Document And Entity Information
Document And Entity Information - USD ($) | 6 Months Ended | ||
Apr. 02, 2016 | Apr. 26, 2016 | Apr. 03, 2015 | |
Document Information | |||
Entity Registrant Name | MOOG INC. | ||
Entity Central Index Key | 67,887 | ||
Current Fiscal Year End Date | --10-01 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-Q | ||
Document Period End Date | Apr. 2, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | Q2 | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 2,579,000,000 | ||
Class A Common Stock | |||
Document Information | |||
Entity Common Stock, Shares Outstanding | 32,847,342 | ||
Entity Listing, Par Value Per Share | $ 1 | ||
Class B Common Stock | |||
Document Information | |||
Entity Common Stock, Shares Outstanding | 3,361,258 | ||
Entity Listing, Par Value Per Share | $ 1 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Thousands | Apr. 02, 2016 | Oct. 03, 2015 |
Current assets | ||
Cash and cash equivalents | $ 348,322 | $ 309,853 |
Receivables | 703,022 | 698,419 |
Inventories | 500,224 | 493,360 |
Deferred income taxes | 92,127 | 91,210 |
Prepaid expense and other current assets | 38,096 | 34,653 |
Total current assets | 1,681,791 | 1,627,495 |
Property, plant and equipment, net of accumulated depreciation | 529,735 | 536,756 |
Goodwill | 752,826 | 737,212 |
Intangible assets, net | 129,350 | 143,723 |
Other assets | 41,943 | 41,285 |
Total assets | 3,135,645 | 3,086,471 |
Current liabilities | ||
Short-term borrowings | 1,370 | 83 |
Current installments of long-term debt | 434 | 34 |
Accounts payable | 155,763 | 165,973 |
Accrued salaries, wages and commissions | 119,204 | 125,270 |
Customer advances | 177,557 | 167,423 |
Contract loss reserves | 29,740 | 30,422 |
Other accrued liabilities | 112,738 | 116,300 |
Total current liabilities | 596,806 | 605,505 |
Long-term debt, excluding current installments | 1,103,342 | 1,075,067 |
Long-term pension and retirement obligations | 322,407 | 348,239 |
Deferred income taxes | 69,364 | 60,209 |
Other long-term liabilities | 3,211 | 2,919 |
Total liabilities | 2,095,130 | 2,091,939 |
Commitments and contingencies (Note 17) | 0 | 0 |
Redeemable noncontrolling interest | 8,377 | 0 |
Shareholders' equity | ||
Common stock | 51,280 | 51,280 |
Other shareholders' equity | 980,858 | 943,252 |
Total shareholders' equity | 1,032,138 | 994,532 |
Total liabilities and shareholders' equity | $ 3,135,645 | $ 3,086,471 |
Consolidated Condensed Balance3
Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Apr. 02, 2016 | Oct. 03, 2015 |
Statement of Financial Position [Abstract] | ||
PROPERTY, PLANT AND EQUIPMENT, accumulated depreciation | $ 701,500 | $ 677,168 |
Consolidated Condensed Statemen
Consolidated Condensed Statements Of Earnings - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 02, 2016 | Apr. 04, 2015 | Apr. 02, 2016 | Apr. 04, 2015 | |
Income Statement [Abstract] | ||||
Net sales | $ 611,142 | $ 637,246 | $ 1,179,599 | $ 1,267,769 |
Cost of sales | 431,955 | 463,696 | 838,952 | 910,301 |
Gross profit | 179,187 | 173,550 | 340,647 | 357,468 |
Research and development | 39,731 | 31,404 | 74,529 | 62,725 |
Selling, general and administrative | 82,771 | 92,158 | 165,765 | 189,985 |
Interest | 8,935 | 7,669 | 17,257 | 13,037 |
Restructuring | 8,069 | 0 | 8,342 | 0 |
Other | (936) | 921 | (1,518) | 885 |
Earnings before income taxes | 40,617 | 41,398 | 76,272 | 90,836 |
Income taxes | 9,710 | 9,305 | 19,205 | 23,478 |
Net earnings attributable to common shareholders and noncontrolling interest | 30,907 | 32,093 | 57,067 | 67,358 |
Net earnings (loss) attributable to noncontrolling interest | (143) | 0 | (224) | 0 |
Net earnings attributable to common shareholders | $ 31,050 | $ 32,093 | $ 57,291 | $ 67,358 |
Net earnings per share attributable to common shareholders | ||||
Basic | $ 0.85 | $ 0.81 | $ 1.57 | $ 1.68 |
Diluted | $ 0.85 | $ 0.80 | $ 1.55 | $ 1.66 |
Average common shares outstanding | ||||
Basic | 36,481,996 | 39,601,795 | 36,597,972 | 40,116,731 |
Diluted | 36,693,190 | 39,984,668 | 36,860,760 | 40,550,814 |
Consolidated Condensed Stateme5
Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 02, 2016 | Apr. 04, 2015 | Apr. 02, 2016 | Apr. 04, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings attributable to common shareholders and noncontrolling interest | $ 30,907 | $ 32,093 | $ 57,067 | $ 67,358 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Foreign currency translation adjustment | 14,955 | (37,373) | (8,244) | (80,279) |
Retirement liability adjustment | 3,751 | 5,916 | 9,083 | 11,490 |
Change in accumulated income (loss) on derivatives | 493 | (323) | 931 | (73) |
Other comprehensive income (loss), net of tax | 19,199 | (31,780) | 1,770 | (68,862) |
Comprehensive income (loss) | 50,106 | 313 | 58,837 | (1,504) |
Comprehensive income (loss) attributable to noncontrolling interest | (143) | 0 | (224) | 0 |
Comprehensive income (loss) attributable to common shareholders | $ 50,249 | $ 313 | $ 59,061 | $ (1,504) |
Consolidated Condensed Stateme6
Consolidated Condensed Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Apr. 02, 2016 | Apr. 04, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net earnings attributable to common shareholders and noncontrolling interest | $ 57,067 | $ 67,358 |
Adjustments to reconcile net earnings to net cash provided (used) by operating activities: | ||
Depreciation | 38,554 | 40,460 |
Amortization | 11,428 | 12,946 |
Deferred income taxes | 2,292 | 9,071 |
Equity-based compensation expense | 1,919 | 3,966 |
Other | 5,991 | 3,348 |
Changes in assets and liabilities providing (using) cash: | ||
Receivables | (5,606) | 20,461 |
Inventories | (5,330) | (7,847) |
Accounts payable | (13,439) | 18,934 |
Customer advances | 10,888 | (3,358) |
Accrued expenses | (5,802) | (20,747) |
Accrued income taxes | 2,552 | (7,729) |
Net pension and post retirement liabilities | (13,171) | (7,014) |
Other assets and liabilities | (8,920) | 1,699 |
Net cash provided by operating activities | 78,423 | 131,548 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Acquisitions of businesses, net of cash acquired | (11,016) | 0 |
Purchase of property, plant and equipment | (27,685) | (37,921) |
Other investing transactions | 1,058 | 3,551 |
Net cash used by investing activities | (37,643) | (34,370) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net short term repayments | 0 | (3,237) |
Proceeds from revolving lines of credit | 210,320 | 248,785 |
Payments on revolving lines of credit | (182,455) | (383,785) |
Payments on long-term debt | (9,660) | (5,241) |
Proceeds from senior notes, net of issuance costs | 0 | 294,430 |
Proceeds from sale of treasury stock | 2,229 | 10,542 |
Purchase of outstanding shares for treasury | (25,156) | (204,958) |
Proceeds from sale of stock held by SECT | 2,897 | 0 |
Purchase of stock held by SECT | (1,515) | (8,440) |
Purchase of stock held by SERP Trust | (2,300) | 0 |
Excess tax benefits from equity-based payment arrangements | 471 | 5,888 |
Net cash used by financing activities | (5,169) | (46,016) |
Effect of exchange rate changes on cash | 2,858 | (20,796) |
Increase in cash and cash equivalents | 38,469 | 30,366 |
Cash and cash equivalents at beginning of period | 309,853 | 231,292 |
Cash and cash equivalents at end of period | $ 348,322 | $ 261,658 |
Basis Of Presentation
Basis Of Presentation | 6 Months Ended |
Apr. 02, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 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 three and six months ended April 2, 2016 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 October 3, 2015 . All references to years in these financial statements are to fiscal years. Recent Accounting Pronouncements In April 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." This ASU is intended to change the criteria for reporting discontinued operations and enhance convergence of the FASB’s and the International Accounting Standard Board’s (IASB) reporting requirements for discontinued operations. The provisions of this ASU are effective for fiscal years beginning after December 15, 2014 and interim periods within those fiscal years. We adopted this amendment in the first quarter of 2016. The adoption of this standard did not have a material impact on our financial statements. |
Acquisition and Divestiture
Acquisition and Divestiture | 6 Months Ended |
Apr. 02, 2016 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | Acquisition and Divestiture In 2016, we acquired a 70% ownership in Linear Mold and Engineering, a Livonia, Michigan-based company specializing in metal additive manufacturing that provides engineering, manufacturing and production consulting services to customers across a wide range of industries, including aerospace, defense, energy and industrial. The purchase price, net of acquired cash, was $22,765 consisting of $11,016 in cash, issuance of a $1,280 unsecured note and assumption of $10,469 of debt. The acquisition also includes a redeemable noncontrolling interest in the remaining 30% , which is exercisable beginning three years from the date of acquisition. This acquisition is included in of our Aircraft Controls segment. The purchase price allocation is subject to adjustments as we obtain additional information for our estimates during the measurement period. In 2015, we sold the Rochester, New York and Erie, Pennsylvania life sciences operations of our Medical Devices segment for $2,988 in cash. |
