Document And Entity Information
Document And Entity Information - USD ($) | 3 Months Ended | ||
Dec. 29, 2018 | Jan. 22, 2019 | Apr. 01, 2018 | |
Document Information | |||
Entity Registrant Name | MOOG INC. | ||
Entity Central Index Key | 67,887 | ||
Current Fiscal Year End Date | --09-28 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-Q | ||
Document Period End Date | Dec. 29, 2018 | ||
Document Fiscal Year Focus | 2,019 | ||
Document Fiscal Period Focus | Q1 | ||
Amendment Flag | false | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 2,718,000,000 | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Class A Common Stock | |||
Document Information | |||
Entity Common Stock, Shares Outstanding | 32,445,022 | ||
Entity Listing, Par Value Per Share | $ 1 | ||
Class B Common Stock | |||
Document Information | |||
Entity Common Stock, Shares Outstanding | 2,405,689 | ||
Entity Listing, Par Value Per Share | $ 1 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Earnings - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Income Statement [Abstract] | ||
Net sales | $ 679,676 | $ 627,535 |
Cost of sales | 480,174 | 443,150 |
Gross profit | 199,502 | 184,385 |
Research and development | 31,876 | 32,334 |
Selling, general and administrative | 96,326 | 94,619 |
Interest | 9,682 | 8,646 |
Other | 3,434 | 952 |
Earnings before income taxes | 58,184 | 47,834 |
Income taxes | 14,115 | 46,535 |
Net earnings | $ 44,069 | $ 1,299 |
Net earnings per share | ||
Basic | $ 1.27 | $ 0.04 |
Diluted | $ 1.25 | $ 0.04 |
Average common shares outstanding | ||
Basic | 34,815,255 | 35,772,406 |
Diluted | 35,125,829 | 36,201,054 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $ 44,069 | $ 1,299 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustment | (9,387) | 10,364 |
Retirement liability adjustment | 4,819 | 4,256 |
Change in accumulated income (loss) on derivatives | 664 | 1,234 |
Other comprehensive income (loss) | (3,904) | 15,854 |
Comprehensive income (loss) | $ 40,165 | $ 17,153 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Thousands | Dec. 29, 2018 | Sep. 29, 2018 |
Current assets | ||
Cash and cash equivalents | $ 110,759 | $ 125,584 |
Receivables | 867,415 | 793,911 |
Inventories | 467,811 | 512,522 |
Prepaid expense and other current assets | 45,505 | 44,404 |
Total current assets | 1,491,490 | 1,476,421 |
Property, plant and equipment, net of accumulated depreciation | 554,725 | 552,865 |
Goodwill | 791,200 | 797,217 |
Intangible assets, net | 90,591 | 95,537 |
Deferred income taxes | 15,902 | 17,328 |
Other assets | 23,596 | 24,680 |
Total assets | 2,967,504 | 2,964,048 |
Current liabilities | ||
Short-term borrowings | 2,126 | 3,623 |
Current installments of long-term debt | 326 | 365 |
Accounts payable | 199,435 | 213,982 |
Accrued compensation | 128,763 | 147,765 |
Contract advances | 183,855 | 151,687 |
Contract and contract-related loss reserves | 42,683 | 42,258 |
Other accrued liabilities | 119,622 | 120,944 |
Total current liabilities | 676,810 | 680,624 |
Long-term debt, excluding current installments | 815,107 | 858,836 |
Long-term pension and retirement obligations | 117,887 | 117,471 |
Deferred income taxes | 49,333 | 46,477 |
Other long-term liabilities | 35,103 | 35,654 |
Total liabilities | 1,694,240 | 1,739,062 |
Commitments and contingencies | 0 | 0 |
Shareholders' equity | ||
Additional paid-in capital | 487,284 | 502,257 |
Retained earnings | 2,023,803 | 1,973,514 |
Treasury shares | (743,239) | (738,494) |
Accumulated other comprehensive loss | (376,085) | (372,181) |
Total shareholders' equity | 1,273,264 | 1,224,986 |
Total liabilities and shareholders' equity | 2,967,504 | 2,964,048 |
Class A Common Stock | ||
Shareholders' equity | ||
Common stock | 43,786 | 43,785 |
Class B Common Stock | ||
Shareholders' equity | ||
Common stock | 7,494 | 7,495 |
Stock Employee Compensation Trust (SECT) | ||
Shareholders' equity | ||
Common stock issued to trust | (102,182) | (118,449) |
Total shareholders' equity | (102,182) | (118,449) |
Supplemental Retirement Plan (SERP) Trust | ||
Shareholders' equity | ||
Common stock issued to trust | (67,597) | (72,941) |
Total shareholders' equity | $ (67,597) | $ (72,941) |
Consolidated Condensed Balanc_2
Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 29, 2018 | Sep. 29, 2018 |
Statement of Financial Position [Abstract] | ||
Property, plant and equipment, accumulated depreciation | $ 819,733 | $ 816,837 |
Consolidated Condensed Statem_3
Consolidated Condensed Statements of Shareholders' Equity Statement - 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 - Shareholder's equity, Amount at Sep. 30, 2017 | $ 492,246 | $ 1,847,819 | $ (739,157) | $ (89,919) | $ (12,474) | $ (335,491) | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||
Issuance of shares | (1,633) | 2,681 | |||||||||||||
Equity-based compensation expense | 2,001 | ||||||||||||||
Adjustment to market - SECT, SERP and other | 6,085 | ||||||||||||||
Net earnings | $ 1,299 | 1,299 | |||||||||||||
Dividends | 0 | ||||||||||||||
Class A and B shares purchased | (2,734) | ||||||||||||||
Issuance of shares - SECT | 0 | ||||||||||||||
Purchase of shares - SECT | (3,823) | (3,823) | |||||||||||||
Adjustment to market | (5,248) | (837) | |||||||||||||
Other comprehensive income (loss) | 15,854 | 15,854 | |||||||||||||
End of period - Shareholder's equity, Amount at Dec. 30, 2017 | 1,227,949 | $ 51,280 | 498,699 | 1,849,118 | (739,210) | (98,990) | (13,311) | (319,637) | |||||||
Beginning of period - Common Stock at Sep. 30, 2017 | 43,704,286 | 7,575,427 | |||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||
Conversion of Class B to Class A | 11,300 | (11,300) | |||||||||||||
End of period - Common Stock at Dec. 30, 2017 | 43,715,586 | 7,564,127 | |||||||||||||
Beginning of period, Shares at Sep. 30, 2017 | (10,933,003) | (3,333,927) | (654,753) | ||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||
Class A and B shares issued related to equity compensation, shares | 64,486 | 5,878 | |||||||||||||
Class A and B shares purchased, shares | (33,020) | (15) | |||||||||||||
Issuance of shares - SECT | 0 | ||||||||||||||
Purchase of shares - SECT | (44,662) | ||||||||||||||
End of period, Shares at Dec. 30, 2017 | (10,901,537) | (425,148) | (3,328,064) | (699,415) | (150,000) | ||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||
Adoption of revenue recognition standard | ASC 606 | 0 | ||||||||||||||
Beginning of period - Shareholder's equity, Amount at Sep. 29, 2018 | 1,224,986 | 502,257 | 1,973,514 | (738,494) | (118,449) | (72,941) | (372,181) | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||
Issuance of shares | (2,201) | 5,796 | |||||||||||||
Equity-based compensation expense | 2,008 | ||||||||||||||
Adjustment to market - SECT, SERP and other | (14,780) | ||||||||||||||
Net earnings | 44,069 | 44,069 | |||||||||||||
Dividends | (8,703) | ||||||||||||||
Class A and B shares purchased | (10,541) | ||||||||||||||
Issuance of shares - SECT | 8,761 | ||||||||||||||
Purchase of shares - SECT | (1,930) | (1,930) | |||||||||||||
Adjustment to market | 9,436 | 5,344 | |||||||||||||
Other comprehensive income (loss) | (3,904) | (3,904) | |||||||||||||
End of period - Shareholder's equity, Amount at Dec. 29, 2018 | $ 1,273,264 | $ 51,280 | $ 487,284 | 2,023,803 | $ (743,239) | $ (102,182) | $ (67,597) | $ (376,085) | |||||||
Beginning of period - Common Stock at Sep. 29, 2018 | 43,784,489 | 7,495,224 | |||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||
Conversion of Class B to Class A | 946 | (946) | |||||||||||||
End of period - Common Stock at Dec. 29, 2018 | 43,785,435 | 7,494,278 | |||||||||||||
Beginning of period, Shares at Sep. 29, 2018 | (10,872,575) | (3,323,996) | (983,772) | ||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||
Class A and B shares issued related to equity compensation, shares | 23,741 | 58,793 | |||||||||||||
Class A and B shares purchased, shares | (48,573) | (83,296) | |||||||||||||
Issuance of shares - SECT | 107,577 | ||||||||||||||
Purchase of shares - SECT | (23,669) | ||||||||||||||
End of period, Shares at Dec. 29, 2018 | (10,897,407) | (425,148) | (3,348,499) | (899,864) | (876,170) | ||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||
Adoption of revenue recognition standard | ASC 606 | $ 14,923 |
Consolidated Condensed Statem_4
Consolidated Condensed Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net earnings | $ 44,069 | $ 1,299 |
Adjustments to reconcile net earnings to net cash provided (used) by operating activities: | ||
Depreciation | 17,848 | 17,487 |
Amortization | 3,746 | 4,674 |
Deferred income taxes | 92 | 37,617 |
Equity-based compensation expense | 2,008 | 2,001 |
Other | 1,020 | 1,563 |
Changes in assets and liabilities providing (using) cash: | ||
Receivables | 12,810 | (10,350) |
Inventories | (24,399) | (22,236) |
Accounts payable | (13,774) | (14,393) |
Customer advances | 31,531 | 19,888 |
Accrued expenses | (17,898) | (27,233) |
Accrued income taxes | 511 | 6,965 |
Net pension and post retirement liabilities | 7,068 | (4,562) |
Other assets and liabilities | (394) | 31,450 |
Net cash provided by operating activities | 64,238 | 44,170 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property, plant and equipment | (24,375) | (21,084) |
Other investing transactions | 2,785 | (506) |
Net cash (used) by investing activities | (21,590) | (21,590) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net short-term repayments | (1,490) | 0 |
Proceeds from revolving lines of credit | 131,100 | 103,500 |
Payments on revolving lines of credit | (175,200) | (108,610) |
Proceeds from long-term debt | 0 | 10,000 |
Payments on long-term debt | (85) | (44) |
Payments of dividends | (8,703) | 0 |
Proceeds from sale of treasury stock | 0 | 1,048 |
Purchase of outstanding shares for treasury | (9,450) | (2,734) |
Proceeds from sale of stock held by SECT | 6,636 | 0 |
Purchase of stock held by SECT | (1,930) | (3,823) |
Net cash (used) by financing activities | (59,122) | (663) |
Effect of exchange rate changes on cash | (473) | 5,021 |
Increase (decrease) in cash, cash equivalents and restricted cash | (16,947) | 26,938 |
Cash, cash equivalents and restricted cash at beginning of period | 127,706 | 386,969 |
Cash, cash equivalents and restricted cash at end of period | 110,759 | 413,907 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Treasury shares issued as compensation | $ 5,720 | $ 0 |
Basis Of Presentation
Basis Of Presentation | 3 Months Ended |
Dec. 29, 2018 | |
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 29, 2018 are not necessarily indicative of the results expected for the full year. The accompanying unaudited consolidated condensed financial statements should be read in conjunction with the financial statements and notes thereto included in our Form 10-K for the fiscal year ended September 29, 2018 . 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. Management does not consider the amounts reclassified to be material. Recent Accounting Pronouncements Adopted Standard Description Financial Statement Effect or Other Significant Matters ASU no. 2014-09 Revenue from Contracts with Customers 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. 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 adopted this standard using the modified retrospective method, under which prior years' results are not restated, but supplemental information is provided in our disclosures to present 2019 results before effect of the standard. In addition, a cumulative adjustment was made to shareholders' equity at the beginning of 2019. Supplemental information is provided in our disclosures to present 2019 results before effect of the standard. Date adopted: ASU no. 2017-07 Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost The standard amends existing guidance on the presentation of net periodic benefit cost in the income statement and what qualifies for capitalization on the balance sheet. 