Document And Entity Information
Document And Entity Information - USD ($) | 3 Months Ended | ||
Dec. 31, 2016 | Jan. 23, 2017 | Apr. 03, 2016 | |
Document Information | |||
Entity Registrant Name | MOOG INC. | ||
Entity Central Index Key | 67,887 | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-Q | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | Q1 | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,462,000,000 | ||
Class A Common Stock | |||
Document Information | |||
Entity Common Stock, Shares Outstanding | 32,236,629 | ||
Entity Listing, Par Value Per Share | $ 1 | ||
Class B Common Stock | |||
Document Information | |||
Entity Common Stock, Shares Outstanding | 3,634,435 | ||
Entity Listing, Par Value Per Share | $ 1 |
Consolidated Condensed Statemen
Consolidated Condensed Statements Of Earnings - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Income Statement [Abstract] | ||
Net sales | $ 589,670 | $ 568,457 |
Cost of sales | 417,164 | 406,997 |
Gross profit | 172,506 | 161,460 |
Research and development | 34,564 | 34,798 |
Selling, general and administrative | 85,063 | 82,994 |
Interest | 8,486 | 8,322 |
Other | 7,905 | (309) |
Earnings before income taxes | 36,488 | 35,655 |
Income taxes | 6,430 | 9,495 |
Net earnings attributable to Moog and noncontrolling interest | 30,058 | 26,160 |
Net earnings (loss) attributable to noncontrolling interest | (506) | (81) |
Net earnings attributable to Moog | $ 30,564 | $ 26,241 |
Net earnings per share attributable to Moog | ||
Basic | $ 0.85 | $ 0.71 |
Diluted | $ 0.84 | $ 0.71 |
Average common shares outstanding | ||
Basic | 35,869,052 | 36,713,949 |
Diluted | 36,272,767 | 37,028,331 |
Consolidated Condensed Stateme3
Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings attributable to Moog and noncontrolling interest | $ 30,058 | $ 26,160 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Foreign currency translation adjustment | (41,509) | (23,199) |
Retirement liability adjustment | 8,572 | 5,332 |
Change in accumulated income (loss) on derivatives | 574 | 438 |
Other comprehensive income (loss), net of tax | (32,363) | (17,429) |
Comprehensive income (loss) | (2,305) | 8,731 |
Comprehensive income (loss) attributable to noncontrolling interest | (506) | (81) |
Comprehensive income (loss) attributable to Moog | $ (1,799) | $ 8,812 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Oct. 01, 2016 |
Current assets | ||
Cash and cash equivalents | $ 331,664 | $ 325,128 |
Receivables | 677,841 | 688,388 |
Inventories | 464,402 | 479,040 |
Prepaid expense and other current assets | 39,659 | 34,688 |
Total current assets | 1,513,566 | 1,527,244 |
Property, plant and equipment, net of accumulated depreciation | 508,656 | 522,369 |
Goodwill | 730,271 | 740,162 |
Intangible assets, net | 104,940 | 113,560 |
Deferred income taxes | 69,039 | 75,800 |
Other assets | 26,707 | 25,839 |
Total assets | 2,953,179 | 3,004,974 |
Current liabilities | ||
Short-term borrowings | 1,366 | 1,379 |
Current installments of long-term debt | 144 | 167 |
Accounts payable | 148,253 | 144,450 |
Accrued salaries, wages and commissions | 115,081 | 126,319 |
Customer advances | 171,530 | 167,514 |
Contract loss reserves | 30,045 | 32,543 |
Other accrued liabilities | 99,843 | 116,577 |
Total current liabilities | 566,262 | 588,949 |
Long-term debt, excluding current installments | 1,000,338 | 1,004,847 |
Long-term pension and retirement obligations | 385,962 | 401,747 |
Deferred income taxes | 10,157 | 11,026 |
Other long-term liabilities | 4,454 | 4,343 |
Total liabilities | 1,967,173 | 2,010,912 |
Commitments and contingencies (Note 17) | 0 | 0 |
Redeemable noncontrolling interest | 5,145 | 5,651 |
Shareholders' equity | ||
Additional paid-in capital | 469,971 | 465,762 |
Retained earnings | 1,737,103 | 1,706,539 |
Treasury shares | (740,838) | (741,700) |
Accumulated other comprehensive loss | (467,424) | (435,061) |
Total Moog shareholders' equity | 980,861 | 988,411 |
Total liabilities and shareholders' equity | 2,953,179 | 3,004,974 |
Class A Common Stock | ||
Shareholders' equity | ||
Common stock | 43,688 | 43,667 |
Class B Common Stock | ||
Shareholders' equity | ||
Common stock | 7,592 | 7,613 |
Stock Employee Compensation Trust (SECT) | ||
Shareholders' equity | ||
Common stock issued to trust | (59,307) | (49,463) |
Total Moog shareholders' equity | (59,307) | (49,463) |
Supplemental Retirement Plan (SERP) Trust | ||
Shareholders' equity | ||
Common stock issued to trust | (9,924) | (8,946) |
Total Moog shareholders' equity | $ (9,924) | $ (8,946) |
Consolidated Condensed Balance5
Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Oct. 01, 2016 |
Statement of Financial Position [Abstract] | ||
PROPERTY, PLANT AND EQUIPMENT, accumulated depreciation | $ 726,615 | $ 725,809 |
Consolidated Condensed Stateme6
Consolidated Condensed Statements of Shareholders' Equity Statement - 3 months ended Dec. 31, 2016 - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock At Cost | Stock Employee Compensation Trust (SECT) | Supplemental Retirement Plan (SERP) Trust | Accumulated Other Comprehensive Loss | Class A Common Stock | Class A Common StockTreasury Stock At Cost | Class A Common StockStock Employee Compensation Trust (SECT) | Class B Common Stock | Class B Common StockTreasury Stock At Cost | Class B Common StockStock Employee Compensation Trust (SECT) | Class B Common StockSupplemental Retirement Plan (SERP) Trust |
Beginning of period, Amount at Oct. 01, 2016 | $ 988,411 | $ 51,280 | $ 465,762 | $ 1,706,539 | $ (741,700) | $ (49,463) | $ (8,946) | $ (435,061) | |||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||
Issuance of treasury shares | (3,941) | ||||||||||||||
Equity-based compensation expense | 2,168 | ||||||||||||||
Adjustment to market - SECT, SERP and other | 5,982 | ||||||||||||||
Net earnings attributable to Moog | 30,564 | 30,564 | |||||||||||||
Class A and B shares issued related to equity awards | 6,076 | ||||||||||||||
Class A and B shares purchased | (5,214) | ||||||||||||||
Issuance of shares | 867 | ||||||||||||||
Purchase of shares - SECT | (5,709) | (5,709) | |||||||||||||
Adjustment to market | (5,002) | (978) | |||||||||||||
Other comprehensive income (loss) | (32,363) | (32,363) | |||||||||||||
End of period, Amount at Dec. 31, 2016 | 980,861 | $ 51,280 | $ 469,971 | $ 1,737,103 | $ (740,838) | $ (59,307) | $ (9,924) | $ (467,424) | |||||||
Beginning of period - Common Stock at Oct. 01, 2016 | 43,666,801 | 7,612,912 | |||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||
Conversion of Class B to Class A | 20,917 | (20,917) | |||||||||||||
End of period - Common Stock at Dec. 31, 2016 | 43,687,718 | 7,591,995 | |||||||||||||
Beginning of period, Shares at Oct. 01, 2016 | (11,110,087) | (425,148) | (3,323,926) | (404,919) | (150,000) | ||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||
Class A and B shares issued related to equity awards, shares | 146,784 | 6,696 | |||||||||||||
Class A and B shares purchased, shares | (62,638) | (15,412) | |||||||||||||
Issuance of shares, shares | 0 | 15,000 | |||||||||||||
Purchase of shares - SECT | 0 | (84,441) | |||||||||||||
End of period, Shares at Dec. 31, 2016 | (11,025,941) | (425,148) | (3,332,642) | (474,360) | (150,000) | ||||||||||
Beginning of period at Oct. 01, 2016 | 5,651 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||
Net loss attributable to redeemable noncontrolling interest | (506) | ||||||||||||||
End of period at Dec. 31, 2016 | $ 5,145 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||
Common stock outstanding, shares | 32,236,629 | 3,634,993 |
Consolidated Condensed Stateme7
Consolidated Condensed Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net earnings attributable to Moog and noncontrolling interest | $ 30,058 | $ 26,160 |
Adjustments to reconcile net earnings to net cash provided (used) by operating activities: | ||
Depreciation | 17,918 | 19,208 |
Amortization | 4,541 | 5,877 |
Deferred income taxes | 1,371 | 3,532 |
Equity-based compensation expense | 2,168 | 936 |
Other | 9,868 | 804 |
Changes in assets and liabilities providing (using) cash: | ||
Receivables | (11,012) | 5,221 |
Inventories | 6,996 | (11,131) |
Accounts payable | 6,737 | (22,522) |
Customer advances | 8,287 | (498) |
Accrued expenses | (17,479) | (17,114) |
Accrued income taxes | (8,885) | (2,685) |
Net pension and post retirement liabilities | (1,295) | (5,709) |
Other assets and liabilities | 1,309 | (2,534) |
Net cash provided (used) by operating activities | 50,582 | (455) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Acquisitions of businesses, net of cash acquired | 0 | (11,016) |