Receivables
Receivables | 6 Months Ended |
Apr. 02, 2016 | |
Receivables [Abstract] | |
Receivables | Receivables Receivables consist of: April 2, October 3, Accounts receivable $ 295,842 $ 291,188 Long-term contract receivables: Amounts billed 128,129 113,565 Unbilled recoverable costs and accrued profits 272,439 286,395 Total long-term contract receivables 400,568 399,960 Other 10,597 12,557 Total receivables 707,007 703,705 Less allowance for doubtful accounts (3,985 ) (5,286 ) Receivables $ 703,022 $ 698,419 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 | 6 Months Ended |
Apr. 02, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories, net of reserves, consist of: April 2, October 3, Raw materials and purchased parts $ 189,455 $ 188,843 Work in progress 239,035 243,373 Finished goods 71,734 61,144 Inventories $ 500,224 $ 493,360 There are no material inventoried costs relating to long-term contracts where revenue is accounted for using the percentage of completion, cost-to-cost method of accounting as of April 2, 2016 or October 3, 2015 . |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 6 Months Ended |
Apr. 02, 2016 | |
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: Aircraft Space Industrial Components Medical Total Balance at October 3, 2015 $ 188,525 $ 158,213 $ 110,843 $ 217,763 $ 61,868 $ 737,212 Acquisitions 20,235 — — — — 20,235 Foreign currency translation (3,812 ) 169 (2,450 ) 1,318 154 (4,621 ) Balance at April 2, 2016 $ 204,948 $ 158,382 $ 108,393 $ 219,081 $ 62,022 $ 752,826 Goodwill at April 2, 2016 , in our Medical Devices reporting unit, is net of a $38,200 accumulated impairment loss. The components of intangible assets are as follows: April 2, 2016 October 3, 2015 Weighted- Gross Carrying Accumulated Gross Carrying Accumulated Customer-related 11 $ 169,285 $ (113,787 ) $ 171,779 $ (110,697 ) Program-related 19 69,801 (26,217 ) 75,720 (27,463 ) Technology-related 9 70,804 (50,334 ) 73,299 (49,723 ) Marketing-related 9 25,491 (17,039 ) 25,997 (16,648 ) Other 9 4,839 (3,493 ) 4,772 (3,313 ) Intangible assets 12 $ 340,220 $ (210,870 ) $ 351,567 $ (207,844 ) Substantially 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 $5,485 and $11,296 for the three and six months ended April 2, 2016 and $6,134 and $12,794 for the three and six months ended April 4, 2015 . Based on acquired intangible assets recorded at April 2, 2016 , amortization is expected to be approximately $21,500 in 2016 , $18,100 in 2017 , $17,300 in 2018 , $15,800 in 2019 and $14,000 in 2020 . |
Indebtedness
Indebtedness | 6 Months Ended |
Apr. 02, 2016 | |
Debt Disclosure [Abstract] | |
Indebtedness | Indebtedness Short-term borrowings consist of: April 2, October 3, Lines of credit $ 90 $ 83 Other short-term debt 1,280 — Short-term borrowings $ 1,370 $ 83 We maintain short-term line of credit facilities with banks throughout the world that are principally demand lines subject to revision by the banks. Long-term debt consists of: April 2, October 3, U.S. revolving credit facility $ 702,865 $ 675,000 Senior notes 300,000 300,000 Securitization program 100,000 100,000 Obligations under capital leases 911 101 Senior debt 1,103,776 1,075,101 Less current installments (434 ) (34 ) Long-term debt $ 1,103,342 $ 1,075,067 Our U.S. revolving credit facility has a capacity of $1,100,000 and matures on May 22, 2019 . It 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 November 21, 2014 , we completed the sale of $300,000 aggregate principal amount of 5.25% senior notes due December 1, 2022 at par with interest paid semiannually on June 1 and December 1 of each year. The aggregate net proceeds of $294,430 were used to repay indebtedness under our U.S. bank credit facility, thereby increasing the unused portion of our revolving credit facility. The Securitization Program was extended on April 15, 2016 and matures on April 13, 2018 and increases our borrowing capacity to $120,000 . 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. Interest for the Securitization Program is based on 30-day LIBOR 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 April 2, 2016 , our minimum borrowing requirement is $80,000 . |
Product Warranties
Product Warranties | 6 Months Ended |
Apr. 02, 2016 | |
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 Six Months Ended April 2, April 4, April 2, April 4, Warranty accrual at beginning of period $ 19,391 $ 18,326 $ 18,660 $ 19,953 Warranties issued during current year 2,925 2,234 5,343 3,699 Adjustments to pre-existing warranties (215 ) (452 ) (349 ) (1,584 ) Reductions for settling warranties (1,795 ) (1,918 ) (3,048 ) (3,156 ) Foreign currency translation 92 (572 ) (208 ) (1,294 ) Warranty accrual at end of period $ 20,398 $ 17,618 $ 20,398 $ 17,618 |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Apr. 02, 2016 | |
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 April 2, 2016 , we had interest rate swaps with notional amounts totaling $200,000 . The interest rate swaps effectively convert this amount of variable-rate debt to fixed-rate debt at 2.64% , including the applicable margin of 1.88% as of April 2, 2016 . 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 June 6, 2016 and June 5, 2017 . We use foreign currency 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 $50,569 at April 2, 2016 . These contracts mature at various times through March 2, 2018 . These interest rate swaps and foreign currency contracts 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 contracts 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 six months of 2016 or 2015 . 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 contracts with notional amounts of $132,597 at April 2, 2016 . The foreign currency contracts 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 contracts 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 Six Months Ended April 2, April 4, April 2, April 4, Net gain (loss) $ 3,069 $ (2,348 ) $ 3,959 $ (1,415 ) Summary of derivatives The fair value and classification of derivatives is summarized as follows: April 2, October 3, Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 527 $ 12 Foreign currency contracts Other assets 317 39 Total asset derivatives $ 844 $ 51 Foreign currency contracts Other accrued liabilities $ 1,351 $ 1,755 Foreign currency contracts Other long-term liabilities 175 572 Interest rate swaps Other accrued liabilities 383 756 Interest rate swaps Other long-term liabilities 45 268 Total liability derivatives $ 1,954 $ 3,351 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 1,481 $ 115 Foreign currency contracts Other accrued liabilities $ 1,103 $ 429 |
Fair Value
Fair Value | 6 Months Ended |
Apr. 02, 2016 | |
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, all of which are classified as Level 2. Classification April 2, October 3, Foreign currency contracts Other current assets $ 2,008 $ 127 Foreign currency contracts Other assets 317 39 Total assets $ 2,325 $ 166 Foreign currency contracts Other accrued liabilities $ 2,454 $ 2,184 Foreign currency contracts Other long-term liabilities 175 572 Interest rate swaps Other accrued liabilities 383 756 Interest rate swaps Other long-term liabilities 45 268 Total liabilities $ 3,057 $ 3,780 Our only financial instrument for which the carrying value differs from its fair value is long-term debt. At April 2, 2016 , the fair value of long-term debt was $1,098,526 compared to its carrying value of $1,103,776 . The fair value of long-term debt is classified as Level 2 within the fair value hierarchy and was estimated based on quoted market prices. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Apr. 02, 2016 | |
Pension and Other Postretirement Benefit Expense [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Net periodic benefit costs for U.S. defined benefit pension plans consist of: Three Months Ended Six Months Ended April 2, April 4, April 2, April 4, Service cost $ 5,910 $ 5,908 $ 11,819 $ 11,817 Interest cost 9,414 8,508 18,829 17,015 Expected return on plan assets (12,596 ) (11,784 ) (25,192 ) (23,568 ) Amortization of prior service cost (credit) 47 38 94 75 Amortization of actuarial loss 6,542 5,589 13,084 11,178 Pension expense for defined benefit plans $ 9,317 $ 8,259 $ 18,634 $ 16,517 Net periodic benefit costs for foreign defined benefit pension plans consist of: Three Months Ended Six Months Ended April 2, April 4, April 2, April 4, Service cost $ 1,325 $ 1,385 $ 2,638 $ 2,976 Interest cost 1,226 1,104 2,466 2,369 Expected return on plan assets (1,211 ) (1,205 ) (2,440 ) (2,544 ) Amortization of prior service cost (credit) (19 ) (12 ) (38 ) (25 ) Amortization of actuarial loss 647 484 1,297 1,071 Pension expense for defined benefit plans $ 1,968 $ 1,756 $ 3,923 $ 3,847 Net periodic benefit costs for the post-retirement health care benefit plan consists of: Three Months Ended Six Months Ended April 2, April 4, April 2, April 4, Service cost $ 41 $ 57 $ 81 $ 113 Interest cost 117 144 234 288 Amortization of actuarial gain (143 ) (27 ) (286 ) (53 ) Net periodic postretirement benefit cost $ 15 $ 174 $ 29 $ 348 Pension expense for the defined contribution plans consists of: Three Months Ended Six Months Ended April 2, April 4, April 2, April 4, U.S. defined contribution plans $ 3,359 $ 3,409 $ 6,800 $ 6,943 Foreign defined contribution plans 1,471 1,613 3,109 3,299 Total pension expense for defined contribution plans $ 4,830 $ 5,022 $ 9,909 $ 10,242 Actual contributions for the six months ended April 2, 2016 and anticipated additional 2016 contributions to our defined benefit pension plans are as follows: U.S. Plans Foreign Plans Total Actual $ 31,351 $ 4,376 $ 35,727 Anticipated 36,610 2,700 39,310 Total expected contributions $ 67,961 $ 7,076 $ 75,037 |