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 as of the beginning of an annual period. The amendment requires income statement presentation provisions to be applied retrospectively and capitalization in assets provisions to be applied prospectively. We adopted this standard retrospectively for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit cost in the Consolidated Condensed Statement of Earnings. Supplemental information is provided in our disclosures to present 2018 results before effect of the standard. Date adopted: Recent Accounting Pronouncements Not Yet Adopted Standard Description Financial Statement Effect or Other Significant Matters ASU no. 2016-02 Leases (and all related ASUs) 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 ASU no. 2017-12 Targeted Improvements to Accounting for Hedging Activities The standard expands the hedging strategies eligible for hedge accounting, while simplifying presentation and disclosure by eliminating separate measurement and reporting of hedge ineffectiveness. The provisions of the standard are effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the effect on our financial statements and related disclosures. Planned date of adoption: Q1 2020 ASU no. 2018-15 Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract The standard amends ASC 350 to include in its scope implementation costs of a Cloud Computing Arrangement (CCA) that is a service contract and clarifies that a customer should apply ASC 350-40 to determine which implementation costs should be capitalized in a CCA that is considered a service contract. The ASU is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted. The amendments should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We are currently evaluating the effect on our financial statements and related disclosures. Planned date of adoption: 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. In accordance with SEC Final Rule Release No. 33-10532, we have adopted Rule 3-04 of Regulation S-X during the first quarter of 2019 and have disclosed changes in the Consolidated Condensed Statement of Shareholders' Equity and the amount of dividends per share for each class of shares for all periods presented. Refer to Note 16, Earnings per Share and Dividends. Impact of Recent Accounting Pronouncements Adopted On September 30, 2018, we adopted ASC 606: Revenue from Contracts with Customers and the related amendments (ASC 606), using the modified retrospective method, as described above. ASC 606 was applied to contracts that were not completed as of September 29, 2018. Prior periods have not been restated and continue to be reported under the accounting standard in effect for those periods. Previously, we recognized revenue under ASC 605: Revenue Recognition (ASC 605). The cumulative effect from the adoption of ASC 606 as of September 30, 2018 was as follows: September 29, 2018 Adjustments due to adoption of ASC 606 September 30, 2018 ASSETS Receivables $ 793,911 $ 89,121 $ 883,032 Inventories 512,522 (65,991 ) 446,531 Deferred income taxes 17,328 134 17,462 LIABILITIES AND SHAREHOLDERS’ EQUITY Contract advances $ 151,687 $ 921 $ 152,608 Contract and contract-related loss reserves 42,258 2,430 44,688 Other accrued liabilities 120,944 1,139 122,083 Deferred income taxes 46,477 3,851 50,328 Retained earnings 1,973,514 14,923 1,988,437 The table below represents the impact of the adoption of ASC 606 on the Consolidated Condensed Statement of Earnings for the three months ended December 29, 2018 . Under ASC 605 Effect of ASC 606 As Reported Under ASC 606 Net sales $ 677,334 $ 2,342 $ 679,676 Cost of sales 477,879 2,295 480,174 Gross profit 199,455 47 199,502 Earnings before income taxes 58,137 47 58,184 Income taxes 14,103 12 14,115 Net earnings $ 44,034 $ 35 $ 44,069 The table below represents the impact of the adoption of ASC 606 on the Consolidated Condensed Balance Sheet as of December 29, 2018 . Under ASC 605 Effect of ASC 606 As Reported Under ASC 606 ASSETS Current assets Receivables $ 773,865 $ 93,550 $ 867,415 Inventories 536,364 (68,553 ) 467,811 Total current assets 1,466,493 24,997 1,491,490 Deferred income taxes 16,005 (103 ) 15,902 Total assets 2,942,610 24,894 2,967,504 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Contract advances $ 180,967 $ 2,888 $ 183,855 Contract and contract-related loss reserves 40,312 2,371 42,683 Other accrued liabilities 118,477 1,145 119,622 Total current liabilities 670,406 6,404 676,810 Deferred income taxes 46,020 3,313 49,333 Total liabilities 1,684,523 9,717 1,694,240 Shareholders’ equity Retained earnings 2,008,845 14,958 2,023,803 Accumulated other comprehensive loss (376,304 ) 219 (376,085 ) Total shareholders’ equity 1,258,087 15,177 1,273,264 Total liabilities and shareholders’ equity 2,942,610 24,894 2,967,504 The table below represents the impact of the adoption of ASU 2017-07 on the Consolidated Condensed Statement of Earnings for the three months ended December 30, 2017 . As Reported, Impact of Adoption As Adjusted, Cost of sales $ 443,426 $ (276 ) $ 443,150 Gross profit 184,109 276 184,385 Research and development 32,420 (86 ) 32,334 Selling, general and administrative 95,950 (1,331 ) 94,619 Other (741 ) 1,693 952 The table below represents the impact of the adoption of ASU 2017-07 on operating profit and deductions from operating profit for the three months ended December 30, 2017 . As Reported, Impact of Adoption As Adjusted, Operating profit: Aircraft Controls $ 30,768 $ 275 $ 31,043 Space and Defense Controls 16,289 184 16,473 Industrial Systems 19,246 665 19,911 Total operating profit $ 66,303 $ 1,124 $ 67,427 Deductions from operating profit: Non-service pension expense $ — $ 1,693 $ 1,693 Corporate and other expenses, net $ 7,822 $ (569 ) $ 7,253 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Dec. 29, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition and Contracts with Customers | Revenue from Contracts with Customers We recognize revenue from contracts with customers using the five-step model prescribed in ASC 606. This first step is identifying the contract. The identification of a contract with a customer requires an assessment of each party’s rights and obligations regarding the products or services to be transferred, including an evaluation of termination clauses and presently enforceable rights and obligations. Each party’s rights and obligations and the associated terms and conditions are typically determined in purchase orders. For sales that are governed by master supply agreements under which provisions define specific program requirements, purchase orders are issued under these agreements to reflect presently enforceable rights and obligations for the units of products and services being purchased. Contracts are sometimes modified to account for changes in contract specifications and requirements. When this occurs, we assess the modification as prescribed in ASC 606 and determine whether the existing contract needs to be modified (and revenue cumulatively caught up), whether the existing contract needs to be terminated and a new contract needs to be created, or whether the existing contract remains and a new contract needs to be created. This is determined based on the rights and obligations within the modification as well as the associated transaction price. The next step is identifying the performance obligations. A performance obligation is a promise to transfer goods or services to a customer that is distinct in the context of the contract, as defined by ASC 606. We identify a performance obligation for each promise in a contract to transfer a distinct good or service to the customer. As part of our assessment, we consider all goods and/or services promised in the contract, regardless of whether they are explicitly stated or implied by customary business practices. The products and services in our contracts are typically not distinct from one another due to their complexity and reliance on each other or, in many cases, we provide a significant integration service. Accordingly, many of our contracts are accounted for as one performance obligation. In limited cases, our contracts have more than one distinct performance obligation, which occurs when we perform activities that are not highly complex or interrelated or involve different product life cycles. Warranties are provided on certain contracts, but do not typically provide for services beyond standard assurances and are therefore not distinct performance obligations under ASC 606. The third step is determining the transaction price, which represents the amount of consideration we expect to be entitled to receive from a customer in exchange for providing the goods or services. There are times when this consideration is variable, for example a volume discount, and must be estimated. Sales, use, value-added, and excise taxes are excluded from the transaction price, where applicable. The fourth step is allocating the transaction price. The transaction price must be allocated to the performance obligations identified in the contract based on relative stand-alone selling prices when available, or an estimate for each distinct good or service in the contract when standalone prices are not available. Our contracts with customers generally require payment under normal commercial terms after delivery. Payment terms are typically within 30 to 60 days of delivery. The timing of satisfaction of our performance obligations does not significantly vary from the typical timing of payment. The final step is the recognition of revenue. We recognize revenue as the performance obligations are satisfied. ASC 606 provides guidance to help determine if we are satisfying the performance obligation at a point in time or over time. In determining when performance obligations are satisfied, we consider factors such as contract terms, payment terms and whether there is an alternative use of the product or service. In essence, we recognize revenue when or as control of the promised goods or services transfer to the customer. Under ASC 606, 63% of revenue was recognized over time for the three months ended December 29, 2018 , using the cost-to-cost method of accounting. The over time method of revenue recognition is predominantly used in Aircraft Controls and Space and Defense Controls. We use this method for U.S. Government contracts and repair and overhaul arrangements as we are creating or enhancing assets that the customer controls as the assets are being created or enhanced. In addition, many of our large commercial contracts qualify for over time accounting as our performance does not create an asset with an alternative use and we have enforceable right to payment for performance completed to date. Our over time contracts are primarily firm fixed price. Revenue is recognized on contracts using the cost-to-cost method of accounting as work progresses toward completion as determined by the ratio of cumulative costs incurred to date to estimated total contract costs at completion, multiplied by the total estimated contract revenue, less cumulative revenue recognized in prior periods. We believe that cumulative costs incurred to date as a percentage of estimated total contract costs at completion is an appropriate measure of progress toward satisfaction of performance obligations as this measure most accurately depicts the progress of our work and transfer of control to our customers. Changes in estimates affecting sales, costs and profits are recognized in the period in which the change becomes known using the cumulative catch-up method of accounting, resulting in the cumulative effect of changes reflected in the period. Estimates are reviewed and updated quarterly for substantially all contracts. We recognized $11,759 in revenue for the three months ended December 29, 2018 for adjustments made to performance obligations satisfied (or partially satisfied) in previous periods. Contract costs include only allocable, allowable and reasonable costs which are included in cost of sales when incurred. For applicable U.S. Government contracts, contract costs are determined in accordance with the Federal Acquisition Regulations and the related Cost Accounting Standards. The nature of these costs includes development engineering costs and product manufacturing costs such as direct material, direct labor, other direct costs and indirect overhead costs. Contract profit is recorded as a result of the revenue recognized less costs incurred in any reporting period. Variable consideration and contract modifications, such as performance incentives, penalties, contract claims or change orders are considered in estimating revenues, costs and profits when they can be reliably estimated and realization is considered probable. Revenue recognized on contracts for unresolved claims or unapproved contract change orders was not material for the three months ended December 29, 2018 . As of December 29, 2018 , we had contract and contract-related loss reserves of $42,683 . For contracts with anticipated losses at completion, a provision for the entire amount of the estimated remaining loss is charged against income in the period in which the loss becomes known. Contract losses are determined considering all direct and indirect contract costs, exclusive of any selling, general or administrative cost allocations that are treated as period expenses. Loss reserves are more common on firm fixed-price contracts that involve, to varying degrees, the design and development of new and unique controls or control systems to meet the customers’ specifications. Contract-related loss reserves are recorded for the additional work needed on completed and delivered products in order for them to meet contract specifications. In accordance with ASC 606, we calculate contract losses at the contract level, versus the performance obligation level. For the three months ended December 29, 2018 , 37% of revenue was recognized at the point in time control transferred to the customer. This method of revenue recognition is used most significantly in Industrial Systems. We use this method for commercial contracts in which the asset being created has an alternative use. We determine the point in time control transfers to the customer by weighing the five indicators provided by ASC 606 - the entity has a present right to