Purchase of property, plant and equipment | (14,849) | (12,305) |
Other investing transactions | (976) | 1,021 |
Net cash (used) by investing activities | (15,825) | (22,300) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from revolving lines of credit | 62,400 | 148,605 |
Payments on revolving lines of credit | (67,400) | (93,605) |
Payments on long-term debt | (50) | (9,540) |
Proceeds from sale of treasury stock | 2,135 | 2,230 |
Purchase of outstanding shares for treasury | (5,211) | (3,034) |
Proceeds from sale of stock held by SECT | 867 | 0 |
Purchase of stock held by SECT | (5,709) | (1,020) |
Excess tax benefits from equity-based payment arrangements | 0 | 580 |
Net cash provided (used) by financing activities | (12,968) | 44,216 |
Effect of exchange rate changes on cash | (15,253) | (7,996) |
Increase in cash and cash equivalents | 6,536 | 13,465 |
Cash and cash equivalents at beginning of period | 325,128 | 309,853 |
Cash and cash equivalents at end of period | $ 331,664 | $ 323,318 |
Basis Of Presentation
Basis Of Presentation | 3 Months Ended |
Dec. 31, 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 months ended December 31, 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 1, 2016 . All references to years in these financial statements are to fiscal years. Certain prior year amounts have been reclassified to conform to current year's presentation. Refer to the table below for a summary of ASUs we have adopted during 2017 and the related financial statement impact. During 2016, we made a change to our segment reporting to include Medical Devices within our Components segment and Linear within Space and Defense Controls. The Segment footnote has been restated to reflect these changes. Recent Accounting Pronouncements Adopted Standard Description Financial Statement Effect or Other Significant Matters ASU no. 2015-03 Presentation of Debt Issuance Costs (And All Related ASUs) This standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The provisions of this standard and all subsequently issued guidance are effective for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. Early adoption is permitted and retrospective application is required. We adopted this standard on a retrospective basis, resulting in the reclassification of $5,457 of debt issuance costs as of October 1, 2016 previously reported as Other Assets in our balance sheet to Long Term Debt, excluding current installments. Date adopted: Q1 2017 ASU no. 2015-17 Balance Sheet Classification of Deferred Taxes The standard amends existing guidance to require presentation of deferred tax assets and liabilities as noncurrent within the balance sheet. The provisions of the standard are effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Early adoption is permitted and may be applied either prospectively or retrospectively. We adopted this standard on a retrospective basis, resulting in the reclassification of a net $92,620 of previously reported current deferred income tax assets and liabilities as of October 1, 2016 to the appropriate long term deferred income tax classification based upon the net tax position within each of our relevant taxing jurisdictions. Date early adopted: Q1 2017 ASU no. 2016-09 Improvements to Employee Shared Based Payment Accounting This standard simplifies several aspects of the accounting for share-based payment transactions, including income tax consequences, statement of cash flows classifications, share repurchases relating to tax withholdings and forfeiture accounting. The provisions of this standard are effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. We adopted this standard on a prospective basis and as a result prior periods have not been adjusted. Going forward, recognized excess tax benefits previously reported as part of additional paid-in capital in our balance sheet will be included as part of income tax expense in our income statement. Additionally, cash flow relating to these excess tax benefits previously reported as a financing activity will be included as an operating activity. Date early adopted: Q1 2017 Recent Accounting Pronouncements Not Yet Adopted Standard Description Financial Statement Effect or Other Significant Matters ASU no. 2014-09 Revenue from Contracts with Customers (And All Related ASUs) The standard requires revenue recognition to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and assets recognized from costs incurred to obtain or fulfill a contract. The provisions of the standard, as well as all subsequently issued clarifications to the standard, are effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The standard can be adopted using either a full retrospective or modified retrospective approach. We are currently evaluating the alternative methods of adoption and the effect on our financial statements and related disclosures. Planned date of adoption: Q1 2019 ASU no. 2016-01 Recognition and Measurement of Financial Assets and Financial Liabilities The standard requires most equity investments to be measured at fair value, with subsequent changes in fair value recognized in net income. The amendment also impacts the measurement of financial liabilities under the fair value option as well as certain presentation and disclosure requirements for financial instruments. The provisions of the standard are effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is permitted for some, but not all, provisions. The amendment requires certain provisions to be applied prospectively and others to be applied by means of a cumulative-effect adjustment. We are currently evaluating the effect on our financial statements and related disclosures. Planned date of adoption: Q1 2019 ASU no. 2016-02 Leases The standard requires most lease arrangements to be recognized in the balance sheet as lease assets and lease liabilities. The standard also requires additional disclosures about the leasing arrangements. The provisions of the standard are effective for fiscal years beginning after December 15, 2018 and interim periods within those years. Early adoption is permitted. We are currently evaluating the effect on our financial statements and related disclosures. Planned date of adoption: Q1 2020 We consider the applicability and impact of all ASUs. ASUs not listed above were assessed and determined to be either not applicable, or had or are expected to have minimal impact on our financial statements and related disclosures. |
Acquisition, Divestiture and As
Acquisition, Divestiture and Assets Held for Sale | 3 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisition, Divestiture and Assets Held for Sale | Acquisition, Divestiture and Assets Held for Sale 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% . This acquisition is included in our Space and Defense Controls segment. On January 25, 2017, we acquired the remaining 30% redeemable noncontrolling interest for $1,656 in cash, which will also be reflected in additional paid-in capital. In 2017, we recorded losses in other expense of $8,936 related to selling the European space businesses of our Space and Defense Controls segment. We received $1,307 in cash and reclassified $7,213 in other current assets and $2,751 in other current liabilities as held for sale. We expect the sale of the held for sale portion of these businesses to be completed during 2017. |
Receivables
Receivables | 3 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Receivables | Receivables Receivables consist of: December 31, October 1, Accounts receivable $ 281,728 $ 306,469 Long-term contract receivables: Amounts billed 128,904 130,429 Unbilled recoverable costs and accrued profits 260,469 245,376 Total long-term contract receivables 389,373 375,805 Other 10,924 10,652 Total receivables 682,025 692,926 Less allowance for doubtful accounts (4,184 ) (4,538 ) Receivables $ 677,841 $ 688,388 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 | 3 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories, net of reserves, consist of: December 31, October 1, Raw materials and purchased parts $ 169,515 $ 174,331 Work in progress 231,193 235,258 Finished goods 63,694 69,451 Inventories $ 464,402 $ 479,040 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 December 31, 2016 or October 1, 2016 . |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 3 Months Ended |