Restructuring
Restructuring | 6 Months Ended |
Apr. 02, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring In 2016, we initiated further restructuring actions in conjunction with exiting a product line within Aircraft Controls in the U.S. We have also taken actions as a result of the business outlook in specific markets and locations in Components and Industrial Systems that resulted in workforce reductions in Canada, Europe and the U.S. The expense for all of these actions consists of $4,581 of non-cash charges, primarily for writing off intangible assets, $3,281 for severance and $480 for facility closure. In 2015, we initiated additional restructuring plans as a result of ongoing reviews of our lines of business and operations. The restructuring actions taken resulted in workforce reductions, primarily in the U.S., Europe and Asia. In 2014, we initiated restructuring plans in response to the business outlook, which includes a change in the mix of sales and delays and cancellations of orders for certain product lines. The restructuring actions taken resulted in workforce reductions, primarily in the U.S. and Europe. Restructuring activity for severance and other costs by segment is as follows: Aircraft Controls Space and Defense Controls Industrial Systems Components Medical Devices Total Balance at October 3, 2015 $ 3,047 $ 7,237 $ 4,003 $ 117 $ 142 $ 14,546 Charged to expense - 2016 plan 5,923 — 1,165 1,254 — 8,342 Adjustments to provision (160 ) (53 ) 29 — — (184 ) Cash payments - 2014 plan (11 ) (429 ) — — — (440 ) Cash payments - 2015 plan (2,445 ) (4,800 ) (2,527 ) (47 ) (43 ) (9,862 ) Cash payments - 2016 plan (549 ) — (508 ) (781 ) — (1,838 ) Non-cash charges - 2016 plan (4,581 ) — — — — (4,581 ) Foreign currency translation (23 ) (11 ) 75 — — 41 Balance at April 2, 2016 $ 1,201 $ 1,944 $ 2,237 $ 543 $ 99 $ 6,024 As of April 2, 2016 , the restructuring accrual consists of $1,013 for the 2014 plan, $3,035 for the 2015 plan and $1,976 for the 2016 plan. Restructuring for all plans is expected to be paid by October 1, 2016 , except portions classified as long-term liabilities based on payment arrangements. |
Income Taxes
Income Taxes | 6 Months Ended |
Apr. 02, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rates for the three and six months ended April 2, 2016 were 23.9% and 25.2% , respectively. The effective tax rates for the three and six months ended April 4, 2015 were 22.5% and 25.8% , respectively. The effective tax rates for these periods are lower than the U.S. federal statutory tax rate primarily due to a significant portion of our earnings that come from foreign operations with lower tax rates and the recognition and timing of U.S. research and development tax credits. In addition, we also benefited from the reversal of accruals for certain tax exposures outside the U.S. whose statutes of limitations expired during these periods. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Apr. 02, 2016 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity The changes in shareholders’ equity for the six months ended April 2, 2016 are summarized as follows: Number of Shares Amount Class A Common Stock Class B Common Stock COMMON STOCK Beginning of period $ 51,280 43,638,618 7,641,095 Conversion of Class B to Class A — 15,183 (15,183 ) End of Period 51,280 43,653,801 7,625,912 ADDITIONAL PAID-IN CAPITAL Beginning of period 456,512 Equity-based compensation expense 1,919 Issuance of treasury shares (264 ) Adjustment to market - SECT, SERP and other (7,521 ) End of period 450,646 RETAINED EARNINGS Beginning of period 1,579,794 Net earnings attributable to common shareholders 57,291 End of period 1,637,085 TREASURY STOCK Beginning of period (701,771 ) (10,318,431 ) (3,323,926 ) Issuance of treasury shares 2,493 84,625 — Purchase of treasury shares (25,156 ) (572,653 ) — End of period (724,434 ) (10,806,459 ) (3,323,926 ) STOCK EMPLOYEE COMPENSATION TRUST (SECT) Beginning of period (44,211 ) (828,381 ) Issuance of shares 2,897 64,676 Purchase of shares (1,515 ) (27,023 ) Adjustment to market 7,128 — End of period (35,701 ) — (790,728 ) SUPPLEMENTAL RETIREMENT PLAN (SERP) TRUST Beginning of period (5,337 ) (100,000 ) Purchase of shares (2,300 ) (50,000 ) Adjustment to market 864 — End of period (6,773 ) — (150,000 ) ACCUMULATED OTHER COMPREHENSIVE LOSS Beginning of period (341,735 ) Other comprehensive income (loss) 1,770 End of period (339,965 ) TOTAL SHAREHOLDERS' EQUITY $ 1,032,138 32,847,342 3,361,258 The changes in AOCI, net of tax, by component for the six months ended April 2, 2016 are as follows: Accumulated foreign currency translation Accumulated retirement liability Accumulated gain (loss) on derivatives Total AOCI at October 3, 2015 $ (72,788 ) $ (266,910 ) $ (2,037 ) $ (341,735 ) Other comprehensive income (loss) before reclassifications (8,244 ) 159 (301 ) (8,386 ) Amounts reclassified from AOCI — 8,924 1,232 10,156 Other comprehensive income (loss) (8,244 ) 9,083 931 1,770 AOCI at April 2, 2016 $ (81,032 ) $ (257,827 ) $ (1,106 ) $ (339,965 ) The amounts reclassified from AOCI into earnings are as follows: Three Months Ended Six Months Ended Statement of earnings classification April 2, April 4, April 2, April 4, Retirement liability: Prior service cost $ 28 $ 124 $ 56 $ 417 Actuarial losses 7,011 8,062 14,056 15,614 Reclassification from AOCI into earnings 7,039 8,186 14,112 16,031 Tax effect (2,591 ) (2,270 ) (5,188 ) (4,541 ) Net reclassification from AOCI into earnings $ 4,448 $ 5,916 $ 8,924 $ 11,490 Derivatives: Foreign currency contracts Sales $ 196 $ 36 $ 274 $ 36 Foreign currency contracts Cost of sales 594 413 1,070 918 Interest rate swaps Interest 169 335 470 740 Reclassification from AOCI into earnings 959 784 1,814 1,694 Tax effect (288 ) (283 ) (582 ) (627 ) Net reclassification from AOCI into earnings $ 671 $ 501 $ 1,232 $ 1,067 The amounts deferred in AOCI are as follows: Net deferral in AOCI - effective portion Three Months Ended Six Months Ended Statement of earnings classification April 2, April 4, April 2, April 4, Foreign currency contracts Sales $ (281 ) $ (401 ) $ (515 ) $ (401 ) Foreign currency contracts Cost of sales 525 452 257 573 Interest rate swaps Interest (359 ) (1,132 ) 88 (1,761 ) Net loss (115 ) (1,081 ) (170 ) (1,589 ) Tax effect (63 ) 257 (131 ) 449 Net deferral in AOCI of derivatives $ (178 ) $ (824 ) $ (301 ) $ (1,140 ) |
Stock Employee Compensation Tru
Stock Employee Compensation Trust and Supplemental Retirement Plan Trust | 6 Months Ended |
Apr. 02, 2016 | |
Share-based Compensation [Abstract] | |
Stock Employee Compensation Trust and Supplemental Retirement Plan Trust | Stock Employee Compensation Trust and Supplemental Retirement Plan 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 (RSP). The Supplemental Retirement Plan (SERP) Trust provides funding for benefits under the Moog Inc. SERP. Both the SECT and the SERP Trust hold shares as investments. The shares in the SECT and SERP Trust are not considered outstanding for purposes of calculating earnings per share. However, in accordance with the trust agreements governing the SECT and SERP Trust, the trustees vote all shares held by the SECT and SERP Trust on all matters submitted to shareholders. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Apr. 02, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per Share Basic and diluted weighted-average shares outstanding are as follows: Three Months Ended Six Months Ended April 2, April 4, April 2, April 4, Basic weighted-average shares outstanding 36,481,996 39,601,795 36,597,972 40,116,731 Dilutive effect of equity-based awards 211,194 382,873 262,788 434,083 Diluted weighted-average shares outstanding 36,693,190 39,984,668 36,860,760 40,550,814 For the three and six months ended April 2, 2016 , there were 148,867 and 64,868 common shares subject to equity-based awards, respectively, excluded from the calculation of diluted earning per share as they would be anti-dilutive. There were no material anti-dilutive equity-based awards outstanding for the three and six months ended April 4, 2015 . |
Segment Information
Segment Information | 6 Months Ended |