payment; the customer has legal title; the customer has physical possession; the customer has the significant risks and rewards of ownership; and the customer has accepted the asset. When control has transferred to the customer, profit is generated as cost of sales is recorded and as revenue is recognized. Inventory costs include all product manufacturing costs such as direct material, direct labor, other direct costs and indirect overhead cost allocations. Shipping and handling costs are considered costs to fulfill a contract and not considered performance obligations. They are included in cost of sales as incurred. Contract Assets and Liabilities Unbilled receivables (contract assets) primarily represent revenues recognized for performance obligations that have been satisfied but for which amounts have not been billed. These are included as Receivables on the Consolidated Condensed Balance Sheets. Contract advances (contract liabilities) relate to payments received from customers in advance of the satisfaction of performance obligations for a contract. We do not consider contract advances to be significant financing components as the intent of these payments in advance are for reasons other than providing a significant financing benefit and are customary in our industry. Total contract assets and contract liabilities as of December 29, 2018 are as follows: December 29, 2018 September 30, 2018 Unbilled receivables $ 420,093 $ 405,610 Contract advances 183,855 152,608 Net contract assets $ 236,238 $ 253,002 The increase in contract assets reflects the net impact of additional unbilled revenues recorded in excess of revenue recognized during the period. The increase in contract liabilities reflects the net impact of additional deferred revenues recorded in excess of revenue recognized during the period. For the period ended December 29, 2018 , we recognized $47,508 of revenue that was included in the contract liability balance at the beginning of the period. Remaining Performance Obligations As of December 29, 2018 , the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied), also known as backlog, was approximately $2,100,000 . We expect to recognize approximately 67% of that amount as sales over the next twelve months and the balance thereafter. Disaggregation of Revenue |
Acquisitions, Divestitures and
Acquisitions, Divestitures and Equity Method Investments | 3 Months Ended |
Dec. 29, 2018 | |
Business Combinations [Abstract] | |
Acquisitions, Divestitures and Equity Method Investments | Acquisitions, Divestitures and Equity Method Investments On April 30, 2018, we acquired Electro-Optical Imaging, a designer and manufacturer of video trackers and imaging products, located in Florida, for a purchase price, net of acquired cash, of $5,442 . This operation is included in our Space and Defense Controls segment. On March 29, 2018, we acquired a 100% ownership interest in VUES Brno s.r.o located in the Czech Republic, which included a 74% ownership interest in a subsidiary located in Germany. The purchase price, net of acquired cash, was $64,140 , consisting of $42,961 in cash and $21,179 of assumed debt. VUES designs and manufactures customized electric motors, generators and solutions. This operation is included in our Industrial Systems segment. The purchase price allocation is subject to adjustments as we obtain additional information for our estimates during the measurement period. On September 6, 2018, we acquired the remaining 26% noncontrolling interest for $1,843 in cash. The difference between the cash paid and the adjustment to the noncontrolling interest is reflected in additional paid-in capital. On October 3, 2017, we, in collaboration with SIA Engineering Company, announced the joint venture company, Moog Aircraft Services Asia ("MASA"), in Singapore, of which we currently hold a 51% ownership. MASA is intended to provide maintenance, repair and overhaul services for our manufactured flight control systems. As we hold a majority ownership in MASA, but share voting control, we are accounting for this investment using the equity method. At December 29, 2018 , we have made total contributions of $5,100 . This operation is included in our Aircraft Controls segment. In the first quarter of 2019, we sold a non-core business of our Industrials Systems segment for $4,191 in cash and recorded a gain in other income of $2,641 |
Receivables
Receivables | 3 Months Ended |
Dec. 29, 2018 | |
Receivables [Abstract] | |
Receivables | Receivables Receivables consist of: December 29, September 29, Accounts receivable $ 233,118 $ 295,180 Long-term contract receivables: Billed receivables 202,000 156,414 Unbilled receivables 420,093 316,489 Total long-term contract receivables 622,093 472,903 Other 17,055 30,787 Less allowance for doubtful accounts (4,851 ) (4,959 ) Receivables $ 867,415 $ 793,911 |
Inventories
Inventories | 3 Months Ended |
Dec. 29, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories, net of reserves, consist of: December 29, September 29, Raw materials and purchased parts $ 190,249 $ 197,071 Work in progress 210,962 240,885 Finished goods 66,600 74,566 Inventories $ 467,811 $ 512,522 There are no material inventoried costs relating to long-term contracts where revenue is accounted for using the cost-to-cost method of accounting as of December 29, 2018 or September 29, 2018 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 3 Months Ended |
Dec. 29, 2018 | |
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 Total Balance at September 29, 2018 $ 179,907 $ 261,732 $ 355,578 $ 797,217 Divestitures — — (1,237 ) (1,237 ) Foreign currency translation (1,339 ) (22 ) (3,419 ) (4,780 ) Balance at December 29, 2018 $ 178,568 $ 261,710 $ 350,922 $ 791,200 Goodwill in our Space and Defense Controls segment is net of a $4,800 accumulated impairment loss at December 29, 2018 . Goodwill in our Medical Devices reporting unit, included in our Industrial Systems segment, is net of a $38,200 accumulated impairment loss at December 29, 2018 . The components of intangible assets are as follows: December 29, 2018 September 29, 2018 Weighted- Gross Carrying Accumulated Gross Carrying Accumulated Customer-related 11 $ 134,356 $ (97,123 ) $ 135,379 $ (96,090 ) Technology-related 9 69,172 (50,351 ) 69,393 (49,731 ) Program-related 19 63,646 (33,909 ) 64,988 (33,740 ) Marketing-related 8 23,351 (19,194 ) 23,489 (18,868 ) Other 10 4,238 (3,595 ) 4,305 (3,588 ) Intangible assets 12 $ 294,763 $ (204,172 ) $ 297,554 $ (202,017 ) 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 $3,683 for the three months ended December 29, 2018 and $4,600 for the three months ended December 30, 2017 . Based on acquired intangible assets recorded at December 29, 2018 , amortization is expected to be approximately $13,100 in 2019 , $11,400 in 2020 , $9,500 in 2021 , $8,000 in 2022 and $7,200 in 2023 |
Indebtedness
Indebtedness | 3 Months Ended |
Dec. 29, 2018 | |
Debt Disclosure [Abstract] | |
Indebtedness | Indebtedness 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 29, September 29, U.S. revolving credit facility $ 379,900 $ 430,000 Other revolving credit facility 6,000 — Senior notes 300,000 300,000 Securitization program 130,000 130,000 Obligations under capital leases 823 918 Senior debt 816,723 860,918 Less deferred debt issuance cost (1,290 ) (1,717 ) Less current installments (326 ) (365 ) Long-term debt $ 815,107 $ 858,836 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. We are in compliance with all covenants. The SECT entered into a revolving credit facility with a borrowing capacity of $35,000 , maturing on July 26, 2020. Interest for the revolving credit facility is based on LIBOR plus an applicable margin. A commitment fee is also charged based on a percentage of the unused amounts available and is not material. At December 29, 2018 , we had $300,000 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, effectively increasing our borrowing capacity by up to $130,000 , was extended on October 30, 2018 and now matures on October 30, 2020 . 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 29, 2018 , our minimum borrowing requirement was $104,000 |
Product Warranties
Product Warranties | 3 Months Ended |
Dec. 29, 2018 | |
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 29, December 30, Warranty accrual at beginning of period $ 25,537 $ 25,848 Warranties issued during current period 3,365 4,757 Adjustments to pre-existing warranties (91 ) (70 ) Reductions for settling warranties (4,371 ) (2,915 ) Foreign currency translation (183 ) 128 Warranty accrual at end of period $ 24,257 $ 27,748 |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Dec. 29, 2018 | |
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 29, 2018 , we had interest rate swaps with notional amounts totaling $150,000 . The interest rate swaps effectively convert this amount of variable-rate debt to fixed-rate debt at 2.87% , including the applicable margin of 1.63% as of December 29, 2018 . 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 June 23, 2020 . 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, the British pound and the Czech koruna, we had outstanding foreign currency forwards with notional amounts of $63,466 at December 29, 2018 . These contracts mature at various times through November 27, 2020 . We use forward currency contracts to hedge our net investment in certain foreign subsidiaries. As of December 29, 2018 , we had no outstanding net investment hedges. These interest rate swaps, foreign currency contracts and net investment hedges 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, as necessary, 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 2019 or 2018 . 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 $95,298 at December 29, 2018 . 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 29, December 30, Net loss $ (1,650 ) $ (628 ) Summary of derivatives The fair value and classification of derivatives is summarized as follows: December 29, September 29, Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 591 $ 659 Foreign currency contracts Other assets 165 41 Interest rate swaps Other current assets 1,044 1,444 Interest rate swaps Other assets 104 322 Total asset derivatives $ 1,904 $ 2,466 Foreign currency contracts Other accrued liabilities $ 927 $ 1,842 Foreign currency contracts Other long-term liabilities 77 464 Total liability derivatives $ 1,004 $ 2,306 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 335 $ 285 Foreign currency contracts Other accrued liabilities $ 398 $ 87 |
Fair Value
Fair Value | 3 Months Ended |
Dec. 29, 2018 | |
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 29, September 29, Foreign currency contracts Other current assets $ 926 $ 944 Foreign currency contracts Other assets 165 41 Interest rate swaps Other current assets 1,044 1,444 Interest rate swaps Other assets 104 322 Total assets $ 2,239 $ 2,751 Foreign currency contracts Other accrued liabilities $ 1,325 $ 1,929 Foreign currency contracts Other long-term liabilities 77 464 Total liabilities $ 1,402 $ 2,393 Our only financial instrument for which the carrying value differs from its fair value is long-term debt. At December 29, 2018 , the fair value of long-term debt was $813,161 compared to its carrying value of $816,723 |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Dec. 29, 2018 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Net periodic benefit costs for our defined benefit pension plans are as follows: Three Months Ended December 29, December 30, U.S. Plans Service cost $ 5,251 $ 5,634 Interest cost 9,231 8,073 Expected return on plan assets (11,771 ) (13,576 ) Amortization of prior service cost (credit) 46 47 Amortization of actuarial loss 5,466 6,902 Pension expense for U.S. defined benefit plans $ 8,223 $ 7,080 Non-U.S. Plans Service cost $ 1,246 $ 1,470 Interest cost 1,101 1,055 Expected return on plan assets (1,298 ) (1,243 ) Amortization of prior service cost (credit) (5 ) (14 ) Amortization of actuarial loss 640 624 Pension expense for non-U.S. defined benefit plans $ 1,684 $ 1,892 Pension expense for our defined contribution plans consists of: Three Months Ended December 29, December 30, U.S. defined contribution plans $ 4,614 $ 3,972 Non-U.S. defined contribution plans 1,196 1,217 Total pension expense for defined contribution plans $ 5,810 $ 5,189 |
Restructuring
Restructuring | 3 Months Ended |
Dec. 29, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring In the second quarter of 2018, we initiated restructuring actions in conjunction with exiting the wind pitch control business within our Industrial Systems segment. These actions have resulted in workforce reductions, principally in Germany and China. The restructuring charge in 2018 consisted of $12,198 of non-cash inventory reserves, $12,316 of non-cash charges for the impairment of intangible assets, $2,162 of non-cash charges, primarily for the impairment of other long-lived assets, $7,969 for severance, $3,130 for facility closure and $3,217 for other costs. Restructuring activity for severance and other costs is as follows: Aircraft Controls Space and Defense Controls Industrial Systems Corporate Total Balance at September 29, 2018 $ 626 $ 64 $ 6,994 $ 429 $ 8,113 Adjustments to provision 48 (24 ) — — 24 Cash payments - 2016 plan — — — (148 ) (148 ) Cash payments - 2018 plan (205 ) — (1,451 ) — (1,656 ) Foreign currency translation (11 ) — (77 ) — (88 ) Balance at December 29, 2018 $ 458 $ 40 $ 5,466 $ 281 $ 6,245 As of December 29, 2018 , the restructuring accrual consists of $281 for the 2016 plan and $5,964 for the 2018 plan. Restructuring for all plans is expected to be paid by September 28, 2019 |
