Document and Entity Information
Document and Entity Information - DEI Document - shares | 9 Months Ended | |
Jun. 29, 2019 | Jul. 22, 2019 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 29, 2019 | |
Document Transition Report | false | |
Entity File Number | 1-05129 | |
Entity Registrant Name | MOOG Inc. | |
Entity Incorporation, State or Country Code | NY | |
Entity Tax Identification Number | 16-0757636 | |
Entity Address, Address Line One | 400 Jamison Rd | |
Entity Address, City or Town | East Aurora, | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 14052-0018 | |
City Area Code | 716 | |
Local Phone Number | 652-2000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Central Index Key | 0000067887 | |
Current Fiscal Year End Date | --09-28 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Class A Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Class A common stock | |
Trading Symbol | MOG.A | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 32,503,359 | |
Class B Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Class B common stock | |
Trading Symbol | MOG.B | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 2,434,033 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Earnings - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Net sales | $ 740,969 | $ 692,018 | $ 2,139,456 | $ 2,008,602 |
Cost of sales | 529,050 | 491,959 | 1,530,634 | 1,423,897 |
Inventory write-down - restructuring | 0 | 2,398 | 0 | 9,727 |
Gross profit | 211,919 | 197,661 | 608,822 | 574,978 |
Research and development | 31,298 | 30,953 | 94,518 | 97,282 |
Selling, general and administrative | 103,655 | 101,722 | 299,841 | 295,006 |
Interest | 9,780 | 8,850 | 29,401 | 26,585 |
Restructuring | 0 | (1,549) | 0 | 22,509 |
Other | 5,466 | 2,730 | 9,540 | 5,138 |
Earnings before income taxes | 61,720 | 54,955 | 175,522 | 128,458 |
Income taxes | 14,255 | 14,205 | 41,629 | 72,444 |
Net earnings attributable to Moog and noncontrolling interest | 47,465 | 40,750 | 133,893 | 56,014 |
Net earnings attributable to noncontrolling interest | 0 | 67 | 0 | 67 |
Net earnings attributable to Moog | $ 47,465 | $ 40,683 | $ 133,893 | $ 55,947 |
Net earnings per share attributable to Moog | ||||
Basic | $ 1.36 | $ 1.14 | $ 3.84 | $ 1.56 |
Diluted | 1.35 | 1.13 | 3.80 | 1.55 |
Dividends declared per share | $ 0.25 | $ 0 | $ 0.75 | $ 0.25 |
Average common shares outstanding | ||||
Basic | 34,904,487 | 35,762,918 | 34,869,021 | 35,768,471 |
Diluted | 35,239,834 | 36,143,367 | 35,202,519 | 36,174,759 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings attributable to Moog and noncontrolling interest | $ 47,465 | $ 40,750 | $ 133,893 | $ 56,014 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustment | (996) | (40,788) | (9,277) | (10,127) |
Retirement liability adjustment | 4,264 | 7,080 | 13,760 | 16,018 |
Change in accumulated income (loss) on derivatives | 559 | (747) | 1,144 | (92) |
Other comprehensive income (loss) | 3,827 | (34,455) | 5,627 | 5,799 |
Tax Cuts and Jobs Act, reclassification from AOCIL to retained earnings | 0 | 0 | 0 | (47,077) |
Comprehensive income (loss) | 51,292 | 6,295 | 139,520 | 14,736 |
Comprehensive income (loss) attributable to noncontrolling interest | 0 | 41 | 0 | 41 |
Comprehensive income (loss) attributable to Moog | $ 51,292 | $ 6,254 | $ 139,520 | $ 14,695 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Thousands | Jun. 29, 2019 | Sep. 29, 2018 |
Current assets | ||
Cash and cash equivalents | $ 89,045 | $ 125,584 |
Receivables | 922,853 | 793,911 |
Inventories | 515,055 | 512,522 |
Prepaid expense and other current assets | 44,239 | 44,404 |
Total current assets | 1,571,192 | 1,476,421 |
Property, plant and equipment, net of accumulated depreciation | 582,105 | 552,865 |
Goodwill | 791,678 | 797,217 |
Intangible assets, net | 84,629 | 95,537 |
Deferred income taxes | 15,736 | 17,328 |
Other assets | 20,799 | 24,680 |
Total assets | 3,066,139 | 2,964,048 |
Current liabilities | ||
Short-term borrowings | 93 | 3,623 |
Current installments of long-term debt | 292 | 365 |
Accounts payable | 227,600 | 208,823 |
Accrued compensation | 134,015 | 147,765 |
Contract advances | 147,677 | 151,687 |
Contract loss and contract-related reserves | 57,556 | 47,417 |
Other accrued liabilities | 108,541 | 120,944 |
Total current liabilities | 675,774 | 680,624 |
Long-term debt, excluding current installments | 825,965 | 858,836 |
Long-term pension and retirement obligations | 119,269 | 117,471 |
Deferred income taxes | 56,664 | 46,477 |
Other long-term liabilities | 32,810 | 35,654 |
Total liabilities | 1,710,482 | 1,739,062 |
Shareholders' equity | ||
Additional paid-in capital | 525,962 | 502,257 |
Retained earnings | 2,096,174 | 1,973,514 |
Treasury shares | (750,326) | (738,494) |
Accumulated other comprehensive loss | (366,554) | (372,181) |
Total shareholders' equity | 1,355,657 | 1,224,986 |
Total liabilities and shareholders' equity | 3,066,139 | 2,964,048 |
Class A Common Stock | ||
Shareholders' equity | ||
Common stock | 43,789 | 43,785 |
Class B Common Stock | ||
Shareholders' equity | ||
Common stock | 7,491 | 7,495 |
Stock Employee Compensation Trust (SECT) | ||
Shareholders' equity | ||
Common stock issued to trust | (124,128) | (118,449) |
Supplemental Retirement Plan (SERP) Trust | ||
Shareholders' equity | ||
Common stock issued to trust | $ (76,751) | $ (72,941) |
Consolidated Condensed Balanc_2
Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 29, 2019 | Sep. 29, 2018 |
Statement of Financial Position [Abstract] | ||
Property, plant and equipment, accumulated depreciation | $ 825,426 | $ 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 | Noncontrolling Interest | 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 | $ 51,280 | $ 492,246 | $ 1,847,819 | $ (739,157) | $ (89,919) | $ (12,474) | $ (335,491) | |||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Issuance of shares | (2,874) | 5,325 | ||||||||||||||
Equity-based compensation expense | 4,394 | |||||||||||||||
Adjustment to market - SECT, SERP and other | (7,256) | |||||||||||||||
Net earnings attributable to Moog | $ 55,947 | 55,947 | ||||||||||||||
Dividends | (8,941) | |||||||||||||||
Adoption of ASC 606 | ASC 606 | 0 | |||||||||||||||
Tax Cuts and Jobs Act, reclassification from AOCIL to retained earnings | (47,077) | 47,077 | (47,077) | |||||||||||||
Class A and B shares purchased | (5,210) | |||||||||||||||
Issuance of shares - SECT | 1,941 | 0 | ||||||||||||||
Purchase of shares - SECT | (8,444) | (8,444) | ||||||||||||||
Adjustment to market | 6,518 | 738 | ||||||||||||||
Other comprehensive income (loss) | 5,799 | 5,825 | ||||||||||||||
End of period - Moog shareholder's equity, Amount at Jun. 30, 2018 | 1,262,267 | 51,280 | 486,510 | 1,941,902 | (739,042) | (89,904) | (11,736) | (376,743) | ||||||||
Noncontrolling Interest - Beginning of period at Sep. 30, 2017 | $ 0 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Net earnings attributable to noncontrolling interest | 67 | 67 | ||||||||||||||
Foreign currency translation adjustment | (10,127) | (26) | ||||||||||||||
Acquisition of noncontrolling interest | 485 | |||||||||||||||
Noncontrolling Interest - End of period at Jun. 30, 2018 | 526 | |||||||||||||||
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 | 75,951 | (75,951) | ||||||||||||||
End of period - Common Stock at Jun. 30, 2018 | 43,780,237 | 7,499,476 | ||||||||||||||
Beginning of period, Shares at Sep. 30, 2017 | (10,933,003) | (425,148) | (3,333,927) | (654,753) | (150,000) | |||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Class A and B shares issued related to equity compensation, shares | 83,193 | 28,460 | ||||||||||||||
Class A and B shares purchased, shares | (38,590) | (22,469) | ||||||||||||||
Issuance of shares - SECT | 21,871 | 0 | ||||||||||||||
Purchase of shares - SECT | (97,855) | |||||||||||||||
End of period, Shares at Jun. 30, 2018 | (10,888,400) | (425,148) | (3,327,936) | (730,737) | (150,000) | |||||||||||
Beginning of period - Shareholder's equity, Amount at Mar. 31, 2018 | 51,280 | 490,055 | 1,901,182 | (739,091) | (93,330) | (12,078) | (342,314) | |||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Issuance of shares | (141) | 141 | ||||||||||||||
Equity-based compensation expense | 894 | |||||||||||||||
Adjustment to market - SECT, SERP and other | (4,298) | |||||||||||||||
Net earnings attributable to Moog | 40,683 | 40,683 | ||||||||||||||
Dividends | 37 | |||||||||||||||
Adoption of ASC 606 | ASC 606 | 0 | |||||||||||||||
Tax Cuts and Jobs Act, reclassification from AOCIL to retained earnings | 0 | 0 | 0 | |||||||||||||
Class A and B shares purchased | (92) | |||||||||||||||
Issuance of shares - SECT | 0 | 0 | ||||||||||||||
Purchase of shares - SECT | (530) | |||||||||||||||
Adjustment to market | 3,956 | 342 | ||||||||||||||
Other comprehensive income (loss) | (34,455) | (34,429) | ||||||||||||||
End of period - Moog shareholder's equity, Amount at Jun. 30, 2018 | 1,262,267 | 51,280 | 486,510 | 1,941,902 | (739,042) | (89,904) | (11,736) | (376,743) | ||||||||
Noncontrolling Interest - Beginning of period at Mar. 31, 2018 | 0 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Net earnings attributable to noncontrolling interest | 67 | 67 | ||||||||||||||
Foreign currency translation adjustment | (40,788) | (26) | ||||||||||||||
Acquisition of noncontrolling interest | 485 | |||||||||||||||
Noncontrolling Interest - End of period at Jun. 30, 2018 | 526 | |||||||||||||||
Beginning of period - Common Stock at Mar. 31, 2018 | 43,735,558 | 7,544,155 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Conversion of Class B to Class A | 44,679 | (44,679) | ||||||||||||||
End of period - Common Stock at Jun. 30, 2018 | 43,780,237 | 7,499,476 | ||||||||||||||
Beginning of period, Shares at Mar. 31, 2018 | (10,891,108) | (425,148) | (3,327,853) | (723,963) | (150,000) | |||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Class A and B shares issued related to equity compensation, shares | 3,514 | 221 | ||||||||||||||
Class A and B shares purchased, shares | (806) | (304) | ||||||||||||||
Issuance of shares - SECT | 0 | 0 | ||||||||||||||
Purchase of shares - SECT | (6,774) | |||||||||||||||
End of period, Shares at Jun. 30, 2018 | (10,888,400) | (425,148) | (3,327,936) | (730,737) | (150,000) | |||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Total Shareholders' Equity | 1,262,793 | |||||||||||||||
Total Shareholders' Equity | 1,224,986 | (372,181) | ||||||||||||||
Beginning of period - Shareholder's equity, Amount at Sep. 29, 2018 | 51,280 | 502,257 | 1,973,514 | (738,494) | (118,449) | (72,941) | (372,181) | |||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Issuance of shares | (116) | 6,154 | ||||||||||||||
Equity-based compensation expense | 5,130 | |||||||||||||||
Adjustment to market - SECT, SERP and other | 18,691 | |||||||||||||||
Net earnings attributable to Moog | 133,893 | 133,893 | ||||||||||||||
Dividends | (26,156) | |||||||||||||||
Adoption of ASC 606 | ASC 606 | 14,923 | |||||||||||||||
Tax Cuts and Jobs Act, reclassification from AOCIL to retained earnings | 0 | 0 | 0 | |||||||||||||
Class A and B shares purchased | (17,986) | |||||||||||||||
Issuance of shares - SECT | 18,236 | 4,293 | ||||||||||||||
Purchase of shares - SECT | (13,327) | (13,327) | ||||||||||||||
Adjustment to market | (10,588) | (8,103) | ||||||||||||||
Other comprehensive income (loss) | 5,627 | 5,627 | ||||||||||||||
End of period - Moog shareholder's equity, Amount at Jun. 29, 2019 | 1,355,657 | 51,280 | 525,962 | 2,096,174 | (750,326) | (124,128) | (76,751) | (366,554) | ||||||||
Noncontrolling Interest - Beginning of period at Sep. 29, 2018 | 0 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Net earnings attributable to noncontrolling interest | 0 | 0 | ||||||||||||||
Foreign currency translation adjustment | (9,277) | 0 | ||||||||||||||
Acquisition of noncontrolling interest | 0 | |||||||||||||||
Noncontrolling Interest - End of period at Jun. 29, 2019 | 0 | |||||||||||||||
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 | 4,558 | (4,558) | ||||||||||||||
End of period - Common Stock at Jun. 29, 2019 | 43,789,047 | 7,490,666 | ||||||||||||||