Apr. 02, 2016 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Segment Information | Segment Information During 2015, we made a change to our segment reporting. Our Components segment now includes our sensors and handpieces product line, which we previously included in the Medical Devices segment. This product line consists of manufactured ultrasonic and optical sensors as well as surgical handpieces distributed to medical OEMs. Since the customer base is different from the sale of medical pumps directly to end users, the chief operating decision maker is now reviewing performance and assessing the allocation of resources of this product line as part of the Components segment. All historical amounts have been restated to conform to this new organization. Below are sales and operating profit by segment for the three and six months ended April 2, 2016 and April 4, 2015 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 Six Months Ended April 2, April 4, April 2, April 4, Net sales: Aircraft Controls $ 275,769 $ 274,396 $ 530,604 $ 540,764 Space and Defense Controls 89,175 93,256 171,815 193,211 Industrial Systems 128,244 129,145 253,423 262,511 Components 93,813 115,062 173,388 222,766 Medical Devices 24,141 25,387 50,369 48,517 Net sales $ 611,142 $ 637,246 $ 1,179,599 $ 1,267,769 Operating profit: Aircraft Controls $ 19,042 $ 22,336 $ 37,173 $ 46,794 Space and Defense Controls 13,357 4,909 25,173 13,635 Industrial Systems 13,270 12,685 26,903 25,904 Components 8,385 15,900 13,085 32,862 Medical Devices 2,554 716 5,833 3,052 Total operating profit 56,608 56,546 108,167 122,247 Deductions from operating profit: Interest expense 8,935 7,669 17,257 13,037 Equity-based compensation expense 983 568 1,919 3,966 Corporate and other expenses, net 6,073 6,911 12,719 14,408 Earnings before income taxes $ 40,617 $ 41,398 $ 76,272 $ 90,836 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Apr. 02, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure | 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. In the ordinary course of business we could be subject to ongoing claims or disputes from our customers, the ultimate settlement of which could have a material adverse impact on our consolidated results of operations. While the receivables and any loss provisions recorded to date reflect management's best estimate of the projected costs to complete a given project, there is still significant effort required to complete the ultimate deliverable. Future variability in internal cost and as well as future profitability is dependent upon a number of factors including deliveries, performance and government budgetary pressures. The inability to achieve a satisfactory contractual solution, further unplanned delays, additional developmental cost growth or variations in any of the estimates used in the existing contract analysis could lead to further loss provisions. Additional losses could have a material adverse impact on our financial condition, results of operations or cash flows in the period in which the loss may be recognized. We are contingently liable for $18,494 of standby letters of credit issued by a bank to third parties on our behalf at April 2, 2016 . |
Basis Of Presentation (Policies
Basis Of Presentation (Policies) | 6 Months Ended |
Apr. 02, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting | 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 three and six months ended April 2, 2016 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 October 3, 2015 . All references to years in these financial statements are to fiscal years. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In April 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." This ASU is intended to change the criteria for reporting discontinued operations and enhance convergence of the FASB’s and the International Accounting Standard Board’s (IASB) reporting requirements for discontinued operations. The provisions of this ASU are effective for fiscal years beginning after December 15, 2014 and interim periods within those fiscal years. We adopted this amendment in the first quarter of 2016. The adoption of this standard did not have a material impact on our financial statements. |
Receivables (Tables)
Receivables (Tables) | 6 Months Ended |
Apr. 02, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | April 2, October 3, Accounts receivable $ 295,842 $ 291,188 Long-term contract receivables: Amounts billed 128,129 113,565 Unbilled recoverable costs and accrued profits 272,439 286,395 Total long-term contract receivables 400,568 399,960 Other 10,597 12,557 Total receivables 707,007 703,705 Less allowance for doubtful accounts (3,985 ) (5,286 ) Receivables $ 703,022 $ 698,419 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Apr. 02, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, net of reserves | April 2, October 3, Raw materials and purchased parts $ 189,455 $ 188,843 Work in progress 239,035 243,373 Finished goods 71,734 61,144 Inventories $ 500,224 $ 493,360 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Apr. 02, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carry Amount of Goodwill | Aircraft Space Industrial Components Medical Total Balance at October 3, 2015 $ 188,525 $ 158,213 $ 110,843 $ 217,763 $ 61,868 $ 737,212 Acquisitions 20,235 — — — — 20,235 Foreign currency translation (3,812 ) 169 (2,450 ) 1,318 154 (4,621 ) Balance at April 2, 2016 $ 204,948 $ 158,382 $ 108,393 $ 219,081 $ 62,022 $ 752,826 |
Components of Intangible Assets | April 2, 2016 October 3, 2015 Weighted- Gross Carrying Accumulated Gross Carrying Accumulated Customer-related 11 $ 169,285 $ (113,787 ) $ 171,779 $ (110,697 ) Program-related 19 69,801 (26,217 ) 75,720 (27,463 ) Technology-related 9 70,804 (50,334 ) 73,299 (49,723 ) Marketing-related 9 25,491 (17,039 ) 25,997 (16,648 ) Other 9 4,839 (3,493 ) 4,772 (3,313 ) Intangible assets 12 $ 340,220 $ (210,870 ) $ 351,567 $ (207,844 ) |
Indebtedness (Tables)
Indebtedness (Tables) | 6 Months Ended |
Apr. 02, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term borrowings | April 2, October 3, Lines of credit $ 90 $ 83 Other short-term debt 1,280 — Short-term borrowings $ 1,370 $ 83 |
Components of Long-term debt | April 2, October 3, U.S. revolving credit facility $ 702,865 $ 675,000 Senior notes 300,000 300,000 Securitization program 100,000 100,000 Obligations under capital leases 911 101 Senior debt 1,103,776 1,075,101 Less current installments (434 ) (34 ) Long-term debt $ 1,103,342 $ 1,075,067 |
Product Warranties (Tables)
Product Warranties (Tables) | 6 Months Ended |
Apr. 02, 2016 | |
Product Warranties Disclosures [Abstract] | |
Summary of Activity in Warranty Accrual | Three Months Ended Six Months Ended April 2, April 4, April 2, April 4, Warranty accrual at beginning of period $ 19,391 $ 18,326 $ 18,660 $ 19,953 Warranties issued during current year 2,925 2,234 5,343 3,699 Adjustments to pre-existing warranties (215 ) (452 ) (349 ) (1,584 ) Reductions for settling warranties (1,795 ) (1,918 ) (3,048 ) (3,156 ) Foreign currency translation 92 (572 ) (208 ) (1,294 ) Warranty accrual at end of period $ 20,398 $ 17,618 $ 20,398 $ 17,618 |
Derivative Financial Instrume30
Derivative Financial Instruments (Tables) | 6 Months Ended |
Apr. 02, 2016 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Gains And Losses On Foreign Currency Forwards Included In Other Income Or Expense | Three Months Ended Six Months Ended April 2, April 4, April 2, April 4, Net gain (loss) $ 3,069 $ (2,348 ) $ 3,959 $ (1,415 ) |
Fair Value And Classification Of Derivatives On The Consolidated Balance Sheets | April 2, October 3, Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 527 $ 12 Foreign currency contracts Other assets 317 39 Total asset derivatives $ 844 $ 51 Foreign currency contracts Other accrued liabilities $ 1,351 $ 1,755 Foreign currency contracts Other long-term liabilities 175 572 Interest rate swaps Other accrued liabilities 383 756 Interest rate swaps Other long-term liabilities 45 268 Total liability derivatives $ 1,954 $ 3,351 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 1,481 $ 115 Foreign currency contracts Other accrued liabilities $ 1,103 $ 429 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Apr. 02, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Values And Classification Of Financial Assets And Liabilities Measured On A Recurring Basis | Classification April 2, October 3, Foreign currency contracts Other current assets $ 2,008 $ 127 Foreign currency contracts Other assets 317 39 Total assets $ 2,325 $ 166 Foreign currency contracts Other accrued liabilities $ 2,454 $ 2,184 Foreign currency contracts Other long-term liabilities 175 572 Interest rate swaps Other accrued liabilities 383 756 Interest rate swaps Other long-term liabilities 45 268 Total liabilities $ 3,057 $ 3,780 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Apr. 02, 2016 | |
Pension and Other Postretirement Benefit Expense [Abstract] | |