Dec. 31, 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 and Industrial Components Total Balance at October 1, 2016 $ 179,694 $ 174,514 $ 106,318 $ 279,636 $ 740,162 Divestiture and held for sale — (1,012 ) — — (1,012 ) Foreign currency translation (2,618 ) (510 ) (3,934 ) (1,817 ) (8,879 ) Balance at December 31, 2016 $ 177,076 $ 172,992 $ 102,384 $ 277,819 $ 730,271 Goodwill in our Space and Defense Controls segment is net of a $4,800 accumulated impairment loss at December 31, 2016 . Goodwill in our Medical Devices reporting unit, included in our Components segment, is net of a $38,200 accumulated impairment loss at December 31, 2016 . The components of intangible assets are as follows: December 31, 2016 October 1, 2016 Weighted- Gross Carrying Accumulated Gross Carrying Accumulated Customer-related 11 $ 160,092 $ (115,978 ) $ 165,445 $ (117,434 ) Technology-related 9 68,014 (51,380 ) 70,277 (52,060 ) Program-related 19 62,152 (25,754 ) 64,774 (26,018 ) Marketing-related 9 24,462 (17,725 ) 25,031 (17,649 ) Other 10 3,977 (2,920 ) 4,269 (3,075 ) Intangible assets 12 $ 318,697 $ (213,757 ) $ 329,796 $ (216,236 ) Substantially all acquired intangible assets other than goodwill are being amortized. Customer-related intangible assets primarily consist of customer relationships. Technology-related intangible assets primarily consist of technology, patents, intellectual property and software. Program-related intangible assets consist of long-term programs represented by current contracts and probable follow on work. Marketing-related intangible assets primarily consist of trademarks, trade names and non-compete agreements. Amortization of acquired intangible assets was $4,477 for the three months ended December 31, 2016 and $5,811 for the three months ended January 2, 2016 . Based on acquired intangible assets recorded at December 31, 2016 , amortization is expected to be approximately $17,300 in 2017 , $16,300 in 2018 , $14,800 in 2019 , $12,900 in 2020 and $7,600 in 2021 . |
Indebtedness
Indebtedness | 3 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Indebtedness | Indebtedness Short-term borrowings consist of: December 31, October 1, Lines of credit $ 86 $ 99 Other short-term debt 1,280 1,280 Short-term borrowings $ 1,366 $ 1,379 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: December 31, October 1, U.S. revolving credit facility $ 585,000 $ 590,000 Senior notes 300,000 300,000 Securitization program 120,000 120,000 Obligations under capital leases 417 471 Senior debt 1,005,417 1,010,471 Less deferred debt issuance cost (4,935 ) (5,457 ) Less current installments (144 ) (167 ) Long-term debt $ 1,000,338 $ 1,004,847 Our U.S. revolving credit facility matures on June 28, 2021 . Our U.S. revolving credit facility has a capacity of $1,100,000 and 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. The loan agreement contains various covenants which, among others, specify interest coverage and maximum leverage and capital expenditures. We are in compliance with all covenants. At December 31, 2016 , we had $300,000 aggregate principal amount of 5.25% senior notes due December 1, 2022 with interest paid semiannually on June 1 and December 1 of each year. The senior notes are unsecured obligations, guaranteed on a senior unsecured basis by certain subsidiaries and contain normal incurrence-based covenants and limitations such as the ability to incur additional indebtedness, pay dividends, make other restricted payments and investments, create liens and certain corporate acts such as mergers and consolidations. The Securitization Program matures on April 13, 2018 and effectively increases our borrowing capacity by up 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 December 31, 2016 , our minimum borrowing requirement was $96,000 . |
Product Warranties
Product Warranties | 3 Months Ended |
Dec. 31, 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 December 31, January 2, Warranty accrual at beginning of period $ 21,363 $ 18,660 Warranties issued during current year 3,414 2,418 Adjustments to pre-existing warranties (265 ) (134 ) Reductions for settling warranties (1,044 ) (1,253 ) Foreign currency translation (585 ) (300 ) Warranty accrual at end of period $ 22,883 $ 19,391 |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Dec. 31, 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 December 31, 2016 , we had interest rate swaps with notional amounts totaling $135,000 . The interest rate swaps effectively convert this amount of variable-rate debt to fixed-rate debt at 2.47% , including the applicable margin of 1.63% as of December 31, 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 through July 8, 2019 . 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, including the Philippine peso and the British pound, we had outstanding foreign currency forwards with notional amounts of $56,537 at December 31, 2016 . These contracts mature at various times through November 29, 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) (AOCIL). These deferred gains and losses are reclassified into the consolidated condensed statements of earnings 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 three months of 2017 or 2016 . 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 $121,302 at December 31, 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 December 31, January 2, Net gain $ 1,394 $ 890 Summary of derivatives The fair value and classification of derivatives is summarized as follows: December 31, October 1, Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 280 $ 379 Foreign currency contracts Other assets 1 56 Interest rate swaps Other current assets 387 52 Interest rate swaps Other assets 419 69 Total asset derivatives $ 1,087 $ 556 Foreign currency contracts Other accrued liabilities $ 3,994 $ 4,080 Foreign currency contracts Other long-term liabilities 668 448 Interest rate swaps Other accrued liabilities 59 201 Total liability derivatives $ 4,721 $ 4,729 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 1,124 $ 422 Foreign currency contracts Other accrued liabilities $ 398 $ 76 |
Fair Value
Fair Value | 3 Months Ended |
Dec. 31, 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. 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 December 31, October 1, Foreign currency contracts Other current assets $ 1,404 $ 801 Foreign currency contracts Other assets 1 56 Interest rate swaps Other current assets 387 52 Interest rate swaps Other assets 419 69 Total assets $ 2,211 $ 978 Foreign currency contracts Other accrued liabilities $ 4,392 $ 4,156 Foreign currency contracts Other long-term liabilities 668 448 Interest rate swaps Other accrued liabilities 59 201 Total liabilities $ 5,119 $ 4,805 The carrying value of our financial instruments approximate their fair value, with the exception of our outstanding senior notes included in long-term debt. At December 31, 2016 , the fair value of long-term debt was $1,010,105 compared to its carrying value of $1,005,417 . 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 | 3 Months Ended |
Dec. 31, 2016 | |
Pension and Other Postretirement Benefit Expense [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Net periodic benefit costs for our defined benefit pension plans are as follows: Three Months Ended December 31, January 2, U.S. Plans Service cost $ 6,022 $ 5,909 Interest cost 7,636 9,415 Expected return on plan assets (13,628 ) (12,596 ) Amortization of prior service cost (credit) 47 47 Amortization of actuarial loss 8,419 6,542 Pension expense for U.S. defined benefit plans $ 8,496 $ 9,317 Non-U.S. Plans Service cost $ 1,532 $ 1,313 Interest cost 751 1,240 Expected return on plan assets (1,131 ) (1,229 ) Amortization of prior service cost (credit) (27 ) (19 ) Amortization of actuarial loss 1,120 650 Pension expense for non-U.S. defined benefit plans $ 2,245 $ 1,955 Pension expense for the defined contribution plans consists of: Three Months Ended December 31, January 2, U.S. defined contribution plans $ 3,670 $ 3,441 Non-U.S. defined contribution plans 1,360 1,638 Total pension expense for defined contribution plans $ 5,030 $ 5,079 Actual contributions for the three months ended December 31, 2016 and anticipated additional 2017 contributions to our defined benefit pension plans are as follows: U.S. Plans Non-U.S. Plans Total Actual $ 10,857 $ 1,179 $ 12,036 Anticipated 52,671 6,091 58,762 Total expected contributions $ 63,528 $ 7,270 $ 70,798 |
Restructuring