Beginning of period, Shares at Sep. 29, 2018 | (10,872,575) | (425,148) | 3,323,996 | (983,772) | (876,170) | |||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Class A and B shares issued related to equity compensation, shares | 103,232 | 104,465 | ||||||||||||||
Class A and B shares purchased, shares | (95,498) | (125,583) | ||||||||||||||
Issuance of shares - SECT | 227,816 | 50,000 | ||||||||||||||
Purchase of shares - SECT | (151,793) | |||||||||||||||
End of period, Shares at Jun. 29, 2019 | (10,864,841) | (425,148) | (3,345,114) | (907,749) | (826,170) | |||||||||||
Beginning of period - Shareholder's equity, Amount at Mar. 30, 2019 | 51,280 | 510,538 | 2,057,435 | (749,845) | (109,506) | (75,079) | (370,381) | |||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Issuance of shares | (1,186) | 1,186 | ||||||||||||||
Equity-based compensation expense | 1,439 | |||||||||||||||
Adjustment to market - SECT, SERP and other | 15,171 | |||||||||||||||
Net earnings attributable to Moog | 47,465 | 47,465 | ||||||||||||||
Dividends | (8,726) | |||||||||||||||
Adoption of ASC 606 | ASC 606 | 0 | |||||||||||||||
Tax Cuts and Jobs Act, reclassification from AOCIL to retained earnings | 0 | 0 | 0 | |||||||||||||
Class A and B shares purchased | (1,667) | |||||||||||||||
Issuance of shares - SECT | 557 | 4,293 | ||||||||||||||
Purchase of shares - SECT | (5,973) | |||||||||||||||
Adjustment to market | (9,206) | (5,965) | ||||||||||||||
Other comprehensive income (loss) | 3,827 | 3,827 | ||||||||||||||
End of period - Moog shareholder's equity, Amount at Jun. 29, 2019 | 1,355,657 | $ 51,280 | $ 525,962 | $ 2,096,174 | $ (750,326) | $ (124,128) | $ (76,751) | (366,554) | ||||||||
Noncontrolling Interest - Beginning of period at Mar. 30, 2019 | 0 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Net earnings attributable to noncontrolling interest | 0 | 0 | ||||||||||||||
Foreign currency translation adjustment | (996) | 0 | ||||||||||||||
Acquisition of noncontrolling interest | 0 | |||||||||||||||
Noncontrolling Interest - End of period at Jun. 29, 2019 | $ 0 | |||||||||||||||
Beginning of period - Common Stock at Mar. 30, 2019 | 43,785,435 | 7,494,278 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Conversion of Class B to Class A | 3,612 | (3,612) | ||||||||||||||
End of period - Common Stock at Jun. 29, 2019 | 43,789,047 | 7,490,666 | ||||||||||||||
Beginning of period, Shares at Mar. 30, 2019 | (10,882,780) | (425,148) | (3,347,250) | (846,527) | (876,170) | |||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Class A and B shares issued related to equity compensation, shares | 31,369 | 6,136 | ||||||||||||||
Class A and B shares purchased, shares | (13,430) | (4,000) | ||||||||||||||
Issuance of shares - SECT | 6,490 | 50,000 | ||||||||||||||
Purchase of shares - SECT | (67,712) | |||||||||||||||
End of period, Shares at Jun. 29, 2019 | (10,864,841) | (425,148) | (3,345,114) | (907,749) | (826,170) | |||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Total Shareholders' Equity | $ 1,355,657 | $ (366,554) |
Consolidated Condensed Statem_4
Consolidated Condensed Statements of Shareholders' Equity (Parenthetical) - shares | Jun. 29, 2019 | Mar. 30, 2019 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 |
Stock Employee Compensation Trust (SECT) | Class A Common Stock | ||||||
Shares, Issued | 425,148 | 425,148 | 425,148 | 425,148 | 425,148 | 425,148 |
Consolidated Condensed Statem_5
Consolidated Condensed Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net earnings attributable to Moog and noncontrolling interest | $ 133,893 | $ 56,014 |
Adjustments to reconcile net earnings to net cash provided (used) by operating activities: | ||
Depreciation | 53,744 | 54,693 |
Amortization | 10,364 | 13,628 |
Deferred income taxes | 3,764 | 35,549 |
Equity-based compensation expense | 5,130 | 4,394 |
Impairment of long-lived assets and inventory write-down associated with restructuring | 0 | 24,246 |
Other | 2,550 | 4,743 |
Changes in assets and liabilities providing (using) cash: | ||
Receivables | (42,267) | (27,597) |
Inventories | (68,519) | (27,840) |
Accounts payable | 19,412 | 12,778 |
Contract advances | (4,670) | (165) |
Accrued expenses | (9,450) | 11,709 |
Accrued income taxes | (5,564) | (1,817) |
Net pension and post retirement liabilities | 20,486 | (130,135) |
Other assets and liabilities | 10,222 | 16,150 |
Net cash provided by operating activities | 129,095 | 46,350 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Acquisitions of businesses, net of cash acquired | 0 | (47,947) |
Purchase of property, plant and equipment | (91,083) | (70,759) |
Other investing transactions | 2,518 | (3,448) |
Net cash used by investing activities | (88,565) | (122,154) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net short-term (borrowings) repayments | (3,560) | 1,357 |
Proceeds from revolving lines of credit | 570,200 | 301,500 |
Payments on revolving lines of credit | (604,513) | (411,610) |
Proceeds from long-term debt | 0 | 11,216 |
Payments on long-term debt | (255) | (21,849) |
Payments of dividends | (26,156) | (8,941) |
Proceeds from sale of treasury stock | 2,443 | 2,451 |
Purchase of outstanding shares for treasury | (17,986) | (5,210) |
Proceeds from sale of stock held by SECT | 10,036 | 1,941 |
Purchase of stock held by SECT | (13,327) | (8,444) |
Proceeds from sale of SERP stock | 4,293 | 0 |
Other financing transactions | 0 | 484 |
Net cash used by financing activities | (78,825) | (137,105) |
Effect of exchange rate changes on cash | (366) | 2,266 |
Decrease in cash, cash equivalents and restricted cash | (38,661) | (210,643) |
Cash, cash equivalents and restricted cash at beginning of period | 127,706 | 386,969 |
Cash, cash equivalents and restricted cash at end of period | 89,045 | 176,326 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Treasury shares issued as compensation | 11,795 | 0 |
Equipment acquired through financing | $ 148 | $ 0 |
Basis Of Presentation
Basis Of Presentation | 9 Months Ended |
Jun. 29, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated condensed financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments consisting of normal recurring adjustments considered necessary for the fair presentation of results for the interim period have been included. The results of operations for the three and nine months ended June 29, 2019 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 plan to adopt the standard using the modified retrospective method without adjusting prior comparative periods. We expect to record a material right-of-use asset and lease liability on the Consolidated Condensed Balance Sheet. We have identified, and are in the process of implementing, changes to our financial statements and related disclosures, internal controls, financial policies and information technology systems. Upon adoption, we do not anticipate material changes to our Consolidated Condensed Statement of Earnings or Consolidated Condensed Statement of Cash Flows. We have not yet fully quantified the impact 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 an immaterial 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 loss and contract-related reserves 47,417 2,430 49,847 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 tables below represent the impact of the adoption of ASC 606 on the Consolidated Condensed Statement of Earnings for the three and nine months ended June 29, 2019 . Three Months Ended Under ASC 605 Effect of ASC 606 As Reported Under ASC 606 Net sales $ 737,887 $ 3,082 $ 740,969 Cost of sales 531,952 (2,902 ) 529,050 Gross profit 205,935 5,984 211,919 Earnings before income taxes 55,736 5,984 61,720 Income taxes 12,735 1,520 14,255 Net earnings $ 43,001 $ 4,464 $ 47,465 Nine Months Ended Under ASC 605 Effect of ASC 606 As Reported Under ASC 606 Net sales $ 2,119,821 $ 19,635 $ 2,139,456 Cost of sales 1,521,720 8,914 1,530,634 Gross profit 598,101 10,721 608,822 Earnings before income taxes 164,801 10,721 175,522 Income taxes 38,863 2,766 41,629 Net earnings $ 125,938 $ 7,955 $ 133,893 The table below represents the impact of the adoption of ASC 606 on the Consolidated Condensed Balance Sheet as of June 29, 2019 . Under ASC 605 Effect of ASC 606 As Reported Under ASC 606 ASSETS Current assets Receivables $ 813,187 $ 109,666 $ 922,853 Inventories 592,925 (77,870 ) 515,055 Total current assets 1,539,396 31,796 1,571,192 Deferred income taxes 15,783 (47 ) 15,736 Total assets 3,034,390 31,749 3,066,139 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Contract advances $ 148,393 $ (716 ) $ 147,677 Contract loss and contract-related reserves 55,755 1,801 57,556 Other accrued liabilities 104,656 3,885 108,541 Total current liabilities 670,804 4,970 675,774 Deferred income taxes 53,054 3,610 56,664 Total liabilities 1,701,902 8,580 1,710,482 Shareholders’ equity Retained earnings 2,073,296 22,878 2,096,174 Accumulated other comprehensive loss (366,845 ) 291 (366,554 ) Total shareholders’ equity 1,332,488 23,169 1,355,657 Total liabilities and shareholders’ equity 3,034,390 31,749 3,066,139 The tables below represent the impact of the adoption of ASU 2017-07: Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , on the Consolidated Condensed Statement of Earnings for the three and nine months ended June 30, 2018 . Three Months Ended As Reported, Impact of Adoption As Adjusted, Cost of sales $ 492,234 $ (275 ) $ 491,959 Gross profit 197,386 275 197,661 Research and development 31,040 (87 ) 30,953 Selling, general and administrative 103,053 (1,331 ) 101,722 Other 1,037 1,693 2,730 Nine Months Ended As Reported, Impact of Adoption As Adjusted, Cost of sales $ 1,424,731 $ (834 ) $ 1,423,897 Gross profit 574,144 834 574,978 Research and development 97,545 (263 ) 97,282 Selling, general and administrative 299,002 (3,996 ) 295,006 Other 45 5,093 5,138 The tables below represent the impact of the adoption of ASU 2017-07 on operating profit and deductions from operating profit for the three and nine months ended June 30, 2018 . Three Months Ended As Reported, Impact of Adoption As Adjusted, Operating profit: Aircraft Controls $ 33,342 $ 259 $ 33,601 Space and Defense Controls 16,513 176 16,689 Industrial Systems 24,283 689 24,972 Total operating profit $ 74,138 $ 1,124 $ 75,262 Deductions from operating profit: Non-service pension expense $ — $ 1,693 $ 1,693 Corporate and other expenses, net $ 9,439 $ (569 ) $ 8,870 Nine Months Ended As Reported, Impact of Adoption As Adjusted, Operating profit: Aircraft Controls $ 97,590 $ 847 $ 98,437 Space and Defense Controls 49,643 561 50,204 Industrial Systems 37,479 1,976 39,455 Total operating profit $ 184,712 $ 3,384 $ 188,096 Deductions from operating profit: Non-service pension expense $ — $ 5,093 $ 5,093 Corporate and other expenses, net $ 25,275 $ (1,709 ) $ 23,566 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Jun. 29, 2019 | |
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. The 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, revenue recognized over time using the cost-to-cost method of accounting was 64% for the three and nine months ended June 29, 2019 . 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 an 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. For the three and nine months ended June 29, 2019 , we recognized revenues of $3,898 and $14,336 , respectively, 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 and nine months ended June 29, 2019 . As of June 29, 2019 , we had contract loss and contract-related reserves of $57,556 . 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. Revenue recognized at the point in time control was transferred to the customer was 36% for the three and nine months ended June 29, 2019 . This method of revenue recognition is used most frequently 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 are as follows: June 29, September 30, 2018 Unbilled receivables $ 444,762 $ 405,610 Contract advances 147,677 152,608 Net contract assets $ 297,085 $ 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 decrease in contract liabilities reflects the net impact of revenue recognized in excess of additional deferred revenues recorded during the period. For the three and nine months ended June 29, 2019 , we recognized $17,446 and $111,032 of revenue, respectively, that was included in the contract liability balance at the beginning of the period. Remaining Performance Obligations As of June 29, 2019 , the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied), also known as backlog, was approximately $2,150,000 . We expect to recognize approximately 74% of that amount as sales over the next twelve months and the balance thereafter. Disaggregation of Revenue See Note 17, Segments, for disclosures related to disaggregation of revenue. |