Net Periodic Benefit Costs | Three Months Ended Six Months Ended April 2, April 4, April 2, April 4, Service cost $ 5,910 $ 5,908 $ 11,819 $ 11,817 Interest cost 9,414 8,508 18,829 17,015 Expected return on plan assets (12,596 ) (11,784 ) (25,192 ) (23,568 ) Amortization of prior service cost (credit) 47 38 94 75 Amortization of actuarial loss 6,542 5,589 13,084 11,178 Pension expense for defined benefit plans $ 9,317 $ 8,259 $ 18,634 $ 16,517 Three Months Ended Six Months Ended April 2, April 4, April 2, April 4, Service cost $ 41 $ 57 $ 81 $ 113 Interest cost 117 144 234 288 Amortization of actuarial gain (143 ) (27 ) (286 ) (53 ) Net periodic postretirement benefit cost $ 15 $ 174 $ 29 $ 348 Three Months Ended Six Months Ended April 2, April 4, April 2, April 4, Service cost $ 1,325 $ 1,385 $ 2,638 $ 2,976 Interest cost 1,226 1,104 2,466 2,369 Expected return on plan assets (1,211 ) (1,205 ) (2,440 ) (2,544 ) Amortization of prior service cost (credit) (19 ) (12 ) (38 ) (25 ) Amortization of actuarial loss 647 484 1,297 1,071 Pension expense for defined benefit plans $ 1,968 $ 1,756 $ 3,923 $ 3,847 |
Defined Contribution Plan Disclosures [Table Text Block] | Three Months Ended Six Months Ended April 2, April 4, April 2, April 4, U.S. defined contribution plans $ 3,359 $ 3,409 $ 6,800 $ 6,943 Foreign defined contribution plans 1,471 1,613 3,109 3,299 Total pension expense for defined contribution plans $ 4,830 $ 5,022 $ 9,909 $ 10,242 |
Actual And Anticipated Additional Contributions To Defined Benefit Pension Plan | U.S. Plans Foreign Plans Total Actual $ 31,351 $ 4,376 $ 35,727 Anticipated 36,610 2,700 39,310 Total expected contributions $ 67,961 $ 7,076 $ 75,037 |
Restructuring (Tables)
Restructuring (Tables) | 6 Months Ended |
Apr. 02, 2016 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve Activity | Aircraft Controls Space and Defense Controls Industrial Systems Components Medical Devices Total Balance at October 3, 2015 $ 3,047 $ 7,237 $ 4,003 $ 117 $ 142 $ 14,546 Charged to expense - 2016 plan 5,923 — 1,165 1,254 — 8,342 Adjustments to provision (160 ) (53 ) 29 — — (184 ) Cash payments - 2014 plan (11 ) (429 ) — — — (440 ) Cash payments - 2015 plan (2,445 ) (4,800 ) (2,527 ) (47 ) (43 ) (9,862 ) Cash payments - 2016 plan (549 ) — (508 ) (781 ) — (1,838 ) Non-cash charges - 2016 plan (4,581 ) — — — — (4,581 ) Foreign currency translation (23 ) (11 ) 75 — — 41 Balance at April 2, 2016 $ 1,201 $ 1,944 $ 2,237 $ 543 $ 99 $ 6,024 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Apr. 02, 2016 | |
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 43,638,618 7,641,095 Conversion of Class B to Class A — 15,183 (15,183 ) End of Period 51,280 43,653,801 7,625,912 ADDITIONAL PAID-IN CAPITAL Beginning of period 456,512 Equity-based compensation expense 1,919 Issuance of treasury shares (264 ) Adjustment to market - SECT, SERP and other (7,521 ) End of period 450,646 RETAINED EARNINGS Beginning of period 1,579,794 Net earnings attributable to common shareholders 57,291 End of period 1,637,085 TREASURY STOCK Beginning of period (701,771 ) (10,318,431 ) (3,323,926 ) Issuance of treasury shares 2,493 84,625 — Purchase of treasury shares (25,156 ) (572,653 ) — End of period (724,434 ) (10,806,459 ) (3,323,926 ) STOCK EMPLOYEE COMPENSATION TRUST (SECT) Beginning of period (44,211 ) (828,381 ) Issuance of shares 2,897 64,676 Purchase of shares (1,515 ) (27,023 ) Adjustment to market 7,128 — End of period (35,701 ) — (790,728 ) SUPPLEMENTAL RETIREMENT PLAN (SERP) TRUST Beginning of period (5,337 ) (100,000 ) Purchase of shares (2,300 ) (50,000 ) Adjustment to market 864 — End of period (6,773 ) — (150,000 ) ACCUMULATED OTHER COMPREHENSIVE LOSS Beginning of period (341,735 ) Other comprehensive income (loss) 1,770 End of period (339,965 ) TOTAL SHAREHOLDERS' EQUITY $ 1,032,138 32,847,342 3,361,258 |
Components of AOCI | Accumulated foreign currency translation Accumulated retirement liability Accumulated gain (loss) on derivatives Total AOCI at October 3, 2015 $ (72,788 ) $ (266,910 ) $ (2,037 ) $ (341,735 ) Other comprehensive income (loss) before reclassifications (8,244 ) 159 (301 ) (8,386 ) Amounts reclassified from AOCI — 8,924 1,232 10,156 Other comprehensive income (loss) (8,244 ) 9,083 931 1,770 AOCI at April 2, 2016 $ (81,032 ) $ (257,827 ) $ (1,106 ) $ (339,965 ) |
Reclassification from AOCI | Three Months Ended Six Months Ended Statement of earnings classification April 2, April 4, April 2, April 4, Retirement liability: Prior service cost $ 28 $ 124 $ 56 $ 417 Actuarial losses 7,011 8,062 14,056 15,614 Reclassification from AOCI into earnings 7,039 8,186 14,112 16,031 Tax effect (2,591 ) (2,270 ) (5,188 ) (4,541 ) Net reclassification from AOCI into earnings $ 4,448 $ 5,916 $ 8,924 $ 11,490 Derivatives: Foreign currency contracts Sales $ 196 $ 36 $ 274 $ 36 Foreign currency contracts Cost of sales 594 413 1,070 918 Interest rate swaps Interest 169 335 470 740 Reclassification from AOCI into earnings 959 784 1,814 1,694 Tax effect (288 ) (283 ) (582 ) (627 ) Net reclassification from AOCI into earnings $ 671 $ 501 $ 1,232 $ 1,067 |
Activity and Classification of Derivative Deferral in AOCI | Net deferral in AOCI - effective portion Three Months Ended Six Months Ended Statement of earnings classification April 2, April 4, April 2, April 4, Foreign currency contracts Sales $ (281 ) $ (401 ) $ (515 ) $ (401 ) Foreign currency contracts Cost of sales 525 452 257 573 Interest rate swaps Interest (359 ) (1,132 ) 88 (1,761 ) Net loss (115 ) (1,081 ) (170 ) (1,589 ) Tax effect (63 ) 257 (131 ) 449 Net deferral in AOCI of derivatives $ (178 ) $ (824 ) $ (301 ) $ (1,140 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Apr. 02, 2016 | |
Earnings Per Share [Abstract] | |
Basic And Diluted Weighted-Average Shares Outstanding | Three Months Ended Six Months Ended April 2, April 4, April 2, April 4, Basic weighted-average shares outstanding 36,481,996 39,601,795 36,597,972 40,116,731 Dilutive effect of equity-based awards 211,194 382,873 262,788 434,083 Diluted weighted-average shares outstanding 36,693,190 39,984,668 36,860,760 40,550,814 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Apr. 02, 2016 | |
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 Six Months Ended April 2, April 4, April 2, April 4, Net sales: Aircraft Controls $ 275,769 $ 274,396 $ 530,604 $ 540,764 Space and Defense Controls 89,175 93,256 171,815 193,211 Industrial Systems 128,244 129,145 253,423 262,511 Components 93,813 115,062 173,388 222,766 Medical Devices 24,141 25,387 50,369 48,517 Net sales $ 611,142 $ 637,246 $ 1,179,599 $ 1,267,769 Operating profit: Aircraft Controls $ 19,042 $ 22,336 $ 37,173 $ 46,794 Space and Defense Controls 13,357 4,909 25,173 13,635 Industrial Systems 13,270 12,685 26,903 25,904 Components 8,385 15,900 13,085 32,862 Medical Devices 2,554 716 5,833 3,052 Total operating profit 56,608 56,546 108,167 122,247 Deductions from operating profit: Interest expense 8,935 7,669 17,257 13,037 Equity-based compensation expense 983 568 1,919 3,966 Corporate and other expenses, net 6,073 6,911 12,719 14,408 Earnings before income taxes $ 40,617 $ 41,398 $ 76,272 $ 90,836 |
Acquisition and Divestiture (Na
Acquisition and Divestiture (Narrative) (Details) - USD ($) $ in Thousands | Dec. 03, 2015 | Mar. 27, 2015 |
Business Acquisition | ||
Percentage of Ownership Acquired | 70.00% | |
Purchase Price Net of Acquired Cash | $ 22,765 | |
Cash Paid to Acquire a Business | $ 11,016 | |
Non-Controlling Interest | 30.00% | |
Proceeds from Divestiture of Businesses | $ 2,988 | |
Debt Issued [Member] | ||
Business Acquisition | ||
Liabilities Incurred in Business Combination | $ 1,280 | |
Debt Assumed [Member] | ||
Business Acquisition | ||
Liabilities Incurred in Business Combination | $ 10,469 |
Receivables (Schedule of Receiv
Receivables (Schedule of Receivables) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Apr. 02, 2016 | Oct. 03, 2015 | |
Receivables [Abstract] | ||
Accounts receivable | $ 295,842 | $ 291,188 |
Long-term contract receivable - Amounts billed | 128,129 | 113,565 |
Long-term contract receivable - Unbilled recoverable costs and accrued profits | 272,439 | 286,395 |
Total long-term contract receivables | 400,568 | 399,960 |
Other | 10,597 | 12,557 |
Total receivables | 707,007 | 703,705 |
Less allowance for doubtful accounts | (3,985) | (5,286) |
Receivables | $ 703,022 | $ 698,419 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventory)(Details) - USD ($) $ in Thousands | Apr. 02, 2016 | Oct. 03, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials and purchased parts | $ 189,455 | $ 188,843 |
Work in progress | 239,035 | 243,373 |
Finished goods | 71,734 | 61,144 |
Inventories | $ 500,224 | $ 493,360 |
Goodwill And Intangible Asset40
Goodwill And Intangible Assets (Changes In Carrying Amount Of Goodwill) (Details) $ in Thousands | 6 Months Ended |
Apr. 02, 2016USD ($) | |
Goodwill | |
Beginning balance | $ 737,212 |
Acquisitions | 20,235 |
Foreign currency translation | (4,621) |
Ending balance | 752,826 |
Aircraft Controls | |
Goodwill | |
Beginning balance | 188,525 |
Acquisitions | 20,235 |
Foreign currency translation | (3,812) |
Ending balance | 204,948 |
Space And Defense Controls | |
Goodwill | |
Beginning balance | 158,213 |
Acquisitions | 0 |
Foreign currency translation | 169 |
Ending balance | 158,382 |
Industrial Systems | |
Goodwill | |
Beginning balance | 110,843 |
Acquisitions | 0 |
Foreign currency translation | (2,450) |
Ending balance | 108,393 |
Components | |
Goodwill | |
Beginning balance | 217,763 |
Acquisitions | 0 |
Foreign currency translation | 1,318 |
Ending balance | 219,081 |
Medical Devices | |
Goodwill | |
Beginning balance | 61,868 |
Acquisitions | 0 |
Foreign currency translation | 154 |