Restructuring | 3 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring In 2016, we initiated restructuring actions in conjunction with exiting a product line within Aircraft Controls in the U.S. and a facility in the U.K. We have also taken actions as a result of the business outlook in specific markets and locations in Components and Industrial Systems. Those actions have resulted in workforce reductions in Canada, Europe and the U.S. for Components and will result in workforce reductions primarily in Europe for Industrial Systems. Restructuring activity for severance and other costs by segment and reconciliation to consolidated amounts is as follows: Aircraft Controls Space and Defense Controls Industrial Systems Components Corporate Total Balance at October 1, 2016 $ 1,474 $ 665 $ 3,611 $ 369 $ 1,727 $ 7,846 Adjustments to provision — (44 ) (20 ) — — (64 ) Cash payments - 2014 plan — (125 ) — — — (125 ) Cash payments - 2015 plan (110 ) — (91 ) — — (201 ) Cash payments - 2016 plan (52 ) — (347 ) (281 ) (86 ) (766 ) Foreign currency translation (58 ) (3 ) (98 ) — — (159 ) Balance at December 31, 2016 $ 1,254 $ 493 $ 3,055 $ 88 $ 1,641 $ 6,531 As of December 31, 2016 , the restructuring accrual consists of $433 for the 2014 plan, $421 for the 2015 plan and $5,677 for the 2016 plan. Restructuring for all plans is expected to be paid by September 30, 2017 , except portions classified as long-term liabilities based on payment arrangements. |
Income Taxes
Income Taxes | 3 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rates for the three months ended December 31, 2016 and January 2, 2016 were 17.6% and 26.6% , respectively. The effective tax rate for the three months ended December 31, 2016 is lower than would be expected by applying the U.S. federal statutory tax rate to earnings before income taxes primarily from the tax benefits associated with selling our European space businesses. The effective tax rate for the three months ended January 2, 2016 is lower than would be expected by applying the U.S. federal statutory tax rate to earnings before income taxes primarily due to a significant portion of our earnings that come from foreign operations with lower tax rates and included the benefit from the enactment of legislation reinstating the research and development tax credit in the U.S. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | The changes in AOCIL, net of tax, by component for the three months ended December 31, 2016 are as follows: Accumulated foreign currency translation Accumulated retirement liability Accumulated gain (loss) on derivatives Total AOCIL at October 1, 2016 $ (110,626 ) $ (321,094 ) $ (3,341 ) $ (435,061 ) Other comprehensive income (loss) before reclassifications (40,538 ) 2,563 (714 ) (38,689 ) Amounts reclassified from AOCIL (971 ) 6,009 1,288 6,326 Other comprehensive income (loss) (41,509 ) 8,572 574 (32,363 ) AOCIL at December 31, 2016 $ (152,135 ) $ (312,522 ) $ (2,767 ) $ (467,424 ) The amounts reclassified from AOCIL into earnings are as follows: Three Months Ended Statement of earnings classification December 31, January 2, Retirement liability: Prior service cost $ 19 $ 28 Actuarial losses 9,417 7,045 Reclassification from AOCIL into earnings 9,436 7,073 Tax effect (3,427 ) (2,597 ) Net reclassification from AOCIL into earnings $ 6,009 $ 4,476 Derivatives: Foreign currency contracts Sales $ 1,297 $ 78 Foreign currency contracts Cost of sales 467 476 Interest rate swaps Interest 115 301 Reclassification from AOCIL into earnings 1,879 855 Tax effect (591 ) (294 ) Net reclassification from AOCIL into earnings $ 1,288 $ 561 The amounts deferred in AOCIL are as follows: Net deferral in AOCIL - effective portion Three Months Ended Statement of earnings classification December 31, January 2, Foreign currency contracts Sales $ (762 ) $ (234 ) Foreign currency contracts Cost of sales (1,024 ) (268 ) Interest rate swaps Interest 694 447 Net loss (1,092 ) (55 ) Tax effect 378 (68 ) Net deferral in AOCIL of derivatives $ (714 ) $ (123 ) |
Stock Employee Compensation Tru
Stock Employee Compensation Trust and Supplemental Retirement Plan Trust | 3 Months Ended |
Dec. 31, 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 | 3 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per Share Basic and diluted weighted-average shares outstanding are as follows: Three Months Ended December 31, January 2, Basic weighted-average shares outstanding 35,869,052 36,713,949 Dilutive effect of equity-based awards 403,715 314,382 Diluted weighted-average shares outstanding 36,272,767 37,028,331 For the three months ended December 31, 2016 and January 2, 2016 , there were 111,574 and 31,819 common shares subject to equity-based awards, respectively, excluded from the calculation of diluted earning per share as they would be anti-dilutive. |
Segment Information
Segment Information | 3 Months Ended |
Dec. 31, 2016 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Segment Information | Segment Information During 2016, we made changes to our segment reporting. Components now includes the Medical Devices product lines, which we previously reported as a separate segment. Space and Defense Controls now includes Linear, which we previously included in the Aircraft Controls segment. All amounts have been restated to present Medical Devices within Components, and Linear within Space and Defense Controls. Below are sales and operating profit by segment for the three months ended December 31, 2016 and January 2, 2016 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 December 31, January 2, Net sales: Aircraft Controls $ 268,450 $ 253,957 Space and Defense Controls 92,930 83,518 Industrial Systems 112,399 125,179 Components 115,891 105,803 Net sales $ 589,670 $ 568,457 Operating profit: Aircraft Controls $ 23,111 $ 18,432 Space and Defense Controls 7,096 11,515 Industrial Systems 10,701 13,633 Components 11,454 7,979 Total operating profit 52,362 51,559 Deductions from operating profit: Interest expense 8,486 8,322 Equity-based compensation expense 2,168 936 Corporate and other expenses, net 5,220 6,646 Earnings before income taxes $ 36,488 $ 35,655 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Dec. 31, 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 may still be significant effort required to complete the ultimate deliverable. Future variability in internal cost 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 $19,959 of standby letters of credit issued by a bank to third parties on our behalf at December 31, 2016 . |
Basis Of Presentation (Policies
Basis Of Presentation (Policies) | 3 Months Ended |
Dec. 31, 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 months ended December 31, 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 1, 2016 . All references to years in these financial statements are to fiscal years. |
Reclassification | Certain prior year amounts have been reclassified to conform to current year's presentation. Refer to the table below for a summary of ASUs we have adopted during 2017 and the related financial statement impact. During 2016, we made a change to our segment reporting to include Medical Devices within our Components segment and Linear within Space and Defense Controls. The Segment footnote has been restated to reflect these changes. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Adopted Standard Description Financial Statement Effect or Other Significant Matters ASU no. 2015-03 Presentation of Debt Issuance Costs (And All Related ASUs) This standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The provisions of this standard and all subsequently issued guidance are effective for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. Early adoption is permitted and retrospective application is required. We adopted this standard on a retrospective basis, resulting in the reclassification of $5,457 of debt issuance costs as of October 1, 2016 previously reported as Other Assets in our balance sheet to Long Term Debt, excluding current installments. Date adopted: Q1 2017 ASU no. 2015-17 Balance Sheet Classification of Deferred Taxes The standard amends existing guidance to require presentation of deferred tax assets and liabilities as noncurrent within the balance sheet. The provisions of the standard are effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Early adoption is permitted and may be applied either prospectively or retrospectively. We adopted this standard on a retrospective basis, resulting in the reclassification of a net $92,620 of previously reported current deferred income tax assets and liabilities as of October 1, 2016 to the appropriate long term deferred income tax classification based upon the net tax position within each of our relevant taxing jurisdictions. Date early adopted: Q1 2017 ASU