Acquisitions, Divestitures and
Acquisitions, Divestitures and Equity Method Investments | 9 Months Ended |
Jun. 29, 2019 | |
Business Combinations [Abstract] | |
Acquisitions, Divestitures and Equity Method Investments | Acquisitions, Divestitures and Equity Method Investments In the first quarter of 2019, we sold a non-core business of our Industrial Systems segment for $4,191 in cash and recorded a gain in other income of $2,641 . 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 ("Vues") 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 electric motors and generators, and provides customized solutions. 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. This operation is included in our Industrial Systems segment. 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. As of June 29, 2019 , we have made total contributions of $5,100 . This operation is included in our Aircraft Controls segment. |
Receivables
Receivables | 9 Months Ended |
Jun. 29, 2019 | |
Receivables [Abstract] | |
Receivables | Receivables Receivables consist of: June 29, September 29, Accounts receivable $ 230,474 $ 295,180 Long-term contract receivables: Billed receivables 232,600 156,414 Unbilled receivables 444,762 316,489 Total long-term contract receivables 677,362 472,903 Other 20,123 30,787 Less allowance for doubtful accounts (5,106 ) (4,959 ) Receivables $ 922,853 $ 793,911 We securitize certain trade receivables in transactions that are accounted for as secured borrowings (Securitization Program). We maintain a subordinated interest in a portion of the pool of trade receivables that are securitized. The retained interest, which is included in Receivables in the consolidated condensed balance sheets, is recorded at fair value, which approximates the total amount of the designated pool of accounts receivable. Refer to Note 7, Indebtedness, for additional disclosures related to the Securitization Program. |
Inventories
Inventories | 9 Months Ended |
Jun. 29, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories, net of reserves, consist of: June 29, September 29, Raw materials and purchased parts $ 187,167 $ 197,071 Work in progress 261,903 240,885 Finished goods 65,985 74,566 Inventories $ 515,055 $ 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 June 29, 2019 or September 29, 2018 . |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 9 Months Ended |
Jun. 29, 2019 | |
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 (1,351 ) (22 ) (2,929 ) (4,302 ) Balance at June 29, 2019 $ 178,556 $ 261,710 $ 351,412 $ 791,678 Goodwill in our Space and Defense Controls segment is net of a $4,800 accumulated impairment loss at June 29, 2019 . Goodwill in our Medical Devices reporting unit, included in our Industrial Systems segment, is net of a $38,200 accumulated impairment loss at June 29, 2019 . The components of intangible assets are as follows: June 29, 2019 September 29, 2018 Weighted- Gross Carrying Accumulated Gross Carrying Accumulated Customer-related 11 $ 134,124 $ (99,521 ) $ 135,379 $ (96,090 ) Technology-related 9 69,771 (51,731 ) 69,393 (49,731 ) Program-related 19 64,955 (37,088 ) 64,988 (33,740 ) Marketing-related 8 23,418 (19,819 ) 23,489 (18,868 ) Other 10 4,164 (3,644 ) 4,305 (3,588 ) Intangible assets 12 $ 296,432 $ (211,803 ) $ 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 $3,088 and $10,173 for the three and nine months ended June 29, 2019 and $4,127 and $13,398 for the three and nine months ended June 30, 2018 . Based on acquired intangible assets recorded at June 29, 2019 , amortization is expected to be approximately $13,200 in 2019 , $11,500 in 2020 , $9,600 in 2021 , $8,100 in 2022 and $7,200 in 2023 |
Indebtedness
Indebtedness | 9 Months Ended |
Jun. 29, 2019 | |
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: June 29, September 29, U.S. revolving credit facility $ 391,889 $ 430,000 SECT revolving credit facility 4,000 — Senior notes 300,000 300,000 Securitization program 130,000 130,000 Obligations under capital leases 804 918 Senior debt 826,693 860,918 Less deferred debt issuance cost (436 ) (1,717 ) Less current installments (292 ) (365 ) Long-term debt $ 825,965 $ 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 has a revolving credit facility with a borrowing capacity of $35,000 , maturing on July 26, 2020. Interest 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 June 29, 2019 , 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 June 29, 2019 , our minimum borrowing requirement was $104,000 . |
Product Warranties
Product Warranties | 9 Months Ended |
Jun. 29, 2019 | |
Product Warranties Disclosures [Abstract] | |
Product Warranties | Product Warranties In the ordinary course of business, we warrant our products against defects in design, materials and workmanship typically over periods ranging from twelve to sixty months. We determine warranty reserves needed by product line based on historical experience and current facts and circumstances. Activity in the warranty accrual is summarized as follows: Three Months Ended Nine Months Ended June 29, June 30, June 29, June 30, Warranty accrual at beginning of period $ 24,217 $ 28,255 $ 25,537 $ 25,848 Warranties issued during current period 6,666 3,451 12,691 11,488 Adjustments to pre-existing warranties (125 ) (80 ) (523 ) (325 ) Reductions for settling warranties (5,275 ) (3,219 ) (12,144 ) (9,141 ) Foreign currency translation (102 ) (701 ) (180 ) (164 ) Warranty accrual at end of period $ 25,381 $ 27,706 $ 25,381 $ 27,706 |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Jun. 29, 2019 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments We principally use derivative financial instruments to manage interest rate risk associated with long-term debt and foreign exchange risk related to foreign operations and foreign currency transactions. We enter into derivative financial instruments with a number of major financial institutions to minimize counterparty credit risk. Derivatives designated as hedging instruments Interest rate swaps are used to adjust the proportion of total debt that is subject to variable and fixed interest rates. The interest rate swaps are designated as hedges of the amount of future cash flows related to interest payments on variable-rate debt that, in combination with the interest payments on the debt, convert a portion of the variable-rate debt to fixed-rate debt. At June 29, 2019 , we had interest rate swaps with notional amounts totaling $105,000 . The interest rate swaps effectively convert this amount of variable-rate debt to fixed-rate debt at 2.99% , including the applicable margin of 1.63% as of June 29, 2019 . 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 $62,126 at June 29, 2019 . These contracts mature at various times through February 26, 2021 . We use forward currency contracts to hedge our net investment in certain foreign subsidiaries. As of June 29, 2019 , 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 nine 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 $137,634 at June 29, 2019 . 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 Nine Months Ended June 29, June 30, June 29, June 30, Net gain (loss) $ (574 ) $ (1,028 ) $ 195 $ (4,037 ) Summary of derivatives The fair value and classification of derivatives is summarized as follows: June 29, September 29, Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 1,302 $ 659 Foreign currency contracts Other assets 477 41 Interest rate swaps Other current assets 203 1,444 Interest rate swaps Other assets — 322 Total asset derivatives $ 1,982 $ 2,466 Foreign currency contracts Other accrued liabilities $ 391 $ 1,842 Foreign currency contracts Other long-term liabilities — 464 Total liability derivatives $ 391 $ 2,306 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 244 $ 285 Foreign currency contracts Other accrued liabilities $ 454 $ 87 |
Fair Value
Fair Value | 9 Months Ended |
Jun. 29, 2019 | |
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 June 29, September 29, Foreign currency contracts Other current assets $ 1,546 $ 944 Foreign currency contracts Other assets 477 41 Interest rate swaps Other current assets 203 1,444 Interest rate swaps Other assets — 322 Total assets $ 2,226 $ 2,751 Foreign currency contracts Other accrued liabilities $ 845 $ 1,929 Foreign currency contracts Other long-term liabilities — 464 Total liabilities $ 845 $ 2,393 Our only financial instrument for which the carrying value differs from its fair value is long-term debt. At June 29, 2019 , the fair value of long-term debt was $831,381 compared to its carrying value of $826,693 |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Jun. 29, 2019 | |
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 Nine Months Ended June 29, June 30, June 29, June 30, U.S. Plans Service cost $ 5,251 $ 5,634 $ 15,753 $ 16,901 Interest cost 9,231 8,073 27,693 24,219 Expected return on plan assets (11,771 ) (13,575 ) (35,313 ) (40,726 ) Amortization of prior service cost (credit) 47 46 140 140 Amortization of actuarial loss 5,465 6,903 16,397 20,707 Pension expense for U.S. defined benefit plans $ 8,223 $ 7,081 $ 24,670 $ 21,241 Non-U.S. Plans Service cost $ 1,237 $ 1,486 $ 3,731 $ 4,475 Interest cost 1,091 1,066 3,293 3,213 Expected return on plan assets (1,290 ) (1,260 ) (3,891 ) (3,793 ) Amortization of prior service cost (credit) (4 ) (15 ) (13 ) (44 ) Amortization of actuarial loss 630 630 1,908 1,902 Pension expense for non-U.S. defined benefit plans $ 1,664 $ 1,907 $ 5,028 $ 5,753 Pension expense for our defined contribution plans consists of: Three Months Ended Nine Months Ended June 29, June 30, June 29, June 30, U.S. defined contribution plans $ 5,468 $ 4,374 $ 14,795 $ 12,482 Non-U.S. defined contribution plans 1,301 1,094 3,837 3,664 Total pension expense for defined contribution plans $ 6,769 $ 5,468 $ 18,632 $ 16,146 |
Restructuring
Restructuring | 9 Months Ended |
Jun. 29, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring In the second quarter of 2018, we initiated restructuring actions in conjunction with exiting the wind pitch controls business within our Industrial Systems segment. These actions 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 13 9 — 17 39 Cash payments - 2016 plan — — — (446 ) (446 ) Cash payments - 2018 plan (635 ) (27 ) (2,503 ) — (3,165 ) Foreign currency translation (4 ) — (114 ) — (118 ) Balance at June 29, 2019 $ — $ 46 $ 4,377 $ — $ 4,423 As of June 29, 2019 , the restructuring accrual consists of $4,423 |
Income Taxes
Income Taxes | 9 Months Ended |
Jun. 29, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rate for the three and nine months ended June 29, 2019 were 23.1% and 23.7% , respectively. 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 and nine months ended June 30, 2018 were 25.8% and 56.4% , respectively. The effective tax rate for the nine months ended June 30, 2018 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% , required 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 filing our fiscal 2018 federal consolidated tax return, we finalized our calculations of the transition tax liability with minor adjustments. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Jun. 29, 2019 | |