Ending balance | $ 62,022 |
Goodwill And Intangible Asset41
Goodwill And Intangible Assets (Components Of Acquired Intangible Assets) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Apr. 02, 2016 | Oct. 03, 2015 | |
Finite-Lived Intangible Assets | ||
Weighted-Average Life (years) | 12 years | |
Gross Carrying Amount | $ 340,220 | $ 351,567 |
Accumulated Amortization | $ (210,870) | (207,844) |
Customer-Related | ||
Finite-Lived Intangible Assets | ||
Weighted-Average Life (years) | 11 years | |
Gross Carrying Amount | $ 169,285 | 171,779 |
Accumulated Amortization | $ (113,787) | (110,697) |
Program-Related | ||
Finite-Lived Intangible Assets | ||
Weighted-Average Life (years) | 19 years | |
Gross Carrying Amount | $ 69,801 | 75,720 |
Accumulated Amortization | $ (26,217) | (27,463) |
Technology-Related | ||
Finite-Lived Intangible Assets | ||
Weighted-Average Life (years) | 9 years | |
Gross Carrying Amount | $ 70,804 | 73,299 |
Accumulated Amortization | $ (50,334) | (49,723) |
Marketing-Related | ||
Finite-Lived Intangible Assets | ||
Weighted-Average Life (years) | 9 years | |
Gross Carrying Amount | $ 25,491 | 25,997 |
Accumulated Amortization | $ (17,039) | (16,648) |
Other Intangible Assets | ||
Finite-Lived Intangible Assets | ||
Weighted-Average Life (years) | 9 years | |
Gross Carrying Amount | $ 4,839 | 4,772 |
Accumulated Amortization | $ (3,493) | $ (3,313) |
Goodwill And Intangible Asset42
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 02, 2016 | Apr. 04, 2015 | Apr. 02, 2016 | Apr. 04, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill, accumulated impairment loss | $ 38,200 | $ 38,200 | ||
Amortization of acquired intangible assets | 5,485 | $ 6,134 | 11,296 | $ 12,794 |
Future amortization expenses, 2016 | 21,500 | 21,500 | ||
Future amortization expenses, 2017 | 18,100 | 18,100 | ||
Future amortization expenses, 2018 | 17,300 | 17,300 | ||
Future amortization expenses, 2019 | 15,800 | 15,800 | ||
Future amortization expenses, 2020 | $ 14,000 | $ 14,000 |
Indebtedness (Schedule of Short
Indebtedness (Schedule of Short-term borrowings) (Details) - USD ($) $ in Thousands | Apr. 02, 2016 | Oct. 03, 2015 |
Debt Disclosure [Abstract] | ||
Lines of credit | $ 90 | $ 83 |
Other short-term debt | 1,280 | 0 |
Short-term borrowings | $ 1,370 | $ 83 |
Indebtedness (Components of Lon
Indebtedness (Components of Long-term debt) (Details) - USD ($) $ in Thousands | Apr. 02, 2016 | Oct. 03, 2015 |
Debt Disclosure [Abstract] | ||
U.S. revolving credit facility | $ 702,865 | $ 675,000 |
Senior notes | 300,000 | 300,000 |
Securitization program | 100,000 | 100,000 |
Obligations under capital leases | 911 | 101 |
Senior debt | 1,103,776 | 1,075,101 |
Less current installments | 434 | 34 |
Long-term debt | $ 1,103,342 | $ 1,075,067 |
Indebtedness (Narrative) (Detai
Indebtedness (Narrative) (Details) - USD ($) $ in Thousands | Apr. 15, 2016 | Nov. 21, 2014 | May. 22, 2014 | Apr. 02, 2016 |
Revolving Credit Facility | ||||
Line of Credit Facility | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,100,000 | |||
Expansion option to increase credit facility | $ 200,000 | |||
Five One Over Four Percent Senior Subordinated Notes | ||||
Line of Credit Facility | ||||
Debt Instrument, Face Amount | $ 300,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | |||
Proceeds from Debt, Net of Issuance Costs | $ 294,430 | |||
Asset-backed Securities, Securitized Loans and Receivables | ||||
Line of Credit Facility | ||||
Minimum borrowing requirement for the Securitization Program | $ 80,000 | |||
Subsequent Event | Asset-backed Securities, Securitized Loans and Receivables | ||||
Line of Credit Facility | ||||
Maximum credit facility amount that can borrow | $ 120,000 | |||
Percentage of borrowing capacity on the Securitization Program | 80.00% | |||
Percentage of borrowing base on the Securitization Program | 100.00% |
Product Warranties (Narrative)
Product Warranties (Narrative) (Details) | 6 Months Ended |
Apr. 02, 2016 | |
Minimum | |
Product Warranties | |
Warranty period | twelve |
Maximum | |
Product Warranties | |
Warranty period | sixty |
Product Warranties (Summary Of
Product Warranties (Summary Of Activity In Warranty Accrual) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 02, 2016 | Apr. 04, 2015 | Apr. 02, 2016 | Apr. 04, 2015 | |
Product Warranties Disclosures [Abstract] | ||||
Warranty accrual at beginning of period | $ 19,391 | $ 18,326 | $ 18,660 | $ 19,953 |
Warranties issued during current period | 2,925 | 2,234 | 5,343 | 3,699 |
Adjustments to pre-existing warranties | (215) | (452) | (349) | (1,584) |
Reductions for settling warranties | (1,795) | (1,918) | (3,048) | (3,156) |
Foreign currency translation | 92 | (572) | (208) | (1,294) |
Warranty accrual at end of period | $ 20,398 | $ 17,618 | $ 20,398 | $ 17,618 |
Derivative Financial Instrume48
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Apr. 02, 2016 | Apr. 04, 2015 | |
Derivative | ||
Cash Flow Hedge Ineffectiveness is Immaterial | not material | not material |
Interest Rate Swaps | ||
Derivative | ||
Notional Amount, Derivative | $ 200,000 | |
Conversion Rate Of Interest Rate Swaps From Variable to Fixed | 2.64% | |
Basis Spread on Variable Rate Derivative | 1.88% | |
Foreign Currency Contracts | ||
Derivative | ||
Notional Amount, Derivative | $ 50,569 | |
Not Designated as Hedging Instrument | ||
Derivative | ||
Notional Amount, Derivative | $ 132,597 |
Derivative Financial Instrume49
Derivative Financial Instruments (Gains And Losses On Foreign Currency Forwards Included In Other Income Or Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 02, 2016 | Apr. 04, 2015 | Apr. 02, 2016 | Apr. 04, 2015 | |
Derivative Instruments and Hedges, Assets [Abstract] | ||||
Net gain (loss) | $ 3,069 | $ (2,348) | $ 3,959 | $ (1,415) |
Derivative Financial Instrume50
Derivative Financial Instruments (Fair Value And Classification Of Derivatives On The Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Apr. 02, 2016 | Oct. 03, 2015 |
Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) | ||
Derivative assets as hedging instruments, fair value | $ 844 | $ 51 |
Derivative liabilities as hedging instruments, fair value | 1,954 | 3,351 |
Designated as Hedging Instrument | Other Current Assets | Foreign Currency Contracts | ||
Derivative Instruments, Gain (Loss) | ||
Derivative assets as hedging instruments, fair value | 527 | 12 |
Designated as Hedging Instrument | Other Assets | Foreign Currency Contracts | ||
Derivative Instruments, Gain (Loss) | ||
Derivative assets as hedging instruments, fair value | 317 | 39 |
Designated as Hedging Instrument | Other Accrued Liabilities | Foreign Currency Contracts | ||
Derivative Instruments, Gain (Loss) | ||
Derivative liabilities as hedging instruments, fair value | 1,351 | 1,755 |
Designated as Hedging Instrument | Other Accrued Liabilities | Interest Rate Swaps | ||
Derivative Instruments, Gain (Loss) | ||
Derivative liabilities as hedging instruments, fair value | 383 | 756 |
Designated as Hedging Instrument | Other Long-Term Liabilities | Foreign Currency Contracts | ||
Derivative Instruments, Gain (Loss) | ||
Derivative liabilities as hedging instruments, fair value | 175 | 572 |
Designated as Hedging Instrument | Other Long-Term Liabilities | Interest Rate Swaps | ||
Derivative Instruments, Gain (Loss) | ||
Derivative liabilities as hedging instruments, fair value | 45 | 268 |
Not Designated As Hedging Instruments | Other Current Assets | Foreign Currency Contracts | ||
Derivative Instruments, Gain (Loss) | ||
Derivative assets as hedging instruments, fair value | 1,481 | 115 |
Not Designated As Hedging Instruments | Other Accrued Liabilities | Foreign Currency Contracts | ||
Derivative Instruments, Gain (Loss) | ||
Derivative liabilities as hedging instruments, fair value | $ 1,103 | $ 429 |
Fair Value (Fair Values And Cla
Fair Value (Fair Values And Classification Of Financial Assets And Liabilities Measured On A Recurring Basis) (Details) - USD ($) $ in Thousands | Apr. 02, 2016 | Oct. 03, 2015 |
Assets, Total | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total fair value assets | $ 2,325 | $ 166 |
Liabilities, Total | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total fair value liabilities | 3,057 | 3,780 |
Level 2 | Other Current Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Foreign currency forwards, fair value assets | 2,008 | 127 |
Level 2 | Other Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Foreign currency forwards, fair value assets | 317 | 39 |
Level 2 | Other Accrued Liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Foreign currency forwards, fair value liabilities | 2,454 | 2,184 |
Interest rate swap, fair value liabilities | 383 | 756 |
Level 2 | Other Long-Term Liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Foreign currency forwards, fair value liabilities | 175 | 572 |
Interest rate swap, fair value liabilities | $ 45 | $ 268 |
Fair Value Fair Value (Narrativ
Fair Value Fair Value (Narrative) (Details) $ in Thousands | Apr. 02, 2016USD ($) |
Fair Value Disclosures [Abstract] | |
Fair value of long-term debt | $ 1,098,526 |