Income Taxes
Income Taxes | 3 Months Ended |
Dec. 29, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rate for the three months ended December 29, 2018 was 24.3% . The effective tax rate for this period is higher than would be expected by applying the U.S. federal statutory tax rate of 21% to earnings before income taxes primarily due to tax on earnings generated outside of the U.S. The effective tax rate for the three months ended December 30, 2017 was 97.3% . The effective tax rate for this period was significantly impacted by the enactment of the Tax Cuts and Jobs Act (the "Act") of 2017. The Act was enacted on December 22, 2017. It reduced the U.S. federal corporate tax rate from 35% to 21% , requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and created new taxes on certain foreign sourced earnings. In 2018, we recorded provisional amounts by applying the guidance in SAB 118, as we had not yet completed the accounting for the tax effects of enactment of the Act. For the year ended September 29, 2018, we recorded tax expense related to the Act of $30,795 for the one-time transition tax on undistributed foreign earnings deemed to be repatriated and a tax charge of $10,383 as an additional provision for taxes on undistributed earnings not considered to be permanently reinvested. These charges were partially offset by a $10,946 benefit due to the remeasurement of deferred tax assets and liabilities arising from the lower U.S. corporate tax rate. Determining the amount of unrecognized deferred tax liability related to any remaining undistributed foreign earnings not subject to the transition tax and additional outside basis difference in these entities is not practicable. Upon further analysis of the Act and notices and regulations issued and proposed by the U.S. Department of the Treasury and the Internal Revenue Service, we finalized our calculations of the transition tax liability with no further amounts recorded in the three months ended December 29, 2018. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Dec. 29, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The changes in AOCIL, net of tax, by component for the three months ended December 29, 2018 are as follows: Accumulated foreign currency translation Accumulated retirement liability Accumulated gain (loss) on derivatives Total AOCIL at September 29, 2018 $ (99,415 ) $ (272,317 ) $ (449 ) $ (372,181 ) Other comprehensive income (loss) before reclassifications (9,387 ) 414 494 (8,479 ) Amounts reclassified from AOCIL — 4,405 170 4,575 Other comprehensive income (loss) (9,387 ) 4,819 664 (3,904 ) AOCIL at December 29, 2018 $ (108,802 ) $ (267,498 ) $ 215 $ (376,085 ) The amounts reclassified from AOCIL into earnings are as follows: Three Months Ended Statement of earnings classification December 29, December 30, Retirement liability: Prior service cost (credit) $ (76 ) $ (85 ) Actuarial losses 5,928 7,396 Reclassification from AOCIL into earnings (1) 5,852 7,311 Tax effect (1,447 ) (2,692 ) Net reclassification from AOCIL into earnings $ 4,405 $ 4,619 Derivatives: Foreign currency contracts Sales $ (33 ) $ (118 ) Foreign currency contracts Cost of sales 660 696 Interest rate swaps Interest (400 ) (14 ) Reclassification from AOCIL into earnings 227 564 Tax effect (57 ) (235 ) Net reclassification from AOCIL into earnings $ 170 $ 329 (1) The reclassifications are included in the computation of non-service pension expense, which is included in Other on the Consolidated Condensed Statement of Earnings. The amounts deferred in AOCIL are as follows: Net deferral in AOCIL - effective portion Three Months Ended December 29, December 30, Foreign currency contracts $ 899 $ 828 Interest rate swaps (235 ) 617 Net gain 664 1,445 Tax effect (170 ) (540 ) Net deferral in AOCIL of derivatives $ 494 $ 905 |
Stock Employee Compensation Tru
Stock Employee Compensation Trust and Supplemental Retirement Plan Trust | 3 Months Ended |
Dec. 29, 2018 | |
Share-based Compensation [Abstract] | |
Stock Employee Compensation Trust and Supplemental Retirement Plan Trust | Stock Employee Compensation Trust and Supplemental Retirement Plan TrustThe 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) and the Employee Stock Purchase Plan (ESPP). The Supplemental Retirement Plan (SERP) Trust provides funding for benefits under the SERP provisions of the Moog Inc. Plan to Equalize Retirement Income and Supplemental Retirement Income. Both the SECT and the SERP Trust hold Moog 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 and Dividend
Earnings Per Share and Dividends | 3 Months Ended |
Dec. 29, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share and Dividends | Basic and diluted weighted-average shares outstanding are as follows: Three Months Ended December 29, December 30, Basic weighted-average shares outstanding 34,815,255 35,772,406 Dilutive effect of equity-based awards 310,574 428,648 Diluted weighted-average shares outstanding 35,125,829 36,201,054 For the three months ended December 29, 2018 and December 30, 2017 , there were 44,465 and 13,530 common shares from equity-based awards, respectively, excluded from the calculation of diluted earnings per share as they would be anti-dilutive. We declared and paid cash dividends of $0.25 per share on our Class A and Class B common stock in the first quarter of 2019 |
Segment Information
Segment Information | 3 Months Ended |
Dec. 29, 2018 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Segment Information | Segment Information Below are net sales by segment for the three months ended December 29, 2018 and December 30, 2017 disaggregated by type of good or service and market or type of customer. Three Months Ended December 29, December 30, Net sales: Military $ 146,801 $ 124,200 Commercial 157,244 154,334 Aircraft Controls 304,045 278,534 Space 50,176 49,413 Defense 105,892 83,980 Space and Defense Controls 156,068 133,393 Energy 29,297 38,102 Industrial Automation 109,130 96,445 Simulation and Test 29,050 30,837 Medical 52,086 50,224 Industrial Systems 219,563 215,608 Net sales $ 679,676 $ 627,535 Sales by customer are as follows: Three Months Ended December 29, December 30, Net sales: Commercial $ 157,244 $ 154,334 U.S. Government (including OEM) 117,181 95,997 Other 29,620 28,203 Aircraft Controls 304,045 278,534 Commercial 30,053 29,647 U.S. Government (including OEM) 114,465 90,752 Other 11,550 12,994 Space and Defense Controls 156,068 133,393 Commercial 210,568 202,706 U.S. Government (including OEM) 6,442 11,394 Other 2,553 1,508 Industrial Systems 219,563 215,608 Commercial 397,865 386,687 U.S. Government (including OEM) 238,088 198,143 Other 43,723 42,705 Net sales $ 679,676 $ 627,535 Below is operating profit by segment for the three months ended December 29, 2018 and December 30, 2017 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 29, December 30, Operating profit: Aircraft Controls $ 33,199 $ 31,043 Space and Defense Controls 18,473 16,473 Industrial Systems 27,705 19,911 Total operating profit 79,377 67,427 Deductions from operating profit: Interest expense 9,682 8,646 Equity-based compensation expense 2,008 2,001 Non-service pension expense 3,193 1,693 Corporate and other expenses, net 6,310 7,253 Earnings before income taxes $ 58,184 $ 47,834 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Dec. 29, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure | Related Party Transactions On November 20, 2017, John Scannell was elected to the Board of Directors of M&T Bank Corporation and M&T Bank. We currently engage with M&T Bank in the ordinary course of business for various financing activities, all of which were initiated prior to the election of Mr. Scannell to the Board. M&T Bank provides credit extension for routine purchases, which for the three months ended December 29, 2018 totaled $4,352 . At December 29, 2018 , we held a $15,000 interest rate swap with M&T Bank and outstanding leases with a total original cost of $28,318 . M&T Bank also maintains an interest of approximately 12% |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Dec. 29, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 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 $43,572 of standby letters of credit issued to third parties on our behalf at December 29, 2018 |
Subsequent Event
Subsequent Event | 3 Months Ended |
Dec. 29, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Event On January 24, 2019, the Board of Directors declared a $0.25 |
Basis Of Presentation (Policies
Basis Of Presentation (Policies) | 3 Months Ended |
Dec. 29, 2018 | |
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 29, 2018 are not necessarily indicative of the results expected for the full year. The accompanying unaudited consolidated condensed financial statements should be read in conjunction with the financial statements and notes thereto included in our Form 10-K for the fiscal year ended September 29, 2018 |
Reclassification | Certain prior year amounts have been reclassified to conform to current year's presentation. Management does not consider the amounts reclassified to be material. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Adopted Standard Description Financial Statement Effect or Other Significant Matters ASU no. 2014-09 Revenue from Contracts with Customers 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. 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 adopted this standard using the modified retrospective method, under which prior years' results are not restated, but supplemental information is provided in our disclosures to present 2019 results before effect of the standard. In addition, a cumulative adjustment was made to shareholders' equity at the beginning of 2019. Supplemental information is provided in our disclosures to present 2019 results before effect of the standard. Date adopted: ASU no. 2017-07 Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost The standard amends existing guidance on the presentation of net periodic benefit cost in the income statement and what qualifies for capitalization on the balance sheet. 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 as of the beginning of an annual period. The amendment requires income statement presentation provisions to be applied retrospectively and capitalization in assets provisions to be applied prospectively. We adopted this standard retrospectively for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit cost in the Consolidated Condensed Statement of Earnings. Supplemental information is provided in our disclosures to present 2018 results before effect of the standard. Date adopted: Recent Accounting Pronouncements Not Yet Adopted Standard Description Financial Statement Effect or Other Significant Matters ASU no. 2016-02 Leases (and all related ASUs) 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 ASU no. 2017-12 Targeted Improvements to Accounting for Hedging Activities The standard expands the hedging strategies eligible for hedge accounting, while simplifying presentation and disclosure by eliminating separate measurement and reporting of hedge ineffectiveness. The provisions of the standard are effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the effect on our financial statements and related disclosures. Planned date of adoption: Q1 2020 ASU no. 2018-15 Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract The standard amends ASC 350 to include in its scope implementation costs of a Cloud Computing Arrangement (CCA) that is a service contract and clarifies that a customer should apply ASC 350-40 to determine which implementation costs should be capitalized in a CCA that is considered a service contract. The ASU is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted. The amendments should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We are currently evaluating the effect on our financial statements and related disclosures. Planned date of adoption: On September 30, 2018, we adopted ASC 606: Revenue from Contracts with Customers and the related amendments (ASC 606), using the modified retrospective method, as described above. ASC 606 was applied to contracts that were not completed as of September 29, 2018. Prior periods have not been restated and continue to be reported under the accounting standard in effect for those periods. Previously, we recognized revenue under ASC 605: Revenue Recognition (ASC 605). The cumulative effect from the adoption of ASC 606 as of September 30, 2018 was as follows: September 29, 2018 Adjustments due to adoption of ASC 606 September 30, 2018 ASSETS Receivables $ 793,911 $ 89,121 $ 883,032 Inventories 512,522 (65,991 ) 446,531 Deferred income taxes 17,328 134 17,462 LIABILITIES AND SHAREHOLDERS’ EQUITY Contract advances $ 151,687 $ 921 $ 152,608 Contract and contract-related loss reserves 42,258 2,430 44,688 Other accrued liabilities 120,944 1,139 122,083 Deferred income taxes 46,477 3,851 50,328 Retained earnings 1,973,514 14,923 1,988,437 The table below represents the impact of the adoption of ASC 606 on the Consolidated Condensed Statement of Earnings for the three months ended December 29, 2018 . Under ASC 605 Effect of ASC 606 As Reported Under ASC 606 Net sales $ 677,334 $ 2,342 $ 679,676 Cost of sales 477,879 2,295 480,174 Gross profit 199,455 47 199,502 Earnings before income taxes 58,137 47 58,184 Income taxes 14,103 12 14,115 Net earnings $ 44,034 $ 35 $ 44,069 The table below represents the impact of the adoption of ASC 606 on the Consolidated Condensed Balance Sheet as of December 29, 2018 . Under ASC 605 Effect of ASC 606 As Reported Under ASC 606 ASSETS Current assets Receivables $ 773,865 $ 93,550 $ 867,415 Inventories 536,364 (68,553 ) 467,811 Total current assets 1,466,493 24,997 1,491,490 Deferred income taxes 16,005 (103 ) 15,902 Total assets 2,942,610 24,894 2,967,504 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Contract advances $ 180,967 $ 2,888 $ 183,855 Contract and contract-related loss reserves 40,312 2,371 42,683 Other accrued liabilities 118,477 1,145 119,622 Total current liabilities 670,406 6,404 676,810 Deferred income taxes 46,020 3,313 49,333 Total liabilities 1,684,523 9,717 1,694,240 Shareholders’ equity Retained earnings 2,008,845 14,958 2,023,803 Accumulated other comprehensive loss (376,304 ) 219 (376,085 ) Total shareholders’ equity 1,258,087 15,177 1,273,264 Total liabilities and shareholders’ equity 2,942,610 24,894 2,967,504 The table below represents the impact of the adoption of ASU 2017-07 on the Consolidated Condensed Statement of Earnings for the three months ended December 30, 2017 . As Reported, Impact of Adoption As Adjusted, Cost of sales $ 443,426 $ (276 ) $ 443,150 Gross profit 184,109 276 184,385 Research and development 32,420 (86 ) 32,334 Selling, general and administrative 95,950 (1,331 ) 94,619 Other (741 ) 1,693 952 The table below represents the impact of the adoption of ASU 2017-07 on operating profit and deductions from operating profit for the three months ended December 30, 2017 . As Reported, Impact of Adoption As Adjusted, Operating profit: Aircraft Controls $ 30,768 $ 275 $ 31,043 Space and Defense Controls 16,289 184 16,473 Industrial Systems 19,246 665 19,911 Total operating profit $ 66,303 $ 1,124 $ 67,427 Deductions from operating profit: Non-service pension expense $ — $ 1,693 $ 1,693 Corporate and other expenses, net $ 7,822 $ (569 ) $ 7,253 |
Shareholders' Equity | In accordance with SEC Final Rule Release No. 33-10532, we have adopted Rule 3-04 of Regulation S-X during the first quarter of 2019 and have disclosed changes in the Consolidated Condensed Statement of Shareholders' Equity and the amount of dividends per share for each class of shares for all periods presented. Refer to Note 16, Earnings per Share and Dividends. |
Basis Of Presentation Basis Of
Basis Of Presentation Basis Of Presentation (Tables) | 3 Months Ended |
Dec. 29, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The table below represents the impact of the adoption of ASU 2017-07 on the Consolidated Condensed Statement of Earnings for the three months ended December 30, 2017 . As Reported, Impact of Adoption As Adjusted, Cost of sales $ 443,426 $ (276 ) $ 443,150 Gross profit 184,109 276 184,385 Research and development 32,420 (86 ) 32,334 Selling, general and administrative 95,950 (1,331 ) 94,619 Other (741 ) 1,693 952 three months ended December 30, 2017 . As Reported, Impact of Adoption As Adjusted, Operating profit: Aircraft Controls $ 30,768 $ 275 $ 31,043 Space and Defense Controls 16,289 184 16,473 Industrial Systems 19,246 665 19,911 Total operating profit $ 66,303 $ 1,124 $ 67,427 Deductions from operating profit: Non-service pension expense $ — $ 1,693 $ 1,693 Corporate and other expenses, net $ 7,822 $ (569 ) $ 7,253 September 29, 2018 Adjustments due to adoption of ASC 606 September 30, 2018 ASSETS Receivables $ 793,911 $ 89,121 $ 883,032 Inventories 512,522 (65,991 ) 446,531 Deferred income taxes 17,328 134 17,462 LIABILITIES AND SHAREHOLDERS’ EQUITY Contract advances $ 151,687 $ 921 $ 152,608 Contract and contract-related loss reserves 42,258 2,430 44,688 Other accrued liabilities 120,944 1,139 122,083 Deferred income taxes 46,477 3,851 50,328 Retained earnings 1,973,514 14,923 1,988,437 |
Schedule of Prospective Adoption of New Accounting Pronouncements | The table below represents the impact of the adoption of ASC 606 on the Consolidated Condensed Balance Sheet as of December 29, 2018 . Under ASC 605 Effect of ASC 606 As Reported Under ASC 606 ASSETS Current assets Receivables $ 773,865 $ 93,550 $ 867,415 Inventories 536,364 (68,553 ) 467,811 Total current assets 1,466,493 24,997 1,491,490 Deferred income taxes 16,005 (103 ) 15,902 Total assets 2,942,610 24,894 2,967,504 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Contract advances $ 180,967 $ 2,888 $ 183,855 Contract and contract-related loss reserves 40,312 2,371 42,683 Other accrued liabilities 118,477 1,145 119,622 Total current liabilities 670,406 6,404 676,810 Deferred income taxes 46,020 3,313 49,333 Total liabilities 1,684,523 9,717 1,694,240 Shareholders’ equity Retained earnings 2,008,845 14,958 2,023,803 Accumulated other comprehensive loss (376,304 ) 219 (376,085 ) Total shareholders’ equity 1,258,087 15,177 1,273,264 Total liabilities and shareholders’ equity 2,942,610 24,894 2,967,504 three months ended December 29, 2018 . Under ASC 605 Effect of ASC 606 As Reported Under ASC 606 Net sales $ 677,334 $ 2,342 $ 679,676 Cost of sales 477,879 2,295 480,174 Gross profit 199,455 47 199,502 Earnings before income taxes 58,137 47 58,184 Income taxes 14,103 12 14,115 Net earnings $ 44,034 $ 35 $ 44,069 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Dec. 29, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Contract Assets and Liabilities | Total contract assets and contract liabilities as of December 29, 2018 are as follows: December 29, 2018 September 30, 2018 Unbilled receivables $ 420,093 $ 405,610 Contract advances 183,855 152,608 Net contract assets $ 236,238 $ 253,002 |
Receivables (Tables)
Receivables (Tables) | 3 Months Ended |
Dec. 29, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Receivables consist of: December 29, September 29, Accounts receivable $ 233,118 $ 295,180 Long-term contract receivables: Billed receivables 202,000 156,414 Unbilled receivables 420,093 316,489 Total long-term contract receivables 622,093 472,903 Other 17,055 30,787 Less allowance for doubtful accounts (4,851 ) (4,959 ) Receivables $ 867,415 $ 793,911 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Dec. 29, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, net of reserves | Inventories, net of reserves, consist of: December 29, September 29, Raw materials and purchased parts $ 190,249 $ 197,071 Work in progress 210,962 240,885 Finished goods 66,600 74,566 Inventories $ 467,811 $ 512,522 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Dec. 29, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carry Amount of Goodwill | The changes in the carrying amount of goodwill are as follows: Aircraft Space and Industrial Total Balance at September 29, 2018 $ 179,907 $ 261,732 $ 355,578 $ 797,217 Divestitures — — (1,237 ) (1,237 ) Foreign currency translation (1,339 ) (22 ) (3,419 ) (4,780 ) Balance at December 29, 2018 $ 178,568 $ 261,710 $ 350,922 $ 791,200 |
Components of Intangible Assets | The components of intangible assets are as follows: December 29, 2018 September 29, 2018 Weighted- Gross Carrying Accumulated Gross Carrying Accumulated Customer-related 11 $ 134,356 $ (97,123 ) $ 135,379 $ (96,090 ) Technology-related 9 69,172 (50,351 ) 69,393 (49,731 ) Program-related 19 63,646 (33,909 ) 64,988 (33,740 ) Marketing-related 8 23,351 (19,194 ) 23,489 (18,868 ) Other 10 4,238 (3,595 ) 4,305 (3,588 ) Intangible assets 12 $ 294,763 $ (204,172 ) $ 297,554 $ (202,017 ) |
Indebtedness (Tables)
Indebtedness (Tables) | 3 Months Ended |
Dec. 29, 2018 | |
Debt Disclosure [Abstract] | |
Components of Long-term debt | Long-term debt consists of: December 29, September 29, U.S. revolving credit facility $ 379,900 $ 430,000 Other revolving credit facility 6,000 — Senior notes 300,000 300,000 Securitization program 130,000 130,000 Obligations under capital leases 823 918 Senior debt 816,723 860,918 Less deferred debt issuance cost (1,290 ) (1,717 ) Less current installments (326 ) (365 ) Long-term debt $ 815,107 $ 858,836 |
Product Warranties (Tables)
Product Warranties (Tables) | 3 Months Ended |
Dec. 29, 2018 | |
Product Warranties Disclosures [Abstract] | |
Summary of Activity in Warranty Accrual | Activity in the warranty accrual is summarized as follows: Three Months Ended December 29, December 30, Warranty accrual at beginning of period $ 25,537 $ 25,848 Warranties issued during current period 3,365 4,757 Adjustments to pre-existing warranties (91 ) (70 ) Reductions for settling warranties (4,371 ) (2,915 ) Foreign currency translation (183 ) 128 Warranty accrual at end of period $ 24,257 $ 27,748 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Dec. 29, 2018 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Gains And Losses On Foreign Currency Forwards Included In Other Income Or Expense | 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 29, December 30, Net loss $ (1,650 ) $ (628 ) |
Fair Value And Classification Of Derivatives On The Consolidated Balance Sheets | The fair value and classification of derivatives is summarized as follows: December 29, September 29, Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 591 $ 659 Foreign currency contracts Other assets 165 41 Interest rate swaps Other current assets 1,044 1,444 Interest rate swaps Other assets 104 322 Total asset derivatives $ 1,904 $ 2,466 Foreign currency contracts Other accrued liabilities $ 927 $ 1,842 Foreign currency contracts Other long-term liabilities 77 464 Total liability derivatives $ 1,004 $ 2,306 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 335 $ 285 Foreign currency contracts Other accrued liabilities $ 398 $ 87 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Dec. 29, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Values And Classification Of Financial Assets And Liabilities Measured On A Recurring Basis | 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 29, September 29, Foreign currency contracts Other current assets $ 926 $ 944 Foreign currency contracts Other assets 165 41 Interest rate swaps Other current assets 1,044 1,444 Interest rate swaps Other assets 104 322 Total assets $ 2,239 $ 2,751 Foreign currency contracts Other accrued liabilities $ 1,325 $ 1,929 Foreign currency contracts Other long-term liabilities 77 464 Total liabilities $ 1,402 $ 2,393 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Dec. 29, 2018 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | |
Net Periodic Benefit Costs | Net periodic benefit costs for our defined benefit pension plans are as follows: Three Months Ended December 29, December 30, U.S. Plans Service cost $ 5,251 $ 5,634 Interest cost 9,231 8,073 Expected return on plan assets (11,771 ) (13,576 ) Amortization of prior service cost (credit) 46 47 Amortization of actuarial loss 5,466 6,902 Pension expense for U.S. defined benefit plans $ 8,223 $ 7,080 Non-U.S. Plans Service cost $ 1,246 $ 1,470 Interest cost 1,101 1,055 Expected return on plan assets (1,298 ) (1,243 ) Amortization of prior service cost (credit) (5 ) (14 ) Amortization of actuarial loss 640 624 Pension expense for non-U.S. defined benefit plans $ 1,684 $ 1,892 |
Defined Contribution Plan Disclosures | Pension expense for our defined contribution plans consists of: Three Months Ended December 29, December 30, U.S. defined contribution plans $ 4,614 $ 3,972 Non-U.S. defined contribution plans 1,196 1,217 Total pension expense for defined contribution plans $ 5,810 $ 5,189 |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Dec. 29, 2018 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve Activity | Restructuring activity for severance and other costs is as follows: Aircraft Controls Space and Defense Controls Industrial Systems Corporate Total Balance at September 29, 2018 $ 626 $ 64 $ 6,994 $ 429 $ 8,113 Adjustments to provision 48 (24 ) — — 24 Cash payments - 2016 plan — — — (148 ) (148 ) Cash payments - 2018 plan (205 ) — (1,451 ) — (1,656 ) Foreign currency translation (11 ) — (77 ) — (88 ) Balance at December 29, 2018 $ 458 $ 40 $ 5,466 $ 281 $ 6,245 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Dec. 29, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Components of AOCIL | The changes in AOCIL, net of tax, by component for the three months ended December 29, 2018 are as follows: Accumulated foreign currency translation Accumulated retirement liability Accumulated gain (loss) on derivatives Total AOCIL at September 29, 2018 $ (99,415 ) $ (272,317 ) $ (449 ) $ (372,181 ) Other comprehensive income (loss) before reclassifications (9,387 ) 414 494 (8,479 ) Amounts reclassified from AOCIL — 4,405 170 4,575 Other comprehensive income (loss) (9,387 ) 4,819 664 (3,904 ) AOCIL at December 29, 2018 $ (108,802 ) $ (267,498 ) $ 215 $ (376,085 ) |