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 nine months ended June 29, 2019 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 (5,794 ) 553 1,060 (4,181 ) Amounts reclassified from AOCIL (3,483 ) 13,207 84 9,808 Other comprehensive income (loss) (9,277 ) 13,760 1,144 5,627 AOCIL at June 29, 2019 $ (108,692 ) $ (258,557 ) $ 695 $ (366,554 ) The amounts reclassified from AOCIL into earnings are as follows: Three Months Ended Nine Months Ended Statement of earnings classification June 29, June 30, June 29, June 30, Retirement liability: Prior service cost (credit) $ (75 ) $ (86 ) $ (226 ) $ (257 ) Actuarial losses 5,918 7,405 17,771 22,224 Reclassification from AOCIL into earnings (1) 5,843 7,319 17,545 21,967 Tax effect (1,445 ) (1,791 ) (4,338 ) (6,279 ) Net reclassification from AOCIL into earnings $ 4,398 $ 5,528 $ 13,207 $ 15,688 Derivatives: Foreign currency contracts Sales $ 25 $ (122 ) $ (75 ) $ (378 ) Foreign currency contracts Cost of sales 302 428 1,197 1,626 Interest rate swaps Interest (291 ) (259 ) (1,008 ) (375 ) Reclassification from AOCIL into earnings 36 47 114 873 Tax effect (8 ) (18 ) (30 ) (325 ) Net reclassification from AOCIL into earnings $ 28 $ 29 $ 84 $ 548 (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 Nine Months Ended June 29, June 30, June 29, June 30, Foreign currency contracts $ 909 $ (1,246 ) $ 1,958 $ (2,073 ) Interest rate swaps (195 ) 223 (537 ) 1,470 Net gain (loss) 714 (1,023 ) 1,421 (603 ) Tax effect (183 ) 247 (361 ) (37 ) Net deferral in AOCIL of derivatives $ 531 $ (776 ) $ 1,060 $ (640 ) |
Stock Employee Compensation Tru
Stock Employee Compensation Trust and Supplemental Retirement Plan Trust | 9 Months Ended |
Jun. 29, 2019 | |
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 | 9 Months Ended |
Jun. 29, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share and Dividends | Basic and diluted weighted-average shares outstanding are as follows: Three Months Ended Nine Months Ended June 29, June 30, June 29, June 30, Basic weighted-average shares outstanding 34,904,487 35,762,918 34,869,021 35,768,471 Dilutive effect of equity-based awards 335,347 380,449 333,498 406,288 Diluted weighted-average shares outstanding 35,239,834 36,143,367 35,202,519 36,174,759 For the three and nine months ended June 29, 2019 , there were 18,857 and 31,451 common shares from equity-based awards, respectively, excluded from the calculation of diluted earnings per share as they would be anti-dilutive. For the three and nine months ended June 30, 2018 , there were 25,570 and 19,780 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 each of the three quarters of 2019 . We declared a cash dividend of $0.25 per share on our Class A and Class B common stock in the second quarter of 2018 , which was paid in the third quarter of 2018. |
Segment Information
Segment Information | 9 Months Ended |
Jun. 29, 2019 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Segment Information | Segment Information Below are net sales by segment for the three and nine months ended June 29, 2019 and June 30, 2018 disaggregated by type of good or service and market or type of customer. Three Months Ended Nine Months Ended June 29, June 30, June 29, June 30, Net sales: Military $ 162,285 $ 143,963 $ 464,102 $ 423,822 Commercial 174,450 155,643 497,305 465,757 Aircraft Controls 336,735 299,606 961,407 889,579 Space 55,737 54,599 159,262 161,801 Defense 117,308 95,216 334,676 264,934 Space and Defense Controls 173,045 149,815 493,938 426,735 Energy 30,413 43,097 89,687 122,077 Industrial Automation 113,784 114,703 339,283 319,471 Simulation and Test 28,123 28,880 88,418 91,758 Medical 58,869 55,917 166,723 158,982 Industrial Systems 231,189 242,597 684,111 692,288 Net sales $ 740,969 $ 692,018 $ 2,139,456 $ 2,008,602 Sales by customer are as follows: Three Months Ended Nine Months Ended June 29, June 30, June 29, June 30, Net sales: Commercial $ 174,450 $ 155,643 $ 497,305 $ 465,757 U.S. Government (including OEM) 125,387 118,474 365,347 331,357 Other 36,898 25,489 98,755 92,465 Aircraft Controls 336,735 299,606 961,407 889,579 Commercial 35,457 28,615 97,698 85,836 U.S. Government (including OEM) 129,266 111,155 365,552 310,340 Other 8,322 10,045 30,688 30,559 Space and Defense Controls 173,045 149,815 493,938 426,735 Commercial 220,796 234,969 658,258 671,859 U.S. Government (including OEM) 7,430 6,257 18,383 16,832 Other 2,963 1,371 7,470 3,597 Industrial Systems 231,189 242,597 684,111 692,288 Commercial 430,703 419,227 1,253,261 1,223,452 U.S. Government (including OEM) 262,083 235,886 749,282 658,529 Other 48,183 36,905 136,913 126,621 Net sales $ 740,969 $ 692,018 $ 2,139,456 $ 2,008,602 Below is operating profit by segment for the three and nine months ended June 29, 2019 and June 30, 2018 and a reconciliation of segment operating profit to earnings before income taxes. Operating profit is net sales less cost of sales and other operating expenses, excluding interest expense, equity-based compensation expense and other corporate expenses. Cost of sales and other operating expenses are directly identifiable to the respective segment or allocated on the basis of sales, number of employees or profit. Three Months Ended Nine Months Ended June 29, June 30, June 29, June 30, Operating profit: Aircraft Controls $ 34,484 $ 33,601 $ 94,805 $ 98,437 Space and Defense Controls 24,133 16,689 63,110 50,204 Industrial Systems 25,495 24,972 83,428 39,455 Total operating profit 84,112 75,262 241,343 188,096 Deductions from operating profit: Interest expense 9,780 8,850 29,401 26,585 Equity-based compensation expense 1,439 894 5,130 4,394 Non-service pension expense 3,182 1,693 9,562 5,093 Corporate and other expenses, net 7,991 8,870 21,728 23,566 Earnings before income taxes $ 61,720 $ 54,955 $ 175,522 $ 128,458 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Jun. 29, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure | Related Party Transactions On November 20, 2017, John Scannell, Moog's Chairman of the Board and Director and Chief Executive Officer, 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 and nine months ended June 29, 2019 totaled $5,540 and $15,899 , respectively. Credit extension for the three and nine months ended June 30, 2018 totaled $5,237 and $14,856 , respectively. At June 29, 2019 , we held a $15,000 interest rate swap with M&T Bank and outstanding leases with a total original cost of $28,035 . M&T Bank also maintains an interest of approximately 12% in our U.S. revolving credit facility. Further details of the U.S. revolving credit facility can be found in Note 7, Indebtedness. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Jun. 29, 2019 | |
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 $34,524 of standby letters of credit issued to third parties on our behalf at June 29, 2019 . |
Subsequent Event
Subsequent Event | 9 Months Ended |
Jun. 29, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Event On July 25, 2019, the Board of Directors declared a $0.25 per share quarterly dividend payable on issued and outstanding shares of our Class A and Class B common stock on September 3, 2019 to shareholders of record at the close of business on August 15, 2019. |
Basis Of Presentation (Policies
Basis Of Presentation (Policies) | 9 Months Ended |
Jun. 29, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting | The accompanying unaudited consolidated condensed financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments consisting of normal recurring adjustments considered necessary for the fair presentation of results for the interim period have been included. The results of operations for the three and nine months ended June 29, 2019 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. |
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 plan to adopt the standard using the modified retrospective method without adjusting prior comparative periods. We expect to record a material right-of-use asset and lease liability on the Consolidated Condensed Balance Sheet. We have identified, and are in the process of implementing, changes to our financial statements and related disclosures, internal controls, financial policies and information technology systems. Upon adoption, we do not anticipate material changes to our Consolidated Condensed Statement of Earnings or Consolidated Condensed Statement of Cash Flows. We have not yet fully quantified the impact 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 an immaterial impact on our financial statements and related disclosures. 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 loss and contract-related reserves 47,417 2,430 49,847 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 tables below represent the impact of the adoption of ASC 606 on the Consolidated Condensed Statement of Earnings for the three and nine months ended June 29, 2019 . Three Months Ended Under ASC 605 Effect of ASC 606 As Reported Under ASC 606 Net sales $ 737,887 $ 3,082 $ 740,969 Cost of sales 531,952 (2,902 ) 529,050 Gross profit 205,935 5,984 211,919 Earnings before income taxes 55,736 5,984 61,720 Income taxes 12,735 1,520 14,255 Net earnings $ 43,001 $ 4,464 $ 47,465 Nine Months Ended Under ASC 605 Effect of ASC 606 As Reported Under ASC 606 Net sales $ 2,119,821 $ 19,635 $ 2,139,456 Cost of sales 1,521,720 8,914 1,530,634 Gross profit 598,101 10,721 608,822 Earnings before income taxes 164,801 10,721 175,522 Income taxes 38,863 2,766 41,629 Net earnings $ 125,938 $ 7,955 $ 133,893 The table below represents the impact of the adoption of ASC 606 on the Consolidated Condensed Balance Sheet as of June 29, 2019 . Under ASC 605 Effect of ASC 606 As Reported Under ASC 606 ASSETS Current assets Receivables $ 813,187 $ 109,666 $ 922,853 Inventories 592,925 (77,870 ) 515,055 Total current assets 1,539,396 31,796 1,571,192 Deferred income taxes 15,783 (47 ) 15,736 Total assets 3,034,390 31,749 3,066,139 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Contract advances $ 148,393 $ (716 ) $ 147,677 Contract loss and contract-related reserves 55,755 1,801 57,556 Other accrued liabilities 104,656 3,885 108,541 Total current liabilities 670,804 4,970 675,774 Deferred income taxes 53,054 3,610 56,664 Total liabilities 1,701,902 8,580 1,710,482 Shareholders’ equity Retained earnings 2,073,296 22,878 2,096,174 Accumulated other comprehensive loss (366,845 ) 291 (366,554 ) Total shareholders’ equity 1,332,488 23,169 1,355,657 Total liabilities and shareholders’ equity 3,034,390 31,749 3,066,139 The tables below represent the impact of the adoption of ASU 2017-07: Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , on the Consolidated Condensed Statement of Earnings for the three and nine months ended June 30, 2018 . Three Months Ended As Reported, Impact of Adoption As Adjusted, Cost of sales $ 492,234 $ (275 ) $ 491,959 Gross profit 197,386 275 197,661 Research and development 31,040 (87 ) 30,953 Selling, general and administrative 103,053 (1,331 ) 101,722 Other 1,037 1,693 2,730 Nine Months Ended As Reported, Impact of Adoption As Adjusted, Cost of sales $ 1,424,731 $ (834 ) $ 1,423,897 Gross profit 574,144 834 574,978 Research and development 97,545 (263 ) 97,282 Selling, general and administrative 299,002 (3,996 ) 295,006 Other 45 5,093 5,138 The tables below represent the impact of the adoption of ASU 2017-07 on operating profit and deductions from operating profit for the three and nine months ended June 30, 2018 . Three Months Ended As Reported, Impact of Adoption As Adjusted, Operating profit: Aircraft Controls $ 33,342 $ 259 $ 33,601 Space and Defense Controls 16,513 176 16,689 Industrial Systems 24,283 689 24,972 Total operating profit $ 74,138 $ 1,124 $ 75,262 Deductions from operating profit: Non-service pension expense $ — $ 1,693 $ 1,693 Corporate and other expenses, net $ 9,439 $ (569 ) $ 8,870 Nine Months Ended As Reported, Impact of Adoption As Adjusted, Operating profit: Aircraft Controls $ 97,590 $ 847 $ 98,437 Space and Defense Controls 49,643 561 50,204 Industrial Systems 37,479 1,976 39,455 Total operating profit $ 184,712 $ 3,384 $ 188,096 Deductions from operating profit: Non-service pension expense $ — $ 5,093 $ 5,093 Corporate and other expenses, net $ 25,275 $ (1,709 ) $ 23,566 |
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) | 9 Months Ended |