no. 2016-09 Improvements to Employee Shared Based Payment Accounting This standard simplifies several aspects of the accounting for share-based payment transactions, including income tax consequences, statement of cash flows classifications, share repurchases relating to tax withholdings and forfeiture accounting. The provisions of this standard are effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. We adopted this standard on a prospective basis and as a result prior periods have not been adjusted. Going forward, recognized excess tax benefits previously reported as part of additional paid-in capital in our balance sheet will be included as part of income tax expense in our income statement. Additionally, cash flow relating to these excess tax benefits previously reported as a financing activity will be included as an operating activity. Date early adopted: Q1 2017 Recent Accounting Pronouncements Not Yet Adopted Standard Description Financial Statement Effect or Other Significant Matters ASU no. 2014-09 Revenue from Contracts with Customers (And All Related ASUs) The standard requires revenue recognition to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and assets recognized from costs incurred to obtain or fulfill a contract. The provisions of the standard, as well as all subsequently issued clarifications to the standard, are effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The standard can be adopted using either a full retrospective or modified retrospective approach. We are currently evaluating the alternative methods of adoption and the effect on our financial statements and related disclosures. Planned date of adoption: Q1 2019 ASU no. 2016-01 Recognition and Measurement of Financial Assets and Financial Liabilities The standard requires most equity investments to be measured at fair value, with subsequent changes in fair value recognized in net income. The amendment also impacts the measurement of financial liabilities under the fair value option as well as certain presentation and disclosure requirements for financial instruments. The provisions of the standard are effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is permitted for some, but not all, provisions. The amendment requires certain provisions to be applied prospectively and others to be applied by means of a cumulative-effect adjustment. We are currently evaluating the effect on our financial statements and related disclosures. Planned date of adoption: Q1 2019 ASU no. 2016-02 Leases The standard requires most lease arrangements to be recognized in the balance sheet as lease assets and lease liabilities. The standard also requires additional disclosures about the leasing arrangements. The provisions of the standard are effective for fiscal years beginning after December 15, 2018 and interim periods within those years. Early adoption is permitted. We are currently evaluating the effect on our financial statements and related disclosures. Planned date of adoption: Q1 2020 We consider the applicability and impact of all ASUs. ASUs not listed above were assessed and determined to be either not applicable, or had or are expected to have minimal impact on our financial statements and related disclosures. |
Receivables (Tables)
Receivables (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, October 1, Accounts receivable $ 281,728 $ 306,469 Long-term contract receivables: Amounts billed 128,904 130,429 Unbilled recoverable costs and accrued profits 260,469 245,376 Total long-term contract receivables 389,373 375,805 Other 10,924 10,652 Total receivables 682,025 692,926 Less allowance for doubtful accounts (4,184 ) (4,538 ) Receivables $ 677,841 $ 688,388 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, net of reserves | December 31, October 1, Raw materials and purchased parts $ 169,515 $ 174,331 Work in progress 231,193 235,258 Finished goods 63,694 69,451 Inventories $ 464,402 $ 479,040 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carry Amount of Goodwill | Aircraft Space and Industrial Components Total Balance at October 1, 2016 $ 179,694 $ 174,514 $ 106,318 $ 279,636 $ 740,162 Divestiture and held for sale — (1,012 ) — — (1,012 ) Foreign currency translation (2,618 ) (510 ) (3,934 ) (1,817 ) (8,879 ) Balance at December 31, 2016 $ 177,076 $ 172,992 $ 102,384 $ 277,819 $ 730,271 |
Components of Intangible Assets | December 31, 2016 October 1, 2016 Weighted- Gross Carrying Accumulated Gross Carrying Accumulated Customer-related 11 $ 160,092 $ (115,978 ) $ 165,445 $ (117,434 ) Technology-related 9 68,014 (51,380 ) 70,277 (52,060 ) Program-related 19 62,152 (25,754 ) 64,774 (26,018 ) Marketing-related 9 24,462 (17,725 ) 25,031 (17,649 ) Other 10 3,977 (2,920 ) 4,269 (3,075 ) Intangible assets 12 $ 318,697 $ (213,757 ) $ 329,796 $ (216,236 ) |
Indebtedness (Tables)
Indebtedness (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term borrowings | December 31, October 1, Lines of credit $ 86 $ 99 Other short-term debt 1,280 1,280 Short-term borrowings $ 1,366 $ 1,379 |
Components of Long-term debt | December 31, October 1, U.S. revolving credit facility $ 585,000 $ 590,000 Senior notes 300,000 300,000 Securitization program 120,000 120,000 Obligations under capital leases 417 471 Senior debt 1,005,417 1,010,471 Less deferred debt issuance cost (4,935 ) (5,457 ) Less current installments (144 ) (167 ) Long-term debt $ 1,000,338 $ 1,004,847 |
Product Warranties (Tables)
Product Warranties (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Product Warranties Disclosures [Abstract] | |
Summary of Activity in Warranty Accrual | Three Months Ended December 31, January 2, Warranty accrual at beginning of period $ 21,363 $ 18,660 Warranties issued during current year 3,414 2,418 Adjustments to pre-existing warranties (265 ) (134 ) Reductions for settling warranties (1,044 ) (1,253 ) Foreign currency translation (585 ) (300 ) Warranty accrual at end of period $ 22,883 $ 19,391 |
Derivative Financial Instrume31
Derivative Financial Instruments (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Gains And Losses On Foreign Currency Forwards Included In Other Income Or Expense | Three Months Ended December 31, January 2, Net gain $ 1,394 $ 890 |
Fair Value And Classification Of Derivatives On The Consolidated Balance Sheets | December 31, October 1, Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 280 $ 379 Foreign currency contracts Other assets 1 56 Interest rate swaps Other current assets 387 52 Interest rate swaps Other assets 419 69 Total asset derivatives $ 1,087 $ 556 Foreign currency contracts Other accrued liabilities $ 3,994 $ 4,080 Foreign currency contracts Other long-term liabilities 668 448 Interest rate swaps Other accrued liabilities 59 201 Total liability derivatives $ 4,721 $ 4,729 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 1,124 $ 422 Foreign currency contracts Other accrued liabilities $ 398 $ 76 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Values And Classification Of Financial Assets And Liabilities Measured On A Recurring Basis | Classification December 31, October 1, Foreign currency contracts Other current assets $ 1,404 $ 801 Foreign currency contracts Other assets 1 56 Interest rate swaps Other current assets 387 52 Interest rate swaps Other assets 419 69 Total assets $ 2,211 $ 978 Foreign currency contracts Other accrued liabilities $ 4,392 $ 4,156 Foreign currency contracts Other long-term liabilities 668 448 Interest rate swaps Other accrued liabilities 59 201 Total liabilities $ 5,119 $ 4,805 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Pension and Other Postretirement Benefit Expense [Abstract] | |
Net Periodic Benefit Costs | Three Months Ended December 31, January 2, U.S. Plans Service cost $ 6,022 $ 5,909 Interest cost 7,636 9,415 Expected return on plan assets (13,628 ) (12,596 ) Amortization of prior service cost (credit) 47 47 Amortization of actuarial loss 8,419 6,542 Pension expense for U.S. defined benefit plans $ 8,496 $ 9,317 Non-U.S. Plans Service cost $ 1,532 $ 1,313 Interest cost 751 1,240 Expected return on plan assets (1,131 ) (1,229 ) Amortization of prior service cost (credit) (27 ) (19 ) Amortization of actuarial loss 1,120 650 Pension expense for non-U.S. defined benefit plans $ 2,245 $ 1,955 |
Defined Contribution Plan Disclosures [Table Text Block] | Three Months Ended December 31, January 2, U.S. defined contribution plans $ 3,670 $ 3,441 Non-U.S. defined contribution plans 1,360 1,638 Total pension expense for defined contribution plans $ 5,030 $ 5,079 |