Reclassification from AOCIL | The amounts reclassified from AOCIL into earnings are as follows: Three Months Ended Statement of earnings classification December 29, December 30, Retirement liability: Prior service cost (credit) $ (76 ) $ (85 ) Actuarial losses 5,928 7,396 Reclassification from AOCIL into earnings (1) 5,852 7,311 Tax effect (1,447 ) (2,692 ) Net reclassification from AOCIL into earnings $ 4,405 $ 4,619 Derivatives: Foreign currency contracts Sales $ (33 ) $ (118 ) Foreign currency contracts Cost of sales 660 696 Interest rate swaps Interest (400 ) (14 ) Reclassification from AOCIL into earnings 227 564 Tax effect (57 ) (235 ) Net reclassification from AOCIL into earnings $ 170 $ 329 |
Activity and Classification of Derivative Deferral in AOCIL | The amounts deferred in AOCIL are as follows: Net deferral in AOCIL - effective portion Three Months Ended December 29, December 30, Foreign currency contracts $ 899 $ 828 Interest rate swaps (235 ) 617 Net gain 664 1,445 Tax effect (170 ) (540 ) Net deferral in AOCIL of derivatives $ 494 $ 905 |
Earnings Per Share and Divide_2
Earnings Per Share and Dividends (Tables) | 3 Months Ended |
Dec. 29, 2018 | |
Earnings Per Share [Abstract] | |
Basic And Diluted Weighted-Average Shares Outstanding | Basic and diluted weighted-average shares outstanding are as follows: Three Months Ended December 29, December 30, Basic weighted-average shares outstanding 34,815,255 35,772,406 Dilutive effect of equity-based awards 310,574 428,648 Diluted weighted-average shares outstanding 35,125,829 36,201,054 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Dec. 29, 2018 | |
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 | Sales by customer are as follows: Three Months Ended December 29, December 30, Net sales: Commercial $ 157,244 $ 154,334 U.S. Government (including OEM) 117,181 95,997 Other 29,620 28,203 Aircraft Controls 304,045 278,534 Commercial 30,053 29,647 U.S. Government (including OEM) 114,465 90,752 Other 11,550 12,994 Space and Defense Controls 156,068 133,393 Commercial 210,568 202,706 U.S. Government (including OEM) 6,442 11,394 Other 2,553 1,508 Industrial Systems 219,563 215,608 Commercial 397,865 386,687 U.S. Government (including OEM) 238,088 198,143 Other 43,723 42,705 Net sales $ 679,676 $ 627,535 three months ended December 29, 2018 and December 30, 2017 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 29, December 30, Operating profit: Aircraft Controls $ 33,199 $ 31,043 Space and Defense Controls 18,473 16,473 Industrial Systems 27,705 19,911 Total operating profit 79,377 67,427 Deductions from operating profit: Interest expense 9,682 8,646 Equity-based compensation expense 2,008 2,001 Non-service pension expense 3,193 1,693 Corporate and other expenses, net 6,310 7,253 Earnings before income taxes $ 58,184 $ 47,834 three months ended December 29, 2018 and December 30, 2017 disaggregated by type of good or service and market or type of customer. Three Months Ended December 29, December 30, Net sales: Military $ 146,801 $ 124,200 Commercial 157,244 154,334 Aircraft Controls 304,045 278,534 Space 50,176 49,413 Defense 105,892 83,980 Space and Defense Controls 156,068 133,393 Energy 29,297 38,102 Industrial Automation 109,130 96,445 Simulation and Test 29,050 30,837 Medical 52,086 50,224 Industrial Systems 219,563 215,608 Net sales $ 679,676 $ 627,535 |
Basis Of Presentation Basis o_2
Basis Of Presentation Basis of Presentation (Cumulative effect from adoption of ASC 606) (Details) - USD ($) $ in Thousands | Dec. 29, 2018 | Sep. 30, 2018 | Sep. 29, 2018 |
New Accounting Pronouncements or Change in Accounting Principle | |||
Receivables | $ 867,415 | $ 883,032 | $ 793,911 |
Inventories | 467,811 | 446,531 | 512,522 |
Deferred income taxes | 15,902 | 17,462 | 17,328 |
Contract advances | 183,855 | 152,608 | 151,687 |
Contract and contract-related loss reserves | 42,683 | 44,688 | 42,258 |
Other accrued liabilities | 119,622 | 122,083 | 120,944 |
Deferred income taxes | 49,333 | 50,328 | 46,477 |
Retained earnings | $ 2,023,803 | 1,988,437 | $ 1,973,514 |
ASC 606 | |||
New Accounting Pronouncements or Change in Accounting Principle | |||
Receivables | 89,121 | ||
Inventories | (65,991) | ||
Deferred income taxes | 134 | ||
Contract advances | 921 | ||
Contract and contract-related loss reserves | 2,430 | ||
Other accrued liabilities | 1,139 | ||
Deferred income taxes | 3,851 | ||
Retained earnings | $ 14,923 |
Basis Of Presentation Basis o_3
Basis Of Presentation Basis of Presentation (Impact of adoption of ASC 606 on Consolidated Condensed Statement of Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Item Effected | ||
Net sales | $ 679,676 | $ 627,535 |
Cost of sales | 480,174 | 443,150 |
Gross Profit | 199,502 | 184,385 |
Earnings before income taxes | 58,184 | 47,834 |
Income taxes | 14,115 | 46,535 |
Net earnings | 44,069 | $ 1,299 |
ASC 605 | ||
Item Effected | ||
Net sales | 677,334 | |
Cost of sales | 477,879 | |
Gross Profit | 199,455 | |
Earnings before income taxes | 58,137 | |
Income taxes | 14,103 | |
Net earnings | 44,034 | |
Adjustment for ASC 606 | ||
Item Effected | ||
Net sales | 2,342 | |
Cost of sales | 2,295 | |
Gross Profit | 47 | |
Earnings before income taxes | 47 | |
Income taxes | 12 | |
Net earnings | 35 | |
ASC 606 | ||
Item Effected | ||
Net sales | 679,676 | |
Cost of sales | 480,174 | |
Gross Profit | 199,502 | |
Earnings before income taxes | 58,184 | |
Income taxes | 14,115 | |
Net earnings | $ 44,069 |
Basis Of Presentation Basis o_4
Basis Of Presentation Basis of Presentation (Impact of adoption of ASC 606 on Consolidated Condensed Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 29, 2018 | Sep. 30, 2018 | Sep. 29, 2018 | Dec. 30, 2017 |
Item Effected | ||||
Receivables | $ 867,415 | $ 883,032 | $ 793,911 | |
Inventories | 467,811 | 446,531 | 512,522 | |
Total current assets | 1,491,490 | 1,476,421 | ||
Deferred income taxes | 15,902 | 17,462 | 17,328 | |
Total assets | 2,967,504 | 2,964,048 | ||
Contract advances | 183,855 | 152,608 | 151,687 | |
Contract and contract-related loss reserves | 42,683 | 44,688 | 42,258 | |
Other accrued liabilities | 119,622 | 122,083 | 120,944 | |
Total current liabilities | 676,810 | 680,624 | ||
Deferred income taxes | 49,333 | 50,328 | 46,477 | |
Total liabilities | 1,694,240 | 1,739,062 | ||
Retained earnings | 2,023,803 | $ 1,988,437 | 1,973,514 | |
Accumulated other comprehensive loss | (376,085) | (372,181) | ||
Total shareholders' equity | 1,273,264 | 1,224,986 | $ 1,227,949 | |
Total liabilities and shareholders' equity | 2,967,504 | $ 2,964,048 | ||
ASC 605 | ||||
Item Effected | ||||
Receivables | 773,865 | |||
Inventories | 536,364 | |||
Total current assets | 1,466,493 | |||
Deferred income taxes | 16,005 | |||
Total assets | 2,942,610 | |||
Contract advances | 180,967 | |||
Contract and contract-related loss reserves | 40,312 | |||
Other accrued liabilities | 118,477 | |||
Total current liabilities | 670,406 | |||
Deferred income taxes | 46,020 | |||
Total liabilities | 1,684,523 | |||
Retained earnings | 2,008,845 | |||
Accumulated other comprehensive loss | (376,304) | |||
Total shareholders' equity | 1,258,087 | |||
Total liabilities and shareholders' equity | 2,942,610 | |||
Adjustment for ASC 606 | ||||
Item Effected | ||||
Receivables | 93,550 | |||
Inventories | (68,553) | |||
Total current assets | 24,997 | |||
Deferred income taxes | (103) | |||
Total assets | 24,894 | |||
Contract advances | 2,888 | |||
Contract and contract-related loss reserves | 2,371 | |||
Other accrued liabilities | 1,145 | |||
Total current liabilities | 6,404 | |||
Deferred income taxes | 3,313 | |||
Total liabilities | 9,717 | |||
Retained earnings | 14,958 | |||
Accumulated other comprehensive loss | 219 | |||
Total shareholders' equity | 15,177 | |||
Total liabilities and shareholders' equity | 24,894 | |||
ASC 606 | ||||
Item Effected | ||||
Receivables | 867,415 | |||
Inventories | 467,811 | |||
Total current assets | 1,491,490 | |||
Deferred income taxes | 15,902 | |||
Total assets | 2,967,504 | |||
Contract advances | 183,855 | |||
Contract and contract-related loss reserves | 42,683 | |||
Other accrued liabilities | 119,622 | |||
Total current liabilities | 676,810 | |||
Deferred income taxes | 49,333 | |||
Total liabilities | 1,694,240 | |||
Retained earnings | 2,023,803 | |||
Accumulated other comprehensive loss | (376,085) | |||
Total shareholders' equity | 1,273,264 | |||
Total liabilities and shareholders' equity | $ 2,967,504 |
Basis Of Presentation Basis o_5
Basis Of Presentation Basis of Presentation (Impact of adoption of ASC 2017-07 on Consolidated Condensed Statement of Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle | ||
Cost of sales | $ 480,174 | $ 443,150 |
Gross Profit | 199,502 | 184,385 |
Research and development | 31,876 | 32,334 |
Selling, general and administrative | 96,326 | 94,619 |
Other | $ 3,434 | 952 |
Previously Reported | ||
New Accounting Pronouncements or Change in Accounting Principle | ||
Cost of sales | 443,426 | |
Gross Profit | 184,109 | |
Research and development | 32,420 | |
Selling, general and administrative | 95,950 | |
Other | (741) | |
ASC 2017-07 | Restatement Adjustment | ||
New Accounting Pronouncements or Change in Accounting Principle | ||
Cost of sales | (276) | |
Gross Profit | 276 | |
Research and development | (86) | |
Selling, general and administrative | (1,331) | |
Other | $ 1,693 |
Basis Of Presentation Basis o_6
Basis Of Presentation Basis of Presentation (Impact from adoption of ASU 2017-07 on Operating Profit by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle | ||
Operating profit | $ 79,377 | $ 67,427 |
Deductions from operating profit: | ||
Non-service pension expense | 3,193 | 1,693 |
Corporate and other expenses, net | 6,310 | 7,253 |
Previously Reported | ||
New Accounting Pronouncements or Change in Accounting Principle | ||
Operating profit | 66,303 | |
Deductions from operating profit: | ||
Non-service pension expense | 0 | |
Corporate and other expenses, net | 7,822 | |
ASC 2017-07 | Restatement Adjustment | ||
New Accounting Pronouncements or Change in Accounting Principle | ||
Operating profit | 1,124 | |
Deductions from operating profit: | ||
Non-service pension expense | 1,693 | |
Corporate and other expenses, net | (569) | |
Aircraft Controls | ||
New Accounting Pronouncements or Change in Accounting Principle | ||
Operating profit | 33,199 | 31,043 |
Aircraft Controls | Previously Reported | ||
New Accounting Pronouncements or Change in Accounting Principle | ||
Operating profit | 30,768 | |
Aircraft Controls | ASC 2017-07 | Restatement Adjustment | ||
New Accounting Pronouncements or Change in Accounting Principle | ||
Operating profit | 275 | |
Space And Defense Controls | ||
New Accounting Pronouncements or Change in Accounting Principle | ||
Operating profit | 18,473 | 16,473 |
Space And Defense Controls | Previously Reported | ||
New Accounting Pronouncements or Change in Accounting Principle | ||
Operating profit | 16,289 | |
Space And Defense Controls | ASC 2017-07 | Restatement Adjustment | ||
New Accounting Pronouncements or Change in Accounting Principle | ||
Operating profit | 184 | |
Industrial Systems | ||
New Accounting Pronouncements or Change in Accounting Principle | ||
Operating profit | $ 27,705 | 19,911 |
Industrial Systems | Previously Reported | ||
New Accounting Pronouncements or Change in Accounting Principle | ||
Operating profit | 19,246 | |
Industrial Systems | ASC 2017-07 | Restatement Adjustment | ||
New Accounting Pronouncements or Change in Accounting Principle | ||
Operating profit | $ 665 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers Revenue from Contracts with Customers (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 29, 2018 | Sep. 30, 2018 | Sep. 29, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Revenue for adjustments made to performance obligations satisified in prior year | $ 11,759 | ||
Contract and contract-related loss reserves | 42,683 | $ 44,688 | $ 42,258 |
Revenue recognized due to contract liabilities | 47,508 | ||
Remaining performance obligation, amount | $ 2,100,000 | ||
Remaining performance obligation, percentage | 67.00% | ||
Remaining performance obligation, expected timing of satisfaction | 12 months | ||
Transferred over time | |||
Disaggregation of Revenue [Line Items] | |||
Revenue, net percent | 63.00% | ||
Transferred at Point in Time | |||
Disaggregation of Revenue [Line Items] | |||
Revenue, net percent | 37.00% | ||
Minimum | |||
Disaggregation of Revenue [Line Items] | |||
Payment terms | 30 | ||
Maximum | |||
Disaggregation of Revenue [Line Items] | |||
Payment terms | 60 days |
Revenue from Contracts with C_4
Revenue from Contracts with Customers (Contract Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 29, 2018 | Sep. 30, 2018 | Sep. 29, 2018 |