Jun. 29, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The tables below represent the impact of the adoption of ASU 2017-07 on operating profit and deductions from operating profit for the three and nine months ended June 30, 2018 . Three Months Ended As Reported, Impact of Adoption As Adjusted, Operating profit: Aircraft Controls $ 33,342 $ 259 $ 33,601 Space and Defense Controls 16,513 176 16,689 Industrial Systems 24,283 689 24,972 Total operating profit $ 74,138 $ 1,124 $ 75,262 Deductions from operating profit: Non-service pension expense $ — $ 1,693 $ 1,693 Corporate and other expenses, net $ 9,439 $ (569 ) $ 8,870 Nine Months Ended As Reported, Impact of Adoption As Adjusted, Operating profit: Aircraft Controls $ 97,590 $ 847 $ 98,437 Space and Defense Controls 49,643 561 50,204 Industrial Systems 37,479 1,976 39,455 Total operating profit $ 184,712 $ 3,384 $ 188,096 Deductions from operating profit: Non-service pension expense $ — $ 5,093 $ 5,093 Corporate and other expenses, net $ 25,275 $ (1,709 ) $ 23,566 The tables below represent the impact of the adoption of ASU 2017-07: Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , on the Consolidated Condensed Statement of Earnings for the three and nine months ended June 30, 2018 . Three Months Ended As Reported, Impact of Adoption As Adjusted, Cost of sales $ 492,234 $ (275 ) $ 491,959 Gross profit 197,386 275 197,661 Research and development 31,040 (87 ) 30,953 Selling, general and administrative 103,053 (1,331 ) 101,722 Other 1,037 1,693 2,730 Nine Months Ended As Reported, Impact of Adoption As Adjusted, Cost of sales $ 1,424,731 $ (834 ) $ 1,423,897 Gross profit 574,144 834 574,978 Research and development 97,545 (263 ) 97,282 Selling, general and administrative 299,002 (3,996 ) 295,006 Other 45 5,093 5,138 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 loss and contract-related reserves 47,417 2,430 49,847 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 tables below represent the impact of the adoption of ASC 606 on the Consolidated Condensed Statement of Earnings for the three and nine months ended June 29, 2019 . Three Months Ended Under ASC 605 Effect of ASC 606 As Reported Under ASC 606 Net sales $ 737,887 $ 3,082 $ 740,969 Cost of sales 531,952 (2,902 ) 529,050 Gross profit 205,935 5,984 211,919 Earnings before income taxes 55,736 5,984 61,720 Income taxes 12,735 1,520 14,255 Net earnings $ 43,001 $ 4,464 $ 47,465 Nine Months Ended Under ASC 605 Effect of ASC 606 As Reported Under ASC 606 Net sales $ 2,119,821 $ 19,635 $ 2,139,456 Cost of sales 1,521,720 8,914 1,530,634 Gross profit 598,101 10,721 608,822 Earnings before income taxes 164,801 10,721 175,522 Income taxes 38,863 2,766 41,629 Net earnings $ 125,938 $ 7,955 $ 133,893 The table below represents the impact of the adoption of ASC 606 on the Consolidated Condensed Balance Sheet as of June 29, 2019 . Under ASC 605 Effect of ASC 606 As Reported Under ASC 606 ASSETS Current assets Receivables $ 813,187 $ 109,666 $ 922,853 Inventories 592,925 (77,870 ) 515,055 Total current assets 1,539,396 31,796 1,571,192 Deferred income taxes 15,783 (47 ) 15,736 Total assets 3,034,390 31,749 3,066,139 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Contract advances $ 148,393 $ (716 ) $ 147,677 Contract loss and contract-related reserves 55,755 1,801 57,556 Other accrued liabilities 104,656 3,885 108,541 Total current liabilities 670,804 4,970 675,774 Deferred income taxes 53,054 3,610 56,664 Total liabilities 1,701,902 8,580 1,710,482 Shareholders’ equity Retained earnings 2,073,296 22,878 2,096,174 Accumulated other comprehensive loss (366,845 ) 291 (366,554 ) Total shareholders’ equity 1,332,488 23,169 1,355,657 Total liabilities and shareholders’ equity 3,034,390 31,749 3,066,139 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Jun. 29, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Contract Assets and Liabilities | Total contract assets and contract liabilities are as follows: June 29, September 30, 2018 Unbilled receivables $ 444,762 $ 405,610 Contract advances 147,677 152,608 Net contract assets $ 297,085 $ 253,002 |
Receivables (Tables)
Receivables (Tables) | 9 Months Ended |
Jun. 29, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Receivables consist of: June 29, September 29, Accounts receivable $ 230,474 $ 295,180 Long-term contract receivables: Billed receivables 232,600 156,414 Unbilled receivables 444,762 316,489 Total long-term contract receivables 677,362 472,903 Other 20,123 30,787 Less allowance for doubtful accounts (5,106 ) (4,959 ) Receivables $ 922,853 $ 793,911 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Jun. 29, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, net of reserves | Inventories, net of reserves, consist of: June 29, September 29, Raw materials and purchased parts $ 187,167 $ 197,071 Work in progress 261,903 240,885 Finished goods 65,985 74,566 Inventories $ 515,055 $ 512,522 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Jun. 29, 2019 | |
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 (1,351 ) (22 ) (2,929 ) (4,302 ) Balance at June 29, 2019 $ 178,556 $ 261,710 $ 351,412 $ 791,678 |
Components of Intangible Assets | The components of intangible assets are as follows: June 29, 2019 September 29, 2018 Weighted- Gross Carrying Accumulated Gross Carrying Accumulated Customer-related 11 $ 134,124 $ (99,521 ) $ 135,379 $ (96,090 ) Technology-related 9 69,771 (51,731 ) 69,393 (49,731 ) Program-related 19 64,955 (37,088 ) 64,988 (33,740 ) Marketing-related 8 23,418 (19,819 ) 23,489 (18,868 ) Other 10 4,164 (3,644 ) 4,305 (3,588 ) Intangible assets 12 $ 296,432 $ (211,803 ) $ 297,554 $ (202,017 ) |
Indebtedness (Tables)
Indebtedness (Tables) | 9 Months Ended |
Jun. 29, 2019 | |
Debt Disclosure [Abstract] | |
Components of Long-term debt | Long-term debt consists of: June 29, September 29, U.S. revolving credit facility $ 391,889 $ 430,000 SECT revolving credit facility 4,000 — Senior notes 300,000 300,000 Securitization program 130,000 130,000 Obligations under capital leases 804 918 Senior debt 826,693 860,918 Less deferred debt issuance cost (436 ) (1,717 ) Less current installments (292 ) (365 ) Long-term debt $ 825,965 $ 858,836 |
Product Warranties (Tables)
Product Warranties (Tables) | 9 Months Ended |
Jun. 29, 2019 | |
Product Warranties Disclosures [Abstract] | |
Summary of Activity in Warranty Accrual | Activity in the warranty accrual is summarized as follows: Three Months Ended Nine Months Ended June 29, June 30, June 29, June 30, Warranty accrual at beginning of period $ 24,217 $ 28,255 $ 25,537 $ 25,848 Warranties issued during current period 6,666 3,451 12,691 11,488 Adjustments to pre-existing warranties (125 ) (80 ) (523 ) (325 ) Reductions for settling warranties (5,275 ) (3,219 ) (12,144 ) (9,141 ) Foreign currency translation (102 ) (701 ) (180 ) (164 ) Warranty accrual at end of period $ 25,381 $ 27,706 $ 25,381 $ 27,706 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Jun. 29, 2019 | |
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 Nine Months Ended June 29, June 30, June 29, June 30, Net gain (loss) $ (574 ) $ (1,028 ) $ 195 $ (4,037 ) |
Fair Value And Classification Of Derivatives On The Consolidated Balance Sheets | The fair value and classification of derivatives is summarized as follows: June 29, September 29, Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 1,302 $ 659 Foreign currency contracts Other assets 477 41 Interest rate swaps Other current assets 203 1,444 Interest rate swaps Other assets — 322 Total asset derivatives $ 1,982 $ 2,466 Foreign currency contracts Other accrued liabilities $ 391 $ 1,842 Foreign currency contracts Other long-term liabilities — 464 Total liability derivatives $ 391 $ 2,306 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 244 $ 285 Foreign currency contracts Other accrued liabilities $ 454 $ 87 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Jun. 29, 2019 | |
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 June 29, September 29, Foreign currency contracts Other current assets $ 1,546 $ 944 Foreign currency contracts Other assets 477 41 Interest rate swaps Other current assets 203 1,444 Interest rate swaps Other assets — 322 Total assets $ 2,226 $ 2,751 Foreign currency contracts Other accrued liabilities $ 845 $ 1,929 Foreign currency contracts Other long-term liabilities — 464 Total liabilities $ 845 $ 2,393 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Jun. 29, 2019 | |
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 Nine Months Ended June 29, June 30, June 29, June 30, U.S. Plans Service cost $ 5,251 $ 5,634 $ 15,753 $ 16,901 Interest cost 9,231 8,073 27,693 24,219 Expected return on plan assets (11,771 ) (13,575 ) (35,313 ) (40,726 ) Amortization of prior service cost (credit) 47 46 140 140 Amortization of actuarial loss 5,465 6,903 16,397 20,707 Pension expense for U.S. defined benefit plans $ 8,223 $ 7,081 $ 24,670 $ 21,241 Non-U.S. Plans Service cost $ 1,237 $ 1,486 $ 3,731 $ 4,475 Interest cost 1,091 1,066 3,293 3,213 Expected return on plan assets (1,290 ) (1,260 ) (3,891 ) (3,793 ) Amortization of prior service cost (credit) (4 ) (15 ) (13 ) (44 ) Amortization of actuarial loss 630 630 1,908 1,902 Pension expense for non-U.S. defined benefit plans $ 1,664 $ 1,907 $ 5,028 $ 5,753 |
Defined Contribution Plan Disclosures | Pension expense for our defined contribution plans consists of: Three Months Ended Nine Months Ended June 29, June 30, June 29, June 30, U.S. defined contribution plans $ 5,468 $ 4,374 $ 14,795 $ 12,482 Non-U.S. defined contribution plans 1,301 1,094 3,837 3,664 Total pension expense for defined contribution plans $ 6,769 $ 5,468 $ 18,632 $ 16,146 |
Restructuring (Tables)
Restructuring (Tables) | 9 Months Ended |
Jun. 29, 2019 | |
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 13 9 — 17 39 Cash payments - 2016 plan — — — (446 ) (446 ) Cash payments - 2018 plan (635 ) (27 ) (2,503 ) — (3,165 ) Foreign currency translation (4 ) — (114 ) — (118 ) Balance at June 29, 2019 $ — $ 46 $ 4,377 $ — $ 4,423 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Jun. 29, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Components of AOCIL | The changes in AOCIL, net of tax, by component for the nine months ended June 29, 2019 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 (5,794 ) 553 1,060 (4,181 ) Amounts reclassified from AOCIL (3,483 ) 13,207 84 9,808 Other comprehensive income (loss) (9,277 ) 13,760 1,144 5,627 AOCIL at June 29, 2019 $ (108,692 ) $ (258,557 ) $ 695 $ (366,554 ) |
Reclassification from AOCIL | The amounts reclassified from AOCIL into earnings are as follows: Three Months Ended Nine Months Ended Statement of earnings classification June 29, June 30, June 29, June 30, Retirement liability: Prior service cost (credit) $ (75 ) $ (86 ) $ (226 ) $ (257 ) Actuarial losses 5,918 7,405 17,771 22,224 Reclassification from AOCIL into earnings (1) 5,843 7,319 17,545 21,967 Tax effect (1,445 ) (1,791 ) (4,338 ) (6,279 ) Net reclassification from AOCIL into earnings $ 4,398 $ 5,528 $ 13,207 $ 15,688 Derivatives: Foreign currency contracts Sales $ 25 $ (122 ) $ (75 ) $ (378 ) Foreign currency contracts Cost of sales 302 428 1,197 1,626 Interest rate swaps Interest (291 ) (259 ) (1,008 ) (375 ) Reclassification from AOCIL into earnings 36 47 114 873 Tax effect (8 ) (18 ) (30 ) (325 ) Net reclassification from AOCIL into earnings $ 28 $ 29 $ 84 $ 548 |
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 Nine Months Ended June 29, June 30, June 29, June 30, Foreign currency contracts $ 909 $ (1,246 ) $ 1,958 $ (2,073 ) Interest rate swaps (195 ) 223 (537 ) 1,470 Net gain (loss) 714 (1,023 ) 1,421 (603 ) Tax effect (183 ) 247 (361 ) (37 ) Net deferral in AOCIL of derivatives $ 531 $ (776 ) $ 1,060 $ (640 ) |
Earnings Per Share and Divide_2
Earnings Per Share and Dividends (Tables) | 9 Months Ended |
Jun. 29, 2019 | |
Earnings Per Share [Abstract] | |
Basic And Diluted Weighted-Average Shares Outstanding | Basic and diluted weighted-average shares outstanding are as follows: Three Months Ended Nine Months Ended June 29, June 30, June 29, June 30, Basic weighted-average shares outstanding 34,904,487 35,762,918 34,869,021 35,768,471 Dilutive effect of equity-based awards 335,347 380,449 333,498 406,288 Diluted weighted-average shares outstanding 35,239,834 36,143,367 35,202,519 36,174,759 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Jun. 29, 2019 | |