Carrying value of long-term debt | $ 1,103,776 |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Benefit Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 02, 2016 | Apr. 04, 2015 | Apr. 02, 2016 | Apr. 04, 2015 | |
U.S. Pension Plans | ||||
Defined Benefit Plan Disclosure | ||||
Service cost | $ 5,910 | $ 5,908 | $ 11,819 | $ 11,817 |
Interest cost | 9,414 | 8,508 | 18,829 | 17,015 |
Expected return on plan assets | (12,596) | (11,784) | (25,192) | (23,568) |
Amortization of prior service cost (credit) | 47 | 38 | 94 | 75 |
Amortization of actuarial (gain) loss | 6,542 | 5,589 | 13,084 | 11,178 |
Pension expense for defined benefit plans | 9,317 | 8,259 | 18,634 | 16,517 |
Foreign Pension Plans | ||||
Defined Benefit Plan Disclosure | ||||
Service cost | 1,325 | 1,385 | 2,638 | 2,976 |
Interest cost | 1,226 | 1,104 | 2,466 | 2,369 |
Expected return on plan assets | (1,211) | (1,205) | (2,440) | (2,544) |
Amortization of prior service cost (credit) | (19) | (12) | (38) | (25) |
Amortization of actuarial (gain) loss | 647 | 484 | 1,297 | 1,071 |
Pension expense for defined benefit plans | 1,968 | 1,756 | 3,923 | 3,847 |
Post-Retirement Health Care Benefit Plan | ||||
Defined Benefit Plan Disclosure | ||||
Service cost | 41 | 57 | 81 | 113 |
Interest cost | 117 | 144 | 234 | 288 |
Amortization of actuarial (gain) loss | (143) | (27) | (286) | (53) |
Net periodic postretirement benefit cost | $ 15 | $ 174 | $ 29 | $ 348 |
Employee Benefit Plans Employee
Employee Benefit Plans Employee Benefit Plans (Defined Contribution Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 02, 2016 | Apr. 04, 2015 | Apr. 02, 2016 | Apr. 04, 2015 | |
Defined Contribution Plan Disclosure | ||||
Defined contribution plan expense | $ 4,830 | $ 5,022 | $ 9,909 | $ 10,242 |
United States | ||||
Defined Contribution Plan Disclosure | ||||
Defined contribution plan expense | 3,359 | 3,409 | 6,800 | 6,943 |
Foreign | ||||
Defined Contribution Plan Disclosure | ||||
Defined contribution plan expense | $ 1,471 | $ 1,613 | $ 3,109 | $ 3,299 |
Employee Benefit Plans (Actual
Employee Benefit Plans (Actual And Anticipated Additional Contributions To Defined Benefit Pension Plan) (Details) $ in Thousands | 6 Months Ended |
Apr. 02, 2016USD ($) | |
Pension Plans [Member] | |
Defined Benefit Plan Disclosure | |
Actual | $ 35,727 |
Anticipated | 39,310 |
Total contributions | 75,037 |
U.S. Pension Plans | |
Defined Benefit Plan Disclosure | |
Actual | 31,351 |
Anticipated | 36,610 |
Total contributions | 67,961 |
Foreign Pension Plans | |
Defined Benefit Plan Disclosure | |
Actual | 4,376 |
Anticipated | 2,700 |
Total contributions | $ 7,076 |
Restructuring (Narrative) (Deta
Restructuring (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Apr. 02, 2016 | Oct. 03, 2015 | |
Restructuring Cost and Reserve | ||
Restructuring Reserve | $ 6,024 | $ 14,546 |
2014 Plan | ||
Restructuring Cost and Reserve | ||
Restructuring Reserve | 1,013 | |
2015 Plan | ||
Restructuring Cost and Reserve | ||
Restructuring Reserve | 3,035 | |
2016 Plan | ||
Restructuring Cost and Reserve | ||
Restructuring Reserve | 1,976 | |
Aircraft Controls | ||
Restructuring Cost and Reserve | ||
Restructuring Reserve | 1,201 | $ 3,047 |
Other Restructuring | ||
Restructuring Cost and Reserve | ||
Restructuring Costs and Asset Impairment Charges | 4,581 | |
Employee Severance | ||
Restructuring Cost and Reserve | ||
Restructuring Costs | 3,281 | |
Facility Closing | ||
Restructuring Cost and Reserve | ||
Restructuring Costs | $ 480 |
Restructuring (Schedule of Rest
Restructuring (Schedule of Restructuring Reserve Activity) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 02, 2016 | Apr. 04, 2015 | Apr. 02, 2016 | Apr. 04, 2015 | |
Restructuring Cost and Reserve | ||||
Restructuring accrual at beginning of period | $ 14,546 | |||
Charged to expense - 2016 plan | $ 8,069 | $ 0 | 8,342 | $ 0 |
Adjustments to provision | (184) | |||
Non-cash charges - 2016 plan | (4,581) | |||
Foreign currency translation | 41 | |||
Restructuring accrual at end of period | 6,024 | 6,024 | ||
Employee severence and other restructuring | ||||
Restructuring Cost and Reserve | ||||
Charged to expense - 2016 plan | 8,342 | |||
2014 Plan | ||||
Restructuring Cost and Reserve | ||||
Payments | (440) | |||
Restructuring accrual at end of period | 1,013 | 1,013 | ||
2015 Plan | ||||
Restructuring Cost and Reserve | ||||
Payments | (9,862) | |||
Restructuring accrual at end of period | 3,035 | 3,035 | ||
2016 Plan | ||||
Restructuring Cost and Reserve | ||||
Payments | (1,838) | |||
Restructuring accrual at end of period | 1,976 | 1,976 | ||
Aircraft Controls | ||||
Restructuring Cost and Reserve | ||||
Restructuring accrual at beginning of period | 3,047 | |||
Adjustments to provision | (160) | |||
Non-cash charges - 2016 plan | (4,581) | |||
Foreign currency translation | (23) | |||
Restructuring accrual at end of period | 1,201 | 1,201 | ||
Aircraft Controls | Employee severence and other restructuring | ||||
Restructuring Cost and Reserve | ||||
Charged to expense - 2016 plan | 5,923 | |||
Aircraft Controls | 2014 Plan | ||||
Restructuring Cost and Reserve | ||||
Payments | (11) | |||
Aircraft Controls | 2015 Plan | ||||
Restructuring Cost and Reserve | ||||
Payments | (2,445) | |||
Aircraft Controls | 2016 Plan | ||||
Restructuring Cost and Reserve | ||||
Payments | (549) | |||
Space And Defense Controls | ||||
Restructuring Cost and Reserve | ||||
Restructuring accrual at beginning of period | 7,237 | |||
Adjustments to provision | (53) | |||
Non-cash charges - 2016 plan | 0 | |||
Foreign currency translation | (11) | |||
Restructuring accrual at end of period | 1,944 | 1,944 | ||
Space And Defense Controls | Employee Severance | ||||
Restructuring Cost and Reserve | ||||
Charged to expense - 2016 plan | 0 | |||
Space And Defense Controls | 2014 Plan | ||||
Restructuring Cost and Reserve | ||||
Payments | (429) | |||
Space And Defense Controls | 2015 Plan | ||||
Restructuring Cost and Reserve | ||||
Payments | (4,800) | |||
Space And Defense Controls | 2016 Plan | ||||
Restructuring Cost and Reserve | ||||
Payments | 0 | |||
Industrial Systems | ||||
Restructuring Cost and Reserve | ||||
Restructuring accrual at beginning of period | 4,003 | |||
Adjustments to provision | 29 | |||
Non-cash charges - 2016 plan | 0 | |||
Foreign currency translation | 75 | |||
Restructuring accrual at end of period | 2,237 | 2,237 | ||
Industrial Systems | Employee Severance | ||||
Restructuring Cost and Reserve | ||||
Charged to expense - 2016 plan | 1,165 | |||
Industrial Systems | 2014 Plan | ||||
Restructuring Cost and Reserve | ||||
Payments | 0 | |||
Industrial Systems | 2015 Plan | ||||
Restructuring Cost and Reserve | ||||
Payments | (2,527) | |||
Industrial Systems | 2016 Plan | ||||
Restructuring Cost and Reserve | ||||
Payments | (508) | |||
Components | ||||
Restructuring Cost and Reserve | ||||
Restructuring accrual at beginning of period | 117 | |||
Adjustments to provision | 0 | |||
Non-cash charges - 2016 plan | 0 | |||
Foreign currency translation | 0 | |||
Restructuring accrual at end of period | 543 | 543 | ||
Components | Employee Severance | ||||
Restructuring Cost and Reserve | ||||
Charged to expense - 2016 plan | 1,254 | |||
Components | 2014 Plan | ||||
Restructuring Cost and Reserve | ||||
Payments | 0 | |||
Components | 2015 Plan | ||||
Restructuring Cost and Reserve | ||||
Payments | (47) | |||
Components | 2016 Plan | ||||
Restructuring Cost and Reserve | ||||
Payments | (781) | |||
Medical Devices | ||||
Restructuring Cost and Reserve | ||||
Restructuring accrual at beginning of period | 142 | |||
Adjustments to provision | 0 | |||
Non-cash charges - 2016 plan | 0 | |||
Foreign currency translation | 0 | |||
Restructuring accrual at end of period | $ 99 | 99 | ||
Medical Devices | Employee Severance | ||||
Restructuring Cost and Reserve | ||||
Charged to expense - 2016 plan | 0 | |||
Medical Devices | 2014 Plan | ||||
Restructuring Cost and Reserve | ||||
Payments | 0 | |||
Medical Devices | 2015 Plan | ||||
Restructuring Cost and Reserve | ||||
Payments | (43) | |||
Medical Devices | 2016 Plan | ||||
Restructuring Cost and Reserve | ||||
Payments | $ 0 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||
Apr. 02, 2016 | Apr. 04, 2015 | Apr. 02, 2016 | Apr. 04, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 23.90% | 22.50% | 25.20% | 25.80% |
Shareholders' Equity (Changes i
Shareholders' Equity (Changes in Shareholders' Equity) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 02, 2016 | Apr. 04, 2015 | Apr. 02, 2016 | Apr. 04, 2015 | |
Shareholders' Equity | ||||
Purchase of stock held by stock employee compensation trust | $ 1,515 | $ 8,440 | ||
Beginning of Period | 994,532 | |||
Net earnings attributable to common shareholders | $ 31,050 | $ 32,093 | 57,291 | 67,358 |
Other Comprehensive Income (Loss), Net of Tax | 19,199 | $ (31,780) | 1,770 | $ (68,862) |
End of Period | $ 1,032,138 | $ 1,032,138 | ||
Class A Common Stock | ||||
Shareholders' Equity | ||||
TOTAL SHAREHOLDERS' EQUITY, Shares | 32,847,342 | 32,847,342 | ||
Class B Common Stock | ||||
Shareholders' Equity | ||||
TOTAL SHAREHOLDERS' EQUITY, Shares | 3,361,258 | 3,361,258 | ||
Common Stock | ||||
Shareholders' Equity | ||||
Beginning of Period | $ 51,280 | |||