Revenue from Contract with Customer [Abstract] | |||
Unbilled receivables | $ 420,093 | $ 405,610 | $ 316,489 |
Contract advances | 183,855 | 152,608 | $ 151,687 |
Net contract assets | $ 236,238 | $ 253,002 |
Acquisitions, Divestitures an_2
Acquisitions, Divestitures and Equity Investments (Narrative) (Details) - USD ($) $ in Thousands | Sep. 06, 2018 | Apr. 30, 2018 | Mar. 29, 2018 | Dec. 29, 2018 |
Industrial Systems | ||||
Business Acquisitions, Divestitures and Equity Method Investments | ||||
Proceeds from Divestiture of Businesses | $ 4,191 | |||
Industrial Systems | Other Income | ||||
Business Acquisitions, Divestitures and Equity Method Investments | ||||
Gain on Divestiture | $ (2,641) | |||
Electro-Optical Imaging | Space And Defense Controls | ||||
Business Acquisitions, Divestitures and Equity Method Investments | ||||
Purchase Price Net of Acquired Cash | $ 5,442 | |||
VUES Brno s.r.o | Industrial Systems | ||||
Business Acquisitions, Divestitures and Equity Method Investments | ||||
Purchase Price Net of Acquired Cash | $ 64,140 | |||
Cash Paid to Acquire a Business | 42,961 | |||
Long-term Debt Assumed | $ 21,179 | |||
VUES Brno s.r.o | Brno s.r.o | Industrial Systems | ||||
Business Acquisitions, Divestitures and Equity Method Investments | ||||
Percentage of Ownership Interest | 100.00% | |||
VUES Brno s.r.o | VSM GmbH | Industrial Systems | ||||
Business Acquisitions, Divestitures and Equity Method Investments | ||||
Percentage of Ownership Interest | 74.00% | |||
Noncontrolling Interest, Redeemed Interest | 26.00% | |||
Cash Paid to Redeem Noncontrolling Interest | $ 1,843 | |||
Moog Aircraft Services Asia | Aircraft Controls | ||||
Business Acquisitions, Divestitures and Equity Method Investments | ||||
Ownership Percentage, Equity Method Investment | 51.00% | |||
Contributions Made on Equity Method Investment | $ 5,100 |
Receivables (Schedule of Receiv
Receivables (Schedule of Receivables) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 29, 2018 | Sep. 29, 2018 | Sep. 30, 2018 | |
Receivables [Abstract] | |||
Accounts receivable | $ 233,118 | $ 295,180 | |
Long-term contract receivables - Amounts billed | 202,000 | 156,414 | |
Long-term contract receivables - Unbilled recoverable costs and accrued profits | 420,093 | 316,489 | $ 405,610 |
Total long-term contract receivables | 622,093 | 472,903 | |
Other | 17,055 | 30,787 | |
Less allowance for doubtful accounts | (4,851) | (4,959) | |
Receivables | $ 867,415 | $ 793,911 | $ 883,032 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventory) (Details) - USD ($) $ in Thousands | Dec. 29, 2018 | Sep. 30, 2018 | Sep. 29, 2018 |
Inventory Disclosure [Abstract] | |||
Raw materials and purchased parts | $ 190,249 | $ 197,071 | |
Work in progress | 210,962 | 240,885 | |
Finished goods | 66,600 | 74,566 | |
Inventories | $ 467,811 | $ 446,531 | $ 512,522 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Changes In Carrying Amount Of Goodwill) (Details) $ in Thousands | 3 Months Ended |
Dec. 29, 2018USD ($) | |
Goodwill | |
Beginning balance | $ 797,217 |
Divestitures | (1,237) |
Foreign currency translation | (4,780) |
Ending balance | 791,200 |
Aircraft Controls | |
Goodwill | |
Beginning balance | 179,907 |
Divestitures | 0 |
Foreign currency translation | (1,339) |
Ending balance | 178,568 |
Space And Defense Controls | |
Goodwill | |
Beginning balance | 261,732 |
Divestitures | 0 |
Foreign currency translation | (22) |
Ending balance | 261,710 |
Industrial Systems | |
Goodwill | |
Beginning balance | 355,578 |
Divestitures | (1,237) |
Foreign currency translation | (3,419) |
Ending balance | $ 350,922 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Goodwill Narrative) (Details) $ in Thousands | Dec. 29, 2018USD ($) |
Space And Defense Controls | |
Goodwill [Line Items] | |
Goodwill, accumulated impairment loss | $ 4,800 |
Industrial Systems | |
Goodwill [Line Items] | |
Goodwill, accumulated impairment loss | $ 38,200 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Components Of Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 29, 2018 | Sep. 29, 2018 | |
Finite-Lived Intangible Assets | ||
Weighted-Average Life (years) | 12 years | |
Gross Carrying Amount | $ 294,763 | $ 297,554 |
Accumulated Amortization | $ (204,172) | (202,017) |
Customer-Related | ||
Finite-Lived Intangible Assets | ||
Weighted-Average Life (years) | 11 years | |
Gross Carrying Amount | $ 134,356 | 135,379 |
Accumulated Amortization | $ (97,123) | (96,090) |
Technology-Related | ||
Finite-Lived Intangible Assets | ||
Weighted-Average Life (years) | 9 years | |
Gross Carrying Amount | $ 69,172 | 69,393 |
Accumulated Amortization | $ (50,351) | (49,731) |
Program-Related | ||
Finite-Lived Intangible Assets | ||
Weighted-Average Life (years) | 19 years | |
Gross Carrying Amount | $ 63,646 | 64,988 |
Accumulated Amortization | $ (33,909) | (33,740) |
Marketing-Related | ||
Finite-Lived Intangible Assets | ||
Weighted-Average Life (years) | 8 years | |
Gross Carrying Amount | $ 23,351 | 23,489 |
Accumulated Amortization | $ (19,194) | (18,868) |
Other Intangible Assets | ||
Finite-Lived Intangible Assets | ||
Weighted-Average Life (years) | 10 years | |
Gross Carrying Amount | $ 4,238 | 4,305 |
Accumulated Amortization | $ (3,595) | $ (3,588) |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Intangibles Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of acquired intangible assets | $ 3,683 | $ 4,600 |
Future amortization expenses, 2019 | 13,100 | |
Future amortization expenses, 2020 | 11,400 | |
Future amortization expenses, 2021 | 9,500 | |
Future amortization expenses, 2022 | 8,000 | |
Future amortization expenses, 2023 | $ 7,200 |
Indebtedness (Components of Lon
Indebtedness (Components of Long-term debt) (Details) - USD ($) $ in Thousands | Dec. 29, 2018 | Sep. 29, 2018 |
Line of Credit Facility | ||
Senior notes | $ 300,000 | $ 300,000 |
Securitization program | 130,000 | 130,000 |
Obligations under capital leases | 823 | 918 |
Senior debt | 816,723 | 860,918 |
Less deferred debt issuance cost | (1,290) | (1,717) |
Less current installments | (326) | (365) |
Long-term debt | 815,107 | 858,836 |
U.S. revolving credit facility | ||
Line of Credit Facility | ||
Revolving credit facility | 379,900 | 430,000 |
SECT Revolving Credit Facility | ||
Line of Credit Facility | ||
Revolving credit facility | $ 6,000 | $ 0 |
Indebtedness (Narrative) (Detai
Indebtedness (Narrative) (Details) - USD ($) $ in Thousands | Oct. 30, 2018 | Jun. 28, 2016 | Dec. 29, 2018 | Sep. 29, 2018 | Jul. 26, 2018 |
U.S. revolving credit facility | |||||
Line of Credit Facility | |||||
Outstanding borrowings | $ 379,900 | $ 430,000 | |||
SECT Revolving Credit Facility | |||||
Line of Credit Facility | |||||
Outstanding borrowings | 6,000 | $ 0 | |||
Line of Credit | U.S. 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 | ||||
Line of Credit | SECT Revolving Credit Facility | |||||
Line of Credit Facility | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 35,000 | ||||
Senior Notes | |||||
Line of Credit Facility | |||||
Debt Instrument, Face Amount | $ 300,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | ||||
Securitization Program | |||||
Line of Credit Facility | |||||
Maximum credit facility amount that can borrow | $ 130,000 | ||||
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 | $ 104,000 |
Product Warranties (Narrative)
Product Warranties (Narrative) (Details) | 3 Months Ended |
Dec. 29, 2018 | |
Minimum | |
Product Warranty Liability | |
Warranty period - months | twelve |
Maximum | |
Product Warranty Liability | |
Warranty period - months | sixty |
Product Warranties (Summary Of
Product Warranties (Summary Of Activity In Warranty Accrual) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Warranty accrual at beginning of period | $ 25,537 | $ 25,848 |
Warranties issued during current period | 3,365 | 4,757 |
Adjustments to pre-existing warranties | (91) | (70) |
Reductions for settling warranties | (4,371) | (2,915) |
Foreign currency translation | (183) | 128 |
Warranty accrual at end of period | $ 24,257 | $ 27,748 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) $ in Thousands | Dec. 29, 2018USD ($) |
Designated as Hedging Instrument | Interest Rate Swaps | |
Derivative | |
Notional Amount, Derivative | $ 150,000 |
Conversion Rate Of Interest Rate Swaps From Variable to Fixed | 2.87% |
Basis Spread on Variable Rate Derivative | 1.63% |
Designated as Hedging Instrument | Foreign Currency Contracts | |
Derivative | |
Notional Amount, Derivative | $ 63,466 |
Designated as Hedging Instrument | Net Investment Hedge | |
Derivative | |
Notional Amount, Derivative | 0 |
Not Designated as Hedging Instrument | Foreign Currency Contracts | |
Derivative | |
Notional Amount, Derivative | $ 95,298 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Gains And Losses On Foreign Currency Forwards Included In Other Income Or Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Other Income (Expense) | ||
Derivative | ||
Net loss | $ (1,650) | $ (628) |
Derivative Financial Instrume_5
Derivative Financial Instruments (Fair Value And Classification Of Derivatives On The Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 29, 2018 | Sep. 29, 2018 |
Designated as Hedging Instrument | Other Current Assets | Foreign Currency Contracts | ||
Derivative Instruments, Fair Value | ||
Derivative assets as hedging instruments, fair value | $ 591 | $ 659 |
Designated as Hedging Instrument | Other Current Assets | Interest Rate Swaps | ||
Derivative Instruments, Fair Value | ||
Derivative assets as hedging instruments, fair value | 1,044 | 1,444 |
Designated as Hedging Instrument | Other Assets | Foreign Currency Contracts | ||
Derivative Instruments, Fair Value | ||
Derivative assets as hedging instruments, fair value | 165 | 41 |
Designated as Hedging Instrument | Other Assets | Interest Rate Swaps | ||
Derivative Instruments, Fair Value | ||
Derivative assets as hedging instruments, fair value | 104 | 322 |
Designated as Hedging Instrument | Total asset derivative | ||
Derivative Instruments, Fair Value | ||
Derivative assets as hedging instruments, fair value | 1,904 | 2,466 |
Designated as Hedging Instrument | Other Accrued Liabilities | Foreign Currency Contracts | ||
Derivative Instruments, Fair Value | ||
Derivative liabilities as hedging instruments, fair value | 927 | 1,842 |
Designated as Hedging Instrument | Other Long-Term Liabilities | Foreign Currency Contracts | ||
Derivative Instruments, Fair Value | ||
Derivative liabilities as hedging instruments, fair value | 77 | 464 |
Designated as Hedging Instrument | Total liability derivatives | ||
Derivative Instruments, Fair Value | ||
Derivative liabilities as hedging instruments, fair value | 1,004 | 2,306 |
Not Designated As Hedging Instruments | Other Current Assets | Foreign Currency Contracts | ||
Derivative Instruments, Fair Value | ||
Derivative assets as hedging instruments, fair value | 335 | 285 |
Not Designated As Hedging Instruments | Other Accrued Liabilities | Foreign Currency Contracts | ||
Derivative Instruments, Fair Value | ||
Derivative liabilities as hedging instruments, fair value | $ 398 | $ 87 |
Fair Value (Fair Values And Cla
Fair Value (Fair Values And Classification Of Financial Assets And Liabilities Measured On A Recurring Basis) (Details) - Level 2 - USD ($) $ in Thousands | Dec. 29, 2018 | Sep. 29, 2018 |
Other Current Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Foreign currency forwards, fair value assets | $ 926 | $ 944 |
Interest rate swap, fair value assets | 1,044 | 1,444 |
Other Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Foreign currency forwards, fair value assets | 165 | 41 |
Interest rate swap, fair value assets | 104 | 322 |
Total Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total fair value assets | 2,239 | 2,751 |
Other Accrued Liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Foreign currency forwards, fair value liabilities | 1,325 | 1,929 |
Other Long-Term Liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Foreign currency forwards, fair value liabilities | 77 | 464 |
Total Liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total fair value liabilities | $ 1,402 | $ 2,393 |
Fair Value Fair Value (Narrativ
Fair Value Fair Value (Narrative) (Details) $ in Thousands | Dec. 29, 2018USD ($) |
Fair Value Disclosures [Abstract] | |
Fair value of long-term debt | $ 813,161 |
Carrying value of long-term debt | $ 816,723 |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Benefit Costs) (Details) - Defined Benefit Pension Plans - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
U.S. Plans | ||
Defined Benefit Plan Disclosure | ||
Service cost | $ 5,251 | $ 5,634 |
Interest cost | 9,231 | 8,073 |
Expected return on plan assets | (11,771) | (13,576) |
Amortization of prior service cost (credit) | 46 | 47 |
Amortization of actuarial loss | 5,466 | 6,902 |
Pension expense for defined benefit plans | 8,223 | 7,080 |
Non-U.S. Plans | ||
Defined Benefit Plan Disclosure | ||
Service cost | 1,246 | 1,470 |
Interest cost | 1,101 | 1,055 |
Expected return on plan assets | (1,298) | (1,243) |
Amortization of prior service cost (credit) | (5) | (14) |