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 Nine Months Ended June 29, June 30, June 29, June 30, Net sales: Commercial $ 174,450 $ 155,643 $ 497,305 $ 465,757 U.S. Government (including OEM) 125,387 118,474 365,347 331,357 Other 36,898 25,489 98,755 92,465 Aircraft Controls 336,735 299,606 961,407 889,579 Commercial 35,457 28,615 97,698 85,836 U.S. Government (including OEM) 129,266 111,155 365,552 310,340 Other 8,322 10,045 30,688 30,559 Space and Defense Controls 173,045 149,815 493,938 426,735 Commercial 220,796 234,969 658,258 671,859 U.S. Government (including OEM) 7,430 6,257 18,383 16,832 Other 2,963 1,371 7,470 3,597 Industrial Systems 231,189 242,597 684,111 692,288 Commercial 430,703 419,227 1,253,261 1,223,452 U.S. Government (including OEM) 262,083 235,886 749,282 658,529 Other 48,183 36,905 136,913 126,621 Net sales $ 740,969 $ 692,018 $ 2,139,456 $ 2,008,602 Below is operating profit by segment for the three and nine months ended June 29, 2019 and June 30, 2018 and a reconciliation of segment operating profit to earnings before income taxes. Operating profit is net sales less cost of sales and other operating expenses, excluding interest expense, equity-based compensation expense and other corporate expenses. Cost of sales and other operating expenses are directly identifiable to the respective segment or allocated on the basis of sales, number of employees or profit. Three Months Ended Nine Months Ended June 29, June 30, June 29, June 30, Operating profit: Aircraft Controls $ 34,484 $ 33,601 $ 94,805 $ 98,437 Space and Defense Controls 24,133 16,689 63,110 50,204 Industrial Systems 25,495 24,972 83,428 39,455 Total operating profit 84,112 75,262 241,343 188,096 Deductions from operating profit: Interest expense 9,780 8,850 29,401 26,585 Equity-based compensation expense 1,439 894 5,130 4,394 Non-service pension expense 3,182 1,693 9,562 5,093 Corporate and other expenses, net 7,991 8,870 21,728 23,566 Earnings before income taxes $ 61,720 $ 54,955 $ 175,522 $ 128,458 Below are net sales by segment for the three and nine months ended June 29, 2019 and June 30, 2018 disaggregated by type of good or service and market or type of customer. Three Months Ended Nine Months Ended June 29, June 30, June 29, June 30, Net sales: Military $ 162,285 $ 143,963 $ 464,102 $ 423,822 Commercial 174,450 155,643 497,305 465,757 Aircraft Controls 336,735 299,606 961,407 889,579 Space 55,737 54,599 159,262 161,801 Defense 117,308 95,216 334,676 264,934 Space and Defense Controls 173,045 149,815 493,938 426,735 Energy 30,413 43,097 89,687 122,077 Industrial Automation 113,784 114,703 339,283 319,471 Simulation and Test 28,123 28,880 88,418 91,758 Medical 58,869 55,917 166,723 158,982 Industrial Systems 231,189 242,597 684,111 692,288 Net sales $ 740,969 $ 692,018 $ 2,139,456 $ 2,008,602 |
Basis Of Presentation Basis o_2
Basis Of Presentation Basis of Presentation (Cumulative effect from adoption of ASC 606) (Details) - USD ($) $ in Thousands | Jun. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2018 |
New Accounting Pronouncements or Change in Accounting Principle | |||
Receivables | $ 922,853 | $ 883,032 | $ 793,911 |
Inventories | 515,055 | 446,531 | 512,522 |
Deferred income taxes | 15,736 | 17,462 | 17,328 |
Contract advances | 147,677 | 152,608 | 151,687 |
Contract loss and contract-related reserves | 57,556 | 49,847 | 47,417 |
Other accrued liabilities | 108,541 | 122,083 | 120,944 |
Deferred income taxes | 56,664 | 50,328 | 46,477 |
Retained earnings | $ 2,096,174 | 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 loss and contract-related 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 | 9 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Item Effected | ||||
Net sales | $ 740,969 | $ 692,018 | $ 2,139,456 | $ 2,008,602 |
Cost of sales | 529,050 | 491,959 | 1,530,634 | 1,423,897 |
Gross Profit | 211,919 | 197,661 | 608,822 | 574,978 |
Earnings before income taxes | 61,720 | 54,955 | 175,522 | 128,458 |
Income taxes | 14,255 | 14,205 | 41,629 | 72,444 |
Net earnings | 47,465 | $ 40,683 | 133,893 | $ 55,947 |
ASC 605 | ||||
Item Effected | ||||
Net sales | 737,887 | 2,119,821 | ||
Cost of sales | 531,952 | 1,521,720 | ||
Gross Profit | 205,935 | 598,101 | ||
Earnings before income taxes | 55,736 | 164,801 | ||
Income taxes | 12,735 | 38,863 | ||
Net earnings | 43,001 | 125,938 | ||
Adjustment for ASC 606 | ||||
Item Effected | ||||
Net sales | 3,082 | 19,635 | ||
Cost of sales | (2,902) | 8,914 | ||
Gross Profit | 5,984 | 10,721 | ||
Earnings before income taxes | 5,984 | 10,721 | ||
Income taxes | 1,520 | 2,766 | ||
Net earnings | 4,464 | 7,955 | ||
ASC 606 | ||||
Item Effected | ||||
Net sales | 740,969 | 2,139,456 | ||
Cost of sales | 529,050 | 1,530,634 | ||
Gross Profit | 211,919 | 608,822 | ||
Earnings before income taxes | 61,720 | 175,522 | ||
Income taxes | 14,255 | 41,629 | ||
Net earnings | $ 47,465 | $ 133,893 |
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 | Jun. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2018 | Jun. 30, 2018 |
Item Effected | ||||
Receivables | $ 922,853 | $ 883,032 | $ 793,911 | |
Inventories | 515,055 | 446,531 | 512,522 | |
Total current assets | 1,571,192 | 1,476,421 | ||
Deferred income taxes | 15,736 | 17,462 | 17,328 | |
Total assets | 3,066,139 | 2,964,048 | ||
Contract advances | 147,677 | 152,608 | 151,687 | |
Contract loss and contract-related reserves | 57,556 | 49,847 | 47,417 | |
Other accrued liabilities | 108,541 | 122,083 | 120,944 | |
Total current liabilities | 675,774 | 680,624 | ||
Deferred income taxes | 56,664 | 50,328 | 46,477 | |
Total liabilities | 1,710,482 | 1,739,062 | ||
Retained earnings | 2,096,174 | $ 1,988,437 | 1,973,514 | |
Accumulated other comprehensive loss | (366,554) | (372,181) | ||
Total shareholders' equity | 1,355,657 | $ 1,262,267 | ||
Total liabilities and shareholders' equity | 3,066,139 | $ 2,964,048 | ||
ASC 605 | ||||
Item Effected | ||||
Receivables | 813,187 | |||
Inventories | 592,925 | |||
Total current assets | 1,539,396 | |||
Deferred income taxes | 15,783 | |||
Total assets | 3,034,390 | |||
Contract advances | 148,393 | |||
Contract loss and contract-related reserves | 55,755 | |||
Other accrued liabilities | 104,656 | |||
Total current liabilities | 670,804 | |||
Deferred income taxes | 53,054 | |||
Total liabilities | 1,701,902 | |||
Retained earnings | 2,073,296 | |||
Accumulated other comprehensive loss | (366,845) | |||
Total shareholders' equity | 1,332,488 | |||
Total liabilities and shareholders' equity | 3,034,390 | |||
Adjustment for ASC 606 | ||||
Item Effected | ||||
Receivables | 109,666 | |||
Inventories | (77,870) | |||
Total current assets | 31,796 | |||
Deferred income taxes | (47) | |||
Total assets | 31,749 | |||
Contract advances | (716) | |||
Contract loss and contract-related reserves | 1,801 | |||
Other accrued liabilities | 3,885 | |||
Total current liabilities | 4,970 | |||
Deferred income taxes | 3,610 | |||
Total liabilities | 8,580 | |||
Retained earnings | 22,878 | |||
Accumulated other comprehensive loss | 291 | |||
Total shareholders' equity | 23,169 | |||
Total liabilities and shareholders' equity | 31,749 | |||
ASC 606 | ||||
Item Effected | ||||
Receivables | 922,853 | |||
Inventories | 515,055 | |||
Total current assets | 1,571,192 | |||
Deferred income taxes | 15,736 | |||
Total assets | 3,066,139 | |||
Contract advances | 147,677 | |||
Contract loss and contract-related reserves | 57,556 | |||
Other accrued liabilities | 108,541 | |||
Total current liabilities | 675,774 | |||
Deferred income taxes | 56,664 | |||
Total liabilities | 1,710,482 | |||
Retained earnings | 2,096,174 | |||
Accumulated other comprehensive loss | (366,554) | |||
Total shareholders' equity | 1,355,657 | |||
Total liabilities and shareholders' equity | $ 3,066,139 |
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 | 9 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle | ||||
Cost of sales | $ 529,050 | $ 491,959 | $ 1,530,634 | $ 1,423,897 |
Gross Profit | 211,919 | 197,661 | 608,822 | 574,978 |
Research and development | 31,298 | 30,953 | 94,518 | 97,282 |
Selling, general and administrative | 103,655 | 101,722 | 299,841 | 295,006 |
Other | $ 5,466 | 2,730 | $ 9,540 | 5,138 |
Previously Reported | ||||
New Accounting Pronouncements or Change in Accounting Principle | ||||
Cost of sales | 492,234 | 1,424,731 | ||
Gross Profit | 197,386 | 574,144 | ||
Research and development | 31,040 | 97,545 | ||
Selling, general and administrative | 103,053 | 299,002 | ||
Other | 1,037 | 45 | ||
ASC 2017-07 | Restatement Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle | ||||
Cost of sales | (275) | (834) | ||
Gross Profit | 275 | 834 | ||
Research and development | (87) | (263) | ||
Selling, general and administrative | (1,331) | (3,996) | ||
Other | $ 1,693 | $ 5,093 |
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 | 9 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle | ||||
Operating profit | $ 84,112 | $ 75,262 | $ 241,343 | $ 188,096 |
Deductions from operating profit: | ||||
Non-service pension expense | 3,182 | 1,693 | 9,562 | 5,093 |
Corporate and other expenses, net | 7,991 | 8,870 | 21,728 | 23,566 |
Previously Reported | ||||
New Accounting Pronouncements or Change in Accounting Principle | ||||
Operating profit | 74,138 | 184,712 | ||
Deductions from operating profit: | ||||
Non-service pension expense | 0 | 0 | ||
Corporate and other expenses, net | 9,439 | 25,275 | ||
ASC 2017-07 | Restatement Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle | ||||
Operating profit | 1,124 | 3,384 | ||
Deductions from operating profit: | ||||
Non-service pension expense | 1,693 | 5,093 | ||
Corporate and other expenses, net | (569) | (1,709) | ||
Aircraft Controls | ||||
New Accounting Pronouncements or Change in Accounting Principle | ||||
Operating profit | 34,484 | 33,601 | 94,805 | 98,437 |
Aircraft Controls | Previously Reported | ||||
New Accounting Pronouncements or Change in Accounting Principle | ||||
Operating profit | 33,342 | 97,590 | ||
Aircraft Controls | ASC 2017-07 | Restatement Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle | ||||
Operating profit | 259 | 847 | ||
Space And Defense Controls | ||||
New Accounting Pronouncements or Change in Accounting Principle | ||||
Operating profit | 24,133 | 16,689 | 63,110 | 50,204 |
Space And Defense Controls | Previously Reported | ||||
New Accounting Pronouncements or Change in Accounting Principle | ||||
Operating profit | 16,513 | 49,643 | ||
Space And Defense Controls | ASC 2017-07 | Restatement Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle | ||||
Operating profit | 176 | 561 | ||
Industrial Systems | ||||
New Accounting Pronouncements or Change in Accounting Principle | ||||
Operating profit | $ 25,495 | 24,972 | $ 83,428 | 39,455 |
Industrial Systems | Previously Reported | ||||
New Accounting Pronouncements or Change in Accounting Principle | ||||
Operating profit | 24,283 | 37,479 | ||
Industrial Systems | ASC 2017-07 | Restatement Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle | ||||
Operating profit | $ 689 | $ 1,976 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers Revenue from Contracts with Customers (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2019 | Jun. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue for adjustments made to performance obligations satisified in prior year | $ 3,898 | $ 14,336 | ||
Contract loss and contract-related reserves | 57,556 | 57,556 | $ 49,847 | $ 47,417 |
Revenue recognized due to contract liabilities | 17,446 | 111,032 | ||
Remaining performance obligation, amount | $ 2,150,000 | $ 2,150,000 | ||
Remaining performance obligation, percentage | 74.00% | 74.00% | ||
Remaining performance obligation, expected timing of satisfaction | 12 months | 12 months | ||
Transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, net percent | 64.00% | 64.00% | ||
Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, net percent | 36.00% | 36.00% | ||