End of Period | $ 51,280 | $ 51,280 | ||
Common Stock | Class A Common Stock | ||||
Shareholders' Equity | ||||
Common Stock, Beginning of Period | 43,638,618 | |||
Conversion for Class B to Class A | 15,183 | |||
Common Stock, End of Period | 43,653,801 | 43,653,801 | ||
Common Stock | Class B Common Stock | ||||
Shareholders' Equity | ||||
Common Stock, Beginning of Period | 7,641,095 | |||
Conversion for Class B to Class A | (15,183) | |||
Common Stock, End of Period | 7,625,912 | 7,625,912 | ||
Additional Paid-In Capital | ||||
Shareholders' Equity | ||||
Beginning of Period | $ 456,512 | |||
Equity-based compensation expense | 1,919 | |||
Issuance of treasury shares | (264) | |||
Adjustment To Market SECT, SERP and Other | (7,521) | |||
End of Period | $ 450,646 | 450,646 | ||
Retained Earnings | ||||
Shareholders' Equity | ||||
Beginning of Period | 1,579,794 | |||
Net earnings attributable to common shareholders | 57,291 | |||
End of Period | 1,637,085 | 1,637,085 | ||
Treasury Stock | ||||
Shareholders' Equity | ||||
Beginning of Period | (701,771) | |||
Issuance of treasury shares | 2,493 | |||
Purchase of treasury shares | (25,156) | |||
End of Period | $ (724,434) | $ (724,434) | ||
Treasury Stock | Class A Common Stock | ||||
Shareholders' Equity | ||||
Treasury Stock, Beginning of Period | (10,318,431) | |||
Issuance of treasury shares, Shares | 84,625 | |||
Purchase of treasury shares, Shares | (572,653) | |||
Treasury Stock, End of Period | (10,806,459) | (10,806,459) | ||
Treasury Stock | Class B Common Stock | ||||
Shareholders' Equity | ||||
Treasury Stock, Beginning of Period | (3,323,926) | |||
Issuance of treasury shares, Shares | 0 | |||
Purchase of treasury shares, Shares | 0 | |||
Treasury Stock, End of Period | (3,323,926) | (3,323,926) | ||
Stock Employee Compensation Trust (Sect) | ||||
Shareholders' Equity | ||||
Beginning of Period | $ (44,211) | |||
Issuance of shares | 2,897 | |||
Purchase of shares | (1,515) | |||
Adjustment to market | 7,128 | |||
End of Period | $ (35,701) | $ (35,701) | ||
Stock Employee Compensation Trust (Sect) | Class B Common Stock | ||||
Shareholders' Equity | ||||
SECT, Beginning of Period | (828,381) | |||
Issuance of share, shares | 64,676 | |||
Purchase of shares, shares | (27,023) | |||
SECT, End of Period | (790,728) | (790,728) | ||
Supplemental Retirement Plan (SERP) Trust | ||||
Shareholders' Equity | ||||
Beginning of Period | $ (5,337) | |||
Purchase of shares | (2,300) | |||
Adjustment to market | 864 | |||
End of Period | $ (6,773) | $ (6,773) | ||
Supplemental Retirement Plan (SERP) Trust | Class B Common Stock | ||||
Shareholders' Equity | ||||
SERP, Beginning of Period | (100,000) | |||
Purchase of shares, shares | (50,000) | |||
SERP, End of Period | (150,000) | (150,000) | ||
Accumulated Other Comprehensive (Loss) Income | ||||
Shareholders' Equity | ||||
Beginning of Period | $ (341,735) | |||
Other Comprehensive Income (Loss), Net of Tax | 1,770 | |||
End of Period | $ (339,965) | $ (339,965) |
Shareholders' Equity (Changes60
Shareholders' Equity (Changes in AOCI by Component) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 02, 2016 | Apr. 04, 2015 | Apr. 02, 2016 | Apr. 04, 2015 | Oct. 03, 2015 | |
Stockholders' Equity Note [Abstract] | |||||
Accumulated foreign currency translation | $ (81,032) | $ (81,032) | $ (72,788) | ||
Other comprehensive income (loss) before reclassifications - Foreign currency translation | (8,244) | ||||
Amounts reclassified from AOCI - Foreign currency translation | 0 | ||||
Other comprehensive income (loss) - Foreign currency translation | (8,244) | ||||
Accumulated retirement liability | (257,827) | (257,827) | (266,910) | ||
Other comprehensive income (loss) before reclassifications - Retirement liability | 159 | ||||
Amounts reclassified from AOCI - Retirement liability | 4,448 | $ 5,916 | 8,924 | $ 11,490 | |
Other comprehensive income (loss) retirement liability | 3,751 | 5,916 | 9,083 | 11,490 | |
Accumulated loss on derivatives | (1,106) | (1,106) | (2,037) | ||
Other comprehensive income(loss) before reclassification - Derivatives | (178) | (824) | (301) | (1,140) | |
Amounts reclassified from AOCI - Derivatives | 671 | 501 | 1,232 | 1,067 | |
Other comprehensive income (loss) - Derivatives | 493 | (323) | 931 | (73) | |
Accumulated other comprehensive loss | (339,965) | (339,965) | $ (341,735) | ||
Other comprehensive income (loss) before reclassifications - Total | (8,386) | ||||
Amounts reclassified from AOCI - Total | 10,156 | ||||
Other comprehensive income (loss) - Total | $ 19,199 | $ (31,780) | $ 1,770 | $ (68,862) |
Shareholders' Equity (Reclassif
Shareholders' Equity (Reclassification from AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 02, 2016 | Apr. 04, 2015 | Apr. 02, 2016 | Apr. 04, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||||
Prior service cost | $ 28 | $ 124 | $ 56 | $ 417 |
Actuarial losses | 7,011 | 8,062 | 14,056 | 15,614 |
Reclassification from AOCI into earnings | 7,039 | 8,186 | 14,112 | 16,031 |
Tax effect | (2,591) | (2,270) | (5,188) | (4,541) |
Net reclassification from AOCI into earnings | 4,448 | 5,916 | 8,924 | 11,490 |
Reclassification from AOCI into earnings | 959 | 784 | 1,814 | 1,694 |
Tax effect | (288) | (283) | (582) | (627) |
Net reclassification from AOCI into earnings | 671 | 501 | 1,232 | 1,067 |
Foreign Currency Contracts | Sales | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||||
Derivatives | 196 | 36 | 274 | 36 |
Foreign Currency Contracts | Cost Of Sales | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||||
Derivatives | 594 | 413 | 1,070 | 918 |
Interest Rate Swaps | Interest | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||||
Derivatives | $ 169 | $ 335 | $ 470 | $ 740 |
Shareholders' Equity (Activity
Shareholders' Equity (Activity and Classification of Derivative Deferral in AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 02, 2016 | Apr. 04, 2015 | Apr. 02, 2016 | Apr. 04, 2015 | |
Derivative Instruments, Gain (Loss) | ||||
Net loss | $ (115) | $ (1,081) | $ (170) | $ (1,589) |
Tax effect | (63) | 257 | (131) | 449 |
Net deferral in AOCI of derivatives | (178) | (824) | (301) | (1,140) |
Sales | Foreign Currency Contracts | ||||
Derivative Instruments, Gain (Loss) | ||||
Net deferral in AOCI of derivatives (effective portion) | (281) | (401) | (515) | (401) |
Cost Of Sales | Foreign Currency Contracts | ||||
Derivative Instruments, Gain (Loss) | ||||
Net deferral in AOCI of derivatives (effective portion) | 525 | 452 | 257 | 573 |
Interest | Interest Rate Swaps | ||||
Derivative Instruments, Gain (Loss) | ||||
Net deferral in AOCI of derivatives (effective portion) | $ (359) | $ (1,132) | $ 88 | $ (1,761) |
Earnings Per Share (Basic And D
Earnings Per Share (Basic And Diluted Weighted-Average Shares Outstanding) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Apr. 02, 2016 | Apr. 04, 2015 | Apr. 02, 2016 | Apr. 04, 2015 | |
Earnings Per Share [Abstract] | ||||
Basic weighted-average shares outstanding | 36,481,996 | 39,601,795 | 36,597,972 | 40,116,731 |
Dilutive effect of equity-based awards | 211,194 | 382,873 | 262,788 | 434,083 |
Diluted weighted-average shares outstanding | 36,693,190 | 39,984,668 | 36,860,760 | 40,550,814 |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended |
Apr. 02, 2016 | Apr. 02, 2016 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share | 148,867 | 64,868 |
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 ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 02, 2016 | Apr. 04, 2015 | Apr. 02, 2016 | Apr. 04, 2015 | |
Revenue, Net [Abstract] | ||||
Net sales | $ 611,142 | $ 637,246 | $ 1,179,599 | $ 1,267,769 |
Gross Profit [Abstract] | ||||
Total operating profit | 56,608 | 56,546 | 108,167 | 122,247 |
Deductions from operating profit [Abstract] | ||||
Interest expense | 8,935 | 7,669 | 17,257 | 13,037 |
Equity-based compensation expense | 983 | 568 | 1,919 | 3,966 |
Corporate expenses and other, net | 6,073 | 6,911 | 12,719 | 14,408 |
Earnings before income taxes | 40,617 | 41,398 | 76,272 | 90,836 |
Aircraft Controls | ||||
Revenue, Net [Abstract] | ||||
Net sales | 275,769 | 274,396 | 530,604 | 540,764 |
Gross Profit [Abstract] | ||||
Total operating profit | 19,042 | 22,336 | 37,173 | 46,794 |
Space And Defense Controls | ||||
Revenue, Net [Abstract] | ||||
Net sales | 89,175 | 93,256 | 171,815 | 193,211 |
Gross Profit [Abstract] | ||||
Total operating profit | 13,357 | 4,909 | 25,173 | 13,635 |
Industrial Systems | ||||
Revenue, Net [Abstract] | ||||
Net sales | 128,244 | 129,145 | 253,423 | 262,511 |
Gross Profit [Abstract] | ||||
Total operating profit | 13,270 | 12,685 | 26,903 | 25,904 |
Components | ||||
Revenue, Net [Abstract] | ||||
Net sales | 93,813 | 115,062 | 173,388 | 222,766 |
Gross Profit [Abstract] | ||||
Total operating profit | 8,385 | 15,900 | 13,085 | 32,862 |
Medical Devices | ||||
Revenue, Net [Abstract] | ||||
Net sales | 24,141 | 25,387 | 50,369 | 48,517 |
Gross Profit [Abstract] | ||||
Total operating profit | $ 2,554 | $ 716 | $ 5,833 | $ 3,052 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) $ in Thousands | Apr. 02, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Standby letters of credit | $ 18,494 |