,695 |
Other comprehensive income (loss) before reclassifications - Retirement liability | ' | ' | 0 | ' | ' |
Amounts reclassified from AOCI - Retirement liability | 2,767 | 4,532 | 7,868 | 14,633 | ' |
Other comprehensive income (loss) retirement liability | 2,767 | 4,532 | 7,868 | 14,633 | ' |
Accumulated loss on derivatives | -1,007 | ' | -1,007 | ' | -1,035 |
Other comprehensive income(loss) before reclassification - Derivatives | 275 | -1,141 | -804 | -1,044 | ' |
Amounts reclassified from AOCI - Derivatives | 337 | -26 | 832 | -271 | ' |
Other comprehensive income (loss) - Derivatives | 612 | -1,167 | 28 | -1,315 | ' |
Accumulated other comprehensive loss | -115,551 | ' | -115,551 | ' | -134,158 |
Other comprehensive income (loss) before reclassifications - Total | ' | ' | 9,907 | ' | ' |
Amounts reclassified from AOCI - Total | ' | ' | 8,700 | ' | ' |
Other comprehensive income (loss) - Total | $9,496 | $2,417 | $18,607 | ($4,484) | ' |
Shareholders_Equity_Reclassifi
Shareholders' Equity (Reclassification from AOCI) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Prior service cost (credit) | $60 | ($69) | ($187) | ($345) |
Transition obligation | 0 | 90 | 0 | 271 |
Actuarial losses | 4,329 | 7,249 | 12,850 | 22,939 |
Reclassification from AOCI into earnings | 4,389 | 7,270 | 12,663 | 22,865 |
Tax effect | -1,622 | -2,738 | -4,795 | -8,232 |
Net reclassification from AOCI into earnings - expense (income) | 2,767 | 4,532 | 7,868 | 14,633 |
Reclassification from AOCI into earnings | 543 | -42 | 1,455 | -462 |
Tax effect | -206 | 16 | -623 | 191 |
Net reclassification from AOCI into earnings - expense (income) | 337 | -26 | 832 | -271 |
Foreign Currency Forwards [Member] | Sales [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | -192 | 0 |
Foreign Currency Forwards [Member] | Cost Of Sales [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 406 | -103 | 1,368 | -566 |
Interest Rate Swaps [Member] | Interest [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $137 | $61 | $279 | $104 |
Shareholders_Equity_Shareholde
Shareholders' Equity Shareholders' Equity (Activity and Classification of Derivative Deferral in AOCI) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Net gain (loss) | $442 | ($1,863) | ($1,294) | ($1,696) |
Tax effect | -167 | 722 | 490 | 652 |
Net deferral in AOCI of derivatives | 275 | -1,141 | -804 | -1,044 |
Sales [Member] | Foreign Currency Forwards [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Net deferral in AOCI of derivatives (effective portion) | 0 | 0 | 3 | 0 |
Cost Of Sales [Member] | Foreign Currency Forwards [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Net deferral in AOCI of derivatives (effective portion) | 994 | -2,019 | -554 | -1,649 |
Interest [Member] | Interest Rate Swaps [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Net deferral in AOCI of derivatives (effective portion) | ($552) | $156 | ($743) | ($47) |
Earnings_Per_Share_Basic_And_D
Earnings Per Share (Basic And Diluted Weighted-Average Shares Outstanding) (Details) | 3 Months Ended | 9 Months Ended | ||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted Average Number of Shares Outstanding, Basic | 44,077,121 | 45,316,429 | 44,946,413 | 45,334,657 |
Dilutive effect of equity-based awards | 592,127 | 520,136 | 595,148 | 455,702 |
Weighted Average Number Shares Outstanding, Diluted | 44,669,248 | 45,836,565 | 45,541,561 | 45,790,359 |
Segment_Information_Sales_And_
Segment Information (Sales And Operating Profit By Segment And Reconciliation Of Segment Operating Profit To Earnings Before Income Taxes) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Revenue, Net [Abstract] | ' | ' | ' | ' |
Net sales | $683,698 | $670,632 | $1,976,961 | $1,934,458 |
Gross Profit [Abstract] | ' | ' | ' | ' |
Total operating profit | 75,147 | 62,623 | 211,568 | 195,095 |
Operating profit margins | 11.00% | 9.30% | 10.70% | 10.10% |
Deductions from operating profit [Abstract] | ' | ' | ' | ' |
Interest expense | 2,215 | 6,084 | 9,788 | 21,122 |
Equity-based compensation expense | 1,553 | 949 | 6,545 | 5,673 |
Corporate expenses and other | 6,724 | 7,964 | 30,112 | 21,643 |
Earnings before income taxes | 64,655 | 47,626 | 165,123 | 146,657 |
Aircraft Controls [Member] | ' | ' | ' | ' |
Revenue, Net [Abstract] | ' | ' | ' | ' |
Net sales | 294,194 | 272,855 | 834,420 | 783,996 |
Gross Profit [Abstract] | ' | ' | ' | ' |
Total operating profit | 30,342 | 31,054 | 87,980 | 93,647 |
Operating profit margins | 10.30% | 11.40% | 10.50% | 11.90% |
Space And Defense Controls [Member] | ' | ' | ' | ' |
Revenue, Net [Abstract] | ' | ' | ' | ' |
Net sales | 102,505 | 100,071 | 297,260 | 292,224 |
Gross Profit [Abstract] | ' | ' | ' | ' |
Total operating profit | 8,664 | 6,711 | 25,523 | 22,610 |
Operating profit margins | 8.50% | 6.70% | 8.60% | 7.70% |
Industrial Systems [Member] | ' | ' | ' | ' |
Revenue, Net [Abstract] | ' | ' | ' | ' |
Net sales | 147,722 | 147,161 | 442,998 | 439,338 |
Gross Profit [Abstract] | ' | ' | ' | ' |
Total operating profit | 16,826 | 9,273 | 44,010 | 26,157 |
Operating profit margins | 11.40% | 6.30% | 9.90% | 6.00% |
Components [Member] | ' | ' | ' | ' |
Revenue, Net [Abstract] | ' | ' | ' | ' |
Net sales | 110,587 | 112,546 | 314,433 | 310,625 |
Gross Profit [Abstract] | ' | ' | ' | ' |
Total operating profit | 16,972 | 18,360 | 46,707 | 52,548 |
Operating profit margins | 15.30% | 16.30% | 14.90% | 16.90% |
Medical Devices [Member] | ' | ' | ' | ' |
Revenue, Net [Abstract] | ' | ' | ' | ' |
Net sales | 28,690 | 37,999 | 87,850 | 108,275 |
Gross Profit [Abstract] | ' | ' | ' | ' |
Total operating profit | $2,343 | ($2,775) | $7,348 | $133 |
Operating profit margins | 8.20% | -7.30% | 8.40% | 0.10% |
Commitments_and_Contingencies_1
Commitments and Contingencies Commitments and Contingencies (Details) (USD $) | Jun. 28, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Letters of Credit Outstanding, Amount | $14,082 |