Actual And Anticipated Additional Contributions To Defined Benefit Pension Plan | U.S. Plans Non-U.S. Plans Total Actual $ 10,857 $ 1,179 $ 12,036 Anticipated 52,671 6,091 58,762 Total expected contributions $ 63,528 $ 7,270 $ 70,798 |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve Activity | Aircraft Controls Space and Defense Controls Industrial Systems Components Corporate Total Balance at October 1, 2016 $ 1,474 $ 665 $ 3,611 $ 369 $ 1,727 $ 7,846 Adjustments to provision — (44 ) (20 ) — — (64 ) Cash payments - 2014 plan — (125 ) — — — (125 ) Cash payments - 2015 plan (110 ) — (91 ) — — (201 ) Cash payments - 2016 plan (52 ) — (347 ) (281 ) (86 ) (766 ) Foreign currency translation (58 ) (3 ) (98 ) — — (159 ) Balance at December 31, 2016 $ 1,254 $ 493 $ 3,055 $ 88 $ 1,641 $ 6,531 |
Accumulated Other Comprehensi35
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Components of AOCI | Accumulated foreign currency translation Accumulated retirement liability Accumulated gain (loss) on derivatives Total AOCIL at October 1, 2016 $ (110,626 ) $ (321,094 ) $ (3,341 ) $ (435,061 ) Other comprehensive income (loss) before reclassifications (40,538 ) 2,563 (714 ) (38,689 ) Amounts reclassified from AOCIL (971 ) 6,009 1,288 6,326 Other comprehensive income (loss) (41,509 ) 8,572 574 (32,363 ) AOCIL at December 31, 2016 $ (152,135 ) $ (312,522 ) $ (2,767 ) $ (467,424 ) |
Reclassification from AOCI | Three Months Ended Statement of earnings classification December 31, January 2, Retirement liability: Prior service cost $ 19 $ 28 Actuarial losses 9,417 7,045 Reclassification from AOCIL into earnings 9,436 7,073 Tax effect (3,427 ) (2,597 ) Net reclassification from AOCIL into earnings $ 6,009 $ 4,476 Derivatives: Foreign currency contracts Sales $ 1,297 $ 78 Foreign currency contracts Cost of sales 467 476 Interest rate swaps Interest 115 301 Reclassification from AOCIL into earnings 1,879 855 Tax effect (591 ) (294 ) Net reclassification from AOCIL into earnings $ 1,288 $ 561 |
Activity and Classification of Derivative Deferral in AOCI | Net deferral in AOCIL - effective portion Three Months Ended Statement of earnings classification December 31, January 2, Foreign currency contracts Sales $ (762 ) $ (234 ) Foreign currency contracts Cost of sales (1,024 ) (268 ) Interest rate swaps Interest 694 447 Net loss (1,092 ) (55 ) Tax effect 378 (68 ) Net deferral in AOCIL of derivatives $ (714 ) $ (123 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Basic And Diluted Weighted-Average Shares Outstanding | Three Months Ended December 31, January 2, Basic weighted-average shares outstanding 35,869,052 36,713,949 Dilutive effect of equity-based awards 403,715 314,382 Diluted weighted-average shares outstanding 36,272,767 37,028,331 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Dec. 31, 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 December 31, January 2, Net sales: Aircraft Controls $ 268,450 $ 253,957 Space and Defense Controls 92,930 83,518 Industrial Systems 112,399 125,179 Components 115,891 105,803 Net sales $ 589,670 $ 568,457 Operating profit: Aircraft Controls $ 23,111 $ 18,432 Space and Defense Controls 7,096 11,515 Industrial Systems 10,701 13,633 Components 11,454 7,979 Total operating profit 52,362 51,559 Deductions from operating profit: Interest expense 8,486 8,322 Equity-based compensation expense 2,168 936 Corporate and other expenses, net 5,220 6,646 Earnings before income taxes $ 36,488 $ 35,655 |
Basis of Presentation (Reclassi
Basis of Presentation (Reclassifications) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Oct. 01, 2016 |
New Accounting Pronouncements or Change in Accounting Principle | ||
Debt Issuance Cost Reclass | $ 4,935 | $ 5,457 |
Accounting Standards Update 2016-09 | ||
New Accounting Pronouncements or Change in Accounting Principle | ||
Debt Issuance Cost Reclass | 5,457 | |
Accounting Standards Update 2015-17 | ||
New Accounting Pronouncements or Change in Accounting Principle | ||
Net Deferred Tax Asset Reclass | $ 92,620 |
Acquisition, Divestiture and 39
Acquisition, Divestiture and Assets Held for Sale (Narrative) (Details) - USD ($) $ in Thousands | Jan. 25, 2017 | Dec. 03, 2015 | Dec. 31, 2016 |
Business Acquisition, Divestitures and Assets Held for Sale | |||
Percentage of Ownership Acquired | 70.00% | ||
Purchase Price Net of Acquired Cash | $ 22,765 | ||
Cash Paid to Acquire a Business | $ 11,016 | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 30.00% | ||
Noncontrolling Interest, Redeemed Interest | 30.00% | ||
Proceeds from Divestiture of Businesses | $ 1,307 | ||
Current Assets Held-for-Sale | 7,213 | ||
Current Liabilities Held-for-Sale | 2,751 | ||
Debt Assumed | |||
Business Acquisition, Divestitures and Assets Held for Sale | |||
Liabilities Incurred in Business Combination | $ 10,469 | ||
Debt Issued | |||
Business Acquisition, Divestitures and Assets Held for Sale | |||
Liabilities Incurred in Business Combination | $ 1,280 | ||
Other Expense | |||
Business Acquisition, Divestitures and Assets Held for Sale | |||
Loss on Divestiture | $ 8,936 | ||
Subsequent Event | |||
Business Acquisition, Divestitures and Assets Held for Sale | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 30.00% | ||
Noncontrolling Interest, Redeemed Interest | 30.00% | ||
Cash Paid to Redeem Noncontrolling Interest | $ 1,656 |
Receivables (Schedule of Receiv
Receivables (Schedule of Receivables) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Oct. 01, 2016 | |
Receivables [Abstract] | ||
Accounts receivable | $ 281,728 | $ 306,469 |
Long-term contract receivable - Amounts billed | 128,904 | 130,429 |
Long-term contract receivable - Unbilled recoverable costs and accrued profits | 260,469 | 245,376 |
Total long-term contract receivables | 389,373 | 375,805 |
Other | 10,924 | 10,652 |
Total receivables | 682,025 | 692,926 |
Less allowance for doubtful accounts | (4,184) | (4,538) |
Receivables | $ 677,841 | $ 688,388 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventory)(Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Oct. 01, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials and purchased parts | $ 169,515 | $ 174,331 |
Work in progress | 231,193 | 235,258 |
Finished goods | 63,694 | 69,451 |
Inventories | $ 464,402 | $ 479,040 |
Goodwill And Intangible Asset42
Goodwill And Intangible Assets (Changes In Carrying Amount Of Goodwill) (Details) $ in Thousands | 3 Months Ended |
Dec. 31, 2016USD ($) | |
Goodwill | |
Beginning balance | $ 740,162 |
Divestiture and held-for-sale | (1,012) |
Foreign currency translation | (8,879) |
Ending balance | 730,271 |
Aircraft Controls | |
Goodwill | |
Beginning balance | 179,694 |
Divestiture and held-for-sale | 0 |
Foreign currency translation | (2,618) |
Ending balance | 177,076 |
Space And Defense Controls | |
Goodwill | |
Beginning balance | 174,514 |
Divestiture and held-for-sale | (1,012) |
Foreign currency translation | (510) |
Ending balance | 172,992 |
Industrial Systems | |
Goodwill | |
Beginning balance | 106,318 |
Divestiture and held-for-sale | 0 |
Foreign currency translation | (3,934) |
Ending balance | 102,384 |
Components | |
Goodwill | |
Beginning balance | 279,636 |
Divestiture and held-for-sale | 0 |
Foreign currency translation | (1,817) |
Ending balance | $ 277,819 |
Goodwill And Intangible Asset43
Goodwill And Intangible Assets (Components Of Acquired Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2016 | Oct. 01, 2016 | |
Finite-Lived Intangible Assets | ||
Weighted-Average Life (years) | 12 years | |
Gross Carrying Amount | $ 318,697 | $ 329,796 |
Accumulated Amortization | $ (213,757) | (216,236) |
Customer-Related | ||
Finite-Lived Intangible Assets | ||
Weighted-Average Life (years) | 11 years | |
Gross Carrying Amount | $ 160,092 | 165,445 |
Accumulated Amortization | $ (115,978) | (117,434) |
Technology-Related | ||
Finite-Lived Intangible Assets | ||
Weighted-Average Life (years) | 9 years | |
Gross Carrying Amount | $ 68,014 | 70,277 |
Accumulated Amortization | $ (51,380) | (52,060) |
Program-Related | ||
Finite-Lived Intangible Assets | ||
Weighted-Average Life (years) | 19 years | |
Gross Carrying Amount | $ 62,152 | 64,774 |
Accumulated Amortization | $ (25,754) | (26,018) |
Marketing-Related | ||
Finite-Lived Intangible Assets | ||
Weighted-Average Life (years) | 9 years | |
Gross Carrying Amount | $ 24,462 | 25,031 |
Accumulated Amortization | $ (17,725) | (17,649) |
Other Intangible Assets | ||
Finite-Lived Intangible Assets | ||
Weighted-Average Life (years) | 10 years | |
Gross Carrying Amount | $ 3,977 | 4,269 |