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 | Jun. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2018 |
Revenue from Contract with Customer [Abstract] | |||
Unbilled receivables | $ 444,762 | $ 405,610 | $ 316,489 |
Contract advances | 147,677 | 152,608 | $ 151,687 |
Net contract assets | $ 297,085 | $ 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 | Jun. 29, 2019 |
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 | 9 Months Ended | 12 Months Ended | |
Jun. 29, 2019 | Sep. 29, 2018 | Sep. 30, 2018 | |
Receivables [Abstract] | |||
Accounts receivable | $ 230,474 | $ 295,180 | |
Long-term contract receivables - Billed | 232,600 | 156,414 | |
Long-term contract receivables - Unbilled | 444,762 | 316,489 | $ 405,610 |
Total long-term contract receivables | 677,362 | 472,903 | |
Other | 20,123 | 30,787 | |
Less allowance for doubtful accounts | (5,106) | (4,959) | |
Receivables | $ 922,853 | $ 793,911 | $ 883,032 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventory) (Details) - USD ($) $ in Thousands | Jun. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2018 |
Inventory Disclosure [Abstract] | |||
Raw materials and purchased parts | $ 187,167 | $ 197,071 | |
Work in progress | 261,903 | 240,885 | |
Finished goods | 65,985 | 74,566 | |
Inventories | $ 515,055 | $ 446,531 | $ 512,522 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Changes In Carrying Amount Of Goodwill) (Details) $ in Thousands | 9 Months Ended |
Jun. 29, 2019USD ($) | |
Goodwill | |
Beginning balance | $ 797,217 |
Divestitures | (1,237) |
Foreign currency translation | (4,302) |
Ending balance | 791,678 |
Aircraft Controls | |
Goodwill | |
Beginning balance | 179,907 |
Divestitures | 0 |
Foreign currency translation | (1,351) |
Ending balance | 178,556 |
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 | (2,929) |
Ending balance | $ 351,412 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Goodwill Narrative) (Details) $ in Thousands | Jun. 29, 2019USD ($) |
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 | 9 Months Ended | |
Jun. 29, 2019 | Sep. 29, 2018 | |
Finite-Lived Intangible Assets | ||
Weighted-Average Life (years) | 12 years | |
Gross Carrying Amount | $ 296,432 | $ 297,554 |
Accumulated Amortization | $ (211,803) | (202,017) |
Customer-Related | ||
Finite-Lived Intangible Assets | ||
Weighted-Average Life (years) | 11 years | |
Gross Carrying Amount | $ 134,124 | 135,379 |
Accumulated Amortization | $ (99,521) | (96,090) |
Technology-Related | ||
Finite-Lived Intangible Assets | ||
Weighted-Average Life (years) | 9 years | |
Gross Carrying Amount | $ 69,771 | 69,393 |
Accumulated Amortization | $ (51,731) | (49,731) |
Program-Related | ||
Finite-Lived Intangible Assets | ||
Weighted-Average Life (years) | 19 years | |
Gross Carrying Amount | $ 64,955 | 64,988 |
Accumulated Amortization | $ (37,088) | (33,740) |
Marketing-Related | ||
Finite-Lived Intangible Assets | ||
Weighted-Average Life (years) | 8 years | |
Gross Carrying Amount | $ 23,418 | 23,489 |
Accumulated Amortization | $ (19,819) | (18,868) |
Other Intangible Assets | ||
Finite-Lived Intangible Assets | ||
Weighted-Average Life (years) | 10 years | |
Gross Carrying Amount | $ 4,164 | 4,305 |
Accumulated Amortization | $ (3,644) | $ (3,588) |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Intangibles Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of acquired intangible assets | $ 3,088 | $ 4,127 | $ 10,173 | $ 13,398 |
Future amortization expenses, 2019 | 13,200 | 13,200 | ||
Future amortization expenses, 2020 | 11,500 | 11,500 | ||
Future amortization expenses, 2021 | 9,600 | 9,600 | ||
Future amortization expenses, 2022 | 8,100 | 8,100 | ||
Future amortization expenses, 2023 | $ 7,200 | $ 7,200 |
Indebtedness (Components of Lon
Indebtedness (Components of Long-term debt) (Details) - USD ($) $ in Thousands | Jun. 29, 2019 | Sep. 29, 2018 |
Line of Credit Facility | ||
Senior notes | $ 300,000 | $ 300,000 |
Securitization program | 130,000 | 130,000 |
Obligations under capital leases | 804 | 918 |
Senior debt | 826,693 | 860,918 |
Less deferred debt issuance cost | (436) | (1,717) |
Less current installments | (292) | (365) |
Long-term debt | 825,965 | 858,836 |
U.S. revolving credit facility | ||
Line of Credit Facility | ||
Revolving credit facility | 391,889 | 430,000 |
SECT revolving credit facility | ||
Line of Credit Facility | ||
Revolving credit facility | $ 4,000 | $ 0 |
Indebtedness (Narrative) (Detai
Indebtedness (Narrative) (Details) - USD ($) $ in Thousands | Oct. 30, 2018 | Jun. 28, 2016 | Jun. 29, 2019 | Sep. 29, 2018 | Jul. 26, 2018 |
U.S. revolving credit facility | |||||
Line of Credit Facility | |||||
Outstanding borrowings | $ 391,889 | $ 430,000 | |||
SECT revolving credit facility | |||||
Line of Credit Facility | |||||
Outstanding borrowings | 4,000 | $ 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) | 9 Months Ended |
Jun. 29, 2019 | |
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 | 9 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||||
Warranty accrual at beginning of period | $ 24,217 | $ 28,255 | $ 25,537 | $ 25,848 |
Warranties issued during current period | 6,666 | 3,451 | 12,691 | 11,488 |
Adjustments to pre-existing warranties | (125) | (80) | (523) | (325) |
Reductions for settling warranties | (5,275) | (3,219) | (12,144) | (9,141) |
Foreign currency translation | (102) | (701) | (180) | (164) |
Warranty accrual at end of period | $ 25,381 | $ 27,706 | $ 25,381 | $ 27,706 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) $ in Thousands | Jun. 29, 2019USD ($) |
Designated as Hedging Instrument | Interest Rate Swaps | |
Derivative | |
Notional Amount, Derivative | $ 105,000 |
Conversion Rate Of Interest Rate Swaps From Variable to Fixed | 2.99% |
Basis Spread on Variable Rate Derivative | 1.63% |
Designated as Hedging Instrument | Foreign Currency Contracts | |
Derivative | |
Notional Amount, Derivative | $ 62,126 |
Designated as Hedging Instrument | Net Investment Hedge | |
Derivative | |
Notional Amount, Derivative | 0 |
Not Designated as Hedging Instrument | Foreign Currency Contracts | |
Derivative | |
Notional Amount, Derivative | $ 137,634 |
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 | 9 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Other Income (Expense) | ||||
Derivative | ||||
Net gain (loss) | $ (574) | $ (1,028) | $ 195 | $ (4,037) |
Derivative Financial Instrume_5
Derivative Financial Instruments (Fair Value And Classification Of Derivatives On The Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Jun. 29, 2019 | Sep. 29, 2018 |
Designated as Hedging Instrument | Other Current Assets | Foreign Currency Contracts | ||
Derivative Instruments, Fair Value | ||
Derivative assets as hedging instruments, fair value | $ 1,302 | $ 659 |
Designated as Hedging Instrument | Other Current Assets | Interest Rate Swaps | ||
Derivative Instruments, Fair Value | ||
Derivative assets as hedging instruments, fair value | 203 | 1,444 |
Designated as Hedging Instrument | Other Assets | Foreign Currency Contracts | ||
Derivative Instruments, Fair Value | ||
Derivative assets as hedging instruments, fair value | 477 | 41 |
Designated as Hedging Instrument | Other Assets | Interest Rate Swaps | ||
Derivative Instruments, Fair Value | ||
Derivative assets as hedging instruments, fair value | 0 | 322 |
Designated as Hedging Instrument | Total asset derivative | ||
Derivative Instruments, Fair Value | ||
Derivative assets as hedging instruments, fair value | 1,982 | 2,466 |
Designated as Hedging Instrument | Other Accrued Liabilities | Foreign Currency Contracts | ||
Derivative Instruments, Fair Value | ||
Derivative liabilities as hedging instruments, fair value | 391 | 1,842 |
Designated as Hedging Instrument | Other Long-Term Liabilities | Foreign Currency Contracts | ||
Derivative Instruments, Fair Value | ||
Derivative liabilities as hedging instruments, fair value | 0 | 464 |
Designated as Hedging Instrument | Total liability derivatives | ||
Derivative Instruments, Fair Value | ||
Derivative liabilities as hedging instruments, fair value | 391 | 2,306 |
Not Designated As Hedging Instruments | Other Current Assets | Foreign Currency Contracts | ||
Derivative Instruments, Fair Value | ||
Derivative assets as hedging instruments, fair value | 244 | 285 |
Not Designated As Hedging Instruments | Other Accrued Liabilities | Foreign Currency Contracts | ||
Derivative Instruments, Fair Value | ||
Derivative liabilities as hedging instruments, fair value | $ 454 | $ 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 | Jun. 29, 2019 | Sep. 29, 2018 |
Other Current Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Foreign currency forwards, fair value assets | $ 1,546 | $ 944 |
Interest rate swap, fair value assets | 203 | 1,444 |
Other Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Foreign currency forwards, fair value assets | 477 | 41 |
Interest rate swap, fair value assets | 0 | 322 |
Total Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total fair value assets | 2,226 | 2,751 |
Other Accrued Liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Foreign currency forwards, fair value liabilities | 845 | 1,929 |
Other Long-Term Liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Foreign currency forwards, fair value liabilities | 0 | 464 |
Total Liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total fair value liabilities | $ 845 | $ 2,393 |
Fair Value Fair Value (Narrativ
Fair Value Fair Value (Narrative) (Details) $ in Thousands | Jun. 29, 2019USD ($) |
Fair Value Disclosures [Abstract] | |
Fair value of long-term debt | $ 831,381 |
Carrying value of long-term debt | $ 826,693 |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Benefit Costs) (Details) - Defined Benefit Pension Plans - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
U.S. Plans | ||||
Defined Benefit Plan Disclosure | ||||
Service cost | $ 5,251 | $ 5,634 | $ 15,753 | $ 16,901 |
Interest cost | 9,231 | 8,073 | 27,693 | 24,219 |
Expected return on plan assets | (11,771) | (13,575) | (35,313) | (40,726) |
Amortization of prior service cost (credit) | 47 | 46 | 140 | 140 |
Amortization of actuarial loss | 5,465 | 6,903 | 16,397 | 20,707 |
Pension expense for defined benefit plans | 8,223 | 7,081 | 24,670 | 21,241 |
Non-U.S. Plans | ||||
Defined Benefit Plan Disclosure | ||||
Service cost | 1,237 | 1,486 | 3,731 | 4,475 |
Interest cost | 1,091 | 1,066 | 3,293 | 3,213 |
Expected return on plan assets | (1,290) | (1,260) | (3,891) | (3,793) |
Amortization of prior service cost (credit) | (4) | (15) | (13) | (44) |
Amortization of actuarial loss | 630 | 630 | 1,908 | 1,902 |
Pension expense for defined benefit plans | $ 1,664 | $ 1,907 | $ 5,028 | $ 5,753 |
Employee Benefit Plans (Defined
Employee Benefit Plans (Defined Contribution Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Defined Contribution Pension Plans | ||||
Defined Contribution Plan Disclosure | ||||
Pension expense for defined contribution plans | $ 6,769 | $ 5,468 | $ 18,632 | $ 16,146 |
U.S. Plans | ||||
Defined Contribution Plan Disclosure | ||||
Pension expense for defined contribution plans | 5,468 | 4,374 | 14,795 | 12,482 |
Non-U.S. Plans | ||||
Defined Contribution Plan Disclosure | ||||
Pension expense for defined contribution plans | $ 1,301 | $ 1,094 | $ 3,837 | $ 3,664 |
Restructuring Restructuring (Na
Restructuring Restructuring (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | Sep. 29, 2018 | |
Restructuring Cost and Reserve | |||||
Restructuring and Related Activities, Completion Date | Jun. 27, 2020 | ||||
Non-cash inventory reserves | $ 0 | $ 2,398 | $ 0 | $ 9,727 | |
Restructuring | 0 | $ (1,549) | 0 | $ 22,509 | |
Restructuring reserve | 4,423 | 4,423 | $ 8,113 | ||
2018 Plan | |||||
Restructuring Cost and Reserve | |||||
Restructuring reserve | $ 4,423 | $ 4,423 | |||
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 |
Restructuring (Schedule of Rest
Restructuring (Schedule of Restructuring Reserve Activity) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Restructuring Cost and Reserve | ||||
Restructuring Charges | $ 0 | $ (1,549) | $ 0 | $ 22,509 |
Restructuring Reserve | ||||
Restructuring accrual at beginning of period | 8,113 | |||