Amortization of actuarial loss | 640 | 624 |
Pension expense for defined benefit plans | $ 1,684 | $ 1,892 |
Employee Benefit Plans (Defined
Employee Benefit Plans (Defined Contribution Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Defined Contribution Pension Plans | ||
Defined Contribution Plan Disclosure | ||
Defined contribution plan expense | $ 5,810 | $ 5,189 |
U.S. Plans | ||
Defined Contribution Plan Disclosure | ||
Defined contribution plan expense | 4,614 | 3,972 |
Non-U.S. Plans | ||
Defined Contribution Plan Disclosure | ||
Defined contribution plan expense | $ 1,196 | $ 1,217 |
Restructuring Restructuring (Na
Restructuring Restructuring (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 29, 2018 | Dec. 29, 2018 | |
Restructuring Cost and Reserve | ||
Restructuring reserve | $ 8,113 | $ 6,245 |
2018 Plan | ||
Restructuring Cost and Reserve | ||
Restructuring reserve | 5,964 | |
2018 Plan | Employee Severance | ||
Restructuring Cost and Reserve | ||
Restructuring | 7,969 | |
2018 Plan | Facility Closing | ||
Restructuring Cost and Reserve | ||
Restructuring | 3,130 | |
2018 Plan | Other Restructuring | ||
Restructuring Cost and Reserve | ||
Restructuring | 3,217 | |
2018 Plan | Other Restructuring | Inventory | ||
Restructuring Cost and Reserve | ||
Non-cash inventory reserves | 12,198 | |
2018 Plan | Other Restructuring | Intangible assets | ||
Restructuring Cost and Reserve | ||
Restructuring costs and asset impairment Charges | 12,316 | |
2018 Plan | Other Restructuring | Long-lived assets | ||
Restructuring Cost and Reserve | ||
Restructuring costs and asset impairment Charges | $ 2,162 | |
2016 Plan | ||
Restructuring Cost and Reserve | ||
Restructuring reserve | $ 281 |
Restructuring (Schedule of Rest
Restructuring (Schedule of Restructuring Reserve Activity) (Details) $ in Thousands | 3 Months Ended |
Dec. 29, 2018USD ($) | |
Restructuring Reserve | |
Restructuring accrual at beginning of period | $ 8,113 |
Adjustments to provision | 24 |
Foreign currency translation | (88) |
Restructuring accrual at end of period | 6,245 |
2016 Plan | |
Restructuring Reserve | |
Cash payments | (148) |
Restructuring accrual at end of period | 281 |
2018 Plan | |
Restructuring Reserve | |
Cash payments | (1,656) |
Restructuring accrual at end of period | 5,964 |
Aircraft Controls | |
Restructuring Reserve | |
Restructuring accrual at beginning of period | 626 |
Adjustments to provision | 48 |
Foreign currency translation | (11) |
Restructuring accrual at end of period | 458 |
Aircraft Controls | 2016 Plan | |
Restructuring Reserve | |
Cash payments | 0 |
Aircraft Controls | 2018 Plan | |
Restructuring Reserve | |
Cash payments | (205) |
Space And Defense Controls | |
Restructuring Reserve | |
Restructuring accrual at beginning of period | 64 |
Adjustments to provision | (24) |
Foreign currency translation | 0 |
Restructuring accrual at end of period | 40 |
Space And Defense Controls | 2016 Plan | |
Restructuring Reserve | |
Cash payments | 0 |
Space And Defense Controls | 2018 Plan | |
Restructuring Reserve | |
Cash payments | 0 |
Industrial Systems | |
Restructuring Reserve | |
Restructuring accrual at beginning of period | 6,994 |
Adjustments to provision | 0 |
Foreign currency translation | (77) |
Restructuring accrual at end of period | 5,466 |
Industrial Systems | 2016 Plan | |
Restructuring Reserve | |
Cash payments | 0 |
Industrial Systems | 2018 Plan | |
Restructuring Reserve | |
Cash payments | (1,451) |
Corporate | |
Restructuring Reserve | |
Restructuring accrual at beginning of period | 429 |
Adjustments to provision | 0 |
Foreign currency translation | 0 |
Restructuring accrual at end of period | 281 |
Corporate | 2016 Plan | |
Restructuring Reserve | |
Cash payments | (148) |
Corporate | 2018 Plan | |
Restructuring Reserve | |
Cash payments | $ 0 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | Dec. 22, 2017 | Oct. 01, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Sep. 29, 2018 |
Income Tax Disclosure [Abstract] | |||||
Effective income tax rate | 24.30% | 97.30% | |||
U.S. federal corporate tax rate | 21.00% | 35.00% | |||
Transition Tax on Undistributed Foreign Earnings Deemed To Be Repatriated | $ 30,795 | ||||
Withholding Taxes on Undistributed Foreign Earnings Deemed To Be Repatriated | 10,383 | ||||
Income tax benefit due to remeasurement of deferred tax assets and liabilities | $ 10,946 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Changes in AOCI by Component) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Other comprehensive income (loss) | $ (3,904) | $ 15,854 |
Accumulated foreign currency translation | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
AOCIL beginning of period | (99,415) | |
Other comprehensive income (loss) before reclassifications | (9,387) | |
Amounts reclassified from AOCIL | 0 | |
Other comprehensive income (loss) | (9,387) | |
AOCIL end of period | (108,802) | |
Accumulated retirement liability | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
AOCIL beginning of period | (272,317) | |
Other comprehensive income (loss) before reclassifications | 414 | |
Amounts reclassified from AOCIL | 4,405 | |
Other comprehensive income (loss) | 4,819 | |
AOCIL end of period | (267,498) | |
Accumulated gain (loss) on derivatives | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
AOCIL beginning of period | (449) | |
Other comprehensive income (loss) before reclassifications | 494 | |
Amounts reclassified from AOCIL | 170 | |
Other comprehensive income (loss) | 664 | |
AOCIL end of period | 215 | |
Total | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
AOCIL beginning of period | (372,181) | |
Other comprehensive income (loss) before reclassifications | (8,479) | |
Amounts reclassified from AOCIL | 4,575 | |
Other comprehensive income (loss) | (3,904) | $ 15,854 |
AOCIL end of period | $ (376,085) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (Reclassification from AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||
Prior service cost (credit) | $ (76) | $ (85) |
Actuarial losses | 5,928 | 7,396 |
Reclassification from AOCIL into earnings - Retirement liability | 5,852 | 7,311 |
Tax effect - Retirement liability | (1,447) | (2,692) |
Net reclassification from AOCIL into earnings - Retirement liability | 4,405 | 4,619 |
Reclassification from AOCIL into earnings - Derivatives | 227 | 564 |
Tax effect - Derivatives | (57) | (235) |
Net reclassification from AOCIL into earnings - Derivatives | 170 | 329 |
Foreign Currency Contracts | Sales | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||
Derivatives | (33) | (118) |
Foreign Currency Contracts | Cost Of Sales | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||
Derivatives | 660 | 696 |
Interest Rate Swaps | Interest | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||
Derivatives | $ (400) | $ (14) |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income (Loss) (Activity and Classification of Derivative Deferral in AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Derivative Instruments, Gain (Loss) | ||
Net deferral in AOCIL of derivatives (effective portion) | $ 664 | $ 1,445 |
Net gain | 664 | 1,445 |
Tax effect | (170) | (540) |
Net deferral in AOCIL of derivatives | 494 | 905 |
Foreign Currency Contracts | ||
Derivative Instruments, Gain (Loss) | ||
Net deferral in AOCIL of derivatives (effective portion) | 899 | 828 |
Net gain | 899 | 828 |
Interest Rate Swaps | ||
Derivative Instruments, Gain (Loss) | ||
Net deferral in AOCIL of derivatives (effective portion) | (235) | 617 |
Net gain | $ (235) | $ 617 |
Earnings Per Share and Divide_3
Earnings Per Share and Dividends (Basic And Diluted Weighted-Average Shares Outstanding) (Details) - shares | 3 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Earnings Per Share [Abstract] | ||
Basic weighted-average shares outstanding | 34,815,255 | 35,772,406 |
Dilutive effect of equity-based awards | 310,574 | 428,648 |
Diluted weighted-average shares outstanding | 35,125,829 | 36,201,054 |
Earnings Per Share and Divide_4
Earnings Per Share and Dividends (Narrative) (Details) - $ / shares | 3 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from calculation of diluted earnings per share | 44,465 | 13,530 |
Cash dividends paid per share | $ 0.25 | |
Dividends declared per share | $ 0.25 |
Segment Information (Segment Sa
Segment Information (Segment Sales By Customer Type) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Segment Reporting Information | ||
Net sales | $ 679,676 | $ 627,535 |
Aircraft Controls | ||
Segment Reporting Information | ||
Net sales | 304,045 | 278,534 |
Aircraft Controls | Military | ||
Segment Reporting Information | ||
Net sales | 146,801 | 124,200 |
Aircraft Controls | Commercial | ||
Segment Reporting Information | ||
Net sales | 157,244 | 154,334 |
Space And Defense Controls | ||
Segment Reporting Information | ||
Net sales | 156,068 | 133,393 |
Space And Defense Controls | Space | ||
Segment Reporting Information | ||
Net sales | 50,176 | 49,413 |
Space And Defense Controls | Defense | ||
Segment Reporting Information | ||
Net sales | 105,892 | 83,980 |
Industrial Systems | ||
Segment Reporting Information | ||
Net sales | 219,563 | 215,608 |
Industrial Systems | Energy | ||
Segment Reporting Information | ||
Net sales | 29,297 | 38,102 |
Industrial Systems | Industrial Automation | ||
Segment Reporting Information | ||
Net sales | 109,130 | 96,445 |
Industrial Systems | Simulation and Test | ||
Segment Reporting Information | ||
Net sales | 29,050 | 30,837 |
Industrial Systems | Medical | ||
Segment Reporting Information | ||
Net sales | $ 52,086 | $ 50,224 |
Segment Information (Segment _2
Segment Information (Segment Sales by Customer) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Segment Reporting Information | ||
Net sales | $ 679,676 | $ 627,535 |
Commercial Customer | ||
Segment Reporting Information | ||
Net sales | 397,865 | 386,687 |
U.S. Government Customer | ||
Segment Reporting Information | ||
Net sales | 238,088 | 198,143 |
Other Customer | ||
Segment Reporting Information | ||
Net sales | 43,723 | 42,705 |
Aircraft Controls | ||
Segment Reporting Information | ||
Net sales | 304,045 | 278,534 |
Aircraft Controls | Commercial Customer | ||
Segment Reporting Information | ||
Net sales | 157,244 | 154,334 |
Aircraft Controls | U.S. Government Customer | ||
Segment Reporting Information | ||
Net sales | 117,181 | 95,997 |
Aircraft Controls | Other Customer | ||
Segment Reporting Information | ||
Net sales | 29,620 | 28,203 |
Space And Defense Controls | ||
Segment Reporting Information | ||
Net sales | 156,068 | 133,393 |
Space And Defense Controls | Commercial Customer | ||
Segment Reporting Information | ||
Net sales | 30,053 | 29,647 |
Space And Defense Controls | U.S. Government Customer | ||
Segment Reporting Information | ||
Net sales | 114,465 | 90,752 |
Space And Defense Controls | Other Customer | ||
Segment Reporting Information | ||
Net sales | 11,550 | 12,994 |
Industrial Systems | ||
Segment Reporting Information | ||
Net sales | 219,563 | 215,608 |
Industrial Systems | Commercial Customer | ||
Segment Reporting Information | ||
Net sales | 210,568 | 202,706 |
Industrial Systems | U.S. Government Customer | ||
Segment Reporting Information | ||
Net sales | 6,442 | 11,394 |
Industrial Systems | Other Customer | ||
Segment Reporting Information | ||
Net sales | $ 2,553 | $ 1,508 |
Segment Information (Operating
Segment Information (Operating Profit By Segment And Reconciliation Of Segment Operating Profit To Earnings Before Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Segment Reporting Information | ||
Operating profit | $ 79,377 | $ 67,427 |
Deductions from operating profit: | ||
Interest expense | 9,682 | 8,646 |
Equity-based compensation expense | 2,008 | 2,001 |
Non-service pension expense | 3,193 | 1,693 |
Corporate and other expenses, net | 6,310 | 7,253 |
Earnings before income taxes | 58,184 | 47,834 |
Aircraft Controls | ||
Segment Reporting Information | ||
Operating profit | 33,199 | 31,043 |
Space And Defense Controls | ||
Segment Reporting Information | ||
Operating profit | 18,473 | 16,473 |
Industrial Systems | ||
Segment Reporting Information | ||
Operating profit | $ 27,705 | $ 19,911 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - M&T Bank $ in Thousands | 3 Months Ended |
Dec. 29, 2018USD ($) | |
Related Party Transaction | |
Related Party US Revolving Credit Facility Interest Percentage | 12.00% |
Credit Extension on Routine Purchases | |
Related Party Transaction | |
Related Party Transaction, Amounts of Transaction | $ 4,352 |
Interest Rate Swaps | |
Related Party Transaction | |
Related Party Transaction, Amounts of Transaction | 15,000 |
Lease Agreements | |
Related Party Transaction | |
Related Party Transaction, Amounts of Transaction | $ 28,318 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) $ in Thousands | Dec. 29, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Standby letters of credit | $ 43,572 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) | Jan. 24, 2019$ / shares |
Subsequent Event | |
Subsequent Event | |
Dividend payable declared | $ 0.25 |