Accumulated Amortization | $ (2,920) | $ (3,075) |
Goodwill And Intangible Asset44
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Goodwill [Line Items] | ||
Amortization of acquired intangible assets | $ 4,477 | $ 5,811 |
Future amortization expenses, 2017 | 17,300 | |
Future amortization expenses, 2018 | 16,300 | |
Future amortization expenses, 2019 | 14,800 | |
Future amortization expenses, 2020 | 12,900 | |
Future amortization expenses, 2021 | 7,600 | |
Space And Defense Controls | ||
Goodwill [Line Items] | ||
Goodwill, accumulated impairment loss | 4,800 | |
Components | ||
Goodwill [Line Items] | ||
Goodwill, accumulated impairment loss | $ 38,200 |
Indebtedness (Schedule of Short
Indebtedness (Schedule of Short-term borrowings) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Oct. 01, 2016 |
Debt Disclosure [Abstract] | ||
Lines of credit | $ 86 | $ 99 |
Other short-term debt | 1,280 | 1,280 |
Short-term borrowings | $ 1,366 | $ 1,379 |
Indebtedness (Components of Lon
Indebtedness (Components of Long-term debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Oct. 01, 2016 |
Debt Disclosure [Abstract] | ||
U.S. revolving credit facility | $ 585,000 | $ 590,000 |
Senior notes | 300,000 | 300,000 |
Securitization program | 120,000 | 120,000 |
Obligations under capital leases | 417 | 471 |
Senior debt | 1,005,417 | 1,010,471 |
Less deferred debt issuance cost | (4,935) | (5,457) |
Less current installments | (144) | (167) |
Long-term debt | $ 1,000,338 | $ 1,004,847 |
Indebtedness (Narrative) (Detai
Indebtedness (Narrative) (Details) - USD ($) $ in Thousands | Jun. 28, 2016 | Apr. 15, 2016 | Dec. 31, 2016 | Nov. 21, 2014 |
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 | |||
Senior Notes | ||||
Line of Credit Facility | ||||
Debt Instrument, Face Amount | $ 300,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | |||
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% | |||
Minimum borrowing requirement for the Securitization Program | $ 96,000 |
Product Warranties (Narrative)
Product Warranties (Narrative) (Details) | 3 Months Ended |
Dec. 31, 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 | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Warranty accrual at beginning of period | $ 21,363 | $ 18,660 |
Warranties issued during current period | 3,414 | 2,418 |
Adjustments to pre-existing warranties | (265) | (134) |
Reductions for settling warranties | (1,044) | (1,253) |
Foreign currency translation | (585) | (300) |
Warranty accrual at end of period | $ 22,883 | $ 19,391 |
Derivative Financial Instrume50
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Interest Rate Swaps | ||
Derivative | ||
Notional Amount, Derivative | $ 135,000 | |
Conversion Rate Of Interest Rate Swaps From Variable to Fixed | 2.47% | |
Basis Spread on Variable Rate Derivative | 1.63% | |
Foreign Currency Contracts | ||
Derivative | ||
Notional Amount, Derivative | $ 56,537 | |
Designated as Hedging Instrument | ||
Derivative | ||
Cash Flow Hedge Ineffectiveness is Immaterial | not material | not material |
Not Designated as Hedging Instrument | ||
Derivative | ||
Notional Amount, Derivative | $ 121,302 |
Derivative Financial Instrume51
Derivative Financial Instruments (Gains And Losses On Foreign Currency Forwards Included In Other Income Or Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Derivative Instrument Detail [Abstract] | ||
Net gain | $ 1,394 | $ 890 |
Derivative Financial Instrume52
Derivative Financial Instruments (Fair Value And Classification Of Derivatives On The Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Oct. 01, 2016 |
Designated as Hedging Instrument | Other Current Assets | Foreign Currency Contracts | ||
Derivative Instruments, Fair Value | ||
Derivative assets as hedging instruments, fair value | $ 280 | $ 379 |
Designated as Hedging Instrument | Other Current Assets | Interest Rate Swaps | ||
Derivative Instruments, Fair Value | ||
Derivative assets as hedging instruments, fair value | 387 | 52 |
Designated as Hedging Instrument | Other Assets | Foreign Currency Contracts | ||
Derivative Instruments, Fair Value | ||
Derivative assets as hedging instruments, fair value | 1 | 56 |
Designated as Hedging Instrument | Other Assets | Interest Rate Swaps | ||
Derivative Instruments, Fair Value | ||
Derivative assets as hedging instruments, fair value | 419 | 69 |
Designated as Hedging Instrument | Total asset derivative | ||
Derivative Instruments, Fair Value | ||
Derivative assets as hedging instruments, fair value | 1,087 | 556 |
Designated as Hedging Instrument | Other Accrued Liabilities | Foreign Currency Contracts | ||
Derivative Instruments, Fair Value | ||
Derivative liabilities as hedging instruments, fair value | 3,994 | 4,080 |
Designated as Hedging Instrument | Other Accrued Liabilities | Interest Rate Swaps | ||
Derivative Instruments, Fair Value | ||
Derivative liabilities as hedging instruments, fair value | 59 | 201 |
Designated as Hedging Instrument | Other Long-Term Liabilities | Foreign Currency Contracts | ||
Derivative Instruments, Fair Value | ||
Derivative liabilities as hedging instruments, fair value | 668 | 448 |
Designated as Hedging Instrument | Total liability derivatives | ||
Derivative Instruments, Fair Value | ||
Derivative liabilities as hedging instruments, fair value | 4,721 | 4,729 |
Not Designated As Hedging Instruments | Other Current Assets | Foreign Currency Contracts | ||
Derivative Instruments, Fair Value | ||
Derivative assets as hedging instruments, fair value | 1,124 | 422 |
Not Designated As Hedging Instruments | Other Accrued Liabilities | Foreign Currency Contracts | ||
Derivative Instruments, Fair Value | ||
Derivative liabilities as hedging instruments, fair value | $ 398 | $ 76 |
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 | Dec. 31, 2016 | Oct. 01, 2016 |
Other Current Assets | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Foreign currency forwards, fair value assets | $ 1,404 | $ 801 |
Interest rate swap, fair value assets | 387 | 52 |
Other Assets | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Foreign currency forwards, fair value assets | 1 | 56 |
Interest rate swap, fair value assets | 419 | 69 |
Assets, Total | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total fair value assets | 2,211 | 978 |
Other Accrued Liabilities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Foreign currency forwards, fair value liabilities | 4,392 | 4,156 |
Interest rate swap, fair value liabilities | 59 | 201 |
Other Long-Term Liabilities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Foreign currency forwards, fair value liabilities | 668 | 448 |
Liabilities, Total | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total fair value liabilities | $ 5,119 | $ 4,805 |
Fair Value Fair Value (Narrativ
Fair Value Fair Value (Narrative) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Fair Value Disclosures [Abstract] | |
Fair value of long-term debt | $ 1,010,105 |
Carrying value of long-term debt | $ 1,005,417 |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Benefit Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
U.S. Pension Plans | ||
Defined Benefit Plan Disclosure | ||
Service cost | $ 6,022 | $ 5,909 |
Interest cost | 7,636 | 9,415 |
Expected return on plan assets | (13,628) | (12,596) |
Amortization of prior service cost (credit) | 47 | 47 |
Amortization of actuarial (gain) loss | 8,419 | 6,542 |
Pension expense for defined benefit plans | 8,496 | 9,317 |
Non-U.S. Pension Plans | ||
Defined Benefit Plan Disclosure | ||
Service cost | 1,532 | 1,313 |
Interest cost | 751 | 1,240 |
Expected return on plan assets | (1,131) | (1,229) |
Amortization of prior service cost (credit) | (27) | (19) |
Amortization of actuarial (gain) loss | 1,120 | 650 |
Pension expense for defined benefit plans | $ 2,245 | $ 1,955 |
Employee Benefit Plans Employee
Employee Benefit Plans Employee Benefit Plans (Defined Contribution Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Defined Contribution Plan Disclosure | ||
Defined contribution plan expense | $ 5,030 | $ 5,079 |
U.S. | ||
Defined Contribution Plan Disclosure | ||
Defined contribution plan expense | 3,670 | 3,441 |
Non-U.S. | ||
Defined Contribution Plan Disclosure | ||
Defined contribution plan expense | $ 1,360 | $ 1,638 |
Employee Benefit Plans (Actual
Employee Benefit Plans (Actual And Anticipated Additional Contributions To Defined Benefit Pension Plan) (Details) $ in Thousands | 3 Months Ended |
Dec. 31, 2016USD ($) | |
U.S. Pension Plans | |
Defined Benefit Plan Disclosure | |
Actual | $ 10,857 |