Adjustments to provision | 39 | |||
Foreign currency translation | (118) | |||
Restructuring accrual at end of period | 4,423 | 4,423 | ||
2016 Plan | ||||
Restructuring Reserve | ||||
Cash payments | (446) | |||
2018 Plan | ||||
Restructuring Reserve | ||||
Cash payments | (3,165) | |||
Restructuring accrual at end of period | 4,423 | 4,423 | ||
Aircraft Controls | ||||
Restructuring Reserve | ||||
Restructuring accrual at beginning of period | 626 | |||
Adjustments to provision | 13 | |||
Foreign currency translation | (4) | |||
Restructuring accrual at end of period | 0 | 0 | ||
Aircraft Controls | 2016 Plan | ||||
Restructuring Reserve | ||||
Cash payments | 0 | |||
Aircraft Controls | 2018 Plan | ||||
Restructuring Reserve | ||||
Cash payments | (635) | |||
Space And Defense Controls | ||||
Restructuring Reserve | ||||
Restructuring accrual at beginning of period | 64 | |||
Adjustments to provision | 9 | |||
Foreign currency translation | 0 | |||
Restructuring accrual at end of period | 46 | 46 | ||
Space And Defense Controls | 2016 Plan | ||||
Restructuring Reserve | ||||
Cash payments | 0 | |||
Space And Defense Controls | 2018 Plan | ||||
Restructuring Reserve | ||||
Cash payments | (27) | |||
Industrial Systems | ||||
Restructuring Reserve | ||||
Restructuring accrual at beginning of period | 6,994 | |||
Adjustments to provision | 0 | |||
Foreign currency translation | (114) | |||
Restructuring accrual at end of period | 4,377 | 4,377 | ||
Industrial Systems | 2016 Plan | ||||
Restructuring Reserve | ||||
Cash payments | 0 | |||
Industrial Systems | 2018 Plan | ||||
Restructuring Reserve | ||||
Cash payments | (2,503) | |||
Corporate | ||||
Restructuring Reserve | ||||
Restructuring accrual at beginning of period | 429 | |||
Adjustments to provision | 17 | |||
Foreign currency translation | 0 | |||
Restructuring accrual at end of period | $ 0 | 0 | ||
Corporate | 2016 Plan | ||||
Restructuring Reserve | ||||
Cash payments | (446) | |||
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 | Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | Sep. 29, 2018 |
Income Tax Disclosure [Abstract] | |||||||
Effective income tax rate | 23.10% | 25.80% | 23.70% | 56.40% | |||
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 | 9 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
AOCIL beginning of period | $ 1,224,986 | |||
Other comprehensive income (loss) | $ 3,827 | $ (34,455) | 5,627 | $ 5,799 |
AOCIL end of period | 1,355,657 | 1,262,793 | 1,355,657 | 1,262,793 |
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 | (5,794) | |||
Amounts reclassified from AOCIL | (3,483) | |||
Other comprehensive income (loss) | (9,277) | |||
AOCIL end of period | (108,692) | (108,692) | ||
Accumulated retirement liability | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
AOCIL beginning of period | (272,317) | |||
Other comprehensive income (loss) before reclassifications | 553 | |||
Amounts reclassified from AOCIL | 13,207 | |||
Other comprehensive income (loss) | 13,760 | |||
AOCIL end of period | (258,557) | (258,557) | ||
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 | 1,060 | |||
Amounts reclassified from AOCIL | 84 | |||
Other comprehensive income (loss) | 1,144 | |||
AOCIL end of period | 695 | 695 | ||
Total | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
AOCIL beginning of period | (372,181) | |||
Other comprehensive income (loss) before reclassifications | (4,181) | |||
Amounts reclassified from AOCIL | 9,808 | |||
Other comprehensive income (loss) | 3,827 | $ (34,429) | 5,627 | $ 5,825 |
AOCIL end of period | $ (366,554) | $ (366,554) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (Reclassification from AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||||
Prior service cost (credit) | $ (75) | $ (86) | $ (226) | $ (257) |
Actuarial losses | 5,918 | 7,405 | 17,771 | 22,224 |
Reclassification from AOCIL into earnings - Retirement liability | 5,843 | 7,319 | 17,545 | 21,967 |
Tax effect - Retirement liability | (1,445) | (1,791) | (4,338) | (6,279) |
Net reclassification from AOCIL into earnings - Retirement liability | 4,398 | 5,528 | 13,207 | 15,688 |
Reclassification from AOCIL into earnings - Derivatives | 36 | 47 | 114 | 873 |
Tax effect - Derivatives | (8) | (18) | (30) | (325) |
Net reclassification from AOCIL into earnings - Derivatives | 28 | 29 | 84 | 548 |
Foreign Currency Contracts | Sales | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||||
Derivatives | 25 | (122) | (75) | (378) |
Foreign Currency Contracts | Cost Of Sales | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||||
Derivatives | 302 | 428 | 1,197 | 1,626 |
Interest Rate Swaps | Interest | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||||
Derivatives | $ (291) | $ (259) | $ (1,008) | $ (375) |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income (Loss) (Activity and Classification of Derivative Deferral in AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Derivative Instruments, Gain (Loss) | ||||
Net deferral in AOCIL of derivatives (effective portion) | $ 714 | $ (1,023) | $ 1,421 | $ (603) |
Net gain (loss) | 714 | (1,023) | 1,421 | (603) |
Tax effect | (183) | 247 | (361) | (37) |
Net deferral in AOCIL of derivatives | 531 | (776) | 1,060 | (640) |
Foreign Currency Contracts | ||||
Derivative Instruments, Gain (Loss) | ||||
Net deferral in AOCIL of derivatives (effective portion) | 909 | (1,246) | 1,958 | (2,073) |
Net gain (loss) | 909 | (1,246) | 1,958 | (2,073) |
Interest Rate Swaps | ||||
Derivative Instruments, Gain (Loss) | ||||
Net deferral in AOCIL of derivatives (effective portion) | (195) | 223 | (537) | 1,470 |
Net gain (loss) | $ (195) | $ 223 | $ (537) | $ 1,470 |
Earnings Per Share and Divide_3
Earnings Per Share and Dividends (Basic And Diluted Weighted-Average Shares Outstanding) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Basic weighted-average shares outstanding | 34,904,487 | 35,762,918 | 34,869,021 | 35,768,471 |
Dilutive effect of equity-based awards | 335,347 | 380,449 | 333,498 | 406,288 |
Diluted weighted-average shares outstanding | 35,239,834 | 36,143,367 | 35,202,519 | 36,174,759 |
Earnings Per Share and Divide_4
Earnings Per Share and Dividends (Narrative) (Details) - $ / shares | 3 Months Ended | 9 Months Ended | |||||
Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |||||||
Antidilutive securities excluded from calculation of diluted earnings per share | 18,857 | 25,570 | 31,451 | 19,780 | |||
Cash dividends paid per share | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | |||
Dividends declared per share | $ 0.25 | $ 0.25 | $ 0.25 | $ 0 | $ 0.25 | $ 0.75 | $ 0.25 |
Segment Information (Segment Sa
Segment Information (Segment Sales By Customer Type) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Segment Reporting Information | ||||
Net sales | $ 740,969 | $ 692,018 | $ 2,139,456 | $ 2,008,602 |
Aircraft Controls | ||||
Segment Reporting Information | ||||
Net sales | 336,735 | 299,606 | 961,407 | 889,579 |
Aircraft Controls | Military | ||||
Segment Reporting Information | ||||
Net sales | 162,285 | 143,963 | 464,102 | 423,822 |
Aircraft Controls | Commercial | ||||
Segment Reporting Information | ||||
Net sales | 174,450 | 155,643 | 497,305 | 465,757 |
Space And Defense Controls | ||||
Segment Reporting Information | ||||
Net sales | 173,045 | 149,815 | 493,938 | 426,735 |
Space And Defense Controls | Space | ||||
Segment Reporting Information | ||||
Net sales | 55,737 | 54,599 | 159,262 | 161,801 |
Space And Defense Controls | Defense | ||||
Segment Reporting Information | ||||
Net sales | 117,308 | 95,216 | 334,676 | 264,934 |
Industrial Systems | ||||
Segment Reporting Information | ||||
Net sales | 231,189 | 242,597 | 684,111 | 692,288 |
Industrial Systems | Energy | ||||
Segment Reporting Information | ||||
Net sales | 30,413 | 43,097 | 89,687 | 122,077 |
Industrial Systems | Industrial Automation | ||||
Segment Reporting Information | ||||
Net sales | 113,784 | 114,703 | 339,283 | 319,471 |
Industrial Systems | Simulation and Test | ||||
Segment Reporting Information | ||||
Net sales | 28,123 | 28,880 | 88,418 | 91,758 |
Industrial Systems | Medical | ||||
Segment Reporting Information | ||||
Net sales | $ 58,869 | $ 55,917 | $ 166,723 | $ 158,982 |
Segment Information (Segment _2
Segment Information (Segment Sales by Customer) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Segment Reporting Information | ||||
Net sales | $ 740,969 | $ 692,018 | $ 2,139,456 | $ 2,008,602 |
Commercial Customer | ||||
Segment Reporting Information | ||||
Net sales | 430,703 | 419,227 | 1,253,261 | 1,223,452 |
U.S. Government Customer | ||||
Segment Reporting Information | ||||
Net sales | 262,083 | 235,886 | 749,282 | 658,529 |
Other Customer | ||||
Segment Reporting Information | ||||
Net sales | 48,183 | 36,905 | 136,913 | 126,621 |
Aircraft Controls | ||||
Segment Reporting Information | ||||
Net sales | 336,735 | 299,606 | 961,407 | 889,579 |
Aircraft Controls | Commercial Customer | ||||
Segment Reporting Information | ||||
Net sales | 174,450 | 155,643 | 497,305 | 465,757 |
Aircraft Controls | U.S. Government Customer | ||||
Segment Reporting Information | ||||
Net sales | 125,387 | 118,474 | 365,347 | 331,357 |
Aircraft Controls | Other Customer | ||||
Segment Reporting Information | ||||
Net sales | 36,898 | 25,489 | 98,755 | 92,465 |
Space And Defense Controls | ||||
Segment Reporting Information | ||||
Net sales | 173,045 | 149,815 | 493,938 | 426,735 |
Space And Defense Controls | Commercial Customer | ||||
Segment Reporting Information | ||||
Net sales | 35,457 | 28,615 | 97,698 | 85,836 |
Space And Defense Controls | U.S. Government Customer | ||||
Segment Reporting Information | ||||
Net sales | 129,266 | 111,155 | 365,552 | 310,340 |
Space And Defense Controls | Other Customer | ||||
Segment Reporting Information | ||||
Net sales | 8,322 | 10,045 | 30,688 | 30,559 |
Industrial Systems | ||||
Segment Reporting Information | ||||
Net sales | 231,189 | 242,597 | 684,111 | 692,288 |
Industrial Systems | Commercial Customer | ||||
Segment Reporting Information | ||||
Net sales | 220,796 | 234,969 | 658,258 | 671,859 |
Industrial Systems | U.S. Government Customer | ||||
Segment Reporting Information | ||||
Net sales | 7,430 | 6,257 | 18,383 | 16,832 |
Industrial Systems | Other Customer | ||||
Segment Reporting Information | ||||
Net sales | $ 2,963 | $ 1,371 | $ 7,470 | $ 3,597 |
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 | 9 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Segment Reporting Information | ||||
Operating profit | $ 84,112 | $ 75,262 | $ 241,343 | $ 188,096 |
Deductions from operating profit: | ||||
Interest expense | 9,780 | 8,850 | 29,401 | 26,585 |
Equity-based compensation expense | 1,439 | 894 | 5,130 | 4,394 |
Non-service pension expense | 3,182 | 1,693 | 9,562 | 5,093 |
Corporate and other expenses, net | 7,991 | 8,870 | 21,728 | 23,566 |
Earnings before income taxes | 61,720 | 54,955 | 175,522 | 128,458 |
Aircraft Controls | ||||
Segment Reporting Information | ||||
Operating profit | 34,484 | 33,601 | 94,805 | 98,437 |
Space And Defense Controls | ||||
Segment Reporting Information | ||||
Operating profit | 24,133 | 16,689 | 63,110 | 50,204 |
Industrial Systems | ||||
Segment Reporting Information | ||||
Operating profit | $ 25,495 | $ 24,972 | $ 83,428 | $ 39,455 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - M&T Bank - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Related Party Transaction | ||||
Related Party US Revolving Credit Facility Interest Percentage | 12.00% | 12.00% | ||
Credit Extension on Routine Purchases | ||||
Related Party Transaction | ||||
Related Party Transaction, Amounts of Transaction | $ 5,540 | $ 5,237 | $ 15,899 | $ 14,856 |
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 | $ 28,035 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) $ in Thousands | Jun. 29, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Standby letters of credit | $ 34,524 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) | Jul. 25, 2019$ / shares |
Subsequent Event | |
Subsequent Event | |
Dividend payable declared | $ 0.25 |