Anticipated | 52,671 |
Total expected contributions | 63,528 |
Non-U.S. Pension Plans | |
Defined Benefit Plan Disclosure | |
Actual | 1,179 |
Anticipated | 6,091 |
Total expected contributions | 7,270 |
Defined Benefit Pension Plans | |
Defined Benefit Plan Disclosure | |
Actual | 12,036 |
Anticipated | 58,762 |
Total expected contributions | $ 70,798 |
Restructuring (Schedule of Rest
Restructuring (Schedule of Restructuring Reserve Activity) (Details) $ in Thousands | 3 Months Ended |
Dec. 31, 2016USD ($) | |
Restructuring Reserve | |
Restructuring accrual at beginning of period | $ 7,846 |
Adjustments to provision | (64) |
Foreign currency translation | (159) |
Restructuring accrual at end of period | 6,531 |
2014 Plan | |
Restructuring Reserve | |
Payments | (125) |
Restructuring accrual at end of period | 433 |
2015 Plan | |
Restructuring Reserve | |
Payments | (201) |
Restructuring accrual at end of period | 421 |
2016 Plan | |
Restructuring Reserve | |
Payments | (766) |
Restructuring accrual at end of period | 5,677 |
Aircraft Controls | |
Restructuring Reserve | |
Restructuring accrual at beginning of period | 1,474 |
Adjustments to provision | 0 |
Foreign currency translation | (58) |
Restructuring accrual at end of period | 1,254 |
Aircraft Controls | 2014 Plan | |
Restructuring Reserve | |
Payments | 0 |
Aircraft Controls | 2015 Plan | |
Restructuring Reserve | |
Payments | (110) |
Aircraft Controls | 2016 Plan | |
Restructuring Reserve | |
Payments | (52) |
Space And Defense Controls | |
Restructuring Reserve | |
Restructuring accrual at beginning of period | 665 |
Adjustments to provision | (44) |
Foreign currency translation | (3) |
Restructuring accrual at end of period | 493 |
Space And Defense Controls | 2014 Plan | |
Restructuring Reserve | |
Payments | (125) |
Space And Defense Controls | 2015 Plan | |
Restructuring Reserve | |
Payments | 0 |
Space And Defense Controls | 2016 Plan | |
Restructuring Reserve | |
Payments | 0 |
Industrial Systems | |
Restructuring Reserve | |
Restructuring accrual at beginning of period | 3,611 |
Adjustments to provision | (20) |
Foreign currency translation | (98) |
Restructuring accrual at end of period | 3,055 |
Industrial Systems | 2014 Plan | |
Restructuring Reserve | |
Payments | 0 |
Industrial Systems | 2015 Plan | |
Restructuring Reserve | |
Payments | (91) |
Industrial Systems | 2016 Plan | |
Restructuring Reserve | |
Payments | (347) |
Components | |
Restructuring Reserve | |
Restructuring accrual at beginning of period | 369 |
Adjustments to provision | 0 |
Foreign currency translation | 0 |
Restructuring accrual at end of period | 88 |
Components | 2014 Plan | |
Restructuring Reserve | |
Payments | 0 |
Components | 2015 Plan | |
Restructuring Reserve | |
Payments | 0 |
Components | 2016 Plan | |
Restructuring Reserve | |
Payments | (281) |
Corporate, Non-Segment | |
Restructuring Reserve | |
Restructuring accrual at beginning of period | 1,727 |
Adjustments to provision | 0 |
Foreign currency translation | 0 |
Restructuring accrual at end of period | 1,641 |
Corporate, Non-Segment | 2014 Plan | |
Restructuring Reserve | |
Payments | 0 |
Corporate, Non-Segment | 2015 Plan | |
Restructuring Reserve | |
Payments | 0 |
Corporate, Non-Segment | 2016 Plan | |
Restructuring Reserve | |
Payments | $ (86) |
Restructuring (Narrative) (Deta
Restructuring (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Oct. 01, 2016 |
Restructuring Cost and Reserve | ||
Restructuring Reserve | $ 6,531 | $ 7,846 |
2014 Plan | ||
Restructuring Cost and Reserve | ||
Restructuring Reserve | 433 | |
2015 Plan | ||
Restructuring Cost and Reserve | ||
Restructuring Reserve | 421 | |
2016 Plan | ||
Restructuring Cost and Reserve | ||
Restructuring Reserve | $ 5,677 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 3 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 17.60% | 26.60% |
Accumulated Other Comprehensi61
Accumulated Other Comprehensive Income (Loss) (Changes in AOCI by Component) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Oct. 01, 2016 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Accumulated foreign currency translation | $ (152,135) | $ (110,626) | |
Other comprehensive income (loss) before reclassifications - Foreign currency translation | (40,538) | ||
Amounts reclassified from AOCIL - Foreign currency translation | (971) | ||
Other comprehensive income (loss) - Foreign currency translation | (41,509) | ||
Accumulated retirement liability | (312,522) | (321,094) | |
Other comprehensive income (loss) before reclassifications - Retirement liability | 2,563 | ||
Amounts reclassified from AOCIL - Retirement liability | 6,009 | $ 4,476 | |
Other comprehensive income (loss) retirement liability | 8,572 | 5,332 | |
Accumulated loss on derivatives | (2,767) | (3,341) | |
Other comprehensive income (loss) before reclassification - Derivatives | (714) | (123) | |
Amounts reclassified from AOCIL - Derivatives | 1,288 | 561 | |
Other comprehensive income (loss) - Derivatives | 574 | 438 | |
Accumulated other comprehensive loss | (467,424) | $ (435,061) | |
Other comprehensive income (loss) before reclassifications - Total | (38,689) | ||
Amounts reclassified from AOCIL - Total | 6,326 | ||
Other comprehensive income (loss), net of tax | $ (32,363) | $ (17,429) |
Accumulated Other Comprehensi62
Accumulated Other Comprehensive Income (Loss) (Reclassification from AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||
Prior service cost | $ 19 | $ 28 |
Actuarial losses | 9,417 | 7,045 |
Reclassification from AOCIL into earnings | 9,436 | 7,073 |
Tax effect | (3,427) | (2,597) |
Net reclassification from AOCIL into earnings | 6,009 | 4,476 |
Reclassification from AOCIL into earnings | 1,879 | 855 |
Tax effect | (591) | (294) |
Net reclassification from AOCIL into earnings | 1,288 | 561 |
Foreign Currency Contracts | Sales | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||
Derivatives | 1,297 | 78 |
Foreign Currency Contracts | Cost Of Sales | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||
Derivatives | 467 | 476 |
Interest Rate Swaps | Interest | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||
Derivatives | $ 115 | $ 301 |
Accumulated Other Comprehensi63
Accumulated Other Comprehensive Income (Loss) (Activity and Classification of Derivative Deferral in AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Derivative Instruments, Gain (Loss) | ||
Net loss | $ (1,092) | $ (55) |
Tax effect | 378 | (68) |
Net deferral in AOCIL of derivatives | (714) | (123) |
Sales | Foreign Currency Contracts | ||
Derivative Instruments, Gain (Loss) | ||
Net deferral in AOCIL of derivatives (effective portion) | (762) | (234) |
Cost Of Sales | Foreign Currency Contracts | ||
Derivative Instruments, Gain (Loss) | ||
Net deferral in AOCIL of derivatives (effective portion) | (1,024) | (268) |
Interest | Interest Rate Swaps | ||
Derivative Instruments, Gain (Loss) | ||
Net deferral in AOCIL of derivatives (effective portion) | $ 694 | $ 447 |
Earnings Per Share (Basic And D
Earnings Per Share (Basic And Diluted Weighted-Average Shares Outstanding) (Details) - shares | 3 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Earnings Per Share [Abstract] | ||
Basic weighted-average shares outstanding | 35,869,052 | 36,713,949 |
Dilutive effect of equity-based awards | 403,715 | 314,382 |
Diluted weighted-average shares outstanding | 36,272,767 | 37,028,331 |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share | 111,574 | 31,819 |
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 | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Net sales: | ||
Net sales | $ 589,670 | $ 568,457 |
Operating profit: | ||
Total operating profit | 52,362 | 51,559 |
Deductions from operating profit: | ||
Interest expense | 8,486 | 8,322 |
Equity-based compensation expense | 2,168 | 936 |
Corporate expenses and other, net | 5,220 | 6,646 |
Earnings before income taxes | 36,488 | 35,655 |
Aircraft Controls | ||
Net sales: | ||
Net sales | 268,450 | 253,957 |
Operating profit: | ||
Total operating profit | 23,111 | 18,432 |
Space And Defense Controls | ||
Net sales: | ||
Net sales | 92,930 | 83,518 |
Operating profit: | ||
Total operating profit | 7,096 | 11,515 |
Industrial Systems | ||
Net sales: | ||
Net sales | 112,399 | 125,179 |
Operating profit: | ||
Total operating profit | 10,701 | 13,633 |
Components | ||
Net sales: | ||
Net sales | 115,891 | 105,803 |
Operating profit: | ||
Total operating profit | $ 11,454 | $ 7,979 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Standby letters of credit | $ 19,959 |